Bitcoin News

Chinese BTC FOMO: Banks Start Investing In BitPie Wallet

Published

4 months ago

October 28, 2019

The Chinese BTC FOMO appears to be rising in the country as the major banks started investing in a local wallet platform dubbed BitPie. This makes up for major crypto and blockchain-related development from China as the country is slowly approaching to get to government-approved adoption as we reported previously in the Bitcoin news.

The co-founder of Primitive Ventures Dovey Wan tweeted on Monday (October 28, 2019) that China Merchants Bank has already invested in BitPie which is a non-custodial bitcoin wallet service. according to Wan, BitPie is the longest-serving bitcoin wallet platform in China and has the most users. The investment in this wallet comes only after a couple of months had its bank shares drop to 13.7 percent amid the ongoing investigation in the US involvement with North Korean state actors.

For Wan, this move is a part of a growing trend of blockchain and crypto nationalization in China. The Primitive Ventures chief explained:

‘’All I can say is this to me it’s a sign of [the] beginning of the nationalization of Bitcoin/Cryptocurrency related infra in mainland [China]. Eventually, all things can be state-owned, or at least partially (mining, ASIC, exchanges, wallets, etc).’’

Despite the 2017 ban on cryptocurrency trading and initial coin offerings, the p2p trading is now allowed in China. There are even some reports that major exchanges run bitcoin over-the-counter desks via marketplaces on well-known Chinese payment services such as Alipay and WeChat Pay. If Wan’s words turn out to be accurate, then there could be a wave of institutional involvement in Bitcoin and crypto overall. This development can provide a huge boost to the already growing retail crypto interest in the country.

In the upcoming year, the cryptography law will come into effect and according to the reports, this new law will provide a robust regulatory framework for crypto and blockchain technology and will make China more competitive in the emerging digital landscape. Until then, the Chinese BTC FOMO is strong and is increasing. Recently, the president Xi Jinping mentioned that the country should embrace blockchain technology and ever since, there has been a surge in interest in crypto.

The search trends from search engines such as Baidu show a strong uptick in bitcoin and crypto interest. The Chinese altcoins like ONT and NEO are boosting with the positive wave and have a lot of enthusiasm as well.

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

‘Golden Cross’ For BTC May Result In Gains To $26,000 By Halving

Published

11 hours ago

February 18, 2020

Stefan

The Bitcoin news now indicate that the most popular coin in the cryptocurrency ecosystem is again near the $10,000 mark and may rise to $26,000 in just two months thanks to what is known as the 'golden cross' which previously triggered 170% price gains. One analyst featured in the cryptonews talked about this on February 18 and said that this week saw Bitcoin's ascending 50-day moving average cross over its 200-day moving average. Known as a 'golden cross" this phenomenon is a rare occurrence for the cryptocurrency. Even though BTC shed almost $1,000 in recent days, Wareing is anything but bearish on the short-term profit potential.

“Last time this happened #Bitcoin pumped 170% in under 60 days,” he summarized.

His comments were echoed by many other analysts. And as he added that at press time, levels of around $9,800 show that Bitcoin regained support in an overall bullish ascending price triangle, the sentiment was also echoed by another fellow Cointelegraph Markets analyst named Michael van de Poppe, who said:

“And so, we've bounced on the green area around $9,450-9,500. That was heavily needed. We could still see a period of relative calm movements, before we're either attacking the highs at $10,400 or the lows at $9,500.”

The past weekend left a significant gap between two Bitcoin futures trading sessions too. Historically, BTC has subsequently "filled" these gaps which is why many believe this will be a week when Bitcoin will visit $10,500. Still, the 'golden cross' is the biggest thing now and makes Wareing the third prominent Bitcoin figure to forecast major short-term gains this month only. Before this, we had Fundstrat's Tom Lee who said that Bitcoin could reach $27,000 by August, again because of the price beating out resistance from its 200-day moving average. After that, we saw Mike Novogratz commenting that BTC/USD might retest its all-time highs of $20,000 by the time of May's block reward halving. Anyways, the price of the most dominant cryptocurrency today is stable at $9,755 and may soon prepare for a jump to $9,800 and then $10,000 which is the five-digit level many are hoping to see Bitcoin reclaim. The coming altcoin news show that ETH, XRP, BCH and BSV have all regained much from their losses and are stable today with new potential gains on the horizon.

Bitcoin News

Moon Will Help Amazon Support Cryptocurrency Payments

Published

14 hours ago

February 18, 2020

Stefan

Meet Moon - a startup founded by three individuals which now acts as a platform that is apparently helping the leading eCommerce site in the world Amazon to accept payments using BTC. Yes, Moon will help Amazon support Bitcoin payments through an infrastructure that is linked with the Lighting Network, Bitcoin, Litecoin or Ether. The new payment system is not yet embraced by everyone. And while some eCommerce giants are looking to it as a real big thing, others rejected it on account of the fluctuating nature of digital currencies. If you are wondering how the startup works or how Moon will help Amazon support crypto payments, the procedure is simple. Once you log into your Amazon account, the application automatically recognizes you and gives options to pay with crypto funds. Information about the amount going to be paid via cryptocurrency is usually displayed before the actual transaction. The most interesting thing, however, is that the Moon startup does not charge a penny to the users for its service. Instead, it uses the prepaid value on Amazon so that while paying for the goods, the service is "automatically converting your crypto" and topping p your Amazon account to pay with your Amazon balance. The Moon startup is everywhere in the Amazon cryptocurrency news. Moon will help the facilitation of crypto payments in the entire Amazon network and it can handle payments in two different ways:

Through any Bitcoin wallet which is working with the Lighting Network (faster than normal transactions)
Through the crypto balance on your Coinbase account - this was a big thing in the Coinbase news as all holders of accounts there can pay in a matter of seconds (the apps are interlinked)

Moon will help with Amazon cryptocurrency payments and unify the network in a new way. This is a concrete evidence of the expansion of crypto culture in every latest platform. For now, the service is available to users in the US and Canada but in the time coming, it will probably meet customers in Europe too - enabling them to make the very best use of the browser extension. With more than 100 million users globally, Amazon will certainly benefit from Moon's abilities.

Bitcoin News

Fractal Predicts A Near-Vertical Rise For BTC Above $10,000

Published

14 hours ago

February 18, 2020

Stefan

$fractal$

Yesterday was the third or fourth day in a row during which the price of Bitcoin continued to correct lower. However, in the cryptocurrency news today all of this has changed and we can finally see the most dominant cryptocurrency adding to its price and getting closer to $9,800 and $10,000. What is interesting for many analysts is a fractal that predicts a near-vertical rise for BTC which would be a precursor for an even greater thrust higher. One analyst suggested that Bitcoin could soon rally surge past $10,000 yet again establish a new multi month high. We are talking about the crypto analyst Anondran who recently remarked that Bitcoin's price structure over the past few weeks since the 2019 bottom of $6,400 is extremely similar to the one of the bottoming pattern in 2018 whereas the prices have exploded off the bottom and later corrected. So, Bitcoin was following the exact path it took in the previous cycle. The fractal predicts that it may hold $9,527 which is the first retracement of the bottom to the first local peak - and then surge higher in a near-vertical fashion in the coming days and weeks, signalling a move that will bring it past $10,000 and to a new high which would be likely above $12,000. https://twitter.com/AnondranCrypto/status/1229422091805634562 This entire analysis comes as many top analysts said that Bitcoin remains in a strong upward trajectory. Recently, filbfilb said that there is a "reasonable case" to be made that the recent drop is actually the "third real correction in this uptrend." However, the fractal predicts that BTC could surge soon and it is not only Anondran that has drawn importance to it in the Bitcoin price news. Previous reports show a trader going by the nickname 'George' remarking that BTC is still on track to rally towards the $11,700 price point. George backed this forecast by posting the below chart and suggested that the cryptocurrency has somewhat maintained the $9,700 swing low and the $9,500 infection point. He said “Keep it simple, $11,700 is next. Invalidation [if there is a] clean break below $9,500.” https://twitter.com/George1Trader/status/1229191149384085506 Unfortunately, the fractal predicts a higher move but it is unclear whether Bitcoin will hold $9,500. The cryptocurrency has been on a steep decline over the past few days as aforementioned and despite the recent surge to $9,755, there is still no signal of an impending reversal.

Altcoin News

Crypto Books Are Still Best Sellers On Amazon For 2020

Published

1 day ago

February 17, 2020

Stefan

Despite the fact that there’s still no sign for an Amazon cryptocurrency, crypto books are best sellers for 2020 as we are reading further in the coming altcoin news today. Cryptocurrencies are still a major trend in 2020 and the entire market capitalization once again reached $300 billion which was seen six months ago as well. What is most interesting is that it’s not just the price of Bitcoin that is increasing over time since the altcoins are exploding as well. Of course, when the prices of altcoins increase, it increases the retail interest as well. Crypto books are now again in the mainstream while the Google searches are going up as well. Plenty of bitcoin and crypto books are trading and are reaching Amazon’s best-seller list for 2020. Maybe with the ever-increasing popularity, the online retail giant will consider the amazon cryptocurrency again. Amazon is the largest retailer in the world and it is the biggest marketplace for books and e-books. Writers across the world are using this platform to market their writings and to reach a bigger audience. More than 20 percent of the books are related to bitcoin and cryptocurrency. The author of one of the books, Nik Patel, recently ranked #3 on the list but it is also worth noting that the list is updated every hour but the number of books is still notable. This shows that there’s a lot of interest from retail investors as well. As the prices of crypto increase, the interest in investing in crypto also increases every day. These investors are referred to as retail because they don’t have specific knowledge on the matter and they don’t classify as institutions. As per the recent altcoin news reports, the ‘’buy bitcoin’’ key phrase surged to a new high last seen in June 2019 which is a very important price level because it shows interest in buying Bitcoin rather than learning more about it. Bitcoin searches are also increasing and this is only an indicator that people follow the price of the altcoin. Cryptocurrencies are charting a lot of gains since the start of 2020 and they show no signals of slowing down. Most of the major altcoins received double-digit profits since the start of the year.