Please share if you find this article interesting. Below $5,700: Bitcoin Plunges to Lowest Price in Over 12 Months Bitcoin (BTC) fell to its lowest price in over 12 months on Wednesday amid a broader cryptocurrency market sell-off. According to CoinDesk price data, as of press time, bitcoin’s lowest point in today’s session is $5,669 – the lowest reported price figure since Nov. 11 of last year. Wednesday’s session opened at $6,297.96. Its price has since slightly recovered, now trading at an average price of about $5,804.54, representing a roughly 7.9 percent decline over the past 24-hours. The sharp fall in bitcoin’s price was accompanied by steep sell-offs in other cryptocurrencies and digital assets as well. According to data published by OnChainFX, tokens such as MANA and B
Please share if you find this article interesting. Announcing the CoinDesk Crypto-Economics Explorer How do you measure a crypto asset? For years, the easy answer has been to look at its price. When we launched the CoinDesk Bitcoin Price Index (BPI) — the world’s first index for bitcoin – in September 2013, we were at the forefront of creating an average price using multiple exchanges. The goal was to create a reference rate for a new form of asset, one that would help it be better understood on its way to greater adoption. Since then, the BPI has established itself as a gold standard for journalists (our own and others), researchers and investors, while bitcoin, the world’s oldest and most valuable crypto asset, has birthed a new economy. But the market for crypto assets has exp
Please share if you find this article interesting. Crypto Traders Now See No Winner in Bitcoin Cash Fork Early trading indicates crypto investors may no longer believe Bitcoin ABC, today the dominant software used to run the bitcoin cash blockchain, will hold on to its leading position following an expected fork tomorrow. At press time, exchange markets set up in advance to offer traders a choice between Bitcoin ABC and its expected challenger, Bitcoin SV, show Bitcoin ABC has lost its early edge. After trading for more than $300 above the price of Bitcoin SV, data shows Bitcoin ABC, represented by the ticker symbol BCHABC, is now nearly trading at parity. Data shows coins on a hypothetical BCHABC blockchain are now trading at $253, while those on a BCHSV blockchain are priced at...
Please share if you find this article interesting. Official Google Account Hacked in Latest Twitter Crypto Scam An official, verified Twitter account owned by Google has become the latest to be hacked to host a crypto “giveaway” scam. Twitter user @B_u_r_t_o_n spotted the promoted tweet on the account of Google’s productivity and collaboration tools line, G Suite, on Tuesday, and managed to post a screenshot before it was deleted by the tech giant. The tweet had directed the Twitter users to enter a fake giveaway offer, prompting them to “sеnd frоm 0.1 to 2 BTC tо the address bеlow and gеt frоm 1 to 20 ВTC back!” Google and Twitter have reportedly confirmed the incident and are investigating the matter. “This morning an unauthorized promoted tweet was shared from the G Suite acc
Please share if you find this article interesting. Bitcoin Price Charts ‘Death Cross’ In First Since 2014 Bitcoin’s (BTC) price woes may not be over just yet, as a key technical indicator is about to turn bearish for the first time in four years. On the three-day chart, the 50-candle simple moving average (SMA) looks set to cut the 200-candle SMA from above, confirming what is popularly known as the “death cross.” This specific bearish crossover was last seen in December 2014. The onset of a death cross can be a warning that a bear market is looming, according to technical theory. In reality, however, it is the result of a prolonged bear market – i.e., it’s a backward-looking indicator. As a result, the oversold market usually sees a bounce after a bearish crossover is confirmed.
Please share if you find this article interesting. Traders Now Betting 2-to-1 the Bitcoin Cash Fork Will Cause Price Decline Bitcoin cash bears are lining up. There are now almost twice as many open short positions betting that the price of bitcoin cash (BCH) will fall as there are longs betting on a rise in its price. According to data from crypto exchange Bitfinex, which allows margin trading for multiple cryptocurrencies, there are currently 89,457 open BCH short positions and 53,322 longs. This is, perhaps no coincidence, since there is a network update scheduled for bitcoin cash set to take place on Nov. 15. Under one possible outcome, BCH will split into two chains – centered around the Bitcoin ABC and Bitcoin SV code implementations – resulting in two distinct cryptocurren
Please share if you find this article interesting. Bitcoin Back on the Defensive After Price Hits Two-Week Low Bitcoin’s (BTC) price dropped to two-week lows earlier today and could extend the decline to key support near $6,100, technical charts indicate. The leading cryptocurrency was teasing a bullish move 24-hours ago, having carved out a lower high of $6,270 along the support of the trendline connecting the Oct. 11 low and Oct. 31 low. The defense of the key trendline support was also backed by a bullish divergence of the MACD (moving average convergence divergence) histogram. Even so, BTC failed to pick up a bid, possibly due to sharp losses in US equities, and fell back to $6,252 in the Asian session today – the lowest level since Oct 31. BTC was last seen changing hands at
Please share if you find this article interesting. Free Money? Traders In Asia Are Buying Bitcoin Cash Ahead of Hard Fork With bitcoin cash (BCH) now looking certain to split into two competing cryptocurrencies, some traders in Asia are betting that the sum of the parts will be worth more than the whole. Specifically, these investors have been buying BCH in anticipation that Thursday’s contentious network software upgrade, or hard fork, will leave them owning two coins with a combined value greater than the current price. James Quinn, head of markets at Kenetic Capital, said even some institutions have gotten in on the act, as “the number of requests and interests in the area increased remarkably in the general market development.” While forks are a relatively new and complicated
Please share if you find this article interesting. Hash Power Favors Craig Wright Camp in Looming Bitcoin Cash Fork Ready for a hash war? Bitcoin cash's upcoming network update (or hard fork) is coming on Nov. 15, but a fractious divide between competing stakeholders has raised the specter that the fourth largest cryptocurrency by market cap – which broke off from bitcoin in the heat of the scaling debate last year – could split into two. In the run-up to the event, pre-fork trading of bitcoin cash continues apace on Poloniex, and while trading preference is tilting toward Bitcoin ABC, a majority of the hash power currently on the network appears to be in favor of another implementation known as Bitcoin SV. Data sourced from Coin Dance indicates that Bitcoin SV – the implementati
Please share if you find this article interesting. NEM Price Climbs to 9-Week High As Coincheck Brings Back Trading New Economy Movement (NEM) hit a nine-week price high on Monday despite a neutrally toned cryptocurrency market. That market development coincided with a more than three-month high in 24-hour trading volume the same day, according to data collected by CoinDesk. The world's 17th largest cryptocurrency by market capitalization rose to $0.114 at 09:15 UTC – its highest price since Sept. 5, while accumulating more than $45.6 million in 24-hour trading volume. That latter figure represents the most volume since July 29, according to CoinMarketCap. It's worth noting that NEM's price jumped to a peak 25 percent amid news that trading of the token is being re-enabled on Tok