Bitcoin News

Zimbabwe Banned The Use Of The U.S. Dollar, Spikes A Massive BTC Fever

Published

3 months ago

July 11, 2019

FO6E3842CAC44 - Zimbabwe Banned The Use Of The U.S. Dollar, Spikes A Massive BTC Fever

Zimbabwe banned the use of the United States dollar, forcing its citizens to adopt a national currency which backfired massively. In the latest cryptocurrency news today, we read more of what exactly happened.

Zimbabwe’s national currency stopped circulating all the way back in 2009 while they were trying to stabilize the economy. However, when the policies changed, the government of the country readopted the local currency which was the RTGS dollar- later renamed to the Zimbabwe dollar. Zimbabwe banned the use of domestic transactions by using foreign currencies. This move was not accepted among the locals and many avoided using the ‘’zollars.’’ Some of the people like Godfrey Mupanga tried to ask the courts to ban that decision. Others traded dollars on the black market in order to protect themselves from the huge inflation.

The recent interest in crypto led to a major increase in the volume of Bitcoins sold in the country. Some of the citizens leveraged the advantage of cryptocurrencies in order to offer services or to open a business based on blockchain technology in order to avoid government restrictions. One such example is Tinashe Jani who used blockchain to send money between Zimbabwe and South Africa:

“The cut by the banks meant that one could not swipe or withdraw money in their account for rent, fees, or even groceries. So, we started using the local currency to buy bitcoin in Zimbabwe and sending those to SA and immediately converting them to rands for our clients for a small fee.”

Although the government considers Bitcoin to be illegal, the citizens of the country prefer to risk it all using bitcoin than to lose all their purchasing power. Bitcoin trading increased so much in the country that today it is one of the most important markets in the southern part of the African continent. The CEO and founder of the Golix crypto exchange Tawanda Kembo noted:

“What we are seeing is that there is a lot of demand for bitcoin, and there is little supply compared to demand, so all the activity in bitcoin which we are seeing is happening on dark markets instead of exchanges.’’

As reported in some of the best cryptocurrency news sites, just like in Zimbabwe, Venezuela has the same problem with the high inflation. The market is sustained by Venezuelans without the state’s participation so it seems like Bitcoin is the only way to protect themselves from the terrible decision of their governments.

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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Analysis

New BTC Research: Bitcoin Has Proven To Be The Best Performing Asset

Published

6 hours ago

October 23, 2019

Stefan

The new BTC research shows that since the launch of the cryptocurrency, BTC was pronounced dead at least 300 times and in the height of the bear market in 2018, a total of 90 times. As we are about to read in the bitcoin news now, the benchmark cryptocurrency has proven to be the best performing asset and a store of value despite everything.As we are going towards the end of 2019, bitcoin is doing well and it managed to carve a niche in the financial system as we know it. Crypto traders, blockchain experts, and researchers all agree that the cryptocurrency offers a strong value proposition. This unique quality enables the digital coin to surpass a number of shortcomings. Since the inception in 2009, the king of cryptocurrencies has grown by more than 164,000% and this is why the distributed ledger technology expert The Crypto Oracle, was 100 percent sure that Bitcoin has proven itself as a solid store of value. According to the new BTC research, we can read that:

‘’I would argue that Bitcoin has proven a good store of value if viewed over a long time frame. Since its existence, it’s been the best performing asset in the world. It’s on the way to being the only non-correlated store of value (SOV) asset in the market, something that is especially valuable in such financial uncertainty around the world.’’

When speaking on financial uncertainty, Enzo Vilani who is a chief strategy officer of Transform Group agrees that Bitcoin has become so strong in times of indiscriminate quantitative easing and he said:

‘’The World Bank and its members are discussing global quantitative easing, and we are at a point where printing money is now a common practice globally and coordinated by governments. One more huge crisis and we will see a shift toward bitcoin by major money.’’

Regarding the question of whether Bitcoin is a proven store of value, many crypto traders see the big potential bitcoin has. Hans HODL who is senior quantitative research at Ikigai stated that Bitcoin has the potential to become one of the greatest stores of value ever. The CTO and co-founder of the full-service blockchain accelerator MouseBelt, Galen Ganzieger, shares the same opinion as he said:

‘’Bitcoin has proven itself as a store of value. While it is less predictable in buying power compared to the US dollar in a short time frame, it is a strong alternative to other currencies and gold.’’

Bitcoin News

Bakkt BTC Trading Volumes Exceed 1,000 Threshold After Price Crash

Published

6 hours ago

October 23, 2019

Stefan

The Bakkt BTC trading volumes surpassed 350 BTC today, exceeding the 1,000 thresholds by the end of the day as the bitcoin price lost more than $500 in just a few minutes. The institutional investors saw an opportunity and we are about to find out some more in the Bitcoin news updates.While it is very difficult to understand the reasons behind the BTC flash crash, the institutional investors are in a hurry to purchase the cryptocurrencies at a discount price. The largest crypto by market cap crashed over $500 or more than 9% over the day in a surprising flash crash. After the hours from the crash, Twitter user Bakkt Volume Bot explained that the Bakkt BTC trading volumes increased at 8 BTC at the time. It was expected for a total of 58 BTC increase at the end of the day.However, the flash crash raised the investors’ appetite so much that the volume on Bakkt exceeded the daily forecasts by about five times in less than two hours. Shortly after the drop in BTC price, the Bakkt Volume Bot announced that the daily volume reached 296 BTC at the time, predicting a crazy figure of 1139 BTC. For example, yesterday, the trading volume on Bakkt was 85 BTC which is a 77 percent increase from Monday.As it usually, the trading volume on other exchanges increased as well. However, while the Bakkt volumes increase thanks to the buyers, some of the other exchanges might have been in a completely different situation since they have to liquidate very long positions. On BitMEX, the long positions were worth about $200 million which have been later liquidated during the last 6 hours. On other exchanges, the liquidated shorts were worth $43,000 for the same period. The reason behind these massive liquidations of long positions is that the traders were taken by surprise by the major flash crash of the price.Despite the BTC crash, the cryptocurrency has still managed to prove that it is the only digital asset that proves to be a store of value over the last ten years. The price is now relatively stable but in the upcoming days, we will see whether it will move upwards slightly or go down again.

Bitcoin News

New Indicator Signals Massive BTC Volatility Is Inbound

Published

14 hours ago

October 23, 2019

Stefan

A new indicator signals something that many analysts have been afraid of. As Bitcoin (BTC) has been caught in the throes of consolidation for the past several weeks and months, it failed to garner any momentum in either direction ever since it plummeted below $10,000. Right now, BTC is boring and the analysts think that this period won't come to an end unless volatility improves.Speaking of which...The latest cryptocurrency news feature the price volatility of Bitcoin which is the single most important technical indicator right now. The new indicator signals that a massive movement may be imminent and one analyst even believes that Facebook's Libra coin may play a huge role in Bitcoin's future volatility.At the time of writing, the BTC news show that Bitcoin is below $8,000 once again and dragging many altcoins along with it. The buyers have failed to extend the upwards momentum seen a couple of days ago. All of this suggests that BTC is in a tight trading range between $7,800 and $8,800 with significant support at the former price and strong resistance at the latter.What is also important to note is that this period of sideways trading has come about after Bitcoin and its massive drop from the previous support level at $10,000. Even though the mid-term trend remains bearish, the new indicator signals that the support established at $7,800 may mark a long-term bottom for BTC as a dominant cryptocurrency.This is confirmed in a recent report on Bloomberg too, where it is noted that Bitcoin's Trading Envelope indicator is currently at its narrowest since mid-September. This new indicator signals that another massive movement may be imminent for the cryptocurrency.

“The gauge smooths moving averages to map out higher and lower limits and a similar narrowing last month preceded a drop of more than 12% for Bitcoin on Sept. 24,” the report published on Bloomberg explained.

Detailed in the same report is Matt Maley, an equity strategist at Miller Tabak + Co. who explained to Bloomberg that the fate of Facebook's Libra is currently contributing to Bitcoin's price action. The analyst said:

“As it becomes more and more obvious that the Libra thing is not going to take off – it’s going to be a long time before it becomes an important part of anything Facebook’s doing – as that becomes more obvious, the volatility will pick up again… This issue with what’s going on with Libra and Facebook is a definite headwind and it’s not going to go away.”

Even though it is still unclear whether Libra is truly having any influence on BTC, the new indicator signals that Bitcoin must regain control of the news cycle very soon.

Bitcoin News

Bitcoin Is Boring Again After Falling Below $8k

Published

15 hours ago

October 23, 2019

Stefan

The price of Bitcoin is boring again after it fell below the $8,000 for the zillionth time. As we can see in the Bitcoin latest news, BTC failed to crack resistance at $8,300 and suddenly reversed below the psychological level at $8k.According to data from Coin360, there is sideways activity for BTC/USD on Tuesday with the 24-hour figures being slowed down between $8,160 and $8,290. After two major attempts to grind higher, the pair saw major rejection at $8,300 and is now in line with projections from analysts who previously said that there is a heavy resistance close to $8,500.Bitcoin is boring again and remains quiet now. The situation is same since the start of the weekend, when the markets managed to show a spike and exit the $7,000 range, staying higher since.The short-term outlook nonetheless contains a few surprises. As we can see, the crypto news feature analysts who are not expecting shifts as the week progresses.

“To me it looks like an inside day in which we're stuck between two levels (on the upper side; $8,300 and on the downside $8,170) without making a clear decision yet,” one analyst said in private comments on Twitter.

He also continued and stated:

“If either way we crack one of the levels, a volatile move should occur of a few hundred dollars. On the upside, if we clear $8,300 I wouldn't be surprised with a push towards $8,500-8,600, however if we break the lower floor, a retest of $8,000 is quite likely to occur.”

As we reported before, Bitcoin is boring because of the price volatility and a couple of other factors. With this being dropped, investor interest is still evolving and institutional money needs to start pouring in. All of this could help BTC escape the rat race and increase its price, potentially heading to $10,000.Meanwhile, the altcoin news show that the markets moved a bit. While no token saw any significant shifts, the top ten by market cap typically moved up and down by around 2%. Ether (ETH) which is the largest altcoin, is trading down by 1.5% at $174 right now. By contrast, Ripple's XRP token gained around 1.3% this time and reached just below $0.30.