Cryptocurrency Market Review: Bitcoin Consolidates Despite Major News: Bitcoin and other top-50 altcoins were little changed in value. Bitcoin, in particular, continued its consolidation below the Ichimoku Kinko Hyo’s cloud on the daily chart, inside a triangle chart pattern. A break above or below the triangle or the thinning future Ichimoku cloud could confirm the direction of Bitcoin’s value in October.
In other news, Bitfinex, one of the leading crypto exchanges for active traders is reportedly now banking with HSBC “ through a private account of Global Trading Solutions.” Bitfinex used to bank with the US-based Wells Fargo but ended up suing it in April 2017 the bank blocked deposits to Bitfinex and disrupted its operations. If Bitfinex can sustain its partnership with HSBC, it may have a positive impact on the exchange and the crypto market as a whole.
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Among last week’s other hot topics was the America brokerage firm, TD Ameritrade who invested in ErisX, a crypto-related futures market that will integrate Ethereum, Bitcoin Cash and Litecoin along with Bitcoin. But even this news didn’t do much to move the crypto prices.
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The week ahead may bring more volatility to the cryptocurrency market, so plan your strategies in advance, invest responsibly, and subscribe for more updates.
Don’t forget to complete your risk management due-diligence before developing your investment strategy.