Please share if you find this article interesting. Bitcoin's Road Back to $7K (And the Chart Hurdles In the Way) Having defended $6,000 last week, bitcoin (BTC) appears to be building momentum for a price rise, but nearby technical hurdles still present a formidable challenge. At press time, the world's most valuable cryptocurrency is changing hands at $6,689 on Bitfinex and looks to be gaining steam for another test of $6,838. As such, the level is shaping up to be a make-or-break mark, one that could reveal if a classic trend reversal pattern, known as the inverse head-and-shoulders neckline, will take effect. Indeed, a close above that level would amount to a short-term bearish-to-bullish trend change and open doors for a rally to $7,900 (a target measured by adding the distan...
Please share if you find this article interesting. Bitcoin Struggles for Gains as Volume Hits 36-Week Low Bitcoin's corrective rally has stalled around $6,400 on Monday amid low trading volumes. The leading cryptocurrency remained bid over the weekend as expected, courtesy of Thursday's strong reversal from the two-week lows. However, so far, the break above $6,400 has remained elusive, likely due to anemic trading volumes. Bitcoin's total trading volume across all cryptocurrency exchanges fell to $2.92 billion on Saturday, the lowest level since November 7, according to CoinMarketCap. The drop in the trading volume likely indicates the bargain hunters are not particularly impressed by BTC's reversal from the two-week low of $6,080 (hit on Thursday) and also puts a question mark
Please share if you find this article interesting. What Crypto Really Thinks About Litecoin's Banking Ambitions It was news that was perhaps too strange for crypto's typically divided reactions. First revealed Wednesday, the Litecoin Foundation, the non-profit that develops the software that powers the sixth-largest cryptocurrency, bought a stake in a very real, non-crypto bank. The move was met with applause and skepticism, but also a stunned sense of disbelief from nearly all sides. Was it a sign that crypto is becoming so powerful it will soon overturn the rule of banks? Certainly that theory was well-represented in the initial reactions... Indeed, the news had imaginations operating at full speed, with some going so far as to think that the crypto industry might be on a bank
Please share if you find this article interesting. $13.5 Million Hack Ignites Fresh Debate Over Crypto Project Bancor Innovation is never easy. That said, sometimes it can be that much harder. Such was the case for crypto project Bancor this week, which saw its design decisions and strategy picked apart on social media as it sought to contain the damage from a multimillion-dollar hack. On Monday, the project announced its app was down for maintenance, and shortly after, it revealed a security breach had taken place. At the time, the project assured no user wallets were compromised. (The startup has since brought its platform back online.) Then on Tuesday morning, Bancor published details of the breach: a wallet used to upgrade smart contracts was compromised and used to steal 3
Please share if you find this article interesting. A US Election Probe Implicated Bitcoin – And the Reaction Was Swift Rod Rosenstein, the deputy attorney general of the U.S., sparked a social firestorm when he revealed that the dozen Russian military intelligence officers indicted on Friday used bitcoin to fund hacking efforts during the 2016 presidential election. As CoinDesk reported earlier today, the defendants named in the indictment are accused of gaining access to computer systems utilized by the Democratic Party, including those used by presidential candidate Hillary Clinton, in order to disseminate that information during the election. Notably, the accused used bitcoin – including funds they mined themselves – to pay for web domains and other services utilized during th
Please share if you find this article interesting. Muh Monopoly! How a Banker's Talk Sparked All Kinds of Crypto Mockery Last week, Agustin Carstens, the head of the Bank of International Settlements (BIS), widely considered the central bank of central banks – told cryptocurrency makers to "stop trying to create money." And the crypto community promptly had a field day with those remarks. The BIS head has, to date, adopted a largely hostile tone toward cryptocurrencies. Back in February, he called bitcoin "a combination of a bubble, a Ponzi scheme and an environmental disaster" during a lecture. Carstens isn't alone in his view, to be sure. Billionaire Warren Buffett, for example, said earlier this year that bitcoin is "rat poisoned squared," while JPMorgan Chase CEO Jamie Dimon
Please share if you find this article interesting. 5 Crypto Assets Are Soaring Big on Possible Coinbase Listings Cryptocurrencies generally see a price increase after being added to an exchange, but with Coinbase the rise can be meteoric - even when nothing is actually being added. The exchange announced Friday that it was looking into potentially adding cardano's ADA token, basic attention token, stellar, zcash and 0x to its platform, and each of the tokens immediately saw double-digit percent price spikes. The increases are even more interesting considering Coinbase noted that it "cannot guarantee they will be listed for trading." Notably, the exchange also claimed that "we are making this announcement internally at Coinbase and to the public at the same time to remain transpar
Please share if you find this article interesting. Bitcoin Again Shows Green Shoots After $6K Defense Bitcoin's (BTC) sharp recovery from two-week lows has raised the odds of a stronger rally towards $6,400, technical studies indicate. As of writing, the leading cryptocurrency is changing hands at $6,245 on Bitfinex. BTC was expected to drop below $6,000 in the last 24 hours as the bears were on the offensive following an inverted flag breakdown. However, the intraday oversold conditions likely put a floor under bitcoin prices at the two-week low of $6,080, helping it chart a solid rebound to $6,283 (today's high). While it is too early to call a bullish reversal, the change of fortune has saved the day for the BTC bulls. Moreover, the probability of BTC's price charting a pictu...
Please share if you find this article interesting. Bitcoin Price Defends $6K As Upside Potential Builds Bitcoin (BTC) may be up slightly at the start of Friday's session, but it remains to be seen if it can build traction above $6,000. The world's largest cryptocurrency by market capitalization is now down 37 percent from its May 5th high at $9,996 according to CoinDesk's Bitcoin Price Index, though it's rebounded to a crucial support zone at $6,235, according to Bitfinex data. The figure is notable, as it could be argued bitcoin needs a daily close above the previous low at $6,070 to abort bearish outlook for the coming week. This would provide greater confidence to the market as a whole, and could possibly spark another minor bullish revival seen over the last eight days. And s
Please share if you find this article interesting. Bitcoin Bull Move on Hold as Downside Risks Grow Bitcoin (BTC) traded largely sideways over the last 24 hours, though a dip soon before press time may threaten a developing bullish chart pattern if the price moves below $6,000. BTC's drop below 10-day moving average (MA) on Tuesday neutralized the immediate bullish outlook and shifted risk in favor of a sell-off to $6,000. However, the cryptocurrency defended $6,300 yesterday amid intraday oversold conditions, establishing the round figure as a key short-term support. But, the resilience failed to entice bulls, rather a long liquidation (unwinding of long BTC trades) gathered pace, creating downside pressure on prices. Consequently, BTC fell to a low of $6,145 earlier today and w...