Zář 17

Bitcoin Price to Surge After Crossing $10,700: Analyst

Bitcoin price inched lower on Tuesday as investors waited for the outcome of the Federal Reserve’s two-day meeting on monetary policy.


The benchmark cryptocurrency slipped by $44.70, or 0.44 percent, to $10,217.84 as of 13:09 UTC. The downside price action occurred on the sidelines of better-performing alternative cryptocurrencies. While the second-most valuable blockchain Ethereum climbed 2.18 percent against bitcoin, XRP became the second-largest gainer against the king cryptocurrency after rising 5.97 percent. Other altcoins, including Bitcoin Cash, Litecoin, and EOS, also registered impressive gains.

bitcoin, bitcoin price

Bitcoin slips as altcoins surge higher this Tuesday | Image credits: TradingView.com

There is a notion that bitcoin didn’t live up to its “safe-haven asset” status in the face of an adversary. Recent drone attacks on two Saudi Arabia’s crude oil production facilities ended up messing an already worsening global economic outlook. The US’ S&P 500, China’s CSI, and Europe’s Stoxx 600 each dwindled as investors digested the long-term prospects of the Saudi attack. Analysts believe the incident would halt the global oil supply for months, the effect of which will start reflecting on the health of the international markets. 

“While the ultimate impact will depend on a combination of the extent of damage, the US and Saudi response, and whether further attacks occur, the current production decline will exacerbate the tightening in the oil market that was already underway and could add a more lasting geopolitical risk premium to prices,” Greg Sharenow, a portfolio manager at Pimco, told FT.

Almost all the haven assets responded positively to the Saudi attacks. Gold and Treasuries rose as investors looked at them as hedging assets. Unfortunately, bitcoin didn’t live up to the expectations.

The Fed Meeting

All eyes are now on the Federal Reserve meeting that commences today. Markets expect the US central bank to cut interest rate by a 25 basis-point, as the Fed chair Jerome Powell continues to face political pressure from President Donald Trump. Powell’s office will update its dot plot, a visual representation of the direction of the interest rates, while the chairman himself will address the attendees tomorrow with a final decision.

Changes to the dot plot could see influence from the ongoing US-China trade war and Saudi attacks. It would also consider Bank of America Merrill Lynch’s September fund manager poll that found that 38 percent of investors expect a recession over the next 12 months.

Bitcoin Bulls At It

Speculators in the cryptocurrency market see rate cuts as bullish for bitcoin. Coupled with the launch of Bakkt’s most-awaited physically-settled bitcoin futures, traders predict at least a $10,700 bitcoin by the end of this week. But to this date, Bitcoin has least reacted to any of such updates, as visible in the cryptocurrency’s dismissive performance after the European Central Bank (ECB) announced fresh rate cuts and quantitative easing rounds last week.

Dan Tapeiro, the founder of New York-based DTAP Capital, meanwhile brings in a technical perspective. The analyst on Monday said bitcoin could accelerate higher if it manages to “strongly close over $10,700.” The level roughly matches shoulders with a descending trendline.

He, meanwhile, added:

“Everyone “knows” that fact already. In traditional markets, when everyone knows the fact it is considered “priced in.” In Bitcoin, you never know what’s priced in. But it doesn’t matter because Bitcoin doesn’t care about your opinion.”

To sum up, bitcoin can go up, but it can go down also.

Do you think Fed rate cuts will push bitcoin price past $10,700 this week? Let us know in the comments below.


Images via Bitcoinist Image Library, BTC/USD charts by TradingView, Twitter: @thehill, @DTAPCAP

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Zář 11

Tether Churns Printers Again; Mints 20 Million USDT

Tether, the issuer of the USDT dollar-pegged coin, is running the money printer again, increasing the supply to 4.088 billion USDT. After Bitcoin (BTC) price once again threatened to drop below $10,000, a USDT liquidity injection may boost prices.


New USDT Enters Markets

Tether once again grew the supply of USDT, after testing the waters with recent coin burns. But after BTC prices responded with significant drops, bots noticed new USDT hitting the markets. New coins came out of the minting wallet, and the Tether treasury moved funds into circulation.

The latest printing intervention made USDT the sixth biggest digital coin by market capitalization, with a daily turnover exceeding that of BTC. The latest USDT printings are happening both on the Omni layer, and the Ethereum network. In the future, more USDT will migrate as Ethereum tokens. ETH-based USDT has now grown to 1.63 billion, almost double since the start of 2019. Major exchanges are switching their USDT wallets to only operate with the new type of asset.

Crypto Yuan Arrives on Bitfinex

But these new USDT printings seem routine, compared to another move that may shake the crypto markets. Bitfinex immediately launched trading pairs for the brand-new Chinese yuan stablecoin. The asset, intended to capture trading demand from China, is an Ethereum-based token. There are only 20 million CNHt tokens minted as of September 11, 2019.

Verified users will be able to make a direct switch between the Chinese yuan and CNHt, the newly minted asset. Bitfinex also limits certain jurisdictions from using the direct exchange. In theory, Tether, Inc. is launching an asset that could bypass Chinese capital controls, and Bitfinex is helping the process.

Tether also managed to create a digital yuan-denominated coin, even before the People’s Bank of China unrolled its long-awaited government-backed crypto coin.

Bitfinex has also slowly grown its influence, first by removing the $10,000 minimum deposit requirement, to attract a larger number of small-scale investors. The exchange also offers various tiers of verification, to gain access to assets or services.

But despite their expansion, Bitfinex and Tether, Inc. are still facing troubles. The New York Attorney General has extended its investigation, with the potential to discover multiple faults. Both companies showed evidence of working with New York-based clients, despite not qualifying for BitLicense, the local business license for crypto-related services.

What do you think about Tether and USDT? Share your thoughts in the comments section below!


Images via Shutterstock, Twitter: @whale_alert, @bitfinex

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Srp 31

Bitcoin Hashrate Hits Record 83.5 TH/s While Price Trades Sideways

Bitcoin’s blockchain produced new historic records this week as the cryptocurrency’s technical health increasingly contradicts its lower price. 


Bitcoin Hashrate Hits 83 Quintillion

As data from monitoring resource and wallet provider Blockchain.com confirms, it was Bitcoin’s 00 hashrate leading the charge, hitting 83.5 quintillion hashes per second on August 29.

That number is BTC’s best achievement in its ten-year history, and the first time hashrate has surpassed 80 quintillion hashes per second.

Hashrate refers to the amount of computing power servicing the Bitcoin network. The more hashes per second involved, the more power miners are devoting to processing and validating transactions.

A higher network hashrate also means better security and often better decentralization of mining power across more users.

The metric has hit record levels continually in recent months, and the implied benefits make it a cause for celebration among BTC proponents.

On Friday, it was RT host and serial Bitcoin ‘permabull’ Max Keiser who took heart from the statistics, even as BTC/USD dropped 8% in a sudden loss of support.

Keiser additionally noted Bitcoin’s high share of the overall cryptocurrency market cap. That number hit 70% this week, according to some measures, its highest since March 2017.

“New (all-time high) for (Bitcoin) hashrate as alts die and players position themselves strategically ahead of BTC’s move back to 85% dominance,” Keiser summarized on Twitter.

BTC Booms At Altcoins’ Expense

As Bitcoinist noted, altcoins have indeed suffered as a result of Bitcoin’s rise. For Keiser, the future is also bleak – he claimed Bitcoin Cash and Bitcoin SV are “particularly vulnerable” to further loss of value.

Ethereum, meanwhile, is set for a halving – not of the block reward, but of price.

“ETH heading back to $90,” he finished, repeated a warning from earlier in the week about the largest altcoin.

Bitcoin’s price meanwhile has failed to match the strength of its network fundamentals. While not unprecedented, the schism nonetheless gives analysts cause for concern, with several advising traders to take precautionary measures with their holdings.

“I’m long BTC,” popular day trader FilbFilb told Twitter followers as Bitcoin hit $9600. Despite being up from local lows of $9350, this was not enough to restore sentiment.

“Live by the sword, die by the sword,” he added.

Earlier, Bitcoinist noted a theory that margin trading was responsible for sudden turbulence on Bitcoin markets. BTC/USD losing $500 in minutes is just the latest example of the phenomenon, which intersperses periods of sideways price action.


What do you think about BTC’s network performance versus price? Let us know in the comments below!


Images via Shutterstock

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Srp 10

McCormack Vs Wright – You Can’t Harm An Already Bad Reputation

Yesterday saw the release of ‘What Bitcoin Did’ podcaster, Peter McCormack’s legal defence against Craig Wright. Wright sued McCormack for libel over tweets suggesting that he wasn’t really Bitcoin’s creator, Satoshi Nakamoto. McCormack’s defence basically states that Wright’s suit is a cynical waste of the court’s time.


Craig Wright – Hoisted With His Own Petard

The legal notice to Wright’s lawyers is mired in legalese, but still manages to be quite an entertaining read. It states that the contention that Wright has or could suffer serious harm to his reputation is fanciful.

The allegation that he fraudulently claimed to be Satoshi Nakamoto, is purely the result of his own actions. In repeatedly publicly promising and conspicuously failing to provide proof to the contrary, he has built himself a negative reputation.

…within the bitcoin and cryptocurrency sector in particular, the allegation of lying is synonymous with your client and he has no reputation in that respect which can be damaged.

The (Impossibly) Reasonable Way Out Of This

The letter goes on to say that there is a way for Wright to get exactly what he says he has always wanted. McCormack will make a public statement withdrawing his allegations that Wright’s claim to be Satoshi is fraudulent. He will also walk away from the proceedings without any contribution to his legal costs so far incurred.

The kicker? The way for Wright to achieve this is to voluntarily provide the proof, within 21 days, that he and Calvin Ayre say they have. They have said that they intend to provide this proof during the proceedings anyway, and providing them voluntarily now would “avoid the wholly unnecessary costs and delay of litigation.”

However, Ayre tweeted in April that they were “just waiting for a volunteer to bankrupt themselves trying to prove a negative and then letting Craig show the proof.”

McCormack’s lawyer points out that:

It would obviously be highly unattractive for a claimant to seek to pursue a libel claim merely in order to ‘bankrupt’ the defendant… Moreover, that cynical posturing underscores the futility of pursuing the claim when the claimant claims he can readily dispose of the issue of truth.

Not Your Keys, You’re Not Satoshi

Failing Wright’s agreement to voluntarily provide the satisfactory and independently verifiable proof that he is Satoshi, McCormack will apply for the case to be struck out.

There were also questions raised as to what connections Wright had to the ‘plaintiff friendly’ jurisdiction of the UK. In his Particulars of Claim he says that he is ‘based’ and ‘domiciled’ in England, but gives a different address to the one he has provided in his other ongoing legal battle in Florida.

This is the line of defence used by Roger Ver, who had Wright’s defamation case against him struck down last week on these grounds.

Interestingly, McCormack only got into this legal argument after openly inviting Wright to sue him. Wright had previously been targeting community member Hodlonaut, known for starting the Lightning Network Torch. This caused many to react, including Binance CEO, CZ, who delisted Wright’s Bitcoin SV form the Binance exchange.

What do think of these latest developments? Let us know your thoughts in the comment section below!


Images via Shutterstock

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Čvc 19

Crypto Company Change Launches App to Trade Bitcoin Commission-Free

A stream of positive developments and new products is helping to boost Bitcoin’s adoption rate. One of the latest products is Change Wallet, a mobile app for trading Bitcoin and other cryptocurrencies with zero commission fees.


Change CEO Predicts: Cryptocurrencies Will Be Used As Much As Fiat Money

Change, a company headquartered in Estonia and financed from Singapore, has launched Change Wallet – a mobile app that allows users to buy and convert between cryptocurrencies. This multicurrency app supports digital assets such as Bitcoin, Ether, Ripple, Litecoin, and Tether.

According to the company, Change Wallet facilitates the execution of financial transactions and payments and provides access to an array of other financial services.

Significantly, no commission fees are charged for the transactions executed with Change Wallet, according to Change’s press release dated July 18, 2018.

Change Wallet is now available to residents of the European Economic Area in IOS and Android operating systems.

Joining the experts predicting that Bitcoin is here to stay and that it is eventually going to be used in everyday life, Change’s CEO Kristjan Kangro declared at the launch of the app:

Cryptocurrencies will soon be used just as much as traditional currencies by the masses when paying for good and services.

Solving Traditional Banks’ Major Limitations

Change Wallet allows sending, receiving, and storing several cryptocurrencies as well as fiat currencies, including US dollars and Euros.

As Change’s whitepaper explains, because Change Wallet is a mobile app, it solves three significant problems affecting traditional banks.

Specifically, users can handle all transactions via the app, thus avoiding the inconvenience of needing to go to the bank. Moreover, Change Wallet can provide banking services to the millions of unbanked people around the world.

As Bitcoin continues its inexorable trajectory to test the USD 8,000 resistance mark, the crypto community is encouraged by initiatives, such as Change’s, that contribute to increasing Bitcoin’s adoption rate. One of Change Wallet’s supporters, Roger Crook, former CEO of DHL Global Forwarding, says:

I’m backing this project because I think it’s got an extremely great future, and I see that Change is going to have challenges going forward. I have no doubt that this business is going to thrive and grow globally over the coming years.

How do you think the commission-free Change Wallet will impact Bitcoin trading? Let us know in the comments below.


Images courtesy of AdobeStock, Twitter/, Change

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Pro 16

TD Ameritrade Starts Trading Bitcoin Futures on Monday

· December 16, 2017 · 3:30 am

TD Ameritrade, like many other titans of the financial world, is also jumping on the Bitcoin bandwagon. Indeed, the giant securities brokerage services provider will start trading Bitcoin futures when the financial markets open on Monday, December 18, 2017.


The Volume of Bitcoin Futures Trading To Surge

The Volume of Bitcoin Futures Trading To Surge

For some time, Ameritrade had been monitoring whether there were sufficient liquidity and market efficiency for Bitcoin futures. Ameritrade leadership believes that these parameters are now optimal. According to MarketWatch, spokeswoman Alyson Nikulicz stated,

At this point, we believe the market is showing signs of adequate liquidity for CBOE product.

TD Ameritrade, based in Omaha, Nebraska, provides securities brokerage services and related technology-based financial services. It offers its services to traders and independent registered investment advisors, and retail investors.

Bitcoin Futures Is Now The Darling of the Financial World

Bitcoin Futures Is Now The Darling of the Financial World

Bitcoin is now entrenched in the world financial circles, and its value continues to increase. As of this writing, Bitcoin’s price is nearing the $18,000 USD mark.

The fact that Ameritrade is starting to trade Bitcoin futures is significant because the company boasts of having millions of client accounts. Moreover, millennials comprise 35 percent of Ameritrade’s retail account clients. According to Ameritrade’s website,

“[Ameritrade] provides investing and trading services for seven million client accounts that total more than $750 billion in assets, and custodial services for more than 5,700 independent registered investment advisors.”

Financial institutions are starting to stream into the market a variety of Bitcoin-based financial instruments. On December 17, 2017, the CME Group Inc. will also begin trading Bitcoin futures. This initiative follows CBOE Bitcoin futures trading that started on December 10, 2017.

According to CNBC, large institutional firms such as JPMorgan and Morgan Stanley will soon allow their customers to trade Bitcoin futures. “That will allow the entry of hedge funds and larger institutional players, who may have a very different notion of bitcoin’s future.”

As Bitcoin continues to grow in value and to be accepted as a mainstream financial asset, this trend will most likely continue to gain momentum.

What do you think the impact of Ameritrade trading Bitcoin futures will be on Bitcoin value? Let us know in the comments below.


Images courtesy of CNBC, TD Ameritrade, Shutterstock

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