Bitcoin Today: Happy Birth Day to Bitcoin!

Price
After a drop-down from the correctional wedge formation BTCUSD went into an inclined channel, gradually lowering, looking for a bottom. The nearest support on the way down is 6250, the beginning of the lower point and main support zone of 2018 (5750 – 6250). Today news background is quiet, so we do not expect any strong moves from the market, the most probable scenario is lateral movement, possible gradual lowering closer to the 6250.

Today forecast
Correction/Downtrend. Support zone: 6250 – 5750.

Latest news

• Venezuela officially launched sales of Petro for fiat and cryptocurrency
  The state digital currency of Venezuela, Petro is now available for purchase for fiat money and cryptocurrency. This was announced on October 29 in Twitter by Economic Department of Venezuela.
  According to the infographic presented in the tweet, Petro can be purchased directly in the Venezuelan treasury through the official website of the coin or through six cryptocurrency exchanges authorized by the government. The state coin can be bought for both yuan, euro and US dollars, and for certain cryptocurrencies, by legal entities and individuals who are registered and have passed the verification process on the site.
  As stated on Petro's official Twitter account, the coin can be bought for BTC, LTC, ETH, and Dash. However, the National Cryptocurrency Association reports that Petro is currently sold only for bitcoins and litecoins.
  The government has appointed Joselit Ramirez as a manager for the cryptocurrency assets, who is said to be responsible for servicing Petro investors.
  The six cryptocurrency exchanges that were authorized by the Venezuelan government are Bancar, Afx Trade, Cave Blockchain, Amberes Coin, Cryptia and Criptolago. None of them is in the top 100 according to CoinMarketCap.
  Earlier, Venezuelan President Nicolas Maduro announced that the official start of public sales of Petro was scheduled for November 5, but then it was rescheduled on a week earlier to October 29. For the first time, Caracas hinted at the creation of a national cryptocurrency 11 months ago.
  It should be noted that the wallet for Petro appeared for a while on Google Play but has since been removed from this service.
  
• Comments from Andreessen Horowitz partner on the fraudulent ICO’s problem
  According to venture fund Andreessen Horowitz partner, investor Benedict Evans, the cryptocurrency market is in many ways similar to the global Internet revolution that started in 1993.
  From the very beginning of the era of mass Internet distribution, the network has been filled with fraudsters and dubious projects of various kinds. World Wide Web users have become accustomed to the dominance of Internet intruders, and most of them have learned to be vigilant.
  A similar situation is observed in the cryptocurrency market: since its appearance, numerous scammers have been trying to cash in on investors, the CCN portal quoted Evans saying.
  “Crypto today has a lot in common with both the internet in 1993 and the internet in 1999. Huge potential with few of the use cases invented yet, combined with froth, scams, and delusion. This makes it easier to dismiss (“useless AND a scam!”).” - @benedictevans
  Criminals often use new technologies for their own selfish purposes. People tend to lose money because of excessive naivete and thirst for profit.
  Investors seek to maximize their income and invest all their savings in dubious ICO projects, becoming victims of scam artists.
  However, the spread of fraud in the crypto sphere accelerates the process of maturation of this industry, says Evans. More and more market players prefer to invest in proven assets and not buy fake tokens in order not to fall prey to the next financial pyramid.