Bitcoin fell out of the declining wedge last night and continues to drop towards the next Fibonacci level, which also happens to be a very strong support level for Bitcoin.
The volume of Bitcoin transactions over the last 24 hours was relatively very high. The volume has not been that high since Bitcoin was peaking near $20,000 a coin. Does this mean we're approaching bottom? Time will tell, but this level of volume is a good indicator.
While many are blaming this market exit on recent news that a few big American and British banks are banning the purchase of cryptocurrency with credit cards, I personally don't see this as FUD at all, but it seems many "crypto investors" are outraged by this and see it as bad news. I'm surprised this did not happen much sooner. In my opinion buying crypto with a credit card is about as myopic as you can get, especially if you were doing so from around the time of the last peak until now.
Maybe I'm being too critical; after all, it's the weak impatient hands in a market that let strong patient hands make money, and buying crypto with a credit card is definitely not conducive to having a strong and patient hand in the first place. People can argue all day that they should be able to do what they want with their money, but a credit card is not their money, it's a buffer (another way of saying its a debt bubble) that comes with worse than unsecured levels of interest payments at best, and creates an economic bubble to end all bubbles if enough of a population are maxed out to their eyeballs in credit card debt.
Please remember that I am not giving financial advice and this is just my opinion. What I do strongly advise is to get your market information from multiple sources to get a broader perspective on the markets, but ultimately you need to developer your own intuition as well, so that you can feel confident in your market position; If you are smart enough to read this, you are more than smart enough to develop that intuition... but it does take time for all of us. This blog is written for entertainment purposes only. I cannot predict the future; therefore this blog should be considered a work of imaginary fiction.
Today's Crytocurrency Marketshare:
- 78.33% - Top Ten
- 42.12% - Top Ten (excluding Bitcoin)
- 36.21% - Bitcoin
- 21.67% - Other
- 0.317% - Steem
The total Cryptocurrency market cap today was $304,579,000,000. Steem Marketcap Today was $967,012,000, or 0.317% of total.
Today Bitcoin's Price hit a high of $8,365, a low of $6,757 and an average of $7,561 before closing.
Today Bitcoin's Market Cap was $139,325,000,000 US Dollars.
Today Bitcoin exchange trading totaled a volume of $9,285,290,000 US Dollars.
The average Bitcoin transaction fee was $6.19 USD today.
The average number of new transactions being added every second to Bitcoin's mempool was 2.656 today.
The percentage of Bitcoin transactions using Segwit addresses peaked at 15.43% today.
There were 229,467 new Bitcoin transactions added to the mempool today.
The average block contained 1.12 Megabytes of transaction data today.
Today there were 5,074 new transactions left unconfirmed by end of day. As per blockchain.info there were still ~29,000 total unconfirmed transactions awaiting confirmation in the mempool by end of day, with ~24,000 of those being stale transactions that may be stuck in the mempool.
This pretty much sums up the problem:
When reached for comment by PCMag, all the banks told different versions of the same story: The banks don’t want customers charging crypto purchases because it’s volatile and a high credit risk. I’m sure banks are also concerned there’s no way to repossess virtual coins if they’ve been stashed in an anonymous wallet.
As they point out here, there are still ways around this "ban" as you can transfer cash to a bank account (expensive), or buy gift cards that can then be used to exchange for an online service that sells Bitcoin for gift card balances.
In my opinion, this is neither FUD nor a bad thing that banks are doing this. Overall it raises a red flag if enough people are gambling with credit cards into a system that has no economic borders or accountability, especially if someone goes bankrupt but secretly has a stash of Monero they aren't declaring. The only thing disappointing is that the banks didn't do this earlier when Bitcoin was worth three times as much as it is now, because you can bet there are idiots out there with maxed out credit cards that bought Bitcoin when it was peaking.
Some might argue it's their money and they can do what they want with it, but they're wrong; credit cards are not their money, they're a financial buffer of convenience that doesn't charge the purchaser any transaction fees or monthly account charges, unlike a bank account and debit transactions. They're high risk and unsecured, designed to encourage people to pay their full balance every month and not overspend, or else face serious interest charges that compound and add up to a lot of money over time.
This is a subject where I'm not worried about offending people, because a country full of credit slaves who are up to their eyeballs in debt effects me and the people I care about in the long term, and puts more money into the hands of the proverbial 1%, simply because most people investing into cryptocurrency will lose, or break even if they're lucky.
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