Bitcoin news
- by Paul
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In recent months, an increasing number of engineers and developers announced that they are leaving established Silicon Valley tech companies in search for new opportunities in the world of blockchain and crypto.
Firms like Facebook, Apple, Google, Netflix, and Amazon are all viewed as target companies for most engineers. However, even these giants are rapidly losing their best developers to the growing blockchain industry.Engineers’ Fascination with Blockchain Technology
A lot of these technicians, such as Facebook’s former engineer Maximilian Wang, or Qi Zhou, who worked at both, Facebook and Google, have left these firms to pursue the blockchain. They were among those who discovered blockchain technology relatively early, meaning prior to the explosion of cryptocurrency in 2017.
Ever since then, they were fascinated by it, and they quickly became investors into crypto.
Despite the fact that this was only a little over a year ago, blockchain and cryptocurrency were still far from being as well-known as they are today.
Because of that, even the most optimistic investors had doubts, but also strong faith in the new tech. After the crypto craze kicked off, numerous investors such as Preethi Kasireddy decided to leave their former positions and try their luck in the blockchain world.
While this was undoubtedly a big risk to take, they believed that it was worth taking. The blockchain world greeted them with open arms. Not only are engineers coming from big companies highly skilled and sought after in the crypto and blockchain industries, but their background also brings new credibility to these projects.
It is known how difficult it can be to get a good position in firms like Google, Facebook, or Amazon. And when someone from those position leaves for a specific blockchain project, that is a big nod to this project’s quality and potential.
Furthermore, a lot of engineers in these companies are young people, in their late 20’s or early 30’s, which allows them to quickly understand and accept new concepts.Why Crypto and Blockchain Won’t Work Within Large Firms
A lot of these engineers are not leaving tech firms for blockchain and crypto in their desire to earn better. Instead, they are leaving simply due to their belief in this technology, and its potential to take over traditional methods at some point in the future.
They wish to help this technology reach that point. However, they cannot hope to work on the blockchain within the large companies.
Some firms like Facebook have developed an interest in the blockchain, and have even launched teams that will research this technology.
However, due to the fact that Facebook is a large, well-established company, it has far more restrictions than startups that are free to shape themselves however they like. Another large issue comes from ICOs. If Facebook were to launch an ICO, this would be a very sensitive project.
It would have to be responsible to the shareholders, it would need good reasons for the move, and it would have to find a way to implement digital coins into its existing business model.
These difficulties will likely prevent large firms from reaching out to blockchain and crypto in the near future. However, engineers and developers still believe that this technology is the future, and they are willing to risk their careers at the largest tech companies in order to help that future arrive sooner.-
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Francisco Gimeno - BC Analyst Engineers leaving SV for blockchain jobs is a strong signal of change. SV employees are among those with more job´s satisfactions and they historically don't like to change outside of it. Engineers also don't change works for better money but for better challenges when a new and promising technology arrives, in this case blockchain.- 10 1 vote
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Sam Ouimet
Bitcoin traded in a range of just under $1,500 over the course of the month of September, its narrowest monthly trading range since July 2017, data reveals.
At close of trading Sunday, bitcoin (BTC) officially ended the 30-day period with a trading range of $1,329, with prices oscillating between a low of $6,100 and a high of $7,429.
Overall, this was the lowest one-month range since July 2017, when bitcoin traded in a $1,095.8 window, according to data from Bitfinex.Further, the monthly trading volume throughout September marked its lowest amount since April 2017, according to the exchange, one of the world's largest.
Periods of low volatility often come to a boisterous end for bitcoin especially when accompanied by low volume, so it seems the cryptocurrency is gearing up for a decisive move in either direction.Monthly Chart
Bitcoin concluded its September candlestick inside the low and high of the prior month's candlestick, creating a pattern known as the "inside bar pattern." In trending markets, the pattern can present strong buy or sell signals if current prices surpass the range of the prior month.
Since the market for bitcoin has been in a bearish downtrend since December of 2017, current prices falling below the low of September ($6,100) would likely confirm more downside action is to come and set scope for prior support/resistance level near $4,900.
On the other hand, if September's range high is surpassed ($7,429), it would be a bullish indication for longer-term upside potential and possible bull market revival.20-Month Moving Average
The current bear market draws many parallels to that of bitcoin's bear market in 2014-15.Notably, the current bear market just began its 11th month, while prices now sitting on the 20-month moving average (MA) for support. The timing is rather impeccable when compared to the 2014 market since its 11th month also rested on the 20-month MA.
This would suggest a decisive move could be incoming since falling below the MA in the 12th month of the 2014 bear market further cemented the trend in bearish favor, of which it was unable to escape until returning above the MA in November of 2015.
View- This will be a decisive month for bitcoin as the low volatility suggests a big move is coming in either direction.
- Falling below September's low of $6,100 opens the door to prior support/resistance level near $4,900, while rising above Septembers high could signal a bull market revival.
- Falling below the 20-month MA would likely confirm several more months of the bear market are ahead.
Money-measure image via Shutterstock; Charts via TradingView Join 10,000+ traders who come to us to be their eyes on the charts and sign up for Markets Daily, sent Monday-Friday. By signing up, you agree to our terms & conditions and privacy policy
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.- By Admin
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After three weeks of bulls, Bitcoin prices are yet to breach the $6,800–$7,200 main resistance zone. With this, bears are in control as Sep 5 bearish pattern overshadow buy attempts. Remember, this is printing at the time when investors, market influencers and traders are “over the top bullish”. This is all thanks to week ending Sep 23 double bar reversal pattern complete with volume expansion.
Latest Bitcoin News
At the United Nation’s 73rd General Debate, Malta’s Prime Minister Joseph Muscat was very clear: Cryptocurrency is the inevitable future of money. This statement is true and ambitious as the Prime Minister himself. In less than one year, he has overseen the small Mediterranean country evolve to a small blockchain island. It is now a home to several exchanges like Binance and Huobi.
These new blockchain start-ups are thriving under Malta’s warm regulations supportive of cryptos. Muscat is at the forefront advocating for proper regulations that will allow for innovation in the blockchain space. He strongly believes that there is many more user case application of blockchain aside from being the future of money and as an effective filter between good and bad businesses.
Fortunately, Malta is not the only country in the world that’s a crypto safe haven. Japan has and continues to embrace innovation and not a threat to their economies as Mark Carney stated early this year. Funds as Fidelity, for example, believe cryptocurrencies and blockchain are at a “proof of concept” stage with limited user cases and they plan to explore.
While the space can self regulate, the involvement of government regulators who board the crypto bus for the “sake of ordinary investors” isn’t well received by crypto maximalist. All the same, currently cryptos are still in the development stage. Once they grow large enough they can function without oversight of the SEC or CFTC or courts and governments as Satoshi intended it to be.Bitcoin Price Analysis
Weekly Chart
There are two opposing views as far as price action is concerned. There are optimistic traders forecasting gains above $7,200 and 8,000 because of a single bull bar printing at $5,800–$6,000 support. On the other end, there are sentiment-free realists taking contrarian positions. Bitcoin, despite all the euphoria, is bearish and trending inside a descending wedge.
When we take a top down approach, buyers are literally struggling to add to week ending Sep 23 longs. By doing so, it means week ending Sep 9 overshadow are literally clipping gains giving bears a upper hand in an effort versus result scenario: Two back to back bullish gains didn’t reverse losses of a single bear bar of week ending Sep 9.
This is why, like in our previous Bitcoin price analysis, as long as prices are trading between $7,200 and $5,800 supports, we recommend staying off. Once there is a definitive break out in either direction, that’s when traders can begin ramping up trades. Depending on break out direction, first targets can be at $4,500 or July 2018 highs at $8,500.Daily Chart
In the daily chart, prices are in consolidation moving inside Sep 27 high low with caps at $6,800–$7,200. Regardless of prevailing sentiment, we retain a slight bullish to neutral stand in this time frame. From our early reiteration, we shall only suggest trades once there are moves above $6,800 and $7,200 on the upside.
This is when after BTC prices are trending above the wedge and the main resistance trend line in the weekly chart. At the moment, we remain neutral.
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.- By Admin
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