Čvc 03

Bitcoin Price May Have Found The Floor At $10,000

The long-awaited Bitcoin price correction lasted less than an hour. Yes, it did dump 30% as many analysts had predicted, but mass buying pressure was triggered when it hit the target so BTC subsequently surged again. Now comfortably back over five figures again, some have seen this as the new floor.

Only 3 Bitcoin Price Candles Closed Under $10000

The pullback to $9,600 was short-lived. According to Tradingview.com, there were only three candles on the hourly chart that closed under $10000, the lowest at $9,780. Even the one that marked the 30% dip closed in five figures indicating that this could be the last time BTC price trades that low. The charts indicate that a lot of buyers were interested in sub-$10k Bitcoin, so many in fact that it did not remain there for very long.


Bitcoin price 1-hour chart. Tradingview.com

$10000 Is The New Bitcoin Price Floor

CNBC Futures Now, which has often been considered as a counter trade indicator, has indicated that Bitcoin price may have just found a new floor at $10,000. During the interview on ‘Futures Now’, broker Jim Iuorio stated:

“I’m actually starting to see bitcoin for what it may be, and that really is a genuine dollar hedged safe haven asset. At least, it has performed that way over the last six months and ten thousand seems to be a good level here.”

Iuorio added that he has been very impressed with the Bitcoin price action so far this year, especially since June when it went higher up as the US dollar fell. Scott Nations, who admitted that he was not a fan of Bitcoin, stated that as digital gold it works well because investors have the belief that it will do well when everything else is doing poorly.

Nations added that anywhere around $10k would be a good entry level and for him, the only time he would consider buying Bitcoin as someone who does not usually trade it.

Where Next For BTC?

If a new floor of $10,000 has been established for Bitcoin price, then consolidation above here may be the next moves over the coming days. Trader and analyst Josh Rager is in agreement.

“We had our 30% pullback so what’s next? History says that price consolidates followed by an average gain of 153% before the next big pullback.”

Consolidation at this range would not be a bad thing and may give some of the altcoins a chance to wake up a little. So far they have been hopelessly anchored to Bitcoin on the downsides but have done very little on the upsides. BTC is still in the driving seat as its dominance returns above 62% while its brethren remain stagnant.

Will Bitcoin price fall back below $10k again? Add your thoughts below.

Images via Shutterstock, Tradingview, CNBC Futures Now

The Rundown

Říj 20

Crypto-Mergers and Acquisitions Increased by 200% in 2018

Institutional investors, venture capitalists, and other well-heeled entities “in the know” are using a year-long bear market to buy up future technologies for what might turn out to be pennies on the dollar.

It Takes Money to Make Money

Yesterday CNBC reported that most of  2018 has been a “deal frenzy” for cryptocurrency and blockchain-related companies as mergers and acquisitions (M&A) are reported to have increased by 200 percent. Pitchbook had JMP Securities crunch M&A data the results showed that by the end of 2018 there will have been 145 M&A deals.

The data is inclusive of majority investments, partial and full acquisitions but it does not pinpoint the exact dollar amount spent for each deal. JMP did mention that most of the M&As are “relatively small” as the sum is less than $100 million. The uptick in M&As took place as Bitcoin declined to trade nearly 53% below its January price.

Interestingly, buyers did not appear deterred by Bitcoin’s fall from $20,000 in January as the $830 billion dollar market capitalization began to disintegrate. In fact, according to Satya Bajpai, the head of blockchain and digital assets investment banking at JMP Securities, “You’re seeing a mispricing of assets.” Bajpai believes that the majority of crypto-startups have token values that “remain correlated to Bitcoin” and this phenomenon “can create an ideal opportunity for strategic acquirers.”

Crypto is an Investors Smorgasbord

Bajpai used the analogy of a “land grab” when describing how the rapid pace of growth and innovation in a new sector compels investors to buy up technology producers instead of attempting to build their own platform. Bajpai explained that “[The M&A route is] expensive, but you get the technology and product immediately. This industry is like a treadmill – the only way to keep up on a treadmill is to keep running by investing in new technology.”

The Ends Justifies the Means

Bajpai also pointed out that hasty acquisitions come with significant risks as a number of the companies scooped up during mergers and acquisitions are startups in infancy and have yet to prove themselves. Nonetheless, the uptick in mergers and acquisitions shows that many investors are willing to look past these issues as the potential for future returns could far outweigh these risks.  

What do you think about venture capitalists and institutions purchasing crypto-startups? Share your thoughts in the comments below! 

Images courtesy of JMP Securities, Shutterstock.

Pro 20

Evidence Emerges of CNBC Collusion with Roger Ver, BCash

· December 20, 2017 · 5:30 am

Mainstream news network CNBC is under intense scrutiny as evidence emerges its senior staff used connections to plug Bitcoin Cash (BCH).

CNBC On BCash Rise: ‘Deal With It’

As Bitcoin prices dropped below $17,000, BCH, which is also known as BCash, suddenly shot up in value on US exchange Coinbase, hitting around $9000.

The average price of 1 BCash coin across major exchanges is now almost $3500, a rise of 45% in 24 hours.

While the events unfolded, CNBC, which had controversially hosted major BCash proponent and Bitcoin critic Roger Ver on its TV network, began broadcasting tweets of a highly suspicious nature compared to its usual tone.

The tweets, according to cryptocurrency commentator WhalePanda among others, were compiled under the auspices of marketing and partnership manager Gaby Wasensteiner, whose husband, Paul Wasensteiner, is executive director of the so-called ‘Bitcoin Cash Fund.’

“(Roger Ver) aka Bitcoin Jesus joins us tomorrow to discuss the biggest change to the crypto world since time was invented! Must see TV.. (Bitcoin Cash) is here… deal with it!!” the first such tweet reads from CNBC Fast Money’s official account.

Critical responses received answers including “deal with it” and threats to unfollow those who did not agree with CNBC’s pro-BCash perspective.

BCash’s Wasenstein ‘Took Over’ CNBC Twitter

So unusual is the style and lack of neutrality of the news network’s tweets that cried of foul play are currently echoing through the cryptocurrency community.

“Collusion” between the Wasensteiners and Ver himself is an increasingly conspicuous narrative, with users on Reddit noting Paul Wasensteiner is also the founder of a London BCash meetup.

WhalePanda meanwhile continued the suspicions, arguing it was in fact Paul who orchestrated the CNBC tweets.

“What I’m saying is that her husband is actually tweeting,” he clarified.

The sudden burst of what is known in the cryptocurrency industry as ‘shilling’ – a concerted yet often covert effort to increase or decrease the reputation of a coin or entity – marks a new turn in rival coins’ ability to manipulate broader market sentiment.

What do you think about CNBC’s BCash tweets? Let us know in the comments below!

Images courtesy of Twitter, Shutterstock