Bitcoin: Analysts Call $11,500 Top For Latest BTC Surge, Will it Happen?

After months of anticipation, Bitcoin (BTC) finally broke past $10,000 on Friday, registering an astounding 11% gain. As of the time of writing this, buying momentum has slowed, as made apparent by BTC’s rejection of $11,200 and the subsequent sell-off to $10,300.
As a result, some have already begun to postulate about where this current upswing will end, meaning where Bitcoin will peak prior to a retracement. Interestingly, a number of analysts are settling on one, paramount price point — $11,500. Here’s why.
Related Reading: After Surging Past $10k Bitcoin Price May Go Parabolic With $93k Target
Where Will Bitcoin Peak
In a recent tweet, Josh Olszewicz, Brave New Coin analyst, pointed out that a logarithmic pitchfork pattern, which stretches back to 2016, suggests that BTC will likely find trouble breaking past $11,464.
A pitchfork, for those unaware, is a technical analysis method that uses parallel lines to determine trading ranges, resistances, and supports. The upper band of Olszewicz’s pitchfork, depicted below, has acted as resistance during 2016’s rallies and as a negative catalyst during November 2018, which pushed BTC to $3,000.
If history is of any indication, Bitcoin will have trouble breaking past this key trend line yet again.

$BTC
gets interesting if we do break 11.4
otherwise it’s back to ML ~9K pic.twitter.com/ERugg6Erzs
— Josh Olszewicz (@CarpeNoctom) June 22, 2019
This isn’t the only sign that $11,500 is where Bitcoin tops in the coming days and weeks. Bagsy, a popular analyst recently explained that he believes that Bitcoin will rally to hit $11,500, a key resistance; fall to $8,300 to retest support and establish a strong base; and then surge past $11,500 to hit $13,800, the next level of importance.
In a similar tweet, RedXBT, also known as “green”, explained that he truly believes the aforementioned price action could play out.

I truly believe this could happen. Took that long consolidation and flipped it upside down to depict my thoughts on the next few months.
I think the low above the red arrow is spared, and that we’ll get to buy mid 8,000s again. Obviously, all while enjoying alt season. $BTC pic.twitter.com/KSOjAxjYuw
— green (@redxbt) June 22, 2019

Backing his semi-prediction, he explained that if you took price action from June 2018 to December 2018, flipped it, and then applied it onto the current BTC price action (this is what’s known as a fractal), you would have a test of $11,500, rejection to $8,250, and then surge to $14,000 and beyond — almost exactly like Bagsy explained.
Related Reading: Crypto Tidbits: Bitcoin Above $10,000, Facebook Launches Libra, Ripple & Moneygram Team Up
Surge Inbound? 
Some, however, are skeptical that $11,500 will be the top for this current move. You see, many saw a move past $10,000 as a validation of Bitcoin’s staying power and a confirmation that an influx of so-called “FOMO” is well on its way.
As reported by NewsBTC previously, Thomas Lee of Fundstrat fame believes that a move past $10,000 will kick off “Level 10” FOMO. As Lee wrote on Twitter earlier this month, “[$10,000] will see FOMO from those who gloated about the 90% crash in BTC… and those who saw Bitcoin dead as forever.”
He suggests that with this newfound hype, BTC could easily move past $20,000 and $40,000 in the coming months, meaning that topping at $11,500 may not come to fruition.
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Crypto Tidbits: Bitcoin Above $10,000, Facebook Launches Libra, Ripple & Moneygram Team Up

Another week, another round of Crypto Tidbits. To say that Bitcoin (BTC) is back may seemingly be a bit of an understatement. In the past week, the leading cryptocurrency has rallied by more than 20%, moving from sub-$9,000 levels to $10,800 as of the time of writing this. Momentum is clearly in the bulls’ court.
Altcoins, interestingly, have underperformed the market leader. Instead of rallying alongside Bitcoin, most crypto assets, save for Ethereum, have fallen against BTC, losing steam as all eyes center on “digital gold”.
Price action aside, this week has also been monumental from a fundamental standpoint. Most notably, Facebook and its massive corporate partners unveiled its own digital asset while Ripple Labs teamed up with money transfer giant MoneyGram.

Related Reading: Crypto Tidbits: Bakkt’s Bitcoin Futures Near, Facebook’s Libra Backed by Uber, Binance to Block US Clients
Crypto & Bitcoin Tidbits

Ethereum Devs Schedule 2.0 Launch to January 3rd, 2020, Bitcoin’s 11th Anniversary: In a recent Ethereum core developers call, researcher Justin Drake, a prominent figure in the cryptocurrency’s community, revealed that phase zero of Serenity (Ethereum 2.0) is finally being confirmed spec-wise. Phase zero is the activation of the so-called Beacon Chain, which will bring basic Proof of Stake features to the blockchain. With this, developers confirmed that they intend to launch this iteration of the project by early-2020, potentially on January 3rd, which will be the 11th anniversary of Bitcoin.
Crypto Startup Algorand Raises $60 Million, Implying a $24 Billion Market Cap: This week, a crypto startup going by Algorand raised over $60 million selling its token, Algos, via CoinList at $2.40 apiece. Per a press release penned by the firm, this latest fundraiser adds to the $66 million the company secured in 2018 from Union Square Ventures, a prominent pro-Bitcoin investor, and other groups. When this sale completed, analysts quickly took to their calculators, revealing that if Algorand really deploys 10 billion Algo tokens, this sale would give the newfangled cryptocurrency a market capitalization of $24 billion. This would places Algos above Ripple’s XRP but below Ethereum.
Grayscale Releases Ethereum Trust to Public Markets: Per a press release shared with NewsBTC, Grayscale, the investment fund subsidiary of Digital Currency Group, has just released its second publicly-tradable product — the Ethereum Trust (ETHE). Like its Bitcoin Trust, which owns over 1% of all BTC in circulation (and that will ever be mined), this new financial product is an “open-ended trust” that is backed by its namesake: Ethereum. The product, per a previous release, allows investors to gain “exposure to the price movement of ETH through a traditional investment vehicle without the challenges of buying, storing, and safekeeping”.
Bakkt Developing Crypto App as Bitcoin Futures Launch Nears: According to a recent report from trade publication The Block, the New York Stock Exchange’s Bakkt has just signed a former Google contractor, Chris Peterson, onto its team. The former UX consultant, according to a “person familiar with the situation”, is likely working on a digital asset wallet, dubbed “Bakkt Pay”. Earlier this year, the company made a series of hires, indicated by the “careers” section on its website. One job listing called for a mobile app developer, sparking discussion about Bakkt’s plans post-Bitcoin futures. The Block’s sources say that following the release of the long-awaited financial vehicle, the crypto platform may launch the mobile application. Not many details were given about this product, but the outlet points out that Bakkt’s recently-updated website mentions digital payments. Indeed, Starbucks and other retail outlets are purportedly partnered with the cryptocurrency exchange to natively accept Bitcoin payments.
Ripple Spends $50 Million on Deal With Moneygram, XRP Surges: In a move that validated XRP bulls across the crypto community, Ripple announced Monday that it would be making one of its most notable partnerships today, joining hands with MoneyGram. The San Francisco-headquartered fintech firm has entered a “strategic partnership” with MoneyGram, one of the world’s largest money transfer companies. This collaboration, currently slated to last for a minimum of two years (contracted), will see MoneyGram utilize Ripple Labs’ technologies and platforms for cross-border payments and foreign exchange settlement. For the time being, Ripple expects for its newest finance partner to make use of xRapid, a “solution for on-demand liquidity”. In MoneyGram’s case, this solution will be used to “reduce reliance on pre-funding by enabling money to be sent from one currency and instantly settled in the destination currency.” Ripple has invested $30 million in MoneyGram, while the latter firm retains the right to request for $20 million in additional funding for the next two years.
Facebook Launches Libra, a Stablecoin Cryptocurrency: This week, Facebook made history when it launched Libra, a stablecoin backed by a basket of assets deemed “stable”. The project, which will also support smart contracts, has yet to launch officially, as development is still ongoing. Reports suggest, however, that Libra will most likely go live in early-2020. To back up this latest venture, Facebook has called on massive corporations to partner with, including Uber, PayPal, Visa, Booking Holdings, Coinbase, eBay, Spotify, and more. In a number of reports, David Marcus, the head of blockchain at the social media giant, has explained that while this venture will start off centralized, he hopes that it will become a decentralized network with time.
QuadrigaCX Founder Cotten Misappropriated Millions in Bitcoin, Ethereum, & Litecoin: In Ernst & Young’s latest report on QuadrigaCX, the disgraced Canadian crypto exchange, it was revealed that founder Gerald Cotten was running a fraudulent operation. Per this new document — an exposé if you will — Cotten had, over the years, created fake accounts on QuadrigaCX with equally as fake “dollars” to purchase legitimate Bitcoin, Ethereum, and Litecoin from users. From there, he then sent this cryptocurrency to accounts at other exchanges under his name. What’s worse, he didn’t just sell what he embezzled, but he gambled with it. Almost like some crazy speculators during 2017, Cotten purportedly used margin, meaning leverage, to trade (and often lose) the cryptocurrencies that weren’t exactly his. The auditor’s analysis suggests that a minimum of 9,450 BTC, 387,738 ETH, and 239,020 LTC were siphoned out of QuadrigaCX into accounts under Cotten’s name.

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Bitcoin (BTC) Breaks Past $10,000, Analysts Await Mass FOMO

That’s right, at long last, Bitcoin (BTC) has reached five digits in the ongoing bull run, according to TradingView.com. The last time the cryptocurrency was in this price range was a year ago. With this strong swing to the upside, which comes just weeks after analysts en-masse were calling for a “strong correction”, many are sure that so-called “FOMO” from a retail audience will soon grace this market.

Bingo
— Barry Silbert (@barrysilbert) June 21, 2019

Bitcoin Surges Past $10,000
The past week or two have been absolutely stellar for the cryptocurrency market. Ever since retracing to $7,450, Bitcoin has been on an absolute tear, ripping past key resistances like they were nothing more than soggy pieces of parchment paper.
Just now, we saw Bitcoin surmount $10,000, seen as many as one of the most important psychological, sentimental, and technical levels in cryptocurrency. Right now, the proverbial seems to be in the court of bulls, as BTC looks poised to break past $10,200 on some exchanges.

This may just be the start of a strong move higher, however.
More specifically, many see a move past $10,000 as a validation of Bitcoin’s revival, especially after the 80%+ seen during yesterday. Or as Fundstrat Global Advisors’ Thomas Lee explained in a tweet, “[$10,000] will see FOMO from those who gloated about the 90% crash in BTC […] and those who saw Bitcoin dead as forever.”
Indeed, during 2017’s rally, all prominent traders and mainstream news outlet alike asserted that $10,000 was the level to keep an eye on. More importantly, $10,000 also acted as a key level of resistance and support during 2018’s tumult.
The importance of a five-figure Bitcoin has led many to claim that once BTC breaches $10,000, all proverbial hell may break loose. In a recent tweet, Tyler Winklevoss, the (purported) Facebook pioneer turned Gemini chief, claimed that once the digital asset surmounts the key level, “you can bet it’s going to break $15,000.”
Related Reading: Crypto Exchange Gemini On the Rise After CBS Airs Bitcoin Feature
$15,000 — just under 50% higher than current levels — may just be the tip of the iceberg though. According to Lee, once Bitcoin reaches $10,000, “Level 10” FOMO will grace this market, which last occurred when BTC blipped above $4,500 in late-2017. If history is any guide, the cryptocurrency market will shoot even higher once $10,000 is breached.
In a recent podcast with Binance’s chief financial officer, Wei Zhou, Lee surprisingly opined that there will be a “fast and furious” move to $20,000 following a break and close above $10,000. And from there, Bitcoin will double in the next five months, reaching $40,000 in a jaw-dropping move.
It remains to be seen whether this will occur though, as BTC presumably needs to close a weekly candle above five figures as bullish confirmation.
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Crypto Investor Claims Federal Reserve Outlet is “Brazenly Bullish” For Bitcoin

On Wednesday, the Federal Reserve’s Jerome Powell was asked about his latest thoughts on Bitcoin (BTC), crypto assets, and Libra. True to his nature as an integral piece of traditional finance, the chairman of one of the world’s most powerful institutions didn’t express fear.
In fact, echoing a quip he made in 2018, he claimed that cryptocurrencies, even Libra, aren’t big enough to pose a threat to Wall Street yet. Powell even lauded this budding sector, expressing that there is innovation in blockchain and digital assets that should be looked at.
Related Reading: Why Many Believe Fed Rate and Dow Jones Rebound Could Fuel Bitcoin in Long-Term
While Powell seems to not be concerned about Bitcoin and its ilk, one prominent investor claims that BTC is rapidly moving towards becoming an alternative and hedge to the U.S. dollar and other fiat monies.
Crazy Monetary Experiments
For months now, Travis Kling, a former portfolio manager at fund giant Point72, has been absolutely harrowed about the fiscal strategies enlisted by the Federal Reserve and its counterparts across the globe. Kling, who now runs prominent crypto fund Ikigai, has brought his rhetoric to every outlet, from Anthony Pompliano’s “Off The Chain” to CNN.
The Bitcoin bull believes that the current “Quantitative Easing” period is one of the most irresponsible and largest “monetary policy experiments in human history”, citing the fact that this policy has propped up financial markets across the globe.

As an outsider to their choices, many common Joes and Jills likely take only a few issues with these policies. In fact, most in the general public likely low little about the decisions of the entities that reside over one of the most aspects of their lives — their financial wellbeing.
Related Reading: Issuance Of Crypto Assets Will Push Bitcoin Lower, Claims St. Louis FED
Sure, right now everything is fine. Stocks continue to head higher; venture capitalists continue to throw money at tech startups with skimpy monetization plans. But, everything might be about to get even more frothy.
Bitcoin Sees “Brazenly Bullish” Event
After the latest Federal Reserve press release on Wednesday, Bloomberg updated its Fed Funds rate prediction for the next 13 months to a 100% chance of a rate cut, meaning more money printing and more quantitative easing.
This comes after many, from established economists to Bitcoin maximalists, have cried for a period of quantitative tightening to normalize central banks’ balance sheets. Because some are worried that with this pro-money printing mindset, things will rapidly spiral out of control, leading to hyperinflation, a sovereign debt default, and other horrible economic events.

Update here. That “Quantitive Tightening” thing? That “balance sheet/interest rate normalization” thing? Yeah we’re done with all that.
Brazenly bullish for a non-sovereign, hardcapped supply, global, immutable, decentralized digital store of value. pic.twitter.com/BUG5QCKBXi
— Travis Kling (@Travis_Kling) June 20, 2019

This tacit confirmation that the Federal Reserve will be cutting its rates is, according to Kling, “brazenly bullish for a non-sovereign, hardcapped supply, global, immutable, decentralized digital store of value.” And by that, he obviously means Bitcoin.
You see, unlike traditional monies, BTC is not susceptible to warrantless, hidden inflation and is not controlled by a central authority. So, if (or when) the economy collapses due to a mishap on the part of central bankers, many, including Kling, are sure that cryptocurrencies, especially something like Bitcoin, will see a massive capital inflow.
Kling last year predicted that crypto will be the “best performing” asset class of 2019. And so far, he is absolutely right. With further rate cuts on the way, this trend may only continue.
This comes as there have been other macroeconomic imbroglios. As reported by NewsBTC previously, the Hong Kong protests for democracy, Italy looking to tax savings, a poor economic outlook in Germany, the US-China trade war, and the rate decisions are all reasons why many believe Bitcoin is needed now. Indeed, Grayscale recently proved that Bitcoin can see proper use as a hedge.
What Crypto Needs Right Now
So sure, Bitcoin is likely to find value as a hedge in the seemingly impending recession, which many believe will be triggered by irresponsibility on the part of central banks. However, can BTC fulfill this value proposition with the current infrastructure?
According to Kling, not yet. Responding to TD Ameritrade’s Oliver Renick, who has been somewhat of a public cryptocurrency cynic, the libertarian-minded investor claimed that for Bitcoin to see success in these trying times, he would like to see Facebook’s Libra launch; Fidelity, TD Ameritrade, and Bakkt finally launch their products publicly; Microsoft continue to build with BTC; and see further adoption from corporations and institutions.
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Why Binance and Coinbase are Betting on This Indian Startup

In April this year, Coinbase Ventures — an investment arm of the U.S. crypto giant — endorsed a project called Matic Network, whose token sale had just been hosted by Binance Launchpad platform. Its native token — MATIC — experienced a significant 22% boost following the news.
Next month, Matic joined Binance Info’s transparency initiative, becoming one of the first startups to get the “V” Label. The token surged even higher this time, gaining as much as 75% in a single day — an impressive performance for the market that has only just started to come out of hibernation. By May 21, it had gone up 700% since the first of the month.
So what is this mooning project, and why has it been co-signed by both Binance and Coinbase?
Matic is a Mumbai-based startup which was founded in November 2017, amid the research efforts of its CEO Jaynti Kanani, whose team had been looking for scaling solutions for end-user products.
Essentially, Matic seems to offer an efficient way to fix Ethereum, the world’s most popular blockchain platform for decentralized applications (dApps).
Despite the major acclaim, Ethereum is known to suffer from a scalability issue: its network can only process up to 7 transactions per minute, compared to VISA’s whopping 1,700 transactions per second. Of course, unlike Ethereum, VISA is a centralized company, which allows it to offer much better performance to the industry. As a result, the mass adoption of decentralized technology is hindered.
Matic, in turn, claims to have a solution that would scale Ethereum’s performance up to VISA’s level, but keep it decentralized.
For that purpose, the startup has developed the Matic Network, a Layer 2 scaling solution that reportedly achieves better scalability performance by utilizing side chains for off-chain computation. In the most basic sense, it allows to perform the majority of transactions off the Ethereum chain and then register them as single operations, hence significantly unloading the network.

To ensure that the assets are secure on the main chain, which stays decentralized despite being scaled up — a task which has puzzled a great deal of scalability-oriented startups in the past — Matic is using the Plasma framework and a decentralized network of Proof-of-Stake (PoS) validators, according to its whitepaper.
It might come as no surprise that this project is hailing from India, one of the most important jurisdictions in the crypto space. Being the second largest country by population in the world, it hosts not only a sizeable market for digital assets but a major think tank for blockchain technology.
The local government’s relationship with crypto has been somewhat complex: last year, the Reserve Bank of India’s (RBI) famously banned all domestic financial firms from dealings with crypto-related businesses.
However, the situation has been gradually improving: recently, the central bank has denied that local lawmakers were working on legislation that could impose a 10-year prison sentence for anyone caught holding cryptocurrency, reassuring thousands of shocked local traders.
Indeed, it now becomes evident that for India, crypto is not a threat, but an opportunity to attract investment and grow a new generation of blockchain-savvy developers and entrepreneurs.
Last month, for instance, the government of Telangana presented a draft policy that would make this state the country’s blockchain capital. Specifically, the concept of India’s first ‘Blockchain District’ was presented as a physical area within the city of Hyderabad, which will house major blockchain companies, a large incubator and a world-class facility for promoting research, innovation and industry collaboration.
Meanwhile, the state of Maharashtra has officially endorsed World Blockchain Summit, the global tech event series for crypto professionals across the planet. In fact, more than 50% of Indian states are now involved in blockchain-related projects.
The Indian Government’s Ministry of Human Resource Development has even offered a free 12-week undergraduate course on bitcoin, cryptocurrencies and blockchains entitled “Blockchain Architecture Design and Use Cases”, popularizing the technology among the local population. Similarly, the International Institute of Information Technology (IIIT) in Hyderabad, one of the country’s finest tech-oriented universities, has recently rolled out an executive program covering blockchain, AI, and machine learning.
The example of Matic, on the other hand, seems to confirm that there is no shortage of blockchain talent in India as it is.
Ultimately, by allowing dApps to compete with centralized applications, Matic could become the “Ethereum of India,” and near the long-awaited mass adoption of blockchain. However, the startup doesn’t plan to stop there — Matic will reportedly offer support for additional basechains in the future, based on community suggestions and consensus.
 
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Bitcoin to Surge Past $20,000? Facebook’s Libra Could Send BTC Flying

By many measures, Tuesday was the biggest day for Bitcoin (BTC) and crypto ever. As some quipped on what is affectionately known as “Crypto Twitter”, yesterday was a “turning point” for the entire industry. If you’ve been living under a rock, here’s a recap.
Related Reading: Bitcoin (BTC) Price Uptrend Intact: Bulls Sighting Fresh Increase
During the wee hours of Tuesday morning, Facebook, making good on months of rumors and speculation, unveiled Libra, the world’s first Silicon Valley-backed cryptocurrency. True to leaks published over recent months, the project was revealed to be a stablecoin, backed by a basket of assets that includes but isn’t limited to the United States Dollar.
What was also confirmed was that Libra, which quickly occupied the headlines of every mainstream media outlet — from Bloomberg to the New York Times — was backed by corporate giants. Visa, Mastercard, Booking Holdings (Booking.com, Kayak, etc.), Uber, Spotify, Coinbase, and notable venture capitalists.
Interestingly, while Libra appeals to the public more than it does to the Bitcoin-lauding decentralists, most in the cryptocurrency community has begun to embrace this venture. In fact, some state that this project has the potential not only to decimate the need for altcoins but boost BTC to new highs too.
Bitcoin Bulls Welcome Libra With Open Arms
At launch, Libra is expected to be the, as HTC’s Phil Chen puts it, the “antithesis” of Bitcoin. While the development of the blockchain and its in-house programming language “Move” will be open-sourced, nodes are expected to be permissioned at launch.
Yet, many are bullish on the project anyways. In a comment issued via Twitter, Max Keiser, a prominent anti-establishment proponent (that wants to burn fiat at an upcoming Bitcoin conference), explained that Facebook’s cryptocurrency will be instrumental in the success — not downfall — of Bitcoin.

It’s built into the protocol’s genesis block that eventually a heavyweight like $fb would take on BTC. This increased awareness and appeal to would-be potentates will, of course, drive the hashrate to new highs, leading to new ATH for BTC price. Zuck is Satoshi’s useful idiot.
— Max Keiser, tweet poet. (@maxkeiser) June 18, 2019

Keiser remarked that built into Bitcoin’s Genesis Block is code that tacitly awaited the arrival of a “heavyweight” like Facebook into the cryptocurrency ecosystem. He explains that with the increased awareness and appeal of the digital asset class achieved via Libra’s widespread adoption, Bitcoin should directly benefit.
More specifically, the investor, who speculated in 2011 that BTC will eventually surmount the auspicious price point of $100,000, noted that Libra will inherently drive Bitcoin’s hash rate higher. This, due to simple network effects and the capex (capital expenditures) of miners, should be the catalyst that drives BTC to new all-time highs, meaning past $20,000.
The RT contributor, who recently released a series outlining Bitcoin’s history dubbed “To The Moon”, claimed that by virtue of green lighting Libra, Facebook’s Mark Zuckerberg is now a “BTC drone.”
What Keiser seems to be postulating is that with Libra, Zuckerberg will do everything in his power to push the adoption of his latest venture, leading to a direct inflow of capital and interest to Bitcoin as a result.

Here’s the absolute truth #Bitcoin has turned Mark Zuckerberg out. He’s a BTC drone now. He works for us. His capital, distribution, and ambition will annihilate Congress, regulators, Central Banks and Wall St.
Satoshi planned this all along. It’s baked into the protocol. pic.twitter.com/2P9lN7KgZP
— Max Keiser, tweet poet. (@maxkeiser) June 19, 2019

Fundstrat’s Tom Lee, known for his incessant optimism regarding the cryptocurrency market, agreed with Keiser’s quip. As reported by NewsBTC previously, the Bitcoin-centric markets researcher claimed that the Facebook digital asset is “complementary” to Bitcoin, not anything else.
In fact, Lee went as far as to say that with this recent news regarding the Silicon Valley firm in mind, he would be inclined to suggest that $10,000 is right on the horizon for BTC. And, as this outlet has covered previously, once $10,000 is breached, the analyst believes that $40,000 will follow shortly thereafter.
Bound to Run Into Issues
Libra’s launch hasn’t been cut and dried, however, despite what reports may suggest. Mere hours, maybe minutes after the press embargo broke on Facebook Libra, lawmakers were already commenting scathingly on the news.
Speaking to an audience in Portugal, Mark Carney, the Governor of the Bank of England, pledged to scrutinize the cryptocurrency. First reported by Bloomberg, the regulator said that the Group of Seven (G7), the largest economies on Earth, will ensure that Libra abides by the “highest standards of regulation”.
Carney’s peer over in France, Bruno Le Maire followed suit just after, claiming that he is fearful that Libra could be used to harvest data, launder money, and finance terrorism. Similar terms were used in his comment to those used in anti-Bitcoin regulatory statements. Le Maire explained:
“This money will allow this company to assemble even more data, which only increases our determination to regulate the internet giants.”
Most recently and most notably, United States Representative Maxine Waters has called for Facebook to halt Libra in its tracks. She, like her peers over in Europe, expressed the sentiment that Libra could become a threat about online privacy.
Waters added that she is also concerned about “national security concerns, cybersecurity risks, and trading risks that are posed by cryptocurrencies,” citing Facebook’s “troubled past”.
It is currently unclear how this will (or will not) hamper Libra, and thus Bitcoin. But this will be interesting to watch unfold over the next couple of weeks and months.
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Pro or Anti Bitcoin? Crypto Community Divided Amid Facebook Coin Launch

At long last, Facebook’s inaugural consumer-facing Bitcoin-related (albeit remotely related) project is upon us. To be announced on Tuesday morning, Libra (Reserve) is slated to be a stablecoin tied to a basket of traditional assets, presumably ensuring it is nothing like other crypto assets.
Joining the social media giant in this venture are star massive corporations and some of the cryptocurrency industry’s very own giants. Visa, PayPal, Spotify, Uber, Lyft, the pro-crypto a16z, Coinbase (NewsBTC has reached out for a comment, no reply has been received), and Xapo are among the star-studded companies that have purportedly invested big in Libra.
Related Reading: JP Morgan Analyst Admits Institutions are Behind the Bitcoin Bull Run
While many have remained agnostic towards the venture, claiming that it won’t involve “real” cryptocurrencies in any material manner, some have come out to comment on Libra. Some see it as a threat to society at large; others view the project as the trigger that will kickstart the next megalithic BTC rally.

We’ve mapped it out too! pic.twitter.com/o2uhoxKJjc
— Frank Chaparro (@fintechfrank) June 14, 2019

Financial Privacy? What’s That?
Via a comment given to NewsBTC, Phil Chen, the Decentralized Chief Officer of Taiwanese technology giant HTC, explained that he isn’t all too excited about Facebook’s project. Echoing concerns put forth in interviews with this outlet, Chen accentuated that Libra, unlike something like Bitcoin, will not be conducive to the digital privacy of consumers the world over:
“If you’re concerned with Facebook knowing too much or having too much access to your private data or social graph, the GlobalCoin will give Facebook even more direct access to your financial information. It’s not just access to the information of your transactions, it’s direct access to your wealth and capital.”
Indeed, in backing a project with dozens, if not hundreds of millions of dollars, you must ask: what do Facebook and its countless Fortune 100 partners stand to gain with Libra? If there aren’t absurdly high fees for payments, which is the model that something like Visa or PayPal employs, the answer to this question is likely your data.

Cryptocurrencies issued by consortia can't compete with the value propositions of decentralized currencies like Bitcoin. If you think Libra will rival Bitcoin, you've missed the bigger picture.
— HTC EXODUS (@htcexodus) June 18, 2019

In a world becoming increasingly “online”, the fact that one entity will presumably have access to all social and financial data simultaneously has some scared. Just last week, a probe reported on by The Wall Street Journal divulged that Mark Zuckerberg knowingly was aware of his platform’s privacy issues years ago, but was seemingly slow to act.
The same could, of course, easily occur with Libra. Bitcoin supporter Chen elaborates:
“If the top-line question about Facebook and antitrust is about whether to break it up and spin off the likes of WhatsApp and Instagram – well this global coin is the most invasive and dangerous form of surveillance they have devised thus far. This will easily become the most dangerous antitrust case in history.
If this is launched and adopted worldwide, we’re bound to see Facebook as the top 10 biggest companies for the next 100 years that have complete ownership of the customer and their data from their social graph to every transaction recorded through Facebook, WhatsApp and Instagram.”
As Chen puts it, “it’s no surprise that ‘Libras’ are known for their social skills, but they can be tactful and charming to achieve their objectives.” This latest scathing quip comes after the venture capitalist and technologist explained to this outlet that Libra, JP Morgan Coin, and all other projects are the polar opposites of Bitcoin — intranets compared to internets.
Or to sum it up, Libra is the “antithesis” of Bitcoin and all it stands for.
Andreas Antonopoulos would agree. In a recent video, the long-time Bitcoin evangelist and decentralization proponent remarked that this latest project from the Silicon Valley company goes against tenets of open networks, being not entirely borderless, somewhat private, and will likely involve censorship.
Arthur Hayes of BitMEX, CoinFLEX’s Mark Lamb, and IDEX’s Alex Wearn are among others concerned about what a centralized cryptocurrency could do to this space whose pertinent comments NewsBTC has covered previously.
A Catalyst For Bitcoin & Crypto Adoption
There are some commentators, however, that state Libra will be the medium in which the mass adoption and acceptance of cryptocurrency are found. Per previous reports from NewsBTC, Bank of America analysts believe that Libra will boost cryptocurrency to heights unknown.
They argue that Facebook’s cryptocurrency simply validates the idea of crypto, giving users a further reason to allocate money to this growing digital economy:
“With more than 2.5 billion users, Facebook and its partners could be a significant endorsement of cryptocurrency and a notable addition to the Facebook app ecosystem.”
Whether this is true remains to be seen, however.
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Multi-Billion Dollar Crypto Firm: Bitcoin Finding Use as Hedge for Global Crisis

Throughout its short history, Bitcoin (BTC) has been seen as anything but centralized, sovereign, and censorable. The crypto asset was created by a pseudonymous individual, is secured by a global group of miners, and is backed by no government, traditional finance system, or common entity.
And as a result, many have looked to Bitcoin and its brethren — other digital assets — as a much-needed escape hatch from fiat and government overreach. Indeed, BTC was released in the wake (and seemingly as a result) of the 2008 Great Depression, and many that have since flocked to the cryptocurrency are staunch anti-establishment proponents.
Related Reading: Bitcoin (BTC) Soars Past $9,300 in Massive Weekend Pump: Bulls on Parade
Some, however, have denied this key narrative. Cynics of the theory remark that BTC is too nascent to be used as a proper store of value, citing the periods of volatility, especially the downturns, as a perfect case in point. Regardless, a massive cryptocurrency firm recently laid out why these naysayers may be wrong in their postulation.
Bitcoin as a Macroeconomic Hedge
Grayscale’s industry-famous research department recently released a report titled “Hedging Global Liquidity Risk with Bitcoin”. In it, the firm explained how the leading cryptocurrency is becoming used as a hedge in financial crises and periods of geopolitical turmoil.

More specifically, the crypto investment firm looked into how the asset can be used during bouts in which there is high “liquidity risk”, the “risk of a real decline in wealth resulting from an imbalance in the amount of money and credit relative to debt in a given economy.”
To back this point, Grayscale looks to three primary facets of Bitcoin’s existence: store of value, spending viability, and growth possibility.
Firstly, as the company has characteristics, BTC can act (and has acted) better as a store of value than gold. Unlike the metal, the crypto is mathematically scarce, capped at 21 million units; BTC is decentralized and verifiable through the Internet; BTC is portable and divisible through digital technologies, and is unconfiscatable.
Gold, on the other hand, has an unlimited supply, centralization risks, an inability to be easily divided and moved around, and concerns around its purity. The chart below from Grayscale sums this argument up fairly well.

Secondly, Grayscale purports that due to having similar properties to physical cash, Bitcoin will retain a solid value proposition amid a liquidity crisis. They look to recent adoption by Whole Foods, AT&T, Overstock.com, Microsoft, Expedia, PayPal, and Dell to corroborate their claim.
Thirdly, they remark that the potential that blockchain technologies have to grow and create value will only stimulate demand further, which should mitigate most, if not all negative effects of any downturn in global markets.
So, are these characteristics helping Bitcoin hold true in the current geopolitical stage? Well, yes, and it already has been for a while.
Grayscale looks to the fact that during Grexit (Greece’s debt-fueled financial crisis in 2015), China’s market collapse in 2015 and 2016, Brexit, a short period of growth worries for the U.S., and the recent trade war debacle, Bitcoin has done rather well for itself.
In fact, some have argued that the recent political tussle between China and the U.S. is what has contributed greatly to the recent rally in the Bitcoin price, with some arguing that Chinese traders and others in Asia have fled to Bitcoin from traditional stocks to deter most downside risk. They write:
“While it is still very early in Bitcoin’s life cycle as an investable asset, we have identified evidence supporting the notion that it can serve as a hedge in a global liquidity crisis, particularly those that result in subsequent currency devaluations.”
Indeed, this strength is why many love Bitcoin. In fact, Delphi Digital, a New York-based crypto research group, recently pointed out that BTC is absolutely lapping every other asset class, even the more risky, high-return blue chips and the venture-backed Silicon Valley darlings that have begun to trade on public markets.
At the time of their analysis (end of May), Bitcoin was up over 120% year to date, while crude oil and the Nasdaq 100 index were up a mere 18% and 13%, respectively. It’s an even scarier sight for tried and true assets, like gold, foreign currencies, and government bonds, which are up less than 5% so far. This led the firm to the conclusion that BTC could be the  “King of the Asset Class Hill”.
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Bitcoin (BTC) Soars Past $9,300 in Massive Weekend Pump: Bulls on Parade

And just like that, Bitcoin (BTC) is right back above $9,000. The past 72 hours have been absolutely stellar for the crypto market, as it saw all digital assets gain notably across the board. BTC, most notably, moved from the low-$8,000s, where analysts expected heavy resistance, to $9,300 where it stands right now.
Related Reading: If History Rhymes, Bitcoin May Be Trading Around $12,000 By the End of July
With this, the bullish cries of traders all across the industry have returned, despite the fact that they were calling for a massive pullback just weeks earlier. But, what exactly are they commentators saying? And more importantly, where does Bitcoin and the asset’s ilk head next?

Bitcoin Rips Past $9,000 
Earlier this week, Fundstrat Global Advisors’ Rob Sluymer remarked that Bitcoin could find resistance in the $8,800 to $9,000 range. Indeed, during the rally in late-May, BTC stumbled to surmount that range, perpetually scaling back after temporarily tapping prices above $9,000.
But, on Sunday morning, this trend was denied. Hard.
Almost as if $9,000 was nothing but a sheet of soggy parchment paper, Bitcoin broke past it, leaving no shorts unliquidated. Let’s take a closer look at what exactly traders are saying on the Twitterverse.
Related Reading: Crypto Tidbits: Bakkt’s Bitcoin Futures Near, Facebook’s Libra Backed by Uber, Binance to Block US Clients
Analyst Credible Crypto remarked that while last week’s candle was very bearish, the rapid bullish retracement is a sign that buyers are ones in control of the market rather than sellers. Credible adds that while the candle has yet to close, it seems as though BTC’s next stop would be in the high-$9,000s and low-$10,000s, which is where the next line of heavy resistance lies.
$10,000 is where BTC topped in last years’ bear market rallies, and where the asset found heavy resistance on its way up during the legendary 2017 boom.

Although last week's candle was very bearish, this weeks candle retraced the entire thing which is incredibly bullish. Official close is tomorrow, but thus far just looks like a retest of the monthly breakout level. Now targeting the resistance in the red region above us. $BTC pic.twitter.com/kHcX1ZRwPM
— Credible Crypto (@CredibleCrypto) June 16, 2019

Others are sure that BTC may continue higher. They look to the speed of the recent retracement, coupled with the fact that the impending closure of Binance.com for United States traders will likely cause a further capital flight from altcoins to Bitcoin.
Anyhow, regardless of what happens in the coming days, most are coming to the conclusion that a retracement is now not on the table, in spite of what was said just days and weeks prior. For those who missed the memo, many were expecting for a massive 30% retracement to the $6,000 range after a number of technical signals flashed bearish last week.
Now, however, the bulls are on parade. Trader Nunya Bizniz, known for his accurate noticings about historical market patterns, recently noted that if the weekly Bitcoin candle closes above $8,800 or so, BTC’s weekly chart would have printed a pattern that preceded massive multi-week upswings.
But few know exactly how that will play out at the moment.

BTC Weekly. This chart is premature but shows the 3 prior instances where price structure was similar to present. A large bearish (engulfing) candle, followed by a reversal and large bullish (engulfing) candle. Rally and new yearly highs ahead? pic.twitter.com/nsgzmhEn53
— Nunya Bizniz (@Pladizow) June 15, 2019

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Family Offices Pour Billions Into eSports, Can Crypto be Next?

Over recent years, eSports — and gaming, in general — have blown up. You may think crypto may have seen growth, but so too has this fledgling sector. Estimates state that eSports have a global audience of hundreds of millions, most of which are presumably teen-aged or millennial-aged men, and industry value in the billions.
While these two industries have almost nothing to do with each other, the growth of gaming may result in a correlated growth in cryptocurrency and blockchain. Here’s why.

Related Reading: Will Post-Brexit London See Crypto Replace the Pound? These Game Designers Think It Might

Family Offices Poised to Foray into Crypto
Despite what some say, a majority of institutions are not in the crypto sector. At best, the majority are eyeing the space, ensuring that they’re keeping track of any notable developments.
However, this could soon change. David Nage, a principal at Arca (a cryptocurrency investment firm), recently laid out the reason why. In a seven-part Twitter thread, the investor remarked that over recent years, massive family offices have been siphoning capital into gaming.
David Rubinstein, the founder of Carlyle Group ($200+ billion asset manager), American billionaire Ted Leonsis, and others have invested in eSports-focused and developer companies like aXiomatic Gaming. In fact, 17% of the $4.5 billion allocated (per Nage’s data) to eSports in 2018 were sourced from family offices.

THREAD: New Method of Discussing Crypto with Family Offices
1/1 Over the last 3-4 years FO’s have been investing in eSports; David Rubinstein’s FO (founder of Carlyle), Ted Leonsis and others have invested in co’s like aXiomatic Gaming.
— David Nage (@DavidJN79) June 14, 2019

So what does this have to do with crypto? Well, most popular games today — be it Playerunknown Battlegrounds (PUBG), Fortnite, Apex Legends, League of Legends, Counter-Strike — involve digital monies. They aren’t cryptographically-secured, nor are they scarce or decentralized, but they do act as digital money. PUBG has Battle Points; Fortnite has V-Bucks. You get the point. As Nage further explains:
“V-Bucks and BP are digital native, in many cases non-fungible currencies; hundreds of millions of teenagers and young adults now buy and/or acquire them.”
So, in many senses, family offices are getting acclimated to the idea of cryptocurrency by investing in eSports and similar industries. Thus, if crypto startups do the right job in pitching to family offices, they may be able to secure billions worth of funding.
Blockchain Gaming, the Next Big Thing
And in a similar string of news, we may see a growing intersection of these two sectors in the coming months. While eSports and gaming can be used as an onramp to crypto-backed digital economies, the two can actually interoperate. Or in other words, blockchain gaming.
Case in point, according to a recent report French business outlet Les Echos, Ubisoft, a video game developer behind Rainbow Six, Far Cry, Just Dance, and other classics, has had a “dedicated team” for blockchain applications in gaming for a number of months.
The team’s primary idea is purportedly looking to make items, like digital cosmetics or weapons, accessible through a blockchain system. No specific titles were mentioned, but it’s presumed that the Ubisoft team intends to facilitate cross-game item transfers.
Ubisoft purportedly has plans to use the Ethereum blockchain for this program. It is unclear if the network could handle Ubisoft’s user base, however, potentially implying that the company is looking to build a second-layer solution to make its integration work.
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Crypto Tidbits: Bakkt’s Bitcoin Futures Near, Facebook’s Libra Backed by Uber, Binance to Block US Clients

Another week, another round of Crypto Tidbits. It would be fair to say that the past seven days for Bitcoin (BTC) and its ilk have been rather spectacular. Aside from mostly bullish price action, which brought the cryptocurrency to $8,650 for the first time in weeks, instrumental industry developments were numerous.
Twitter’s chief executive Jack Dorsey doubled-down on his support for Bitcoin, again lauding it for its potential to become the world’s digital currency. Uber, Lyft, and Spotify were revealed to be backing Facebook’s impending cryptocurrency. And Bakkt finally announced that it will soon begin testing of its Bitcoin futures vehicle, which is believed to improve institutional adoption across the board.

Related Reading: Crypto Tidbits: SEC Still Wary of Bitcoin ETF, Facebook Crypto Inbound, Binance to Launch Stablecoin
Crypto & Bitcoin Tidbits

Ethereum-based Chainlink (LINK) Rallies by 50% as Google Launches ‘Partnership’: On Thursday, Google Cloud, the firm’s cloud computing services platform, released a tidbit of news titled “Building hybrid blockchain/cloud applications with Ethereum and Google Cloud”. While this was big news in and of itself, the crypto community focused on the article’s mention of Chainlink, a project that facilitates data from the Internet to be translated to and verified for blockchain. Chainlink’s claim to fame is its so-called “oracle” system, which is a recently-launched product meant to improve processes on something like Ethereum. This recent integration will allow for Chainlink, and thus Ethereum smart contracts, to interact with BigQuery, Google’s data analyzer and portal. Due to this news, LINK has rallied hard, sitting at $1.73 from ~$1.2.
Bakkt Finally Ready to Launch Bitcoin Futures Contract: According to a recent blog post, Bakkt, the cryptocurrency exchange/infrastructure initiative mainly backed by the New York Stock Exchange’s parent (Intercontinental Exchange), is expecting to accept beta testers to its platform in July. It expects to allow investors to use its Bitcoin (BTC)-backed futures contract, which has been in the works with American regulators for months now. Many believe that the full launch of the exchange’s cryptocurrency investment vehicle will entice institutions to dive into this space, resulting in a price appreciation for BTC and its ilk.
Facebook Teams Up With Massive Backers in Uber, Spotify, Visa, and Coinbase to Launch Crypto: Reported by The Block on Friday, Facebook’s upcoming stablecoin cryptocurrency, dubbed “Libra” or “Globalcoin”, has secured investments from massive corporations. These include but aren’t limited to Visa, PayPal, Mastercard, Coinbase, Uber, Lyft, Spotify, a16z, eBay, Union Square Ventures, and Stripe. As reported by NewsBTC previously, Caitlin Long, a former executive at Morgan Stanley turned blockchain proponent, believes that the project will drive adoption. She explains that education efforts about Venezuela’s Petro (an ‘oil-backed’ digital asset meant to save the nation’s hyperinflating economy) seemingly resulted in a “spike in Bitcoin use in Venezuela”. The same could easily occur this time around, but with billions instead of millions.
Binance to Restrict U.S. Traders Amid Regulatory Turmoil: This week, crypto exchange Binance’s chief executive, the venerable Changpeng “CZ” Zhao, revealed that his platform had changed its terms of service. While the announcement didn’t make any specific noticings, users that scoured the updated document found out that United States-based traders would soon be disallowed from using the flagship Binance.com platform, the most popular Bitcoin exchange site by traffic and “real volume”. To fill the gap, the big-name cryptocurrency startup has teamed up with a so-called “BAM Trading” to create a local exchange. The new platform, fittingly named Binance America, is partners with a company registered with financial regulator FinCEN and is expected to launch in the coming months.
Ubisoft Looking to Harness Ethereum for Blockchain Application for Gaming: According to a recent report French business outlet Les Echos, Ubisoft, a video game developer behind Rainbow Six, Far Cry, Just Dance, and other classics, has had a “dedicated team” for blockchain applications in gaming for a number of months. Citing sources familiar, Les Echos states that the Ubisoft-backed consortium is on the verge of launching its first blockchain use case. In fact, an insider source said that the venture is at an “advanced stage”. Ubisoft purportedly has plans to use the Ethereum blockchain, not Bitcoin or anything else, for this program. It is unclear if the network could handle Ubisoft’s user base, however, potentially implying that the company is looking to build a second-layer solution to make its integration work.
Coinbase and Circle Look to Boost Adoption of USDC Stablecoin: Circle and Coinbase are looking to improve the viability of their Ethereum-based stablecoin, the US Dollar Coin (USDC), via a “membership-based framework and governance scheme for the development and growth of money on the internet.” This will allow other companies in the fintech industry to join hands with the two aforementioned firms to push the creation of digital economies that are instant, global, open, and free to use.
Nasdaq Teams Up With Crypto Site to Entice Institutions: Announced Tuesday morning via a press release, CryptoCompare, a leading industry data provider, has joined hands with Nasdaq. The unexpected duo will be launching a new product to price and index cryptocurrency, the so-called “Nasdaq/CryptoCompare Aggregate Crypto Reference Prices.” The venture will be launched through Quandi, a Nasdaq-owned, well-regarded finance data outlet that services hundreds of thousands of professionals on Wall Street to its Asian counterpart. To do this, CryptoCompare and Nasdaq have created a system that will provide institutions with”minute-by-minute pricing data for the most liquid cryptocurrency markets (Bitcoin, for instance).”
Crypto News Outfit CCN Shuts Down, Resurrects Two Days Later: Early this week, CCN — also known as CryptoCoinsNews — revealed that it would be shutting its doors. The site’s founder, Jonas Borchgrevink, explained that when Google rolled out its “June 2019 Core Update” for its search engine, CCN’s traffic plummeted. In fact, according to SEO sites like Sistrix, the domain’s visibility had plummeted by 53% overall, and 72% on mobile. This meant that the outlet’s articles are not being shown as much when you search “Bitcoin” or “crypto”, for instance. Just two days after closure, however, CCN returned, revealing that it had worked with experts in the SEO and Google News arena to figure out a plan moving forward, thus ensuring it didn’t have to lay off 60 staffers. Industry publications across the board, including the big names, are still suffering traffic losses.
Crypto Ratings Agency Downgrades EOS For “Serious Centralization Problems”: In a recent tweet, Weiss Ratings, an investment advisory/research group that has taken a liking to crypto assets, slammed EOS. As seen below, the agency stated that it believes EOS has “serious problems with centralization”, and thus it has been mandated to “severely degrade its technology score.” As seen on the company’s website, EOS’s technology score is now an A-minus. This is seemingly in reference to the fact that at last week’s Block.one event, which was held to be the one-year anniversary of the launch of EOS, nothing was announced to increase decentralization. The blockchain developer also announced a new protocol, which they state will make the chain eight times faster than it currently is.

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Altcoin Crypto Trading Axed For Americans as Bittrex Follows Binance

News that the world’s largest crypto exchange by trading volume, Binance, has curtailed services to US customers sent shockwaves across the crypto community yesterday. Today it is the turn of Bittrex which has followed suit by announcing that certain markets will no longer be accessible to US clients.
Crypto Assets Moving to Bittrex International
In an email to its users and an official announcement on its website, Seattle Washington-based Bittrex stated that it would be making major market availability changes for US customers on June 28. What followed was a list of altcoins that it would be moving to its international platform.
Altcoin markets closing to US customers.
The exchange added that US customers will be sent an additional email advising what they can and cannot do with their affected tokens. After the affected change date US customers will not be able to buy and sell any of these tokens.
Any open orders will be cancelled on the change date but users can still withdraw or hold the tokens in their Bittrex wallets as long as they are still supported on Bittrex International. Non-US customers will still be able to trade all of the affected tokens. The notice added;
“Like other industry participants, we will continue to advocate for laws and regulations that foster innovation.”
In the FAQ section below the announcement elaborated that certain markets will no longer be accessible to US customers and they will have access to a more limited number of markets than are available to non-US customers on Bittrex International.
Bittrex stated that wallets and custody will remain ‘reasonable time after the market is removed’ to US users. There was a vague answer to the question; “Is Bittrex leaving the US?” which appeared to indicate that the company was slowly shifting its primary operations to its international platform.
The crypto sphere is still reeling from yesterday’s Binance announcement that it would be launching a US based exchange with a limited number of tokens. US regulators have been constantly pressuring the industry which has resulted in drastic measures by crypto exchanges that end up punishing US citizens by limiting their options.
Neither Binance nor Bittrex would want to lose the huge slice of the trading pie that the US represents but they need to play ball with fickle regulators and stringent policies. Binance has decided to partner with FinCEN-registered firm, BAM Trading Services, in order to launch a US compliant exchange there.
Market Reaction
A number of the lower cap altcoins mentioned in the Binance list did dump a little on the announcement but generally crypto markets are up today, lifted by Bitcoin which has broken through resistance and reached $8,700 again.
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Bitcoin is Needed Now: Macroeconomic Backdrop Adds Value to Crypto

Throughout its short history, Bitcoin (BTC) has been seen as anything but centralized, sovereign, and censorable. The crypto asset was created by a pseudonymous individual, is secured by a global group of miners, and is backed by no government, traditional finance system, or common entity.
And as a result, many have looked to Bitcoin and its brethren — other digital assets — as a much-needed escape hatch from fiat and government overreach. Indeed, BTC was released in the wake (and seemingly as a result) of the 2008 Great Depression, and many that have since flocked to the cryptocurrency are staunch anti-establishment proponents.
Related Reading: Will Post-Brexit London See Crypto Replace the Pound? These Game Designers Think It Might
While the Great Recession in and of itself was enough to drive many to Bitcoin, the geopolitical and macroeconomic stage has presented an array of new reasons why BTC has a viable value proposition over recent weeks. Let’s take a closer look.

So much happening in the world right now.
– Hong Kong's autonomy in question– Italy looking to tax savings– German 10-Year Bund trading @ -0.24%– US + China trade war rages on– Fed about to cut rates
Can you see the wave of capital flowing into BTC too?
— Marty Bent (@MartyBent) June 12, 2019

Hong Kong Sees Massive Protests; Fintech Ousted For Cash
This week, Hong Kong, a special administrative region of China, has experienced massive protests. On Sunday, one million individuals, over 15% of the island city’s population, took to the streets to protest the implementation of an extradition bill.
While extradition is a legal strategy often used for serious criminals, governments have begun to utilize this as a way to target political dissidents — Jullian Assange being the latest notable individual targeted.

Hongkongers fear that the bill can be used to extradite those critical of Beijing’s policies and send them to mainland Chinese courts, where they can then be tried and potentially face a harsher sentence than if they were to remain in Hong Kong. You see, universal freedoms are meant to be upheld in the island city, not the mainland.
Chief executive of Hong Kong Carrie Lam, however, didn’t budge, proceeding to double-down on the proposed legislation. And as a result, protests continued into Wednesday. This time, the demonstration wasn’t as well received by local police authorities, making many fear a crackdown.

In mainland cash is almost obsolete, most of economic activities are associated real identities : both Alipay and wechat are under real name system + bio metrics.
many important figures/celebs use others’ payment accounts all the time to keep names untraceable in the system https://t.co/66eWY473X8
— Dovey Wan (@DoveyWan) June 13, 2019

Due to this, as observed by many on Twitter, the protesters, many of which were university-age students, have adopted cash instead of their fintech accessories. The most notable case of this occurring is the group’s hesitance to use the Octopus Card, a debit-esque card used in the metro (and at 7-11, Mcdonald’s, etc.) to stem fears that the government is looking over their shoulder.
Of course, crypto ties right into this, having the ability to be a replacement both for cash and current fintech systems.
If implemented correctly and if the proper protocols are in place, Bitcoin can allow for a private financial experience that is impossible with something like PayPal, Visa, or even the Octopus system utilized in Hong Kong. As Arthur Hayes of BitMEX once explained:
“Sooner than you think, cash will not be an option for privacy, or for anything else. And private citizens will come to appreciate the inherent value of Bitcoin, as their ability to discreetly hold and transfer value evaporates once cash goes the way of the dodo.”
Trade War & Crypto
In a similar string of news, the trade war between China and the United States has only flared over recent weeks. While analysts have proven that the correlation between the start of the political dispute was not correlated with early-April’s Bitcoin boom or the subsequent rally, some believe that as a result of the conflict, those in Asia are looking to stock up on BTC.

TL;DR. Interest in BTC only coincided with the Trade War and Yuan since the 6K breakout. The Trade War was long underway by then, with various peak interest prior episodes. It's possible the BTC – Trade War narrative was driven by media and resulted in a self-fulfilling prophecy.
— Alex Krüger (@krugermacro) June 4, 2019

As BitMEX’s chief executive explained in a recent newsletter to his followers:

“The key number is 7.00 [Yuan-to-U.S. dollars]. If the PBOC allows the Yuan to break this level, ordinary Zhou’s will scramble to get their hands on Bitcoin and other cryptos. Similar to 2015, a sharp and sudden Yuan depreciation could lead to the beginning of another epic bull market.”
Indeed, by putting their money in an up-and-coming store of value like Bitcoin, investors can hedge their risk against turmoil. With BTC purportedly continuing to act as a non-correlated asset to the S&P 500, some are sure that allocating capital to the cryptocurrency, especially during this volatile trade war, is only logical.
In fact, Delphi Digital, a markets research and analysis firm, recently proposed that BTC is the crème de la crème of assets for its ability to outperform amid global tumult. In fact, Bitcoin is absolutely lapping every other asset class, even the more risky, high-return blue chips and the venture-backed Silicon Valley darlings that have begun to trade on public markets.

Bitcoin, The Safe Haven
Recently, Italy’s deputy prime minister has proposed a tax on citizens’ savings. Per a report from Reuters, the regulator, Matteo Salvini, told a late-night television program that he had been informed the safety deposit boxes across the European nation hold assets worth hundreds of billions.
As a result of this “substantially hidden money”, Salvini, who evidently is a powerful man in Italy, proposes a 15% tax on those that declare their deposit-box holdings. It isn’t clear whether this will be put in place, but many see this as an evident sign that traditional finance is flawed.
Indeed, European island nation Cyprus mandated banks to “bail-in” themselves, taking a haircut on accounts with a certain amount of money. As a result, Bitcoin surged, rallying as Cyprus citizens rushed to put their money in something they could control.
Some expect for the same to go down here, except on a much bigger scale. Italy is, after all, the country with the eighth largest gross domestic product on Earth. As prominent analyst Alex Krüger kindly puts it, “Italy could end up being the best thing to ever happen to bitcoin.”

This is bullish for bitcoin
Italy could end up being the best thing to ever happen to bitcoin.
H/t @Ray94609549 https://t.co/TmkS7FZICl
— Alex Krüger (@krugermacro) June 12, 2019

What’s even more important is that this comes as Italy’s banks are on thin ice. As crypto investor Cane Island Crypto notes, the so-called “FTSE Italia All Share Banks Index” is down 40% in the past year, looking as bad as Deutsche Bank’s shares.
Teetering Macroeconomic Scales
All this comes as central banks have begun to struggle with encroaching storm clouds. In fact, the Federal Reserve, according to a recent Reuters poll of global economists, is seeing a “dramatic increase” in its chances to hike interest rates.
While a low-inflation rate environment would drive investors to (current) risk-on assets like Bitcoin, some commentators, like Ikigai’s Travis Kling, see this fiscal strategy as a way to validate crypto in the long run and kill central banks. As Kling explained:
“The increasingly erratic U.S. president is yelling at an irresponsible central bank to act even more irresponsibly with its monetary policy, while running a $1 trillion deficit for the second year in a row… Central banks and governments are proving the profound need [for Bitcoin].”
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Bitcoin: Summer Months Historically Bad For BTC, Bulls Watch Out

Like many other markets, Bitcoin (BTC) is all about momentum, trends, and patterns. According to analyst Cane Island Crypto, a prominent American cryptocurrency investor, there is a relatively high likelihood that this market could see a dreary next three months.
Related Reading: Analyst: Litecoin Likely to Double in Coming Months, Here’s What May Cause This Surge
In a recent tweet, seen below, the investor accentuated that historically, July and August have been “historically bad months” for Bitcoin. Indeed, as seen in the chart below, the two summer months are the only two with a negative total return, whilst months like March, April, and October have positive returns in the hundreds of percent.
What’s equally as harrowing is that if Bitcoin performs poorly in June, there is a 75% likelihood that the cryptocurrency market will continue to suffer into July. Are the technicals backing a move lower, though?

#Bitcoin through the years. 1) July and August are historically bad months for $BTC2) However, June's momentum carries into July 75% of the time. 3) If June is negative, the following July has ALWAYS been negative. pic.twitter.com/1uAEbw2XI5
— Cane Island Crypto (@nsquaredcrypto) June 7, 2019

BTC Could Head Lower
There are a number of investors fearful that Bitcoin could head lower from here, despite the relent in bearish selling pressure. Trader Walter Wyckoff noted that if BTC is mirroring price action in 2015 — during which this market went parabolic, saw a brief retrace, and then continued higher — it could fall to the low-$6,000s or even the high-$5,000s.
Analyst Moon Overlord has echoed this pseudo-prediction. In a thread, the popular commentator remarked that a 35% correction to approximately $6,000 from the $9,100 peak may be healthy, as BTC bouncing off support at those levels would build a long-term base for the cryptocurrency’s expected “moon shot”.

If you think #bitcoin is in a bull market and are looking to buy the dip, look to the previous run for templates.
The largest dip was barely -40%, most are in the -30%'s.
A -30/-40 % dip from here coincidentally lines up with the strongest support in the high 5000's low 6000's pic.twitter.com/zsEr4HnuKz
— Moon Overlord (@MoonOverlord) June 5, 2019

On Twitter, legendary cryptocurrency investor Trace Mayer explained that he expects for Bitcoin to undergo a “gentle retreat” to anywhere from $6,500 to $7,500. His peer, Adamant Capital partner Tuur Demeester, echoed the analysis, writing in a note that his firm’s indicators now read “greed” after “capitulation”.
Using this information, Demeester remarked that a 2012-esque correction could be experienced, during which BTC may fall to the range of “between $6,800 and $7,680”, which is a 27% to 44% retrace of the upside rally.
Bitcoin Still in Overarching Bull Trend
It is important to note that until hell arrives on Earth, or arrives at the crypto market rather, Bitcoin remains in a long-term bull trend. According to Level’s Josh Rager, the one-week Super Guppy, an indicator that singles out trends, has flipped from red to grey for Bitcoin after the three-day iteration of the signal turned green. With Guppy being a lagging indicator, Rager notes that this recent technical occurrence is a “strong confirmation” of a longer-term bull trend.

$BTC – 1 Week Super Guppy
After looking at the 3 Day Guppy chart, we confirmed a bull trend as it flipped green
Now we see the 1 week flip from red to grey signaling end of bear market after the price pushed 7k
Guppy is a lagging indicator but makes for strong confirmation IMO pic.twitter.com/VKFUk74CbM
— Josh Rager (@Josh_Rager) June 3, 2019

What’s more, Bitcoin recently closed its fourth consecutive weekly candle above its 50-week moving average, a series of events that have never failed to mark a bull run in the past.
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If Bitcoin Ban Bill in India Passes, Privacy Crypto Assets Could Boom: Binance CEO

Yesterday, the Bitcoin (BTC) and crypto asset community woke up to a harrowing tidbit of news from Bloomberg Quint. An article, which cited a “draft bill”, revealed that regulators in India, from multiple financial and judiciary agencies, revealed that those who involve themselves in the “sale, purchase and issuance of all types” of crypto assets, including Bitcoin, could lead to a ten-year jail sentence and/or fine.
At the same time, the Reserve Bank of India and its partners have purportedly also proposed the creation of a “Digital Rupee” to fill in the void left by a ban on Bitcoin. This exact strategy has purportedly been “recommended by a panel headed by Economic Affairs Secretary Subhash Chandra Garg”, and has been backed by an array of other respected governmental agencies.
Some have stated that the bill — if put in place — may have some unintended consequences for the Indian government. In fact, this bill may backfire altogether.
A Net Benefit For Bitcoin And Crypto? 
As this news spread, many tried to spin it positively. The crypto community does, after all, have roots in distaste towards and mistrust of governments. Changpeng “CZ” Zhao, the beloved chief executive of Binance, postulated that the Indian bill will “really push privacy coin adoption forward”.
While it is unclear how many in India are involved in cryptocurrency, there is believed to be a massive community of users, especially due to the largely unbanked population in the nation. With the ban, it may make sense for consumers to use privacy-enabling digital assets, like Monero or ZCash, that disallow government surveillance.

That Bill in India will really push privacy coin adoption forward.
— CZ Binance (@cz_binance) June 7, 2019

Some have gone a step further, saying that not only will privacy coin adoption boom, but Bitcoin adoption and awareness too. In fact, a multitude of Bitcoin industry insiders — Samson Mow of Blockstream, DCG’s Barry Silbert, and Michael Goldstein to name a few — have gone as far to say that the draft bill is more an advertisement for Bitcoin than anything. This is likely in reference to the Streisand effect, or the fact that consumers like to embark on small rebellions against state power.
Is The Bill Even Real? 
Despite the fact that there are numerous outlets and sources corroborating the existence of the bill, some are skeptical that Indian regulators want to fully ban Bitcoin. In fact, in a statement published June 4th — prior to the Bloomberg Quint article — India’s central bank claimed that they had no knowledge of a newfangled bill on the ban of cryptocurrency, nor were in contact with other agencies in regards to the subject matter.
This doesn’t imply that the draft bill does not exist though. Yet, the Reserve Bank should be involved if it truly is in the works, as the entity was involved in prior regulations involving cryptocurrency.
Even if the bill somehow exists and goes through, legendary Bitcoin coder Jameson Lopp recently reminded his followers that China has technically “banned” Bitcoin, but not really. Indeed, Chinese exchanges, which somehow find a way to serve clients from the mainland, were recently revealed by Diar to have processed the most Tether (USDT) on-chain volumes than platforms from any other region.
Related Reading: Crypto Community Reacts to China Mining FUD, Will Bitcoin Price React Next?
What’s more, there’s rampant speculation that China’s over-the-counter Bitcoin market is much bigger than we realize, signifying that the region and its investors still have control in the broader crypto industry.
So, even if the bill goes through, Indian investors will likely find themselves not under pressure from the government. And more importantly, will continue to interact with digital assets and related technologies.

Regarding the "India is going to ban Bitcoin" rumors… remember the dozen times that China banned Bitcoin?  https://t.co/eDEX6p5Rgl
— Jameson Lopp (@lopp) June 7, 2019

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