Category Archives: bitcoin

Auto Added by WPeMatico

BitcoinNews.com Bitcoin Market Analysis 20th March 2019

BitcoinNews.com Bitcoin Market Analysis 20th March 2019

During the past four days, price traded in a narrow 2% corridor between the prices of $4,040–4,120. Today, buyers have decided to try to break through this consolidation. However, this attempt was not supported by a sufficient number of volumes. This is quite clear in comparison with the attempt to break through the global triangle on 16 December:

However, sellers are in no hurry to take the initiative. If you look at the growth dynamics from 4 March, then the current consolidation looks more like a stop before a continuation of growth. Sellers do not try to sell; the volumes in the consolidation are low. However, if you compare these dynamics to the growth on 18 February, then it becomes clear that faded candles and small volumes point to the weakness of buyers and the price can collapse sharply at any moment.

If we are talking about the mood, then it’s clear from the marginal positions of the buyers that they intend to continue the growth:

Today’s positions have grown significantly but the price has remained in the consolidation corridor.

Margin positions of sellers also began to increase and today, confidently emerged from the triangle located from 8 March:

From the point of view of the wave analysis, we are now coming to the end the correctional wave, which consists of subwaves a,b,c. This wave began after the breakdown of the lower trend line of the triangle on 5 March:

Therefore, our main scenario is unchanged and we expect a fall to start at $3,950 and if buyers do not keep the trend line of the triangle, our next targets will be $3,750 and $3,500.

An alternative scenario is the breakdown of the price zone of $4,200–4,300. However, at the moment, this scenario is unlikely.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

About the Author: Peter Oleshchuk is a trader and technical analyst.

He has spent two years studying and analyzing the crypto market.

Image Courtesy: Bitcoin News

The post BitcoinNews.com Bitcoin Market Analysis 20th March 2019 appeared first on BitcoinNews.com.

BitcoinNews.com Bitcoin Market Analysis 17th March 2019

BitcoinNews.com Bitcoin Market Analysis 17th March 2019

Buyers are approaching the liquid zone, in which sellers with great desire begin to sell. When the price touched the trend line, the volumes increased and the pins appeared. Also, this price zone coincides with the upper trend line of the triangle, where the price is traded from November 2018.

One more week ended where the buyers decided to check the strength of the sellers. The whole week, the price was traded under the level of $3,988 and buyers did not have enough strength to stay above this level. However, the sellers did not try to continue to fall. From Friday, buyers still managed to break through the local level and test the upper trend line of the triangle. How did this happen?

The breakdown of the level was on small volumes. After the breakthrough, the sellers did not try to bring this level under control. It is perfectly visible on the volumes of a red candle below the price of $3,988:

This fact seems suspicious to us, since buyers have not been able to break through this level for a whole month, and on 15 March, they have made it without obstacles.

The main volume of this week was recorded on 16 March in the process of testing the upper trend line of the triangle. Let’s consider the situation on the 15-minute timeframe:

The increased volumes did not give the final result to buyers and the trend line was not broken. Also, taking into account the pins on increased volumes, we can conclude that most of these volumes were formed by sellers who locally unrolled the price from the trend line.

Therefore, given the nature of the movement and the quantity of volumes this week, we think that the probability of breaking the triangle upwards and continuation of a strong rapid growth remains unlikely.

If we analyze how, during four months starting from November, buyers are trying to build their attacks, it becomes clear that every subsequent attack grows weaker:

Pay attention, how aggressiveness and volumes are decreasing during each growth attempt. The impression is that sellers are simply exhausting buyers before a new fall wave.

This is another fact in favor of sellers.

Marginal positions of buyers decreased this week. However, at the moment of the test of the trend line, the buyers believed in the chance of breaking the triangle up and began to open their positions emotionally, after which it would be equally emotional to close them:

Sellers have been increasing their positions for the second week in succession. This happens on the growth of the coin. This testifies to their confidence that the fall will still continue:

According to the wave analysis, globally, the wave Y continues to form now. At the price of $4,360, the wave W = Y * 0.5. Now the price is under this level. And if buyers can not break through this price, then the global prospect of continuing the fall will be up to $2,650:

Therefore, until buyers aren’t acting with increased volumes and a positive mood, we will not believe in the future of the change in the annual fall trend and in the best case, expect the continuation of consolidation within the triangle maximum until the beginning of April.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

About the Author: Peter Oleshchuk is a trader and technical analyst.

He has spent two years studying and analyzing the crypto market.

Image Courtesy: Bitcoin News

The post BitcoinNews.com Bitcoin Market Analysis 17th March 2019 appeared first on BitcoinNews.com.

SEC Announces Second Forum on Crypto and Blockchain

SEC Announces Second Forum on Crypto and Blockchain

The United States’ Securities and Exchange Commission is set to launch its second public forum on cryptocurrency and blockchain on 31 May.

The forum held in conjunction with the SEC’s Strategic Hub for Innovation and Financial Technology (FinHub) has caused the industry to speculate if major changes in regulation are being considered by the regulatory body.

Until now the SEC has bordered on hindering any progress that the cryptocurrency industry’s major institutions and exchanges have fought for in attempting to bring digital currency into mainstream use. This includes delays on exchanges’ ETF approvals which are still waiting for green stamping and a lack of clear guidelines for the industry as a whole.

On a positive note, it’s thought that the fact the forum is open to the public and follows the SEC announcement of a “crypto tour” to engage with industry professionals, shows that the regulators are moving towards dealing with some of the growing regulatory issues which until now have been stalled.

One of the SEC’s concerns has been the risk of driving potentially innovative startups overseas in order to seek more relaxed regulations; a reason that the SEC, whilst it has been unclear on rulings and guidelines for the industry, has largely kept a hands-off approach. A change in attitude is clearly emerging over the past year following the SECs fairly intractable view regarding both security and utility tokens in the past. SEC Chairman Jay Clayton recently commented that a cryptocurrency can be sold as a security if it meets the definition of an investment contract after launch, and that the digital asset can later be sold without being defined as an investment.

The forum itself will include a live online broadcast and a panel of industry professionals and academics who are yet to be announced. Topics such as ICOs, crypto platforms, and blockchain will be the main focus of the event.

 

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: bitcoinnews.com

The post SEC Announces Second Forum on Crypto and Blockchain appeared first on BitcoinNews.com.

Bank Of Mexico Further Complicates Its Crypto Rules

Mexico’s Central Bank has published new crypto related rules which has left many industry players confused as to the ramifications of the new provisions.

The new rules which were published by the central bank in the federations official gazette before the weekend stated that the Bank of Mexico (Banxico) “stipulated that they wouldn’t authorize any cryptocurrency to be offered by regulated financial companies.”

The confusion lies in the fact that fintech law brought in 12 months ago simply requires exchanges to put in an application for an operating license. Toma Alvarez, CEO of Mexican exchange Volabit explains how that law operates:

“This law stipulates that services that hold custody of users’ fiat money or cryptocurrencies (most brokers and exchange business models require this) have to apply for a license issued by the Mexican equivalent of the SEC (CNBV).”

Alverez adds that the idea at the time was that the responsibility would be with the central bank to determine which cryptocurrencies were to be offered by the regulated companies and come up with a workable framework to facilitate this. The new ruling is in complete contradiction to this.

A catch-22 scenario now exists as a result because the law requires you to become a regulated financial institution (otherwise you would be operating illegally). However, once you obtain this license, you would not have the authorization to list cryptocurrencies, thereby making it legally impossible to operate an exchange in Mexico under the new law. The Central Bank explains:

“Institutions may only enter into transactions with virtual assets that correspond to internal transactions, subject to the prior authorization granted by the Bank of Mexico.” and adds, “They will not be eligible for obtaining the authorization” to directly provide their clients with cryptocurrency exchange, transmission or custody services.

Alvarez explained that exchanges are awaiting further clarification as to how this impasse might be overcome for current exchanges and comments:

“Fintech companies in Mexico are operating with a special waiver until the process for registration is ready thus allowing companies to register for the license. This will happen in around 6 months.”

However how useful this license will be when issued remains to be clarified. This is not the first punitive ruling affecting the industry after financial entities were required to identify customers involved in cryptocurrency trading late last year.

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Bank Of Mexico Further Complicates Its Crypto Rules appeared first on BitcoinNews.com.

FIO Study: 60% of Crypto Users Still Uncomfortable Making Payments

A recently published independent study claims that 60 percent of crypto users are “still scared to make a Bitcoin payment.”

The study was conducted by the Foundation for Interwallet Operability (FIO) self-described as a “decentralized, open-source blockchain protocol that makes it easier and less risky to move blockchain tokens & coins from one address to another.”

The FIO asserts that such can be put down to poor user experience and inadequate inter wallet communication; an inability to handle payment requests between wallets. It includes the fact that a large portion of the crypto wallet ecosystem doesn’t have a standard payment request system and each blockchain has a unique address format.

This is a problem that the FIO claims to have overcome, as they assert that their protocol now allows multiple address formats to be mapped to the same system, providing users the ability to own multiple FIO addresses inside a single wallet.

The FIO report released this week involved a survey of over 200 cryptocurrency holders who were asked about the regularity of their transfers and how they felt about the experience. There appeared to be a correlation between being familiar with crypto and being more confident in its use, as although 60 percent of respondents said they were uncomfortable with the process in general, “there was a statistically significant increase in users who marked ‘very comfortable’ based on the length of their time in crypto,” stated the report.

Various wallets and exchanges have now joined the FIO protocol’s initiative including Edge, BRD, Mycelium, Shapeshift, Mycrypto, Keepkey, Trust Wallet, and Coinomi. Edge wallet’s Brett Musser was complimentary, clearly seeking more simplicity for users so that user confidence can be boosted when it comes to using the blockchain:

“[Transferring] cryptocurrencies can be quite complex and intimidating to users of all stripes — But the FIO protocol is attempting to make these actions easier, rich with data, and more versatile.”

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: bitcoinnews.com

The post FIO Study: 60% of Crypto Users Still Uncomfortable Making Payments appeared first on BitcoinNews.com.

Coinbase Moves with Cold Storage Trading via Custody Service, OTC Desk

Coinbase Moves with Cold Storage Trading via Custody Service, OTC Desk

US cryptocurrency exchange giant Coinbase has just announced that it plans to combine its custody service with its newly launched over-the-counter (OTC) desk in order to facilitate cold storage trading.

The move is partly a response to requests by Coinbase customers who have been pushing for cold storage trading since the recent launch of the OTC desk, mainly in order to sidestep the additional movement of client funds online before they can be traded.

Coinbase launched its OTC cryptocurrency trading desk at the end of 2018 again reacting to “client demand”, as well as gearing towards broadening its customer base to include more institutional clients. Its cryptocurrency custody was launched in July of 2018 for much the same reason in order to attract large financial organizations to the exchange.

The new cold storage trading facility promises to a route to the future of trading according to Sam McIngvale, the CEO of Coinbase Custody, who sees this as “the defacto way to trade”. However, the newly-announced feature rather follows in the footsteps of blockchain security company BitGo who already launched their own custody trading product earlier this year.

There are those that feel that Coinbase Custody could be far better than BitGo for this simplified trading process, due to its pull on larger institutional clients; a potential client base which has firmly been in the San Francisco-based exchange’s sights for some time. John McAfee is one who has long viewed this client pool as a future crypto industry game changer; long predicted maybe, but as yet still yet to become reality.

Institutional investors are preparing to enter the cryptocurrency market with a vengeance. They are generally long term investors and will be pumping billions into the market. Expect the top ten coins to go through the roof fairly quickly. The bulk of alt coins will soon follow.

— John McAfee (@officialmcafee) May 21, 2018

This won’t stop Coinbase trying though, and cold storage trading is another step down that road.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Coinbase Moves with Cold Storage Trading via Custody Service, OTC Desk appeared first on BitcoinNews.com.

Nasdaq Announces “World’s First” Full-Stack Crypto Platform

Nasdaq Announces

The world’s second largest stock exchange has announced the upcoming release of what it is calling the “world’s first full-stack cryptocurrency ecosystem”.

Crypto startup Bcause LLC, using Nasdaq’s market surveillance tech, is planning to launch its spot cryptocurrency market in the next months, with a derivatives exchange application currently pending approval with the US Commodity Futures Trading Commission (CFTC).

Until recently, Nasdaq’s primary interest in this area has been in blockchain. In September 2015, it joined a USD 30 million investment round in Chain, a blockchain startup that then partnered Nasdaq to launch Linq, a private equity platform.

Nasdaq’s team of specialists monitor all exchanges wishing to use the surveillance technology for both technical capability and ethics. To date, seven crypto exchanges have satisfied its stringent guidelines, although only the connection with Gemini and SBI Virtual Currency has been made public so far.

The exchange also made clear its Bitcoin futures program at the end of last year as coming online in 2019 when vice president of Nasdaq’s media team Joseph Christinat said:

“Bitcoin Futures will be listed and it should launch in the first half of next year – we’re just waiting for the go-ahead from the CFTC but there’s been enough work put into this to make that academic.”

On the current surveillance technology, Bcause CEO Fred Grede said that the Nasdaq-powered tech would help Bcause monitor its markets for “manipulative activities, among other misconduct, thereby creating a safer spot and derivatives market for all participants.” The company’s planned crypto ecosystem will include features such as mining facilities, a spot market, a regulated derivatives exchange, and a regulated clearinghouse.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Nasdaq Announces “World’s First” Full-Stack Crypto Platform appeared first on BitcoinNews.com.

BitcoinNews.com Bitcoin Market Analysis 15th March 2019

BitcoinNews.com Bitcoin Market Analysis 15th March 2019

Trading began at a price of $3,945 from 14 March, and the price closed at $3,948 at the end of the day. However, during the day, the price was moving in the range of 3.5%. The most interesting thing is that the main price movement took place within one hour, and if to be more accurate then during two 15-minute candles:

Buyers tried again to break through the black triangle, in which the price was traded from 9 March, after which they got a resolute response from sellers, also on the raised volume. After this battle, the price in the usual mode continued its movement without volumes. So, we can conclude that during the attempt to break through $3,988, sellers are activated and sharply lower the price.

However, sellers do not fully realize their counterattack and give a new chance to buyers. This behavior of sellers means that they are not ready to continue to fall either because of weakness or because they have not cleared the way for the buyer for the next fall.

What happened to the marginal positions of market participants?

The positions of buyers sharply decreased this very hour when sellers sharply responded to buyers in their attempt to grow:

Most likely, the market stop-loss of buyers who were inserted below the low trend line of the triangle, and since the market is now without volumes, sellers did not need much effort to provoke this situation.

Seller margin positions also decreased in the hour of greatest activity on 14 March but after this situation, sellers began to increase their positions. Now the position of sellers is in the triangle from 9 March.

Globally, after buyers attempted to break through and fix over $3,988, sellers lowered the price below this level and are still undergoing consolidation under the level. All attempts by buyers to change the situation are not successful yet. In our opinion, every flawed buyer’s breakdown shows their weakness and if buyers cannot hold themselves above the $3,988 level after several attempts, sellers will continue their sharp fall as a first step to $3,870.

If buyers will be able to fix themselves above $3,988, the next target price zone is $4,200–4,300. As we wrote in the previous analyses, for us, this price zone is considered critical, since sellers protect it reliably from November 2018. Yesterday’s hourly activity of market participants, on a daily timeframe, is not even noticeable and did not bring any clarity on the market, except for emotions.

What will be next? If you take a closer look at the triangle in which the price is traded from November, one can observe that the low trend line can be drawn in a different way. In this case, the price stayed outside the triangle for about 10 days, starting from 28 January but turned sharply into the triangle on 8 February, and buyers are already protecting this line for the third time. In this case, this consolidation can be delayed by the beginning of April, after which there will be a powerful and sharp exit from the triangle and, in our opinion, down.

Therefore, it should not be a long period to enjoy the consolidation. We will discuss global targets and scenarios of the price movement in the weekly market analysis.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

About the Author: Peter Oleshchuk is a trader and technical analyst.

He has spent two years studying and analyzing the crypto market.

Image Courtesy: Bitcoin News

The post BitcoinNews.com Bitcoin Market Analysis 15th March 2019 appeared first on BitcoinNews.com.

Basel Committee Warns Against Bitcoin Threat to Global Banking

Basel Committee Warns Against Bitcoin Threat to Global Banking

The Basel Committee on Banking Supervision (BCBS) has warned that the growth of cryptocurrencies presents a risk for banking institutions.

The BCBS is a committee of banking supervisory authorities that was established by the central bank governors of the Group of Ten countries in 1974. It provides a forum for regular cooperation on banking supervisory matters. BCBS has its own governance arrangements, reporting lines and agendas, guided by the central bank governors of the Group of Ten countries.

The fact that a recent BCBS forum has highlighted crypto assets will come of little surprise to the cryptocurrency industry. It has long been accepted that banks are the most reluctant institutions to accept the rise in popularity of digital money. The threat to the dominance of banks as the traditional provider of financial services around the world, despite two-thirds of the planet being unbanked, is a considered argument. The recent BCBS newsletter argued:

“While the crypto-asset market remains small relative to that of the global financial system, and banks currently have [minimal] direct exposures, the committee is of the view that the continued growth of crypto-asset trading platforms and new [commercial] products related to crypto-assets has the potential to raise financial stability concerns and increase risks faced by banks.”

The committee has said that it will continue to monitor movements in the cryptocurrency industry with a view to offering banking systems protection from what they see is the higher risk posed by exposure to cryptocurrency. The main threat perceived by banks is the loss of dominance in financial markets as the world’s banks look to cheaper and more efficient ways of fulfilling their financial needs.

The devaluation of establishment money is a feasible outcome if cryptocurrency were to become any kind of threat to the established US dollar; a somewhat unlikely outcome at this stage, but if cryptocurrency were to become completely mainstream then there would begin to be real concerns amongst some of the world’s major banking institutions.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Bitcoinnews.com

The post Basel Committee Warns Against Bitcoin Threat to Global Banking appeared first on BitcoinNews.com.

Mt Gox Founder Guilty of Data Manipulation, No Jail Time

Mt Gox Founder Guilty of Data Manipulation, No Jail Time

Mark Karpeles, former head of the collapsed bitcoin exchange M tGox, at one time the largest Bitcoin intermediary and the world’s leading Bitcoin exchange, has been convicted by a Japanese court.

The Tokyo District Court sentenced Karparles to a suspended jail sentence of two and a half years for date manipulation for his role in the disappearance of 850,000 Bitcoins, but acquitted the French one-time-IT-engineer of the charge of embezzlement.

Mt Gox filed for bankruptcy on 28 February 2014. Some 750,000 of customers’ Bitcoin had been lost along with 100,000 BTC of the exchange’s own funds — at the time equivalent to USD 473 million. Karpeles blamed the loss on internal fraud at the time. Over a year later, he was arrested by Japanese authorities and formally indicted for embezzling customer funds by November.

Japanese prosecutors were looking for a punitive sentence of up to 10 years for Karparles, so clearly the sentence passed down would have been a disappointment to investors affected by the affair. In Karparles’s defence, the District Court judge maintained that business owners often borrow funds without clear accounting, and felt that the ex-owner had every intention of returning the funds. He added that no financial damage had been caused to the company as a result of the missing Bitcoin.

At one stage in the trial which began in 2017, Karpeles apologized to customers but stated:

“I swear to God that I am innocent.”

He claimed that he had found 200,000 bitcoins later in a cold wallet unconnected to the company’s computers. “Most people will not believe what I say. The only solution I have is to actually find the real culprits,” he told reporters at his trial hearing in July 2017.

During his time on bail, Karpeles was active on social media, criticizing Bitcoin, until raising bail of JYP 10 million in 2016, pending trial.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: