Bitcoin, altcoins continue to struggle as correction wave hits vital cryptocurrency market metrics

While the cryptocurrency market’s rollercoaster ride comes as no surprise to its users, the ongoing correction streak, in tandem with U.S. government’s resistance, has fueled the depletion of the cumulative market capitalization. It is in light of all these developments that Altcoin Magazine released its latest edition of the Altcoin Review, tracking the growth and […]
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Source: AMB Crypto

OKEx Executive May Make Appearance at Tron Buffett ‘Power Lunch’

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OKEx Executive May Make Appearance at Tron Buffett ‘Power Lunch’
Now, with the lunch date set for Thursday, July 25, speculation is rife that Sun will invite a selection of dignitaries from the world of cryptocurrency and blockchain to meet Buffett. Among those likely expected at the lunch is OKEx executive.
OKEx Executive May Make Appearance at Tron Buffett ‘Power Lunch’

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Source: CoinSpeaker

U.S. Treasury Secretary: Bitcoin, Libra Pose National Security Threat

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U.S. Treasury Secretary: Bitcoin, Libra Pose National Security Threat
The Treasury Department has concerns that Libra, as well as Bitcoin, could be misused by terrorist financiers and money launders, to carry out illicit activities ranging from cybercrime to tax evasion, extortion, and ransomware.
U.S. Treasury Secretary: Bitcoin, Libra Pose National Security Threat

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Source: CoinSpeaker

US Treasury Secretary follows up on POTUS’ Libra criticism; Bitcoin under fire

Libra’s hopes seem to be hanging by a thread. Facebook has add yet another foe to its cryptocurrency project,  the United States Treasury Secretary, Steve Mnuchin. Picking up where the President of the United States left off last week, his appointee lashed out at the cryptocurrency market in a recent press briefing. While only over […]
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Source: AMB Crypto

Bitcoin Dominance Taps 70% in Recovery Rally, Are Altcoins Dead?

Bitcoin has made a bit of a recovery today in the wake of comments by US Treasury Secretary Steve Mnuchin. The 8 percent pump has left altcoins in the digital dust again as BTC market share knocks on the door of 70 percent.
Bitcoin Briefly Back at $11,000
This time yesterday Bitcoin was trading very close to $10k after falling below it briefly on Sunday. The king of crypto started to recover during US trading when it tapped $11,000 once again. There was no big dump from resistance and BTC has remained higher than Monday’s levels, trading at around $10,800 at the moment.
Long term trader ‘CryptoFibonacci’ has been eyeing the charts for possible areas of support and resistance and it is clear that just below $11k is one of them. The 50 day moving average is also key and this held during the big selloff over the past couple of days.
“The 38.2 Fib retrace, 10 and 20 ema’s are major resistance. So, it’s pretty simple to me. Get past this, or else.”

$BTC Daily Chart (Coinbase exchange).
The 38.2 Fib retrace, 10 and 20 ema's are major resistance. So, it's pretty simple to me. Get past this, or else.#BTC pic.twitter.com/PYiFnrRZPC
— CryptoFibonacci (@CryptoFib) July 16, 2019

Zooming out still shows an ominous head and shoulders pattern which is traditionally a bearish trend reversal indicator. That said, over the past three months Bitcoin has defied most technical analysis and done its own thing.
BTC Dominance High Is The Norm
Today’s 8 percent pump has lifted market dominance to 69.75% according to Tradingview.com. This equals the high in early December 2017 as Bitcoin was winding up to its big run up to ATH. The previous high was back in July 2017 when market share tapped 77.5%, and before then BTC was the only cryptocurrency.
BTC dominance. Coinmarketcap
Trader and Analyst Luke Martin has pointed out that a high Bitcoin dominance is the norm for crypto markets. For most of its history Bitcoin has dominated over 90% of the market, only in March 2017 did this start to change with the rise of Ethereum and other altcoins.
“$BTC dominance less than 50-60% is rare when comparing to historical average ~ 80%. I expect alt windows to keep happening, but it’s important to note $BTC making up larger share of crypto market is the norm – not the outlier. Alts make a great trade when the macro trend is up.”

$BTC dominance less than 50-60% is rare when comparing to historical average ~ 80%.
I expect alt windows to keep happening, but it’s important to note $BTC making up larger share of crypto market is the norm – not the outlier.
Alts make a great trade when the macro trend is up. https://t.co/ixUmWNm3gw
— Luke Martin (@VentureCoinist) July 15, 2019

At the moment the altcoins are still on the floor, very few have made any effort at recovery from yesterday’s altcoin apocalypse. Total crypto market capitalization is $13 billion heavier today but that is nearly all Bitcoin’s doing.
Only Bitcoin’s two siblings, BCH and BSV are making any substantial moves today as the rival coins add around 10 percent each climbing to $310 and $130 respectively.
Image from Shutterstock
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Bitcoin and Bitcoin Cash post significant gains as tensions over Facebook’s Libra continue to simmer

Bitcoin was moving north of its critical $10,300 mark, following prolonged losses that were speculated to be attributed to Facebook’s controversy-riddled, Libra, a project that has been at the receiving end of a lot of criticism recently. The latest drop below the psychological level of $10k came a day after US President Donald Trump’s critique on […]
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Source: AMB Crypto

Bitcoin Price (BTC) Trading Near Inflection Point After Recent Recovery

Bitcoin price started a decent upside correction after trading as low as $9,784 against the US Dollar.
The price traded above the $10,500 and $10,800 resistance levels to start the recent recovery.
Yesterday’s highlighted major bearish trend line was breached with resistance near $10,680 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The price is now facing a strong resistance near the $11,000 and $11,100 resistance levels.

Bitcoin price started a strong recovery above $10,500 against the US Dollar. However, BTC is still struggling to settle above $11,000 and it could resume its decline in the near term.
Bitcoin Price Analysis
Recently, we saw a significant decline in bitcoin price below the $11,000 support against the US Dollar. The BTC/USD pair also spiked below the $10,000 support and settled below the 100 hourly simple moving average. A new monthly low was formed near $9,784 and the price recently started an upside correction. There was a strong upward move above the $10,300 and $10,500 resistance levels.
Moreover, the price traded above the 23.6% Fib retracement level of the last key drop from the $11,923 high to $9,784 low. Additionally, yesterday’s highlighted major bearish trend line was breached with resistance near $10,680 on the hourly chart of the BTC/USD pair. The pair even spiked above the 50% Fib retracement level of the last key drop from the $11,923 high to $9,784 low.
However, the price struggled to hold gains above the $11,000 resistance level. It seems like the $11,100 level and the 100 hourly SMA acted as a hurdle. Besides, the 61.8% Fib retracement level of the last key drop from the $11,923 high to $9,784 low also prevented gains. At the moment, the price is correcting gains below the $10,900 level. It seems like there is a breakout pattern forming with resistance near $11,100 on the same chart.
If there is a successful close above the $11,100 resistance and the 100 hourly SMA, there could be a convincing upward move towards the $11,500 resistance. Conversely, if there is no close above $11,000 and $11,100, the price is likely to resume its slide in the near term.

Looking at the chart, bitcoin price is clearly facing a strong resistance near the $11,000 and $11,100 levels. As long as the price is below $11,100 and the 100 hourly SMA, the bears remain in control. Therefore, BTC is likely to resume its downward move.
Technical indicators:
Hourly MACD – The MACD is about to move back in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD settled above the 50 level, but it lacking momentum.
Major Support Levels – $10,500 followed by $10,000.
Major Resistance Levels – $11,000, $11,100 and $11,500.
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Bitcoin’s Price May Rise after Congress Hearings on Facebook’s Libra Сryptocurrency

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Bitcoin’s Price May Rise after Congress Hearings on Facebook’s Libra Сryptocurrency
Investors hold their breath in anticipation of Congress Hearing on Facebook’s Libra set up for July 16-17. What’s in store for Bitcoin?
Bitcoin’s Price May Rise after Congress Hearings on Facebook’s Libra Сryptocurrency

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Source: CoinSpeaker

Is Lightning Network’s ‘Justice’ stern enough for thefts that occur on Bitcoin’s 2nd layer solution?

Lightning Network, is so far, the best second layer solution that Bitcoin has witnessed in a very long time. BitMEX Research’s third article on LN dives deep into the punishment system for premature and non-informed closure of nodes. As seen in the image below, there are four ways a Lightning Network node will face closure. […]
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Source: AMB Crypto

Weekly chart of Bitcoin is dazed but John McAfee remains unfazed

The cryptocurrency tide changes very fast. At one moment, the market would be projecting signs of a clear bullish run and the next moment, a shift in trend would take over. The virtual assets do not guarantee any consistent trading and most of the time, investors buy into the market due to “FOMO”. Bitcoin was […]
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Source: AMB Crypto

New York Gives Bitlicense to Crypto Derivatives Provider Seed CX

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New York Gives Bitlicense to Crypto Derivatives Provider Seed CX
NYDFS Superintendent Linda Lacewell said that Seed Digital Commodities Market LLC (SCXM) and Zero Hash LLC, who operate under Seed CX, had received BitLicenses.
New York Gives Bitlicense to Crypto Derivatives Provider Seed CX

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Source: CoinSpeaker

Bitcoin Dominance Continues To Rise, Dashing Hopes Of An Altseason

As the price massacre continues from the weekend, altcoin holders face further anguish by way of rising Bitcoin dominance. As things stand, Bitcoin dominance is at 66%, a level not seen since April 2017.
Several analysts see this trend continuing, with predictions of dominance rising to the 70%-80% mark. The implications of which would put paid to a much-needed altseason. Nonetheless, despite the slide in prices, Bitcoin maximalists can find a crumb of comfort in this.
Market cap percentage split showing Bitcoin dominance at 66% — courtesy of CoinMarketCap.
Bitcoin Dominance Continues To Rise
Bitcoin is currently priced at around $10,300, but has been on a downward course for the past week or so. This follows the failure to breach strong resistance at $13,800, during the parabolic run-up late last month.
While this still represents a 170% increase since the start of the year, the hopes of an overspill into the alts remain somewhat subdued. Indeed, with Bitcoin dominance on an upward trend since January 2018, when it was at 35%, the cries for an altseason become ever more despondent.

So many people promised me altseason soon, while there hasn’t been any sign yet.Time to clean the following list Shorting unexperienced hype farmers$BTC $ETH
— Bullish Kid (@BullishKid) July 15, 2019

On that note, Lunar Express sees a continuation of this in the short term, at least. He said:
“I still expect some minor rise in BTC’s dominance during the next few days. I’m targeting the zone between 69.89% and 73.23% to see a top out. I prefer 69.89% though but we all know that Mr. Market has it’s own will so we have to wait and see where it strands eventually. Although, there are quite some signals that 69.89% could be the top.”

However, he drew attention to the fact that we are currently in the golden pocket zone. Which, last time around, in December 2017, saw a drop in Bitcoin dominance, and the subsequent beginning of altseason:
“Another notable thing is that we are inside the golden pocket zone. Meaning that we’ve retraced 61.8%-65.8% of previous alt season. Which is usual a good spot to expect a turn.”
Is Altseason Imminent?
And while Lunar Express concluded that altseason is imminent, others paint a more pessimistic view. For example, Chris Burniske, partner at Placeholder VC, subscribes to the belief that Bitcoin must first reach its all-time-high. And given the market slump of late, this will not happen any time soon.
In a comprehensive Twitter post, Buriske described the cyclical relationship between Bitcoin and the alts. He talked about altseason being driven by whales looking to invest their Bitcoin gains, but only when Bitcoin gains have been maximized:
“Here’s the cycle: $BTC rallies hard, majority of “alts” drop as BTC is the main liquidity provider to #crypto (right now) and no one wants to sell BTC. Value of “alts” in *BTC terms* then drops until whales choose to cycle into “alts.” Then…”

Here's the cycle: $BTC rallies hard, majority of "alts" drop as BTC is the main liquidity provider to #crypto (right now) and no one wants to sell BTC.
Value of "alts" in *BTC terms* then drops until whales choose to cycle into "alts." Then… https://t.co/lX9VZz5ecC
— Chris Burniske (@cburniske) May 10, 2019

This is a view shared by others, who correlate the timing of the last altseason to Bitcoin’s all-time-high. Twitter user, @BitBitCrypto said:
“Ok, here it comes – your holly grail. In 2017 Altcoins had their biggest ever Altseason AFTER bitcoin was making all time highs. If you’re looking for a big Altseason aim there!”

Ok, here it comes – your holly grail.
In 2017 Altcoins had their biggest ever Altseason AFTER bitcoin was making all time highs.
If you're looking for a big Altseason aim there!(Check eth or others for reference) pic.twitter.com/eivHLjyxAk
— ฿ (@BitBitCrypto) June 21, 2019

And so, given the expectation of rising Bitcoin dominance, in conjunction with the recent price slump across the markets, there is every possibility that altseason won’t be happening soon.
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Bitcoin CME Futures create an $800 gap over the weekend; Next stop – Lower lows?

Bitcoin CME Futures have witnessed an $800 gap followed by another $1,000 dip after opening on Sunday. The total gap of $1,800 [-15.51%] was created over the weekend causing Bitcoin CME futures to reach $9,915 from $11,990. The Gap These gaps play an important role in predicting spot price movements as each of these gaps […]
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Source: AMB Crypto

Trump Has the Power to Ban Bitcoin, But Can He Really Do It?

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Trump Has the Power to Ban Bitcoin, But Can He Really Do It?
Trump says that he is not a fan of cryptocurrencies, especially Bitcoin, but can he ban its transactions and operations in the United States or Congress stands in his way legally?
Trump Has the Power to Ban Bitcoin, But Can He Really Do It?

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Source: CoinSpeaker

Bitcoin Ban in the U.S. is Feasible, Says Analyst Following Trump’s Tweet

U.S. President Donald Trump could use his position to potentially ban bitcoin, believes financial analyst Alex Krüger.
“Trump could issue an executive order banning US persons from dealing in Bitcoin,” said Krüger. “He has already done so with the Petro. Trump could ban the Petro because it represented an “attempt to circumvent U.S. sanctions,” [which is] an act of foreign policy.”
The comments appeared in the wake of Trump’s tweet on Thursday, wherein he publicized his personal opinions on the world’s largest decentralized cryptocurrency.

I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….
— Donald J. Trump (@realDonaldTrump) July 12, 2019

Krüger stressed that Trump would not be the first US president who signs executive orders against certain types of financial assets. In 1933, President Franklin Roosevelt banned the hoarding of gold under the ‘Trading with the Enemy Act.’ The legislation allows the presidents to take specific measures against financial entities that pose a threat to the US economy, security, and whatnot. All Trump needs, in the end, is one valid reason to ban bitcoin.
The President has three.
“First, crypto represents a threat to the banking system, which has strong lobbying powers, as evident by this swift attempt to ban Libra,” said Krüger. “Second, crypto could reduce Washington’s ability to impose economic sanctions, a critical foreign policy competitive advantage. Third, crypto is often perceived as facilitating illegal activity. Trump said so explicitly.”
Overturning the President’s Order
If a new executive order signed by the White House could ram into a decade of bitcoin’s infrastructural development in the US, then banks could stop doing business with regional crypto startups and firms.
But democracy can overturn orders of even the most influential politician, says the Heritage Foundation, an American thinktank.
“When a president’s authority comes from power granted by statute, Congress is free to negate or modify that authority or pass legislation to nullify the order itself, because the Constitution empowers Congress to make the laws that govern us […] Federal courts also may strike down executive orders that exceed the scope of the president’s authority.”
That nevertheless leaves bitcoin’s future in the dark. If it’s not the President himself, the US regulators could target fiat onramps.
“For example,” said Krüger, “US regulators could arguably determine crypto assets are too volatile to be sold to retail (non-accredited) investors and deal a hefty blow to crypto exchanges.”

2/ Bitcoin is code. The US government cannot ban code
(source: https://t.co/3LeQend7BG) pic.twitter.com/NHkkdcNff2
— Alex Krüger (@krugermacro) July 15, 2019

Bullish/Bearish Bitcoin
A noted trader, Krüger discussed how even a US ban could turn into an upbeat event in the bitcoin market. The analyst said investors would want to buy the cryptocurrency at fresher lows, adding that he would probably be on the bearish side of the trade.
“Sell the news, buy the blood. For every buyer, there is a seller,” stated Krüger.
Meanwhile, the price of bitcoin has dropped by up to 25.39 percent since Trump’s anti-crypto tweet.
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