Coingape - 11/8/2018 11:58:38 AM - GMT (+0 )
- At $6,480, Bitcoin is still stable while daily trading volume surges to $4.6 billion
- Overstock CEO, Patrick Byrne says as financial systems collapse, people will turn to crypto as happening in Venezuela
- MACD, moving average convergence divergence indicates bullish breakout for crypto market
- While Colorado gets pro-crypto governor, Jared Polis who wants to make it a “national hub for blockchain innovation”
Despite ups and downs, Bitcoin is still maintaining stability between $6,200 and $6,900 since September. At the time of writing, Bitcoin has been trading at $6,480 with a 0.83 percent loss. However, the world’s leading cryptocurrency is seeing a surge in its daily trading volume at $4.6 billion.
In the meantime, the record low volatility and bullish views of Overstock CEO, Patrick Byrne who is expecting the collapse of the established financial system and crypto mass adoption are boosting the market.
“People turn to it where they collapse, like Venezuela or Cyprus or Syria, something like that. When people start getting into it is when their own financial systems collapse. So yes, given that I think the entire modern financial system is a big Keynesian, magic money tree Ponzi scheme, I do expect that the day will come when people turn to crypto.”
However, with the way in the recent time Ethereum, XRP, Stellar among other cryptos have also seen a surge, Byrne is not committing to Bitcoin,
“Whether bitcoin is the one, whether bitcoin has solved its speed problems or it’s another cryptocurrency, only time will tell.”
The crypto market also seems to be primed for the bulls and end this year on a positive note. Bloomberg shared the technical indicator is, in fact, seems to be poised to break out of the unpleasant scenario and rally at the end of the year.
“The MACD, or moving average convergence divergence, a gauge for the Bloomberg Galaxy Crypto Index entered its first positive divergence in a month. The move corresponds with an upward trend in Bitcoin, which makes up around 30 percent of the fund. Bitcoin is up for the seventh straight day and is at its highest level in two weeks, hovering around $6,500.”
In another positive note, in Colorado, Democratic candidate and pro-crypto Jared Polis has won the governor race who in his campaign policy paper had wrote,
“My goal is to establish Colorado as a national hub for blockchain innovation in business and government. I believe strong leadership will put Colorado at the forefront of innovation in this sector—encouraging companies to flock to the state and establishing government applications that save taxpayers money and create value for Colorado residents.”