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Bitcoin Beats Back Bears, Takes Aim at $11,000

Bitcoin Bears Beaten Back as Bulls Take Aim at ,000

Bitcoin bears were unable to carry out their threats on a worrisome Monday that saw USD 10,000 support floors breached twice, with North American traders finally stemming the tide with a concerted series of buys.

Although the volume was not nearly enough to confirm any breakthrough, it was significant enough to ensure that price clambered back into the high areas closer to USD 11,000 than to USD 10,500 for more than half of the day. And so, it now appears that the immediate danger has passed and we now navigate into the second half of a volatile summer month.

Once bears had done their best, it was only to register the low of 24 hours at USD 10,076 at around 1:15 pm UTC (9.15 am EST), but from there on, awakening buys were triggered, setting price on an upwards trajectory until a high of USD 11,075 just before China market hours. Asian trading has taken off some of that gloss, with mild profit-taking chopping off gains and European vagueness further tapering off price to its current levels at USD 10,720  just approaching London noon (10:40 UTC, CoinDesk).

Overall, the crypto market carries a healthier sheen than it did yesterday, with Bitcoin’s USD 191 billion market cap carrying the bulk of a USD 287 billion crypto market capitalization at 66.6% dominance (CoinMarketCap).

Altcoins have had a mixed day despite Bitcoin’s upswing. While the majority of those in the Top 30 by market cap have registered slight gains, some like Binance Coin (BNB), DASH, Chainlink, Cardano and EOS are still shedding off cents and dollars. 0x was the biggest winner among the recognized alts, posting 17% gains, although Bitcoin forks BSV and BCH also shared respectable percentages above 5%.

Although the market has embarked on a mild recovery, some analysts are not sure that this will invalidate the previous days’ bearish trends. They still believe Bitcoin could possibly dip below USD 10,000 again, and the sentiment does appear to resonate even with the likes of Mati Greenspan, who today advised caution. Speaking to BloxLive TV, Greenspan suggested to “play it safe and diversify your portfolio” to prevent too much exposure to risk on Bitcoin.

#Bitcoin dipped below 10k in the past few trading days and some analysts are predicting it to fall lower 📉

That’s why @MatiGreenspan 👨‍💼suggests you play it safe and #diversify 📊your #portfolio

📺catch up on the full interview here on @BloxliveTV👇

— Bloxlive.TV (@BloxliveTV) July 16, 2019

Trump’s earlier bashing of Bitcoin has finally relented on its social media hold, but only to be replaced by other politicians taking a turn at criticizing the digital asset and other crypto. Forbes reports just hours ago say that US Treasury Secretary Steven Mnuchin has poured more oil over the fire, claiming that Bitcoin and crypto pose a “national security” risk to the USA, and was “not comfortable” with Libra, the private crypto planned by social media giant Facebook. Mnuchin was quoted as saying:

“Cryptocurrencies such as bitcoin have been exploited to support billions of dollars of illicit activity like cyber crime, tax evasion, extortion, ransomware, illicit drugs, and human trafficking… [Libra] could be misused by money launderers and terrorist financiers.”

Dear @StevenMnuchin1,

I appreciate your concern about bad actors using cryptocurrencies, but please remember: technology is amoral.

All of it — electricity, cars, the internet — can be used for good or evil. And yet, it is the beating heart of human progress. We must push on.

— Jake Chervinsky (@jchervinsky) July 15, 2019

It is a flawed argument, as pointed out by crypto litigation expert Jake Chervinsky, who reminds that all technology is amoral. New technology, in particular, often face initial resistance and their dark sides of use are often exploited to put them in a bad light, just as the internet, electricity and even automobiles had faced in their time prior to mainstream adoption. Bitcoin, like all tech, “can be used for good or evil”.

From a technical perspective, the immediate change in price action offers some optimism for the medium-term traders, with further confirmation of consolidation patterns forming. The recent bounce from the immediate support zone was further hemmed in by resistance, keeping price in a tight range for the 6-hour time frames. At the same time, Relative Strength Index (RSI) on four-hour time frames are slightly bearish but also are now approaching oversold territory.

For the remainder of today, we try to look for a break from USD 11,000 (so far one unsuccessful attempt), which would likely prompt more buyers to enter, or a breach of support at USD 10,000 — basically, same story as yesterday. Otherwise, if neither of these happen, then a stronger basis for consolidation is achieved.


This is perfect – the price dipped and bounced from the support level (the Red pointer).

Also, note the Green pointer how resistance is not letting it move on the upside.

Currently, it’s consolidating. It could retest the support level again.#BTC #bitcoin

— Mihir (@MihirNaik19) July 16, 2019

If we’re wondering what the mathematics say about sentiment, then the Fear and Greed Index has shifted from Extreme Fear up, but of course still remains in Fear Territory, largely thanks to the past day’s gains and retesting of USD 11,000 resistance. Any decent surge either way today could determine another gear change in mood tomorrow.

Unsurprisningly, less than a 5% increase in $BTC price has managed to move the fear and greed index by a whooping 18 points…..#crypto #bitcoin #FUD #FOMO #sheeple

— runicar (@runicar1) July 16, 2019

In any case, the mood is rather neutral, with optimism from the bulls canceling out the downside from the Monday bears. Medium and long term holders will likely have set stops far below what Bitcoin is ever likely to hit this week, so the stage is set for patient waiting. is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

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Bitcoin Shatters New 2019 High at $9,381

Bitcoin Shatters New 2019 High at ,381

Just a couple of weeks after bears threatened to break Bitcoin’s rally, Bitcoin price has now hit a new record for the year, trading at USD 9,381 just an hour ago. Now, it is trading at around USD 9,340 at 9:00 am UTC (CoinDesk), and an uptrend looks imminent with the opening of the European trading market.

It appears that after yesterday’s confirmation that the Bitcoin bulls had returned for a weekend showdown, Bitcoin price never looked back from USD 8,700, climbing over 7% in the past 24 hours with a steady ascending volume of trade also accompanying.

In the flash of a single weekend, the bulls who predicted a successful attack of USD 9,000 and a five-digit US dollar valuation by June will suddenly feel they are on the brink of vindication. After trailing behind its cousin Litecoin in the past week in terms of valuation, it has now once more outperformed any other crypto in the Top 10 in 2019.

eToro analyst Mati Greenspan will be happy to remind people that he had predicted the breakout earlier in the week:

If Litecoin is indeed the leader, let’s look out for a Bitcoin breakout this week. 🚀🌛

— Mati Greenspan (@MatiGreenspan) June 10, 2019

Bitcoin’s halvening event is due to happen around May 2020, less than a year from now, and it could be that this is slowly adding buying pressure as people expect an increased scarcity to up the demand for the world’s most asked-for crypto.


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Bitcoin Price Stops Shy of $9,000, Support at $8,700

Bitcoin Stops Shy of ,000, Support at ,700

After springing yet another weekend surprise yesterday, Bitcoin price made another attempt at USD 9,000 in the last 24 hours but ultimately accepted the resistance to settle around its current price of USD 8,750, after finding very solid support levels just around USD 8,700 (2:40pm UTC, CoinDesk).

Bitcoin bulls will take a lot of cheer from the price action today, which generally showed a positive inclination to go up, right after a tight pullback from the 24-hour high of USD 8,921. European markets saw trading see-saw in a tight range, breaching USD 8,800 several times but eventually falling to support levels, as the markets now give way to North America.

On the back of Bitcoin’s impressive double-digit gains, other altcoins have enjoyed strong rallies, with EOS, Ripple (XRP), Ethereum and Litecoin all recording strong gains, with the expectation that the Bitcoin trudge towards USD 10,000 is all but an eventuality.

To put things in perspective, Bitcoin was last at this price 12 months ago, before embarking on a descent ever since until January 2019. It is now 70% higher than it was last month.

Along with this most recent spike in price, Bitcoin has dragged the entire market capitalization for cryptocurrency up by over USD 20 billion, with 75% of that thanks to Bitcoin itself.

Bears will remind that even the bullish 200-day moving average (200-MA) is still hovering around USD 4,500, so even a sudden crash could hurt speculators quickly. Despite the lack of bad news and negative developments in the industry, the equal dearth of particularly positive news or even Bitcoin whale movements still has most analysts puzzling over this recent turn of events.

Others like eToro crypto analyst Mati Greenspan feel perhaps they shouldn’t jinx the market by hoping the Bitcoin market stays for a while near its current highs in consolidation.

Maybe should’ve kept my big fat mouth shut. 😂🤣

— Mati Greenspan (@MatiGreenspan) May 28, 2019


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Winklevoss: Bitcoin is Gold 2.0

Winklevoss: Bitcoin is Gold 2.0

Tyler Winklevoss, one half of the famous Winklevoss Twins who manage digital asset platform Gemini, has spoken out about Bitcoin as the new digital gold, calling the world’s foremost cryptocurrency “Gold 2.0”.

Bitcoin is gold 2.0. It matches or beats gold across the board. It’s market cap is ~140bil, gold’s market cap is ~7tril. Do the math!

— Tyler Winklevoss (@tylerwinklevoss) May 16, 2019

According to his argument, Bitcoin’s position in the market today after only 10 years of existence has proven its staying power, and has now in fact displaced the precious metal in several comparisons. This includes a market capitalization of around USD 140 billion, compared to gold’s USD 7 trillion market cap.

Those who believe that Bitcoin is a store of value will probably enjoy the fact that the theory is supported by someone as influential as Winklevoss, although there will be others who say that for Bitcoin to succeed as a digital currency in the way it was originally deemed, its value needs to be more predictable and less volatile.

Senior market analyst at eToro, Mati Greenspan believes that both sides of the equation bear merits, seeing individual strengths for both gold as a traditional store of value in times of crisis and Bitcoin as a digital currency. As he points out, switch the power off and you can’t use Bitcoin:

Yeah. Bitcoin is digital gold and has advantages over regular gold. However, physical gold also has advantages over bitcoin.

It can be used to make jewelry or technology and can be used in the event of a total system meltdown. If the power goes out, you can’t use bitcoin.

— Mati Greenspan (@MatiGreenspan) May 16, 2019

Other industry giants like crypto fund Grayscale, for example, go even more extreme, launching a  #dropgold campaign calling for Bitcoin to replace gold as a store of value in the new global digital economic model.

Whichever the opinion, it is becoming clear that Bitcoin cannot be ignored, whether as a revolutionary new technology, or digital money, or store of value. 


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Binance CEO Says Bitcoin FOMO is Back

Binance CEO Says Bitcoin FOMO is Back

As Bitcoin enjoys a surge in the market +15.8 in the last 24 hours, the CEO of popular cryptocurrency exchange Binance has said the long-awaited Bitcoin FOMO is back. The same ‘fear of missing out’ is said to have played a major role in Bitcoin’s 2017 price surge.

CEO Changpeng Zhao has said he believes ”there is more money parked in pseudo fiat than most tokens”, using this latest price surge to back up his argument. ”Plenty of money to jump in, and in full FOMO mode”, he wrote on Twitter today.

I guess this was true. Plenty of money ready to jump in, and in full FOMO mode.

Everyone will be in Crypto. Don’t get left behind!

— CZ Binance (@cz_binance) April 2, 2019

It has been speculated that the jump in price was sparked by one Bitcoin whale in Asia who triggered an order totaling around USD 100 million between three exchanges, Coinbase, Kraken, and Bitstamp. The order was algorithmically managed, although analysts cannot point to what exactly influenced the buyer’s decision for such a large, synchronized investment across the platform.

As usually is the case in the cryptocurrency market, Bitcoin’s surge influenced many altcoins into higher trading prices.”Today, Bitcoin is in the driving seat,” e-Toro Israel analyst, Mati Greenspan, said.


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Canada Urges Cannabis Retailers to Protect Customers’ Data

Canadian authorities are encouraging Canadian citizens to conduct cannabis purchases in cash in order to protect their personal information.

The Office of the Privacy Commissioner of Canada has published a document advising Canadian citizens that “adequate physical, technological, and organizational security measures are in place to safeguard personal information,” suggesting that that security protocols “must recognize and respond to the sensitivity of this information.”

The commissioner emphasizes that cannabis purchasers should minimize the amount of personal information given to retailers. Also, credit card purchases can be risky due to the online visibility of the credit card number and the cardholder’s name. Customers are also advised to ascertain before purchasing if their personal information is then stored online.

The reaction to this advice by eToro market analyst Mati Greenspan is that the liberalization of Canada’s cannabis sector will be a huge boon for local privacy coin adoption suggesting, “this will almost certainly increase the usage of privacy coins…in Canada,”

Under Canada’s new liberal cannabis legislation introduced in October, plants grown at home will be limited and only 30 grams will be allowed for personal possession in public. Also, strict driving legislation will allow police to track and penalize drug-impaired drivers through roadside saliva testing for over the limit THC content.

Supply chain management is sure to become a major factor under Canada’s new legislation. DMG Blockchain Solutions is currently negotiating with cannabis licensed producers, quality assurance labs, retail distributors, and government regulators, to develop a cannabis supply chain solution. DMG describes itself as a diversified blockchain and cryptocurrency company that works on end-to-end solutions to monetize blockchain’s ecosystem.

Statistics Canada says sales at cannabis stores in the two weeks following the landmark legalization totaled $43 million with different retail structures in each province and territory affecting the availability of cannabis across the country.

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Cryptocurrency Market Decline Caused by Strengthening Dollar

A senior market analyst at eToro, Mati Greenspan, recently produced a commentary on cryptocurrency market. He argued that the recent market decline is a product of the strengthening US dollar.
As the dollar continued to perform well in recent weeks, fuelled by policies tightening the economy with the intention of preventing high inflation, the economies of emerging markets struggled to maintain the strength of their own currencies. Greenspan believes this has affected cryptocurrencies in the same way.
In the commentary that was shared with CCN, Greenspan compared the movements in the crypto market with those of local fiat currencies in emerging markets, noting that they mirror one another. While investors in these markets are choosing to invest in cryptocurrencies when their local currency is on the decline, Greenspan said that the US dollar is still the most popular reserve currency of choice.
His analysis suggests that many smaller economies rely on a stable exchange rate with the dollar, something threatened by its current appreciation. Additionally, because of its movements, there is less incentive for investors to move their capital into the digital currency market.
The value of cryptocurrencies is often regarded as unassociated with the movements of traditional commodities such as gold and oil. But in this case, they have been fluctuating in the same ways, in reaction to the surging dollar. It is common for these commodities to lose value in the face of the increasing dollar value. The digital currency market has followed suit this time.
As the past several days have seen the movement of the dollar slow down, currencies such as the lira, rand, and peso have begun to recover. As Greenspan’s analysis would suggest, so has the cryptocurrency market. Market capitalization hit USD 216 billion Friday from a Monday total of USD 190 billion.
An alternative analysis of the decline from Arthur Hayes, CEO of cryptocurrency derivatives exchange BitMEX, suggested that ICO-funded startups were cashing out capital before losing any more in another market dip.
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Bitcoin Price Set to Overtake All Time High Says Senior Analyst

A senior analyst at leading social trading network eToro has announced that he sees Bitcoin overtaking its all-time high of $20,000 with “absolute certainty”

Mati Greenspan, who is also a well-known bitcoin expert, told the UK’s Sunday Express that bitcoin’s January retracement was “a temporary swerve” and feels certain the trend will now be upward for the digital currency. Although he describes himself as, “not a fortune teller or anything like that,” Greenspan  suggested that “Whenever the price moves and jumps into a new order of magnitude, we need to see some sort of retracement on that.”

According to CNN, this is not the first time that analysts have compared the recent slump to the drop in 2014 when bitcoin dropped by 80% in value and then failed to recover for over a year. The market is now considerably different from its position over three years ago with a daily global trading volume of $30 million.

Greenspan is not alone in his views regarding the figure, providing that bitcoin can continue its trading volume, but some investors and analysts see the 20k target happening sooner. Billionaire investor Mike Novogratz, and Pantera Capital CEO Dan Morehead, along with other investors, see bitcoin surpassing its all-time high by the end of 2018.

The market may have benefited recently from the frequent announcements made by well-known investors about to embrace cryptocurrency trading. Also, banks beginning to express a more favorable interest in the market, such as Goldman Sachs announcement to offer bitcoin futures trading on behalf of its customers, does have an impact as well.

Goldman Sachs has said that it has no plans to initially buy and sell Bitcoin itself, but a team is looking into the possibility, provided it can gain regulatory approval and then work out a plan for eliminating risk.

In the last few days, Bitcoin Foundation founder Charlie Shrem has tweeted that May 2018 will be the “last time” bitcoin costs less than $10,000.

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