XTRD Weekly crypto market update — August 28th, 2018
Tags: Altcoins, Blockchain, Cryptocurrency, Ethereum, Bitcoin

Article by Steven Aitchison. Steve first got into the crypto world in 2015 and started trading in 2017 and now wants everyone to know the benefits of crypto with his course and hidden gems newsletter at: Learn About Crypto and Tradingand his weekly hidden gems CYT Crypto Monthly he also started his youtube channel 5 months ago at CYT Crypto.

This Week In The Crypto Market

At last a bit of positive price action for BTC this week. As it stands, at the time of writing, BTC is up to $6,900.

This broke out from an ascending triangle pattern seen below:

So where do we go from here? Well our next resistance prices to break through for BTC are: $7,140, and $7,540 and then straight through the $8,000 psychological barrier again. Is the the start of a bigger rise, we’ll need to wait and see where BTC goes next but sentiment, positive news and trading is going in the favour of the bulls pushing it higher.

Top gainers of the week include:

Nano: 95%

Walton Chain: 65%

Substratum: 65%

Wanchain: 55%

Icon: 45%

Top losers of the week include:

MOAC: -13%

Kin: -6%

Zcoin: -2.5%

Monacoin: -1.7%

GXChain: -1.3%

Top News Stories

Could New Crypto Startup Bakkt Be the Key to Bitcoin ETF Approval?

Bakkt is a startup that aims to onboard customers to the world of crypto. A new report suggests that Bakkt, which is owned by the New York Stock Exchange, could help lead to the approval of the world’s first bitcoin ETF.

That report comes from CCN.com:

“The SEC has disapproved 10 Bitcoin exchange-traded funds (ETFs) in the past month but analysts believe Bakkt can assist the launch of the first bitcoin ETF.”

For those out of the loop, it’s been a tough few months for bitcoin ETFs. Since 2013, the SEC has rejected over 20 different bitcoin ETFs from various companies. On Wednesday, the SEC denied 9 more ETFs from three different funds.

The SEC has rejected all of these ETFs for a similar reason: they feel bitcoin markets aren’t mature or deep enough to support safe trading. The SEC feels that bitcoin markets are prone to price manipulation, for example, and don’t have sufficient liquidity to prevent this behavior.

Could Bakkt really solve that problem? Could Bakkt be the company that solves bitcoin’s biggest problems?

(Read More: ICOCrowd.com)

Why Bitcoin (BTC) May Fall Further But Altcoin Rally Is Just Getting Started

Bitcoin (BTC) has been through an extensive correction but it is not out of the woods yet. There are still plenty of analysts calling for a $3,000 bottom. In normal circumstances, the chances of that happening are negligible. If things remain as they are, there is no reason Bitcoin (BTC) might fall below $5,000. However, as we have seen in the past, it does not take much for things to change in this market. The last time we had a correction followed by another correction was back in 2014 when the Mt. Gox hack pushed Bitcoin (BTC) into a second correction of −59% for a period of 303 days. This means Bitcoin (BTC) had a total correction of −87.5% for a total period of 607 days.

The behavior of altcoins during this entire period of Bitcoin (BTC)’s second correction from September 2014 to July 2015 has been very interesting but before we discuss that, let us examines the nature of this correction in more detail. Bitcoin (BTC)’s second correction in 2014 was very Bitcoin (BTC) centric. This means that the correction had more to do with Bitcoin (BTC) than the market as a whole because the hackers got away with 850,000 Bitcoin (BTC) worth $450 million at that time. No altcoins were involved. The immediate reaction to this was a drop in altcoins as well but soon afterwards the altcoin market started to rise as the hack did not have anything to do with altcoins.

(Read more: cryptodaily.co.uk)

Germany Aims To Build Crypto-Friendly Financial System; Plans To Withdraw From US

Germany is known as Europe’s biggest contributor to its economic status which applies that its future decisions can truly affect the country’s stance and even the world market. As the US government tackles their confusing side on crypto, other countries seem to be unsatisfied with their system and have reached their final decision.

“For that reason it’s essential that we strengthen European autonomy by establishing payment channels that are independent of the US, creating a European Monetary Fund and building up an independent Swift system” says Heiko Maas, German foreign minister in an interview.

(Read More: btcnn.com)

How Bakkt Could Lead to the Approval of the First Bitcoin ETF

In the past month, the SEC laid out the following to issues as the main problems of the 10 ETFs that were rejected:

Lack of trusted price formation

Reliance on futures markets and derivatives

The Bakkt exchange satisfies both requirements from the SEC and if Bakkt continues to establish its focus on finding a trusted price formation, it is possible that it could impact the approval of the first bitcoin ETF.

(Read more: trybe.one)

Bitcoin Bears Prepare To Hibernate As Bulls Awaken

A decrease in bear activity in the Bitcoin market could be a harbinger of the first green shoots of the BTC bull market predicted by many analysts.

The Commodites Futures Trading Commission (CFTC) released data on Friday that showed that betting against bitcoin is grinding to a halt. Could this be the start of the bull market that all the experts are waiting for?

Possibly. Bitcoin has spiked several times in recent days and it’s showing signs of a comeback. It has been a brutal year, but some experts predict that the next bull market will be absolutely unprecedented and record growth could be on the cards. At the time of writing, August 27th at 19:00 UTC, BTC had posted gains of over $400 per bitcoin, to $6,765, since a low of around $6,300 on the 20th August.

Short Bets Are Dropping Hard

(read More: cryptobriefing.com)

Crypto Trading Tips

7 Projects That Could Bring 100% ROI In The Next Few Months

Babb — Current price: 8 Satoshi XTRD — Current price: 74 Satoshi Holochain — Current Price: 10 Satoshi Pundi X — Current price: 29 Satoshi Dent — Current price: 46 Satoshi (I first spoke about this at 29 Satoshi and it went up to 59 Satoshi but has come back down) Cardano — Current price: 1459 Satoshi Ripple — Current price: 4932 Satoshi

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