Bitcoin Price Analysis: Regulation D means BTC Withdrawals are Cheaper
Bitcoin price drop, yet to clear above Jan 30 highs
Regulation D means Bitcoin transactions are 3,233 percent cheaper than bank withdrawals
Transaction volumes low to warrant longs
Bitcoin Becoming Reserve Asset for Altcoins: Ark Investment
Tuesday August 20, 2019
A recent run-up in the bitcoin price has been credited to a string of events: the US-China trade war, determined monetary easing by central banks, price manipulation via Tether’s stablecoin USDT, Facebook’s plans to...
The post Bitcoin Becoming Reserve Asset for Altcoins: Ark Investment appeared first on 12bitplay - Bitcoin Play.
Even with waving prices, we are optimistic of a recovery. From the chart, it appears that bulls have a chance thanks mostly to favorable candlestick arrangement. In the long-term, BTC is bullish and sparking this demand is users realizing the cost-saving aspects behind BTC.
Bitcoin Price Analysis
Traditional financial institutions—mainly banks—prefer their customers to save rather than spend. There’s even a federal rule, Regulation D, in place to encourage citizens to open savings accounts. If citizens don’t, then it is likely that banks won’t meet the minimum reserve requirement. That’s three percent for banks with $16 million and seven percent for those with $122.3 million.
This three or seven percent are drawn directly from vaults and sometimes supplemented from the Federal Reserve Bank deposits. The same regulation also limits customer withdrawal from their savings account to six.
EU Antitrust Regulators Scrutinise Facebook’s “Cryptocurrency” Project
Tuesday August 20, 2019
Facebook’s Libra project has been questioned by European Union anti-trust regulators. They are concerned about the project, popularly referred to as a cryptocurrency, restricting competition. Libra has been subject to immense scrutiny already from...
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Bank of America just charged 10 dollars because I made more than 6 transfers between savings and checking this month. 6 transfers with crypto would cost about 30 cents. That's 3,233% more expensive
Long Bitcoin, short the Bankers @APompliano #disruption #RentSeekingMiddlemen
— Pat Chirchirillo (@PatChirchirillo) January 30, 2019
Bitcoin Dropping Under High $8,000s Now “Highly Unlikely”: Here’s Why
Sunday August 18, 2019
Despite the fact that Bakkt finalized a launch date for its much-ballyhooed Bitcoin futures, the cryptocurrency market has failed to rally. Per the time of writing this, the leading crypto asset is currently trading...
The post Bitcoin Dropping Under High $8,000s Now “Highly Unlikely”: Here’s Why appeared first on 12bitplay - Bitcoin Play.
Those who exceed this limit are usually warned, or their account is frozen until they reclassify their account. However, that won’t spare them from high bank charges like one Pat Chirchirillo found out. NewsBTC covered the story, but at the end of the day, he realized that banks are 3,233 percent more expensive to withdraw from that Bitcoin.
Meanwhile, Bitcoin prices are stable and trending inside Jan 30 high low. In the short-term, it is clear that bulls are in charge, but even with that stand, it is better to stay neutral until prices edge past $3,800. That will not only thrust prices above recent accumulation but trigger risk-off traders. High volume up-thrust exceeding 20k would be ideal. Only then will bulls be justified to ramp up in lower time frames.
From the chart, Jan 19-20 is a dark cloud cover and a double bar bear reversal pattern whose draw-down lead to a meltdown below the upper support zone at $3,700. Besides, after Jan 20, there was an invalidation of the double bar bull reversal pattern of Jan 13-14. Therefore, it is paramount for bulls to build enough momentum and rally above Jan 20 with high volumes preferably exceeding those of Jan 10’s 35k. After that, the first targets will remain at $4,500 and later $5,000. Any drops below $3,500 could pile pressure on BTC.
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