Tim Draper revealed his bullish Bitcoin price prediction despite the weak performance of the cryptocurrency. He expressed that the Bitcoin would cost $250,000 by the year 2022. He stressed at the Crypto Invest Summit in Los Angeles that his prediction is based on the fact that Bitcoin is not backed or controlled by the support of government like fiat currencies.
The Bank for International Settlements (BIS) has published a new report analyzing the relationship between crypto price and the news on regulations. The legal status of cryptocurrencies had a direct impact on the crypto market. It is also revealed that the anti-money laundering and finance terrorism measures left an adverse impact on the crypto market.
The Bank of Korea (BOK) has called to monitor the so-called ‘Kimchi Premium’ in cryptocurrencies prices. An official of the BOK’s research team payment system, Dong-Sup explained, “Such an increase in supply would otherwise have met the increased local demand for cryptocurrency assets from late 2017 through early 2018.”
The Nasdaq stock exchange is to unveil a new tool for predicting cryptocurrencies price movements on its Analytics Hub. According to a source, the proposed tool is to be launched in November and the beta version is being tested. The tool would support nearly 500 crypto assets. The flow of funds via wallets and exchange information would also be observed.
The price of bitcoin dropped below $6,000 level. Reportedly, the market capitalization was observed to be below $200 billion, the lowest in 2018. Currently, the crypto is traded at $5,900 level. The price has depreciated by 5% in the last 24 hours. The price of Ether and XRP has also dropped. The value of XRP has depreciated by more than 90%.
The Yale University researchers have studied the factors that contribute to the determination of crypto price volatility. The research has been carried out by economist Aleh Tsyvinski and Yukun Liu. The study focused on ‘first-ever comprehensive economic analysis of cryptocurrency and the blockchain technology.’ The market demand has a direct impact on its price.
The Bitcoin price has slipped down to $7,500 level. Though the crypto seemed to be hit with bearish trend during the past two months, the price rose recently.The crypto was traded at $8,100 level on Tuesday and later fell to $8,000 level and $7,700 level. The crypto price is observed to have ‘recovered slightly to trade at over $7,500.’
The Thomson Reuters has entered into a partnership with the CryptoCompare. The association would help Thomson Reuters to track the trade data of fifty cryptocurrencies which could be accessed on the financial desktop platform Eikon. It is claimed that the data would come from a ‘wide variety of trusted exchanges.’ CryptoCompare CEO emphasized the investors demand real-time market data.
The Bitcoin price rallied above $7,000. It is reported that the crypto price has increased by ten percent in the last 24 hours. The crypto has made $9 billion added to its market capitalization with the rise in price. The bitcoin price is rising to such level for the first time in thirty days.
The Bitcoin price has dropped below $6,500. The technical charts were observed which reports that the crypto could suffer deeper losses in the upcoming days. Coindesk reported that the rising channel breakdown reveal the ‘corrective rally’ from $5,755 low recorded on June 24th has come to an end. The relative strength index (RSI) is observed in the bearish trend.