It was a weekend of mixed opportunities, and certainly mixed fortunes, with the Monday looking like it was about to go bullrun, and then dipping down yesterday below USD 10,000.
But on Friday as most of the world takes stock, they will realize that last weekend when price for the first time stopped consecutive streaks of losing weeks, they will also see that today’s price before the weekend does seem to confirm the broken bearish bias, or at the very least, confirmed that price is indeed in consolidation mode at around USD 10,300 (CoinDesk, 4:15pm UTC).
It was not always certain throughout the last 24 hours, with a major portion of Asian trading spent trying to breach USD 4,500. European profit taking took some chunks out of the price climbs. But now as North America enters into the fray, we will now watch and see if sentiment will take us flying into the weekend on a renewed push for USD 11,000… or if we will end up floundering yet again when the bulls fail to show up running up to Sunday.
But for the moment at least, the descending triangle a lot of bears are waiting for doesn’t really look like it’ll confirm on the charts, to sentiment watchers anyway. Some even believe it’s primed for a breakout, now that the downtrend was suddenly terminated.
Bitcoin primed for a price break out https://t.co/ltUKDBfVJm pic.twitter.com/pCRMuxoCa4
— Dark.BTC (@btc_dark) September 13, 2019
Long term commentators are now looking at the possibility of central bankers continuing to lean towards debasement into monetary territory that no fiat has seen before.
Yesterday’s memo from the European Central Bank (ECB) revealed what was of little surprise to most finance analysts, that interest rates would be cut for deposits by 10 BPS (0.1%) to as low as -0.5%. The central bank simultaneously said it would embark on yet another round of quantitative easing, pledging to purchase EUR 20 million in bonds and “other financial assets”every month to keep the economy stimulated.
Bitcoiners have long been saying that these kind of banking move would eventually drive people to buying Bitcoin, but if US-China trade wars, fiat devaluation in Argentina, Iran, Brazil, and Zimbabwe, and now compounded by all the quantitative easing measures by various major central banks haven’t pushed Bitcoin to all-time highs, what gives?
The fact is, regular investors may be taking out their savings and pensions if negative interest rates hurt them that much, but rather than Bitcoin, wouldn’t they be looking at assets they understand better? The current failure of Bitcoin price to really take off would seem to suggest that!
But interest in Bitcoin, as ever, is growing by the day. We already knew that adoption and interest has not died but data analytics SEMRush has released a new report that shows that when it comes to Bitcoin, there is also a definite correlation between price and Google searches.
According to the data, after comparing every month’s average Google search volume for Bitcoin all the way back to September 2015, four years ago, was 80% consistent. When Bitcoin was trading at a mere USD 225 in September 2015, and Google search interest was only 1 million a month. And on the last all-time high, Google search peaked at 45.5 million.
Google isn’t all good for Bitcoin, however, as some security researchers have claimed that when you search Google for a “bitcoin qr generator”, 80% of the web hits will lead you to a scam booby trapped website that will attempt to steal your bitcoin. These malware-laden sites have since been taken down, at least according to this writer’s attempts to search the same.
QR codes are often used to easily share data with smartphones and can be used to share bitcoin payment addresses, but going to these sites will generate QR codes that actually give out data to a scammers wallet “thus directing all payments for this QR code to the scammers“, said ZenGo’s Tal Be’ery.
Lesson? Never trust websites that aren’t vetted. And always double check your bitcoin wallet details in every transaction before you sign and broadcast.
In other news, we now hear about underground sites like the ones reported by cyber security firm Armor who reports that thieves are using dark markets to sell stolen fiat for such discounted prices that they are selling like hotcakes.
Armor’s Threat Resistance Unit (TRU) research found:
“There are plenty of hackers willing to simply transfer stolen funds to the bank account or PayPal account of your choice or send you the funds via Western Union.”
Stay safe, stay in control of your private keys, and stay within common sense.
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Image Courtesy: Pixabay
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