Tag Archives: bitcoin

Eerie Pattern: Bitcoin to Shoot Up to 10600 Quick

Eerie Pattern: Bitcoin to Shoot Up to $10,600, Quick

After sustaining a nearly 4% loss over the past two days, Bitcoin started to recover on Friday, rallying as high as $10,380 just minutes ago as of the time of writing this.

While this isn't a strong recovery per se, for the asset remains below its local top of $10,550 (which analysts say is crucial for bulls to break across in the coming days), an eerie pattern suggests Bitcoin is going to rocket higher towards $10,600.

Bitcoin Could Soon Surge Higher

Prominent cryptocurrency trader HornHairs recently noted that Bitcoin's price action has exhibited a clear pattern over the past few days: the pattern sees BTC dump, pump in a parabolic fashion, and crash again as the parabola fails.

Bitcoin is currently in the middle stage, marked by rapidly-increasing prices. The parabola that is forming suggests the price of the cryptocurrency will top around $10,650, around 3.4% higher than the current price of the asset.

Although there is this bull case, a key sell signal just flashed per previous reports from Ethereum World News.

Nik Yaremchuk, an analyst and researcher at cryptocurrency fund Adaptive Capital, recently noted that with Wednesday's close, the one-day and two-day Bitcoin charts are printing simultaneous sell signals: the TD Sequential has printed a green 9s on both time frames.

This is more bearish than bullish because, for those unaware, the time-based TD Sequential prints 9 and 13 candles at reversal points in markets, for it signals that the trend is exhausted.

Close Above $10,500 Could Set Stage for Bigger Mov

While the above pattern suggests Bitcoin may crash after it sees a short-term parabolic spike into the $10,600 to $10,700, a daily or weekly close above $10,500, analysts say, will set the stage for an even larger move higher.

Prominent technical analyst Cred — who sports over 140,000 followers — remarked that since $9,500 has been breached, Bitcoin's nearest resistance is $10,500, the midpoint of the tried-and-true range between $9,500 and $11,500.

Though, Cred remarked that if Bitcoin can confirm a close above $10,600 — just a smidgen above the resistance he identified — prices will continue higher, likely unfettered until the other long-term resistance he identified at $11,500.

$10,500 is also important because this price point was the top of Bitcoin's rally in September 2019, which was caused by China's embracing of blockchain technologies in an unexpected fashion.

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

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Why Has Bitcoin Rocketed to 10400? Exec Gives 2 Catalysts

Why Has Bitcoin Rocketed to $10,400? Exec Gives 2 Catalysts

Bitcoin’s face-ripping move higher over recent weeks has undoubtedly caught traders off guard.

Below is a tweet from Joseph Young, a leading cryptocurrency analyst/journalist, who noted that short sellers of BTC have seen millions of dollars of their positions liquidated throughout this move, accentuating how unexpected this move has been.

That leaves a pressing question — what has been Bitcoin so far higher over the past few weeks?

Why Has Bitcoin Been Moving So Far Higher?

Vijay Ayyar, head of business development at cryptocurrency exchange Luno, recently weighed in on the latest rally in the digital asset markets in an interview with CNBC, citing key factors that are likely behind the increased demand for Bitcoin and, as a result, altcoins.

The first factor he cited is the fears around the coronavirus outbreak, which have caused a fair bit of uncertainty in global markets. In China, a novel coronavirus has started to spread that purportedly has a high transmissibility rate and a relatively high mortality rate compared to the common cold, leading to many companies (both Chinese and international) seeing their supply chains affected, hurting markets.

Bitcoin is purportedly involved because people see the cryptocurrency as a “safe-haven investment” or “digital gold” that may actually benefit from chaos rather than suffer.

The second factor Ayyar touched on is recent comments from the Federal Reserve’s Jerome Powell regarding the importance of digital currency in today’s world.

In a Congress committee hearing on Tuesday, Powell said that the launch of the Facebook cryptocurrency, Libra, “lit a fire” under the rear-ends of the world’s governments and central banks, the Fed included. This seemingly confirmed that cryptocurrency has value in today’s world.

Other Factors in Play

While these two factors have gained a lot of steam as likely bullish catalyst, there are other factors at play likely affecting how investors allocate capital towards the cryptocurrency markets.

Namely, the upcoming block reward reduction or “halving,” after which the inflation rate of Bitcoin will be cut in half due to code built into the blockchain.

Prior to historical halvings, which take place every four years, Bitcoin rallied strongly, then tapered off slightly after the event due to mining factors; this is relevant because the ongoing rally may be similar to the previous pre-halving rallies.

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

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BitGo Expands Custody Offerings To Switzerland Germany

BitGo Expands Custody Offerings To Switzerland, Germany

By RTTNews Staff Writer | Published: 2/11/2020 9:29 AM ET

U.S.-based digital asset financial services firm BitGo extended its operation to Europe by opening up two new regulated custodial entities in Switzerland and Germany – BitGo GmbH in Switzerland and BitGo Deutschland GmbH in Germany.

“We saw a lot of demand in Europe last year and it was clear that clients there needed to be able to work with European based firms that were regulated within specific jurisdictions,” said Mike Belshe, CEO of BitGo.

The entities will be regulated by different financial authorities. BitGo GmbH is a member of the Financial Services Standards Association (VQF), supervised by the Swiss Financial Market Supervisory Authority (FINMA).

BitGo Deutschland GmbH is currently providing custody services in Germany and will apply for regulatory approval when the application window opens in November 2020.

Switzerland and Germany have both become important European centers for digital assets with forward-thinking regulatory frameworks.

BitGo introduced the first regulated custodian purpose-built for digital assets in 2018 when it launched BitGo Trust Co. in the U.S. and has seen strong adoption. BitGo clients can now select the jurisdiction that is the best fit for their business.

BitGo, backed by Michael Novogratz’s Galaxy Digital Ventures and Goldman Sachs, is a provider of institutional cryptocurrency financial services, providing clients with a set of security, compliance, and custodial solutions.

BitGo claims to processes more than about 20 percent of all global Bitcoin transactions. It supports over 250 coins and tokens, and its customer base includes the world’s largest cryptocurrency exchanges and spans more than 50 countries.

In February last year, BitGo partnered British insurer Llyod’s of London to provide insurance protection for cryptocurrencies and digital assets such as Bitcoin held in their Business Wallet and Custody offerings. Llyod’s is providing insurance for up to $100 million of custodial assets held by either BitGo, Inc., or BitGo Trust Co.

For comments and feedback contact: editorial@rttnews.com

Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe

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Coinbase Says Bitcoin Will Become Closer to Digital Gold in 93 Days

Coinbase Says Bitcoin Will Become Closer to Digital Gold in 93 Days


Image courtesy of CoinTelegraph

            FEB 08, 2020

With May’s Bitcoin halving event drawing ever closer, Coinbase recently took to pushing the “Bitcoin as digital gold” narrative. In a tweet-storm to promote an accompanying blog-post published Feb. 7, it covered the key reasons why the halving and subsequent supply rate reduction will further cement that link.

Scarcity creates value

Since the gold standard was broken in 1971, the dollar’s value has declined and gold’s value, in dollar terms, has risen over 4000%. Gold has more value than similar metals such as copper due to its relative scarcity and difficulty to acquire.

Bitcoin has been designed to be scarce like gold and is artificially difficult to acquire through the Proof-of-Work process of mining. However, it also has an advantage over gold in being transferable through a communications channel.

Coinbase concluded:

“Armed with a myriad of technological advantages, accelerating development, and maturing global market, Bitcoin is a store of value to rival gold in the digital age.”

Halving increases scarcity

The supply of Bitcoin is limited by design, with new tokens being minted as a reward every time a block of transactions is mined. The initial reward level of 50 BTC per block has already undergone two halving events, bringing it down to the current 12.5 BTC per block.

After the May 2020 halving, mining rewards for each new block, mined approximately every ten minutes, will reduce to 6.25 BTC. This will bring the supply issuance of Bitcoin to a rate of around 1.7% per annum.

Stock-to-flow (S2F) is a measure of new supply rate over total supply, and post-halving, Bitcoin’s S2F scarcity will be on a par with gold’s.

“Gold’s stock to flow is higher than any other metal commodity, and bitcoin is set to soon follow,” notes Coinbase.


Bitcoin stock-to-flow chart. Source: medium.com/@100trillionUSD/

No value without demand

S2F forecasts for the price will fail if there is no demand, and this holds true for fiat money, as much as any other commodity. As central banks increase the money supply, economies can sometimes prosper. However, if money supply overwhelms demand then hyperinflation events can occur.

Such events drive demand for safe havens such as gold and Bitcoin, and recent economic fear is reaching all-time highs, according to the Global Economic Policy Uncertainty Index.

This, along with Bitcoin’s myriad of technological advances and accelerating development, justifies Bitcoin’s title as digital gold, according to Coinbase.

As Cointelegraph reported, senior employees of Coinbase and Ripple recently formed a working group to advise United States regulators on policies to encourage innovation in the sector.

Original article posted on the CoinTelegraph.com site, by Jack Martin.

Article re-posted on Markethive by Jeffrey Sloe

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Bitcoin Prints Massive Buy Signal Suggesting Price Will Soon Retake 10000

Bitcoin Prints Massive Buy Signal, Suggesting Price Will Soon Retake $10,000

Bitcoin (BTC) has been on a near relentless rally over the past few weeks, bounding past key price points in the $7,000s, then $8,000s, then most recently in the $9,000s. The cryptocurrency, while already up 50% in the past 45 to 50 days, still has more upside, per some prominent analysts, citing a flurry of technical factors that suggest more upside is imminent.

Bitcoin Prints Key Bullish Signal

Bitcoin’s strong rally over the past few weeks have allowed the cryptocurrency to print a flurry of positive signals on its charts.

Most recently, as pointed out by popular TradingView analyst TradingShot, the Ichimoku Cloud — a multi-faceted indicator that lets analysts determine market trends and key price points — just gave the “strongest BULL SIGNAL possible” on the daily chart for Bitcoin.

They wrote in the TradingView point that the last time the Cloud twisted bullish was in April 2019, which was prior to the over 200% rally that took Bitcoin from the $4,000s to $14,000 in a few months’ time in a parabolic fashion.

They added that with Bitcoin bouncing off the 1,000-day moving average in December 2019, that drop was likely the “bottom of the June correction,” noting that the prices around the moving average are a region where BTC classically bottomed in previous bear markets.

TradingShot’s observation of a bullish Ichimoku cross isn’t the only thing that has traders excited for the prospects of Bitcoin in the coming months.

Cryptocurrency trader Brent or Blockchainblitz recently noted that Bitcoin’s daily chart just registered a key technical signal: the 50-day moving average just today crossed above the 100-day moving average, creating a bull cross formation.

He notes that in the past eight times this technical signal was seen since 2014, a “rip upward followed.”

Indeed, our own analysis of this specific moving average cross found that this last took place when BTC was at $5,800 in early-2019, and preceded a 140% move higher. There are also the other historical instances Brent pointed to in his chart.

This confluence suggests that more upside is likely, though it is important to note short-term pullbacks can be sustained by the market to make sure that Bitcoin is not overextended.

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

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Bitpay Restores Merchant Payments from Any Bitcoin Wallet or Exchange

Bitpay Restores Merchant Payments from Any Bitcoin Wallet or Exchange

By RTTNews Staff Writer | Published: 2/5/2020 9:22 AM ET

Bitcoin Payment Processor BitPay reinstated merchant payments against BitPay invoices from any cryptocurrency wallet, app or exchange. This was discontinued after users complained of delays due to network congestion and related high transaction fees at around the time when Bitcoin hit its peak in 2017.

At that time, BitPay had in place a payment protocol called “BIP70” and limited the acceptance of payments from only a few Bitcoin, Bitcoin Cash (BCH) and Ether (ETH) wallets. In addition to the BIP70 protocol, the payment processor also added the JSON payment protocol in 2018.

As it begins to add support for all Bitcoin wallets starting February 4, BitPay will continue to use the BIP70 payment protocol and JSON payment protocol.

For merchants, this move by BitPay is expected to help boost their sales and help them to access a broader customer base of crypto holders.

BitPay also framed a message to be sent by merchants to their customers on the procedure to make payments. The users have to select the wallet or exchange and follow any payment tips provided by BitPay for a successful transaction. The user has to then scan the QR code or click the QR code to copy the amount due and the address the payment is to be sent and paste it into your wallet, app or exchange to complete the required payment.

For comments and feedback contact: editorial@rttnews.com

Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe

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Bitcoin Achieves Major Milestone With Half a Billion Transactions Confirmed

Bitcoin Achieves Major Milestone With Half a Billion Transactions Confirmed


Image courtesy of CoinTelegraph

            FEB 05, 2020

The Bitcoin network has surpassed 500 million transactions since going live over 11 years ago.

According to blockchain analytics site Statoshi, there have been half a billion transactions on the Bitcoin blockchain as of press time.


Source: Statoshi

Crypto firm Casa CTO Jameson Lopp, co-founder & CTO site Statoshi celebrated the milestone on Twitter, saying:

“Today, as of block 00000000000000000001145bf2e7cb7f04df55feaf3b55d9f6511522bbbf333f at height 616064, Bitcoin surpassed 500 million transactions confirmed on the blockchain.”

From the First Bitcoin Transaction to Today’s Milestone

The first-ever Bitcoin transaction took place on Jan. 12, 2009. Nakamoto and the late Hal Finney were the early contributors to the project. Nakamoto sent Finney 10 BTC as a test, after which the computer scientist began mining blocks himself.

Ten months later, on Oct. 5, 2009, the New Liberty Standard set an initial Bitcoin exchange rate against the dollar. At the time, $1 was worth 2300.03 BTC.

The first-ever transaction of Bitcoin for physical goods took place on May 22, 2010. The famous Bitcoin Pizza saw two pizzas bought for 10,000 BTC by Laszlo Hanyecz. The programmer had offered users on a Bitcointalk forum the BTC in exchange for two pizzas. A teenager named Jeremy Sturdivant, nicknamed Jercos, accepted the Bitcoin and sent Hanyecz two pizzas from Papa John’s. This marks the first commercial transaction for Bitcoin.

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After 11 years, Bitcoin is now hitting another major milestone of passing half a billion transactions. As Twitter user Hodlonaut tweeted:

“Bitcoin isn’t talking about this. Or about how revolutionary and unprecedented its traits of censorship resistance and immutability are. Bitcoin just is. And does. Once block at a time.”

Original article posted on the CoinTelegraph.com site, by Ting Peng.

Article re-posted on Markethive by Jeffrey Sloe

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Ransomware Group Hit Five US Law Firms Demand Ransom in Bitcoins

Ransomware Group Hit Five US Law Firms Demand Ransom in Bitcoins

By RTTNews Staff Writer | Published: 2/4/2020 9:20 AM ET

Five U.S. law firms have been hit by a dangerous ransomware group called Maze, stealing their data and then encrypting it, a modus operandi they are known for, according to cybersecurity firm Emsisoft. Maze is reportedly demanding a ransom in bitcoins to restore or delete their data with them.

At least three of these law firms have been affected within the last 72 hours, and it is feared that Maze could target more law firms in the days to come. Though currently only U.S. firms have been hit, firms in other countries are also at risk.

Emsisoft believes malicious email attachments were used to infect the networks of the affected law firms. Ransomware can be delivered in a variety of formats, including PDF, ZIP, Word document, Excel spreadsheet and more.

Maze generally extracts a ransom from their targeted victims in return for the deletion of the data stolen from them. For proof, they initially name the victims, and if that does not work, they publish a small portion of their data online.

If the ransom is still not paid, Maze will go ahead and post the remainder of the data on its websites, sometimes on a staggered basis.

In the current attacks, Maze has already posted a portion of the stolen data of at least two of the firms, which includes client information. Maze claims that the stolen data will be deleted upon payment.

Attacks that steal data are considered to be data breaches which, under U.S. law, are treated very differently to malware infections. These data breaches could also lead to the affected firms facing legal action from aggrieved customers.

Emsisoft warns that opening a malicious attachment may deploy the ransomware immediately, or it may enable attackers to remotely execute the ransomware in future. The attachments are delivered via phishing emails.

Phishing is a very common attack vector in which threat actors pretend to be a legitimate entity in order to elicit an action from the target.

Around 400 servers of the Colorado Department of Transportation (CDOT) were affected and the whole computer network was hung in a ransomware attack in 2018.

For comments and feedback contact: editorial@rttnews.com

Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe

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Analysts Expect XRP Price to Continue Breakout Against Bitcoin

Analysts Expect XRP Price to Continue Breakout Against Bitcoin

Like it or not, XRP hasn’t fared too well over the past few years. Since its blow-off top in January of 2018, during which the cryptocurrency traded above $3.00, the price of XRP has crashed, falling to $0.24 where it is now and as low as $0.17. That represents an over 90% drop from the all-time high. The cryptocurrency has lost a similar amount against Bitcoin (the XRP/BTC pair).

Yet, analysts are becoming convinced that the altcoin against the leading cryptocurrency may soon move higher.

Cryptocurrency trader “TraderSmokey” noted that XRP’s BTC pair is “looking good,” depicting that the pair has broken out of a long-term falling wedge to only consolidate into a short-term falling wedge, implying an imminent breakout to the upside. He said that this consolidation coupled with the bullish Ichimoku Cloud is setting XRP up to surge around 6-7% against BTC.

Not Only Thing Suggesting XRP To Move Higher

It isn’t only the above that suggests XRP/BTC will continue to surge higher in the coming days.

According to a Telegram channel tracking TD Sequential indicator signals on a number of assets, cryptocurrencies and commodities especially, the XRP/BTC one-day chart saw a “Buy 9” (notably different than the Buy 13 candles seen with BTC, but bullish nonetheless) candle during Friday’s trading session. Should the indicator play out as it does in textbooks, XRP could soon begin to rally against Bitcoin.

Also, per previous reports from this very outlet, analyst Bitcoin Jack noted that the XRP/BTC trading pair has a bullish setup forming, recently forming somewhat of a bottom at key levels. He claims that the cryptocurrency could soon surge from 2,536 satoshis to 2,879 satoshis — a gain of 13.5% over the coming weeks.

On a longer-term basis, TraderXO noted that XRP against BTC has been trading in a manner similar to a chart pattern or schematic described by legendary chartist Richard Wyckoff. The schematic is the Wyckoff Accumulation pattern, and it implies that XRP is currently in Phase C of accumulation, which correlates with a strong surge in prices back to the range high.

Should the Wyckoff schematic play out in full, the price of the altcoin will surge towards 5,000 satoshis, and maybe beyond.

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Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

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Twitter Adds Bitcoin Emoji Jack Dorsey Suggests Unicode Does the Same

Twitter Adds Bitcoin Emoji Jack Dorsey Suggests Unicode Does the Same


Image courtesy of CoinTelegraph

            FEB 2, 2020

Twitter co-founder and CEO Jack Dorsey tweeted the newly added Bitcoin (BTC) emoji on Feb. 2 and tagged Unicode, the consortium managing the character standard, in an apparent suggestion to do the same.

Dorsey's tweet showed that, now, whenever a Twitter user writes the Bitcoin or BTC hashtag, an image showing its symbol appears next to it.


Dorsey's tweet showing the Bitcoin emoji. Source: Twitter

Dorsey's apparent suggestion that the symbol be included in the Unicode text encoding standard was appreciated by the community, with Lightning Labs co-founder Elizabeth Stark joining the request.

After Twitter added the emoji to its platform, many cryptocurrency personalities test-tweeted it, including Tron (TRX) founder and Bittorrent CEO Justin Sun.

The official accounts of major cryptocurrency exchange Binance used the emoji and suggested that the cryptocurrency community should join in using the hashtag to get it trending on Twitter. Binance CEO Changpeng Zhao also retweeted the message stating, “Let's do this.”

Jack Dorsey's involvement with crypto

This is not the first foray into crypto by Twitter's co-founder, who is also the CEO and founder of crypto-friendly mobile payments application Square. In early December 2019, he also announced that Twitter has a dedicated team to develop a decentralized standard for social media.

Square, on the other hand, was recently awarded a patent for a technology that purportedly cracks a present barrier in cryptocurrency merchant transactions by providing a real-time system that exchanges crypto for fiat money. In November, the firm also issued a letter to shareholders showing that Bitcoin buyers on the app doubled in Q3 2019, but brought low profits.

Original article posted on the CoinTelegraph.com site, by Adrian Zmudzinski.

Article re-posted on Markethive by Jeffrey Sloe

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