Bitcoin Today (6.11.2018)

Category: Analytics

BTCUSD has been trading above the 6450 level throughout the Monday confirming its supportive power. For now, weekly overview looks bullish, while the price moving along the Bullish Trend Line. Nonetheless, the 6500 level showed its resistive power, pushing down the price several times. A breakthrough above 6500 will be a positive sign and add to upward momentum; the next resistance will be at 6600. From below Bullish Trend Line and 6400 – 6450 zone should play a support for the bullish scenario.

Today forecast

Trading Bounds: 6400 – 6600.

Latest news

? Mike Novogratz stays positive, predicts $10000 in first quarter of 2019

Mike Novogratz, CEO of Galaxy Digital Capital Management and one of the most popular bitcoin bulls, says that bears dominance might soon be over due to an increased influx of institutional investors. He believes that Bitcoin will end 2018 at $9000 and reach the $20000 in 2019 as more big names will join the cryptocurrency game, creating a case of institutional FOMO (fear of missing out).

“Bitcoin has to take out $6,800, and after that, we could end the year at $8800-9000”

In October, Novogratz said that he did not expect Bitcoin to break above $10000 this year. However, now he believes that negative sentiments have faded away and the market is getting ready to the next bull run.

“By the end of the first quarter we will take out $10000 and after that, we will go back to new highs — to $20000 or more,” he added.

? Tether partnership with Bahamas bank is confirmed

The letter in which the issuer of the USDT token, Tether Ltd, announces a partnership with the Deltec Bank & Trust located in the Bahamas, is confirmed to be genuine – writes CoinDesk with reference to the statement of the bank chairman Jean Chalopin.

The letter, which confirms that Tether Ltd has sufficient funds to ensure the total volume of issued USDT tokens ($ 1,831,322,828 – issued on October 31, 2018), was published November 1. The document presented to the public, however, was almost immediately called into question.

First of all, it was about the absence of the name of any official of the bank under the signature, which raised questions and the signature itself, which was very difficult to determine by whom the document was certified.

The questions were also caused by the wording contained in the letter that it is provided without any obligations on the part of Deltec Bank and “is based solely on the information that is at our disposal.”

As explained, the correspondence between CoinDesk and the head of Deltec Bank was conducted over several days. Initially, a representative of Deltec Bank, Melanie Hutchenson, citing legal restrictions and internal rules of the bank, said that she could not share information regarding the organization’s relationship with customers.

However, then Jean Chalopin joined the correspondence, stating that the document was genuine.

Jean Chalopin also commented on numerous rumors that Deltec Bank was involved in money laundering, stating that such assumptions are due to stereotypes around the offshore banking industry.

The fact that Tether could find a banking partner in the Bahamas first became known in mid-October. At the same time, it was reported that Bitfinex, an affiliate of Tether, entered into a partnership agreement with Hong Kong-based Bank of Communications, partly owned by HSBC Holdings, a financial conglomerate. This information, however, has not yet received confirmation.

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