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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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Despite Bitcoin’s Drop From $9,000 Analysts Expect The Digital Currency To Reach $20k | UseTheBitcoin

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Bitcoin (BTC) experienced a very positive year. The digital currency was able to end the bear market that it started in 2018 and it reached the highest point in over 9 months. Although Bitcoin fell from almost $9,100 to $7,800 in a few days, analysts consider it can reach its previous all-time high once again.

Could Bitcoin Reach $20,000?

During an interview with The Independent, the cryptocurrency analyst Oliver Isaacs said that Bitcoin could eventually reach $25,000 by the end of the current year. That means that Bitcoin would experience a price increase of 224% in just six months, something that doesn’t seem impossible. Indeed, Litecoin (LTC) and Binance Coin (BNB) have surged over 300% and 500% respectively in the last six months.

He believes that there are several catalysts behind Bitcoin’s move towards $9,000, including the U.S.-China trade war that started some months ago. Bitcoin could eventually be used as a safe haven, even when the digital currency is volatile and is still young compared to other assets.

In addition to it, Garrick Hileman, the head of research at Blockchain.com, said during a conversation with the South China Morning Post (SCMP) that he sees a strong inverse correlation between Bitcoin and the Chinese Renminbi. Nonetheless, he said that they cannot be sure that the recent price surge experienced by Bitcoin was driven by trade tensions between China and the United States.

Isaac has also mentioned that there is increased adoption of Bitcoin and other technologies such as Blockchain. Microsoft, Facebook, Amazon and others are starting to work with digital assets and distributed ledger technology (DLT) in order to offer better services and products to people around the world.

It is also worth mentioning that there are other firms such as Fidelity Investments and the Intercontinental Exchange (ICE) that have also been trying to offer new services to firms and larger investors. Although their products are not yet ready to be released to most of the users, they have made significant improvements in the last months.

Finally, during a conversation with Bloomberg TV, Jehan Chu, the co-founder and managing partner of Kenetic, said that he expects Bitcoin to be traded close to $30,000 by December 2019.

Currently, CoinMarketCap shows that Bitcoin is being traded around $7,766 and it has a market capitalization of $137 billion.

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Source: Despite Bitcoin’s Drop From $9,000 Analysts Expect The Digital Currency To Reach $20k | UseTheBitcoin

Bitcoin Plunged Below $8,000–Did This Cause The Sudden Price Drop?

bitcoin, bitcoin price, image

Bitcoin, which has been swinging wildly over recent weeks, has crashed under $8,000—suddenly losing almost $1,000 per bitcoin in a matter of minutes last night.

The bitcoin price, down around 8% over the last 24 hour trading period, is still up around double where it began this year after a terrible 2018 that saw many of the world’s biggest cryptocurrencies including bitcoin lose around 80% of their value.

It’s been suggested the latest sudden bitcoin sell-off, which sent the wider cryptocurrency market sharply lower, was caused by a so-called bitcoin whale selling a large amount of bitcoin then buying it back after the market has dropped due to the influx of supply—potentially earning millions of dollars in the process.

Last night a large bitcoin holder moved some 25,000 bitcoin, worth more than $200 million, from an off-exchange wallet to the San Francisco-based Coinbase bitcoin and cryptocurrency exchange, as reported by a bitcoin and cryptocurrency whale tracking Twitter bot.

Shortly after that, 14,000 bitcoin, worth $112 million, was moved from Coinbase to another wallet, then a further 11,000 bitcoin, worth $88 million.

“If you do a little math and follow the timeline, it’s not hard to see that someone dumped 25,000 bitcoin for $215 million and bought it back shortly after for $200 million,” wrote Reddit user u/makoveli in a post to popular cryptocurrency forum r/cryptocurrency. “In doing so, they pocketed $15 million and walked away with the same amount of bitcoin as they started with.”

Bitcoin, despite being the most widely traded cryptocurrency with trading volume into the billions of dollars every day, still struggles with wild price swings due to large holders moving significant volumes of bitcoin.

bitcoin, bitcoin price, chart

The bitcoin price has risen and fallen sharply multiple times over recent weeks.

Following the sharp bitcoin price plunge, other major cryptocurrencies including ethereum, Ripple’s XRP, litecoin, EOS, and bitcoin cash all fell with EOS leading the field lower, down over 10% on yesterday’s price, according to CoinMarketCap data.

Bitcoin SV, a variant of bitcoin cash, itself a fork of bitcoin, was the only top 10 cryptocurrency largely unaffected by the sudden sell-off—something that will likely further speculation the controversial token suffers from low liquidity and high price manipulation.

You can follow me on Twitter @billybambrough and read my other Forbes posts here

Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies

I am a journalist with significant experience covering technology, finance, economics, and business around the world.

Source: Bitcoin Plunged Below $8,000–Did This Cause The Sudden Price Drop?

Bitcoin Holds Over $6,000, Beats Stocks And Gold In 2019, Will It Ever Get Back To $20,000?

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Bitcoin has outperformed stocks and gold, so far, in 2019.

The digital currency has gained close to 68% YTD, the NASDAQ QQQ Invesco ETF shares have gained 18.09%, the Russel 2000 iShares ETF has gained 15.04%, while SPDR Gold shares have lost 0.08%.

Stocks, Gold, and Bitcoin YTD

Stocks, Gold, and Bitcoin YTD

Koyfin

Meanwhile, the rest of the cryptocurrency was mixed, with 30 out of the top 100 advancing, and 70 falling over the last seven days.

Table 1

Number of Cryptocurrencies That Advanced/Declined In The Top 100 Ranks

Cryptocurrencies Advance/Decline Number
Advance 30
Decline 70

Source: Coinmarketcap.com 5/10/19 at 10 a.m

“The worst of the bitcoin bear market is behind us,” says Ian King, senior research analyst at Banyan Hill Publishing, who specializes in cryptocurrencies.

He sees a number of factors driving the Bitcoin rally this time around. One of them is resilience. “In 2017-2018, Bitcoin had a boom and bust, but it’s still here,” adds King.“The November 2018 capitulation was a mirror image of the panic buying of December 2017.”

Market capitulations usually follow bad news, but are signals of strong turnarounds. “All markets bottom when they stop selling off on bad news,” says King.  “Two weeks ago, the NYAG claimed Bitfinex was missing $850mm in customer funds.  The market sold off and then rallied.”

That’s the 4th boom and bust cycle since Bitcoin’s creation 10 years ago, observes King.  “I’m more confident of this recovery than I was of the last, as there are more institutions and retail investors looking at bitcoin as a digital store of value,” adds King.

Meanwhile, Fidelity, Ameritrade, and ETrade are planning to launch institutional trading platforms within the next few weeks, raising market participation.

That’s a bullish sign for Bitcoin, according to King.

But will Bitcoin ever reach $20,000 again? Not in 2019, according to Farrukh Shaikh, Co-Founder and CFO

-Gath3r, LTD. “In the coming few months, it is not very likely at all to go near the all-time high of $20,000. However, 2020 is when the halving occurs for BTC, where mining rewards get cut in half ie reducing future supply,” says Shaikh. “This would be the 3rd halving for BTC since inception, and previous ones have been catalysts for huge price increases for BTC.”

And that could help  Bitcoin reach $20,000 by 2021, according to Shaikh. “Speaking from a technical analysis perspective. there are several scenarios where it can reach and surpass the $20,000 price point within the next couple of years,” adds Shaikh.“On a fundamental basis, real world use, adoption and acceptance of BTC is increasing with each passing month, which are also positives for its future price expectations.”

While, it’s hard to predict where the digital currency will be in a couple of years from now, one thing is clear: volatility will continue in cryptocurrency markets.

[Ed. note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment. Disclosure: I don’t own any Bitcoin.]

My recent book The Ten Golden Rules Of Leadership is published  by AMACOM, and can be found here. 

I’m Professor and Chair of the Department of Economics at LIU Post in New York. I also teach at Columbia University.

Source: Bitcoin Holds Over $6,000, Beats Stocks And Gold In 2019, Will It Ever Get Back To $20,000?

As Bitcoin Sinks, Top ECB Banker Makes Bleak Warning Over Bitcoin Bubble – Billy Bambrough

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Bitcoin prices have sunk sharply over the last 48 hours, but that decline has not been enough to convince some that bitcoin is not overvalued and headed for a crash, with cryptocurrency skeptics speaking out against the fledgling industry. One such blow to bitcoin and the wider cryptocurrency sector came from Benoit Coeure, a European Central Bank (ECB) Executive Board member, who was speaking at the Bank for International Settlements in Basel. Coeure labeled bitcoin “a combination of a bubble, a Ponzi scheme, and an environmental disaster,” it was reported by Bloomberg……….

Read more: https://www.forbes.com/sites/billybambrough/2018/11/16/as-bitcoin-sinks-top-ecb-banker-makes-bleak-warning-over-bitcoin-bubble/#2a13f241b79d

 

 

 

 

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