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Willy Wu: BTC will no longer drop to $ 6,000, forecast based on new indicator

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Analyst Willy Wu is inclined to believe that the Bitcoin exchange rate will no longer return to the level of $ 6,000, at least in the near future. The trader associates his theory with his new technical indicator, which was called the “BTC difficulty tape”.

Wu claims that the capitulation of miners, which he expects in 2020, along with the BTC halving next May, will trigger the growth in the value of the flagship cryptocurrency. In a conversation with trader Ton Weiss, Wu explained that the BTC difficulty tape unfolded in December last year when BTC reached $ 3,200. Then Wu began to realize that this was a signal that a bull trend had started. He believes that some people think that BTC is now in the middle of a bearish trend. Wu noted that the surrender of miners will be supported by another in 2020, as well as a decrease in BTC emissions – for these reasons, a serious depreciation of the cryptocurrency is unlikely.

Willy Wu introduced his new indicator last week. The BTC difficulty ribbon indicator takes into account the behavior of miners when forecasting changes. He explained that when “the tape goes down” is a signal that BTC can be purchased. The Wu ribbon consists of simple moving averages of BTC mining difficulty, so you can easily track this indicator.

Wu also noted that after the publication of the new indicator, some traders confirmed that earlier they also took indicators of the activity of miners in making forecasts of the movement of the course, but preferred not to talk about it.

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Wells Fargo Banking Holding creates stablecoin pegged to US dollar

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U.S. financial giant Wells Fargo is working on a cryptocurrency pegged to the dollar. The company announced this in its press release .

According to the company, the future stablecoin will be used as part of its own blockchain platform. Its main focus will be cross-border payments between the company and its partners around the world. Moreover, other companies outside the US will be able to use cryptocurrency to complete transactions between themselves.

The decision to issue cryptocurrency in the company is explained by the need to reduce the cost of payments between different countries, as well as the acceleration of this process. The current mechanisms cannot be called bad, but they are already outdated: high commissions, terms of several days per transaction – all this cryptocurrency can leave in the past.

Wells Fargo assures that their stablecoin will provide almost instant payments, and the process of their implementation will become much simpler. Next year, the company will begin a pilot project during which the cryptocurrency will be tested in test mode. Initially, only dollars will be available for transfers, but in the future it is planned to add support for many other currencies.

Wells Fargo is not the first bank that intends to launch its cryptocurrency, but it is not only one of the largest banks in the world and in the USA, but also one of the most expensive companies in the world. The arrival of such a player will show other companies that without their own digital currencies and blockchain ecosystems, they will have nothing to do in this market.

Publication date 09/19/2019
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North Korea plans to launch its own cryptocurrency

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North Korea is creating a cryptocurrency with which the country will be able to avoid international sanctions.

It is assumed that the cryptocurrency development project is at an early stage. Its goal is the same as that of the Venezuelan project – last year the topic of developing the state’s national digital currency, Petro, was actively discussed. A cryptocurrency that does not yet have a name will be similar to the technology used by BTC or altoins. Currently, the team that is working on the project is studying products that could be tied to cryptocurrency. It is known that the payment instrument will not be exactly supported by the national currency of North Korea.

Experts believe that North Korea has enough opportunities and developments to present a good cryptocurrency. So, we can assume that the state will be able to improve its position in this way.

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The head of the SEC said when Bitcoin will appear on large traditional exchanges

Chairman of the US Securities and Exchange Commission (SEC) Jay Clayton said that bitcoin needs more regulation for listing on large exchanges. It is reported by CNBC. “If investors believe that Bitcoin pricing is as strict as on the Nasdaq or the New York Stock Exchange, then they are very mistaken. We must get to the point where we are sure […]

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Chairman of the US Securities and Exchange Commission (SEC) Jay Clayton said that bitcoin needs more regulation for listing on large exchanges. It is reported by CNBC .

“If investors believe that Bitcoin pricing is as strict as on the Nasdaq or the New York Stock Exchange, then they are very mistaken. We must get to the point where we are sure that trade is regulated correctly , ”he stressed.

We are talking about listing conditions for bitcoin itself, and not derivatives, such as CME futures.

Recall, Clayton said earlier that some progress on Bitcoin ETFs has been achieved. VanEck and SolidX have withdrawn their application.

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Name Price24H (%)
Bitcoin (BTC)
$10,210.39
0.46%
Ethereum (ETH)
$219.89
4.08%
XRP (XRP)
$0.301531
-4.19%
Bitcoin Cash (BCH)
$319.42
-2.10%
EOS (EOS)
$3.95
-3.62%
Stellar (XLM)
$0.080537
-1.57%
Litecoin (LTC)
$75.99
-3.20%
Cardano (ADA)
$0.052524
-1.81%
Tether (USDT)
$1.00
0.23%
Monero (XMR)
$75.49
-6.95%
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