Bitcoin Today: no 1000x and GUSD
Price
Monday passed in a narrow lateral channel between 6250 and 6400 levels, median price gradually lowering during the last 5 days, which shows that traders do not have much interest in current levels and need either lower price to buy in or movements above 7000 as a sign of reversion. In couple with the Saturday low at 6100, the price forms a triangle, which will be inevitably pierced today and send the price either to the support levels starting from 6250 or to the upper bounds 6400 and 6600 after. The situation for today stays similar to yesterday, bounds for the price 6250 – 6600; nonetheless, to draw a reversion pattern the price will need to rise above 7000 level, which seems impossible without some positive fundamental support. News background stays negative, peppered by the SEC suspending ETNs news and the Vitalik Buterin comments about the impossibility of another 1000x growth in the crypto industry.
“There isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore.” - Vitalik Buterin
Today forecast
Trading in the 6250 - 6600 zone. Fall below 6250 – bearish signal.
Latest news
Monday passed in a narrow lateral channel between 6250 and 6400 levels, median price gradually lowering during the last 5 days, which shows that traders do not have much interest in current levels and need either lower price to buy in or movements above 7000 as a sign of reversion. In couple with the Saturday low at 6100, the price forms a triangle, which will be inevitably pierced today and send the price either to the support levels starting from 6250 or to the upper bounds 6400 and 6600 after. The situation for today stays similar to yesterday, bounds for the price 6250 – 6600; nonetheless, to draw a reversion pattern the price will need to rise above 7000 level, which seems impossible without some positive fundamental support. News background stays negative, peppered by the SEC suspending ETNs news and the Vitalik Buterin comments about the impossibility of another 1000x growth in the crypto industry.
“There isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore.” - Vitalik Buterin
Today forecast
Trading in the 6250 - 6600 zone. Fall below 6250 – bearish signal.
Latest news
- Winklevoss brothers launching new stablecoin backed by US bank
Winklevoss brother's bitcoin exchange Gemini announced the launch of a dollar-bound stablecoin, Gemini Dollar (GUSD), based on the ERC-20 standard. The token is designed to provide liquidity options for users wanting to send US dollars via the Ethereum blockchain. The press release from the Gemini team indicated that the new digital asset would be ‘strictly’ pegged to the US dollar, with the Gemini trust company holding USD deposits corresponding one for one with Gemini dollars in circulation. The New York Department of Financial Services (NYDFS) will directly supervise the operations of Gemini dollar, and be the regulatory authority of the projects.
Since September 10, Gemini users will be able to convert their dollars into GUSD and vice versa.
“The Gemini dollar—the world’s first regulated stablecoin —combines the creditworthiness and price stability of the U.S. dollar with blockchain technology and the oversight of U.S. regulators, namely the New York Department of Financial Services (NYDFS),” the company announced in its blog post.
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