Day: December 8, 2017

Bitcoin’s market capitalization (cap) has also swelled to a new record high of $305 bln, surpassing that of payments technology firm Visa, whose market cap is currently pegged at $254.74 bln.

Greenspan compares Bitcoin to war currency was still utilized to create “real goods and services,” even though it had no real value. He argued that that is the state of Bitcoin today.

In his presentation at the Token Summit II that was held in San Francisco, California on Dec. 5, 2017, he talked about the phenomenal trading performance of the leading digital currency Bitcoin and the other virtual currencies and the reason behind it.

Not everything is going smoothly in the world of Bitcoin right now. There have been issues with unconfirmed transactions for several days now. Whereas the mempool had 130,000 “stuck” transactions yesterday, things got a lot worse overnight. At the time of writing, over 220,000 transfers are waiting to be processed. All of this further confirms Bitcoin has deviated from being a currency quite some time ago. Something will need to change sooner rather than later.

Transaction woes in the Bitcoin world are nothing new under the sun. Despite the vast net worth of this network, its scaling problems become more problematic every month. The Bitcoin network cannot handle the massive amount of transactions people aim to submit. Issues like these are known for some time now, yet there is no quick and easy fix. Even the activation of SegWit hasn’t pushed back the mounting number of unconfirmed transactions.

Unconfirmed Transactions Keep Flooding the Network

Scaling Bitcoin will take a lot of time and effort. While the developers are working on solutions, companies are struggling to implement them. With the SegWit adoption rate still subpar, it is evident unconfirmed transactions will remain a big problem. It isn’t easy to solve this problem either, thanks to a rather fractured community. All of this further pushes Bitcoin toward becoming a store of value on the same level as gold. That would be a shame, given the fact this was originally designed to be an actual currency.

With over 220,000 unconfirmed transactions flooding the mempool, a troublesome situation is created. Until the network can process more transactions at once, these issues will remain in place. Right now, the Bitcoin network processes 3.9 transactions per second, which isn’t acceptable. Moreover, these backlogs force users to pay higher fees, although that isn’t a foolproof solution either. Higher fees won’t solve the congestion, but only make others wait even longer while miners fill their pockets.

For the time being, it’s still unclear where these unconfirmed transactions come from. With the Bitcoin price soaring, a lot of people attempt to cash out before the course reverses. Unfortunately, moving funds to and from exchanges is nigh impossible right now. This makes it very difficult for people to actively sell their BTC unless they had it in an exchange wallet already. A frustrating few days for all BTC enthusiasts, that much is rather evident.

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The Central Washington region of the U.S. has reported surging demand from bitcoin miners for its cheap hydropower as price gains continue.

Most utility tokens don’t provide a compelling reason for users to hold the token for more than a few seconds. And that’s a problem for its value.

Blockchain can keep you loyal!

Key Points

• Bitcoin gold price tumbled recently and moved below the $250 support against the US Dollar.
• There is a major bearish trend line in place with resistance at $255 on the hourly chart of BTG/USD (data feed from Bitfinex).
• The price is currently correcting higher, but upsides remain capped by the $255-260 resistance zone.

Bitcoin gold price is facing selling pressure around $260 against the US Dollar. BTG/USD might remain in a downtrend towards $200.

Bitcoin Gold Price Decline

There was no major recovery in bitcoin gold price above the $300 level against the US Dollar. The price failed to hold the $300 support and declined further. There was even a break below the $250 support area and a push towards the $200 handle. A low was formed at $209.37 from where the price started a minor correction. It has moved above the 23.6% Fib retracement level of the last decline from the $310 high to $209 low.

However, it is facing many hurdles on the upside near $260. The broken support at $255-260 is now acting as a resistance and preventing gains. There is also a major bearish trend line in place with resistance at $255 on the hourly chart of BTG/USD. Moreover, the 38.2% Fib retracement level of the last decline from the $310 high to $209 low is currently acting as a resistance at $248.

Therefore, a break above the $255-260 levels won’t be easy. Should the price fail to move above the $260 level, it could decline back towards the $200 handle. Any further losses should be limited considering the current market conditions. On the upside, a break above the $260 level would push the price towards the $280-290 levels.

Looking at the technical indicators:

Hourly MACD – The MACD for BTG/USD is now back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is around the 50 level.

Major Support Level – $210

Major Resistance Level – $260

Charts courtesy – Trading View, Bitfinex

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