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‘Extreme’ Bitcoin Warning Spooks Crypto Market

Bitcoin and cryptocurrency traders and investors are nervously watching prices after market sentiment appeared to take a turn for a worse, dropping to its lowest level since December 2018.

The bitcoin price has been hovering around $10,000 per bitcoin for a few weeks, with many hoping bitcoin was becoming a safe haven from turbulent markets.

Bitcoin and crypto investors are worried, however, with the Crypto Fear and Greed Index showing “extreme fear,” and earlier this week dropping to a 244-day low last seen when bitcoin crashed to around $3,000.

The fear index hit an all-time high in late June as excitement around Facebook’s plans for its bitcoin rival reached fever pitch but has since dived as regulators signal their dissatisfaction with the social media giant.

“The current regulatory roadblock on Facebook’s plans for its digital token has dimmed down investor sentiment for cryptocurrencies,” said Christel Quek, chief commercial officer at Bolt Global, a cryptocurrency wallet provider and entertainment company.

The fear index is currently showing a reading of 20, but earlier this week dropped as low as 11 after falling sharply throughout August.

Since the index hit its year-to-date lows, the bitcoin price has fallen a further 2%, while the overall cryptocurrency market has seen more than $30 billion wiped from it over the last week.

Meanwhile, the bitcoin price dropped below the psychological $10,000 per bitcoin mark this week, further worrying traders and investors.

Some in the bitcoin and cryptocurrency industry pointed out the wider cryptocurrency market has declined along with the bitcoin price.

“Bitcoin and major cryptocurrencies including litecoin, ethereum and Ripple’s XRP have declined [this week], weighed down by concerns of a slowing economy,” Quek added.

The fear index, created by website and software comparison company Alternative.me, calculates the index’s value daily on a scale of 0 to 100 using volatility, market volume, social media, survey, dominance, and trends. Zero means “extreme fear,” while 100 means “extreme greed.”

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I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com. Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

Source: ‘Extreme’ Bitcoin Warning Spooks Crypto Market

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New Data Reveals Serious Bitcoin Warning

Bitcoin has been rallying hard so far this year but the latest bull run, which has seen the bitcoin price soar by around 200% in just six months, could be coming to an end.

The bitcoin price, which is now hovering just under $10,000 per bitcoin, has climbed so far this year mostly due to expectations the world’s biggest technology companies, led by social media giant Facebook, could be about to dive headfirst into bitcoin and cryptocurrencies.

Now, it seems bitcoin could be headed for a sudden fall, with technical data suggesting the bitcoin price could be about to move sharply lower.

Bitcoin earlier this week broke below its 50-day moving average, which it’s thought could mean the bull run that saw the bitcoin price rise from under $4,000 per bitcoin at the beginning of the year to almost $14,000 could be over.

Bitcoin price data also shows it’s trading under the lower limit of the closely watched GTI Vera Band indicator, it was first reported by Bloomberg, a financial newswire.

The bitcoin price began climbing earlier this year as the likes of iPhone maker Apple, micro-blogging platform Twitter, and Facebook looked to bitcoin and cryptocurrencies as a potential new revenue stream.

However, the rally was halted in its tracks after regulators around the world poured cold water on Facebook’s ambitious plans to issue its own cryptocurrency, libra, some time next year.

It’s now thought that regulatory issues could completely derail Facebook’s libra project, though it says it’s committed to working with lawmakers around the world to make libra a reality.

“There can be no assurance that libra or our associated products and services will be made available in a timely manner, or at all,” Facebook said.

“[Bitcoin] stands at a key technical juncture,” Miller Tabak + Co.’s equity strategist Matt Maley was quoted by Bloomberg. “[Greater regulatory scrutiny] will become an even more prominent issue (much more prominent) once we move past the summer recess for Congress and into the meat of the 2020 election cycle.”

Bitcoin was pushed into the limelight earlier this month by U.S. president Donald Trump when he unleashed a scathing attack on bitcoin and cryptocurrencies, branding them “unregulated assets” in a series of tweets.

Following Trump’s attack and warnings from other global regulators, forensic accountancy firm BTVK warned the bitcoin and crypto “wild west” could be coming to an end, with global regulators closing in on bitcoin and cryptocurrency exchanges as a result of the spotlight brought by Facebook’s libra project.

Some U.S. presidential hopefuls have though said they’d support bitcoin and the creation of other cryptocurrencies to rival the U.S. dollar, potentially turning bitcoin and crypto into a 2020 election issue.

Earlier today, U.S. lawmakers grilled bitcoin, cryptocurrency, and blockchain experts on how Facebook’s libra could upset the U.S. economy.

“It’s clear that digital assets don’t really fit in our current financial system, as the current regulatory framework is awkwardly divided between banking regulators and market regulators,” said Christine Trent Parker, partner at law firm Reed Smith, following the hearing.

“It is unfortunate that today’s hearing made clear that Congress is not going to move forward any time soon in rectifying this issue and that in fact, the lack of clarity and uniformity may be intentional to hamper the ability of U.S. consumers to access (and benefit from) these technologies.”

Some bitcoin and cryptocurrency analysts remain upbeat, however, despite regulatory fears.

“Volumes continue to decline in the crypto market as the cool-down seems to be coming to completion,” Mati Greenspan, senior market analyst at brokerage eToro, wrote in a note to clients.

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I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk

Source: New Data Reveals Serious Bitcoin Warning

Bloomberg Issues Bitcoin (BTC) Warning, Plus Ethereum, Ripple and XRP, Litecoin, Stellar, Tron

A technical indicator designed to detect market reversals is flashing its first sell in more than a month.

According to the GTI VERA Convergence Divergence indicator, the price of Bitcoin will likely continue to move lower in the short term, reports Bloomberg. The gauge utilizes typical Moving Average Convergence Divergence (MACD) and attempts to identify increased volatility and delete excess noise.

Meanwhile, veteran trader Peter Brandt sent out a viral tweet identifying a Doji top in Bitcoin’s weekly chart, which could signal the start of a significant market correction. The Doji is a candlestick pattern that’s used to identify potential market reversals based on prior price action.

However, Brandt later clarified that further analysis shows a Doji pattern has not been confirmed across all crypto exchanges.

Ethereum

A new demo of an Ethereum-based platform from accounting and consulting giant Ernst & Young is now online. Project “Nightfall” is a transaction protocol designed to move tokens on the blockchain with complete privacy.

Ripple and XRP

Ripple continues to move large amounts of XRP.

The company just sent 50 million XRP, roughly $20 million, to one of its over-the-counter (OTC) distribution wallets that are used to sell the digital asset to crypto exchanges and institutional participants.

Litecoin

Litecoin’s hash rate hit a new all-time high on Sunday, amid rumors that new mining hardware from Bitmain will soon be released. The hash rate is a sign that the network is thriving as new miners join the network.

Source: BitInfoCharts

Stellar

The Stellar Development Foundation’s Jed McCaleb and Denelle Dixon are hosting a new ask-me-anything on Reddit.

The event is set for Wednesday morning at 10:00 a.m. PST.

Tron

Binance CEO Changpeng “CZ” Zhao says he won’t be able to go to the charity lunch with Warren Buffett. CZ says he was invited by Tron CEO Justin Sun who pledged millions to a charity, winning a lunch date with billionaire investor Buffett and a chance to invite seven colleagues. CZ is passing the torch to outspoken crypto supporter Anthony Pompliano of Morgan Creek Digital.

Source: Pivot – Blockchain Community

Sleeping with the Enemy: Why Institutional Adoption is Bad for Bitcoin

bitcoin, wall street, crypto, nyse

If recent noises coming out of Wall Street are anything to go by, it looks like 2019 is shaping up to be the year of the institutions for Bitcoin and cryptocurrency.

However, the arrival of the institutions as they stampede over that hill represents a double-edged sword. On the one hand, prices will almost certainly pump in the short to medium term, even if just by association alone.

On the other hand, we appear to be in the process of welcoming into our beds the very enemy that cryptocurrency was set up to defeat – the old, deep-rooted bloodlines of the financial elite.


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So yes, the institutions are absolutely coming to crypto, and if you think that’s a good thing, then this may be a good time to ask where your loyalties actually lie.

Cryptocurrency’s Overton Window Threatens to Get Smaller

gemini bitcoin crypto exchange

Gemini, the crypto exchange founded by the Winklevoss twins, is touting its status as a “regulated” platform to lure institutions. | Source: Shutterstock

The Overton window refers to the range of ideas that are permitted to be discussed in the public sphere. The topics outside the window aren’t necessarily banned or censored – they’re just buried so deep that most people don’t know they exist. Not until years later when you stumble across them in some shady corner of the internet, usually presented in the form of a rouge-colored pill.

As has already been witnessed in the r/bitcoin subreddit, when people have a vested interest to protect, they will quite happily make adjustments to the length and breadth of the Overton window to keep its range of view to their liking.

Deleting unfavourable comments from a crypto subreddit isn’t all that surprising, especially given how much rabid coin holders want to protect their investments. But there’s ample evidence to suggest that the rampant censorship on r/bitcoin began only when the institutions arrived.

Those institutions are the financial backers behind Bitcoin’s leading development group – Blockstream. They include AXA Venture Partners, an investment wing of AXA Group – the second largest financial services firm in the world. Blockstream has helped guide the development of Bitcoin since 2016, and if you didn’t already know that, then it may be because the Overton window has been set up specifically so that you don’t.

Without veering into the Bilderberg conspiracy, the censorship of r/bitcoin offers a taste of how the ‘old money’ institutions react to cryptocurrency’s open-source, decentralized ideals. They laugh, then proceed to take your money.

Recuperation: Absorbing Bitcoin Without Killing It

facebook privacy scandal

It’s hard to believe that Facebook was once hailed as a technological messiah. Will crypto suffer a similar fate? | Source: JOEL SAGET / AFP

“Whoops! The web is not the web we wanted in every respect.”

Those words were uttered by Sir Tim Berners-Lee earlier this year, as the man who invented the World Wide Web bemoaned the fact that the original dream of the internet had not come to fruition.

Berners-Lee was comparing the early 1990s notions of what the internet promised to be – free, open, anonymous, decentralized – with the internet we’ve come to know today – censored, controlled, tracked, and spied upon, thanks to the collusion of governments and big tech corporations.

Note: the internet didn’t need to be destroyed to have its disruptive potential neutralized; it only had to be brought round to the accepted way of doing things. This is a process which has happened often enough to gain its own name – recuperation, defined as:

the process by which politically radical ideas and images are twisted, co-opted, absorbed, defused, incorporated, annexed and commodified within media culture and bourgeois society, and thus become interpreted through a neutralized, innocuous or more socially conventional perspective.”

Some Bitcoin enthusiasts were predicting a fate of recuperation for the crypto space back in 2014, such as this early Bitcoin miner by the name of Stefan Molyneux.

Zooming in on the internet analogy, in 2011 Facebook was being hailed as a technological messiah for the inadvertent role it played in helping to organize the Tahrir Square protests in Egypt. Fast forward a few years, and Mark Zuckerberg’s social network has become one of the biggest threats to privacy in internet history.

Crypto is the Cure: But Will We Take Our Medicine in Time?

bitcoin crypto

Bitcoin’s future success or failure as a tool of freedom will not come down to the efficiency of its technology, but whether or not people can step up to the responsibility of being their own caretaker. | Source: Shutterstock

The only way to avoid the snare of the banksters, the globalists, the mainstream, the man – whoever it may be – is to become independent and self-sufficient enough that we no longer need to buy what they’re selling. Under those conditions, no amount of propaganda or salesmanship would have an effect, since there would be no gaping hole left in our lives for them to fill.

The ears of libertarians should be picking up about now, and rightly so. The plight of libertarianism as a political ideology is very analogous to the plight of Bitcoin in its quest to liberate the masses from financial bondage.

The fate of libertarianism depends not on its efficacy as a system of governance, but rather on the ability of the average citizen to live up to its ideals. Likewise, Bitcoin’s future success or failure as a tool of freedom will not come down to the efficiency of its technology, but whether or not people can step up to the responsibility of being their own caretaker.

In today’s culture of dependence, the prospect of either of these eventualities coming to fruition seems slim. The education required to foster this new mentality of independence isn’t found in the public school system. If the sudden increase in Bitcoin’s use in Venezuela is anything to go by, then as is often the case as we look through history, we may first need to suffer catastrophe before we can see where we’ve gone wrong.

Perhaps a catastrophe similar to, or worse than, the one which caused a cipher named Satoshi Nakamoto to commence work on Bitcoin in 2008.

“03/Jan/2009 Chancellor on brink of second bailout for banks.”

Bitcoin’s Future is Not Set – its Fate is what it makes for Itself

bitcoin, institutional investor

It’s unlikely that the established financial order will just saddle up and play along with the quasi-anarchist rules set up by a freakish band of coders and cypherpunks.| Source: Shutterstock

Look, if the institutions arrive and all they do is use cryptocurrency to diversify and boost their pension funds, then all is well. Prices will increase through increased demand and exposure, and all of us early adopters will reap the benefits of this adoption in the long run.

It’s unlikely, however, that the established financial order will just saddle up and play along with the quasi-anarchist rules set up by a freakish band of coders and cypherpunks. Yes, they’ll use the technology, but that doesn’t mean they’ll play by its rules.

This has been seen already as firms like JP Morgan and Facebook turn to creating their own cryptocurrencies – based on their own private protocols, with their own self-tailored rules. Strangely enough, this could turn out to be the most amicable solution between the cryptosphere and the institutions – they have their ‘cryptos,’ and we keep the real thing.

Disclaimer: The views expressed in the article are solely those of the author and do not represent those of, nor should they be attributed to, CCN.

Source: Sleeping with the Enemy: Why Institutional Adoption is Bad for Bitcoin

Nasdaq’s Bitcoin Index is a Bigger Deal Than Investors Think: It Could Lead to Much Bigger Things

According to cryptocurrency analyst Alex Ziupsnys, the introduction of the crypto indices of Nasdaq could lead to the approval of a wide range of investment vehicles in the long-term.The analyst  said: “NASDAQ to add a bitcoin index on its platform. They are reading the writing on the wall and don’t want to get left behind. There is no stopping this. Adoption happens gradually right in front of you, until you finally pause, look around, and bitcoin is the dominant asset…….

Source: Nasdaq’s Bitcoin Index is a Bigger Deal Than Investors Think: It Could Lead to Much Bigger Things

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