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Bitcoin Dancing Toward $4,500, the IMF, European Banks, and the Wolf of Wall Street

October 3, 2017 at 21:36 by Daniel Green

We are returning back to the fold with bitcoin, which was until recently, steadily encroaching $4,500. A few prior trend lines have been nullified, primarily due to the latest drop to the currently standing $4,217.84 daily low. The $3,850.61 weekly low is also not that far off as well, and if existing conditions endure, and in the best case improve, prior supports should fend off the bears and allow the ascending trend to continue further. The more immediate resistance levels are at the $4,453 weekly high, the $4,700 monthly high, and finally at the record breaking $4,979.9 all-time high.

Christine Lagarde, Managing Director of the International Monetary Fund, discussed bitcoin and other crypto currencies in a recent article. Other broader themes were touched upon in further detail too, with an especially interesting section dedicated to artificial intelligence, and it how it pertains to future worldwide employment.

The mainstream media on the other hand, has persisted and kept to Goldman Sachs, bombarding the internet with an endless barrage of articles, citing that the firm is going to be delving into bitcoin trading in a rather big way. This includes sources such as Bloomberg, Forbes, Business Insider, the Wall Street Journal, CNBC, and Cointelegraph to name just a few. Regardless, the news appears to have been denounced as false, and we might have to wait a bit longer, before bitcoin trading starts to reach a much wider audience.

According to the South China Post, European banks have begun to discuss a “utility settlement coin” that would facilitate the trading of securities.

Jordan Belfort, of Wolf of Wall Street fame, has gone on record talking about how bitcoin is a bubble, specifying that artificial scarcity is the main reason for the surge in price.

Even so, many are calling for higher prices, Max Keiser being one of them. Although there are voices questioning today’s slow-down as well, such as Lisa Froelings from the Cointelegraph.

In the meantime, bitcoin’s market dominance has held steady, with around 50% of the total crypto market being taken up by the first crypto currency, the remainder is of course spread out among altcoins.

The Japanese market might start leading in trading volume again, partly due to the substantial strain and pressure, emanating from regulatory agencies in China and other countries. The immense capital flight from the affected countries, has become even more evident and obvious in the past few days.

However, with this year drawing to an end, there is still enough time to rescue the situation, bringing about circumstances that should hopefully propel the scene further, come next year. It would be a shame for it all to end abruptly or slow to a halt, considering how invigorating and transformative fintech has been so far.

Bitcoin began trading from $4,329 on October 1 (GMT 00:01), and after a brief run-up, the $4453 weekly high was achieved on October 2 (GMT 11:00). The price has since then fallen slightly, and after touching today’s $4,217.84 low on October 3 (GMT 14:00), rebounded above $4,300.

If you have any questions and comments on bitcoin today, use the form below to reply.

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