Bitcoin News

Bear Market Momentum Is Back As BTC And Major Altcoins Lose Grip

Published

5 months ago

October 7, 2019

This weekend was kind of optimistic for the Bitcoin news followers and altcoin analysts – mostly because BTC topped $8,200 briefly and initiated a small bullish run. However, the doom and gloom is now back and the bear market momentum shows that BTC is being dumped in the $7,000 region again – with many altcoins following this trend.

The longer term chart indicators are also mounting up and they are all screaming “bear market.” Following a weekend of stability, the cryptocurrency news today show that BTC is now back below $8,000 and sliding again as we start another week in crypto land.

The drop to $7,760 for Bitcoin overnight marked a 5% loss over the past 24 hours for the major cryptocurrency. We can also see that BTC managed to recover since then and is now trading in the $7,900 region. However, with the low established overnight and the bear market momentum surrounding most of the major coins now, we can see that Bitcoin retouched its five-month low and the technical indicators now look ominous.

$BTC – That weekly doji candle pic.twitter.com/8GSFtckyei— Josh Rager 📈 (@Josh_Rager) October 6, 2019

The analyst Josh Rager showed the ‘doji candle’ as he illustrates it, and we can see that the fourth red weekly candle in a row has not happened for two years as volumes continue to decline. Additionally, BTC is now firmly below the 200-day moving average (MA) and this does not look good for the future of the most dominant coin. Still, news show that Bitcoin is 2019’s best performing asset.

According to the trader with a nickname ‘Cryptonaire’, this is usually a sign of prolonged consolidation of further declines – and a sign of a bear market momentum.

“NEVER has $Btc gone above or below the 200 MA and had an immediate pullback. There’s a 20% minimum move before going in opposite direction even if it’s just a wick,” he said on Twitter.

The fellow trader and analyst ‘Crypto Hamster’ also made similar statements between the 2018 final dump into crypto winter, stating:

“It is too obvious to be true, but I have to admit that the drop from 6k to 3k and the following price action indeed looks very similar to what we have now.”

It is too obvious to be true, but I have to admit that the drop from 6k to 3k and the following price action indeed looks very similar to what we have now (the scale is different, of course).$BCT $BTCUSD #bitcoin pic.twitter.com/HFt0DfydlD— CryptoHamster (@CryptoHamsterIO) October 6, 2019

Even though a dump to $3,000 is still a long way off, $6,000 is looking closer each day for BTC as the bear market momentum continues.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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Stefan

Stefan is a full-time member and has been a Bitcoin Specialist for over 6 years. Providing daily news and updates for DC Forecasts.

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Bitcoin News

Monero VS Bitcoin: Is The Privacy Feature Enough?

Published

6 hours ago

February 26, 2020

Stefan

Following our crypto news today, we read about the Monero vs Bitcoin relationship and whether the privacy feature of the XMR coin, is enough to outperform Bitcoin. Bitcoin is the digital cash of the world and the ability to transact large sums of money across the globe, without having to ask for permission and also without the need to use middlemen is one of the groundbreaking reasons. Bitcoin now only seems to serve as a limited set of use cases so it is not very private and the transactions are generally slower and expensive. It is becoming harder to upgrade and add a few new features to the protocol which makes it resistant to new innovations and technologies. Then Monero came to the scene. Monero is private by default with untraceable transactions and it has an adaptive block size. It has its own codebase and is not simply another bitcoin clone crypto. The developers are mainly anonymous and it ticks the permissionless digital cash boxes so far. However, the Monero VS bitcoin analysts wonder if that is the case. Bitcoin is pseudonymous which means that the users can transact without providing their identities. This means that there’s no need for using real-world identities as banks do since Bitcoin uses addresses to make transactions possible between the wallets. The problem is that the addresses along with the transaction information all get stored on the public ledger. The users can make transactions without ever attaching the personal identity and it is now widely known that the Bitcoin blockchain is being data mined by the analysis companies which are able to de-anonymize Bitcoin transactions. Unlike bitcoin, Monero has privacy turned on a default setting and it is untraceable so the anonymity is baked into the protocol. As a side effect, Monero is more fungible than Bitcoin which means that you can’t tell apart from one coin from the next. For example, if a particular exchange has been hacked or the funds get stolen, the hacked coins can be tracked subsequently by exchanges or vendors. This can make a lot of the coins unspendable which is not ideal for the digital representation of cash. Monero uses three different privacy innovations namely the ring signatures, Ring Confidential transactions, and stealth addresses.

Bitcoin News

Crypto Payment Platform AnyPay Won’t Accept BTC Anymore

Published

6 hours ago

February 26, 2020

Stefan

The crypto payment platform AnyPay announced that the number one cryptocurrency will not be accepted anymore on its payment platform so this platform will no longer serve as a method of how to spend your BTC. Let’s read more about it in the BTC news below. The co-founder of the crypto payment platform AnyPay Steven Zeiler explained in a YouTube video adding that Bitcoin is worthless for payment which is the main reason for its delisting the cryptocurrency. Bitcoin crossed the $10,000 price level and many believe that it is preparing itself for a huge bull run. The BTC delisting on AnyPay came as a surprise to the entire crypto community so now its users are wondering how to spend BTC far away from this platform. The Crypto Payment platform blamed the delisting on how susceptible the crypto is to the double-spending problem. Since the advent of cryptocurrency, the core principles of it was its irreversibility. Once the tokens have been sent, there was not a single way to retrieve them. Now, you can apparently cancel already sent BTC tokens and this was one of the reasons that AnyPay decided to give up on Bitcoin. Prior to these developments, the chargeback crimes were unheard of in the crypto community. The business owners even started accepting Bitcoin as a PoS method of payment. Chargeback is when a fraudulent customer undoes the completed transaction in a bid to scam one trader while still holding on to the product. By introducing Replace by Fee, the chargeback crimes became the cause of huge concerns in the crypto space. The Replace by Fee was supposed to enable faster transaction speed but it left the option open to completely cancel a transaction. This option was only available on the full mode BTC software but in recent times, there were several other mobile applications that were integrating the feature. This left BTC payments open to chargeback frauds. The former CEO of Gyft Vinny Lingham, disclosed how bad the RBF was for his business in 2018 and he said:

“We processed over 100,000 transactions with amounts from $5-2000/transaction with no double spends. Over $25m in sales and the first time we got a double-spend attack was after RBF was introduced.”

Altcoin News

Lebanese People Turn To Bitcoin To Escape Dwindling Economy

Published

15 hours ago

February 26, 2020

Stefan

The country of Lebanon is having a weak economy which is in deep trouble. All of this leads the Lebanese people to embrace Bitcoin (BTC) and altcoins in an attempt to escape the banking system and protect their savings from dwindling as the fiat currency which is the Lebanese pound continues to struggle. We can see that Lebanese banks have attempted to halt a potential run on the pound by imposing informal capital controls and forcing the customers to withdraw their savings in fiat at the official exchange rates. The regulation crypto news show that cryptocurrency is not something the government is looking up to - but the Lebanese people have already made the switch. According to reports from Al Jazeera, the nation is experiencing a "Bitcoin boom." Not only the Lebanese are actively following the Bitcoin price news - they are purchasing BTC more and more at a rate which is now just over LBP 1,500 to the United States dollar. This is still a far cry from the parallel exchange rates of about LBP 2,500 per dollar. Additionally, their withdrawals are now limited to between $50 and just a few hundred dollars a month. The transfers abroad were recently capped at $50,000 per year, as the report shows. Al Jazeera also quoted Mahmoud Dgheim, one of the Lebanese people who are trading Bitcoin. This specific person has been active in the market since 2015 and has an interesting view on the dominant coin. He said:

“Right now, Lebanese are interested in escaping tight restrictions on cash withdrawals and transfers. They basically want financial freedom. If you want to go around the banking system, Bitcoin is a solution.”

What is also important to note is that last year, the government unveiled new tax plans - a move that led to a series of angry protests. At the time, protesters called on Lebanon's established political class to step aside, accusing the government of corruption and incompetence. The authorities in the country just spoke to the International Monetary Fund (IMF), asking them to help find a solution to manage the country's debt. Meanwhile, the Lebanese people have already considered options like Bitcoin which is why they are featured in the crypto news by Al Jazeera and many other news portals. https://twitter.com/CryptoLira/status/1214206996406243329

Bitcoin News

JPMorgan Is Closely Exploring Bitcoin Options, 74-Page Report Shows

Published

16 hours ago

February 26, 2020

Stefan

A new viral report is showing that the leading global financial services firm and one of the largest banking institutions in the world, JPMorgan is closely exploring Bitcoin options. As we can see from the latest Bitcoin news, the situation on the market is not good but the BTC derivatives are doing well. The lifetime aggregate volume on BitMEX's XBT swap future recently surmounted $2 trillion and the CME has been registering hundreds of millions of dollars worth of Bitcoin futures trades each and every day. The growth in derivatives markets has not gone unnoticed. We can see that JPMorgan is closely exploring Bitcoin options after releasing an extensive cryptocurrency-focused report in which it revealed that it is keeping a close eye on the derivatives markets. If you were around in 2017 and 2018, you probably know that there were reports from mainstream media revealing that JPMorgan's CEO, Jamie Dimon, was not the biggest fan of Bitcoin. In interviews, he lambasted the dominant coin and called it a "fraud" that global governments were going to "crush." The sentiment has not stopped JP Morgan from delving into cryptocurrency and blockchain, running its own Quorum blockchain and releasing reports on the developments in Bitcoin. However, the recent report shines a light on the financial services giant. Written by "Global Research" team at JP Morgan, it shows that there is a "genuine demand for non-linear institutional trading products in crypto markets.” What JPMorgan also indicated is that this "genuine demand" for Bitcoin comes via the trading products and is likely driven from institutions. Analysts and traders were quick to see this and post on social media. https://twitter.com/zhusu/status/1232516108629856256 Optimists right now are positive on the fact that JPMorgan is closely exploring Bitcoin. They know that options give the buyer the right to buy or sell an asset at a specified price on a specified date - something that makes them very popular. The derivatives are most often used by traders to hedge risk. As the cryptonews also show, JPMorgan's observation of "genuine demand" means that the company is prepared to step into trading Bitcoin, especially considering Jamie Dimon's disposition towards cryptocurrency. However, even keeping a close eye on the space is not a bad sign.