Hi Platinum Followers,
Bitcoin has pulled back 6 per cent from last week’s high of $7,870 and would soon revisit $6,500, according to the latest investor poll by a popular trader and analyst Josh Rager.
As of now, however, the sentiment is somewhat tilted to the bullish side, possibly due to the view put forward by many experts that next year’s reward halving should bode well for Bitcoin.
Despite U.S. Federal Reserve (Fed) running an inflation-boosting balance sheet expansion program. Bitcoin is still in a bearing pattern.
So far, however, the narrative as bitcoin as a hedge against markets has failed, as pointed out by popular analyst Alex Kruger. Bitcoin has dropped nearly 30 per cent ever since the Fed began bloating its balance sheet.
However, the logic is sound a prolonged period of QE and low-interest rates may force investors to pour money into bitcoin. This is because saving becomes difficult with low-interest rates and the falling purchasing power of the currency.
A slight warning from Ltc
Litecoin’s (LTC) hash rate or computing power crashed to yearly lows over the weekend.
The supply-cutting event was expected to boost both prices and the hash rate into the stratosphere. However, the opposite has happened.
Litecoin is currently changing hands at $46, representing a 56 percent loss from the high of $104 registered on Aug. 4.
German banks will be able to offer their clients custody services for bitcoin and cryptocurrencies starting next year.
This year has had more than its fair share of scandals involving crypto exchanges and their shady owners. It seems that they are not finished yet as reports are emerging of another exchange (IDAX) boss doing a runner with the keys to the crypto wallets on a relatively unknown Asian exchange.
Canadian Fund Manager 3iQ Files Prospectus for Bitcoin Fund IPO (CoinDesk) – The fund is expected to list on the Toronto Stock Exchange and begin trading in late December or early January.
Hopefully, you have enjoyed today’s article. Thanks for reading!
Have a fantastic day!
Live from the Platinum Crypto Trading Floor.
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