Irish Authorities Confiscate $56 Million Worth Of Bitcoin From Cannabis Dealer

9m
zycrypto

'Bitcoin (BTC) Isn't Money and Never Will Be,' Says Block.one CEO Brendan Blumer

9m
utoday

Brazil Central Bank Launches ‘Immediate Fee System’ To Rival Bitcoin

26m
coingape

Crypto’s Top Exec Thinks This Key Mining Factor Will Drive...

37m
newsbtc

Coinbase Becomes First 'Pure' Crypto Firm to Become Visa Principal Member

38m
cryptoglobe

‘Own and Control Your DNA Data’: The New Use for Nonfungible Tokens

1h
cointelegraph

Seven Signs of Bitcoin (BTC) Bullish Market Pointed Out By Trader

1h
utoday

Mt. Gox Victims Could Soon See 88% of Losses Returned

1h
bitcoinist

Ethereum (ETH) Geth Client New Version: Here's What They Upgraded

1h
utoday

Price Analysis Feb 19: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XTZ, LINK

1h
cointelegraph

How Much Has the Government Spent at Trump’s Properties? It Won’t Say.

1h
bitcoinwarrior

$1,300 per Bitcoin (BTC): Fortress Has New Buyout Proposal for Mt. Gox Victims

1h
utoday

Report: IRS Wants to Meet with Cryptocurrency Groups at March Summit

1h
dcebrief

SEC Nails Enigma ICO: Orders Refund, Registration and Fine

1h
cointelegraph

Bitcoin-Only Exchange Coinfloor Now Focuses on Consumer BTC Services

1h
cointelegraph

Ethereum Inches Higher – Why The ETH Rally Is Just Getting Started

1h
zycrypto

First Bitcoin (BTC) Mining Facility Opened by Peter Thiel-Backed Layer1

2h
utoday

Ethereum Price and Technical Market Analysis February 19th, 2020

2h
bitcoinnews

Visa Is Teaming Up With Coinbase To Issue Bitcoin, Ethereum and XRP Debit Cards

2h
zycrypto

Breaking News: Binance Pause Trading but not Hacked! (Updated)

2h
coingape

Peter Thiel-Backed $50 Million Bitcoin Mining Firm Starts Operations In West Texas

2h
coingape

Dubai Gov’t to Launch KYC Blockchain Consortium in Q1 2020

2h
cointelegraph

Tron Community in Uproar as Genesis Coins Used in Super Reps Vote

2h
cointelegraph

Institutions Eye Bitcoin as Hedge Against Global Economic Volatility

3h
cointelegraph

Is Peter Schiff Saying Bitcoin Halving Is a Case of Buy on Rumor and Sell on News?

3h
cryptoglobe


Bitcoin Is Now Neutral and No Longer In A Bullish Phase, Says New Report

zycrypto

4mon ago

Bitcoin has definitely seen better days even in 2019 and while it sometimes seems to be awaking again, the number one coin is largely struggling to hold on to even a small semblance of its past glory.

Now to make matters worse, a new report from SFOX crypto exchange based in California, has suggested that Bitcoin investors and traders might have a bit more to worry about as the market’s king coin isn’t exactly bullish anymore.

SFOX says that due to certain economic factors, the exchange’s index which read that Bitcoin was “mildly bullish” quite recently, has now shifted to “neutral”. SFOX suggests that the ongoing and prolonged trade tension between the U.S. and China, as well as the impeachment inquiry being faced by President Donald Trump, just might be major factors affecting Bitcoin’s growth.

“Recent events such as the China-U.S. trade war, have suggested that broader macroeconomic uncertainty impacts crypto markets just as it does equities and bonds, and these most recent data reinforce that idea. The most recent downturn could potentially reflect macro factors from an ongoing impeachment inquiry to recession worries potentially looming large for traders.”

Another factor to be considered, according to SFOX, is the recent Bakkt launch. The platform by the Intercontinental Exchange, which was touted by many as the eventual factor that will serve as a catalyst to Bitcoin, failed to live up to its expectation and drove Bitcoin down instead.

SFOX states that the “macroeconomic uncertainty” can also be felt in traditional markets as well, especially because gold, as well as the S&P 500, have also not performed well enough.

Since Bakkt’s failure to revive the Bitcoin market, more than a few opinions have poured in. While some believe that Bakkt was never going to do much for Bitcoin because institutions who were interested in crypto before Bakkt had already found a way into the market, others believe that it’s a little too early to write Bakkt off as a failure. SFOX also seems to agree with the latter. According to the report:

“It’s possible that this drop in crypto partly reflects traders acting emotionally when an overnight flood of institutional money into crypto didn’t happen, even though that scenario was probably unrealistic in the first place.”

Up till now, there is no pointer to the possibility that the current macroeconomic factors affecting Bitcoin and the broader market, will be resolved anytime soon. Therefore, traders might want to consider that Bitcoin might remain “neutral” or even slip down to “highly bearish” on the SFOX index.

Get Daily Crypto News On Facebook | Twitter | Telegram | Instagram

Regarding any copyrights issue, please contact us:content@hashbee.com.

0 comments