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Daily Trending News and Market Sentiment: Neutral Shift, Fed Inflation Boost, WePay, Alipay Bitcoin Support

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Bitcoin price recorded a higher low in the past 24 hours at USD 8,113, while also making a higher high right now at USD 8,304 just at the end of Central European trading time at 4:30 pm Brussels (CoinDesk).

$BTCUSD ALERT: The price is surging! Up 3.09%. Currently $8432.78 vs. $8180.00 at midnight UTC $btc #bitcoin pic.twitter.com/vcIaHW1NeX

— 📊 (@gdax8949) October 9, 2019

Bulls would ordinarily be happy, but the momentum of rise is not quite enough to be significant, neither are the volumes, so they will be expecting yet another pullback today after a series of expected profit taking in North America.

Altcoins are enjoying a fresh boom in fortunes at the same time, however! Ether leads the way, appreciating by over 6% to record USD 190 and prompt talks of Ether breaching USD 200 again. Other alts like Litecoin, NEO, Ethereum Classic, Ripple and EOS are all taking advantage of the current swell, recording gains above 3%.

In the midst of all this, crypto exchange SFOX is among those who are now agreeing that the macroeconomic trends around the world, responsible for sending stockmarkets into a downward spiral, will eventually also have their say on Bitcoin and the crypto market.

SFOX says that crypto price sentiment has clearly moved from bullish to neutral, after acknowledging that US-China trade wars are not going anywhere, and a very disappointing debut from Bitcoin futures platform Bakkt. In its report, it also sees the correlation between gold price, S&P 500 performance, and Bitcoin, just as we have also analyzed before:

“[The correlation is] suggesting broader macroeconomic uncertainty may be at play. Recent events such as the China-US trade war have suggested that broader macroeconomic uncertainty impacts crypto markets just as it does equities and bonds, and these most recent data reinforce that idea.”

Bakkt disappointments are not to be taken too seriously, though. SFOX also said that the blame on Bakkt “may have been overblown”, although the trader sentiment from unmet expectations of a flooding of institutional money was certainly a danger of overhyping events.

Meanwhile, the US Federal Reserve has decided to widen its balance sheet, a move which should see further inflationary pressure on the US dollar. This, experts believe, can only spell long-term good news for holders of Bitcoin and other crypto.

This is only the latest move in quantitative easing now witnessed in the EU and in the US, in which central banks are purchasing government and other securities to increase money supply and encourage lending and investment. Federal Reserve Chairman Jerome Powell took the decision to avoid more turmoil in money markets, with short-term rates shooting up to 10% last month, threatening to upset the lending system.

The central authority then put in billions of dollars via market repurchase agreements, keeping interest rates between 1.75% and 2%. Powell believes this money pumping by the Fed will probably go on in the coming days and weeks, with the Fed buying securities to ensure short-term lending markets don’t go haywire. He explained, however, that the move shouldn’t be seen as quantitative easing, and was only to maintain appropriate level of reserves.

Cross the Pacific ocean into China now, and rejoice for now there is an easy way to buy Bitcoin using chatting apps on your smartphone. The news comes from The Block Crypto, who reports that crypto exchange Binance will be supporting WeChat and Alipay channels to let Chinese users buy Bitcoin with fiat.

YES https://t.co/dnHKQSLvS4

— CZ Binance (@cz_binance) October 9, 2019

There are already several options to use Binance’s fiat gateway to buy Bitcoin and other crypto on its platform, but with the addition of WeChat and Alipay, both of which have a huge customer base of tens of millions of Chinese users, it is expected that more demand will pour into the exchange.

Binance CEO Changpeng Zhao today confirmed this decision, and the system is now reportedly already in a trial run with Android users, with a roll out to the web and iOS upcoming.

China has long banned crypto exchanges, with the central bank, People’s Bank of China, issuing the ban in later 2017. This has not stopped Bitcoin trading, of course, with most people finding a way to trade peer to peer (P2P) or over the counter (OTC). Huobi and OKEx, for example are two exchanges still enabling conversions of Chinese yuan (CNY) to BTC/USDT, under the guise of a P2P OTC desk.

And now with Binance’s entry into P2P trading, Chinese users can experience buying Bitcoin, Ether, and Tether from one of the world’s largest crypto exchanges via P2P. A Binance spokesperson said:

“Technically, Binance as a P2P platform itself is NOT integrated with WeChat/Alipay payment, but the vendors or users on the platform accept WeChat/Alipay transaction for crypto tradin. Binance only provides the onramp for OTC trading by building an intermediary platform on which both the merchants and the users trade freely.”

 

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Daily Trending News and Market Sentiment: Bitcoin Volatility Floors, Mighty Satoshi

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After days of seemingly positive signals and the actual launch of Bakkt without further delay, Bitcoin bulls will be perplexed at how easy it was for price to lose its support in the past 24 hours.

Bearish action according to short term charting seems to imply a confirmation of downward trends, as price now trades ever lower, slipping as low as USD 9,398 in the past hour as North American traders woke up (CoinDesk).

#Bitcoin price right now. The whole #crypto market is taking a little bump right now. Even though that #bakkt started with promising news for the whole #cryptomarket community. What do you think will the bottom be ? pic.twitter.com/gbJY3eo5G3

— MarketPeak (@MarketPeak) September 24, 2019

Not far behind are alts, dragged down from monthly highs only a few days ago. Ethereum leads the losers, languishing around USD 193 right now, but still not beyond the position from where it can still consolidate to USD 240, at least according to our own Ethereum technical analysis. Even coins that enjoyed the same joy like Litecoin has released its grip on USD 70, and EOS, which was among the best performers recently, is one of the biggest losers today, shedding over 11% in US dollar value.

No particular signs that could be responsible for this sell off, but the Bakkt response (or lack of) is probably some trigger for disappointment. But don’t worry, the long-term Bitcoin bulls are saying.

Just because people aren’t rushing to Bakkt doesn’t diminish its importance as a watershed development in the aggregated crypto markets. For many, demand or no demand, Bakkt is one of many that is slowly providing the legitimacy for Bitcoin, while providing potential investors a safe and relatively frictionless way to dip their toes into crypto investment.

Bakkt will be likely first a trickle and then a flood. The reality is that most regulated futures contracts get low adoption on day1 simply b/c not all futures brokers are ready to clear it, many ppl want to wait and see, the tickers are not even populated on risk systems, etc.

— Su Zhu 🦁 (@zhusu) September 23, 2019

Venture capitalist Luke Martin notes:

“Bakkt allow for a few things, but none require piling in on launch. •More robust $BTC borrowing/lending markets to form •Legitimize the asset •Ease manipulation concerns (oracle risk, basis risk) •Potentially disrupt some of OTC market functions.”

Another analyst, Joseph Young, predicts that trading volume has only one direction to go as brokers now make preparations to enter formally into crypto trading. He dismissed the lack of “fireworks”, but insists:

“But, Bakkt actually launching before the year’s end sets a good precedent entering 2020. As brokers get ready, it will likely see more volume.”

Meanwhile, Forbes reports that Bitcoin has now reached the lowest levels of volatility since April this year. Citing the numbers provided by crypto analysts Blockforce Capital and Digital Assets Data, analyst David Martin said we were looking at a 30-day reading of 36% volatility, down from an already low 60-day reading of 52%.

Perhaps more interesting was the fact that altcoins had gone in the opposite pattern, recording significant levels of volatility relative to Bitcoin. They are now as high as they ever have been this year in late June, when the crypto market reached its peak in 2019. Today, they are 70% higher in volatility than Bitcoin.

It’s good news for some bulls, who will insist that this low level of volatility can only mean consolidation before a severe push for new highs in 2019.

Crypto Briefing’s CEO says: “What we are seeing now, however, is that project viability is a much stronger factor in investor interest – so although investors could be looking for modest gains through altcoin speculation, the real story is that projects like Chainlink are finally bringing direct value to blockchain-based solutions.”

Online, there is still a stubborn prevalence of bullish influencers deigning to ramp up interest in crypto. One such influencer is the host of DataDash, Nicholas Merten, who says that even with Bitcoin’s disappointing run lately, it could still provide the momentum to push other crypto altcoins into massive gains.

He believes that dominance statistics (which are now recently going down for Bitcoin) is a clear path towards a trend shift for altcoin gains as the market “retests back toward bitcoin’s highs at USD 20,000”.

He draws out a coming term for Bitcoin and its influence on altcoins:

“The last two [altcoin cycles] that we had were at the end of the overall bitcoin cycle where bitcoin reached USD 20,000. The first one happened at the beginning of 2017 when bitcoin retested its highs at USD 1,100.”

Whatever the feelings today or for the next few weeks, Bitcoin enthusiasts should at least take comfort in some small victories.

According to Cryptonomist, 1 satoshi — the smallest possible unit of Bitcoin — is still worth more than at least three widely-used national currencies: the Iranian rial of Iran, the Vietnamese dong and the Indonesian rupiah.

This isn’t even taking into account several other national fiats of collapsing economies like in Argentina, Venezuela and South Sudan, where hyperinflation is rife.

Hold on to your Bitcoin!

 

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Daily Trending News and Market Sentiment: Bitcoin “Non-Sovereign Power” in Cuba, Breakout Signals?

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After yesterday’s strong showing throughout most of the global timezone, Friday the 13th threatened to bring some blood into the market in North America, but beyond a brief lapse into a low of USD 10,167 at the late afternoon hours of Friday there, 8:15 pm GMT(CoinDesk), price somehow found a way to strengthen again, pushing forth into a daily high of USD 10,384 just hours later, where it continues to trade still on a quiet Saturday.

Bitcoin 📉

▓▓▓▓▓▓▓▓░░░░░░░ 52%

price : $10339.04

— Alert Shark (@Alert_Shark) September 14, 2019

If the news of dovish central banks has not been enough to dampen spirits for traditional bankers, then one wonders what they will make out of what is happening in many Central and South American countries, where the nationally backed fiat currencies are spiraling into a vicious cycle of hyperinflation.

Venezuela has been in an ironic saga of trying to stamp out the use of Bitcoin and crypto while issuing its own sovereign blockchain-based currency. But now, the first Bitcoin ATM has already surfaced there, if data by Coin ATM radar is to be believed. The machine was installed by Panda BTM, and sits in a convenience store called Viajes e Inversiones HC.

Venezuela Finally got its very First Bitcoin ATM – https://t.co/2Ul4awFFoc https://t.co/nfVcOXUQDN #CryptoCurrency

— Crypto Mak 🌐 (@crypto__mak) September 14, 2019

While Venezuela has long been in the headlines since at least last year, especially with their Petro cryptocurrency riddled with scandal and mismanagement, Argentina’s recent decision to enforce tighter capital controls is now being copied by Cuba.

The reasons look to be the same in both the Latin American nations. Argentinians, sick of their peso losing value every day, had sought out other more stable currencies. And when their president limited their daily US dollar purchase to USD 10,000, they went for something the state couldn’t monitor or control and had equal recognition as a store of value: Bitcoin.

Apparently, the same has been happening in Cuba, with Decrypt reporting that Cubans are also looking towards Bitcoin and other cryptocurrencies to circumvent the limits of their access to conventional banking and finance.

In one of the last communist states in the world, all this is happening due to a convergence of factors, reports US News. Mobile internet is becoming cheaper and more widespread and is a real way for Cubans to get past the restrictive US sanctions that have been pressing on them for more than 50 years now. One Jason Sanchez in particular credits Bitcoin’s “non-sovereign power” in helping salvage his mobile phone repair business, “opening new doors” when it helped him buy spare parts on the Internet with the cryptocurrency.

Mobile messaging apps like Telegram are also popular with Cubans, as they turn to their diaspora abroad to help them access the services and products they wouldn’t normally be able to. Alex Sobrino, the founder of CubaCripto, which is a Telegram group facilitating peer-to-peer trading, estimates that crypto is now the utility currency of some10,000 Cubans:

“We are using cryptocurrencies to top up our cellphones, to make purchases online, and there are even people reserving hotel rooms.”

All this is now coming to light, that Bitcoin is helping people lead normal lives, far beyond the initial expectations of what Bitcoin could do for digital money and its usage. This, more so than larger macroeconomic effects that commentators say will drive the price of Bitcoin to new highs, is the more urgent and more current activity that has practical consequences for regular people. And if normal citizens can see the use of Bitcoin in storing value, sending value and they realize it cannot be controlled by their governments, then perhaps Bitcoin has a strong future that we cannot see beyond its current price valuations.

Back to general sentiment, we now see Bitcoin still within a rather big pattern of trading sideways for the last few months, but bear or bull, everyone is now counting on a large breakout to happen. The descending triangle we spoke about recently could still very well happen, in which case we should see Bitcoin stumble in large double-digit percentages. But the other possible one is also the symmetrical triangle characterized by two converging trend lines connected by a long a series of peaks and troughs.

The last time this happened in March, Bitcoin marched forth almost in unstoppable fashion, almost recording USD 14,000 in June 2019. Thereafter, monthly highs have been USD 13,000, USD 12,000 and USD 11,000.

Worrying perhaps, but we should now point out that we have been seeing higher lows as well in the past months, so we see this as a huge sign of confidence from buyers willing to ride the cycles before the breakouts.

Will we be wrong? It matters not, as sentiment is always shifting enough for us to analyze.

 

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Daily Trending News and Market Sentiment: Bitcoin the New Gold, Trump Tariff Saga, McAfee Reassurances

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Bitcoin continues to surprise on the weekend. When all other traditional markets are asleep, it seems that crypto traders won’t go away. Just about an hour ago, at 8:00 am UTC, the price slipped by about 2% from almost 19 hours of trading above USD 10,300, with no plausible explanation visible.

Of course, we should note that those current levels were also an unexplained Friday spike, when valuation jumped at around 2:30 on London time from below USD 10,200 to well above USD 10,400.

Bullish buyers in the US on Friday afternoon perhaps? But why did they wait so long, or is Europe now taking its turn for slim 2% profits? Hard to say.

1 BTC Price: Bitstamp 10132.88 USD Coinbase USD #btc #bitcoin 2019-08-24 05:10 pic.twitter.com/6oSGHEg1Zc

— coinOK (@coinok) August 24, 2019

Some analysts are now looking at the preceding day of volatility as a marker of positive signs since the price has not yet dropped below the key level of psychological five figures for 48 hours now. The resistance is currently at USD 10,400 but this is now set up for a break either above USD 10,500 or below USD 10,100.

At these thin volumes, however, it’s pointless to take away any strong signals for more than a week ahead of us.

If you are a trader and you’re feeling down, it’s important to really put things in perspective, like this trader reminded us four days ago:

I don’t understand how some people still believe we’re in a bear market.

In 2019 we have seen the price go from $3.2K to being stable around $10-11K. Thats more than a 200% increase!

Zoom out to see the full picture and you’ll see we’re in a bullmarket.$BTC #Bitcoin #Crypto pic.twitter.com/MVkBawDlVh

— CryptosBatman ⚡ (@CryptosBatman) August 20, 2019

And if you’re looking for more recent validation of technical analysis, our own daily updates don’t look too gloomy either!

In terms of news that could be providing us with a clue to the weekend sentiment, we look at a take from Forbes yesterday, who continues to chant the oft-repeated mantra by bulls that Bitcoin is the new gold. And when they ask the question: “where is the evidence for this grandiose claim?”, they willingly give several answers, and they’re pretty convincing.

They first point to China, who expectedly, announced a retaliatory tariff on the US.

Well, today China announced tariffs on the U.S. in retaliation to American tariffs and like clockwork President Trump has tweeted that a “terrible retribution” will be served. This is, of course, almost an autopilot response now, and is only the latest addition to a saga that we should expect to last long into the next presidential election.

And speculators are loving this, Bitcoin traders even, because every exchange of words seem to have a small but predictable effect on price in the markets both traditional and crypto.

But the evidence that Bitcoin is the new gold is damning, according to Forbes, who explains:

“We can see gold getting a little lead on bitcoin (BTC) in London when the China retaliation news hits but look at BTC exploding a good 90 minutes ahead of the U.S. news, well before gold, both well before the equities markets get wind of it and react.”

Cause for celebration for Bitcoin bulls and hodlers alike? Perhaps. But if you’re still not convinced, then maybe you should pay heed to supreme Bitcoin bull and crypto influencer John McAfee, who is urging everyone to “get a grip” on Bitcoin price slumps.

John McAfee Wants You to ‘GET A GRIP!’ About Bitcoin Price Slump https://t.co/VD8FB7ELDO

— Growing Gem (@GemGrowing) August 24, 2019

Apparently, his hundreds of thousands (or millions?) of followers are now showing concern about the price of Bitcoin. And he’s telling to chill out”

“Bitcoin jitters? Just stop it! Short term fluctuations are meaningless. Bitcoin is still up almost 300% from 6 month’s ago. Everytime there’s a dip I have to calm people in replies, DMs, etc. GET A GRIP! You know in your heart Bitcoin cannot lose. Relax!

He of all people should know that people in the crypto space are incredibly fickle, and has been the description of Bitcoin price. The FOMO levels were so high in 2017 every crypto, token and digital asset could not help but go up and when prices started to dump just months after the all-time-high, there seemed to be no floor in sight, despite the technical and fundamental signs.

Proof, we believe, that sentiment is still the major and dominant force in such a young class of asset with a market that is yet to find consistent levels of maturity.

Of course, before you listen to McAfee, you should, first of all, realize he is a self-exiled US Presidential candidate. He has refused to pay his taxes so is on the run from the IRS and lately, has been more obsessed with oppression in the United States rather than his old trends of Bitcoin advocacy.

Feeling reassured yet?

 

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