Bitcoin (BTC) Price Signaling Additional Losses Below $3,900

Bitcoin price failed to surpass the $4,000 resistance level and declined against the US Dollar. The price declined sharply and broke the key $3,940 support area to enter a bearish zone. Yesterday’s highlighted major bearish trend line is intact with resistance at $3,950 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair traded towards the $3,850 support and it is currently higher towards key resistances. Bitcoin price declined below important supports near $3,940 against the US Dollar. BTC might correct in the short term, but…

Why Fake Volume Plague Could Actually Raise Odds of Bitcoin ETF

In March 2017, the U.S. Securities and Exchange Commission (SEC) denied the first ever bitcoin exchange-traded fund (ETF) proposal. Since then, many bitcoin ETF applications have been filed by nearly ten companies, and many of them have been rejected by the SEC for similar reasons. This week, in a presentation to the SEC, Bitwise revealed that the overwhelming majority of the trading volume in the bitcoin exchange market is fake and that a substantially large portion of the global bitcoin volume comes from the United States. Ironically, the fake volume…

Bitcoin (BTC) Dominance Drop to 50 Percent, will Sell-off Boost Altcoins?

Bitcoin Prices slumping Solactive and CMC launching two crypto indices Transaction volumes less than half those of late Feb CMC in partnership with Germany’s Solactive will launch two crypto indices. Data broadcasts will be from several terminals including Bloomberg’s GDIS and Börse Stuggart. With information based on performance, Bitcoin (BTC) traders will be better equipped and trade accordingly. Bitcoin Price Analysis Fundamentals At the time of writing and drawing data from CoinGecko, Bitcoin enjoys a dominance of 50 percent with a market cap of roughly $69,994 million. If anything, this…

Bitcoin Blockchain Costs Approx. $7 Million a Day to Stay Secure

It takes an average of $7 million every day to secure the Bitcoin blockchain network, according to Messari. The cryptocurrency data portal published a new screener this Monday which outlined the revenues paid to miners for top proof-of-work coins. The Screener based its figures on new issuance and transaction fees, eventually finding that Bitcoin produced the maximum output among all the PoW assets, issuing $7.392 million worth of bitcoin tokens every 24 hours and distributing over $115,000 in mining fees. Source: Messari In contrast, Ethereum’s daily issuance rate was almost…

Bitcoin is Nothing More Than ‘Bovine Excrement’: Berkeley Researcher

Move over, Jamie Dimon, because there’s a new contender for the coveted title of “king bear of the bitcoin-bashing brigade”: technologist Nicholas Weaver. Technologist Nicholas Weaver Rants Against Bitcoin While he might not have the mainstream name recognition of Jamie Dimon, or Warren Buffett, or even Nouriel Roubini, Weaver – a senior researcher at the International Computer Science Institute at Berkeley – has proven that he can sling bitcoin barbs like the best of them. Nicholas Weaver is a contender to lead the bitcoin-bashing brigade. | Source: ICSI/Berkeley Speaking during…

Bitcoin Price Consolidation Continues, Downside Break Looks Likely

View Bitcoin’s current trading range of $3,920–$4,055 could be breached to the downside, as last week’s doji candle created at the key 21- week moving average resistance is signaling bullish exhaustion. A downside break of the trading range, if confirmed, could yield a sell-off toward the support levels lined up at $3,775 and $3,658. On the higher side, a UTC close above $4,055 is needed to put the bulls back into the driver’s seat, although that looks unlikely at press time. Chart signals of bullish exhaustion suggest bitcoin’s (BTC) narrowing trading…

Bitcoin News Summary – March 25, 2019

Here’s what happened this week in Bitcoin in 99 seconds.  Digitec-Galaxus, considered Switzerland’s Amazon.com, started accepting Bitcoin and 9 major altcoins. The company will utilize payment processor Coinify to instantly convert all crypto received into Swiss francs. The company may expand this initiative to German customers in future. Jack Dorsey, CEO of Twitter and payments app Square, tweeted that Square is hiring crypto engineers. These developers will be paid for working on open source Bitcoin or crypto projects, and will be paid in Bitcoin. Binance is launching a new…

Bitcoin (BTC) Price Won’t Go Quietly, Risk of Break Grows

Bitcoin price is currently consolidating above the $3,940 support area against the US Dollar. The price is likely to grind higher above $4,000 as long as it is above the $3,940 support. There is a key bearish trend line is forming with resistance at $3,980 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could accelerate gains once there is a close above $4,000 and the 100 hourly SMA. Bitcoin price seems to be preparing for the next break against the US Dollar. BTC is…

Crypto Market Testing Key Hurdle: BNB Rallies 12%, Bitcoin Cash, EOS, TRX Analysis

The total crypto market cap seems to be facing a couple of important resistance levels. EOS price is slowly moving higher from the $3.62 support area, with a positive angle. Binance Coin (BNB) surged more than 10% and broke the $16.50 resistance. Bitcoin cash price is currently consolidating above the $165 support level. Tron (TRX) price retreated from highs and declined more than 4%. The crypto market is slowly moving lower, while bitcoin (BTC) and Ethereum (ETH) are facing many hurdles. Binance coin (BNB) rallied recently, whereas BCH, ripple, EOS,…

Bitcoin Basher Agustin Carstens Rails Against Central Bank Crypto Plans

Agustin Carstens, Bank for International Settlements (BIS) general manager and a noted bitcoin critic, has said that the launch of central bank-backed crypto assets could undermine financial stability. During his speech at the Central Bank of Ireland, the BIS official said: “There are huge operational consequences for central banks in implementing monetary policy and implications for the stability of the financial system. Central banks do not put a brake on innovations just for the sake of it. But neither should they speed ahead disregarding all traffic conditions.” Considering the role…