• Market Cap

    $270 066 406 298

  • BTC dominance

    67.6%

  • BTC/USD

    $10193

  • ETH/USD

    $193

  • Categories
  • Blog \ Cryptocurrency Market Analysis and Bitcoin Forecast – 8 March: Bears Still Winning?

    Cryptocurrency Market Analysis and Bitcoin Forecast – 8 March: Bears Still Winning?

    avatar
    Ilya Krupin
    CEO, HiCoTrading.com

    The first week of March is about to over, and we can already outline the most important market events for now.

    The overall interest in the Bitcoin and Ethereum, based on the number of requests in Google, falls by 75%! No wonder that happens due to the longest decline in the market value of the top cryptocurrency. Despite the gradual recovery of market activity, the dynamics of search queries for the word “Bitcoin” remains at a relatively low level.

    And what about market performance?

    On the hour timeframe, the Bitcoin price went down to the level of $ 3760 during the week, then returned to the range of $ 3970-3930, where it remained the whole last week. Therefore, it is too early to talk about real spring growth and another bull run.

    Moreover, ЕМА50 moving average crossed ЕМА100 upward, which may create a positive buy signal, but it’s too early to speak about it, as both moving averages are located almost on the same level (ЕМА50 — 3883 $, ЕМА100 — 3880 $). The MACD indicator is in the positive zone but shows a possible decline.

    Bitfinex:BTC/USD,60

    You should keep in mind that so far there is no clear signal for the real growth for the top-cryptocurrency yet. Trading from support and resistance levels allows one to make a small profit, but the range of the price movement is still minimal. Trading should be performed with ultimate awareness, especially since the Bitcoin came out of the upward channel and there was an attempt to return to the price level of $3600.

    And speaking about the hottest week’s news…

    Facebook is marching into the crypto market!

    More and more world corporations explore the possibilities for expansion on the cryptomarket. Due to the New York Times report, the social network giant Facebook plans to release FaceCoin and integrate it into its messengers soon.
    It’s hard to say that these news were unexpected as the company has repeatedly expressed interest in the crypto industry. The FB digital coin launch in planed no later than the first half of 2019 – cryptocurrency will be integrated into the company’s messengers: Facebook Messenger, WhatsApp, and Instagram.

    Facebook will release the stablecoin, which is attached to several fiat currencies. Rumor has it – the social network is currently at the stage of negotiations with some major crypto-exchanges about listing brand’s cryptocurrency. Analysts estimate, that in case Facebook succeeds, 2.7 billion new users will come to the crypto field – quite a reinforcement to pump the new blood into the stagnating market.

    Blockchains rise in number – and competition

    Some time ago the primary solution when choosing a blockchain for your project was the Ethereum platform as there had been very few options available – but today the market sees the rising competition. Such projects as Stellar, EOS, NEO, NEM offer their decent solutions.

    After the main network launch, TRON blockchain entered the market successfully and immediately announced its ambitions for leadership.

    Information recently appeared that the Tether cooperates with the TRON to launch the TRC-20 USDT stablecoin – the new version will be released in the second quarter of 2019. Of course, first of all, this is good news for the TRON project, but the fact that there are numerous competitors on the market indicates the growing maturity of the industry.

    Starbucks is the trendsetter. The crypto assets adoption is definitely growing worldwide – the popular coffee chain brand plans to allow visitors to pay for their drinks with cryptocurrency until the end of 2019. The payments will be instantly converted into Fiat via recently launched Bakkt platform. For now, this option will be available only in the United States. The digital money won’t go to the financial reports of the brand.

    The whale had a bad day

    When you’re making large transactions, don’t be confused with an amount of transaction fee!

    One of ETH whales had a very bad day this week. Take a look at this transaction and try to understand what is wrong here:

    https://etherscan.io/tx/0x1f73b43dc9c48cc131a931fac7095de9e5eba0c5184ec0c5c5f1f32efa2a6bab

    Exactly. The user sent 0.1 ETH and paid a transaction fee in the amount of 2,100 ETH!!!

    However, cryptocurrency can be a very effective solution for sending money around the world. For example, some Bitcoin user transferred $194 million-29,999 BTC-with a transaction fee of only $0.10 last year. This case shows what potential the digital assets actually has for many people. Even the most efficient services in the traditional financial industry would ask for $7,500 or more per shipment of $1 million.

    But today’s hero skillfully demonstrated what happens when something goes wrong. He paid more than $300,000 to transfer only 15 bucks! And this case is not unique. It was one of several known transactions with incredibly high fees – what happened looks more like intentional damage or a failure in the dApp application.

    Stay sharp! Have a good holiday and weekdays.