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Forget China—Is This The Real Reason Bitcoin, Ethereum, Litecoin, And Ripple’s XRP Bounced?

Bitcoin has swung wildly this week, as many had expected it to, with it losing $1,000 per bitcoin a few days ago before suddenly shooting back up earlier today.

The bitcoin price is now at over $9,000 per bitcoin after dropping to lows of almost $7,000 on Thursday–and heading fast towards the psychological $10,000 mark, according to the latest prices from Luxembourg-based exchange Bitstamp.

Elsewhere, other major cryptocurrencies ethereum, litecoin, Ripple’s XRP, and bitcoin cash rallied between 7% and 23%, adding billions to the value of the combined cryptocurrency market.

Many bitcoin and cryptocurrency market analysts pointed to comments made by China’s president President Xi Jinping that the country should “seize the opportunity” of bitcoin’s blockchain technology as the reason behind bitcoin’s rally.

China banned bitcoin and cryptocurrency exchanges in 2017 and some took Xi’s blockchain comments as a sign the country could ease bitcoin and crypto restrictions.

Today In: Money

“We must take the blockchain as an important breakthrough for independent innovation of core technologies,” Xi reportedly said, speaking at the 18th collective study of the Political Bureau of the Central Committee in Beijing.

“[We must] clarify the main direction, increase investment, focus on a number of key core technologies, and accelerate the development of blockchain technology and industrial innovation.”

However, Xi’s comments, which referred only to blockchain technology and not to bitcoin and cryptocurrencies, might not have been the driver behind bitcoin’s recovery.

Following bitcoin’s sudden drop earlier this week, bitcoin and crypto investors feared the worst wasn’t over the for the market.

Facebook’s chief executive Mark Zuckerberg was savaged by U.S. senators over his plans for a bitcoin rival dubbed libra and crypto investors are fretting there could be a global crackdown on bitcoin and other digital tokens.

Elsewhere, technical data pointed to a so-called “death cross” for bitcoin, while the Fear & Greed Index slumped and a Twitter reading of investor temperature was poor.

This sentiment slump meant investors bet against the bitcoin price, predicting it would move lower.

When the bitcoin price recovered a couple of hundred dollars per bitcoin in just a few minutes, some $150 million worth of short positions on the Seychelles-based BitMEX crypto exchange were liquidated, according to bitcoin and cryptocurrency analytics provider Skew.

This triggered what’s known as a “short squeeze,” where an asset rapidly increases in value due to short sellers trying to cover their positions, resulting in buying volume that drives the price up.

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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: Forget China—Is This The Real Reason Bitcoin, Ethereum, Litecoin, And Ripple’s XRP Bounced?

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Legendary Investor Makes Sudden, ‘Psycho’ Attack On Bitcoin

Bitcoin has divided opinion since it was created a little over a decade ago, with some seeing it as a sort of digital gold, while others dismissing it as a scam or pyramid scheme.

The bitcoin price, up over 200% so far this year after a disastrous 2018, has remained highly volatile, despite some thinking bitcoin has become a safe haven asset, similar to gold.

Now, legendary investor Mark Mobius, who last year founded his own Mobius Capital Partners after some 30 years at Franklin Templeton Investments, has attacked bitcoin and other cryptocurrencies, branding them ‘psycho currencies,’ and predicting their emergence will ultimately push up the price of “real, hard” assets, such as gold.

“I call them psycho currencies, because it’s a matter of faith whether you believe in bitcoin or any of the other cyber-currencies,” Mobius told Bloomberg, a financial newswire.

Earlier this year, Mobius expressed his tacit support of bitcoin and other cryptocurrencies, saying they fulfill “a desire among people around the world to be able to transfer money easily and confidentially,” and he expected them to be “alive and well” in the future.

Mobius, who once branded bitcoin a “real fraud,” appeared to have changed his tune on bitcoin and cryptocurrencies.

However, his latest comments suggest Mobius’ belief in bitcoin and cryptocurrencies extends only as far as their emergence will boost the price of gold.

“I think with the rise of [bitcoin], there’s going to be a demand for real, hard assets, and that includes gold,” he added.

Gold has recently hit a six-year high due to a sharp rise in expectations of a U.S. and global recession, looser monetary policy from the U.S. Federal Reserve and other major central banks, and the escalating U.S. China trade war.

Earlier this month, some bitcoin and cryptocurrency traders and investors excitedly proclaimed bitcoin a so-called safe haven asset, declaring it had joined the likes of gold as a refuge from rocky or uncertain markets.

However, a sudden, sharp fall in the bitcoin price as global markets continued to slide put paid to hopes bitcoin had become a safe haven asset.

Meanwhile, Mobius said investors should be “buying [gold] at any level,” pointing to dovish moves from many of the world’s biggest central banks, including the European Central Bank and the Fed.

“Gold’s long-term prospect is up, up and up, and the reason why I say that is money supply is up, up and up,” Mobius said.

Follow me on Twitter.

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: Legendary Investor Makes Sudden, ‘Psycho’ Attack On Bitcoin

Bill Harris, former PayPal CEO, discusses his op-ed on why he thinks bitcoin is a scam. »

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Former PayPal CEO Bill Harris Reveals Why He Thinks Bitcoin Is The Biggest Scam In History | CNBC

‘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.”

Follow me on Twitter.

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

Warren Buffett: ‘Gambling Device Bitcoin Hasn’t Produced Anything’

Turns out 88-year-old Warren Buffett isn’t warming up to crypto after all. Speaking at what’s been dubbed the “Woodstock of Capitalism”, the billionaire investor told shareholders in Berkshire Hathaway how he really feels about bitcoin. His company’s annual shareholder event is being held in Omaha today, and he just couldn’t resist lamenting the digital currency that he just doesn’t understand. Buffett reportedly stated:

“It’s a gambling device… there’s been a lot of frauds connected with it. There’s been disappearances, so there’s a lot lost on it. Bitcoin hasn’t produced anything.”

At least Buffett didn’t call it “rat poison squared” like he did last year. His partner in crime, Charlie Munger, reportedly once compared crypto trading to “dementia.” Buffett’s shareholders probably come to Omaha just to hear what he’ll say next about the crypto revolution taking the economy by storm.

bitcoin

The bitcoin price is barreling for $5,700. | Source: CoinMarketCap

BITCOIN ‘ISN’T AN INVESTMENT’

Buffett didn’t stop there. He went on to insult investors who not only have benefitted from the peer-to-peer nature of bitcoin but he also suggested that it’s not an investment at all. Tell that to the 100-million strong crypto community, many of whom have seen their portfolios balloon since the bitcoin price hit a new 2019 high this week. Buffett is digging his own grave, so to speak, saying:

“It doesn’t do anything. It just sits there. It’s like a seashell or something, and that is not an investment to me.”

Bitcoin’s market cap is now $101 billion; it’s increased from $89 billion in the past two weeks or so. If that’s a seashell, then take us to the beach so we can start collecting them.

berkshire hathaway

Berkshire Hathaway shares are underperforming the S&P 500 year-to-date. | Source: Yahoo Finance

WARREN BUFFETT’S BUTTON ICO

He went on to seemingly poke fun at ICOs next because he couldn’t possibly mean bitcoin when he says:

“I’ll tear off a button here. What I’ll have here is a little token…I’ll offer it to you for $1000, and I’ll see if I can get the price up to $2000 by the end of the day… But the button has one use and it’s a very limited use.”

Hmm, let’s see. Bitcoin is a store of value that rivals gold. It is a peer-to-peer digital currency that gives migrants a way to send money to their families faster and cheaper than any money-transfer service without the blockchain can do. And it’s decentralized, so it’s not subject to the whims of any central bank or government that turns on the printing press and causes inflation.

IMF to crypto: “please be gentle with our house of cards” https://www.cnbc.com/2019/04/11/cryptocurrencies-fintech-clearly-shaking-the-system-imfs-lagarde.html 

Cryptocurrencies are ‘clearly shaking the system,’ IMF’s Lagarde says

IMF Managing Director Christine Lagarde said Wednesday that new technologies like digital assets and cryptocurrencies are having a clear impact on the banking sector.

cnbc.com

Whether he realizes it or not, Buffett is spreading FUD about bitcoin and the blockchain, saying:

“Blockchain…is very big, but it didn’t need bitcoin. J.P. Morgan, of course, came out with their own cryptocurrency.”

Blockchain pioneer Wences Casares once said that people who fail to recognize the value of bitcoin but believe in blockchain tech demonstrate an “ignorance for how the system works.” We’ll leave Warren with Wences’ words of wisdom:

“Blockchain doesn’t exist without bitcoin…If you were to remove the bitcoin, miners would disappear and so would the blockchain.”

Source: Warren Buffett: ‘Gambling Device Bitcoin Hasn’t Produced Anything’

The Five Stages Of Bitcoin HODLer Grief – Peter Tchir

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With Bitcoin dropping well below $6,000 on concerns about how the latest Bitcoin fork will impact markets, amongst other things, I thought it was time to address the emotional state of HODLers.  While many who bought Bitcoin before October 2017 can still be up on their holdings, there are many who didn’t get involved until late last year, which help fuel the rise to almost $19,000. Various individuals have reached different stages on the Kubler-Ross model of grief, but let’s touch on each one briefly to help determine where you as a HODLer stand……………

Read more: https://www.forbes.com/sites/petertchir/2018/11/16/the-five-stages-of-bitcoin-hodler-grief/#65aa16e24ffa

 

 

 

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