Bitcoin (BTC) Soars Past $9,300 in Massive Weekend Pump: Bulls on Parade

And just like that, Bitcoin (BTC) is right back above $9,000. The past 72 hours have been absolutely stellar for the crypto market, as it saw all digital assets gain notably across the board. BTC, most notably, moved from the low-$8,000s, where analysts expected heavy resistance, to $9,300 where it stands right now.
Related Reading: If History Rhymes, Bitcoin May Be Trading Around $12,000 By the End of July
With this, the bullish cries of traders all across the industry have returned, despite the fact that they were calling for a massive pullback just weeks earlier. But, what exactly are they commentators saying? And more importantly, where does Bitcoin and the asset’s ilk head next?

Bitcoin Rips Past $9,000 
Earlier this week, Fundstrat Global Advisors’ Rob Sluymer remarked that Bitcoin could find resistance in the $8,800 to $9,000 range. Indeed, during the rally in late-May, BTC stumbled to surmount that range, perpetually scaling back after temporarily tapping prices above $9,000.
But, on Sunday morning, this trend was denied. Hard.
Almost as if $9,000 was nothing but a sheet of soggy parchment paper, Bitcoin broke past it, leaving no shorts unliquidated. Let’s take a closer look at what exactly traders are saying on the Twitterverse.
Related Reading: Crypto Tidbits: Bakkt’s Bitcoin Futures Near, Facebook’s Libra Backed by Uber, Binance to Block US Clients
Analyst Credible Crypto remarked that while last week’s candle was very bearish, the rapid bullish retracement is a sign that buyers are ones in control of the market rather than sellers. Credible adds that while the candle has yet to close, it seems as though BTC’s next stop would be in the high-$9,000s and low-$10,000s, which is where the next line of heavy resistance lies.
$10,000 is where BTC topped in last years’ bear market rallies, and where the asset found heavy resistance on its way up during the legendary 2017 boom.

Although last week's candle was very bearish, this weeks candle retraced the entire thing which is incredibly bullish. Official close is tomorrow, but thus far just looks like a retest of the monthly breakout level. Now targeting the resistance in the red region above us. $BTC pic.twitter.com/kHcX1ZRwPM
— Credible Crypto (@CredibleCrypto) June 16, 2019

Others are sure that BTC may continue higher. They look to the speed of the recent retracement, coupled with the fact that the impending closure of Binance.com for United States traders will likely cause a further capital flight from altcoins to Bitcoin.
Anyhow, regardless of what happens in the coming days, most are coming to the conclusion that a retracement is now not on the table, in spite of what was said just days and weeks prior. For those who missed the memo, many were expecting for a massive 30% retracement to the $6,000 range after a number of technical signals flashed bearish last week.
Now, however, the bulls are on parade. Trader Nunya Bizniz, known for his accurate noticings about historical market patterns, recently noted that if the weekly Bitcoin candle closes above $8,800 or so, BTC’s weekly chart would have printed a pattern that preceded massive multi-week upswings.
But few know exactly how that will play out at the moment.

BTC Weekly. This chart is premature but shows the 3 prior instances where price structure was similar to present. A large bearish (engulfing) candle, followed by a reversal and large bullish (engulfing) candle. Rally and new yearly highs ahead? pic.twitter.com/nsgzmhEn53
— Nunya Bizniz (@Pladizow) June 15, 2019

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Bitcoin the top investment for Grayscale in the first quarter

Grayscale, a digital currency investing firm, came out with their quarter report covering different topics such as digital asset investment, performance and risk monitor and others. The company had raised $42.7 million over the last three months and trailing 12 months’ inflows amount to $266 million.
Cumulative inflow by product of Grayscale for the 1st quarter
Source: Grayscale
From, the above graph it could be inferred that there was a drastic increase in the inflow for Grayscale from bitcoin, compared to other digital currencies like Ethereum Classic, Ethereum, Zen, Litecoin, Stellar Lumens and others. Between, 25th March and 1st April, an equal inflow of product for the company was noticed. One can also notice a bigger change from 18th Feb to 25th Feb 2019 and only goes on to increase from there.
The inflow in terms of USD was the highest from 25 March to 1st April 2019, registering a few thousand short of at $45,000,000. The other coins gave a negligible inflow for the company.
Weekly inflow for the Grayscale by product in the 1st quarter
Source: Grayscale
The weekly inflow for the company can clearly be seen in the aforementioned graph. It is easy to infer that bitcoin is the only digital asset that has again widely contributed to Grayscale. The average total weekly stood at $3,000,000. The highest weekly inflow was on 25th Feb 2019 [$11, 000,000] and the lowest was sighted on 7th Jan 2019.
The other digital coins – were again seen providing a negligible contribution to the weekly inflow for the company.
Weekly inflow for Grayscale by investment product as per 12 months
Source: Grayscale
The weekly investment for Grayscale as per the 12-month period can be inferred from the above graph. Bitcoin is still seen as a large contributor to their investment gains. On 26 May 2018, Grayscale received large gains from Zcash and on 23rd June it gained another high through a combination of digital currencies – Zcash, Ethereum Classic, Ethereum, Bitcoin cash, and XRP. The average gain stood at $5,000,000, the highest gain was recorded on 14 July 2018 and the lowest on 5 Jan 2019.
Grayscale was not the only firm that received such positive results for their investment. Coinbase Custody too experienced the same, after their recent visit to the UK, they had revealed that their platform has an asset under custody of $1.3 billion which could soon touch $2 billion.
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Source: AMB Crypto

If History Rhymes, Bitcoin May Be Trading Around $12,000 By the End of July

Bitcoin (BTC) and the general crypto markets have been on the up-and-up over the past several months, incurring significant buying pressure that has allowed them to surge significantly from their 2018 lows that were mostly established in December of last year.
Now, analysts are noting that Bitcoin may soon surge higher based on a historical analysis, which means that BTC could be trading around $12,000 by the end of July.
Bitcoin Surges to $8,800 as Bulls Flex Their Strength 
At the time of writing, Bitcoin is trading up nearly 5% at its current price of just below $8,800, up significantly from its daily lows of $8,380.
Over the past week, BTC has incurred massive buying pressure that has led its price to climb from lows of $7,600 to its current price levels.
This movement is a sign of strength for the cryptocurrency’s bulls, which may ultimately help lead the cryptocurrency into the next parabolic run that allows it to surge towards, or even past, its previously established all-time-highs.
Flood, a popular cryptocurrency analyst on Twitter, recently told his nearly 70k followers that a decisive break above $8,000 will signal a massive breakout.
“No more rug pulls on bitcoin, only magic carpet rides… We are close to leaving the range (8450-6800). Anything above 8800 will signal a massive breakout and liquidation of anyone short over 20x leverage most likely causing a cascading wick,” he explained in a recent tweet.

No more rug pulls on bitcoin, only magic carpet rides.$BTC
We are close to leaving the range (8450-6800). Anything above 8800 will signal a massive breakout and liquidation of anyone short over 20x leverage most likely causing a cascading wick. pic.twitter.com/BRLw5FOf1O
— Flood [BitMEX] (@ThinkingUSD) June 14, 2019

Analyst: If History Repeats, BTC May Soon Be Trading at $12,000
Flood is not alone in his bullish assessment of the cryptocurrency, as other prominent analysts are quick to note that strengthening fundamentals and technicals may allow Bitcoin to significantly extend its current upwards momentum.
Red, another popular analyst, recent noted that there is a striking similarity between BTC’s April of 2018 price action and its current price action, which may signal that it will continue surging until it reaches around $12,000 in the coming weeks.
“Comparison of April 2018 price action and present day June 2019 price action. Second image shows how price is currently being developed around 2.5x in % terms, and taking 3x as long to do so. This would put $BTC around $12,000 by the end of July,” he explained while referencing the below charts.

Comparison of April 2018 price action and present day June 2019 price action.
Second image shows how price is currently being developed around 2.5x in % terms, and taking 3x as long to do so.
This would put $BTC around $12,000 by the end of July! pic.twitter.com/S7EZYwqZ0M
— red (@redxbt) June 14, 2019

As the month of June continues on and Bitcoin’s bulls continue to showcase their strength, it is not unreasonable to assume that the crypto will soon break into the five figure price region, which may spark the next massive bull run.
Featured image from Shutterstock.
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Family Offices Pour Billions Into eSports, Can Crypto be Next?

Over recent years, eSports — and gaming, in general — have blown up. You may think crypto may have seen growth, but so too has this fledgling sector. Estimates state that eSports have a global audience of hundreds of millions, most of which are presumably teen-aged or millennial-aged men, and industry value in the billions.
While these two industries have almost nothing to do with each other, the growth of gaming may result in a correlated growth in cryptocurrency and blockchain. Here’s why.

Related Reading: Will Post-Brexit London See Crypto Replace the Pound? These Game Designers Think It Might

Family Offices Poised to Foray into Crypto
Despite what some say, a majority of institutions are not in the crypto sector. At best, the majority are eyeing the space, ensuring that they’re keeping track of any notable developments.
However, this could soon change. David Nage, a principal at Arca (a cryptocurrency investment firm), recently laid out the reason why. In a seven-part Twitter thread, the investor remarked that over recent years, massive family offices have been siphoning capital into gaming.
David Rubinstein, the founder of Carlyle Group ($200+ billion asset manager), American billionaire Ted Leonsis, and others have invested in eSports-focused and developer companies like aXiomatic Gaming. In fact, 17% of the $4.5 billion allocated (per Nage’s data) to eSports in 2018 were sourced from family offices.

THREAD: New Method of Discussing Crypto with Family Offices
1/1 Over the last 3-4 years FO’s have been investing in eSports; David Rubinstein’s FO (founder of Carlyle), Ted Leonsis and others have invested in co’s like aXiomatic Gaming.
— David Nage (@DavidJN79) June 14, 2019

So what does this have to do with crypto? Well, most popular games today — be it Playerunknown Battlegrounds (PUBG), Fortnite, Apex Legends, League of Legends, Counter-Strike — involve digital monies. They aren’t cryptographically-secured, nor are they scarce or decentralized, but they do act as digital money. PUBG has Battle Points; Fortnite has V-Bucks. You get the point. As Nage further explains:
“V-Bucks and BP are digital native, in many cases non-fungible currencies; hundreds of millions of teenagers and young adults now buy and/or acquire them.”
So, in many senses, family offices are getting acclimated to the idea of cryptocurrency by investing in eSports and similar industries. Thus, if crypto startups do the right job in pitching to family offices, they may be able to secure billions worth of funding.
Blockchain Gaming, the Next Big Thing
And in a similar string of news, we may see a growing intersection of these two sectors in the coming months. While eSports and gaming can be used as an onramp to crypto-backed digital economies, the two can actually interoperate. Or in other words, blockchain gaming.
Case in point, according to a recent report French business outlet Les Echos, Ubisoft, a video game developer behind Rainbow Six, Far Cry, Just Dance, and other classics, has had a “dedicated team” for blockchain applications in gaming for a number of months.
The team’s primary idea is purportedly looking to make items, like digital cosmetics or weapons, accessible through a blockchain system. No specific titles were mentioned, but it’s presumed that the Ubisoft team intends to facilitate cross-game item transfers.
Ubisoft purportedly has plans to use the Ethereum blockchain for this program. It is unclear if the network could handle Ubisoft’s user base, however, potentially implying that the company is looking to build a second-layer solution to make its integration work.
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Analysts Expect Ethereum to Follow Litecoin’s Lead and Skyrocket in Near Future, Here’s Why

The aggregated crypto markets have been facing an influx of bullish momentum over the past several months that is showing few signs of slowing down anytime soon. This momentum is allowing altcoins, like Ethereum (ETH), to incur strengthening technical formations that will likely allow it to surge higher in the near-future.
Now, analysts expect Ethereum to mimic the incredibly bullish price movements that Litecoin has made over the past several weeks, which means that ETH may soon set fresh year-to-date highs.
Ethereum Climbs to Weekly Highs as Buying Pressure Grows
At the time of writing, Ethereum is trading up over 3% at its current price of $266, up from daily lows of $254.
Over a one week period, ETH has climbed significantly from lows of roughly $230, which were set late last week.
While zooming out and looking at Ethereum’s year-to-date price action, it becomes apparent that the cryptocurrency is currently in the throes of a bull market, as it has been able to climb to highs of nearly $290 from lows of under $100.
Although ETH is currently trading slightly below its year-to-date highs, the cryptocurrency may be incurring a significantly bullish technical formation that may allow it to surge higher and surpass its previously established 2019 highs.
Crypto Rand, a popular cryptocurrency analyst on Twitter, spoke about ETH in a recent tweet, explaining that it is currently in the process of forming a bull pennant.
“$ETH loading the next leg. Bull pennant on the making,” he concisely noted while referencing the below chart.

$ETH loading the next leg. Bull pennant on the making. pic.twitter.com/oQusxxqEM6
— Crypto Rand (@crypto_rand) June 13, 2019

Will ETH Soon Mirror the Price Action Incurred by Litecoin? 
Over the past month, Litecoin has surged significantly, running from lows of $60 in late-March to highs of over $140 this past week.
Now, some analysts believe that Ethereum will be the next cryptocurrency that makes a notable price movement like this.
Credible Crypto, another popular crypto analyst on Twitter, spoke about this in a recent tweet, telling his over 40k followers that although Ethereum may soon mirror LTC’s bullish price action, it may first incur some selling pressure around $270.
“There is a good chance we reject at $270 and come down for last buy the dip op. HODL’ers need not worry about their holdings, traders may want to consider taking some off the table soon if they need to free up some ammo to buy this potential dip,” he noted in a recent tweet.

There is a good chance we reject at $270 and come down for last buy the dip op. HODL'ers need not worry about their holdings, traders may want to consider taking some off the table soon if they need to free up some ammo to buy this potential dip. https://t.co/TVEx8idgVe
— Credible Crypto (@CredibleCrypto) June 13, 2019

As the weekend continues on and Bitcoin continues climbing higher, it is likely that it will become increasingly apparent as to which cryptos will be the next ones to face massive buying pressure that sends them surging higher.
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Crypto Tidbits: Bakkt’s Bitcoin Futures Near, Facebook’s Libra Backed by Uber, Binance to Block US Clients

Another week, another round of Crypto Tidbits. It would be fair to say that the past seven days for Bitcoin (BTC) and its ilk have been rather spectacular. Aside from mostly bullish price action, which brought the cryptocurrency to $8,650 for the first time in weeks, instrumental industry developments were numerous.
Twitter’s chief executive Jack Dorsey doubled-down on his support for Bitcoin, again lauding it for its potential to become the world’s digital currency. Uber, Lyft, and Spotify were revealed to be backing Facebook’s impending cryptocurrency. And Bakkt finally announced that it will soon begin testing of its Bitcoin futures vehicle, which is believed to improve institutional adoption across the board.

Related Reading: Crypto Tidbits: SEC Still Wary of Bitcoin ETF, Facebook Crypto Inbound, Binance to Launch Stablecoin
Crypto & Bitcoin Tidbits

Ethereum-based Chainlink (LINK) Rallies by 50% as Google Launches ‘Partnership’: On Thursday, Google Cloud, the firm’s cloud computing services platform, released a tidbit of news titled “Building hybrid blockchain/cloud applications with Ethereum and Google Cloud”. While this was big news in and of itself, the crypto community focused on the article’s mention of Chainlink, a project that facilitates data from the Internet to be translated to and verified for blockchain. Chainlink’s claim to fame is its so-called “oracle” system, which is a recently-launched product meant to improve processes on something like Ethereum. This recent integration will allow for Chainlink, and thus Ethereum smart contracts, to interact with BigQuery, Google’s data analyzer and portal. Due to this news, LINK has rallied hard, sitting at $1.73 from ~$1.2.
Bakkt Finally Ready to Launch Bitcoin Futures Contract: According to a recent blog post, Bakkt, the cryptocurrency exchange/infrastructure initiative mainly backed by the New York Stock Exchange’s parent (Intercontinental Exchange), is expecting to accept beta testers to its platform in July. It expects to allow investors to use its Bitcoin (BTC)-backed futures contract, which has been in the works with American regulators for months now. Many believe that the full launch of the exchange’s cryptocurrency investment vehicle will entice institutions to dive into this space, resulting in a price appreciation for BTC and its ilk.
Facebook Teams Up With Massive Backers in Uber, Spotify, Visa, and Coinbase to Launch Crypto: Reported by The Block on Friday, Facebook’s upcoming stablecoin cryptocurrency, dubbed “Libra” or “Globalcoin”, has secured investments from massive corporations. These include but aren’t limited to Visa, PayPal, Mastercard, Coinbase, Uber, Lyft, Spotify, a16z, eBay, Union Square Ventures, and Stripe. As reported by NewsBTC previously, Caitlin Long, a former executive at Morgan Stanley turned blockchain proponent, believes that the project will drive adoption. She explains that education efforts about Venezuela’s Petro (an ‘oil-backed’ digital asset meant to save the nation’s hyperinflating economy) seemingly resulted in a “spike in Bitcoin use in Venezuela”. The same could easily occur this time around, but with billions instead of millions.
Binance to Restrict U.S. Traders Amid Regulatory Turmoil: This week, crypto exchange Binance’s chief executive, the venerable Changpeng “CZ” Zhao, revealed that his platform had changed its terms of service. While the announcement didn’t make any specific noticings, users that scoured the updated document found out that United States-based traders would soon be disallowed from using the flagship Binance.com platform, the most popular Bitcoin exchange site by traffic and “real volume”. To fill the gap, the big-name cryptocurrency startup has teamed up with a so-called “BAM Trading” to create a local exchange. The new platform, fittingly named Binance America, is partners with a company registered with financial regulator FinCEN and is expected to launch in the coming months.
Ubisoft Looking to Harness Ethereum for Blockchain Application for Gaming: According to a recent report French business outlet Les Echos, Ubisoft, a video game developer behind Rainbow Six, Far Cry, Just Dance, and other classics, has had a “dedicated team” for blockchain applications in gaming for a number of months. Citing sources familiar, Les Echos states that the Ubisoft-backed consortium is on the verge of launching its first blockchain use case. In fact, an insider source said that the venture is at an “advanced stage”. Ubisoft purportedly has plans to use the Ethereum blockchain, not Bitcoin or anything else, for this program. It is unclear if the network could handle Ubisoft’s user base, however, potentially implying that the company is looking to build a second-layer solution to make its integration work.
Coinbase and Circle Look to Boost Adoption of USDC Stablecoin: Circle and Coinbase are looking to improve the viability of their Ethereum-based stablecoin, the US Dollar Coin (USDC), via a “membership-based framework and governance scheme for the development and growth of money on the internet.” This will allow other companies in the fintech industry to join hands with the two aforementioned firms to push the creation of digital economies that are instant, global, open, and free to use.
Nasdaq Teams Up With Crypto Site to Entice Institutions: Announced Tuesday morning via a press release, CryptoCompare, a leading industry data provider, has joined hands with Nasdaq. The unexpected duo will be launching a new product to price and index cryptocurrency, the so-called “Nasdaq/CryptoCompare Aggregate Crypto Reference Prices.” The venture will be launched through Quandi, a Nasdaq-owned, well-regarded finance data outlet that services hundreds of thousands of professionals on Wall Street to its Asian counterpart. To do this, CryptoCompare and Nasdaq have created a system that will provide institutions with”minute-by-minute pricing data for the most liquid cryptocurrency markets (Bitcoin, for instance).”
Crypto News Outfit CCN Shuts Down, Resurrects Two Days Later: Early this week, CCN — also known as CryptoCoinsNews — revealed that it would be shutting its doors. The site’s founder, Jonas Borchgrevink, explained that when Google rolled out its “June 2019 Core Update” for its search engine, CCN’s traffic plummeted. In fact, according to SEO sites like Sistrix, the domain’s visibility had plummeted by 53% overall, and 72% on mobile. This meant that the outlet’s articles are not being shown as much when you search “Bitcoin” or “crypto”, for instance. Just two days after closure, however, CCN returned, revealing that it had worked with experts in the SEO and Google News arena to figure out a plan moving forward, thus ensuring it didn’t have to lay off 60 staffers. Industry publications across the board, including the big names, are still suffering traffic losses.
Crypto Ratings Agency Downgrades EOS For “Serious Centralization Problems”: In a recent tweet, Weiss Ratings, an investment advisory/research group that has taken a liking to crypto assets, slammed EOS. As seen below, the agency stated that it believes EOS has “serious problems with centralization”, and thus it has been mandated to “severely degrade its technology score.” As seen on the company’s website, EOS’s technology score is now an A-minus. This is seemingly in reference to the fact that at last week’s Block.one event, which was held to be the one-year anniversary of the launch of EOS, nothing was announced to increase decentralization. The blockchain developer also announced a new protocol, which they state will make the chain eight times faster than it currently is.

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Bitcoin Price Jumps Above $8,700 following Binance US Closure

Bitcoin is becoming a hedging instrument even against the rest of the cryptocurrency market.
The largest cryptocurrency profited as much as 6 percent on Friday to close above $8,700. At the same time, other leading cryptocurrencies, such as Ethereum, Litecoin, and EOS, trended in negative territory. The massive contrast between the bitcoin and the rest of the cryptocurrency market indicated a capital flight. Traders suggestively exchanged a bulk of altcoins for bitcoin as a safety measure against the latest Binance announcement.
The Malta-based cryptocurrency exchange, which accounted for the highest global cryptocurrency volume, announced on Friday that it is barring US customers from accessing its services. The announcement indicated that Binance would lose about 15 percent of its net monthly traffic, amounting to over 40 million customers. The firm’s sudden shutting down reportedly prompted the US customers to withdraw a large number of altcoins, which included Binance’s very own native token BNB coin.
Binance Coin (BNB) Dropped Close to 18% on Friday | Image Credits: TradingView.com
The BNB price dropped by as much as 17 percent against the BTC on Friday.
Bitcoin against Altcoin Liquidity Crisis
Alex Krüger, a prominent market analyst, said today that Binance’s issues with its US customers are bullish for bitcoin. He cited Tether, the company behind the controversial stablecoin USDT, to explain the correlation of bitcoin with the rest of the altcoin market. In April 2019, the New York Attorney General’s office on April 25 announced that it had obtained a court order against Tether and its associate firm BitFinex for allegedly hiding $850 million loss from USDT investors.
“Upcoming Binance’s issues with US residents = Bullish for BTC,” wrote Krüger. “This was even clearer than with April’s Tether “FUD.” Speculators are supposed to act on meaningful news, not just theorize about it.”

Upcomimg Binance's issues with US residents = Bullish for $BTC. This was even clearer than with April's Tether "FUD". Speculators are supposed to act on meaningful news, not just theorize about it. https://t.co/7bAfEOiXTW
— Alex Krüger (@krugermacro) June 14, 2019

Also, in October 2018, USDT dropped its dollar-peg to fall to its 18-month low of $0.92. The slide in the stablecoin pushed bitcoin $600 higher on BitFinex.
What’s Now for Bitcoin
The bitcoin market’s intraday arrangements point to a small downside correction, according to its overbought Relative Strength Indicator on Coinbase daily chart. Nevertheless, market analyst Josh Rager suggest that the cryptocurrency has fuel to retest $8,750, given it manages to float above $8,000.
“Break and close above $8,948 is bullish,” he added.

$BTC…
Nice break up out of that rising wedge, big players painted it perfect on the chart to trap many into shorting followed by liquidations
Would like to see a pullback to $8500s before another retest to break above $8750
Break & close above $8948 is bullish pic.twitter.com/bAlkGNFxz2
— Josh Rager (@Josh_Rager) June 15, 2019

Pseudonymous analyst BitBit believes bitcoin is due for a much larger upside move than what is suggested by Rager. He measured the cryptocurrency based on monthly performance, stating that it could continue its bull run to touch the five-figure status.
“I’m saying above 10k by the end of the month, might even touch 11k,” said BitBit.
The bitcoin price was trading at $8,645 at the time of this writing.
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$10 Billion Flows Back into Crypto Markets Despite Binance FUD

Crypto markets surge $10 billion on Saturday; Bitcoin leading, Litecoin, EOS, XMR and NEO following, BNB sliding. 
Market Wrap
Despite a lot of FUD emanating from the US and their flailing relationship with crypto exchanges, markets have actually gained over the past 24 hours. Over $10 billion has flowed back into crypto assets as Bitcoin broke through resistance and pulled the rest of the market back up with it. Total capitalization is back over $270 billion again as we enter the weekend.
Bitcoin has surged over 5 percent to reach an intraday high just north of $8,700 a few hours ago. Resistance at $8,200 was smashed and the last 24 hours has seen BTC climb back to its highest level for 12 days. It has currently leveled out at new resistance just below $8,700, further gains could see Bitcoin reach $9k again soon.
Ethereum has been dragged up as expected but has only managed just below 4 percent to reach $265. The head and shoulders that formed on ETH yesterday did not play out as it predictably mirrored Bitcoin’s movements.
The top ten is largely in the green despite Binance and Bittrex shunning US customers for certain altcoin markets. Litecoin and EOS have gained over 4 percent each taking them to $136 and $6.72 respectively. BSV and BCH are around 3 percent up right now but Binance Coin is cooling off with a slide of 4 percent.
There is more green in the top twenty also as Monero and NEO make 5 percent each climbing to $94 and $13.70 respectively. The rest are relatively flat though with just minor gains on yesterday’s prices.
FOMO: KuCoin Shares Cranking
The top altcoin in the crypto top one hundred at the moment is KCS adding 16 percent to reach $1.50. The gain could be a result of US users moving from Binance and Bittrex into other exchanges as the fallout continues to affect lower cap altcoins. Nash Exchange has entered the top one hundred gaining 15 percent and Santiment Network Token is the only other double digit coin today.
There are no altcoins dumping hard this Saturday but those at the bottom of the pile are Waltonchain and Nano both dropping over 6 percent.
Total market cap 24 hours. Coinmarketcap.com
Total crypto market capitalization has surged $10 billion, or 3.8 percent, to $273 billion today. Bitcoin has been largely responsible for the market movement and its dominance has increased to 56.4 percent as a result. Total trade volume is up to $67 billion and the US customer clampdown does not seem to have impacted markets on a wider scale just yet.
Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.
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Altcoin Crypto Trading Axed For Americans as Bittrex Follows Binance

News that the world’s largest crypto exchange by trading volume, Binance, has curtailed services to US customers sent shockwaves across the crypto community yesterday. Today it is the turn of Bittrex which has followed suit by announcing that certain markets will no longer be accessible to US clients.
Crypto Assets Moving to Bittrex International
In an email to its users and an official announcement on its website, Seattle Washington-based Bittrex stated that it would be making major market availability changes for US customers on June 28. What followed was a list of altcoins that it would be moving to its international platform.
Altcoin markets closing to US customers.
The exchange added that US customers will be sent an additional email advising what they can and cannot do with their affected tokens. After the affected change date US customers will not be able to buy and sell any of these tokens.
Any open orders will be cancelled on the change date but users can still withdraw or hold the tokens in their Bittrex wallets as long as they are still supported on Bittrex International. Non-US customers will still be able to trade all of the affected tokens. The notice added;
“Like other industry participants, we will continue to advocate for laws and regulations that foster innovation.”
In the FAQ section below the announcement elaborated that certain markets will no longer be accessible to US customers and they will have access to a more limited number of markets than are available to non-US customers on Bittrex International.
Bittrex stated that wallets and custody will remain ‘reasonable time after the market is removed’ to US users. There was a vague answer to the question; “Is Bittrex leaving the US?” which appeared to indicate that the company was slowly shifting its primary operations to its international platform.
The crypto sphere is still reeling from yesterday’s Binance announcement that it would be launching a US based exchange with a limited number of tokens. US regulators have been constantly pressuring the industry which has resulted in drastic measures by crypto exchanges that end up punishing US citizens by limiting their options.
Neither Binance nor Bittrex would want to lose the huge slice of the trading pie that the US represents but they need to play ball with fickle regulators and stringent policies. Binance has decided to partner with FinCEN-registered firm, BAM Trading Services, in order to launch a US compliant exchange there.
Market Reaction
A number of the lower cap altcoins mentioned in the Binance list did dump a little on the announcement but generally crypto markets are up today, lifted by Bitcoin which has broken through resistance and reached $8,700 again.
Image from Shutterstock
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Bitcoin Continues Respecting Seven-Year Trendline as Bullish Momentum Flourishes

Bitcoin (BTC) has incurred a large amount of buying pressure over the past couple of days that has allowed it to climb well into the $8,000 region, which appears to have signaled that the cryptocurrency’s bulls are not yet ready to surrender their control of the crypto.
Bitcoin’s recent bullishness has allowed the crypto to maintain above a long-term trendline that has held over the past seven years, which may signal that significantly further bullish momentum is imminent in the near-future.
Bitcoin Climbs To $8,400 as Buying Pressure Builds
At the time of writing, Bitcoin is trading up nearly 3% at its current price of just below $8,400 and is up significantly from its 24-hour lows of $8,150 that were set yesterday.
Over a one-week period BTC has been able to recover from lows of $7,585, which is a price point at which the crypto garnered a notable amount of support that sparked the recent rally.
Bitcoin is now once again approaching the mid-to-upper $8,000 region, which has proven to be a strong region of resistance that has sent BTC reeling lower on several occasions over the past month, which may continue to persist unless it incurs a massive amount of buying pressure in the near future.
Luke Martin, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that BTC may be posed to surge to $9,800 if it is able to climb back above $8,400.
“The $BTC chart is probably the most exciting chart on my watchlist going into the weekend. If price can reclaim 8400 I would be convinced that the trend higher is ready to resume. After that confirmation I would be aiming for 9800,” he explained.

The $BTC chart is probably the most exciting chart on my watchlist going into the weekend.
If price can reclaim 8400 I would be convinced that the trend higher is ready to resume.
After that confirmation I would be aiming for 9800. pic.twitter.com/2Kw0cFlHsm
— Luke Martin (@VentureCoinist) June 14, 2019

Analyst: Long-Term Bullish Momentum is Intact as BTC Respects 7-Year Trend Line
One other factor that could help fuel a massive BTC surge that leads it closer to the five figure price region is the fact that it has been able to hold above a long-term bullish trend line.
Josh Rager, another popular cryptocurrency analyst on Twitter, spoke about this trendline in a recent tweet, explaining that its upwards momentum will likely extend significantly further if it is able to continue holding above $7,200.
“Bitcoin 7-year Trendline: In case you haven’t seen, $BTC is currently sitting above a 7-year trendline that has only broken once as support (Nov. ’18). Bitcoin reclaimed support above the trendline in April & if BTC can hold above $7200 it looks bullish for continuation,” Rager explained while referencing the below chart.

Bitcoin 7-year Trendline
In case you haven't seen, $BTC is currently sitting above a 7-year trendline that has only broken once as support ( Nov. '18)
Bitcoin reclaimed support above the trendline in April & if BTC can hold above $7200 it looks bullish for continuation pic.twitter.com/dpn0VfurmQ
— Josh Rager (@Josh_Rager) June 13, 2019

As Bitcoin’s upwards momentum continues to grow and as analysts gain greater insight into where the markets are heading next, it is probable that investors will soon know whether or not the next major bull movement is right around the corner.
Featured image from Shutterstock.
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Jack Dorsey Believes the Internet Will Soon Have One Currency, But Will It Be Bitcoin?

Jack Dorsey, the founder of popular social media app Twitter and of the widely used payment processing service Square, has long been a notable proponent of Bitcoin, previously stating that he believes BTC could one day be the singular global currency.
Now, Dorsey is further doubling down on his bullishness for Bitcoin and crypto in general, explaining in a recent interview that he believes the internet – much like a country – will soon need to have a currency native to itself. But will Bitcoin be able to fill this need, or will upcoming centralized cryptos, like the one being offered by Facebook, pose stiff competition?
Dorsey: The Internet Will Have a Currency Native to Itself One Day, Will It Be Bitcoin?
Jack Dorsey has recently been investing heavily in Bitcoin, noting earlier this year that he was buying $10,000 worth of BTC each week. In the time since, it is highly likely that he has made a great profit on these investments, which may have further confirmed his belief about the future of Bitcoin.
In a recent interview with Quartz, Dorsey explained that he believes blockchain and cryptocurrency are one of the imperative trends taking place in tech and finance industry currently.
“The second secular trend is blockchain and cryptocurrency. And I guess the way I think about this is we have all these currencies for every nation state, but if you consider the internet to be the equivalent to a nation state, it will have a currency native to itself,” Dorsey explained.
Importantly, Dorsey also explained that no singular party or institution will be able to make or break this widespread adoption, due to the decentralized nature of the technology.
“There is not going to be any one party or institution that makes this happen, and there’s not going to be any one party or institution that can stop it from happening,” he stated.
Will BTC Be Able to Compete with Centralized Cryptocurrencies?
As of late, the crypto markets have faced a torrent of news regarding the upcoming Facebook cryptocurrency project, which may actually compete with Bitcoin while trying to garner widespread adoption globally.
Recently, news broke that Facebook was recruiting a number of massive corporations to help support its upcoming cryptocurrency, with names on the list including Uber, Stripe, Visa, Mastercard, and Booking.com.
Although this type of cryptocurrency is the pinnacle of a centralized asset, which runs counter to the credos held by many advocates of digital currency, its centralized-backing is helping it to garner major utility and adoption off the bat, which will likely continue to grow after it launches.
This leads to an inevitable question: will the massive adoption that comes along with centralization lead cryptocurrencies like the one being offered by Facebook to gain traction as a globally-utilized internet currency, or will people continue turning to decentralized options, like Bitcoin.
Featured image from Shutterstock.
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Crypto Industry Leaders Demonstrate Commitment to Lawful Digital Currency Use to Europol

Representatives from some of the largest businesses in the crypto asset industry have attended a conference held by European law enforcement organization Europol this week. Wallet providers, exchange operators, and payment processors all attended the event to demonstrate their commitment to regulatory compliance.
Also revealed at the conference was a video game style training unit. The idea behind this new tool of law enforcement is to give officers hands-on training tracking crypto assets as part of an investigation.
Europol Clearly Sees Promise in Bitcoin Tech, But Still Needs to Police Crypto Space
According to a press release issued by Europol earlier today, its sixth annual cryptocurrency conference has been held at the law enforcement agency’s headquarters between June 12 and 14. The release details how various industry leaders demonstrated their efforts to ensure that their products and services were compliant with existing financial regulations.
Representatives from some of the largest names in crypto were reportedly in attendance. Those listed by Europol include Binance, BitPay, Bitfinex, LocalBitcoins, OKCoin, Shapeshift, Tether, Xapo, and many more.
Interestingly, Europol themselves were keen to demonstrate some of the perks of blockchain technology by issuing digital certificates to each of the attendees. These were then uploaded to the Bitcoin blockchain with the effect of “practically demonstrating the benefits of the tamper-proof, decentralized ledger technology.” It is the second year in a row that the law enforcement agency has done as such.
A New Tool for Officials to Get Up to Speed With Digital Currency
Also revealed at the conference was a new video-game style training unit. It has been developed by CENTRIC (Centre of Excellence in Terrorism, Resilience, Intelligence, and Organised Crime Research with the aim of helping to train officers tracing stolen crypto funds, ransomware, drug trafficking, or those associated with some other form of crime.
With most crypto assets being based on public ledgers, there have been a number of arrests already thanks to law enforcement scrutinizing blockchains.
The game is scheduled for release in October at the seventh Europol-Interpol Cybercrime Conference and those behind its creation hope that it will give officers first-hand experience tracing crypto transactions. Previous efforts at tracing digital currency transactions made by law enforcement and blockchain forensics specialists, such as Chainalysis, have already resulted in the conviction of many criminals around the world. Evidently, Europol is banking on increased education of its officers leading to even greater numbers of arrests going forward.
Little is know of the precise details of the game for now. The press release detailing the Europol conference does, however, state that it will be the first example of a law enforcement training tool that uses a video-game style format to educate officials on how best to police the emerging digital asset economy.
Related Reading: Europol Taps Exchanges to Crack Down on Crypto Crimes
Featured Images from Shutterstock.
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Facebook Recruits Heavyweights Like Visa For its Crypto, Why Though?

Facebook has reportedly enlisted the help of industry heavyweights to support its up and coming crypto asset. This, it hopes, will answer concerns over privacy and centralization. The list of names includes Uber, Stripe, Visa, Mastercard, and Booking.com. But, is this enough to convince an already skeptical marketplace?

Differences between Facebook’s #GlobalCoin and #Bitcoin https://t.co/M5AR4naLh8
— FinTechtris (@FinTechtris) June 6, 2019

Facebook’s Crypto Asset Aims To Address Centralization Concerns
So far, the rumors around GlobalCoin indicate it will be a cross-border stablecoin payment solution. Some say it will target developing nations, in a bid to “bank the unbanked.” Blockchain advisor, Reza Jafery said:
“Many have tried to create a stable coin in the past with little success. However, Facebook definitely has the time, money, and resources to address the issue effectively. Facebook is offering people of impoverished nations a chance to take part in the global economy.”
However, scandal and Facebook are two words that are never far apart. And this is something Zuckerberg, and his team of executives, are all too well aware of. But in an attempt to foster trust and deal with concerns over centralization, Facebook will relinquish control of the crypto asset to third-party backers. According to The Information:
“With trust in Facebook marred by a series of privacy scandals—and growing scrutiny from antitrust regulators—the company believes that distancing itself from the token’s management will help keep regulators at bay. It could also help encourage the token’s broad adoption as a payment system, something that is more likely if oversight of the currency isn’t controlled by a single company, said the people briefed on its plans.”
The proposals put forward relate to licensing the right to operate the GlobalCoin network. According to insiders, Facebook will tender 100 nodes, and interested parties would each pay $10 million to control a single node. Consequently, the $1 billion of revenue generated will be used to back the project.
Some say the crypto asset of Facebook may operate as an alternative to the banking system (source: Rhythm)
Do You Trust Facebook?
Despite this, some critics remain unconvinced about Facebook’s foray into crypto. Analyst at eToro, Simon Peters doesn’t believe Facebook has the integrity to operate a crypto asset. With data scandals fresh on his mind, he asks:
“Has Facebook done enough to rebuild their credibility around privacy for users to trust them with their money?”
Also, ING’s Brosens and Cocuzzo don’t believe the operation of third-party nodes is enough to warrant claims of decentralization. They point to GlobalCoin being a closed source code by saying:
“With Facebook’s coin, there is one centralised party which issues and manages the coin on its own platform… So referring to GlobalCoin as a cryptocurrency is wrong, or at best irrelevant.
And while some believe GlobalCoin will bolster the crypto industry, by normalizing the tech for everyday people, it comes down to whether we can trust Facebook. Reza Jafrey ended his article “The Truth About Facebook’s Cryptocurrency,” by tackling this very question. He said:
“If Facebook were to achieve what WeChat and AliPay have achieved, but on a larger scale, it would be the most powerful entity on the planet. It would have the data and power to give us access to anything we could possibly want, right at our fingertips. The only concern I have is that if someone has the power to facilitate your access to something, they also have the power to take that access away.”

The Truth about Facebook’s Cryptocurrency (GlobalCoin). by @RezaJafery https://t.co/PWFw6KVaht
— Constantine (@Brujah03) June 14, 2019

And so, tinfoil hats aside, could you trust such an entity?
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Ethereum Head and Shoulders Could Lead to Further Losses

All eyes have been on Bitcoin in recent weeks as it continues to consolidate. Ethereum prices have practically mirrored what its big brother has done and analysts have eyed a clear head and shoulders pattern which could lead to further declines.
Ethereum made it back over $260 a few hours ago but has started to fall back again during today’s Asian trading session. The 1.5 percent slide has taken ETH back around $255 which is still higher than it has been for most of the past week.
According to Coinmarketcap.com Ethereum did drop below $230 briefly on Monday when crypto markets saw red. For the past few weeks however ETH has been range bound, trading between $230 and $270, largely following the movements of Bitcoin which has been hovering just below $8k.
Ethereum Head and Shoulders Pattern Clear
As usual the analysts have been eyeing the charts looking for patterns and one has depicted the clear formation of a head and shoulders.
“Forgive my drawing skills, but this is a classic Head and Shoulders pattern. Now, patterns can fail, but this gives you an idea of what I am thinking and what will negate it.”

$ETH Daily Chart
Forgive my drawing skills, but this is a classic Head and Shoulders pattern. Now, patterns can fail, but this gives you an idea of what I am thinking and what will negate it.#ETH pic.twitter.com/O7UguanTpR
— CryptoFibonacci (@CryptoFib) June 14, 2019

The pattern is a classic bearish reversal which usually leads to further declines below the neckline, currently at around $230 which is also the bottom of the recent Ethereum trading range. ‘CryptoFibonacci’ has also noted a classic volume decline which usually accompanies this pattern. Since the beginning of the month ETH volume has declined from over $13 billion down to $8 billion where it currently remains.
A break above $275 and retest of $280 could negate the pattern but that is only likely to happen if Bitcoin can break $8,200 and hold above it.
Not all are bearish though, full time crypto trader and analyst ‘Financial Survivalism’ has depicted a bull flag and early signs of a parabola instead of the head and shoulders;

This $ETH chart is why I am wiring money to @Gemini tomorrow morning pic.twitter.com/bvll97g52F
— Financial Survivalism (@Sawcruhteez) June 14, 2019

Most are in agreement that, like Bitcoin, any short term declines will lead to further accumulation which is likely to drive a bigger run in the coming months. Ethereum back over $300 is not too far-fetched looking at recent performance.
Fundamentally, the phased Serenity upgrade is still several months away. The first phase, Beacon Chain, will manage the Casper Proof of Stake protocol for itself and all of the shard chains. This is expected to be launched later this year according to the Ethereum roadmap.
In the short term ETH could fall back to $200 if the head and shoulders pattern plays out but longer term gains are virtually guaranteed. At the time of writing Ethereum was trading at $255, down 1.5 percent on the day.
Image from Shutterstock
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Crypto Market Wrap: Consolidation Could Crack on Bitcoin’s Next Move

Crypto markets still range bound; Bitcoin, BCH and BSV moving marginally, Litecoin, BNB and ADA fall back. 
Market Wrap
It has been another day of consolidation for crypto markets as they end the week flat. Very little movement outside of the channel has occurred this week as total market capitalization has been range bound around the $250 billion level. Things have picked up marginally for some crypto assets but others have lost ground.
Bitcoin hit an intraday high of just above $8,300 a few hours ago but pulled back to its current price of $8,230. The move is bullish but not strong enough to break the resistance at this level. Volume has picked up again and is approaching $20 billion which is a sign that further gains could be on the cards.
Ethereum is still flat and holding around $255. There has been very little momentum in the ETH camp and it is down 1.5 percent on the day. Volume is declining as the head and shoulders formation reaches its closure and a drop could be imminent. Current support for ETH lies at $230.
The top ten is showing more red than green during Asian trading this morning. The only two aside from Bitcoin that are up on the day are Bitcoin Cash with 2.5 percent and Bitcoin SV with 3.5 percent. The rest are in the red with Litecoin and Binance Coin dropping the most at over 3 percent each.
Top twenty movements are also minimal with a couple of percent being dropped by Cardano and Tron. Gaining a similar amount are Cosmos and NEO reaching $6.25 and $13.13 respectively. The rest are plus or minus a percent or so as the crypto consolidation continues.
FOMO: Chainlink Spikes on Google Hints
It comes as no surprise that today’s top one hundred top performer is Chainlink. The 43 percent spike came after Google Cloud dropped hints that it would be working with Ethereum based LINK. The Reddit feed went wild and the altcoin spiked in volume from $24 million to $390 million as the fomo frenzy gathered pace. Binance is getting the majority of trade at the moment with 67 percent.
Energi is a newcomer to the top one hundred with a 30 percent pump as NRG gets listed on KuCoin. Bytom has also had a productive 24 hours with 14 percent added. As predicted the big dump is Aurora as it peaks and troughs on a daily basis, today dumping 50 percent for no obvious reason.
Total market cap 24 hours. Coinmarketcap.com
Total crypto market capitalization is currently marginally higher than this time yesterday at $262 billion. Markets are still range bound however and are unlikely to see any bigger moves until Bitcoin breaks out. The push back above $8,200, albeit briefly, is a bullish sign though so the weekend in crypto land could get interesting.
Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.
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