Why Trump Banning TikTok May Be a Blessing for Bitcoin Price, Adoption

Sunday 11 August 2020, 11:13 PM AEST - 1 week ago

Yesterday saw many major altcoins rally to their yearly highs, with Ether (ETH) surging past $400, which I expected was a likely scenario in my last article two weeks ago.

In addition, XRP also had a bumper day exceeding $0.32 while momentarily outperforming Bitcoin as expected in my July 1 article.

However, Bitcoin showed its dominance in the space by wiping out several billion of these gains in a little over an hour. So what does the week ahead look like, and just what sort of impact could Trump's TikTok ban have on the cryptocurrency space?

Daily cryptocurrency market snapshot, Aug. 2Daily cryptocurrency market snapshot, Aug. 2. Source: Coin360.comLets get some perspective BTC/USD 1-week chartBTC/USD 1-week chart. Source: TradingView

Bitcoin on the weekly shows a picture of the future. The leading cryptocurrency by market capitalization has already tested the 0.5 Fibonacci retracement level of $12K before being rejected.

If you havent been paying attention to the weekly fib, then you should probably google how to use the Fibonacci tool on Tradingview right now because its probably the closest youll ever get to having Marty McFly's sports almanac in Back to the Future 2 than youll ever get.

The next level to claim is 0.618, which sits at $13,500, and if youre happy with 20% gains on Bitcoin, thats great. But when you look at other top-tier alts, you will see that most are trading under the 0.236 fib, which means greater upside potential, and this is something we experienced this weekend.

Let's start with Ethereum ETH/USD 1-week chartETH/USD 1-week chart. Source: TradingView

Ether (ETH) ...

Read full story on Cointelegraph