Home Blog Page 3

Down 14 Percent: Bitcoin Charts Bearish Amid Asia Concerns

0


Bitcoin is taking a hit today, touching 3.5 week lows at the time of writing.

Data source OnChainFX indicates that bitcoin (BTC) has depreciated by 14 percent in the last 24 hours. At press time, prices were was at $11,966 levels, according to CoinDesk’s Bitcoin Price Index.

Notably, the world’s largest cryptocurrency by market capitalization is down 40 percent from its all-time high of $20,000 set just a month ago.

The losses in bitcoin are largely in line with those seen across the cryptocurrency space. As of writing, Ripple (XRP), stellar lumens (STR) and cardano (ADA) are down at least 25 percent on the day each. Ethereum’s ether (ETH) token has shed 18 percent in value in the last 24 hours.

So what’s troubling the cryptocurrency markets?

Firstly, comments on social media indicate there is unease in the investor community over talk of a cryptocurrency trading ban in South Korea and further possible crackdowns on trading and mining in China.

And secondly, BTC futures contracts are trading at a discount to bitcoin’s global average calculated by CoinMarketCap. The January expiry futures contract on the CBOE is trading at $11,510 and CME’s is changing hands at $11,530. Meanwhile, BTC spot is trading at $11,816. The discount (futures price lower than spot price) indicates that the market participants are bearish on the underlying asset (BTC).

The technical chart analysis indicates scope for a drop to below $10,000 levels if the bulls can’t muster a response today.

Bitcoin chart

download 1 6 Down 14 Percent: Bitcoin Charts Bearish Amid Asia Concerns

The above chart (prices as per Coinbase) shows:

  • The rising trendline (blue line) has been breached.
  • A downside break of the triangle pattern, indicating the sell-off from the record high of $19,891.99 (Dec. 17 high) has resumed.
  • The relative strength index (RSI) has turned bearish (below 50.00), indicating scope for further losses.
  • The 50-day moving average (MA) has shed bullish bias (flattened).
  • The 5-day and 10-day MAs carry a strong bearish bias (downward sloping).

View

  • BTC looks set to close (as per UTC) below $13,000 and extend its decline to $8,350 (support of rising trendline).
  • A minor recovery cannot be ruled out if bitcoin defends $11,004 (61.8 percent Fibonacci retracement of the rally from the November low to the December high) over the next few hours.
  • Significant gains above $14,000 (daily highs) look unlikely, courtesy of the downward sloping 10-day and 5-day MAs.

Down button image via Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Interested in offering your expertise or insights to our reporting? Contact us at [email protected].

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.



Source link

Bitcoin’s Price Just Dropped Over $1,300 in 1.5 Hours

0


 

coindesk bpi chart1 Bitcoins Price Just Dropped Over $1,300 in 1.5 Hours

The price of a bitcoin has just plummeted by over $1,300 in little more than an hour.

Having been on the slide in recent days, in large part seemingly due to new regulatory efforts to calm the enthusiastic crypto market in South Korea, chart analysis had indicated that bitcoin would recover and even return to $15,000 levels today. However, that did not happen.

The cryptocurrency opened today’s session at $13,585, and reached a high of $13,601 before the sudden tumble at soon after 07:00 UTC that saw the price drop from $13,210 down to $11,850 at 08:30 UTC. That’s a fall of $1,360 in just 1.5 hours.

The drop puts the price of a bitcoin at a month low. Dec. 5 saw bitcoin at a similar level, however, that was when the cryptocurrency was climbing fast on the way to setting a new price record around $20,000, as the launch of bitcoin futures contracts from CME Group and CBOE was being anticipated by the trading community.

At press time, bitcoin had recovered slightly, and was trading at $12,195 – down 10 percent for today, according to CoinDesk’s Bitcoin Price Index.

The news comes as the wider cryptocurrency market is seeing losses. All the top 20 cryptocurrencies by market capitalization are in the red today, with ethereum down 14 percent, Ripple down 21 percent and bitcoin cash down 19 percent over the last 24 hours, according to CoinMarketCap data.

The overall market cap for all tokens is at $584.9 billion at press time – down from a high of $832 billion on Jan. 7.

Skydivers image via Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at [email protected].

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.



Source link

France Appoints a Cryptocurrency ‘Mission Leader’

0


jjuyytttwww 1068x1068 France Appoints a Cryptocurrency Mission Leader



Regulation

Week after week regulators and governments have been announcing plans to regulate digital currencies like bitcoin. This week in France on January 15 the Minister of the Economy Bruno Le Maire announced his decision to create a “digital currencies mission” and a working group that will work towards regulating cryptocurrencies. In addition to the digital currency objectives, Le Maire appointed the former Bank of France (BOF) deputy governor, Jean-Pierre Landau, as the new working groups leader.

Also Read: Pineapple Will Match up to $4M in Bitcoin to Test Curing PTSD With Psychedelic Drug

A New Cryptocurrency Mission Will Begin In France Dedicated to Regulatory Action

Landau Jean Pierre 277x300 France Appoints a Cryptocurrency Mission Leader
Jean-Pierre Landau believes bitcoin is like the tulip craze but yet he is appointed the ‘cryptocurrency mission leader’.

Last Spring many bitcoin proponents thought French politicians and regulators might favor cryptocurrencies after the left-leaning president of France, Emmanuel Macron, was elected and photographed brandishing a Ledger hardware wallet. Now the Minister of the Economy Bruno Le Maire says the country is creating a working group led by the former BOF deputy governor that will study digital currencies while also proposing regulatory standards.

“We want a stable economy: we reject the risks of speculation and the possible financial diversions linked to bitcoin,” explains the Minister of the Economy Monday morning. “I asked the Argentine G20 members to take up this issue and I have now entrusted Jean-Pierre Landau, the former deputy governor of the Banque de France, to complete a mission concerning cryptocurrencies.”

Jean-Pierre Landau’s mission will be responsible for proposing guidelines on the evolution of regulations and to better control development and prevent their use for the purpose of tax evasion, money laundering or for financing criminal activities and terrorism.

%name France Appoints a Cryptocurrency Mission Leader
France is home to cryptocurrency-centric areas and businesses like La Maison du Bitcoin (The Bitcoin House), the company Ledger Wallet’s headquarters, and a shopping plaza called La Cercle du Bitcoin (Bitcoin Boulevard).

Jean-Pierre Landau: Bitcoins Are the Tulips of Modern Times

The Minister of the Economy’s choice in picking Jean-Pierre Landau goes alongside the authorities’ concerns about illegal activities tied to digital currencies. The former BOF deputy governor Landau has displayed his distaste for bitcoin publicly writing an opinion piece for the Financial Times in 2014. The editorial called, “Beware the mania for Bitcoin, the tulip of the 21st century” explains that Landau believes bitcoin is very much like the tulip mania that supposedly took place decades ago. Further cryptocurrencies like bitcoin are only attractive to criminals the BOF executive details.      

“The currency is at present attractive for two reasons — One is anonymity, which makes it suitable for tax evasion and money laundering — This will not last; authorities are already wising up.

The other is pure speculation, and bitcoins are the tulips of modern times — The mania is not yet over, but the longer it lasts, the more investors are likely to be burnt.

France has a pretty active bitcoin community and they may not appreciate the newly appointed cryptocurrency mission commander. The nation is home to La Maison du Bitcoin (The Bitcoin House), the company Ledger Wallet’s headquarters, and a plaza called La Cercle du Bitcoin (Bitcoin Boulevard) with over 25 merchants who accept bitcoin.

What do you think about France appointing Jean-Pierre Landau as it’s cryptocurrency mission leader? Do you think his past opinions will affect the currency’s regulation going forward? Let us know what you think in the comments below.


Images via Shutterstock, Analysis Group, and AP/reuters.


Want to create your own secure cold storage paper wallet? Check our tools section.   



Source link

5 Blockchain Developments Coming in 2018

0


Peter Loop is associate vice president and senior principal technology architect at Infosys, where he focuses on delivering enterprise cryptocurrency and blockchain ledger technologies, API management and cloud migration of enterprise systems.

This article is an exclusive contribution to CoinDesk’s 2017 in Review opinion series.


coindesk 2017 year in review banner e1512937286501 5 Blockchain Developments Coming in 2018

During the course of 2017, we saw big technology players making moves in blockchain.

In addition to Microsoft and IBM, Oracle announced in October a new cloud-based blockchain-as-a-service offering, while SAP opened up early access to its own version of the offering in May. With these updates, and others, it’s safe to say that Fortune 500 companies are now pairing with providers to explore blockchain’s uses in their businesses

These are examples of the type of adoption and validity we expected to see in 2017, but even these positive developments can still be considered scratching the surface.

Government bodies are also collaborating on the many potential benefits of blockchain, and bold entrepreneurs are thinking about how the tech can be used as the basis for new smartphones and apps.

Even the recent frenzied nature of bitcoin – which has stunned the investment community and has caused both scorn and praise – can’t disrupt the ongoing progress of blockchain. While we follow bitcoin’s journey, let’s look ahead at what we can expect to see unfolding in 2018:

1. Asia and the Middle East will aggressively push blockchain

Interest in blockchain continues to be very high in Asia and the Middle East, where some of the largest banking institutions are forging ahead with blockchain projects or service offerings, particularly in payments.

For example, banks in Japan and South Korea have just begun testing a blockchain technology that could achieve same-day international transfers and cut costs by nearly 30 percent.

2. Cybersecurity will amplify blockchain adoption

With the rise of ransomware attacks demanding cryptocurrencies, blockchain and IoT cybersecurity will emerge with defenses based on cryptocurrency technologies.

While this may sound fantastical and futuristic, the emergence of blockchain cybersecurity tools may be the next big thing in blockchain. With major breaches such as Equifax proving that companies generally cannot safeguard current identity data systems, the need for a more secure blockchain-based identity approach, in which no one holds all the keys, will emerge.

3. ICOs will take off

There was a seismic jump in ICOs in 2017, and the ecosystem of cryptocurrencies has expanded in a huge way. In the next year, the pace of ICOs will grow significantly faster, and will overtake venture capital funding.

4. Finance and insurance will go all in

The insurance and finance sectors are two of the most likely to experience deep, and threatening, disruption from blockchain technology.

Insurance will emerge as a hot area as claims processing and complex multi-party processes like subrogation will show the business value of blockchain-based automation. And, JPMorgan will open a cryptocurrency trading desk, despite Jamie Dimon’s viral comments dismissing the validity of cryptocurrencies.

5. Automation, privatization are coming

Blockchain will drive digital transformation of the enterprise specifically with automation, digitization of processes, tokenization of physical assets and activities and codification of complex contracts.

In addition, governance issues will continue to plague bitcoin (Segwit2x), ethereum (frozen Parity funds) and others as new challenges emerge. This will drive enterprises to “private” blockchains but will not slow down the growth of core cryptocurrencies.

Airplane window view via Shutterstock

The leader in blockchain news, CoinDesk strives to offer an open platform for dialogue and discussion on all things blockchain by encouraging contributed articles. As such, the opinions expressed in this article are the author’s own and do not necessarily reflect the view of CoinDesk.

For more details on how you can submit an opinion or analysis article, view our Editorial Collaboration Guide or email [email protected].



Source link

Bitcoin Cash Looking Heavy After Bull Move Fails

0


Bitcoin Cash (BCH) is looking heavy, courtesy of last week’s failed bullish move.

Data source OnChainFX say the world’s fifth largest cryptocurrency by market capitalization is down 4 percent in the last 24 hours, while week-on-week, bitcoin cash has yielded -2 percent returns. As of writing, BCH is trading at $2,372 – that’s down 45 percent from its all-time high of $4,330 set on Dec. 20.

BCH witnessed an upside break of the congestion last Wednesday, but the follow-through has been anything but encouraging. Contrary to expectations, the cryptocurrency failed to see a sustained move above $2,800 on Thursday.

Prices then briefly jumped to $2,884 on Saturday, but again closed (as per UTC) well below the $2,800 mark, marking another failure at key resistance.

The price action is referred to as “fakeout” – that is, when prices fail to rally following a bullish breakout and actually drop. A fakeout usually ends up turning the tide in favor of the bears.

Still, while a cause of concern for the bulls, the bitcoin cash chart shows no reason to panic.

Bitcoin cash chart

bchusd 1 Bitcoin Cash Looking Heavy After Bull Move Fails

The above chart (prices as per Bitfinex) shows:

  • Fakeout (failed bullish breakout) as discussed above.
  • Prices have re-entered the sideways channel, neutralizing the immediate outlook.
  • The 50-day moving average is still bullish (sloping upwards).
  • The rising trend line is intact and could offer support at $1,880 levels.

View

A downside break of the sideways channel (i.e. a close (as per UTC) below $2,300) would indicate the sell-off from the record high of $4,104 has resumed. Prices could then test rising trendline support of $1,880. The trendline support is seen sloping upwards to $2,000 over the next week.

On the higher side, a close (as per UTC) above $2,950.70 (Jan. 11 high) could yield a rally to $3,319 (61.8 percent Fibonacci retracement).

Falling tower of blocks image via Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Interested in offering your expertise or insights to our reporting? Contact us at [email protected].

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.



Source link