Mastodon

Is Bitcoin the New Pets.com? The Crypto Crash of 2018 Is Now Worse Than the Dotcom Bust – Fortune

FortuneIs Bitcoin the New Pets.com? The Crypto Crash of 2018 Is Now Worse Than the Dotcom BustFortuneThe virtual-currency mania of 2017 — fueled by hopes that Bitcoin would become “digital gold” and that blockchain-powered tokens would reshape industri…


Fortune

Is Bitcoin the New Pets.com? The Crypto Crash of 2018 Is Now Worse Than the Dotcom Bust
Fortune
The virtual-currency mania of 2017 — fueled by hopes that Bitcoin would become “digital gold” and that blockchain-powered tokens would reshape industries from finance to food — has quickly given way to concerns about excessive hype, security flaws, ...

and more »

Ethereum Smashed to $170 as Crypto Markets Hit Another Yearly Low

FOMO Moments Markets have crashed again; Ethereum, Bitcoin Cash, Litecoin and Cardano getting destroyed. The pain in crypto land has increased over the past 24 hours as markets have sunk to a new 2018 low point. The world has fallen out of Ethereum as it has led the downward charge dropping total market capitalization below

The post Ethereum Smashed to $170 as Crypto Markets Hit Another Yearly Low appeared first on NewsBTC.

FOMO Moments

Markets have crashed again; Ethereum, Bitcoin Cash, Litecoin and Cardano getting destroyed.

The pain in crypto land has increased over the past 24 hours as markets have sunk to a new 2018 low point. The world has fallen out of Ethereum as it has led the downward charge dropping total market capitalization below $190 billion.

ETH should be renamed ‘DETH’ as the world’s second largest crypto currency dumps another 12.5% on the day down to $170. The only other time Ethereum has been this low since the bull market started in 2017 was mid-July last year when it dropped to $150. Looking at a one year chart does indicate that Ethereum is dying a slow and painful death.

The collapse has been blamed on ICO projects dumping the Ethereum they raised during funding and cashing out of the markets. Some analysts have predicted that there are more declines to come as ICOs have only sold off 5% of their ETH holdings at the moment. If Ethereum does not find a bottom soon it could well plummet back to around $50 which is where it was last stable before the big crypto surge of 2017.

Bitcoin is faring much better losing only 1.3% on the day down to $6,270. BTC is the only cryptocurrency that has weathered this storm and may be the only one left standing when the dust settles. Ether is not the only crypto in pain right now, Bitcoin Cash, Litecoin and Cardano are all getting hammered 11-13 percent at the moment. This has dropped them to their lowest levels for over a year.

More despair can be seen in the top twenty with Nem and VeChain suffering the biggest daily losses of 14-16 percent. Not far behind are Dash, Iota, Tron and Neo losing 10-11 percent on the day. Remarkably only Dogecoin is in the green again with a 1.25% gain on the day as if mocking the rest of the digital currencies.

Total market capitalization has fallen to its lowest level in 2018, dropping another 4.6% on the day to $186 billion. The ten billion dollar dump has taken markets back to October 2017 levels but the bulls were in charge then and the bears are ruling things now. Further declines could send most cryptocurrencies back into obscurity as only Bitcoin seems to be surviving.

The post Ethereum Smashed to $170 as Crypto Markets Hit Another Yearly Low appeared first on NewsBTC.

‘Crypto Tourists’ Flee as Bitcoin Slump Drags On – Wall Street Journal


Wall Street Journal

‘Crypto Tourists’ Flee as Bitcoin Slump Drags On
Wall Street Journal
The cryptocurrency market is notoriously volatile and has weathered several boom-and-bust cycles in the nearly 10 years since the pseudonymous Satoshi Nakamoto unveiled bitcoin. Bitcoin is a digital currency that isn’t sponsored by any government or …

and more »


Wall Street Journal

'Crypto Tourists' Flee as Bitcoin Slump Drags On
Wall Street Journal
The cryptocurrency market is notoriously volatile and has weathered several boom-and-bust cycles in the nearly 10 years since the pseudonymous Satoshi Nakamoto unveiled bitcoin. Bitcoin is a digital currency that isn't sponsored by any government or ...

and more »

Why a Coinbase & BlackRock crypto ETF might be approved

In the wake of nine bitcoin ETF rejections by the SEC, news has emerged that Coinbase is in talks with BlackRock about establishing a crypto ETF. Could this pairing—and the appointment of a new SEC Commissioner— finally be the magic ticket for an ETF a…

In the wake of nine bitcoin ETF rejections by the SEC, news has emerged that Coinbase is in talks with BlackRock about establishing a crypto ETF. Could this pairing—and the appointment of a new SEC Commissioner— finally be the magic ticket for an ETF approval?

Despite Market Slump, Major US Crypto Exchange Bittrex Aggressively Expands Globally

Even in this most recent market rut, Bittrex, a well-established Seattle-based cryptocurrency exchange, is dead set on bolstering its sphere of influence over the cryptocurrency and blockchain industries. Bittrex Eyes Expansion With Affiliate Company On Monday morning, Bittrex unexpectedly took to Twitter to announce that it had launched Bittrex International, an affiliate firm that will be

The post Despite Market Slump, Major US Crypto Exchange Bittrex Aggressively Expands Globally appeared first on NewsBTC.

Even in this most recent market rut, Bittrex, a well-established Seattle-based cryptocurrency exchange, is dead set on bolstering its sphere of influence over the cryptocurrency and blockchain industries.

Bittrex Eyes Expansion With Affiliate Company

On Monday morning, Bittrex unexpectedly took to Twitter to announce that it had launched Bittrex International, an affiliate firm that will be responsible for managing a “global collection of innovative blockchain technology-focused businesses operating outside of the United States.”

In an official statement, the exchange outlined its aspirations for this new firm, revealing that the multinational startup’s mission is to become a “driving force in the blockchain revolution,” by increasing the adoption rates and development of this technology and its applications. Bittrex International intends to accomplish this by providing oversight, advice, and management for technology-focused businesses under the firm’s control.

Despite its infancy, the newly-established Bittrex International will also be responsible for founding a subsidiary based in crypto-friendly Malta. Seemingly taking advantage of the European island nation’s lax regulatory climate, this subsidiary will be creating a “secure, reliable, and advanced digital asset platform operating in Malta and built on Bittrex’s cutting-edge trading technology.”

More specifically, Bittrex Malta aims to allow projects to not only see their in-house crypto assets listed on a platform but to see their brainchildren flourish via the establishment of higher levels of consumer trust and a “larger global footprint.”

The company intends to create this global footprint through partnerships with an international collection of exchanges, which will reportedly see the assets listed on Bittrex’s Malta platform reach a worldwide audience via the aforementioned partners.  As Malta has openly endorsed crypto assets and welcomed cryptocurrency firms, this new platform has been designed with Maltese and European rules and regulations in mind. CEO Bill Shihara expressed his excitement for this global expansion, noting:

“At Bittrex, we’re using our secure, reliable and innovative platform technology to power the blockchain revolution. Through our U.S-based trading platform, and our growing network of partner exchanges around the world, Bittrex is making blockchain technology and digital asset trading more accessible to the global community. Bittrex International and its subsidiaries will further advance our work to increase adoption of this revolutionary technology by streamlining the process of identifying and listing some of the world’s most innovative blockchain projects.”

Partnerships & USD Trading Pairs

As reported by NewsBTC, the exchange has recently enlisted a series of measures to rope itself back in the public limelight, with the creation of Bittrex’s international and Maltese subsidiaries being no exception.

Bittrex recently joined hands with Rialto, an alternative trading system, to make a foray into the crypto asset securities subindustry. According to a press release that pertains to the matter, the two firms are in talks with regulators to hopefully gain approval. If successfully, the partnership will reportedly parent a next-generation platform that will allow investors to purchase digital assets that are deemed securities by the U.S. Securities and Exchange Commision.

Pending regulatory approval, the prospective security token exchange, which remains unnamed at this time, will only facilitate institutional investors, legacy firms, U.S. registered broker-dealers and accredited investors due to restrictions.

It is unclear if the aforementioned moves will garner high levels of support from the get-go, but it has become apparent that Bittrex is trying to propel itself to new heights amid a market

Featured Image From Shutterstock

The post Despite Market Slump, Major US Crypto Exchange Bittrex Aggressively Expands Globally appeared first on NewsBTC.

Ethereum Price: $160 Bottom or Will Arthur Hayes Drive Prices Down Further?

The Ethereum price has had a rough 2018 so far. Unfortunately for speculators and enthusiasts, it seems the worst has yet to come in this regard. With the Ethereum price now falling below $170, it seems to be a matter of time until $150 and potentially lower is reached. This is not necessarily the best […]

The post Ethereum Price: $160 Bottom or Will Arthur Hayes Drive Prices Down Further? appeared first on NullTX.

The Ethereum price has had a rough 2018 so far. Unfortunately for speculators and enthusiasts, it seems the worst has yet to come in this regard. With the Ethereum price now falling below $170, it seems to be a matter of time until $150 and potentially lower is reached. This is not necessarily the best outcome for the cryptocurrency ecosystem.

Ethereum Price Struggle Intensifies

Today will be another tough day for Ethereum enthusiasts. The value of their preferred cryptocurrency is getting battered once again, courtesy of another 12% drop in the past 24 hours. Compared to Bitcoin’s downtrend, things are certainly heading in the wrong direction for the world’s second-largest cryptocurrency by market cap. There is no improvement in sight, and things may even get worse as more time progresses.

To put this in perspective, the Ethereum price is losing value across both USD and BTC markets alike. The USD ratio is now down to $171, although it will effectively be difficult to maintain this level for very long. In the BTC department, there is a 10.5% decline, pushing the ratio down to 0.0274 BTC. It will take a very long time until the markets recover from this onslaught, unfortunately.

It seems the rumors regarding cryptocurrency manipulation will not quiet down anytime soon either. Arthur Hayes, the CEO of Bitmex, is clearly not a fan of Ethereum. While everyone is entitled to their own opinion, such prominent figures should refrain from calling currencies “Shitcoins” in public. They should certainly not provoke users by telling them to short a specific currency either. It is very interesting to see how individuals behave under these market conditions, yet Hayes is not the role model to look up to in this regard.

Thankfully, there are some interesting developments to take note of as well. The upcoming DevCon 4 conference for Ethereum will take place later this year. It will also mark the next evolution of Ethereum courtesy of the Constantinople hard fork. Five new Ethereum Improvement Proposals will be introduced as a result, which further improves the network as a whole. It also delays the mining difficulty bomb and reduces block rewards to 2 ETH.

For those who only care about the Ether price, it will be interesting to see what comes next. Some speculators claim Ethereum is massively oversold, which will result in a trend reversal fairly soon. It is still possible Ether will drop below $160, and any upward momentum has not remained in place for long to date. A market bottom would be a welcome sight, as 2018 is shaping up to be an ulcer-creating year for most traders.

As is always the case, anything is possible in the world of cryptocurrencies. For the Ethereum price, the momentum does not favor this altcoin, even though it appears to be a matter of time until things begin to improve again. Speculators and potential manipulators have a firm grip on the market, and no major changes should be expected in the coming hours.

The post Ethereum Price: $160 Bottom or Will Arthur Hayes Drive Prices Down Further? appeared first on NullTX.

Bitcoin Price Watch: BTC/USD Sets Eyes On $6,080

Key Points Bitcoin price declined slightly and settled below the $6,300 level against the US Dollar. There was a break below a short term triangle pattern with support at $6,320 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is currently trading below the 100 hourly SMA and it could

The post Bitcoin Price Watch: BTC/USD Sets Eyes On $6,080 appeared first on NewsBTC.

Key Points

  • Bitcoin price declined slightly and settled below the $6,300 level against the US Dollar.
  • There was a break below a short term triangle pattern with support at $6,320 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is currently trading below the 100 hourly SMA and it could decline towards $6,080 or $6,000.

Bitcoin price is slowly moving lower against the US Dollar. BTC/USD may continue to move down and it could test the $6,080-6,000 support area in the near term.

Bitcoin Price Analysis

Yesterday, we discussed about a short-term break in bitcoin price either above $6,380 or below $6.240 against the US Dollar. The BTC/USD pair failed to move higher and faced heavy selling interest near the $6,380 and $6,400 levels. As a result, there was a downside reaction and the price declined below $6,240. The price traded below the $6,200 support and formed a new intraday low at $6,162.

More importantly, there was a close below the $6,300 level and the 100 hourly simple moving average. Additionally, there was a break below a short term triangle pattern with support at $6,320 on the hourly chart of the BTC/USD pair. Later, the pair found support near $6,160 and recovered above the 23.6% Fib retracement level of the recent drop from the $6,408 high to $6,162 low. However, upsides are capped by the 100 hourly SMA and $6,300. Besides, the price is facing resistance near the 50% Fib retracement level of the recent drop from the $6,408 high to $6,162 low.

Bitcoin Price Analysis BTC USD

Looking at the chart, bitcoin is forming another breakout pattern with support at $6,180 and resistance near $6,360. As long as the price remains below the $6,360 and $6,380 resistance levels, there is a risk of more losses towards $6,080 and $6,000.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is mostly pointing range moves in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI is currently just below the 50 level.

Major Support Level – $6,180

Major Resistance Level – $6,380

The post Bitcoin Price Watch: BTC/USD Sets Eyes On $6,080 appeared first on NewsBTC.

Berkeley Professor Claims Stablecoins Not a Solution to Bitcoin’s Volatility

Stablecoins aren’t the panacea to Bitcoin’s fluctuating fortunes, according to a Berkeley professor, claiming that they have clear weaknesses. Professor of Economics at UC Berkeley, Barry Eichengreen, suggests that stablecoins, seen by some as highly attractive for investment due to their being pegged to the US Dollar, aren’t so stable as the name suggests. Nick …

The post Berkeley Professor Claims Stablecoins Not a Solution to Bitcoin’s Volatility appeared first on BitcoinNews.com.

Stablecoins aren’t the panacea to Bitcoin’s fluctuating fortunes, according to a Berkeley professor, claiming that they have clear weaknesses.

Professor of Economics at UC Berkeley, Barry Eichengreen, suggests that stablecoins, seen by some as highly attractive for investment due to their being pegged to the US Dollar, aren’t so stable as the name suggests. Nick Tomaino, founder of @1confirmation, calls stablecoins “the holy grail of cryptocurrency” because of their price stable characteristics.

The subject is topical, given the news yesterday, reported by Bitcoin News, that two firms, Gemini Trust Company, and the Paxos Trust Company, became the first stablecoin providers to receive the go-ahead to list on exchanges in New York State. Gemini, one of the beneficiaries of the NY regulators decision, was boosted by the news, according to the Winklevoss founders, who see stablecoins as a “first step… making it safe and easy to buy, sell, and store cryptocurrencies”.

Eichengreen disagrees. He says that stablecoins fall into three discrete groups and each category has certain “weaknesses”, and are not only expensive but require a reserve that is equal to or more than the coins in circulation to ensure market stability, making government regulation complex.

He classifies “partially collateralized” coins into his first group, where only 50% of the circulating coins are backed by a dollar reserve, as risky, suggesting that they invite a “collapse of the peg” if the investing company wishes to retain the value of the stablecoins by buying them back from investors with the limited reserve.

According to the Berkeley professor, “uncollateralized” stablecoins are the worst-case scenario for investors, with no supporting collateral and are dependent on the laws of supply and demand in order to retain their value. This, according to the professor, should be avoided by investors, appearing to suggest that the name is a complete misnomer.

Myles Snider of Multicoin Capital is firmly in the panacea camp when it comes to Stablecoins, seeing them offering solutions to cryptocurrency volatility, claiming that such instability will prevent progress in terms of digital currency eventually displacing fiat currencies. He comments:

“The decoupling of governments and money could provide an end to hyperinflationary policies, economic controls, and other damaging policies that result from government mismanagement of national economies… and stablecoins can provide the solution.”

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Berkeley Professor Claims Stablecoins Not a Solution to Bitcoin’s Volatility appeared first on BitcoinNews.com.

Is Bitcoin Charting a 2015-Style Price Bottom?

Bitcoin’s price decline this year looks eerily similar to a long-term bottom seen in 2015, chart analysis reveals.

Bitcoin’s price decline this year looks eerily similar to a long-term bottom seen in 2015, chart analysis reveals.

Is Bitcoin Charting a 2015-Style Price Bottom? – CoinDesk


CoinDesk

Is Bitcoin Charting a 2015-Style Price Bottom?
CoinDesk
Bitcoin’s price action this year may be dismal, but it might not be without precedent. Having hit a record high near $20,000 in December, the world’s largest cryptocurrency began 2018 backed a wave of optimism. Since then, however, it hasn’t translated


CoinDesk

Is Bitcoin Charting a 2015-Style Price Bottom?
CoinDesk
Bitcoin's price action this year may be dismal, but it might not be without precedent. Having hit a record high near $20,000 in December, the world's largest cryptocurrency began 2018 backed a wave of optimism. Since then, however, it hasn't translated

Cardano Price Analysis: ADA/USD Could Test $0.060

Key Highlights ADA price declined further and broke the $0.0700 support level against the US Dollar (tethered). There is a major declining channel in place with resistance at $0.0700 on the hourly chart of the ADA/USD pair (data feed via Bittrex). The pair is likely to break the $0.0620 support area and decline further in

The post Cardano Price Analysis: ADA/USD Could Test $0.060 appeared first on NewsBTC.

Key Highlights

  • ADA price declined further and broke the $0.0700 support level against the US Dollar (tethered).
  • There is a major declining channel in place with resistance at $0.0700 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair is likely to break the $0.0620 support area and decline further in the near term.

Cardano price is moving lower against the US Dollar and Bitcoin. ADA/USD may continue to trade lower towards the $0.0600 support area if sellers remain in control.

Cardano Price Analysis

This week, there were heavy declines below the $0.0900 support in cardano price against the US Dollar. The ADA/USD pair declined and broke a couple of important support levels like $0.0800 and $0.0750. The decline was such that the price recently broke the $0.0700 support area and dived below $0.0650. A new monthly low was formed at $0.0628 and the price remains in a bearish zone.

An initial resistance on the upside is near $0.0670. It represents the 23.6% Fibonacci retracement level of the last slide from the $0.0810 high to $0.0628 low. More importantly, there is a major declining channel in place with resistance at $0.0700 on the hourly chart of the ADA/USD pair. Above the channel resistance, the next hurdle is near the $0.0720 level. The stated $0.0720 level is close to the 50% Fibonacci retracement level of the last slide from the $0.0810 high to $0.0628 low. Lastly, the 100 hourly simple moving average is positioned near the $0.0760 level to act as a hurdle for buyers.

Cardano Price Analysis ADA USD

The chart indicates that ADA price may correct a few points in the short term towards $0.0700. However, upsides are likely to be capped by the $0.0700 and $0.0720 resistance levels. On the downside, a break below the $0.0628 low could open the doors for a push to $0.0600.

Hourly MACD – The MACD for ADA/USD is currently in the bearish zone.

Hourly RSI – The RSI for ADA/USD is presently well below the 40 level.

Major Support Level – $0.0600

Major Resistance Level – $0.0720

The post Cardano Price Analysis: ADA/USD Could Test $0.060 appeared first on NewsBTC.