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Thread: All Information About Bitcoin

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    Bitcoin Brushes $11K as Bull Case Strengthens

    Having tested $11,000 this morning, bitcoin (BTC) is now trading roughly sideways for the month, but could still enter March on a positive note.

    CoinDesk's Bitcoin Price Index (BPI) clocked a seven-day high of $11,044 at 06:30 UTC and was last seen around $10,610. Due to the retreat from the intra-day high, the cryptocurrency is now trading largely unchanged on a 24-hour basis, according to data source CoinMarketCap.

    With BTC closing last month at $10,221, the cryptocurrency is on track to close the current month with only marginal gains, unless the bulls make progress.

    In context, though, the performance is impressive if we take into account the fact that bitcoin had dropped to three-month lows below $6,000 on Feb. 6. However, the "V"-shaped recovery looks to have run out of steam around the $11,000 mark for the second time in seven days.

    Further, daily trading volume has averaged around $7.73 billion from Feb. 7 to date, compared to a January average of $13.42 billion, as per CoinMarketCap. The drop in the daily average trading volume during the recovery period could be an indication of a lack of confidence among investors about the sustainability of the corrective rally.

    That said, volumes will likely rise if BTC sees longer-term bullish reversal via a break above the confluence of the inverse head-and-shoulders neckline and the descending trendline resistance

    The descending trendline is seen converging with the neckline resistance at $11,660 by Sunday.
    A daily close (as per UTC) above the same would confirm a bearish-to-bullish trend change and open doors for a rally to $17,400.
    Meanwhile, the odds of the pair completing the inverse head-and-shoulders pattern would drop if bitcoin closes (as per UTC) below the downward sloping (bearish biased) 50-day MA, currently seen at $10,512.

    Moreover, the pullback from the intra-day highs above $11,000 could be attributed to the bearish price-relative strength index (RSI) divergence seen on the hourly chart below.

    The above chart (prices as per Bitfinex) also shows a bullish 50-hour MA, 100-hour MA crossover and a bullish 50-hour MA and 200-hour MA crossover. So, despite the bearish price RSI divergence, the downside will likely be capped around the upward sloping 50-hour MA.

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    A rebound from the 50-hour MA and a break above $11,065 (intra-day high) could yield a rally to the 10-week MA of $11,366. A violation there would expose the inverse head-and-shoulders neckline resistance and the trendline resistance seen today around $11,675 and $11,825, respectively.
    A close today below the downward sloping 50-day MA of $10,512 would allow a re-test of the Feb. 25 low of $9,280.
    Meanwhile, a break below $9,280.4 would signal the corrective rally from the Feb. 6 lows below $6,000 has ended and would open up downside towards the $6,000 mark.

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  3. #92
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    Bitcoin’s next breakout may have nothing to do with stock prices rising

    Wall Street's first analyst to cover bitcoin is debunking a popular bitcoin investment strategy.

    According to DataTrek Research co-founder Nick Colas, a vast number of investors erroneously believe that if the stock market rallies, so will bitcoin.

    His finding is based on correlation analysis that goes back to the beginning of last year.

    "Bitcoin doesn't necessarily go along for the ride," Colas said Wednesday on CNBC's "Trading Nation."

    Bitcoin prices and stocks may not rise in tandem, but he did detect one clear trend that could be useful for investors.

    "During the recent market drawdown in the early part of February, the correlation was really high. As stocks went down, bitcoin went down," Colas said. "Bitcoin faded just like a stock. However, as stocks began to rebound that correlation fell apart."

    Colas, who owns a quarter of one bitcoin (worth about $2,700), contends investors may be better served by using a highly accessible strategy that relies only on an internet connection.

    "The precursor for opening a wallet for many people is just googling the term 'bitcoin,' 'how to buy a bitcoin wallet,' 'how to buy a bitcoin' and so forth. So, as bitcoin searches go up, it's a precursor to bitcoin prices appreciating as well," he said.

    The correlation was particularly significant between Thanksgiving and Dec. 17, when bitcoin was surging to its $19,843 record. Since then, the emerging asset has plunged 45 percent and is now bouncing along the $10,000 level.

    Bitcoin's next catalyst
    For bitcoin to stage another breakout, Colas says it would take a major announcement from a retailer such as Amazon about using it for payment. Right now, price volatility and underdeveloped technology is a roadblock.

    Even though he doesn't see a near-term surge, he is far from bearish. His 2018 average price for bitcoin is $14,000 — noting that there is a fair amount of crossover between people who own bitcoin and stocks.

    "It's such a polar discussion with people. We have clients who love it , and clients who hate it. And, there's really nobody in the middle," Colas said. "Every day it doesn't go to zero is another day it lives. And, every day above ground is a good one. That applies for people and bitcoin."

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    Make-or-Break Level? Bitcoin Pauses at Key Resistance

    Bitcoin's price is flirting with key resistance on the technical charts and could either break higher towards $17,000 or dip once more below the $10,000 mark.

    Having clocked a high of $11,599 earlier today, bitcoin is now trading at $11,473, according to CoinDesk's Bitcoin Price Index (BPI). While the cryptocurrency has spent the better part of the last 42 hours above $11,000, a convincing break above the key resistance level of $11,600 (inverse head-and-shoulders neckline) has remained elusive amid lighter trading volumes.

    Twenty four-hour trading volume stands at $6.17 billion today, compared to $7.28 billion seen a week ago. And, notably, although BTC has appreciated by more than 20 percent since the Feb. 25 low of $9,304, volume has hardly increased over the same period.

    Sluggish trading volume could be a cause for concern, although an argument could be made that the market has merely normalized as the market euphoria seen in December and early January has faded.

    Still, volumes may rise sharply if bitcoin sees a convincing break above the key resistance.

    The above chart (prices as per Bitfinex) shows:

    BTC closed yesterday (as per UTC) above the descending trendline (white dotted line) resistance and $11,306 (38.2 percent Fibonacci retracement of the sell-off from the Dec. 17 high and Jan. 6 high), signaling a bullish breakout.
    However, the inverse head-and-shoulders neckline resistance at $11,600 is proving a tough nut to crack. Prices did clock a high of $11,623, but quickly fell back below $11,500
    The 5-day moving average (MA) and the 10-day MA are trending northwards, indicating a short-term bullish setup, while the 50-day MA continues to slope downwards in favor of the bears.

    BTC exited the ascending trendline yesterday and has not been able to hold above the neckline resistance today, so the cryptocurrency looks quite heavy.
    The RSI is creating a head-and-shoulders-like pattern. Hence, the bulls need to cut through the neckline resistance soon or prices could drop below $11,050 (previous day's low), pushing RSI below the head-and-shoulders neckline support (and into bearish territory).

    A high volume breakout (daily close as per UTC) above $11,600 would open the doors to stronger gains towards $17,000 (inverse head-and-shoulders target as per the measured height method). On the way higher, the pair may face resistance at $14,584 (61.8 percent Fibonacci retracement).
    On the downside, a move below $11,050 (previous day's low, strong support as per the 4-hour chart) would abort the immediate bullish outlook and could yield a drop below the $10,000 mark.
    In that case, the dip could be short-lived as the 5-day MA and 10-day MA are sloping upwards.
    Bearish scenario: Failure to take out the inverse head-and-shoulders neckline hurdle in the next 48 hours followed by a break below the descending 50-day MA ($10,240) would suggest the corrective rally from the Feb. 6 low of $6,000 has ended. Bitcoin prices could then proceed to revisit $7,960

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    A decade from now, bitcoin is more likely to be $100 than $100,000, Harvard economist says

    The likelihood of bitcoin falling to $100 was greater than that of the digital currency rising to $100,000 a decade from now, Harvard economist Kenneth Rogoff said.

    Regulation would be a trigger for the move lower in prices, Rogoff said, although he acknowledged that it would not be an overnight development.

    The likelihood of bitcoin prices falling to $100 is greater than that of the digital currency trading at $100,000 a decade from now, Harvard University professor and economist Kenneth Rogoff said on Tuesday.

    "I think bitcoin will be worth a tiny fraction of what it is now if we're headed out 10 years from now ... I would see $100 as being a lot more likely than $100,000 ten years from now," Rogoff told CNBC's "Squawk Box."

    "Basically, if you take away the possibility of money laundering and tax evasion, its actual uses as a transaction vehicle are very small," the former chief economist of the International Monetary Fund (IMF) said.

    While bitcoin has been associated with illicit transactions, estimates of the proportion of the digital currency used in illegal activities vary. Shone Anstey, the co-founder and president of Blockchain Intelligence Group, gauged that the level of illegal transactions in bitcoin had fallen to 20 percent in 2016 and was "significantly less than that" in 2017.

    Rogoff said that government regulation would be a trigger for the drop in bitcoin prices, although he stressed that it would take time to develop a global framework of regulation.

    "It really needs to be global regulation. Even if the U.S. cracks down on it and China cracks down, but Japan doesn't, people will be able to still launder money through Japan," he said.

    Meanwhile, regulatory developments in the cryptocurrency landscape depend on individual countries. Bitcoin was legalized as a currency by Japan last year and the country has also officially recognized a number of cryptocurrency exchanges. But a massive theft of tokens worth $530 million in January saw authorities push for improvements.

    South Korea, on the other hand, has implemented rules that allow cryptocurrency trading only from real-name bank accounts.

    Private sector 'invented everything' related to currency
    Bitcoin traded around $11,242.61 during Tuesday Asia morning trade, according to industry site CoinDesk. The digital currency is down around 16 percent this year, having fallen from a record high of more than $19,000 in December last year.

    But one reason authorities have been slow to act when it comes to regulating bitcoin is due to the anticipation of the technology behind the digital currency, according to Rogoff.

    "They want to see the technology develop," Rogoff said, adding that the private sector has historically "invented everything" in the history of currency, from standardized coinage to paper currency.

    Bitcoin is just one application of blockchain technology, a term used to refer to distributed ledger technology that allows transactions to be recorded and maintained, which has been identified as a major area of growth.

    This is not the first time the economist has pointed to cryptocurrency prices falling. Before bitcoin sold off in December last year, Rogoff told CNBC last October that prices of the digital currency would "collapse" amid attempts by governments to regulate the space.

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    Bitcoin’s Tokyo Whale Sold $400 Million and He’s Not Done Yet

    He’s not your typical Bitcoin whale, but Nobuaki Kobayashi has become a force to be reckoned with in the cryptocurrency world.

    The Tokyo attorney and bankruptcy trustee for the now-defunct Mt. Gox exchange disclosed on Wednesday that he sold about $400 million worth of Bitcoin and Bitcoin Cash since late September. Kobayashi is sitting on another $1.9 billion of the tokens and will consider offloading those too as he raises cash to distribute to Mt. Gox’s creditors.

    Once the world’s biggest Bitcoin exchange, Mt. Gox filed for bankruptcy protection four years ago after disclosing that it lost 850,000 Bitcoins, then worth about $500 million. The company, which later said it recovered about 200,000 Bitcoins, blamed hackers for the loss.

    While Kobayashi didn’t provide details on his strategy for offloading the coins, he said he tried to get “as high a price as possible.” Disclosures in his report on the Mt. Gox website suggest his Bitcoin sales since September fetched the equivalent of $10,105 on average. The cryptocurrency was trading at $10,554 as of 10:17 a.m. London time on Wednesday.

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    Japanese Financial Regulator Issues ‘Punishment Notices’ For 7 Crypto Exchanges

    The Japanese Financial Services Agency (FSA) has sent “punishment notices” to seven crypto exchanges and temporarily halted the activities of two more after a round of inspections prompted by January’s Coincheck hack, CNBC reports Thursday, March 8.

    The FSA issued business improvement orders for a lack of “the proper and required internal control systems” to seven exchanges, including Coincheck, which was specifically cited as lacking a system for preventing money laundering and the financing of terrorism.

    Exchanges Bit Station and FSHO are to be closed for one month from today, according to CNBC. The FSA reported that a senior Bit Station official used exchange customers’ Bitcoin (BTC) for personal purposes, and Bit Station has ended its application for registering as an exchange.

    The hack of more than $500 mln of NEM from the Japanese Coincheck crypto exchange has been attributed to the fact that the coins were stored on a low-security hot wallet. In the aftermath of the hack, the FSA inspected Coincheck and ordered all Japanese crypto exchanges to submit reports on their risk management systems.

    The FSA also announced in mid-February on-site inspections of 15 Japanese crypto exchanges, those currently awaiting registration, of their computer safety system measures.

    Coincheck had promised customers to refund all stolen coins, a statement supported by the FSA, who confirmed through CNBC that Coincheck had enough funds to do so and would be releasing a reimbursement plan later today.

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    IBM is Working on 400 Blockchain Projects with 63 Clients

    IBM has said that it is working with 63 blockchain clients on 400 projects related to the technology as companies continually embrace the emerging industry.

    In a report from Business Insider, a document shows that 25 of those clients are involved with global trade with 14 focusing on global payments and food tracking. Its list of clients includes the likes of Walmart, Visa, Nestle, and HSBC.

    Jim Kavanaugh, IBM chief financial officer, said earlier this year that:

    For us, blockchain is a set of technologies that allow our clients to simplify complex, end-to-end processes in a way that couldn’t have been done before.

    In February, it was reported that Agility, a global logistics provider, had teamed with Maersk and IBM to provide secure and efficient methods at tracking container shipments via the blockchain technology. Agility’s role is to identify events linked with individual shipments and to share and receive information about them via the blockchain. The aim is to reduce costs and increase shipping efficiency by putting information pertaining to shipments on a secure, distributed platform.

    Earlier this month, Pacific International Lines (Pte) Ltd, port operator PSA International, and IBM Singapore were reported to have successfully completed a trial using the blockchain to track and trace cargo supply chain. After signing a memorandum of understanding (MOU) with IBM in August, the aim was to use innovative technologies such as the distributed ledger to improve security, efficiency, and transparency in the supply chain business.

    Walmart, JD.com, IBM, and Tsinghua University are also working together to enhance food tracking, traceability, and safety in China. In December, the four came together to launch the Blockchain Food Safety Alliance in the country.

    Frank Yiannas, vice president of food safety and health at Walmart, said at the time that:

    As a global advocate for enhanced food safety, Walmart looks forward to deepening our work with IBM, Tsinghua University, JD and others throughout the food supply chain. Through collaboration, standardization, and adoption of new and innovative technologies, we can effectively improve traceability and transparency and help ensure the global food system remains safe for all.

    The insights are designed to shine a light on how the technology can aid at improving processes such as recalls and verifications while enhancing customer confidence with greater transparency.

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    despite the fact that we've got lived the delivery of numerous crypto-currencies like etherium, Bitoin always broadcasts the leader of his domain. remaining month, bitcoin cash will increase the block size up to 13 MB, allowing quicker transactions and a much less difficult scaling procedure. the new enhancements strongly effect the bitcoin and generate excessive volatility..thanks

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    Finnish Crypto Exchange Risks Collapse As Banks Refuse To Do Business

    Finnish cryptocurrency exchange and crypto wallet services provider Prasos Oy is one step from being “frozen”, as most Finnish banks will no longer conduct business with them, Bloomberg reports March 9.

    Founded in 2012, Prasos has seen a ten-fold spike of transaction volumes reaching $185 mln in 2017, which became a subject of concern among the banks.

    Finnish banks do not have a codified set of regulations surrounding cryptocurrencies and the anonymous nature of cryptocurrency transactions could potentially run afoul of current Finnish anti-money laundering laws (AML). As a result, four banks; S-Bank, the OP Group, Saastopankki, and Nordea Bank AB closed Prasos Oy’s accounts in 2017. For now, Prasos has to manage all its clients’ transactions through one bank.

    Tomi Narhinen, CEO of Saastopankki, commented that the anonymous character of crypto operations breaches the AML laws of the European Union (EU).

    “In most cases it’s practically impossible or at least very hard to do business with cryptocurrency dealers and exchanges, because it can be impossible to determine the origin of the funds,” said Narhinen.

    Prasos’ CEO Henry Brade noted that the company is facing a critical situation. “The risk is that we’ll see our last bank account closed before we can get the next one opened,” Brade stated. “That would freeze our business.”

    The legal status of cryptocurrencies in the European Union was cast further into question in December 2017, when the EU decided to more closely regulate cryptocurrency exchanges in order to protect banks against money laundering and tax evasion.

    Brade noted that the company has fully adapted AML measures, and it expects the authorities to formulate the necessary regulations.

    “We’ve created identification practices, which we have taken into use in March, and they comply fully with anti-money laundering laws and regulations, even though authorities do not even require this from us as our business is not under regulatory obligations.”

    Cointelegraph reported in February that Finnish authorities were confused by Treasury guidelines surrounding the storage of 2,000 confiscated bitcoins.

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    Japan's Third-Largest Electric Provider Is Testing Bitcoin On Lightning

    Japan's third-largest electricity provider is emerging as one of the first major companies in the world to trial a promising bitcoin payments technology.

    Revealed exclusively to CoinDesk, Chubu Electric Power Co. has entered into a proof-of-concept with local bitcoin and Internet of Things (IoT) startup Nayuta, one that finds it exploring how bitcoin payments can be made via the Lightning Network, an in-development protocol that promises to cut costs for bitcoin users.

    Boasting 15,000 employees and more than 200 power generation facilities, Chubu is now using Lightning to prototype a new way of letting customers pay to charge an electric vehicle.

    In a demo of its work, Chubu and Nayuta went so far as to show how a Lightning payment could be sent to an electric vehicle charger that, once paid, instantly turned on and began to energize a real-life vehicle.

    Chubu Electric Power Co. senior manager Hidehiro Ichikawa told CoinDesk that the test is part of the company's "market research" into how bitcoin could power its IoT needs, though he noted it doesn't yet have any official plans to accept Lightning payments from customers.

    In this way, Chubu's story resonates with others enchanted by cryptocurrencies but frustrated by their current capabilties. Of note is that Chubu has been experimenting with bitcoin for IoT for quite some time, but faced a wake-up call when it realized its blockchain isn't as cheap as advertised.

    Nayuta CEO Kenichi Kurimoto believes this test is a signal of something larger - an enterprise interest in using bitcoin to deliver IoT payments in a cost-effective manner with Lightning.

    "For IoT and blockchain applications, real-time payments are needed. We showed that second layer payments can be the solution," he said.

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