Bitcoin analysis for 29/10/2018

According to the official blog entry, the American crypto portfolio and Blockchain Security Company, BitGo, announced that it is developing a coin based on Ethereum supported 100% by Bitcoin. The announcement says that Wrapped Bitcoin will provide users with: [...] a wide range of new decentralized use cases, including on decentralized exchanges. It will be a security for stablecoins or loans for payments and flexible smart contracts in the Ethereum ecosystem. Describing the incoming coin as the "effort of the transformation community," BitGo claimed that the new token would bring the stability and value of Bitcoin so that cryptocurrencies would apply to companies in the Blockchain Ethereum chain.

According to the statement, each Bitcoin will be billed on a board displaying addresses and balances, and users will be able to verify each Bitcoin held in the deposit on Blockchain, which is available for monitoring by Etherscan. In early September, BitGo acquired a state trust card in South Dakota to become a certified cryptocurrency supervisor. As a depository, BitGo will be subject to regulatory supervision in accordance with the principles of KYC and anti-money laundering (AML).

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market keeps trading inside of the consolidation zone between the levels of $6,323 - $6,433. The market is trading calmly, but the lack of volatility might be somewhat concerning. The breakout above or below the zone can occur any time now. Please notice, the larger time frame trend remains down.

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