After recovering during the weekend, the price of Bitcoin has reversed momentum since Monday, sliding 6.10% from $11,770 to $11,040.
Following the early January sell-off – and just like Bitcoin - the entire crypto-market has been trading sideways since mid-January. However, performance of alt-coins has been quite heterogeneous as certain projects are expected to release major updates and/or are building expectations for major announcements in the first quarter (Populous, OmiseGo NEO/GAS or Walton); while for others, prices have kept grinding lower as no major updates are expected in the coming months (e.g. LINK).
Wanchain is seeking to create a new distributed financial structure, which would, among other features, allow cross-chain smart contracts. It is expected to be ready for trading soon.
Since yesterday, ICO investors have the possibility to swap their ERC20 tokens to Wanchain Mainnet Wancoins. Therefore, it is just a matter of hours (or maybe a couple of days) before Wancoins are available for trading. It is going to rise fast!
Bitcoin has suffered from bearish bets from speculators, with leveraged funds being net short on Bitcoin, mostly since the introduction of Bitcoin Futures in December last year. However, according to the last CFTC report released last Friday, the wind is turning slowly as leveraged funds are now net long on Bitcoin by 624 contracts. In addition, the price of Bitcoin has been unable to break the $10,000 threshold in spite of numerous attempts. After two weeks of consolidation, we believe that the bear market is over and that the momentum will reverse in the coming days.
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