Lis 14

Bitcoin Price Hits 2018 Low Amid Cries of ‘Capitulation’

Bitcoin price finally broke through $6,000 support, falling as low as $5,500 with the price still volatile at press time.


Bitcoin Price Hits 2018 Low

As Bitcoin (BTC) price has flatlined as of late, one could say that it was a welcome sight to have some action and volume. The bad news, however, for those long BTC price was that same $6,000 support that held all year finally broke.

Bitcoin price 00 hit as low as $5,550 USD on Bitstamp amid ongoing volatility. This is the lowest price since October 2017 and a record low for 2018.

The drop-off may have been expected, however. Bitcoinist recently reported on the waning interest from traders amid record low futures volume and money velocity. And despite a string of recent positive news for Bitcoin and cryptocurrency, such as forthcoming on-ramps for Wall Street and increasing profits for businesses, the Bear market seems to be tightening its grip.

Bitcoin price today

Capitulation?

Meanwhile, notable industry figures such as cryptocurrency investor Barry Silbert called the record drop in price “capitulation.” Others also pointed out how the current record low RSI index for BTC/USD charts has historically been a signal for an upswing.

Admittedly, several factors that could potentially reverse the bearish momentum before the end of the year are still in place. However, all eyes will now be on BTC price 00 as the boring flatline period appears to (thankfully?) be over.

Are you long or short Bitcoin price? Where will the bottom be? Share your thoughts below!


Images courtesy of Shutterstock

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Říj 11

BREAKING: Bitfinex Reportedly Halts Fiat Deposits

Bitfinex, the world’s fourth-largest cryptocurrency exchange by means of trading volume, has purportedly halted fiat deposits temporarily.


EUR, USD, JPY, GBP Wire Deposits Temporarily Halted

Screenshots of customer accounts started circulating on social media moments ago, suggesting that the British Virgin Islands-based and Hong-Kong-operated cryptocurrency exchange has temporarily paused wire deposits with EUR, USD, JPY, and GBP. However, the screenshot also indicates that the situation is expected to “normalize within a week.”

“Bitfinex’s EUR, USD, JPT, GBP wire deposits are temporarily paused. Things are expected to resume in a week,” notes Twitter account Squeeze.

Questionable Timing

As Bitcoinist reported last week, citing anonymous sources speaking to Bloomberg, Noble Bank is supposedly facing financial difficulties. The sources also revealed that two of the bank’s clients – Tether and Bitfinex — are seeking a buyout.

The exchange was quick to answer, stating that:

Stories and allegations currently circulating mentioning an entity called Noble Bank have no impact on our operations, survivability, or solvency.

Shortly after, an online report started circulating, raising concerns that the cryptocurrency exchange was bankrupt. Interestingly enough, the report has since been removed. Regardless, Bitfinex released an official rebuttal, claiming:

Bitfinex is not insolvent, and a constant stream of Medium articles, claiming otherwise is not going to change this. As one of only a very few exchanges operating since 2013 with a small team and low operating costs, we do not entirely understand the arguments that purport to show us to be insolvent without providing any explanation about why.

Furthermore, Bitcoin (BTC) 00 lost around 5 percent in hours on October 11, dragging the entire cryptocurrency market down with more than $16 billion. The decline followed a transfer of more than 15,000 BTC from one unknown wallet to another in a single transaction, quickly firing up suspicions about market manipulation.

What do you think of Bitfinex’s move to halt some fiat deposits? Let us know in the comments below!


Images courtesy of Shutterstock.

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Kvě 01

Introducing Bacoin, the new Porky Crypto from Oscar Mayer

· April 30, 2018 · 7:00 pm

Oscar Mayer, the famous bacon brand has created a new cryptocurrency called bacoin. The company made the announcement on April 30, introducing the new coin.


 Bacoin: The First Ever Bacon-backed Crypto

Bacoin is a promotional campaign cryptocurrency that is backed by real Oscar Mayer bacon. According to the company, the coin is as volatile as other cryptocurrencies.

Commenting on the launch, Matt Riezman, brand manager at Oscar Mayer said that:

Oscar Mayer is the gold standard of bacon because of our dedication to hand-selecting the best cuts and then naturally sugar-curing and naturally hardwood-smoking our bacon. Add to that our proven expertise in the bacon-tech space, [and] Bacoin is poised to deliciously revolutionize the cryptocurrency market.

The company partnered with Mcgarrybowen, a digital advertising firm to develop the campaign. Keith Sizzle, the famous “tech prophet” is a spokesperson for the project and appears in the promotional video sporting yellow hipster specs.

Mmmm… Bacoin…

The company is urging bacon lovers to register on the platform for a chance to receive bacoins. Participants can also influence the value of the coins by spreading the word on social media. Beginning from April 30, users can mine and track the price of bacoins. They can also cash out their bacoins for Oscar Mayer bacon. Fans have until May 14 to participate in the campaign.

At the time of writing this article, one bacoin = ten slices of Oscar Mayer bacon. The bacoin website provides hourly updates of the current bacoin value.

The Usual Oscar Mayer Sales Gimmick

The bacoin campaign is another entry in a list of colorful sales gimmicks by the company. The official press release states that the bacoin launch is a promotional gag. In 2014, the company introduced a campaign that turned users’ iPhones to bacon-scented alarm clocks. The company has also created other attention-grabbing sales campaigns such as the dating app for bacon aficionados and the drone bacon delivery service.

Gimmick or not, the Oscar Mayer campaign is another pointer to the disruptive potential of blockchain and cryptocurrency. Assets can be tokenized, issued on a blockchain, and if people buy into the idea, it can become a hit. Oscar Mayer is a subsidiary of Kraft Heinz, the food manufacturing behemoth.

Are you going to prepare your cold storage options for bacoin? Does cryptocurrency and blockchain technology have a place in corporate marketing? Please share your views in the comment section below.


Image courtesy of Kraft Heinz

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Úno 26

Goldman Sachs-backed Circle Buys Poloniex Cryptocurrency Exchange for $400M

· February 26, 2018 · 11:30 am

Circle, the notionally cryptocurrency-focused payment services startup, has reportedly bought exchange Poloniex for $400 million.


Job Done Between Circle And Polo

According to Fortune editor Robert Hackett who leaked the news in advance, an official statement will follow Monday. The takeover means a cryptocurrency exchange is now under direct ownership of a Goldman Sachs funded company.

Hackett wrote on Twitter earlier this morning:

Rumors have swirled in recent weeks that Circle has been in talks to buy the cryptocurrency exchange (Poloniex). […] I can confirm here for the first time that, yes, Circle has completed the acquisition. (A source familiar with the terms told me the price tag came to roughly $400 M.)

Circle Takes On Crypto Exchange Giants

Circle had fallen out of favor with diehard Bitcoin fans after it made the decision to divest itself of Bitcoin interaction. One of the pioneering major movers in cryptocurrency, many saw the removal of Bitcoin from the Circle Pay app as a rejection of the more innovative values cryptocurrency represents.

Commenting on Poloniex’s incorporation, however, Hackett saw Circle establishing a firm foothold in the now vastly-expanded crypto corporate arena:

This is a huge coup for Circle—putting it within striking distance of other big U.S. crypto exchanges, like Coinbase’s GDAX, Kraken, and Bittrex.

According to the report, Circle’s revenue from cryptocurrency trading would significantly increase thanks to Poloniex – up to around $1 billion per year, proportionally roughly similar to the combined revenue of the entire exchange sector of South Korea.

Poloniex itself had been facing mounting criticism in recent months. A huge influx of new users over the second half of 2017 saw technical problems and outages at key trading moments as technology struggled to cope with demand.

Also struggling was customer support, a problem repeated across many exchanges in the industry as newbie traders made rookie mistakes and relied on staff to provide a remedy.

What do you think about Circle buying Poloniex? Let us know in the comments below!


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Lis 26

Bitcoin Rockets Past $9000

· November 26, 2017 · 1:00 am

The meteoric rise of Bitcoin continues as the digital currency has just reached $9,000, which is a staggering rise from its $800 value at the end of 2016.


To say that 2017 has been a good year for Bitcoin is a massive, massive understatement. The cryptocurrency that many people considered an interesting distraction has skyrocketed in value since the start of the calendar year. People were amazed when it hit $5,000, and they were then blown away when it hit over $8,000. Now a new milestone has been reached as Bitcoin has just surpassed $9,000.

Higher and Higher!

If you had told people at the start of 2017 that Bitcoin would reach over $9,000, very few would have believed you. But here we are. The cryptocurrency has exploded in 2017, reaching heights of over 10 times its value at the end of 2016.

Hedge fund manager Mike Novogratz said recently that Bitcoin would reach $10,000 by the end of the year. This was followed by Thomas Lee of Fundstrat being bullish on Bitcoin as well, predicting that the digital currency would reach $11,500 by the middle of 2018. It’s now quite likely that we could see Bitcoin reach 10K by the end of the year, and if so, how soon would it take to reach $11,500?

Jumping On the Bitcoin Bandwagon

Many financial institutions and people dismissed Bitcoin as a Ponzi scheme or passing fad (like Jamie Dimon), but quite a few of those entities have changed their tune over the last few months. Investment giants like JPMorgan are now getting actively involved in the cryptocurrency market, and acceptance of Bitcoin continues to grow.

Bitcoin Gold Releases Statement on MyBTGWallet Scam

How high will Bitcoin reach by the end of 2017? It’s anybody’s guess, but it would be tremendous to ring in the new year if it does hit $10,000 (or even higher). It seems that there’s no telling how high Bitcoin could eventually go, especially in light of its fixed supply and ever-increasing demand. Buckle up your seat belts as it looks like the Bitcoin ascent is heating up.

Are you excited that Bitcoin has reached $9.000? How high do you think it will go by the end of 2017? Let us know in the comments below.


Images courtesy of IStockPhoto and Bitcoinist archives.

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