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Trump Banning Bitcoin Could Happen But It Is Unlikely: Economist

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One economist is featured in the latest cryptocurrency news because of a recent statement on Trump banning Bitcoin – something that is only a rumor right now but could be a possibility in the future.

According to the economist and trader Alex Krueger and his statement on Twitter on July 15, the US president Donald Trump would cause a Bitcoin (BTC) price crash if he banned it – but the law would likely prevent him.

Trump, who announced his distaste for cryptocurrency last week, initially failed to impact the market sentiment. A subsequent breakdown over the weekend has resulted in Bitcoin going below $10,000. By publishing a dedicated thread on the chances of Trump banning Bitcoin, the economist said that this could theoretically have some success.

By targeting the entry and exit points for retail and institutional investors, the president would turn Bitcoin in an isolated, more illiquid asset as it is used by lay consumers, Krueger said. In the coming altcoin news, he also summarized:

“Trump could also go after fiat onramps, by simply forbidding banks to service crypto exchanges, or by requiring banks to not service exchanges unless conditions XYZ are fulfilled (and make that practically impossible).”

In reality, however, Trump would need to convince the Congress of the need to ban Bitcoin and lawmakers could overturn his demands – even if they occurred via an executive order or similar emergency measures. So, Trump banning Bitcoin is feasible at this point – but the probability of it becoming law is extremely low, Krueger concluded.

Krueger’s comments went viral on many best cryptocurrency news sites several days after the mainstream media suggested that Trump had inadvertently made Bitcoin a campaign issue for the upcoming 2020 presidential elections.

As Forbes also noted, some of the competing hopefuls (among which Andrew Yang) have long held an opposing view which shows that Bitcoin is in fact something to embraced at national policy levels.

Krueger’s comments on Trump banning Bitcoin showed thaT US regulators could arguably determine that crypto assets are too volatile to be sold to retail (non-accredited) investors. In the last tweet, Krueger noted that Trump could issue an executive order banning US people from dealing in Bitcoin – and that he has already done so with the Petro cryptocurrency.

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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Bitcoin Gold Got 51% Attacked, Now Surges By 19%

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One researcher at the MIT Digital Currency Initiative recently discovered that Bitcoin Gold got attacked by 51% on January 23 but in the last 24 hours, the cryptocurrency has increased by 19% in price.A report published on the code repository GitHub, the MIT DCI research assistant James Lovejoy said that two separate attacks were carried out on Bitcoin Gold blocks within a span of two days.As you may know if you have read our altcoin news, a 51% attack is quite possibly the most serious form of attack against a cryptocurrency. If carried out successfully, it allows attackers to re-organize blocks and charge data within a blockchain.Moreover, analysts show that a 51% attack can cause dire consequences for a cryptocurrency. It is not cheap or easy to carry out a 51% attack. The attack itself requires a lot of control over a blockchain network's hashpower.For a major coin like Bitcoin or Ethereum, a 51% attack is quite impossible. One could do it but there would not be any incentive to do so and the attacker would end up losing money. As Lovejoy said, the orders of tens of blocks on the cryptocurrency are not enough to eliminate the incentive of launching a 51% attack against it.
“Based on Nicehash market price data for Zhash we estimate the cost of generating each reorg at around 0.2 BTC (~$1,700) and the attacker would have recouped around the same value in block rewards. Therefore, it is possible that the attacks were profitable if the double-spends succeeded at defrauding the attacker’s counterparty, or break-even if the double-spends were unsuccessful. This suggests that a confirmation requirement on the order of tens of blocks for BTG is still far too few to make the budget constraint to launch an attack significant,” the report read.
However, this is not the first time Bitcoin Gold got 51% attacked in the crypto news. In May 2018, it experienced a similar attack and reports indicated that $18 million were affected. Despite all of this, the price of Bitcoin Gold has been up by 20% in the past two days and is now trading at $12.06 with a 17% increase today, alone. As such, it proudly holds the 34th place on the market cap and could soon increase more.
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Key BTC Indicator That Called 2019 Bull Run Flashes Again

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The cryptocurrency news today show that Bitcoin plans to move higher and a key BTC indicator flashed green, triggering a potential bull run. As the new week begins, a group of measurements are combining to make traders firmly bullish on BTC.Dubbed the Guppy, this indicator is leading the positive signs but has been forgotten. This is a collection of exponential moving averages and has flashed green on the daily chart for the first time in around 300 days.This interval is significant and the last slip from red to green for Guppy was on April 9, 2019. The key indicator then coincided with Bitcoin's rapid rise to highs of $13,800. Before this, Guppy also turned bullish on January 14, 2018, when BTC briefly rose above $9,000 on the way down from its all-time high a month earlier.A second sign that the bullish momentum is building for Bitcoin lies in the Puell Multiple. Used to identify the crypto price cycles, this tool allows traders to tell from a miner's perspective when the value of newly-minted Bitcoins is historically too high or too low.The Puell Multiple indicator spiked during the 2017 highs and bottomed a year later in January 2019 when the BTC/USD pair traded at under $4,000. At present, the indicator suggests that BTC is significantly close to the "too low" area compared to its lifetime highs.Zooming in, there is steady enthusiasm already creeping into traders' forecasts. According to Michael van de Poppe, the current action means that $8,000 has now formed a fresh support level.
BTC/USD gained around 3.8% since Friday, having bounced off the local lows around $8,200. “Nice breakthrough of $8,600 level and we're back in the range. This means that the $8,000-8,100 level has now flipped as support,” he summarized in a tweet on January 27.
https://twitter.com/CryptoMichNL/status/1221701112505552897The key BTC indicator which flashed green also led van de Poppe to think that "a retest of $8,500" is possible after which "we can aim for $8,900" as he said.A classic guidance signal for Bitcoin is also the Mayer Multiple, which is firmly supportive of Bitcoin as a buying opportunity this week. Meanwhile, the Bitcoin news now show that the leading cryptocurrency is at $8,643 with a 2.30% increase on the day.
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The Mega Rejection At $9,200 Which Worried BTC Bulls

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Bitcoin has stalled over the past few days and found itself between a rock and a hard place as analysts described it. People are still undecided about where the cryptocurrency will go in the next few weeks, even though one trader said that the mega rejection at $9,200 could ignite a further bearish trend.In the wake of the flash crash at $9,200 last week, the trader Haejin tweeted that the "mega rejection" happened when BTC was unable to go above $9,200 - and looked to the fact that BTC saw a bearish retest of the 200-day moving average, collapsing out of a multi-week rising wedge and failing to surmount the key macro resistance. These were the three signs in the Bitcoin price news that showed how bears remain decisively in control.https://twitter.com/Haejin_Crypto/status/1220524082975952897So, what does the mega rejection mean?According to Haejin, it fullfils a bearish fractal which the commentator laid out. As you may know, Haejin last week noted that Bitcoin's price action since the $14,000 top in June is reminiscent of the one seen in the 2018 bear market. Both the cycles are seeing a downward price channel, an upward wedge-formed false breakout, declining volume as well as signs of capitulation.Then, the analyst added that if BTC follows the exact path it did in 2018, the price will collapse to the $6,000 region soon and then BTC will capitulate in March or April to fall as low as $3,300 by the time of the halving.https://twitter.com/Haejin_Crypto/status/1218220456441937921The big question in the cryptocurrency news today is - can the Bitcoin bulls step in?The mega rejection makes everyone wonder about this. However, another analyst named filbfilb has the perfect answer for this and predicts that the halving taking place in May 2020 is a crucial event that brings back some optimism.
“Overall, Bitcoin is exactly where [I] anticipated; slowly grinding up towards previous resistance… I’m very much of the opinion that Bitcoin will reach to at least $12,500 level before the halving,” he said.
Another analyst wich a Twitter nickname Financial Survivalism said that he thinks that BTC is on track to hit $20,000 by July 1st and would likely extend its gains in the news few months.
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Bitcoin Needs PR From People Like Peter Schiff: Binance CEO

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Peter Schiff is known as one of the strongest skeptics in the world and a gold bug who is unwittingly advertising the cryptocurrency's virtues over other investments. However, according to the CEO of the exchange Binance, Changpeng Zhao, Bitcoin needs PR exactly from people like Schiff.As the popular 'CZ' summarized in a tweet on January 25, Schiff was falling in sewing distrust of Bitcoin among social media followers and beyond. 
“I think Peter is doing great to promote bitcoin. He probably does not realize that given his illogical reasoning, most people will do exactly opposite of what he says,” he wrote.
https://twitter.com/cz_binance/status/1220978020686548992In the Binance news, CZ concluded saying that “We need more of these types of ‘negative’ voices.”Bitcoin needs PR from people like Schiff and as CZ said, the gold bug was already notorious for his posts attacking Bitcoin which claim that gold is superior to the cryptocurrency. Last week, however, Schiff was undermining his credentials after he blamed the wallet provider blockchain for "losing" his Bitcoin holdings worth 0.21 BTC ($1,750) that he received in the form of donations in 2019. In the event, Schiff had simply confused his pin with his password - something that went viral in the cryptonews all over the world.However, Schiff continued to allege that Bitcoin investors were the true ignorant party for choosing cryptocurrency over the precious metal.
“Bitcoin bugs are saying I'm not qualified to give advice about Bitcoin because I don't know the difference between a pin and a password. I know the difference now and my advice hasn't changed,” the tweet which inspired CZ read.
Schiff also added that "Those bitcoin bugs still don't know the difference between #Bitcoin and #gold."Binance CEO thinks that Bitcoin needs PR from people like Schiff and it is clear why he resonated with this. On the other hand, many experts believe that Schiff failed to react to market movements and lost people money.As to what the gold bug claims, the precious metal has failed to deliver for investors in 2020 already, firmly decreasing while Bitcoin boomed this year. Meanwhile, the crypto market is very stable today and Bitcoin seems to have stabilized, potentially leading the market to a new rally. 
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