October 27th Cryptonaire Weekly Crypto Magazine Editor’s Letter
In this one of the latest crypto news magazine, you will get to know all the weekly updates regarding market. The biggest news of last week was PayPal’s decision to allow its customers to buy, hold, and sell cryptocurrencies using PayPal
apps. The payment giant also opened the doors of its 26 million sellers to its clients who want to purchase using virtual coins.
This move by PayPal could potentially boost the crypto userbase as it has about 346 million users compared to Bitcoin’s 187
million users. Galaxy Digital CEO Mike Novogratz recently said that PayPal’s decision could force banks such as Morgan Stanley,
Goldman Sachs, and Bank of America, to take the crypto plunge.
JPMorgan’s Global Markets Strategy division, in a note to its clients, said that Bitcoin competes with gold as an “alternative”
currency, but Bitcoin’s low market capitalization compared to that of gold offers it a “considerable” upside in the long-term.
OUR BLOG ARTICLES FOR THIS SPECIAL ISSUE ARE:
BLOCKCHAIN INSURANCE THE FUTURE – ATROMG8 NEW DEFI SOLUTION
HOW TO USE COINMARKETCAP WHEN TRADING AND INVESTING IN
TOP ISSUES A TENANT FACES – HOW PIF CAN HELP?
Bitcoin surged from an intraday low of $11,900.01 to an intraday high of $13,250.04 on October 21. This rally carried the price above the $12,086 to $12,486.61 overhead resistance with ease. Traders who had purchased on our earlier recommendation are sitting on a huge profit in a short time. The bulls are currently facing resistance in the $13,200 to $13,361 zone. However, the positive thing is that the bulls have not given up much ground. This shows that the bulls continue to buy on minor dips.
When the price consolidates in a tight range after a sharp rally, it suggests that the underlying momentum is bullish and increases the possibility of the continuation of the uptrend. However, there are no certainties in trading. Therefore, traders can keep a stop-loss of $12,750 on about 40% of the position and protect the rest with stops below the 20-day EMA.
If bulls can sustain the price above $13,200, the BTC/USD pair could resume the uptrend and rally to $14,000. This level may again face stiff resistance from the bears. Hence, traders can book profits on about 80% of the position if they find that the bulls are struggling to scale the price above $14,000.
Contrary to this bullish assumption, if the pair turns down from the current levels and breaks below the 20-day EMA, then it may drop to $11,200.
Lastly please check out the advancement’s happening in the cryptocurrency world. Subscribe the latest crypto news magazine for latest updates about profit and loss in cryptocurrency.
Enjoy the issue
Latest Bitcoin Magazine Highlights
Featuring in this weeks Edition
– Atrom Network
– Rowan Energy
PayPal’s New Service Is A $50 Billion Stimulus Check For Bitcoin
PayPal announced that it has been granted a conditional Bitlicense by the New York State Department of Financial Services (NYDFS). The license will enable PayPal to launch a new service that will enable its customers to:
JPMorgan turns bullish on Bitcoin citing ‘potential long-term upside’
A report from JPMorgan’s Global Markets Strategy division discusses three bullish reasons for Bitcoin’s long-term potential.
Someone Just Sent $1 Billion in Bitcoin, Paid Only $3 in Fees
Two transactions, minutes apart, sent over $1 billion in Bitcoin from a Xapo wallet to two addresses. The total transaction fee spent was about the price of a Starbucks coffee.