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Bitcoin Price Watch: Currency Down Again as Future Remains Unclear

What can we say except that bitcoin is once again down for the count? The currency has fallen by roughly $300 in the last 24 hours and is now trading for just over $6,300. Perhaps it was asking a bit too much that investors get their hopes up regarding the future. After all, it appears bitcoin has been going through this pattern since mid-July. It rises a bit and gets everyone flustered and thinking the big bucks are right around the corner only to stumble back down to where it was before.

BTCUSD: BITCOIN 2H UPDATE 25/9/2018 - xuanhaimmoer

Interestingly, this has occurred three time over the past two months, and each time the run has been considerably smaller than the last. The first instance in July, bitcoin rose to more than $8,000 before falling back down to the low $6,000 range. In August, the currency spiked beyond $7,000 before toppling, and this time around, bitcoin rose by just a few hundred dollars before deciding the pressure was too much to handle.

For anyone who’s gone skating or played hockey, you know the routine. It’s about controlling the icy environment; not letting it control you. When we start out, we’re all a little wobbly. Finding one’s footing on a slippery surface can be incredibly difficult, especially when one has had little to no exposure to such a surface in the past.

However, after a few lessons and some time spent getting used to the slick, cold conditions, one begins to glide naturally. Sliding across the ice becomes much easier; it’s relaxing, and we start to understand the grooves in the ice that help us along the way. It’s not so much about skill, but about control.

For being roughly ten years old, bitcoin is still behaving like a child that’s entered an icy arena for the first time. No matter what happens, it just can’t seem to find its footing. The fact that it can remain as volatile as it is after such an extensive period is a bit frightening, not to mention uninspiring, and some are wondering if the currency has ultimately hit a standstill.

One of these figures is Kevin Davitt, a senior instructor at the Options Institute at CBOE Global Markets. In a recent interview, he states:

“There have been at least five significant moves higher (in percentage terms) for bitcoin since the decline began in earnest in early January. While cryptos may be moving with relatively muted volatility in the short term, there’s no guarantee that will continue.”

However, he is keeping an open mind – just in case bitcoin decides to surprise us all and undergo another rally. Speaking of today’s drop, he comments:

“Perhaps this is the beginning of a meaningful move higher for the cryptos after months of pressure. Only time will tell.”

Bitcoin Charts by TradingView

Images by Nick Marinoff

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In Bear Market, Korea’s Biggest Crypto Project ICON Showed Solid Progress

A goodbye note from Deblock’s now-former Head of Research revealed the progress of their ICON blockchain project in all these months. And they looked extremely positive. As he left the company to pursue his startup, Markus Jun noted ICON as one of the very few blockchain projects that showed significant accomplishments despite staying inside a bleeding crypto market. “My time at Deblock and ICON coincided with one of the worst downturns in the cryptocurrency market. In spite of this, I can say that the ICON team has made incredible progress,” Markus wrote while asserting that their interoperable blockchain project till this date leads the South Korean blockchain industry. “I’ve seen ICON push for significant progress in legitimizing blockchain and cryptocurrencies with the Korean Government, receiving the Minister Award for being an industry leader in the blockchain space, and launching demonstrations and several projects in conjunction with the Seoul Metropolitan Government. I’ve seen several hires in every ICON department, including senior positions, most of which weren’t made public and the team is still actively hiring to this day.” Markus also brought focus to ICON’s international expansion stories, which included the launch of their global accelerator program ICONLOOP in partnership with the Singapore government, followed by its continuation in Tokyo and San Francisco. “Beyond this, there are ongoing efforts to expand ICX Station globally. All things considered, it’s clear that ICON isn’t letting the market downturn affect them in moving forward,” Markus explained. The said expansion is also bringing valuable partners to ICONLOOP. In addition to the Seoul government, ICON has gained support from LINE, Smilegate, Kyobo Insurance, and Jeju Island to develop blockchain solutions for them. It overall makes a long-term use-case for ICON’s ICX public network, indicating a stable growth for its native token ICX as well. Solvent after Crash At the time of the ICO, ICON’x ICX token sale raised close to 75,000 ETH. Their smart contract split the funds into 30 separate Ethereum wallets. Between December 2016 and November 2018, ICO team moved circa 70% of their funds to other portfolios – perhaps as part of a sale. After the post-ETH crash adjusments, the team holds around $5 million in ETH reserves. The figures prove that ICON is far from being insolvent at this time, in contrast to several other ICO projects that have either gone out of business or in a money crisis. Forrester Research’s chief analyst Martha Bennett predicts that a majority of these ICOs are heading towards an outright extinction in absence of users and funds. “Sooner or later, this would have led to a contraction anyway. The crypto crash acted as both catalyst and wake-up call.” Big crypto startups like Coinbase and ConsenSys have also laid off employees in the past two months, indicating that the crypto market, in general, is running out of money. ICON, with a provable business model and an increasing use-case among well-known organizations, could still survive the bloodbath owing to an actual demand for service. “I’ve seen the best of ICON in the worst of times. That’s why I’m confident ICON is here to stay,” Markus noted. The post In Bear Market, Korea’s Biggest Crypto Project ICON Showed Solid Progress appeared first on NewsBTC.

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