Cryptocurrencies faced strong headwinds on Wednesday and they have not been able to climb off of their low water market.
Concerns among speculators have grown and Facebook’s decision to ban cryptocurrency and Initial Coin Offering adverts has not gone unnoticed. Eastman Kodak has delayed their launch of KodakCoin. Bitcoin is under pressure early today.
Cryptocurrencies declined on Wednesday as concerns mount in the sector and increase the ‘Fud Factor’. Fear, Uncertainty, and Doubts have escalated. Adding to the nervous sentiment has been the decision by Facebook to eliminate advertising related to cryptocurrencies and Initial Coin Offerings. However, skeptics point out that Facebook may be thinking about issuing its own cryptocurrency in the near future.
Bitcoin suffered a downturn yesterday, and it has not shown an ability to reverse substantially higher. Bitcoin is around 9700.00 U.S Dollars, and resistance continues to be the 12,000 level. However, the question being heard the loudest is, where the next Bitcoin support ratio rests? While the 9,000 juncture appears to be significant, if Bitcoin stumbles below the 8,700 U.S Dollars level, it will have wiped out its significant gains made the past two months. And if this occurs, speculators who remain in long positions may face tough decisions if uncertainty grows.
Eastman Kodak which announced only three weeks ago it would issue a cryptocurrency called KodakCoin, apparently is delaying the launch of the tokens. Upon stating its entry into the cryptocurrency world, Eastman Kodak equity doubled in value, but it has started to come under pressure, and a large number of traders are known to be shorting the company now. Critical reports about the valuation of KodakCoin have not been answered well, essentially leaving the venture to blow in the wind temporarily.
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Yaron Mazor is a senior analyst at SuperTraderTV.
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Yaron has been involved with the capital markets since 1998. During the past 16 years, Yaron has been a day and swing stocks trader in the American market. Yaron has founded and made successful investments into businesses spanning exciting industries – from apparel to restaurants and bars, to high tech, medical technology, and education.