Bitcoin Today (12.11.2018)

Category: Analytics

Two-weeks of growth ended at the 6600 level, changing to the lateral pattern. The lateral movement continues along the 6400 level, which has been tested several times but manages to hold the price. Nothing really changed on the fundamental side throughout weekends, so expectations stay the same – lateral movement in 6400 – 6500 zone.

Today forecast

Trading Bounds: 6400 – 6500.

Latest opinions

? Binance CEO is positive about bitcoin future

According to the Binance CEO Changpeng Zhao, “sooner or later” the market will experience rally, and institutional investors can push it to that.

Currently, many cryptocurrency investors are concerned about the downturn in the market, which also leads to low trading volumes. However, the CEO of the world’s largest cryptocurrency exchange, Binance, does not worry about current market trends. Changpeng Zhao believes that “sooner or later” something should provoke a rally.

Speaking at CNBC Crypto Trader, Changpeng Zhao expressed his positive attitude towards the current market situation. When presenter Ren Neuener asked which catalysts would be the forerunners of the rally, Changpeng Zhao said:

“This is a difficult question, I really do not know how to predict which of the catalysts will become a trigger.”

In addition, Zhao said that the actual trading volume of cryptocurrency remains unknown:

“I heard that the volume of trades on the over-the-counter market is approximately equal to the exchange one. That is, it is at least 50% of the volume, which is not reported by CoinMarketCap. We do not deal with OTC, so we do not know the real volumes. ”

CEO Binance explained that the current state of the ICO market is not a bad sign, as this market is still emerging. According to him, many projects so far are focused on current products, services and tokens in order to attract investors. Zhao says that the emergence of institutional investors could be a “strong trigger”.

Earlier, in September, when Vitalik Buterin tweeted that “a 1000-fold increase in cryptocurrency prices is hardly possible,” Zhao replied in opposite way, that such an increase in cryptocurrency, when their capitalization will overtake the US dollar, is just possible.

It should be noted that over the past 11 months, the cryptocurrency market has lost more than 70% of its capitalization, and at the same time, the Binance exchange has lost almost 90% of its trade. However, the number of active users and Bitcoin deposits on Binance is steadily growing, and recently the exchange has surpassed such giants such as OKEx and Huobi in terms of trading volume and number of active users.

Zhao said:

“Compared to with a year or two ago, we still trade in huge volumes. Business is still in order, and it makes a profit. “

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