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Bitcoin Starts Q4 on a High Note, EOS, Ethereum, Ripple's XRP, and Other Top Altcoins Follow Suit with Solid Price Gains

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    The cryptocurrency market is slowly getting back on its feet after a brutal sell-off. Will this trend persist during Q4?

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Contents

Despite many doom-laden predictions of bargain hunters, it looks like Bitcoin (BTC) will not fall to the $7,500 level (at least in the short-term).

The crypto king saw a 7.83 percent price increase over the last 24 hours, according to CoinStats data.

Bitcoin’s speedy recovery
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Bitcoin May Resume Bullish Pressure Due to RSI Oversold Level: Forbes Analyst

Bitcoin bulls staging a revival

As reported by U.Today, BTC registered a weekly close below the pivotal $8,000 level, which could be a precursor to more selling pressure. After dipping to a local bottom of $7,710 (it’s the lowest point in 3.5 months), the price managed to rebound, surging to $8,400 on Oct. 1.

At the time of writing, the top coin is changing hands at $8,439 after ending its two-quarter winning streak.

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Bitcoin May Resume Bullish Pressure Due to RSI Oversold Level: Forbes Analyst

Bitcoin May Resume Bullish Pressure Due to RSI Oversold Level: Forbes Analyst

XRP on the verge of a trend reversal

Speaking of the broader market, altcoins are also in the green. Tron (TRX) and EOS (EOS) are in the double-digit territory, surging by 12.82 percent and 11.01 percent respectively.

Bitcoin and top altcoins are in the green
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According to crypto trader Luke Martin, Ripple’s XRP is inching closer to form a rounded bottom. Once this pattern is complete, traders should expect the XRP price to break out given that it would confirm a trend reversal.

Unlike Bitcoin and some of the top altcoins, XRP barely registered some gains in Q2 and reached a new yearly low in Q4.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Nationwide Blockchain of China Finally Preparing for Launch

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    China launching nationwide blockchain service in beta mode until March 2020. It must push forward digital economy and smart cities

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China continues to take steps toward the digital economy and smart cities by officially releasing a nationwide blockchain service network, XINHUANET says.

Blockchain service network expectations

UnionPay, State Information Center (SIC), China Mobile and three other organizations worked on a system that will help China lead the blockchain technology market. Blockchain beta testing has already been announced and will last until March 2020, and all content and services will be available for free till that date.

BSN is expected to accelerate the development of digital technology and smart cities, as well as foster the development of new technology and industries.

What about CBDC?

Earlier, U.Today reported, that China has come close to creating its own cryptocurrency and may even launch it this fall, but then there was information that the national digital currency will appear later.

But China will not become the first country to introduce a national cryptocurrency. The Kingdom of Bhutan has already done it this month, as we already reported.

So, what do you think? Does the launch of China's national blockchain mean that the country will become a leader? Write what you think about this in the comments section!

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About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

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