Bitwise’s report to SEC suggests unregulated crypto exchanges fake 95% of Bitcoin [BTC] trading volume

Bitwise Asset management is in the news after it informed the United States’ Securities and Exchange Commission [SEC] that 95 percent of Bitcoin [BTC] trading volume reported by unregulated cryptocurrency exchanges were fake or non-economic in nature.
The report dated 20 March was submitted to the SEC in line with a rule change as part of their application to launch a Bitcoin Exchange Traded Fund [ETF]. Bitwise’s proposal is yet to receive any response from the SEC.
Data for 81 exchanges recording a trading volume of more than $1 million per day were included in the study. Using exchange data from CoinMarketCap, Bitwise argued,
“Despite its widespread use, the CoinMarketCap.com data is wrong. It includes a large amount of fake and/or non-economic trading volume, thereby giving a fundamentally mistaken impression of the true size and nature of the bitcoin market.”
According to the analysis, the per day Bitcoin trading volume accounted for about $6 billion, in terms of spot markets. However, this figure is misleading, the report said. It adds,
“The vast majority of this reported volume is fake and/or non-economic wash trading.”
This “vast majority” accounts for approximately 95% of the total volume. Bitcoin’s actual market, if the wash trading is not accounted for, is lot smaller, orderly and more regulated than is actually reported.
Bitwise juxtaposed the workings of Coinbase Pro, which they deemed a “real exchange,” and CoinBene, the exchange with the highest BTC volume and deemed a “suspicious exchange.” The former reported $27 million in BTC volume on a per day basis, when compared to the $480 million daily BTC volume recorded on CoinBene.
The report compared the two exchanges’ trade printing on their respective website, web traffic and real-world footprint, suggesting that there was a lack of clarity with exchanges like CoinBene, compared to regulated ones like Coinbase Pro.
“It is surprising that an exchange claiming 18x more volume than Coinbase Pro would have a spread that is 3400x larger.”
On analyzing the hourly candlesticks of “suspicious exchanges,” Bitwise noted that the arrangement and sizes were fairly consistent and hence, did not depict real-time activity. The report cited the example of CHAOEX, which poses an average daily volume of $70 million and indicates a monotonic chart i.e. showing identical volume valuations every hour of the day.
“This volume pattern is insensitive to price movements, news, waking hours, weekends, or other real world factors.”
Despite the false trading volumes, the Bitcoin market “was uniquely resistant to market manipulation,” the report said.  It argued that the market was structured in such a way that outlier coins and unregulated exchanges cannot exert unnecessary control on the collective coin market.
“We have demonstrated that the bitcoin market is an extremely well-arbitraged market, with a proven ability to ignore outlier prices, and that both the fundamental market structure and our specific NAV calculation methodology provide unique protections against potential efforts to manipulate that market.”
Coincidentally, the Bitwise report comes in the same week as a report from The Tie, which stated that some exchanges faked trading volume to attract users to their platform. The main culprits here were BitMAX, LBank, BW, and ZBG. According to the findings, the expected volume of these exchanges was less than 1 percent of their reported volumes.
Several cryptocurrency proponents praised Bitwise’s report and its findings. Anthony Pompliano, the Co-founder and Managing Partner at Morgan Creek Digital stated,
“This report is really important. Please read it.
I couldn’t be more proud to be an investor in @HHorsley @Matt_Hougan @teddyfuse @martha_shear and @BitwiseInvest today”
Jeremy Allaire, the Co-founder and CEO of Circle stated that a report like this was an important precursor for the crypto-market to go mainstream,
“Great work from @BitwiseInvest helping the market understand what’s real and what’s fake. If we want crypto capital markets to go mainstream we need data investors can believe in.”
Tushar Jain, the Managing Partner at MultiCoinCap suggested action against CoinMarketCap,
“This excellent research from Bitwise shows how @CoinMarketCap is completely (and perhaps deliberately) misleading users on exchange volumes. This atrocious behavior from CoinMarketCap deserves some attention from law enforcement.”
The post Bitwise’s report to SEC suggests unregulated crypto exchanges fake 95% of Bitcoin [BTC] trading volume appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin (BTC) Stuck Around 4,000, But Analysts Expect a Drop as Upwards Momentum Fizzles

The crypto markets are experiencing a relatively quiet Friday as Bitcoin continues to trade sideways in a tight trading range between $4,000 and $4,100. This stability should not fool traders, however, as analysts expect BTC to drop in the near future as its upwards momentum begins to fade.
If Bitcoin is unable to garner more buying pressure as the markets head into the weekend, it is likely that Bitcoin will drop back into the upper-$3,000 region.
Bitcoin (BTC) Stuck Below $3,900 
At the time of writing, Bitcoin is trading up less than 1% at its current price of $4,040. Throughout this week, BTC has firmly established $4,100 as a level of resistance, as it has unsuccessfully attempted on multiple occasions to break above this price level.
Importantly, however, Bitcoin has established $4,000 as a level of support, as it has bounced after touching this price. Despite this, the true test of Bitcoin’s current strength remains in its ability to advance above $4,200, which was established as a key resistance level last month.
Although the lack of upwards momentum does seem negative, Luke Martin, a popular cryptocurrency analyst on Twitter, recently noted that he is only bearish on BTC in the short-term if the crypto begins tepidly moving towards stronger resistance levels above $4,100.
“If $BTC starts getting higher timeframe 4hr/1D closes below 3930, THEN I’ll consider being bearish short term. Unless you are a short term day trader flipping your outlook between 4400 and 2k after a red 30 minute candle isn’t too helpful,” he noted.

If $BTC starts getting higher timeframe 4hr/1D closes below 3930, THEN I'll consider being bearish short term.
Unless you are a short term daytrader flipping your outlook between 4400 and 2k after a red 30 minute candle isn't too helpful. pic.twitter.com/gAIhviwYXy
— Luke Martin (@VentureCoinist) March 21, 2019

Historically, the crypto markets have been more prone to making large price swings during weekend trading sessions, which means that traders may gain more insight into where BTC is heading next over the next couple of days.
Analyst: Bitcoin Likely to Drop Back into Upper-$3,000 Region in Near-Future
Because Bitcoin is not expressing any signs of significant technical strength at the moment, unless it is able to make a large upwards push in the near future, it may soon drop back into the upper-$3,900 region.
The Cryptomist, a popular cryptocurrency trader on Twitter, spoke about this possibility in a recent tweet, setting a target for BTC at $3,900.
“$BTC Mentioned couple days ago we will see movement for yesterday price action. We dropped and bounced of candle support as RSI support failed. We have 2-3 days to break this 4010 region resistance before we break this candle support and test target #1 at 3900 range,” she explained.

$BTC
Mentioned couple days ago we will see movement for yesterday price actionWe dropped and bounced of candle support as RSI support failed We have 2-3 days to break this 4010 region resistance before we break this candle support and test target #1 at 3900 range pic.twitter.com/bclvVRlZqy
— The Cryptomist (@TheCryptomist) March 22, 2019

If the crypto does drop back below $4,000, this level will likely be further solidified as a strong psychological level of resistance, which may prove to be increasingly difficult to break above.
Traders and analysts alike will be closely watching to see how the markets respond to their current price levels during the weekend.
Featured image from Shutterstock.
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Crypto Ratings: China Prefers Smart Contract Platforms, Bitcoin Downgraded

The Centre for Information and Industry Development in China (CCID) has updated its monthly crypto project rankings. Following the update the top three spots on the list of most promising public blockchain-based assets are compromised of the Ethereum network (ETH), Tron (TRX), and EOS, whilst Bitcoin (BTC) fell on the list.
CCID looked at a total of 35 different projects in the digital asset space. The evaluation comprised of three components – basic tech, applicability, and creativity.
China More Excited by Smart Contracts Than BTC
The latest Chinese CCID crypto ratings are in and it is clear that the Chinese government body is optimistic about platforms supporting the creation of decentralisation applications. The newly published ratings have smart contract platforms Tron and EOS topping the list of 35 crypto projects.
Interestingly, Tron only made its debut on the list of projects deemed worthy of rating by the CCID last month. It has quickly managed to replace Ethereum as the project the agency is second most optimistic about. It failed to displace EOS, however, which has been rated the most promising project month-in, month-out since last June.
The CCID ratings are awarded based on three criteria: basic tech, applicability, and creativity.
Scoring highly in the basic tech department was EOS, Tron, Bitshares, Stem, and Gxchain. According to a translation taken from Bitcoin.com, the CCID did give mention Ethereum and its recent Constantinople upgrade. However, the performance-enhancements made to the Ethereum network were not enough to take ETH into contention for best crypto by basic tech:
“Since the Constantinople upgrade, the efficiency of the Ethereum network has improved, and the Ethereum basic technology index has also risen from the 9th [place] to the 6th.”
This basic tech assessment accounts for 64 percent of the total score of a project.
In terms of “applicability”, the CCID stated that this score was based on “the comprehensive level of public chain support for practical applications”. It comprises of 20 percent of the total score for crypto projects.
Here, the CCID’s five hottest crypto projects are: Ethereum, NEO, Tron, Nebulas, and Ontology.
Finally, the digital assets evaluated by the CCID were assessed by their creativity. This score accounts for 16 percent of the total awarded. The CCID explained this part of the ratings system as referring to the amount of “continuous innovation in the public chain”. The five projects deemed to be the most important in this regard are Bitcoin, Ethereum, EOS, Litecoin, and Lisk.
Evidently, the CCID researchers behind the latest crypto ratings update are less enamoured with straight-up digital currency offerings than they are with smart contract platforms. Bitcoin dropped from thirteenth position two months previous, down to fifteenth. Meanwhile, Bitcoin Cash also fell from to outside of the top 30 projects.
 
Related Reading: Weiss Publish Their First Cryptocurrency Ratings
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Report: Bitcoin and Crypto Markets More Regulated Than Widely Thought

There is a common motif within the crypto markets that the advent of “do-no-harm” regulation would allow for an influx of institutional, corporate, and public funds that will help propel Bitcoin and other cryptocurrencies higher.
Despite this, a recent report conducted by Bitwise Asset Management explains that the nascent markets are actually significantly more regulated and surveilled than widely known, while also importantly noting that the actual trading volume on many major exchanges is significantly lower than reported.
Are the Crypto Markets Actually Regulated Presently?
The report, which was published and conducted by Bitwise – a crypto asset management firm – came about after the firm submitted a Bitcoin-based ETF application to the Securities and Exchange Commission (SEC) and offers an in-depth look at many of the major topics currently surrounding the new and quickly evolving crypto industry.
In a section of the report titled “The Bitcoin Market Is More Regulated and Surveilled Than Is Commonly Understood,” Bitwise explains that the crypto markets are in fact regulated – in a certain regard.
“We are not implying that bitcoin spot exchanges are ‘regulated markets’ or that they are on an equal legal status with national securities exchanges or futures exchanges, but rather that the…exchanges highlighted earlier interface with other forms of regulation,” the report stated.
One such form of regulation that Bitwise notes exchanges are currently interfacing with is the FinCEN requirement that crypto exchanges register as Money Services Business (MSB), a requirement that has been in place since 2013. As a MSB, exchanges are subjected to a plethora of strict regulatory requirements.
Furthermore, the exchange also notes that exchanges who offer their services to users in the state of New York are required to acquire a BitLicense, which mandates that exchanges comply with a significant number of regulatory requirements that ensure safety for customers.
Report Claims that 95% of Bitcoin Trading Volume is Artificially Created
Another key portion of the report offers an interesting set of data regarding the veracity of the trading volume on major crypto exchanges.
“We will demonstrate…that approximately 95% of this…volume is fake and/or non-economic in nature, and that the real market for bitcoin is significantly smaller, more orderly, and more regulated than commonly understood,” the report explains.
Bitwise then elucidated the results of a test they applied to the top 81 exchanges by trading volume – which entailed using trade size histograms, volume spike analysis, and spread patterns – to determine the veracity of the exchange’s trading volume.
Shockingly, the conclusion is that of the top 81 exchanges, only ten of them – including Binance, Coinbase, Kraken, Bittrex, Poloniex, Bitfinex, Bitstamp, bitFlyer, Gemini, and itBit – had predominantly genuine trading volume.
When considering this data and Bitwise’s conclusion that 95% of the total Bitcoin trading volume is artificially created, it shines a light on just how much room Bitcoin, and the crypto markets as a whole, have to grow.
Featured image from Shutterstock.
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Facebook in Hot Water as the Company Stored Millions of User Passwords Improperly for Years

Coinspeaker
Facebook in Hot Water as the Company Stored Millions of User Passwords Improperly for Years
It seems that Facebook is in “hot water” again as the company stored millions of user passwords improperly for years.
Facebook in Hot Water as the Company Stored Millions of User Passwords Improperly for Years

Continue reading at Coinspeaker
Source: CoinSpeaker

Bitcoin (BTC) Price Looks To Reclaim $4,000 After Sharp Sell-off

Bitcoin price traded to a new weekly high above $4,060 and later declined sharply against the US Dollar.
The price broke the key $3,960 support level and tested the next main support at $3,875.
There is a short-term connecting bearish trend line formed with resistance near $4,015 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The recent rebound was positive, but it won’t be easy for buyers to reclaim $4,000 and $4,020.

Bitcoin price rebounded sharply after a massive drop below $3,900 against the US Dollar. BTC must climb above $4,000 to move back in a positive zone and revisit $4,060.
Bitcoin Price Analysis
Yesterday, there was an upside extension in bitcoin price above the $4,020 resistance against the US Dollar. The BTC/USD pair broke the $4,050 resistance and traded to a new monthly high at $4,065. However, buyers failed to stay in control, resulting in a sharp decline below $4,050 and $4,020. The price even broke the $4,000 support and settled below the 100 hourly simple moving average. The decline was strong as the price even failed to hold the $3,950 and $3,900 support levels.
However, the next key support at $3,875 prevented further declines. A swing low was formed at $3,872 and later the price bounced back sharply. It broke the $3,900 resistance and the 23.6% Fib retracement level of the recent decline from the $4,065 high to $3,872 low. More importantly, the price rebounded above the $3,950 resistance level. Finally, there was a close above the 50% Fib retracement level of the recent decline from the $4,065 high to $3,872 low.
At the moment, the price is facing a strong resistance near $3,990 and the 100 hourly simple moving average. The main resistance is near $4,000 and the 61.8% Fib retracement level of the recent decline from the $4,065 high to $3,872 low. Besides, there is a short-term connecting bearish trend line formed with resistance near $4,015 on the hourly chart of the BTC/USD pair. Therefore, a break above the $4,000 and $4,020 resistance levels is must for additional gains in the coming sessions.

Looking at the chart, bitcoin price rebounded nicely from the $3,875 support level. However, buyers might find it difficult to gain strength above $4,000 and $4,020. If they continue to face hurdles, there could be another bearish reaction below the $3,950 and $3,920 support levels.
Technical indicators:
Hourly MACD – The MACD is slowly moving in the bullish zone, with a positive bias.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently correcting higher, but it is still well below the 50 level.
Major Support Levels – $3,950 followed by $3,920.
Major Resistance Levels – $4,000, $4,020 and $4,060.
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JP Morgan’s Global Head of E-Commerce elucidates on the difference between crypto and blockchain

Ron Karpovich, the Global Head of e-commerce at JP Morgan, said that blockchain technology could enhance existing payment channels.
In a recent interview with CNBC, Karpovich pointed out that there is a difference between trading an existing digital asset and using its core technology to enhance the payment infrastructures by executing payment settlements efficiently at a cheaper rate.
He also added that the payment system deployed by leveraging blockchain tech would not be visible to consumers who will just have to choose a preferred payment mode. Only the end result of cheaper and instant settlements would be experienced by the users, he said.
While the crypto community vouches for a payment system that is secure, fast, cost-effective, and decentralized, with no third-party interventions, Karpovich is of the opinion that ultimately, for any payment to settle, a banking establishment is important. JP Morgan’s anti-crypto rhetoric in the past and its foray into the market with its own coin is something worth noticing.
JPM Coin, which is currently reserved for institutional clients is a product of JP Morgan. The financial behemoth has historically been one of the biggest critics of Bitcoin. The company had previously published reports on the cryptocurrency market in general, with its analysts stating that Bitcoin might be effective in a dystopian future.
Jamie Dimon, the CEO of JP Morgan, previously called Bitcoin a fraud. Apologizing for the same earlier this year, he stated that he believed in the underlying technology. He said,
“I didn’t want to be the spokesman against Bitcoin. I don’t really give a sh*t, that’s the point. Blockchain is real, it’s technology, but Bitcoin is not the same as a fiat currency.”
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Source: AMB Crypto

Prominent Analyst: Bitcoin (BTC) is Likely to Surge to 400k, Does This Mean the Bottom is in?

Bitcoin’s price action over the past year and a half has been quite the rollercoaster, with many investors incurring nearly instant wealth in late-2017, followed by tremendous losses for those who continued to hold their Bitcoin or other crypto investments.
Despite this, those who held and are still holding are doing so either because of a fundamental belief in the technology, or at the very least a belief that the markets will eventually surge back to, or above, their previously established all-time-highs.
That being said, recent comments from a prominent analyst about the potential Bitcoin’s price has to surge significantly higher will certainly be reassuring for embattled crypto investors who have been discouraged by the recent market conditions.
Bitcoin (BTC) Drops to $4,000 as Support Level is at Risk of Being Broken
At the time of writing, Bitcoin is trading down over 1% at its current price of $4,015, just a hair above its recently established support level at $4,000.
Yesterday, Josh Rager, a popular cryptocurrency trader on Twitter, explained that the lack of buying pressure above $4,000 is likely to lead BTC’s price to $3,500, which may be reached soon if the crypto’s bulls are unable to keep Bitcoin’s price above $4,000.
“$BTC Weekly Chart. Gandalf is holding $BTC below the mid $4,200 level. Bitcoin shall not pass the current resistance. So my target for the next drop has an aim at previous support near mid $3,500s,” he explained.

$BTC Weekly Chart
Gandalf is holding $BTC below the mid $4,200 level
Bitcoin shall not pass the current resistance
So my target for the next drop has an aim at previous support near mid $3,500s pic.twitter.com/BGUWMmAl4V
— Josh Rager (@Josh_Rager) March 20, 2019

Naeem Aslam, the chief markets analyst at Think Markets U.K., recently spoke about the importance of the $4,000 level, noting that it will set the trend for which direction the markets head next.
“Questions are being asked constantly when it comes to Bitcoin’s battle with the $4000 mark. The result of this battle sets the tone for a bullish or bearish trend,” he explained, further noting that this price level has become a “matter of death or life for crypto traders.”
Could Bitcoin Surge to $400,000 Next?
Although Bitcoin’s instability around its current price levels does seem to be significant in the short term, in the long term it may be very insignificant, as Aslam believes that BTC could eventually surge as high as $400k.
“I personally believe that each Bitcoin can go up as much as $400K and if history repeats itself, this number is not a fool’s paradise. This is a simple math calculation: approximate percentage projection of the price which we experienced during the last bull run,” he bullishly explained.
Keeping that in mind, for traders who are waiting to buy the bottom, the risk / reward ratio simply doesn’t make sense.
Ryan Selkis, a popular figure within the crypto industry, spoke about the absurdity of trying to purchase a bottom when there is such a massive potential upside for BTC in a recent tweet.
“I’d be extremely surprised if the bottom wasn’t in for this $BTC bear market. If you’ve been on the sidelines, what are you waiting for if not now? If you’re a long-term bull, the 5 year EV is 25-50x, and you’re going to wait to time an entry that’s 20% more attractive?” He noted.

I'd be extremely surprised if the bottom wasn't in for this $BTC bear market.
If you've been on the sidelines, what are you waiting for if not now?
If you're a long-term bull, the 5 year EV is 25-50x, and you're going to wait to time an entry that's 20% more attractive?
— Ryan Selkis (@twobitidiot) March 21, 2019

As the market’s price action continues to unfold, traders and investors should keep in mind the massive potential Bitcoin and the entire markets have to surge significantly higher in the next few years.
Featured image from Shutterstock.
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Anthony Pompliano’s Morgan Creek Digital Capital makes strategic investment propagating mass crypto adoption

The cryptocurrency market was helped along in its pursuit of mass adoption, with many proponents of the space lending a helping hand. The latest news about the bigger players in the cryptoverse included the tie-up between Morgan Creek Digital Capital and Ikigai Asset Management.
The official release stated,
“Morgan Creek Digital announced today that it will be the lead anchor investor in Ikigai Asset Management’s flagship fund focused on executing systematic and fundamental liquid hedge fund strategies as well as opportunistic venture-stage crypto asset investments. Ikigai is a crypto asset management firm launched in December 2018 by former Point72 Portfolio Manager Travis Kling and partners Timothy Lewis, and Anthony Emtman.”
Morgan Creek Digital partner, Anthony Pompliano, is a voracious supporter of Bitcoin, and has held a bullish viewpoint about the world’s largest cryptocurrency. Post the partnership with Ikigai, Pompliano talked about the company’s  positive devleopments, and claimed that they were well-positioned to capture the outstanding returns brought by cryptocurrencies in the coming future.
Ikigai Chief Investment Officer Travis Kling said,
“DLT and crypto assets are fundamentally changing our world. We are honored to receive this investment from Morgan Creek Digital and look forward to working closely together with Mark, Jason, and Pomp in this exciting arena.”
Pompliano recently sat down with Galaxy Digital’s Mike Novogratz to discuss elements like liquidity, trust and custody that need to be given a boost. Novogratz stated that the cryptocurrency market was presently a booming place of business, especially with the entry of companies like JP Morgan, Telegram and Facebook. He further claimed that it was a big opportunity to invest, with Wall Street sentiments changing. The Galaxy Digital CEO added,
“Wall street earlier thought that you shouldn’t take risks on something small like cryptocurrencies. They are getting close though, not doing anything but are getting really ready. We are anyway working hard on the security token business and I promise you this, the upcoming tokens and ICOs will be a lot bigger but less sexy.”
 
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Source: AMB Crypto

Report Claims Bitcoin and Altcoin Correlation Slowly Fading, Could This be a Sign of a Maturing Market?

The volatile price action in the crypto markets over the past year and a half has proved to investors that despite each major altcoin having (mostly) unique features and use-cases, their prices are still extremely influenced by the overall market price action, and especially that of Bitcoin.
Now, a recent research report conducted and published by cryptocurrency exchange Binance gives a significant amount of insight into how correlated various cryptocurrencies are with Bitcoin, other altcoins, and the US Dollar, and highlights an interesting trend developing in the first few months of 2019 and over the past year.
Altcoin to Bitcoin Correlation Slowly Fading
The report, which was released March 20th by Binance Research, takes a deep dive into the correlations between multiple time periods and multiple cryptocurrencies in terms of returns, and highlights the “elements that may influence the strength and direction of these correlations.”
Analysts and investors alike have long viewed the notoriously high correlation between nearly all cryptocurrencies as a sign of the market’s immaturity, as only seldomly do individual altcoins move on their own accord regardless of the overall market conditions.
The report importantly notes that the correlation of returns between various altcoins and Bitcoin over the past three months has been fading significantly.
“The correlation of cryptoasset returns based on BTC prices (i.e., Bitcoin-adjusted returns), highlights significantly lower correlations among cryptoassets relative to correlations among the same coins in USD returns,” the report explains.
With this in mind, it does, in fact, appear that the 2018 Bitcoin price crash – which sent virtually all cryptocurrencies spiraling downwards – has led to a lower correlation amongst cryptocurrencies – especially in terms of monetary returns – which could mean that future price cycles (including both bull runs and bear crashes) will not cause the entire markets to move as one, with individual altcoins moving on their own accord. If this trend continues to develop, then this would be a sign of a rapidly maturing market.
Furthermore, although the Bitcoin / altcoin correlation has been fading significantly over the past three months, the trend actually started last year following the crypto market crash.
“Correlations of cryptoasset returns in BTC terms in late 2018 were much lower compared to late 2017,” the report explains.
Altcoin to USD Return Correlation Increasing 
Although most cryptos are slowly beginning to move on their own merit, separate from how Bitcoin moves, their returns in terms of USD have been gradually increasing.
“Correlation between cryptoasset returns in USD terms actually increased when comparing the same two periods,” the report explains, adding that this correlation has “coincided with the rise of stablecoins pair dominance during 2018 and is in line with the overall decline in the contribution of BTC pairs to total industry trade volume.”
The entrance of a myriad of new stable coins into the crypto markets has had an obvious effect on the market dynamics, as traders are no longer forced to trade altcoins against Bitcoin.
As more exchanges offer direct USD trading pairs, and more stable coins enter the markets, it is likely that trading altcoins against Bitcoin will become increasingly rare, which will likely perpetuate the current return decorrelation trend, which could ultimately help the markets grow in maturity and reduce the magnitude of market movements.
Featured image from Shutterstock.
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Crypto Street Artist Finds Generous Surprise in his Bitcoin Wallet

A French street artist, famous for his murals containing hidden crypto prizes, has received his largest donation to date. Pascal Boyart recently checked the Bitcoin address associated with the QR code provided to accept donations for one of his works to find that some anonymous fan had donated a full Bitcoin, worth more than $4,000 at the time of writing.
Elated, the artist took to Reddit to share his gratitude for the anonymous tipper and the wider crypto community. Boyart states that this is the largest single donation he has ever received.
Prominent Crypto Artist Receives Bumper Bitcoin Donation
There is a growing movement of artists choosing to celebrate cryptocurrency in their work through one means or another. One of these is Pascal Boyart, a crypto-enthusiast and street artist from France.
Boyart is known for his politicised murals painted on buildings. In his pieces, he hides Bitcoin prizes for fans of his work to discover. Seed words representing the private key to the wallet holding the prize are incorporated into the paintings and, once put in the correct order, allow one lucky art aficionado pockets the prize.
The prize hidden in one of the artist’s most recent works was 0.26 BTC, worth around $1,040 today. The piece chosen to hide it is titled, “Liberté Guidant le Peuple” or “Freedom Guiding the People”. It pays homage to the Yellow Vest protest movement who are opposed to various policies of France’s President Macron. Some factions of the Yellow Vests appear supportive towards Bitcoin and the wider cryptocurrency movement given the general hostility of both groups towards central banks.
The seed words hidden are particularly relevant to the cause, as are the order they needed putting in prior to the prize being unlocked:
“Banker. Usury. Lie. People. Fight. Hope. Union. Citizen. Lead. Triumph. Yellow. Horizon.”
Along with the seed words, Boyart also includes a QR code with the public key to a separate wallet. This is for fans of his work to send him donations using crypto.

#StreetArt treasure hunt in Paris with a #Bitcoin puzzle For the 10th birthday of the genesis block, I painted this frescoe in Paris with a 0,26btc ($1000) puzzle in it. Here's the public key: 1NqPwPp7hEXZ3Atj77Ue11xAEMmXqAXwrQ Thanks to @alistairmilne for sponsoring this pic.twitter.com/F7aIkxmp6t
— Pascal Boyart (@pascalboyart) January 7, 2019

It has been a couple of months since Boyart completed “Liberté Guidant le Peuple” and the prize was won about a week following its unveiling. The donations for the artwork adorning the side of a Parisian building have been trickling in slowly.
That was until a couple of days ago. Boyart checked his wallet to discover that some anonymous tipster had dropped a full Bitcoin in there – worth more than $4,000 at the time of writing. This has taken the total donated to the artist across three different pieces at 1.14 BTC, 5 Bitcoin Cash (BCH), and 1.25 Litecoin (LTC).
The elated artist took to Reddit to express his gratitude. His post reads:
“Thanks to the crypto community for your generosity, this space is full of suprises [sic] Can’t wait to do more murals to spread crypto!”


However, one particularly astute Redditor highlighted a flaw with the logic of asking for donations in such a way. “Medatascientist” posted:
“OP there is sth I was curious about these street art donations so I’ll fire away: don’t you get afraid that someone would paint over the QR code overnight and redirect your donations to his/his robbery account? Am I thinking too much about this?”
From Boyart’s response, it is obvious that he has considered this as a possibility. The artist stated that he always supplies the same address used on his website too and thus it would be easy to check that funds were going to the correct wallet. Clearly, this somewhat undermines the elegance and simplicity of the mural-side QR donation idea though.
That said, Boyart’s piece does exactly what all good artwork should. It challenges the viewer with its astutely political message. It also highlights cryptocurrency’s potential to disrupt the way that even relatively basic financial transactions – such as donating – are performed. Exploration of alternate funding methods is something other crypto-enthused artists have previously attempted too.
 
Related Reading: Bitcoin Artist Explains “Why Bitcoin Matters” Through New BTC Sculpture
Featured Image from Shutterstock.
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Crypto Bull Returns, Predicts Targets For Bitcoin, Ethereum, Ripple, Litecoin

Ever since Bitcoin’s break of its parabolic advance in December 2017, the entire crypto market has been locked in a brutal bear market that’s resulted in companies going under, widespread layoffs, and investors and miners capitulating. Even the largest cap coins, Bitcoin, Ethereum, Litecoin, and Ripple, all have fallen 85% or more from their all-time high prices.
The lack of bullish price momentum has caused many long-term bulls to sit on the sidelines, waiting for the bear market to end. One prolific Ethereum technical analyst that earned a reputation during the last bull run, has come out of an over 20-month-long hibernation to post some extremely bullish price charts for Bitcoin, Ethereum, Litecoin, and Ripple – complete with wild price targets and predictions on when to expect each coin’s price to break out.
TA Expert Returns With Bold Price Predictions for Bitcoin, Ethereum, Ripple, and Litecoin
Twitter and Reddit user ScienceGuy9489 has been missing from the crypto scene since June 2017, long before Bitcoin went parabolic and experienced a subsequent correction that led to a long, arduous bear market.
In just a short while back, ScienceGuy9489’s charts have already topped Reddit, predicting that “we are set for the next bullrun,” but its his Twitter posts that have the crypto community buzzing. In the most recently shared charts, the trader has predicted the breakout dates for Bitcoin and Ethereum, as well as price targets for the two cryptocurrencies, along with Ripple (XRP) and Litecoin.
Related Reading | One Simple Chart Proves Altcoin Season Is Upon Us
The trader suggests that Ripple is “set up for a break out opportunity” currently, as it is brushing up against key downtrend resistance dating back as far as the nearly $4 top set back in early January 2018. In fact, the analyst is calling for a breakout price target of $4 on Ripple.

#Ripple #XRP set up for a break out opportunity at at moment. pic.twitter.com/DHxTI7mPX8
— ScienceGuy9489 (@ScienceGuy9489) March 20, 2019

Litecoin, he says, which has led the recently bullish momentum over the past few weeks, is “trying to breakout” currently. For the cryptocurrency created by Charlie Lee, ScienceGuy9489 set a price target for $650, which would set a new all-time high for Litecoin.

#LTC is trying to breakout. Other coins are also moving positive moves. pic.twitter.com/xJSc1Ew0D9
— ScienceGuy9489 (@ScienceGuy9489) March 16, 2019

On his Ethereum chart, which is the trader’s cryptocurrency of choice, he expects an oddly specific breakout date of April 24, 2019 with a price target of $2090, which would also set a new high for the smart contract-supporting crypto.

ETH should be breaking out by April 24th pic.twitter.com/z8lwk9zMHY
— ScienceGuy9489 (@ScienceGuy9489) March 11, 2019

Finally, with Bitcoin, the king of all cryptocurrencies, the trader has set the “liftoff date” at April 11, 2019, just a mere few weeks away. The price target for Bitcoin’s breakout? A new all-time high of $28,100.

BTC Liftoff Due Date: April 11, 2019 pic.twitter.com/osscXh2TNI
— ScienceGuy9489 (@ScienceGuy9489) March 11, 2019

Anyone viewing these charts and the outlandish price targets might be left scratching their head, however, it’s rare the entire cryptocurrency community gives one analyst such attention, and it’s even more unique to find a crypto analyst who disappeared during the last bull run, only to return again as the bear market is ending.
Related Reading | Majority of Crypto Investors See Bitcoin Price at $100,000 to Millions Long-Term
As for if the trader’s lofty predictions actually will play out, only time will tell. But it is certain that the entire crypto community will be watching closely to see if either the breakout dates are targets are reached with any accuracy.
Featured image from Shutterstock
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Bitcoin [BTC]: Dubai gets its first ATM; users can acquire BTC using any fiat currency

Bitcoin [BTC], the largest cryptocurrency in the world is making progress with its Lightning Network payments solutions, and is trying to tackle scalability issues while also awaiting Bitcoin ETF approval by the SEC.
Now, according to recent reports, the first Bitcoin ATM in the Middle East has been installed in Dubai, the largest and most populated city in the United Arab of Emirates. The people of Dubai and tourists who visit the prime tourist destination will now be able to deposit fiat currency, and receive Bitcoins [BTC] in their digital wallets.
Source: Twitter
Amhora, a blockchain search engine, announced on Twitter that the organization installed the ATM at Rixos Premium in JBR, Marina, Dubai. The tweet also gave a shout out to the ATM manufacturer, Lamassu, which was responsible for the hardware setup.
Anhad Dhingra, CEO of Amhora, emphasized the importance of the installation, and how it could potentially simplify the purchase of Bitcoin for the people of UAE. He mentioned that it was the first Bitcoin ATM in Dubai, and said that the company was looking forward to adding more ATMs in and around the city.
Amhora stated that it would receive a 5 percent commission on every purchase made through the crypto ATM. The machine provides a simple solution for tourists who would, in most cases, acquire Bitcoin with their foreign fiat currencies itself, rather than using the local fiat currency, Dirham.
The Bitcoin ATM has been programmed to offer only Bitcoin purchases using traditional fiat currency. At press time, the ATM did not have the feature or support for selling cryptocurrencies on the system. However, the company mentioned that it was going to roll out new updates and features soon.
The post Bitcoin [BTC]: Dubai gets its first ATM; users can acquire BTC using any fiat currency appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin [BTC]: Mike Novogratz says people should bow down to Satoshi Nakamoto and thank him

Bitcoin advocate and billionaire Mike Novogratz was in the news again after he said that people should bow down to Bitcoin’s creator, Satoshi Nakamoto, and thank him for the world’s largest cryptocurrency. A leading voice in the crypto ecosystem, Novogratz appeared in an exclusive video with the founder of Morgan Creek Digital, Anthony Pompliano.
Novogratz is of the opinion that all kinds of funds, be it crypto or hedge, should own some amount of Bitcoin. He also called the digital asset “sovereign money”. Talking about BTC’s fundamental technology, the blockchain, he added that Bitcoin, originally a social experiment, had become “sovereign money” and held a market cap of $71.80 billion.
Novogratz also drew parallels with gold, a store of value. Novogratz claimed,
“Bitcoin provides a really interesting alternative to gold.”
He was previously in the news when he claimed Bitcoin will eventually become the digital gold, at the MENA summit 2019.
Bitcoin’s prices rose to breach the $4,000 mark recently, following the recent market surge led by the market’s altcoins. There is architecture in place to facilitate adoption and accessibility, the billionaire said, predicting that over a period of twenty years, Bitcoin was going to be “in the game.”
Novogratz also serves as a member of the Investment Advisory Committee on Financial Markets, at the Federal Reserve Bank of New York. While talking about his first tryst with Bitcoin as a member of the committee, Novogratz said that the committee viewed cryptocurrency more as a payment system than a currency. However, many in the Federal Reserve did love the idea of blockchain technology as a store of value, he said.
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Source: AMB Crypto

Hold Bitcoin (BTC), Billionaire Recommends Even as Coin Demand Wane

Bitcoin prices likely to crumble
Chinese billionaire recommends hodling
Transaction volumes low averaging 6k.

Although Bitcoin is on an uptrend, it may correct in days ahead as sellers of Feb 24 flow back pouring cold water on bulls’ effort. All the same and according to Zhao, a Chinese billionaire, Bitcoin holders should hold as much as possible when nobody cares.
Bitcoin Price Analysis
Fundamentals
According to the US SEC, Bitcoin and Ethereum are the two most decentralized platforms. Indeed, as a pioneer and a growing network powered by a global community, Bitcoin represents freedom and a gradual disassociation from power. However, as dopamine-triggering as it is to own and transact with Bitcoin, we must not bury our heads in the sand.
Trading BTC is illegal in China, but the country is by a wider margin, home to more than 80 percent of all Bitcoin mining. Because of this, the “White House, in particular, seems to be thinking about what it means to have 80 percent of Bitcoin mining taking place in China and a majority of Ether mining taking place in China”, said Cory Johnson, the former Chief Marketing Strategist at Ripple in an interview. All in all, it will be counter-productive to orchestrate a 51 percent on the network despite claims that two Chinese pools have the firepower to attack the system even though it is highly unlikely.
While not allowing room for uncertainty, a Chinese billionaire Zhao Dong is calling for patience because if people” don’t pay attention to Bitcoin now, they won’t pay much attention to most of the time, so for them, only how many tens of thousands of Bitcoins will break them will be noticed again” adding that believers of BTC should “hold as much as possible when nobody cares.”
Candlestick Arrangement

For coin holders, it may be an excellent time to ramp up. However, for traders, candlestick arrangement points to weakness, and that means every high should be a liquidation level in days ahead. It is easy to see why.
A level deeper in the 4HR chart and demand is waning as prices flat out. It is likely that buyers will correct the over-extension of Mar 16. As a result, BTC could temporary slide back to $4,000, gifting aggressive traders an opportunity to ramp up with first targets at $4,500.
If not and prices rally above$4,200 or the 23.6 percent Fibonacci level of Dec 2018 high low, then it is likely that Bitcoin (BTC) could close above $4,500 by end month.
Technical Indicators
Feb 24—36k versus 19k average– is our anchor bar. In an effort versus result point of view, weak volumes are driving recent bulls and would likely crumble unless there is an injection of high transaction volumes above driving prices above $4,200 as aforementioned.
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