Analysts Expect Ethereum to Surge Higher in Near-Future as Technical Foundations Strengthen

Bitcoin’s upwards ascent over the past several weeks has proven to be very positive for the aggregated crypto markets, and has allowed many major cryptocurrencies, including Ethereum (ETH), to put a significant amount of distance between their current prices and their yearly lows.
Analysts now believe that this upwards momentum is likely to continue, which may allow Ethereum to extend its upwards surge towards $300 in the near future.
Ethereum (ETH) Builds Strong Technical Foundations 
At the time of writing, Ethereum is trading up just under 2% at its current price of $251, up from its daily lows of $245.
While looking at ETH’s long-term price action, the cryptocurrency is trading up significantly from its 2018 lows of just under $90, and up from its 90-day lows of $130. Ethereum’s upwards ascent has been driven by Bitcoin’s recent surge that has sent BTC from lows of roughly $3,000 to highs of nearly $8,400.
Ethereum’s upwards surge has allowed it to form some bullish technical formations that may allow it to surge higher in the near future, with its most notable recent formation being a coveted “golden cross” that may lead it to surge higher in the near-future.
Etherdamus (formerly known on Twitter as TheScienceGuy9489) recently told his nearly 10,000 followers on Twitter that ETH’s golden cross has now been confirmed, which may lead to some bullish volatility in the near-future.
“#ETH Golden Cross Confirmed. Could take up to a few days for effect to show in price,” he said in a recent tweet.

#ETH Golden Cross Confirmed. Could take up to a few days for effect to show in price. pic.twitter.com/eK3dksfAn7
— Formerly ScienceGuy9489 (@Etherdamus) May 21, 2019

Analyst: ETH May Surge Towards $300 Next
As for where this upwards momentum may lead Ethereum next, one analyst believes that there is a strong possibility that the crypto may test $270, with a break above this level leading it significantly higher.
The Cryptomist, another popular cryptocurrency analyst on Twitter, discussed her thoughts on ETH in a recent tweet, noting that it currently has support at $249, and a near-term upside target existing at around $269.
“$ETH I have adjusted the candle resistance ever so slightly from previous post. We are within the apex of pennant. Expecting a move within 16 hours. Breakup tests $269 first, with alts moving with. Support is at 249 region,” she explained.
In order for Ethereum and other altcoins to form another upwards leg in the near-future, it is important that Bitcoin either continues advancing higher, or begins to find stability and consolidate around its current price levels, as a rejection and pullback could jeopardize the market’s momentum.
It is likely that traders and analysts alike will gain a better understanding of which direction Bitcoin and the aggregated crypto markets are heading next in the near-future.
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Crypto Startup Circle Cuts Staff, Cites Bitcoin Market Conditions

According to a recent tweet from Jeremy Allaire, the co-founder of crypto startup Circle, he has just made the decision to eliminate (fire) a number of employees. Allaire says that “approximately 30” positions were purged, 10% of the company.
This news comes on the heels of a massive rally in the Bitcoin price, giving an intriguing bit of insight into Circle’s financial standing. This is first major industry layoff in a number of weeks, as firms have slowed down their resizing efforts following Bitcoin’s jaw-dropping move from $4,200 to $8,000, and similar moves in altcoins.

Today we made organizational changes at Circle and eliminated approximately 30 positions, which is about 10% of our employees. We made these changes in response to new market conditions, most importantly, an increasingly restrictive regulatory climate in the United States.
— Jeremy Allaire (@jerallaire) May 21, 2019

Circle Purges 10% of Staffers Amid Crypto Boom
In the aforementioned tweet, Allaire remarked that this move was a result of “new market conditions”, along with an increasingly stringent and heavy-handed regulatory environment in the United States. This is likely referring to the fact that just days ago, the Boston-headquartered, Goldman Sachs-backed company was effectively mandated by U.S. laws and legislature to stop geo-block trading of certain cryptocurrencies for local citizens. A tweet from Poloniex, a Circle-owned crypto asset exchange, explained:
Poloniex announced today that we are geofencing some assets in the United States. We are deeply frustrated that we needed to take these steps, which are the result of an increasingly limited environment in the US for crypto assets.
After this announcement, the firm revealed that it was soon going to delist Ardor, Bytecoin, Decred, GameCredits, Neo’s GAS, Lisk, NXT, Omni, and Augur’s REP.
Allaire does remind his followers that Circle “remains strong and healthy”, and that his firm will still do its utmost best to continue to promote innovation in the crypto-economy and growth of this technological advancement.
This unfortunate news comes on the heels of a report from The Information that Circle was planning to raise $250 million in a combination of equity and debt from outside investors. It isn’t clear if the company has succeeded in such efforts, but it has been the beneficiary of funding of $246 million from Goldman Sachs, Baidu, IDG Capital, and more for the past few years.
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Cameron Winklevoss on Crypto: Not Investing In the “Future of Money” is “Crazy”

Bitcoin and the crypto industry it birthed is still new, misunderstood, and is many years away from having its potentially fully realized as a monetary asset, store of value, or transactional currency. But it’s clear to many that the young, emerging financial technology has incredible potential – potential that’ll be unlocked only with time and support. The potential is enough to make crypto among the most exciting asset classes for investors at the moment, from retail to institutions.
Because the technology hasn’t yet had time to mature and prove itself, some believe that investing in cryptocurrencies is “crazy.” Even crazier, says Cameron Winklevoss, is not investing in Bitcoin and other crypto assets.
Crypto Crazy: To Invest in Bitcoin and the “Future of Money” or Not?
Last night, the New York Post published an article with the FUD-fueled title “Bitcoin will soon be worth zero,” offering very little to support the idea and speculating on the crypto asset’s eventual demise. Naysayers of the digital currency are not difficult to come by, and reside at the Federal Reserve, in Congress, at the world’s most powerful banking firms, and more. These powers that be all say the same thing: you’d be crazy to invest in crypto.
Related Reading | Why The Next Bitcoin Bull Run Could Eclipse The Last Crypto Bubble 
Some points are valid; the technology is new, and is far off from scale or widespread mainstream usage. Many are uncomfortable with the unfamiliar technology and rightfully so – nothing requires more security and safety than one’s wealth and finances. It’s also been highly demonized in the public eye, for its involvement in money laundering and drug markets on the darknet, not to mention the way retail investors were burnt by the 2017 bubble pop.
But beyond on that is the basis of blockchain, a transparent ledger and decentralized currency system that allows individuals to become one’s own bank, sending value across the internet without the need for an intermediary. The technology is being billed as the future of money and a game changer for a vast number of industries.

Some people think it's crazy to invest in crypto. Maybe. But definitely not as crazy as sitting on the sidelines when the future of money is literally being built before your eyes.
— Cameron Winklevoss (@winklevoss) May 20, 2019

Despite all crypto has going against it, Gemini cryptocurrency exchange co-founder Cameron Winklevoss says that while many believe that investing in crypto is “crazy,” it’s far crazier to sit back and watch idly by while “the future of money” is being built.
The saying goes: “Money makes the world go ‘round.” The future of money has such transformative potential on a global scale, it’s foolish to ignore the emerging technology and appreciate the opportunity it could create.
Related Reading | Beyond Bitcoin: What Does an Amazon-Created Crypto Mean for The Industry?
According to reports, together with his brother Tyler, the Winklevoss twins are said to own roughly 1% of all of the circulating Bitcoin supply, which is roughly 175,000 BTC, or roughly $1.4 billion at today’s prices.
The duo are among the technology’s biggest supporters, and have done much to drive the industry forward and elevate the market beyond the negative “wild west” association its developed over the past few years. Should they and other Bitcoin evangelists be successful, anyone who didn’t invest in crypto will certainly feel crazy.
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Hedge Fund Execs Predict Bitcoin Price will Close 2019 at $9,659

The bitcoin price has surged a little above 114 percent in 2019 so far. But, according to a new poll, the cryptocurrency has extra fuel to sustain its upside action further.
US comparison website Finder surveyed ten FinTech capitalists, including executives from hedge funds Arca and BitBull Capital, on Friday. The portal found that a majority of them expected that bitcoin would pullback from its recently tested $8,000-level. However, they forecasted a strong rebound in June, which would push the cryptocurrency’s rate to as high as $9,659 by the end of this year.
Why So Bullish
Prices of bitcoin rose impressively in 2019 following an 85 percent depreciation the previous year. The April and May trading session alone saw a 50 percent appreciation in the bitcoin rate, having risen from $4,000 to above $8,000. At the same time, mainstream financial markets underperformed owing to escalating economic tensions between the US and China.

The surge in $BTC continues as the mounting fear about war with China drives US investors to look for safety, The only asset to outperform is the non correlated #Bitcoin, proving again that all $USD denominated assets such as stoc…https://t.co/j3Y1wz9hsc https://t.co/evkI9yIozO
— Alex Mashinsky (@Mashinsky) May 15, 2019

The Finder survey participants were quick to notice the inverse relationship between the two events. Almost half of them said mainstream investors diverted their capital from interim bearish equities to bitcoin as a sign of risk management.
Mark Pimentel, the founder, and one of the chief executives at Kronos, a high-frequency crypto trading company, admitted that they have been using bitcoin as a haven against the bearish mainstream markets, stating they were able to make substantial gains out of bitcoin’s volatile price swings.
“The cryptocurrency market is swayed by news and attention, so as bitcoin begins to rise in price again, more traders enter the market. It is much more likely for these entrants to buy bitcoin than sell. So this predictably creates price appreciation,” Pimentel said, adding that the bitcoin price could retest $20,000 in 2019.
Meanwhile, there were also who credited mainstream institutions, which have been lately building new services around the bitcoin market, as one of the main drivers behind the latest bitcoin price rally.
“Eight out of 10 panelists think the price of bitcoin increased due to cryptocurrency-related announcements made at Consensus 2019 in New York City,” said Finder.
The bitcoin price surged by as much as 77 percent upon the conclusion of the Consensus event.
Broader Adoption
David Wills, chief operating officer at Kinetic Capital, a cryptocurrency trading firm, said the bitcoin price is due for gains because of its potential for broader adoption as a currency. The Hong Kong-based executive cited Whole Foods, an Amazon-backed retailer, and Nordstrom, a North American chain of luxury department stores, for making his case. Both the retail stores accept cryptocurrencies as payments.
“Last year, the bear market was in part caused by the fallout from many loss-making, unsuccessful initial coin offerings, and the participation by [a number of] questionable players that attracted regulatory scrutiny in cryptocurrencies,” Wills told the South China Morning Post, adding that the bitcoin industry has become more mature than before.
The bitcoin price was trading at $7,960 at the time of this writing, up 152 percent since its cycle low.
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Bitcoin SV Price Goes Vertical Following Craig Wright’s Whitepaper Copyright Claim

According to a press release published by CoinGeek, controversial crypto proponent Craig Wright has been granted copyright registrations for the original Bitcoin Whitepaper with the US Copyright Office. The pro-Bitcoin SV publication has used the news as concrete evidence that Wright is indeed Satoshi Nakamoto.
Although many in the wider cryptocurrency community remain unconvinced by Wright’s claims, even in light of the latest developments, it is clear from the Bitcoin SV price action that a lot of folks are taking the announcement as proof of Wright’s involvement in Bitcoin’s creation. The price of the crypto asset that forked from Bitcoin Cash last November has gone vertical since the news broke and is up over 72 percent over the last few hours at the time of writing.
Craig Wright Files Patent for Bitcoin Whitepaper, Crypto Community Ambivalent
It was announced earlier by the Calvin Ayre-owned, pro-Bitcoin SV publication CoinGeek, that entrepreneur and computer scientist Craig Wright has been successfully granted US copyright registrations for the Bitcoin Whitepaper, along with most of the crypto asset’s original code. Wright has been claiming himself to be the creator of the digital currency since 2015 and although it would be very easy for him to cryptographically prove himself Satoshi Nakamoto, he has never done so. This has led many in the community to call him a fraud.
In fact, some in the crypto space have gone to great lengths to prove that Wright’s claims are nonsense. This prompted the controversial figure to pursue legal action against those who have doubted that he is indeed the author of the Bitcoin whitepaper.
Naturally, CoinGeek and its owner, Calvin Ayre, have used today’s news that Wright has had his patents green lighted by the US Copyright Office as evidence confirming Wright’s claims:

Boom! Proof that #CraigisSatoshi has been accepted by US government copyright department.https://t.co/sr0PQno6Dg
— Calvin Ayre (@CalvinAyre) May 21, 2019

However, not everyone is convinced that the latest moves prove anything at all. Jerry Brito, the executive director at Coin Center, Tweeted:

Registering a copyright is just filing a form. The Copyright Office does not investigate the validity of the claim; they just register it. Unfortunately there is no official way to challenge a registration. If there are competing claims, the Office will just register all of them. https://t.co/YA70ALpG1Y
— Jerry Brito (@jerrybrito) May 21, 2019

Some pointed to it being yet more attention-seeking antics from Wright:

craig wright's newest shenanigan in trying to prove he's satoshi is our version of katy petty getting her nails done or whatever the normie celebrities do to get noticed
— Ambroid (@anambroid) May 21, 2019

Finally, Peter McCormack, the host of the What Bitcoin Did podcast and one of those apparently being sued by Craig Wright for dismissing his claims relating to the original Bitcoin protocol, responded to the news with typical nonchalance and humour:

I have registered the paper "Craig Wright is a Fraud" with the UK Intellectual Property Office.
Any misuse of "Craig Wright is a Fraud" and I will sue you for fraudulently claiming "Craig Wright is a Fraud".
— Dr. Peter McCormack (@PeterMcCormack) May 21, 2019

Satoshi’s Vision Price Rockets on Craig Wright News
As mentioned, the price of Bitcoin SV, the crypto project championed by Wright, has soared since the news broke. On a day with many low percentage gains across the market. The digital asset created when Bitcoin Cash forked last November has shot up by over 70 percent in just a couple of hours.
It actually peaked just shy of $140, up from around $61 prior to the news. It has since slumped back to around $110 at the time of writing – still an impressive gain not mirrored by the rest of the market.
The increase in buying pressure has likely been caused by those convinced by pro-Bitcoin SV news sources and Twitter accounts that Wright being granted a copyright for the Bitcoin code and whitepaper is concrete evidence that he is indeed the paper’s original author.

Craig Wright is officially recognized by a government agency as Satoshi Nakamoto and granted US copyright registrations for Bitcoin white paper and code #CraigIsSatoshihttps://t.co/rHJW0XTWKt pic.twitter.com/6SuQphPs7f
— CoinGeek (@RealCoinGeek) May 21, 2019

Craig Wright is Satoshi Nakamoto
— 1jack (@liujackc) May 21, 2019

Craig Wright just been awarded copyright over bitcoin and the white paper. #bsv pic.twitter.com/fLIF1ilnOc
— cryptofactor ˢᵛ (@CryptoFactor) May 21, 2019

Unfortunately, this ultimately off putting display for all those recent newcomers to the market appears to be anything but over. NewsBTC will continue to being you more on it as it develops further.
 
Related Reading: This Prominent Investor Sees Bitcoin Surpassing Gold as a Store of Value
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Venezuela Turns to Crypto and Rubles to Bypass US Sanctions

Coinspeaker
Venezuela Turns to Crypto and Rubles to Bypass US Sanctions
Venezuela and Russia are discussing an option to use the Ruble and the Petro in their mutual trade settlements.
Venezuela Turns to Crypto and Rubles to Bypass US Sanctions

Continue reading at Coinspeaker
Source: CoinSpeaker

ETF? What ETF? Bitcoin Shrugs Off VanEck Delay with Instant 5% Gain

A day earlier than many were expecting, another SEC decision on a Bitcoin exchange traded has resulted in a delay. The one that today’s announcement concerned was a proposal that the digital asset space is generally most optimistic for – the VanEck ETF.
Despite the news event being largely expected, the Bitcoin price has responded by gaining more than five percent immediately following the announcement. This has taken Bitcoin back above the $8,000 level.
VanEck ETF Delayed Again, But Nobody Cares
An SEC decision over the approval of a much-anticipated exchange traded fund proposed by VanEck and SolidX has been delayed yet again. Previous delays during the bear market were frequently accompanied by price crashes. However, this has not been the case this time.
Rather than dump the price, the news of the delay has been accompanied with a gain from around $7,800 to over $8,000 in just a couple of hours. Crypto market analyst Mati Greenspan highlighted the price surge via Twitter:

Bitcoin is up nearly 5% since the SEC delayed the VanECK ETF two hours ago.
— Mati Greenspan (@MatiGreenspan) May 20, 2019

Since most of the crypto space was expecting such a delay, many have dismissed the decision as a non-event. With much of the sentiment around the market remaining bullish after early 2019 price rises, some have even stated that the delay could serve as a buying opportunity for investors:

ETF delayed (As expected)Don't think it'll impact the price a whole lot.That said I'm generally hoping & positioned for lower since yesterday.This would be a nice excuse to fill bids lower.
Generally a buying opportunity, not a reason to panic. https://t.co/mn8hqtm9g4
— DonAlt (@CryptoDonAlt) May 20, 2019

The latest delay from the SEC also includes a request for public comment on whether the regulatory body should approve a Bitcoin ETF.
If Bitcoin Gains on a Delay, What About an Approval?
For many, the approval of a Bitcoin ETF by the SEC is like the financial regulator giving the asset class its ultimate blessing. They see it as a catalyst for much higher prices – almost as if the SEC green light would legitimise crypto in the eyes of many.
One Twitter user posted a graph showing what happened when a gold ETF was first introduced. The parabolic upwards price action on gold is clear.

Deadline for the SEC to decide about the VanEck/SolidX Bitcoin ETF expires on Tuesday May 21
My thoughts
– Delay: No major effect
– Rejection: Opportunity to buy dip
– Approval: Image below illustrates what happened after GOLD ETF approval. In other words: instant Market Buy pic.twitter.com/lbIvg3w0SV
— Mounia Rabhi, MSc. (@Mounia_NL) May 20, 2019

The poster also states that the overall supply of Bitcoin being so limited compared to gold should lead to an even more violent upswing than observed in the market of the shiny precious metal following its own exchange traded fund being launched.
Interestingly, potentially negative news events, such as the recent Binance hack and the ongoing Tether scandal have not moved the market in quite the same way they have done previously. This lends support to the opinion of the likes of Tom Lee from Fundstrat and others that the bear market has run its course.
Lee holds that Bitcoin hitting $3,200 in December was the ultimate bottom for the current market cycle and that we are now very much in the beginnings of a bull market. He provides 13 reasons why he believes that the so-called crypto winter is over and consistently higher prices are to be expected going forward.

After a disturbing pullback to ~$6,200, #Bitcoin back >$8,000 further cementing positive trend intact.
As we said a few weeks ago, Consensus 2019 @coindesk was to prove whether crypto winter is over…
…confirmed pic.twitter.com/M8ni4g2YvX
— Thomas Lee (@fundstrat) May 19, 2019

 
Related Reading: JPMorgan Sees Imminent Bitcoin Price Fall; Why It’s Unlikely to Happen
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Indian Bitcoin Trader Commits Suicide Over Losses Trading Crypto for Local Officials

A Bitcoin trader from India has taken his own life after being threatened by senior police in relation to losses he incurred whilst trading crypto assets on their behalf. Bharat Patel hanged himself on Sunday, leaving a suicide note for his widow.
In the note, Patel details how Chirag Savani, the Narmada police force’s Deputy Superintendent, along with his brother Harnish Savani had threatened him over fiat losses incurred from Bitcoin and other cryptocurrency’s price volatility. Although the two had only bought five Bitcoins for Patel to trade with, they were demand 11.575 BTC back from him.
Bitcoin Trader Hangs Himself After Receiving Threats from Senior Police
According to a local news publication, Ahmedabad Mirror, a Bitcoin trader, Bharat Patel, from the Gujarat province of India killed himself on Sunday. The article states that he left a suicide note detailing the reasons. In it, he explicitly names the individuals who drove him to suicide. It states:
“DySP [Deputy Superintendent] Chirag Savani had come to my house to invest in five bitcoins. After incurring a loss due to slide in their value, Chirag and his brother Montu [Harnish] were demanding 11.575 Bitcoin. I am distraught due to the recovery they are claiming. My life is not worth living. DySP Chirag Savani came to my house and threatened me to return the amount they had invested. I have been forced to commit suicide. The two brothers (Chirag and Harnish Savani) are responsible for my act.”
Following Patel’s death, his daughter, Darshi Patel, has appealed for Chirag Savani to be suspended from his duties. She also speculates on how the case will be handled given the seniority of the official involved. She told journalists:
“We have not given my father’s phone, tape, and laptop to the police as we don’t trust their sincerity. We fear that the evidence in these devices will be destroyed. We seek assurance from some top police official that a fair probe will be conducted in the case.”
Usha Patel, the wife of the late Bharat Patel, described the night that her husband took his life. The two were up together until 1 AM. He was reportedly looking tense and stressed. That evening he spoke with Harnish Savani but Usha does not know the details of the conversation. Bharat asked Usha to go to bed whilst he finished work. He joined her shortly after but committed suicide at some point before she woke the next morning.
According to Usha, Bharat had agreed to return 5 Bitcoin to the Savani brothers in instalments but they had demanded the fiat value they had invested returning instead. Darshi Patel added that Savani had stated that if the more than 11 Bitcoin were not returned, he would come to the Patels’ property and “not leave until my father paid up.”
Apparently, the family has received more threats following Patel’s death too. Darshi continues:
“We received two calls from Savani’s number even after my father’s death. The police asked us to switch off the mobile and not take any calls from them.”
For now, the authorities have sent the suicide note off for handwriting authentication stating that necessary action will be taken after receiving the findings of the tests.
 
Related Reading: CEO Who Held $150M in Crypto Died in a Region Known for Having a Fake Death Mafia
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Crypto Industry Reacts to Yet Another VanEck Solid X Bitcoin ETF Delay

A Bitcoin exchange-traded fund or ETF, has become a running joke across the cryptocurrency industry, with each new proposal set forth by various financial industry firms repeatedly rejected or delayed by the United States Securities and Exchange Commission.
The entire market of crypto investors were watching and waiting to see if today’s deadline for VanEck and Solid X’s proposal for a Bitcoin-based ETF would be rejected or approved, or delayed once again. As many expected, the deadline for the proposal has once again been extended by the SEC, further delaying a decision on if an ETF will be approved eventually.
Bitcoin ETF Delayed Once Again, Crypto Industry Yawns At Non-Event News
The potential of a Bitcoin ETF has reared its head quite a few times in recent years. The most recent Bitcoin ETF speculation took the price of Bitcoin towards $10,000 in late July as a proposal put forth by Gemini co-founders Tyler and Cameron Winklevoss.
Related Reading | Why The Next Bitcoin Bull Run Could Eclipse The Last Crypto Bubble 
The proposal was rejected, and the price of Bitcoin fell once again towards $6,000. Around that time, a proposal for a VanEck and Solid X Bitcoin ETF also reached its deadline with the SEC, but the proposal was delayed again and again. Each delay or rejection caused the price of Bitcoin to crash throughout the 2018 bear market.

VanEck Bitcoin ETF delayed. No surprise. https://t.co/MQgAXAtaYg
— Felipe (@PhilCrypto77) May 20, 2019

A government shut down put the proposal – which is said to have the best chance of being approved out of all of the different proposals out there – on ice for some time, but the review resumed weeks ago, and was targeting a May 20 deadline for a decision.

JUST IN: SEC delays decision, issues request for public comment on whether to approve or disapprove VanEck SolidX Bitcoin Trust (PDF) https://t.co/7ub6NM82le
— The Block (@TheBlock__) May 20, 2019

Today has come and gone, but the SEC has once again chosen to delay the proposal set forth by VanEck and Solid X. According to The Block, the SEC has also issued a request for public comment on whether or not the US financial watchdog should approve or disapprove the proposal.

ETF delayed (As expected)Don't think it'll impact the price a whole lot.That said I'm generally hoping & positioned for lower since yesterday.This would be a nice excuse to fill bids lower.
Generally a buying opportunity, not a reason to panic. https://t.co/mn8hqtm9g4
— DonAlt (@CryptoDonAlt) May 20, 2019

While in the past, such news would cause a sharp selloff, the price of Bitcoin has since risen following the news circulating. Also, now that the news had made its way across the cryptosphere, industry analysts and experts are all weighing in on the news that turned out to be a non-event.

VanEck ETF delayed as expected. Non-event.https://t.co/3VCdFpAYCS
— WhalePanda (@WhalePanda) May 20, 2019

Bitcoin has shown much resilience in recent weeks, also shaking off a hack of Binance and the worst Tether FUD to hit the industry yet without as much as a scratch. Instead, the price of Bitcoin continues to climb along the parabolic curve that began with the April rally.

As expected, the SEC has delayed the VanEck bitcoin ETF proposal. Read the order here: https://t.co/OB3TBgVGwg.
VanEck's new deadline is August 19. The SEC can & likely will delay one more time for a final deadline of October 18.
Looks like this ended up the right explanation: https://t.co/bkzeVRt1Hg
— Jake Chervinsky (@jchervinsky) May 20, 2019

The VanEck and Solid X Bitcoin ETF deadline has since been rescheduled for August 19, and has until one more final deadline of October 18 it can push its decision off until.
Will a decision finally be made?

Waiting for a Bitcoin ETF like pic.twitter.com/b5TdyuWCDR
— Crypto Bobby (@crypto_bobby) May 20, 2019

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South Korean Bitcoin Exchanges Post Highest Fiat Influx

An average bitcoin investor in South Korea has dumped more fiat money than the one in other countries, reveals CryptoCompare.
The London-based data analytics firm found that cryptocurrency exchange BitHumb has received over $16 billion worth of fiat money in April 2019. The firm further noted that Upbit, a BitHumb-rival, posted the second-best influx of fiat-based capital at around $7.5 billion in the same month. At the same time, US-based exchanges Coinbase, Gemini, and Kraken paled in comparison, posting capital injections between $1-5 billion each.
South Korean Crypto Market Attracting Most Fiat Influx | Image Credits: Crypto Compare
The fiat statistics were similar if not the same in months before the bitcoin price boom.
Both BitHumb and Upbit topped the monthly fiat-to-crypto volume in February and March this year, revealing that the South Korean investors were accumulating cryptocurrencies better than others ahead of April 2, the date on which the bitcoin price popped through a rigorous resistance area. Nevertheless, crypto-to-fiat volumes on BitHumb dropped in April despite a favorable buying sentiment. The statistics, however, remained higher compared to the rest of the cryptocurrency exchanges, including Upbit, whose own crypto-to-fiat trading activity went up in April.
“Malta-registered exchanges represented the majority of trading volume, followed by those legally registered in Hong Kong and South Korea,” wrote CryptoCompare. “Monthly trading volume from Malta-registered exchanges increased 56% since February, while that of Hong Kong and South Korea-registered exchanges increased by 54% and 21% respectively.”
More Crypto Account Registrations
Hank Yung reported on Friday that more South Korean investors were lining up to register at the local cryptocurrency exchanges. The news service cited an individual who works for NH Bank, the institution which handles banking for BitHumb. He complained about working past office hours due to a rise in applications for virtual currency accounts. Excerpts (translated from Korean):
“As bitcoin price has surged to more than 10 million won, the demand for issuing password exchange accounts for investment has also increased.”

An employee at NH, a major bank in South Korea that handles banking for Bithumb, says new registrations for crypto trading is up substantially this week.
Seems like the rapid recovery of bitcoin has gotten the interest of retail investors.https://t.co/fPe08LC02p
— Joseph Young (@iamjosephyoung) May 18, 2019

Mati Greenspan, a senior market analyst at eToro, believes the crypto trend is South Korea exists beyond the spot exchanges and their banking partners. The analyst said on Monday that LocalBitcoins posted its highest bitcoin trading volume day on May 18, 201 against the South Korean Won.
“It’s not a lot,” said Greenspan. “Just about $165k. Still, it’s a good indication that the wave is growing again in one of the most enthusiastic crypto trading nations.”

SK also just reported their highest volumes ever @LocalBitcoins.
It's not a lot. Just about $165k. Still, it's a good indication that the wave is growing again in one of the most enthusiastic cryptotrading nations. pic.twitter.com/OcLsPWw6fE
— Mati Greenspan (@MatiGreenspan) May 20, 2019

US Dollar Dumped More than Won

In April, 60% of all #Bitcoin trading into fiat was made up of the US Dollar@CryptoCompare pic.twitter.com/1ibrFm1ZW1
— Unfolded (@cryptounfolded) May 20, 2019

Despite South Korea’s regional influence, the bitcoin market continues to attract the most substantial capital from the US market. CryptoCompare reports that bitcoin-to-dollar trading comprised 60 percent of the total fiat-enabled volume in April, followed by Euro, Japanese Yen, and South Korean Won. It loosely means that the South Korean exchanges attracted most of the fiat influx in the dollar.
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Here’s Why Peter Schiff Lambasting 60 Minutes For Pro Bitcoin Show is Optimistic

What happens when a bitcoin agnostic witnesses a 138-time Emmy award-winning TV show featuring the cryptocurrency in a good light? Peter Schiff can tell better.
The prominent stockbroker, who successfully predicted the 2008 economic crisis, lambasted CBS’ 60 Minutes for airing a “one-sided” segment on bitcoin. He argued that the successful TV show owed a significant degree of skepticism to a cryptocurrency which, according to his earlier statements, had no intrinsic value and resembled the infamous Tulip Mania bubble of the year 1637.
“60 Minutes just aired a free commercial for Bitcoin,” said Schiff. “Great press for Bitcoin owners looking to sell to CBS viewers who may be suckered into buying based on this very one-sided segment. At a minimum, CBS owed its audience a healthy degree of skepticism. Very bad reporting as usual!”

60 Minutes just aired a free commercial for Bitcoin. Great press for Bitcoin owners looking to sell to CBS viewers who may be suckered into buying based on this very one-sided segment. At a minimum CBS owed its audience a healthy degree of skepticism. Very bad reporting as usual!
— Peter Schiff (@PeterSchiff) May 20, 2019

Weak Criticism
The 60 Minutes’ bitcoin report, which aired across the US on May 20, surprised even bitcoin believers with its pro-cryptocurrency narrative. The feature included comments from cryptocurrency influencers like Charlie Shrem, Marco Streng, and Neha Narula, with additional commentary on how a computer programmer named Laszlo Hanyecz who made the first real-world crypto payment by paying 10,000 BTC (almost $800 million per the current exchange rate) for a pizza.

Laszlo Hanyecz talks for first time on television about what is believed to be the first real-world transaction involving cryptocurrency. He paid 10,000 bitcoin for some pizza https://t.co/gOf1BKeQ6W pic.twitter.com/aCpT9w8bb6
— 60 Minutes (@60Minutes) May 19, 2019

Meanwhile, the show included responses from Lael Brainard, one of the governors of the Federal Reserve, who criticized bitcoin for lacking any government support.
“The US-currency has a whole set of legal protections around it,” Brainard told the 60 Minutes host Anderson Cooper. “The federal reserve and ultimately the U.S. treasury stand behind it. And when you hold your dollars in a bank account, you have deposit insurance.”
Brainard’s statement was the only criticism bitcoin received during the latest 60 Minutes episode, Schiff argued, while bitcoin believers took the rest of the screentime.
“And the criticism they chose to air was [feeble],” he added.
A few hours after Brainard’s statement made to the wire, the bitcoin community was already at it. Anthony Pompliano, the co-founder of Morgan Creek Capital, said the governor didn’t respond to the questions that concerned price manipulation in the US dollar market.
“Instead, she decided to talk about FDIC insurance and “legal protections,” said Pompliano followed by his trademark “Long Bitcoin, short the bankers” slogan.

In the 60 Minutes piece on Bitcoin, a Federal Reserve governor couldn’t respond to @AC360’s question about central bankers’ manipulation of US dollars.
Instead she decided to talk about FDIC insurance and “legal protections.”
LONG BITCOIN, SHORT THE BANKERS!!
— Pomp (@APompliano) May 19, 2019

Bullish Coverage?
Schiff hinted that 60 Minutes coverage made a bullish case for bitcoin before its viewers. He added that CBS viewers who believed the 60 Minutes coverage could end up buying the cryptocurrency at a higher rate only to realize heavy losses.
“The worst thing about Bitcoin is that after millions of people lose billions of dollars, the libertarian cause for sound money will suffer a major setback,” said Schiff. “Governments will get more powerful, and use the losses to increase regulation on legitimate alternatives to fiat currency.”
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Crypto Market Wrap: Bitcoin Steady Before ETF Ruling, What’s Expected?

Crypto markets holding onto gains; Bitcoin back at $8,000 prior to anticipated bitcoin ETF ruling, BCH and XRP gaining slowly, Dash pumping. 
Market Wrap
Crypto markets have held on to their weekend gains as Bitcoin remains buoyant. The correction that never was ended in early Sunday trading when BTC surged back towards $8,000. Today market capitalization remains close to $250 billion but a big regulatory decision due tomorrow could create some big moves soon.
Bitcoin revisited its 2019 high of $8,250 a few hours ago. BTC sharply pulled back to just above $7,900 after hitting resistance but has since regained composure and climbed back up to $8k, trading marginally higher than the same time yesterday.
Ethereum is flat and remains just above $250 where it was this time yesterday. ETH has also held on to recent gains but has not seen the doubling in price that its big brother managed since early April.
There is very little movement in the top ten at the time of writing. Only XRP and Bitcoin Cash have added a couple of percent to trade at $0.40 and $408 respectively. The rest are unchanged aside from Cardano which has pulled back marginally.
The top twenty has more red than green during Asian trading this morning. Only Dash is pumping as 10 percent takes it to $165. South Korean markets are getting the majority of Dash trade at the moment as Bithumb is top exchange. Monero has made 3 percent but the rest are in decline.
FOMO: NEXT Spikes into Top 100
Today’s fomo is going to NEXT which has entered the top one hundred with a 45 percent pump. The South Korean exchange Coinbit exchange is creating the fomo for NET. Japan Content Token is also getting a 40 percent spike as it too enters the big 100. These two relatively obscure altcoins are the only ones pumping at the moment.
At the messy end of the table is Decred dumping ten percent today. Digibyte and Crypto.com’s MCO are also sliding with a loss of over 7 percent each.
Total market capitalization 24 hours. Coinmarketcap.com
Total market capitalization is currently at $248 billion which is marginally higher than the same time yesterday. It did reach a high of $257 billion when Bitcoin hit resistance but has since pulled back slightly. There is growing concern that the imminent SEC decision for the VanEck ETF could cause prices to plummet. The regulator is due to decide on approval of the long awaited fund tomorrow but the most likely outcome is another delay.
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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Bitcoin Price Retests $8,000 Following 21.37% Drop – Is $11,000 Next?

Bitcoin has made a come back following three days of depressive price movements that led to a 21.37 percent drop.
The world’s leading cryptocurrency started Sunday while trending in positive territory. The asset’s rate against the US dollar surged by circa 11 percent to settle a session high at $8,041 on Coinbase exchange. The move brought approximately $12 billion to the bitcoin market, with maximum influx coming from Tether’s stablecoin USDT. Nonetheless, the uptrend slowed down ahead of the European session, hinting that a downside correction might still be underway.
Bitcoin Price Revives Bullish Sentiment upon Retesting $8,000 | Image Credits: TradingView.com
Next Upside Target between $9,200-$11,000
Josh Rager, a prominent cryptocurrency analyst, saw the bitcoin price breaking a critical resistance level. The US-based market expert said the asset is looking to close above $8,216 in near-term to validate an extended bullish bias. He predicted that bitcoin would establish an upside target of $9,600 or more.
“Bitcoin certainly looks to be pumping, now over previous resistance,” said Rager. “Price is near $8000 & looks to be heading toward the $8200 1D resistance (might consolidate prior). A close above $8200 on the daily/weekly would be very bullish and would target $9,600 [or beyond].”

$BTC – 1 Hour Chart
Bitcoin certainly looks to be pumping, now over previous resistance
Price is near $8000 & looks to be heading toward the $8200 1D resistance (might consolidate prior)
A close above $8200 on the daily/weekly would be very bullish and would target $9600+ pic.twitter.com/8S1qmjR56e
— Josh Rager (@Josh_Rager) May 19, 2019

Parabolic Trav, a cryptocurrency analyst, known for his graphic market narratives, too noted a strong bullish bias in the bitcoin market. The market expert treated bitcoin’s 2015 parabolic move as a guide for the asset’s ongoing price movements.
“There’s lots of play in the curvature, but this push we’ve had was earlier in the bottoming process than 2015 and pushed it up faster,” said Parabolic Trav.

Using 2015 channel formation as guide for 2019. Something similar? There's lots of play in the curvature, but this push we've had was earlier in the bottoming process than 2015 and pushes it up faster. pic.twitter.com/LTqyQw5wja
— ParabolicTrav (@parabolictrav) May 17, 2019

Crypto investment guru DonAlt predicted a similar future for bitcoin. The analyst noted that the asset was looking to close above a substantial resistance area, as shown in the chart below. Nevertheless, he said the bitcoin market would remain bullish as long as it holds above $6,400, a level with strong credentials as resistance during bitcoin’s uptrend sentiment.
Bitcoin Looking to Extend Bull Bias Towards $10K | Source: DonAlt
DonAlt predicted a bitcoin price rally beyond $9,200 (as far as $11,000, according to the chart above), which also marked as the next potential pullback for the asset. More likely, the analyst proposed upside targets that had earlier served as crucial resistance areas in the market. The ‘Major Resistance’ horizontal in the chart above signified its potential to cap bitcoin’s bullish attempts. The $11,000 price target had also capped similar market movements.
“As long as 6400 holds, I’ll be a better perma-bull than Parabolic Trav ever was. This still looks gorgeous to me, and I won’t touch the red button for quite a while,” said DonAlt.
Below $6,400
Event of bitcoin closing below $6,400 could push the price as low as $5,715, Rager said about the weekly support level. Nevertheless, the psychological support at $6,000 would keep providing a strong accumulation case, as seen between June 2018 and November 2018 price action.
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Analyst: As Long as Bitcoin Holds Above $6,400 The Case for BTC Bulls is Strong

Despite briefly dropping below $7,000 earlier this week after incurring a sudden influx of selling pressure, Bitcoin has been able to hold steady above $7,000 and has since tepidly advanced higher.
Although many analysts and traders alike believe that the upwards momentum Bitcoin has incurred over the past several weeks was put into jeopardy by the recent drawback, one prominent analyst believes that Bitcoin is still bullish, so long as it holds above $6,400.
Bitcoin (BTC) Climbs Back Towards $7,400
At the time of writing, Bitcoin is trading up 3% at its current price of $7,380, up slightly from its daily lows of roughly $7,000.
Over a one week period, Bitcoin is down from highs of nearly $8,400 which were set this past Wednesday. Although this price was a fresh year-to-date high for the cryptocurrency, its bulls were not able to extend the cryptocurrency’s upwards momentum, which has since slowed significantly.
Despite this, the recent pullback may actually be bullish for BTC, as it may allow the crypto to garner greater levels of buying pressure that could ultimately allow it to continue surging higher as it continues recovering from its 2018 lows of $3,200.
Fawad Razaqzada, an analyst at Forex.com, recently spoke to MarketWatch about Bitcoin’s recent price action, noting that the latest pullback actually constitutes “healthy” price action.
“In fact, bitcoin is looking extremely ‘overbought’ in the short-term. So, for the sake of healthy price action, bitcoin will either need to correct itself or, ideally for the bulls, consolidate for a while before it makes further gains,” he said just prior to the recent drop.
Analyst: BTC Still Bullish as Long as It Holds Above $6,400 
The recent drop has led many analysts to have conflicting opinions as to whether or not the latest rally is emblematic of the early stages of a long-term bull run, or if it is simply a fleeting bull trap.
Don Alt, a popular cryptocurrency analyst on Twitter, shared his thoughts on BTC in a recent tweet, noting that he will be bullish on the crypto as long as it holds above $6,400.
“$BTC weekly update: Resistance rejects, support supports. And people say TA doesn’t work. As long as 6400 holds I’ll be a better perm-bull than Parabolic Trav ever was. This still looks gorgeous to me and I won’t touch the red button for quite a while,” he noted.

$BTC weekly update:
Resistance rejects, support supports.And people say TA doesn't work.As long as 6400 holds I'll be a better perm-bull than Parabolic Trav ever was.
This still looks gorgeous to me and I won't touch the red button for quite a while. pic.twitter.com/hVRmD40vjJ
— DonAlt (@CryptoDonAlt) May 18, 2019

As the weekend continues on and Bitcoin’s price action continues to unfold, analysts will likely garner greater insight into how significant this recent price surge will be in the long-term.
Featured image from Shutterstock.
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Bitcoin Rally To $8,000 Smells Like Late-2017: JP Morgan Analysis

Save for Friday’s sudden selloff, Bitcoin (BTC) has been on an absolute tear over the past few weeks. Since early-April, the asset has moved from $4,200 to a recent peak of $8,350 — effectively a gain of 100% — and is seemingly preparing itself for another leg higher.
While many believe that this move comes off the back of booming on-chain statistics and strong fundamental developments, one Wall Street firm argues that this isn’t the case.
Related Reading: Binance and Coinbase Traffic Spikes as Bitcoin Price Surges 81% YTD
Bitcoin Diverging From Intrinsic Value
In a recent research note from JP Morgan, obtained by Holger Zschaepitz, a German economist and author, it was explained that Bitcoin is trading above its “intrinsic value”. The note (seen below) suggests that the cryptocurrency’s “intrinsic value” is the estimated cost of production per unit or mining costs. In fact, JP Morgan’s estimates show that BTC is currently (as of May ~15th) trading above its breakeven mining cost by two times.

#Bitcoin prices diverge from intrinsic value, carrying echoes of late 2017, JPM says. pic.twitter.com/DImDoSMv8L
— Holger Zschaepitz (@Schuldensuehner) May 17, 2019

Zschaepitz adds that JP Morgan notes that this current rally “carries echoes of late-2017”, which was when BTC spectacularly rallied and decoupled from any fundamentals on the back of hype.
Related Reading: XRP Holds Strong After JP Morgan ‘Slaps’ Ripple With Bank-Centric Crypto
Indeed, Fundstrat’s Tom Lee claims that Bitcoin historically trades at around two times its intrinsic value, especially in bull markets.
It is important to note that JP Morgan has been historically bearish on Bitcoin. As NewsBTC reported previously, analysts from the American bank suggested that Bitcoin may only be a good hedge in a “dystopian scenario”, not a digital gold as some expect. They go on to state that BTC could plunge to $1,260 eventually. And, of course, JP Morgan’s impassioned chief executive, Jamie Dimon, has been enamored with calling BTC a “fraud” and a similar ilk of insults.
Yet Fundamentals Are Better
Is JP Morgan right in its assumption that Bitcoin is trading too far above its intrinsic value?
Well, maybe not. As Dan Held, the co-founder of Interchange, recently pointed out, the ecosystem’s fundamentals and infrastructure are much stronger now than in 2017 or 2018, sans mining costs.
Case in point, the industry has some of the biggest names in finance and technology delving in. Square, through its Cash App and chief executive Jack Dorsey; Fidelity Investments; E*Trade, Bakkt, and ErisX are among the developments in the space that make this rally entirely different than anything before it. Thus, some deem it logical that warnings of a large market correction can be deemed moot.
Featured Image from Shutterstock
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