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Bitcoin Retreats from $10,000 as Market Flounders

Bitcoin Retreats from ,000 as Market Flounders

The decision by many to wait and watch from yesterday’s precarious position proved to be the right call in the end, as Bitcoin finally beat back a retreat from levels above USD 10,000 to stay below this psychological milestone for most of the day.

As feared, it was when North American markets finally awoke for Tuesday trading that the slide down the slippery slope of retracement happened. At around 3:50 pm UTC, Bitcoin almost immediately shed USD 500, before ultimately losing USD 1,000 in just over an hour. The remainder of American trading saw further pullbacks and sell offs pile the pressure on Bitcoin, causing a daily low of USD 9,236 in late evening (CoinDesk).

Asian traders contributed to that low when they took over, but by late afternoon trading and now with London fully on board, price has somewhat stabilized to more respectable levels, though the situation is still flimsy with a trading price of USD 9,552 at 8:40 am UTC. Bitcoin is now holding on to a market capitalization of USD 170 billion, while the overall crypto market cap is just tapering off at USD 258 billion (CoinMarketCap).

The bears will claim victory if price does not touch USD 10,000 for 24 hours straight, so the world will be watching to see if Europe will want to prevent this, although American traders could also have a quick say in this, if there is appetite for a mid-week rally.

However the hopes for the day, an 11% draw back for Bitcoin has sent shudders throughout the rest of crypto, with altcoins feeling the heat intensify. EOS, TRON, Litecoin and Ethereum are the biggest losers in the Top 10 (by market cap) while even privacy coins like Monero and DASH are shedding chunks of value.

In summary, all the gains made since mid-June has effectively been wiped out. The bulls, while likely to be licking wounds all week, will point out, however, that we are still slightly up from where the market was exactly a month ago. And the fact that the retracement has been violent yet measured, will to them mean that Bitcoin is getting more resistance to pullbacks and the underlying fundamental strengths are propping up the world’s most-recognized digital asset, to ensure that it marches on towards its old all-time highs.

Zooming out on the technical charts on a monthly timeframe certainly shows that even for the medium term, the trend is just a shade off from being positive, while at least a sideways trend is the worst observation to make. technical analysis also shows that Bitcoin buying mood has been positive even in the face of sustained selling attacks, and the USD 9,400-9,000 test did indeed happen, but has so far held.

Traders are now beginning to feel the screws tighten, and some are warning that the worse could yet arrive. According to self-professed classical charting principles trader Peter Brandt, this recent turn of events and the “loud and clear” signs of total market cap could result in a parabolic correction of up to 80%, with most of it in altcoins.

Of course, these types of corrections, and in fact, even worse ones, have frequently been a feature pre-empting huge rallies, such as the ones in 2017 and 2016, where Bitcoin price actually fell by 80% in both years. Crypto trader Crypto Monk responded to Brandt with these charts, which led to Brandt himself sharing a similar pre-parabola correction in 2014.

My favorite one is the great 80% correction in 2016.

— The Crypto Monk ⛩ (@thecryptomonk) July 16, 2019


Bitcoin went from the basements and black markets to the Federal Reserve, Treasury, and White House in just 10 years.

We continue to underestimate what is possible in a decade.

Can’t wait for the next 10 years 🔥

— Pomp 🌪 (@APompliano) July 16, 2019

The permabulls do not appear to be fazed at all by this recent downturn, with the likes of Anthony Pompliano leading the fray to ask for a focus not in the moment, but on the next decade, applauding how Bitcoin has gone “from the basements and black markets to the Federal Reserve, Treasury and White House in just 10 years”.

Market commentator Josh Rager also noted that previous pullbacks within a bull market have lasted for weeks, but positive sentiment did take over. The sentiment for now, however is that: “Market structure is broken and lower-lows have been set on higher time frames… There will be smaller bounces in between, but it looks like the trend has changed folks – for the short term.”

Of course, some are suggesting that this current drop is all because of the Libra Senate Meeting in the US just concluded, with other bearish thoughts also emerging thanks to speculation that more restrictions and hurdles are yet to be overcome for Facebook’s private crypto, and a perceived negative bias towards Bitcoin and crypto in general because of Libra.

But in the end, whoever will carry the blame for the past few days of misfortune, it does appear that the short term climate is one of uncertainty, and traders would do well to use tight stops. Holders will take some joy, though, in discounted prices. is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

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Bitcoin Weekend Sees Higher Lows, Higher Highs

Bitcoin Weekend Sees Higher Lows, Higher Highs

It has been a tiring several days of profit taking and after yesterday’s relative quiet, we saw an uptick in volatility approaching the weekend as Bitcoin price moved quickly upwards from a daily low of USD 11,447 to a high of USD 11,919, both already higher than yesterday’s respective price points.

There are two things to note from this move, which only took just over 5 hours to happen. One, that it happened in the entire afternoon of North American trading time, which could suggest that for once, speculators in that part of the world have turned into optimists, buying up at mid 11k levels. This means that for them to achieve significant profits, they would have to be aiming for prices above USD 12,000. The fact that they seem to think volume buys are prudent now could be a shift in sentiment, at least for the weekend.

The second thing to note, however, was that as soon as this 24-hour high was reached, price began deteriorating all the way down to current levels now at USD 11,567 (9:00 am UTC, CoinDesk). This does put the Asian market firmly in the seller’s stand, selling at every support level until now, although price has only decreased 0.1% from the same time yesterday.

So are we looking at a reversal of roles between both major sides of the trading world for this weekend? Or are we just looking at normal volatile action and scalping from opportunists? We will have to look at the next 8 hours, when Europe enters the fray, to see what kind of landscape they will pass on to the American continents today.

Meanwhile, in terms of market rumor-mongering, Trump’s Tweets yesterday are still creating a lot of talking points in the analyst community. Permabull Tom Lee of Fundstrat, of course, thinks that it is exactly this kind of comments that could result in a positive backlash for investors of Bitcoin. That it came on the back of comments against crypto by US Federal Reserve Chair Jay Powell and had a little lasting effect on Bitcoin price, was proof of Bitcoin’s resilience and a possibility of an unexpected pushback. Lee told Yahoo Finance:

“On balance, it’s a positive because cryptocurrencies and bitcoin really are in the main stage now — Congress, the Fed, the president weighing in. It’s going to force everybody who is not involved — and remember a very small percentage actually cares about crypto and bitcoin — it’s going to force the other 98% of the world to think about what it means.”

While the attacks from the most powerful central bank chief and the leader of the most powerful country on earth are without a doubt an attack on crypto, Lee believes that the mere fact that Bitcoin and its descendants in crypto have made mainstream political and economic consciousness means that adoption is on its way. He even believes that if these push Bitcoin investment, then price could easily elevate up to anywhere between “USD 20,000 to USD 40,000 sometime in the fourth quarter [of this year]”.

Achievement unlocked! I dreamt about a sitting U.S. president needing to respond to growing cryptocurrency usage years ago. “First they ignore you, then they laugh at you, then they fight you, then you win”. We just made it to step 3 y’all.

— Brian Armstrong (@brian_armstrong) July 12, 2019

Coinbase CEO Brian Armstrong certainly echoes this mood, Tweeting that it was only a dream several years ago to imagine a US President talking about Bitcoin usage. Crypto influencer Anthony Pompliano as well admitted he “never envisioned that day” when “the President of the United States is going to be Tweeting about magic internet money“.

Elsewhere, mixed news of Bitcoin-related happenings took place on Friday just before the weekend. China reportedly has continued its crackdown on illegal Bitcoin mining, this time Zhenjiang police found and confiscated some 4,000 Bitcoin mining devices allegedly responsible for stealing over USD 3 million in electricity. In Thailand, crypto couldn’t look more upbeat as the government approved four more crypto exchanges to begin operations.

Technical analysts, on the other hand, are advising caution on this weekend and the week ahead. Most will admit that a bearish bias persists, especially when taking into account the entire crypto market, where altcoins have almost wiped out gains from the past few weeks and are struggling to find any support.

Bitcoin, although creating a daily high today, higher than yesterday, it was also unable to touch USD 12,000 so it could be a sign of bulls running out of recovery steam. On the bright side, hourly Relative Strength Index (RSI) right now has just crept into the oversold areas, so it could prompt many traders to enter the market, at least for day trades.

Any recovery attempt today or tomorrow will have to be at significant volumes, otherwise shallow attempts will probably fall victim to sell-offs around the USD 11,800 areas. Break USD 12,000 and at high volumes and long periods of time until Monday, and then the bears might fall back. is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

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Schiff Relents, Accepts He’ll Have to Hodl Bitcoin

Schiff Relents, Accepts He'll Have to Hodl Bitcoin

Bitcoin skeptic and gold investor Peter Schiff may not yet be giving up his day job of taking Bitcoin to the cleaners — by his estimation, anyway — but he has finally admitted that he will hang on to the amount of Bitcoin he received as donations on 4 July 2019.

Schiff is one of the most vocal protesters of Bitcoin, constantly warning people to stay away from investment in the digital asset. He is, on the other hands, a strong advocate for gold as the traditional store of value and safe haven, and repeatedly attacks Bitcoin as it is increasingly perceived as an alternative store of value that to some, is superior even to gold.

After a particularly heated string of to and fro exchanges between himself and Morgan Creek Digital co-founder Anthony Pompliano, the latter suddenly brought up the fact that Schiff actually did own some Bitcoin, despite his vehement attacks against the crypto. The response was that it was only a token gift of USD 100 — to which Pompliano offered to double the amount by requesting the Bitcoin address.

The Bitcoin community predictably responded in kind, and continued to send small amounts to Schiff’s Bitcoin wallet. Today, at press time,  it has received 74 transactions for a total of more than BTC 0.17 worth some USD 1,900. Much earlier, Schiff could only thank his donators and declare:

“I guess I’ll have to hodl it and go down with the ship.”

Thanks. So far I’ve received about $130 dollars worth of Bitcoin. I guess I’ll have to hodl it and go down with the ship.

— Peter Schiff (@PeterSchiff) July 5, 2019

Schiff will be remembered for that quote, although many in the Bitcoin community will probably never forgive him for past remarks such as when he said:

“It doesn’t matter how high the price of Bitcoin rises unless you sell… once hodlers decide to cash out, the price collapses, wiping out paper gains before they can be realized!” is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

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Bitcoin Survives Selloff to Trade Above $11,000

Bitcoin Survives Selloff to Trade Above ,000

It had to happen, and it did. As reported by yesterday, a slip of Bitcoin price happened within hours of registering a 2019 high, and in the 24 hours that followed, price continued to shed almost all the gains made in the past week.

After threatening to fall back even below the USD 10,000 mark that Bitcoin bulls had fought long to break above, with a week’s low of USD 10,314 touched just nine hours ago at 10:00 pm UTC, Bitcoin found renewed strength in the Asian market, recovering above USD 11,000 where it now trades at USD 11,165 (7:05 am UTC, CoinDesk).

It is still a 12.5% decline in a day, however, so the bulls will feel like they’re being battered, but the good news, if cycles are to be believed, is that the weekend is almost upon us and that is when bulls have been the strongest for the past few months.

Permabulls like Anthony Pompliano of course points out that this is an excellent opportunity to buy for those who missed out at four-digit USD valuations, since “short term price movements don’t change the underlying fundamentals”.

🚨Bitcoin On Sale Today 🚨

People are buying Bitcoin for 10% less than they were 24 hours ago.

Remember, short term price movements don’t change the underlying fundamentals.

— Pomp 🌪 (@APompliano) June 27, 2019

Permabears like anti-Bitcoin gold trader Peter Schiff, however, who happily pointed out that the price of gold would never drop 25% in under a day. He of course took the chance to repeat his familiar mantra that Bitcoin was absolutely unlike his favored precious metal.

The idea that Bitcoin is just like gold is utter nonsense. Bitcoin is nothing like gold. It’s fool’s gold. There is not a single use case where Bitcoin can be used as a substitute for gold. Plus the gold price never falls by over 25% in less than 24 hours!

— Peter Schiff (@PeterSchiff) June 27, 2019

Most analysts can objectively agree anyway that even beyond fundamentals, the technical trend is still highly positive, with the 192-day stretch sure to elongate, with anyone who bought Bitcoin in the last 521 days before the last week, sure to be in profit.

$BTC quick fact checks on bitcoin.

1. The bull run seems to have started recently but in fact the uptrend’s been going on for 192 Days now.

2. The last bitcoin bull trend lasted for 1050+ days.

3. If you bought bitcoin at any price in the last 521 Days, you are profitable now.

— Liquidator🍥 (@wolfofCT) June 26, 2019 is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

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Bitcoin Seeks Support After Falling from $13,800

Bitcoin Seeks Support After Falling from ,800

For the first time in almost a full week, Bitcoin price could not maintain a full day of upwards motion, first recording a consecutive daily high for 2019 at USD 13,389, before shedding USD 1,200 almost immediately after just hours before midnight UTC (CoinDesk).

According to some analysts, this is only Bitcoin’s first major pullback in 41 days, so bears will claim this as a small victory:

Bitcoin Price Analysis: BTC Experiences First Major Pullback in 41 Days –

— Cryptbuzz (@cryptbuzz) June 27, 2019

Apparently, avocados have been mirroring Bitcoin in the strangest way, in terms of price anyway.

The Price of This Shockingly Boring Item Mirrors Bitcoin in the Weirdest Way #bitcoin #crypto #blockchain #btc #news #cryptocurrency #eth #ltc #xrp

— Bitcoin update (@btc_update) June 27, 2019

The stark contrast between the day’s low at USD 11,346 and high reflected a wild Thursday of trading, as profit takers sought to book in their gains at USD 13,000, while buyers tried to find a strong support line. USD 12,000 still looks like a resistance point at the moment, as Central Europe fumbles around for momentum but it will probably only be during North America markets that we see a clearer direction — either for consolidation or further retracement.

Among the bulls most vocal on social media is of course Anthony Pompliano, who reminded everyone that he was “deadly accurate” about predicting the 50% drop to USD 3,000 before a storming run to USD 10,000. He now says that his next target for Morgan Creek is USD 100,000 before the end of 2021.

Altcoin markets continue to bleed in the face of Bitcoin increased dominance in price and network statistics, but crypto influencer John McAfee is adamant that altcoins will see their prices surge 10 times faster than the world’s most recognized crypto:

Alt coin prices to surge ten times faster than Bitcoin:

— John McAfee (@officialmcafee) June 26, 2019

And so it bring an end to a phenomenal week for Bitcoin, and bulls finally relent, for the day at least. All eyes will turn to the weekend, however, as that has always been the strongest indicator of the week ahead. is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

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Bitcoin Holds at $8,400 as Downside Thrust Persists Across Global Capital Markets

Bitcoin Holds at ,400 as Downside Thrust Persists Across Global Capital Markets.

It was one Sunday too much to ask after all, as the Bitcoin bulls were unable to maintain a consecutive weekend of strong price rallies, with Bitcoin price just managing to hold at around USD 8,415 (7:15 am UTC, CoinDesk) as it threatens to test the current support level at USD 8,360.

However, developments in other capital and asset markets around the world suggest that Bitcoin is merely experiencing a worldwide ripple effect, as the day opens with a negative outlook in oil and precious metals as the US-China trade war intensifies. Market analyst Holder Zschaepitz points out how most indices in the Asia and Pacific posted minor losses as speculators price in a 50% chance of a US Federal Reserve interest rate cut by July.

Global mkts have started the week on negative footing & oil extends slide as trade wars stoke global recession anxiety. Crude oil tumbled 16% in May. Shanghai copper at 2y low. Treasuries flat w/US 10y yield at 2.13%. Mkts price in 50% chance of Fed cut by Jul. Bitcoin at $8.6k.

— Holger Zschaepitz (@Schuldensuehner) June 3, 2019

In the past 24, hours, after a surge on a strong weekend, Bitcoin had in fact managed to stay mostly above USD 8,700 and created a high at USD 8,830, but just two hours ago in midday Asian markets, a tumble ensued from USD 8,688 to its current levels as profit taking and selling off took charge.

It has not typically been the pattern in the past few weeks, although Central Europe waking up could be one reason, with businesses and institutional traders taking the time to book in orders for the first trading day of the month.

Downside thrust will likely persist for the remainder of that time zone, however, where Bitcoin goes from here is anyone’s guess, even if most bulls on social media at least will not have their faith shaken so easily. Crypto influencer Anthony Pompliano of the Off the Chain podcast at least is promising to “drop the HEAT” in a letter to investors tomorrow and it smacks of bullish sentiment.

I’m dropping absolute HEAT in tomorrow’s letter to our investors.

I will be making it free to read for anyone on the email list.

Subscribe…you’re not going to want to miss this one 🔥🔥

— Pomp 🌪 (@APompliano) June 3, 2019


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Kin Foundation Takes on SEC with Project ‘Defendcrypto’ and Initial Funding of $5 Million

Kin Foundation Takes on SEC with Project ‘Defendcrypto’ and Initial Funding of  Million

Ted Livingston, CEO of Kik and founder of the Kin Foundation, has announced the launch of with a funding of USD 5 million to contend with the US Securities and Exchange Commission (SEC) over better regulations for cryptocurrency.

Kin foundation announces 'Defend crypto' to take on regulations in court

Livingston said:

“We all know [crypto] is the next mega-trend of technology and by always having to ask ourselves, ‘What will the SEC think?,’ we are giving ourselves a fundamental handicap to compete on the global stage.”

He further stated:

“Enough is enough, we need clarity, and the only way we’re going to get clarity is if we go to court, so let’s do that.”

Timeline of events:

About two years ago, the social media platform Kik raised a whopping USD 98 million for its kin token. However, Kik was swept by a wave of subpoenas that the SEC sent out to the crypto ventures last year. Kik was further notified that the SEC would issue an enforcement action against it for possible infringement of US security laws. In response to this notice, Kik and Kin made a compelling Well’s submission through which they publicly let SEC know that they would take it to the court.

The foundation is hoping that the lawsuit will eventually lead to a new version of the Howey test as a basis to determine when crypto tokens will be classified as securities. If successful, this will create a huge impact on the cat and mouse game of crypto regulation in the US perhaps even affecting the industry worldwide.

The website states that “Kin has already spent over USD 5 million and is committing another USD 5 million of BTC, ETH, and KIN in a Coinbase account to fight this out on behalf of the industry”. The defend crypto funds will ensure that things are done in a rightful manner and the users are also allowed to contribute for this cause. On the completion of the court procedure, the remaining resources will supposedly be allocated to a non-profit organization to make new innovations in the industry.


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Morgan Creek Digital: Bitcoin Could Be Entering Multi-Year Rally

Morgan Creek Digital: Bitcoin Could Be Entering Multi-Year Rally

Digital asset fund manager Morgan Creek Digital‘s CEO, Anthony Pompliano, has come out to say that all the signals are pointing towards a possible multi-year rally and Bitcoin bull market that could last two to three years, as quoted by Bitcoinist.

His sentiment comes on the back of strong performances by Bitcoin in recent weeks and months to completely overturn a year of sliding prices, soaring from a low of USD 3,100 in January to its current range of USD 8,750 in less than five months. Pompliano has advised investors during an interview with CNBC to keep Bitcoin in their portfilios because it was a “non-correlated asymmetric return asset”.

The influencer, who also runs the Off the Chain podcast, pointed to growing fundamentals that support the theory of a returning bull market, such as ever-increasing trading volumes on exchanges, and evidence that investors — both retail and institutional —  were moving funds back into cryptocurrency.

The current trade tensions developing between China and US, the world’s two largest economies, are also showing Bitcoin as a safe haven for value, with more money pouring into it. This is a view supported by the likes of Grayscale CEO Barry Silbert.

Pompliano argues:

“We hit the bottom of the bear market, and now we have entered into this bull market. It would not surprise me if we entered a kind of two to three-year bull market now.”

To underline his point, he also pointed out that more than three-quarters of Bitcoin supply had already been created, signaling a scarcity factor that would only increase with Bitcoin rewards for every new block found by miners due to be halved a year from now in May 2020.

Given that price is now approaching USD 9,000, it would seem that Pompliano is on the right path with his prediction of a multi-year rally.


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Winklevoss: Bystanders Crazier than Bitcoin Investors

Winklevoss: Bystanders Crazier than Bitcoin Investors

One half of the Winklevoss twins and co-founder of the Gemini cryptocurrency exchange, Cameron Winklevoss, has debated that it would be “definitely crazier” to be a bystander on the sidelines than to be a part of the future of money that Bitcoin and other crypto are building.

Some people think it’s crazy to invest in crypto. Maybe. But definitely not as crazy as sitting on the sidelines when the future of money is literally being built before your eyes.

— Cameron Winklevoss (@winklevoss) May 20, 2019

Not ready to be outdone by his brother Tyler, also a Bitcoin bull active on Twitter who has called Bitcoin “Gold 2.0“, Cameron said:

“Some people think it’s crazy to invest in crypto. Maybe. But definitely not as crazy as sitting on the sidelines when the future of money is literally being built before your eyes.”

There are plenty of detractors, of course, even as Bitcoin surmounts a credible rally towards new highs in 2019, beating all other traditional assets such as gold, oil and the stock markets to be the best performing asset of the year so far. One such person is popular TV personality and wealthy entrepreneur Kevin “Mr Wonderful” O’Leary of Shark Tank fame.

In his recent argument with crypto analyst Anthony Pompliano of Morgan Creek, O’Leary insisted that there was no value in owning Bitcoin as an asset class:

“Tell me why this, which is basically a digital game, has any intrinsic value. And where is the long-term value? Just this idea that they’re going to cut the number of units in half is just a scam. That’s just total BS.”

Long time commentator Tom Lee, as well as others like the Winklevoss brothers, however, are of the opinion that Bitcoin has more than made a case for its title as “digital gold”. The millions of users and thousands of merchants accepting Bitcoin would be keen to agree.


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Binance, Morgan Creek Bosses Call for Bitcoin SV Boycott

Binance, Morgan Creek Bosses Call for Bitcoin SV Boycott

Morgan Creek Digital co-founder Anthony Pompliano has joined Binance CEO Changpeng Zhao in their condemnation of alternative crypto project Bitcoin SV (BSV). Pompliano has even called upon all exchanges to delist BSV on 1 May 2019 to protest their founders’ claims that BSV is the “real Bitcoin”.

Pompliano did so through a series of Tweets yesterday, asking all crypto users and exchanges to show their solidarity with Bitcoin as the “only Bitcoin that ever mattered”:

Every exchange should delist BSV simultaneously on May 1st in a sign of solidarity behind the only Bitcoin that ever mattered.

This community is the responsibility of the people. Sometimes we must do the hard thing, not because it is easy, but because it is right.#DelistBSV

— Pomp 🌪 (@APompliano) April 12, 2019

Zhao had also thrown his support behind the movement, posting on his own Twitter the same day:

Craig Wright is not Satoshi.

Anymore of this sh!t, we delist!

— CZ Binance (@cz_binance) April 12, 2019

Craig Wright and Calvin Ayre, the figures behind BSV, have repeatedly insisted that their project, which forked from Bitcoin Cash (itself a fork of Bitcoin) follows the original principles of Bitcoin; hence the name “Satoshi’s Vision” in BSV.

Wright himself has caused much controversy in the past by claiming that he was himself Satoshi Nakamoto, a claim that has been thoroughly refuted.

In the eye of the storm is now deleted user Hodlonaut, who had referred to Wright and BSV as a fraud on several occasions, after gaining fame for creating the Lightning Torch Bitcoin transaction relay with Bitcoin’s Lightning Network. Things took a bad turn when Ayre offered a bounty of 70 BSV (currently under USD 5,000) to successful “doxing” (a process to reveal the identity of someone anonymous) of Hodlonaut.

Apparently, cryptocurrency supporters have joined hands to launch a legal fund for Holdonaut, in the event BSV pursues litigation. The fund has already reached almost 75% of its USD 20,000 goal at the time of writing.


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