Category Archives: CNBC

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Reddit Founder Claims Crypto Market Needs a Crash Before Take Off

Reddit founder Alexis Ohanian has remarked in an interview with CNBC that he believes that a crash in the cryptocurrency market as seen over the past few days is needed in order for the market to stabilize and mature over time.

The Reddit entrepreneur feels that focus on software development and infrastructure within the cryptocurrency industry are important factors in building a stable future. He also suggested that the falls in cryptocurrency prices would have the effect of sifting out the undesirables in the industry from the genuine contributors, and those in for making quick money.

The Reddit founder feels that innovations being created now will have longevity and although blockchain pitches he has received may be fewer in number, Ohanian claims that they have more potential than those he was receiving in 2017.

Over the last few days, Bitcoin has suffered its biggest losses in over eight months. Although, after falling to USD 5,202 on 15 November, after a little price correction, trading picked up today at $5552.17 (time of writing). The newly hard forked BCH has fallen by 15% and is trading at $387.41. Brian Kelly, the founder, and chief executive officer of BKCM, has blamed the hard fork for the crypto market crash. Mati Greenspan from eToro says he saw it coming:

“The movement we saw today seemed to be the run-of-the-mill volatility surrounding Bitcoin and a breakout that’s been weeks coming….It’s difficult to say where it ends. No one can really predict.”

Forbes contributor Clem Chambers noted a correlation to the spike in the bond market:

“The obvious culprit causing this dump is Bitcoin Cash, the ‘wannabe’ Bitcoin usurper, which forked from Bitcoin last year. It is forking again and there are competing forks and all sorts of conniptions are expected. It sounds plausible this is causing the move but the fact the bond market spiked at the same time suggests something else is going on to me.”

Stephen Innes who heads up trading at Asia Pacific of Oanda Corporation suggested that the crash was an even worse scenario than he had anticipated and that pre-BCH online chat had the effect of creating doubt and uncertainty among investors.

Ohanian sticks with his view that the crash is necessary, arguing that during hard times people start to focus on the essentials.

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BlackRock Waiting for Market ”Legitimacy” to Launch Crypto ETF

The largest asset manager in the world, BlackRock, has said that any plans to launch a cryptocurrency exchange traded fund (ETF) will be put on hold until the market matures.

BlackRock CEO Larry Fink featured on CNBC Thursday, where he shared, “I wouldn’t say never, when it’s legitimate, yes.”

While a number of Bitcoin ETFs have been proposed to the Securities and Exchange Commission for its required approval, the agency has identified a number of issues that have prevented any being launched as of yet. Most notably included is a need to protect investors from activities such as insider trading that it believes the market is particularly susceptible to due to a lack of oversight.

It is this level of independence that the market operates with that Fink sees as a factor stifling its growth into mainstream finance.

“It will ultimately have to be backed by a government. I don’t sense that any government will allow that unless they have a sense of where that money’s going for tax evasion and all of these other issues,” he said, although due to the ideology behind Bitcoin‘s creation, it is very unlikely to become backed by the state.

While Fink was skeptical of the cryptocurrency’s apparent ease of use in illicit activities, he does see a future where a digital currency could be traded as a store of value, something that some investors say is Bitcoin’s primary use case. For now, however, he says that there is no need that he can see for a store of wealth unless it involves ”things you should not be doing”.

Blockchain is something that the CEO does have faith in though, describing BlackRock as a ”huge believer in blockchain”. He cites the most likely area for mass adoption as that which involves laborious paperwork such as mortgage applications and ownership.

 

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CNBC Reverse Indicator Proves Accurate for Recent Bitcoin Crash

There’s a joke going around on Reddit’s r/bitcoin that CNBC’s Bitcoin price predictions are actually the exact opposite of what will happen. This is called the CNBC Reverse Indicator, which actually proved extremely accurate this past week.

Bitcoin rallied from USD 5,800 in the middle of August 2018 to as high as USD 7,500 in early September, and CNBC issued a forecast on 28 August that USD 8,000 was probably next. The market went in the complete opposite direction a few days later, crashing to USD 6,300, which was CNBC’s stop-loss level.

Bitcoin breaking back above $7K today and @Bob_Iaccino says $8K could be next pic.twitter.com/lZQu1V2dzd

— CNBC Futures Now (@CNBCFuturesNow) August 28, 2018

Jokes were abundant on Reddit following this verification of the CNBC Reverse Indicator. CashCoinsCrypto says, “the prophecy was fulfilled”. Chieres wrote, “So all I need to do is to follow CNBC and always do the opposite?” In response, badinsie says, “Yup, you’ll win 95% of the time”. Utoko added, “About 3 weeks ago they had a guy on there who said [Bitcoin] will go close to zero”; in response Fuadiansyah says, “So we need that guy to present every day at CNBC”.

Is there anything real to the CNBC Reverse Indicator? Redditors will be keen to point out that CNBC simply doesn’t have true crypto expertise and is wrong most of the time since they are used to typical asset classes, which differ distinctly from crypto. Others speculate jokingly that the program is deliberately issuing forecasts that are the opposite of reality to manipulate the markets in their favor.

In reality, no study has been done to see if the CNBC Reverse Indicator is accurate, which would be necessary before anyone starts making trading decisions that are the opposite of everything CNBC says.

Assuming the CNBC Reverse Indicator is legitimate, what should Bitcoin traders do next? CNBC’s latest prediction is for Bitcoin to rise to USD 7,250, with USD 6,450 being a good buying level. Therefore, if the CNBC Reverse Indicator is accurate it’s time to sell since Bitcoin will be crashing some more.

#Bitcoin getting crushed again. Here’s how @BrianStutland is trading the #crypto pic.twitter.com/BgTCXsAOLZ

— CNBC Futures Now (@CNBCFuturesNow) September 6, 2018

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Blockchain Reality Show BlockBattle Premiers October on South Korean TV

It looks like TV might be the next medium for cryptocurrencies through BlockBattle, a South Korean show planned by Asia Economy TV, using blockchain as its theme.

A team game called ‘BlockBattle — Who’s the Next Satoshi’ is due to air on the station on 19 October featuring blockchain development teams facing off against each other with the aim to become the next big thing in blockchain. Blockbattle will also be streamed live via YouTube on the Coincast channel.

The game show consists of five episodes open to worthy applicants who will be guided through the process and aided by international experts in technology, business, law, marketing, and finance. The producers explained:

“After the screening, ten projects will qualify for the finals. They will go through a series of presentations, one-on-one battles, and other team competitions.”

Judges will consist of representatives from two major local universities, the Korean Blockchain Industry Association, Open Blockchain Association, and the Korea Blockchain Association, plus prominent individuals from the industry.

Although BlockBattle is a fresh approach to marketing and disseminating cryptocurrency technology, it isn’t the first TV outing for the space. Another new show, Japan’s ‘Bitgirls’, has already hit the air on Tokyo MXTV, allowing cryptocurrencies to be used for voting. A long-running show from Sony Pictures, ‘Startup’ is due for a third season while CNBC launches the documentary ‘Bitcoin: Boom or Bust’ tonight. Other crypto-based programs are either in production or being considered.

There are some commentators who feel that blockchain could have a major impact on television in the future in terms of how a decentralized model could give users total authority over viewing choices. Alan Bridgewater of Techwire Asia sees blockchain TV as a way of breaking the current monopoly of viewing distribution sources such as Netflix and Amazon. He argues:

“Crucially, television services on blockchain foundations could represent a fundamentally decentralized model where a degree of peer-to-peer network connection exists with no central authority. That scenario is rather further than even the keenest blockchain TV proponents are suggesting, but it is an extreme aspect worth appreciating.”

 

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Brian Kelly: One Last Hurdle for Bitcoin Rally

CNBC Fast Money’s bitcoin bull Brian Kelly sees a Bitcoin rally as just one hurdle away: ETF approval. Although, he does not see this as likely until August 2019.

The Big Hurdle

Getting the first Bitcoin ETF approved by the Securities and Exchange Commission (SEC) has become a competition between those fighting for the trophy, as well as for Kelly, the biggest hurdle in seeing a real Bitcoin bull market emerge. He fears that any delay, rejection, or request to withdraw could postpone any substantial price appreciation.

Kelly noted that last years SEC rejection of the Winklevoss brothers ETF actually became a boost for altcoins. Right now, he recognized, the market is flat for altcoins like Ethereum and Ripple. But, this could be because all the new money is flowing into Bitcoin. While part of this may be accounted for by people spending fiat on Bitcoin to then purchase altcoins, Kelly estimates that it is more likely to be coming from investors counting on an ETF approval.

If the ETF applications are rejected or delayed, he predicts that the alt market could experience a capital influx as some investors leave Bitcoin. Kelly pointed to the year’s overall growth in the cryptocurrency market, which saw the movements of Bitcoin and altcoins tightly correlated, with the former outperforming th