Showing posts with label price analysis. Show all posts
Showing posts with label price analysis. Show all posts

December 21, 2017

Warning: Crypto whales selling to the little guy

By Stephen Alpher - December 21, 2017 (seekingalpha.com)


In keeping up with acceptable crypto-community behavior, many of the large crypto holders cashing out are portraying the move as noble act, writes Lionel Laurent.

The fact remains, however, that the Emil Oldenburg's and Charlie Lee's of the industry are selling after massive moves higher. The buyers are the little guys: Since the start of 2017, there's been an explosion of accounts holding tiny amounts of Bitcoin (0.1 or less), and a corresponding tumble in accounts holding sizable amounts.

Laurent: "It will be hard to ignore the niggling feeling that the latecomers piling into Bitcoin at the end of 2017 aren't quite as astute as the early birds who are getting out."

December 20, 2017

The CIO of a crypto hedge fund explains why the market will explode over the next 2 years

By Jacqui Frank, Kara Chin and Trevor N. Cadigan - November 28, 2017 (www.businessinsider.com)

Ari Paul, CIO of cryptocurrency hedge fund BlockTower Capital, talks with Business Insider executive editor Sara Silverstein about the value in cryptocurrency and where he thinks the market is headed in the next two years. Following is a transcript of the video. 

Ari Paul: I’m Ari Paul, CIO of BlockTower Capital and this is why there's value in cryptocurrency

Sara Silverstein: Why do you fundamentally believe that there is value in this cryptocurrency world?

Paul: So there are quite a few use cases. I think the biggest and clearest, and easiest to understand, is as a store of value that can't be censored and is resistant to seizure. And so, the really clear example of demand for this, that I see, is the offshore banking system. Which is roughly 20 trillion dollars today. And it's not just people trying to dodge taxes. Apple, Amazon, every billionaire on the planet, has wealth stored there. And firms like JPMorgan collect fees to offshore law abiding citizens’ wealth. And people want to store their wealth securely, in a way that no single judge could freeze all of their assets. Right? Amazon doesn't want their entire global business operation to be shut down by one judge in Brussels. They want to be able to go through a lengthy appeals process and keep their business operating. So cryptocurrency performs that same task of the offshore banking, of keeping wealth secure an order of magnitude better. So we see massive real fundamental demand for this use case.

Silverstein: And what other financial assets make sense to be on a decentralized database or why would they?

Paul: Yes, there’s a huge distinction between the money use case, store of value, and the blockchain use case, for other assets. And I think it’s useful to kind of separate those. So a blockchain makes a ton of sense to record in real-time legal title. So I was a treasury bond trader, for example, and an example in finance, that anyone who’s traded treasuries is familiar with, is: failure to deliver. So Goldman Sachs will sell a bond to Credit Suisse, who borrows it from JPMorgan, and the same bond, in a day, might trade across 12 banks. And if one back office fails, they fail to make delivery of that bond, you get what's called a cascading failure to deliver. Because no one knows who actually owns the bond. And that can take weeks to fix. So imagine if you just have a shared database, a database that each of those banks held, that was kept accurate in real time,  and that no one could maliciously change or manipulate. You would know who owns what bonds and you might be able to eliminate half of the existing back offices in big banks. So a massive cost savings.

Silverstein: So you believe in the blockchain as having a value in the future for us? How does that translate into value for cryptocurrency?

Paul: So, yeah. I think a really useful idea — a blockchain is just a type of database. It's a distributed ledger that in some use cases, like for a banking back office, is kind of like a database upgrade. So massive improvements in efficiency, but probably not that transformative or disruptive. When you take a blockchain and you make it public and decentralized, and then you add money to that — you add a cryptocurrency — then you're looking at something that is that first use case, that offshore banking system, that I think is fundamentally disruptive. And disruptive financially, economically, and even potentially politically.

Silverstein: Do you see any institutional money in cryptocurrency right now, and is that going to be a huge lever for these values to all skyrocket?

Paul: Absolutely, so we've seen this really clear path of adoption. The earliest adopters were engineers, self-described cypherpunks. Then you had a wave of kind of Silicon Valley tech elites, people who would have a successful exit, who had a high risk tolerance, and who liked taking risk on new technology. Then you had kind of an early wave of maybe people like myself with a little more of a Wall Street background, as well as high net worth individuals, who are a little bit risk-tolerant. What we’re seeing right now is a shift from small family offices to big. Venture capital firms are basically all in. So most of the famous venture capital firms, not only have they been in the space for a few years, they’re now directly investing in new cryptocurrencies. And of the ten largest family offices in the country at least seven of them on cryptocurrency. Maybe more, but seven I'm sure of. So the next wave is — in kind of the institutionalization of the space — is we’re having the CME futures that are likely to launch next month. There's a huge number of entrants who want to invest in cryptocurrency, but can’t. For security reasons, operational reasons, regulatory, but they can easily buy a future, that's on the CME. So that opens the door to groups like endowments and pensions. So far, endowments and pensions own zero cryptocurrency. You have an asset that has been the highest returning asset class over the last eight years and it’s uncorrelated to everything else. And while there’s certainly debate over the future prospects, it lines up as the holy grail for a portfolio. In the sense that, if you size it appropriately, if you size it small, the risks are idiosyncratic. It actually reduces the risk of a portfolio. So endowments and pensions, as they get comfortable with the space, in all aspects regulatory, compliance, as well as underwriting investment risk. They're going to get in. And that's a massive wall of money coming in to a relatively small asset class.

Silverstein: And what do you think the timeline is for that?

Paul: I think the first endowment is probably going to write a check in the next few months, a small check. Endowments won't be in size for probably six months and not in size by — from their perspective for probably 12 months. Pensions are probably 18 months away and the key — the reason given those dates is having third-party custody, that is a legal qualified custodian, is a huge hurdle particularly for pensions. You have issues like ERISA, that are actual fiduciary challenges. And having a third-party qualified custodian, for many crypto assets, is probably something like 12 months away, maybe 18 months away.

December 19, 2017

Coinbase adds Bitcoin Cash as price soars, Bitcoin dips

By Jon Buck - December 20, 2017 (cointelegraph.com)

After a veiled suggestion from president Asiff Hirji that Coinbase would potentially add other assets, the exchange has officially launched support for Bitcoin Cash (BCH), according to the company’s blog post.

The addition is a welcome Christmas gift for those who held Bitcoin (BTC) in Coinbase wallets on August 1 when the BCH fork occurred. Users who had BTC at the time of the fork have received an equal amount of BCH in the newly created wallets.

After previously refusing to support the coin, the company promised that BCH support would come before the end of the year.

The blog post also made clear that Coinbase employees have been restricted from trading BCH on the site for a number of weeks prior to the announcement. Nevertheless, accusations of insider trading have hit Twitter.

hey @coinbase , @GDAX and @brian_armstrong by being part of a product index for @CMEGroup you agreed to certain rules. Since bch news was clearly leaked around 2:30pm CST to certain parties. this qualifies as insider trading. Hope you enjoy the incoming complaints.

— I am Nomad (@IamNomad) December 20, 2017

Price jump, confusion


After the announcement, Bitcoin Cash’s price almost immediate jumped to over $3,000 on huge volume.


Interestingly, GDAX, the Coinbase affiliated site for trading, showed a startling price of $9,500 per BCH, though trading on the site was halted.


The Coinbase site showed the more widely published pricing. At press time, BCH was trading at $3,185, per the Coinbase site.

At press time, Bitcoin was trading at $17,000, having dropped from $19,000 to a low of $15,700 before partially recovering.

December 14, 2017

What is Ripple and why is it beating both Bitcoin and Litecoin?

By Chris Morris - December 14, 2017 (www.bitcointalkradio.com)


Forget Bitcoin. So long Litecoin. There’s a new cryptocurrency on the rise.

Ripple, which was designed for banks and global money transfers, has seen the value of its XRP digital currency skyrocket in the past three days. On Dec. 10, the company had a market capitalization of just over $9 billion. As of Wednesday morning, that market cap had more than doubled to $18.1 billion.

Prices for an individual Ripple XRP are considerably more affordable than its alternatives, making it even more attractive to cryptocurrency speculators. As of late Wednesday morning, a single XRP cost just 47 cents, a 66% jump from yesterday’s close, according to CoinMarketCap.

This surge has pushed Litecoin down to the fifth most valuable cryptocurrency. Both Ripple and Litecoin are still far below Bitcoin and Ethereum, however.

What is Ripple?


While it wasn’t released until 2012, Ripple is actually older than Bitcoin. The original version of the company was created in 2004, according to Bitcoin Magazine. It never really went anywhere, though, until it put a professional management team in place, which included E-Loan co-founder Chris Larsen and Jed McCaleb, founder of MtGox.

Ripple’s cryptocurrency has been adopted by banks and other financial institutions. Those companies believe Ripple’s system offers both better prices and is more secure than other digital currencies, including Bitcoin. It allows users to send, receive, and hold any currency in a decentralized way via the Ripple network. The company is cash-flow positive and holds a vast store of XRP, which it periodically releases into the market.

But the real appeal of Ripple’s XRP for banks is its liquidity.

“The liquidity needs of banks today is managed with literally ten trillion of float that sits in these nostro and vostro accounts. We believe very strong this is an inefficient model. You can use digital assets to fund liquidity, and Ripple is uniquely positioned to capitalize on that. Bitcoin takes four hours to settle a transaction. XRP takes 3.6 seconds,” Ripple CEO Brad Garlinghouse told Fortune earlier this year.

Why is Ripple surging?


Ripple’s rise seems to be a (pardon the pun) ripple effect from the surge of interest in Bitcoin. Investors who believe cryptocurrency may be reaching a peak are looking for others that could provide a greater return in the long term. The company has hit some notable milestones in recent months, though.

As of October, Ripple had licensed its blockchain technology to over 100 banks. Last month, American Express came on board. And Michael Arrington’s $100 million cryptocurrency hedge fund will be valued in Ripple’s XRP.

How much has Ripple grown in 2017?


Year to date, Ripple’s XRP has seen its value jump more than 7,000% and its market cap increase by nearly 7,700%.

The Bitcoin bubble – how we know it will burst

December 07, 2017 (theconversation.com)

Ready to pop? Adam Dachis/flickr, CC BY

In the last year, the price of Bitcoin has increased from less than US$800 to more than US$12,000. This huge spike in value has many asking if it is a bubble or if the high price today is here to stay.

Finance defines a bubble as a situation where the price of an asset diverges systematically from its fundamentals. Investment mogul Jack Bogle says there is nothing to support Bitcoin, and the head of JP MorganChase, Jamie Dimon has called it a fraud “worse than tulip bulbs”.

Like any asset, Bitcoin has some fundamental value, even if only a hope value, or a value arising from scarcity. So there are reasons to hold it. But our research does show that it is experiencing a bubble right now.

Together with Shaen Corbet at Dublin City University, we took as the fundamentals of Bitcoin elements of the technology that underpins it (and other cryptocurrencies). We looked at measures, which represent the key theoretical and computational components of how cyrptocurrencies are priced.

New Bitcoin is created by a process of mining units called blocks. Bitcoin is built on blockchain technology – a digital ledger of transactions – which enables the currency to be traded independently from any central banking system, without risk of fake or duplicate Bitcoins being used. Instead of having a bank verify pending transactions (a “block”), miners check them and, if approved, the block is cryptographically added to the ever-expanding ledger.

So the first measure we examined relates to mining difficulty. It calculates how difficult it is to find a new block relative to the past. As per the Bitcoin Protocol, the number of Bitcoin is capped at 21m (there are currently 16.7m in circulation). This means that as more people mine for Bitcoin and more blocks are created, each block is, all things being equal, worth less than the previous block.

Bitcoin mining affects the cryptocurrency’s values. shutterstock.com

The second measure we looked at relates to the “hash rate”. This is the speed at which a computer operates when mining. To successfully mine Bitcoin, you must come up with a 64-digit hexadecimal number (called a “hash”), which is less than or equal to the target hash. The faster you can do this, the better chance you have of finding the next block and receiving payment.

The third measurement was “block size”. This relates to how large the chain is at any given time, with larger chains taking longer to mine than shorter ones.

And lastly we looked at the volume of transactions conducted. Any asset, in particular any currency, which is more widely used will be more valuable than one which is used less frequently.

In our study, we examined data from Bitcoin’s early days – from July 2010 to November 2017. The price of one Bitcoin did not rise above US$1 until April 16, 2011, then to US$10 on June 3, 2011 and US$100 on April 2, 2013. Since then the price rise has clearly been exceptional.

Price of Bitcoin

Source: Data: investing.com






We then applied an accepted method that is used to detect and date stamp bubbles after they burst. In essence, this involves identifying the existence of an explosive component in a series. As the series, here the price of bitcoin, “explodes”, it runs the risk, like any explosion, of flying apart.

A possibly counter-intuitive result of this approach is that if a fundamental driver and the price of an asset both show an explosive component, we might not conclude a bubble is present. A bubble is when something deviates from its fundamental value. If the fundamental value is itself growing explosively then the price would also.

Think of dividends on a stock. If, somehow, these were to grow at an explosive rate we might expect to see the price do the same. While unsustainable, this is not technically a bubble. To overcome this, we then date stamp a bubble as being present when the price shows an explosive component and the underlying fundamentals do not.

Here are the results of the analysis:

The Bitcoin Bubbles. Authors own calculations


The orange lines denote when the price is showing explosive behaviour. We also see a period where the hash rate was growing explosively – the blue columns in late 2013 and early 2014. This is also an indication of a price bubble, which went on to burst.

So there are clear points where bubbles are visible – including now. The price of Bitcoin at present shows explosive behaviour in the absence of anything similar in its fundamentals. We see the price moving upwards in a manner that is not related to the technical underpinnings. It is a clear bubble.

A weakness of these tests and indeed all bubble identification tests is that they take place after the bubble has burst. Even this test, which can be redone as swiftly as new data arrives, is such. Bubbles by their nature grow in a compound manner – so even a day or two delay in addressing the situation can make a bubble significantly worse.

What is not yet available is an accurate advanced warning bubble indicator. In its absence, this approach may be the best. Unfortunately, we cannot use this approach to determine the extent of the bubble. There is no well-accepted model that suggests a “fair” value for Bitcoin. But whatever that level is, it is almost certain that, at present, it is well below where we are now.

December 09, 2017

Want to Short Bitcoin? The time to take action is now

By Kinsey Grant - December 07, 2017 (www.thestreet.com)

If you're not buying into the bitcoin hype, now could be the time to go short, as fees related to placing a short bet on the cryptocurrency could more than double
when bitcoin futures go live next week.


Bitcoin is going wild Thursday, Dec. 7. But if you're not buying the rally, now could be the time to place your short bets.

The digital currency has surpassed five major threshold prices in the past two days. After trading above $16,100 midday Thursday, bitcoin pared gains slightly, still higher 16.18% for the day to $15,971.05 Thursday afternoon.

The surge in price comes ahead of the Sunday, Dec. 10, start date for bitcoin futures on Cboe. A week later, on Dec. 17, bitcoin futures will become available on CME. Investors looking to short bitcoin need to take action before futures start trading, according to S3 Analytics.

Shorts on Grayscale Investment's Bitcoin Investment Trust (GBTC) , which is the only ETF whose performance is directly tethered to bitcoin's market price, has averaged $21 million for the year. Short interest hit a high of $71 million on Tuesday, Dec. 5.

Shorts are down $45.9 million in year-to-date mark-to-market loss, S3 wrote, or down 217%. About $39 million of that loss has been registered since October, when the bitcoin rally amped up considerably.

But the cost to short bitcoin hasn't been cheap, S3 found. Stock borrow costs have averaged a 10.2% fee for the year, and "borrow rates are getting more expensive as borrow supply diminishes," S3 said. Since GBTC is more of a retail-owned stock than an institutionally owned stock, new shorts are being charged an 18.5% fee.

"If short interest continues to climb, we should see new borrow rates hit the 50% fee level quickly," S3 said.

The cost to short the GBTC fund could rise higher than 50% and possibly near 100% by the time the first futures contract trades, S3 noted. Many analysts have asserted bitcoin is headed for a pullback when futures open for trading.

"While the futures contract will allow easier and safer bitcoin short selling, it will also allow for easier and safer bitcoin long buying," S3 said. "Long GBTC holders may feel the pain of its 53% asset premium shrinking, while short-sellers will probably be incurring a 50%+ stock borrow fee -- both sides will be paying a premium in order to ride the bitcoin roller coaster once the Cboe futures start trading."

December 04, 2017

$300 Bln is a drop in the ocean, Bitcoin is still a baby and can’t be a bubble

By Darryn Pollock - November 27, 2017 (cointelegraph.com)


Looking at the total market cap of the cryptocurrency market, which recently crossed over the $300 bln mark, it is both exhilarating and terrifying at the same time. This digital currency world that came into being less than 10 years ago has grown astronomically in such a short space of time.

Indeed, 2017 alone has seen just Bitcoin go from $800 to nearly $10,000, and there is still a month to go. The records have crumbled for the Big digital currencies, as well as the new ones as the boom in ICO’s have also help set unprecedented growth.

Thus, as the most impressive performing asset class ever seen, surely Bitcoin is on the verge of taking over the world? Even that has two ways of being viewed - in relation, or in fear - but, no, Bitcoin is a small fish.

Bitcoin vs Gold


Looking at the actual commodity markets out there, and weighing up Bitcoin’s $300 bln, it quickly becomes apparent that the digital currency is still splashing in the shallow end.

Gold, which Bitcoin is supposed to be challenging, has a market cap of $6 tln. On top of that, only about a fifth of all the mined gold is held for private investment purposes, the rest is either in jewelery - the large majority - or the official sector, or still underground.

Thus, seeing as the value of all gold mined comes in just over $7 tln, about $1.6 tln of it is being used for private investment purposes.

Look deeper at the markets. Equities, another investible asset, has a market cap of $55 tln; then there is $94 tln in securitized debt and $162 tln in residential real estate, according to a 2016 report.

Not even close to being overvalued


So, what does it mean if Bitcoin is a record breaker for speed, but not for size? It breaks down a lot of the bubble talk that is floating around there. For a market that only makes up 0.3 percent, when put next to residential estate value, securitized debt, equities, commercial real estate, farmland and gold, -- it can hardly be called a massive bubble.


When it comes to bubbles, and overvaluing, stock picker and Bitcoin Bull Ronnie Moas breaks down the numbers a little more.

“We currently have $200 tln in the world tied up in cash, stocks, bonds and gold alone and all four of those, in my opinion, are overvalued. If 1/2 of one percent of that 200 tln dollars ends up in Bitcoin, you are looking at a one tln dollar valuation that would be above where Apple Computers, the most valuable company in the World, is today.”

November 30, 2017

Bitcoin Correction Back Below $10,000

By DataDash - November 30, 2017 (www.youtube.com)

Is there a possibility of Bitcoin going down to 5,000 or 6,000 level?

https://youtu.be/aF5zdVsjO6Q

November 29, 2017

1 Million Yen, 100 Million INR – Bitcoin sets new price milestones on International Markets

By Samuel Haig - November 28, 2017 (news.bitcoin.com)


With all eyes on bitcoin’s meteoric break of $10,000, less attention has been paid to the price milestones recently established on leading international markets. In recent weeks, the CAD, AUD, NZD, and SGD pairings also surpassed $10,000, whilst a single bitcoin exceeds 500,000 RUB in Russia, 1 million JPY in Japan, 10 million KRW in South Korea, and 100 million IDR in Indonesia.

The Price of Bitcoin Exceeds 1 Million Yen in Japan


As Japan is currently host to more than 60% of global trading volume, reaching the seven-figure milestone on the JPY markets is a big deal for bitcoin. According to cryptocompare, bitcoin broke above one million JPY at approximately 7 pm on the 25th of November EDT. The current JPY/BTC price as of this writing approximately (1:30 am November 29th EDT) is roughly ¥1,300,000

Seven hours after bitcoin broke above one million JPY, the South Korean bitcoin markets reached 10,000,000 KRW for the first time ever. Currently, the Korean markets account for 10% of 24-hour trading volume, comprising the third-largest bitcoin market behind the United States. The current KRW/BTC price is approximately ₩12,600,000.

Bitcoin Tests $15,000 in Australian, Canadian, and Singaporean National Markets


With the exception of an anomalous spike in the AUD/BTC price at the end of October, cryptocompare’s price index indicates that AUD trade convincingly exceeded $10,000 for the first time on November 16th at 4 pm EDT. AUD trade comprises the fifth largest national market with roughly 0.45% of 24-hour bitcoin trade. The current AUD/BTC price is approximately $14,400.

Singapore hosts the seventh largest national bitcoin market equating for roughly 0.34% of total trade. The SGD/BTC price broke above $10,000 for the first time at 11 pm on November 15th EDT and is now currently trading for $14,300 approximately.

Canadian trade presently accounts for 0.2% of 24-hour trading volume, comprising the ninth largest national market. The CAD price of bitcoin broke above $10,000 for the first time at 2 am on November 17 EDT, with CAD/BTC currently trading for $13,300.

Other Major Price Milestones on International Markets


At approximately 11 pm on the 25th of November EDT, the price of bitcoin exceeding 150,000 ZAR in South Africa for the first time. ZAR trade comprises the eighth largest national bitcoin market – comprising 0.25% of 24-hour trade.The current ZAR/BTC price is approximately ZAR167,000.

Indonesia’s bitcoin markets comprise approximately 0.1% of 24-hour trading volume, currently making such the fourteenth largest national market. The IDR/BTC price broke above 100,000,000 rupees at 9 am on November 1st EST, and at approximately midnight on November 29th EDT established a new milestone of over 150,000,000 rupees.

Russian bitcoin prices broke above RUB 500,000 for the first time at 11 pm on November 25 EDT. RUB/BTC trading presently comprises the fifteenth largest national market, representing approximately 0.1% of 24-hour trading volume. Bitcoin is currently trading for approximately RUB 600,000 in Russia.

Images courtesy of Shutterstock



Samuel Haig

Samuel Haig is a cryptocurrency and economics journalist who has been passionately involved in the bitcoin space since 2012. Samuel has written about the disruptive potential of cryptocurrency with regards to the dialectical relations within contemporary neoliberal capitalism.

November 27, 2017

Bitcoin price analysis - Bitcoin tests parabolic trend after 25% weekly growth

By Bitcoin Schmitcoin - November 27, 2017 (bitcoinmagazine.com)


Over the last 7 days, bitcoin has seen further, rapid growth as it manages to squeeze a $2,000 rally leading into its current all-time high in the $9700s — a staggering 25% growth in 7 days. As discussed in previous bitcoin market analyses, the bitcoin market has progressed in a parabolic envelope:

Figure 1: BTC-USD, 1 Day Candles, Macro Parabolic Envelope

As of the time of writing this article, the current bitcoin market has broken its linear channel (outlined in purple) and is now testing the upper boundary of the parabolic envelope. As we approach the end of the parabolic envelope, the swings in price will become more sudden and more severe as the market attempts to remain within the constraints of its parabolic trend.

As the upper limit of the parabolic trend advances, the lower limit also advances. Currently, all eyes are on this parabolic trend as individuals are trying to time the top of the market only to have their positions liquidated time and time again. It’s never advisable to try and time the top of a parabolic market because the upper boundary that confines the market is growing in a parabolic fashion.

Figure 2: BTC-USD, 2 Hour Candles, Micro Trend

Figure 2 above shows a closer view of both the parabolic and linear trendline outlined in Figure 1. This image shows a textbook, 161% Fibonacci Extension from the previous all-time high where it ultimately found resistance on the parabolic envelope. The move that led to the current all-time high was sudden and doesn’t offer much support below the current values. If bitcoin retraces, we can expect support to line on the linear trendline outlined in purple, and the 100% retracement values in the $7900s.

However, if bitcoin manages to break these parabolic trend values and find support or continue upward, bitcoin could see prices as high as $12,000 (the next set of fibonacci extension values). It should be noted that a breaking of this parabolic envelope would mark a breakout of the 2.5 year long parabolic trend outlined in Figure 1. To date, we have yet to break above the parabolic envelope.

Historically, when bitcoin encounters the parabolic trendlines, the market sees either a bearish reversal (if touching the upper curve) or a bullish reversal (if touching the lower curve). Right now, bitcoin is still in the waiting period as the market decides what the next move will be.

Summary:

1. Bitcoin saw 25% market growth in the last week.

2. The market is currently testing the upper boundary of a 2.5 year long parabolic growth curve. Historically, this has lead to a market reversal that sends the price downward to test the lower parabolic curve.

3. A breakout of the parabolic envelope could send the bitcoin market into the $12,000s.

Trading and investing in digital assets like bitcoin and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

Bitcoin Schmitcoin 
@BTC_Schmitcoin

Price Analyst/Writer
Aerospace engineer turned crypto-market analyst. Bitcoin Schmitcoin became popular within the subculture of the Reddit communities and now posts his daily thoughts and market outlook via Twitter and his regular stream on Twitch.tv.

November 26, 2017

Bitcoin adds $1,000 to its value in two days; Sets record above $9,000

By Tedra DeSue - November 26, 2017 (cryptovest.com)


Bitcoin eye spied $9,000 throughout the day on Saturday, and then smoothly sailed over the milestone and hit a new record high like a breeze Sunday.

To put the move in perspective, consider this. 

On Friday, Bitcoin’s low for the day was about $7,958. On Saturday, it began its rebound from $8,227 and never looked back, passing $9,000 at 06:40 UTC today. 

Let’s review some of the chatter out there as Bitcoin keeps soaring higher. 

Predictions coming true?


Just yesterday we reminded you about one industry player in particular who has long premised that Bitcoin would hit $10,000. He’s billionaire hedge fund manager Mike Novogratz.

Clearly, he’s not alone in his optimism, but naysayers had dismissed him and others for their lofty predictions, as they were too distrusting of the long-term theories about the viability of the crypto. 

While Novogratz had earlier this year said the milestone would be achieved some time in 2018, he recently adjusted that target for the end of this year. 

Then there was Fundstrat’s Tom Lee who switched gears, going from bear to bull on Bitcoin this month. He now sees Bitcoin trading at $11,500 by the middle of next year.

What traders saying


Will these predictors who are trying to nail Bitcoin’s price movements go back to the drawing board soon, considering the crypto’s moved $1,000 in two days? 

While it’s always interesting to hear what the money managers and analysts have to say, we took a look at what every day traders are saying.

From Reddit, we found some comments that were noteworthy. 

JustARedditRetard said:

“The biggest percentage change on the weekly this year / run, was 43% back in July. Last week we had a 36% as we ripped fast from the low at 5555. (I'm looking at stamp)

This is still a far cry from the consistent 50%+ weeks that the market witnessed in 2013.

However, the market is bigger, it's slower, it's growing. More participants mean less volatility. This might well be the rate for this run. Next big bull run (Who knows when. We haven't finished this one yet), may average out at 15-20% gains with a couple of weeks at 30%. It's hard to say when a lot of the market dynamics have changed.”

rain-is-wet said:

”I've battled many a Tulip Troll over the years in news comments. Explaining why Crypto has real value and the market reflects that. But how does one defend BTG having $5.6 Billion market cap overnight? I'm sorry but this IS crypto tulip mania. They can't all be this valuable. This can't end well. (Though I think BTC will be OK.)"

November 24, 2017

Bitcoin price holds above $8,250 despite Ethereum, Bitcoin Cash surges

By Josiah Wilmoth - November 24, 2017 (www.cryptocoinsnews.com)


The Thanksgiving leftovers have been neatly packaged and stored away in refrigerators across the U.S., but investors will not be receiving any Black Friday discounts in the cryptocurrency markets this year. The three largest cryptocurrencies advanced in unison today, with the bitcoin price holding above $8,250 even as ethereum and bitcoin cash raced past significant milestones.

Source: CoinMarketCap

Against this backdrop, the total cryptocurrency market cap extended its record-setting streak. Having surged past $250 billion for the first time the previous day, the crypto market cap added more than $5 billion on Friday, bringing its new total to a present value of $258.7 billion.

Source: CoinMarketCap

Bitcoin Price Weathers the Storm


Ever since the post-SegWit2x cancellation bitcoin cash pump, there have been rumors that BCH advocates would mount another rally — perhaps on November 23, when U.S. investors and traders would be less active in the markets due to the Thanksgiving holiday. That theory was proved correct, though not to the degree that many expected.

The bitcoin cash price climbed nearly $600 — from $1,200 on Wednesday to $1,800 on Thursday — before pulling back to a present value of $1,658. This nevertheless represents an eight percent day-over-day increase and brings the BCH market cap to $27.9 billion.

Bitcoin Cash Price Chart | Source: CoinMarketCap

However, contrary to the last bitcoin cash pump, this one did not come at the expense of bitcoin. The bitcoin price did give investors a brief scare by temporarily falling below the $8,000 mark, but it quickly recovered and actually tested its all-time high on several exchanges.

Bitcoin Price Chart | Source: CoinMarketCap

At present, the bitcoin price is trading at a global average of $8,260, which translates into a $137.9 billion market cap.

Ethereum Price Reaches Record $420


Bitcoin’s resilience is even more impressive given that bitcoin cash was not the only top-tier cryptocurrency that threatened to funnel capital away from bitcoin to fuel its own surge. The ethereum price mounted a rally of its own, punching through the $400 level for the first time since June. The ethereum price ultimately rose as high as $425 — a new all-time high — and is currently trading just below that level, at $420.

Ethereum Price Chart | Source: CoinMarketCap

Ethereum now has a market cap of $40.3 billion, giving it a $12.4 billion edge on bitcoin cash.

Other Markets Take a Holiday


The remainder of the top 10 was surprisingly quiet on Friday, with four cryptocurrencies moving less than one percent and just one venturing past the two percent marker.

Source: CoinMarketCap

That asset was IOTA, whose price plummeted by 18 percent following an extended — if uneven — rally. The IOTA price is now $0.734, which translates into a market cap just above $2 billion and drops IOTA to ninth in the market cap rankings.

Posted by Josiah Wilmoth
Josiah is a former ancient and medieval literature teacher. He has been writing about cryptocurrency since 2014, and his work has been cited in Business Insider, NPR, and Yahoo! Finance. He lives in rural North Carolina with his wife and son. Email him directly at josiah.wilmoth(at)cryptocoinsnews.com.

November 21, 2017

Bitcoin Price Watch; Jumping right in

By Author Samuel Rae - November 21, 2017 (www.newsbtc.com)


We are about to get things moving for a fresh day of trading in the bitcoin price and it’s time to put some levels together that we can use to try and draw profit from the market as and when things move. Normally, at this stage of the day, we take a look at action overnight and see how we can use any of the key levels that influenced volatility to set up against the market in the morning. However, things are moving pretty fast right now, so it’s probably best if we just jump straight into the markets, put some levels in place and see what happens.

So, with this noted, let’s get going.

As ever, take a quick look at the chart below before we get started so as to get an idea where things stand and where we are looking to get in and out if things move in line with our strategy. It is a one-minute candlestick chocolate has our key range overlaid in green.

As the chart shows, the range we are looking up for the session today comes in as defined by support to the downside at 8170 and resistance to the upside at 8197. We are going to initially look at entering into a long trade if we see a break above resistance followed by a close above that level. On the trade, we will target an immediate upside target of 8235. Looking the other way, if we see a close below support, we will enter short towards a downside target of 8140.

We need to have stop losses in place on both positions so that we are taken out of the trades for just a small loss if things end up turning against us. With this in mind, a stop loss on each just the other side of the entry (say, $10 or so) will keep our risk parameters tight.

Charts courtesy of Trading View

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

Samuel Rae
Samuel is a currency trader, author and contributor to a number of the leading forex market publications including Futures Magazine, FX Trader Magazine and Spreadbet Magazine. He is a an avid bitcoin enthusiast with a real interest in how cryptocurrencies are likely to affect global economics in the future.

SPONSORED ARTICLE:  Tech Analysis articles are sponsored by SimpleFX - Simple as Never Before. SimpleFX is a robust online trading provider, offering trading with Forex CFDs on Bitcoins, Litecoins, indices, precious metals and energy. Offers simple and transparent trading conditions.

November 19, 2017

How high Bitcoin could reach before the average investor sells it?

By Panos Mourdoukoutas - November 15, 2017 (www.forbes.com)

(Photo by Dan Kitwood/Getty Images)



How high Bitcoin prices could reach before the average Bitcoin investor sells it? Very high, $196,165 per coin - roughly 30x the digital currency’s current value.

That’s according to a just published LendEDU Bitcoin investor survey. “Believe it or not, that number and statement is true according to our polling data,” says Michael Brown Research Analyst with LendEDU.

The survey included 564 Americans that invested in Bitcoin. That's a tiny sample, and therefore, the survey findings should be interpreted with extreme caution.











*As of November 15, 2017, at 2.30 p.m.

What will it take to reach that price? A world where Bitcoin, the “people’s currency,” will gradually replace national currencies in everyday transactions, with the help of the tech savvy younger consumers. “These investors could envision Bitcoin reaching that price with the help of time and younger consumers developing more of an affinity with virtual currencies, specifically Bitcoin,” adds Brown.

This digital world, in turn, will draw in older investors, who have yet to be sold on the idea of the Bitcoin’s potential. “As it stands today, the price of cryptocurrencies is rising rapidly yet many of the most influential, older investors are still not sold on Bitcoin and believe it will collapse,” continues Brown. “Just imagine when younger Americans develop more spending power and attempt to bring Bitcoin into the forefront of the U.S. economy? At that point, the price of Bitcoin will skyrocket.”

How long that will it take? Perhaps, a generation. “Jumping from the current price of $7,237.06 to something even remotely close to $196,165 would have to involve a generational transfer of economic power, meaning young consumers would need time to build their wealth and establish their presence in the U.S. economy to bring Bitcoin into the mainstream, much more so than it already is.”

All that sounds like a day-dream that it is extremely unlikely to come true. The technology that made Bitcoin will crush it, provided that big banks and big governments don’t crush it ahead of technology, as was previously discussed here.

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment. Disclosure: I don't own any Bitcoin).

Panos Mourdoukoutas 
I’m Professor and Chair of the Department of Economics at LIU Post in New York. I also teach at Columbia University. I’ve published several articles in professional journals and magazines, including Barron’s, The New York Times, Japan Times, Newsday, Plain Dealer, Edge Singapore, European Management Review, Management International Review, and Journal of Risk and Insurance. I’ve have also published several books, including Collective Entrepreneurship, The Ten Golden Rules, WOM and Buzz Marketing, Business Strategy in a Semiglobal Economy, China’s Challenge: Imitation or Innovation in International Business, and New Emerging Japanese Economy: Opportunity and Strategy for World Business. I’ve traveled extensively throughout the world giving lectures and seminars for private and government organizations, including Beijing Academy of Social Science, Nagoya University, Tokyo Science University, Keimung University, University of Adelaide, Saint Gallen University, Duisburg University, University of Edinburgh, and Athens University of Economics and Business. Interests: Global markets, business, investment strategy, personal success.

November 17, 2017

Bitcoin adds $41 billion to market cap in 6 days as it hits all-time high of $7,998

By Arjun Kharpal - November 17, 2017 (www.cnbc.com)








  • Bitcoin hit a new record high Friday and was within touching distance of the $8,000 handle
  • Coinbase said that there was still a possibility of a planned Segwit2x upgrade happening that would cause bitcoin to split and create a new cryptocurrency
  • The possibility of the Segwit2x upgrade appeared to be the catalyst for the rally

Bitcoin hit a new record high Friday, coming within touching distance of the $8,000 handle.

The cryptocurrency was trading at $7,998.40 in the early hours, U.K. time, according to industry website CoinDesk. Bitcoin did pare some of those gains, however, falling as low as $7,535.85; it was trading around $7,750 by mid-morning.

It's been a wild week for bitcoin, which sold off heavily last weekend, falling to around $5,500. Since Sunday, the cryptocurrency has risen from that low to Friday's high, marking a 45 percent increase.

In that time, bitcoin's market capitalization, or the total value of the digital coins in circulation, has risen from $92 billion to $133.5 billion, according to Coinmarketcap.com.

The price dip last weekend came after an upgrade to the bitcoin network, SegWit2x, which was planned for November 16, was called off. The aim was to increase the transaction speeds of SegWit2x, which has increasingly slowed down over the years. If the upgrade took place, it would have caused what is known as a "hard fork," causing a new bitcoin spin-off to be formed.

Two previous forks have already happened earlier this year, leading to the creation of bitcoin cash and bitcoin gold.

But support for the Segwit2x upgrade waned, causing developers to call off its planned implementation.

This appeared to be the initial catalyst for the sell-off.


But on Friday, Coinbase, one of the world's largest cryptocurrency exchanges, said there is still a possibility of a fork.

David Farmer, director of communications at Coinbase, said on a blog post that a "small number of miners may attempt to go forward with a fork."

A miner is a key part of the bitcoin network. It is a person who runs a "node", or a high-powered computer that is able to solve the complex mathematical equitation required to verify bitcoin transactions.

If a large number of miners upgrade the software on their nodes, it could cause a fork. Farmer warned that this small number of miners still supporting the Segwit2x proposal could cause a fork.

If a fork happens, holders of bitcoin will receive the newly-created cryptocurrency called "bitcoin2x" for free, essentially giving them free money. That is why bitcoin rallied Friday.

Coinbase said that it will disable the function of sending and receiving bitcoin at 2 a.m. PT on Friday on its platform, and halt buying and selling an hour before the fork, which is forecast between 6 a.m. and 8 a.m. PT.

All functionality will be re-enabled shortly after, Farmer said.

The Coinbase communications executive said that there are two scenarios that could occur. The first is that the new bitcoin2x network is unusable because there is not enough support, in which case Coinbase will not facilitate trading or withdrawals because "it will not be possible to move these assets." Farmer said that this is the most likely outcome.

The second scenario is that the bitcoin2x network is usable because miner support is strong.

Bitcoin has had a rocky year but the price has continued to rise and is up around 700 percent. But many critics have thrown cold water on the rise of the cryptocurrency, with JPMorgan Chase CEO Jamie Dimon calling it a "fraud". Regulators in some countries have also cracked down on bitcoin trading, with China banning bitcoin exchanges.

Astrologist predicts what will happen to Bitcoin price in 2018–2020

BY Tatsiana Charnavets - November 17, 2017 (www.coinspeaker.com) 


Human Discovery Platform predicts bitcoin price fall after February 18th, 2018 and emergence of the new technological solutions from November, 2019 till May, 2020.

Quantum physics and astrology combination are taken as a basis for the prediction presented. The key parameter taken into consideration is the technique of solar returns that allows displaying the subject change during the year and based on any date of the definite event. The solar returns are annual circles which are being activated in 88 days prior to the event. Applying this calculation to bitcoin, it will become clear that the day of the solar return activation is August 18th, 2017, 2018, 2019 starting from bitcoin registration time – August 18, 2008, 13:19:55, UTC.

The bitcoin price prediction is carefully developed but at the same time it’s a real secret. The system was built according to the community interest, rather than a certain person, the elite and could be developed in Japan or Switzerland, but the place of its birth is Russia.

It’s predicted that the bitcoin abuse as a financial tool will be resulted in the system limitation applied by the states, financial or regulatory institutions. By the way it may cause token price decrease.

So, there will be some external circumstances allowing bitcoin to enter the new life cycle and reach the new level. The technical and legal issues will be the crucial factors for the system stability. The main aim of 2017 is to teach people to operate with bitcoins.

The period from November, 2017 till February, 2018 there will be even greater uncontrolled growth of bitcoin cost. It seems bitcoin would like to take as much as it can.

May – August, 2018. This period will become the one when bitcoin will become the part of the global financial system. It’s expected that bitcoin and the world financial system will be interdependent and impact on each other. The state and the financial system will experience a threat from bitcoins. And they will take various steps to restrict bitcoin influence.

August – October, 2018. The legalization and taxation may be applied to bitcoin buying and trading.


In general, the period from May 18th, 2018 till May 18th, 2019 will be marked by the strengthening of the limitations for the system and attempts of the community to overcome the restrictions. Aiming to reach its goals bitcoin will demonstrate tenacity until the moment when the organizations will take a good position to dictate their terms.

And finally, the year 2019 will become the one when the system will take stability – it can reach the required rate. And despite the state intention to restrict bitcoin, the bitcoin community will find out the new cryptocurrency format.