Bitcoin Today: Vitalik ignited an argument

13 בספט׳ 2018

Price
Yesterday BTCUSD found a support around 6200 and to the end of the day showed 2.5% growth, breaking above the weekly trend line and closing the day around 6400. It is already seven days, the price moving in a narrow channel after a massive fall (almost 16%) which has whipped out almost all August gains. Overall picture stays the same, the price is low enough for buyers, but there are no fundamental reasons for the growth, so the market waits. News background turned into polemics about long-term bitcoin future, meanwhile, SEC taking destructive actions against several crypto projects, which often appears to be fraud. It seems that the market could be moved from these positions by some fresh news about bitcoin ETFs, which could be released closer to the end of the September. From the technical point: 6250 and 6600 stays the main boundaries for now.

Today forecast
Trading in the 6250 - 6600 zone. Fall below 5750 – strong bearish signal.

Latest news

• Vitalik has a point, but many are more optimistic
  A recent statement by the founder of Ethereum, Vitalik Buterin, about the completion of the period of a 1000x rally for the market of block-assets led to heated debates in the crypto community. In particular, controversial opinions were expressed by the head of Binance Changpeng Zhao, CEO of Tron Justin San and also the head of ConsenSys Joseph Lubin who stood at the origins of Ethereum.
  After a pause in a few days, Buterin decided to clarify his words, noting that the potential for market growth is still there.
  “To be clear, I never said that there is "no room for growth" in the crypto ecosystem. I said there is no room for *1000x price increases*. A 1000x price increase from today means 200T in crypto, or ~an entire 70% of today's global wealth being in crypto.” - VitalikButerin
  In comments to the tweet Binance Exchange CEO Changpeng Zhao said that he still disagrees with Vitalik. As Zhao is convinced, the crypto-currencies will continue to grow by 1000 or more times.
  “I still disagree with this. I will say "crypto will absolutely grow 1000x and more!" Just reaching USD market cap will give it close to 1000x, (that's just one currency with severely restricted use case), and the derivatives market is so much bigger.” - @cz_binance
  In an interview to CNN, one of the co-founders of Ethereum Joseph Lubin also opposed Buterin. He noted that the technology of blocking in the coming decades will affect the economy, public and political systems. Lubin added that now the blockchain community is at an early stage of evolution and there are significant changes waiting ahead.
  The founder of TRON Foundation, Justin San, also joined the controversy. According to him, "time will tell" how much the blockchain technologies will affect the world economy.
  “I do believe the entire world wealth will turn into cryptocurrencies like blackhole and grow much bigger in the future. Cryptocurrency will hit 10 trillion USD market cap before APPLE and amazon do. We will see. Time will tell.” - @justinsuntron
  As Vitalik Buterin said in his previous interview, most educated people are already familiar with crypto-world and DLT technologies. Later, he added that at this stage the growth of the industry depends on the growth of the scope of application of block-assets in the real world.