Sunday came and went, but there was no weekend joy for the bulls this time around. Monday morning proved to be even worse, as Asian afternoon trading saw a huge selling off happen.
Already struggling to retake USD 8,000 by that time Bitcoin price actually slipped all the way down to almost the monthly low at USD 7,728 around 3:00 pm Beijing time (7:00 am UTC, CoinDesk), promising even more misery from yesterday’s poor sentiment. Fortunately, European traders seem adamant on ensuring at least Bitcoin goes into North America trading on positive footing, as price climbed back up to its current position on a fine USD 8,007 at 12:50 pm UTC.
Bitcoin Price: $8060.15560836
— Jack Sciarr (@JackSciarr) September 30, 2019
Altcoins are only barely registering green charts overall, but they won’t be complaining after a horrendous week with many yet to recover from 20% valuation loss against the US dollar. Ripple (XRP) is finally back up above 25 cents, while Ether moves above USD 170. Litecoin is trying to capture support above USD 55 to prevent even further losses.
Broadly speaking, the crypto market overall is still bloody from the sucker punch last week, but determined to stay strong at a total market capitalization of USD 215 billion (CoinMarketCap).
In trying to figure out this week’s sentiment, we have a starting point at today’s unexpected news that Binance is delisting a number of tokens — including some which were listed from its own Launchpad IEO platform.
One of the world’s largest exchanges by user and trading volume, Binance’s Launchpad has been at least moderately successful with initial exchange offerings (IEOs), launching several token sales on its platform and seeing them rise in US dollar valuations. Having a token launched by Binance suggested at least some level of partnership, so it was strange to see them getting delisted today.
In its announcement today, it said that 30 trading pairs would soon be removed from its platform, including six Launchpad alumni: BitTorrent (BTT), Elrond (ERD), Harmony (ONE) and WINk (WIN).
Binance says that the decision was taken to “improve liquidity and user trading experience”. It insists that trading pair selections on the exchange are only “as requested by most project teams”. But it will certainly echo hollow with other users who will wonder why these tokens were ever listed in the first place, if they were not great with liquidity and trading experience.
And they are not the only exchange to be facing some kind of challenge. Today also, the attempts to acquire troubled South Korean exchange Bithumb seems to be hitting a snag, with overseas investors now waiting in the wings to step in.
Local media Yonhap reports that BK Global is now about to default on agreed deal payments, with it seemingly not even able to manage the initial USD 100 million down payment. It had chosen instead to increase its stake in BTC Holding (the current largest investor) to 70% as it could not pay. And now, the payments are still being delayed, stirring rumors that BK Global may not be able to take over Bithumb after all.
Overseas investors from China and the US are reportedly likely to step in to acquire South Korean crypto exchange Bithumb due to alleged difficulties with payments in its existing acquisition deal.
Permabear, anti Bitcoin investor and gold bug Peter Schiff continues his glee in the current market conditions, saying that companies making losses and crypto crashing at the same time “is not a coincidence” since investors in both were investing their money in “highly dubious” outcomes.
It's not a coincidence that money losing companies and crypto currencies are crashing together. In both cases investors are speculating on future outcomes that are highly dubious. As the speculative fervor subsides, air is coming out of the bubbles. Larger bubbles will pop next!
— Peter Schiff (@PeterSchiff) September 26, 2019
Even the whales and big wallets, however, are yet to be able to pinpoint the reason for why Bitcoin price suddenly took the plunge last week, with CNBC’s Crypto Trader Ran Neuner claiming:
“I’m a member of multiple Crypto chats/WhatsApp groups (none paid)- Some of these chats have the biggest whales and crypto names in the market… and not a single person has any idea what happened today!”
It’s anybody’s guess on what could happen this week or in October where the final quarter of the year begins. But Cointelegraph commentator Keith Wareing does say though, that a bear market is on the cards before a bull resumes. He offers caution and patience to observe before rushing in: “Using the holy trinity of indicators (Bollinger Bands, Relative Strength Index, Moving Average Convergence Divergence) on the daily chart, one can start to gain a better view of what the week ahead might hold.”
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