Bitcoin Flashes Past $11,000 But Bears Undefeated

Bitcoin Flashes Past ,000 But Bears Undefeated



The weekend has been a strong showing so far, with Bitcoin even managing to break the USD 11,000 once in the past 24 hours, recording a daily high of USD 11,096 at the apex of London trading time around 12:15 pm London (11:15 am UTC, CoinDesk).

Nevertheless, the failure of buyers to keep above that price zone and the immediate moves by sellers — especially those in North America — in the following hours to take down prices back to yesterday’s parity means that the bears have not been defeated and continue to wait in the wings for signs of buyer weakness.

All in all, the crucial support at USD 10,600 has held and there seems now to be a current pause as Sunday speculators take in the past day that has still seen Bitcoin valuation increase by almost 1%.

Altcoins similarly shifted gears down from their own weekend rally, although Bitcoin forks have enjoyed a surprising resurgence, with Bitcoin Cash and Bitcoin SV posting 4.55% and 14.12% gains respectively. Are Bitcoin hedgers still not giving up on forks or are speculators merely checking the boxes on an oversold territory for these two major Bitcoin forks?

In terms of weekend news, there hasn’t really been much to speak of in terms of positive sentiment, with a break in government happenings allowing the market to stew in the wake of the US Senate’s comments on Facebook’s Libra crypto, as well as on Trump’s mentions of Bitcoin.  We have already discussed how some analysts like Tom Lee from Fundstrat actually believe these “bad news” could turn out to be good news for Bitcoin down the road, but there are no immediate signs of that happening right now.

In India, the biggest news to come out in a long time has been that of Indian minister of state for finance Anurag Thakur, who told media that there was no such thing as a legal ban for crypto in India. During a session in the upper house of parliament, MP Dharmapuri Srinivas reportedly put the question to Thakur about the legal status of crypto. Srinivas had followed up his first question on legality, asking more clarification on information and enforcement. He asked:

“Whether the government has taken note about the prevalence of cryptocurrency in the country and if any action is being taken against the persons who are responsible for running the cryptocurrency in the market?”

The reply from Thakur:

“Presently, there is no separate law for dealing with issues relating to cryptocurrencies. Further, in view of the risks and dangers associated with cryptocurrencies, government and RBI (Reserve Bank of India) have been issuing advisories, press releases, and circulars to the public.”

The press in India has long been pushing out updates and developments about the status of crypto in the country, but as of yet, there has been no clear and final answer. The RBI itself has denied being involved with any draft laws that are rumored to be behind an impending ban on Bitcoin, but many Indians believe that the fate of Bitcoin now rests with the outcome of pending litigation between the central bank and crypto exchanges, who were denied banking services by banks after their crypto links.

The Supreme Court in India had been overseeing the court case for over a year now but it seems the final showdown will take place this month. The Supreme Court had previously given a deadline to the Union of India to come up with a crypto regulatory framework. Apparently, thousands of Indians had taken to the streets in protest because of the delays, so are we in for a fresh bout of demonstrations if nothing comes to light this month?

Whatever the pending outcomes, the crypto business in India has already suffered intense setbacks. From the early flight of its once-largest exchange WazirX, to the recent closure of its next largest competitor Koinex, and yesterday Cryptokart finally closing its doors, it would seem the damage in India has already been done.

On the ground, however, where peer-to-peer trading of Bitcoin has still survived, all the bearish news does not seem to affect demand for the popular digital asset. According to Coindance statistics, weekly volumes of Bitcoin at P2P exchange Localbitcoins has continued to climb over the past few months, with the last 11 weeks all recording volumes between INR 100-157 million (USD 1.45-2.28 million).

With a population of over 1 billion in India, a seventh of the world’s population, one does wonder what would happen if Bitcoin were to be declared legal there. Already, with so few avenues to buy Bitcoin, people are still finding ways.

However, we still have the rest of Sunday to look forward to and to find out what lies in store for the coming week.

 

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