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$4.6K: Bitcoin’s Price Revival Has a New Target

$4.6K: Bitcoin’s Price Revival Has a New Target

BITCOIN, CURRENT EVENTS, EDUCATION, FINANCE
Please share if you find this article interesting. $4.6K: Bitcoin’s Price Revival Has a New Target Bitcoin’s (BTC) stalled recovery rally could kick off again if prices manage to beat new resistance above $4,600. The leading cryptocurrency by market valuation picked up a bid after hitting 14-month lows near $4,000 on Wednesday, possibly due to record oversold conditions reported by the 14-day relative strength index (RSI). The corrective rally, however, seems to have run out of steam as the cryptocurrency is currently trading at $4,460 on Bitstamp – down 3.78 percent from the high of $4,635 seen yesterday. That said, the probability of a fresh sell-off is low, as the RSI on both the daily and 3-day charts is still reporting oversold conditions. Meanwhile, the odds of BTC extendin
In First Since 2015, Bitcoin’s Price Is Testing a 200-Week Average

In First Since 2015, Bitcoin’s Price Is Testing a 200-Week Average

BITCOIN, CURRENT EVENTS, EDUCATION, FINANCE
Please share if you find this article interesting. In First Since 2015, Bitcoin’s Price Is Testing a 200-Week Average The pace of bitcoin’s ongoing sell-off is setting new records with every passing day, the latest being its test of a key long-term moving average for the first time in three years. Indeed, the world’s most valuable cryptocurrency network fell below its 200-week exponential moving average (EMA) of $4,180 yesterday, marking the first break of the crucial support since August 2015. Back then, BTC was changing hands around $220, according to Bitstamp data. The breach of long-term support, however, was short-lived as record low readings on the relative strength index (RSI) likely put a bid under BTC, helping it regain some poise. At press time, BTC is changing hands at
$5K Bounce? Bitcoin Price May Have Hit Bottom For Now

$5K Bounce? Bitcoin Price May Have Hit Bottom For Now

BITCOIN, CURRENT EVENTS, EDUCATION, FINANCE
Please share if you find this article interesting. $5K Bounce? Bitcoin Price May Have Hit Bottom For Now Bitcoin (BTC) could be in for a stronger recovery rally in the next few days, having found a temporary bottom near $4,000. The leading cryptocurrency, which hit a 14-month low of $4,048 on Bitstamp yesterday, is now trading at $4,580, representing a 2 percent gain on a 24-hour basis. The $500 recovery seen yesterday indicates that the market is finally paying heed to the record oversold levels reported by the 14-day relative strength index (RSI). Currently, the indicator is still hovering in oversold territory below 30.00. As a result, BTC is unlikely to revisit yesterday’s low of $4,048 for now. Further, the correction looks set to gather pace, as the RSI on the 3-day chart h
Bitcoin Cash Is Now Two Blockchains – That Might Not Change Anytime Soon

Bitcoin Cash Is Now Two Blockchains – That Might Not Change Anytime Soon

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Please share if you find this article interesting. Bitcoin Cash Is Now Two Blockchains – That Might Not Change Anytime Soon It’s been six days since the bitcoin cash split and neither side looks ready to call it quits. What’s more, cryptocurrency exchanges that froze holdings of bitcoin cash in lead-up to Thursday’s contentious hard fork activation are beginning to warm up to idea that bitcoin cash may forever remain two cryptocurrencies. On Tuesday, Coinbase, one of the largest U.S.-based cryptocurrency exchanges, affirmed it was “now prepared to resume limited trading in [bitcoin cash],” designating the Bitcoin “Adjustable Blocksize Cap” or Bitcoin ABC chain with the bitcoin cash (BCH) ticker. In addition, Coinbase added that its intention was to eventually “support withdrawal
Capitulation? This Bitcoin Sell-Off Still Isn’t as Extreme as 2015’s

Capitulation? This Bitcoin Sell-Off Still Isn’t as Extreme as 2015’s

BITCOIN, CURRENT EVENTS, EDUCATION, FINANCE
Please share if you find this article interesting. Capitulation? This Bitcoin Sell-Off Still Isn’t as Extreme as 2015’s A total of $60 billion has been erased from the value of all cryptocurrencies over the last week, a decline that has many wondering if the ongoing bear market for the asset class has finally come to an end. Defined as a period of depressed activity and sentiment, the bear market has seen the price of bitcoin, the world’s largest cryptocurrency, decline more than 75 percent from all-time highs set in January. Further, as bitcoin makes up more than 50 percent of the entire market in terms of total capitalization, it’s safe to say the bear market may end when bitcoin bulls refuse to cede more ground. But in order for a true ‘bottom’ to be found, many figure a “capi
Bitcoin Price Drops to $4,200 Despite Record Low On RSI

Bitcoin Price Drops to $4,200 Despite Record Low On RSI

BITCOIN, CURRENT EVENTS, EDUCATION, FINANCE
Please share if you find this article interesting. Bitcoin Price Drops to $4,200 Despite Record Low On RSI Bitcoin’s price continues to slide despite the oversold conditions signaled on the technical charts for the last six days. The leading cryptocurrency by market capitalization fell to $4,200 soon before press time – a price low not seen since Oct. 5, 2017 – and was last seen trading at $4,484, according to CoinDesk’s Bitcoin Price Index (BPI). Notably, the 14 percent drop witnessed in the last 24 hours has pushed the widely followed 14-day relative strength index (RSI) below 10.00, its lowest reading on record. An asset is considered to be oversold and due for a corrective bounce when its RSI is below 30.00. BTC’s RSI fell into oversold territory on Nov. 14, but a strong reco
Alabama: The Unlikely Frontline for America’s Crypto Fraud Crackdown

Alabama: The Unlikely Frontline for America’s Crypto Fraud Crackdown

BITCOIN, CURRENT EVENTS, EDUCATION, FINANCE
Please share if you find this article interesting. Alabama: The Unlikely Frontline for America’s Crypto Fraud Crackdown “Of the states, I think we’ve got about 20 percent of all the active cease-and-desists.” That’s Greg Bordenkircher, the chief litigator at the Alabama Securities Commission, describing the extent to which his state, just the 24th largest by population, has nonetheless come to play a leading role in the ongoing fight against U.S. crypto fraud. “We’ve issued nine orders shutting down businesses that are advertising in Alabama,” he told CoinDesk. “We have another 20, 22 that we are looking at right now.” But Bordenkircher’s agency is hardly alone. As a member of the North American Securities Administrators Association (NASAA), it’s part of a coalition that’s been c
Below $5K: Bitcoin Drops $500 to Set New 2018 Low

Below $5K: Bitcoin Drops $500 to Set New 2018 Low

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Please share if you find this article interesting. Below $5K: Bitcoin Drops $500 to Set New 2018 Low Bitcoin dropped below $5,000 for the first time in over 13 months on Monday. CoinDesk price data reveals the world’s largest cryptocurrency by market capitalization fell to $4,981 shortly after 16:30 UTC on Monday, signifying a dollar-decline of more than $500 for the day when the move occurred. That’s the lowest figure since Oct. 12, 2017, and as of press time, the price has recovered somewhat to $5,048 – still signifying a decline of more than 9 percent.  The broader cryptocurrency market accompanied BTC in its steep sell-off and has shed more than $15 billion in total market capitalization in the last 24 hours. Many cryptocurrencies are faring worse than BTC, including the lik
Bitcoin Price Hits 13-Month Low as Crypto Market Slumps

Bitcoin Price Hits 13-Month Low as Crypto Market Slumps

BITCOIN, CURRENT EVENTS, EDUCATION, FINANCE
Please share if you find this article interesting. Bitcoin Price Hits 13-Month Low as Crypto Market Slumps Bitcoin (BTC) dropped to its lowest level since October 2017 on Monday, as losses are seen across the broader crypto market. The leading cryptocurrency fell to $5,165 earlier today – the lowest level since Oct. 18, 2017 – having breached the crucial support of $6,000 last week. As of writing, BTC is changing hands at $5,283 – down 5 percent on a 24-hour basis and 16 percent week-on-week – according to CoinDesk’s Bitcoin Price Index (BPI). Further, the year-on-year loss now stands at 32 percent, as prices were trading well above $7,600 on Nov. 19, 2017. Elsewhere, ethereum’s ETH token, cardano and Tron are also flashing double-digit losses on a 24- hour basis. Notably, ETH fe
Beyond Price: Why We Need a Better Way to Value Crypto Assets

Beyond Price: Why We Need a Better Way to Value Crypto Assets

BITCOIN, CURRENT EVENTS, EDUCATION, FINANCE
Please share if you find this article interesting. Beyond Price: Why We Need a Better Way to Value Crypto Assets Michael J. Casey is the chairman of CoinDesk’s advisory board and a senior advisor for blockchain research at MIT’s Digital Currency Initiative. The following article originally appeared in CoinDesk Weekly,  a custom-curated newsletter delivered every Sunday exclusively to our subscribers. The most commonly cited number for comparing the worth of different crypto projects is market capitalization. It is an extremely flawed metric. Critics note, for example, that poor liquidity, combined with lax rules at many exchanges, let founders and large holders easily manipulate market cap quotes at sites such as CoinMarketCap. This made for all sorts of abuses during the ICO man