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Daily Bitcoin Trending News and Market Sentiment: Stubborn at $9,500, India Waits for News on Crypto Ban

Daily Bitcoin Trending News and Market Sentiment: Stubborn at ,500

The past 24 hours has seen Bitcoin hang on for dear life around USD 9,500, with the first 12 hours in an extremely tight range just USD 50 away from either side of USD 9,500.

Save for a nervous half hour at almost midnight Central European Time (10:00 pm UTC) when Bitcoin dropped like a rock to the day’s low of USD 9,134, Bitcoin bulls have been dragging the price back up after that, even registering USD 9,717 before slouching down to current levels at USD 9,445 at noon London time (CoinDesk).

Ban or regulate? — On India’s policy on cryptocurrencieshttps://t.co/oNe8USDlng

— Bitcoin India News (@btc_IN) July 29, 2019

There continues to be a lot of interest online in India as to the legal status of Bitcoin and crypto there, and for once, many regular Indians are taking to social media to discuss and vent. Or at least, it seems to be easier to find their Tweets online these days!

The rumors could not be any less clear, with media headlines publishing all kinds of contradictory information, just as the Supreme Court in India continues to add on additional delays to watershed legal cases involving the Reserve Bank of India and crypto-related businesses that would otherwise have answered some questions.

Will the latest date of today, 29 July, be the final one?

We have been reading confirmations from ministers that crypto bans will not happen one day, to other officials confirming up to 10 years of jail for violating a confirmed crypto ban the next day. Which will it be, and when will we receive clarity? It seems only a matter of guess work. We reported previously that Western influencers have offered their help, but those type of misguided attempts to clarify the situation in India is about as vainglorious as the entire system in that country is when it comes to finance and regulations.

And now, the latest document to come under the scrutiny of couch commentators online is the report and draft bill supposedly produced by the Inter-Ministerial Committee (IMC) continues to highlight the seemingly harsh punishments faced by Indian citizens should the bill pass into standing law.

While largely ignored by the rest of the crypto world, one UK-based media portal is suggesting that the entire proposal does not seem to level the ban on research and development of the associated technology, only the individual use of crypto. Crypto Daily even calls this a loophole for the industry, saying that this could mean that banks and other financial institutions would still be allowed to use blockchain and distributed ledger tech, just not crypto itself. The paragraph referenced:

“The Committee endorses the stand taken by the RBI to eliminate the interface of institutions regulated by the RBI from cryptocurrencies. The committee also recommends that all exchanges, people, trade and other financial system participants should be prohibited from dealing with cryptocurrencies. Accordingly, the committee has recommended a law banning the cryptocurrencies in India and criminalizing carrying on of any activities connected with cryptocurrencies in India.”

If true, then this should be good news for the industry, since blockchain and DLT could still be used by a lot of fintech and decentralized finance companies – meaning to say, just because crypto isn’t usable, doesn’t prevent the tech powering crypto to still bring about all the desired changes of modern money in India.

Once companies and businesses recognize this, they may no longer seek safe blockchain havens abroad but continue to drive change and development in India, where a strong base of users ready with mobile and internet to embrace the new world of digital money. Will this help drive up the price for Bitcoin and crypto later on? Fundamentally and with an outlook of years ahead, it is almost a sure thing.

INDIA COUNTRY GOVERNMENT
WILL SET THE NATION BACK 40 YEARS,
IF THEY WILL NOT
REGULATE & APPROVE BITCOIN & CRYPTO🤑 https://t.co/SQm6KuyYPa

— chetan (@chetanmaya1) July 28, 2019

Meanwhile, investors like Tim Draper warns, as others have warned India before, that if the ban truly comes into legal existence, then India would be set back four decades. It is hard to see the country go back into the 1980s, especially since Bitcoin has not really taken a hold in the daily life of people there, but perhaps Draper has a point in terms of state meddling in the personal choices of citizens in their own money.

Don’t let the bankers shake you out of your #BITCOIN
This gap will close by September (if not sooner). pic.twitter.com/yP4zHgjuBW

— EASYMONEY7 (@EASYMONEY75) July 28, 2019

While price continues to face real pressure from sellers, it is notable to see that even regular traders are reminding themselves, at least on social media, that all the current high-level developments in terms of global banking and finance are headed in the same old direction of quantitative easing and inflationary measures.

Long term, this can only be good for alternative stores of value like gold and Bitcoin.

 

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And Bitcoin Is Back (Again)

Bitcoin is Back

The Bitcoin bulls are refusing to allow levels to dip below USD 10,000 for longer than a day, and no more so on the weekend, as they have been showing the entire month of July.

After bears took half of the half of 24 hours, Bitcoin suddenly sprang a hike at almost exactly midnight UTC, jumping from USD 9,836 to USD 10,146, before making a high, first at USD 10,193 in the next half hour. Price has somewhat stabilized since then, trading right now at USD 10,082 at exactly 10:00 am UTC (CoinDesk).

There doesn’t seem to be any ground lost or gained this summer, with the heatwave in Europe failing to ignite a certain direction in neither the bulls’ nor the bears’ favor. It does appear that our earlier analyses over the past week are true. Each dip will be bought in by buyers who want to get in bargain entries, while each spike will be taken as an immediate profit-taking opportunity by sellers who feel there will be future dips to re-enter. Both seem to be right so far!

The chatter on social media continues to drift between positive and negative opinion on the immediate direction for Bitcoin. However, some quarters have been picking up on topics surrounding a recent investigative article by Bloomberg peering into the motives behind the European Central Bank’s (ECB) upcoming policy changes that many believe are designed to try and revive a swooning Eurozone economy. These potentially include interest rate cuts and piling on measures for quantitative easing, much like what the Federal Reserve recently did in the US under Trump administration.

ECB President Mario Draghi painted a bleak picture of the Eurozone which is getting “worse and worse”, blaming trade wars, Brexit, China’s economy for the weakening market.

This unsurprisingly provided fodder for regular pro-Bitcoin and anti-banking influencers such as Anthony Pompliano, who claims that the ECB has now provided pure “rocket fuel” that will shoot Bitcoin price to the stratosphere.

ROCKET FUEL: They’re going to cut rates and print money right as we march towards the Bitcoin halving.

Buckle up. This will be wild 🚀pic.twitter.com/QotDXKTJRj

— Pomp 🌪 (@APompliano) July 25, 2019

According to Pompliano, the timing couldn’t be better, as interest rate cuts and more money printing would further weaken its fundamentals, in strong contrast with Bitcoin’s opposite theories as a scarce and deflationary currency, with less than a year left to its next halving event – whereby new bitcoins generated by miners finding new blocks would be decreased by 50% to only 6.25 BTC from its current block rewards of 12.5 BTC.

With this halving expected to happen sometime in May 2020, Pompliano insists that a USD 100,000 valuation is only a matter of time.

Bloomberg says that the ECB continues to show a willingness to inject ever-increasing stimulus to elevate price growth for a long period, by adding a crucial line to its statement on “commitment to symmetry”:

“The Governing Council has tasked the relevant Eurosystem Committees with examining options, including ways to reinforce its forward guidance on policy rates, mitigating measures, such as the design of a tiered system for reserve remuneration, and options for the size and composition of potential new net asset purchases.”

Bloomberg economists Maeva Cousin and Jamie Murray conclude: “Taken together, the wording of today’s decision and press conference strengthens our conviction that the ECB will deliver a meaningful dose of stimulus in September.”

It would seem that Forbes would support this ECB rocket fuel theory as well, as it also says that US President Trump will eventually prove to be “great for the Bitcoin price”.

It first predicts that the way Trump had called for a US dollar devaluation by threatening Federal Reserve Chair Jerome Powell would set off a currency war, with central banks all over the world, and now ECB, considering “easy monetary policy” to stave off economic collapse from debt. Last month during a Bitcoin 2019 conference, analysts said this would create a perfect storm for Bitcoin with investors seeing it as the one true alternative to inflationary currencies all over the world.

….Tariffs, Remittance Fees, or all of the above. Guatemala has not been good. Big U.S. taxpayer dollars going to them was cut off by me 9 months ago.

— Donald J. Trump (@realDonaldTrump) July 23, 2019

Forbes then goes on to say that Trump’s decisions to block international remittances and threaten countries who did not comply, coupled with his administration’s criticism of end-to-end encryption, would also force people who previously had no reason to use Bitcoin, to use it, to circumvent these bans and restrictions.

Bitcoin as a store of value that cannot be censored or seized if used correctly is exactly the sort of thing that would thrive, should all these cracking down actions take place.

But all these things, even if they do take place, will not be any time soon, and Trump does have just over a year left before he will need to seek re-elections. Could we be seeing more rushed decisions like this to push Bitcoin into moon territory? Or will we be seeing more organic growth in 2020 after halving?

Time will tell, but the weekend is here, and the speculators never sleep.

 

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Bitcoin Struggles at Psychological Barrier

Bitcoin Struggles at Psychological Barrier

It was not meant to be, they would be telling the bulls, as Bitcoin held on to USD 10,000 for a mere few hours before falling back to new weekly lows.

It seemed very tightly measured yesterday during North American trading zones, when Bitcoin tiptoed between both sides of USD 10,000 for six hours, before finally letting go and recording USD 9,643 during the early hours of Europe around 9:30 am Shanghai time (CoinDesk). Altcoins followed suit, and themselves retreated further into their shells, as the bulls were nowhere to be found. Bitcoin now trades at USD 9,813 10 minutes away from noon UTC.

🔄 Prices update in $USDT (1 hour):$BTC – 9762.68 $ (-0.11 %)$ETH – 216.5 $ (-0.38 %)$XRP – 0.32 $ (-0.28 %)$BCH – 313.05 $ (+0.24 %)$LTC – 93.21 $ (-0.24 %)#BTC #ETH #XRP #BCH #LTC #Trading #Crypto #Bitcoin

— BinancePrices (@BinancePrices) July 26, 2019

There was not much in the news that would have prompted any significant drop, although the statement made by the US Department of Justice (DoJ) against a US crypto company could not have been taken well by sentiment analysts.

The company, who managed escrow in Bitcoin, was deemed to have defrauded investors for up to USD 7 million, according to news reports. Two counts each on commodity and wire fraud were leveled by the US Attorney’s Office of the Southern District of New York against Jon Barry Thompson, principal of Volatnis Escrow Platform LLC.

An unsealed complaint revealed accusations of Thompson making misleading statements about investment risks and false representations of his custody and control of digital assets. In a statement,  US Attorney Geoffrey S Berman declared:

“As his clients soon realized, however, Thompson’s representations were false, and these cryptocurrency investors ultimately lost all of the money they had entrusted with him because of his lies.”

Large hacks at crypto exchanges can generate a lot of negative sentiment during and in the weeks after the discovery, as this typically involves large amounts of money and investor confidence in the security of these exchanges are shaken. However, with more direct theft, like what seems to have occurred in this recent DoJ case, it is an issue of broken trust, and that could have had a different impact on investor perceptions of businesses dealing in crypto.

As it is, any service that requires custody of digital assets to be handed over to centralized companies, be it crypto exchanges or bitcoin escrow, does mean that users have little or no control over their own funds. So it should be pointed out that all these hacks and fraud could be avoided simply by not choosing to place trust in another party, but keeping ownership of your own crypto.

In any case, the maximum sentence for Thompson is said to be 40 years in prison, so that should serve as a deterrent for future would-be crypto scammers! Also, it should at least tell people that the government, despite all its seemingly unfriendly attitude towards crypto, still ensures justice is meted out to crypto criminals and the rights of crypto investors are protected.

On the flip side, positive sentiment should find a boost from new findings shared recently by Digital Assets Data. It says that although the gains in the past few months have been trimmed down in July, it is still overall a 200% increase over the first half of the year, and this has given Bitcoin bulls a lot of confidence who are expecting a full eventual recovery.

What will bitcoin do next? Check out this @Forbes article by @BillyBambrough to learn what @mikealfred, CEO of Digital Assets Data, believes are the underlying factors influencing the foreseeable future of bitcoin. https://t.co/AF0CG7PjpH pic.twitter.com/TfrAljMpeA

— Wachsman (@Wachsman_) July 25, 2019

Their research has shown that in countries with high inflation, people are now using Bitcoin as an alternative store of value, preferring it over local fiat. In countries with lower inflation, Bitcoin anyway is traded for speculative value. Both seem to be seen as catalysts for positive surges that could be eye-catching. Digital Assets Data co-founder Mike Alfred explained:

“We found that in developing countries and places where monetary policy and banks are less stable, bitcoin trading volume continued to rise even as the bitcoin price was falling. While this is currently happening in smaller economies, if there was instability in the developed world, perhaps through a major recession or spike in unemployment, there could be a significant surge in interest in bitcoin, resulting in a potential positive catalyst for the bitcoin price.”

Forbes theorizes that this could be the new influx of Bitcoin investors that people are waiting for. Take this into a joint account with yesterday’s findings of increased American interest in Bitcoin, and there are enough ingredients for a storm of retail investment.

The fate of Bitcoin for the month of July has not been decided, and there is still Friday trading plus the opportunity for more weekend drama before the month closes out, so this is what we will wait for before deciding which market forces is to be played to next week.

 

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Bitcoin Retakes $10k Hill Amid Increased US Interest

Bitcoin Retake k Hill Amid Increased US Interest

Bitcoin bulls are refusing to give in to selling pressure, with price staggering up back above USD 10,000 as new data is emerging on the increasing US investor interest in the world’s most recognized digital asset.

Despite sellers being the winners in the past few days, bears have been unable to assert some kind of long-term dominance in mid-week, with prices just about climbing back above the psychological USD 10,000 level before a proper 48 hours had passed. This thereby canceled the trend that would have set Bitcoin down on a clear trajectory towards USD 8,950 as some analysts had predicted yesterday.

Of course, this does not mean much until the bulls can take their game up and ensure that higher levels are met over the next 24 hours. It does not seem likely, however, barring an unexpected spurt like the 10% gains we saw last weekend. North America has already taken over from Europe trading but prices are still showing sideways patterns trading in a very narrow range within USD 100 away from the five-digit barrier (CoinDesk).

Alts themselves are trying to do the rest of the crypto market some heavy favors, by pushing down on the brakes, halting days of corrections. Ethereum is enjoying the most relief in the Top 10 by market capitalization, rising over 4% to USD 223. Dominance from Bitcoin, as a result, is also slowly being chipped away to below two-thirds at 64.6% (CoinMarketCap).

It’s difficult to say if the recent growth in price of crypto has more to do with buyers trying to enter at what seems like a bargain price or if speculators are trying to readjust their optimism for Q3 2019, but there has been some good news in terms of Bitcoin fundamentals that could start fanning the fires for a new round of rallies.

This mainly stems from the new research from Grayscale Investments that shows that there is a growing interest from Americans in Bitcoin as an investment. One surprising metric to come out of that was that the majority of these interested people were already parents – 70% of the 21 million people showing interest, in fact.

Grayscale (@GrayscaleInvest) survey: 70% of bitcoin-interested investors in US are parents (via @Yogita_Khatri5)https://t.co/0t062ahsCK

— The Block (@TheBlock__) July 25, 2019

What this means is that Gen X and even some of the Gen Y who will now be raising children and young adults are already experienced in terms of financial management and investment. And the fact that they have shown an interest in Bitcoin is a huge marker of the changing attitudes of people towards Bitcoin as an alternative store of value and investment asset, despite the negative headlines from media and governments towards it.

The research, carried out in partnership with Q8 Research, asked 1,100 Americans between the ages of 25 and 64 and gave us even more insight into how the average bitcoin holder looked like. It is only the latest encouraging sign in the capturing of Bitcoin sentiment in the country that holds a long association with the digital currency.

Governments around the world are going to keep debasing their currencies by printing more money, while Bitcoin stays as scarce as it was designed to be.

Which do you want to store your wealth in?

— Pomp 🌪 (@APompliano) July 25, 2019

What this latest study does debunk is the stereotype that Bitcoin was for the young and trendy. Investors thinking of Bitcoin turned out to be “middle-aged, middle-class and suburban”. Far from being a hip digital currency, Bitcoin’s main appeal to these experienced and mature age group, half of whom earned less than USD 100,000 annually, according to the study, was that you could invest as much or as little as you wanted.

Of course, much of this could change if regulatory developments related to crypto take a turn for the worst in the US. Until today, the state of crypto and how they should be regulated within securities laws faces some uncertainty, although the US Senate Banking Committee will be holding a regulatory framework hearing on crypto and blockchain next Tuesday.

If past hearings are anything to go by, don’t expect any definitive good or bad news. The crypto analysts and hedge funds certainly won’t!

This week on the Unchained podcast, Pantera Capital founder Dan Morehead also shared his analysis of Bitcoin’s logarithmic growth rate (as opposed to linear) and outlines a clear path towards a US dollar valuation twice that of its previous all-time high of USD 20,000. Should the pattern hold out for a further two years, Morehead even believes USD 356,000 to be possible.

Truth or not, we’ll find out in two years, but we first have to see if his first timetable of just over five months from now will give the price every Bitcoin holder will be praying for.

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Bitcoin Looks for Solid Ground Above $10,000

The longest losing streak for Bitcoin since December 2018 may have been broken yesterday to the relief of many, but immediately after, yesterday’s trading action saw further selling pressure result in another losing day as Bitcoin attempts to settle for solid footing above USD 10,000.

As of right now, 9:10 am Central Europe (7:10 am UTC and 3:10 pm Shanghai) Bitcoin has just touched a daily low of USD 9,971, in a downward trend from 24 hours ago when it was at USD 10,623 (CoinDesk). Spurts of selloffs during American trading and now Europe scalpers means that Bitcoin has lost over 5% of its value in a day, lopping off all the gains made since last weekend.

It was much of the same grey weather for the rest of the crypto market as well, as altcoins continued to give away more ground to losses, with Litecoin now threatening to again give back USD 90 territory and Ethereum’s hold above USD 200 slipping away. Bitcoin dominance stands at 65.2% — after setting a record for 2019 above 70% earlier — and the entire market capitalization for crypto is just shy of USD 275 billion (CoinMarketCap).

What this increasing Bitcoin dominance means is that even though Bitcoin price has been taking a beating in recent weeks, the fact that it is growing in dominance despite new altcoins being pushed out on the market every day means that crypto investors are still mitigating losses in a bear market if they choose to put their money in Bitcoin, as opposed to the thousands of other altcoin alternatives out there.

Sentiment wise, the whisperings and updates on crypto developments in India has certainly been taking a hold in social media in the last 24 hours. One of the more prominent threads online is happening with Off the Chain’s Anthony Pompliano sitting up and taking notice of the most recent utterings by government officials who insist that crypto will not be banned in the world’s second most populous nation.

We need to pay attention to what is happening in India around cryptocurrency regulation.

I’m willing to fly to meet with lawmakers and regulators if someone can get me a meeting.

Who can help?

— Pomp 🌪 (@APompliano) July 22, 2019

Pompliano, a veteran Bitcoin investor, is calling for invitations to the country to “meet with lawmakers and regulators”. He must feel that he has influence outside of North America and Bitcoin circles online, to have any chance of affecting how laws will be made in India. One must remember that even a Rights to Information (RTI) request filed by Indian crypto lawyer Varun Sethi had only resulted in a denial of any knowledge from the Reserve Bank of India (RBI) on any drafting of current crypto regulations. Why and how he believes he will have a different experience only he can say.

He isn’t alone in thinking that, however, as others have replied on his Tweet offering to join his efforts. Hacker Noon writer and crypto personality Peter McCormack is one saying he would “join you on that flight”. Will these industry personalities really be able to fly out to India and have a say on the matter? Indian officials should not take too kindly to outside interference, so it seems to suggest a gross overestimation of ability and influence on the part of Pompliano and co, although should they succeed in any measure, the effect on Bitcoin price could be pronounced.

The notable lack of responses from Indian nationals should give them a clue.

Meanwhile, another country recently hogging the spotlight in terms of Bitcoin and government wrangling has seemingly done a U-turn on its legal view of the world’s most-used digital asset. The IRan Chamber of Commerce, Industries, Mines and Agriculture has now issued an announcement that at once recognizes Bitcoin and Bitcoin mining in a traditional Central Asian power. The state’s Economic Commission’s approval of a mechanism for crypto mining apparently came from an executive law that would see official crypto mining being allowed from this month onwards.

Central Bank of Iran governor Abdolnaser Hemmati said:

“… a mechanism to mine digital coins was approved by the government’s economic commission and will later be put to discussion at a Cabinet meeting.”

Hemmati said that more efforts would be carried out as well to ensure that the growing group of Iranian miners would be brought into the fold, in a bid to make their activities contribute to the domestic economy, rather than taken outside Iranian borders.

The Economic Commission’s head, Elyas Hazrati, confirmed to Mehr News that this meant the Iranian government had recognized crypto:

“We do believe that cryptocurrency industry should be recognized as an official industry in Iran to let the country take advantage of its tax and customs revenues.”

The news would have been perhaps more significant in its effect on Bitcoin price and sentiment, if not for the fact that Iran is currently under economic sanctions by the US and its allies — in effect, most of the developed world. That its citizens have long been turning to Bitcoin to circumvent these blocks will not be lost on those parties interested in crypto.

But for the true Bitcoin advocate, this recognition by one of the oldest powers in the known world is just the latest sign that there is no stopping Bitcoin.

Will Bitcoin bulls without political leanings take note? We shall see.

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Bitcoin Snaps Losing Streak in Low Volatility

Bitcoin Snaps Losing Streak in Low Volatility

The weekend brought some minor relief to finicky bulls, as Bitcoin’s longest losing streak of daily price since December 2018 finally ended, with the digital asset breathing well above USD 10,000 for over 24 hours. Salvation did not quite come yet, though, as a bearish bias is somehow still intact.

Monday opened trading in East Asia finely balanced at USD 10,500 (8:00 am Tokyo, CoinDesk), picking up from a languish Sunday mood in North America where bears temporarily attempted a sell off to the day’s low at USD 10,314 before swinging upwards to the current daily high of USD 10,685. Currently, even with the ticks up or down, price does appear to remain constrained within a relatively narrow range, as volatility simmers down to some of its lowest levels seen in the past two months.

Yesterday’s brief trip to USD 11,000 does not seem like it will have a repeat today as European markets wind up and American ones take over, but traders will be watching out for any increase in volatility in volumes in either direction. According to BitcoinNews.com technical analysis, the current patterns are still ambiguous and emotional; natural given the sentiment-driven trading that seems to take place over the weekend. Buyers are not gathering enough momentum to properly break resistance points, while sellers are not ready to quite commit to testing new lows for summer.

Despite the seemingly low prices considering the 2019 highs, the opinion of some traders when using weekly chart analysis still says that Bitcoin is slightly overbought, even though selling pressure has been on since the regulatory debate surrounding Libra, or even the (lack of) clarity that continues to swirl around the crypto industry in India.

$BTC (mobile view)

Weekly/daily close was neutral

Closed in the range between primary support/resistance levels

But volatility expected to happen this week, BBands starting to pinch on 4 hour

Hopefully we get some live action on the charts to start the week 🎆pic.twitter.com/ZUdBIdLElg

— Josh Rager 📈 (@Josh_Rager) July 22, 2019

There is no clear consensus if today’s calm is one before the storm going either direction for bulls or bears, or simply the beginning of a longer period of rest for an overheating Bitcoin market. Investor Josh Rager has settled for a neutral forecast, but does warn for increased volatility to signal a return of either market forces.

From the other side of the digital gold divide, gold trader Florian Grummes of Midas Touch Consulting actually concurred, predicting that a sideways period of correction for Bitcoin was on hand, otherwise, he warns of a bigger plunge to as low as USD 7,000, simple because of an overbought situation. He noted:

“The weekly chart is without question overbought and actually needs to cool down. Yet above $6,000 and especially above $9,000 the bulls remain in control.”

Meanwhile, an end-of-week notice from the Financial Industry Regulatory Authority (FINRA) in the US has now been circulating more widely. The notice from the self-regulatory organization for US-based broker-dealers repeated a request for member firms to share information on crypto trading, or the intentions to trade digital assets.

Significantly, the notice extended the time frame for reporting by a full year, implying that there has not been much interest or response prior to that. The notice said:

“As securities regulators continue to provide guidance to members regarding the unique regulatory challenges presented by digital assets—e.g., Joint Statement on Broker-Dealer Custody of Digital Asset Securities—FINRA believes it is important to keep the lines of communication with members open on this important topic.”

Fundamentally, Bitcoin continues to plod down the road of progress, with more and more miners seemingly entering the network to further secure it. As of today, Bitcoin has marked a new record for hash power with a rate clocking in at 79 exa hashes (E/s) per second with 6.379 T difficulty (Bitcoin Wisdom).

The fact that this record comes after previous new highs, all against a scenario where price is dropping amid bearish sentiment, does seem to detail the confidence (or obstinance) of Bitcoin miners who seem to believe that they could carry on mining now in expectation of a medium or longer term rate hike.

With climbing hash power apparently indicating that mining Bitcoin is still a profitable venture at this point, it might be that price could go down several notches more. But miners will want to step in perhaps, and it has happened before, to try and keep demand and price rising in tandem, although that invasive action would only be temporary, if even effective given today’s market that is surely more vast than before.

Until that happens, however, we are left to the tides of daily and weekly sentiment.

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Bitcoin Loses Ground to More Libra Scrutiny

Bitcoin Loses Ground to More Libra Scrutiny

With the week now drawing to a close and Bitcoin staying firmly below USD 10,000 for almost two days now — save one brief moment a few dollars above that milestone — the effects of bearish sentiments against Facebook’s private crypto project Libra by the US government is now pronounced.

As of 1:00 pm UTC (9:00 am EST, CoinDesk), Bitcoin has just crashed from USD 9,850 to almost its daily low just 24 hours earlier at USD 9,456. It is perhaps a further demonstration of American traders buying into the negative sentiment caused by the ongoing Libra hearings.

Yesterday, at the second day of the testimony at the US Senate, Facebook’s Calibra head David Marcus must have been feeling the heat from an unsympathetic Senate, who, according to The Next Web, used the word “trust” 69 times throughout the 220-minute hearing. That they used it in unflattering and sarcastic tones may not have been expected to leave Marcus flustered.

Senator Sherrod Brown had said:

“Facebook… doesn’t deserve our trust… Now Facebook asks people to trust them with their hard earned paychecks… a breathtaking amount of arrogance.”

But the fact that he appeared to be on the defensive countless times, trying in vain to explain how Facebook’s Libra would be trustworthy or how it would earn trust, will be a stark reminder to would-be entrepreneurs seeking global dominion with a private crypto.

And there, the distinction is important. Bitcoin is not by any means a private digital asset. While Libra promises that it would eventually leave everything of the project — including development, maintenance and oversight — in the hands of the public, Bitcoin is a living embodiment of a decentralized network. Without a single point of failure, and without any central points able to manipulate the network (at least, not without incurring the wrath and subsequent corrective efforts of the benevolent majority), Bitcoin is the working version of what Libra only dreams of. And, where Libra talks about trust, Bitcoin is the nearly perfect trustless system, where only mathematics is what must be believed in for this magic internet money to work.

Finished watching the entirety of the Senate Banking Committee hearings today.@Libra_ is so screwed.

— Samson Mow (@Excellion) July 17, 2019

Clearly, the performance of Marcus and his failed defense of Libra should not have affected the Bitcoin market. But public sentiment is a fickle thing and when even analysts like Samson Mow, a Bitcoin advocate, can comment on how “screwed” Libra is, it should be natural to expect the market to feel that the fate of crypto has suddenly become a lot less clear, even if crypto does not necessarily mean Bitcoin.

But not everyone is on board with the retail investor sentiment, at least, not according to CB Insights, who believe that investors are now understanding that the “Bitcoin, not blockchain” mantra of 2018, when Bitcoin was depleting its faith with institutional interest, and are swinging the other way.

Fresh data now shows that flows of cash into blockchain startups have dropped sharply, totaling USD 784 million via 227 deals. But this year, they will only take in USD 1.6 billion this year, down some 60% from a 2018 record of USD 4.1 billion in 2018. Corporations are on “an even sharper decline” says CB Insights, and even Facebook’s Libra temptations have failed to lure new money.

Perhaps they now understand that Bitcoin is Bitcoin, slowly but surely gaining prominence and dominance, doing its own thing, while crypto and blockchain projects, continue to underwhelm and under-deliver. Bitcoin’s performance, even in its current traceback, means that it has increased about 200% in value since its yearly low, while many projects are today priced in below their original valuations. And now, Libra, despite having one of the deepest tech pockets to support them, now face a very real possibility of being dead before arrival.

While these numbers may not mean anything to the casual onlooker, their implications could be far reaching. The US Silicon Valley has for the past decade held on to its lofty status, but a lot of that rests on the blockchain startups that have managed to draw in the biggest fundings. If this were to end, Wall Street and Silicon Valley may soon be yesterday’s greats in fintech.

Meanwhile, smart money could be turning its eyes once more to Bitcoin, whose current cycle seems to have impressed even analytics firm Ceteris Paribus, who now believes that Bitcoin is mirroring the bubbles of Amazon during the dotcom bubble of the 1990s.

Not all bubbles are created equal.

The latest $BTC cycle mirrors $AMZN during the dot-com bubble, but the recovery has been much more swift. Even with the recent sell off, bitcoin is 54% down from its high, vs. the 85% Amazon was trading at over a similar timeframe. pic.twitter.com/P63uQsZmgK

— Ceteris Paribus (@ceterispar1bus) July 17, 2019

Of course, no bull is complete without a bear, and permabear Nouriel Roubini shares in his latest blog post of how Bitcoin exchanges such as BitMEX continue to facilitate criminal activities and terrorist funding.

My new column where I expose the shady rekting racket that is @BitMEXdotcom run by the thug @CryptoHayes: evasion of AML/KYC, front-running, insider trading, massive scale money laundering, gouging of clients, etc.
The Great Crypto Heist by Nouriel Roubini https://t.co/79UsmlZxdr

— Nouriel Roubini (@Nouriel) July 16, 2019

He writes:

“BitMEX insiders revealed to me that this exchange is also used daily for money laundering on a massive scale by terrorists and other criminals from Russia, Iran, and elsewhere. The exchange does nothing to stop this, as it profits from these transactions.”

It is an old rant, however, and one usually reserved for the banks. But Roubini probably knows that.

 

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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. BitcoinNews.com 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. pic.twitter.com/w10JFgnogO

— 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.

 

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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. https://t.co/N3tzUKELaK

— 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.

 

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Bitcoin Trades Patiently in Range, Weekend Strike Ahead?

Bitcoin Patiently in Range

After yesterday’s somewhat disappointing tumble from what is beginning to look like a strong USD 13,000 resistance level, Bitcoin has traded in a relatively conservative range of USD 800 for the past 24 hours.

After checking it at a high of USD 11,801 just at the close of Central and Western Europe markets, it then proceeded to swing all the day down for a plunge to USD 11,011 at the close of Eastern Standard Time US, before Asian buyers dragged up price to its current levels close to the daily high at USD 11,667 (11:30 am UTC, CoinDesk).

The profit taking scenario presented by yesterday’s opportunities certainly played out, with North American traders at least taking regular profits above USD 11,000. However, it seems that traders on the other side of the Eastern hemisphere did not mind, as it presented perfect re-entry levels amid a broad charting pattern that is still slightly suggestive of possible breakouts or t least sustained rallies for the medium term.

Altcoin markets are also experiencing minor relief, with every coin save 3 in the Top 30 (ChainLink, Tezos and Maker) by market capitalization registering positive growth, as the total market capitalization for crypto rises to USD 319 billion (CoinMarketCap). It won’t be enough, though, as altcoin traders will be licking wounds from the horrendous week against BTC pairs, so there will likely be artificial pumps by some projects in an effort to boost flagging spirits in the altcoin camp.

Pullback Over? Bitcoin Bounces $600 From Historically Strong Price Support

— 🆃🅴🅲🅷🅸🆂🅷 (@techish) July 12, 2019

BitcoinNews.com technical analysis certainly confirms that the 15% drop of yesterday served only to satisfy the appetites of “greedy buyers”, but notes that there is still a certain weakness in buyers that sellers are sensing throughout the week. Nevertheless, the fact that BTC/USD repeatedly is able to overcome robust resistance does mean that it has no issues getting past technical hurdles, even without the support of retail or institutional investors.

Other analysts now, though, are wondering if it wasn’t just that the US Federal Reserve chose to attack crypto, but the figurehead of US politics. Now, President Donald Trump is the latest scapegoat, with his latest Twitter comments against Bitcoin being revived. Trump said:

“I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity… We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!”

It’s relevant to note that his search popularity online has already lost out to Bitcoin, at least, according to Google Trends. One would think he wouldn’t have held it against the digital asset, though, and realized that it was the US dollar that has most facilitated unlawful behavior!

Donald Trump Not A Fan Of Bitcoin; Is This The Reason For Bitcoin Price To Descend? – CryptoNewsZ https://t.co/h5djsfAKRR

❌ #Altcoin Devvie ❌ (@devnullius) July 12, 2019

What is once more exciting to see, however, as we do most Fridays, is how the weekend activity will affect Bitcoin price, with the trend since April leaning towards a majority of bullish action. The last weekend was a rather sleepy one comparatively, and bulls will feel that if they allow another low-activity weekend to happen, it will give out the wrong signals for the market.

For the time being, it does appear that a 24-hour stay above USD 11,000 has been successful, so fans of daily consolidation will see this as confirmation of strong support at this level. But this also happened last week, only for steady gains towards USD 13,000 to be wiped out in a day of profit taking.

Start investing in bitcoin today when the price is lite 💰pic.twitter.com/cMdGXMQwKV

— kendra Lucas (@kendraL78367709) July 12, 2019

Whatever the picture for the coming days and weeks, people are still to be found repeatedly calling these levels of price “lite” and using the opportunities to accumulate as Bitcoin consolidates en route to its all-time high close to USD 20,000. Of course, shorters and speculators won’t mind one bit for this to happen again and again, if it means steady 10% or more profits every week.

Those whose eyes are on the longer term picture, however, have not lost sight of the eventual goals. Fundstrat analyst Tom Lee, for example, has advised people to take a moment to reexamine the situation and remind themselves that the long-term frames on Bitcoin still remain the same, even with the current pullback. He insists that the pullback yesterday is “invisible on weekly timeframe” and that the “crypto winter is over“.

It is a familiar mantra for him and others, and many will be hoping that he proves to be right.

 

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