35% Bitcoin Price Drop to $9,100 is Historically Natural, Don’t Worry: Analyst

Bitcoin and the aggregated crypto markets have been incurring significant volatility as of late that has made it increasingly unclear as to which direction BTC is heading and has even made it difficult to know whether bulls or bears are in control.
Although Bitcoin’s recent drop to $9,100 certainly signaled that the crypto’s bears have significant strength, the subsequent price surge past $10,000 signals that bulls are still in control, and one analyst believes that the recent pullback is both natural and necessary for the uptrend to continue.
Bitcoin Climbs Towards $10,400 as Bulls Step Up
At the time of writing, Bitcoin is trading down slightly at its current price of $10,370, which is down slightly from its daily highs of roughly $10,700.
Although its price has dropped from its daily highs, it is important to note that it is trading up significantly from its weekly lows of $9,100 that were set earlier this week.
The positive reaction to the recent dip into the four-figure price region signals that buyers are still in control, and that there is a significant amount of buying support that exists below $10,000.
While looking at Bitcoin’s near-term price action, analysts are noting that the cryptocurrency might be forming an inverse head and shoulders pattern, which could mean that BTC will drop slightly before surging up towards $13,000.
“$BTC Since the H&S worked so well on the down side then maybe the inverse H&S will work just as well on the upside where a measured move from the head to neck line would take #bitcoin up to the established resistance line…note the formation of the right shoulder tests $10K again,” Chonis Trading, a popular crypto analyst, noted in a recent tweet.

$BTC Since the H&S worked so well on the down side then maybe the invers H&S will work just as well on the upside where a measured move from the head to neck line would take #bitcoin up to the established resistance line…note the formation of the right shoulder tests $10K again pic.twitter.com/ffDIYOXzkW
— Chonis Trading- (@BigChonis) July 18, 2019

BTC’s Latest Pullback Could Be Entirely Natural
Although the recent pullback marked the end of the recently incurred bull market in the mind of many investors, one prominent analyst is now explaining that 30-40% pullbacks during the course of an uptrend are entirely natural.
CryptoThies, another popular analyst on Twitter, spoke about this in a recent tweet, explaining that it is part of a “rinsing/repeating” pattern that has been seen several times throughout Bitcoin’s history.
“$BTC Bull run in 2015-2017 included run-ups, typically followed by a retrace to touch the top of the prior high. These drops ranged from 31-40%, before rinsing/repeating onward. Looks very similar to what we are seeing now,” he explained.

$BTCBull run in 2015-2017 included run-ups, typically followed by a retrace to touch the top of the prior high. These drops ranged from 31-40%, before rinsing/repeating onward.
Looks very similar to what we are seeing now. pic.twitter.com/vd5grw1bVC
— CryptoThies (@KingThies) July 18, 2019

Whether or not this pattern is a natural one or one that spells trouble for BTC will likely grow increasingly clear in the coming days as weeks as the cryptocurrency continues to struggle to hold above $10,000.
Featured image from Shutterstock.
The post 35% Bitcoin Price Drop to $9,100 is Historically Natural, Don’t Worry: Analyst appeared first on NewsBTC.
Source: New feedNewsBTC.com

BitMEX May Be the First Target of the U.S.; Which Crypto Platform is Next?

The crypto industry was taken aback earlier today when news broke regarding popular leveraged crypto trading exchange, BitMEX, being investigated by regulatory authorities in the United States.
Importantly, news regarding this investigation came about shortly after top officials within the US government criticized the nascent crypto markets, with the Treasury Secretary warning that they would be implementing and enforcing “very strong” regulations in the near-future.
Crypto Trading Platform BitMEX Under Instigation by CFTC 
Earlier today, news broke that BitMEX is currently being investigated by the United States Commodity and Futures Trading Commission (CFTC) for allowing Americans to utilize the platform without having the proper licensing and registrations.
The news, which was first reported by Bloomberg, came closely on the heels of comments from top officials within the US government, who offered a less-than-positive perspective on the crypto markets, deeming them as markets rife with crime and fraudulent activity.
HDR Trading Limited, BitMEX’s parent company, declined the opportunity to comment on the investigation, but BitMEX CEO, Arthur Hayes, has previously stated that the company does ban users from the US who attempt to undermine the company policy – which technically does not allow US residents to access the platform.
It remains unclear as to where this investigation could lead, or as to what the consequences could be. But prominent critic of both crypto and BitMEX, Nouriel Roubini, noted in a recent tweet that be believes the allegations set forth by the CFTC are just a “fraction of the sleeze going on in BitMEX.”

Crimes probed by @CFTC are a fraction of sleaze going on in BitMEX:
U.S. Regulator Probing Crypto Exchange BitMEX Over Client Trades. Trading platform known for 100x leverage futures contract. Probe comes as regulators ramp up scrutiny of crypto sectorhttps://t.co/X0JDU5Ge46
— Nouriel Roubini (@Nouriel) July 19, 2019

US Government About to Crackdown on the Nascent Markets
The CFTC’s probe of BitMEX comes just one day after US Treasury Secretary, Steven Mnuchin, told CNBC in an interview that the government would begin policing crypto with “very, very strong” regulations.
Mnuchin further added that the goal of these regulations would be to ensure that Bitcoin and other cryptos don’t become the equivalent of “Swiss-numbered bank accounts.”
Because it is not possible to actually regulate decentralized cryptocurrencies themselves, it is highly probable that the first target of regulators will be crypto exchanges, as many of them have been operating in the shadows beneath the nose of regulators.
In other countries that have more progressive regulations, like Korea, federal regulators first started targeted crypto exchanges, forcing them to adhere to the strict rules that govern the banking industry.
Although it still remains clear as to when and how the US will go about slapping the “very strong” regulations on the markets, it is likely that more exchanges will begin facing increased scrutiny from groups like the CFTC in the near-future.
Featured image from Shutterstock.
The post BitMEX May Be the First Target of the U.S.; Which Crypto Platform is Next? appeared first on NewsBTC.
Source: New feedNewsBTC.com

Bitcoin Vs. Libra: What's the Difference?

Facebook created headlines on their ideas to create their own cryptocurrency and it has already been compared to well-known cryptocurrencies such as ‘Bitcoin’. Following this many professionals question whether Libra can even be categorized as a cryptocurrency. Both Bitcoin and Libra are very dissimilar.
Contrast In Technology
With Bitcoin, all transactions are recorded anonymously and are secure because they are on a public ledger familiarly known as the blockchain. This proves that it is effectively both impossible and hopeless to interfere with the transactions that take place on the database.   
However even though Libra also uses a form of blockchain, their blockchain is permissioned, which is unlike Bitcoin. This means that transactions can only be added by a set of trusted parties which is where the Libra Association comes in handy with each of the nonprofit organization’s members having invested a minimum of $10 million into the project. The Libra network is contrasting to Bitcoins network, which can be accessed and maintained by anyone with decent enough hardware and access to the internet.
Peter Van Valkenburgh, director of research at the cryptocurrency policy think-tank Coin Center stated –    

“Cryptocurrencies are defined by their lack of reliance on trusted intermediaries”

Different Use Cases
Bitcoin’s White paper relates the virtual currency to a peer-to-peer payment system, which lets users exchange money without going through a bank and is mainly used as a form of investment.

To stay clear of the volatile swings often seen in cryptocurrencies like Bitcoin, Libra’s currency is attached to a basket of government-backed currencies and other assets. With their main motive being to be used in cross-border payments and money transfers and to have a stable value.
Charles Hayter, co-founder and CEO of digital currency comparison platform CryptoCompare pronounced: 

“Bitcoin and Facebook’s Libra both represent stages in the evolution of currency but in starkly different ways” 

Clashing Regulatory Questions
Facebook’s currency, Libra, has gained both popularity and the spotlight when it comes to talking of regulating cryptocurrencies. Yet some are concerned that the company’s blockchain project could be lumped in with other digital assets by regulators. This could be controversial given the disagreement between Libra and a digital currency like Bitcoin.
Securities and Exchange Commission Chairman Jay Clayton last year told CNBC that cryptocurrencies are “replacements for sovereign currencies”. 
Source: Crypto Daily

​DataLight​ has Launched Real Usage Index That Allows to Track and Compare the Activities of Different Blockchains

Coinspeaker
​DataLight​ has Launched Real Usage Index That Allows to Track and Compare the Activities of Different Blockchains
Real Usage Index is available at ​DataLight Lab​. It is an insightful analytical tool that offers users a wide variety of additional facilities to set up convenient crypto dashboards for Real Usage Index and 60 other metrics featuring graphs, widgets and diagrams.
​DataLight​ has Launched Real Usage Index That Allows to Track and Compare the Activities of Different Blockchains

Continue reading at Coinspeaker
Source: CoinSpeaker

Blockchance Cyber Parties

We are delighted to introduce you to our Blockchance Cyber Parties (BCP) on Telegram. Join us. Have some fun. Help the community. Get some free tokens. Spread the word.

Hamburg Coin (HAM) airdrops
To celebrate our cyber parties we have created a new token: Hamburg Coin (HAM). We will use this token to reward our community for helpful behaviour. And we will use it as a prize for the different contests that we have planned for the next few weeks. Collect as many HAM tokens as possible to get a special prize. More details about our contests and HAM in our next post.
We all know about shady services promising free tokens. They want your email. But all you get is spam. We will not ask you for anything. Our airdrops are legit. And free for everybody. Join our Telegram group and have some fun. No complicated setup required.
What is an airdrop?
Airdrops are quite common in the crypto community. It means that token creators distribute their tokens to the wallets of users free of charge. In a nutshell: You get a free token. And since this happens on the blockchain it is truly yours.

How does it work?
All you need to do is to be in our Telegram group during a party. Write something. Have fun. Enjoy your time. We are about to create something unique here; a cyber party!
We will use a bot to reward you with HAM. But in the first place it is about having a fun time together. So there is no setup required. The bot creates a unique wallet for each user as soon as s/he gets tipped a token. You can talk to the bot to see your balance and also to get your private key. You can even setup a different receiving address, so you are in full control of your funds.
We do not want to bother you with the technical details since we want this to be as user friendly and simple as possible. Join a party and share this new experience with us.
Stay tuned for our next post. We will announce our first party and contest and explain more about our new HAM token.
Follow us on
Telegram: https://t.me/BlockChance
Twitter: https://twitter.com/blockchance_
Web: https://blockchance.eu
Source: Crypto Daily

BitMEX Being Investigated by CFTC As ‘Dr Doom’ Gets Salty Over Hayes Debate

The Commodity Futures Trading Commission (CFTC) based regulator in the United States is apparently investigating the crypto giant BitMEX, according to Bloomberg sources.
The sources, such as Tim Culpan have cited people familiar with the matter speaking on July 19th, the CFTC believes that BitMEX allowed US Residents to use its platform to trade. 

Breaking news*U.S. REGULATOR PROBING CRYPTO EXCHANGE BITMEX ON CLIENT TRADES@BitMEXdotcom under investigation, just two weeks after that @Nouriel v @CryptoHayes Tangle in Taipei.
— Tim Culpan (@tculpan) July 19, 2019
The current law in the United States, the country is just one nation to be excluded from using the BitMEX platform, which is currently restricted in Seychelles and similar crypto-based financial services but users could have looked elsewhere to avoid the geoblock by utilising VPN services.

Even though no official details have been confirmed yet, the investigation on the CFTC came to light on social media through Culpan.
Dr Doom’s Input
BitMEX remains in the spotlight though as after this week following the debate between the firms CEO Arthur Hayes and the notorious Bitcoin shamer, Nouriel Roubini, AKA Dr Doom, earlier this month. 
Following the meeting between the two, Roubini hit out at the CEO for postponing the release of a video which showed the whole debate on camera. 
Earlier this week on Wednesday though, Dr Doom made things interesting as he published what he said was solid evidence of malpractice at BitMEX as he ‘killed two birds with stone’ so to speak (Hayes and BitMEX).
In fact, Roubini has even described his report to be, “my new column where I expose the shady rekting racket that is (BitMEX) run by the thug (Hayes): evasion of AML/KYC, front-running, insider trading, massive scale money laundering, gouging of clients, etc.”
Source: Crypto Daily

Bitcoin Price Analysis: BTC Bears Are Weary: Bulls’ Set Eyes on $11,000

Bitcoin recovers lost ground on Friday grinding above $10,500.
Bitcoin is “virtual property,” a court in China rules.

Following the extreme oversold conditions in the cryptocurrency market this week, digital assets are starting to wake up. Although Bitcoin impressed investors with a more than $1,000 reversal yesterday, the upside was capped at $10,800. In fact, Bitcoin lost ground on Friday during the beginning of the European session.
However, the buyers managed to sustain BTC above the 100 Simple Moving Average (SMA) 1-h support. An intraday low formed at $10,244 (on Coinbase) has given way to a correction back above $10,500.
As Bitcoin battles to shake off this week’s bear pressure, a court in China made a groundbreaking ruling for Bitcoin. The court stated that Bitcoin is “virtual property” and, therefore, protected by the legal framework in the nation. The ruling does give Chinese national assurance that they are protected within by the laws to own Bitcoin as long as they do not engage in trading or mining activities which are illegal in China.
Bitcoin Technical Picture
Bitcoin has a bullish bias at the time of writing. The short-term 50 SMA 1-h is moving upwards and a double-cross above the longer-term 100 SMA could give Bitcoin a push above $10,800. Yesterday’s break past the descending trendline was key to the recovery and the momentum that still exists on the market.
The Moving Average Convergence Divergence (MACD) is sitting comfortably in the positive region. The decreasing negative divergence suggests that the bulls are gaining traction.
BTC/USD 1-h chart
Bitcoin Chart | Source: Tradingview
The hourly chart shows $10,000 as being a viable support level. As long as BTC can stay above $10,000, a correction towards $11,000 as possible before the close of the session on Friday. Other key support levels to look out for are $9,600, $9,200 and the primary support at $9,000.
BTC key Technical Levels
Key Support Levels: $10,000, $9,600 and $9,000.
Critical Hurdles: $10,800 and $11,000.
MACD 1-h chart: Stays on the positive side – decreasing negative divergence suggests growing bullish influence.
The post Bitcoin Price Analysis: BTC Bears Are Weary: Bulls’ Set Eyes on $11,000 appeared first on Coingape.
Source: CoinGape

CFTC Investigates Crypto Exchange BitMEX Over Client Trades

Coinspeaker
CFTC Investigates Crypto Exchange BitMEX Over Client Trades
The U.S. Commodity Futures Trading Commission (CFTC) is reportedly probing crypto derivatives exchange BitMEX to determine whether it broke rules by allowing U.S. traders on its platform.
CFTC Investigates Crypto Exchange BitMEX Over Client Trades

Continue reading at Coinspeaker
Source: CoinSpeaker

German Central Bank President Shows Support For Libra, Calls It “Attractive” To Customers

Germany’s Central Bank president, Jens Weidmann showed some positivity on Facebook Libra. According to Jens, the highly controversial proposed digital currency would be attractive to customers. He made the statement speaking at the recently concluded G-7 summit with other central bank heads and finance ministers of the participating nations.
On another occasion, Jens had previously expressed optimism about the idea of Facebook Libra, adding that the currency was not supposed to be a matter to be alarmed of, rather, it merely required vigilance.
Further speaking about cryptocurrencies, Jens included that cryptocurrencies(particularly, stablecoins) are asset class which could make immense wealth and prosperity. However, he also warned that users had to be careful, looking for every green light indicating safe investments and then to be aware of the risks involved. According to Jens,
“There’s no reason to be alarmed but there’ as a reason to be vigilant,”
Further maintaining his stand on the matter, he expressed his opinions of the regulatory hurdles faced with the project and urged finance ministries and regulators not to strangle the project in its early stage. Adding that should in case Libra could deliver what they promised, that customers would be attracted.
The idea of Libra recently spotted the limelight when Facebook announced plans of issuing a digital currency. Libra, as the project would later be known, has about 28 founding members of which Facebook happened to be one.
Upon the announcement, one could easily predict that the project, which regulators around the world go against for several reasons would have to face many tribulations and trial periods before its set launching date of 2020.
As expected, David Marcus, head of Libra sat before the U.S. congress few days ago to answer some important questions. Eventually, the project had to stop indefinitely until hearings were finally concluded and approval given.
Among the countries which have shown considerable disagreement with Libra are countries within the G-7. Recently, the ministers of Finance of these countries concluded that Libra would have to face heavy existing regulations while some even believed that new set of laws are necessary to put the project under total control.
The post German Central Bank President Shows Support For Libra, Calls It “Attractive” To Customers appeared first on Coingape.
Source: CoinGape

Libra: Germany’s Central Bank Head and Finance Minister at Loggerheads

The Senate hearing on Libra in the US put an indefinite stop to Facebooks’ cryptocurrency plans. Moreover, the Chinese were more apprehensive as they do not have access to Facebook currently. However, not all Central Banks see Libra as a threat.
Reportedly, the President of the German Federal Bank, Jens Weidman, recently addressed a news conference at a meeting of the G7 Finance ministers and Central Bankers. While he advised caution against it, he also perceived the benefits of stablecoins.
He told the media,
“There’s no reason to be alarmed but there’s reason to be vigilant,”
However, Germany’s Finance Minister, Olaf Scholz, shared similar concerns that some of the US senators raised. The Libra Reserve, along with the Libra currency; if it grows too large, it will threaten the power and liquidity of Central banks. He told the media on 16th July 2019,
“The issuance of a currency does not belong in the hands of a private company because it is a core feature of a sovereign state”
David Marcus, the head of the Libra Association, has tried to reassure both the Houses of the US Senate on 16th and 17th of this month on Libra’s plans and Facebooks’ integrity. He also mentioned that Libra was in talks with the working committee of the G7 group.
Also Read: G7 Countries Form Cryptocurrency Task Force For Facebook’s Libra; Here’s Why
G7 includes the following member countries – Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. Currently, France is heading the bloc. The G7 group has recognized Libra as a concern for immediate importance. The French official told the media,
“On Libra, we had a very constructive and detailed discussion with a very large and shared consensus on the need for action.” He added, “Concerns (were) expressed by all the participants about the current situation and the need to act quickly,”
Do you think that G7 will ease the regulatory burdens being imposed on Libra? Please share your views with us. 
The post Libra: Germany’s Central Bank Head and Finance Minister at Loggerheads appeared first on Coingape.
Source: CoinGape

Fidelity-Backed Blockchain Accelerator Attracts Over 50 Mentors

Coinspeaker
Fidelity-Backed Blockchain Accelerator Attracts Over 50 Mentors
The blockchain accelerator program called Startup Studio which is backed by Fidelity Investments and 20 other companies, has managed to attract over 50 mentors.
Fidelity-Backed Blockchain Accelerator Attracts Over 50 Mentors

Continue reading at Coinspeaker
Source: CoinSpeaker

Digital Identity and Access Management Forum: BFSI Market

Coinspeaker
Digital Identity and Access Management Forum: BFSI Market
Digital Identity and Access Management Forum in London on 15-16 October 2019 will revolve around establishing, modifying and monitoring digital identity.
Digital Identity and Access Management Forum: BFSI Market

Continue reading at Coinspeaker
Source: CoinSpeaker