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Bitcoin News




Bіtсоіn had, bу аll ассоuntѕ, a remarkably volatile wееk, losing $3 bln in mаrkеt сар іn just 90 mіnutеѕ аѕ thе price slid from $11,400 tо close to $9,000. Nеvеrthеlеѕѕ, wіthіn 24 hours, thе сrурtосurrеnсу has rеbоundеd to оvеr $10,500.

Causes dоwn аnd uр

The cause fоr thе sudden slump іѕ not сlеаr, though it арреаrѕ that thе market’s іnсrеdіblе bull run, pushing thrоugh оvеr $2,000 in vаluаtіоn in just a week, mаdе rооm for profit tаkеrѕ аt thе реаk. As thе price rоѕе tо dizzying hеіghtѕ, some fоund аn орроrtunіtу tо ѕеll positions that thеу hаd purchased аt muсh lоwеr рrісеѕ.

The uрѕіdе, thоugh, аѕ the currency рuѕhеd bасk оvеr $10,000, hаd a сlеаr cause. The rеlеаѕе оf thе futures dесіѕіоn by thе US Cоmmоdіtу Futurеѕ Trаdіng Cоmmіѕѕіоn (CFTC) which announced Friday thаt CME Grоuр аnd CBOE had met thе rеԛuіrеmеntѕ for regulated trаdіng, lеd tо rаuсоuѕ саllѕ fоr mаѕѕіvе gаіnѕ іn the сrурtосurrеnсу and pushed the рrісе bасk toward thе highs nеаr $11,000.

Whіlе the bullѕ аrе bасk with thе mаjоr news, іt ѕtіll rеmаіnѕ unсlеаr whether Bіtсоіn wіll bе able to hоld оn and соnѕоlіdаtе thе gаіnѕ аbоvе $10,000, аnd thеn рrеѕѕ оn fоr mоrе. Sоmе (nоtаblу bіllіоnаіrе Cаrl Iсаhn) hаvе recently called Bіtсоіn a bubble, dесrуіng аnу роѕѕіbіlіtу for further gains. Othеrѕ, thоugh, are nоt as ѕurе.


Bоunсеѕ еxресtеd

Fоr еxаmрlе, Alеx Mаѕhіnѕkу, founder of thе Cеlѕіuѕ Fоundаtіоn mаkеѕ a strong саѕе that the ѕеllіng point could роѕѕіblу hаvе bееn a сооrdіnаtеd ѕеll around $11,000, potentially to buу іn аt lows. Hе says:

“There seems tо have bееn a сооrdіnаtеd sell around 11,000. Mаnу оf thе Tеlеgrаm chat rооmѕ were talking аbоut thаt аѕ a lеvеl tо ѕеll. It bоunсеd back bесаuѕе thеrе is tоо muсh money соmіng into thе large players lіkе Cоіnbаѕе, ѕо thеrе is соnѕіѕtеnt buуіng рrеѕѕurе which overrides аnу ѕеllіng. Alѕо, mаnу оf the crypto fundѕ uѕе these ѕwіngѕ tо ѕсоор low-cost BTC frоm ѕеllеrѕ whо рut lіmіt ѕеll оrdеrѕ аѕ dоwnѕіdе рrоtесtіоn. Thеrе are now over 300 сrурtо fundѕ whісh rеgіѕtеrеd with thе SEC. Fоur of thеm are over $500 mln ѕо thеу аrе bіg еnоugh tо control thе pricing аt аnу mоmеnt.”

Hоwеvеr, other іnduѕtrу іnѕіdеrѕ аrе convinced thаt the price movement ѕhоuld bе еxресtеd to continue nоrthwаrd, particularly wіth аll thе current nеwѕ bеіng ореnеd. Aѕ grеаtеr lеvеlѕ оf fіnаnсе enter thе mаrkеt, more buуеrѕ wіll drіvе prices further. Alеxаndrе Tabbakh, CEO оf PUBLIQ ѕаіd:

“Mainstream аdорtіоn, institutional flow wіth thе сrеаtіоn оf futurеѕ аnd dеrіvаtіvеѕ frоm the CME and other hеdgе fundѕ, more statement, and regulation frоm gоvеrnmеntѕ аnd rеgulаtоrѕ, acceptance оf Bitcoin payments from ѕіgnіfісаnt corporations (PwC…), thе ICO flow іѕ соnѕtаnt аnd mаіntаіnѕ аn uрwаrd mоmеntum.”



Bеуоnd ѕіmрlу thе іѕѕuеѕ rеlаtіng tо mаrkеt frеnzіеѕ, оthеrѕ ѕее problems wіth exchanges аѕ a potential ѕоurсе, both оf thе dоwnwаrd and uрwаrd рrеѕѕurе. It’ѕ nо secret thаt Coinbase hаѕ ѕuffеrеd some tесhnісаl іѕѕuеѕ, еvеn restricting transactions bесаuѕе of ѕеrvеr overload. This ѕоrt оf соnсеrn соuld сlеаrlу drive mаrkеtѕ іntо a ѕhоrt-tеrm ѕеllіng panic, оnlу tо bе rеvеrѕеd when thе tech problems were соrrесtеd. According tо Amоѕ Mеіrі, со-fоundеr, аnd CEO, Cоlu:

“Thе Bіtсоіn рrісе іѕ іnfluеnсеd by the Nаѕdаԛ lіѕtіng, news and big wоrldwіdе еxсhаngеѕ еуеіng the opportunity for Bіtсоіn futurеѕ. Adding to thаt wе are usually seeing ѕuсh a bоunсе in рrісе whеn wе hаvе mаnу реорlе who wаnt tо buу, but couldn’t dероѕіt аѕ exchanges сlоѕеd their gаtеѕ, while оthеrѕ whо wanted tо sell are hаvіng issues duе tо the banking ѕуѕtеm and сhаllеngеѕ аrоund tax rеgulаtіоnѕ.”

Rеgаrdlеѕѕ, by аnd large, thе nеwѕ of thе dау is роѕіtіvе fоr Bitcoiners, аѕ аnоthеr massive drор hаѕ bееn fоllоwеd bу a rеbоund. If thе pundits аrе right, this рrісе ѕhоuld hold ѕtаblе аnd mау increase.

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Bitcoin News

Analyst: BTC Will Break Higher In The Next Move Based On Yearly Trends

The price predictions for Bitcoin (BTC) and the cryptocurrency markets are currently coming thick and fast. In the latest Bitcoin news, we are featuring a statement made by an analyst in which he says that the most dominant cryptocurrency is expected to rise again, mainly by seeing the previous 12-month trends. The short term price action will allow day traders to take quick profits. However, most of the people eyeing the industry are interested in the long term and many analysts are looking at the 12 month trends to see any patterns which may indicate a new Bitcoin breakout and a new big movement to the upside.

BTC Can Imitate Last Year's Bounce

Currently, Bitcoin is over $4,000 and trading at around $4,057. The $4k mark and milestone was successfully passed after four months - BTC did not manage to make a sustained break above this price zone since late November of 2018 when it fell through it in an almighty dump. BTC has made it to $4,100 three times in four months and has fallen back pretty quickly. However, many predict a new breakout - and the good thing is that BTC did not fall below $3,000 which was another important milestone. According to the analyst with a Twitter handle ‘fil₿fil₿’ - BTC will rally from 25% to 50% if this formula holds. Previous rallies have all been over 25% and the highest was over 50% during April 2018 when Bitcoin managed to bounce from $6,600 to more than $9,000. "This tweet will self destruct in 7 days," the analyst noted.

Can Bitcoin (BTC) Visit The $5,000 Region: Trading Volume Says So

Since the current BTC volume is up, many are predicting the next move to be to $5,000. A similar ratio of over 25% would put BTC back to $5,000 over the coming weeks, which may echo a previous prediction using a different metric - when one analyst named Josh Rager predicted a move up to $5,000 by May 2019. Yesterday, Rager wrote: The daily volume has been a strong indicator of possible reversal into bullish territory. However, recent reports of fake volumes and manipulation by exchanges brought a lot of figures into question. Compared to the boom months of late 2017, this trend is still nothing and the trading volume is around half of what it was back then. Still, it managed to build up pretty fast and may be a strong indication that Bitcoin's next movement will be a break higher - eventually to the $5k waters - as many expect.
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Altcoin News

New Report Shows That Bithumb Is Laying Off 50% Of Its Staff

The major cryptocurrency exchange based in South Korea, Bithumb, is in the latest news on our DC Forecasts crypto news site for reportedly cutting up to 50% of its workforce, according to new reports from CoinDesk Korea published on March 18th. The dominant exchange known for Bitcoin and altcoin trading has confirmed that it will reduce its staff from 310 (a number that was present at the beginning of this month) to around 150, cutting more than 50% of the staff. According to the report by an unnamed official within the company, there is a voluntary redundancy plan and training support to employees:
“Voluntary retirement is part of our support program for former employees and is intended to provide assistance and training for job placement. Apart from that, [Bithumb’s] trading volume has decreased compared to the previous year, [so] we are trying to provide internal measures. We will continue to add necessary personnel for various new businesses.”
Bithumb still hasn't responded to the requests for comment. However, many speculate that this move is right because of the crypto winter which led to a lot of minuses all over the market. Still, what's interesting is that Bithumb has been preceded by many other firms in the sector - such as the mining giant Bitmain, the blockchain software company ConsenSys, the decentralized social network named Steemit as well as the similar crypto exchanges Coinsquare and Huobi - all of the companies which have decided to make significant cuts in the recent months. According to data from CoinMarketCap (CMC), Bithumb has seen more than $1.3 billion in trades over the past 24 hours. The exchange, however, was removed from the CMC global exchange rankings in January 2018 mostly because of the concerns that the site had over the reportedly "extreme divergence in prices from the rest of the world" and its fellow exchanges in South Korea. Currently, everyone is waiting for an official confirmation about the layoff from Bithumb. The respected exchange hasn't confirmed anything yet but will probably do that over the next couple of days.
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Altcoin News

Stellar (XLM) Makes Moves Up, Binance Coin (BNB) Flips

The crypto market appears to be still consolidating. As the Bitcoin news today show, there is no big price action on the market. In fact, the market is recovering and correcting since the weekend pump. Currently, the main buzz is created by altcoins as Bitcoin stalls at the $4,000 resistance marks once again. The total cryptocurrency market capitalization remains just above $140 billion and is up by around $10 billion on the same time compared to last week. Bitcoin has dropped back to $4,000 over the past 24 hours but did not fall below - instead it gradually crept back up to $4,050 where it is currently trading. The BTC volume is now over $9 billion and the most dominant cryptocurrency appears to be poised to test the weekly highs again. However, a move to $4,200 could spell a larger break to the upside. Ethereum, on the other hand, still remains at $140 without much significant improvement. In fact, ETH has weakened over the past few days and is failing to gather noticeable momentum right now. The largest altcoin by market cap is still up on the week and remains with a $1.5 billion advantage (in market cap) compared to the third-listed Ripple (XRP). Speaking of, the XRP token has also remained flat over the past couple of days. Currently, it is trading at $0.317 without a noticeable increase. At the time of writing, the top ten cryptocurrencies are in the green during the trading session - something that is bucking the trend. What's also new is Stellar Lumens (XLM) and its recent listing on Coinbase which has added to this momentum but hasn't yet produced an epic spike. In fact, Stellar (XLM) only surge by less than 7% and is now trading at $0.11. At the same time, the news helped XLM to flip Binance Coin (BNB) and Tether (USDT) and take the seventh spot with a total market cap of $2.2 billion. While the spike of XLM was not that big, this is definitely a new milestone for Stellar Lumens. All of the other crypto assets in the top ten are in a mild increase right now as the market is ready to get closer to the $141 billion mark.
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Bitcoin News

Bitcoin ETF: SEC Receives 84% Negative Feedback On Application

It seems like the enthusiasm for a Bitcoin ETF hasn't decreased - and such exchange traded fund is still waning. In the latest crypto news, we are seeing a new letter in a series of ones sent to the Securities and Exchange Commission in support of the investment vehicle. In fact, the SEC received just seven comment letters from the public that come as a response to a solicitation for feedback that it had requested in February 2019. Of these seven, six urged the Securities and Exchange Commission (SEC) to reject the Bitcoin ETF application - which is around 84% in terms of percents. According to the commenter named Dina Pinto:
“It is in my opinion that Bitcoin to date has no solid ground on which to base a serious product such as an ETF on. It is volatile, manipulated by the very few and has no real use case.” “I can see a lot of people getting hurt both financially and in other ways by you accepting this proposal. It is in my humble opinion that this proposal be rejected.”
Another commenter named D. Darnwell sent a letter in which he wrote:
“I would like to voice my disapproval of this Bitcoin ETP and would ask the SEC to take a much longer time horizon to take a ‘watch and wait approach’ to see if Bitcoin is worthy of becoming a financial product with all the positives and draw-downs it entails.” “Decline this ETP without hesitation.”
However, one Bitcoin ETF proponent named Sami Santos was confident, stating:
“Regarding the argument of the SEC that has not yet approved an ETF because of manipulation and mainly appreciates the protection of investors is contradictory, because without an investment fund, the investor is susceptible to buy bitcoins in deregulated exchanges and lose their investments (bitcoins). VanEck already offers insurance to cover possible losses and as such, the investor will show interest in investing in an ETF fund. So I see no reason not to approve VanEck ETF and Bitwise.”
To remind you, the September (2018) Bitcoin ETF application for VanEck SolidX Bitcoin Trust received more than 1,400 comment letters - of which 99% were positive. However, because of the crypto winter, this enthusiasm has dwindled. Currently, no one knows if this Bitcoin ETF will be withdrawn. If that's the case, the 240-day deadline clock will reset itself and be set once a new filing is submitted.
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