Several Mini Surges This Year for Bitcoin Major Surge Probable after No-Deal Brexit

Maheen Hernandez By Maheen Hernandez August 9, 2019 0
Bitcoin brexit

BTC and several other Altcoins have drifted away from their resistance levels, and the cryptocurrency market is currently looking bearish. The BTC has failed in its attempt at $12,000 while Bitcoin was hovering at $11,900. The overall market capitalization during the early Asian hours settled at $307 billion. The average trading volume was documented at $57 billion. The market dominance of Bitcoin was at a new high at $69.1%.

A healthy room for Bitcoin growth will be seen following a no-deal Brexit. Further, geopolitical factors are also contributing to trigger Bitcoin growth. There have been several mini surges this year, but there will be a significant surge following the no-deal Brexit as it will eventually create an identity crisis for the global currency system and significant global fiat currencies.

The role of Bitcoin in the global economy might shift drastically. It is expected that the haven status of Bitcoin will be enhanced with the trending politically unstable situation.

Amir Zaidi, Director at DMO at U.S. CFTC is leaving the agency within the coming weeks per sources, and Vincent McGonagle will serve as the acting director for DMO.

ETH settled at $218.50 with the current market capitalization at $23.5 billion. The coin lost about 3% of its value in just 24 hours and 1% ever since the beginning of the trading day today. With growing volatility, the ETH/USD has been moving in a bearish trend. When it comes to the analysis of whether the bulls will make an entry for the ETH after a lot of ups and downs, analysts are positive after the stability seen in the price of ETH during August.

The MACD for ETH is slowly climbing the bullish zone. The hourly level in RSI is moving towards 30 levels.

XRP from Ripple broke past the lowest boundaries to eventually trade at 0.3071. When the day-to-day basis is considered the XRP/USD has been down by 1.2%. A downward channel formation is currently trending in the price charts. Bears are in control of the XRP price trends. It was on Thursday that the XRP had two bullish hourly sessions and ever since the XRP has been on five different bearish sessions.

Brad Garlinghouse, CEO of Ripple, stated, “We’re in a very strong position, our business is growing strongly, we have a strong balance sheet, and I intend to press our advantage.”

After the $30 million in investment in Money Gram, Ripple will be signing several investment and acquisition deals. The details of potential investments are not yet revealed as deals are “always very, very hard to predict.”