Bitcoin Breaks Below Key Support; Movement to $7,000 May Be Inbound

Bitcoin (BTC) and the aggregated crypto markets have incurred some bearish momentum over the past several hours, as sellers have pushed the cryptocurrency’s price below a key support level, which could mean significantly further losses are imminent.
It is important to note that BTC did wick as low as $7,900 overnight before bulls stepped up and pushed it back towards $8,000, although multiple key technical indicators signal that the crypto will likely further extend its recent downtrend.
Bitcoin Breaks Below $8,000 Amidst Bearish Bout of Trading
At the time of writing, Bitcoin is trading down nearly 4% at its current price of just over $8,000, and it has recovered from its lows of $7,900 that were set in the past few hours.
Bitcoin’s slow grind lower over the past several days and weeks has been a bearish sign, and the inability for buyers to sustain any upwards rally in the time since it found major support around $7,800 points to an underlying weakness.
In the near-term, how Bitcoin reacts to its long-established support level at $7,800 will likely elucidate what the crypto’s short-term trend will be.
DonAlt, a popular crypto analyst on Twitter, recently noted that BTC’s next major support region exists right above $7,000, which likely means that a dip below its slight support level at $7,800 will send it reeling to this region.
“$BTC daily update: Still following the plan. A lot of low time frame volatility shaking people out of their positions. In contrast to that, the high time frames haven’t really been that volatile. Just slowly bleeding out. Bulls need to close the daily above $8200 (black),” he explained in a recent tweet,

$BTC daily update:
Still following the plan.A lot of low time frame volatility shaking people out of their positions.In contrast to that, the high time frames haven't really been that volatile.Just slowly bleeding out.Bulls need to close the daily above $8200 (black).
— DonAlt (@CryptoDonAlt) October 15, 2019

BTC Technical Indicator Shows the Crypto is Caught in a Downtrend
DonAlt is not alone in his bearish assessment of Bitcoin’s short-term price action, as other analysts believe that the crypto will drop lower in the near-term before it finds meaningful support that allows it to climb higher.
Josh McGruff, another popular cryptocurrency analyst on Twitter, echoed a bearish sentiment in a recent tweet, explaining that he expects BTC to visit lows of $7,400 as multiple technical indicators are flipping bearish.
“We dropped to 7600, didn’t come as low as 7400 but I think we will still. OBV is in a clear downtrend now, would need to see that break up before I expect us to recover. 200EMA was broken and retested as resistance which rejected $BTC. Guppy is Bearish, Ichi Bearish,” he explained.

We dropped to 7600, didn't come as low as 7400 but I think we will still.
OBV is in a clear downtrend now, would need to see that break up before I expect us to recover.
200EMA was broken and retested as resistance which rejected $BTC. Guppy is Bearish, Ichi Bearish.
— Josh McGruff (@JoshMcGruff) October 16, 2019

How BTC reacts to $7,800 will likely offer insight into where the embattled cryptocurrency will head in the near-term.
Featured image from Shutterstock.
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Bitcoin Inheritance Solution? Startup to Make Passing on BTC Easy

A startup focused on Bitcoin management has launched a service to make passing on Bitcoin as part of inheritance easier. The service, known as the Casa Covenant, addresses one of the biggest issues with using Bitcoin as a long-term store of value. 
The service will introduce an extra private key that may be used in conjunction with those already available as part of Casa’s key management solution. The key will be held by an attorney appointed by the Bitcoin holder and used in the event of their passing.
Passing Your Bitcoin on? It Might Not be as Straightforward as You Think…
Earlier this year, NewsBTC reported on the Canadian Bitcoin exchange QuadrigaCX suddenly going offline. In the days that followed, it emerged that its founder and CEO, Gerard Cotten, had suddenly died with the only copy of the platform’s cold storage private keys. With Cotten’s death, the millions of dollars worth of digital assets held on behalf of the exchange’s customers effectively disappeared.

Announcing Casa Covenant!
A Bitcoin Inheritance Service that solves the question:
“What happens to my bitcoin when I die?”
— Casa (@CasaHODL) October 16, 2019

The story has far more twists and turns in it than the bare bones detailed above. However, the incident served as a stark reminder (or perhaps revelation) of a very pressing issue with Bitcoin: inheritance.
The truly revolutionary qualities of the Bitcoin protocol are only achieved when users hold their own private keys. This gives them absolute sovereignty over the funds. Literally no one can move their Bitcoin without that private key. Unfortunately, this remains true after they die too.
Typically, when someone passes down money in a will, that money is held in a bank. It’s very easy for them to authorise a payment to a loved one should you pass away. In fact, it’s just as easy as it is for them to shut down your account, freeze funds, or place withdrawal limits on every customer at once. That’s another story though.
The problem of inheritance is one that Bitcoin startup Casa has taken aim at with its latest service. The Casa Covenant builds on its existing key management protocol. It introduces an additional private key to its existing multi-sig system. This is held by an estate attorney appointed by the user.
The wallet requires three keys be used to transact with the Bitcoin associated with the wallet. One of these is held by Casa itself. One by the estate attorney. Finally, for the system to work correctly, another must be held in a safe deposit box under the user’s own name. In the event of the user’s death, the “Safe Key” can be retrieved by the interested party, Casa can relinquish its own key, and the attorney will complete the trio of private keys needed to pass on the funds.
As part of the service, Casa says that it will not only aid with the setup itself but will also educate the legal expert on how exactly to use the additional key.
Casa has not yet offered the service to all its users. For now, it is reserved for its highest tier members. In a blog post detailing the new system, the company explained the reason for this slow launch:
“Over time, we plan to add inheritance solutions to other membership levels. But it’s important to handle this rollout carefully.”
Related Reading: CEO Who Held $150M in Crypto Died in a Region Known for Having a Fake Death Mafia
Featured Image from Shutterstock.
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Bitcoin Made Busting Dark Child Porn Ring Easy For US Justice Department

Bitcoin is a potentially world-changing financial technology, designed by the mysterious Satoshi Nakamoto. But Bitcoin also brought with it the birth of blockchain – distributed ledger technology that may not be world-changing, but certainly can redefine and improve upon certain industries.
The technology makes tracing transactions especially simple, but cryptography keeps the account owner’s personal identity private. But thanks to crypto exchanges being required to follow global regulations around know your customer and anti-money laundering policies, combining the traceability of Bitcoin transactions with the KYC at a crypto exchange helped the United States Department of Justice take down one of the dark web’s most extensive child porn rings.
United States Department of Justice Takes Down Dark Web Child Porn Site
This week, the United States Department of Justice announced the seizure of a dark web platform for child pornography called Welcome to Video. Over 337 alleged suspects from 38 different countries have been arrested, charged with their involvement in the ring. The sting also resulted in 23 children from being rescued in relation to the website.
Related Reading | United States Regulators Begin Crack Down on Crypto and Bitcoin Crime
The site was in operation from mid-2015 to late 2018 when it was seized by law enforcement. It had featured well over a quarter of a million videos depicting explicit situations with underage individuals, and the DoJ said that users of the platform had downloaded over 8 terabytes worth of child pornography.
The site included a message warning users to under no circumstances “upload adult porn” and charged users as much as $350 in Bitcoin – or roughly 0.044 BTC at today’s prices.
Bitcoin and Crypto Exchanges Assist Law Enforcement With Tracking Down Criminals
But it was that same Bitcoin used to subscribe that led investigators to the website’s administrator. The DoJ claims that since Bitcoin obfuscates personal details behind cryptographic addresses, Bitcoin itself didn’t lead them to the suspect. Instead, the DoJ worked with Chainalysis to tie the Bitcoin transactions via its blockchain ledger back to a wallet owned by Jong Woo Son that was hosted at a US-based cryptocurrency exchange.
The DoJ was able to glean information from the crypto exchange and tracked the funds the admin had cashed out to their bank account, solidifying the lead. In all, the website received over $353,000 worth of Bitcoin, according to a press release from the DoJ.
Related Reading | Former DoJ Prosecutor Turned Crypto VC: Bitcoin Helped Fight Crime
Bitcoin is often demonized due to its involvement in criminal activities, but very often Bitcoin and the blockchain technology it is built on has helped to solve the crimes these criminals are committing using the cryptocurrency. Even a former DoJ prosecutor turned venture capitalist has spoken out on how Bitcoin has been helpful in tracking down criminals – not in creating them.
Regardless of Bitcoin’s involvement, as US Attorney Jessie K. Liu puts it, “children around the world are safe because of the actions taken by the US and foreign law enforcement to prosecute this case.”
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Bitcoin Price Breaks Below $8,000, Is $7,000 or $9,000 Next?

This morning, Bitcoin price briefly broke back below $8,000 and is currently teetering on the support line – which could possibly be the last stand for bulls in this range before new lows are reached.
But all is not lost for bulls, and if Bitcoin buyers can push the price of the leading crypto asset up past a key resistance level, the bull market could be back on. If not, falling even deeper to find new support will be the end result.
Bitcoin Price: Bear Flag Could Bring Crypto Asset to $7,000 Unless Bulls Reclaim $9,000
Following Bitcoin’s bear market bottom, FOMO helped carry the price of Bitcoin to $14,000 bringing investors at the high an up to 350% gain. But once the leading crypto by market cap got there and couldn’t push through to a new all-time high, the buying momentum fizzled out, and interest has all but faded from the crypto market.
Related Reading | Bitcoin Bear Flag Could Cause Crypto Asset To Retest February 2018 Lows 
This can be seen by significant declines in trading volume, and through falling asset prices. After making a rally towards $9,000, Bitcoin price was stopped short and rejected hard at roughly $8,800, which sent the price of the first-ever cryptocurrency plummeting back down toward $8,000.
This morning, Bitcoin momentarily broke below $8,000 and is now trading at the critical support level. If breached, bears could push the price of Bitcoin down to support levels below.
Bitcoin appears to be consolidating within a bear flag on its daily price charts, and if confirmed, could spell disaster for bullish crypto investors. Downside targets below current prices range from $6,800 to $7,400 as the next zone where a bounce most likely could occur and a new trading range be established. If not, the February 2018 low of $5,800 could be tested.
In the chart below, the bearish scenario shows Bitcoin falling from the bear flag formation to the aforementioned support levels.

Also depicted, is a bullish scenario, where if bulls can reclaim the powerful support turned resistance level between $9,000 and $9,600, a return to the bull run before the end of the year is possible. Any upward movement would be the result of one of two remaining diagonal trendlines drawn from Bitcoin’s bear market bottom holding as support.
Related Reading | More Whales Are Hoarding Bitcoin After Accumulating During Bear Market 
The bearish scenario has Bitcoin breaking below the higher of the two trendlines, and if that occurs, bulls will need to hope that the final diagonal support remains unbroken or the crypto asset could return to its bear market bottom, or potentially even set a new, lower low.
For now, Bitcoin price continues to trade at roughly $8,000, and how it reacts to either $7,000 below or $9,000 above will hold the key to the future of the cryptocurrency.
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Craig Wright: Satoshi Nakamoto Plagiarized My Bitcoin Paper

Craig S Wright, an Australian computer scientist who claims that he created billions of dollars worth of payment protocol Bitcoin, accused Satoshi Nakamoto of plagiarizing his paper.
The Bitcoin SV founder stressed that he is the original author of Bitcoin’s whitepaper during CC Forum in London. According to eyewitness Toni Vays, a famous cryptocurrency trader, who was also available at the event, Wright did not offer proof that could substantiate his claims. Instead, he said he would need to win a court case before the university allows him to release the so-called real Bitcoin whitepaper.

So CSW "FakeToshi" just admitted on stage that Satoshi plagiarized his paper from 2008 that the university is not releasing until he wins the court case .* I'm sure someone has the video
— Tone Vays [Bali – Financial Summit] (@ToneVays) October 16, 2019

According to Wright’s earlier statements, bitcoin’s creation was the effort of a team, not an individual. He had claimed that he was an integral part of the group that conceived the cryptocurrency. Nevertheless, Wright, on many occasions, failed to provide cryptographic keys of messages signed digitally by the real Satoshi Nakamoto during the early days of Bitcoin. His failure to prove his involvement led many to believe that Wright was a scammer.
In February 2018, the estate of Dave Kleiman (now deceased) also initiated a lawsuit against Wright for allegedly stealing US$5,118,266,427.50 worth of bitcoin. The judge for the case last month ordered Wright to hand all the bitcoin to the brother of Dave Kleiman, Ira. If Wright had produced that bitcoin, he would have proven his involvement in the Bitcoin project. But he did not, leading many to say that he did not even have those tokens.
The case also revealed that Wright forged Dave’s signatures to steal the bitcoin – a similar argument he is now making against Satoshi Nakamoto.
Community Laughs It Off
Wright’s latest stunt drew canny reactions from the cryptocurrency community. A Twitterati joked about Wright’s earlier statements, saying that he claimed he is Satoshi Nakamoto and now he is referring the same name as if it is a third person.
“So he plagiarised his own paper,” wondered JJ.

So he plagiarised his own paper?
— JJ (@lordhodl1) October 16, 2019

Litecoin creator Charlie Lee, meanwhile, added:

So the latest claim is that Satoshi is a fraud?! LMAO
— Charlie Lee [LTC] (@SatoshiLite) October 16, 2019

Word Manipulation
Other eyewitnesses accused Vays of taking Wright’s words out of context. Diego SV, a hardcore Bitcoin SV follower, clarified:
“In the fireside chat, CSW refers to the looming McCormack case and how his paper from 2008 will come out which shows great chunks of this is identical to the 2009 Bitcoin whitepaper. He clearly says this either proves I am Satoshi or Satoshi plagiarised me.”

In the later discussion with Mike Beaver, Tone Vays manipulates this wording of CSW to argue CSW admitted he did not write the whitepaper. I find it beyond belief how such distortion can occur from anyone capable of thought. It’s laughable.
CSW #Bitcoin $BSV Satoshi Nakamoto
— $DiegoSV (@Diegoioisp) October 16, 2019

[Disclaimer: The author holds small amounts of Bitcoin SV after the last year’s Bitcoin Cash hard fork. The author does not trade or speculate on the said assets.]
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US Treasury Secretary on Libra Exodus: Crypto Partners Not Up To Par

The golfing analogy was not lost as Facebook gets buried deeper in the digital rough while its crypto project partners run for the hills. In an interview with CNBC yesterday, US treasury secretary Steven Mnuchin said they may have feared heavy regulatory pressure.
Threats For Crypto Consortium
Speaking on CNBC’s ‘Squawk Box’, Mnuchin stated that he had met with Libra representatives and partners on multiple occasions. He stated in no uncertain terms that if those associated with the Facebook crypto project do not meet the government’s stringent anti-money laundering standards they would be subject to enforcement action, adding;
“And I think they realized that they’re not ready, they’re not up to par. And I assume some of the partners got concerned and dropped out until they meet those standards.”
At the weekend the G7 group released a report outlining the inherent dangers in allowing such a project to go ahead.
The exodus accelerated after US senators sent veiled threats in a letter to CEOs of companies that are members of the Libra Association. One such letter shared online was addressed to Stripe CEO Patrick Collison, originating from senators Brian Schatz and Sherrod Brown. It stated that Facebook is trying to act as a financial authority without regulated status, adding;
“Facebook is attempting to accomplish that objective by shifting the risks and the need to design new compliance regimes onto regulated members of the Libra Association like your companies.”
With the Treasury Secretary backing up these threats, the likelihood of Zuckerberg and Marcus having any partners left at the end of the year is slim at best.
To date PayPal, Visa, Mastercard, Stripe, eBay, Kayak owner Booking Holdings, and Mercado Pago have announced their departure from the project. Five of those seven are global payments companies which serves a huge blow to Libra. Only one payment processor remains involved with the association, a Dutch firm focused on mobile and web payments in the European market called PayU.
Geneva Meeting
Yesterday the Libra Association, or what remains of it, held its first official board meeting in Geneva, Switzerland. The social media giant officially moved forward with its crypto plans despite intense criticism from US regulators and politicians and the recent exodus.
According to reports, most of the meeting was involved in establishing the basic governance of the new association which is now seven members lighter. Five board members were named including Xapo CEO Wences Casares, Andreessen Horowitz’s blockchain lead Katie Haun, Libra head David Marcus, Kiva Microfunds’ Matthew Davie and PayU’s Patrick Ellis.
Unperturbed, the consortium also announced that 1,500 organizations have expressed interest in joining the crypto project and 180 of them meet eligibility requirements to become members. The goal is to achieve 100 members before the 2020 launch date, which is now likely to be set back due regulatory issues.
Image from Shutterstock
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Altcoins Energized as XRP, XLM and ZRX Leave Bitcoin Behind

Another day of inactivity and consolidation for Bitcoin has kept the king of crypto just above support. Its lethargy has resulted in another dip in market share as a few of the altcoins start to make bigger moves. Ripple’s XRP, Stellar Lumens and 0x are among them.
Bitcoin Dominance Dip Good For XRP
A couple of very brief touches of $8,400 was all that BTC could muster over the past 24 hours. Clearly there are too many bears lurking here and resistance is proving too strong for another day. On the low side Bitcoin dropped to $8,240 but recovered back to site smack in the middle of its ranging channel at just over $8,300 again.
The continued tedium on BTC markets has been music to the ears of altcoin traders, especially those into XRP. The Ripple token has made over 11% since the weekend, adding half of that today as it approaches strong resistance.
According to XRP is one of the day’s top performing digital assets as it hit $0.298 a couple of hours ago. The move has invigorated the ‘XRP Army’ on CT who has turned bullish on their baby which has posted a 20% gain in October.
XRP price October 2019 –
What should be noted however is that even after this increase, the Ripple token is still down 15% since the beginning of the year so has a long way to go.
The upcoming Ripple Swell event in Singapore early this month appears to be driving momentum as it has done in previous years. The gathering of Ripple executives and XRP advocates is the most bullish event of the year for the company and its token deserves some long awaited love.
There is a massive wall of resistance at $0.30 which is currently being tested, but a break of this could see a bigger pump for XRP.
Stellar, 0x Lifting Off
As usual when XRP moves, its little sister follows. XLM has made 8% over the past 24 hours as it climbs to $0.065, however it too is way down from previous highs and has a long way to go. Stellar momentum is likely to mimic Ripple’s as the two tokens often move in tandem.
There is little fundamentally driving XLM at the moment so the Swell event could be beneficial to it too. Stellar is currently ranked tenth in terms of market cap which has reached $1.3 billion today.
Today’s other big mover is ZRX which has made a larger 10% jump to reach $0.337. Daily volume for the DEX protocol token has doubled to $64 million as it creeps back up the market cap charts outperforming those around it. Plenty of updates were announced at Devcon 5 as development on the protocol continues.
Bitcoin’s slowdown is finally starting to benefit some of the altcoins with XRP, XLM and ZRX leading the way today.
Image from Shutterstock
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Wyckoff Logic Suggests Bitcoin Markdown Has Only Just Begun

At the end of September 2019, Bitcoin broke down from a triangle pattern that it had been trading in throughout the summer months, putting an end to a rally that first began in the Spring.
The entire cycle from Bitcoin’s bear market bottom all the way to the recent top, appear to follow Wyckoff’s distribution model. And if that’s what is playing out in Bitcoin markets, the markdown phase of the first-ever crypto asset may have only just gotten started, and much lower prices may be ahead.
Bitcoin in 2019: The Perfect Example of the Wyckoff Method?
Richard Wyckoff was a world-renowned stock trader and author of a number of famous trading books. His success was based on the principle that markets were cyclical and went through four distinct phases at different times.
The four different phases according to the Wyckoff method, are accumulation, markup, distribution, and markdown.
Related Reading | More Whales Are Hoarding Bitcoin After Accumulating During Bear Market
Accumulation phases are periods of time when an asset’s price is at a low following a bear market or downtrend, and smart money begins buying up the asset at the low prices. After the investors have sufficiently accumulated a large position of the asset, the markup phase begins, driving up the price of the asset to later be sold at a higher price.
The accumulation phase took place while Bitcoin was trading in the low $3,000 and $4,000 range, at the end of 2018 and into early 2019. The markup phase was the subsequent rally from those lows to a local high of $14,000.
At the recent peak from the bottom, would have represented over 350% gains for investors who bought Bitcoin at its bear market low and then sold the June top.
Markdown Phase Could Take Price of Leading Crypto To New Lows
After accumulation and markup, comes distribution and markdown.
Once Bitcoin reached $14,000 distribution began, and Bitcoin began to consolidate as the initial supply being sold was met with continued demand. Eventually, the distribution caused supply to outweigh demand, and prices began to fall.

Here is another Wyckoff Logic
— Moe (@Moe_mentum_) October 12, 2019

According to Wyckoff method, after distribution comes the markdown phase, when the price of the asset begins to decline and bears regain control over the market.
Related Reading | Crypto Analyst: Bitcoin Continues To Follow Bear Market Bottom Fractal 
If the leading crypto asset by market cap is indeed in a markdown phase, as the chart structure appears to suggest, the price of Bitcoin could continue to be pushed down further and further until the price is sufficiently suppressed enough for high wealth investors to begin accumulating once again, restarting the entire process.
And if Bitcoin has entered a markdown phase, 2019 serves as a near-flawless example of a full cycle according to the Wyckoff method playing out in a market.
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Is Bitcoin Becoming A Leading Indicator For Gold?

Throughout 2019, Bitcoin and gold became highly correlated, rising and falling in value at or around the same time, and further fueling the Bitcoin as a safe haven narrative.
Even now, the two assets are showing similarities in their price charts that suggests they are still correlated in some way, and gold could soon be following Bitcoin and making a “deep cycle low,” much like the leading crypto by market cap did last month.
Is The Precious Metal Ready To Set a Cycle Low in December?
As tensions between the US and China were heating up and fears of a looming recession mounted, 2019 has thus far been the year of the safe haven asset – namely, the precious metal gold and its digital gold counterpart, Bitcoin.
Related Reading | Bitcoin Could Follow Gold Fractal With 44% Drop to Under $7,000
The two assets rose and fell hand-in-hand as investors fled stocks and other traditional investments. Eventually, though, just as Bakkt launched in late September, Bitcoin diverged and dropped over $2,000 in less than 72 hours, erasing over 20% of its 2019 rally.
With the assets showing such similar performance, could Bitcoin somehow be a leading indicator for gold? Just before Bitcoin broke down, it had been consolidating at the top of its rally and trading inside a triangle pattern before its big fall.

Gold is very cyclical and is due a deep cycle low in Dec. working towards that.
— Bob Loukas (@BobLoukas) October 13, 2019

According to gold charts, the precious metal is trading inside a very similar pattern and could be at risk for a deeper drop ahead.
Career trader and investor Bob Loukas backs up the theory, suggesting that gold is ready for a correction much like Bitcoin’s, and could put in a “cycle low” in December.
Investors Seeking Safe Haven Assets Driving Both Bitcoin and Gold
Although Bitcoin may appear to be acting as a leading indicator for gold currently – given the shape of the pattern gold is now trading in looking eerily similar to the formation Bitcoin just broke down from – the leading crypto by market cap has been following a fractal from gold’s price charts.
Even Bitcoin’s recent triangle pattern and drop were first seen on gold price charts, and if the fractal continues to be followed, it suggests a very long, drawn-out consolidation phase where Bitcoin trades mostly sideways – the epitome of max pain for those accustomed to the wild price swings and volatility in crypto markets.
Related Reading | Gold Fractal Predicted Bitcoin Distribution, Up Next Is Two Years of Sideways 
The truth is, neither asset is likely to be following or leading the other, but due to their like-attributes they behave similarly. Markets and price fluctuations are driven by the emotional state of investors. And with each asset being attractive to the same sub-set of investors, the emotions driving each market are bound to be similar as well.
Feature image from Shutterstock
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Another Big Name Pulls Out of Libra, Will Facebook’s “Crypto” Even Launch?

Following the news that PayPal, MasterCard, Visa, eBay, and Stripe pulled out of Facebook’s foray into the crypto asset space, Booking Holdings Inc. has also withdrawn from the Libra project. The company operates both the and travel websites.
Libra has faced intense regulatory scrutiny since it was first detailed this summer. Such pressures and now big name withdrawals have cast the project’s eventual launch into doubt.
Yet More Difficulties for Facebook’s “Crypto”
According to a report in Bloomberg, Booking Holdings Inc. is the latest in a growing list of big names withdrawing from the Libra project. The Connecticut-based travel company has pulled out of the so-called crypto asset’s development on the day the Libra Association met in Geneva to begin fleshing out the structure of the organisation.
Earlier this month, PayPal became the first of the household names to withdraw their support from the “crypto” project. Following the payments giant last week were eBay, Stripe, MasterCard, and Visa.
The consortium of companies has thinned substantially since the 28 names were initially announced. This even prompted the newly-launched crypto asset futures exchange CoinFLEX to offer trading on whether or not the project would launch on time.

FIVE household names have pulled out of $LIBRA (Visa, Paypal, Stripe, Ebay, and Mastercard). I doubt they'll be the last.
Regulators are stonewalling it.
Zuck is testifying before Congress Oct. 23rd.
Now you can long/short its chance of even launching.
— The Crypto Dog (@TheCryptoDog) October 11, 2019

However, the withdrawals of big name supporters from the Libra Association are far from the project’s only concerns. Regulatory pressures from around the globe have been mounting since the very day that Facebook detailed the “crypto” in June. It even struck a nerve with Donald Trump and the US Treasury Secretary Steven Mnuchin. The former stated on Twitter that Facebook would need to apply for a full banking licence to make good on its financial ambitions. Meanwhile, the latter called it a potential national security issue.
More recently, the G7 task force, set up to debate the potential implications of the digital currency, has issued a report that states that the project will not be allowed to launch until it is proven safe and secure. Even then, the document says that its launch is not a given. The task force includes high profile central bankers, representatives from the IMF, and members of the Financial Stability Board. The group is concerned that Libra will be used for nefarious purposes, including terrorist financing and money laundering.
Opinions on Libra from the crypto community has been generally optimistic since its launch. Many have argued that it will likely serve as a convenient on ramp for new users to get exposure to the likes of Bitcoin and other decentralised crypto assets. However, with the above issues plaguing the project right from the get go, whether such theories will ever be tested remains in doubt.
Related Reading: XRP Surges as Crypto Markets Express Bearish Volatility
Featured Image from Shutterstock.
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Source: New

XRP Surges as Crypto Markets Express Bearish Volatility

Throughout the first half of 2019, XRP’s price was stagnant within the mid-$0.20 region, and it failed to incur any momentum that matched that incurred by other major altcoins that posted meteoric gains throughout the first several months of 2019.
It is important to note, however, that the embattled crypto has been able to garner some upwards momentum over the past couple of weeks, surging even in the face of instability surrounding Bitcoin and the aggregated crypto market.
XRP Surges Towards $0.30 as Bitcoin Takes a Break
At the time of writing, XRP is trading up roughly 4% at its current price of $0.29, which marks a notable climb from its daily lows of $0.27.
XRP’s climb today comes about as Bitcoin shows multiple signs of bearishness that were formed during its recent drop to the lower-$8,000 region, and XRP is currently trading up over 5% against its BTC trading pair.
Importantly, analysts do anticipate altcoins to put some distance between their recent lows, which could come about as Bitcoin’s dominance over the markets begins to recede.
The Crypto Dog, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, explaining that he is looking to long multiple major altcoins, with a rally amongst these cryptos potentially being driven by a drop in Bitcoin’s dominance over the markets.
“I think $BTC Dominance is cooked for a little while. I chose $BNB, $XRP, $TRX, and $ETH to long… how about you?” he said while referencing the below chart.

I think $BTC Dominance is cooked for a little while.
I chose $BNB, $XRP, $TRX, and $ETH to long… how about you?
— The Crypto Dog (@TheCryptoDog) October 14, 2019

Altcoins May Continue Surging as Bitcoin Consolidates
In the near-term, analysts anticipate altcoins like XRP to continue climbing higher in the near-term, which could be bolstered by a bout of consolidation for Bitcoin.
Luke Martin, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, pointing to the fact that XRP has been able to continue climbing higher despite BTC’s bout of consolidation.
“Backside, frontside, any side – no $BTC bounce from this retested support zone yet. Back below the monthly and I’m back to waiting for a better setup to join the trend when it starts. The one nice takeaway is $XRP can keep chugging along while Bitcoin rests,” he noted.

Backside, frontside, any side – no $BTC bounce from this retested support zone yet.
Back below the monthly and I'm back to waiting for a better setup to join the trend when it starts.
The one nice takeaway is $XRP can keep chugging along while Bitcoin rests.
— Luke Martin (@VentureCoinist) October 14, 2019

It does appear that XRP may have broken its correlation with Bitcoin, which could mean that it will continue to surge higher in the near-future regardless of whether or not Bitcoin is able to find any significant support around its current price levels.
Featured image from Shutterstock.
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Bitcoin Could Soon Incur Major Volatility as Bears Gain Upper Hand

Bitcoin (BTC) has failed to garner any significant buying pressure after facing a sharp influx of selling pressure yesterday that sent it reeling to the lower-$8,000 region – which is where it was able to find enough support to halt its drop and stabilize its price.
Analysts are now noting that multiple indicators signal that the crypto is positioned to incur notable volatility in the near-term, which could mean that the direction that BTC will trend for the coming few months will soon grow clear.
Bitcoin Drops Towards $8,300; Is a Big Movement Inbound?
At the time of writing, Bitcoin is trading down just over 1% at its current price of $8,300, which marks a notable retrace from its recent highs of $8,900 that were set last week when BTC’s bulls quickly pushed the crypto towards this price level, which is where it found significant resistance that sparked a short-term downtrend.
This downtrend was perpetuated yesterday when bears quickly pulled the rug out from beneath BTC and sent it to lows of roughly $8,100 before it rapidly climbed back towards its current price levels.
In the near-term, it is highly probable that Bitcoin and the aggregated crypto markets will soon incur notable volatility, as BTC is currently forming “spinning top candles” within the middle of its tight Bollinger Bands – both signs that a big movement is imminent.
“$BTC #Bitcoin – Todays spinning top falls right in the middle of the bands- When volatility hits we could see $7900 to the downside or $8600 to the upside, so prepare accordingly,” Big Cheds, a popular cryptocurrency analyst on Twitter, explained in a recent tweet.

$BTC #Bitcoin – Todays spinning top falls right in the middle of the bands- When volatility hits we could see $7900 to the downside or $8600 to the upside, so prepare accordingly
— Big Cheds (@BigCheds) October 14, 2019

Could BTC Still Target $8,600 in Near-Term?
Despite the bearish price action as of late, it is important to note that there are still analysts who anticipate an upwards movement for Bitcoin in the near-term, with Mayne explaining in a recent tweet that he believes BTC could target $8,600 next.
“$BTC: Expected a test of $8150 and we got it. Preemptively long expecting another bullish week. Will compound above the weekly open/monthly open ($8278 & $8300),” he said while pointing to the below chart.

Expected a test of $8150 and we got it. Preemptively long expecting another bullish week. Will compound above the weekly open/monthly open ($8278 & $8300).
— Mayne (@Tradermayne) October 14, 2019

If Mayne’s analysis does prove to be accurate and Bitcoin is able to break above $8,600, this could mark a bullish break that sparks massive volatility that favors the cryptocurrency’s bulls.
Featured image from Shutterstock.
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Source: New

Bitcoin Eyes Gains as Pound Drops on Brexit Uncertainty

Bitcoin was inching higher on Monday in the UK markets as Pound gave up some part of its last week’s sharp gains.
Bitcoin shows upside sentiment as the Pound drops to 1-month low | Image credits:
The cryptocurrency surged by 0.76 percent against the sterling as of 1005 UTC to trade at £6,627.90. The minor surge came after the pound dropped by 0.68 percent against the US dollar. The sum of all negativities lied with the statements issued by the European Union on Brexit. Michel Barnier, EU’s chief Brexit negotiator, told press on Sunday that UK president Boris Johnson’s plans to divorce Europe by October 31 while avoiding a hard border with Ireland were too complicated.
The statement impacted the UK market as it opened on Monday. With sterling down, UK stocks also gave some part of its last week’s gains. That was unusual for the benchmark FTSE 100, which typically rises when pound slides. Today, that was not the case. FTSE 100 and sterling both fell in tandem, showing that investors were pulling out their capital ahead of Johnson’s first Queen Speech scheduled today.
Strategists associated with ING said in a note that Monday’s drop is a “reality check” for Brexit bulls. Excerpts from their statement:
“GBP gains have, in part, been caused by meaningful short speculative positioning, exaggerating the effect of the news flow. With the market possibly getting ahead of itself, the pound is now vulnerable to a sell-off should the talks break down again.”
Growing Correlation with Bitcoin
Meanwhile, bitcoin’s gains in the GBP markets are coinciding with the GBP’s losses against the US dollar – or vice versa, at least in the last seven days. The most visible correlation is GBP/USD’s gains on October 11 and 12, wherein the pair surged by as much as 4.20 percent. On the same days, bitcoin dropped by up to 7.62 percent against the pound.
GBP/USD shows a negative correlation with BTC/GBP | Image credits:
No other evidence indicates a negative relationship between the two pairs. It might be less likely for mainstream investors to treat bitcoin as a hedging instrument against the Brexit uncertainty. But traders inside the cryptocurrency market could enter open positions after taking cues from the pound’s interim bias. A similar sentiment engulfed the bitcoin market during yuan’s devaluation against the Q2’s US-China trade war escalation.
Pound Eyes Drop
Bitcoin’s probability of striking gains is looking better, with both the EU and noted market analysts predicting an extension for Brexit deal. Holger Schmieding and Kallum Pickering, chief economist and senior U.K. economist of Berenberg Bank, said in an investor note Monday:
“Striking a deal in time for the EU summit on 17-18 October and getting it passed by the U.K. parliament in an extraordinary Saturday session on 19 October poses a huge challenge with a highly uncertain outcome, to put it mildly. Also, the EU may need a technical extension to ratify the deal on its side anyway.”
An adjunct is the least Johnson needs, for he has promised the UK citizens a deal or no-deal Brexit before October 31. If the Prime Minister goes ahead with the least-favorite route of divorcing the EU, the ramification could fall on the country’s economy. According to estimates from the UK in a Changing Europe, a hard-deal Brexit could reduce the GDP by 7 percent.
That would eventually come to haunt the GBP.
Investors then have a likelihood of parking their capital into stocks, bonds, or perceived hedging assets. Bitcoin, given its recent correlation with the GBP/USD pair, could also get a push from the mainstream market.
[Disclaimer: The opinions expressed in the article are not investment advice.]
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Source: New

G7: Crypto Stablecoins Like Libra Threaten Financial Stability, But Not Bitcoin

It comes as no surprise that Facebook is still on the receiving end of regulatory pressure from global economies. The social media giant has done the crypto industry few favors as all eyes are now on stablecoins and the outlook for them is predictably pessimistic. Bitcoin, however, has not been deemed a threat just yet.
Big List Of Crypto Concerns
The G7 group taskforce that issued the draft report yesterday includes senior officials from central banks, the International Monetary Fund (IMF) and the Financial Stability Board (FSB), which coordinates rules for the G20 countries.
It focuses on Libra as the big bad wolf and outlines major threats that it considers applicable to all stablecoins. In a section titled ‘ensuring resilience in the face of new risks’, the report also acknowledged that the global economy is facing uncertainty with declining interest rates, escalating public debt, and weakening financial markets.
To address these ‘new risks’ it added that the FSB is developing a new surveillance framework, to be put in place by next year. The number of challenges it considered a threat to financial stability included consumer and investor protection, data privacy and protection, financial integrity including AML/KYC compliance, and fair competition and anti-trust policies.
Basically, all of the things that Facebook cannot provide.
The list went on citing mitigation of tax evasion, market integrity, sound and efficient governance, cyber security and operational risks, and an appropriate legal basis as issues with Libra-like crypto stablecoins.
The regulatory body will submit an official issues note on global stablecoins to this week’s G20 Finance Ministers and Central Bank Governors meeting.
No Threat From Bitcoin
Notably, the report went on to add that it did not consider crypto assets such as Bitcoin a threat.
“G20 leaders noted that crypto-assets do not pose a threat to global financial stability at this point, but that they remain vigilant to existing and emerging risks.”
Before adding ‘global stablecoins’ could pose a host of challenges to the regulatory community, clearly referring to Libra.
It acknowledged the benefits of stablecoins for cross border transactions but the likelihood is that most central banks will want to use, control, and profit from their own one and not something dreamt up by a social media monopoly.
According to the BBC, a separate report suggests that Libra may not get regulatory approval even if it can address their long list of concerns.
“Addressing such risks is not necessarily a guarantee of regulatory approval for a stablecoin arrangement,”
As Libra Association members jump ship in droves, Facebook’s grand aspirations of global financial domination appear to be going up in smoke. The consortium will hold its first board meeting in Geneva today, but many of the seats around that table will be empty.
Image from Shutterstock
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Source: New

Bitcoin Readies For Next Big Move After Slow Weekend

The weekend has been largely lethargic for Bitcoin and crypto markets with little movement out of their trading ranges. A couple of tests of resistance occurred but BTC was beaten back by the bears and quickly retreated to its support level. A breakout will come soon and traders are eyeing entry and exit zones.
Bitcoin Fails to Break Resistance
Since its very brief pump to $8,700 on Friday, BTC fell back to support at just above $8,300 and remained there for the duration of the weekend. Very little has happened to prices until late Sunday trading in the US session when they were pushed above $8,400 for a couple of hours.
This too did not last with Bitcoin returning sharply to support again signaling a lack of buyers to take the asset higher. At the time of writing, Bitcoin had fallen below weekend support levels and was trading at around $8,280, just below its weekend support zone according to
BTC price 1 hour chart –
A death cross appears inbound on the daily chart and this could be as soon as next weekend if the consolidation continues. The last time the 50 day moving average dropped below the 200 day MA was in March 2018 and a year-long bear market followed.
Long term trader and analyst Nick Cote has eyed what he described as an ‘easy setup’ forming for Bitcoin.
“Upside= $9,000 – $9,300 (Throwback level)
Downside= $7,450 – $7,700 (Weekly support block)
A good 9% move on each side of the break.”

Easy set up forming on #bitcoin
Daily inside bar pattern.
Upside= $9,000 – $9,300 (Throwback level)Downside= $7,450 – $7,700 (Weekly support block)
A good 9% move on each side of the break.
The previous two inside bar setups I shared yielded 25% and 5% spot price movements.
— Nick Cote (@mBTCPizpie) October 14, 2019

Analysts were in two minds over the weekend as to BTC’s next move which it has yet to make by Monday morning. Traders appear to be waiting for confirmation before entering or exiting their positions. A break of support is likely to lead to another plunge to the high $7,000s and a break of that could get very messy very quickly.
What About The Altcoins
The picture is largely green as we start a new week in crypto land though gains are skinny for most altcoins.
Ethereum has been weakening over the past couple of days following its big move to $195 on Friday. Until it can break the psychological $200 barrier independently of its big brother ETH will remain bearish. At the time of writing it was trading flat on the day at just above $180.
Ripple’s XRP has made more progress today adding a further 4% to reach $0.285. However, it too is bearish at anything below its psychological $0.30 barrier.
Other altcoins getting a marginal lift this Monday morning are Binance Coin topping $18 with 3.5%, and Stellar adding 2.5%. Tron has made 5% in a rare climb and Cardano is 3% higher today and the 0x protocol is one of the day’s top gainers adding 10%.
Image from Shutterstock
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Source: New