Somehow, someway, the price of Bitcoin has continued to show resilience after March 12’s capitulation event, decisively retaking $7,300 just minutes ago after trying an failing to surmount this level multiple times over the past few days. As of the time of this article’s writing, BTC is trading at $7,295, up 8% from the session open and up over 20% since last week’s lows under $5,900. Bitcoin’s latest bout of strength comes as the stock market has managed to mount a strong comeback, despite the coronavirus outbreak and economic conditions continue to weaken on the weekend, epitomized by the 6.6 million jobless claims in the U.S. alone last week. What’s Next For Bitcoin? With the recent price action, which has meant that Bitcoin has almost fully retraced the crash on March 12th, analysts have become increasingly bullish. Bloomberg wrote last week that Bitcoin’s recent move higher has allowed it to trigger a “positive divergence and a buy signal,” according to the indicator the DVAN Buying and Selling Pressure Gauge. BTC last saw this trend in January, prior to the 50% surge from $7,000 to $10,500. The same indicator also flipped bearish when BTC fell under $10,000 in the middle of February, adding credence to the recent signal. Bitcoin analyst Filb Filb — who accurately predicted the trajectory of BTC (down to the $) in Q4 2019 and January 2020 — wrote in his Telegram channel that his personal indicator suggests “we are good on trend and volume,” adding that a simple technical analysis of the chart implies a rally to $8,150 in the coming days. $8,150 is nearly 15% higher than the current market price. The optimism has been echoed by others. Per previous reports from NewsBTC, on-chain analyst Willy Woo found that mining indicators suggest the Bitcoin bottom is in, meaning the cryptocurrency could soon enter back into a bull run. Woo cited two indicators to convey his point: The Hash Ribbons, the moving averages of the Bitcoin network’s hash rate, have started to recover, which is a “reliable” signal of a bottom, the analyst wrote. The last time the Hash Ribbons looked similar to as they do now was in December 2019, at the $6,400 bottom, and in December 2018, the $3,150 bottom. The Miners Energy Ratio, “the ratio between Bitcoin’s market cap to its energy consumption, is in the buy zone.” This comes briefly after the metric entered the “extreme buy zone” in mid-March, which was last seen prior to the 4,000% rally from $500 to $20,000. Featured Image from Shutterstock
Bitcoin price recently plummeted to under $4,000, bouncing off what may believe is the absolute “floor” for the first-ever cryptocurrency. However, according to data from a top crypto industry analyst, the price floor of Bitcoin could jump to as much as $7,000 to $8,000 immediately after the halving takes place this coming May. But what exactly does that mean for the leading cryptocurrency by market cap? Analyst: Bitcoin Price Floor To Jump To $7,000 to $8,000 Following Halving Bitcoin’s halving is currently set to occur on May 13, 2020 – just a little more than a month away. The event sees the block reward miners receive for validating each new Bitcoin block before it’s added to the blockchain, slashed in half, lowering the reward from 12.5 BTC to just 6.25 BTC. When this happens, the cost of production immediately rises by double. Related Reading | Miner Capitulation: Hash Rate is Dropping Faster Than Bitcoin Price And because miners are responsible for the largest portion of sell pressure in the market – as a result of these miners selling BTC to fund operations – when the cost of production rises, they often wait until prices catch up with production costs and stop selling their holdings. The lack of sell pressure causes prices to grow quickly, resulting in what many crypto analysts refer to as a “miners bottom” – or an absolute price floor to which Bitcoin price won’t trade below because if it does, miners will stop selling and prices eventually stabilize. And according to data, that miner’s bottom is set to rise to over $7,000 to $8,000, the moment the halving takes place next month. The mining cost per BTC, via its interaction with sell pressure, historically has resulted in the BTC floor price. The floor post-halvening is around $7-8k (analysts closer miner OPEX and CAPEX may have a better picture). Also consider pricing effects above this floor.. /1 https://t.co/6NtTHhbrvq — Willy Woo (@woonomic) April 6, 2020 Started From the Miner’s Bottom Now We’re Here It’s been a rough two and a half years since Bitcoin price reached an all-time high record of $20,000. Since then, the asset went through a long, arduous bear market that caused the first-ever cryptocurrency to plummet to its current “bottom” of $3,200. At that time, the cost of producing each Bitcoin was roughly $3,200, setting the floor as to how far Bitcoin could in theory fall. Related Reading | Bitcoin Trades Below Production Cost, Miners Are Better Off Buying When Bitcoin price collapsed to $3,800 this past March amidst the coronavirus outbreak, it fell far deeper than the cost of production, which could be in part why Bitcoin was able to rally by over 80% in the days following the collapse. If Bitcoin’s price floor is soon set at between $7,000 to $8,000, it may not be too long until the leading cryptocurrency by market cap never again trades below 5-digit prices. And while $10,000 failed to incite FOMO the last two times since the bear market began, the third time could be the charm that when combined with the halving, helps propel Bitcoin price to new highs. Featured image from Shutterstock
Following the growth in internet adoption, several industries have noted an increase in online activity. The gambling industry has been one of the biggest benefactors in this regard, especially in the state of New Jersey.
New Jersey Welcomes all Kinds of Gambling
Individual states across North America may have their own set of guidelines and regulations when it comes to gambling, both online and offline. Casinos, sports betting brokers, and even high-risk coin pushers all have to be strictly regulated to ensure nothing nefarious is going on behind the scenes.
Not all regions in North America treat gambling in the same manner. New Jersey, for example, is far more open to brick-and-mortar gambling, as well as online casinos.
It is widely considered to be the largest market for online gambling across the United States today. By using a platform to see a full list of online casinos in New Jersey, it becomes easier to determine where one should place their bets next. This success can be attributed to the wide variety of online gambling options customers can explore.
Options include online poker games, sports betting through registered online service providers, and online casinos, among others. With competition heating up in the space, it becomes all the more important to find a resource where one can see the full list of online casinos in New Jersey.
Online Casino Revenue is on the Rise
There are ample statistics to back up these claims. Research confirms that online gambling revenue in New Jersey spiked to $482.7 million in 2019. Compared to other regions in North America where online gambling is allowed, New Jersey is clearly ahead of the pack.
During December 2019 – well before the coronavirus crisis became a global issue – online gambling in New Jersey generated $49.3 million in combined revenue. This is a 70% increase compared to December 2018. Primarily the online casinos contribute to this ongoing growth, whereas online poker noted a slight decline in the same month.
Going by the year-in-numbers, online casinos represent the lion share of the total gambling revenue. Of the $428.7 million, roughly $461.7 million came from online casinos alone. Poker games brought in another $20.93 million, representing a 2.1% decline compared to the year prior.
As this industry continues to grow and expand, keeping tabs on the different service providers becomes even more crucial.
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Bitcoin saw a sharp overnight rally that allowed it to surge past the resistance that it was previously facing around $7,000, with the crypto appearing to find some stability within this region – something that has not been seen since its capitulatory decline to $3,800 on March 12th. Analysts are now noting that this latest movement does seem to confirm that BTC has formed a highly bullish “V-reversal” – a technical formation that could bolster bulls in the days and weeks ahead. This also comes as Bitcoin enters a time period that is historically bullish, with one trader noting that it often sees upside in the time between April and May. Bitcoin Posts Bullish Breakout Past $7,000 as Technical Strength Builds At the time of writing, Bitcoin is trading up just under 5% at its current price of $7,100, which marks a notable climb from daily lows of $6,600 that were set yesterday when the cryptocurrency was caught within an extended bout of sideways trading. Previously, BTC had made multiple attempts to break above the $7,000 region, with each one resulting in firm rejections that subsequently led it lower. If it is able to stabilize within this region, this could be a sign that bulls have some underlying strength and that the uptrend will extend further. One popular trader on Twitter recently pointed out an interesting occurrence, noting that Bitcoin historically sees some positive price action throughout April and May, which could mean that it will rally higher in the days and weeks ahead. “April-May periods ~90% of the time in recent years were bullish, which made me bullish the last days of March. This time will be different, especially after confirming 6-month long bullish divergence on weekly.” Image Courtesy of CryptoBirb BTC Forms Revered “V-Reversal” Pattern After Breaking Key Resistance Today’s movement also bolstered the theory that Bitcoin’s recent rebound from the $3,000 region has formed a V-shaped bottom pattern, which is a charting signal that a trend reversal is imminent. Mohit Sorout – a highly respected analyst – has been watching this rapidly forming pattern for the past week, noting in a tweet from today that BTC is about to close above its December lows and that “this is what strength looks like.” “BTC on its way to close above Dec lows. This is what strength looks like.” $BTC on its way to close above Dec lows. This is what strength looks like. pic.twitter.com/w7IUrCeoYc — Mohit Sorout (@singhsoro) April 6, 2020 This tweet came about as a follow up to an analysis Sorout had posted on March 25th, in which he noted that the crypto is showing “serious signs of a V-reversal.” The culmination of all these factors does paint a bullish picture, suggesting that the benchmark cryptocurrency may soon see further upside. Featured image from Shutterstock.
BitMEX parent company HDR Global Trading Limited has become a partner of nonprofit Shadowserver Foundation. HDR will sponsor the nonprofit by offering $400,000 over the next four years. BitMEX Operator Becomes Member of Shadowserver Industry Alliance Shadowserver Foundation is an organization that collects and analyzes data on malicious activity on the Internet. HDR has become a member of the nonprofit’s industry alliance aimed at improving the Internet security. Shadowserver was established in 2004 and has been supported exclusively by charitable donations and sponsorships. The organization brands itself as one of the leading Internet security reporting resources. It conducts investigations on malicious activity and offers free public services for the Internet community, supporting Internet service providers (ISPs) to identify and remove malware infections. The reports and services provided by Shadowserver are used by 107 national computer emergency response teams (CERTs) in 136 countries, over 4,600 vetted network owners, and over 90% of the Internet (by IPv4 space and ASN). BitMEX co-founder and CTO Samuel Reed commented: Shadowserver is an extremely highly regarded player in the botnet defence community. They work tirelessly and make a tangible difference to ensure the Internet is more secure for all users. Cross-industry collaboration is going to be essential to the future security of the Internet at large, and not least the cryptocurrency industry. We’re keen to play our part championing security over the long term by supporting such a brilliant organisation. HDR’s Help Comes at the Right Time BitMEX’s parent decided to sponsor Shadowserver when it needed it the most. At the end of February, the nonprofit’s largest US sponsor, Cisco Systems, told the organization that it could no longer support it. As a result, the Internet security organization has called for help. Besides, it is planning to establish the Shadowserver Industry Alliance, which will be announced soon. HDR is already a member, but the alliance will include other founding anchor members too. The foundation released several posts on its official website, calling for financial support. On the article reads: The Shadowserver Foundation urgently needs your financial support, to help quickly move our data center to a new location and continue being able to operate our public benefit services. While it is not clear whether HDR’s funds will be used for transferring the data center, BitMex parent’s funds will contribute to Shadowserver survival. What do you think about BitMex parent’s move? Share your thoughts in the comments section! Images via Shutterstock, Shadowserver.org
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Ethereum continues to struggle amidst the current vicious and volatile market environment caused by the coronavirus outbreak and recession on the horizon. But following a historic market collapse that wiped out nearly all of the asset’s gains thus far this year, Ethereum may finally be ready for a violent reversal after a pair of dragonfly doji have formed two weeks in a row on ETHBTC price charts. Ethereum Thus Far Fails To Hold Up Against Current Crisis Ethereum kicked off 2020 as bullish as can be, surging over 100% in just a couple of short months due to the rapid growth of the decentralized finance industry that Ethereum is often considered the backbone of. The number two cryptocurrency by market cap led the market in rallying, and Ethereum and other altcoins vastly outperformed Bitcoin during this time. Related Reading | Investor: Ethereum Is Poised To Replace Wall Street’s Archaic Back End But the coronavirus crippling the economy proved to be far too much for Ethereum to withstand, and it and the rest of the cryptocurrency market came tumbling down, setting a new low for the year on USD pairs. On the ETHBTC trading pair, however, things are looking a lot more bullish now that the asset has stabilized following the crash. Double Dragonfly Doji on ETHBTC Pair Could Signal Powerful Reversal Although Ethereum retraced significantly against Bitcoin after the early 2020 breakout caused the altcoin to outperform the first-ever cryptocurrency, ETHBTC is showing signs of a strong reversal. According to weekly ETHBTC price charts, the last two weeks in a row have closed with dragonfly doji candlesticks. double dragonflys on $ETH weekly pic.twitter.com/RYL7bG7uS7 — tunez 2.35 (duke of theta) (@cryptunez) April 6, 2020 A dragonfly doji is formed when the asset’s high, open, and close prices are roughly the same. The wick on either end shows aggressive buying and selling that resulted in a stalemate. The longer wick on the buying end shows that bulls were more aggressive than bears. Doji are Japanese candlestick formations that typically indicate indecision. When this occurs at the bottom of a downtrend, it suggests that sell pressure is weakening and a powerful reversal could be brewing. A pair of two dragonfly doji is rare, and even more significant, suggesting that bulls and bears have been equally matched. However, following weeks of downtrend, this could signal that bears are about to lose control, and bulls could push the price of the asset considerably higher. Related Reading | Ethereum Buy Signal Hints At Sustained Bitcoin Outperformance If Ethereum can hold at current levels, given the candlestick formations found at the bottom of the swing, a powerful surge could be next. However, with all of the uncertainty surrounding financial markets currently due to the coronavirus and coming recession, the indecision the dragonfly doji is calling attention to could be nothing more than a pause for air before downside resumes. Featured image from Shutterstock
If you were asked to name one of Bitcoin’s most prominent proponents, John McAfee would probably be one of the first individuals to come to mind. As the cryptocurrency market was blowing up in 2017, McAfee, the creator of the cybersecurity company that shares his name, shared the below message, claiming that he then believed Bitcoin would hit $1 million by the end of 2020. On the line: his family jewels, so to say, which McAfee claimed he would eat on national television of the price target was not hit. When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bircoin at $1 million by the end of 2020. I will still eat my dick if wrong. pic.twitter.com/WVx3E71nyD — John McAfee (@officialmcafee) November 29, 2017 While many thought he was kidding, he continued to double down on this stance over the years. Late last year, he took an interview with Forbes, in which he stated that he believes BTC will surpass $1 million apiece simply due to the scarcity of the asset: “Let’s get real, there are only 21 million bitcoins. Seven million of which have been lost forever, and then, if Satoshi [bitcoin’s anonymous creator] is dead, add a few more million.” But, he’s begun to bash Bitcoin, instead touting altcoins that he thinks can perform the job of a decentralized and private cryptocurrency better. McAfee even went as far as to backtrack on his prediction, branding it a “ruse to onboard new users” in reference to the mass media coverage this oddball price target created. Out With Bitcoin, In With These Altcoins: McAfee In a message published April 4th, McAfee made himself clear yet again, sharing that he thinks “Bitcoin is worthless,” despite his long-standing statements that the scarcity of the cryptocurrency should see it greatly appreciate in value. As to what will replace the flagship cryptocurrency, the enigmatic technology entrepreneur pointed to the DAI stablecoin, Ethereum, and Monero, explaining that the latter is “widely used among tens of thousands of us who no longer use banks, credit cards or paper currency.” This comes after McAfee said Bitcoin is an “ancient technology,” likening the first blockchain to the Model T of automobiles. Featured Image from Shutterstock
Over the past few weeks, Bitcoin traders have been divided over whether or not the crypto market has bottomed. Interestingly, many have said no, simply citing the fact that there’s no telling how long the coronavirus crisis will last and how that uncertainty and economic damage will affect traditional markets, especially equities. Though, a popular crypto trader recently shared a very familiar fractal seemingly confirming that the bottom is in. Related Reading: Crypto Tidbits: Bitcoin At $7,000, FATF Regulation, Coinbase Backs Ethereum DeFi Fractal: Bitcoin Bottom May Be In Trader Coiner-Yadox recently shared the two charts seen below, accentuating that the recent price action is looking eerily similar to the bottoming process seen in late-2018 and early-2019: both of the charts depict a vertical drop into a bottom, an immediate rally from the bottom, then a drawn-out ascending triangle to kickstart a new bull phase. The only thing that the recent price action is missing is it rallying out of the ascending triangle as Bitcoin did in early-2019. Thus, BTC following this fractal to a T will see it rally past $8,000 in the coming days. Importantly, there are some key differences between the fractal’s basis and the current price action. These include but are not limited to: the last bottom took 140 days compared to the three-odd weeks for the current, and Bitcoin’s recent crash was due to a black swan event rather than simple market cycles. Corroborating the cheery sentiment that the crypto market has bottomed, Bloomberg reported late last week that Bitcoin recently pushed above a key level of technical resistance, allowing the DVAN Buying and Selling Pressure Gauge to print a “positive divergence and a buy signal.” The last time this signal was seen was at the start of January, just before BTC began a strong 50% rally to $10,500 by the middle of February. Some Beg to Differ Although possible, there are some that have thrown cold water on this fractal, which would create a “V-shaped” recovery on the charts. Per previous reports from NewsBTC, when looking at Bitcoin’s chart through the perspective of Elliot Wave analysis, trader Smart Contracter thinks it remains bearish: “[T]heres [sic] so many different ways you could count BTC here: either wxy, larger triangle, larger flat, I’m not too sure, the one thing that does stick out is the series of 3 wave moves and lack of 5 wave motives. [F]or this reason, I think its still too early to call a bottom.” His sentiment was corroborated by other Elliot Wave-focused analysts, who explained that Bitcoin’s recent rally on declining volume looks “corrective,” suggesting a reversion lower is growing more and more likely as time elapses. Smart Contracter is known for calling Bitcoin’s $3,200 bottom in 2018 some six months in advance. Featured Image from Shutterstock
Bitcoin has seen some notable short-term movements throughout the past 24-hours, with bulls attempting to push the crypto past $7,000 at around this time yesterday before BTC once again faced a strong and decisive rejection at this level. BTC saw some further volatility today when the crypto plunged towards $6,600 before racing back up towards $6,900, with one analyst noting that whales are “playing liquidation games” as they attempt to flush out high leverage traders. This comes as analysts closely watch to see the market participation levels amongst buyers around Bitcoin’s current price levels, with this data potentially offering valuable insights into whether or not it is primed for further upside. Bitcoin Incurs Choppy Trading as Leveraged Positions Get Liquidated Just a couple of hours ago, Bitcoin experienced a sharp drop to lows of $6,650 on BitMEX, with the visit to this level almost instantly being followed by an intense rebound that led the crypto up towards $6,900. This movement ultimately led Bitcoin to decline back towards $6,800, which is firmly in the middle of the trading range that the crypto has been caught within for the past several days. It now appears that this movement was an attempt by larger market players to flush out high leverage positions, which may be a signal that either bulls or bears are gearing up for a massive push. Josh Rager, a prominent cryptocurrency analyst on Twitter, explained in a recent tweet that this movement was emblematic of whales playing games. “BTC whales playing high leverage liquidation games,” he noted. $BTC whales playing high leverage liquidation games pic.twitter.com/Bob5dg93cI — Josh Rager (@Josh_Rager) April 5, 2020 In the past, these so-called “darth maul candles” have been closely followed by large movements. Analysts Closely Watching to See How Buyers Participate in the Market as It Consolidates This current bout of rangebound trading is unlikely to last long, and analysts are noting that how buyers react to the lower boundary of this trading range – around $6,650 – should elucidate their underlying strength. Cantering Clark, another well-respected cryptocurrency analyst, spoke about this in a recent tweet, noting that he will aggressively short BTC at buyer’s first sign of absence around this level. “Waiting for acceptance below 6650. If we hold here I am going to be paying attention to who is participating. No obvious shift and attempt by buyers to lift and I will aggressively short at first sight of their absence / inactivity.” Waiting for acceptance below 6650. $BTC If we hold here I am going to be paying attention to who is participating. No obvious shift and attempt by buyers to lift and I will aggressively short at first sight of their absence / inactivity. pic.twitter.com/pSRJjnUAIo — Cantering Clark (@CanteringClark) April 5, 2020 Featured image from Shutterstock.
Over the past week, Bitcoin has done surprisingly well, rallying from the $6,100 price seen last Sunday to a weekly high of $7,200, outperforming a majority of assets. Unfortunately, analysts are warning of a breakdown to pre-recovery levels. Related Reading: The U.S. Dollar is Dying, Buy Bitcoin: “Rich Dad Poor Dad” Author Could Bitcoin Drop 20%? There’s no doubt Bitcoin has done well over the past few weeks, rallying from the lows at $3,700 to the recent high of $7,200 as aforementioned. According to Nik Patel — an analyst and the author of the crypto trading bible, “An Altcoin Trader’s Handbook” — however, a weekly close under $7,000 will likely lead to a retracement to $5,680, which would be a 20% drop from $7,000. Patel’s chart indicates that $7,000 was the weekly high seen last week, making it important from a technical analysis perspective. Close this Weekly below 7000 and I'd expect to see 5680.$BTC pic.twitter.com/17fGXQm35p — Nik Patel (@cointradernik) April 4, 2020 A close under $7,000 seems likely; just hours before the weekly candle is set to close, Bitcoin saw a rejection at $6,900, falling back to $6,700. Related Reading: Crypto Tidbits: Bitcoin At $7,000, FATF Regulation, Coinbase Backs Ethereum DeFi Long-Term Outlook Forming Bullish Although there are these signs of downside in the short term, many are growing convinced that the long-term outlook for Bitcoin is anything but bearish. Case in point, Anthony Pompliano of Morgan Creek Digital recently identified two fundamental trends that will act as “rocket fuel” for the rocket that is BTC’s price: Central banks and printing money like there is no tomorrow: In a bid to prevent societal turmoil and an economic depression resulting from the coronavirus outbreak, central banks and governments have begun to enact emergency measures, handing out free money to consumers, cutting interest rates to promote spending, and injecting trillions of dollars worth of liquidity into the bond markets to keep the economy running. Bitcoin’s halving is nearing: In just over a month from today, the number of BTC mined each day will get cut in half due to the so-called “halving.” This will make the cryptocurrency more scarce than gold and fiat, assuming a 2 percent annual inflation rate and a 2 percent annual growth of the physical stock of gold. Featured Image from Shutterstock
It would appear that multiple cryptocurrency exchanges have some legal trouble coming their way. Multiple class-action lawsuits have been filed against 11 cryptocurrency companies, including Binance and BitMEX.
It is not uncommon for users to be upset by cryptocurrency exchanges.
Exchanges are Being Targeted
There is virtually no safety net for users if something goes wrong.
In some cases, that can lead to legal action being taken to try and get some sort of compensation.
These new class-action lawsuits appear to be very different, however.
No fewer than 11 different crypto companies are named in separate lawsuits, all for allegedly selling unregistered securities.
Companies of note include Binance, BitMEX, the Tron Foundation, Block.One, and so forth.
All of these companies are being sued by 42 defendants across different countries and continents.
According to the documents, all companies sold illegal securities to US citizens.
While the outcome of these lawsuits remains to be determined, one company has already settled with the SEC.
It was a matter of time until initial coin offerings came back to haunt companies involved in facilitating access to these tokens.
A lot of companies took advantage of a lack of regulation to sell securities to investors.
There is still ample debate whether ICO tokens should be regulated as securities.
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Ethereum has been struggling to garner any momentum as it faces heightened resistance around the mid-$140 region, with this bout of consolidation coming about in tandem with that seen by Bitcoin and most other altcoins. In spite of this, ETH has been able to form a bullish textbook charting pattern that may give it some notable momentum once it breaks through the resistance it is facing around its current price levels. This also comes as the crypto incurs some notable fundamental strength, with one on-chain metric suggesting that ETH is poised to see some serious near-term upside. Ethereum Consolidates Below $145 as Bullish Technical Pattern Emerges At the time of writing, Ethereum is trading down marginally at its current price of $143.70. This is the price at which ETH has been trading at for the past few days, with its rally seen earlier this past week allowing it to climb to highs of $145 before being rejected. Bulls then tested this level again on multiple occasions, with each time resulting in a similar rejection. It is important to note that consolidation directly below resistance can be viewed as a bullish sign, as it often suggests that an upwards breakout is imminent. Another key factor that could bolster Ethereum in the days ahead is the fact that it has formed what appears to be an ascending triangle with an upper boundary existing at just over $145. Josh Olszewicz, a prominent cryptocurrency analyst, pointed out this emerging pattern in a recent tweet, while offering a chart with a target existing at roughly $200. Image Courtesy of Josh Olszewicz On-Chain Metrics Also Point to Imminent ETH Upside Growing technical strength isn’t the only thing currently counting in Ethereum’s favor. As NewsBTC reported yesterday, data from analytics platform Glassnode shows that exchanges are currently seeing their highest ETH balance since December of 2016. Exchange balance has proven to be inversely correlated with Ethereum’s price action, which means that the crypto could be well positioned to make a massive upside movement. “Since late 2019, ETH exchange balances have increased by more than 21% to over 18,187,000 – which represents ~16% of Ethereum’s circulating supply. The last time we saw levels this high was in December 2016.” Image Courtesy of Glassnode If this inverse correlation continues holding strong, the growth in the balance of Ethereum on exchanges does suggest that the crypto will soon see some massive near-term upside, which could be further bolstered by its technical strength. Featured image from Shutterstock.
Bitcoin’s sideways trading that was first sparked by its rejection at $7,300 has extended through today, with the cryptocurrency firmly caught within the upper-$6,000 region as its bulls and bears both reach a firm impasse. In the near-term, analysts are noting that the cryptocurrency could be on the “edge of glory” if it is able to surmount one key technical level, but firm resistance may make bull’s attempt to boost it futile. Sellers may also be bolstered by a recent EMA bear cross on the cryptocurrency’s weekly chart, a formation that could force the crypto significantly lower and stifle any bullish undercurrents that have been established. Bitcoin Caught Within Firm Bout of Consolidation as it Pushes Against Key Technical Level At the time of writing, Bitcoin is trading down just under 1% at its current price of $6,730, which is around the price at which it has been trading at for the past several days. The tight trading range it is currently caught within appears to exist between $6,700 and $6,900, with BTC finding some support at the lower boundary and heavy resistance at the upper boundary. If bulls continue struggling to surmount the resistance around $7,000, another rejection here could do some significant technical damage to its short and mid-term market structure, as this would mark the third time being rejected here over the past seven days. One popular analyst, however, is noting that Bitcoin could be “on the edge of glory” as the crypto’s daily RSI attempts to flip into a bullish range, something that could occur at any moment. “BTC – Daily RSI really wants to flip to a bullish range above (50) …right on the edge of glory or not,” he noted. Image Courtesy of Big Chonis This Recently Formed EMA Bear Cross Could Thwart Bullish RSI Crossover The main bearish factor currently counting against Bitcoin – besides its mounting resistance around $7,000 – is a recently formed weekly EMA bear cross. The same analyst also spoke about this, noting that although it may hold strong and suppress BTC for quite some time, it could eventually spark a long-lasting uptrend once it flips in favor of bulls. “BTC – I still expect this current bear cross to hold for some time, but when it flips back to a bull cross I expect that to hold for a very long time…#bitcoin weekly chart. EMA 12/26.” Image Courtesy of Big Chonis Featured image from Shutterstock.
Three weeks ago, as global commodities markets crashed, Bitcoin’s price tumbled more than 40% over the course of a few days. In the face of this collapse, critics derided the flagship cryptocurrency for its apparent inability to hold its value in a crisis. In response, analysts are now presenting data demonstrating that Bitcoin has, in fact, been a stronger safe-haven asset than stocks and gold. Bitcoin Has Held Up Well During The Current Crisis Analyst Willy Woo has posted a chart comparing the performance of the S&P 500, gold, and Bitcoin over the past five years. Whereas BTC’s remarkable rise in value during this time is well-known, this comparison reveals that the cryptocurrency’s recent drop in value is vastly less significant during this time frame. Woo has tweeted: Visualising what a 50% pull back in BTC price looks like in the bigger picture next to Gold and S&P500. This is Bitcoin weathering the biggest crisis we've seen perhaps since the Great Depression… the first big test of its safe haven properties. pic.twitter.com/zG0CzKs4N9 — Willy Woo (@woonomic) April 5, 2020 Critics may point to the fact that more recent investment in Bitcoin has been far less profitable. However, the fact remains that consistent investment in Bitcoin over the course of the past few years has been a smart move. More notably, Bitcoin’s recent price drops have not been any more painful than those of gold or stocks. In fact, the U.S. stock market has now returned to 2015 levels, whereas Bitcoin is exponentially more valuable. Writing on Medium, Sylvain Saurel compares Bitcoin to the stock market and gold over the past twelve months. In his analysis Bitcoin again proves to be by far the best investment choice. The stock market, as represented by the Dow Jones and S&P 500, has lost much of its value. Gold, the traditional safe haven, is up 25%. Bitcoin, on the other hand, is up 35% since this time last year and appears ready for a major breakout. Cryptocurrencies Are Risky Yet Technically Sound Bitcoin critics typically assert that the cryptocurrency has no sound backing, and gains its value only through investor interest. This claim is only true to an extent, as Bitcoin also acquires value through its utility. Blockchain architecture enables BTC to be sent anywhere in the world without centralized intermediaries. It can also be kept extremely secure via cryptography alone. It is these features that create use cases that have yet to be matched by traditional assets. Simply put, BTC and other blockchain platforms create a new asset class that is increasingly proving to hold utility in real-world applications. Even Bitcoin’s staunchest critics now recognize that distributed ledger technology works, and promises to make the world a much more secure and efficient place. It is thus not surprising that investment in BTC has proven to be profitable. It is also reasonable to assume that as blockchain adoption grows, so too will the value of the crypto space. What do you think about Bitcoin’s value retention especially in these times? Share your thoughts below. Images via Shutterstock, Twitter: @woonomic
Originally from Bitcoinist.com https://ift.tt/2JCJrHM
Many analysts asserted that 2020 would be a strong year for the Bitcoin market long before the current global economic crisis began. Most notably, the flagship cryptocurrency was expected to jump after May’s block reward halving. New data now suggest that these predictions are still on-track. Data And Public Sentiment Point To Major Bitcoin Gains Analyst PlanB continues to stand by the assertion that Bitcoin’s stock-to-flow ratio points to extremely high gains after the halving. This metric is determined by comparing present inventory to production and is a common tool used to gauge the value of hard commodities such as precious metals. PlanB has just tweeted: So #btc has been oscillating around S2F value of $7000 for 2.5 years now. Just like before 2016 halving ($300) and before 2012 halving ($6). Excited to see if we are going to add another zero after the halving in May pic.twitter.com/2pkCgOSAEN — PlanB (@100trillionUSD) April 4, 2020 Thus, although a prediction of USD $70k may seem outlandish, it would be perfectly in-line with previous gains for the flagship cryptocurrency. Also, there is no doubt that the capital exists to drive Bitcoin this high, as well as the public interest. In fact, government responses to the impending recession may make Bitcoin and other cryptocurrencies even more attractive. A just-published article on HackerNoon asserts that the banks and legacy financial companies are all but certain to receive massive bailouts, just as they did in 2008. However, unlike twelve years ago, the infuriated public has the opportunity to put their assets into crypto, which will boost prices. Author Mark Helfman writes: Don’t underestimate the potential for this financial crisis to spur people into buying crypto and building businesses around crypto-based products, services, and processes. People might get so angry that they look for an “out” that doesn’t involve the banks, governments, and corporations. It is worth noting that Bitcoin was born out of frustration with central banks, and the U.S. government’s willingness to prop up incompetent and corrupt financial institutions. It is safe to assume that a repeat of this cronyism would only drive more investors into the crypto space. Real-World Adoption Will Push Exponential Growth Market activity notwithstanding, the development and adoption of Bitcoin and other cryptocurrencies are rapidly taking place. Of particular note is the institutional embrace of blockchain technology by a wide range of industrial sectors. Also, whereas fiat remains strong for purchases, the world is increasingly turning to crypto for remissions and financial transfers. It is these real-world use cases that will play a key role in driving up Bitcoin’s value. In other words, the central bank-issued fiat must now compete with a new asset class that offers many clear advantages. When placed in this context, predictions of much higher Bitcoin prices are very realistic. Do you think Bitcoin price will surpass it’s all-time high this year? Let us know your thoughts in the comments below. Images via Shutterstock, Twitter: @100trillionUSD
Originally from Bitcoinist.com https://ift.tt/2R9eOOc
Hello and welcome to the first edition of The Byzantine Times. This weekly publication (each Sunday) will replace our newsletter. This week we released our Q1, 2020 review where we saw one of the most eventful periods in our lifetimes.
Just two hours ago, Bitcoin started to rally after trading at $6,700 for most of Saturday morning and afternoon, rallying as high as $7,020 in a vertical move that brought the asset 4%. But, as fast as the cryptocurrency rallied, it was rejected, returning to where it began just minutes later — a loss for bulls hoping BTC could establish a higher high on the daily chart. Joe McCann — a noted crypto trader and an AI/Cloud specialist at Microsoft — remarked that the recent explosive move is most likely related to a futures short squeeze caused by negative funding rates on BitMEX: “Funding rate continues to maintain its negativity yet price won’t go down. If bulls keep this up there will be an epic squeeze coming… There’s the squeeze.” With the surge’s gains having since been reverted, what are analysts thinking comes next for Bitcoin and the rest of the crypto market? Analysts Are Growing Bullish On Bitcoin Surprisingly, despite the strong rejection at the key $7,000 technical resistance, analysts are bullish about the short-term to medium-term prospects of the leading cryptocurrency. According to a Bloomberg report published April 3rd, Bitcoin recently pushed above a key technical resistance, allowing the DVAN Buying and Selling Pressure Gauge to print a “positive divergence and a buy signal.” The last time this indicator printed a buy signal was at the start of the year, which preceded Bitcoin’s rally from $7,000 to $10,500 within 50 days’ time. Furthermore, prominent crypto trader TraderSmokey recently noted that Bitcoin has passed above the 12-hour Kumo cloud, the central aspect of the Ichimoku Cloud indicator, which suggests an uptrend could be forming. Not Everyone Is Convinced Unfortunately, not everyone is convinced: a well-known trader remarked that looking through the perspective of Elliot Wave analysis, it still seems somewhat bearish. He shared on April 3rd: “[T]heres [sic] so many different ways you could count BTC here: either wxy, larger triangle, larger flat, I’m not too sure, the one thing that does stick out is the series of 3 wave moves and lack of 5 wave motives. [F]or this reason, I think its still too early to call a bottom.” His sentiment was corroborated by other Elliot Wave-focused analysts, who explained that Bitcoin’s recent rally on declining volume looks “corrective,” suggesting a reversion lower is growing more and more likely as time elapses. Featured Image from Shutterstock
The coronavirus crisis continues to make its mark on the financial sector. It was a matter of time until the first bank failed because of it, which has now happened in West Virginia.
Most people seem to ignore how the global financial system has been broken for many years now.
First Bank to Fail During the Coronavirus Crisis
The 2008 banking crisis was only a warning shot.
Rather than stepping up their game, financial powerhouses have let things be as they were and hoped everything would be alright.
This year, it has become painfully apparent that that will not be the case.
Various measures taken by central banks will only put a bigger strain on domestic economies.
In the US, the first small bank has now failed due to the coronavirus.
That “honor” is granted to the First State Bank of Barboursville
Yesterday, the West Virginia Division of Financial Institutions officially closed the bank.
This institution had $152 million in total assets.
Thankfully, the deposits – worth nearly $140 million – will be taken over by MVB Bank Inc in Fairmont.
All four branches of The First State Bank will be rebranded to MVB Bank today.
It is the first time a financial institution collapses during the coronavirus crisis.
Depending on how the pandemic evolves, a lot more banks may follow suit.
The post Coronavirus Pandemic Results in First State Bank Failure appeared first on NullTX.
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Ethereum has been caught within a tempered uptrend in the time following its recent rally from sub-$100 lows, with the cryptocurrency forming a very strong correlation to Bitcoin – which has been firmly guiding the markets throughout the past several months. It now appears that one fundamental metric is flashing a highly bullish sign for Ethereum, as exchanges’ ETH balance is currently at levels not seen since December of 2016, with this metric having an inverse correlation with future price trends. This may suggest that ETH is on the brink of seeing a breakout rally, and if history rhymes, it could be significant. Ethereum Sees Bout of Sideways Trading as Crypto Bulls and Bears Reach an Impasse Ethereum is currently caught within a somewhat large trading range between $125 and $145, as these are the two levels at which the cryptocurrency has been caught between throughout the past couple of months. This range-bound trading has come about in tandem with that seen by Bitcoin, which has been stuck within the $6,000 region in the time following its rebound from lows of $3,800. At the time of writing, Ethereum is trading up just under 2% at its current price of $144, with its bulls pushing against the upper boundary of this trading range. If buyers do surmount this level, the crypto could soon find itself caught within a notable uptrend, which will likely come about after Bitcoin breaks the resistance that exists around $7,000. This Fundamental Metric Shows ETH Could See a Massive Rally According to data from on-chain analytics platform Glassnode, exchanges’ ETH balance is currently at levels not seen since December of 2016. “Since late 2019, ETH exchange balances have increased by more than 21% to over 18,187,000 – which represents ~16% of Ethereum’s circulating supply. The last time we saw levels this high was in December 2016.” Since late 2019, $ETH exchange balances have increased by more than 21% to over 18,187,000 – which represents ~16% of #Ethereum's circulating supply. The last time we saw levels this high was in December 2016.https://t.co/wu46QC4v3P pic.twitter.com/K2xFC8gfDj — glassnode (@glassnode) April 4, 2020 While looking at the above chart, it does appear that there is a stark inverse correlation between Ethereum’s price and exchanges’ balance, with higher balances being bullish. In December of 2016, Ethereum was trading at roughly $7.50, from which point it incurred a parabolic rally that led it to highs of $375 in June of 2017 – marking a massive over 4,600% rally. Although the market was much smaller then and Ethereum is unlikely to see gains of this magnitude ever again, the massive rise in the balance of ETH on exchanges does indicate that an explosive rally could be imminent in the months ahead. Featured image from Shutterstock.
Throughout most of 2019 and the early months of 2020, Tezos incurred some immense bullishness that allowed it to post massive gains, with the crypto setting fresh all-time highs just a couple of months ago when its bullishness reached a boiling point. It is important to note that although much of this bullishness was invalidated by the decline seen throughout March, XTZ is now reaching a notable demand zone that could lead it to rally significantly higher in the days and weeks ahead. As for how high this could send the crypto, one analyst believes that it will see especially notable gains against its Bitcoin trading pair, potentially allowing it to climb 20% or more. Tezos Reaches Key Demand Zone as Analysts Watch for an Explosive Reaction At the time of writing, Tezos is trading up just under 1% at its current price of $1.70, which marks a slight decline from weekly highs of $1.77 that were set yesterday. It also, however, marks a notable climb from lows of $1.48 that were set last Sunday, with the crypto posting a strong recovery from these lows shortly after they were set. In the near-term, analysts are watching two key technical factors for insight into where XTZ may trend next, with both of these factors suggesting that an explosive upwards movement could be imminent. Big Cheds – a popular crypto analyst on Twitter – spoke about this in a recent tweet, explaining that Tezos is “flirting with a key demand area” on its daily chart, while also seeing incredibly tight Bollinger Bands. “Tezos Daily chart – Flirting with key demand area as BBs pinch,” he noted while referencing the chart seen below. $XTZ Tezos Daily chart – Flirting with key demand area as BBs pinch pic.twitter.com/fXiR7nToef — Big Cheds (@BigCheds) April 4, 2020 This Movement Could Allow the Crypto to Significantly Outperform Bitcoin Crypto Michaël, another popular analyst, explained in a tweet from a couple of days ago that his upside target for Tezos sits at roughly 3000 sats, with a visit to this level marking a roughly 20% climb from its current price of 2500 sats. “XTZ: Can’t deny, but wouldn’t be a surprise if we see a move towards 2750 / 3000 satoshis in Tezos. Was expecting a further drop towards the red zone, not getting it. Daily level providing support. Would be a nice 10-20% move,” he noted while referencing the support zone labeled on the below chart. $XTZ #TEZOS Can't deny, but wouldn't be a surprise if we see a move towards 2750 / 3000 satoshis in Tezos. Was expecting a further drop towards the red zone, not getting it. Daily level providing support. Would be a nice 10-20% move. pic.twitter.com/TCGi2vN9n4 — Crypto Michaël (@CryptoMichNL) April 2, 2020 If Tezos’ pinching Bollinger Bands do signal that a massive movement is imminent, the confluence of the crypto’s strong support and mounting demand zone is likely to make this potentially explosive movement favor bulls. Featured image from Shutterstock.
For those who are not aware – the gold to silver ratio is a historic comparison used as far back as Roman times (at 12:1) to determine the value of money (currency). The ratio had been highly important to the fortunes of Spain with their South American Gold, China with its Silver demand and Britain over the years.
A business owner has posted a YouTube video asserting that Western Union inexplicably banned him for life as a result of his dealings in central Africa. Bitcoin fixes this. Ban Comes Without Explanation In the video Ben Taylor, a.k.a. Pleasant Green, discusses the establishment of a photography business in Africa that included charity work. He asserts that for over three years he used Western Union to send money to Liberia without incident. However, after attempting to wire funds elsewhere on the continent, the money transfer firm first blocked his transfer and then informed him that he had been banned for life. Taylor notes that he went to great lengths to prove to the money transfer business that he was not a scammer, and did not work with scammers. Nevertheless, he has been given no explanation as to why he is no longer permitted to use its services. The author states: I didn’t want to make this video, but I’ve got to give an explanation to my people who are gonna start to wonder why our business is drying up and why I can no longer employ them, or help them. So now I’m going to be looking into things like Bitcoin and mobile money to keep things going. In another video posted two weeks ago, Taylor discusses the beginning of the ordeal, which involved attempting to send money to an African woman who published a book in an attempt to raise money for a needed surgery. In this video, he plays a transcript of his bewildering attempts to get answers as to why the transfer was blocked. He also outlines a second equally frustrating encounter with MoneyGram. Bitcoin Is The Answer High fees and complex business practices have long been a hallmark of money transfer services. Citizens of underdeveloped nations are most burdened by these issues, as they most frequently rely on these companies for financial services. It is for this reason that cryptocurrencies such as Bitcoin are growing rapidly in these regions. Blockchain architecture enables Bitcoin to be sent rapidly, and without the byzantine processes required by companies like Western Union. Bitcoin’s decentralized architecture makes it open for anyone to use, and transactions cannot be blocked or reversed. Most importantly, Bitcoin can be sent for a tiny fraction of the cost of legacy methods. Given their advantages, it is only a matter of time before blockchain assets such as Bitcoin achieve mass use. For people that rely on Western Union, that day cannot come soon enough. Is Bitcoin the de-facto payment and remittance solution? Let us know your thoughts in the comments below! Images via Bitcoinist Media Library, Pleasant Green
Originally from Bitcoinist.com https://ift.tt/3480drJ
Security is one of the major selling points of cryptocurrency. But with a host of issues and compromises over the last year, millions of people are wondering just how secure their virtual holdings really are. In fact, it’s something we should all consider.
Following Bitcoin’s recent rejection at $7,300, the benchmark cryptocurrency has once again established another bout of sideways trading within the upper-$6,000 region, with bulls and bears reaching an impasse as its near-term trend grows increasingly unclear. Analysts are now noting, however, that from a macro perspective Bitcoin remains firmly bearish as long as it is trading beneath its yearly open at $7,200, with a failure to post a decisive climb above this level being a grim sign. This comes as one prominent trader notes that he believes BTC’s current technical weakness will lead it to see a significant decline towards $5,000 in the days and weeks ahead. Bitcoin Stabilizes Following Recent Rejection, But Analysts Believe a Notable Decline is Imminent At the time of writing, Bitcoin is trading down marginally at its current price of $6,740, which marks a slight decline from recent highs of $7,300 that were set at the peak of the crypto’s recent rally. The swift rejection at these highs certainly did some technical damage to the cryptocurrency, but bulls have been able to guard against it seeing any further downside throughout the past several days and weeks. In spite of it finding support around its current price levels, the crypto has still failed on multiple occasions throughout the past few weeks to surmount its resistance at $7,000, which seems to be an overtly bearish sign. This has led Nik Patel – a prominent cryptocurrency analyst and trader – to explain that he believes a sharp decline is imminent, potentially leading the crypto to as low as $5,680 in the days ahead. “Close this Weekly below 7000 and I’d expect to see 5680,” he said while referencing the lower boundary of a wide trading range seen in the below chart. Close this Weekly below 7000 and I'd expect to see 5680.$BTC pic.twitter.com/17fGXQm35p — Nik Patel (@cointradernik) April 4, 2020 Top Trader: BTC Remains Highly Bearish Beneath This One Key Level Patel isn’t the only prominent trader who is currently bearish on Bitcoin, as TraderXO also explained in a recent tweet that he is net short on BTC as it struggles to recapture its yearly open at roughly $7,200. “BTC – Various charts Top down. Bullish = reclaim the yearly open. Bearish = losing the 200 weekly MA and Daily range lows. $5800 is a huge level for many reasons stated in the charts. Current status = positioned net short,” he noted. $BTC – Various charts Top down Bullish = reclaim the yearly open Bearish = losing the 200 weekly MA and Daily range lows $5800 is a huge level for many reasons stated in the charts Current status = positioned net short pic.twitter.com/36HtOlKhcQ — TraderXO (@TraderX0X0) April 4, 2020 If BTC continues struggling to break above where it started the year, its subsequent decline could cause even further damage to its mid-term market structure, potentially opening the gates for an intense selloff. Featured image from Shutterstock.
COVID-19 fears have plagued the global markets, sending the majority of commodities, equities, and other assets to a bearish journey with no known return ticket. While the global economy is struggling to stay afloat, many countries are urgently trying to figure out plans on how to contain the virus.
Leading global blockchain news provider. A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography.