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First Mover: As Fed Assets Top $6T, BitMEX Has Some Inflation-Busting Advice

First Mover: As Fed Assets Top $6T, BitMEX Has Some Inflation-Busting Advice

BITCOIN, CURRENT EVENTS, EDUCATION, FINANCE
Please share if you find this article interesting. First Mover: As Fed Assets Top $6T, BitMEX Has Some Inflation-Busting Advice Bitcoin has been relatively stable in recent days, pausing after a powerful rally that saw prices nearly double in under a month. What hasn't paused is the Federal Reserve's money machine: A report late Thursday showed that the central bank's total assets surged this week above $6 trillion for the first time in its 107-year history. You're reading First Mover, CoinDesk's daily markets newsletter. Assembled by the CoinDesk Markets Team, First Mover starts your day with the most up-to-date sentiment around crypto markets, which of course never close, putting in context every wild swing in bitcoin and more. We follow the money so you don’t have to. You
Profit-Taking Keeps Bitcoin in Tight Range as Fed Reopens Spigot

Profit-Taking Keeps Bitcoin in Tight Range as Fed Reopens Spigot

BITCOIN, CURRENT EVENTS, EDUCATION, FINANCE
Please share if you find this article interesting. Profit-Taking Keeps Bitcoin in Tight Range as Fed Reopens Spigot Bitcoin and ether fell slightly Thursday as traditional markets climbed on additional stimulus measures by the U.S. Federal Reserve and Bank of England.  Over the past 24 hours, bitcoin (BTC) was down 1 percent Thursday afternoon New York time and ether (ETH) was down 1.2 percent.  Notable gainers on CoinDesk’s big board include dash (DASH) up 8 percent, zcash (ZEC) in the green 8 percent and bitcoin gold (BTG) climbing 4 percent. Digital assets in the red include bitcoin cash (BCH) down 4 percent, tron (TRON) dropping 2 percent and cardano (ADA) slipping 1 percent. All 24-hour price changes are as of 20:15 UTC (4:15 p.m. EDT) Thursday.  In the traditional mar
What’s Next for Bitcoin After March’s Crash – CoinDesk Quarterly Review

What’s Next for Bitcoin After March’s Crash – CoinDesk Quarterly Review

BITCOIN, CURRENT EVENTS, EDUCATION, FINANCE
Please share if you find this article interesting. What’s Next for Bitcoin After March’s Crash – CoinDesk Quarterly Review Will bitcoin (BTC) move beyond "digital gold"? Is ether (ETH) viable as money? In 24 charts, CoinDesk Research shows what happened to crypto assets in Q1 2020 and examines what may emerge in the future. Download our Q1 analysis here, and join us on April 15 for a webinar discussing our findings and other relevant cryptocurrency research. The CoinDesk Quarterly Review provides research-based insights on how the narrative has changed for blue-chips such as bitcoin and ether. We look at which assets outperformed on returns, and how the participants in crypto markets are shifting in the wake of Q1’s defining event, the March 12 plunge. Bitcoin’s “digital gold
First Mover: Bitcoin Cash’s Halving Was Dull – Bitcoin’s May Be Much the Same

First Mover: Bitcoin Cash’s Halving Was Dull – Bitcoin’s May Be Much the Same

BITCOIN, CURRENT EVENTS, EDUCATION, FINANCE
Please share if you find this article interesting. First Mover: Bitcoin Cash’s Halving Was Dull – Bitcoin’s May Be Much the Same Bitcoin's upcoming halving – a once-every-four-years reduction in the supply of new units of the cryptocurrency – has got traders, analysts and gawkers abuzz over the potential price impact. German bank BayernLB predicted last year that bitcoin's halving could drive its price to $90,000, roughly 12 times the current level. Cryptocurrency markets got a sneak preview on Wednesday as a lesser coin, bitcoin cash, went through its own halving. Spoiler alert: There wasn't much to see.  You're reading First Mover, CoinDesk's daily markets newsletter. Assembled by the CoinDesk Markets Team, First Mover starts your day with the most up-to-date sentiment ar
Bitcoin’s Bull Case Strengthens After Breaching Price Hurdle at $7.1K

Bitcoin’s Bull Case Strengthens After Breaching Price Hurdle at $7.1K

BITCOIN, CURRENT EVENTS, EDUCATION, FINANCE
Please share if you find this article interesting. Bitcoin’s Bull Case Strengthens After Breaching Price Hurdle at $7.1K View Bitcoin's break above a long-term moving average resistance near $7,100 has strengthened the case for a rally to $8,000. A drop in trading volumes is a cause for concern for the bulls, however. The outlook will remain bullish as long as prices are holding above support near $6,800. After multiple failed attempts, bitcoin has finally broken above key resistance, bringing a boost to the short-term bullish case.  The top cryptocurrency by market value closed (UTC) well above $7,100 on Wednesday, marking an upside break of the 200-period moving average on the three-day chart.  The breakout could now invite stronger chart-driven buying, as a move above
Top Cryptos Edge Up as Derivatives Data Suggests Newfound Risk Aversion Among Traders

Top Cryptos Edge Up as Derivatives Data Suggests Newfound Risk Aversion Among Traders

BITCOIN, CURRENT EVENTS, EDUCATION, FINANCE
Please share if you find this article interesting. Top Cryptos Edge Up as Derivatives Data Suggests Newfound Risk Aversion Among Traders Bitcoin and ether climbed modestly late Wednesday as lighter crypto derivatives volumes signaled uncharacteristic caution among the market’s traders. Over the past 24 hours, bitcoin (BTC) was up 2.8 percent Wednesday afternoon New York time and ether (ETH) was in the green 4.3 percent.  Bitcoin offshoots were among big winners on CoinDesk’s big board, including bitcoin gold (BTG) up a whopping 18 percent, bitcoin sv (BSV) climbing 16 percent and bitcoin cash (BCH) in the green 6 percent. BCH had its first halving of mining rewards Wednesday and BSV is expected to reach that milestone Friday. All 24-hour price changes are as of 20:50 UTC (4:5
How Imposters Scam Entrepreneurs Out of Their Crypto

How Imposters Scam Entrepreneurs Out of Their Crypto

BITCOIN, CURRENT EVENTS, EDUCATION, FINANCE
Please share if you find this article interesting. How Imposters Scam Entrepreneurs Out of Their Crypto On Jan. 31, a Telegram user calling himself "Danny Nelson" contacted Karla Vilhelem, a public relations professional, with an unseemly proposal. Pretending to be the CoinDesk reporter of the same name, he said he would publish a post about her client but wanted $600 for his trouble, a small sum for exposure on the crypto site of record. Vilhelem was wary. After three years in the industry, she was used to scammers impersonating major players in the crypto ecosystem and, more frustratingly, so-called journalists asking for cash. She advised clients never to pay for coverage, and the proposition made her suspicious of this so-called Danny Nelson. "I knew CoinDesk doesn't ta...
First Mover: A Sneak Preview of Bitcoin’s Halving — in Real Time

First Mover: A Sneak Preview of Bitcoin’s Halving — in Real Time

BITCOIN, CURRENT EVENTS, EDUCATION, FINANCE
Please share if you find this article interesting. First Mover: A Sneak Preview of Bitcoin’s Halving — in Real Time As central banks and governments around the world inject trillions of dollars of coronavirus-related aid and stimulus into the financial system, big investors are becoming increasingly curious about bitcoin's potential as a hedge against inflation. And nowhere is that inflation resistance more evident than in bitcoin's once-every-four-years "halving." That's when issuance of new units of the cryptocurrency automatically gets cut in half. The plan, expected to continue for at least another century, was coded into the underlying blockchain network's programming when it was launched 11 years ago. The mechanism's very purpose was to prevent a rapid debasement of bitc
Today’s ‘Halving’ May Be Non-Event for Bitcoin Cash Prices

Today’s ‘Halving’ May Be Non-Event for Bitcoin Cash Prices

BITCOIN, CURRENT EVENTS, EDUCATION, FINANCE
Please share if you find this article interesting. Today’s ‘Halving’ May Be Non-Event for Bitcoin Cash Prices Bitcoin offshoot bitcoin cash (BCH), the fifth-largest cryptocurrency by market value, underwent its first "halving" Wednesday, but the process is unlikely to have a bullish impact on the cryptocurrency’s price, say analysts.  The event – programmed to occur every four years – took effect around 12:20 UTC, reducing the rewards per block mined on the Bitcoin Cash blockchain to 6.25 BCH from the current 12.5 BCH.  The cryptocurrency rose to a four-week high of $265 early Tuesday and was last seen trading near $276 – up 2 percent on a 24-hour basis – according to CoinDesk’s Bitcoin Cash Price Index.   See also: Bitcoin Cash Approaches Milestone With First Halving Expec
Bitcoin Cash Approaches Milestone With First Halving Expected Wednesday

Bitcoin Cash Approaches Milestone With First Halving Expected Wednesday

BITCOIN, CURRENT EVENTS, EDUCATION, FINANCE
Please share if you find this article interesting. Bitcoin Cash Approaches Milestone With First Halving Expected Wednesday Bitcoin cash (BCH), the cryptocurrency that broke off from bitcoin (BTC) due to a heated community disagreement in 2017, is about to hit a blockchain milestone.  At block 630,000, expected to occur Wednesday morning Eastern time, the number of BCH coins created roughly every 10 minutes will fall by half, from 12.5 to 6.25. This will be the first halving for BCH in a sort of spectator sport some on Reddit say they will be watching as it unfolds on the blockchain.  The event is a foreshadowing of the same process happening on a larger scale on the BTC blockchain next month. BCH's market cap is worth about a twenty-fifth of BTC's. See also: Bitcoin Halving