Bitcoin, Ripple, Ethereum, Bitcoin Cash, Stellar, EOS, Litecoin, Cardano, Monero, TRON: Price Analysis, Dec. 3
Top coins are shaky as Bitcoin falls back below the $4,000 mark, but increased institutional interest — like Coinbase’s new OTC desk — could signal a turnaround.
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Market data is provided by the HitBTC exchange.
Over-the-counter (OTC) trading desks usually cater to institutional or large individual traders. While retail traders are dumping their holdings in cryptocurrencies, institutional traders are using the opportunity to buy. Higher demand from large traders has encouraged U.S. cryptocurrency exchange Coinbase to start an OTC desk for its selected customers. This shows that it is only a matter of time before the tide turns from down to up.
After a crushing bear market, one expects the volume to dry up due to the lack of buying interest. However, the notional volume of Bitcoin traded this year has already touched the $2.2 trillion mark, according to Satoshi Capital Research. The growth clocked this year is more than 61 percent over the previous year’s total volume of $870 billion. The numbers will soar after the markets turn bullish in 2019.
Global funds network Calastone, which processes mutual fund trades for over 1,700 financial companies, will use blockchain for its entire system of fund trade clearing services. Deloitte, one of the “Big Four” audit firms, estimates that the use of blockchain will save $4.3 billion to the global fund industry, excluding the U.S. market.
Even after the fall, cryptocurrencies continue to figure into the discussions of world leaders and policy makers. Recently, the G20 countries called for a tax on all cross-border cryptocurrency payment services and regulation to prevent money laundering.
Bitcoin has formed a pennant, which is a continuation pattern. A breakdown and close (UTC time frame) below the trendline of the pennant will resume the downtrend and has a pattern target of $2,416.52.
The support levels that can stall the fall are $3,620.26 and below that the critical support of $3,000. The moving averages continue to trend down and the RSI is close to the oversold zone, which shows that the bears have an upper hand.
Failure of the BTC/U