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Thread: All Information About Bitcoin

  1. #181
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    Bitcoin Must Hit $213,000 to Replace US Money Supply

    Zurich-based investment bank and financial services company Union Bank of Switzerland (UBS) has said that the Bitcoin (BTC) price must hit nearly $213,000 to replace U.S. money supply, Bloomberg reported August 2.

    According to Bloomberg, a new report by UBS suggests that BTC cannot currently be considered money or a viable asset as its versatility is stymied by the capacity constraints of the BTC network. The report says:

    "Our findings suggest that Bitcoin, in its current form, is too unstable and limited to become a viable means of payment for global transactions or a mainstream asset class."

    The report states that while digital currencies can potentially become an alternative asset class, their prices are likely to remain volatile. The volume of BTC used in commerce declined significantly during the last year since its peak of $411 million in September 2017, per a recent survey by market research firm Chainalysis.

    Regarding price volatility in crypto markets, senior economist at Chainalysis Kim Grauer said, “When the price going up so rapidly last year, in one day you could lose $1,000 if you spent it.”

    A senior researcher at the International Computer Science Institute, Nicholas Weaver, told Bloomberg that digital currency is “not actually usable” as a form of payment, citing high transaction fees as the main reason.

    While the UBS report states that the BTC network’s processing efficacy must significantly improve in order to be an effective form of payment, some BTC evangelists believe that the leading digital currency will become the world’s single payment method.

    In March, the CEO of both Twitter and payment service Square, Jack Dorsey, said that he sees BTC as the world’s single future currency, the emergence of which will take “probably over ten years, but it could go faster.”

    In response to many Wall Street investors’ concerns that cryptocurrencies are a bubble, Bill Miller, multi-millionaire investor and founder of hedge fund Miller Value Partners, said in March that “bubbles are necessary to bring capital into the market to see if these innovations are actually going to stand,” and compared BTC with major inventions throughout the history.

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    Don't Expect New Bitcoin Highs in 2018

    Despite an already six month cool-off period, for 2018 we see more sideways and downside potential in the bitcoin price due to sluggish retail demand, hesitation from institutions and a current market cap that seems too high relative to the activity occurring on available blockchains.

    Many investors and advisors are on record stating that $5,700 was the bottom in bitcoin for this year, and that higher prices lie ahead. While we are very bullish on bitcoin's long-term prospects, we do heed caution for more short-term price optimism.

    To find the starting point of the historic parabolic rally in bitcoin that ended at $20,000 we have to go as far back as August 2015, when bitcoin traded at below $200. This past rally was a stupendous, historic move. Even in secular bull markets, the collective of economic actors need time to absorb the information embedded in its characteristic high volume rallies.

    As I've indicated in my 2018 outlook, I think chances are high for this year to be remembered as a shakeout year: a lemon market in altcoins, regulators catching up and infrastructure growing pains.

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    For Wall Street, Bitcoin ETF Decision Could Answer '$1 Billion' Question

    "I wish I knew the answer to your $1 billion question. Seriously."

    That's Gabor Gurbacs, director of digital asset strategy at New York-based investment management firm VanEck, the company has been making headlines of late for a proposed bitcoin exchange-traded fund (ETF). No lightweight in the arena, though, the VanEck proposal has been deemed by some to have the best shot of being approved by the U.S. Securities and Exchange Commission (SEC).

    Indeed, all eyes are on the SEC in the wake of its comment period, with a possible yes or no – or further delay – expected by Friday. Even so, Gurbacs is cautious about what to expect from the SEC in coming months.

    When asked what he suspected the outcome would be, he deferred.

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    Bitcoin Outlook Sours As Price Sheds 70% of Recent Rally

    Bitcoin's (BTC) recent downtrend has deepened in the wake of the Securities and Exchange Commission's (SECs) decision to delay the exchange-traded-fund (ETF) ruling.

    The leading cryptocurrency was expected to stage a minor corrective rally in the last 24 hours, having defended the key 50-day moving average (MA) support earlier this week.

    However, the sellers made a strong comeback above $7,100 after the SEC exercised its right to postpone the decision on whether to approve a rule that would allow Chicago Board Options Exchange (CBOE) to offer shares of a BTC ETF issued by VanExk SolidX Bitcoin Trust.

    As a result, BTC closed (as per UTC) yesterday on a negative note at $6,719 and fell to $6,360 today – the lowest level since July 16. At press time, BTC is trading at $6,500 on Bitfinex.

    The 7.9 percent sell-off witnessed in the last 24 hours only reinforces the view that a major part of the rally seen in July was likely fueled by speculation that a Bitcoin ETF could be approved by the US SEC within weeks.

    Further, the bear grip around bitcoin has strengthened in the last 24 hours as the drop to three-week lows below $6,400 essentially means the cryptocurrency has retraced more than 70 percent of the rally from the June 24 low of $5,755 to July 25 high of $8,507.

    Still, all is not lost as the SEC has merely delayed the decision on BTC ETF to September, meaning there is still a 50 percent chance that an ETF would be approved next month.

    However, the hope that September may bring a decision in favor of an ETF may not yield a renaissance in the BTC market as investors could adopt a more cautious stance this time. Further, the technical charts are biased toward the bears.

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    Bitcoin Price Looks to Defend $6K as Sell-Off Slows

    Bitcoin (BTC) could defend the immediate support of $6,000 in the short-term as the recent sell-off is looking overstretched on the technical charts.

    The world's largest cryptocurrency by market capitalization fell for the third straight day on Wednesday to hit a three-week low of $6,121 on Bitfinex and was last seen trading at $6,320 – down 26 percent from the July 24 high of $8,507.

    Notably, almost half of the 26 percent drop witnessed over the last two weeks has happened in the last 48 hours, likely indicating investors have been left unimpressed by the US Securities and Exchange Commission's (SEC's) decision to postpone any action regarding a bitcoin ETF proposal from VanEck SolidX Bitcoin Trust.

    So, there is little likelihood of the bulls making a strong comeback in the short-term. Even so, the bears look to be reaching a point of exhaustion, having engineered a near 90-degree sell-off in the last two weeks.

    The technical charts are also indicating the bitcoin market is nearing oversold conditions. As a result, we could be in for a bout of consolidation or a minor corrective rally.

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    ‘Game Over’: Wall Street Analyst Says Bitcoin Must Not Breech Year-To-Date Support

    Renaissance Macro Research’s head of technical research Jeff deGraaf concluded it may be “game over” for Bitcoin (BTC) in a new analysis, CNBC reports August 9.

    In a note to clients, deGraaf, who has received multiple accolades for his trading insights in the past twenty years, claimed Bitcoin’s price movements suggest the largest cryptocurrency is “permanently impaired.”

    CNBC quotes deGraaf as writing that Bitcoin’s “parabolic moves are notoriously dangerous for short-sellers,” adding that a top normally develops with the appearance of a “descending triangle over months, with reduced volatility and little

    “Once the top is complete on the support violation, the security in question can often be considered permanently impaired or even 'game‐over'. We are of course referencing Bitcoin as exhibit 'A' in today's market.”

    Such a situation would become a genuine consideration if BTC/USD broke year-to-date support levels, deGraaf added.

    Bitcoin prices have come full circle over the past three weeks to trade around $6,359 by press time, after previously rising as high as $8,450 in late July.

    This time last year, Bitcoin traded at around half that figure — $3,400 — as markets began their ascent that brought Bitcoin’s price to around $20,000 in December 2017.

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    Bitcoin Investors Eye Turkey As Lira Plummets 20%

    Bitcoin and cryptocurrency trading volumes on Turkey's exchanges has surged over recent days as the country battles to contain a currency crisis that looks set to continue into this week.

    Koinim, Turkey’s largest exchange, has reported a 63% increase in Bitcoin trading volume, while the BTCTurk and Paribu exchanges have said their volumes are up 35% and 100% respectively, according to CoinMarketCap data.

    Unlike Iran, where a ban on bitcoin and cryptocurrency trading means those wanting to buy bitcoin must turn to peer-to-peer exchanges like LocalBitcoins, banks in Turkey often still work with local exchanges, meaning fresh adopters can begin buying and trading more easily.

    As a result, bitcoin trading volume in Turkey on LocalBitcoins has not increased as much as it has on local exchanges.

    Meanwhile, bitcoin and cryptocurrency users in the country have been speaking of their fears over Turkey's currency crisis and economy.

    One bitcoin user in Istanbul who goes by a pseudonym, Bitmov, told CoinDesk he has been using bitcoin to buy digital ads abroad for over three years.

    "I started personally trading crypto 1.5 years ago because of the weakness of the Turkish lira, and fear of the political, and financial, status of the Turkish government," Bitmov told CoinDesk. "Cryptocurrency makes me feel much safer."

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    Bitcoin dips below $6,000 amid cryptocurrency sell-off

    • Bitcoin nears its lowest level of the year.
    • Other major cryptocurrencies ether and XRP fell alongside bitcoin.
    • The total market capitalization of all cryptocurrencies dropped $21 billion in 24 hours.

    Bitcoin fell below $6,000 Monday for the first time since June as the majority of cryptocurrencies declined in value.

    The world's largest digital currency by market value tumbled as low as $5,900 at around 10 p.m. ET, and was down around 4 percent, according to CoinDesk index data, which tracks prices from several exchanges. The cryptocurrency later recovered to $6,112 by 9 a.m. ET.

    Bitcoin's price is close to its lowest point of the year hit on June 18, when it retreated to $5,785.

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    Blow To Bitcoin As Coinbase CEO Makes Stark Warning

    Bitcoin and cryptocurrency adoption rates around the world are growing, but not quickly enough to prevent the bitcoin price from falling — and now the chief executive of San Francisco-based Coinbase, one of the world’s largest cryptocurrency exchanges, has warned that widespread, mass bitcoin adoption for payments is going to be a long time coming.

    The bitcoin price is currently just over $6,000 after falling below the psychological barrier yesterday for the second time this year. The bitcoin price is down some 70% from its highs at the end of last year and many of newer cryptocurrencies that have been created in the last few years have been all but wiped out.

    “Customers will not be able to pay for Frappuccinos with bitcoin,” a Starbucks spokesperson said after it was announced the coffee chain was involved with a new cryptocurrency venture called Bakkt.

    Armstrong estimated that only about 10% of cryptocurrencies, including bitcoin, are used in real life, in games and other purchases online.

    It has been suggested that in terms of bitcoin and cryptocurrency adoption we are at the same point in time as the internet was in 1994. Worryingly that could mean we still have the bitcoin equivalent of the dotcom bubble to look forward to, though the 2018 rout could be just that.

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    $6.6K: Bitcoin Price Eyes New Target for Bull Reversal

    Bitcoin is showing signs of life, but only a break above key resistance at $6,675 would confirm a bullish reversal, technical charts indicate.

    At press time, the leading cryptocurrency is changing hands at $6,470 on Bitfinex – up 10 percent from the 6.5-week low of $5,859 hit on Aug. 14.

    However, the break below the key support of $6,000 (February low) was short-lived and prices moved back above $6,100 by UTC close, signaling bearish exhaustion.

    More importantly, the follow-through has been positive: BTC crossed Tuesday's high of $6,259 and jumped to $6,649 yesterday, confirming that sellers have likely run dry and bargain hunters are finding the current price too attractive to pass up.

    Hence, it seems safe to say that a bullish trend reversal is in progress and would be confirmed if prices take out the inverse head-and-shoulders neckline resistance of $6,675, as seen in the chart below.

    BTC is creating the right shoulder of a inverse head-and-shoulders bullish reversal pattern on the hourly chart.

    A move above $6,675 would confirm the sell-off from the July high of $8,507 has ended and would open the doors to $7,490 (target as per the measured height method).

    That said, the daily and the 4-hour charts show that BTC could attempt a break above $6,675 in the next 24 hours.

    As seen in the chart above, the cryptocurrency has pierced the descending trendline, meaning the sell-off from the high of $8,507 has ended. The relative strength index (RSI) has also adopted a bullish bias (above 50.00).

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