Forex Morning Briefing: Bitcoin
$BTCUSD $CME, $CBOE
Commentary: Most currencies to go quiet until after 1 January 2018. PE
Last week, Bitcoin dropped from nearly $20,000 to a low of below $12,000. The sell-off was unexpected to some, leading civilian participants to call it Armageddon.
On Christmas Eve, it started to rise and then fall again, it is trading flat to unchanged now at: 14,260.8252, -4.5352, or -0.03%, as of 8:17a GMT, the market is open.
Wednesday, I reported that Israel indicated that the country was about to ban listed companies dealing with Bitcoin.
Also, a Morgan Stanley report stated that Bitcoin could be worth Zero. According to them, Bitcoin retained no value if retailers and other sellers failed to accept it.
Bitcoin could continue to do well even if no retailer accepted it.
The Big Q: Why?
The Big A: Because of the large market that exists in the dark areas of the Internet. And considering that cybercrime is on the rise, Bitcoin might continue to soar as criminals seek ransom in form of Bitcoin. Other heavily sanctioned countries like NKorea could use Bitcoin to do business without the USD.
As shown above, Bitcoin’s ADX is currently at 34, an indication that a new bullish trend is forming. This is further enhanced by the upward moving, narrow Bollinger bands.
So, meantime, LaSalle Street (CME, CBOE) traders may be skeptical on any moves to short the currencies. Instead, perhaps remaining biased towards buying the dips.
We will see.
All of the above being the case, we have been recommending GBIT our favorite crypto-coin exchange, where professional traders and civilian participants alike can trade securely on the world’s most innovative digital asset exchange.
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