[Updated Nov. 25 at 7:48 a.m. ET] The bitcoin price last night fell to a six month low of $6,515 per bitcoin on the Luxembourg-based bitcoin and crypto exchange Bitstamp. The bitcoin price is down some 6% over the last 24-hour trading period, wiping billions of dollars from the value of the world’s biggest cryptocurrency.
Now, Wall Street veteran Peter Brandt, who made a name for himself by predicting bitcoin’s devastating 2018 bear market, has called bitcoin’s low for July 2020–two months after bitcoin’s closely-watched halving event.
“My target of $5,500 is not far below today’s low,” Brandt wrote on Twitter ahead of the weekend’s sell-off.
“But I think the surprise might be in the duration and nature of market. I am thinking about a low in July 2020. That will wear out bulls quicker than a price correction.”
Bakkt, a New York Stock Exchange-owner backed bitcoin and cryptocurrency venture, announced last month it plans to launch a consumer app for cryptocurrency purchases in 2020.
U.S. coffee chain Starbucks will be its first launch partner, with the company one of the original backers of the crypto project, along with software giant Microsoft and Boston Consulting Group.
The bitcoin price has stabilized since Friday’s sudden sell-off.
Coinbase
Meanwhile, Bakkt’s bitcoin futures daily volume hit a new all-time high, according to data from Intercontinental Exchange, with some $20.3 million across 2,700 futures contracts on Friday.
Many in the traditional financial industry remain unconvinced by bitcoin and crypto, however.
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.
Check out the Cryptocurrency Technical Analysis Academy here: https://bit.ly/2EMS6nY Join The Cryptocurrency Technical Analysis Academy for $40 off using the coupon code “August 2019”. In this video we analyze a head and shoulders pattern that is forming in this downtrend. Will this mean that the down trend is over and we will have a new rally? Or will Bitcoin continue moving to the downside and go even lower? – – – If you enjoyed the video, please leave a like, and subscribe! – – – Follow me on Instagram & Twitter: @cryptojebb Join the Discord! https://discord.gg/59jGjJy#Bitcoin#BitcoinToday#BitcoinNews I am not a financial adviser, this is not financial advice. I strongly encourage all to do their own research before doing anything with their money. All investments/trades/buys/sells etc. should be made at your own risk with your own capital. Spare Change? BTC 127eLjKTBKU9HTFhYowCDC4D3JBxonVk15 ETH 0x5115ACa82edf204760fE3B351c08a48d6004D89B LTC LSKXx3fQRK5LMowGznVvo6A9NtmtaQaoqP Please do not feel obligated to donate, though donations are appreciated!
Now, it’s been revealed federal prosecutor-turned bitcoin and cryptocurrency expert Katie Haun was asked to look into “shutting down” bitcoin by her boss at the U.S. attorney’s office in 2012.
“They said ‘we have this perfect assignment for you’–there’s this thing called bitcoin and we need to investigate it,” Haun told CNBC in a wide-ranging interview, adding a colleague asked her to take down bitcoin.
“That was the first time I’d ever heard of bitcoin.”
Over the next few years Haun would go on to sit on the board of U.S. bitcoin and cryptocurrency exchange Coinbase and teach a class on cryptocurrency at Stanford Law School.
Any serious attempt made by the U.S. Department of Justice to shut down bitcoin inevitably came to naught, with Haun saying, “it would have been akin to saying ‘let’s go prosecute cash.'”
“What we heard with libra were the same criticisms [I’d first heard about bitcoin]” Haun said.
Bitcoin’s epic 2017 bull run catapulted cryptocurrencies into the global consciousness, with some of the world’s biggest companies taking an interest in the technology.
Coindesk
“They were just heightened and they got more attention because of the high-profile nature of the project and the fact that Facebook was involved. I think it would be a really dangerous thing, and frankly a dangerous precedent to start shutting down technology before it’s built.”
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.
Bitcoin miners shutting down world wide! Bitmain in trouble. And it looks like the problem is getting worse for all the big miners across the world. Makes me wonder is this is the real sign bottom is close. Thanks for watching Tip jar below. BTC 13qF5ovjByDtFyGX1hYLA7uvhXj1BDH2KX LTC LcdKQ9JSAZRuypVtevhbna7hVo8hHf5UoD Check out my Patreon if you want some gold nuggets. https://www.patreon.com/mrkristof Equipment used to make this video Samsung Galaxy Tab S4- https://amzn.to/2RpbT1E Smooth 4 cell phone gimbal- https://amzn.to/2SEokrE SanDisk 64GB memory card – https://amzn.to/2Da6B63 GoPro Hero 7 Black- https://amzn.to/2PPyerO Canon EOS M50- https://amzn.to/2qUAm3y Flexible tripod- https://amzn.to/2DYQdqf Lighting for studio- https://amzn.to/2TPveLl Gun gear that I use Serpa CQC OWB hoslter- https://amzn.to/2PLhORv Carbon Fiber OWB holster- https://amzn.to/2D6Rj2a Glock 17 sure plug- https://amzn.to/2JNmvoz Need stickers? I HIGHLY RECOMMEND THESE GUYS: http://stickeryeti.ositracker.com/111… Need something done for cheap? Check out Fiverr. http://www.fiverr.com/s2/1c08095a0e BUY A NANO LEDGER S HARDWARE WALLET http://www.ledgerwallet.com/r/49c8 RECOMMENDED CRYPTO EXCHANGES: If your looking to start buying alt coins Binance IS THE BEST altcoin exchange out there. Please join Binance using this link: http://www.binance.com/?ref=10263251 Kucoin exchange is the fastest up and comer and has coins exclusive to it you cant find anywhere else! http://www.kucoin.com/#/?r=28ucr CONNECT WITH ME: Add me on Telegram: @mr_kristof Add me on Snapchat: mr_kristof Find me on Instagram: mr_kristof Add me on Twitter: mr_kristof007 Add me on Xbox Live: VoxiKnight Find me on DTube: d.tube/#!/c/cryptokristof Read my blog on Steemit: steemit.com/@cryptokristof DISCLAIMER: THIS IS NOT FINANCIAL ADVICE AND I AM NOT A FINANCIAL ADVISER. AND THESE ARE SIMPLY MY OPINIONS #cryptocurrency#BTC#Bitcoin
“Unlike the internet, which you couldn’t buy a piece of, you can actually buy a piece of this new internet of money,” Tyler and Cameron Winklevoss told CNN.
“It’s still a retail-driven market, from day one. And a lot of people have done really well. Wall Street has been asleep at the wheel,” the twins warned.
Bitcoin’s epic 2017 bull run, which saw the bitcoin price soar from under $1,000 per bitcoin at the beginning of the year to almost $20,000 in December, was largely thought to be due to Wall Street and institutional investment could be poised to flow into bitcoin and crypto.
“We had to invest because we were afraid of missing out, we couldn’t miss out on this future,” the twins added.
The bitcoin price has been hovering around the $10,000 level after surging earlier this year.
Coindesk
Meanwhile, Tyler and Cameron Winklevoss earlier said they are open to partnering with Facebook chief executive Mark Zuckerberg on the social media giant’s libra cryptocurrency project after it was revealed they have been in talks about joining the Libra Association.
The newly-created, independent governance consortium for Facebook’s planned token currently counts 28 founding members but is expected to swell to around 100 by the time of libra’s launch next year.
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.
Cameron and Tyler Winklevoss talk with Ben Mezrich and Paul Vigna about Cryptocurrency and the Future of Money. Recorded July 9, 2019 at 92nd Street Y. What do bitcoin, ether, zcash, litecoin and other cryptocurrencies tell us about where capitalism is going next? And how did the Winklevoss twins see it coming? Cryptocurrency has emerged in the last decade as a powerful bellwether for what money might look like in the future—and Cameron and Tyler Winklevoss are leading the way in how it’s being used. Join them for a fascinating discussion along with author Ben Mezrich (Bitcoin Billionaires) and the Wall Street Journal’s Paul Vigna about the origins of Gemini, their cryptocurrency exchange and custodian, and the future of money. Subscribe for more videos like this: http://bit.ly/1GpwawV Your support helps us keep our content free for all. Donate now: http://www.92y.org/donatenow?utm_sour… Facebook: http://facebook.com/92ndStreetY Instagram: http://Instagram.com/92ndStreetY Twitter: https://twitter.com/92Y Tumblr: http://92y.tumblr.com/ On Demand: http://www.92yondemand.org
Bitcoin, ETH, XRP, and LTC prices, will be on a roller coaster for a long time. Traders and investors will make and lose fortunes in record time, betting on them. In the end, say some analysts, these cryptocurrencies will either die on their own, or be killed by the ‘establishment’ — big governments and big banks around the world that defend sovereign currencies.
Take the case for Bitcoin.
The “people’s currency” holds a great promise: to become the first true global currency, free of the control of central banks that print money and big banks that generate credit. But to do that, Bitcoin must gain the trust of the “general public.“ This means it must be adopted as a medium of exchange, standard of value, and store of value, replacing national currencies.That isn’t easy, given the many obstacles Bitcoin has to overcome. Like lack of awareness, familiarity, and stability, etc. And that makes some experts bearish about the future of Bitcoin.
Bitcoin Price YTD
Lars Seier Christensen, Chairman of Concordium, the next-generation decentralized world computer, is one of them. “In the longer term, I am bearish on bitcoin as I believe it does not have the necessary characteristics of a longer-term valuable asset and, eventually, that reality will catch up” says Christensen.“But in the short term, price movements will likely be random as Bitcoin is affected by low liquidity and unpredictable bigger trades.”
Unpredictability will make it hard for Bitcoin to gain broad adoption as a medium of exchange. And without broad adoption, Bitcoin will remain a play for speculators and true believers, and eventually die on its own.
But even if Bitcoin overcomes all these obstacles and gains broad adoption by the general public, and was in a position to replace national currencies — ie, become the new currency — what would happen then?
Bears argue that the “establishment” cannot afford to let that happen.
For a couple of reasons, including the loss of Seigniorage” — simply put, the profit made by the national governments by printing currency. Then there’s the profit made by banks helping circulate that money and create credit.
The establishment will do whatever it takes to defend these profits from Bitcoin and any other cryptocurrency that seeks to replace it.
Recent Congressional hearings on Libra attests to the determination of the establishment to protect the dollar from competing cryptocurrencies. In a rare display of unity, Democrats and Republicans opposed Libra, and had many unkind words for Bitcoin.
“Cryptocurrencies that are ONLY there as a currency substitute, however, have no real long-term future,” says Christensen.“They will be outlawed by governments wanting to control the money supply and taxation, and in any case, cryptocurrencies have no intrinsic long-term value of significance. Hence, Bitcoin will only survive as a fringe activity.”
Not everyone agrees with this gloomy assessment, however. Dave Hodgson, Director and Co-Founder of NEM Ventures, is one of them.
“In my opinion, Bitcoin will never die nor be killed by the establishment, despite some people’s efforts to the contrary,” says Hodgson. “The recent drop we have seen in Bitcoin is within the boundaries of what our analysts were expecting from technical analysis. However, the timescale has been slightly skewed in light of recent announcements, primarily from US government representatives.”
Corentin Denoeud, CEO and Co-founder of Blockchain Studio, is another .
“The fact that governments around the world are even talking about crypto is a sign of progress for the blockchain industry in general,” says Denoeud. “While countries such as India have called for the outlawing of cryptocurrencies, representatives from Germany’s Central Bank have responded favourably and advanced the view that cryptocurrencies are not a threat to global monetary stability. Even China, who has previously banned ICOs and cryptocurrency trading, has called bitcoin a ‘safe-haven asset’ (via its state-run media agency) and is now reportedly stepping up its own efforts to create its own cryptocurrency, following Facebook’s unveiling of Libra.”
While it’s still unclear which side is right, one thing is clear: Bitcoin (and ETH, XRP, LTC, etc) true believers who think that cryptocurrency will eventually replace national currencies, need a 101 lesson in Money and Banking.
I’m Professor and Chair of the Department of Economics at LIU Post in New York. I also teach at Columbia University. I’ve published several articles in professional journals and magazines, including Barron’s, The New York Times, Japan Times, Newsday, Plain Dealer, Edge Singapore, European Management Review, Management International Review, and Journal of Risk and Insurance. I’ve have also published several books, including Collective Entrepreneurship, The Ten Golden Rules, WOM and Buzz Marketing, Business Strategy in a Semiglobal Economy, China’s Challenge: Imitation or Innovation in International Business, and New Emerging Japanese Economy: Opportunity and Strategy for World Business. I’ve traveled extensively throughout the world giving lectures and seminars for private and government organizations, including Beijing Academy of Social Science, Nagoya University, Tokyo Science University, Keimung University, University of Adelaide, Saint Gallen University, Duisburg University, University of Edinburgh, and Athens University of Economics and Business. Interests: Global markets, business, investment strategy, personal success.
In an interview with Joe Rogan, Twitter’s CEO, Jack Dorsey answers the question on whether or not he will create his own cryptocurrency. He said that he has no plans for that at the moment, however, he expressed his personal view towards cryptocurrency and the internet. Dorsey believes that the internet will have its native currency one day, although he doesn’t know what that would be………
