October 6th Cryptonaire Weekly Crypto Magazine Editor’s Letter

In this one of the latest crypto magazine news, you will get to know all the weekly updates regarding market. The United States Commodity Futures Trading Commission framed charges against five entities and three individuals for allegedly operating an unregistered trading platform BitMEX. That was followed by news that U.S. President Donald Trump had tested positive for coronavirus. However, the crypto markets did not show any knee-jerk reaction, which suggests the investors are focused on the long-term fundamentals.

Bloomberg analyst Mike McGlone was not one to be left behind. In his latest crypto newsletter, McGlone points out that Bitcoin has a tendency to “add zeros to its price” and it went from $1,000 to $10,000 in four years, and if history repeats itself, then the largest cryptocurrency may reach $100,000 by 2025.






Bitcoin bounced off the uptrend line on October 2 and formed a long tail on the candlestick, which shows strong buying by the bulls near the line. The bulls will now try to push the price above the overhead resistance at $11,200. If that happens, the BTC/USD pair could pick up momentum and rally to $12,486.61. Though there is a resistance at $12,086, we expect it to be crossed.

However, the bears are unlikely to give up easily. They will try to stall the up-move at the 50-day SMA and again at $11,200. If the pair turns down from either level, a drop to the uptrend line is possible.

The 20-day EMA is currently flat and the RSI is also near the midpoint, which suggests a balance between supply and demand. The price can move in either direction, hence, traders can remain on the sidelines until a decisive breakout happens.

Traders can wait for a breakout above $11,200 to sustain for a few hours before buying with a stop below the uptrend line.

Another possible trading opportunity might open up if the pair turns down from the current levels but rebounds off the uptrend line. Although this is an early entry, the trade has a good risk to reward ratio, hence, can be attempted.

Lastly please check out the advancement’s happening in the cryptocurrency world. Subscribe the latest crypto magazine news for latest updates about profit and loss in cryptocurrency.

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Latest Crypto Magazine News Highlights

Featuring in this weeks Edition

– Atrom Network
– Rowan Energy
– Finalmente Global

IBM Expands on Thailand’s Blockchain Solution for Government Bonds

On September 11, 2020, the Bank of Thailand (BOT) announced a blockchain-based platform for government savings bonds. Today, IBM, which offered the blockchain technology for the platform, announced that $1.6 billion in government savings bonds were successfully sold within a week of launch.

DeFi indexes crash despite strong fundamentals

Binance Futures’ DeFi Composite Index has lost half of its value since launching, while TokenSets’ DeFi Pulse Index is down by one-third.

ECB Says it Must be Prepared to Issue Digital Euro

The European Central Bank (ECB) said today that it must be prepared to issue a digital euro, in light of the way that digitisation is spreading to all areas of life.

Today’s announcement has been timed alongside the publication of a digital euro report, which set out the reasons to issue a digital euro, the potential effects this might have on the continent, as well as the legal consequences that a digital euro might cause. But one thing is for certain: the ECB wants to protect the euro from getting left behind.

Uniswap monthly volume exceeds Coinbase to hit $15.3 billion

The month of September has been a landmark period in the DeFi industry with the groundbreaking sector, causing excitement among the decentralization lovers. During September, the top DeFi protocol, Uniswap, processed assets worth $15.3 billion, exceeding the monthly volume of major crypto exchange, Coinbase.