Bitcoin News News

Bitcoin (BTC) Price Party’s Only Getting Started after 2019’s Monster 100% Surge

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According to eToro senior market analyst Mati Greenspan, bitcoin is in amidst a parabolic bull cycle and is on track to sustain its strong momentum over the medium to long term.

Since January, within less than six months, the bitcoin price has increased by nearly 100 percent against the U.S. dollar.

Bitcoin Charts BTC Charts Prices

With a 98% gain year-to-date, bitcoin has outperformed most assets in 2019
(source: coinmarketcap.com)

Still, despite its large short-term rally, Greenspan noted that the dominant cryptocurrency is only at the start of a bigger cycle that may lead to new highs for the asset.

WHY INDUSTRY EXECUTIVES ARE SO OPTIMISTIC IN BITCOIN

In December 2018, the bitcoin price dropped to its lowest yearly point at $3,150. At the time, even though the industry had demonstrated significant progress in improving the infrastructure supporting the asset class, the sentiment around the market was quite gloomy.

From January to late March, the bitcoin price showed little volatility in a tight range between $3,000 to $4,000, leading traders to become concerned about the possibility of the asset plunging by another 50 percent following an extended period of stability.

In the fourth quarter of 2018, when the bitcoin price remained stable for more than 3 months at the mid-$6,000 level, it fell by nearly half to $3,150.

However, bitcoin showed a strong recovery backed by large volume on regulated platforms like the CME bitcoin futures market and Grayscale’s Bitcoin Investment Trust (GBTC), leading the crypto market to rebound in a short time frame.

Greenspan said:

We’re just part of a larger cycle. Bitcoin has gone through several cycles before these massive bull runs, we’re talking about 10,000 to 50,000 percent gains within a short period of time and then it has these massive retracements. They can be 80 percent or even 90 percent and that’s what he had coming off of $20,000 per bitcoin all the way down to just above $3,000 per coin.

The speculation in the market at the moment is that we’re just getting started on the next parabolic cycle.

The crypto market moves largely by cycles. As former Coinbase CTO Balaji Srinivasan suggested, the market often moves by the pattern of crash-build-recover-rally and has done so four times in the past ten years.

Every rally subsequent to a large crash or a brutal correction typically takes the bitcoin price to a new all-time high because companies and developers in the industry build to strengthen the infrastructure supporting the asset class.

Industry executives like Silbert remain optimistic in the near to medium term outlook of the crypto market due to the noticeable improvements in various areas including custody, transparency, security, and compliance.

Barry Silbert, the founder and CEO of Digital Currency Group, a leading crypto-focused venture capital firm,

Sentiment, the technicals look great. An 80 percent drawdown happened three or four times and every time that’s happened [it hit] record highs. So as soon as you get the price going back up, and animal instincts come back [market recovers].

But the difference between this increase in price versus the bubble in 2017 is the infrastructure is much different. You have custodians now. you have trading software, you have compliance software, people are educated about the asset class, so this time is different.

 

 

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Bitcoin News News

UK Financial Regulator FCA Won’t Regulate Bitcoin and Ether

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Major British regulator, the Financial Conduct Authority (FCA), will not regulate Bitcoin (BTC) as a part of its recent guidance on crypto assets.

FCA finalizes its statement on crypto after a public consultation released in January

On July 31, the FCA issued its finalized policy statement on cryptocurrencies in a document titled “PS19/22: Guidance on Cryptoassets.” The document represents an updated version of a consultation paper on crypto assets that was first released for public comment in January 2019, and intends to bring more regulatory clarity to the existing types of digital assets.

In the document, the FCA considered major cryptocurrencies such as Bitcoin and Ether (ETH) as “exchange tokens,” describing them as types of crypto assets that are “usually decentralized and primarily used as a means of exchange.” The regulator emphasized that such digital currencies do not fall under the regulatory scope of the FCA and is outside its…

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Bitcoin’s 3 Day Price Charts Point to an Impending ‘Golden Cross’

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A bitcoin price indicator is about to turn bullish for the first time since the early stages of the 2016-17 bull market.

The 50-candle moving average (MA) on bitcoin’s three-day chart is in a solid upward trajectory and looks set to cross above the 200-candle MA in the next few days.

That would be the first golden crossover on the three-day chart since early February 2016. CoinDesk reported on a golden cross for bitcoin’s daily chart back in April.

Seasoned traders often refer to that long-term bull market signal as a lagging indicator. After all, the MA studies are based on historical data and tend to lag prices, which also means they have limited predictive abilities at best.

While that is true for most crossovers, the one that is about to happen on the three-day chart has proved its mettle as a reliable bull market indicator in the past.

3 day chart (2016-2017)

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Garrick Hileman Explains Why Bitcoin (BTC) is on The Rise This Year!

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Garrick Hileman, head of research at Blockchain, explains what’s behind the cryptocurrency’s near-200% year-to-date rally (watch the interview above)

 

Dr Garrick Hileman is head of research at Blockchain and research associate at the London School of Economics

Garrick is best known for his research on monetary and distributed systems innovation, particularly cryptocurrencies and blockchain technology.

Hileman Garrick was ranked as one of the 100 most influential economists in the UK & Ireland. He is regularly invited to speak and share his research and perspective with public sector institutions, including the CIA, US Army and Naval War Colleges, Federal Reserve, Bank of England, Bank of International Settlements, and the Financial Stability Board, as well as media, including the BBCCNBCFTWSJ, and NPR.

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Bitcoin Price Passes $10,000 as Cryptocurrency’s Spectacular Recovery Continues

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The price of bitcoin has broken above $10,000 (£7,855) for the first time since March 2018, as the cryptocurrency’s remarkable surge in value continues.

Bitcoin passed the milestone after experiencing gains of more than 10 per cent over the last 24 hours.

The price jump saw the world’s largest cryptocurrency reach as high as $10,831, according to the CoinMarketCap price index, taking its overall market capitalisation close to $200 billion.

Bitcoin’s most recent run of good form began in early February, when it was trading at well below $4,000.

It had reached this price after more than a year of steady declines saw its price withdraw dramatically from its late 2017 peak of close to $20,000.

Bitcoin’s recent run has drawn comparisons from some with bitcoin’s run in 2017, with some hoping it can go beyond its previous record high.

“This really is amazing,” one crypto enthusiast wrote on Twitter. “It has 2017 written…

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Satoshi Studio Launches First Ever Blockchain-Certified Sneakers

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Paris, 30th of May 2019. French brand Satoshi Studio announces the launch of their first sneakers. The Satoshi_one is the first pair of shoes certified on the Ethereum blockchain. More high-end products will come from Satoshi Studio thanks to their innovative financing campaigns.

Satoshi Studio was founded in 2018. The Parisian brand is influenced by the Tech industry and Crypto culture. It aims to create a place for itself as a reasonably priced high-end brand. To reach that goal, it will not use traditional channels of communication, striving instead to connect directly with its young and tech-focused community.

To be able to regularly offer new products and avoid traditional seasonality, the brand will launch several crowdfunding campaigns per year. Satoshi Studio believes in responsible shopping habits: they will only produce the right amount, no more, no less. The sneakers will be offered at a reasonable price, without compromising on quality.

Authors Name
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Satoshi Studio
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Why We Could See The Price of Bitcoin Quadruple Within Just a Few Months

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Bitcoin is ballooning to new highs… but can it last?

Compound interest might be the most powerful force in the universe, but FOMO can’t be far behind, especially as it relates to bitcoin.

We’ve seen the “fear of missing out” contribute to a nosebleed rise in the price of bitcoin BTCUSD, before, and Fundstrat’s Thomas Lee believes we’re about to see it play out again — but even more pronounced.

The outspoken bitcoin backer told clients this week the world’s top cryptocurrency could ride a wave of FOMO all the way up to $40,000 “within a few months,” thanks to better transparency and a breach of the psychological $10,000 barrier.

He pointed to Grayscale Bitcoin Trust GBTC, as a great way to partake in a rally that would be most welcomed by the crypto bulls who had to suffer through a 74% drop in the price of bitcoin last year.

“Bottom line: Crypto winter looks over,” Lee said….

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