LedgerX Launches Physical Bitcoin Futures Before Bakkt

physical bitcoin futures

U.S. citizens can now purchase physically settled Bitcoin futures contracts using LedgerX’s Omni platform. What does this mean for Bitcoin price?

If You’re Not First You’re Last! 

On Wednesday BTC derivatives provider LedgerX revealed that it had launched physically-settled Bitcoin futures contracts. This makes the company the first to offer such a product in the U.S.

This also catapults the company to the forefront, ahead of Bakkt, TD Ameritrade-backed ErisX who are both direct competitors. 

The product is available to all U.S. residents, institutional and retail. Interested investors simply need to complete the know-your-customer (KYC) verification and then they are cleared to trade.

According to LedgerX CEO Paul Chou, this is possibly the first instance where a regulated company permits investors to deposit BTC as collateral. 

As a result, investors do not have to wait for bank transfers or any other time-consuming delays that are part and parcel of the U.S. banking system. 

Physically-backed Bitcoin Futures will Change Everything

Chou said that this is revolutionary because if “somebody that deposits bitcoin, [will] not have to use the U.S. banking system at all. That’s why physically-settled is very important. I think [it’s] one of the most unique use cases for Bitcoin where you’re using cryptocurrencies as the only collateral.” 

Chou also pointed out that “Bitcoin trades 24/7/365 and our customers expect that from us, so if you trade Sunday night, the banking system did not have to be open.” 

Retail investors can trade the Bitcoin futures contracts via the company’s recently launched Omni platform. Meanwhile, institutional clients can trade on LedgerX’s other products. 

Physically-settled futures contracts mean customers will actually retain custody of the Bitcoin they place bets on at the expiry date instead of receiving the settled amount in cash. Investors are not required to purchase the contracts using the U.S. dollar as they can be ordered with BTC. 

According to John Todaro, the director of research at TradeBlock, physically-settled Bitcoin contracts will make it easier for investors to accurately hedge their bets and the product will be useful for non-speculative institutions. 

Chou further clarified that: 

Not only are they delivered physically in the sense that our customers can get Bitcoin after the futures expires, but also they can deposit Bitcoin to trade in the first place. Cash-settled is cash-in and cash-out, we’re Bitcoin-in and Bitcoin-out.” 

LedgerX first revealed the product in April after filing with the U.S. Commodity Futures Trading Commission (CFTC) in November 2018. LedgerX received a designated contract markets (DCM) license last month.

Meanwhile, Bakkt awaits approval of a trust charter from the New York Department of Financial Services and if granted the platform could launch as soon as a few weeks.

ErisX, which is backed by TD Ameritrade has already received CFTC approval but has yet to reveal when it will launch futures contracts.

Investors are now curious about how the debut of LedgerX BTC futures and the imminent approval and launch of Bakkt will impact Bitcoin’s price. 

Do you think physically-settled Bitcoin futures contracts will lead Bitcoin price to rally in the near future? Share your thoughts in the comments below! 

Image via Shutterstock

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India’s Apex Tech Body Lambasts Govt’s Proposed Bitcoin Ban

Nasscom India bitcoin ban baseless

As the Indian government considers banning bitcoin and cryptocurrency trading and holding, Nasscom, the country’s top software, and information technology body has spoken out against the proposal.

India Moves to Ban Bitcoin

Lately, the press has been aflame with reports that India will ban and criminalize bitcoin and cryptocurrency trading. Earlier last week, an inter-ministerial committee tasked with analyzing virtual currencies suggested that a blanket ban should be instituted. This means anyone caught in violation of the law will be imprisoned for a decade.

As reported by Business Standard, the National Association of Software and Service Companies (Nasscom) stands strongly opposed to the government’s most recent proposal to ban all cryptocurrencies. On Tuesday Nasscom said:

Instead, the government should work towards developing a risk-based framework to regulate and monitor cryptocurrencies and tokens. A ban would inhibit new applications and solutions from being deployed and would discourage tech startups. It would handicap India from participating in new use cases that cryptocurrencies and tokens offer.

The Indian information technology sector is generally opposed to the government’s blanket ban on the entire sector. Nasscom said that a ban is likely to backfire as it discourages compliance from legitimate service providers in the blockchain and crypto sector. 

Instead of a blanket ban, Nasscom suggested that consumer protection concerns be addressed by testing cryptocurrency-based businesses in ‘regulatory sandboxes’. Additionally, the body advised that: 

We should work towards creating a regulatory framework that will constantly monitor and prevent illegal activities. Regulation would allow the law enforcement agencies to be better equipped to understand these new technologies, enable them to gather intelligence on crucial developments and take enforcement actions.”

Blockchain Good. Bitcoin Bad

Despite taking a harsh stance against cryptocurrency, the government committee suggested that distributed ledger technology (DLT) could benefit a number of financial and non-financial sectors in India such as reducing the cost of identity verification for lending and financing trade. 

Nasscom agreed with the suggestion and promised to work with the government to consider how DLT can be used throughout India. 

Upon hearing about the proposed bitcoin and crypto ban, American billionaire and venture capitalist Tim Draper said the Bitcoin ban “will set India back 40 years”.

Draper likened the proposed legislation as being “akin to the Luddites. They are in fact saying, ‘we will not tolerate progress’ Imagine if they did this with the internet?”

Draper made media waves and offended some Indians by suggesting that: 

People will want to leave India to get to a country that is less backward. I suspect they will get out so they can live a better life.

Do you think the Indian government will successfully implement a blanket ban on bitcoin and crypto? Share your thoughts in the comments below! 

Image via Shutterstock

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Impending Golden Cross Could Start The Next Bitcoin Rally

bitcoin price golden cross

Crypto analysts and investors are growing increasingly giddy about an impending golden cross on Bitcoin’s 3-day price chart.

Is a Trend Reversal on the Cards?

Since topping out at $13,800 Bitcoin has taken a prolonged beating as buying pressure evaporated and bears took control of the wheel. Bearish analysts have predicted that Bitcoin could drop as low as $4,000 before reversing course.

Meanwhile, Bitcoin bulls expect the digital asset to bounce off the 21-day exponential moving average (EMA) at $8,000 to $8,500, then the uptrend could resume. 

The golden cross has long been viewed as a long-term indicator of a bull market and the impending cross of the 50-MA and 200-MA (moving average) would be a first since February 2016.

Back then, the golden cross occurred six months prior to Bitcoin halving event and analysts are now wondering whether Bitcoin price will follow a similar trajectory to a new all-time high. 

Down, but not out

At the moment, Bitcoin is down approximately 33 percent from its 2019 high but hodlers and long-term investors are not dismayed. It is common knowledge that long-term moving averages and the MACD are indicators that lag behind BTC’s spot price action so the recent crossover could merely be representative of Bitcoin’s moon-like move from $3,200 to $13,800. 

With that said, this should not detract from the significance of the golden cross as the one from February 2016 saw Bitcoin rally all the way to $20,000. At the time of writing, BTC trades for $9,650 and analysts seem to agree that the digital asset could make a run at $10,000 over the next 24-hours. At the same time, a close above $11,200 would be needed to restore the bullish uptrend. 

As of now, the short-term consensus on Bitcoin price action is relatively bearish and most traders await the much-discussed bounce of the 21-EMA. Recently, crypto-analyst Alessio Rastani advised traders to check their confirmation bias and consider a variety of bullish and bearish outcomes for Bitcoin.

Meanwhile, Pantera Capital founder Dan Morehand predicted that BTC could reach $42,000 by the end of 2019. Morehead also believes Bitcoin could top $365,000 over the next 2 years. During an interview on the Unchained podcast, Morehead elaborated on each prediction by saying: 

Graph the price of Bitcoin logarithmically…its trend is going to grow at 235% compound annual growth rate and…that put Bitcoin at $42,000 at the end of 2019. And I know this sounds crazy but we’re essentially halfway back there. I think it’s a good shot that by the end of the year we hit that. And if you just extrapolate that line out for another year it’s $122,000 per Bitcoin and then one more year, $356,000.

Do you think the golden cross is a sign that Bitcoin price is on the path to a new all-time high? Share your thoughts in the comments below! 

Image via Shutterstock, Twitter: @JWilliamsFstmed, YouTube: AlessioRastani

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Bitcoin Will Drop To $4000 In ‘Wildcard Move’ Before Rally: Analyst

bitcoin price wildcard move

Popular YouTube securities and crypto analyst, Alessio Rastani has predicted that Bitcoin will drop far below the 21-day EMA before rallying to a new all-time high in 2020.

Bulls could be Walking into a Massive Trap

Alessio Rastani, a popular securities trader and crypto analyst, believes that confirmation bias is misleading crypto-investors to the extent that the majority of traders will in absolute disbelief when Bitcoin drops below $6,000.

The digital asset is slowly creeping toward the 21-EMA near $8,000 which could serve as a strong support or even a bounce point as Bitcoin is likely to be deeply oversold by that point. The current daily chart shows Bitcoin buy and sell volume in a steady decline, even though sell volume has superseded buy volume as of late. 

According to Rastani, the Pulse Momentum indicator corresponds with Bitcoin’s volume decline. Rastani explained that momentum had steadily increased since April when Bitcoin began its monster parabolic rally but since topping out at $13,780, the indicator is has flipped from green to red and momentum is on the decline. 

Rastani is afraid that investor’s confirmation bias is interfering with investors ability to accurately view the current market structure and he cites the numerous articles from analysts suggesting that an impending golden cross of Bitcoin’s exponential moving averages are proof that the rally will restart shortly. 

Rastani explained that: 

The majority of Bitcoin article writers (and video makers) seem to be very bullish.

Lemmings are Running the Bitcoin Price Show

Currently, the general consensus amongst traders is that Bitcoin will correct to the $8,500 – $8,000 zone to enter a lengthy spell of consolidation before commencing a new parabolic rally toward $20,000 to $30,000 as the Bitcoin halving event approaches.

According to this line of thinking, Bitcoin completed wave 1 as it topped out at $13,800 and is currently in wave 2, which bring Bitcoin to the $8,000 support. Wave 3 is supposed to be a lengthier strong upside move that will take Bitcoin to $20,000 to $39,000. Wave 4 brings the oversold digital asset back to $21,000 and wave sees Bitcoin top out at $55,000 in late 2020. 

Rastani advises that investors consider the various contrarian outcomes for Bitcoin’s price action. Rastani posits that Bitcoin’s current correction could in the process of completing a B wave correction.

What Would Happen In A Bearish Scenario

What Would Happen In A Bearish Scenario

The upcoming C wave could see Bitcoin correct as far as $1,800 to $1,600 before reversing course and rallying to $14,000 to $20,000. While this outcome may be unlikely, Rastani is troubled that analysts are ignoring it as a possibility due to overwhelming confirmation bias. 

A Third Situation

Rastani personally thinks that the most probable outcome is that over the coming days or weeks Bitcoin will strongly bounce off the 21 EMA at $7,500 to $8,000 after forming a support near that zone. What comes into question is whether or not the bounce from the $8,000 support will play out as most investors expect.

Bitcoin Price Could Bounce Off Upwards From $7500-8000

Bitcoin Price Could Bounce-Off Upwards From $7500-8000

Rastani warns that close below the 21 EMA would open the doors to bearish price action and he cautions that the bounce from $8,000 might fizzle out around $10,000 to $11,000 instead of the sky-high valuations that many analysts are forecasting. 

The Bitcoin Price Wildcard

Before wrapping up his analysis, Rastani proposed a wildcard scenario which would see Bitcoin bounce strongly off $8,000 to $11,000 – $12,000 before sharply reversing all the way down to $6,500 to $4,500 to complete an ABC corrective move.

Price Could Fall To $4500-6000 In 'Wildcard Scenario'

Price Could Fall To $4500-6000 In ‘Wildcard Scenario’

Rastani predicts that Bitcoin will then reverse trend around $4,000 – $6,500 to commence a major move up toward a new all-time high in mid-2020.  

Regardless of whether one is a Bitcoin bull or bear, it is prudent to consider all possible possibilities when investing. Rastani’s proposals, while extreme, do encourage contrarian thinking which serves to balance investors thought process and combat confirmation bias.

If there’s one thing that is certain, Bitcoin always has a wildcard up its sleeve. 

Do you think Rastani makes an accurate prediction of Bitcoin’s future price action? Share your thoughts in the comments below! 

Image via Shutterstock, YouTube: Alessio Rastani

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Bitcoin Whale Transfers $468 Million for ‘Low Dollar Fee’

bitcoin whale no-fee transfer

Bitcoin takes a lot of criticism over its ‘unsuitability’ as a payments mechanism but when it comes to low fee transfers the digital-asset is king when compared to the fees charged by traditional remittance houses.

Owner 26 Transfers $468.5 Million for How Much?

On Monday, Whale Alert, a cryptocurrency transaction tracking bot, tweeted that a Bitcoin whale known as ‘Unknown Owner 26’ moved $468.5 million worth of Bitcoin (49,756) for just $374.98. 

bitcoin whale alert

While transfers of this size are a regular occurrence in the crypto-world, it’s worth pointing out that the transfer took place without the need of providing personal identification details or registering the transfer with local and international financial regulators. 

@Rhythmtrader from twitter tweeted about bitcoin whale

If Owner 26 had chosen to send the funds via Western Union, TransferWise, or a traditional banking institution the fees would have been much higher. 

Bitcoin Beats the Competition

The Next Web did a little digging into the costs and found that a user looking to transfer $1 million worth of Bitcoin via TransferWise would still pay a substantial amount in fees. TransferWise is a major provider of international remittances and alternative to remittances via big banks. 

Using TransferWise, the sender would be charged 0.36% in fees, which amounts to $3,628. Applying this rate to a remittance of $468.5 million would lead to the sender paying $1,684,800 in fees! 

The fees Owner 26 paid are higher than previous Bitcoin transactions of similar size. Take, for example, a $212 million transfer on May 1 which cost just $3.93 in fees. The vast difference in fee size can likely be attributed to the whale behind the $212 million transfer using a Segregated Witness (SegWit) address. 

SegWit expands Bitcoin’s ‘block-size limit’ from 1MB to 4MB and the result is miners can package a higher number of transactions into each block. As a result, a higher number of transactions can be confirmed simultaneously. SegWit users pay smaller fees and transactions are quicker. 

More bitcoin whale alerts

Whale Alert also tracked 3 more transactions from Owner 26 and each was roughly $450 million. Given the near-identical size of each transaction, it seems likely that a cryptocurrency exchange is transferring funds between wallets. 

Do you think the bitcoin whale responsible for these transfers is an individual or an exchange? Share your thoughts in the comments below! 

Image via Shutterstock, Twitter: @whale_alert

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Judge Postpones Decision on NYAG Case Against Bitfinex and Tether

bitfinex tether case postponed

New York Supreme Court Judge Joel M. Cohen has postponed issuing a decision on whether the Office of the New York Attorney General’s case against Bitfinex and Tether will stand.

Judge Cohen Requests More Time

As previously reported by Bitcoinist, Bitfinex and the New York Attorney General’s office has been enmeshed in a lengthy legal dispute over allegations that Bitfinex illegally conducted business activities in the state of New York. The matter was meant to move another step closer to resolution as both parties met before the New York Supreme Court today.

Rather than issue a decision, Judge Joel M. Cohen chose to delay making a decision, citing the need for more time to review the case. The NYAG had requested that Bitfinex and USDT stablecoin issuer Tether hand over documents pertaining to an alleged $850 million loan the exchange borrowed from Tether reserves to cover client losses.

The NYAG also alleges that Bitfinex violated the law by knowingly allowing users residing in the US to trade on its platform. 

Bitfinex Plagued by Scandals

Last Friday, in somewhat of a blockbuster reveal, Bitfinex admitted that a U.S.-based customer had successfully found a workaround to the Bitfinex’s restrictions to trade on the platform. A statement from Bitfinex’s website explained that:

We have now identified this user. We correctly flagged this user’s IP address as being in the U.S. Notwithstanding the U.S. IP address — which may be used by Bitfinex customers, as appropriate — our system logs demonstrate that this user represented to us several times that he was not an individual resident in the U.S. This person has lied to Bitfinex on multiple occasions, deliberately and wrongly concealed his location, and flagrantly violated our terms of service.

Bitfinex and Tether are calling for a motion to dismiss the case and the NYAG is seeking for the release of documents they claim are crucial to understanding exactly how and for what purpose the $850 million loan was issued.

Judge Cohen’s delay in issuing a final decision is likely to extend the current preliminary injunction by another 90 days. Cohen said, “I will extend the injunction…if I dismiss the case then obviously the injunction goes with it.

If I don’t dismiss the case the injunction will be extended.” Cohen further clarified that “the idea is to keep things where they are until the decision of this motion, so the decision is to extend the stay and…extend the injunction.” 

As things currently stand, Tether and Bitfinex are free to continue normal operations, with the exception being, Tether cannot lend additional funds to Bitfinex. 

Tether Keeps it Moving

Generally, Tether appears unconcerned about the kerfuffle with the NYAG and on Monday the company announced that its USDT stablecoin had launched on Blockstream’s Liquid Network sidechain. 

Liquid functions as an additional layer to Bitcoin’s blockchain and facilitates the speedy transaction of large volumes. Tether’s launch on liquid means users can now make atomic swaps between Liquid BTC and Liquid USDT.

According to Blockstream, atomic swaps ease and secure over-the-counter (OTC) trades. Liquid’s lightning-quick block times will also assist traders looking to quickly make transfers between exchanges and exploit arbitrage opportunities. 

Do you think the delay on the case will give Bitcoin room to rally? Share your thoughts in the comments below! 

Image via Shutterstock

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Australia Wants To Limit Cash Payments Not Cryptocurrency

australia open to cryptocurrency

Draft legislation from Australia’s Department of Treasury has proposed limits on cash payments exceeding $10,000. Interestingly, cryptocurrency is not negatively mentioned in the document.

Australia Moves to Limit the Size of Cash Payments

Australia’s Department of Treasury recently published a new set of preliminary guidelines that govern the size of cash-based currency payments. The draft legislation proposes that a “payment limit of $10,000 for payments made or accepted by businesses for goods and services”.

The draft further stipulates that “transactions equal to, or in excess of this amount would need to be made using the electronic payment system or by cheque.” 

In 2018 the Treasury Department’s  Black Economy Taskforce proposed that implementing limits on currency transfers would significantly assist with combating tax evasion and other criminal activities. 

Cryptocurrency Makes the Exceptions List

The proposal also provides a detailed list of situations under which payments are not subject to the cash payment limit:

  • payments related to personal or private transactions (other than transactions involving real property);
  • payments that must be reported by an entity under anti-money laundering and counter-terrorism legislation, provided, broadly, the entity with a reporting obligation complies (or is reasonably believed to have complied) with their obligations under that legislation;
  • payments made or accepted by a public official in which the public official is legally required to make or accept cash payment in the course of their duties;
  • payments that exceed the cash payment limit because the payment is part of a transaction involving collecting, holding or delivering cash and this is undertaken in the course of an enterprise of collecting or delivering cash
    (i.e., providing cash-in-transit services);
  • payments that only exceed the cash payment limit because payment is or includes an amount of digital currency; and
  • payments that occur in situations where no alternative method of payment could reasonably be used.

Interestingly, one will note that cryptocurrency is not listed as a form of payment in need of additional oversight or restrictions. Typically, cryptocurrency is synonymously looped into discussions and legislation focused on illicit activity, money laundering, and terrorist funding.

In this case, cryptocurrency as a payment option falls under the second exception setting “payments that must be reported by an entity under anti-money laundering and counter-terrorism legislation.” As is common knowledge, the majority of major cryptocurrency exchanges have complied with the government’s requirement that exchanges implement adequate know-your-customer (KYC) and anti-money-laundering (AML) processes. 

Australia Believes Crypto Needs Room to Grow

Section 9 of the draft legislation provides greater clarity on digital payments, along with the specifics of their exemption from the cash payment limit. According to a document released by the Department of Treasury: 

Digital currency is a new and developing area in the Australian economy. Unlike physical currency, it does not have a firmly established regulatory framework or industry structure. This makes it difficult to apply the cash payment limit in a way that would not largely prevent the use of digital currency in Australia or significantly stifle innovation in the sector.

At the same time, there is little current evidence that digital currency is presently being used in Australia to facilitate black economy activities. Given this, the Government has decided at the present time to effectively carve digital currency out from the cash payment limit.

This position will remain under ongoing scrutiny to ensure that the exemption for digital currency payments remains appropriate in light of the current use of digital currency in the Australian economy.

The Department of Treasury website clarified that the draft was “released for public consultation” and the government is planning to implement the cash payment limit starting on 1 January 2020. The public is encouraged to submit opinions to the consultation and all inquiries must be submitted by August 12, 2019. 

Do you think limits on the size of cryptocurrency payments should fall under the command of Australia’s Department of Treasury? Share your thoughts in the comments below! 

Image via Shutterstock

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Verizon Hiring Blockchain Experts for ‘Distributed Network’ Project

verizon hiring blockchain experts

U.S. telecom giant Verizon appears ready to join the blockchain space as its website currently lists 35 vacancies requiring ‘blockchain technology knowledge’.

Verizon Joins the Fray

A recent LinkedIn post for blockchain-engineers indicates that telecom giant, Verizon, could be in the process of building a blockchain-based product focused on privacy, payments, and security. 

According to Verizon’s website the company is looking to hire five blockchain engineers, along with a “blockchain technology development” lead. Currently, Verizon has 35 listed vacancies that require ‘blockchain knowledge’. 

The role is described as requiring a person who: 

Will be responsible for developing and delivering of initial prototypes and product proof-of-concepts which includes use case development, technical requirements, customer co-development testing and commercialization handoff.

One advert further explained that, “the focus of the individual will be on blockchain and other identity/security initiatives. (e.g. confidential computing, secure payments) in the emerging technology space.” 

Searching for a ‘Blockchain’ Needle in a Haystack

It’s clear that Verizon intends to build a “distributed network [with] various use cases” and the telecom giant is not the first major player to assemble the team required to focus on blockchain innovation.

Earlier this year, AT&T began accepting Bitcoin for cable payments via payments processor BitPay. Microsoft, Facebook, Google, and a larger number of financial institutions have also been on a blockchain technology engineer hiring frenzy since early 2018. In fact, Verizon could encounter some difficulty in hiring suitable candidates. 

A senior engineer familiar with the blockchain-sector told The Block that Google, Facebook, and Microsoft are “taking the cream of the crop” when it comes to hiring blockchain engineers. The un-named engineers said: 

I have interviewed over 100 candidates in the last couple of years and it’s getting harder to find good caliber candidates in blockchain.” 

Do you think Verizon will roll-out a blockchain-based product before the end of 2019? Share your thoughts in the comments below! 

Image via Shutterstock

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New Jersey Man In Soup For Selling Bitcoin Worth $2 Million

new jersey bitcoin crime

New Jersey resident William Green faces up to 5 years in prison and a $250,000 fine for selling $2 million worth of Bitcoin online.

The Justice Department Lays Down the Hammer

On Wednesday the U.S. Department of Justice charged a 46-year-old New Jersey man with running an unlicensed Bitcoin exchange. William Green of Monmouth County New Jersey is alleged to have operated Destination Bitcoin, a website that allowed users to turn fiat into cryptocurrency.

According to the New Jersey Attorney’s Office, Green processed more than $2 million in cash and converted the funds into Bitcoin for a fee.

This is not Green’s first encounter with law enforcement and he was previously charged with operating an unlicensed money transmission business in February 2019. 

Current US federal law stipulates that “any person who owns or operates a money transmitting business must register the business with the Secretary of the Treasury.” In a press release on Wednesday, the New Jersey Attorney’s Office explained that: 

However, Green did not register, either in his own name or in the name of his business, with the Secretary of the United States Treasury as a money transmitting business.” 

If convicted, the charge carries a maximum penalty of 5 years in prison, along with a $250,000 fine. 

Strange Bedfellows

Green is not the first U.S. citizen facing significant jail time and fines for operating an unlicensed money transmitting business. On April 9, 2019, 22-year-old Jacob Burrell Campos was sentenced to a two-year prison sentence for selling unlicensed Bitcoins. Campos offered his services via localbitcoin.com and frequently used encrypted messaging apps to communicate with customers. 

Similar to Green, Campos sold Bitcoin for 5% above the spot exchange rate and received payments in cash. In addition to failing to register with the Financial Crimes Enforcement Network, Campos also admitted that he did not employ anti-money laundering and know-your-customer processes on his exchange. 

Do you think the Federal government should play a greater role in regulation crypto-commerce? Share your thoughts in the comments below! 

Image via Shutterstock

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Grant Thornton Audited $10 Billion in Crypto Assets in Q2 2019

grant thornton crypto

Verifying the existence and value of digital-assets in the custody of various crypto-businesses just got a bit easier thanks to a unique cloud-based auditing system created by Grant Thornton LLP. 

System Audits More than $10 Billion worth of Crypto in 3 Months

During the first three months of 2019, auditing firm Grant Thornton LLP audited more than $10 billion worth of crypto assets. According to the firm, the audits encompassed 40 different cryptocurrencies spread across 100 million addresses.

As the cryptocurrency sector continues to expand, companies are confronted with the need to prove the existence and value of their assets. Investors and regulators are demanding to see this data on a regular basis and Grant Thornton LLP is assisting with this process. 

According to Johnny Lee, the national practice leader for Forensic Technology Services at Grant Thornton, “cryptocurrency companies must contend with an auditing challenge that is at once simple and complex.” Lee explained that companies need to “prove that you own and control the assets you are claiming as yours? And, second, do those assets really exist- and can you prove as much?” 

The Proof is in the Pudding

Lee explained that each of these questions can be incredibly difficult to answer as audit trails for shared ledgers are not detailed. This means pinpointing the exact ‘point-in-time balance’ for each crypto asset can be a laborious process that requires the auditor to sift through and index transaction history. 

Grant Thornton audit practice partner Markus Veith proudly said, “We’ve accomplished that at Grant Thornton [after] we’ve spent four developing technology platforms and auditing methodologies that allow us to create point-in-time balances for cryptocurrencies.” 

Veith claimed that the firm’s proprietary hybrid-cloud audit platform can “independently verify what a company holds in various cryptocurrencies” and the platform complies with the industry’s strict auditing standards.

Monitoring and Verification will Help Legitimize the Crypto-Sector 

Currently, the hybrid-cloud platform contains complete archival copies of 40 cryptocurrencies. Grant Thornton’s system is much more intuitive than public blockchain-explorers as it can audit a range of digital assets by testing millions of addresses at scale. The firm also developed proprietary forensic nodes for complex blockchains like Ethereum, ERC-20 tokens, Bitcoin and Bitcoin Cash.  

While many retail cryptocurrency investors might be spooked by Grant Thornton’s ‘big brother’ like abilities, verifying the existence and value of assets under custody is becoming increasingly important. In order for the sector to grow and gain legitimacy, regulators and institutional investors need to know that assets under management are secure and able to be audited by neutral third parties. 

Do you think digital asset verification will help to legitimize the crypto-market? Share your thoughts in the comments below! 

Image via Shutterstock

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Circle Shifts Exchange Operations to New Bermuda Office


As the U.S. lawmakers and the Treasury Secretary consider implementing stringent regulations against cryptocurrency, Circle has packed its bags and moved offshore to Bermuda.

Circle Moves to Evade Oppressive Regulation

As regulatory pressure continues to stack up against cryptocurrency companies, Circle has announced that it is moving nearly 100% of its exchange operations offshore. Circle made the announcement earlier today after receiving a Digital Assets Business Act license to conduct business in Bermuda. According to Circle CEO Jeremy Allaire, roughly 70% of Poloniex uses live outside the U.S, and Circle’s Bermuda-based office will now be in charge of these accounts. Allaire also said:

Europe and Asia are both pretty significant markets for us in particular [and] the USDC stablecoin is particularly popular with institutional Asian investors.

The Lack of Regulatory Clarity is Stifling Growth

It is possible that additional crypto-companies could follow suit as last week’s U.S. Senate and Congress hearings over Facebook’s Libra cryptocurrency thrust Bitcoin back into the spotlight. The closing comments from Steve Mnuchin suggested that more stringent regulation was coming to the industry, to prevent Bitcoin becoming “swiss-numbered bank accounts“.

A number of crypto-company CEOs have repeatedly expressed their frustration that the lack of a clear regulatory framework will give other countries the upper hand in developing blockchain and cryptocurrency infrastructure. Allaire said that “the lack of regulatory frameworks significantly limits what can be offered to individuals and businesses in the U.S.”  

Now that Circle is partially out of the reach of U.S. regulators, the company plans to hire 30 employees over the next 24-months and the focus will be on global markets. Allaire said: 

The project to establish a new international hub for our market, exchange and wallet services, was a major project. It took a long time working with the Bermuda government and the Bermuda Monetary Authority. 

Going forward, Circle intends to offer a more diverse set of assets and Poloniex could branch out to offer financial services. While Allaire did not elaborate on the exact nature of these services, he did reveal that more “yield-generating crypto accounts” could be on offer. 

Do you think that the lack of clear regulation is stifling the U.S. crypto market? Share your thoughts in the comments below! 

Images via Shutterstock

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Coinbase Bins Bundle Product as Altcoins Get REKT

coinbase bins crypto bundle

After 8 months on the market, Coinbase binned its crypto-diversified Bundle product. Does this mean that the altseason is never coming back?

Coinbase Bins the Bundle

Altseason is over and nobody is quite sure when it’s coming back. Coinbase appears to have received the message, to the extent that the exchange binned its diversified crypto-bundle product. A quick view at the exchange’s updated FAQ reads: 

Coinbase Bundle purchases have been deprecated, as such all assets purchased in the Conibase Bundle have been redistributed to their respective individual asset wallets.

Coinbase Bundles were meant to provide crypto investors with a diversified digital asset portfolio that could be dollar-cost averaged following the same tactic investors use in traditional asset classes. Initially, investors could throw down $25 to purchase a bundle of five cryptocurrencies which were balanced in proportion to their market cap. 

Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin comprised each bundle. In combination with Coinbase Learn and Asset Pages, the bundles were meant to appeal to crypto newbies looking to dollar cost average into long positions without having to conduct an immense amount of technical analysis and research. 

When introduced in September 2018, Coinbase said: 

The vision of an open financial system depends on people’s ability to understand, explore, and choose cryptocurrencies. We expect that millions of people will make their first cryptocurrency purchase in the coming years. But all too often, getting started can be overwhelming for people learning about crypto for the first time.

It’s not Time for Crypto Diversification

While the product cancellation is bound to draw some criticism and possibly even pleasure from those who despise Coinbase, its is probably a wise move to bin the product as altcoins have been pummeled as Bitcoin rallied and corrected.

The crypto-sector is akin to a baby learning how to walk and each company will trial various products and adjust as necessary. The cancellation of Coinbase Bundle also adds credibility to the argument that diversification does not work for crypto yet as the sector remains too volatile at the moment. 

Do you think digital asset diversification is a successful investing strategy? Share your thoughts in the comments below! 

Images via Shutterstock

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Fidelity’s Crypto Wing Seeks NY State Trust License

fidelity crypto new york trust

Fidelity Digital Asset Services (FDAS) recently applied for a trust license in the state of New York. Does this mean mass crypto adoption is on the way?

Everyone Wants a Slice of Crypto Pie

Rumor has it Fidelity Digital Assets (FDAS) officially filed an application to operate as a trust in the U.S. state of New York. According to The Block, Fidelity’s cryptocurrency investment arm filed an application with the New York Department of Financial Service (NYFDS) and if approved the institutional brokerage will be allowed to offer crypto-custodial services in the state. 

The approval would also allow FDAS to compete with the likes of Coinbase, Gemini and Paxos. ICE’s Bakkt Bitcoin exchange is also awaiting approval from NYDFS and the exchange will directly compete with Fidelity. According to Arthur Long, a lawyer from the firm Gibson Dunn, a trust license is “more expansive” than a BitLicense as it permits service providers to offer a much broader array of services in financial markets. 

Fidelity Plans to Offer More than Custodial Services

Bloomberg previously reported that FDAS was planning to move beyond crypto-custodial services and looking to provide trading services on part of institutional clients. Insiders familiar with FDAS’ plans said the brokerage has also been meeting with traditional asset managers and crypto-specific firms to offer services. Currently, the firm has former Barclays’ Head of Digital Assets Chris Tyrer on board, along with former Coinbase executive Christine Sandler, who heads FDAS sales. 

Given the length of time Bakkt has been waiting for approval, it could be a while before FDAS receives approval. Long explained that the approval to operate as a Limited Purpose Trust Company is extremely rigorous and he said the process could take up to 6 months. In May Long told The Block: 

Any bank or trust company is going to have to go through a substantial process so that the regulators understand the business.

While crypto investors are extremely excited about FDAS’s plans, it’s unlikely that services for retail investors will be made available any time soon. FDAS head Tom Jessop previously said that: 

We are not prop trading, we don’t have a desk. We are purely acting as effectively an agent, and that’s what our clients want. Our clients want to avoid the issues associated with funding on multiple exchanges, both administrative risk, or otherwise, they want something resembling the best price experience, and so we’ll try to do that by bringing liquidity onto our platform.

Institutions have the Long Game in Mind

What’s clear is that institutional investors are taking a bird’s eye view of the growing cryptocurrency sector and for them, time is nothing more than a luxury. Even though Bakkt has not been approved to operate as a Limited Purpose Trust Company in New York, the exchange still plans to conduct a test launch on July 22 and traders will be watching the charts closely to see if Bitcoin price action is impacted by the launch. 

Do you think Bitcoin price will go straight for the stars if FDAS and Bakkt are approved by NYDFS? Share your thoughts in the comments below! 

Images via Shutterstock

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Financial Analyst: Bitcoin Futures Are A Great Buy At $8,500

bitcoin futures great buy at $8500

Crypto analyst John Kolovos recently told Bloomberg TV that Bitcoin price will drop to $8,500 before sharply rebounding.

4-Digit Bitcoin Price Is A Steal

Earlier this week Macro Risk Advisors chief technical analyst John Kolovos spoke with Bloomberg TV about Bitcoin price action and the recent Congressional and Senate hearings over Facebook’s Libra cryptocurrency. According to Kolovos, Bitcoin price is “going through a corrective process” and he placed emphasis on “process” in order to clarify that he does not believe Bitcoin is going through a trend changing correction. 

Kolovos explained that Bitcoin price is currently going through the motions of a classic ABCD correction and finding support around $9,000. Kolovos suggests that Bitcoin is nearly on the verge of stabilizing but cautioned that before this happens the digital asset is in for a more downside followed by choppy consolidation. 

John Kolovos: Bitcoin Futures Are A Great Buy At $8500

John Kolovos: Bitcoin Futures Are A Great Buy At $8500

Currently, Bitcoin price is finding support at the 50-day moving average but the presence of an M top (double top) formation could continue to attract bears. Additionally, the RSI still has room to drop before a healthy bounce. During the 2017 bull run, an RSI reading of 40 proved to be a reliable bounce point that attracted buyers. 

Why $8,500 instead of $7,500?

When asked about his thoughts on why the double top will complete at $8,500 to $9,000 instead of Bloomberg’s forecast that Bitcoin price could drop to or below $7,000, Kolvos outlined the following: 

  • There is a lot of price congestion in the current range. 
  • The prevailing trend on the long-term chart was very strong and a counter-trend trade is not advised.
  • There are buyers at lower levels between $9,000 and $8,000
John Kolovos: Bitcoin Has A Bullish Outlook In Long Term

                                                  John Kolovos: Bitcoin Has A Bullish Outlook In Long Term

Kolovos also explained that bulls are clearly in charge as Bitcoin is above the 50-week moving average and the break above the descending wedge in April 2019 was a clear indicator of the resumption of the long-term uptrend. Kolovos said:

Classic technical analysis tells you that this pattern, implication of which, gets you back to the old highs, which would be around $20,000. So the long-term trend tells me to buy the pullbacks so that’s the reason why I think we should be buying around $8,500. 

It could be a Rocky Weekend

At the time of publishing, Bitcoin price is holding above $10,000 and trading in a tightening range between $10,300 – $10,600. Price action has been relatively choppy throughout this week and the current rumor that the Commodity Futures Trading Commission (CFTC) is investigating BitMex for allowing U.S. residents to use the platform has shaken traders interim confidence in the crypto-market. In 2019 weekends have tended to witness whipsaw volatility from Bitcoin so the next 48-hours could see a series of decisive moves from Bitcoin. 

Do you think Kolovos is on the money about his $8,500 Bitcoin price prediction? Share your thoughts in the comments below! 

Images via Shutterstock, Bloomberg

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Bitcoin Drops Below $8K After Hitting Yearly High, But for How Long?

Bitcoin price finally made it to $9,000. But the celebration was virtually over before anyone could celebrate. Investors are now curious how long they’ll have to wait before another $9k retest.

Bitcoin Drops 12% After Bursting Through $9k

After making a strong move above $9,000 and topping out at $9,090, Bitcoin price 00 was rejected strongly and tumbled as far as $7,980 before beginning what appears to be a slow recovery.

Bitcoin’s triumph over achieving a new 2019 high was short lived and as one would expect the crash reverberated throughout the market and led to other top coins like Ethereum, Litecoin, and Ripple declining sharply.

Overall the cryptocurrency market dropped $25 billion over the course of a few hours and at the time of writing the total market cap stands at $264 billion. While the correction came as a shock, many investors and analysts expected it as Bitcoin’s recent parabolic run meant that a pullback would need to occur at some point.

Veteran trader Peter Brandt appeared to be right on the money, given that late last week he tweeted a chart forecasting that Bitcoin would revisit $7,900 and today he playfully inquired whether the surprise correction shook FOMO investors out of their trees.

Given the recent bullishness throughout the market, it’s also not surprising that a handful of these same analysts are generally unmoved by today’s pullback and are calling for Bitcoin to blast through the $10k mark over the next week.

Rhythmtrader was among those feeling less than bothered by Bitcoin’s current state and he pointed out that Bitcoin’s path to 10K differs in 2019 as its fundamentals are significantly improved and multiple institutional players are deeply involved with the cryptocurrency market now.

$10K by Next Week?

To date, BTC/USD has gained more than 140% and on Thursday Galaxy Digital CEO Mike Novogratz told Bloomberg that Bitcoin is likely to consolidate between $7,000 and $10,000 and he explained that “trees don’t grow to the sky.” Novogratz also admitted that a surge in euphoria could quickly take Bitcoin higher and in early May he forecast it to reach $20,000 within 18 months.

Currently, BTC/USD has clawed back some territory and is attempting to overcome resistance at $3,400. The RSI shows that the top cryptocurrency is in oversold territory and a move above $3,400 is likely to increase buying volume and help Bitcoin rise to $8,600.

As Bitcoinist reported, blasting through the psychological $10,000 mark would spark ‘real FOMO’ according to Fundstrat’s research analyst, Tom Lee.

Do you think Bitcoin will retake $9k before the weekend? Share your thoughts in the comments below! 

Images via Twitter, Shutterstock, Tradingview.com

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Bitcoin Price Cools Off in Preparation for a Push Above $9,000

After swiftly gaining 10.7% in less than 24-hours, Bitcoin reached a new 2019 high and is a mere $1,200 away from the all-important $10,000 valuation.

Bitcoin Price: Market Overview

Bitcoin 00 hit $8,947 on Coinbase and to date has gained 143%. Current sentiments remain bullish about Bitcoin’s long-term prospects but analysts like Peter Brandt and Josh Rager are calling for a 30%+ pullback before BTC price really winds up and starts to run.

BTC-USD 4-Hour Chart

As seen by the 4-hour chart, Bitcoin sliced right through the $8,500 and $8,800 resistance after bursting through the symmetrical triangle at $8,048.

Since its initial run to $8,947, Bitcoin has made two more attempts at overtaking $9,000 and the most recent saw the digital assets pullback to $8,612 which is slightly above the 61.8% Fib retracement level and also near $8,550 which according to the Tensor Chart appears to be an area of buying interest.

1-Hour Tensor Chart

bitcoin price

As BTC consolidates after such an impressive move, repeated failure to cross above $8,880 could lead to to a retest of the 12-EMA at the 61.8% Fib retracement level ($8,551) and a drop below $8,500 could see BTC revisit $8,330 at the 26-EMA.

Daily MACD & RSI

At the time of writing the daily MACD and RSI are bullish and the MACD remains extended higher than it has ever been since the 2017 bull market. The daily RSI also has room to run and has not exceeded its threshold at 86.6844, which has typically marked the point where BTC is overextended and on the verge of pulling back.

Traders should keep their eyes on the hourly RSI, MACD, and CMF and in the event of a pullback conservative traders could consider placing bids from $8,550 to $8,300, whereas more aggressive traders will consider today’s early bounce point at $8,650 as a possible entry point.

BTC-USD 1-Hour Chart

bitcoin price

Over the short-term BTC appears likely to drop near to $8,500 and the hourly chart shows BTC under the mid-arm of the Bollinger Band indicator and on the verge of falling below the lower arm at $8,685. As mentioned earlier, a drop below 61.8% Fib retracement level should attract buyers but any increase in bear volume could press BTC back significantly as yesterday’s breakout candle occurred rapidly without setting any supports.

Happy trades and best of luck friends!

[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by Bitfinex. The charts for the analysis are provided by TradingView. and TensorCharts.com]

Trade Bitcoin, Litecoin and other cryptocurrencies on online Bitcoin forex broker platform evolve.markets.  

Images courtesy of Shutterstock, Trading View. Market data sourced from Coinbase.

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Weiss Ratings: Bitcoin Correction The Best Buying Opportunity Since 2015

buy bitcoin

Weiss Ratings believes that bitcoin price surging to $8,373 will open the doors to a once in a lifetime purchasing opportunity.

Weiss Says Buy the Dip

On Thursday Weiss Ratings tweeted that Bitcoin’s current technical setup presents the best purchasing opportunity for investors since 2015.

The independent rating agency based their assessment on analysis from their chief crypto analyst Juan Villaverde.

The analyst explained that Bitcoin’s recent surge to a 2019 high at $8,373 has primed the market for an impending correction that will represent the greatest purchasing opportunity since 2015.

According to Villaverde, similar price action occurred in 2012 and 2015 and the cryptoanalyst explained that:

In January 2012, for instance, after Bitcoin has rallied to $7 per token from its bottom of $2 just months earlier, Bitcoin suffered a 45% correction down to about $4. But that was a launching pad for a bull run that would take Bitcoin into four-digit territory for the first time in its history, hitting a high of almost $1,200 by December 2013.

Villaverde then pointed to an identical occurrence in 2015 when Bitcoin price notched $500 in November only to be followed by a sharp 40% sell-off to $300 a week later.

Will Bitcoin Pull Off a ‘Three-Peat’?

Naturally, investors will be concerned about whether history will repeat itself and the phrase “past performance is not indicative of future results” comes to mind.

Villaverde addresses this valid concern by pointing out that that Bitcoin’s fundamentals have improved significantly over the past year and the fact that Bitcoin usage is near all-time highs, with daily transaction volumes nearly reaching levels not seen since late 2017 is encouraging.

According to him, Bitcoin’s 24-hour transaction volume recently reached a 2019 high of 450,000 and the previous all-time high occurred on December 13, 2017, just a few days before prices reached $20,000.

Weiss also pointed out that Bitcoin network fees remain at their lowest levels since August 2017 despite the consistent increase in transaction volume. Villaverde explained that there is a negative correlation between usage and fees and this is proof that upgrades like SegWit and the Lightning Network were paramount in making this possible.

Overall Villaverde encouraged investors to focus on the positives and reiterated that: the recent major rally confirmed the beginning of a bull market, Bitcoin’s fundamentals have improved the point of supporting increasing price and he cautioned investors to be attentive of an impending sharp correction, which could provide a fantastic purchasing opportunity.

Do you agree with Weiss Ratings advice to buy the next Bitcoin dip? Share your thoughts in the comments below! 

Images via TradingView.com, Twitter, Shutterstock

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AT&T Will Now Accept Bitcoin For Your Phone Bill

at&t att bitcoin

US-based mobile users can now use bitcoin and cryptocurrency to pay their bill thanks to a new partnership between AT&T and BitPay.

AT&T Will Take Your Bitcoin

Bitcoin’s path to mass adoption continues forward as major US telecom giant AT&T has announced that customers now have the option to pay their bills in cryptocurrency.

The addition of crypto payments makes AT&T the first major U.S. mobile carrier to offer this option and Kevin McDorman, AT&T’s vice president of Communications Finance Business Operations said:

We’re always looking for ways to improve and expand our services [and] we have customers who use cryptocurrency, and we are happy we can offer them a way to pay their bills with the method they prefer.

Currently, the crypto payments are limited to bill payment only and AT&T did not specify whether customers would be able to purchase smartphones and other accessories online or in AT&T’s brick and mortar stores.

Customers interested in making crypto payments can simply select BitPay as the payment option when they login to their accounts online or through the myAT&T app.

Will Corporations FOMO into Cryptocurrency?

AT&T is not the first major US-based corporation to accept cryptocurrency payments as Overstock, Expedia, Subway, Shopify, and Microsoft are just a few of the major multinational corporations accepting crypto payments.

Just recently, Whole Foods and a slew of other big-name retailers have also started accepting bitcoin via another third-party payment partnership.

But considering AT&T’s name recognition and dominance in the telecom sector the announcement is sure to make waves and is extremely positive news for the cryptocurrency sector.

As one would expect, not everyone is over-the-moon about the telecom’s new found love for cryptocurrency. Morgan Creek Digital co-founder Anthony Pompliano excitedly tweeted the news and is currently being bombarded by an array of semi-skeptical replies to AT&T’s announcement.

Would you use your Bitcoins to pay your phone bill? Share your thoughts in the comments below! 

Images via TradingView.com, Twitter, Shutterstock

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10 Fintech Leaders Predict Bitcoin to End 2019 Above $9,500

bitcoin price prediction

Ten prominent fintech experts shared their bitcoin price predictions and all agreed that BTC would close 2019 above $9,500, according to Finder.com.

Experts Expect a Bull Market

The US-based comparison website surveyed 10 fintech leaders on their thoughts and projections on 13 cryptocurrencies (including the top-10 by market capitalization) and the participants included executives from BitBull Capital, Arca, and Blocktoken.

The participants were most optimistic about EOS, Binance Coin and Tron as each was forecast to gain 727%, 459%, and 449%, respectively.

When asked whether the current climate is ideal for the average person to invest in cryptocurrency, 5 out of 10 executives agreed that now is a good time to allocate a small portion of portfolio funds to digital assets. 4 survey participants also said that they believe Bitcoin will surpass its $20,000 all-time high during the next bull-run.

50% of the participants believe that the next uptrend will end just like the one in 2017. But while the majority of the participants expected Bitcoin to eventually cool off from its recent parabolic run, the general consensus was Bitcoin would exceed $9,659 by the end of 2019.

Analyst and participant Joe Raczynski said that:

We are entering a new period with Bitcoin. Many of the institutional players have said they are done with this experiment (publicly), which may be the case [but] I think privately, some other hedge funds and other institutions will continue to invest during this lower period.

Altcoins to Outperform Bitcoin in 2019

Surprisingly, Blockchain Capital partner Jimmy Song expects Bitcoin to close 2019 at $5,901 and Song explained that there seems to be some daylight between Bitcoin and other cryptos.

Bitcoin will start being seen as a different asset than all the others,” he said.

Meanwhile, Bitbull Capital’s Sarah Bergstrand said that she expects bitcoin price to “bounce between $3,000 and $5,000 for the next few months.”

The survey results also show that the majority of participants think Cardano (ADA) will wrap up 2019 at $0.14 and the group was fairly optimistic about EOS.

Brenden Markey-Towler from RMIT Blockchain Innovation Hub predicting that

….as EOS transitions with NEO and Ethereum to next-generation consensus algorithms, I suspect their scope as an institutional technology will increase, and their value with it.

Stellar Lumens (XRP) is expected to reach $0.18 by year-end and the group optimistically forecasts that TRON and XRP will close the year at $0.15 and $0.44.

Finder has held its Bitcoin Predictions Panel since January 2018 and interested investors can find the details of each monthly survey here.

Do you agree with these bitcoin price predictions? Share your thoughts in the comments below! 

Images via TradingView.com, Twitter, Shutterstock

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Binance Coin Continues to Shine as Bitcoin Seeks Direction

binance coin BNB

Binance Coin (BNB) continues to reach back to back 2019 all-time highs and its success has some analysts wondering if it will outperform Bitcoin over the long-term.

Market Overview

On Tuesday Binance Coin (BNB) 00 notched a new all-time high of $32.43 as its market capitalization leaped over $4 billion.

The 7th largest cryptocurrency by market cap has surged 16.46% over the past 48 hours, 36% over the past week, and 502% in 2019. Multiple timeframes show BNB is overwhelmingly bullish and everyone is wondering how high the altcoin can run.

Let’s have a look at the charts to see what the future could hold for BNB.

Binance Coin Price Analysis: 4-HR Chart

BNB continues to set higher highs and trades well above the ascending trendline that held since February. After reaching a new USD high at $32.43, BNB is taking a short breather to consolidate and the RSI has pulled back from 76 and currently descends below 66.

As seen on the 4-hour chart, BNB is clearly in a stair-step pattern and the process appears to be repeating itself as BNB consolidates to prepare for the next leg up.

At the time of writing the 4-hour MACD is crossed bearish and descending from overbought territory and it should also be noted that the daily MACD is the most extended it has been since January 2018 when BNB reached its previous all-time high of $25.13.

Over the short-term BNB could pullback to $30.80 and further to $29.86 where the 20-MA of the Bollinger Band indicator is located. A full retrace of Tuesday’s gains would bring BNB to $28.39 and this point also aligns with the ascending trendline which has not been broken since March 19.

BNB/USDT 1-Hour Chart

The 1-hour chart show BNB below the middle arm of the Bollinger Band indicator and as both bands tighten and the RSI descends below the ascending trendline, it’s possible that BNB could pullback to the levels mentioned above.

BNB/BTC Daily Chart

binance coin bnb

On Tuesday the BNB-BTC pairing also turned bullish as BNB set a higher low above the 12 and 26 EMA and the 12 EMA is on the verge of crossing above the 26EMA and the daily MACD is bullish and about to roll over 0.

Unarguably, BNB’s price action is being driven by successive IEOs paired with BNB and the new lottery system, which requires applicants and participants to hold a predetermined amount of BNB.

Surely the upcoming Harmony IEO on May 27, the launch of Binance DEX and recent announcements like this one from Binance CEO Changpeng Zhao are supporting BNB’s rapacious advance to new all-time highs.

[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by Bitfinex. The charts for the analysis are provided by TradingView.]

Trade Bitcoin, Litecoin and other cryptocurrencies on online Bitcoin forex broker platform evolve.markets.  

Images courtesy of Shutterstock, Trading View. Market data sourced from Coinbase

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Ethereum (ETH) Getting Ready for Another Shot Above $260

Ethereum price

Ethereum price is consolidating lock step with Bitcoin price but the current hourly chart suggests the top altcoin could be staging another attempt at $260.

Ethereum Market Overview

After rallying more than 100 percent since April, Bitcoin price has taken a slight breather and Ethereum (ETH) appears to be doing the same.

Yesterday the market paused while waiting for the SEC’s decision on a Bitcoin-ETF and even though the unsurprising delay seems to have had little impact on price action, Bitcoin and Ethereum could trade sideways for a tad bit longer. Let’s have a look at the charts to see what the short-term outlook is.

ETH/USD 1-HR, 4-Hr Charts

Since dropping from a 2019 all-time high to $222.88 ETH price 00 is slowly gearing up to tackle $260. However, momentum halted as Bitcoin double-topped and dropped on 8.7 percent Monday.

Currently, ETH is tightening within a narrowing triangle and there is support at $240, $245 and resistance at $260 and $280. At the time of writing ETH is tightly riding along the 12EMA and the hourly chart shows ETH well supported at the $245 ascending trendline, which aligns with the 38.2 percent Fib retracement level.

The Bollinger bands have drawn tight with ETH riding closely above the middle band and the RSI is flatlined slightly above 50. The Stoch RSI is rising from oversold territory and as volume increases a bullish cross could be on the verge of occurring.

4-Hr Chart

The ETH/BTC 4-hour chart also shows that ETH 00 has popped above the 12 and 26-EMA and if buyers maintain interest it could be on way to setting a low high at 0.032238 since its explosive move out of the falling triangle last week.

Generally, as ETH approaches the triangle tip we can expect a more decisive move that extends to $260 but this is likely to be impacted by Bitcoin’s price action. In the event of a mild pullback, ETH is well supported at the 50 percent Fib retracement level ($252).

Do you think ETH will recover to overtake $260 in the next 24-hours?

[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by Bitfinex. The charts for the analysis are provided by TradingView.]

Trade Bitcoin, Litecoin and other cryptocurrencies on online Bitcoin forex broker platform evolve.markets.  

Images courtesy of Shutterstock, Trading View. Market data sourced from Coinbase.

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Bitcoin Correction Will Spawn New Parabola, Says Veteran Trader Peter Brandt

parabola bitcoin price

Bitcoin price took a surprising tumble after some inexplicable kerfluffle at BitMEX and traders are now wondering if the current rally has been compromised.

Strong Correction Breaks Bitcoin’s Parabolic Advance

Yesterday’s massive liquidation at BitMEX has the entire crypto-world up in arms and concerns about broken parabolas, fat fingers, wonky algos, and outright manipulation are setting every chatroom and journal on fire.

Despite all the chaos, one veteran trader isn’t the least bit worried, in fact, in an indirect way he appears to have predicted that something like this would happen.

Veteran commodities trader and Bitcoin muse Peter Brandt recently tweet shouted a response to a Twitter user’s question about the state Bitcoin’s most recent parabola and according to Brandt it would break down and “morph into a lower sloped parabolic advance”.

While speaking to BlockTV at Consensus 2019 Brandt also predicted that Bitcoin will run to $50,000 but also said:

I look at Bitcoin and I say there’s a 50% chance it goes to zero. It becomes worthless, that the whole narrative is a big scam. But there’s a 50% chance we could go parabolic again and if we go parabolic again, we could go up to $200,000 – $300,000.

History Doesn’t Repeat Itself but it Often Rhymes

Brandt’s previous suggestion that Bitcoin’s recent price action was nearly identical to the double bottom from 2015 is holding up well and his explanation that this bottom followed the sharp correction from its prior parabolic peak in late 2013 remains sufficient.

According to Brandt and a growing number of analysts, Bitcoin should experience a significant pullback then continue is advance higher at a reduced slope that is more sustainable.

It is incumbent upon investors to conduct their own research and typically the advice of analysts should often be taken with a grain of salt but Brandt appears to have a knack for accurately assessing Bitcoin’s future price action.

Traders and Bitcoin ‘hodlers’ will surely remember Brandt’s December 2018 comment that “Parabolas once violated, often result in 80% decline.” and though this tweet referred to the Dow Jones Industrial Average, Bitcoin did retrace more than 70% in 2018.

Generally, Brandt seems fairly optimistic about Bitcoin’s upcoming price action and his most recent tweet suggests that Bitcoin could drop by $2,200 to $4000-$4,100 range before resuming its strong uptrend.

You can read the latest Bitcoin price analysis here.

How do you feel about Peter Brandt’s prediction? Share your thoughts in the comments below! 

Images via TradingView.com, Twitter, Shutterstock

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Litecoin Rallies to New 2019 High as LTC/BTC Pair Turns Bullish

litcoin price analysis ltc

Litecoin price analysis shows LTC has reignited the fever shared amongst its crypto compatriots and rallied to a new 2019 high above $100. 

Litecoin Price Analysis: Market Overview

The hefty gains could be the result of the announcement of a new partnership with hotel booking platform Travala.com and the news could be a sign that Litecoin 00 is finding another niche for mainstream use. 

While Litecoin and Binance Coin had been the early birds that signaled what turned out to be the start of a new strong bullish trend within the crypto market, the altcoin had been somewhat dormant over the last 3 weeks and noticeably absent during Bitcoin’s most recent surge.

Today marked the end of LTC’s slumber and on Wednesday the altcoin railed to a new 2019 high at $107.34

LTC/BTC Daily Chart

Similar to the ETH/BTC paring, the LTC/BTC pair broke bullish at the 0.01143 double bottom and traders flowed into the bull break that followed.

The overhead resistance levels of 0.01325 and 0.01412 are on the daily timeframe. A drop below the 12-EMA at 0.01233 would place LTC back within the falling wedge. The MAC D appears on the verge of a bull cross from oversold regions and the RSI is slowly making its way into bullish territory. If the bullish trend throughout the sector remains, Litecoin appears ready to grow legs and run.

LTC/USD 4-Hour Chart

$109 and $127.90 are the next levels for LTC to overcome and it should also be noted that LTC set a higher low and higher high on the weekly time frame.

As for the recent pump in altcoins, a popular theory among analysts is that profits from Bitcoin’s recent parabolic run are now making their way through altcoins for an upcoming ‘alt season’ and as Bitcoin’s dominance rate decreases traders are expected to see hefty gains from an array of small-cap altcoins.

Given that Bitcoin is near the top of an amazing parabolic run, traders might consider taking altcoin profits quickly, keeping a close eye on a digital assets ability to maintain the exponential moving average of choice and using a stop loss is strongly advised.

Happy trades!

Do you think Litecoin (LTC) will tackle $70 before Monday morning? Let us know what you think in the comments below! 

Trade Bitcoin (BTC), Litecoin (LTC) and other cryptocurrencies on online Bitcoin forex broker platform evolve.markets.  

[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by Bitfinex and Coinbase. The charts for analysis are provided by TradingView.]

Images courtesy of Shutterstock, TradingView. Market data sourced from Bitfinex and Coinbase.

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Binance Coin (BNB) is Marching Towards Its 2019 All-Time High

Binance BNB

Binance Coin (BNB) appears to have shaken off the drama of the past two weeks and steadily approaches is 2019 all-time high.

Binance Coin (BNB) Overview

While Binance Coin 00 has been one of 2019’s top performers it has been something of a laggard over the past week, especially when compared against Bitcoin’s price action.

Binance recently reopened for withdrawals and deposits after enduring a shocking $41 million hack and this combined with Bitcoin’s continued surge has lifted the price 34% since last Friday.

Despite these gains, the daily BNB-BTC pairing remains bearish but the BNB-USDT pairing is re-approaching its all-time high so we’ll focus our attention there.

BNB-BTC Daily Chart

Daily Chart

The strong 3-day move restored BNB above the ascending trendline and a little more than $1.00 from its 2019 USD high. The daily chart shows an impending bullish cross of the MACD and the RSI hovers in the midline between bullish and bearish territory.

The 12 and 26 EMA are also on the rise as the 12EMA beings to put some distance between itself and the 26 EMA. Generally, BNB is well positioned at $22 and since rallying to $24.50 BNB has pulled back 5.37% but rests on support at $23.16.

4-Hour Chart

BNB also has a tendency to bounce off the middle band of the Bollinger band indicator so below the $23.16 support $22.30 could serve as a bounce point and it is also aligned with the 38.2% Fib retracement level.

At the time of writing, the 4-hr chart suggests BNB is bullish over the short term as the RSI is in bullish territory and the MACD still has some room to run before turning down but traders should be mindful that Binance is scheduled to undergo a 6 to 8-hour maintenance on May 15.

And the exchange is also re-opening deposits and withdrawals so it is possible that funds could move out of BNB into BTC and altcoins or even to other exchanges. These events could exert some bearish pressure on BNB over the short term.

Do you think Binance Coin will soon overcome its 2019 all-time high? Share your thoughts below!

[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by Bitfinex. The charts for the analysis are provided by TradingView.]

Trade Bitcoin, Litecoin and other cryptocurrencies on online Bitcoin forex broker platform evolve.markets.  

Images courtesy of Shutterstock, Trading View. Market data sourced from Coinbase

The post Binance Coin (BNB) is Marching Towards Its 2019 All-Time High appeared first on Bitcoinist.com.

Parabolic Advance Halts For Now – So What’s Next For Bitcoin Price?

bitcoin price chart

Bitcoin went absolutely parabolic over the weekend! After topping out at $7,500, traders are now wondering what is next.

Bitcoin Price: Market Overview

Last week brought an onslaught of bearish news that typically negatively impacts Bitcoin price 00. But surprisingly, it shrugged at the news and has gone bananas as its dominance rate rose to highs not seen since 2017.

At the moment, nearly every analyst is screaming “bull market” and making calls for what they believe the new all-time high will be.

Friday and Saturday’s amazing run firmly brought Bitcoin above $6,000 to the previous resistance zone where $6,800 and $7,300 held before the November 2018 40%+ correction and the icing on the cake was a quick blow off to $7,500. A number of crypto analysts have also pointed out that while Bitcoin has gone parabolic, the parabola has broken as the digital asset has not set a higher high after reaching $7,581?

It should also be noted that Bitcoin’s lightning quick ascension took place with few retracements and a pullback. In other words, consolidation could be imminent.

Bears are also likely closely eyeballing the current price action to establish short positions right at the current top so traders should exercise care and not FOMO into a position or play the upcoming retraces without some sort of stop loss.

The weekly RSI has entered the overbought zone and as other analysts like Dave the Wave have pointed out, the MACD is more extended now that it was during the peak of the 2017 bull run.

BTC-USD Daily Chart

The daily chart shows that the RSI crossed 85.3779, which is the point that traditionally marked a trend change in BTC price. BTC/USD first topped a$7,489 at this threshold was crossed and then ran a little further to $7,581 before cooling off and entering what is likely to be a period of consolidation.

Going into the weekly close, BTC looks set to close above the $6,300 if not the $7,300, which most traders believed would pose significant resistance. According to the daily and weekly chart, $8,165, $8,200 and $8,500 are the next levels which could pose resistance for BTC to overcome.

The general consensus is that after such an amazing run BTC needs to either consolidate and regain strength or retrace to previous supports as the RSI, MACD, and Stoch are becoming overextended on the daily timeframe.

BTC-USD 4-Hour Chart

Traders looking to catch the dip might set alarms at $5,900, $5,500, and $5,100 in order to play oversold bounces and following bull crosses on the hourly, 4hr, daily and weekly MACD seems to be the best method for putting traders into profit.

At the time of writing the 4-hr chart shows the MACD nearing a bearish cross and the RSI remains in bullish territory.

BTC has pulled back to nearly rest on the 20 MA of the Bollinger band indicator at $6,660. A drop below the 61.8% Fib retracement level ($6,586) is where things could get interesting.

Traders should also keep an eye on the BTC-USD Longs to Short ratio and BTC-USD shorts in general as bears are likely to set up positions at the recent top and additional rejection points like $7,000.

Happy trades friends!

Where do you think Bitcoin will go over the next 48-hours?

[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by Bitfinex. The charts for the analysis are provided by TradingView.]

Trade Bitcoin, Litecoin and other cryptocurrencies on online Bitcoin forex broker platform evolve.markets.  

Images courtesy of Shutterstock, Trading View. Market data sourced from Coinbase.fkff

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Did the $41M Bitcoin Theft Create a Buying Opportunity for Binance Coin (BNB)?

Binance Token (BNB) has taken a significant due to the Binance Bitcoin hack but is the recent pullback an opportunity for buyers?

BNB Maybe a Steal as Binance Reels

Since topping out at $25.49 Binance Token (BNB) 00 has pulled back by nearly 27% and the fallout from last week’s Tether – Bitfinex scandal along with Binance’s recent $41 million bitcoin theft are taking their toll on the exchange’s native token.

Clearly, after a more than 500% rally, BNB was ripe for a bit of profit taking and a trend change but the current dump could be more connected to recent events and not a representation of BNB’s value from a technical standpoint.

BNB-USDT Daily Chart


As recently as May 2, BNB was consolidating between $25 to $21 and posting daily lower highs. It’s clear that altcoin was losing strength as it struggled to stay above the 12 EMA The bear cross on the daily MACD corresponds with the April 26th news of Bitfinex misappropriating $850 million USDT to cover their own losses.

BNB-USDT 4-Hr Chart

Today’s pullback brought BNB below both moving averages and the 12 is on the verge of crossing below the 26 EMA. There is the possibility of an oversold bounce occurring shortly as the RSI and MACD are each oversold, but barring a massive influx of buyers, the bounce is not likely to change the trend or extend past $19.50.

On its way to $25.49, Binance Coin blasted through $17 – $21 (61.8% Fib retracement) and the lack of support beneath $19 explains why BNB is slicing through this level towards more solid support at $15. If $17.30 doesn’t hold then the 50% fib level.

Given that USDT and BTC have shaken off and recovered from the same recent events that now impact BNB, it’s likely that BNB will also recover as the public gets over the shock of the largest crypto-exchange by daily volume enduring a $41 million hack. Luckily, it has resulted in zero Binance users losing funds.

In result, the current price could be a buying opportunity for swing traders as a return to the previous range represents a 20 – 25% return and those looking to set up a long position might consider buying a quarter of their expected investment.

Is Binance Coin a buy now under $19? Share your thoughts below!

[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by Bitfinex. The charts for the analysis are provided by TradingView.]

Trade Bitcoin, Litecoin and other cryptocurrencies on online Bitcoin forex broker platform evolve.markets.  

Images courtesy of Shutterstock, Trading View. Market data sourced from Coinbase.fkff

The post Did the $41M Bitcoin Theft Create a Buying Opportunity for Binance Coin (BNB)? appeared first on Bitcoinist.com.

Ethereum Runs Out of Steam as Bitcoin Dominance Rises

Ethereum bitcoin dominance

Bitcoin price topped $6,000 and the majority of altcoin turned red. Is Bitcoin’s increasing dominance stealing Ethereum’s thunder?

ETH-BTC 4-Hr Chart

After topping out at 0.031402 ETH price 00 took a bearish turn and dropped to the lower arm of the falling wedge to set a new low not seen since December 22, 2018.

For those looking to the ETH-BTC pairing as the indicator of Ether’s price action, this is less than pleasant news but the ETH-USD 00 4-hour chart shows that the 61.8% Fib retracement level ($167.50) could provide support. $173.25 is proving to be significant resistance.

ETH-USD 4-Hr Chart

The RSI is flat in neutral territory and the MACD is crossed and also descending into a neutral zone. Volume has screeched to a halt and its possible that traders are watching from the sidelines and BTC fights to hold its recent victory over $6,000 and the majority of altcoins are in the red.

Above $173.50 ETH could stage a run to $180 again and a drop below $167.50 (50% Fib retracement level) could see ETH revisit the recent swing low at $156.

ETH-USD Shorts

ETH-USD longs have seen a slight uptick after dropping to 350k from an April all-time high of 581k. Meanwhile, ETH-USD longs are on the decline after rising slightly over the past two weeks.

As mentioned previously by Bitcoinist, Ethereum’s recent run to $180 could have been propelled mainly by the news of the CFTC considering the approval of ETH futures, the possibility of Microsoft debuting products that utilize Ethereum blockchain, and the upcoming Consensus 2019 conference.

ETH-USD Daily Chart

Ethereum bitcoin dominance

ETH price is bearish for the short term but has exhibited bullish behavior on every pullback since the end of April. While the 4-hour and daily ETH-USD charts are still relatively bullish.

Traders should still keep an eye on the ETH-BTC pairing to watch for a trend reversal.

At the time of writing, ETH is below the 20-MA on the Bollinger Band indicator but finding support at the 61.8% Fib retracement level. A close glance at the 4-hour chart shows ETH tends to stack gains after overtaking the 20-MA so setting an alarm for $170 would mark ETH’s cross above this MA.

Do you think ETH will recover to overtake $180 this week?

[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by Bitfinex. The charts for the analysis are provided by TradingView.]

Trade Bitcoin, Litecoin and other cryptocurrencies on online Bitcoin forex broker platform evolve.markets.  

Images courtesy of Shutterstock, Trading View. Market data sourced from Coinbase.fkff

The post Ethereum Runs Out of Steam as Bitcoin Dominance Rises appeared first on Bitcoinist.com.

Ethereum Guns for $200 as the ETH-BTC Pairing Turns Bullish

ethereum price ETH price ETH/USD

ETH looks ready to have another go at tackling the $200 resistance and traders are wondering if the current surge the result of positive news or a more technical move.

Ethereum Price: Market Overview

Ethereum 00 had spent the last three weeks in a rut but a trend reversal on the ETH-BTC could mean it’s ETH’s time to run alongside Bitcoin.

The recent surge was possibly influenced by the rumor that the CFTC might approve Ethereum futures and Consensus 2019 fast approaches and the coming days and price action will reveal whether the move was a technical or media-driven surge.

Given that Ethereum price has been crushed throughout 2018, the approval of CFTC ETH futures would likely receive long bets from investors since ETH remains light years away from its 2018 all-time high.

ETH-BTC Daily Chart

On Monday the ETH-BTC pairing broke the long pattern of lower lows and after setting a higher high and low it appears that trend reversal could be in play.

ETH managed to briefly pop above the falling wedge but at the time of writing the digital asset is retracing as BTC dropped sharply after reaching a new 2019 high.

ETH-BTC Monthly Chart

As shown on the monthly chart, a move to 0.032247 and 0.038508 would confirm that ETH has changed the trend for the short term and an even more encouraging move would see ETH overtake the previous monthly high at 0.041824 and set a higher low on the monthly chart.

ETH-USD Daily Chart

The daily chart for ETH-USD shows the most recent move brought the top altcoin above the 100 day MA (white) and the 61.8% Fib retracement level. There is also a bullish cross on the MACD and a close above $187.62 could open the path to $200.

ETH is now positioned to overtake the descending trendline and the recent high at $187.62 and the move is likely to accompany Bitcoin’s attempt to overtake $6,000. ETH has fairly reliable support at $160 at the 100MA and also at $156 and $145.

Currently, $190 and $200 represent the stiffest overhead resistance. A quick glance at the weekly chart shows if ETH maintains its upward momentum the 12 and 26 EMA could pull of a bullish cross for the first time since March 2017 and the weekly RSI is also approaching bullish territory.

Do you think ETH will overtake $200 this week?

[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by Bitfinex. The charts for the analysis are provided by TradingView.]

Trade Bitcoin, Litecoin and other cryptocurrencies on online Bitcoin forex broker platform evolve.markets.  

Images courtesy of Shutterstock, Trading View. Market data sourced from Coinbase.fkff

The post Ethereum Guns for $200 as the ETH-BTC Pairing Turns Bullish appeared first on Bitcoinist.com.

Bitcoin Price Rally Will Continue, Bullish Weekly RSI Suggests

bitcoin price chart

Bitcoin price is knocking on the $6,000 resistance and appears ready to run higher this week.

Bitcoin Price: Market Overview

Bulls are buying dips on Bitcoin 00 and defending the ascending trendline even though over the weekend and early Monday BTC showed some occasional weakness on the 1 and 4-hour chart by dropping below the exponential moving averages.

Generally, sentiment toward BTC remains bullish and a host of exciting upcoming events like Consensus and Fidelity Investments launch of institutional crypto trading could be amplifying bullish market sentiment. Since running up to $5,845 on Coinbase, BTC has consolidated between $5,900 and $5,635.

BTC-USD Shorts

BTC-USD shorts continue to pile on and at the time of writing stand at 32,000, a high not seen since early January and somewhat intriguing given the overwhelmingly bullish setup for Bitcoin on the weekly and hourly chart.

One can’t rule out the possibility of a high volume spike, which could blow out a good number of shorts and result in rapid gains for bitcoin.

1-Hour Chart

The hourly chart displays an inverse head and shoulders pattern and as mentioned previously, Bitcoin has repeatedly rallied off this formation in 2019.

There is resistance at $5,780 and $5,845 and a move to $6,000 and above could allow traders to exploit the gap between $6,000 to $6,350. At the time of writing, the right shoulder met the neckline at $5,845 and now Bitcoin is mere dollars away from tackling the $6,000 resistance.

After notching a new 2019 high at $5,966, and an hourly higher low BTC looks ready to run a bit higher (volume permitting) as the RSI and MACD have sufficient room to extend before bumping into the overbought zone.

Weekly Chart

On the weekly time frame, the 12 EMA has crossed above the 26EMA. This is a first since the start of the 2017 rally and the weekly RSI has also broken into bullish territory and above the October 2015 level, which marked the end of that drawn-out bear market.

The MACD continues to climb upward but both arms have yet to roll over 0. The current situation of the weekly chart is quite encouraging and each of the past 6 weekly candles has notched a higher low which shows the bullish trend is intact. $5,700, $5,640 (aligned with the 78.6% Fib retracement level), and $5,550 are the most immediate supports and a drop below $5,400 would be cause for concern.  

Where do you think Bitcoin will go over the next 48-hours?

[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by Bitfinex. The charts for the analysis are provided by TradingView.]

Trade Bitcoin, Litecoin and other cryptocurrencies on online Bitcoin forex broker platform evolve.markets.  

Images courtesy of Shutterstock, Trading View. Market data sourced from Coinbase.fkff

The post Bitcoin Price Rally Will Continue, Bullish Weekly RSI Suggests appeared first on Bitcoinist.com.

Impending Cross of Key Moving Averages Could Confirm Bitcoin Bull Market

bitcoin cross

On Friday Bitcoin rallied a little over 6% and the rapid move above the $5,488 resistance has turned analysts like Peter Brandt and Murad Mahmudov bullish on the largest digital asset. Will BTC tackle $6,000 next?

Bitcoin Price: Market Overview

Things are looking up for Bitcoin price 00. Surprisingly the Tether – Bitfinex debacle appears to have had a limited impact on the bullish sentiment present in the crypto market and Bitcoin is now up 51% from its 2018 low.

At the moment it seems everyone from the world of institutional finance like Fidelity Investments, the Intercontinental Exchange (ICE) to analysts like Barry Silbert, Tom Lee and Peter Brandt are labeling Bitcoin’s current price action as indicative of a bull market. Let’s take a quick glance at the charts to see what’s going on. 

Weekly Chart

The 12 and 26 EMA are on the verge of pulling off a bull cross on the weekly time frame for the first time since early October 2015 and the Bitfinex premium has already pushed BTC price above $6,000. BTC’s most recent move brought the digital asset above the 55 EMA and a glance at the daily chart shows BTC set a higher high today.

Looking back to mid- November 2018 when BTC surprisingly dropped from $7,300, there is little overhead resistance from $6,300 so barring bears setting up a wall of shorts at $6,000 and $6,3000 BTC, and assuming demand remands healthy, Bitcoin could pull of a blue sky breakout to $7,300 over the coming weeks.

4-Hour Chart

Since March BTC has successfully rallied off the successive inverse head and shoulder formations and today’s move above the $5,488 neckline supported BTC’s move to $5,750 on Coinbase.

The MACD is reaching into overbought territory, as is the RSI but it should be noted that powerful upside moves from BTC often allow the RSI to linger deep in overbought territory so trading decisions shouldn’t be based solely off an RSI reading.

The gap (lack of support/resistance) between $5,500 and $6,350 could soon be exploited by bulls and after setting a higher high Bitcoin will retrace some traders gather profit and a brief period of consolidation should occur before BTC makes another run at $6,000.

$5,620 and $5,500 (12-EMA) appear to be interim supports and a drop below $5,400 could represent a decent purchasing opportunity.

BTC-USD Shorts

Traders are advised to keep an eye on BTC-USD shorts chart and MACD on the daily and 4-hour chart. Over the past week, BTC-USD shorts rose about 20 percent as the Tether – Bitfinex scandal took its toll on BTC price and many analysts have also documented the capital outflow from Bitfinex as cautious traders look to exit the scandal-ridden exchange. As always, there is the possibility of a short squeeze which could help propel BTC well above $6,000.

Do you think Bitcoin will tackle $6k over the weekend?

[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by Bitfinex. The charts for the analysis are provided by TradingView.]

Trade Bitcoin, Litecoin and other cryptocurrencies on online Bitcoin forex broker platform evolve.markets.  

Images courtesy of Shutterstock, Trading View. Market data sourced from Coinbase.

The post Impending Cross of Key Moving Averages Could Confirm Bitcoin Bull Market appeared first on Bitcoinist.com.