90% of the news on crypto-currencies are coming from a negative perspective and more specifically speaking are the headlines of articles on various websites. Our weekly crypto outlook will today aim to come against such opinions because we aim for originality and we strongly believe Cryptos have potential for future advancement.
Crypto-currency trading platform Omniex confirmed it had added former U.S. Securities and Exchange Commission chairman Arthur Levitt and former Federal Deposit Insurance Corp chair Sheila Bair to its board of advisers. It could be the case that more businesses are now hiring crypto-currency experts as pair its regulatory perspective but also research wise. This urge of expertise is solid evidence of the markets change of direction regarding the near future, making attempts to protect client interests and its own, while firms are making plans to move into digital currencies. We maintain the opinion that people with such expertise and experience should rightfully be assigned to these positions in order to share their knowledge. Since interest in crypto-currencies has grown, firms associated with digital assets should make it a must to employ or learn from people with this kind of expertise. However, how many people are capable of overtaking this task is a different story.
Furthermore, we are now viewing company’s allowing crypto payments for random services. Dish Network Corporation a U.S. television provider has now enable Bticoin Cash as a method of payment for its clients. DISH clients can choose between Bitcoin and Bitcoin Cash to pay for monthly subscriptions, as well as pay-per-view movies and events. Along with the news came a statement for the company’s representatives that they have a number of customers paying with crypto-currency each month, and that BitPay gives options and convenience to their customers.
On other news, various sources indicated that Bitmain Technologies, the crypto-currency mining company, is filing for an initial public offering with expectations as high as $18 billion. A possible $18 billion IPO would enable Bitmain to overtake social media giant Facebook as one of the largest public offerings in history. The fact that the firm is associated with digital assets and is preparing for a massive IPO, the biggest in history we could say, may help boost cryptos price support. For expectations to be so high there must be a reason, however if the actual results will be realized remains to be seen.
At this point we would like to make a reference to what is currently happening in the market with millions of participants following the news. Investors and traders are giving too much emphasis on negative news and not so much on the positive developments. Evidence in the market are the prices dropping to nearly 1/3 compared to the start of the year but also the market cap which has also shrank considerably. However, in investing the people who can take the markets hard time, which is none other than prices going against them, will eventually be profitable in the long run. The fact remains, in 2009 when this innovative instrument was created no one would even think of it as going as far as it has, while people did purchase it for fun. Currently, after almost 10 years the digital asset finds itself under huge doubt again but still holds up to harsh circumstances. When the positive returns and the cryptos are under purchase, only those who withstood the uncertainty and other people’s opinions will be crowned kings. This case is often a hand full of people that dare to oppose the world. At the same time, cautious and patience is recommended.
Bitcoin against the US Dollar opened higher on the Monday session displaying a bullish appetite. It is now moving between our $6,643 resistance level and the $6,229 support level. Please note, BTC/USD is trading lower than last week’s outlook but it is higher than last week’s closing and so it is perceived as positive.
If the crypto-currency is undertaken by a bullish sentiment we could see it break the $6,643 resistance level and aim higher for the $7,120 resistance barrier. On the other side, should the digital currency drop lower it could break the $6,229 support level aiming lower for the $5,757 support hurdle.