Tag Archives: cryptocurrency

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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Crypto Lending Firm Blockfi Secures 30m to Facilitate Mainstream Adoption

Crypto Lending Firm Blockfi Secures 30m to Facilitate Mainstream Adoption


Image courtesy of CoinTelegraph

            FEB 13, 2020

Cryptocurrency-lending startup BlockFi has secured $30 million from an array of investors, including Morgan Creek Digital, Winklevoss Capital and Arrington XRP Capital.

The Series B funding round was led by United States-based capital fund Valar Ventures, with participation of Akuna Capital, CMT Digital, Avon Ventures, Castle Island Ventures, Purple Arch Ventures, Kenetic Capital, and Hong Kong-based HashKey Capital, among others, according to a Feb. 13 announcement shared with Cointelegraph.

With a view to launch products for mainstream

With the raised funds, BlockFi — whose users can earn compound interest on and trade loans backed by assets — now has more than $650 million in assets on the platform. The company is planning to allocate the secured funds to the enhancement of its staff and expansion of its offerings.

BlockFi hinted in the release that it will roll out products accessible to a mainstream audience, starting with a mobile app in the coming months. “We’ve demonstrated that we can build financial products around cryptocurrency that can look and feel like the apps you already have on your phone, and we’re well-positioned to drive mainstream adoption,” said Flori Marquez, VP of operations and co-Founder of BlockFi.

At this point, BlockFi’s initial annual percentage yield on assets is 8.6% for Bitcoin (BTC), Ether (ETH) and stablecoins, while the company also provides crypto-backed loans which allow investors to access liquidity up to 50% of an asset’s value in USD, and zero-fee trading.

Crypto loans sector proliferates

Previously, founder of hedge fund Arrington XRP Capital, Michael Arrington, told Cointelegraph that he sees great potential for crypto lending companies.

Arrington noted that higher interest rates are already driving adoption. “I know of first-time crypto users who are buying stablecoins to get higher interest rates than they normally would be able to with fiat,” he said.

Cryptocurrency loans and lending began gaining traction during the 2018 bear market. As a recent analysis by Cointelegraph showed, the entire crypto loan industry is estimated to be worth nearly $4.7 billion, with demand for crypto loans rapidly increasing.

Original article posted on the CoinTelegraph.com site, by Ana Alexandre.

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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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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Adding to Bullish XRP Narrative Ripple Bagged This Key Partnership

Adding to Bullish XRP Narrative, Ripple Bagged This Key Partnership

Over the past few days, XRP has exploded dozens of percent higher, reaching nearly $0.30 just today. The surge has been attributed to a confluence of technical and fundamental developments, including increases in the price of Bitcoin, the launch of an XRP investment vehicle by leading derivatives exchange BitMEX, and much more. XRP’s bullish narrative gained even more steam recently with news that Ripple Labs, the San Francisco-based fintech company that is often closely affiliated with the cryptocurrency, just bagged a key partnership, increasing XRP’s adoption.

Ripple Secures Key Partnership

According to a recent post from Ripple on Tuesday, the company has just partnered with International Money Express (also known as Intermex), which is a leading money remittance and financial services company listed on the NASDAQ under the ticker IMXI.

This partnership will see Intermex, which operates primarily in Latin America, use Ripple’s On-Demand Liquidity (ODL) product for “faster, transparent cross-border remittance services between the United States and Mexico.” ODL is one of the flagship products of Ripple’s RippleNet, which does the following:

[ODL] relies on the digital asset XRP as real-time bridge between the sending and receiving currencies to enable even faster and cheaper cross-border transactions.

ODL is also being used by goLance, Viamericas, FlashFX, amongst other international payment companies.

Ripple wrote that Intermex integrating ODL is extremely important because the remittance firm is “one of the largest U.S. to Mexico remitter service providers in the world—processing more than 30 million payment transactions a year through a network of 100,000 payer locations.”

Intermex agrees with this sentiment. Company CEO Bob Lisy said the following on this partnership:

We are pleased to have begun the partnership with the Ripple team, and look forward to implementing new solutions on RippleNet and ODL to help drive growth and deliver greater efficiency.

This is Ripple’s latest partnership in a line of many.

Per previous reports from Ethereum World News, Ripple partnered with Siam Commercial Bank (SCB), one of Thailand’s oldest banks at over 100 years old, to “change the lives of their over 16 million customers.” This partnership will see the two entities create SCB Easy, a “mobile application that runs on Ripple to deliver instant, low-cost cross-border payments.”

The SCB intends to expand its operations into Cambodia, Laos, Myanmar and Vietnam—collectively known as the CLMV countries — in 2020, potentially increasing the reach of this new application.

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

Article re-posted 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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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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Bitcoin Bulls Set To Hit 10000

Bitcoin Bulls Set To Hit $10000

By Joji Xavier | Published: 1/31/2020 9:50 AM ET

As the first month of 2020 is coming to an end on Friday, Bitcoin came closest to the $10000 mark since it started the steady surge at the new year.

$9552 recorded on Thursday was the leading cryptocurrency’s highest price of the month and the best since October 27.

At the time of writing this, Bitcoin is trading at $9228, up by $1000, or more than 10 percent from its value seven days ago.

Bitcoin has been showing signs of resurgence in the New Year after a relatively dull December, with the bulls entering the market.

After dipping below $7000 on January 2, the coin displayed a strong performance by rising steadily overall, and within the next two weeks, crossing $7000 and $8,000 levels. On Monday Bitcoin surged past $9000.

The next day saw the biggest leap of $414 in a span of just six hours. After rising as high as $9552 on Thursday, Bitcoin could not sustain the momentum.

Ether also made substantial gains in the past seven days. From $161 last Friday, the second most popular cryptocurrency rose to $186 Thursday, marking a 15 percent increase in its value. That was Ether’s best price since November 13.

At the time of writing this, Ether was trading at $176.

On Friday, Bitcoin has a market capitalization of $168.69 billion, and a 24 hour trade volume of $33 billion, according to CoinMarketCap.

Ether has a market capitalization of $19.53 billion, and a 24 hour trade volume of $13 billion.

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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World Economic Forum Forms Consortium For Digital Currency Governance

World Economic Forum Forms Consortium For Digital Currency Governance

By RTTNews Staff Writer | Published: 1/28/2020 9:31 AM ET

The World Economic Forum (WEF) formed a global consortium to be focused on designing a framework for the governance of digital currencies such as Bitcoin, including stablecoins.

This is the first initiative to bring together leading companies, financial institutions, government representatives, technical experts, academics, international organizations, NGOs and members of the Forum’s communities on a global level.

The consortium will provide solutions for a fragmented regulatory system, with efficiency, speed, inter-operability, inclusivity and transparency to be at the heart of this initiative to form the global framework.

A set of guiding principles will be co-designed to support public and private actors exploring the opportunities that digital currencies present.

The Global Consortium for Digital Currency Governance will aim to increase access to the financial system through innovative policy solutions that are inclusive and inter-operable. WEF said opportunities for financial inclusion will be only unlocked if the space is regulated properly and includes public-private cooperation across developed and high-growth markets.

Governor of the Bank of England, Mark Carney said, “It is critical that any framework on digital currencies ensures security, efficiency and legitimacy of payments while ensuring fair and open competition.”

Last week, the WEF and some of the world’s major central banks had created a central bank digital currency (CBDC) policymaker toolkit. This will enable policy-makers to understand the process of design and deployment of CBDC’s.

The WEF’s Global Technology Governance Summit will take place in San Francisco from April 21 to 22, 2020 where governance of digital currency will be a core pillar.

For comments and feedback contact: editorial@rttnews.com

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

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Why Bitcoin Price Still Has Surge Potential After Impressive 43 Monthly Gain

Why Bitcoin Price Still Has Surge Potential After Impressive 43% Monthly Gain

Bitcoin has been on an absolute tear over the past month or so. Since hitting $6,400, seemingly establishing a bottom, the leading cryptocurrency BTC has surged by 43%, recently hitting a price as high as $9,175 as reported by Ethereum World News earlier today.

This already makes BTC one of the best-performing assets of 2020 and the new decade, only being outpaced by a select few stocks and other digital assets such as the hardfork Bitcoin Satoshi's Vision, which has exploded higher off news that Craig S. Wright may be moving closer to a cryptocurrency stash he purports to have, and Ethereum Classic.

With the digital asset market already surging so far higher to start 2020, analysts have been wondering if more gains are possible.

Interestingly, the consensus is that BTC will continue higher into the block reward reduction for BTC, which will most likely activate in May of this year.

Why Bitcoin Price Still Has Upside

Analysts across the board are convinced BTC’s uptrend is not done yet.

Fundstrat Global Advisors, a top market strategy and sector research company based in New York, recently released its 2020 Crypto Outlook to its clients. The firm identified three factors that will give BTC a “strong probability” of gaining over 100% in 2020, meaning a year-end price of over $15,000, due to a confluence of three primary factors:

  1. The Bitcoin halving: The crypto-friendly firm first looked to the May 2020 so-called “halving” or “halvening,” when the block reward of Bitcoin gets cut in half, effectively resulting in a 50% decrease in the inflation rate of the leading cryptocurrency. Analysts say that this should cause a supply crunch in the cryptocurrency market that could push prices dramatically higher.
  2. Geopolitical risk: Fundstrat next looked at potential geopolitical risks. With the ongoing conflicts between the U.S. and China, the U.S. and Iran, and other spats taking place across the globe, BTC may begin to prove itself as a digital, non-sovereign store of value in these trying times.
  3. 2020's presidential election: Lastly, the firm looked to the 2020 elections. This point was not expanded upon in a sneak peek of the report, though there are notable a few candidates who are more crypto-friendly than others, such as Andrew Yang, and some uncertainty around the election that could push capital towards safe havens.

On the technical side of things, pseudonymous trader Dave the Wave, who called BTC's decline from prices above $10,000 to $6,400, said that he expects for BTC to hit $11,500 by the middle of February.

Backing this prediction, Dave looked to a confluence of factors:

  1. Bitcoin recently broke above a descending channel that has constrained price action for more than six months, marking a large win for bulls.
  2. The weekly Moving Average Convergence Divergence (MACD) is starting to trend higher once again, which was a signal seen in 2015/2016 as BTC moved from a bear market to bull.

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

Article re-posted on Markethive by Jeffrey Sloe

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