Limited supply and increasing demand are pushing Bitcoin into becoming digital gold.
In September’s crypto outlook newsletter, Bloomberg’s analyst Mike McGlone observed that the price of Bitcoin (BTC) could either be heading to the $500,000 mark, or it could fail. McGlone has continued to reiterate that in his view, Bitcoin is set to become digital gold. He emphasized once again how Bitcoin’s limited supply and increasing demand were key adoption indicators, and drew comparisons to the 2017 bull run:
He then proceeded to beg crypto traders to switch to the stock market instead.
"I’m begging my crypto friends to get involved in the stock market," Portnoy, also known as Davey Day Trader, said in a Sept. 2 tweet. "Bitcoin is stuck in the mud," he explained, adding:
Included in the tweet, Portnoy posted a scene from the movie "Captain America: The First Avenger" — the scene in which the main charact ... Read more »
Bitcoin, gold, and the S&P 500 all sharply dropped today, causing traders to fear BTC is on the verge of a trend reversal.
The price of Bitcoin (BTC), the S&P 500 index, and gold all fell simultaneously on Sept. 3. The sentiment around the markets remains cautiously negative after the drop.
Two factors likely triggered the abrupt decline of Bitcoin by over 8% on the day. First, miners sold off unusually large amounts of BTC in a short period. Second, the U.S. dollar index has started to recover from a key multi-year support area.
Pools may be attempting to trade the dip, CryptoQuant suggests as its CEO warns about rivalries building.
Bitcoin (BTC) losing 5% in a day has sparked major changes for miners, data shows as mining pools suddenly send large amounts of BTC to exchanges.
Data from on-chain monitoring resource CryptoQuant reveals that Sept. 2 saw outflows spike across major mining pools.
CryptoQuant expects “war” over BTC bull market
Taking three pools — Poolin, Slush and the now-defunct HaoBTC — total outflows for Wednesday hit 1,630 BTC ($18.5 million).
The figure dwarfs those seen recently, and came as BTC/USD rapidly lost $12,000 levels to bounce off $11,150.< ... Read more »
Views: 141 | | Date: 04.09.2020 | Comments (0)
The techniques are sophisticated but crypto laundering cases are still relatively small.
British multinational security company BAE Systems and the Society for Worldwide Interbank Financial Telecommunication, or SWIFT, have published a report revealing how cybercriminals launder cryptocurrency.
According to the study Follow the Money money laundering cases via crypto are still relatively small compared to the huge volumes of cash laundered through traditional methods like wire transfers.
But there are some notable examples and the report goes in-depth into the money laundering methods employed by Lazarus Group, a well-known hacking gang sponsored by the North Korean regime.
Lazarus typically steals the cr ... Read more »
Bitcoin has crashed below $10,000 for the first time in seven weeks.
An aggressive week of selling has seen the price Bitcoin (BTC) fall below $10,000 for the first time since late-July, triggering fear in the markets.
After posting a local top of roughly $12,500 on August 17, BTC consolidated between $11,250 and $12,100. However, the last three days have seen sellers reject $12,000 and take over the market. Roughly four hours ago, Bitcoin briefly changed hands for $9,990 after seven weeks of price action above $10,000.
Weakness across macro indices draws frightening comparisons to the Wall St. Crash, exactly 91 years to the day that markets began to die.
Bitcoin (BTC) may be testing $10,000 but further losses would not be unusual, says an asset manager on the 90th anniversary of the Wall St. Crash.
In a tweet on Sep. 4, Raoul Pal said that the past 24 hours’ BTC price declines were nothing out of the ordinary.
Pal eyes Bitcoin buying opportunity
“In the post-Halving bull cycles, bitcoin can often correct 25% (even 40% + in 2017), throwing off the short-term traders (or giving swing traders a shot at the short side),” he wrote.... Read more »
Cryptocurrencies like Bitcoin don't quite convince Bailey, but he sees a lot of potential for stablecoins.
During a virtual conference hosted by the Brookings Institute, Andrew Bailey, Bank of England’s (BoE) governor, stressed that crypto assets are just “unsuited to the world of payments.”
In prepared remarks on the future of cryptocurrencies and stablecoins, Bailey qualified Bitcoin (BTC) as an asset that has “no connection at all to money.”
Also, he showed reluctant himself to believe crypto assets are a proper investment opportunity, because “their value can fluctuate quite, widely, unsurprisingly.”
Bailey provided such comments while talking about ... Read more »
Views: 134 | | Date: 04.09.2020 | Comments (0)
Not even the Colombian president is exempt from being impersonated by Bitcoin scammers.
The Colombian police have issued a warning about fraudsters promoting a Bitcoin scam website to social media users.
The “announcement” about the launch of a fake Bitcoin-related investment system was purportedly “approved” by Ivan Duque, President of Colombia.
According to Colombia Check, quoting a statement by the Cybernetic Police Center, the site promotes a Bitcoin investment opportunity (BTC) that Duque is quoted as saying will offer “relief to the economic crisis triggered by the coronavirus pandemic.”
The post claims that the president signed “the biggest deal of the century&rd ... Read more »
Views: 139 | | Date: 04.09.2020 | Comments (0)
Bitcoin and gold prices respond negatively to the rising dollar because markets price both assets with the dollar. If the dollar value goes up, the value of BTC relative to the dollar goes down.
Since the dollar increased from its monthly open on Sept. 1, the price of Bitcoin declined from $12,086 to as low as $11,160. Gold has seen a similar response, declining by nearly 1.8% in the past two days.
The daily chart of the U.S. dollar index with key levels. Source: Trader XO
In the near term, analysts generally anticipate the dollar’s momentum to strengthen. This week, the ECB said it would look to offset the rising euro by controlling exports and encouraging more monetary stimu ... Read more »