- Bitcoin price retests $18,000
- Traditional payment rails are inefficient says SEC Chair
- Eth2 unlikely to launch as scheduled
- Litecoin rallying, adds 10%
Trending News: Bitcoin, SEC, Ethereum, Eth2, Litecoin
The Bitcoin price continues to hog attention. Its spectacular performance in the last week makes it a desirable asset. The coin rallied above $18,000, a few days after breaching June 2019 highs.
Traditional Payment Mechanisms are Inefficient
Analysts are pinning this to institutions. However, the chair of the United States Securities and Exchange Commission (SEC), Jay Clayton, is convinced there are other factors. A systemic weakness in the legacy system.
In an interview with CNBC’s Squawk Box, Jay once again confirmed that Bitcoin is a utility and a store of value.
Uncontested, there is no doubt of Bitcoin’s dual functions. On one hand, the coin can serve as electronic money, and on the other, BTC can serve as a store of value, just like gold.
Jumping in, Michael Saylor explained saying Bitcoin is a perfectly engineered digital asset. An asset that’s neither a currency nor a payment network, demonstrating the need for technology companies taking charge of creating payment networks and governments sticking to currency.
Eth2 and Launch Date
Ethereum is at a crux. Eth2 is roughly 10 days away from the beginning yet the minimum threshold is elusive. The deadline may be too tight some developers complain and the Nov 24 may be unreasonable if ETH staking rate guides.
There is more than what meets the eye.
Opportunity cost problem and concerns of staking complexity despite efforts taken to make the procedure as seamless as possible.
Still, there is the confidence of Beacon Chain activation comes Dec 1.
According to Danny Ryan–a developer with the Ethereum Foundation, in an AMA session attended by Vitalik Buterin, it is possible to launch with current numbers without jeopardizing the network’s security and decentralization.
Aggressive, it is highly that code changes may be made without approval from the community to serve the interest of a section of investors who are desirous for staking to begin on time.
Notable performers in the last trading day include Litecoin (LTC) and Yearn Finance (YFI)
Bitcoin Price Analysis
In the last week of trading, the Bitcoin price is up 13 percent against the greenback. Bitcoin buyers are clearly in charge.
However, a level deeper in the 4-HR chart, there are hints of weakness. While fundamentals may pump prices towards $20,000, buyers must first close above important liquidation levels.
A break above $18,500, or Nov 18 highs, could signal trend continuation and a possible rally to $20k or better in the medium term. At the moment, prices are consolidating in lower time frames.
Immediate support and sell trigger is the 20-day moving average and the $17,500. Losses below this level could see the Bitcoin price correct back to $16,500, or last week’s high.
Irrespective of the direction, the break out must be with high trading volumes preferably exceeding those of Nov 18 (data from Coinbase).
Technical chart courtesy of Trading View
Disclaimer: Views and opinions expressed are those of the author and are not investment advice. Do your research.