Tag Archives: cryptocurrency

Americans Owning Cryptocurrency Nearly Double From 2018: Survey

Americans Owning Cryptocurrency Nearly Double From 2018: Survey

By RTTNews Staff Writer | Published: 10/31/2019 11:23 AM ET

Despite being a turbulent year for cryptocurrency, the number of Americans who own a cryptocurrency has nearly doubled to 14.4 percent in 2019 from 7.95 percent in 2018, a strong growth of 81 percent in one year, a latest survey shows.

A survey among more than 2,000 American citizens commissioned by Australia-based financial services firm finder.com found that 14.4 percent or about 36.5 million Americans have invested in some form of cryptocurrency. The survey report titled "A rising number of Americans own crypto" was released in mid-October.

The data from the survey shows that Americans who invested in cryptocurrencies have an average $5,447 in coins, with roughly three-quarters of respondents actually holding less than this amount.

However, the median amount of cryptocurrencies in American digital wallets is just a modest $360 as only an estimated 85.6 percent of Americans want to put their money into a digital wallet.

Though Bitcoin or BTC is the most popular among cryptocurrency owners, 55.4 percent of them have also invested in another form of cryptocurrency such as Ethereum, Litecoin, XRP etc.

The survey said 61 percent of the respondents or an estimated 22.3 million Americans also cited using a coin as a form of investment as the main reason for them choosing to own a cryptocurrency.

The second most common reason for using cryptocurrency cited by 29.3 percent of the respondents or an estimated 10.7 million Americans was for transacting payments.

This was followed by 25.3 percent of the respondents or an estimated 9.3 million Americans wanting to store their savings outside of traditional banks. 18.2 percent of those surveyed or an estimated 6.6 million Americans said they own cryptocurrencies for sending money overseas.

The survey also found a major gender gap in cryptocurrency holding as men owning cryptocurrencies outnumber women by twice the rate, with 19 percent men owning cryptocurrencies compared to just 10 percent of women. This translates to about 23.6 million men and 12.9 million women.

Of the Americans surveyed, 47.9 percent or about 103.4 million Americans say it's too complicated or difficult to understand, 45 percent think they aren't interested and 23 percent think crypto is too much of a risk.

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 Price Tanks Below 9000 What Comes Next?

Bitcoin Price Tanks Below $9,000; What Comes Next?

The volatility that analysts expect in the Bitcoin (BTC) markets is finally here. Over the past few hours, the leading cryptocurrency has started its first notable price move in literal days, tanking from $9,200 to $8,700 — a 6% move lower — in the space of only a few hours.

So, how are analysts responding to this latest move, which comes after two weeks of price ranging between $9,000 and $9,500?

Well, analysts aren’t too bullish, at least for a short-term time frame. Popular cryptocurrency trader DonAlt observed that a chart he posted a few weeks ago, which indicated strong support at $9,000, is still valid. His chart indicates that BTC must hold $8,400 or may fall further.

This move satisfies bearish divergences that printed earlier. As reported by Ethereum World News, CryptoHamster, a popular trader, remarked in a tweet last night that BTC has seen bearish divergences form on the one-hour time frame with the Stochastic, Stochastic Relative Strength Index, and Moving Average Convergence Divergence all trend higher while BTC has fallen, signaling weakness.

Where Will Bitcoin’s Pain Stop?

So, where will the pain stop for Bitcoin in this move?

According to a Bloomberg columnist, $8,000 is where the selling pressure should end.

Su Zhu, the chief executive of Three Arrows Capital, recently released an excerpt of a report from Bloomberg’s “monthly crypto market columnist.” And according to them, Bitcoin is looking a bit more bullish than bearish but remains stuck in a tight range.

The excerpt reads that “the worst of this year’s Bitcoin price correction… in our view.” The analyst elaborated that they expect for Bitcoin to remain bound to the $8,000 to $12,000 range until year-end; Bloomberg wrote that increasing institutional investment and a “favorable macroeconomic environment” should produce upside potential, but that “hangover selling from 2017’s price surge” should limit the upside, and potentially create some room for downside to the $8,000 region.

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

Article re-posted on Markethive by Jeffrey Sloe

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How Swell for XRP: Ripple Reveals it Has Above 300 Customers

How Swell for XRP: Ripple Reveals it Has Above 300 Customers

How swell for XRP. According to a recent report from Forbes, Ripple Labs has just crossed a key milestone, accentuating that the firm’s fintech projects continue to gain traction, despite the downturn in the cryptocurrency and blockchain market.

Ripple Continues to Gain Traction

Announced in an official blog post published on Wednesday prior to its Swell conference in Singapore, Ripple has claimed to have surpassed 300 customers, which consists of a “global network of banks, financial institutions and payment providers that sends money globally, instantly and reliably for fractions of a penny.” Indeed, the post elaborated that Ripple has customers “in more than 45 countries and 6 continents using RippleNet, with payout capabilities in 70+ countries.”

Ripple’s On-Demand Liquidity product, which is also known as xRapid, has also seen growing level adoptions. This comes in spite of the fact that ODL was just announced at 2018’s iteration of Swell.

“In less than a year since the commercialization of ODL, we have seen tremendous growth and customer interest with two dozen customers signed on to use the product.

Some of the notable customers committed to using ODL include MoneyGram, goLance, Viamericas, FlashFX and Interbank Peru. There have been more than 7x the number of transactions using ODL from the end of Q1 to the end of October,” Ripple wrote, confirming that its products are truly gaining steam.

For some context, ODL is a product that leverages XRP as a bridge currency to “eliminate the need for pre-funding in cross border payments.” Ripple’s chief executive Brad Garlinghouse has previously stated that MoneyGram’s use of ODL is a clear sign that the cryptocurrency is beneficial. MoneyGram, according to Garlinghouse, is currently “experiencing real-time [transaction] settlement (around 60 seconds) in U.S. dollars to Mexican pesos” through the solution.

XRP Readies to Push Higher

This positive development for Ripple comes as XRP has purportedly begun to build price strength.

Per previous reports from Ethereum World News, Peter Brandt, a long-time commodities trader with years in the business, recently remarked that the cryptocurrency’s latest move to the upside has only corroborated one of his bullish analyses of the XRP chart. Referring to the chart below, he remarked that this “chart interpretation remains valid — it is taking another run at a breakout.”

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

Article re-posted on Markethive by Jeffrey Sloe

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Huobi Global to Phase Out US Customers: Crypto Crackdown

Huobi Global to Phase Out U.S. Customers: Crypto Crackdown

Large Crypto Exchange to Drop American Clients

Revealed in a blog post published on November 3rd, Huobi Global, a popular crypto exchange that has reported some $1 billion worth of volume over the past 24 hours, will be pulling out of the U.S. market. Huobi will purportedly do so by “gradually disabling the accounts of U.S. users from further trading or transferring.” By November 13th, all U.S. accounts will be frozen, meaning that American crypto traders should withdraw all funds and close all margin positions in the time until then.

Explaining the rationale behind this decision, Huobi cited “the laws and regulations of the United States with respect to crypto assets,” which it claimed it needs to strictly comply by.

It is important to note that Huobi isn’t completing stranding its U.S. clientele. The Chinese upstart has a “strategic partner” for the U.S. market, HBUS, which has and can service American crypto traders. HBUS is Huobi’s version of Binance.US.

Huobi’s decision to start moving away from servicing American clients comes as there has been an exodus of other crypto exchanges and markets from the U.S. Over the past few months, we’ve seen Bittrex delist an array of altcoins in fear of SEC action, Binance restrict access to its flagship platform in the U.S. while launching an alternative platform, and altcoin-centric Poloniex stop servicing customers entirely.

And while the cryptocurrency market in the U.S. isn’t “dead” per se because of this exodus, with much of this space’s firms having offices or headquarters in places like Silicon Valley or New York, the regulatory uncertainty around exchanges and altcoins likely isn’t doing anything to help the development of the industry.

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U.S. Politicians Call for Clarity

Sentiment in Washington, D.C. seems to be largely against the cryptocurrency space, especially considering the grilling that Facebook’s Mark Zuckerberg has had to sit through. Yet, there are some politicians on the Hill that are supportive of the adoption of blockchain technologies and related innovations.

One of these is Ohio Congressman Warren Davidson, who recently wrote on Twitter to celebrate Bitcoin’s 11th birthday that “It’s time the US harnesses this potential and establishes a framework for American blockchain innovators.”

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

Article re-posted on Markethive by Jeffrey Sloe

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Analysts Expecting Bitcoin Fireworks as Major Move Looms on Horizon

Analysts Expecting Bitcoin “Fireworks” as Major Move Looms on Horizon

Bitcoin has been experiencing a very boring bout of sideways trading for the past several days and weeks, which has come about shortly after the crypto’s meteoric run from lows of $7,300 to highs of $10,600 – which marked one of the largest single-day movements ever experienced by the cryptocurrency.

Now, analysts are anticipating another large movement in the near-future for the crypto, and several indictors may point to the possibility that this movement will favor BTC’s bulls.

Bitcoin Continues Flatlining but a Big Move Might be Coming

At the time of writing, Bitcoin is trading up just under 2% at its current price of $9,300, which marks a significant surge from its daily lows of $9,100 that were set yesterday.

It is important to note that Bitcoin is squarely in the middle of the trading range between $9,000 and $9,500 that it has been caught in for the past couple of weeks, but analysts anticipate this period of consolidation to quickly come to a close.

Jonny Moe, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, referencing the key price levels that lie directly above the crypto’s current price, and further noting that he is “ready for fireworks”

“20 Week SMA: $9825 -Resistance- Current Price: $9300 -Support- 200 Day SMA: $9100. Ready for fireworks one way or the other. $BTC” He explained.

Furthermore, it is important to note that bulls may currently have the upper hand over bears, as FlibFlib – another popular crypto analyst – explained in a tweet that Bitcoin’s OBV looks very strong, making the crypto’s TA look bullish at the moment.

“Bitcoin looks a lot better than I thought tbh. OBV looks strong,” he said while pointing to the indicators seen in the below charts.

In the near-term, it is imperative that Bitcoin begins inching higher and pushes up against its range high at $9,500 that has proven to be a strong resistance level, and if bulls are able to decisively push it past this level, then significantly further gains could be in store for the crypto.

The next few days will likely provide further insight into just how strong this range is and how influential it will be for BTC’s price action in the coming weeks and months.

Original article posted on the EthereumWorldNews.com site, by Cole Petersen.

Article re-posted on Markethive by Jeffrey Sloe

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Why IBM Expects Central Bank Crypto Assets Within Five Years

Why IBM Expects Central Bank Crypto Assets Within Five Years

Earlier this year, Facebook famously unveiled Libra to the world. The cryptocurrency project, billed as a way to empower billions, quickly became the talk of the town, with the phrases “Libra” and “Facebook’s crypto/blockchain” gracing the notifications of the phones of millions across the world; effectively every mainstream media outlet covered the news.

Unsurprisingly, central banks, governments, and traditional institutions were quick to take notice of this new entree into the fintech space. And how they reacted has been extremely interesting. Central banks around the world have reacted to the Libra news by looking to launch their own digital assets. Crazy, right?

But how soon will these digital currencies launch, if at all?

Central Banks To Soon Launch Crypto Projects

According to IBM, the American technology giant, very soon. In a report published on October 29th, IBM and the Official Monetary and Financial Institutions Forum (OMFIF) said that they expected for the first central bank digital currency (CBDC) to launch within the next five years, as 73% of global banks have supported such initiatives:

“The principal conclusion is that we are likely to witness the introduction of a central bank — that is fiat — retail digital currency within the next five years, either as a complement to or as a substitute for notes and coins.”

Venezuela has notably launched the Petro, but that seemingly hasn’t been factored in as a bonafide central bank crypto asset.

Interestingly, the report claims that the first CBDC is unlikely to be launched by a G20 central bank, but rather by a smaller economy.

This contradicts the sentiment of ING, whose chief economist said just a month ago that a G20 central bank will launch its own digital asset within the “next two to three years”. The benefits that would come with these assets, he claimed, would aid the economy.

Regardless, it seems that the consensus is that a CBDC is right on the horizon in terms of a macro scale.

To Hurt Bitcoin?

While these digital assets are unlikely being launched under the main premise of directly countering the rise of Bitcoin, some have said that central banks having their own digitized dollars may hurt BTC.

Nouriel Roubini, a New York University professor and economist who is (in)famous for his hatred of Bitcoin, has exemplified this sentiment.

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In his column for Project Syndicate published late last year, Roubini proudly quipped that the rise of CBDCs would “close the door on crypto-scammers.”

“CBDCs [are] likely [going to] replace all private digital payment systems,” Roubini wrote. He explained that unlike retail banks and platforms like PayPal, whose services are subject to friction (high transaction fees, failed transactions, and a high barrier to entry), central banks are “efficient and cost-effective” at intermediating and lending money. The economist went as far as to say that CBDCs would eliminate any need for “not scalable, cheap, secure, or actually decentralized” cryptocurrencies, including Bitcoin, by the simple virtue of central banking technology.

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

Article re-posted on Markethive by Jeffrey Sloe

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Bitcoin BTC Bollinger Band Fractal Suggests Price Surge to 16000

Bitcoin (BTC) Bollinger Band Fractal Suggests Price Surge to $16,000

Last week, the creator of the Bollinger Bands indicator, John Bollinger, claimed that he expected for Bitcoin (BTC) to see a “head fake”. Bollinger was absolutely right. Big shock, eh?

For some context, the Bollinger Bands (BB) are a technical analysis indicator meant to determine trading ranges for a cryptocurrency. A BB head fake is when an asset being analyzed falls below or above of the band’s range, then violently snaps back into the range as if the asset had entered a bull or bear trap.

This week, the head fake played out. Perfectly.

On Wednesday, Bitcoin plunged from $8,100 to $7,300 in a secondary breakdown that made analysts across the board flip extremely bearish, partially due to the fact that the lower Bollinger Band was lost. But on Friday, bulls came in to save the day. Within the span of an 18-hour time frame, the cryptocurrency shot from $7,300 to $10,600 — a jaw-dropping 43% move.

What’s interesting is that the BB fractal suggests that Bitcoin’s bullish momentum won’t be pausing here.

Bitcoin Could Surge by 70% in Three Weeks

According to cryptocurrency trader BitcoinGuru, the massive head fake that Bitcoin just saw clearly satisfies a fractal — when historical price action plays out on current time frames at a different magnitude — that he has been tracking for a while now.

The fractal suggests that the recent drop and subsequent recovery is predicting a massive resurgence, one that will bring Bitcoin higher than its $14,000 year-to-date peak. He wrote that if Bitcoin closes around current levels, he expects for $16,000 to be reached by November 16th. This would represent a 70% move higher from the current price point.

Crazy, but Bitcoin just moved by 42% in an 18-hour time frame, so it isn’t off the table per se.

Technicals support this. Analyst CryptoHamster recently observed that Bitcoin is looking bullish on higher time frames. They recently posted the chart below, which shows that Bitcoin’s current one-week Heikin-Ashi candle has two tall wicks on either side and a skinny green body. For those not versed in technical analysis, this implies a “potential trend reversal.”

And, another analyst has pointed out that this recent bounce has allowed BTC to retake an essential level, the 200-day simple moving average of $8,900. This is seen as a “bull market” level, making this recent technical occurrence important for bulls.

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

Article re-posted on Markethive by Jeffrey Sloe

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Want to Spend Bitcoin on Amazon? There’s An App For That

Want to Spend Bitcoin on Amazon? There’s An App For That

Crypto investors have long been asking when Amazon, the massive American e-commerce giant, will integrate Bitcoin (BTC). These expectations make sense. If the platform accepted Bitcoin payments, users would effectively be able to stake their entire lives on cryptocurrency.

So far, Amazon has been mum on the topic. The firm did file a patent relating to a seeming cryptocurrency-related system, yet the firm hasn’t gone as far as to launch an AmazonCoin or Bezos Token.

Regardless, there is a new solution in town that may quench the aforementioned need of Bitcoin investors.

Meet Moon, a cryptocurrency infrastructure provider that has just launched a desktop browser extension that allows users to spend their favorite cryptocurrencies for Amazon goods. The extension is currently available for Google Chrome, the already crypto-centric Brave, and Opera. Crazy, right?

According to a TechCrunch post outlining the new product, Moon’s flagship product allows one to pay for Amazon goods with Lightning Network Bitcoin, base layer BTC, Litecoin, and Ethereum. Moon also allows one to pay with their holdings on their Coinbase account.

So how does this solution work?

Well, it’s pretty simple. Per TechCrunch, Moon uses prepaid value on Amazon, so that when one uses their cryptocurrencies to pay for goods, the service “automatically converts your cryptocurrencies, tops up your Amazon account and pays with your Amazon balance.” What’s interesting is that Moon isn’t charging extra fees to users of the service, making spending Bitcoin and its ilk on Amazon that much more of a breeze.

It’s an interesting concept, for sure. But, it remains to be seen how this interesting cryptocurrency product, which is currently available for those in the U.S. and Canada (Europe is purportedly soon to follow), will impact the story of the adoption of digital assets for the masses.

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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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Wyckoff Logic: Bitcoin BTC May Soon Return to 6000

Wyckoff Logic: Bitcoin (BTC) May Soon Return to $6,000

Bitcoin Looking Weak

When asked about the drawbacks of Bitcoin, many people cite the cryptocurrency market’s immense volatility — multiple days a year, BTC and its ilk have 10%+ days.

Case in point, the Bitcoin price tumbled off a cliff in late September, falling from the lofty price point of $10,100 to $7,700 in a week’s time. This move, as made evident by over $500 million in BitMEX long position liquidations in an hour, caught many investors were their pants down.

But Bitcoin’s price action in this scenario may not be as random as it seems. One analyst has argued that since December 2018, BTC’s chart has looked exactly as defined by the four market phases defined in Wyckoff Logic, a way of looking at markets created by prominent historical investor Richard Wyckoff: accumulation, mark up, distribution, mark down.

The logic suggests that Bitcoin is in the midst of the bearish phase of markets, the mark down. Analyst Moe Mentum’s interpretation of the Logic shows that in the coming weeks, BTC may begin another -20%+ leg lower to $6,000 or potentially even deeper.

Wyckoff Logic isn’t the only sign pointing towards a Bitcoin price drop to $6,000 or even lower.

Timothy Peterson, an analyst at Cane Island Alternative Advisors, recently argued that there is a clear “relationship between the premium investors pay for OTC shares of Grayscale Bitcoin Trust (GBTC) and the cryptocurrency’s Price.” Indeed, as can be seen through the investor’s post, BTC has tracked the GBTC premium per share over the course of the entire yet.

Seeing that BTC has yet to fulfill this correlation over the past few weeks, Peterson made the following harrowing conclusion about Bitcoin’s price action:

“The relationship between GBTC premium and bitcoin price has not been stable and predicable over time. However, our fundamental models also value BTC at about $6,000. It appears that institutional and long-term US investors in GBTC are expecting this price level for BTC as well.”

The Other Side of the (Bit)Coin

While Moe’s Wyckoff-based analysis is showing a bearish scenario, there is another analyst claiming that Wcykoff’s studies are implying appreciation, not depreciation.

Financial Survivalism noted last week that Bitcoin’s chart from the last week of September until now is eerily reminiscent of the textbook Wyckoff Accumulation pattern. Survivalism argued that if “this current pullback (referencing the fall from $8,350 to $8,100) creates a higher low above $8,000, then I would consider [the Wyckoff Accumulation] confirmed”.

Should this bullish pattern play out in full, Survivalism suggests that BTC will return above the key $10,000 price point in a few weeks’ time.


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

Article re-posted on Markethive by Jeffrey Sloe

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Bitcoin BTC To 90000 in 2020 Forecasts German Bank Report

Bitcoin (BTC) To $90,000 in 2020 Forecasts German Bank Report

After Retaking $8,000, Bitcoin to Recover Further

Germany’s seventh-largest financial institution, Bayern LB, published a report on bitcoin predicting a price of $90,000 next year.

Basing its prediction on stock-to-flow ratios, it states that bitcoin “digital gold” is a “harder” form of commodity money than gold.

Part of a series of reports on digital megatrends, subtitled “Is bitcoin outshining gold”, the report states:

“Applied to Bitcoin, an unusually strong correlation emerges between the market value of this cryptocurrency and the ratio between existing stockpiles of Bitcoin (‘stock’) and new supply (‘flow’).”

Although the bank’s analysts are quick to say caution should be the watchword when applying this model to bitcoin, it thinks it is nevertheless a useful approach.

Bayern LB concludes that taking this practical approach yields useful insights into how bitcoin should be valued.

“It becomes clear that Bitcoin is designed as an ultra-hard type of money. Next year, it will already exhibit a similarly high degree of hardness as gold. In 2024 (when halving is set to take place again), Bitcoin’s degree of hardness will again increase massively,” the report reads.

Gold developed its “hardness” over millennia while bitcoin has achieved similar properties through “supply engineering”, namely the protocol designed by Sataoshi Nakamoto.

The yellow metal is currently priced at $1,491 having pulled back from highs at $1,537 – its highest valuation since April 2013.

Bitcoin has returned 122% year to date and gold 16%.

Gold did it the hard way but bitcoin is not ‘cheating’

The report notes how gold earned its high stock-to-flow ratio the “hard way”:

“Moreover, there have been no shortcuts for the yellow metal: a higher stockpile could only have accumulated in a shorter space of time if it had been easier to mine gold. In that case, however, gold would not have qualified as a store of value and, in turn, nobody would have held the yellow metal.”

Because of its supply engineering bitcoin will be able to emulate and even surpass gold’s stock-to-flow ratio.

Stock-to-flow of course relates to scarcity, and with bitcoin’s addition of the difficulty adjustment mechanism the inventor was able to disconnect price from flow (supply), thereby making supply deterministic.

Using regression analysis Bayern LB plots a market capitalisation that is creeping up on gold by 2020 when the next halving takes place.

On this basis a price of $90,000 is postulated for next year, which indicates that bitcoin is massively undervalued.

“If the May 2020 stock-to-flow ratio for Bitcoin is factored into the model, a vertiginous price of around USD 90,000 emerges.”

But as the author(s) conclude, even the best statistical model can fall apart, so the report comes with a big dollop of Caveat Emptor.

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Bayern LB (Bayerische Landesbank ) is one of Germany’s six state banks. It is 75% owned by the state of Bavaria and has a €220 billion balance sheet.

The full report is available here.

Original article posted on the EthereumWorldNews.com site, by Gary McFarlane.

Article re-posted on Markethive by Jeffrey Sloe

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