Category Archives: coindesk

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Bitcoin Back Below $8,000 After Two-Hour Slip of $700

Bitcoin Back Below ,000 After Two-Hour Slip of 0

Bitcoin was not able to maintain any momentum after the weekend and yesterday’s failure to complete consecutive weeks of rally, breaking important support levels after shedding over USD 700 in just under two hours to fall below USD 8,000.

As of now, Bitcoin is trading just beneath that mark after surviving a 24-hour low of USD 7,764 at 7:15 am UTC (CoinDesk). Europe trading sessions took over on Tuesday, and restored some support, but it does not look certain for the remainder of the week for another push above USD 8,000, as Bitcoin now looks to reconsolidate at current levels before pushing on again.

The violent fall, however, failed to spark a market-wide panic as would have been expected by the bears, as buyers showed some obstinacy to record a second 10% loss in as many weeks.

Also important to note was the large spike in trading volumes in the last 24 hours, which showed that more than USD 21 billion changed hands, either by using CoinMarketCap data or an alternative reporting data from Bitwise Asset Management.

It is still a long game of wait and see as we approach into the last few weeks of the year’s second quarter. Will spring give way to summer in crypto as well? Not many will be confident of bets either way.

Bitcoin’s hanging on by his teeth 😥pic.twitter.com/HEXT5ZQSrG

— Boxmining (@boxmining) June 4, 2019

 

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Bitcoin Digs In at $8,700 as Momentum Gains for $9,000

Bitcoin Digs In at ,700 as Momentum Gains for ,000

The correctional pattern following the new 2019 high for Bitcoin price was halted yesterday as the digital asset clawed its way upwards from support levels to figure in at USD 8,700, with a narrow range of about USD 200 from a 24-hour low of USD 8,562 to a 24-hour high of USD 8,760 (10:00 am UTC, CoinDesk).

Bulls are waiting on the sidelines for a major push now towards USD 9,000, which will signal for many analysts a definite momentum towards five digit US dollar valuations. However, with less than 48 hours to the end of May, a psychological blow to the Bitcoin bears appears unlikely, as Bitcoin will need to hold above the new levels for 24 hours before a decisive call is made.

Accompanying the slight climb from yesterday have been solid demand across the board, with volumes continuing to show significant numbers to suggest accumulation is still ongoing even at these prices.

Nevertheless, even at today’s current levels, Bitcoin has already impressed, with crypto trader Josh Rager Tweeting that it could still produce the longest green candle since November 2013, should it close tomorrow above USD 8,975 at least.

If Bitcoin can close the month of May at $8975 or higher, with at least a 70.37%+ gain

It will be the largest monthly green candle (open to close) since November 2013

May 2019 has been a tremendous month for Bitcoin pic.twitter.com/i4gwADo0GV

— Josh Rager 📈 (@Josh_Rager) May 30, 2019

In any case, the general sentiment continues to be strongly bullish and highly positive, with most traders and speculators expecting a push for USD 9,000 to be imminent.

It’s time to get back to the important topics, like #Bitcoin going to the MOON! When 9k? 😎pic.twitter.com/STfLijRgmo

— Samson Mow (@Excellion) May 30, 2019

 

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Bitcoin Settles at $8,000 As 40 Bull Days Wipe Out 235 Bear Days

Bitcoin Settles at ,000 As 40 Bull Days Wipe Out 235 Bear Days

Bitcoin’s relentless surge in the past few weeks finally showed some signs of letting up today during Asian trading hours, settling right now to around USD 8,000 (6.45am UTC) after breaking bold heights at above USD 8,350 less than 24 hours earlier (Coindesk).

Even without positive industry headlines or hype-driven investments pouring in, bullish Bitcoin trader Galaxy points to strong fundamentals driving this rally, noting that “235 days of bear market has already been erased in the last 40 days of bull”.

The large-scale price recovery is mental.

235 days of bear market already erased in the last 40 days of bull.

And this time without massive media coverage, ico craze or heavy dumb money flowing in.

Just pure fundamentals. #bitcoin pic.twitter.com/shv4fRPHIS

— Galaxy (@galaxyBTC) May 12, 2019

Several pushes to stay above the critical USD 8,000 range during US trading hours failed eventually, and Bitcoin slipped all the way down to USD 7,642, before Asian traders took over and made an impressive climb above USD 8,000, where it has stayed more or less for the past 12 hours.

Nevertheless, Bitcoin still managed to post a positive gain for the day and is now showing no signs of exhaustion despite the earlier retracement. The bulls will be eyeing another attack of the USD 8,300 resistance levels, and if that is broken then USD 8,500 and USD 8,800 stand in the way before the next serious obstacles leading up to a landmark USD 10,000.

Bitcoin News Bitcoin Market Analysis from 12 May still notes a lack of major trading volumes to suggest a stronger and more sustained rally, and the trend of how easy buyers seem to be able to push past major resistance levels continues to confound analysts.

 

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Blockchain Sentiment Survey: Crypto Embraced by All Political Ideologies

Coindesk Research has published the results from its State of Blockchain Q2 2018 research. The findings show the extent of cryptocurrency adoption across all political ideologies, notably finding the number of liberals has surpassed those with a libertarian ideology. 

Key findings

Of 1,200 participants, the responses were broken down into categories as so: 27% liberals, 24% libertarians, 21% conservatives, 9% centrists,  9% socialists, 8% anarcho-capitalists, and 3% nihilists.

Considering the results in a strictly political left versus right, 52% of those in the cryptocurrency space fall on the right side of the spectrum, with 45% on the left.

Ideology by coin

Ethereum (ETH), EOS and Ripple (XRP) were ranked most favorably with those on the left, while DASH, Litecoin (LTC) and Bitcoin Cash (BCH) were favored by a larger majority of those on the right.

XRP also shows the largest cluster towards more centrist politics when broken down into individual categories, as Monero (XMR) attracts those from the most extreme side of each spectrum and claiming the largest total number of anarcho-capitalists at 36%.

How and why

Cryptocurrencies and Bitcoin particularly are still generally considered popular by those who believe in limited or no government centralization, and who trust in the free market such as libertarians and anarcho-capitalists. This was certainly the case in the early days of Bitcoin, but the changing shape of the market and individual cryptocurrencies over time has attracted those from all corners of political preference.

55% of respondents in Coindesk’s Q1 survey said that they did not begin actively watching the cryptocurrency industry until 2017; this is when greater financial incentives came in to play for the general population as they learned about Bitcoin. Prior to Bitcoin becoming seen as a profitable investment, much of the community pursued it out of their own libertarian, or similar, ideology. The profit motive attracted a group of people that represent the general population far more closely.

When it comes down to specific cryptocurrencies, the nuances of the leadership structure largely correlates with the beliefs in one’s political ideology. As the Bitcoin Sign Guy said, cryptocurrencies with increased central leadership or governance attract a higher percentage of those who identify as socialist.

What to take from the survey

With just 1,200 participants, the survey is perhaps not quite substantial enough to provide a definitive representation of political ideologies in the field, but it is certainly an interesting starting point.

Considering the percentage of the community that supports regulations and government acceptance of cryptocurrencies, it is not all too surprising to see this variety of political opinion.

 

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Brian Kelly Still Bullish About Bitcoin Climbing

Comments made by BKCM founder Brian Kelly last week, when Bitcoin officially crossed the USD 10,000 line before its subsequent drop, suggested that there were three clear factors that would determine the coin’s next big rally, according to CCN.

The Goldman Sachs factor

Kelly sees the next support levels after USD 10,000 as USD 12,000 and USD 14,000. One factor he cites as being significant in securing this charge, was last week’s announcement by Goldman Sachs confirming the go-ahead to invest customers funds in Bitcoin through a new cryptocurrency trading desk; a decision by the bank largely provoked by customer demand.

Jon Matonis, Bitcoin Foundation founder and Visa executive, is animated with such announcements by major financial institutions such as Goldman Sachs, commenting:

“I think it’s fabulous that they’re getting into it because it brings in new liquidity. They’re going to develop futures markets, options markets — I even think you’re going to start to see interest-rate markets around Bitcoin.”

Matonis sees the move as one which will allow the cryptocurrency market to mature through more public trading of bitcoin. The New York Times reported yesterday that Intercontinental Exchange, owner of the New York Stock Exchange (NYSE), is also considering allowing customers to buy and hold Bitcoin, which would become the second Wall Street financial institution to consider such a step within weeks.

Defining Bitcoin

Another factor, according to Kelly, is the clarity now being offered by the SEC regarding the description of digital currencies. SEC chairman’s Jay Clayton’s recent suggestion that if Bitcoin is a medium of exchange it, can’t be deemed as a security due to its use as a currency which he sees as a positive mover for Bitcoin. However, Aaron Wright, director of blockchain project Cardozo, recently suggested that there is “superficial appeal” to treating Bitcoin and related tokens as securities, as many of them were still seen as “speculative assets”.

New York Blockchain Week

Another push to Bitcoin’s potential pricing fortunes, according to Kelly, is this month’s Blockchain Week being held in New York. Partnering the New York City Economic Development Corporation in the project, Kevin Worth, CEO of Coindesk, comments about the week’s headline event, ‘Consensus’.

“Consensus is more than just a conference. It’s the largest and must-attend gathering of everyone involved in our rapidly growing ecosystem. We’re proud to partner with companies that continue to innovate and actively work toward taking their projects live.”

 

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