Ethereum May Drop Towards $140 Before Falling Wedge Sparks Next Run

Ethereum has plummeted lower today concurrently with Bitcoin’s drop below $8,000, which points to an underlying bearishness for the aggregated crypto market and may mean that significantly further losses are in store for ETH before it is able to find support and climb higher.
One analyst is now noting that Ethereum is caught in a technical formation that may lead it as low as $140 in the near-term, but is also noting this price level may spark the next bull run that sends it surging higher.
Ethereum Plummets Towards $170 as Bears Take Control of Crypto Markets 
At the time of writing, Ethereum is trading down nearly 3% at its current price of $172.5, which marks a notable drop from its daily highs of nearly $180 that were set yesterday.
It is important to note that ETH did find some support around $170 overnight, but the lack of follow through on its subsequent bounce may signal that bulls do not have any notable strength at the moment.
Importantly, Ethereum does currently have strong fundamentals in spite of its current bearishness, as Spencer Noon – a popular figure within the crypto industry – recently noted that a significant amount of ETH is currently locked up in DeFi, meaning that the DeFi trend is leading to a lower circulating Ethereum supply.
“$ETH: price vs. fundamentals,” he concisely noted while pointing to the below charts.

$ETH: price vs. fundamentals pic.twitter.com/ExfbVZ9zGl
— Spencer Noon (@spencernoon) October 17, 2019

Assuming the DeFi trend continues to garner widespread support and utilization, it is probable that even more ETH will be temporarily removed from circulation, thus reducing the circulating supply and creating supply side pressure.
ETH May Dip Lower Before Next Uptrend Begins
The Crypto Dog, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that Ethereum appears to be caught in a large falling wedge, which may mean that it will drop as low as $140 in the near-term before it breaks above the upper boundary of this wedge and surges higher.
“That mini-falling wedge played out on $ETH, looks like a larger one may be forming now. Unclear yet if we get another “big drop” across the board, but if we do, I’m eyeing ~$140 to stack up a FAT long. If we break out and start trading above $190 again I’ll long to new highs,” he explained.

That mini-falling wedge played out on $ETH, looks like a larger one may be forming now.
Unclear yet if we get another "big drop" across the board, but if we do, I'm eyeing ~$140 to stack up a FAT long. If we break out and start trading above $190 again I'll long to new highs. pic.twitter.com/dybaIHAbee
— The Crypto Dog (@TheCryptoDog) October 17, 2019

The coming few hours and days will likely elucidate whether or not the aforementioned technical formation will play out, or if it will be able to surge higher based on strengthening fundamentals.
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Bitcoin Startup Takes to the Swiss Streets With Tram-Side BTC Marketing Effort

Footage posted by a Swiss crypto startup earlier today shows a tram emblazoned with the word “Bitcoin” and the firm’s branding travelling through the Zurich streets. The company behind the marketing campaign offers a range of crypto financial services including custody, trading, and lending.
Such large scale public marketing efforts have been conducted previously by companies. Although paid promotion by the companies behind them, the proliferation of these types of campaigns will likely do a lot towards normalising BTC in popular culture, eventually.
Bitcoin Tram Pushes Crypto in the Streets
Bitcoin has hit the streets of Zurich, Switzerland today in impressive fashion. As seen in the video below, at least one of the city’s trams have become a billboard for one of the many cryptocurrency startups of the nation. The massive Bitcoin Suisse motif spreads across all five carriages of the inner city transport option.

Ahem…failed…? pic.twitter.com/K6oLYYCz5h
— Bitcoin Suisse (@BitcoinSuisseAG) October 18, 2019

Bitcoin Suisse, the company behind the marketing campaign, is a nationally regulated financial intermediary and crypto services provider. It is based in Zug, Switzerland, an area that has attracted many Bitcoin startups thanks to its favourable regulations.
Although clearly a marketing effort to attract new users to the crypto services platform (a Reddit post with the video says that the tram was spotted in the financial district of Zurich), thrusting Bitcoin into the public’s face in such a way is definitely a positive for the industry on the whole. After all, many people still think of BTC as a tool for money laundering or drug dealing thanks to early negative coverage.
Granted, spotting a prominent crypto company’s branding on a tram isn’t going to make someone immediately forget their ill-conceived judgements about the digital asset space but repeated exposure in a myriad of ways will eventually normalise the still-difficult-to-accept digital asset. Mentions of Bitcoin in popular culture, seeing “Bitcoin accepted here” at retailers (both online and in the real world), and even street art inspired by the cryptocurrency will all help erode the misconceptions people have about the breakthrough technology.
Previously, NewsBTC has reported on this slow road to the normalisation of the number one crypto by market capitalisation in reference to many topics. Examples include the Bitcoin monument in erected in Slovenia and the Grayscale “Drop Gold” campaign.
There is even something to be said for controversial Bitcoin payment processors in this regard. Although household names like AT&T aren’t ready to accept Bitcoin properly, customers can still pay for products using crypto via a payment processor. This is powerful in terms of BTC normalisation since users, whether interested in crypto or not, will still see the Bitcoin logo when they arrive at the checkout for whatever it might be that they’re purchasing.
 
Related Reading: Hong Kong Free Press Fires BitPay Over Bitcoin Payment Delays

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Analysts Target $6,200 as Bitcoin Faces Bearish Technicals

After a short period of upwards momentum earlier this week that appeared to be bull’s attempt to bolster Bitcoin’s price action, bears have once again gained the upper hand and have now pushed BTC’s price decisively below $8,000.
One prominent technical analyst is now noting that he believes this latest movement downwards points to the possibility that a movement towards the lower-$6,000 region is imminent, which may be further validated by multiple bearish technical formations that crypto is currently expressing.
Bitcoin Plummets Below $8,000 as Bears Roar
At the time of writing, Bitcoin is trading down roughly 2% at its current price of $7,960, which marks a notable retrace from its daily highs of nearly $8,200 that were set yesterday.
Although BTC had long found noteworthy support around the lower-$8,000 region, its inability to garner any upwards momentum during its time in this region was a bearish sign that elucidated that bulls were incurring were losing their strength.
In the near-term, it is important to note that Bitcoin is highly likely to incur further bearishness as it faces weak technical strength.
Josh Olszewicz, a popular crypto analyst on Twitter, explained in a tweet that the latest drop was sparked when it was denied at its 200-day EMA, and that a daily death cross is close to forming.
“4h $BTC – still in 3+ week range – straight down since denial at 200DEMA – daily death cross soon – daily bbands tight & rdy to expand down – unconfirmed bull div here,” he said.

4h $BTC
– still in 3+ week range– straight down since denial at 200DEMA– daily death cross soon– daily bbands tight & rdy to expand down– unconfirmed bull div here pic.twitter.com/liNAIVflv0
— Josh Olszewicz (@CarpeNoctom) October 18, 2019

Analyst: BTC May Target $6,200 Next
The bearishness that Bitcoin has incurred during its recent bout of sideways trading and subsequent drop below $8,000 may extend significantly further, as Olszewicz is further noting that an accurate fractal pattern may signal that a movement to $6,200 is imminent.
“12h $BTC: alligator/fractal again calling for short entry on this candle close in a few hours (if the body is lower than fractal wick). TP for short according to multi-year PF = 6.2-6.9 based on Q1 diag,” he said while pointing to the chart seen in the below tweet.

12h $BTC
alligator/fractal again calling for short entry on this candle close in a few hours (if the body is lower than fractal wick)
TP for short according to multi-year PF = 6.2-6.9 based on Q1 diag pic.twitter.com/VmoCadPtBN
— Josh Olszewicz (@CarpeNoctom) October 18, 2019

Assuming that Bitcoin does drop lower in the near term and forms the death cross that is currently looming over the horizon, then it may drop significantly further before it finds enough momentum to spark the next multi-month uptrend.
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Tor Browser Malware May Have Stolen Users’ Bitcoin For Years

Researchers have identified malware associated with an unofficial version of the Tor Browser. Evidence suggests that the covert software has been tricking users into sending Bitcoin to addresses under the control of scammers.
The Tor Browser is the most popular method used to access the dark web. Many visitors to the dark web often use Bitcoin or other cryptocurrencies to buy illicit goods or services.
Has Tor Browser Been Stealing Your Bitcoin?
According to a report in Forbes,  a trojanised version of the Tor Browser has been circulating amongst Russian-speaking dark web users unnoticed for years. The software is used to access a hidden part of the internet known as the dark web. The compromised version is believed to have been used mostly with the three most popular Russian dark web markets, as well as a national money transfer service, QIWI.
The malware-infected software, downloaded in place of the official Tor Browser, allows those behind it to not only see which pages a user visits but also to change Bitcoin addresses on those pages. Given that the most common use of the Tor Browser software is to visit dark web markets, this could have been a very lucrative scam indeed.
Anton Cherepanov, a senior researcher behind the discovery from the internet security company ESET, commented the following on the newly-discovered malware:
“In theory, they can change the content of the visited page, grab the data the victim fills in to forms and display fake messages, among other activities. However, we have seen only one particular functionality–changing the bitcoin and cryptocurrency wallets.”
The researcher continued, stating that it would be very difficult for non-technical users to tell the difference between the genuine Tor Browser and the one infected with malware.
So far, ESET researchers claim to have confirmed 4.8 stolen Bitcoin (around $40,000 at the time of writing) using the malware. These funds were found in three Bitcoin wallets. The researchers point to the large numbers of relatively small transactions as signs that these wallets were used as part of the scam. Although not a massive haul, the real figure of profit generated could be far higher, as Cherepanov acknowledged:
“It should be noted that the real amount of stolen money is higher because the trojanized Tor Browser also alters QIWI wallets.”
Bitcoin has long been associated with dark net market places. One of the incidents that first brought the cryptocurrency mass attention was the law enforcement operation against the original dark web marketplace, Silk Road. However, as NewsBTC reported yesterday, authorities are getting increasing savvy at catching those using Bitcoin for illicit purposes. Analysis of the Bitcoin blockchain actually helped to bring to justice hundreds involved in what has been described as the largest child pornography ring ever.
 
Related Reading: Bitcoin Made Busting Dark Child Porn Ring Easy For US Justice Department
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Major Bitcoin Milestone: Only 3 Million BTC Left To Mine

Each and every day, miners unlock more and more Bitcoin – as much as 1,800 BTC per day – into the circulating supply of the cryptocurrency.
Today marks a major milestone for the cryptocurrency, as the 18 millionth Bitcoin is mined, leaving only 3 million BTC remaining out of the hard-capped 21 million BTC supply.
Today, The 18 Millionth Bitcoin Will Be Mined, Leaving Only #3MillionLeft
Before Bitcoin, numerous attempts were made at creating a form of digital cash. Nick Szabo, who had been thought to be the cryptocurrency’s creator – Satoshi Nakamoto – first created the proof-of-work system that cryptocurrencies use today, but his Bit Gold invention failed to become widely used. After Szabo, Adam Back invented HashCash, yet another proof-of-work system. Today, Back is among the top Bitcoin developers and the CEO of Blockstream.
Satoshi Nakamoto eventually launched Bitcoin at the end of the global recession in 2009, solving many of the issues that prevented these predecessor technologies from getting off the ground. But the first-ever cryptocurrency retains the proof-of-work system, through a process called mining.
Related Reading | Everything You Need to Know About BTC Mining
Bitcoin miners use expensive, energy-gluttonous, specially designed computers to compete with one another to solve mathematical equations that validate each block, adding it to the blockchain forever. But miners require an incentive to continue to confirm transactions broadcasted across the network, and this reward is provided in the form of BTC.
Currently, for each block validated, a miner will receive 12.5 BTC, or roughly $100,000 USD at today’s prices. That reward will soon be cut in half in May 2020, at an event called a “halving.”

Today, marks a major milestone for Bitcoin, as the 18 millionth Bitcoin will be mined, leaving only 3 million left available for miners to unlock and release into the circulating supply. Bitcoin is hard-capped at 21 million BTC, giving it attributes such as scarcity that can cause the price of the asset to increase sharply when demand rises.
At the time of this writing, there are 17,999,000 BTC currently circulating, and at a rate of 1,800 new BTC mined per day, before the clock strikes midnight on October 18, 2019, the 18 millionth Bitcoin will be mined.

This Friday the 18th million Bitcoin will be mined
There are only #3MillionLeft
Our mission is to make it easy for everyone to be a part of this once in a species revolution
— farbood (@farbood) October 16, 2019

To celebrate the monumental event, people across crypto Twitter are using the #3MillionLeft hashtag, promoting the concept of Bitcoin’s built-in, hard-coded digital scarcity.
Eventually, when the entire Bitcoin supply is unlocked by miners, the way miners will be rewarded for continuing to secure and validate the network, will be provided by the way of fees associated with sending the crypto asset.
Related Reading | Experts Weigh In On The Future of Bitcoin and Blockchain 
While minor at today’s prices, if Bitcoin can truly reach prices of $100,000 to $1M USD per BTC, then fees may ultimately be enough to keep the network operation in full capacity.
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Buy High and Sell Low? Circle Dumps Poloniex As Crypto Market Interest Wanes

Today, Circle, a US-based finance firm, has revealed that it is “spinning out” crypto trading platform Poloniex into its own independent company, in “an effort to create a competitive internationally-focused cryptocurrency exchange.”
Circle first acquired the crypto exchange back in February 2018, around peak interest in the crypto market. Does the company switching gears signal that interest has left the crypto market? Or are there additional implications for the US-based company around the regulation potentially coming to the space?
Poloniex to ‘Spin-Out’ Into Own Independent International Crypto Brand
Back in February 2018, before the bear market and dreaded crypto winter got fully underway, Goldman Sachs-backed finance firm Circle, acquired cryptocurrency exchange Poloniex for $400 million. Even major finance brands were FOMOing into the emerging market.
Circle failed to elevate the status of the crypto platform, and it fell far behind Coinbase, Binance, and other industry leaders, prompting Circle to “spin out” the crypto platform into its own independent firm, called Polo Digital Assets, Ltd.

1/5: We are spinning Poloniex out from Circle into a new company with backing by an investment group that plans to spend more than $100M developing the exchange to offer new features, services and assets to global customers.
— Poloniex Exchange (@Poloniex) October 18, 2019

Circle says that they faced “challenges as a US company growing a competitive international exchange,” but didn’t disclose what those challenges may be, however, the exchange taking a stance similar to Binance by barring US-based investors could be evidence of something more going on behind the scenes.
Backed by an “Asian investment group,” the new Poloniex will close trading to US crypto investors as of November 1st, potentially signaling that pressure from financial regulators in the United States may have prompted Circle to dump Poloniex.
Related Reading | Steven Mnuchin Hints at New Crypto Assets Regulations in the United States 
The United States has recently taken an opposing stance against Bitcoin and cryptocurrencies, and it’s a shockwave that’s been felt across the industry.
Poloniex says the investment group plans to spend more than $100 million to “develop and expand” the platform – and says that the “cryptocurrency revolution has just begun,” and that they are in it for the “long haul.”
Circle Doubling Down on USDC Stablecoin, Sets Sights on Tether
As for Circle, a lack of interest in the crypto market compared to when the firm first picked up Poloniex may be to blame for the exchange’s spin-out.

So Circle bought #Poloniex at the top and is now selling at the bottom.
Welcome to crypto, hope you enjoyed your stay
— Birch (@BitcoinBirch) October 18, 2019

But Circle isn’t exiting the crypto space entirely. The firm plans to “double down” and shift its focus entirely on building a “more open, global and accessible financial system,” through its USDC stablecoin.
Related Reading | New “Trustworthy” Stablecoin Could Be the Tether Killer
Recently, the arms race to become the top stablecoin has heated up after the announcement of Facebook’s Libra. USDC is growing in market share, making it the 24th largest crypto asset by market cap, valued at just under half a billion. However, Tether is currently the dominant stablecoin, and its $4 billion market cap demonstrates why companies would seek a piece of the young market. 
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Lump Sum Bitcoin Investors Makes More Profits than DCA

Investors who put all their capital at once into bitcoin win more than those who invest strategically over some time, according to a study conducted by Shitcoin Ninja.
The crypto researcher noted that Lump Sum – an act of investing everything available at once into bitcoin – works better than the Dollar Cost Strategy (DCA), which requires investors to invest in installments. He reached the said conclusion after conducting two parallel “trial” investments of $10,000 each.

The Lump Sum Investing (LSI), as explained, saw Shitcoin Ninja assuming to invest $10,000 in bitcoin at one go while the DCA strategy showed him putting the same amount into the cryptocurrency but across the span of nine years. The experiment resulted in a win for the lump sum, which beat DCA 67.9 percent of the time. The strategy made profits 60.8 percent of the time in recent datasets. Excerpts from the report:
“Dollar Cost Averaging is a form of smoothing that reduces the volatility associated with investing date. Investing at the ‘wrong’ time can cause a lot of anxiety and wishful thinking, if only I had waited to buy in or if only I sold at the peak. Using DCA, we can alleviate the pressure of worrying that we’re investing at a peak right before a looming cliff. This peace of mind comes at a high cost, though, as we are reducing the statistical average return by more than ~50% compared to Lump Sum strategy.”
Bitcoin Mirrors Global Markets
Similar studies conducted across the global markets provide the same outcomes: that LSI leads to higher portfolio values than DCA does. US investment giant Vanguard, in its 2012 report, found that LSI outperformed DCA by 67 percent in the US and UK market. At the same time, the former did better than the latter by 66 percent in DCA.
“Outside of these studies,” wrote Shitcoin Ninja, “there are also many believers in one or other strategy, that will push it without any data to back it up. Worse, sometimes they pick precisely the data that matches their result (buying at the extremes). When evaluating any investment strategy, it is important to look at the strategy overall and not at a particular point of time, which may never happen again.”

A simple trial comparing a lump sum investment in BTC to dollar cost averaging over a year found that lump sum still won ~68% of the time. Even using a more recent dataset showed that Lump Sum beats DCA ~61% of time. https://t.co/I2FOZ1vphr pic.twitter.com/PaRLyeDUWj
— Jameson Lopp (@lopp) October 18, 2019

Nevertheless, to some, DCA is not a bad strategy if an investor is looking to secure some retirement money or invest a regular amount each month from personal savings. It is better when it comes to building wealth without going overboard with one-time massive liquidity injections.
“Ultimately, the best solution is the one that gets an investor into an appropriate portfolio, encourages them to stay on track for their long term financial goals, and appropriately manages any behavioral consequences along the way,” states Nathan Faber, portfolio manager at Newfound Research.
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G7 Confirms Libra Like Cryptocurrency Needs a Legal Basis

Social media giant Facebook has certainly rattled the regulatory feathers of global regulators with its grand plans for cryptocurrency world domination. Politicians and citizens alike are right to question Libra and those that will be pulling the strings behind it. The G7 group of economic powerhouses agrees that such stablecoins should not be allowed to launch until the profound international risks they pose are addressed.
Legal Basis For Stable Cryptocurrency
Earlier this week the G7, which comprises the US, UK, Canada, Germany, Japan, France and Italy, released a preliminary report addressing a long list of concerns it has with stablecoins like Libra.
The report concluded that Facebook could not provide evidence that it satisfied a long list of concerns including consumer and investor protection, data privacy and protection, financial integrity including AML/KYC compliance, fair competition and anti-trust, tax evasion, and cyber security.
The crypto task force, chaired by European Central Bank board member Benoit Coeure, stated;
“The G7 believes that no global stablecoin project should begin operation until the legal, regulatory and oversight challenges and risks”
Today, Reuters reported that the G7 has confirmed its stance on stablecoins, specifically Libra, adding that;
“Private sector entities that design stablecoin arrangements are expected to address a wide array of legal, regulatory and oversight challenges and risks,”
Libra Association Responds
In a response the consortium, which now numbers 21 members after a week of high profile defections, responded with their commitments.
“The Libra Association is committed to building a system that replicates or exceeds current standards for consumer protection, financial stability, and global cooperation to prevent money laundering and illicit finance while preserving national sovereignty over monetary policy,”
This has been the expected response and the Association has yet to prove any of this which is why the cryptocurrency launch date is likely to be extended several times.
Facebook may tout a system that ‘improves access and lowers the costs of financial services for billions of people’ but it already profits from their personal data, so the concerns over financial disruptions are valid.
The Libra response basically took each of the G7’s challenges and said ‘yes, we will comply’ without showing a shred of evidence as to how that will be achieved. It added;
“Libra, unlike some payment networks, will operate with transparency and in partnership with regulators.”
But the bottom line is that Facebook simply cannot be trusted with finances on a global scale. The list of scandals involving the social media monopoly lengthens every month and most involve privacy violations, data and security breaches, information manipulation, and even election meddling.
Just the week US congressman Warren Davidson hinted at the ‘shitcoin’ like qualities of Libra suggesting it uses a decentralized and truly transparent solution such as Bitcoin instead.
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Bitcoin Store Of Value Sentiment Stronger Than Ever as Economic Collapse Looms

The state of the world economy just over a decade ago was not a pretty picture. A solution was needed and one was offered in the form of a decentralized peer-to-peer digital monetary system. Bitcoin was born and a decade on it appears to be déjà vu for the global economy.
This Crash Worse Than 2008
The previous economic crisis was caused largely by banks engaging in hedge fund trading with derivatives then demanding more mortgages to support the profitable sale of these derivatives. Essentially the bankers brought down the economies of the world and everyone suffered.
Banks have proved that they cannot be trusted and Bitcoin was created out of that notion. As Nakamoto himself wrote;
“The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve.”
US debt has escalating to unprecedented levels and all signs are pointing to another imminent economic collapse. With a national debt approaching $23 trillion, the situation has clearly spiraled out of control and America, being one of the world’s largest economies, will drag the rest of the planet into the financial quagmire again.
Goldbug Peter Schiff has predicted this collapse time and time again and asserts that it will be far worse than the last.
“The economic collapse that is going to follow the bursting of this bubble is going to be far more dramatic than ’08.”
Naturally Schiff wants to plug his gold funds which do provide a relatively stable store of wealth in times of economic despair. Gold prices rose sharply from 2009 to 2011 as the world picked up the pieces from the last crisis and they are likely to do so again.
Bitcoin is Digital Gold
Bitcoin, which has often been referred to as ‘digital gold’ is also seen as a store of value and that narrative is now stronger than ever. The majority of millennials will remember the last crash and will be wary of banks and their meddling. Bitcoin is likely to be the choice for them above gold simply because they have been raised with technology and the internet, unlike the generations before them.
The sentiment has been echoed by Weiss Ratings in a recent tweet which sums up the current situation.
“Bitcoin was an overreaction to the financial crisis and the monetary system that allowed it to occur. Today, instead of functioning as an efficient peer-to-peer system for transferring cash, $BTC is evolving into a store of value like gold.”

#Bitcoin was an overreaction to the financial crisis and the monetary system that allowed it to occur. Today, instead of functioning as an efficient peer-to-peer system for transferring cash, $BTC is evolving into a store of value like gold.#BTC #crypto #cryptocurrency
— Weiss Crypto Ratings (@WeissCrypto) October 17, 2019

The clock is ticking and with the US, and now China, starting to inject cash back into their financial systems in order to keep them afloat, the writing may already be on the wall for the economies of the world.
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XRP Surges 5% as Annual Swell Pump Quickly Nears

After incurring an influx of selling pressure yesterday, Bitcoin has been able to climb slightly today, which has allowed XRP to surge nearly 5%, leading it to quickly approach the $0.30 region that was previously a strong level of support for the cryptocurrency.
Analysts are now noting that XRP may soon surge significantly, which could be fueled by hype surrounding Ripple’s annual Swell conference, which is set to occur in roughly two weeks.
XRP Surges Towards $0.30 as Bulls Build Strength 
At the time of writing, XRP is trading up nearly 5% at its current price of $0.297, which marks a notable climb from its recent lows of $0.24 that were set at the bottom of the recent short-term bear market that has gripped the markets ever since Bitcoin plummeted below $10,000.
Prior to its drop below $0.30, XRP had previously established this level as a strong support region, so if it is able to reclaim this level then it may be able to post significantly further gains.
MoonOverlord, a popular cryptocurrency analyst on Twitter, spoke about XRP in a recent tweet, explaining that he believes XRP may have further room to climb in the near-term.
“I think $XRP might have more juice left in the tank on this run,” he concisely noted.

I think $XRP might have more juice left in the tank on this run
cc $ZRX chart for template
— moon (@MoonOverlord) October 17, 2019

It does appear that XRP’s upwards momentum is independent of Bitcoin’s price action, which could mean that it will continue to climb higher as BTC consolidates, barring any type of major downwards movement that generates a market-wide sell-off.
Ripple’s Swell Conference May Lead to Pump, Claims Analyst 
Ripple’s annual swell conference has historically been preceded by XRP bull runs, which may stem from a combination of the hype surrounding this conference and the potential announcements the company may make regarding their XRP-related products.
Galaxy, a popular cryptocurrency analyst on Twitter, spoke about this event and the historical XRP rallies that typically precede it, explaining that in years past it has climbed as much as 220% in the weeks before the event.
“The trade of the year is coming once again on $XRP. Long 2 weeks before Swell, and short when the event is over. Price increase before event (USD) +115% (2017) +220% (2018). Price decrease after event (USD) -43% (2017) -51% (2018). Time to see what this year brings,” he said.

The trade of the year is coming once again on $XRP.
Long 2 weeks before Swell, and short when the event is over.
Price increase before event (USD)+115% (2017)+220% (2018)
Price decrease after event (USD)-43% (2017)-51% (2018)
Time to see what this year brings. pic.twitter.com/bW9qKUGv8Y
— Galaxy (@galaxyBTC) October 13, 2019

The next few days will likely validate or invalidate whether or not the “Swell pump” is still relevant in the current market conditions, but it is probable that any rally in the near-term may be associated with the historical precedent of this event.
Featured image from Shutterstock.
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Bitcoin Actually Accepted? Luxury Car Firm Explores Blockchain and Crypto Payments

Karma Automotive, a luxury car manufacturer based in California, has just announced its intentions to explore blockchain technology with its shareholders. The means by which the firm intends to this is by accepting Bitcoin.
Although NewsBTC has featured many so-called Bitcoin acceptance stories in the past, this one appears to have a big difference. Karma Automotive seems to be taking payment in Bitcoin directly, rather than with the help of a third-party company.
Is it Really Acceptance if You Never Even See the Bitcoin?
According to a post in AutoFutures written by the manufacturer itself, Karma Automotive will be using its flagship Newport Beach, California, showroom to help demonstrate the power of blockchain technology for payments and more. The firm will now be accepting Bitcoin for new services completed and vehicles purchased at the company-owned store.
Dr. Lance Zhou, the CEO of Karma, stated the following of the move:
“We are opening our platform to serve as a test bed to help convert theoretical blockchain applications to practical use.”
Zhou added that the company will be partnering with the Wanxiang Group, Karma’s primary shareholder, to work on blockchain solutions and their application. The first step towards familiarisation with the technology for the company to accept Bitcoin.
Given Zhou’s insistence on the move being an effort to help shareholders understand Bitcoin and the technology behind it, it appears that this is indeed a rare case of genuine Bitcoin acceptance. Previously, when NewsBTC has reported on so-called acceptance stories, the word “accept” is used very liberally. It would be much more accurate to say that customers of the likes of AT&T and other big names can pay for products using Bitcoin or other crypto assets rather than these companies accepting the cryptocurrency.
Making such payments possible are payment processing companies. These services act as a middleman to the transaction (ironic, no?) and simply perform an exchange – the customer’s preferred currency for that of the retailer.
Many people take issue with these kinds of services for a variety of reasons. Firstly, companies appear to use Bitcoin payment processors as a marketing ploy – “we might attract Bitcoiners doing this” sort of thing. Secondly, payment processors actually have the power to censor transactions. For many cryptocurrency advocates, it is precisely because it is practically impossible to censor a transaction using Bitcoin that makes the technology attractive to begin with.
Recent evidence shows that payment processors can and will censor transactions if pressured. The Hong Kong Free Press had public donations withheld by Bitcoin payment processor BitPay earlier this year.
That said, there are certainly advantages to having massive names take payments in Bitcoin, even if it is through a payment processor. It serves to normalise Bitcoin use, for example. The more “Bitcoin Accepted Here” links at the online checkouts of huge household names an individual sees, the more difficult it becomes for them to continue holding onto the kind of grudges created by the mainstream media narrative that Bitcoin is a tool for criminals and nothing more.
With the Karma announcement, there has been no mention of working with a payment processing service whatsoever. NewsBTC looked at the directories of companies working with the major crypto payment processors and found no evidence of Karma Automotive listed. It does indeed look like the company will be accepting Bitcoin directly and, in doing so, is doing a great service for the industry as a whole.
 
Related Reading: Bitcoin May Have Room to Run Before Downtrend Continues
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Bitcoin May Have Room to Run Before Downtrend Continues

After plummeting below $8,000 overnight, Bitcoin’s bulls were able to propel the crypto slightly higher, showing signs that bulls are not ready to let the cryptocurrency drop lower in the near-term, which could mean that bulls will garner greater strength in the near-term that could help propel BTC higher.
Analysts are noting that Bitcoin likely has further room to run in the near-term, but it is important to note that a strong resistance level that exists just slightly above Bitcoin’s current price could halt this rally and force BTC to extend its recent downtrend.
Bitcoin Climbs from Daily Lows as Bulls Attempt to Spark Rally
At the time of writing, Bitcoin is trading up just under 1% at its current price of $8,090, which marks a climb from its recent lows of $7,900 that were set yesterday when the crypto lost the support it had previously built at $8,000.
Today’s bounce pales in comparison to even that seen earlier this week when Bitcoin ran to highs of just below $9,000 before it found significant resistance that sent it reeling lower, and the lower highs that BTC has been setting in the time since this fleeting rally may point to an underlying weakness amongst the cryptocurrency’s bulls.
Bitcoin has established the upper-$8,000 region as support over the past couple of weeks, which was previously a resistance level that was formed when BTC was trapped beneath this level overnight.
Big Chonis, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, saying:
“$BTC – previous resistance now acting as support…#bitcoin,” he said while pointing to the below chart.

$BTC – previous resistance now acting as support…#bitcoin pic.twitter.com/ddeoVoLdyQ
— Big ChonisFlux Trading Group (@BigChonis) October 17, 2019

Analyst: BTC May Have Further Room to Run Before Downtrend Continues
In the near-term, analysts are noting that Bitcoin may further extend its upwards momentum before it hits its current resistance level that will likely halt its rally and lead it to incur further downside.
Big Chonis also spoke about this resistance level in a recent tweet, noting in his chart that the resistance level currently sits around $8,200, which could be where BTC surges to before it revisits its range lows in the upper-$7,000 region.
“$BTC – a little running room to test this consistent line of resistance on the #bitcoin 6hr chart,” he noted.

$BTC – a little running room to test this consistent line of resistance on the #bitcoin 6hr chart… pic.twitter.com/zyAIdTDwkR
— Big ChonisFlux Trading Group (@BigChonis) October 17, 2019

The coming few hours may confirm the above technical analysis, which may mean that Bitcoin will run further before it continues its recently incurred downtrend and sets new multi-month lows.
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Bitcoin Ponzi Busted: Nevada Firm Charged With $11 Million Crypto Fraud

Circle Society, Corp., and its owner, David Gilbert Saffron, have been charged with fraud relating to an Bitcoin and crypto asset investment scheme. The Nevada-based firm is suspected of operating an $11 million binary options scheme.
The charges have been brought by the CFTC. Curiously, the chair of the US financial regulator said such scams were a threat to an emerging market that holds “great promise” the United States economy.
CFTC Protecting the Bitcoin and Crypto Industry?
According to a civil enforcement action filed yesterday by the United States Commodities Futures Trading Commission, David Gilbert Saffron has been charged with running a fraudulent investment scheme with through his company, Circle Society, Corp. The scam apparently duped at least 14 investors out of around $11 million in cash, Bitcoin, and other crypto assets.

ENFORCEMENT NEWS: CFTC Charges Nevada Company and its Owner in $11 Million Cryptocurrency Fraud and Misappropriation Scheme https://t.co/nwxHVM0xJ3
— CFTC (@CFTC) October 16, 2019

The complaint was filed on Monday September 30 and later, on October 3, the US District Court for the District of Nevada issued an order freezing the company’s assets. The court issued an extension of this order last Friday and a hearing on the Commission’s Motion for Preliminary Injunction is expected on October 29, 2019.
The filing itself gives some details the nature of fraudulent investment scheme operated by Saffron. It states that from at least December 2017 and until the company was recently taken down, the defendants encouraged US investors to deposit funds for management to trade various crypto asset pairs and foreign exchange markets on their behalf. The company claimed Saffron had extensive experience trading binary options and that they could expect returns of as much as 300 percent.
Funds were reportedly misappropriated by Saffron, who never actually traded them at all. Transactions in crypto assets went directly to the defendant’s wallet rather than to an exchange platform. Some early investors received payment from the deposits of those signing up later – in the CFTC’s own words “in the manner of a Ponzi scheme.”
Interestingly, the CFTC expressed an interest in not only bringing Saffron to justice for the sake of the victims he defrauded but for the wider crypto asset industry. The regulatory body’s Chairman Heath P. Tarbet reportedly commented:
“Digital assets and other 21st century commodities hold great promise for our economy… Fraudulent schemes, like that alleged in this case, not only cheat innocent people out of their hard-earned money, but they threaten to undermine the responsible development of these new and innovative markets.  America must be a leader in this space, and we will only succeed if these markets have integrity.”
 
Related Reading: Indian Crypto Ban Sees State Funds Seized in Bitcoin Scam Frozen in Bank Account

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Bitcoin Testing Weekly Moving Average That Sparked Last Crypto Bull Market

Now that Bitcoin has broken down from the triangle formation it was trading in, putting an end to months of consolidation, crypto analysts are sifting through Bitcoin price charts hoping to find clues as to what might happen next.
One crypto analyst may have found some evidence that Bitcoin’s bull run isn’t actually over, and is simply resting an important long-term moving average that following the last bear market, once it was retested, the true bull market began that resulted with Bitcoin reaching $20,000 per BTC.
100-Week Moving Average Retest Ignited Bitcoin Bull Run
At the end of 2015 – just as the 2014-2015 bear market came to a close, Bitcoin broke up above the 100-week moving average, later retesting it as support in early 2016, before going full parabolic and setting a new all-time high at $20,000.
When Bitcoin broke down from $6,000 to its bear market low last November, the leading crypto asset by market cap fell below the 100-week moving average for the first time since 2016.
Related Reading | Bye-Bye Bull Run: Bitcoin Price Daily Closes Under Vital Moving Average 
In April 2019, Bitcoin once again broke back above the 100-week moving average it had finally fallen below in November. Now, after the triangle breakdown, Bitcoin is once again retesting the 100-week moving average as support, and if history repeats – and if often does – Bitcoin could once again be supported by the moving average, and the next true bull run may begin soon after.

Yes, No, Maybe So? pic.twitter.com/1eR74bfdfg
— Nunya Bizniz (@Pladizow) October 17, 2019

Will History Repeat Itself, Or Will Another Moving Average Fall to Crypto Bears?
According to a chart shared by a prominent crypto analyst, it demonstrates how the 100-week moving average acted as resistance turned support in early 2016, ultimately leading to the crypto bubble that put Bitcoin on the map and made it a household name.
A closer look at the weekly chart shows that Bitcoin had two weekly candles bounce off the moving average, giving bulls a glimmer of hope that the bull market isn’t over before it really got started.
Bears, however, can take solace in the fact that other crypto analysts had repeatedly cited other moving averages, such as the 200-day moving average, acting as support throughout the last bull market. Bitcoin has now closed many consecutive candles under the 200-day moving average and was unable to reclaim it as support even after several attempts.
Related Reading | Bitcoin Price: Reclaiming Important Moving Average Could Lead to Retest of Highs
Technical analysts often look for theories and stick with them until they are invalidated. The idea that the 100-week moving average could act as support is currently still valid, however, a break below $7,700 on the weekly and a full candle close below it, the theory can go out the window along with the 200-day moving average propping Bitcoin up enough for a new bull run.
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Coinbase, Cash App, Remain Top Rated Places To Easily Buy Bitcoin

Cryptocurrencies like Bitcoin or Ethereum are new, emerging financial technologies and assets. The unfamiliarity with the new technology can make getting started in crypto seem like a daunting process.
A handful of companies, however, provide easy access to buy Bitcoin and gain exposure to the crypto market. Of those, the two most popular of those easy-to-use fiat on-ramps remain relatively unchallenged, and according to a new poll, are unlikely to lose their leadership positions.
Coinbase and Cash App Top Crypto Market Poll
Buying Bitcoin is a very easy process, and anyone can do so in just a few steps. Simply sign up to Coinbase or Cash App, add your personal details and bank, debit, or credit card information, potentially upload some documents depending on how much you are looking to buy, and in just a few clicks and no time at all anyone can load up on the first-ever cryptocurrency.
Related Reading | Square Cash App “Absorbing” 10% of Bitcoin Supply Daily, 200% Projected By 2020
The two brands provide quick and painless access to the crypto market, so it is no surprise that they received the most votes as the crypto community’s favorite places to buy Bitcoin.

Where is your favorite place to buy $BTC?
— Hashoshi from Crypto YouTube (@hashoshi4) October 16, 2019

The votes were tallied as part of a Twitter poll created by cryptocurrency-focused YouTube personality, Hashoshi. The poll revealed San Francisco crypto exchange Coinbase as the clear leader, followed by the Cash App, and “Other.” Crypto.com was also mentioned but received the smallest amount of votes.
Anyone voting with “Other” was asked to reveal which platforms they use to buy Bitcoin. Common responses included the Voyager app, Level, LocalBitcoins, and the Winklevoss-owned Gemini.
Investors Prefer to Buy Bitcoin on Coinbase or Cash App
It’s certainly not shocking to see Coinbase top the list. It’s easily among the most popular platforms in the United States, where the largest portion of crypto investors reside. At the height of the crypto bubble, Coinbase topped the Apple App Store list of popularly downloaded apps making it a household name alongside Bitcoin.

Where did you buy your first bitcoin? And where do you buy bitcoins now?
I’ll start: @coinbase, @cashapp
— Zack Voell (@zackvoell) October 16, 2019

Cash App, nearly missed out on the crypto bubble entirely, only first debuting Bitcoin buying to a small subset of users just as the bubble began to pop, and rolled it out to the masses later in 2018.
Related Reading | Steep Fee Hike as Crypto Clamoring for a Coinbase Killer
But the late start didn’t hurt Cash App, which is said to be absorbing as much as 10% of the freshly mined Bitcoin supply each and every day. This number is expected to increase to 200% by next year if the company’s growth projections stay on target.
It’s not all roses for the market leaders, though. Earlier this month, Coinbase raised its fees on its Coinbase Pro platform, causing upset across the industry. However, regardless of the fees, it seems that Coinbase will likely remain the market leader in the days ahead until either Cash App can entirely unseat them from the throne, or until a new leader emerges.
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