Binance Coin (BNB) is Only $6 Short From Retesting Historical High

Binance is turning into the most profitable crypto venture for otherwise bearish ICO investors.
The Chinese-turned-Maltese cryptocurrency firm recently noted its native token BNB’s market capitalization reaching $2.7 billion. At the same time, the BNB’s per token value touched $19.66, which was circa $6 less than its historical high from January 12, 2018.
Binance Coin YTD Price Chart | Source: CMC
Coin Burn on April 15
The BNB’s latest buying wave came ahead of its quarterly token burning event. In retrospective, Binance uses 20 percent of its fiscal quarter profits to buyback BNB tokens. Upon the purchase, the exchange sends the tokens to a non-retrievable ERC20 wallet. The move removes those BNB coins from circulation, thus reducing its overall supply. So far, Binance has performed token burn events six times, burning 5.41 percent of its total supply rate. The last coin burn took place on January 15, 2019.
Binance Coin Bull Weeks | Source:
Binance will continue burning BNB every quarter until it has destroyed half of its total 200 million units. Investors took it as a cue to strengthen their bullish bias, believing a depleting BNB supply would eventually surpass an increasing demand. As a result, BNB emerged as one of the most bullish cryptocurrencies. The coin’s market witnessed eleven consecutive weeks in green since February 4, 2019, and a 239 percent surge on a 90-day timeframe.
The next BNB token burn event is today, which is likely to extend the coin’s upside bias in the coming weeks. The market could see the price reclaiming $26 before correcting lower to neutralize the Relative Strength Index sentiment (overbought on the weekly charts). But to some, BNB’s long-term bullish target could be $100.
The $100 BNB Case
Binance is one of the most-talked-about cryptocurrency companies in both the mainstream and the crypto media. Its popularity serves as a crucial fundamental factor for BNB. What traders see the most trust the greatest. And Binance leaves no-stones unturned when it comes to announcing new service and geographical expansions every once a while.
Binance CEO, Changpeng Zhao, said last week that they would launch two new platforms by the end of April 2019. That includes a decentralized cryptocurrency exchange powered by Binance’s native blockchain and a traditional fiat-enabled trading platform in Singapore. Zhao stated that they would also introduce a BNB-enabled staking service, which would allow the token holders to earn an annual interest.

Binance Coin dominating today!
With $BNB Coin burn tomorrow, and Binance Chain Mainnet and the Dex launch around the corner, I think we soon will see BNB at $25 beating its old ATH of $24.
Longer term I am sure we will see BNB reaching at least $100! #Binance $BTC $ETH
— CryptosBatman (@CryptosBatman) April 14, 2019

Such fundamentals are no less bullish than those associated with Uber’s IPO and Amazon’s robotics. Binance will be attempting to make the most out of the ongoing cryptocurrency hype, majorly benefitting should the cryptocurrency space – especially bitcoin – keep recovering to the upside.
Binance continues to hold the top position when it comes to posting maximum annual revenues. The firm has opened new verticals in the blockchain research and development and is actively participating in startup incubation across the world. Factors such as these could easily sustain investors’ bullish perspective towards BNB. A $100 token will only be a beginning.
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Source: New

Harvard Endowment Invested up to $12.65M in Blockstack Token Sale

Harvard’s $37.1 billion endowment fund has reportedly invested $12.65 million in Blockstack.
The New York-based blockchain toolmaker lately applied with the Securities and Exchange Commission (SEC) to raise $50 million. The application submitted to the US securities regulator detailed the name of Blockstack’s advisory members. Among those names was Charlie Savaria, one of the recently appointed managing directors for the Harvard Management Company.
Mr. Savaria, according to the document, alongside other six advisory members purchased an aggregate of 95,833,333 BlockStack digitized equities, called Stack Tokens (STX). At the time of selling, the STX rate was $0.0132, meaning that Blockstack attracted as much as $12.65 million from its advisory board via the coin sale.
According to Anthony Pompliano, the co-founder of Morgan Creek Capital, Mr. Savaria could have at least invested $5 million in the emerging blockchain venture. NewsBTC could not verify the amount at the time of this writing.

BREAKING: Harvard’s endowment invested $5M – $10M directly into Blockstack’s token sale.
This means that one of the leading university endowments is comfortable holding tokens directly.
— Pomp (@APompliano) April 11, 2019

Launched by computer scientists from Princeton University, BlockStack is developing a privacy-focused internet harnessing the underlying features of the blockchain technology. The startup already features 80 applications that do everything from managing work documents and offering subscription-based content services in a decentralized environment.
Blockchain raised $50 million last year in a venture investment round from Union Square Ventures, Y Combinator, Lux Capital, Naval Ravikant, and others.
Blockchain Unfenced
Harvard’s alleged investment in a blockchain startup followed its capital injection into two cryptocurrency funds last year. The outlook proved the university was gradually increasing its stakes in the blockchain industry despite skepticism. First Round Capital, for instance, surveyed 529 startup founders last December. It found that 87 percent of the respondents did not believe blockchain will succeed.
“Projects based on the elimination of trust have failed to capture customers’ interest because trust is [actually] so damn valuable,” stated Kai Stinchcombe, the co-founder, and chief executive of True Link.
Nouriel Roubini, a US-based economist who rightly predicted the 2008 financial crisis, said the blockchain’s recordkeeping ledger was no better than an MS Excel sheets.

Why blockchain is the most useless and over-hyped technology ever. Not a single properly useful and working application after billions literally wasted on vaporware by a self-serving eco-system.
The Big Blockchain Lie by Nouriel Roubini @ProSyn
— Nouriel Roubini (@Nouriel) January 10, 2019

The criticism was not able to put fences around the blockchain, anyway. The world kept taking notice of the technology’s trend, leading tech companies like IBM and Intel launching new projects in the space. Even banks like JP Morgan, that were once critical of Bitcoin, an open-source, decentralized payment protocol system based on the blockchain, announced their services powered by a similar tech – albeit closed-source.
Harvard’s alleged investment proved that investors were beginning to look beyond criticism and make the most out of the so-called blockchain frenzy.
Does the Blockstack funding round mean anything to bitcoin? Not in near-term at least.
The startup’s crowdfunding does not hold any promises to the most dominant asset in the cryptocurrency world. It is a straightforward fundraiser that focuses on raising capital so a startup could create its products and distribute its earnings among the stakeholders – the ones with the proof-of-ownership of STX tokens. Bitcoin does not get a mention anywhere.
Nevertheless, the report helps in making a case for Bitcoin’s long-term potential in the industry. It allows institutional investors to study its underlying technology and make their investment decisions accordingly.
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Source: New

Bitcoin Price above $3,000 is Good News for Bulls: Analyst

Bitcoin price above $3,000 is good news for bulls, according to Crypto Michael.
The full-time trader and cryptocurrency commentator said bitcoin scaling between $3,000 and $5,000 was bullish, adding that a drop below $3,000 would result in an equally strong bullish makeover.
“The future perspectives of BTC are brilliant, and we’ll laugh about $5,000 in some years,” Michael predicted.

Reminder to everyone whose not trading.
Scaling in between $3,000 and $5,000 is very good. Lower than $3,000? Fine, use some to buy some.
The future perspectives of $BTC are brilliant and we’ll laugh about $5,000 in some years.
Never stress, patience & calmth. #TRADING
— Crypto Michaël (@CryptoMichNL) April 11, 2019

The $1,000-Bitcoin Prediction
The comments followed a $1,000 bottom target set by Tyler Jenks, the president of Lucid Investments, in the aftermath of April 11 bearish correction. The bitcoin price plunged from $5,471 to $4,975 on the day and formed a fresh lower low towards $4,911 this Friday. Jenks tweeted shortly after the drop that bitcoin was going to correct towards $4,000 and any failure to hold the level as support would extend bitcoin’s downtrend to as low as $1,000.
“I have not commented on Bitcoin since we broke up through the $4,000-4,200 resistance zone,” said Jenks. “I believe we are headed back down to that zone and it will not hold. New low [are] coming. [The] target of $1,000 unchanged.”
Jenks was not the first analyst to have predicted a bearish outcome. Data researchers at Bloomberg had earlier said that bitcoin would fall towards $1,500. The prediction came following bitcoin’s failed attempts to break a strict resistance area above $4,187. However, the asset broke out of it on April 2 in a surprising 23-percent jump.
But based on bitcoin’s yearly performance, it was still down 72.64 percent from its historical high.
Why is $3000-$5000 Range Bullish?
Bitcoin’s So-Called Bullish Range | Source:
The 2018’s most extended bearish phase brought every high capital cryptocurrency to its yearly low. For bitcoin, the low was $3,100. The area above the said level saw multiple downside breakout attempts since December 15. But each of them failed. On the contrary, every bearish effort met with a robust bullish response. The bitcoin price rebounded from $3,100 many times, as a result.
At the same time, each price action to the upside met with an equally strong resistance area – as explained above. Nevertheless, bulls were able to break above it on April 2. The trend needle shifted to the buy side of the market after that.
What the market is seeing now is bitcoin correcting lower from its overbought areas. The asset was trading at $5,086 during Friday’s trading session. It formed a lower high towards $5,109, without accompanying larger volumes. That explained traders’ cautious behavior around a potential support level at $5,000. Dipping below it will prompt bitcoin to support crucial support levels near 50-Day MA, 200-Day MA, and an ascending trendline forming since December 15 last year.
If price fails to bounce back from either of those support levels, then $3,000 will serve as the last resort. Bitcoin will test it and form a double bottom scenario. It would be a signal to reverse the momentum – a potential bullish action.
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Source: New

FSA-Approved Bitcoin Exchange Set to Go Live in Japan

A new bitcoin exchange in Japan is set to go live on April 16 this year.
Decurret Inc. in March obtained a license from Japan’s Financial Services Agency (FSA) to offer cryptocurrency-enabled spot trading services. The Tokyo-based firm confirmed that it was planning to list Bitcoin (BTC), as well as Ripple (XRP), Bitcoin Cash (BCH), and Litecoin (LTC) at the time of launch. It will further list Ethereum (ETH) this summer.

“As a registered service provider, DeCurret will launch spot trading services from Tuesday, April 16, 2019, in Japan,” confirmed Decurrent. “As for opening accounts, DeCurret has started to accept users to open accounts from Wednesday, March 27, 2019.”

Launched in January 2018, Decurret is a byproduct of Internet Initiative Japan (IIJ), the region’s first internet service provider. IIJ appointed its senior managing executive officer, Kazuhiro Tokita, as the representative director and president of Decurret, confirming an interoperable relationship between the two firms.

Decurret Inc, a Japanese exchange with over $5 billion capital has announced it will start trading #XRP, & 3 other digital assets on Tuesday, 16th April 2019!
Thanks @xrpthestandard7 for sharing!#XRPCommunity
— PandaRippleXRP (@RipplePandaXRP) April 12, 2019

Such a reputed backing helped Decurret to attract investments from some of the leading financial and technology corporations. They included Mitsubishi UFJ Bank Ltd, East Japan Railway Company, Sumitomo Mitsui Banking Corporation, Mitsui Fudosan Co., Ltd, Yamato Holdings Co., amongst others. Decurret confirmed that its total valuation as of March 27, 2019, was ¥5.23 Billion, which roughly equals $46.68 Million.
Security Threats
Decurret’s approval followed a long history of cryptocurrency-related thefts in Japan. The legacy which started with Mt. Gox losing $450 million to an internal hack continued with theft reports in other regional exchanges. The Asahi Shimbun reported that Japan had witnessed $540 million worth of cryptocurrency hacks by June 2018.
“More than 60 percent of all cases, or 102 incidents, involved individuals who used the same ID and password for their e-mail account and other Internet services, such as online shopping, for cryptocurrency dealings,” the report revealed.
Such incidents led the FSA to issue a warning to Japanese bitcoin exchanges about their lax security protocols. The regulator further warned to revoke operational licenses if an exchange fails the security test. The Japanese police noted a drop in crypto-related hacking cases following FSA’s warning.

Japan to punish hacked cryptocurrency exchange Coincheck on Monday
— Reuters Top News (@Reuters) January 29, 2018

Crypto Growth
Decurret claimed that it had spent considerable time in matching FSA’s standards, which is why the regulator granted them an operational license. The firm stated that it was setting up business plans and strengthening its base as a financial institution. It repeated a similar tone regarding its safety measures, which included administrative management system and user protections.

“DeCurret has been establishing a reliable service structure that allows digital currency [that] exists on the Internet, to be exchanged, sent/received, and stored,” Decurret claimed.
The FSA reviewed a total of 23 companies that were intending to launch a cryptocurrency exchange and granted license to only two. Rakuten, another Tokyo-based firm, received a legal node alongside Decurret to offer crypto-enabled spot trading services. The strict regulatory standards promised to make cryptocurrency investments attractive for the Japanese investors’ class, including the significant monies.
The bitcoin price recently established its 2019’s high towards $5,400. It was trading at $5,079 at the time of this writing.

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Source: New

Crypto Bigwigs Call to Boycott Bitcoin SV amid Lawsuit Controversy

Leading figures in the cryptocurrency industry have called to boycott Bitcoin SV, a blockchain project created by Dr. Craig S Wright.
Crypto celebrities, including Morgan Creek’s co-founder Anthony Pompliano and celebrated bitcoin activist Charlie Shrem, requested exchanges to delist Bitcoin SV’s native token BSV. In his tweet published April 13, Shrem called Bitcoin SV a “scam,” and Dr. Wright “scammer,” hinting that the project deserved to die.
“I’m surprised BSV is even listed anywhere. It’s an obvious scam controlled by an obvious scammer,” Mr. Shrem said. “It goes against the reason we are here in the first place. Delist BSV from all exchanges and let it die. #DelistBSV. Long live #bitcoin.”

In surprised BSV is even listed anywhere. It’s an obvious scam controlled by an obvious scammer. It goes against the reason we are here in the first place. Delist BSV from all exchanges and let it die. #DelistBSV. Long live #bitcoin
— Charlie Shrem (@CharlieShrem) April 13, 2019

In another tweet published the same day, Mr. Pompliano shared a similar anti-BSV sentiment. The crypto commentator asked exchanges to show solidarity with the Bitcoin community and delist BSV on May 1.
“This community is the responsibility of the people. Sometimes we must do the hard thing, not because it is easy, but because it is right,” added Mr. Pompliano.

Every exchange should delist BSV simultaneously on May 1st in a sign of solidarity behind the only Bitcoin that ever mattered.
This community is the responsibility of the people. Sometimes we must do the hard thing, not because it is easy, but because it is right.#DelistBSV
— Pomp (@APompliano) April 12, 2019

Bulk Lawsuits
The demand followed Dr. Wright’s threat to sue an independent cryptocurrency developer for writing against his claims about being Satoshi Nakamoto, the Bitcoin’s anonymous creator.
SCA ONTIER LLP, the law firm representing Dr. Wright, sent a legal letter to Twitterati HODLONAUT, demanding that he retracts his statements and apologize to their client. The letter further accused HODLONAUT of representing Bitcoin Cash, Bitcoin SV’s outward rival.
A similar letter was sent to What Bitcoin Did podcaster Peter McCormack who called Dr. Wright and his staunch supporter Calvin Ayre frauds.
“I believe that claiming to be Satoshi and promoting a fake version of Bitcoin is fraudulent. I believe this is in the public interest,” said Mr. McCormack. “Let’s go to court.”

1/ So I got my letter from Craig Wright and @CalvinAyre. This is what they are sending out to people, now you can all see.
I absolutely reject their requirements.
(PS I don't recommend anyone else does this).
— Peter McCormack (@PeterMcCormack) April 12, 2019

Things turned serious for Bitcoin SV when CoinGeek, the crypto blog supervised by Mr. Ayre, announced a BSV-enabled reward worth $5,000 for anyone who discloses HODLONAUT’s true identity. In a tweet made yesterday, Binance CEO Changpeng Zhao threatened to delist BSV pairs from its global cryptocurrency exchange. The clear message sparked a community movement to abandon BSV as a whole.
BSV Price Falling
The anti-Bitcoin SV sentiment could soon start reflecting on its market. While the BSV/USD instrument is merely tailing the overall crypto market trend – a bearish correction – its likelihood of extending its medium-term bullish momentum can be less.
Bitcoin SV (BSV/USD) in Bearish Correction
Since the lawsuit fiasco began, the BSV/USD instrument dropped by as much as 18.25 percent. The pair is now testing support at its 50-DAY moving average curve. A breakout towards the downside would make it rather difficult for it to make a healthy return. And if all the exchanges ended up delisting BSV, there is a high probability that the token will breakdown.
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Source: New

Bitcoin Trending Higher among Google US Users following Price Rally

Bitcoin is once again entering the psyche of an average American, at least according to the ongoing internet statistics.
Data collected from Google Trends shows that internet searches for the keyword ‘bitcoin’ surged between March 31 and April 6 in the US. The search engine’s metric system, which awards a trend on a scale from 0 to 100 based on its relative popularity, noted a double jump in the bitcoin-related search queries. At the press time, the trend was sitting at a score of 74, which reflected bitcoin’s search volume to the sum of the search volumes of all possible queries in the past 12 months.

Looks like some people are interested in bitcoin
— Joseph Young (@iamjosephyoung) April 8, 2019

In simple words, the US geography noted more bitcoin search volumes on Google, its best since December 2-8, 2018 period. The trend bull closely followed the market bull – an impressive price rally that pushed bitcoin’s market capitalization and price to its 2019 high. The asset jumped about 30-percent in two days – April 2 and April 3 – and its forked version, the Bitcoin Cash, surged closed to 100-percent during April 3 and April 4 trading session.
Bitcoin Price Action | Source: BitFinex
As a result, the standalone term ‘bitcoin’ caught the attention of the US internet users, leading to an increase in search queries on Google.
The Most Bitcoin-Searching US Regions
Mississippi was the least interested US region when it came to bitcoin. The southern state scored a 33 in terms of 12-month relative popularity. Internet users in West Virginia, Arkansas, Alabama, and Oklahoma also queries the least about the cryptocurrency and other related keywords.
At the same time, it was Hawaii, host to NSA’s central security service facility, that topped Google’s ‘bitcoin’ trend by scoring a perfect 100. Nevada (97), California (96), Washington (93), and Wall Street-attired New York (90) followed closely.
Despite their irregularities, each region hosted queries mostly related to the ‘bitcoin price,’ a keyword which scored a perfect 100 as well. It also secured a perfect popularity score on Google’s global trend. Interestingly, the US was the 17th largest bitcoin-searching country at 39, beaten by weak economies like Nigeria (100), Ghana (84), and Venezuela (48). Despite having the most number of internet users, India’s crypto trend on Google underperformed with an 18-score.
The Trend-and-Price Scenario
An increased Google trend does not typically signify that the bitcoin price would surge. It merely reflects upon people’s interest in the topic. For instance, an average internet user might want to know about the cryptocurrency without any intentions to purchase it eventually. Just like an Amazon marketplace user who might query its keyword without any plan to buy or sell its stock. Google Trends, therefore, can be one-too-many things at the same time.
Nevertheless, an increased Google trend does signify awareness about the concerned topic. With more people now reading about bitcoin, there is a likelihood that a small percentage among them might want to purchase the cryptocurrency. Overall, its a moral win for this emerging technology.
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Source: New

Responding to The Motley Fool’s Anti-Bitcoin Article

Mainstream media bashes bitcoin when it falls vigorously. And it bashes bitcoin when it rises powerfully. It even bashes bitcoin when the coin goes stable. In the end, they bash.
The latest bitcoin price jump gave the mainstream media plenty of room to discredit the asset’s inorganic market moves. Joining the bash club latest was The Motley Fool. The US media firm on Sunday published an article – or more sort of a 500-word question, titled “Is Bitcoin just a big April Fool joke?“. Author Alan Oscroft questioned the reason behind bitcoin’s April 2 spike, in which the asset attracted about $12 billion worth of fiat money in just an hour.
“Why would the price suddenly jump on 2 April, from around $4,000 the previous day, and then hover around the $5,000 level for the rest of the week?” – wrote Oscroft.
Insulting Bitcoin Community
Despite the article’s straightforward approach in raising a legitimate question, its attempt to abuse the entire bitcoin community – as if it was a devil’s cult – was disappointing. Oscroft called bitcoin traders “weirdos” by not calling them weirdos. At the same time, he treated stock traders as a rational hoard of investors. The comparison followed years of criticism discussing bitcoin investors’ moth-like nature to get themselves burned at the hand of an asset that has “no intrinsic value,” and no credible use-case.
Then again, the Motley Fool forgot to mention that if bitcoin was as worthless as Tulip bulbs then why the global banks, governments, and every other financial giant was trying to extract its underlying technology, the blockchain. If it had no relevance in tomorrow’s business world, then why Nasdaq, Fidelity, VanEck, and NYSE were working days and nights to build an infrastructure around it.

Nasdaq confirms it will list Bitcoin Futures#Blockchain #Bitcoin #Trading #CryptoCurrencies
— Crypto Rand (@crypto_rand) December 3, 2018

True, traders are speculators. But they are as much as investors as a venture capitalist who decides to put a large sum into a startup with a nominally-working test model. The only difference is distributed ownership. Traders are long on a technology that, as they believe, would change the course of finance. These investors could gain as much as they could lose. But that doesn’t take away their right to speculate. It’s the same everywhere – that’s the core nature of speculation.
Volatility is Natural in a Distributed Network
So there is an investor who is holding $100 in multi-billion bitcoin network. And then, there is an investor who is keeping his $1 million in the same distributed technology. The fun part is that everyone is welcomed to run or support this network – poor or rich alike, without permission. Bitcoin, perhaps, is the first historical evidence of distributed ownership of a big financial/recordkeeping company.
That pretty much explains the wild fluctuations. Unlike a company, bitcoin is a network of many minds, with many agendas – just like a democratic country. The reason why bitcoin investors are so used to bitcoin jumping/dropping 20-30 percent in a day is the same. They understand that such swings do not hamper the running of the network itself, which transfers ownership of value across a decentralized network and maintains its information on a public ledger. The product works no matter its value goes up or down.

#Apple stock drops >5% after comp cuts 1Q revenue guidance due to unforeseen slowdown in #China.
— Holger Zschaepitz (@Schuldensuehner) January 2, 2019

Distributed ownership also keeps working in the background. It doesn’t happen in a centrally-operated company. So there is no point of comparing one with the other. Those who love stability have no place in the bitcoin network. The bitcoin network is chaotic, but it’s surging anyway. It’s a startup that knows no boundaries. Its so-called test model is working without breaking a sweat in the past ten years – and being an open-source project, it would keep developing.
The Motley Fool’s latest piece chose to or unintentionally ignore the prospects behind people’s investments. I don’t blame them. Every new technology deserves skeptics as much as it deserves supporters. Criticism allows technologists to find flaws and work on them. As a result, the technology itself come back better and more valuable.
But “weirdos,” seriously?
Featured Image by André François McKenzie on Unsplash
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Source: New

Here’s Why The Next Bitcoin Accumulation is Around the Corner

After a minor hiccup, the bitcoin price is looking to resume its rally with a 3.37-percent surge this Sunday.
The BTC/USD instrument was trading at $5,179, according to price average calculated by at 0910 UTC. Earlier on Friday, the pair had corrected lower to test $4,849 as potential support. The area saw buying orders outrunning the selling ones, indicating that a majority of investors were in no mood to exit the bitcoin rally on an interim session profit. On the contrary, they were speculating on an extended bull run – just like the one that took place on April 2 and 3.
Bitcoin Acculumation Period Near
Josh Rager, a cryptocurrency analyst with close to 29.4k followers, said the bitcoin price was going to trend as high as $150,000 by the end of July 2023. The trader studied the cryptocurrency’s earlier peak cycles, formed between 2014 and 2017 and each testing a new higher high. He later applied time-and-gains economics to predict the next potential peak, which resulted in $150,000.
Bitcoin Price Projections | Source: Josh Rager
Rager also defined levels that bitcoin would need to break to establish a long-term bullish momentum. It would, of course, happen when traders would feel comfortable in accumulating bitcoins upon a particular stage. Rager identified such buying sentiments by using two metrics: the 100-weekly moving average and the 200-weekly moving average. He stated:

“[In the] previous bear market, Bitcoin accumulated under the 100 MA & supported by the 200 MA. Similar accumulation could happen with 200 MA with the next uptrend starting after breaking above 100 MA. One possible scenario to observe [the] next few months.”

$BTC Accumulation W Chart
Previous bear market Bitcoin accumulated under the 100 MA & supported by the 200 MA
Similar accumulation could happen with 200 MA (wick below) with the next uptrend starting after breaking above 100 MA
One possible scenario to observe next few months
— Josh Rager (@Josh_Rager) April 6, 2019

A Sharp Pullback
Rager’s comments followed when the bitcoin price had already jumped its 100-weekly moving average resistance. On the whole, the market appeared inclined towards $6,000 as their near-term target. Before the Bitcoin Cash hard fork spoiled the party, the bitcoin price was comfortably trending above the said level – and was even called the bottom by many crypto bigwigs, including Fundstrat’s Thomas Lee and Galaxy Digital’s Mike Novogratz.
It became likely for bitcoin bulls to reclaim $6,000 to reinject confidence in the market. At the same time, a mere rejection at the said level held power to push bitcoin back below where it is trading at press time.

Twitterati Crypto Michaël, a full-time trader at Amsterdam Stock Exchange, said bitcoin upside could face rejection in the near-term, leading to a drop. However, he supported Rager’s bullish views in the long-term, just differing with him when it came to the point of accumulation.
“Up to $6,000 to touch resistance briefly and then back down for new support (probably $4,200 – that’s why I don’t expect $4,200 to be tested now) and then this is most likely same yeah.”
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Source: New

Bitcoin Price Repeating the 2017 Bull Run Scenario: Kain Warwick

The ongoing bitcoin price action could transform into a bull run as seen in December 2017, according to Kain Warwick.
The chief executive at Blueshyft, an Australia-based payment processing service, noted an increase in their daily volumes a day after the bitcoin rally began. He confirmed that the activity was as high as it was during the last bitcoin bull run – the same in which the asset’s price had jumped $5,500 to $20,000 in just a month, adding that retail buyers were coming back into the market.

Yesterday @Blueshyft saw the highest single day deposit volume since May 2018. That is new fiat inflow into crypto, retail buyers are coming back into the market.
— Kain Warwick (@kaiynne) April 4, 2019

On April 2, the bitcoin surged more than 20 percent in just two hours. The surprising rally caught the market unaware. Some analysts believed that bitcoin was finally breaking away from its most extended bearish phases. Meanwhile, others refuted the jump as a fake pump or by calling it a rally initiated by a stupid April Fools’ joke.
Bitcoin Price Uptrend Will Continue
Away from the technical forecasts, Warwick’s bullish analysis had more legs.
The CEO represents a company which comprises of a network of over 1,200 retail stores that accept cash and card payments on behalf of cryptocurrency exchanges. Blueshyft, practically, is an iOS-based point of sale service which reports its purchases to bank and tax authorities.
The firm’s brick-and-mortar nature makes it impractical for them to post fake volumes, which is standard malpractice in a mostly unregulated crypto space. People deposit their crypto orders in person, leaving no room for volume manipulation for the exchanges that Blueshyft serves.

Warwick told Mickey that their volume surge appeared a day after the bitcoin jump started. He saw it as a signal of trend continuation, indicating that people wanted to purchase bitcoins even at higher session rates. The Wednesday volume – Warwick added – was Blueshyft’s best since December 2017 when it came to fiat-to-crypto trades.
“We work with a lot of exchanges, and we’ve seen a pretty steady increase in the volume of deposits over the past two to three months – which, in 2016, was a very very strong leading indicator of the rally we saw in late 2016 all the way through to the end of 2017,” Warwick said.
“For me, that’s one of the best indicators – you see organic interest back that people want to put money into crypto. “Trading volume is easy to manipulate, but it’s much harder to manipulate that interest of organic money coming into the ecosystem. So for me, that’s been a pretty good sign over the past few months, that it’s picked up again.”
An Undervalued Bitcoin
Thomas Lee, a famous bitcoin bull, who serves as the CEO to New York-based Fundstrat Global, earlier told CNBC that bitcoin was an undervalued asset. He explained that it took miners an average of $5,000-$6,000 to mine the cryptocurrency, so its retail value should be as high as $14,000.
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Source: New

Swiss Media Giant Dumps Fiat To Pay Wages in Bitcoin

A Switzerland-based publishing house is willing to dump fiat currency for a comparatively volatile cryptocurrency in bitcoin.
Netzmedien AG announced today that it would begin paying off all wages in bitcoin effectively. The decision followed the company’s earlier plans to convert half of its assets to cryptocurrencies. As the top executives went closer to deploying their fiat-to-crypto plan, they also offered their employees a choice to choose between bitcoin and Swiss Franc. A voting round ensued, and bitcoin emerged as the winner.
Heinrich Meyer, the chief executive officer of Netzmedien, stated that they would start accepting bitcoins by mid-2019 for their media publications, which include eight technology-related magazines and one full-fledged website. He expressed his bullishness towards the cryptocurrency, affirming that their employees would end up receiving more than what they asked for via their payrolls.
“They will be able to hold or resell bitcoins at a higher price,” said Meyer.
Bet or Belief?
The CEO’s bullish bias follows a notorious cryptocurrency crash, in which the nascent market lost one-third of its valuation in over a year. Bitcoin, in particular, was down more than 70 percent by the end of 2018. In the first quarter of 2019, however, the cryptocurrency maximally trended in green, recovering up to 13-percent from a low near $3,100. That led many to believe that bitcoin had finally bottomed out.
However, the volatile fluctuations didn’t deter Netzmedien. According to Marc Landis, the publication’s editor-in-chief, bitcoin was becoming a relevant mode of payment thank to its acceptance at some of the biggest Switzerland firms. He said:
“The SBB and Digitec Galaxus set a good example. They already accept Bitcoin today. Also, the Grand Hotel Dolder announced last week that it would accept payments in Bitcoin. I believe that thousands of companies will follow suit.”
Nevertheless, unlike other firms, Netzmedien is seemingly entering the bitcoin market as a speculator. The firm appears to hold the cryptocurrency as investments, expecting it would be able to exchange it back for fiat at a higher flat rate. Typically, online merchants believe in converting bitcoin payments to fiat-money in real-time using third-party POS services like BitPay and Coinify. Unlike them, Netzmedien is looking to take risks with bitcoin price volatility.

Neu kannst du bei uns mit #Kryptowährungen bezahlen. Hinter dem Projekt steckt Team Spectre. Sie geben Einblick in ihre Arbeit.
— digitec (@digitec_de) March 19, 2019

Fabian Pöschl, the long-time assistant editor-in-chief at Netzmedien, voted in favor of cryptocurrencies, arguing that fiat currencies were too tricky to deal with.
“Why to carry Swiss francs with me if I can have my money as a cryptocurrency digitally on my mobile phone,” he added.
More Crypto Options
Netzmedien confirmed that it would diversify its crypto investment portfolio. It would also mean that its employees would be able to pick their favorite crypto-asset when it comes to accepting wagers.
“We plan to give them the choice between different cryptocurrencies in the future. So they should soon be able to choose between Bitcoin , Ethereum , BitCoen and Jesus Coin,” read their announcement.
The post Swiss Media Giant Dumps Fiat To Pay Wages in Bitcoin appeared first on NewsBTC.
Source: New

Binance’s BNB Leads Top Ten Cryptos in Q1 2019, Rises 185%

Binance Coin (BNB) has led the top ten cryptocurrencies in terms of quarter performance.
The Binance crypto exchange’s native asset surged 185 percent in the first quarter of 2019, jumping from $6.069 to $17.335, according to data provided by Messari. On the whole, BNB was the sixth largest gainer in the said period, beaten only by PCHAIN’s PI (+787%), Ravencoin’s RVN (+337%), Everex’s EVX (+313%), Enjin Coin’s ENJ (+287%), and Numeraire’s NMR (234%). None of these cryptocurrencies were in the top ten list.
BNB Q1 2019 Performance | Source: Messari
The three-month long bullish performance followed a considerable debacle last year, which saw BNB’s market capitalization dropping by over 75-percent from its historic high. Part of the collapse was due to crypto market’s overvaluation, which saw some major bearish corrections throughout the top and tail coins. However, almost all the significant cryptocurrencies seemed to have established their bottom levels, which somewhat explains why BNB had an impressive fiscal quarter.
Fundamentally Strong
Binance Coin (BNB) remained one of the few coins that traders included in their crypto portfolio. What backed it through the rough waters, and eventually to a decent recovery, is reputation. Binance’s success as a cryptocurrency spot exchange helped BNB attaining more legitimacy as a well-backed token. Binance ventured into other business territories that hinted more demand for BNB tokens in real-time, which included a decentralized exchange and token launchpad for blockchain projects.

Looks like continuation to me.$BNB
— The Crypto Dog (@TheCryptoDog) March 31, 2019

While on one hand, Binance promised more demand for BNB, on the other it kept reducing the token’s supply rate.
In retrospect, Binance spends 20-percent of its profits every quarter to buyback BNB tokens for destruction. That systematically reduces the supply rate of BNB tokens, leading investors to remain bullish based on the classic more-demand-less-supply scenario.
What’s Next for BNB?
Technically, the BNB price is now close to testing a crucial resistance area. Have a look:
BNB Price Technical Analysis | Source:
The area near $353 has historically capped the BNB upside action from maturing any further. The price is once again testing the same level, supported by a moderate trading volume on the daily chart. If the BNB/USD rate manages to break through $353, then it could allow the pair to extend its bullish momentum further towards $400, a psychological resistance level.
If BNB/USD fails to spark a breakout action, then the pair could see a sharp pullback towards the 50-day exponential moving average. This MA has lately provided support to the ongoing BNB uptrend.
The Relative Strength Index, which indicates the asset’s momentum, is close to entering the overbought area, which means the ongoing uptrend might exhaust for a short time. There is momentum support at 96.82 that could allow BNB to bounce back and continue its uptrend as before.
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Source: New

How’s Tron (TRX) Price Performing Following Tesla Controversy

Things turned sour for a promising blockchain project after its founder allegedly faked a Tesla giveaway competition.
Justin Sun, 29, promised his booming Tron project community that he would give away an expensive Tesla in a lottery. The Chinese entrepreneur asked participants to follow him on Twitter and retweet his message merely. On the day of the announcement, March 27, Sun randomly picked Twitterati UZGAROTH but later deleted his tweet citing glitch the selection process. The winner didn’t take it well and went out to expose the “scam.”

I really want to know if I am the #Tesla winner, I am very excited but I do not know why @justinsuntron deleted the message, can someone help me to be certain of this situation, I hope it is not a joke even with that thanks @Tronfoundation#trx #tron $trx #crypto
— XRP_UzGar -฿ TRX (@uzgaroth) March 28, 2019

The entire crypto community supported UZGAROTH’s claim following his series of tweets against Tron and Sun. Many called the founder a scam artist after Tron did another random selection process and allegedly rewarded the Tesla to a Twitter bot. Critics also targeted Sun for continuing to support over-hyped, fraud competitions. For instance, in December 2018, a $1 million hackathon sponsored by the Tron Foundation allegedly distributed fewer rewards for more winners.
Did TRX Market Suffer?
To cut a long story short, it did.
Soon after Sun announced the Tesla winner – what led to the fiasco altogether – the TRX/USD rate plunged from 0.024 to 0.023. That marked a 4.16 percent drop in two days. While the decline itself was tiny per the cryptocurrency market’s standards, the worrisome thing was rising volume to the selling side. It indicated that Tron investors were not taking the proceedings of Sun’s Tesla lottery competition very well.
Tron Volume Rose Towards the Bear Side Following Tesla Winner Announcement | Source:
As of now, Tron’s price action at its very best is choppy, fluctuating between a settled range as hourly volume remains low.
What’s Next for Tron?
Tron, as a project, remains a one-person show. And when the credibility of that man is at stake, investors are likely to keep their distance from his plan in the coming days. Justin Sun, nevertheless, is in the process of damage control. He reportedly agreed to reward UZGAROTH with a Tesla, according to the winner’s tweet. Sun also indicated that he would also give a Tesla to the Twitterati picked from the second lottery round.

This is a triumph of the whole #crypto community
thank you @justinsuntron
#Tron will be great !!!#bitcoin#XRP
— XRP_UzGar -฿ TRX (@uzgaroth) March 29, 2019

Many would see it as a win of the whole cryptocurrency community. But that doesn’t stop others from asking how Sun is funding these mega-expensive competitions. A spokesperson of Tron told media that giving away Teslas and $20 million in free cash was Sun’s initiative and no TRX tokens were at stake to fund the campaigns. But realizing that Tron is Sun’s self-funded project, the argument of Tron-not-funding-the-expensive-competitions does not fit well.
It is likely that the whole episode would soon fade over Tron’s upcoming announcements. But that does not deviate the concerns about how the blockchain project is growing its value bubble.
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Source: New

Next Bitcoin Halving is Attractive for Investors, Says Top Asset Manager

Now is the right time for investors to create their core strategic positions in bitcoin, says a top asset management firm.
New York-based Greyscale Investments, backed by Barry Silbert’s Digital Currency Group, published an evaluative report detailing the historical correlation between bitcoin halving events and its price. The firm used those metrics to predict how the bitcoin price would react to the next halving event, which is going to take place on May 24 next year.
In retrospective, miners contribute computational power to confirm blocks on the Bitcoin network and add them to its public blockchain. The system automatically rewards them with newly issued bitcoin tokens. This reward, according to the Bitcoin’s original whitepaper, gets reduced by 50-percent every 210,000 blocks.
Since the Bitcoin network’s inception, there have been two such events: one in November 2012 and the other in July 2016. Each event reduced the bitcoin mining reward in half, thereby reducing the supply of BTC by half as well. Following the next bitcoin halving event, as mentioned above, the block rewards for miners will decrease from 12.5 BTC to 6.25 BTC.

Bitcoin's "block reward halving" is expected to take place in May 2020. What does it mean for the $BTC supply landscape? @Matthew_C_Beck looks into it in our latest note: The Next Bitcoin Halving
— Grayscale (@GrayscaleInvest) March 19, 2019

Greyscale’s investment and research director, Matthew Beck, assessed that the upcoming halving could pose as an attractive entry point into bitcoin for investors, given they are ready to hold on to their investment over the years and have an appetite for high market risks. Excerpts from his report:
“For investors with a multi-year investment horizon and a high-risk tolerance, the confluence of discounted prices, improving network fundamentals, strong relative investment activity and the upcoming halving may offer an attractive entry point into Bitcoin. This is especially relevant for investors building core strategic positions in Bitcoin over time.”
The Fixed Supply Scenario
Looking through the historical bitcoin market reactions to halving, it became clear that the asset showed an upside momentum. In November 2013, for instance, BTC price surged from to $1,032, up 82.1-percent since the first halving. Similarly, a comparatively more excited bitcoin market experienced a 3x surge following the second halving event, jumping from $651 to $2,518 in just a year.
Historical Bitcoin Price Performances around Halving Events | Source: Greyscale Investments
Beck noted that the next halving would reduce the number of daily minted BTC from 1,800 per day to 900 per day. Based on the bitcoin closing price as of March 15 (~$3,876), the dollar-denominated bitcoin supply would decrease from $7 million per day to $3.5 million per day.
That covers one part of the equation: the supply. Now comes the demand.
Demand Side Unfixed
Bitcoin suffered considerable losses in 2018 owing to both internal and external fundamental factors. It is clear that investors dumped the asset fearing extensive losses. It is also evident that a long bearish market takes a considerably longer time to recover. The US housing market is one clear example which, eleven years after the global financial crisis, is still attempting to improve.
Bitcoin Network Activity Factor Return % | Source: Greyscale Investments
Bitcoin’s silver lining is regulation and institutional adoption. Beck noted the same and presented it via its proprietary factor model (above). He wrote:
“Improving fundamentals have generally been the trend, though temporary declines are typical. After taking a brief dip in the first half of 2018, Bitcoin network activity has stabilized and is starting to show modest increases over the last few months. Notably in the twelve-to-eighteen-month periods preceding the past two BTC halvings, a similar decline and subsequent rise occurred.”
Nevertheless, the bitcoin demand side suffers from ultra-fluctuation due to its unregulated spot markets. There is still no metric that could assess how many people are entering or exiting BTC markets on any timeframe. That has made big investors to keep their capital away from BTC markets, for they fear price manipulation at large scale.
On the whole, the supply rate could be bullish for bitcoin if demand surpasses it. Institutions like Bakkt and Nasdaq are building an infrastructure to attract significant monies. Rest assured, the next bull run remains a prophecy waiting to be fulfilled.
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Source: New

Tezos (XTZ) Earns $43 Million Following Coinbase Announcement, Can It Rally?

Tezos proof-of-stake project’s market capitalization was up 8% since the session’s open this Friday.
As of 1109 UTC, the Tezos blockchain attracted $43 million via the sale of its native token XTZ. The coin’s valuation against the US dollar surged from 0.781 to 0.848, its best since November 20 last year. The market volume, in the past 24 hours, was above $6.78 million, with BitMax and hosting the maximum trades.
Tezos Price Chart | Source: CMC
According to CoinMarketCap volume indicator, XTZ’s upside benefited from bitcoin’s overlong stability near the $4,000-region – the XTZ/BTC instrument made circa 39% of the total trading volume. The coin also saw an attractive influx from the mainstream currencies, such as the dollar and euro, posting a combined 16% of the total trading activity.
Coinbase Staking Service
XTZ’s bullish movements came in the wake of Coinbase Custody, a new staking service launched by Coinbase. The US-based cryptocurrency exchange will start its staking services with Tezos’s proof-of-stake service. It would allow investors to delegate their XTZ token holdings in running the Tezos blockchain. Thus, by supporting a Tezos node, for validating transactions and adding confirmed blocks to the Tezos ledger, investors would be able to earn a share in the reward output.
Coinbase claimed that investors could expect an annual return of circa 6.6%, which is more than what a 30-year US Treasury bond returns.
“The launch of Tezos staking through Coinbase Custody serves an acute need that existed up until now: a way for institutional participants who rely on a secure, offline custodian to take an active role in the network,” offered Kathleen Breitman, co-founder of Tezos. “Achieving our mission of creating a ‘digital commonwealth’ means facilitating participation for all, and that includes the institutional customers that Coinbase Custody brings to space.”
The announcement allowed XTZ investors to alter their intraday perspectives to bullish. Coinbase Custody promised that more institutional investors would purchase XTZ tokens to participate in its blockchain passively. It could overall lead to a growth in demand against the mathematically-governed supply of XTZ tokens.
Inverse Head and Shoulder Forming
XTZ Price 1D Chart | Source:
The strong fundamentals hint that investors would feel safer to purchase XTZ tokens on fresher highs. Following the March 27 breakout session, the XTZ/USD rate confirmed a bull flag formation, and the market is now pursuing its third consecutive buying session. A broader look tells that the pair is targetting 1.001 as its next bull target should the uptrend continue. The level had served as an active resistance area during the mid-November crash last year.

Many will soon grasp the enormity of the $xtz Coinbase news. It’s access to arguably the world’s most important exchange (will have to trade #tezos soon too) and insured custody of coins for enterprise-scale clients. It will force ALL other major exchanges to support Tezos.
— One Hill Ventures (@OneHillVentures) March 29, 2019

Looking to the south, traders looking to exit their long positions on a minor profit could also cause a temporary bearish swing towards 0.599. The level earlier was resistance to XTZ’s sideways trend, which makes it an ideal short target for traders, purely from the psychological point of view.
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Source: New

110,000 Investors in Ghana Lost $25.7 Million in Crypto Scams and Hacks

Around 110,000 Ghanian investors lost a total of $25.71 million to crypto investment scams and hacks in 2018, the lawmakers noted.
Ama Pomaa Boateng, the member of parliament for Ghana’s Juaben town, initiated a dialogue against the crypto-led investment epidemic. The 43-year old public representative, while addressing the Ghana parliament, stressed on the need for sound crypto regulation, citing the 2018’s notorious Global Coin Community Scam that swindled 109,259 Ghanaians to the tune of GHC134m. The Scammers promised victims a monthly return of 27-percent for a year but later ran away with their crypto-based capital investments.
“There is the issue of lack of compliance due to the nature of cryptocurrency and crypto asset because the users are anonymous and it is extremely difficult to collect data on digital currency users,” Boateng said.
Crypto Traders are Illegal in Ghana
While Ghana’s Securities and Exchange Commission (SEC) is considering to introduce a cryptocurrency law, trading of such assets remains illegal in the country, clarified Dr. Mark Assibey Yeboah, the chairman of the finance committee. The parliamentarian considered the decentralized nature of cryptocurrencies a threat to their financial system, adding that regulators would eventually gain a firm grip on the industry.
“This is a digital platform where money is transferred amongst the peers. It is not the cheque system where a central bank clears it,” Dr. Yeboah said.
The MPs in one voice cautioned the public against investing in or conducting cryptocurrency transactions. The warning was reminiscent of how SEC’s Deputy General Paul Abadio refused any legal help for the victims of Global Coin Community scam.
“When you choose to go there, you are on your own,” he had said, adding they were still doing “research and gathering information” on the matter. The Economic and Organised Crime Office (EOCO) earlier had arrested two directors in connection with the scam. However, the agency later released them following their bail application approval.
Educating Public About Crypto
James Klutse Avedzi, the chairman of the public accounts committee, said that their public and government authorities were yet to learn about the nature of cryptocurrencies and how to deal with them. The proceeding delays in the Global Coin Community scam somewhat pointed to the fact that Ghana was without a crypto law all this time. And since the scammers siphoned off investors’ money in cryptocurrencies, there was a likelihood of them slipping through the legal cracks.

Avedzi suggested that the government should ask the Bank of Ghana to research cryptocurrencies. The lawmaker added that it would help the central bank draft new policies in the cryptocurrency space. Daniel Okyem Aboagye, another parliamentarian, supported the idea, stating that the government should educate the Ghanian population about cryptocurrencies.
“The discussion is good,” Aboagye said. “It tells the entire nation that lawmakers are concerned about the happenings in the cryptocurrency industry.”
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Source: New