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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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Stephen Moore to be Part of Crypto “Central Bank” Post Fed Bid Loss

Stephen Moore to be a part of a new crypto venture after losing out on federal bid

The controversial economist, Stephen Moore, having failed his bid to be a part of the Federal Reserve Board, is now eyeing its reincarnation through the formation of a crypto central bank dubbed Decentral, which bills itself as “the world’s decentralized central bank”. Moore will be joining Decentral on 1 July, 2019. 

As reported by FOXBusiness, Moore has collaborated with a group of entrepreneurs to fuel the venture which they believe has the potential to stabilize the crypto market. Decentral will aim to perform Fed-like duties to regulate the crypto supply in a manner similar to how the Federal Reserve controls monetary supply for the US economy. It will issue its own token for exchange with the other cryptocurrencies and the token will be coupled to the value of the US dollar or some other stable valuation medium. 

Moore who has apparently assumed the role of the group’s chief economic officer, described the Decentral crypto similar to Facebook’s Libra in terms of a payment system tied to a cryptocurrency to establish reliability for energizing the crypto space. Moore said: 

“We’re doing what Facebook is doing by making a great payment method.”

Moore’s involvement in the crypto outfit has led to the rise in the debate over the crypto controversy.  However, he has denied any participation in conflict as an economist or in consideration with his bid to join the Fed board. The economist backed this by emphasising on the importance of cryptocurrencies in the economy provided they don’t violate the Federal policies. 

Earlier this year, President Trump put forward Moore’s name for consideration to join the Federal Reserve board. However, he faced a lot of criticism from Democratic Senators who denounced him unfit for qualification. Following this, Moore withdrew his name from consideration (although not formally nominated) in May referring to unrelenting attacks on his character. 

Analyst Chris Whalen was not taken aback by that decision to be a part of the crypto venture:

“Moore has never liked central banks.. He wouldn’t have been a traditional governor, so I think by joining a cryptocurrency outfit, he’s being more true to himself than serving on the Fed Board.”

Others including major crypto entrepreneurs are skeptical about the whole thing as they put forward concerns over Decentral’s attempts to establish its viability and goals.

However, Sam Kazemian, Decentral’s CEO, pointed out to irrelevance of competition between the Fed and Decentral. He stated:

“Decentral will solve the biggest problem facing regulators when it comes to crypto space: The current instability of pricing.”

Kazemian believes that the stable coins are the next big innovation in the crypto industry as they can prove to be very helpful to consumers and offer stable price levels instead of volatility. 

 

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Google Trends Show Bitcoin More Popular Than Trump, Kardashians

Google Trends Show Bitcoin More Popular Than Trump, Kardashians

It can be hard to imagine that there are more popular topics than the main headlines in politics and entertainment, but the hard numbers prove that Bitcoin is, in fact, more popular than US President Donald Trump and American glamour girl Kim Kardashian.

That is, according to Google Trends today, anyway. The statistical analysis shows that the specific term “Bitcoin” is one of the leading ones on the world’s most used search engine, consistently outperforming other popular terms over the past few years. Google also finds that people prefer to use the term “crypto” rather than “cryptocurrency” when searching for it online.

Information published in a company blog by blockchain enterprise solutions for Ethereum, ConsenSys, provides undisputed data to show that “Bitcoin” is in fact more frequently looked up on Google than other globally popular terms.

Apparently, “Donald Trump” and “Bitcoin” have been locked in a head-to-head battle for dominance over the past year, but the 2019 rally in recent months have seen the latter come out on top. It suggests that rising Bitcoin prices bring about a natural curiosity and inclination for people to come online and Google the digital asset. It backs up the theory held by many that when prices rise, so does interest, and it happens in a cyclical fashion.

Google Trends shows that other terms popular in tech such as “Tesla” and in entertainment such as “Kim Kardashian” were also included in ConsenSys’s comparison. Bitcoin has finally reached parity with Tesla after playing second fiddle for 12 months, but the Kardashian has never been able to pip Bitcoin.

Bitcoin News also ran a report recently that showed that interest in Bitcoin on Google had hit its highest levels since February 2018, when the Bitcoin price was at the beginning of its long decline last year.

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Mueller Report Makes Bitcoin Link to Russian Interference in 2016 US Election

The much-anticipated Mueller Report on interference in the 2016 US Presidential Election claims that Russian intelligence used Bitcoin to secure computer infrastructure for hacking purposes.

The ‘Report On The Investigation Into Russian Interference In The 2016 Presidential Election’ suggested that there is evidence that Russia attempted to smooth the path for Donald Trump by using hacking to target Hilary Clinton’s campaign for the presidency, although no collusion by the current president was proven. The report stated:

“…cyber intrusions (hacking) and releases of hacked materials [were] damaging to the Clinton Campaign,” adding “The Russian intelligence service known as the Main Intelligence Directorate of the General Staff of the Russian Army (GRU) carried out these operations.”

The report accuses the GRU of hacking into computer hardware used by Democratic National Committee (DNC) and the Democratic Congressional Campaign Committee (DCCC), leading to email leaks damaging to Clinton’s campaign. One of two military units of the GRU allegedly ran “a bitcoin mining operation to secure bitcoins used to purchase computer infrastructure used in hacking operations“, according to details in the report.

The report indicates that a Russian IT unit stored the Bitcoins on UK cryptocurrency cloud mining service and exchange CEX.io and used mined Bitcoins to purchase the domain name “dcleaks.com” on April 19, 2016. The Russian agents were successful in bypassing the UK based exchange’s strict strict KYC/AML policy, common to all cryptocurrency exchanges.

In January 2018 U.S. Treasury Secretary Steven Mnuchin suggested that such activity was a concern commenting at the time that cryptocurrency agencies, not unlike conventional banking, had tight KYC regulations. Clearly, this is an area that will come under scrutiny following the Mueller report revelations.

 

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McAfee Claims: If in 2020 Presidential Race, “I Will Tell the Truth”

British-American computer programmer and businessman John McAfee has begun making pledges in his run up to the 2020 US presidential elections.

The founder of McAfee Anti Virus software and vocal cryptocurrency advocate stated recently that he would seek a nomination to run in the next US presidential election. In doing so, has expressed a clear aim to advance the stature of cryptocurrency and blockchain on the world’s financial stage. McAfee recently suggested that blockchain and crypto have given new freedoms to the working community who he sees as ‘hired slaves,’ arguing:

“If you want to send Bitcoin, Ethereum or Monero, who do I have to ask? Only the peer… We are creating a permissionless society…We are not slaves for our jobs, we are not slaves to the government, we are slaves to the entire system.”

In his latest pledge as a potential POTUS runner, which would be his second attempt to get his name on the ballot, he has vowed to “tell the truth,” despite also explaining that he has no chance or indeed no intention of actually winning anything. He commented in his latest tweet:

“In truth: the crowd doesn’t want the truth. It is why politicians lie. They cannot win by telling the truth. I don’t want to win POTUS. I just want the stage.”

Running on “Truth” would be a campaign which would certainly get some support in the present political climate in the US. Although, it would be highly unlikely that McAfee, seen by some as a maverick would progress. The comparisons to the potential of Donald Trump to become US President, turning back the clock, are there to be made, however. When questioned back in June about his chances in 2020, McAfee said:

“Don’t think that I have a chance of winning. I do not. But what truly changes America is not the president, but the process of creating one. If my following is sufficient I get to stand the world’s largest stage and talk to everyone, as I did last time, to tell the truth.”

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Bitcoin Googled More Than Taylor Swift, Stock Market, Donald Trump

Whether Bitcoin is celebrated by everybody or not, one thing is for sure: people can not stop talking about it. Between August 2017 and today, the number of times Bitcoin was Googled surpassed both pop icon Taylor Swift, and even the stock market.

In December 2017, when the value of Bitcoin reached nearly USD 20,000, it was searched for up to 25% more times than US President Donald Trump. Not to forget this was the month that Trump announced Jerusalem as the official capital of Israel, the Senate passed his significant tax reform legislation, and he sent out a series of Tweets condemning his own Federal Bureau of Investigation.

Tickets for Swift’s 2018 stadium tour went on sale on 13 December, but Bitcoin was pulling in around 70% more Google traffic than the pop star.

Interestingly, when the stock market experiences a slump, the number of times it is Googled increases, whereas Bitcoin sees an increase when there is a bull market. This perhaps indicates it is the younger generation losing interest in crypto when there does not appear to be big gains to be had, whereas the older generation that is more heavily invested in stocks for the long-term keeps a closer eye on their investments when they appear to be depreciating.

As well as this, for the majority of people consuming just mainstream media, the extremities of the market are only covered; while it may not be so intriguing to investigate what is being portrayed as a failing market on the verge of collapse, a 10% investment increase in 24 hours is far more interesting.

What can we take from this data?

While Bitcoin simply being Googled more times doesn’t provide any steadfast data regarding its popularity or give us any indication of a change in market price, there is no denying that the concept has entered and intrigued the general population. And that counts for a lot.

What the trends indicate is that there is still a ways to go in turning around the conversation to keep people confident in the market despite the inevitable downward trends.

Just keep in mind, last year Bitcoin was googled more than the US president for around a month. That is progress right there.

 

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Dennis Rodman’s Trip to US-North Korea Summit Potentially Sponsored by Potcoin

A spokesman for a cryptocurrency named PotCoin has confirmed that it is in talks with Dennis Rodman to potentially sponsor his trip to next week’s historic United States-North Korea summit in Singapore.

PotCoin has sponsored Dennis Rodman on a previous trip to North Korea in 2017. He was spotted in Beijing, China’s airport wearing PotCoin paraphernalia causing a PotCoin rally on the markets. The previous successful collaboration between PotCoin and Dennis Rodman makes it more credible that they will sponsor him again during this trip, although there is no official confirmation yet.

Potcoin & Dennis Rodman Spotted in Beijing. Stay Tuned … #DennisRodman #NorthKorea #POT #Rodman pic.twitter.com/naRSbSXDDq

— PotCoin (@PotCoin) June 13, 2017

PotCoin is a cryptocurrency which launched in 2014 with the goal of becoming the primary cryptocurrency for marijuana dispensaries and the legal marijuana industry in general. Its market cap is now in excess of USD 20 million. It has a total coin supply of 420,000, with a mining block reward of 420, paying tribute to the 420 ‘code-term’ for cannabis use.

The United States-North Korea summit has the potential to bring peace between North Korea and the Western powers, after a long period of threatening each other with nuclear annihilation. This will be the first time that President Donald Trump of the United States will be meeting with Kim Jong-un, the leader of North Korea, after years of aggressive talk between the two leaders which threatened to start a world war.

Dennis Rodman says he wants to be at the summit to provide moral support to President Trump and Kim Jong-un. He has developed a relationship with Kim over the course of several visits starting in 2013 when he visited North Korea as part of the Harlem Globetrotters. He has held Kim’s baby daughter and sung happy birthday at Kim’s birthday party. His visits to North Korea have generated much controversy and news headlines.

PotCoin’s development team says they are very supportive of Dennis Rodman’s controversial North Korea peace mission since it started in 2013, and they are thrilled at how much the situation between the United States and North Korea has improved since Dennis Rodman got involved.

PotCoin went as far as saying that Dennis Rodman deserves the Nobel Peace Prize, jointly with President Trump and Kim Jong-un.

 

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Economic Savant Martin Weiss Claims Crypto Safer Than Banks

Martin D Weiss, founder of Weiss Ratings Agency has made new predictions concerning proposed legislation aimed at making changes to the Volcker Rule, according to Weiss  Cryptocurrency Ratings.

Next week, US Congress is expected to move towards changing parts of the Dodd-Franks Law, known as the Volcker Rule, writes the New York Times.  The bill, aimed at watering down the legislation named after American economist and former US Federal Reserve Chairman Paul Volcker, would allow thousands of small and mid-size banks to avoid tougher oversight.

Similar legislation has already been passed by the Senate which will allow President Trump to amend the law if the new amendment is passed. The US president also signed a law on Monday nullifying a consumer rule intended to prevent discrimination in auto lending.

The Volcker Rule refers to a part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, originally proposed by Paul Volcker in order to restrict United States banks from making certain kinds of speculative investments that do not benefit their customers.

According to Weiss, this will open the door for banks to take the kind of risks and trade the same sorts of assets which helped lead to the 2008 financial crisis, predicting that if the bill were passed, and the amendments come into law, investors would be compelled to move their money away from traditional banking.

Weiss suggests that this is the worst possible time for such a change in legislation, with risk-taking reaching new levels. He cites the JPMorgan Chase index as an example which has revealed that the debt of American companies has just posted one of their worst 100-day returns since 2000.

Weiss reflects on the apparent short memories of the US banking community, given the events of the global banking crisis when financial institutions helped create a historic speculative bubble in real estate, mortgages and mortgage-backed securities. Rich rewards were available for those banks and insurance companies prepared to take excessive risks.

In view of a revisit to the 2000s and a financial meltdown, Weiss suggests that banks will become once again unsound. He compares the bankless economy of many in the Third World who shun banks, often due to the corruption that comes hand in hand with institutionalized local banking, to the sound man’s thinking, “Better to park your money under the mattress or some equivalent”.

Weiss argues that “cryptocurrencies do such a fundamentally better job as a safe depository, it’s difficult to envision a world in which this technology does not become a game-changer for money and banking,” and adds a reminder that Bitcoin was invented in direct response to global government bailouts.

“This is why Satoshi Nakamoto, the inventor of Bitcoin, wrote on the very first Bitcoin block: ‘The time is 03/Jan/2009. Chancellor on brink of the second bailout for banks’,” he adds.

“At the very core of its design stands this one guiding principle: Everyone should own their money directly. Everyone should trade directly with whomever they please. No third party, no custody, no trust in a central authority.”

Weiss suggests there are two clear reasons why he thinks that Bitcoin hasn’t been more widely adopted today. Volatility remains an issue, which he feels will stabilize in time as liquidity grows, and a general lack of knowledge and information about the space, and “even fewer understand the advantages of cryptocurrencies in a wallet over money in a bank”.

 

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