The Association of National Numbering Agencies is addressing the lack of standardised digital asset ticker symbols for traditional finance markets.
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TONs Force Majeure Clause Is Telegram About to Refund Investors
n Legal expert says the Durovs may have to pay investors back with their own moneyn
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G-7 Task Force Releases Full Report on Impact of Global Stablecoins
n Stablecoins could present a significant risk to global financial stability but hold promise for payment systems, says G7 reportn
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G7 Task Force Releases Full Report on Impact of Global Stablecoins
n Stablecoins could present a significant risk to global financial stability but hold promise for payment systems, says G7 reportn
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Report Telegrams Force Majeure Clause Curbs Investor Compensation
n Telegrams promise to return funds to TON investors may be overridden by a force majeure clause in its purchase agreementn
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Bakkt Launch Could be Force Behind Recent Bitcoin Drop, Claims Research Group
Prior to its launch, Bakkt’s physically settled Bitcoin futures product was seen by many cryptocurrency investors as a potential major catalyst for next major BTC bull run, but its lackluster launch has come about concurrently with a bout of capitulation within the aggregated crypto markets.
One prominent research group is now noting that Bakkt may have actually been a driving force behind the recent drop in the crypto markets, as its low initial trading volume may have come as a significant disappointment to many investors.
Bitcoin Struggles to Reverse Recent Downtrend
This past week, Bitcoin plummeted to lows of ,800 before finding a significant influx of buying volume that helped to propel its price into the mid-,000 region.
Although Bitcoin has been able to find support at its recent lows and is showing signs of potentially extending its newfound upwards momentum, it is important to keep in mind that the crypto is still trading down significantly from its recent highs of well over ,000.
One technical factor that may have contributed to its recent downtrend was the large multi-month descending triangle that Bitcoin had been trading in throughout the summer months, which was a prominent bearish formation.
It is also important to note that Binance Research – the research and analytics wing of the popular crypto exchange – noted in a recent blog post that the exchange’s OTC trading desk saw heavy sell flows throughout the month of September that were more significant than those seen in previous months.
“Our OTC desk predominantly saw sell flows, even more so than in recent months… It hasn’t been long since BTC dropped to ,000, but there weren’t many traders looking to ‘buy the dip,’” they explained.
Binance Research: Bakkt Contributed to Recent BTC Drop
The research arm of Binance also believes that the disappointment that ensued after Bakkt’s launch was a primary factor behind the recent drop.
“One possible reason, explaining Bitcoin’s price drop, could be the general indifference towards the much-hyped release of Bakkt, as BTC prices dropped over ,000 a day or so after trading began,” they explained, further adding that this could be a “buy the news, sell the rumor phenomenon.”
The research group does note that they expect Bakkt’s trading volume to increase in the near-future, but it is likely that the platform’s near-term impact on the crypto markets will be null.
Featured image from Shutterstock.
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After Bullish Weekly Bitcoin Price Close, Bearish Factors Force Downside Targets
Last night saw the weekly close in Bitcoin price charts. All eyes were on the important weekly close, as Bitcoin price hovered right around weekly resistance that has kept Bitcoin in a downtrend since the start of 2018 – a downtrend that the leading crypto asset is very close to finally breaking out of for good.
Bitcoin price ended up closing the weekly with the highest weekly close in all of 2019 and most of 2018 but was unfortunately not enough for bulls to prevent bears from potentially regaining control. Should Bitcoin price fall from here, bears would once again have the upper-hand, and despite the seemingly bullish close, bearish factors are forcing crypto analysts to consider downside targets now that Bitcoin was rejected from weekly resistance above ,500.
Bitcoin Price Weekly Candle Close Was Most Bullish in All of 2019
Bitcoin price closed its weekly candle above ,500 – a critical price level that breaking above may hold the key to unlocking the full bull run in crypto markets. The close was the highest weekly close in over a year and the first since January 2018 when Bitcoin’s bear market first began.
Related Reading | Crypto Analyst: Bitcoin Price Could Be Trapped in Tight Range Until Halving
However, despite the weekly close being the most bullish of all of 2019, two important bearish factors are cause for bulls and bears alike to consider downside targets in the near future.
Bears dumped $BTC below weekly resistance just a few seconds before weekly close. 10.8k looks likely now pic.twitter.com/EwMfRPCOFo
— MUROCRYPTO (@MuroCrypto) August 12, 2019
According to crypto analyst MuroCrypto, bears were able to dump Bitcoin price just below weekly resistance a mere few seconds before the weekly candle close. With under a minute left in the weekly trading candle, a nearly 0 1M candle sent Bitcoin price spiking downward. Bulls pushed back, closing the weekly above ,500 but failing to close above the critical weekly resistance point at ,560.
![bitcoin price crypto weekly resistance](https://www.newsbtc.com/wp-content/uploads/2019/08/bitcoin-price-weekly-resistance-crypto-691x860.png)
Bears were able to push the price down in a matter of seconds, as can be seen by the long wick on the candle highlighted by the red arrow. Chart via TradingView.
BTC Weekly Close Confirmed Uptrend Line as Resistance, Big Drop Could Be Ahead
Trendlines are important lines that price travels along, often bouncing at increasingly higher or lower support until the trendline is broken to the up or downside. Oftentimes after an important trendline breaks, the price of the asset in question will come back up to retest the support turned resistance as such, and if confirmed sends a powerful signal to the market and its participants.
#bitcoin weekly
Rejected on retest of the uptrend line breakdown. Not a great sign for the bulls.
I wouldn't rule out a retest of lower 10k region. pic.twitter.com/PWuYHWYEXp
— NebraskanGooner
(@nebraskangooner) August 12, 2019
Bitcoin’s parabolic uptrend line carried the crypto asset from its bottom around ,200 all the way to a local high of ,800 at the end of June. Last night’s weekly close also confirmed the former uptrend line as resistance at the weekly close, making a retest of the “lower 10k region,” a strong possibility.
Related Reading | Bitcoin Price Previous Bear Trend Could Predict Potential Price Action Ahead
Bitcoin price had been locked in a symmetrical triangle for days, which could signal either upside continuation or a downside reversal. The triangle ultimately broke downward and would have a ,600 target that coincides with the price targets prominent crypto analysts are citing above.
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New York State Digital Currency Task Force Appoints New Members
n New York state legislators have appointed six experts from various fields to the Digital Currency Task Forcen
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New York Legislature Names Initial Members to Crypto Task Force
The 6 named members of the state’s Digital Currency Taskforce will assist in determining how to regulate, define, and use cryptocurrencies.
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Crypto Tidbits: “Unstoppable Force” Bitcoin Back at $10,000, Libra in Congress
Another week, another round of Crypto Tidbits. As is seemingly the norm, Bitcoin saw a tumultuous week, trading from everywhere from ,100 to around ,000. Per the time of writing this article, the dust has somewhat settled, with BTC around the ,500 region for at least the past 18 hours.
Cryptocurrency prices are lower than they were earlier this month or in late-June. But this week saw its fair share of positive news — and negative news of course.
On one side, a Congressman lauded Bitcoin as an “unstoppable force”; on the other, the U.S. Treasury Secretary echoed Donald Trump’s concerns, noting that cryptocurrencies are mostly used for illicit acts, like money laundering and the sale of illegal narcotics, in an emergency press conference.
Related Reading: Crypto Tidbits: Donald Trump Jabs Bitcoin, Bitpoint Hacked for XRP, Litecoin Bags Partnership
Bitcoin & Crypto Tidbits
- “An Unstoppable Force” — Congressman Lauds Bitcoin: Bitcoin gained yet another ally in the United States government recently. Patrick McHenry, who represents North Carolina’s 10th District, told Congress and CNBC’s “Squawk Box” this week that he strongly believes that Bitcoin and the movement surrounding the cryptocurrency is an “unstoppable force”. While he didn’t make any clear recommendations, it is implied that he believes that regulators should foster innovation by being friendly to the “unstoppable force” as to ensure that the United States isn’t at a disadvantage.
- China Authority Confirms Bitcoin is “Property”: This week, the Hangzhou Internet Court purportedly confirmed that Bitcoin is a form of virtual property, meaning that it is legal to hold the cryptocurrency. While this doesn’t confirm that all regulators see Bitcoin as legal across the country, which is rife with legal, cultural, and social nuances between districts, some see this as a watershed moment for cryptocurrency in China.
- Libra Trends on China’s Version of Twitter: Speaking of China, reports arose this week that Libra had become a trending topic in the nation’s intranet. On Weibo, the nation’s version of Twitter, “Libra” was the second-largest trend earlier this week, while China purportedly had more relative interest in the Facebook cryptocurrency than the U.S. Per venture capitalist Dovey Wan, who is often based in China, this spike in interest is a response to David Marcus’ comment during this week’s Congressional hearings that Libra will be a competitor to WeChat Pay and Alipay, Chinese brands.
- BitMEX Under Investigation by the CFTC, Says Bloomberg Report: According to a Bloomberg report released Friday, which cited individuals familiar with the matter, the U.S. Commodity Futures Trading Commission (CFTC) is investigating one of the Bitcoin industry’s own. BitMEX, per the sources, is suspected by the financial regulator of knowingly facilitating United States traders, which are technically banned from accessing the platform’s projects. The CFTC and BitMEX neither confirmed nor denied the report. Arthur Hayes, the chief executive of the Seychelles-based BitMEX, has stated that his platform actively removes traders that are believed to be in banned regions.
- Binance Dishes Out Millions of Stellar Lumens: This week, the recently-turned-two Binance revealed that it had recently “discovered” that it has been staking its Stellar Lumens (XLM) for over a year now. The Stellar protocol allows for large holders to stake the cryptocurrency, thus providing a slight return. To commit to transparency and to satisfy their users, the popular exchange revealed that it would be dispensing around million worth of XLM to holders of the cryptocurrency on the exchange. Also, henceforth, Binance will be giving its users the inflation rewards every month.
- Jamie Dimon Isn’t Worried About Libra: Jamie Dimon of JP Morgan isn’t fazed by Libra — or Bitcoin for that matter. Far from. Speaking to analysts in a conference call that has been cited by CNBC, the banking mogul noted that he does not feel threatened by Libra at all. He specifically looks to the fact that blockchain has been a technological trend for “seven years” and that “very little has happened”, presumably proposing that Libra will be more of a marketing ploy than a viable technology.
- German Central Bank Chief in Support of Libra: The President of the Bundesbank, the central bank of Germany, recently lauded the Facebook-backed crypto project in a G7 meeting, according to an article received and translated by Mati Greenspan of eToro. Per the rough translation, Jens Weidmann noted that should Libra be released as its white paper dictates, the end result cryptocurrency may be “attractive to consumers”. He adds that it may be unwise to suppress innovation before true issues have arisen
- Canadian Crypto Startup Coinberry Teams up With Canadian City: This week, the Canadian city of Richmond Hill, a municipality of 200,000 that is north of Toronto, revealed that it is in negotiations with Coinberry. The City of Richmond Hill is interested in allowing those under its jurisdiction to pay for their property taxes with Bitcoin through Coinberry.
- Grayscale Sees Massive Institutional Inflows Into Bitcoin Product: Just like other investors, Grayscale’s clients have been subject to the fear of missing out. As revealed in the firm’s latest Digital Asset Investment Report for Q2, its crypto vehicles secured over .8 million in investment during the last quarter, marking the strongest inflows since the true start of the bear market in Q2 of 2018. Per the report, much of the capital that Grayscale received in Q2 was allocated to its Bitcoin Trust, the firm’s flagship vehicle that trades on American over-the-counter markets. What’s also interesting is that a purported 84% of the .8 million inflow was sourced from institutional players, mainly “hedge funds”.
- India Bitcoin Ban Seemingly Confirmed by Leaked Document: Recently, Varun Sethi, a seeming blockchain-focused lawyer based in India, published a series of 18 photographs to Scribd that outlined a purported draft bill, the “Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019”. After laying out a number of key definitions, the document’s authors write that should the bill become law, “no person shall mine, generate, hold, sell, deal in, issue, transfer, dispose of, or use cryptocurrency (including Bitcoin) in the territory of India.” Those that violate these laws may be subject to up to ten years in prison and fines, per the document. If this document is legit, it would confirm a Bloomberg report from two months which stated that Indian regulators are looking to make crypto verboten.
Related Reading: Cryptocurrency is Part of the Global Currency War, Says Federal Reserve Branch Head
Featured Image from Shutterstock
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