- By Pierre-Alexandre
September 23rd, 2019
The Bitcoin price continues to face a downward pressure of around $10,000 levels. ICE’s Bakkt Bitcoin Futures trading has finally gone live today.
The last week between September 16-22 ended on a bearish note with Bitcoin price facing downward pressure. Bitcoin lost over 3,4% of its price last week as it struggled to maintain its position over its crucial $10,000 support levels.
As we can see from the chart, starting last week, the Bitcoin price was on a downward movement. On Wednesday, September 18, there have been a drop in the price as Bitcoin lost $200 in a few hours breaking below $10,000.
Although the Bitcoin price managed to recover quickly from these levels moving above $10,250 levels, it has been on a downward trajectory ever since then.
At press time, Bitcoin is trading at a price of $9,880 with a market cap of $177 billion and trading volumes going above $13.5 billion.
Top Bitcoin News
- As per the schedule, ICE’s Bakkt platform has launched today its Bitcoin Futures Contracts officially
We’re live!— Bakkt (@Bakkt) September 23, 2019
The first Bakkt Bitcoin Futures trade was executed at 8:02pm ET at a price of $10,115
- Bakkt Bitcoin Futures contracts are ‘physically-settled’, meaning the contract settlement takes place in actual BTC tokens and not cash. Some experts are very bullish on this launch saying that the Bakkt Bitcoin Futures will usher new liquidity in the Bitcoin market with better price discovery for the token.
Reminder, the hype is bakkt with substance.— Rhythm (@Rhythmtrader) September 23, 2019
Unlike other futures exchanges, this is settled in bitcoin. Actual bitcoin is paid out, not just the fiat equivalent to the price of bitcoin.
The result is better price discovery and liquidity for bitcoin.
- Last week, the US Federal Reserves took some immediate measure of quantitative easing (QE) to keep its economy tickling. Arthur Hayes, CEO of derivatives giant BitMEX, said that step is likely to further reduce faith in the fiat currency. He said that these measures, in fact, would propel Bitcoin to $20,000 by the year-end.
- On the other hand, Morgan Creek Digital co-founder Anthony Pompliano thrashed The Fed for manipulating the economy.
WOW.— Pomp 🌪 (@APompliano) September 18, 2019
The Fedearl Reserve has injected over $100 billion into the financial system in the last 48 hours.
That is more than 50% of the total market cap of Bitcoin.
Rather than fix the structural issues, they keep trying to print their way out of the mess.
Bitcoin rocket fuel 🚀
REMINDER: The Federal Reserve is currently trying to manipulate the economy.— Pomp 🌪 (@APompliano) September 20, 2019
They are cutting interest rates, printing money & doing whatever they can to stop the free market results.
All these decisions done with little transparency & zero democracy.
Bitcoin solves this.
- Last week, the CME Group announced that the company is planning to launch Bitcoin Options trading facility for its clients in Q1 2020. Having witnessed a massive demand for its Bitcoin Futures this year, the CME Group plans to launch options facility which will give their clients “additional flexibility to trade and hedge their bitcoin price risk”.
“These new products are designed to help institutions and professional traders to manage spot market bitcoin exposure, as well as hedge Bitcoin futures positions in a regulated exchange environment,” said Tim McCourt, CME Group global head of equity index and alternative investment products.
- The United States Army Contracting Command (ACC) of New Jersey is working together with the U.S. Army Criminal Investigation Command (USACIDC), seeking blockchain experts for the purpose of online criminal investigations.
The ACC wants someone who can accurately trace illicit use of Bitcoin and cryptocurrencies, in real-time. The contractor should be able to determine the source of crypto transactions along with multi-crypto conversions.
- The number of Bitcoin wallet addresses holding a minimum of 10 BTC has reached an all-time high. As on September 17 last week, the number of Bitcoin addresses holding a minimum 10 BTC hit the 157,210 mark.
- During an interview with CNBC last week, U.S. SEC Chairman Jay Clayton raised the need for stronger Bitcoin regulation if has to continue trading on US crypto exchanges.
Bitcoin Market Review Using Omenics’ Sentscore
The Bitcoin Sentscore chart shows that the overall market sentiment for Bitcoin is moving downwards. By the end of the week, the Sentscore chart barely manages to stay in the “positive” region.
However, the movement of news sentiment indicator shows growth in the Bitcoin news for the last week. The news chart remains in the “positive” region above 6:
The social sentiment also shows volatility throughout last week but remains in the “positive” region between 4-6:
The buzz around Bitcoin still continues to remain in the “not trending” region just like the week before the last one.
On the other hand, the technical chart shows a sharp fall moving from the “neutral” region to now oscillate into the “bearish” zone: