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Bitcoin Price Breaks $9,000, Does Not Stay For Long

Bitcoin Price Breaks $9,000, Does Not Stay For Long

Bitcoin Price Breaks $9,000, Does Not Stay For Long

March 20: the Bitcoin (BTC) price broke the $9,000 mark today after a rough start to the year in which the price decreased by nearly 70 percent from the December high of $20,000.

Following the December high the BTC price has moved downward in fits and starts. On January 17, BTC price was down to $9,724, less than half of where it had been a month previously when it scraped the underside of $20,000. The month of February started with BTC dipping below $9,000 for the first time since late Nov. 2017.

By February the price had sunk to just $5,922, with skeptics claiming that it could sink even lower. By late February and early March, BTC was fluctuating around the $9,000 mark, with changes spurred by news of new regulations on exchanges by the US Securities and Exchange Commission (SEC).

A return to prices above $9,000 would provide the confidence many traders and investors need for the BTC value to grow even further.

As Cointelegraph reported March 20, the G20 decided not to crack down on cryptocurrency, and opted for a more moderate approach of simply classifying cryptocurrencies as assets. Some see this as a possible cause for crossing the $9,000 psychological threshold.

Others are more skeptical that the results will be long lasting, and see the most recent bump above $9,000 to be part of a holding pattern that requires another, stronger increase in order to break the barrier.

At press time, Bitcoin was trading at $9,017
 

Author: Salih SARIKAYA

 

Posted by David Ogden Entrepreneur

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Bitcoin Following Nasdaq Path but 15 Times Faster

Bitcoin Following Nasdaq Path but 15 Times Faster

Bitcoin Following Nasdaq Path but 15 Times Faster

Morgan Stanley put out a note to its clients on Monday the 19th breaking down Bitcoin trading in comparison to the Nasdaq during the dot-com crash 20 years ago.

Bitcoin Similar to Dot-Coms Through Bear Markets

According to the report, Bitcoin is behaving very similar to the way the Nasdaq did in 2000. There is parity in the pattern of price declines and the rally of 250 -280 percent “in their most exuberant period” just before the bear market.

“Just that the bitcoin rally was around 15 times the speed,” Sheena Shah, strategist at Morgan Stanley said.

There have been four bear markets with Bitcoin since 2009 and through each, the cryptocurrency has lost between 28 and 92 percent of its value. It lost 70% of its value from it’s $20,000 high mark in December to $7,000 in February before recovering slightly to where it is today over $8,000. Averaging a loss of between 40-50% of its value through each bear market is similar to the Nasdaq’s performance 18 years ago Shah said.

According to the Morgan Stanely report trading volume can also be seen as a red flag. The Bitcoin trading volume has jumped nearly 300% since the market decline in December but each rally saw volumes fall ahead of the bear market to come. Shah said regarding the trading volumes;

“The follow-up rally for both bitcoin and the Nasdaq always saw falling trading volumes. Rising trade volumes are thus not an indication of more investor activity but instead a rush to get out.”
 

Tethers Effect on Market Trading

The Morgan Stanley report continued to point out the effect that the Tether cryptocurrency may have had on market trading. Citing that during the latest bear market the Tether USDT coin which is purportedly backed up one to one with US Dollars took up a bigger share of Bitcoin trading compared to the three historically major trading currencies; US Dollar, Chinese Yuan and the Japanese Yen.

“The coin USDT is not a major funding unit but its increasing use is an interesting development,” Shah wrote. “Over the coming years, we think that market focus could turn increasingly towards cross trades between cryptocurrencies/tokens, which would transact via distributed ledgers only and not via the banking system.”

Bloomberg reported in January that Tether has been subpoenaed by the US commodities trading commission under speculation that they do not hold the $2.2 billion in reserve in order to back their token. Bitcoin’s price continues to vacillate around the $8,000 mark early this week after enjoying a $1,000 price boost from the news that the G20 would not be receiving any further regulatory recommendations from the FSB.

 

Author JOHN MCMAHON • MAR 20, 2018 • 04:03

 

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Bitcoin Price Surges 10% as G20 Will Not Crackdown on Cryptocurrencies

Bitcoin Price Surges 10% as G20 Will Not Crackdown on Cryptocurrencies

Bitcoin Price Surges 10% as G20 Will Not Crackdown on Cryptocurrencies

The G20’s announcement that it will pivot away from creating new regulations in favor of examining existing rules gave the cryptocurrency market a much needed seeing Bitcoin surge by $1000.

 

No New Regulations

The anticipation of what new regulations might come of the G20 meeting this week in Buenos Aires added to a rocky cryptocurrency market over the past week but the news as reported by Reuters is that there will be no new regulation recommendations handed down.

Some of the nervousness of cryptocurrency market watchers coming up to the G20 was due in part to the fact that Mark Carney, Governor of the Bank Of England and outspoken critic of Bitcoin heads the Financial Stability Board which coordinates financial regulation for the Group of 20 economies.

Carney has been very vocal about his doubts concerning the credibility of cryptocurrency in the past speaking as the head of the Bank of England.

Deciding that there was not enough of a consensus to create radical new regulation among the 20 countries that make up the G20 the FSB issued a letter to the central bankers and finance ministers who will convene in Buenos Aries on the 19 and 20 saying

“The FSB’s initial assessment is that crypto-assets do not pose risks to global financial stability at this time,”

Carneys singing off on this letter shows an increased willingness in his attitude towards accepting cryptocurrency as part of the worlds financial system. Noting that this would be his last year as both chairman of the FSB and Governor of the Bank of England he said his successor would be reviewing existing rules as opposed to pushing through new standards.
 

Scaling Down

President Donald Trump set a mood for scaling back regulatory powers when he ordered American regulators to relax post-banking crisis reforms in order to encourage lending in the economy.

This made world regulators speculate that America, already reticent to join global regulatory bodies would reject any new suggestions and possibly fragment markets.

In reaction, the FSB membership vowed to make a complete review of whether the watchdog is still “fit for Purpose” for evaluating and amending rules.

Having already scrapped a quarter of its working groups in an effort to make the FSB more efficient and dedicated Carney said “As its work to fix the fault lines that caused the financial crisis draws to a close, the FSB is increasingly pivoting away from design of new policy initiatives towards dynamic implementation and rigorous evaluation of the effects of the agreed G20 reforms,”

This seemingly good news for cryptocurrency regulation and the hangover effects of the latest Mt. Gox bulk sale wearing off gave the faltering Bitcoin price a nice boost, up $1000 recovering nearly 8% of its value in 24 hours.
 

Author JOHN MCMAHON • MAR 19, 2018 • 05:03

 

Posted by David Ogden Entrepreneur
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Bitcoin analysis — How low can it go?

Bitcoin, how low can it go

Bitcoin Price Analysis — How Low Can It Go?

Bitcoin is showing more bearish momentum so it's time to look at the next downside targets.

Bitcoin looks ready for more losses as price gained downside traction after its break below a double top neckline. Applying the Fibonacci extension tool on the latest correction shows the potential targets.

Price is currently sitting on the 38.2% extension near the $8000 level at the moment, and a break lower could take it to the 50% extension next at $6459.7 next. From there, price could drop to the 61.8% extension at $5168.1 then the 76.4% extension at $3610.4 at the channel support. The full extension is located at $1063.4.

Technical indicators, however, are suggesting that the longer-term uptrend could still resume. The 100 SMA is above the longer-term 200 SMA so the path of least resistance is still to the upside. Then again, bitcoin has fallen below the 200 SMA dynamic inflection point, which could be seen as an early signal of a pending downward crossover.

Stochastic is indicating oversold conditions to show that sellers are tired, but the oscillator has yet to move higher to reflect a return in bullish pressure. RSI has some room to head south so bitcoin could still see some losses from here.

bitcoin - how low can it go

The latest wave of selling is seen to have spurred from Google’s announcement to ban cryptocurrency ads starting June. Similar action was taken by Facebook back in January when it banned ads on binary options, ICOs and cryptocurrencies, leading to roughly a 12% drop in bitcoin price then.

It doesn’t help that regulators are stepping up their game to oversee the industry, leading to speculations of more arrests or possibly shutdowns. There are also rumors that the Chinese government continues to crack down on crypto activity in the country.

IMF head Lagarde herself called upon fighting “fire with fire” to encourage encryption experts to help in the crackdown on criminals using cryptocurrencies to facilitate their activity. More remarks in the same line from other top officials could lead to further weakness in bitcoin
 

By Rachel Lee On Mar 15, 2018

Posted by David Ogden Entrepreneur
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Bitcoin Is Melting, Again

Bitcoin Is Melting, Again

Bitcoin Is Melting, Again

Summary

  • After an unsuccessful attempt at the $12,000 resistance level, Bitcoin is melting down once again, slumping by 30% in just a few days.

  • A few distinct developments caused the recent selloff to intensify.

  • People seem to be "Bitcoined out" a bit at the moment, which could cause the price to stay below $10K for some time.

  • It's not all bad news, but in the short term it could get painful for Bitcoin and the rest of the cryptocurrency complex.

Bitcoin is Melting, Again

Bitcoin (COIN), (OTCQX:GBTC) is not having a great week, and it looks like this selloff may get even worse. After a failed attempt at $12K Bitcoin entered the meltdown phase, cratering by roughly 30% in just a few days. Several simultaneous detrimental developments caused this selloff to intensify after the failed technical attempt sparked the negative price action. However, there is one predominant factor that has become the "elephant in the room". Bitcoin’s apparent loss of popularity could keep prices depressed for a lot longer than many people expect, and we may be looking at a near perfect storm scenario of events that could cause the current selloff to become much worse.
 

The Binance Hack

One of the elements that helped exacerbate the recent selloff was the Binance hack. It’s not exactly clear what caused the issues at the popular exchange, but what is known, is that numerous users reported their coins being sold off at random, without their knowledge or consent. This led to the speculation that a hack occurred at the crypto exchange, which in turn caused Bitcoin and other digital assets to selloff. Bitcoin cratered by about 7% in minutes following the news.

Author  Victor Dergunov

Posted by David Ogden Entrepreneur.
 

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Bitcoin Drops 20% But Wasn’t Week’s Big Crypto Price Loser

Bitcoin Drops 20% But Wasn't Week's Big Crypto Price Loser

Bitcoin Drops 20% But Wasn't Week's Big Crypto Price Loser

If February was bad for the crypto market, March hasn't fared better.

Bitcoin's (BTC) repeated failure to beat inverse head-and-shoulders neckline resistance saw bears come in full force, pushing prices to a one-month low of $8,371 Friday. As of writing, the world's largest cryptocurrency by market capitalization is trading at $8,970, according to CoinDesk's Bitcoin Price Index.

But the 28 percent drop from BTC's March 5 high of $11,660 had broader implications, pushing the market capitalization below $350 billion for the first time since Feb. 14.

The sell-off in BTC seems to have roiled broader markets, a trend evident by the fact the top 25 cryptos by total value are all reporting weekly losses
As such, while bitcoin has depreciated by 20.98 percent week-on-week, it's notably not the top loser of the week, with TRON, ICON and IOTA ranking higher on bigger losses.

Weekly performance: -42.65 percent

All-time high: $34.40

Closing price on March 2: $16.20

Current market price: $9.29

Rank as per market capitalization: 22

Having topped out at $17.38 on March 1, nano prices fell below $10 today for the first time since Feb. 23 this week.

So, despite positive news, such as a thumbs up from influential litecoin founder Charlie Lee, the endorsement failed to keep the nano bid amid a broader market sell-off.

As of writing, the cryptocurrency is seen changing hands at 0.0011 BTC (about $10) on Binance. The recovery from the intraday low of BTC 0.001008 (roughly $9) in the wake of oversold conditions (as shown by the relative strength index) has neutralized the immediate bearish outlook.

However, only an upside break of the descending channel would signal a bearish-to-bullish trend change.

Weekly performance: -38.51 percent

All-time high: $0.30

Closing price on March 2: $0.05

Current market price: $0.03

Rank as per market capitalization: 15

After rocketing to records earlier this year, TRON showed signs it hasn't quite been able to recover from the backlash of severe criticism.

This week, TRON even reached a strategic partnership with Trip.io to advance blockchain applications in the travel industry, and announced a strategic cooperation with BitGuild (a blockchain game platform)

Elsewhere, TRON Founder Justin Sun went so far as to reveal plans to accelerate the launch of main net.

Still, the positive news flow failed to put a floor under TRON prices. TRX/USD fell to $0.03 yesterday — its lowest level since Feb. 8.

Weekly performance: -38 percent

All-time high: $12.04

Closing price on March 2: $3.71

Current market price: $2.30

Rank as per market capitalization: 24

February's top loser hasn't had a good start this month

Prices for ICON's ICX token fell to $2.16 on Binance — the lowest level since Dec. 22, with a series of lower highs and lower lows on the daily chart indicating the bears are in control of the market.

However, short-term oversold conditions as shown by the relative strength index could yield a minor corrective rally.

 

Author Omkar Godbole Mar 9, 2018 at 21:52 UTC

 

Posted by David Ogden Entrepreneur
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Alan Zibluk Markethive Founding Member

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Bitcoin prices fall below $9,000 — a 24% decline for the week

Bitcoin prices fall below $9,000 — a 24% decline for the week

Bitcoin prices fall below $9,000 — a 24% decline for the week

  • Bitcoin fell below $9,000 during Friday afternoon Asia trade, extending losses seen earlier in the week when it fell below the key $10,000 level.

  • The digital currency came under pressure earlier in the week after the U.S. Securities and Exchange Commission said exchanges that offered trading of "digital assets that are securities" would have to register with the agency.

  • At its current levels, bitcoin has declined around 24 percent for the week.

Bitcoin fell below $9,000 during Friday afternoon Asia trade, extending losses seen earlier in the week when it dropped below the key $10,000 level.

The digital currency traded at $8,671.67 at 12:37 p.m. HK/SIN after touching as low as $8,587.05 earlier in the day, according to industry site CoinDesk.

At its current levels, bitcoin has declined around 24 percent for the week.

The cryptocurrency came under pressure earlier in the week after the U.S. Securities and Exchange Commission said exchanges that offer trading of "digital assets that are securities" would have to register with the agency.

That statement on Wednesday came after weeks of subpoenas from the SEC in its attempt to establish better control over the many trading platforms and exchanges.

Regulatory developments in the Asia Pacific region also likely put a dampener on prices this week.

Japan's Financial Services Agency issued punishment notices to a number of exchanges in the country on Thursday, Reuters reported. Regulators also suspended operations at Bit Station and FSHO for a month, the news agency reported.

Regulatory scrutiny in the country increased after $530 million worth of virtual tokens were stolen from Coincheck, a Tokyo-based cryptocurrency exchange, earlier this year.

— CNBC's Thomas Franck contributed to this report.
 

Author Cheang Ming

Posted by David Ogden Entrepreneur
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Bitcoin Takes a Dip as SEC Demands Exchanges to Register

Bitcoin Takes a Dip as SEC Demands Exchanges to Register

Bitcoin Takes a Dip as SEC Demands Exchanges to Register

In the ongoing saga of how U.S. regulators will ultimately handle cryptocurrency the SEC yesterday said it will require digital asset exchanges to register causing Bitcoin to dip below $10,000.
 

Cryptocurrency Defined as Securities

The SEC released a statement that said online platforms trading in digital assets are considered securities under existing guidelines and therefore must register with the agency.
 

The SEC statement reads as follows.
 

“If a platform offers trading of digital assets that are securities and operates as an ‘exchange,’ as defined by the federal securities laws, then the platform must register with the SEC as a national securities exchange or be exempt from registration.”

 

“The SEC staff has concerns that many online trading platforms appear to investors as SEC-registered and regulated marketplaces when they are not. Many platforms refer to themselves as “exchanges,” which can give the misimpression to investors that they are regulated or meet the regulatory standards of a national securities exchange.”

 

The SEC’s statement may have triggered fears among Bitcoin traders of further regulation to come. The statement from the regulatory commission follows some tense weeks of subpoenas and demands of information from exchanges as the commission strives to take some control over crypto trading.

 

Nothing the SEC has demanded is new policy, rather these are existing regulations that it is trying to fit to the as yet undefined crypto market. “The SEC continues to draw a line in the sand between securities and non-securities but without going so far as to name names,” said Spencer Bogart, partner at Blockchain Capital.
 

SEC Definition May Help Protect Crypto Exchanges

While that may be true up until now bonafide exchanges have relied on developing a steady reputation and their lawyers protecting their cause in order to separate themselves from being linked to scam operations or getting labelled as Ponzi or pyramid schemes.
 

In this way, a final and consistent ruling from the SEC naming cryptocurrency as securities may be a good thing. As the level of existing regulation may work to protect the exchanges and ultimately investors from further and possibly more difficult regulatory interference.

 

Whether or not an investment is legally a security generally relies on what is called the “Howey Test”. This defined by a 1946 supreme court ruling that says a security involves the investment of money in a common enterprise, in which the investor profits primarily from others’ efforts.
 

Bitcoin suffered a bit from the Securities Exchange Commission announcement by dropping to $9,500 but recovered back to nearly the $9,800 mark by the end of the day.

 

Author: JOHN MCMAHON • MAR 8, 2018 • 05:03

 

Posted by David Ogden Entrepreneur
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North Korea may have as made much as $200 million from Bitcoin, according to expert

North Korea may have as made much as $200 million from Bitcoin, according to expert

North Korea may have as made much as $200 million from Bitcoin, according to expert

North Korea may have raked in more than $200 million in digital cryptocurrency transactions last year, diluting the impact of stiff international sanctions over its nuclear and missiles programme.

The huge haul of an estimated 11,000 Bitcoins was revealed by Priscilla Moriuchi, a former US National Security Agency officer, in an interview with Radio Free Asia.

If the regime had monetised them when their price peaked in mid-December, it would have made $210 million, although that value had fallen to $120m by January.

Ms Moriuchi, who now works for cyber threat intelligence firm Recorded Future, believes the cryptocurrency was acquired through mining or hacking.

Financial security experts believe North Korea is using virtual coin markets to inject cash into its flagging economy, which is struggling under the weight of severe international sanctions.

“I would bet that these coins are being turned into something — currency or physical goods — that are supporting North Korea’s nuclear and ballistic missile programme,” Ms Moriuchi told Vox.com.

The reclusive regime has already been blamed for some of the world’s most audacious cyber crimes. In December, the US confirmed that it was behind May’s WannaCry ransomware attack, which affected more than 230,000 computers in over 150 countries.

North Korean hackers have also been accused of plundering the Bank of Bangladesh in 2015, transferring about $81 million into bank accounts in the Philippines.

picEvidence suggests hacker cells have operational hubs in foreign locations. Ms Moriuchi told the Telegraph in a December interview that Recorded Future was probing whether North Korean hackers were operating out of several countries that included China and India.

Recent reports have revealed that a state-sponsored cyber army may also be evolving beyond the targeting of traditional banking systems to focus on the lucrative potential of plundering cryptocurrencies.

In December suspected North Korean hackers targeted a South Korean cryptocurrency exchange, stealing at least $7m worth of digital money and forcing one company, Youbit, into bankruptcy.

Pyongyang consistently denies all hacking allegations. However, cyber security experts and defectors have claimed that promising students are handpicked from prestigious universities to join Bureau 121, the hermit kingdom’s shadowy cyberwarfare agency.

In November, it was reported that the Pyongyang University of Science and Technology was teaching a specialised cryptocurrency course.

Citing cyber security expert, Jeremy Samide, she points out that cryptocurrencies make it easier to trade in weapons, drugs and other illicit goods. North Korea stands accused of using digital money to sell arms and buy oil from Iran and Libya.

While Pyongyang is feeling the pressure of broad US sanctions including a recent crackdown on shipping companies allegedly helping the regime, experts like Ms Moriuchi believe the international community should also increase regulations on cryptocurrency exchanges.

“That helps create a paper trail we can use to identify North Korean accounts and how North Korea is moving these currencies,” she told Vox.com.

Experts have warned that a cryptocurrency, with its anonymity, loose regulations and ability to be converted into hard currency, also offers rogue regimes like North Korea more opportunities to profit from crime.

In her recently released book, North Korea, the Country We Love to Hate, Economist Loretta Napoleoni, a terrorist financing and money-laundering expert, concludes that the country is already “ensconsed” in cryptocurrencies and most likely using it for money-laundering.

 

Author: Nicola Smith, taipei 5 MARCH 2018 • 4:10AM

 

Posted by David Ogden Entrepreneur
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Two Bullish Signs For Bitcoin

Two Bullish Signs For Bitcoin

Two Bullish Signs For Bitcoin

 After a prolonged correction, Bitcoin is back big time. The “people’s currency” gained close to 7% this week, stabilizing around the $11,000 mark.

Is this comeback for real?

Hard to say, as there are hardly any “fundamentals” to judge whether Bitcoin is undervalued or overvalued at these levels. Still, there are a couple of bullish signs for the digital currency worth noticing.

One of them is that Bitcoin is beginning to behave like the ‘new gold,’ shining in times of extreme uncertainty that take over Wall Street.

There was a time when gold would shine as Wall Street faltered. That was long time ago, when it was the hedge against uncertainty. It was the asset where investors could park their cash in times of political and economic turmoil.

Now Bitcoin is taking its place, as evidenced by the performance of the two assets overtime.

Bitcoin, for instance, rallied last week, as conventional gold and stocks faltered, due to anxiety over the direction of interest rates and world trade. The “people’s currency” gained 13.95% in early in the week and 22.81% in the last 30 days. Meanwhile, the SPDR Gold Trust lost 2.31% and 2.51% over the same period, and the S&P500 lost 3.53% and 4.93%.


 Thursday March 1, 2018 at 3pm

Bitcoin displayed a similar pattern last year. It rallied as North Korean dictator Kim Jong-un was launching missiles over Japan, and as China was trying to write its own navigation rules in South China Sea.

Gold didn’t.

That’s why Bitcoin is often referred to as the new ‘gold.’

Another bullish sign is that Bitcoin is beginning to respond positively to SEC’s efforts to fight fraud in the cryptocurrency markets. Last week’s rally, for instance, came as SEC cracked down on certain Initial Coin Offerings (ICOs).

That’s quite different from last July when Bitcoin headed south on the news that the SEC was getting ready to regulate ICOs.

Apparently, Bitcoin investors are getting it right: government regulation is good for the digital currency. It helps build trust among market participants, while limiting the supply of competing coins.

Author: Panos Mourdoukoutas ,

 
Posted by David Ogden Entrepreneur

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