Cryptocurrency News

Bitcoin rallies 25% in April

Bitcoin rallies through April

Bitcoin has rallied 25% so far in April, after crashing nearly 70% from its high of $18,000 earlier this year. What is causing this rally?

What we saw in December and January was a “bubble”. Get-rich-quick investors were drawn by the hype around bitcoin, and invested in their droves, pushing the price sky-high. Now, thankfully, a large proportion of those have got out, to be replaced by more institutional money: cryptocurrency funds, wealthy individuals and established financial firms. What has gone too are the futures contracts and the pump and dump strategies of the banks.

Oh, and we should also mention the 16,000 bitcoins that the defunct Mt. Gox dumped on the market over the past few days. Despite their dumping, the market proved to be remarkably resilient, with only short-term downward pressure on the price.

bitcoin tries to rise above 200 SMA

Bitcoin challenges its 200 SMA

What we are seeing now is a calmer, more stable and predictable market for bitcoin at the moment. In fact, it is behaving remarkably like any other stock or currency behaves at the moment.As we write, it is rallying to challenge its 200 SMA (200 day moving average) price of $9865. Passing through or falling away from this marker can give us an indication of whether we will see continued growth in coming weeks, or whether the bears will once again take control. Whichever it is, with all that hype and frenzy gone – at least for now – everyone can get down to the real question about bitcoin – what need is it filling, and how well does it do that? The answer to those questions determines its value, at the end of the day.

Bitcoin has a value, although experts disagree on where that value lies. Some believe its value is as a security, such as gold. Others believe its value is as a currency – a form of trade. While the jury is still out on this, as the 17 millionth bitcoin was mined this week, one thing is clear. There is an appetite for bitcoin and cryptocurrencies that is not going away any time soon.



Market Overview: Crypto crash begins again

Crypto crash begins again as Bitcoin falls below $10,000 dollars and the overall cap falls below $425 billion. Another corrective event looms large over the market. Latest news highlights a changing attitude to Bitcoin usage. A UK payment company has seen a spike in Bitcoin chatter by SMEs. CoinFlip wants to continue its ATM rollout to help more people access Bitcoin. FUD is a problem and some are starting to talk about it.

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As Bitcoin falls below $10,000 once more and the overall market cap hovers once again below the $425 billion mark, correction looms in the air.

UK SMEs believe cryptocurrency will become more mainstream as a payment facility by 2020. In a survey by PaymentSense, which surveyed 504 small businesses, over a third reported that crypto payments would become the norm within the next five years.

Crypto Coin Network caused a stir with an opinion article outlining the crypto journalism problem of “FUD”. For the uninitiated, FUD means Fear Uncertainty Doubt. It is a ‘catch-all’ term applied to negative news that could help push down coin values. There is a fear propaganda is the alternative and that crypto news sites need to focus on quality journalism.

CoinFlip is a Bitcoin ATM and is endeavouring to bring Bitcoin ATM usage worldwide. The company is growing with 76 percent growth in 2016. The company overall argues that massive growth outside of Asia could see major purposeful usage in Europe and North America.

Market Trends

As the entire top ten, apart from Bitcoin and Litecoin are awash in red, further correction continues. According to Coins.Live, Bitcoin is down 1.85 percent to $9,583.56. Ether is up 0.63 percent to $849.50. Ripple is down 3.19 percent to $0.92027. Bitcoin Cash is down 2.67 percent to $1,157.41. Litecoin is up 5.40 percent to $ 222.20.

The remainder of the top ten is as follows. Cardano is down 0.77 percent to $0.32464. NEO is up 0.33 percent to $118.99. Stellar is down 1.29 percent to $0.34876. EOS is down 4.46 percent to $7.71. IOTA is down 4.59 percent to $1.79.

Dash has fallen out of the top ten pushing Monero down too. The corrective behaviour continues with NEO and IOTA moving places.

Overall, as the physical infrastructure of Bitcoin usage continues and as more developments occur, this latest correction is a more natural experience. This isn’t a response to an event but an event that will cause a radical response. The structural integrity of cryptocurrencies is safe. However, there is a need for further corrective behaviour to help secure the top crypto coins.



Market Overview: Bitcoin falls, market correction continues

 

As Bitcoin Falls, the market correction continues apace. The correction has solidified in the top ten but the second tier within the top twenty are experiencing a strong corrective event allowing Monero and other cryptocurrencies to edge nearer to the top ten.

In latest developments, SegWit will be implemented by Coinbase. Crypto scammers are using fake verified accounts on Twitter to scam unsuspecting crypto investors. The SEC is clamping down on rogue listed ‘blockchain’ linked companies.

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Coinbase has announced that the transition to SegWit will begin the implementation stage. The roll-out, over the coming weeks, will help improve customer experience. Coinbase states:

“this implementation we can provide our customers with bitcoin withdrawal fees that are up to 20 percent lower, as well as faster-than-ever transaction speeds.”

Coinbase is following in the wake of Binance and other key exchange platforms who have already implemented SegWit into their own system infrastructure.

Cryptocurrency scammers are hijacking ‘verified’ Twitter accounts to trick crypto investors. Many crypto-analysts are asking Twitter to take down fake scammer accounts.

CCN reported on fake Vitalik Buterin accounts asking for 0.3-0.7 Eth donations in exchange for 3-7 Eth coins. One address has managed to scam $20,000 worth of Eth in a short period of time.

The Securities and Exchange Commission has suspended trading in three blockchain-focussed companies.

The SEC is unimpressed by ‘blockchain’ companies pandering to the public interest by simply inferring any link to blockchain to boost their overall stock value.

Three lowly penny stocks have been suspended from OTC market due to the SEC ruling.

Market Trends

As the corrective ‘awakening’, as some media outlets have described the current period, continues, the SegWit news and other developments haven’t fed into retail investor mentality in quite the same way as previous corrective events.

According to Live.Coins, Bitcoin has fallen 1.25 percent to $9,744.73 – under the $10,000 threshold. Ether is up 0.84 percent to $841.10. Ripple is up 0.36 percent to $0.94907. Bitcoin Cash is down 1.08 percent to $1186.64. Litecoin is up 6.13 percent to $214.82.

The remainder of the top ten are as follows: Cardano is up 0.90 percent to $0.32697. NEO is up 1.02 percent to $117.97. Stellar is down 1.61 percent to $0.35186. EOS is down 0.49 percent to $8.01. IOTA is up 15.63 percent to $1.93. Dash is up 0.17 percent to $592.38.

NEM’s continued collapse has allowed Monero to claim the 11th position – up 0.97 percent to $275.23. Ether Classic is also at 12th place – down 2.09 percent to $37.05. The correction has solidified in the top ten, but the battle continues in the top twenty.

Overall, the market has seen the flagship Bitcoin fall whilst the remainder is stuck in a corrective event that is pushing up some whilst pressuring others to fall. This is an evolutionary period in which the strong will overpower the weak – this event will continue.



Market Overview: Is it the public, not regulators, who will decide on crypto?

Malaysia’s central bank has rather philosophically articulated that it is the general public and not regulators who will decide the future of cryptocurrencies. As the entire top ten, bar Bitcoin, Litecoin and NEO, are in the red, are the public cooling? Ubisoft, the video game giant, is looking at how blockchain could help change the way gamers engage with additional content needs. In the ever-continuing regulatory drive, Austria has announced it is set to regulate Bitcoin like derivatives.

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The head of the Malaysian Central Bank has stated that it believes a soft-touch regulatory approach could help cryptos flourish in Malaysia. In a further admission, he stated that he wanted to see companies like Ethereum, Ripple and Bitcoin become more transparent without the need for government intervention. This is a notable divergence from the South Pacific Island region norm. However, Malaysia has become a strong adherent to low-regulation in all other facets of business life.

Ubisoft, the video gaming giant, has announced that it is exploring the power of blockchain technology in a move to diversify the company’s income stream. The company wants to explore how blockchain could intersect with game engine technology and other DLC-related engagement. The move could help the company apply new ways of engagement through the blockchain. The company’s DICE division has been tasked with exploring key blockchain concepts and their applicability towards this goal.

Austria is set to regulate Bitcoin like it would derivatives, like Gold. The Austrian Finance Ministry has noted that the immutability and decentralized nature of the crypto experience means that it can be utilised by criminals for nefarious reasons. This regulatory drive is helping the Austrian authorities to help manage money laundering through cryptocurrencies by linking them to derivatives like Gold and managing them as assets.

Market Trends

As all but three tokens grow, the rest of the top ten languish on a canvas of red. According to Coins.Live, Bitcoin is up 0.97 percent to $10,238.10. Ether is down 0.52 percent to $854.61. Ripple is down 2.17 percent to $0.96808. Bitcoin Cash is down 2.21 percent to $1,241.39. Litecoin is up 2.91 percent to $209.21.

The remainder of the top ten is a mixed bag. Cardano is down 0.06 percent to $0.33674. NEO is up 0.85 percent to $120.61. Stellar is down 1.08 percent to $0.36943. EOS is down 3.02 percent to $8.26. Dash is down 2.61 percent to $613.96.

Overall, market uncertainty doesn’t stem from news-related pressures. This is a continuation of the mid-week dive and the uncertainty that occurs after the ‘storm’. The correction continues with Monero and Dash growing in value against IOTA and EOS. Who knows, maybe the public, not regulators, will make the key decisions about the future of crypto?



The Crypto Rally Ends

Market Overview: A Trillion Dollar Crypto market?

A renowned analyst argues that the entire crypto market could be worth a trillion dollars – double the current value, in 2018. The market has recovered from yesterday’s fall. The news that South Korean exchanges plan to self-regulate, that Bitcoin robberies are a ‘thing’ and that the crypto landscape could double in value has all helped to bring some calm back to the market in different ways.

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South Korea’s cryptocurrency trade association will undertake self-regulatory steps to help provide the membership with a strong compliance backbone in the face of continued Government uncertainty over full-scale Government regulatory oversight. The move is being seen as a first step salvo against financial body oversight, which is what some are touting in the county from different political parties.

Taiwan has suffered its first Bitcoin robbery – joining the growing list of international cities who have experienced this growing and distressing development. According to unverified reports, four men have been arrested by the Taiwanese authorities following the alleged robbery. The growing criminal activity around cryptocurrency is now slowly going ‘old school’ in terms of street muggings for Bitcoins.

A top BitWise executive has predicted that the entire cryptocurrency marketplace could top $1 trillion dollars in 2018. The market currently stands at $450 billion dollars. Matt Hougan, the Bitwise exec in question, believes that the pathway to a trillion will go through another serious correction. The near doubling of the market cap would represent a major increase in volume, traffic and usage.

Market Trends

The market is a mix of reds and greens as the market slowly corrects after yesterday’s rapid fall. According to Coins.Live, Bitcoin fell 1.71 percent to $10,283.20. Ether is up 3.35 percent to $865.32. Ripple is up 2.40 percent to $1.01. Bitcoin Cash is up 2.12 percent to $1,295.84. Litecoin is up 0.73 percent to $209.97.

The remainder of the top ten are as follows: Cardano is down 2.14 percent to $0.33899. NEO is up 1.87 percent to $121.92. Stellar is down 1.05 percent to $0.38. EOS is up 3.9 percent to $8.86. Dash is down 1.54 percent to $639.43.

Overall, the market conditions have once again felt the strain of a new correction. The ups and downs of diverse alternative coins illustrate the diversity of mentalities. However, growth has returned overall, and positive signs are pointing towards another period of growth. This is a much-needed experience as the corrective strains on the market are helping to dampen moods – maybe a trillion dollar market cap could help change perspectives?



Market Overview: Cryptos stumble, held up by Litecoin & Bitcoin

As the news filtered in that Bitfinex and Coinbase are rolling out SegWit updates in the next few days, market uncertainty caused a rapid sell-off of key tokens – only Bitcoin and Litecoin helping to buttress the top ten from total collapse.

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Bitfinex, one of the world largest exchanges, has introduced SegWit – a new blockchain layer protocol that will speed up Bitcoin transaction whilst reducing costs. The company stated:

“SegWit provides not only an immediate benefit for users but also a foundation for future Bitcoin development. By supporting SegWit addresses, Bitfinex is tackling three of the biggest crypto-enthusiast concerns: transaction fees, transaction speed, and total network capacity. We are delighted that through this implementation we can provide our customers with bitcoin withdrawal fees that are up to 20 percent lower, as well as faster-than-ever transaction speeds.”

Maduro’s state-run crypto project, the Petro – an oil-backed cryptocurrency, has pre-launched with 82.4 million tokens pre-mined out of 100 million in total circulation.

The new Petro will help Venezuelan President Maduro circumvent US sanctions. He has also started to lobby OPEC, the oil-producing cartel, to support his cryptocurrency scheme.

Jung Ki-joon, the head of crypto regulatory policymaking in South Korea was found dead in his home this weekend. The Wall Street Journal cited sources close to the government who said Mr Ki-Joon had died of a suspected heart attack. South Korea’s new Know-Your-Customer transparency policy has helped to clean up the illicit nature of crypto engagement in South Korea.

Market Trends

As the top ten swells with red once again, the overall market capitalisation has slipped below the $500 billion mark once more.

According to Coins.Live, Bitcoin is up 2.71 percent to $11,552.80. Ether is down 4.44 percent to $901.73. Ripple is down 4.46 percent to $1.09465. Bitcoin Cash is down 6.07 percent to $1,445.94. Litecoin is up 7.10 percent to $239.58.

The remainder of the top ten is awash with red. Cardano is down 2.46 percent to $0.38167. NEO is down 5.39 percent to $130.37. Stellar is down 9.91 percent to $0.40686. EOS is down 3.26 percent to $9.38279. Dash is down 4.03 percent to $699.57.

Overall, as the bullish sentiment retreats, the negative sentiment based on exchange-based pressure and regulatory talk will hurt market conditions. However, key flagships cryptocurrencies like Litecoin and Bitcoin are spearheading a radical rearguard action to help hold up market conditions.



Market Overview: Bank of England boss claims Bitcoin is a “failed” currency

As more regulatory noise comes out to the fore, the Bank of England Governor has argued that Bitcoin, as a currency, has “failed”. South Korea is further exploring regulatory frameworks to manage crypto investments. An Australian University has launched the first online blockchain course to help managers understand the power of the blockchain.

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Mark Carney, the Governor of the Bank of England, has stated that Bitcoin, as a currency and a digital asset, has “failed.” This ‘failure’ is predicated on the cryptocurrency’s failure as a medium of exchange and a store of value due to price volatility. This two-fold failure is the reason why its widespread adoption hasn’t been successful – although a nod to regulatory and consumer protection wasn’t cited by the BoE Governor.

South Korea has stated that it will support cryptocurrency transactions when developing enhancements to the country’s regulatory framework. After the country banned anonymous trading accounts, the government wants to provide firm support for legal cryptocurrency investments. The Know-Your-Customer transparency rules now mean the Government want to support this burgeoning technology and asset class.

An Australian University has launched the first online Blockchain course to help finance and management professionals understand the power of the blockchain. The 8-week course, which is called: ‘Developing Blockchain Strategy’, will nurture a new appreciation for blockchain. The course was co-developed by UK technology giant Accenture.

Market Trends

As the consolidated focused rally continues, uncertainty is growing. According to Coins.Live, Bitcoin is up 5.46 percent to $11,593.90. Ether is down 0.09 percent to $948.72. Ripple is down 0.75 percent to $1.14281. Bitcoin Cash is down 0.41 percent to $1,534.12. Litecoin is up 10.32 percent to $246.43.

The remainder of the top ten is a mixed bag of green and red. Cardano is up 0.41 percent to $0.39260. NEO is up 1.73 percent to $138.20. Stellar is down 4.54 percent to $0.43644. EOS is up 1.05 percent to $9.79096. Dash continues to outperform IOTA – up 1.87 percent to $727.30.

Overall the market response to the regulatory ‘debate’ between regulatory bodies is muted. Corrective behaviour is pushing some token values down as others solidify – the fall of Stellar and IOOTA and Monero and Dash’s rise is a testament to this changing landscape.



Market Overview: A Micro Rally?

The past twenty-four hours have presented the market with a focused rally on popular tokens. The overall market news surrounds the news that Telegram, the Russian privacy messaging app, has broken all ICO records with an $850 million mega fundraising record. US lawmakers continue to mull regulatory frameworks. Illinois is mulling a new blockchain infrastructure for real estate property transfers.

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The secure private messaging platform Telegram has quietly broken all other ICO records. A formal document filed with the SEC in the USA highlighted the alternative investment and the sums raised from the event – $850 million. The enormity of the sums involved, the SEC acceptance and the wider popularity of ICOs will help to nurture further growth in this sector.

Reuters broke a story outlining bipartisan support for Bitcoin crypto regulation. The unregulated nature of the current ecosystem is worrying lawmakers in the US. There are a lot of speculative and illegal activities harming retail investors. One Lawmaker noted:

“A lot of people don’t realize there’s nothing backing these virtual currencies. We have to look carefully at all of the cryptocurrencies and make sure individuals don’t get taken advantage of.”

The congressional focus is on consumer protection whilst others are examining ways of creating pathways of legitimacy that could help cryptocurrency assets find new markets within a more structured and regulated marketplace.

Illinois is exploring the potential blockchain could have on redeveloping the entire title transfer property information management process. Using the power of smart contracts to speed up real estate transfers. The move is supported by state lawmakers who believe the blockchain technology could save the state millions.

Market Trends

A unique, and somewhat rare, micro rally have formed around key assets. Ripple and Bitcoin being notable participants. According to Coins.Live, Bitcoin was up 3.11 percent to $11,121.34. Ether was down 1.2 percent to $932.23. Ripple was up 0.33 percent to $1.0827. Bitcoin Cash was down 0.22 percent to $1,501.88. Litecoin was up 3.3 percent to $241.38.

The remainder of the top ten was a mix of red and blue as consolidation continued. Cardano was up 0.01 percent to $0.39827. NEO was down 1.18 percent to $137.44. Stellar is down 2.83 percent to $0.4234. EOS is up 0.22 percent to $9.67283. Dash has pushed IOTA out of the top ten – up 1.11 percent to $724.28.

Overall, the market correction and micro rally were helped by strong consumer regulatory announcements along with positive news stories about the power of blockchain. Nonetheless, negativity remains and will remain until the G-20 meeting helps to solidify the demand for regulation to protect consumer rights.



Market Overview: Regulation talk starts to cool market rally

As US regulators talk about the generational ‘impact’ of Bitcoin and the pressing need for cryptocurrency assets, the overall market response was muted, the rally has slowed. However, overall, as Litecoin fell, Ripple rose, are these the tremors of market correction caused by consolidation?

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US lawmakers are currently discussing the US government’s relationship with cryptocurrency assets. Some crypto analysts believe the US could take a less hostile approach than India or China. However, expanding federal oversight cannot be stopped. The debate now has turned onto the notion of what type of regulatory approach could the US follow. The debate is on-going, but March G-20 meeting will help to further structure the wider debate.

Crypto Coin Network debates whether cryptocurrencies are necessary for blockchain’s future growth. The opinion piece argues that crypto’s “first-move” advantage heralded a ‘use’ for blockchain but in a changing blockchain ecosystem, the crypto token might become a smaller part of the history surrounding blockchain, only time will tell.

Cryptocurrencies have made many people rich. This new coterie of super-wealthy crypto investors has now developed a new crypto-infused philanthropy. Vitalik Buterin, the co-founder of Ethereum, has donated $100,000 to the Internet Archive. This is on the back of a $2.4 million donation to the Sens Research Foundation.

Market Trends

As the bull run comes to a close, the overall coolness has dented some cryptocurrency tokens whilst others have increased. According to Coins.Live, Bitcoin was up 1.18 percent to $10,202.42. Ether was down 0.22 percent to $902.33. Ripple was up 0.18 percent to $1.15443. Bitcoin Cash was up 1.2 percent to $1,501.44. Litecoin was down 2.2 percent to $238.94.

The remainder of the top ten was another mixed bag of results. Cardan was up 0.76 percent to $0.37823. NEO was down 2.34 percent to $129.43. Stellar was down 5.5 percent to $0.41832. EOS was up 0.55 percent to $9,1182. IOTA just pipped DASH with 1.8 percent growth sending the token’s value beyond $1.983.

The overall market sentiment was negative – regulatory talk has desensitised investor sentiment but general coolness after a rally is an expected reality in the volatile cryptocurrency ecosystem. The latest developments are a testament to the on-going crypto diversity and consolidation that has major ramifications for the entire cryptocurrency landscape. The news that crypto philanthropy is growing and that more regulation is being mooted hasn’t impacted the balanced market response.

 



global coin market cap hits $500 billion

Market Overview: Global Coin Market Cap hits $500 billion

As the global market capitalization breaks the $500 billion mark, the market continues to grow apace. News that Visa and Coinbase are at odds over credit and debit card fees has casued constenation. Hydro Quebec now wants to hike the prices on the very crypto miners they asked to move to Canada in the first place.Escrow accounts could end very soon if ABN AMRO has its way. These developments are all impacting the crypto landscape – whilst markets remain stable.

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Coinbase, one of the world’s biggest exchanges, has been caught out in a double charges scandal. The company and VISA are both at loggerheads as to who to blame. VISA noted that no other merchant using VISA experienced this double charge and that the company hasn’t undertaken any system changes – pointing the blame at Coinbase.

After the Chinese crackdown on crypto mining, many countries including Canada with lots of excess electricity generation started to woo mining companies to their territories. Quebec in Canada was one such area. However, in recent days Hydro-Quebec is worried that the increased demand could create structural demand problems and are looking at higher tariff rates.

ABN AMRO is exploring the power of blockchain accounts as a counter service against aging Escrow payment systems. The accounts, used primarily by bankers, could revolutionize the way for direct securities transactions without the need for Escrow backup. The technology could one day revolutionize personal banking services.

Market Trends

As the overall market capitalization for cryptocurrency tops $500,321,928, the top ten is awash in green. According to Coins.Live, Bitcoin is up 8.44 percent to $10,775.80. Ether is up 3.60 to $962.34. Ripple is up 1.23 percent to $1.13644. Bitcoin Cash is up 2.61 percent to $1,541.70. Litecoin is up 6.33 percent to $227.91.

The remainder of the top ten is also experiencing growth. Cardano is up 1.43 percent to $0.40152. NEO is up 11.05 percent to $134.59. Stellar is up 5.19 percent to $0.46902. EOS is up 1.35 percent to $9.97073. IOTA is up 6.47 percent to $2.15992.

What this means is that with a subdued rally changing people’s way of thinking the overall growth looks organic – with all sorts of negative and positive news not driving the rally in either direction.

Whilst VISA’s woes with Coinbase continue, along with Hydro-Quebec’s second thoughts’ on crypto mining, are creating negative pressures – the market cap is beyond $500 billion once more, Bitcoin is above $10,000 and volatility has disappeared.