Bitcoin Becomes “Geo-Political Chess Piece” as Global Leaders Air Their Opinions on Crypto

Bitcoin and the aggregated crypto markets have been facing tremendous volatility over the past few days that has been exasperated by comments being made about BTC and the nascent crypto markets by world leaders and politicians – who undoubtedly will sway how US policy is aimed at the crypto markets from a regulatory standpoint.
Now, analysts are noting that U.S. President Donald Trump and US Federal Reserve Chairman Jerome Powell’s comments on Bitcoin are bullish, as they validate the assets and designate them as “geo-political chess pieces.”
Bitcoin Gains Significant Media Coverage as Political Heavyweights Discuss BTC
Bitcoin’s recent volatility has been widely attributed to the deluge of commentary on it by economic and world leaders, who tend to shy away from discussing nascent technologies.
Federal Reserve Chairman Jerome Powell spoke about Bitcoin during a Senate testimony earlier this week, where he noted that the advent of cryptocurrencies could put the US into a new era of banking.
“If we do see [widespread adoption] you could see a return to an era in the United States where we had many different currencies in the so-called national banking era,” Powell said during the testimony,” Powell explained.
Furthermore, Powell also noted that Bitcoin’s main use at the moment is as a “speculative store of value,” which would make it comparable to gold.
One day after these comments were made, US President Donald Trump also aired his thought on Bitcoin for the first time ever, noting in a tweet that he is not a fan of BTC due to its use for illegal activities.
“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,” he said.

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

BTC Becomes a Chess Piece in Global Politics
Although it is clear that world leaders are split on what they think about BTC, it is also clear that what was once considered a small fad with a cult following has now found its way onto the center of the global stage, which seems to validate it as having the potential to shake up the current system.
Luke Martin, a popular cryptocurrency analyst, spoke about all the talk about Bitcoin on the global stage in a recent tweet, saying that the big question now is which country will be the first to promote BTC.
“The intriguing part about this is it creates opportunity for another nation to publicly announce support of Bitcoin. From taboo, to fringe finance, to now a geo-political chess piece that governments & central banks have to consider. Which nation will be first to promote $BTC?” Martin said.

The intriguing part about this is it creates opportunity for another nation to publicly announce support of Bitcoin.
From taboo, to fringe finance, to now a geo-political chess piece that governments & central banks have to consider.
Which nation will be first to promote $BTC? https://t.co/OhnX8jNfXs
— Luke Martin (@VentureCoinist) July 12, 2019

As Bitcoin continues to garner widespread adoption and global leaders continue to hear more about it, it is highly likely that the world will soon know whether or not BTC will begin making its way to the forefront of the political scene.
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Keiser: $100,000 BTC as Trump’s Anti-Bitcoin Tweet to Drive US-Skeptic Nations to Crypto

Popular cryptocurrency proponent and news presenter Max Keiser has responded to President Trump’s anti-Bitcoin outburst yesterday. The long-term Bitcoin bull believes that a United States opposed to Bitcoin is an advertisement to nations wanting to distance themselves economically from the nation to adopt the digital asset.
Keiser equates the move by Trump to a “giant ‘Kick Me’ sign” on the US’s back. He also states that such an adoption by nations will take the bitcoin price past $100,000.
Keiser: Trump is Encouraging US-Sceptic Nations to De-Dollarise With Bitcoin
In case you somehow missed it, the President of the United States, Donald Trump, took to Twitter to voice his distaste for Bitcoin and the rest of cryptocurrency yesterday. Trump stated that crypto assets were “not money” based on their lack of backing, their illicit use, and volatility.

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

As you would expect, there have been many rebuttals to Trump’s Twitter outburst yesterday. One of the more interesting comes from long-time Bitcoin proponent and host of RT News’s Keiser Report, Max Keiser.
Keiser argues that the president’s rant may have done more harm than good to his own interests. As implied below, the presenter that has been advocating buying Bitcoin as a hedge against global instability since 2011 believes that Trump has sent a global message to nations wanting to stop relying so heavily on the US dollar for international trade.

Trump just put a giant ‘Kick Me’ sign on his back. He’s signaled to the world, the way to crush the $USD is to take #Bitcoin up to $100,000.
Bullish AF
— Max Keiser, tweet poet. (@maxkeiser) July 12, 2019

There is strong evidence to suggest that certain governments around the world are hungry for a means of settlement that is entirely independent from US politics. Central banks are known to be stockpiling gold. For Keiser, and other prominent analysts, such a need for safe haven assets will eventually translate into Bitcoin being adopted at the state level.
The RT News presenter once again stated that a price of $100,000 was incoming at a future non-specified date. However, this seems an incredibly low price given how huge such a news event would be. If a group of nations were to start hoarding Bitcoin as a way to hedge against the dollar, it is likely that the buying frenzy that would break out would take the price many times higher than Keiser’s figure, perhaps even topping McAfee’s $1 million Bitcoin.
Likewise, the Prime Minister of Malaysia has recently called for the creation of a gold-backed digital currency that would serve as a settlement asset for nations in the region. When proposing the new currency,  Dr Mahathir Mohamad referenced the US dollar when he argued that it was disadvantageous for nations to use the currency of another country for national settlement.
Similarly, the likes of Iran and North Korea, both victims are crippling economic sanctions at the behest of the US, would surely benefit from adopting Bitcoin as a means of international settlement. Indeed, there is evidence that the latter is behind high-profile ransomware attacks and exchange hacks. The shadowy nation is thought to be building up crypto reserves and exploring how the technology stands to benefit its unique global position.
 
Related Reading: Donald Trump Not a Fan of Bitcoin And Crypto? Too Volatile, He Says
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Trump Blasts Bitcoin For Illicit Use As NY College Is Hit With $2M Ransomware

Last night, the TV personality, businessman, president of the “free world,” Donald Trump took to twitter to blast Bitcoin, Facebook’s Libra, and the entire asset class of cryptocurrencies.
The outspoken United States president said that the asset class is “highly volatile,” “unregulated,” “based on thin air,” and “can facilitate unlawful behavior, including drug trade and other illegal activity.” While Bitcoin is so many other things, not even 24 hours after the President’s tweet, Bitcoin is being used at the center of a $2 million ransomware case involving a New York City college.
NY College Hit With Ransomware Day After Trumps Tweets of Illicit Bitcoin Usage
Federal policy makers have a sore spot when it comes to cryptocurrencies like Facebook’s Libra and Bitcoin. They represent the biggest challenge against the government’s stronghold over society afforded to them through their control of government-issued fiat currencies, such as the US dollar, Japanese yen, or the Swiss franc.
Governments also fear the anarchy it can bring due to the layer of pseudo -anonymity it offers individuals. These same qualities make crypto like “catnip” for cyber criminals according to on Google security researcher.
Related Reading | Google Security Expert: Crypto is Like Catnip for Cyber Criminals
Criminals use Bitcoin and other cryptocurrencies in an attempt to remain hidden digitally using the asset class, and is a vehicle for money laundering and other “unlawful” activities as Trump called it.

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

But Bitcoin and crypto get an unfair rep. Fiat currencies like the US dollar that Trump is championing is used in more crimes daily than nearly any other currency in the entire world, yet Trump isn’t attacking his government-approved money.
Sadly, not even 24 hours later after Trump slamming Bitcoin for its use in crimes, Monroe College in New York City was hit with a massive ransomeware attack involving – you guessed it – Bitcoin.
The cyber criminals are demanding 170 Bitcoin, or roughly $2 million by today’s prices. Bitcoin may be a futuristic emerging technology, but its use in this crime is setting the college back decades.
Related Reading | Pompliano: Trump’s Tweet Puts Spotlight on Lack of Trust Bitcoin Solves 
“We know how to teach and educate without these tools,” Monroe College spokesperson Jackie Ruegger said referencing that the college education must go on even if the entire campus’ computer system is locked down by the ransomware.
Ransomeware is a malware script that’s sent to a computer network and attacking it, and locking out the actual owners from using their vital equipment. The issue is growing widespread, with more and more cases of the situation occurring on the regular at government offices and educators across the US.
It’s reasons like these why Trump and other policy makers can’t see Bitcoin for all the positive it brings, but because Bitcoin cannot be controlled, it’s always be free for anyone to do was they please with it – even commit crimes – and in a way that’s the beauty of Bitcoin.
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South Korean Crypto Project ICON Adjusts Supply For Approaching Reshape

So far this year Bitcoin has taken the crypto limelight as its market dominance has surged at the expense of the altcoins. Many blockchain projects are still busy working hard at improvements and South Korea’s ICON is among them as it makes changes in preparation for upcoming public representative elections.
ICON Pushes Forward With Roadmap
Most altcoins have remained under the radar so far this year and ICON is among them. Traders have been focusing on Bitcoin and Bitcoin alone leaving the rest of the pack still frozen over from crypto winter. This does not mean that work has also ceased, for many it has been the opposite as teams continue to forge on improving their blockchains and ecosystems.
South Korea’s leading blockchain project is a network designed to interconnect independent chains and their communities, in essence ICON is a blockchain of blockchains. Consensus models are constantly evolving and one of the latest is delegated proof of contribution (DPoC) which takes delegated proof of stake (DPoS) a step further.
Evaluating a contribution to a network is the evolution of simply using a stake to arrive at consensus. The journey to mass adoption for this particular project has been dubbed ICONSENSUS, and the first stage of its roadmap is the election of public representatives or ‘P-Reps’.
ICON roadmap
P-Reps will act like PoS validators but will also contribute to the network through participating in consensus and governance. The upcoming elections for ICON P-Reps will be more community orientated than the EOS model which has been labeled as centralized no end of times. There is a lot of jargon on the official site which details the process more deeply.
“100 Public Representatives (P-Reps) are elected for the ICON Network by delegation of ICONists. Top ranked 22 main P-Reps will participate in block production, verification and making governance decisions. 200,000 ICONists are waiting to vote for eligible P-Rep candidates to boost the ICON ecosystem.”
Contribution is rewarded predominantly in ICX tokens, but there are other benefits such as affiliation with South Korean government initiatives which support the project. Pre-registration began earlier this year and the elections are set for September according to the roadmap.
ICX Crypto Token Supply Adjustment
In preparation for the election ICON announced that it was updating its circulating supply tracker based on ‘Internally Controlled Addresses’ (ICAs) today. The ICX supply number was previously based on off-chain agreements and contracts. The update will mean that the circulating supply will be equal to the total supply minus supply held in ICAs.
“With this update, the circulating supply has increased from 473,460,668 to 490,271,394. The 16,684,706 ICX difference is not held in an ICA and is therefore part of Circulating Supply.”
According to Coinmarketcap.com ICX is currently ranked 57th with a capitalization of $150 million. The price has pretty much been a flat line around $0.30 since November 2018. At its peak ICX topped $12.5 so it is still on the floor with so many of the altcoins which traders and investors have clearly ignored in 2019.
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Japanese Crypto Exchange Hacked in $32 Million Heist, Markets Oblivious

Following the demise of one of Poland’s largest crypto exchanges last week, news is breaking today that one in Japan has just been hacked.
Bitpoint Suspends Services
An official announcement today stated that Japanese crypto exchange Bitpoint has suspended services following a heist to the tune of around $32 million in crypto assets. A Boomberg report added that XRP was one of the major cryptocurrencies involved in the theft of about 2.5 billion yen in customer funds. A further billion yen in assets belonging to the exchange were also lost.
In addition to XRP and Bitcoin, a total five different cryptocurrencies which had been stored in the affected BJP managed hot wallets, including Bitcoin Cash, Litecoin and Ethereum, were pilfered. The announcement indicated that Bitpoint’s cold wallets were not affected.
The report added that Bitpoint was one of a number of exchanges to be served a business improvement order from the Financial Service Agency (FSA), Japan’s far reaching financial regulator. The order was lifted in June and clearly has not been enough to thwart the threat of cyber incursions.
The move followed one of the largest hacks in crypto history when Coincheck was plundered for over $530 million in NEM tokens early last year. Similarly the pilfered coins were stored in low security hot wallets on the exchange.
In the official statement Bitpoint said that it “detected an error related to Ripple remittance,” which were discovered to be “leaked illegally” on further investigation. It added that the anomalies were detected late last night and services were suspended early this morning in Asia.
Remixpoint Inc., which owns Bitpoint, saw its shares plunge by over 20 percent during Tokyo trading today.
Crypto Market Reaction
Bitpoint is a relatively small player in comparison to the big boys. Markets did not even blip when Binance, the world’s largest exchange, announced it had lost around $40 million in a hack in May. This may have been because funds were protected by the firm’s SAFU, Secure Asset Fund for Users. It remains to be seen whether Bitpoint will also be refunding all of its affected clients following this breach however strict Japanese regulations may leave the company without a choice.
There has been no measurable effect on crypto markets which are actually starting to recover slightly from Bitcoin’s correction yesterday. Japan’s native crypto Monacoin did plunge almost 10 percent after the announcement but has since recovered slightly to trade at $2.10.
Earlier this week Poland’s largest crypto exchange, BitMarket, declared bankruptcy as hacking speculation circulated and late last month Singapore based Bitrue was hacked for over $4.5 million in XRP.
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Bitcoin Continues to Correct as Crypto Markets Bleed Billions

Yesterday’s Bitcoin pullback has extended into Friday as further losses are mounting. The selloff has slowed however as BTC searches for its short term bottom and traders seek buying opportunities. The overall trend for the past few weeks however has been sideways.
Bitcoin Slides 14% in Two Days
From a touch of $13,000 on Wednesday BTC has hit a low of $11,200 a couple of hours ago during Asian trading. The initial dump was triggered late on Wednesday and continued into Thursday after Bitcoin hit the bottom.
BTC price 24 hours. Coinmarketcap.com
From there it managed to creep back up to resistance at $11,700 but could not hold that and continued to decline today. Daily volume has fallen back to $26 billion and market capitalization is in danger of dropping below $200 billion once again.
As usual crypto traders and analysts are eyeing the charts looking for areas of support and resistance as Bitcoin starts to form a longer term channel of consolidation. Josh Rager has noted support just below $11k and predicts further consolidation:
“$BTC weak buying today with mostly ranging in the mid to low $11ks. Daily support at $10,979 has been the bottom & a breakdown could be likely but expect consolidation before the next major move. Flat/neutral atm”

$BTC weak buying today with mostly ranging in the mid to low $11ks
Daily support at $10,979 has been the bottom & a breakdown could be likely but expect consolidation before the next major move
Flat/neutral atm
Boring market, no wonder everyone is talking Trump pic.twitter.com/NhnExIdny6
— Josh Rager (@Josh_Rager) July 12, 2019

The one day support lies at around $11k and the range bound channel is between current prices at $11,300 and $11,700. The predictions are starting to flow again and the double top pattern is an indicator of further losses. Chart guru ‘dave the wave’ added: “If the pattern holds, two days of sideways then down to 10K,” with a comparison of s similar pattern from 2017.

A comparison of the 2017 top to the possible top here. pic.twitter.com/dcJjvyC4Ln
— dave the wave (@davthewave) July 12, 2019

Trump’s comments are the talk of the crypto town today however as markets continue to cool off.
Altcoins Axed Again
Total crypto market capitalization has declined by over $45 billion since the recent market peak of $357 billion. Currently hovering around $310 billion, daily volume has also dumped back to $80 billion but compared to the depths of crypto winter six months ago, that is still sky high.
As usual it has been the altcoins that have borne the brunt of Bitcoin’s retreat. Market dominance is still over 65 percent as the rest of the crypto assets get pounded.
In two days Ethereum has dumped over 14 percent plunging ETH prices back down to $270. XRP has collapsed 20 percent as it slides back to a monthly low of below $0.33. Litecoin halving fomo seems to have completely dried up as LTC falls back towards $100 and Bitcoin Cash has crashed to below $350 again.
Bitcoin may be correcting but altcoins are clearly hemorrhaging once again.
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Spanish Police: Bitcoin ATMs Highlight Flaws in EU Money Laundering Rules

Following a Spanish investigation into a gang’s recently-busted money laundering operation, the nation’s police force claim to have exposed gaps in the European Union’s regulations designed to prevent money laundering. The group reportedly exploited the lack of  rules regarding Bitcoin trading terminals, popularly referred to as Bitcoin ATMs.
Authorities believe the criminal group used the machines to “clean” more than $10 million. Eight suspects have now been arrested from Spain and South America.
Bitcoin ATM Money Laundering Gang Invites Scrutiny into EU AML Regulations
According to a report in American Banker, La Guardia de Civil, a division of the Spanish police force, claim the EU’s money-laundering regulations are not adequate. They argue that since the rules aimed at preventing money service providers from trading with non-verified clients don’t apply to operators of Bitcoin ATMs, the machines provide an easy way for criminals to launder money.
The claims come in the aftermath of a bust involving Spanish nationals and South American drug dealers. Authorities first announced that they had taken down a money laundering scheme involving Bitcoin ATMs in May of this year. Eight suspects have been arrested, hailing from Spain and South America.
According to an anonymous official from La Guardia de Civil, the gang had hired Bitcoin ATMs from unnamed (and unassociated) trading companies. They had them installed in a Madrid office that was fronting as an international remittance and cryptocurrency trading centre.
Bitcoin ATMs are springing up around the world.
The gang allegedly used the business to clean some $10 million for South American drug dealers. The nature of the company used provided the perfect justification for large amounts of money being sent between Spain and other nations without arousing suspicion.
As part of the investigation, the two Bitcoin ATMs, four cold wallets, and 20 online wallets were seized. The authorities are now working on proving a link between the wallets and the suspects.
The last few years has seen the number of Bitcoin ATMs around the world multiply rapidly. According to monitoring website, CoinATMradar, there are now more than 5,400. Most of these machines are located in the US. Earlier this year, NewsBTC reported on the city of Chicago receiving 30 new terminals.
For their proponents, and fans of Bitcoin in general, the ATMs are a great way to drive adoption and to familiarise the public with the technology. However, for regulators, the machines are clearly proving to be something of a headache as they represent an entirely new way for criminal networks to clean money. 
For now, most jurisdictions do not enforce as strict anti-money laundering regulations on Bitcoin ATM operators. However, this seems likely to change given the scale of the Spanish operation recently taken down.
 
Related Reading: Short The Bankers: Another Major Bank Ordered Closed for Money Laundering
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No, Bitcoin Did Not Drop Because of Fed’s Concerns with Facebook’s Libra

Bitcoin and the aggregated crypto markets plummeted over the past day after BTC failed to stabilize in the $13,000 region and incurred a sudden influx of selling pressure that sent it spiraling downwards.
Naturally, the world was quick to try to pin this drop on some concrete event – rather than some technical reason – and the mainstream media’s narrative is now that the Fed’s recently pronounced concerns with Facebook’s Libra project sparked this selloff.
Fed Chairman Deems Libra as Dangerous Just Prior to Bitcoin Dropping Below $12,000 
At the time of writing, Bitcoin is trading down over 7% at its current price of $11,550, which marks a significant drop from its 24-hour highs of roughly $12,500 that were set yesterday.
Although it is clear that the price action over the past 24-hours has been negative, it becomes even more clear that bears are in control in the near-term while looking at BTC’s weekly chart, as it is currently down from its recent highs of $13,200.
The latest selloff was likely triggered by Bitcoin’s move into the $13,000 region, as the cryptocurrency has been historically unable to find much buying pressure in the price region.
Despite this, the current narrative circulating on the web is that Fed Chairman Jerome Powell’s recent comments on Facebook’s Libra being dangerous.
“Libra raises many serious concerns regarding privacy, money laundering, consumer protection and financial stability,” Powell said while addressing the U.S. House of Representatives Financial Services Committee yesterday.
But Did These Comments Spark a BTC Selloff? 
Although it would be easy to take Powell’s comments out of context and extend the sentiment they contain across all cryptocurrencies, it is important to note that his concerns were specific to Libra, and not necessarily relevant to Bitcoin and other cryptocurrencies.
Moreover, many cryptocurrency proponents similarly share concerns with Facebook’s Libra project, as it entails a whole host of potential problems with centralization and privacy that cryptocurrencies like Bitcoin don’t have.
Despite this, some analysts still believe bearishness regarding Libra is the cause behind the recent drop.
Craig Erlam, the senior market analyst at OANDA, told Reuters that the latest BTC pullback is directly due to Powell’s Libra concerns.
“This is a direct response to the Powell testimony and comments on Facebook’s Libra and the implications that could have for the entire cryptocurrency space,” he said.
In spite of this sentiment, it is important to note that it has been clear for quite some time that those who harbor power within the US government have been concerned with Libra, and there have already been multiple calls for Libra to be shut down that had little to no effect on Bitcoin and the crypto markets.
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Bitcoin Plunges Towards $11,000 as Bull Trend Reverses; Factors & Trends Behind This Move

Bitcoin and the aggregated crypto markets have continued to extend the downwards movement that they incurred yesterday, and BTC is now approaching its next region of psychological importance that exists around $11,000.
Although some bulls may believe that this downwards move could simply be a flash in the pan that traps bears and fuels a short squeeze, one prominent analyst is now explaining that this move could persist for the rest of 2019.
Bitcoin Plunges as Selling Pressure Ramps Up 
At the time of writing, Bitcoin is trading down 7% at its current price of $11,185, which is down significantly from its daily highs of $12,200.
This downwards descent first began on Wednesday evening when Bitcoin rapidly surged to over $13,000, which sparked a significant amount of selling pressure that has extended into today’s trading session.
It now appears that Bitcoin is going to continue dropping further in the near-term and may revisit its July lows of $9,900 before it finds any real buying support that helps it climb higher.
Don Alt, a popular cryptocurrency analyst on Twitter, spoke about Bitcoin’s price action in a recent tweet, explaining that how it finishes the week is critical, as a red weekly candle could contribute to technical weakness that leads BTC significantly lower in the near-term.
“$BTC update: Uhhh, this is what I expected without the wick. With the wick on top, this looks utter garbage. Pray to god this weekly doesn’t close like this, if it does I’ll be looking for 8000 minimum,” he noted, referencing the below chart.

$BTC update:
Uhhh, this is what I expected without the wick.With the wick on top, this looks utter garbage.Pray to god this weekly doesn't close like this, if it does I'll be looking for 8000 minimum. pic.twitter.com/q5Iu0NpbAF
— DonAlt (@CryptoDonAlt) July 11, 2019

Could Bears Control BTC For the Rest of 2019
Although it is clear that bears are in control of Bitcoin at the current moment, one prominent analyst who has been cautioning about the possibility of a drop like the current one for several weeks is now noting that bears could control BTC for the rest of 2019.
Dave the Wave, another popular cryptocurrency analyst, shared his thoughts on this possibility in a recent tweet, noting that it is possible that this correction extends as long as the parabolic rise that BTC has incurred over the past several months.
“If the correction is as long as the parabolic rise, looking at the end of the year,” he said.

If the correction is as long as the parabolic rise, looking at the end of the year. pic.twitter.com/0sT4B2s1Rs
— dave the wave (@davthewave) July 11, 2019

Currently, it does feel as though BTC is resting on the edge of a precipice that could result in a massive drop back into the four figure price region, but investors should remember that the cryptocurrency has been in a massive uptrend over the past several months, and it will require a significant shift in tides in order for this long-term trend to reverse.
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Crypto Trend Analyst: Bitcoin Price Rally Has Ended, Bottom December 2019?

In December 2017, Bitcoin hit its all-time high of $20,000. In December 2018, it touched its bottom at $3,200, before going on the parabolic rally that brought us to the price point where are right now – a critical junction that either takes us into a reaccumulation phase, or Bitcoin goes on to set a new all-time high after this “correction” has finished.
In December 2019, according to one crypto analyst, Bitcoin will once again touch a bottom before rising to set a new all-time high. The month of December has also historically been the month where most tops and bottoms occur across financial markets, adding additional weight to the chartist’s theory.
Long-Term Trend Analyst: Bitcoin Price Is Resetting, Finds Support Around End of Year
Crypto analyst Dave the Wave has been nailing just about every call since the bear market bottom. The chartist focusing on long-term trend analysis using tools like the 200-week moving average and the MACD, called a bounce around $3,250 perfectly, and has been suggesting that moving averages appear to indicate Bitcoin needs to cool off for a bit.
The analyst believes that if Bitcoin’s falls as hard as it rose, then it will take until the end of the year for Bitcoin to return to mean.

If the correction is as long as the parabolic rise, looking at the end of the year. pic.twitter.com/0sT4B2s1Rs
— dave the wave (@davthewave) July 11, 2019

After yesterday’s rejection from above $13,000 and resulting inverse head and shoulders failure, Bitcoin is at risk of dropping and dropping harder than the market is expecting. Altcoin capitulation may be an indication of what’s to come.
If Dave the Wave is correct, Bitcoin will find its bottom later towards the end of this year, but then it’ll go on to continue a rally into the stratosphere and potentially reach $100,000 or more according to his model.
Here We Go A Gann with December Tops and Bottoms
Bitcoin topped during the 2017 bull run in December. Bitcoin found its bottom of the bear market in December 2018. Will Bitcoin find its bottom of its reaccumulation phase in December, and then go on to top once again at a new all-time high in December 2020? According to Gann theory, this is exactly what will happen.
William Delbert Gann, went down in history for two vastly different things: being the “a trading legend,”, and for being a complete lunatic, scam artist, and pusher of nonsense trading guides and seminars – essentially the long-time ago version of a paid group leader, shilling to the masses as some sort of prophet.
Gann gained notoriety for using astrology – the study of the location of the planets and how they effect dates and human behavior. He supposedly used a combination of mathematics, astrology, and others forms of analysis to perfectly time the tops and bottoms of markets – which he says cycle with uncanny accuracy.

The above table is lifted directly from the wikipedia page on W. D.Gann. Notice that the majority of market “tops” and “bottoms” have been in December? Another notable date is July. Coincidence, or mathematics and astrology? Gann may not have been the crazy everyone had thought he was, and if Bitcoin bottoms out in December 2019, only to set a new all-time high in December 2020, Gann theory will be given some serious weight when it comes to cryptocurrencies and Bitcoin.
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Visa Invest $40 Million in Crypto Startup, is Mainstream Acceptance Here?

Electronic payments giant, Visa, along with VC firm, Blockchain Capital, have raised $40 million for a Series B funding round at digital asset custodians, Anchorage. The little-known startup seeks to advance institutional participation in cryptocurrencies. And this latest round of funding brings a total of $57 million invested since 2017.
While Anchorage is a relative newcomer to the space, both Visa and Anchorage are participating companies in Facebook’s Libra project. And despite the criticisms that beset Libra, that hasn’t stopped them, as well as a host of others, from wanting to get in on the crypto game.

Anchorage Provides Custodial Services With A Difference
The goal of Anchorage is straightforward. They intend to bring institutional investors to the space by providing secure custodial solutions. Co-founders, Diogo Mónica and Nathan McCauley wrote:
“We’ve started with solving the biggest problem facing our industry: making it safe for institutions to hold and use crypto. Since starting down this path in 2017, we’ve built the most secure digital asset custody solution on the market, and on-boarded some of the leading institutional investors in the space as clients, including Blockchain Capital, Polychain, Paradigm, and a16z crypto.”
Custodial services are nothing new. But Anchorage differentiates itself on a number of fronts, including participation features such as offering returns for staking and inflation, as well as support for on-chain governance.
But perhaps the most pertinent difference lies in their next generation cold storage solution. It relies on biometric software, as well as multiple approval systems, including human review, to secure the digital assets of clients. According to Mónica, this is particularly advantageous because:
“…investors gain greater access to and control over their holdings, enabling them to freely and actively participate in cryptocurrency networks.”
In this respect, the co-founders draw parallels with Visa, in that, Visa also provides “financial plumbing.” To which SVP and Head of Fintech at Visa, Terry Angelos, said:
“This investment is consistent with Visa’s global strategy to partner with and invest in emerging fintech companies…We’re pleased to add Anchorage to our growing investment portfolio.”
Visa’s Investment Indicates Growing Mainstream Acceptance
Not so long ago, legacy US financial organizations, including Citibank, JPMorgan, and Bank of America, moved to ban crypto related transactions. This had a trickle-down effect of smearing cryptocurrency in the minds of no-coiners.

Yesterday in Congress Rep. Sherman called for a bill to ban all #cryptocurrencies, due to concerns about illegal activities. This doesn’t surprise us, as his top campaign donations are coming from banks and credit card companies. #crypto
— Weiss Ratings (@WeissRatings) May 10, 2019

And while Visa had concerns over KYC and AML, they remained somewhat openminded when it came to cryptocurrency. Speaking to CNBC in October 2018, Visa CEO, Al Kelly talked about the threat of cryptocurrency to Visa’s business:
“Certainly not in the short to medium term in any way. And I think if we actually think that crypto starts moving from being more of a commodity to actually really being a payment instrument. If it goes in that direction, we will move in that direction. We want to be in the middle, Jim, of every payment flow in the world regardless of how it happens or what the currency is behind it. So if we have to go there, we will go there. But right now, it’s more of a commodity than a payment vehicle.”
Indeed, with Visa’s continual investment in crypto companies, it would seem as though that moment has happened. But more than that, Visa’s interest in cryptocurrency is an indication of growing mainstream acceptance. Which is a term that has often been banded about in the past.
But now, in the present, there is no denying the evidence that exists throughout the space. And while a number of significant hurdles still exist, most notably in a balanced global regulatory framework. It feels as though the worst is behind us.
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Why Winklevoss Twins Approve Libra as Crypto Despite Concerns

In a further show of support for Facebook’s crypto asset Libra, the Winklevoss twins waded into the discussion by giving their backing to the much-maligned project. Despite their chequered history with Mark Zuckerberg, the twins believe Facebook’s standing as an established tech company would be beneficial to crypto as a whole.
This comes at a time when Libra is facing open hostilities. Not least from political opposition, such as the French Finance Minister, Bruno Le Maire, who flatly condemned the project by saying it must not happen. Similarly, European Parliament member, Markus Ferber raised concerns over its potential to become a shadow bank. Whereas Bank of England Governor, Mark Carney holds a more amenable view, citing benefits to do with cross border efficiencies.
Libra executives likely expected a backlash. But the scale of opposition means they are now cutting back on their original plans. As such, it’s reported that Libra will exclude the Indian and Chinese markets.

The world’s largest social media company, @facebook has no plans to launch its "cryptocurrency" #Libra in India. https://t.co/IfPEUd2p9s
— NEWSBTC (@newsbtc) July 10, 2019

Winklevoss Twins Support Libra
Following the official launch of their whitepaper in June (since removed,) the Libra project has attracted a chorus of conflicting reactions. However, the Winklevoss twins have gone on record to say Libra will be good for crypto. In an interview with CNBC, they drew attention to Facebook’s influence by saying:
“[Libra] is very positive for crypto, a company the stature of Facebook talking about crypto currencies demystifies the word and makes people feel a lot more comfortable.”
And when questioned on how Facebook should approach lawmakers, ahead of its Senate Banking Committee meeting on July, 16th, the twins said:
“Work with regulators. Talk with them. You know, we definitely went through the front door, and we tried to educate the regulators and shape the regulation in a thoughtful manner because if you get the regulation wrong it can stifle innovation. But the right regulation allows for innovation to flourish, and we think we have achieved that right balance with New York.”
And while US authorities are progressive enough to discuss the matter, not every country is as openminded. Indeed, with draft proposals to criminalize crypto trading, India stands out as one place where Libra would not be welcomed.
Loss Of Central Bank Control
The raft of anti-crypto sentiment from the Indian government means their opposition to Libra should come as no surprise. Speaking on the matter, Economic Affairs Secretary, Subhash Garg said:
“Design of the Facebook currency has not been fully explained. But whatever it is, it would be a private crypto asset and that’s not something we have been comfortable with.”
Facebook responded by rejecting the roll out of Libra in India. According to Bloomberg, a Facebook spokesman said:
“There are no plans to offer Calibra in India. As you may know, there are local restrictions within India that made a launch of Calibra not possible at this time.”
But more than that, Libra’s stab at a global payment system has forced governments around the world to rethink. On this point, Facebook co-founder, Chris Hughes, sees the rise of Libra as a frightening prospect. In his piece for the Financial Times he wrote:
“Libra will disrupt and weaken nation states by enabling people to move out of unstable local currencies and into a currency denominated in dollars and euros. And managed by corporations. The fewer rupees or lira a country’s citizens hold, the less power the national central bank has to set monetary policy. Making it harder to stimulate the local economy in times of economic stress.”
With that in mind, the power shift from governments to corporations is a real possibility. And with the prospect greater globalization, are the Winklevoss twins fully prepared for what might be?
Featured Image from Shutterstock
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Bitcoin Price Breaks Below $12,000 As Crypto Market Bleeds Over $25 Billion

The crypto market has shed over $25 billion in value over the course of the afternoon hours, as Bitcoin price was rejected at $13,000, sending it quickly below $12,000, and is at risk of falling further now that the bullish momentum is waning. Altcoins have also been dropping like flies amidst the powerful Bitcoin move.
With the crypto market now uncertain about the direction, what’s next for Bitcoin price? And when might altcoins finally bounce and start bringing some much needed relief to HODLers of the alternative asset class?
Bitcoin Price Smashes Below $12,000, Is Below $11,000 Next?
Bitcoin price traded above $13,000 at the start of the day, but it may end it thousands of dollars below, now that Bitcoin’s bullish rally is in the first real jeopardy it’s been in since it first began back in April.
Throughout the 2019 parabolic rise in Bitcoin price, corrections have been shaken off without so much as a scratch for investors of the emerging digital asset class. But that all changed when Bitcoin approached $14,000, and it was violently rejected. Since then Bitcoin hasn’t been able to reclaim the important resistance point between it and all-time high.
Related Reading | Crypto Analyst: Max Pain Scenario Has Bitcoin Leaving Dip Buyers Waiting Indefinitely 
Worse yet, on the way back up to make another reattempt at breaking above $14,000, Bitcoin was stopped short just above $13,000, sending it down well over $1,000 to a current price of below $11,800.

Altcoins Capitulate, Fueling BTC Collapse and Erasing $25 Billion in Market Cap
Shortly before Bitcoin price collapsed, altcoins began to break through their support floor that’s lasted since the start of 2018. Now the alternative assets are plummeting, and may have dragged Bitcoin and the rest of the total market cap with the rest of them.
Altcoins may not have bottomed the same way Bitcoin did back in December. While a strong bounce certainly occurred, bringing some hope that a new “alt season” was almost guaranteed. However, HODLers holding out for hope are being tested today as altcoins have dropped in value as much as 5-10% and more across the board.
Related Reading | Crypto Capitulation: An Altcoin Obituary, Or the Biggest Buy Signal Ever?
The bleeding caused the total crypto market cap to have over $25 billion in value evaporated from it in the matter of a couple hours. The flight of capital initially was investors escaping falling altcoin prices, but once Bitcoin started dropping alongside alts, the real downward pressure began.
Altcoins have shown some signs of bouncing here, but may still have further to fall. In the past once altcoins bottomed, they vastly underperformed Bitcoin, so buying the blood in the streets here may be wise. Of course, the panic could ensue a lot longer than expected which would make buying here extremely dangerous, so exercise extreme caution if considering setting an order for any altcoins here.
Featured image from Shutterstock
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Bitcoin Hashrate Grows at Fastest Rate Ever; Will BTC’s Price Follow?

Bitcoin has once again incurred a massive amount of volatility that has made it increasingly unclear as to where BTC and the aggregated crypto markets are heading in the future. This volatility, which came about after a bullish move yesterday, may prove to be negative for the crypto if it is unable to find any strong support.
During times of great volatility and unclarity, analysts and traders alike often turn towards an asset’s fundamentals for insight into which direction it is heading next, and one strong fundamental factor may point to a continuation of BTC’s bullish momentum in the near-term.
Bitcoin Hashrate Incurs Fastest Growth in Its History
At the time of writing, Bitcoin is trading down marginally at its current price of $12,430, which is down significantly from its 24-hour highs of $13,000 that were set earlier this morning.
Today’s drop signals that BTC’s bulls are not yet ready to propel the cryptocurrency higher and it may require a longer period of consolidation before it once again begins its upwards journey back up towards its 2019 highs of $13,800.
Although today’s drop came as a surprise to most analysts and investors alike, it is important to note that Bitcoin still has incredibly strong fundamentals that will likely help lead it higher in the near-future.
One of these factors is BTC’s hashrate, which has recently incurred its fastest growth in the history of BTC, which is one robust fundamental factor that could lead the cryptocurrency significantly higher.
“The Bitcoin network hashrate has just recorded its fastest growth in history. Bitcoin’s total hashrate (on a 7-day moving average) has increased by 13.11 EH/S over the past 30 days – its fastest pace ever. What does this mean for the price of #Bitcoin?” Binance Research – the research arm of cryptocurrency exchange Binance – noted in a recent tweet.

The Bitcoin network hashrate has just recorded its fastest growth in history. $BTC
Bitcoin's total hashrate (on a 7-day moving average) has increased by 13.11 EH/S over the past 30 days – its fastest pace ever.
What does this mean for the price of #Bitcoin? pic.twitter.com/0rzENUUdzP
— Binance Research (@BinanceResearch) July 9, 2019

All Eyes on BTC’s Monthly Close
Right now, analysts are closely watching to see how Bitcoin reacts to the downwards pressure it is currently facing, and it is critical that it ends July with a green monthly candle so that its bulls have time to regain their strength and propel it higher.
“$BTC Monthly: The monthly close is still a few weeks away but you can’t deny the bullishness if Bitcoin can close above the previous ATH close at $13,863. On high-time frames it will be clear skies with no price history resistance overhead, only support. Countdown to July 31st,” Josh Rager, a popular crypto analyst, explained in a recent tweet.

$BTC Monthly
The monthly close is still a few weeks away but you can't deny the bullishness if Bitcoin can close above the previous ATH close at $13,863
On high-time frames it will be clear skies with no price history resistance overhead, only support
Countdown to July 31st pic.twitter.com/E1OI6mnZMV
— Josh Rager (@Josh_Rager) July 10, 2019

As the week and month continue on and Bitcoin reacts to the volatility it is currently incurring, it is highly likely that investors and analysts alike will soon understand whether or not BTC will soon surge back up to its all-time-highs.
Featured image from Shutterstock.
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Crypto Pundit and Goldbug Peter Schiff Begins to Warm Up to Bitcoin

In recent weeks, both Bitcoin and gold have started to show signs of the early stages of a bull run is beginning. However, goldbug Peter Schiff, founder of SchiffGold, says that while gold is indeed laying the foundation of the next bull run, Bitcoin is actually in a “sucker’s rally,” and has even compared buying Bitcoin to throwing money into the garbage.
The comments have made Schiff a target in the crypto community, and has received a barrage of comments pushing the investor to pay more attention to the digital version of his beloved precious metal, which shares so many of the same qualities that make it unique. But the Bitcoin basher may finally be coming around, and is welcoming a conversation on Bon the first every crypto asset and is hoping that he may be convinced of its value.
Peter Schiff Now Owns Bitcoin: Is the Goldbug Turning Crypto Bull?
The outspoken founder of precious metals investment firm SchiffGold, Peter Schiff, has been on a Bitcoin bashing rampage in recent weeks. In his defense, his entire business and belief system is at risk of being unseated by something he thinks is trash, and is reacting accordingly to protect his investment.
Related Reading | Crypto Pundit Peter Schiff Says Gold Is In Early Bull Market, But Bitcoin Is a Sucker’s Rally
But he might just be finally coming around, now that he actually owns some Bitcoin.

I have been gifted $2,800 worth of Bitcoin. Thanks to all for your generosity. What should I do with my stash? 1. Use it now to buy 24 Karat gold jewelry at https://t.co/At4icF7p0A for my wife. 2. Ignore the FUD and HODL until Bitcoin moons and buy a Lambo for myself.
— Peter Schiff (@PeterSchiff) July 10, 2019

Schiff claims he was “gifted” about 0.25 BTC according to current prices from crypto supporters encouraging him to learn more about the digital asset. The investors asks what he should do with his BTC: buy gold with it for his wife, or “HODL” until Bitcoin “moons and buy a Lambo for myself.”
While he remains a “skeptic,” it’s at least piqued his interest enough to host the first ever “Peter Schiff Bitcoin challenge” live on his Youtube channel. He’s opening the floor for someone to change his mind about Bitcoin.

I will be hosting the 1st ever Peter Schiff Bitcoin challenge live on my Youtube channel on Monday July 15th at 9 PM EDT. If you think you can change my mind on Bitcoin, here’s your chance. Bring your best argument and be prepare to defend it.
— Peter Schiff (@PeterSchiff) July 10, 2019

Cryptocurrency Has Broken Through to Traditional Finance
In addition to the biggest goldbug in the world beginning to come around to Bitcoin, so is the rest of the traditional world of finance. Institutions are finally paying attention, and investors have begun to flock to Bitcoin alongside gold, the Japanese yen, and the Swiss franc as an economic hedge in the face of impending global economic collapse.
Related Reading | Prominent Investor: Mainstream Finance Is Now Considering Bitcoin As a Safe Haven Asset
The world of traditional finance has finally began to give cryptocurrency and more importantly, Bitcoin, the respect it deserves. The trend can also be seen in reverse. Crypto traders who once only stuck to the emerging asset class have started to become increasingly interested in traditional assets outside of crypto, and exchanges have begun to cater to that demand. Both eToro and PrimeXBT offer a range of traditional financial assets outside of crypto, including stocks indices, commodities, forex, and even the gold that Peter Schiff holds so dearly.
If Peter Schiff can be convinced that Bitcoin has real value next to his beloved gold, it won’t be long until the rest of the world realizes Bitcoin’s potential.
 
 
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