U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has assured lawmakers that the securities regulator “takes its cybersecurity obligations seriously.” Lawmakers raised concerns following the hacking of the SEC’s account on social media platform X, where a post falsely announced the approval of spot bitcoin exchange-traded funds (ETFs). Gensler: SEC Takes Cybersecurity Obligations Seriously […]
Bitcoin News
Survey: Many Investors Expect Bitcoin to Be Seriously Higher in One Month
Bitcoin has undergone a strong rally since the lows seen just two weeks ago. The leading cryptocurrency currently trades for ,050, far above the aforementioned lows and above the medium-term lows set during the September correction at ,800.
Some have argued that the cryptocurrency is severely overbought. As reported by NewsBTC previously, one trader recently noted that the cryptocurrency’s one-day Fisher Transform indicator is currently at highs not seen since August, May, and February of this past year. As can be seen in the chart, each of the named periods marked medium-term highs in the price of Bitcoin.
Chart of BTC's price action over the past year with analysis by crypto trader Moe (@Moe_momentum_ on Twitter). Source: BTCUSD from TradingView.com
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Bitcoin Could Be Seriously Higher in a Month
Despite this precedent, analysts think that BItcoin will be seriously higher in a month from now.
Real Vision, a leading financial media outlet followed by fund managers and retail investors across the globe, recently released its latest Real Vision Exchange Survey report. Members of the website are polled by Real Exchange to show how bullish or bearish the average user is on certain assets.
As can be seen, most investors are extremely bullish on Bitcoin and are expecting the asset to rally more than 5% in the month ahead:
“Most participants saw equities as well as the currencies (USD, EUR, AUD) heading slightly lower. US and EM equities were a little bit better off than their European counterparts (at least fort the 1m horizon). Bond yields are expected to head lower as well. The view on Bitcoin is still very positive despite or maybe because of the recent rally. While Gold is also expected to increase, upside potential is expected to be lower (short term) compared to Bitcoin.”
Another poll indicated that 80% of all Real Vision users are long on Bitcoin at the moment. The platform has been covering the cryptocurrency for multiple years, prior to it showing up on the radar of many in the mainstream.
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Fundamentals Suggest This To Be The Case
Fundamentals indicate that the cryptocurrency has room to move higher in the month ahead.
Bill Barhydt, CEO of Abra, recently commented that he is increasing his exposure to Bitcoin as he sees the investment case for this asset continuing to grow:
“A few weeks ago, I increased my ownership of #Bitcoin significantly and it’s now 50% of my investment portfolio. Why? I believe #Bitcoin is the best investment opportunity in the world right now. There are three reasons I believe this to be true today…. Fundamentals, Technicals, and Sentiment.”
Many think that the next fiscal stimulus bill has the potential to drive BTC even higher as the market embraces a narrative of the U.S. dollar devaluing.
Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Survey: Many Investors Expect Bitcoin to Be Seriously Higher in One Month
Tether Volume Surpasses Bitcoin at $18 Billion: Should Crypto Investors Take it Seriously?
In a continuation of bullish events this week, total volume reached an all-time high of billion on the 3rd April. This compares to billion when Bitcoin was at its peak in mid-December 2017. However, with accusations of fake volume still fresh on our minds, as well as Tether showing a higher volume than Bitcoin, investors should tread carefully.
What Does Volume Tell You?
Volume relates to the value of transactions traded in the market at a given time. For each buyer, there will be a seller. And when both parties agree on a price, that transaction contributes to the total volume. It follows that high volume indicates high interest. But more than that, volume is an indication of market movement. On defining volume, Investopedia says:
“Volume is an important indicator in technical analysis as it is used to measure the relative worth of a market move. If the markets make a strong price movement, then the strength of that movement depends on the volume for that period. The higher the volume during the price move, the more significant the move.”
In consideration of this, many are interpreting all-time high volume as a positive change in crypto sentiment. But given recent reports of fake volume, it would be wise to exercise caution. Research conducted by Bitwise Asset Management showed that only ten exchanges, out of eighty-one analyzed, had any genuine trading volume. The rest consisted mostly of wash traded transactions to misrepresent activity. With that in mind, until authorities clamp down on wash trading, volume figures should be read with skepticism.
Dude, you really still trust in any of that reported volume?
— ALTriano Celentano (@ATHomiCrypto) April 3, 2019
Tether Controversy
Despite some controversies over the last year and a half, Tether is performing strongly. At the time of writing, it is the number one coin by volume, beating Bitcoin by almost 0 million. And it continues to be the most popular option for investors to move their crypto assets into stable form.
However, regardless of this, Tether has never managed to adequately address transparency concerns. In its white paper, there are details on “Proof of Reserves” backed by the US Dollar, this means that for every Tether in circulation, there is also held on account. The problem is, no auditing firm has ever signed off on this claim. Matters are made worse by an apparent change in policy. The company now states that other assets may be substituted to make up that value — all without full disclosure on the nature of those assets.
Indeed, when Tether makes up a significant chunk of total market volume, warning signs should be flashing. One Twitter user, @Emperor_YZ, sees Tether volume dominance as a signal of a mass USDT sell-off, and a subsequent fall in USDT value. He expands on his prediction by saying:
“similar to bank run as their usd peg is not enough to keep usdt at 1;1”
And while that scenario may not materialize, for example, there is no other indication of a mass USDT sell-off, and, the company’s reserves may be sufficiently liquid if that did happen, it still pays to be vigilant, even during a bullish phase.
consequence will be a usdt run that will crash it to 0.6 or lower vs usd
— Bitcoin Badger (@Emperor_YZ) April 5, 2019
Featured Image Via Shutterstock
The post Tether Volume Surpasses Bitcoin at Billion: Should Crypto Investors Take it Seriously? appeared first on NewsBTC.
Swiss Watchdog Rules Crypto Miners ICO Seriously Violated Laws
Switzerland’s finance regulator has found that crypto mining firm Envion’s million ICO took deposits from investors unlawfully.
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Is It Time to Take an Initiative to Decrease Bitcoins Block Size Seriously
n nn nn Whilst debate raged throughout the Bitcoin community over whether the block size limit should be increased and how, Luke-jr for years stood out for arguing the exact opposite position. One megabyte blocks werent too small, he maintained even as SegWits block size increase gained broad support, they were too big. No increase, but a decrease was needed.Now, the Bitcoin Knots and Bitcoin Core developer is spearheading an attempt to make such a decrease happen
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Your Thanksgiving Turkeys Provenance Might Be on a Blockchain Seriously
n nn nn Honeysuckle White is giving family and friends gathering for Thanksgiving dinner this year the opportunity to talk turkey with a traceable blockchain code on more than 200,000 turkeys sold through 3,500 retailers around the U.S. The traceable turkeys, a limited supply of which is also available through internet retailer Amazon, offer consumers a high-tech connection to the farm where the centerpiece of the meal began its journey to the table.The blockchain
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PayPal Policy Change Forces Consumers to Take Cryptocurrency More Seriously
Making payments online can be done through many different ways. Cryptocurrencies play a growing role of importance in this regard. Taking the crown from the likes of PayPal will not happen overnight. Even so, the latter company is making some policy changes which will not be to everyone’s liking.
The PayPal Policy Changes
Online payment processors need to keep a close eye on their competitors. This also includes making policy changes which may offend a fair few people. For PayPal, their new direction is pretty straightforward. The variable rate pricing for sending money outside of the US is being removed. Instead, recipients of funds will be “discriminated” based on their country of residence. A flat fee is to be introduced, which can ramp up to .99 per transaction.
To make matters worse, there is an extra “rule” for credit and debit card users. This same flat fee will apply, plus a fixed fee based on the currency, and a surcharge of 2.9% of the transaction amount. In the best case, sending 0 to a country with a .99 flat fee would net the recipient or less. This new scheme will not be to the liking of people who regularly transfer money through the PayPal infrastructure.
It is important to note this does not apply to purchases made through the service. This only pertains to people who send money to friends and family members. Anything labeled as a non-purchase will be subject to this new policy. This makes PayPal a far less favorable option for sending money between friends and family members. Instead, it may push people to alternative solutions.
A Boost for Cryptocurrency?
Up until now, PayPal had made somewhat of an impact in the money transfer industry. Especially where remittances are concerned, the service offers an adequate alternative. These new changes will force people to look for alternatives in this regard. Especially with unverified users being unable to send money and make payments, things are not heading in the right direction.
Other forms of remittance will undoubtedly benefit from these policy changes. The likes of TransferWise are a lot cheaper than PayPal, but still somewhat expensive. Cryptocurrencies can make a positive impact in this regard. Unlike traditional solutions, Bitcoin and consorts are borderless and can be a lot cheaper to send money abroad.
More importantly, cryptocurrency use doesn’t necessarily require a lot of personal information. Setting up a wallet address is a matter of installing the right software. Converting cryptocurrency to fiat currency may involve a KYC procedure, but exchanges are getting better at processing those requests quickly. PayPal may effectively pave the way for broader cryptocurrency adoption in the coming years.
The post PayPal Policy Change Forces Consumers to Take Cryptocurrency More Seriously appeared first on NewsBTC.
Vitalik: Ether Cap Is a ‘Joke’ Worth Taking Seriously
Ethereum creator Vitalik Buterin said he wrote a proposal to cap ether at 120 million tokens as an “April Fool’s meta-joke” to stimulate debate.
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Why Crypto Needs to Start Talking Seriously About SpankChain
SpankChain is gaining a reputation in the developer community for moving fast to make payment channels work with a thoughtful user experience.
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eBay is seriously considering Bitcoin as a means of payment
According to a senior manager, the eBay trading platform is seriously considering accepting Bitcoin as a payment method. With this year’s Christmas business it will be nothing more. Like Yahoo! Finance reports that it could take a while before it launches. On the subject of bitcoin, there is actually nothing on eBay that does not […]
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