Bitcoin and other Cryptocurrencies

Even as it entered a new week, Bitcoin (BTC) continued its downward trend and hit a monthly low of $7,176 Monday. This is the lowest price quoted for Bitcoin since Aprl 12. The most popular cryptocurrency breached the 50-week moving average (MA) support for the first time since 2015. Bitcoin, which has been losing its weight in consecutive days for the entire last week, opened at $7,344 on Coind

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BLOCKCHAIN is an open distributed ledger that records transactions in blocks that are secured cryptographically. This is the underlying technology of Bitcoin. This digital decentralized ledger records transactions permanently, meaning they cannot be changed in future. BLOCKCHAINs keep growing as new transactions are added to the network.

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Ethereum spilled hard from the aforementioned head-and-shoulders pattern, but has since put in a sizable recovery. The rally, though, has a solid level of resistance in play, a familiar area from some time ago. Coupling the longer-term area on the daily, turning to the 4-hr there is price resistance in confluence with a trend-line running off the peak last month. ETH/USD is currently sneaking below a minor trend-line off the late-month low. Looking for a continuation lower as the week progresses.

On the 4-hr, Bitcoin is posting a rising wedge within the context of a downtrend. This has BTC/USD positioned to make a move lower, but traders will want to see it roll down out of the pattern first, as there is still a chance it pops to the top-side. Potentially stopping downside momentum is a trend-line dating back to February, which may be apart of a maturing wedge in place since then. The pattern may want to further itself along towards the apex of the pattern, which, broadly speaking, would be a welcomed event as the pattern could down the line lead to a very strong move. For now, leaning bearish and will continue to monitor. Keep an eye on the daily trend-line on weakness – a hold may give us the larger pattern at some point, while a break could lead down towards 6400.


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Google Trends shows that the interest over time for "Bitcoin" has dropped to 10 in June this year from 100 in December 2017. The latest number is lesser than the interest shown during the corresponding period last year.Here is a wrap of the main news from the cryptocurrency and blockchain space during the past 24 hours.

A new report by the International Monetary Fund (IMF) says crypto assets may one day reduce demand for central bank money as they will eventually be more widely adopted and fulfill more functions of money in some regions or private e-commerce networks. This is the second time in a year that the global financial watchdog is warning central bankers not to underrate the potential of crypto assets in the monetary system. The study notes that the global financial crisis and bank bailouts have "renewed skepticism in some quarters" of the world and there's a possibility that digital assets can affect the traditional global monetary policies.

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Bitcoin has been trading above $6,000. Is it building support?

Since declining sharply on Sunday, the digital currency has fluctuated largely between $6,600 and $6,900, according to the CoinDesk Bitcoin Price Index (BPI).

Over the last few hours, the cryptocurrency has moved slightly below that range, falling to as little as $6,455.92 by 19:15 UTC (3:15 p.m. EST), additional BPI figures show. At the time of report, the digital currency had recovered slightly, trading at $6,555.70.

"Looking at history we don’t really see any reason for major support between $6,600 and $6,000," said David Johnson, CEO of cryptocurrency tasking platform Latium.

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Lloyd Blankfein, chief executive officer of the investment banking giant Goldman Sachs, said he is not into cryptocurrencies and was at a loss to explain why they should be successful as an asset class. In an interview at the Economic Club of New York, Blankfein said, "But if it [cryptocurrency] did work, I will be able to explain in hindsight why it did."

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Bitcoin prices have reached a fresh, 2018 low. How much further will they go?

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The digital currency dropped to as little as $5,785.43 by 16:00 UTC (12:00 p.m. EST), according to the CoinDesk Bitcoin Price Index (BPI). At this point, Bitcoin was down roughly 5.3% over the last 24 hours and was trading at its lowest since November 2017, additional BPI figures show.

Bitcoin has been suffering a gradual, downward trend for the last several months, losing roughly more than two-thirds of its value since hitting an all-time high late last year.

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Cryptocurrency exchange Binance has named Helen Hai, who is the goodwill ambassador of a UN agency, as the head of its new charitable foundation. Her appointment comes a day after Binance CEO and founder Changpeng Zhao pledged $1 million to help flood victims in Japan. Helen Hai tweeted, "A true pleasure to head Binance Blockchain Charity Foundation, the first to use Blockchain for Social Good

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The blockchain is drastically changing the markets, improving client experience, and changing the count on throughout services. Bitcoin, as well as various another online money appeal, are currently confirming blockchain's and ITO effectiveness in money as well as financial markets.