Cryptocurrency News Is Flooding the Market: 20 Reasons Why the Bitcoin ‘Megamonsoon’ is Coming
- Murah Mahmudov unravels 20 reasons that the Bitcoin “megamonsoon” is coming.
- President Trump increases China’s tariffs – could Bitcoin be a solution?
- ConsenSys launches web portal for launch of dApps.
- Xpring website has been redesigned.
- BitPanda lists TRX token for selling and buying.
Bitcoin’s price is $49,237.15 BTC/USD exchange rate today. The real-time BTC market cap of $918.07 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $12.17 Billion and live coin value change of BTC 0.61 in the last 24 hours.
Bitcoin has been a major subject of interest for the media lately, and the interest is growing. There are major stories around the crypto asset lately, so let’s start with Murah Mahmudov. Mahmudov has expressed that he sees a “megamonsoon” of Bitcoin coming, giving him the idea for a list of 20 reasons why.
The list is conditional, based solely upon whether the token can feasibly hang on to the price range it currently is hanging around at the mid $5,000s. He believes the price of bitcoin will be reaching between $5,450 and $5,550 and would confirm that its a bullish trend that the market is seeing.
0/20. My list of 20 reasons why I think that if 5450-5550 area holds — its very bullish & megamoonsoon is still on the table:
I repeat, IF, 5450-5550 area holds, THEN, it's quite bullish.
Saturday Megathread: pic.twitter.com/KBbMj8OdU9
— Murad Mahmudov 🚀 (@MustStopMurad) May 4, 2019
The list of reasons starts here, posted through subsequent tweets as well.
1/20. Resistance flipped support on this orderblock.
4 Higher Highs.
3 Higher Lows.
As the urban legend goes, consolidation patterns that break out upwards *even though their neckline/confirmation line is in an incline*. break upwards particularly violently when/if they do. pic.twitter.com/pAyTeqmxtP
— Murad Mahmudov 🚀 (@MustStopMurad) May 4, 2019
While the bulls of the crypto industry wait for Bitcoin’s breakout moment, investors are taking note of the most recent threat from President Trump to increase China’s tariffs from 10% to 25%, while also introducing new tariffs, amongst other actions. Following the threats, the Dow dropped by 500 points, which leads some consumers to wonder how he will impact Bitcoin.
Alex Kruger, an economist and crypto trader, stated that crypto trends normally “follow excess liquidity,” which he credits to the recent momentum of stock prices. He said that the crashing stocks are “triggered” by the tweet, but added,
“The narrative in question is that Bitcoin follows stocks.”
On the Ethereum front, ConsenSys has announced the launch of a web portal that will make it easier for more applications to be launched on the Ethereum blockchain. The portal opens the door for multiple tools that will help developers, like smart contract libraries, storage systems, and testnets, along with multiple courses.
Ripple, not to be left out of these changes, launched a redesign of the Xpring website, which is the investment arm of the platform. With the new layout, users can find resources involving Interledger and XRP Ledger and shows all of the partners connected with the company.
Charlie Lee, the founder of Litecoin, still believes that Bitcoin’s reign as the top cryptocurrency will last, despite this progress in other coins. However, he acknowledges that there is no way to really see where the market will turn next, saying that there have been both bull markets and bear markets, and that “sometimes, it recovers.” That has not stopped him from creating a UFC partnership involving Litecoin, saying that he and former Olympic wrestler Ben Askren are
“going to the moon.”
BitPanda, an online retail broker in Europe that facilitates the purchase and sale of crypto assets, recently decided to add the TRX token, following in a poll on Twitter. The Tron crypto asset was pitted against the Basic Attention Token, Dogecoin, and Golem, winning a 44% portion of the vote.
— Bitpanda (@bitpanda) May 2, 2019
Charles Hoskinson, known for founding Cardano and his work as CEO of IOHK, launched an Ethiopia-based initiative that will help bring cryptocurrency to the masses in Africa. The framework is based in blockchain and will be available to implement in voting, registration of property, and supply chain management.
Hoskinson has said that
the new Atala blockchain project will ultimately pave the way for mass adoption, as he hopes that the new supply chain system will be attractive enough to introduce 15 million Ethiopian farmers involved. These supply chain systems allow the farmers to join a network, which makes it easy to create a crypto product that meets their needs.