The Cryptocurrency market continues to range and consolidate. BTC volatility continues to decrease as the price in the past seven days has fluctuated within a ~$400 window.
The decreasing volatility coinciding with the pattern currently on display provides the evidence that a major move is inbound.
Short term we can see bitcoin trying to bounce from a support area of 6500s.
The areas to watch are a daily close above $6800 or below $6300.
The next few weeks will be decisive for Bitcoin. It will determine whether we break out of this wedge that we have been in for the last 8 months.
If we break up, expect to see some decent movement ($7k+).
If we break down, expect to see some new yearly lows.
Leaders from the cryptocurrency industry, Wall Street and venture capital firms met lawmakers in Washington Tuesday Oct 2, 2018 and overwhelmingly asked for more clarity around existing regulation.
If companies don’t get a better idea of the legal guardrails, multiple attendees warned that innovation is bound to head overseas, draining the U.S. of potentially profitable blockchain businesses.
The altcoin market has seen some recent surges. The current state of the altcoin is in consolidation. If the market cap bounces from any of those points below. It may move closer to attempt and brake down the downtrend we had throughout the year.
Personally following these projects.
- NPXS ( Pundix)
- BNB (Binance coin)
One of the main problems facing all cryptocurrencies is that they aspire to be an everyday form of money is merchant adoption.
The real talent of Pundi X is a hardware Point-of-Sale, or POS, system for accepting cryptocurrency. They currently have a machine that sits on top of a counter, called XPOS, with two screens: one for the merchant and one facing the customer. It has an RFID chip, it can print receipts, and it displays QR codes for people to pay using their wallet apps.
Pundi X originates in Indonesia, and while cryptocurrency exchanges are permitted, cryptocurrency payments for goods and services are currently banned by the government.
However, they are betting heavily on the belief that the Indonesian government will lift its ban within a few years, at which time the cryptocurrency option can be enabled. In such an event, Pundi X will have a large network of pre-installed systems ready to capitalize on the Indonesian market.
In the meantime, they’re planning to expand elsewhere in the Asian market over the next 3 years, specifically Thailand, Singapore, Malaysia, and Japan, and then move into American and European markets. They plan to have upwards of 200,000 devices installed in that time.
Pundi X to Test Real-World Use of Blockchain Technology.
Pundi X and Ultra Taiwan 2018 have entered into an exclusive partnership to release over 30,000 XPASS cards that can be used at 35 different festival stalls this September. The Pundi cards will give consumers the ability to easily purchase merchandise, foods, and goods, as long as there is an XPOS system installed.
The pundix team is smart and innovative. They have come across various types of adversiries and have handle every situation outstanding. Starting with a hack that happened in one of the exchanges. The blockchain was halted for safety purpose, despite the situation the price held stable. In addition performed a token swap that lasted 9 months successfully.
There is an attractive incentive part of the innovation of the Pundix team.
By holding the token in a compatible wallet. You earn an incentive for holding, 7% a month.
Major exchanges to include Binance support the distribution.
After binance listing which is a high liquidity exchange. NPXS was not able to hold value given the stacking mechanism that had in place. The pundix team decided to hold a vote and performed a change to the distribution mechanism. Allowing the price to grab some traction.
As we can see we had our first lower high. Providing the evidence that a reversal trend may commence.
Binance Coin BNB
Binance coin is the token issued by the world’s biggest cryptocurrency exchange. BNB token holders can access cheaper trades and other rewards within the Binance cryptocurrency exchange, so it works as an advanced loyalty program as well as a standalone cryptocurrency.
The Binance Exchange ICO was a huge success to the point where one year later, the exchange flip flops between the number 1 and number 2 positions on coinmarketcap.com and according to daily trade volume.
According to the whitepaper, there would be 200 Million tokens created with 50% being offered to ICO participants. The amazing thing is that if BNB is used to pay for trading fees on the exchange, a discount is given to the trader according to the rates below.
Binance does a BNB coin burn every quarter as part of the design of the exchange as illustrated in the whitepaper. Each quarter, the exchange uses 20% of its profits to buy back and burn BNB up until a total of 100 Million BNB are burnt. However, the exchange does not notify the users of a pending coin burn.
the exchange has plans of opening exchanges in both Uganda and Malta. This provides the exchange with a broader reach to attract new users who will in turn use BNB. With more users, comes more visibility for BNB and more trading. The trading generates profits for the exchange that will be used to buy back BNB to be burnt. This cycle will continue until there are only 100 Million BNB. This means the value of BNB will continue. Recently the CEO Mentioned they are also planning on providing a decentralized exchange.
To brief terms, the digital asset of BNB has everything good going for it as Binance the world’s largest cryptocurrency exchange expands.
Textbook accumulation for BNB.