I am pretty confident we are the new wealthy elite, gentlemen, even with a sum as small as 10 bitcoins The world just isnt going to be the same and we have been blessed as the pioneers. When these remarks were made in June of 2011, they seemed hopeful to the point of delirium. Commencing a thread on the Bitcointalk forum, the declaration triggered a wide-ranging discussion about Bitcoins potential in the years to come, with the thread eventually topping out at 232 pages. Opinion was divided, but looking back, that anonymous posters prediction was prescient.

Also read: Bitcoin History Part 21: Miners Pour One out for Satoshi

When the original poster wrote The world just isnt going to be the same, he wasnt talking about politics, war or ever more powerful AI systems: he was forecasting a time when cryptocurrency powers the global economy, with bitcoins price steadily rising in line with demand. In an attempt to inspire some smug bonhomie about this notion, the poster proclaimed We have been blessed as the pioneers before asking what the others were going to do with their Bitcoin wealth once your coins hit upwards of $10,000 a pop.

As we know, that prediction was accurate: bitcoin hit its all-time high of $20k on December 18, 2017, just six-and-a-half years after the post, at which time a single BTC cost a mere $22.59. That figure might seem insignificant now, but context is required: bitcoin failed to exceed a dollar the year before (2010), its highest price being just $0.39. Bitcoins rise above $20 was aided by a Gawker story published on June 1, which cited the cryptos popularity on Silk Road. Perhaps it was this rapid growth that convinced our would-be clairvoyant that the era of a new wealthy elite was on the horizon.

As is often the case with old Bitcointalk threads, reading the posts can be an amusing and instructive exercise. To think that not so long ago I was paid 50 BTC for two hours of work, mused one poster, JamezQ. Another, billyjoeallen, pledged his commitment to the cause, sounding for all the world like a broken hero on a last chance power drive: I dont care about the busts. Im riding this pig wherever it takes me. If it tanks, Ill have a helluva story to tell. Im sick of half measures. Im swinging for the fences and if I strike out, so be it. I wont be some mediocre drone living a life of quiet desperation. I believe in bitcoin and Im going for broke, knowing the risks.

Of course, there were a few people predicting crazy bitcoin growth in those heady days. One of them was self-professed philosopher and investor Trace Mayer, who had been recommending his followers buy bitcoin since it was $0.25. Mayers giddy predictions were just too much for some people to stomach, motivating an outraged riposte from one triggered Reddit user. Another vocal proselytizer was Bruce Wagner, host of The Bitcoin Show, who told wired.com, I knew bitcoin wasnt a stock and wouldnt go up and down. This was something that was going to go up, up, up.

The bitcoin phenomenon had gone overground in 2011: in August, the first Bitcoin World Conference and Expo got underway in east Midtown, and The New Yorker sought to scrutinize the landscape with a satirical eye, publishing a piece that fall called The Crypto-Currency. It concludes with an amusing story about an eager bitcoin miner named Kevin Groce, who referred to mining as the new moonshining and liked to walk around in a t-shirt emblazoned with the words Bitcoin Millionaire.

Presumably at the time, readers were compelled to chuckle at the dreamer with a wanderlust glint in his eye. But Groces conviction, like the clairvoyant on Bitcointalk, was unshakeable: My fiance keeps saying shed rather I was just a regular old millionaire. But maybe I will be someday, if these rigs keep working for me.

Outlandish predictions of wealth for bitcoin holders would become the norm in the years that followed that historic Bitcointalk post. At the time of writing, John McAfee reckons bitcoin will hit $2 million per coin by the end of 2020, an increase on his $1 million prediction in 2017. Bayern LB, one of the top German banks, is a little less audacious, predicting that bitcoin will reach $90,000 come May. Whatever the case, the idea of a new wealthy elite is no longer a pipe dream for those with the perspicacity to have gotten in on the investment of the decade.

Bitcoin History is a multipart series from news.Bitcoin.com charting pivotal moments in the evolution of the worlds first cryptocurrency. Read part 21 here.

Images courtesy of Shutterstock.

Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see whats happening in the industry.

Kai's been manipulating words for a living since 2009 and bought his first bitcoin at $12. It's long gone. He's previously written whitepapers for blockchain startups and is especially interested in P2P exchanges and DNMs.

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Bitcoin History Part 22: The New Wealthy Elite - Bitcoin News

Bitcoin has faced turbulence throughout 2019, with the first half of the year being firmly controlled by bulls that sent it as high as $13,800, while the second half of the year played to the favor of BTCs bears who were able to push it as low as $6,500.

The downtrend that was first sparked this past summer may have been the result of a Ponzi scheme that harvested and subsequently began selling a significant amount of Bitcoin from a plethora of victims.

Now, a prominent research group is now noting that the nefarious actors behind this scheme may still be selling off their illicitly obtained cryptocurrency and could lead Bitcoins price significantly lower in the mid-term.

PlusToken was a Chinese cryptocurrency wallet and storage solution that was structured like an archetypal Ponzi scheme, offering users referral rewards for every new user they bring the platform.

At its peak, the operation is said to have stolen north of $3 billion worth of Bitcoin from unsuspecting users, which resulted in a large number of the team members being arrested.

Unfortunately, it does appear that a small number of individuals who ran the operation are missing abroad, and data suggests that these users may be selling a significant amount of Bitcoin on a daily basis, providing a steady stream of downwards pressure on the markets.

As of late-November, Ergo, a data analyst, explained on Twitter that he estimates the scammers still have about 187,000 BTC left to sell.

So what is the current status of the PlusToken coins? Here is a work in progress table showing my rough totals. My current totals are around 187,000 BTC. This analysis is not complete yet, but roughly confirms the previous 200,000 BTC estimates, he noted.

Although it does appear that a significant amount of PlusTokens BTC has already been sold on the markets, data from Chainalysis signals that the scammers may force Bitcoin to incur further near-term downside.

Thats certainly something to consider when you are thinking about where the price is going, at least in the short term It could be, according to our research, continued downward pressure, Kim Grauer, senior economist at Chainalysis, said while speaking to Bloomberg about the significant amount of BTC the PlusToken ring leaders still hold.

Bitcoins current technical bearishness coupled with this ongoing fundamental development could point to the possibility that the price action seen at the end of 2019 and beginning of 2020 will favor sellers.

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Heres What Burst Bitcoins $14,000 Yearly Top and May Lead it Even Lower - newsBTC

Bitcoin and cryptocurrency markets have been trapped in a downward trend for months, but with just a few weeks until Christmas and bitcoin bulls still upbeat, could we be in for (another) Santa rally?

The bitcoin price is around half its year-to-date highs, with most altcoins (but not all) struggling to keep pace with bitcoin and having a worse time of it.

Now, bitcoin and crypto heavyweights are predicting a sudden price surge, technical data is looking positive, and recent developments suggest 2020 could be a big year for bitcoin.

A so-called Santa rally is when markets get a boost in the run up to Christmas and bitcoin has ... [+] historically seen some of its biggest bull runs through December.

"We will see $10,000 bitcoin again and welcome $100,000," ethereum cofounder and creator of bitcoin rival cardano, Charles Hoskinson, said last week, brushing off suggestions bitcoin could be in terminal decline as so-called FUDfear, uncertainty and doubt. "Crypto is unstoppable. Crypto is the future."

If bitcoin does stage a late in the year rally, it wouldn't be the first time crypto markets have soared in December. Towards the end of 2013 bitcoin rocketed to what was an all-time high of over $1,000 per bitcoin.

A few years later, December 2017 saw bitcoin's epic bull run peak at almost $20,000. But a lot has changed since then.

"I think bitcoin's weakness since July is understandable," Tom Lee, head of research at bitcoin and crypto strategy boutique Fundstrat Global Advisors, told CNBC in a recent interview, blaming the decline on increased regulatory scrutiny on crypto in the wake of Facebook's troubled libra project and U.S. president Donald Trump's criticism of bitcoin.

"I don't think adoption has really grown since July and if you can't grow adoption, network effects don't take place and so bitcoin drifts lower. But does this change the 10-year, five-year, or even two-year outlook for bitcoin? I don't think so."

Lee is upbeat about the year ahead, pointing to new money flowing into crypto markets as equity reaches new highs, the eagerly-anticipated bitcoin halvening, scheduled for May, and China's growing interest in bitcoin's underlying blockchain technology.

Meanwhile, technical data remains surprisingly positive for bitcoin.

Bitcoin chart watchers are eyeing the so-called Trading Envelope Indicator, which could be "a crucial inflection point," according to analysis by financial newswire Bloomberg.

A break below the indicator's lower band could mean a sudden sell-off, though a bounce could herald a rally of around 15%.

Elsewhere, bitcoin's "bullish three-day chart pattern is still intact," bitcoin, crypto and blockchain news outlet Coindesk has found.

Bitcoin's two biggest bull runs have both happened in the run up to Christmas, with many in the ... [+] bitcoin and crypto industry hoping history will repeat itself this year.

However, a bitcoin mini-rally over the U.S. Thanksgiving holiday weekend, which saw the bitcoin price add over 10% in less than 48-hours, has been almost erasedand some are beginning to doubt a fresh breakout could be imminent.

"My conviction level has come down quite a bit. Particularly, as the continuation and strong breakout has yet to develop," Mati Greenspan, the founder of research outfit Quantum Economics and formerly of brokerage eToro, wrote in a note yesterday.

"It's also worth noting that neither sentiment nor volumes have seen any drastic improvement over the weekend and are once again at the lows. Still, nothing changes sentiment like price and a strong push above $8,000 at this point could very easily pave the way to the recent highs near $14,000."

The bitcoin price is now trading at around $7,300 per bitcoin, up from around $3,500 at the beginning of the year.

Despite insistence from bitcoin bulls that a return to all-time highs is just around the corner, bitcoin holders might have to be happy with a mere doubling of prices in 2019.

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Crypto Is UnstoppableIs Bitcoin Really On The Cusp Of A Huge Santa Rally? - Forbes

Bitcoin markets have been suffering a certain malaise lately, showing little volatility.

Bitcoin prices have been trading within a relatively tight range lately, experiencing minimal volatility as market observers wait for the next major catalyst to drive the cryptocurrency higher or lower.

The digital asset started moving primarily between $7,200 and $7,800 late last month, narrowing to a smaller range of roughly $7,200 to $7,400 on November 30th, CoinDesk price data shows.

The cryptocurrency has been experiencing this relative calm as it follows a broader, downward trend, during which it has repeatedly notched lower highs, additional CoinDesk figures reveal.

[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.]

Bitcoin is in a general downward trend with temporary technical bounces from oversold price points, said Joe DiPasquale, CEO of cryptocurrency hedge fund managerBitBull Capital.

The upcoming holiday season may also result in thinning volumes, adding further pressure on the price, he added.

Meanwhile, investors have adopted a wait and watch approach to see if any market catalysts help conclusively drive the market in a particular direction, concluded DiPasquale.

Bullish Technicals

While bitcoin has managed to stay within a reasonably defined range over the last several days, it has also been displaying some bullish technical signals, giving market observers hope that it may experience a positive breakout soon.

Mati Greenspan, founder of the newsletterQuantum Economics, weighed in on these developments, helping shed some light on the situation.

Over the last week, technical indicators have shown signs that a reversal may be in the cards soon, he stated.

At the moment, sentiment and volumes are at the lows. A strong push past the $8,000 [level] could very easily open the way back to the recent highs of $14,000, said Greenspan.

At the same time, Greenspan emphasized the limited nature of relying on technical analysis, noting that past performance is not always an indication of future results.

Adam Vettese, an investment analyst for eToro, also weighed in, stating that the technical picture is encouraging but not conclusive.

The price action still has a little bit further to go to reverse the long-standing downtrend, he added, so I would want to see a bit of a stronger reversal first.

Sentiment Data

Crypto investors have been particularly bullish or bearish, according to sentiment figures provided by cryptocurrency analytics platformTheTIE.io.

From a short-term point of view Bitcoin sentiment is very flat, Joshua Frank, cofounder of TheTIE.io, said yesterday.

Tweet volumes today are below average and daily Bitcoin sentiment is sitting right around 54% (neutral), he added.

The chart below depicts the relationship between price, daily sentiment and tweet volume:

Bitcoin prices, sentiment data and tweet volume.

There is nothing to suggest a strong upwards movement is coming from a purely sentiment point of view, said Frank.

Waiting For Whats Next

Considering the widespread malaise affecting the bitcoin markets, Marouane Garcon, managing director of crypto-to-crypto derivatives platformAmulet, summed up the mindset of many traders, investors and analysts.

I think that were all waiting for whats next, he stated.

I think the market needs more utility, added Garcon.

He mentioned decentralized finance, describing it as an exciting sector thats experiencing great growth and it has a great use case.

There needs to be a reason or several reasons for people to get excited about crypto again, said Garcon.

Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether and EOS.

Continued here:

Bitcoin Trades Range-Bound As Investors Wait And See - Forbes

The top analysts on Crypto Twitter (CT) are seeing a bloody Christmas for bitcoin. Many widely-followed accounts are predicting a price drop to between $6,000 and $5,000. If theyre right, then bitcoin is headed for another 30% plunge after already retracing by nearly 50% from this years high of $13,880.

These traders have amassed huge followings because they present scenarios that are likely to play out. But they dont always get it right. Its worthwhile to find gems or exceptional analysts who have a few hundred followers. They dont get a lot of attention because some of them present contrarian ideas. One of them is Riggs; the quant analyst boldly claims that the recent bitcoin dip is a gift to bitcoin holders.

What a time, thats how Riggs ended his tweet about bitcoin that has garnered close to 900 likes. Those concluding words indicate the analysts level of confidence. According to Riggs, the number one cryptocurrency is at a price level that looks extremely attractive. The trader emphasized that there were only two other instances in bitcoins history that offered the same buying opportunity.

To drive his claim, the trader points to the beginning of the 2013 and 2017 bull markets. In both periods, bitcoin had just risen from a crippling bear market.

The surge in price was then followed by a significant pullback. The three arrows on the chart point to the instances when the price touched the green indicator. Those moments appear to mark the end of the retracement.

These times offered the best chances to enter the market before the top cryptocurrency went into the stratosphere. They seem to have offered minimum risks and maximum growth opportunities.

The quant analyst is not only relying on charts to argue his ultra bullish case. The trader also mentioned upheavals around the world that might spark demand for the dominant cryptocurrency. In a tweet, Riggs wrote,

Millions already need BTC to survive, to send money to their families, to preserve their wealth.

Trader Riggs bolsters his assertions by plotting a chart of bitcoins supply and demand over time. Based on the chart, demand for bitcoin would plummet before we enter 2020. However, it will eventually pick up and then skyrocket towards the end of 2020.

On the other hand, supply would take a nosedive next year. This is somewhat accurate because the May 2020 halving would decrease block rewards by half.

Trader Riggs presents a compelling bullish narrative but its still wise to practice risk management strategies to protect your capital. Think about setting stops in accordance to your risk appetite. You can also consider buying other assets.

Mati Greenspan, founder of Quantum Economics, echoes these sentiments. When asked if bitcoins price is a godsend to long-term holders, the trader told CCN,

No, bitcoin is a risky asset.

The analyst added,

As it seems to me at the moment it could be undervalued. But Ive been wrong before. Any investment in emerging technology comes with a great deal of risk, which is why we continuously research and always diversify.

After a 50% bitcoin retracement, Riggs tells us that its time to buy despite the warnings of many big CT accounts. Only time will tell whos right.

Disclaimer: The above should not be considered trading advice from CCN. The writer owns bitcoin and other cryptocurrencies. He holds investment positions in the coins but does not engage in short-term or day-trading.

This article was edited by Sam Bourgi.

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Now Is One of the Top 3 Greatest Buying Opportunities for Bitcoin: Analyst - CCN.com

Fundstrat Global Advisors co-founder Thomas Lee on how to invest in bitcoin, why he considers bitcoin to be a safe haven, the state of the markets and why he does not predict a recession.

Bitcoin is making waves again with its first TV ad in France.

The 18-second spot, which has been running multiple times a day on the countrys free-to-air station, TF1, advertises services from Paris-based financial firmKeplerk. The company allows people to exchange money for bitcoin at about 6,500 local convenience stores.

Customers can buy physical vouchers in the amounts of 50 euros, 100 euros or 250 euros, and, after a processing fee, convert them into bitcoin that appear in their mobile wallet.

Oh c'est sympa a! one Twitter user wrote, which translates to Oh, thats nice!

Digital currency has been gaining momentum in France, ranking on Bitcoinists top-20 countries adopting the tech. BeInCrypto, which reported news of the ad, said another campaign was launched months ago to allow bitcoin payments in 25,000 locations.

And other reports have predicted a bitcoin boom in the country on the news that more and more retailers there are preparing to accept the currency at some point in 2020.

This is not the first time bitcoin has appeared on TV, however. Earlier this year, in the United States, a national ad from New York-based crypto investment firm Grayscale Investmentsran urging investors to forgo gold and pick up bitcoin instead.

You see where things are going, it said. Digital currencies like bitcoin are the future.

THE FCC IS MAKING IT EASIER FOR POLICE TO FIND YOU

According to a report from Coincodex, the United States is among the top countries in terms of share of bitcoin users, making ita prime market for more digital currency TV ads.

CLICK HERE TO GET FOX BUSINESS ON THE GO

Strict state-level regulations, though, could make firms wary of launching new initiatives.

The value of one bitcoin is currently hovering around $7,700.

CLICK HERE TO READ MORE ON FOX BUSINESS

Read more here:

Watch the first-ever bitcoin TV commercial launched in France - Fox Business

A Danish bank has successfully won a court case that means it can now prevent its staff from buying Bitcoin BTC and other cryptocurrencies.

That sounds fine on the surface, but a potential ban doesnt refer to buying cryptocurrency on the job, it extends into employees private lives.

According to a release made by Danish court yesterday, Nordea Bank is now free to prevent its staff from buying and trading cryptocurrencies in their own time, Bloomberg reports. They are also banned from buying crypto on behalf of others too.

How the bank will enforce a ban and what happens if someone breaches the policy remains unclear.

The bank will let its staff continue to hold any crypto they already own, but it is encouraging them to sell what they have and refrain from making future investments.

The dystopia is here.

Nordea bank has cited risks and a lack of industry regulation for its decision to advise staff against messing with the digital assets. But even so, a company dictating what staff can and cant do in their personal lives seems to be overstepping a boundary.

But thats not all.

Nordea will let its staff invest in the banks own cryptocurrency-based products and financial instruments. So thats ok? But regular Bitcoin isnt, go figure.

Product development staff at Nordea will be allowed to make minor investments in cryptocurrency if they have a legitimate business reason for doing so.

The irony doesnt stop there, though. As CoinDesk points out, Nordea bank has previously been investigated for money laundering. Reuters reported earlier this year that the banks headquarters were searched in relation to the claims.

The court-issued press release also says that staff should not conduct trades in financial instruments to the point that it puts their own financial position in jeopardy.

Sure it sounds bad, and the thought of a company dictating what its staff can and cant do outside of work makes my skin crawl, but it would look quite bad for a bank to have employees that appear to make awful financial decisions. It makes sense that a bank wouldnt want its staff taking risks on Bitcoin, it happens to the best of us.

Published December 3, 2019 16:01 UTC

Original post:

Danish bank staff banned from buying Bitcoin with their own money urged to dump holdings - The Next Web

Editor's note: Seeking Alpha is proud to welcome M. Zack Norman as a new contributor. It's easy to become a Seeking Alpha contributor and earn money for your best investment ideas. Active contributors also get free access to SA PREMIUM. Click here to find out more

Editor's note: Seeking Alpha is proud to welcome M. Zack Norman as a new contributor. It's easy to become a Seeking Alpha contributor and earn money for your best investment ideas. Active contributors also get free access to SA PREMIUM. Click here to find out more

While Bitcoin (BTC-USD) and cryptocurrency prices have sharply corrected downwards, it may have already signaled a new bottom at $6,500, as it has bounced sharply to the $7,400 resistance point within hours, marking increased accumulation pending the +50% pullback.

Source: Coin360

The cryptocurrency market is experiencing a large market rout, with overall market cap dropping to below $200 billion for the first time since May 10th 2019 at the end of the months long crypto winter, talked about as the crash of November 2018.

Source: TradingView (Zack Norman)

Bitcoin dropped to below $7,000 for the first time since May 17th, 2019, touching a new low of around $6,500 on November 25th, 2019. This marked a +52% pullback from 2019's high of $13,800 on June 26th, 2019.

Source: TradingView (Zack Norman)

Just a month before in late October, Bitcoin along with other cryptocurrency pairs had risen +40% (Bitcoin rose to a high of $10,600) after positive comments by the President of China, Xi Jinping, as he endorsed China's development of the Blockchain industry, and sought to harness the abilities of its technology for China's industrial growth. However, no mentions were made then of any cryptocurrency, such as Bitcoin.

Source: TradingView (Zack Norman)

Soon thereafter, Chinese citizens started to search the internet about "Blockchain", with search results reaching new highs, with a +1,382.79% daily surge on Baidu (NASDAQ:BIDU).

Surging search volumes for "Blockchain", and modest increase for "Bitcoin" on Baidu and WeChat. Source: The Block

On November 11th, 2019, China's largest and most influential state news agency, Xinhua, published an article headlining Bitcoin, titled Bitcoin: The First Successful Application of Blockchain Technology on their newspaper. The article itself explained the various machinations of Bitcoin, such as how Blockchain works, currency mining, and P2P transactions. China had also lifted cryptocurrency mining from its blacklist, thus pulling it from a grey-area that long remained legal, but controversial.

1) As these developments were viewed as a positive sign forward for cryptocurrencies, it opened the doors for increased speculation. However, the overreaction was soon made aware by China's authorities, as they made attempts to further increase scrutiny of cryptocurrencies, as reported by CoinDesk and The Block.

Their crackdowns began targeting companies and projects related to cryptocurrency and Blockchain, citing fraudulent activities. The action undertaken by Chinese authorities is widely agreed to be the primary cause for the recent plunge to $6,500, as investors and traders are fearful of any potential ban as China plans on releasing its own digital currency soon.

2) Another reason to be concerned about is potential miner capitulation. As more cryptocurrency miners are losing their net worth due to market downturns, they are obliged to sell more of their cryptocurrency holdings to maintain their operations, and if necessary to upgrade their hardware. A market downturn, as is with the current +50% pullback, will push more miners to capitulate, and to dump their cryptocurrency holdings onto public exchanges, thus increasing supply with only moderate demand.

According to data from Blockchain.com, cryptocurrency miners' revenue have also dropped to its lowest level since May 2019. Source: Blockchain.

On TradingView, The Hash Ribbons indicator is a useful tool to identify potential miner capitulation, by also taking into account hash rate and momentum. Grey circles show a potential beginning to miner capitulation, while succeeding green circles mark a recovery period, with blue circles indicating good buying opportunities.

Historically, miner capitulations have not always had a significant impact on price. However, there are uncertainties now, as we are seeing more institutional entry into cryptocurrencies, and Bitcoin is only 6 months away from halving in 2020.

Source: TradingView (Zack Norman)

The capitulation may have already started, as analyst ByteTree has shown on Reddit; one cryptocurrency miner placed a large $17.6 million sell order, thus dumping into the markets just around the descending $8,000 mark, days before the current downturn.

Source: ByteTree (Reddit)

3) Next, the liquidity markets in the cryptocurrency space are at the lowest in recent months, with bid-ask offers widening sharply in the past 3 months, further exacerbated by the downturn, following miners dumping their holdings onto the open markets to maintain their operability. Here, VanEck director, Gabor Gurbacs, quoted data from Skew Markets, showing increasing bid-offer spreads on some cryptocurrency exchanges.

Source: Gabor Gurbacs, Skew Markets (Twitter)

The lack of liquidity has also been blamed on China's recent crackdowns, thus creating a negative sentiment for investors and traders, as they attempt to avoid trading on the markets until further news from China comes out.

From the low of $6,500 on November 25th, 2019, it took about 7 hours later for the price to rebound above $7,000, as investors and traders are buying the dip. As of December 3rd, 2019, prices have settled near the $7,400 mark, as it was rejected sharply at the $7,800 resistance.

It's worth mentioning, however, that prices dipped slightly on November 27th, 2019, under $7,000 after cryptocurrency exchange UpBit announced a cybertheft of $50 million worth of Ethereum tokens.

Source: Coin360

Historically, Bitcoin usually has a roughly 40-50% pullback after every rapid upwards surge. Since mid-December 2018 until late-June 2019, Bitcoin surged approximately +340% in that 6-7 month period. It has currently pulled back marginally more than usual, by approximately 52% from its late-June 2019 highs of $13,800.

Currently, there are 2 issues that could play critical to Bitcoin's price and the overall cryptocurrency market, which is what we need to look out for - 1) if there are any further negative news to come out of China, and what their crackdowns may lead to; 2) whether there is continued market illiquidity, and whether cryptocurrency miners are capitulating en masse.

Disclosure: I am/we are long BTC-USD. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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Bitcoin Corrects And What's Next - Seeking Alpha

(Photo Illustration by Avishek Das/SOPA Images/LightRocket via Getty Images)

After hitting nearly $14,000 in late June, Bitcoin has disappointed investors by falling 50%. Bitcoins price action over the past five months appears to be forming a channel pattern as the cryptocurrency bounces between its downward-sloping support and resistance lines. A decisive, high-volume break above this channel would signal that further gains are likely ahead, while a break below this channel would increase the probability of further downside action. It is also important to keep an eye on the $6,000 support level that has played an important role in the past two years.

Bitcoin Daily Chart

The weekly Bitcoin chart puts the $6,000 support level and the price channel of the past five months into better perspective. If Bitcoin is going to launch another bullish move, the $6,000 support would be an important base to do it from. If Bitcoin breaks below both its price channel and the $6,000 support level, it would increase the probability of further bearish action as the 2019 rally continues to unravel.

Bitcoin Weekly Chart

For now, investors and traders should keep an eye on how Bitcoin acts within its channel and at its critical $6,000 support level.

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Here Are The Key Bitcoin Levels To Watch - Forbes

Cover image via 123rf.com

Disclaimer: The opinion expressed here is not investment advice it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

On Tuesday, the XRP price slid below the $0.22 level where it had been holding for a long while. At the time of writing, the third largest coin is trading at $0.2149, instead of sitting at $0.219 yesterday.

Image via CoinMarketCap

Earlier today, the Whale Alert Twitter page published data about a 25-mlnXRP transferred. Just like on December 1, when 1 bln XRP was released from Ripple'sescrow vault, the community is again talking of an upcoming price dump, since more coins are obviouslyabout to be injected to the market.

Whale Alert reports that 25 mln XRP (thats $5,365,381) has been sent from Binance to Coinbase earlier today.

Every month, Ripple, which has 55 percent of the total XRP supply in control, unlocks 1 bln coins. Many believe that it is preventing the XRP price from surging. On December 1, onebln XRP was unlocked again and the community went mad, accusing Ripple and its co-founder Jed McCaleb now also the founder of Stellar Lumens since he regularly receives enormous XRP payments from Ripple.

This time, however, the 25 mln XRP transfer was made from Binance to Coinbase. Even though, one Twitter user commented that the sender may be using Coinbase for its custodial services, the majority of users believe that the XRP price will be forced to plunge soon.

Recently, U.Today reported that a crypto influencer @Crypto_bitlord accused Ripple of using XRP for purchasing real lifebusiness. As an example he referred to MoneyGram, saying that now after the recent investment Ripple owns a 10-percent stake at this global remittance giant.

Previously, when standing up to these accusations on Twitter, the CEO Brad Garlinghlouse told the community that these XRP sales are used for improving the Ripple ecosystem.

See the rest here:

Bitcoin Ponzi Scheme That Keeps Dumping BTC Blamed for Bearish Price Action - U.Today

Bitcoin's epic 2017 bull run was at least partly inspired by interest in bitcoin, cryptocurrency and blockchain from the world's biggest banks and financial institutions.

This year it was the turn of tech companies to boost bitcoin. After falling sharply in 2018, the bitcoin price rallied hard in the first half of 2019 due to tech companies from social media giant Facebook to iPhone-maker Apple eyeing bitcoin and crypto.

Now, with the likes of Tesla's Elon Musk and Twitter's Jack Dorsey talking up bitcoin, PayPal chief executive Dan Schulman has revealed he's a bitcoin believer.

PayPal's CEO Dan Schulman said he holds bitcoin and only bitcoin.

"Yes, only [bitcoin]," Schulman told Fortune magazine in response to being asked whether he holds any cryptocurrencies.

Schulman's attitude to bitcoin and crypto reflects the wider market, with many increasingly confident bitcoin will remain the largest and most popular cryptocurrency.

Bitcoin's dominance, its value compared to the whole cryptocurrency market, has risen this year as so-called altcoins are sold off. Bitcoin dominance now sits at around 65%, up from around 50% at the beginning of the year, according to CoinMarketCap data.

Schulman, who was speaking to the magazine after he pulled PayPal out of Facebook's troubled libra cryptocurrency project, also confirmed earlier reports the company has teams working on blockchain and cryptocurrency.

"We think theres a lot of promise to blockchain technology," Schulman said. "Its intriguing to us, but it really needs to do something that the traditional rails cant do."

"On the crypto side, its still very volatile, and therefore, we dont have much demand for it by merchants because merchants operate on very small margins.

"That doesnt mean that I dont think crypto is an interesting idea ... more commodity-like than it is cash-like right now. But you can think of use cases in different countries and different places where it can be more stable than the alternatives."

Many in the bitcoin and cryptocurrency industry were excited by Schulman's revelation, taking it as an endorsement of bitcoin and its potential.

"PayPal CEO owns bitcoin. Thats it. No other crypto. Only bitcoin," said crypto investor and co-founder of Morgan Creek Digital Assets, Anthony Pompliano, via Twitter, adding a fire emoji.

The bitcoin price was sent sharply higher this year as some of the world's biggest technology ... [+] companies began to develop their own bitcoin rivals.

In June, PayPal was revealed to be one of Facebook's 28 founding members of the Libra Association but the company backed out in October along with payments rivals Visa, Mastercard, and Stripe.

Facebook, the world's largest social media network that includes messaging app WhatsApp and image-based Instagram,is scrambling to make its June 2020 launch date for its bitcoin rival libraagainstmounting regulatory scrutiny and internal strife.

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Move Over Jack Dorsey And Elon Musk, Theres A New Bitcoin Believer In Silicon Valley - Forbes

NEW YORK, Dec. 03, 2019 (GLOBE NEWSWIRE) -- via NetworkWire CryptoCurrencyWire(CCW), a multifaceted financial news and publishing company, is pleased to announce it will serve as the official newswire forThe North America Bitcoin Conference, slated for Jan. 15-17, 2020, at the James L. Knight Center in Miami, Florida. The North America Bitcoin Conference Miami (BTC Miami) has a well-earned reputation as a must-attend event for every facet of the blockchain and crypto industries.

CCW will leverage its array ofcorporate communications solutionsby enhancing recognition for conference participants who are seeking to expand their visibility before investors, journalists, consumers and the general public. Effective brand awareness strategies provided by CCW include financial news and content distribution, syndicated placement, content curation, social media, wire-grade press releases, and more.

We are very pleased to be working with CryptoCurrencyWire and the affiliated InvestorBrandNetwork once again, Moe Levin, CEO of Keynote stated. As the most attended and longest running conference company in the blockchain space, Keynote believes it is a great benefit to have CCWs team of professionals onboard to further raise the visibility of BTC Miami and its thousands of participants to a worldwide audience.

The long-running success of BTC Miami continues to bring major players together from the cryptocurrency and blockchain industries. While covering current key crypto topics such as regulation and adoption, the 2020 event will also offer a distinct focus on enterprise and broader applications for blockchain. Attendees will enjoy phenomenal stand-alone sessions, panel discussions and Q&A with some of the industrys leading experts and decision makers.

BTC Miami will be kicking off an exciting year for blockchain, and we are truly excited to continue working with the creative team at Keynote, Jonathan Keim, communications director of CryptoCurrencyWire, said. This premier conference attracts a host of crypto innovators, investors and entrepreneurs who are eager to promote a decentralized future. We are honored to be working with BTC Miami and welcome the opportunity to leverage our distribution channels and expertise on behalf of this tremendous event.

Additional details about BTC Miami, including ticket information, can be found here: https://www.btcmiami.com/

About CryptoCurrencyWire (CCW)

CryptoCurrencyWire is a financial news and content distribution company that provides (1) access to a network of wire services viaNetworkWireto reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution withCCW Prime. As a multifaceted organization with an extensive team of contributing journalists and writers, CCW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in todays market, CCW brings its clients unparalleled visibility, recognition and brand awareness.

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The North American Bitcoin Conference Re-Engages CryptoCurrencyWire to Serve as the Official Newswire of the Longest-Running Blockchain-Focused Event...

Bitcoin price is currently confined in a range below $7,400 against the US Dollar. BTC must stay above $7,200 and $7,000 to start a decent recovery.

Recently, we saw a downside break in bitcoin below the $7,400 support against the US Dollar. Moreover, BTC price settled below the $7,400 pivot and the 100 hourly simple moving average.

Finally, the price traded to a new weekly low at $7,159 and it is currently correcting higher. The recent high was near $7,410 and it seems like the price is struggling to gain strength above the $7,410 resistance.

Bitcoin is currently declining and trading below $7,400. Besides, there was a break below the 23.6% Fib retracement level of the recent corrective wave from the $7,159 low to $7,410 high.

An immediate support on the downside is near the $7,285 level. Additionally, the 50% Fib retracement level of the recent corrective wave from the $7,159 low to $7,410 high is near the $7,285 level.

If there is a downside push below the $7,285 and $7,255 levels, the price is likely to retest the $7,200 support area. More importantly, if there is a daily close below the $7,200 support area, the price may perhaps struggle to even stay above the $7,000 support.

On the upside, there are many hurdles waiting near the $7,400 and $7,460 levels. Besides, there is a short term declining channel forming with resistance near $7,380 on the hourly chart of the BTC/USD pair.

Therefore, a clear break above the channel resistance and $7,460 is needed for a decent recovery wave. Once the price settles above $7,460 and the 100 hourly simple moving average, the bulls are likely to aim the $7,630 resistance area.

Bitcoin Price

Looking at the chart, bitcoin price is currently declining and trading below the $7,300 level. It seems like the price could retest the $7,200 support area before it could make an attempt to climb above $7,400 and $7,460 in the near term.

Technical indicators:

Hourly MACD The MACD is likely to move into the bearish zone.

Hourly RSI (Relative Strength Index) The RSI for BTC/USD is currently declining and it now well below the 50 level.

Major Support Levels $7,200 followed by $7,000.

Major Resistance Levels $7,400, $7,460 and $7,630.

Original post:

Bitcoin (BTC) Relatively Muted, Signs of Further Weakness - newsBTC

Bitcoins price may be evaporating, but Wall Street players are embracing it like never before. The owner of the New York Stock Exchange has begun Bitcoin futures trading, Fidelity is expanding its Bitcoin custody business, PricewaterhouseCoopers is auditing crypto funds, Davis Polk & Wardwell is giving them legal advice, and Marsh & McLennan is helping companies get insurance. All the boldfaced names are on board.

Those developments would seem to be bullish for the digital currency. And yet, Bitcoin has been languishing, and not just in terms of its price, which is down 16% over the past month, to $7,700. The digital currency simply isnt useful, and there is no clear path to it getting there.

There needs to be greater utility, said Adam White, the chief operating officer of Bakkt, the cryptocurrency custodian launched by NYSE-owner Intercontinental Exchange (ticker: ICE). White was speaking at a conference put on by a New York company called BlockWorks Group that aims to educate investors about cryptocurrencies.

Theres an argument that Bitcoin is a store of value, and acts like digital gold, and that is its use case, White said. That may be true. Its our thesis that the size of that pie will never be big enough to justify the aspirations and the opportunities that this technology brings.

A recent survey of crypto and blockchain CEOs and founders connected to venture-capital firm Digital Currency Group came to a similar conclusion about Bitcoins use cases. Of those leaders, 71% expect Bitcoin will mainly be used as a store of value over the next five years, and another 7.6% say it wont be useful for anything.

Bakkt is trying to push Bitcoin into the real world, working with Starbucks (SBUX) to let people pay with it at the register. But even that experiment shows Bitcoins limitations. When the service launches next year, Starbucks wont actually be accepting Bitcoinsoftware will turn it into cash before it hits the companys balance sheet.

Others have similar hopes for larger adoption. Konstantin Richter, CEO of blockchain company Blockdaemon, said at the BlockWorks conference that the biggest impact for all of us would be somebody like Square accepting Bitcoin for payments. That would probably double the price of everything. But Square (SQ) already tried to allow merchants to accept Bitcoin in 2014, before pulling the plug because of a lack of interest. Despite now allowing users of its Cash app to invest in Bitcoin, it hasnt brought Bitcoin back for merchants.

Wall Street has built a robust structure around cryptocurrency. The walls, electricity, and pipes are secure, but the building remains a shell where few want to live. In part, this is simply a matter of timing. The infrastructure had not been there in 2017, when Bitcoin was having its moment, doubling monthly and drawing millions of new retail investors. The washout that followed drove many of those investors out.

There may be no way to convince those investors to crawl back in given the rout they experienced in 2018, when Bitcoin lost 70% of its value. But some fund managers think there is another demographic that will soon get comfortable with crypto.

If you think about the wealth of this country, its in the hands of 50- to 80-year-olds, not 20- to 30-year-olds, said Mike Novogratz, CEO of Galaxy Digital Holdings, a crypto-focused merchant bank. We havent had this group participate in a big way yet.

A Galaxy affiliate introduced two new funds aimed at that crowd in November, with one demanding a minimum investment of $25,000. Fidelity, Bloomberg, Deloitte & Touche, Ernst & Young, and Davis Polk are all on board to track and provide custody for the products. For the first time we can actually create a fund that has institutional service providers, institutional feel, Novogratz said.

Still, one challenge to getting those 50-to-80-year-olds involved is that Bitcoin remains subject to remarkable volatility, with price moves that can be difficult to explain. Optimists say the idiosyncratic moves show that Bitcoin is uncorrelated to the rest of the market. But its one thing to invest in an uncorrelated asset, and quite another to invest in an irrational one.

Despite the pedigree of the firms now backing crypto, Bitcoins drastic price moves continue to rattle the market, including an 18% plunge in a matter of hours on Sept. 24. Explanations for the moves often seem pasted-on after the fact. People do try to reverse engineer it to link it back to an event thats perhaps caused it, says Simon Peters, an analyst with brokerage eToro. He adds that Bitcoins recent weakness has been caused by a lack of demand. Miners are looking to offload Bitcoin on exchanges, but they arent finding enough buyers, he says. Investors may be rattled by Chinas decision to ban many cryptocurrency exchanges.

Even with the recent drop, Bitcoin nears the end of 2019 in stronger shape, its price having doubled since January. In its 10th year of trading, the digital currency hit several significant milestones and drew in major new playersmost prominently, Facebook (FB) announced its Libra project to create a new digital currency that would make payments cheap and easy around the world.

Going forward, it will need a new narrative. Bitcoins most distinctive attribute is that it allows money to be transferred over the internet by people who wish to remain anonymous. Proponents call this censorship-resistance, but it also means that Bitcoin is used to fund things like child pornography rings, blackmail schemes against local governments, and subverting elections. Its no surprise that Bitcoin made several cameos in the Mueller report.

Bitcoin remains an elegant technology, with real potential. But to catch the eye of those 50-to-80-year-olds who havent yet invested, it will need a clearer purpose beyond just Wall Streets approval.

Write to Avi Salzman at avi.salzman@barrons.com

Continued here:

Bitcoin Has Wall Streets Love. But a Lack of Utility Means It Doesnt Have Investors. - Barron's

For those standing very close to the crypto charts, it might be easy to get discouraged by the gloomy nature of recent markets. However, new comparisons of the current halving cycle to those in the past have emerged and might put some wind back into the sails of traders, hodlers, and cryptocurrency enthusiasts in general.

Also Read: As Halving Interest Grows, Spectators Discuss Miner Hoards and Capitulation

Though crypto prices took a big dip in November, with BTC falling 30% from a high of $9,486 to a bottom of around $6,575, hash rates on both the BTC and BCH chains have held relatively steady as the next block reward halving approaches. Data also points to miners hoarding coins in view of the upcoming subsidy reduction, as the event is generally viewed as price favorable. In combination with these factors, new analysis has emerged which might suggest that in spite of the recent bearish climate, things might be more on track than previously supposed.

The image above aligns the block reward halving points of three cycles (the latter half of pre-halving and the first half of post-halving), with the three cycles anchored at a common line of 100% of the cycle low. The first two cycles which are completed, and the pre-halving phase of the current cycle are displayed. Interestingly, the movements in the latter half cycles appear to follow a similar trend. As creator of the graphic, @Chartsbtc, states on their Twitter post:

Each cycle is 210,000 blocks (~4 years). This chart starts half way through the cycle and goes half way into the next cycle. This is my attempt to show the lows prior to halving and the peaks post halving but keep everything centered around the halving.

The graphic is compelling, and has many hoping for great moves price-wise in 2020 and beyond. Discussing the methodology of creating the graphic further, @Chartsbtc explains why the green price action line does not touch the 100% cycle low level: The low was a intraday price and the chart only plots the closing prices to the nearest 105th block. I wish I actually had prices per block. They further note that viewers should Keep in mind that each cycle peak will likely be lower than the prior one. Even so, should the trend repeat BTC could see a post-halving peak around $80,000. Still, this is all speculation, and other factors must be kept in mind.

With the Bitcoin Core halving estimated to be taking place in mid-May, 2020, and the Bitcoin Cash halving to likely occur a month earlier, speculation of course abounds. Other factors playing into market perception and possibly price, such as proliferating development surrounding the BCH chain, and a trend of businesses dropping BTC as a payment method due to fees and congestion (not to mention an overall shift in attitude in the BTC community from user to mere hodler), could also have unexpected affects. If the projections of the above halving data are correct, however, everyone may be in for an interesting ride in 2020.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Images courtesy of Shutterstock, fair use.

Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

Graham Smith is an American expat living in Japan, and the founder of Voluntary Japanan initiative dedicated to spreading the philosophies of unschooling, individual self-ownership, and economic freedom in the land of the rising sun.

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How the Upcoming Bitcoin Halving Compares to Previous Cycles - Bitcoin News

Bitcoin declined to nearly $6,600 tonight, falling to its lowest point since May.

Bitcoin prices declined over the last 24 hours, hitting their lowest price in more than six months.

The digital currency reached $6,616.24 shortly before 8:45 p.m. EST, CoinDesk data shows.

At this point, the cryptocurrency had fallen more than 35% from its recent high of more than $10,000 in October and over 50% from its 2019 high of nearly $14,000 reached in June, additional CoinDesk figures reveal.

Bitcoins price remains under pressure, especially as the China-hype-driven speculative surge unraveled, said Joe DiPasquale, CEO of cryptocurrency hedge fund managerBitBull Capital.

Moreover, the recent China-Binance FUD also dampened market sentiments considerably, he added.

[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.]

Michael Conn, founder and managing partner of financial services firm Quail Creek Ventures, also weighed in.

Though there are still rumours in the market about a Chinese crackdown on Binances offices in Shanghai, I think the majority of the pressure is from bears, with little support to the upside right now, he stated.

Going forward, the digital currency may be in for additional downside, according to technical analysis provided by Jon Pearlstone, publisher of the newsletterCryptoPatterns.

While there are a few key technical indicators that continue to show potential for upside, for now bears have the edge, he stated.

The next targets would be a test of support at $6500 then $5000, added Pearlstone.

Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether and EOS.

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Bitcoin Prices Fall To Their Lowest Since May - Forbes

BEIJING, Nov. 7, 2019 -- A visitor tours a display center of the National Big Data Comprehensive ... [+] Pilot Area in southwest China's Guizhou Province, May 22, 2019. (Photo by Ou Dongqu/Xinhua via Getty) (Xinhua/Ou Dongqu via Getty Images)

Crypto markets are not reeling this week because China is cracking down on Blockchain. Tokens have been getting slammed since the summer because most of them are unnecessary, and because the need for coins that may offer some utility is not as imminent as buyers thought it would be. This is most obvious with King Crypto, bitcoin, whose purported use-case as a store of value is not looking very compelling.

The risk-reward in bitcoin has always been an extreme one, which is why its biggest proponents/salespeople assigned astronomic price targets to it. Widespread adoption is an extremely low-probability event with an enormous payoff if the stars align. And lets be clear: the things that need to happen for the world to turn to bitcoin complete central bank impotence, widespread currency debasement, falling equity markets and the abandonment of traditional gold means betting on bitcoin is essentially betting against the house. Hence the short bankers, long bitcoin meme. To say bitcoin will offer a 100x return yet also say its a highly probabilistic event is inherently contradictory and hugely dishonest.

The market is now realizing this. As the global economic slowdown of the last nine months shows signs of stabilization and the Federal Reserve sees no need for more interest-rate cuts, the case for bitcoin is taking body blows. None of the stories about adoption are turning out, big tech giants from Facebook to Google are doing everything possible to dominate electronic pay and finance, and projects designed to make bitcoin a means of exchange are either slow, fruitless, or both.

In short, the house does not look like its in a losing position just yet. And so bitcoin is getting killed. Sure, the U.S. and China could have a major fallout, get into a currency war, and Chinese citizens could rush to crypto as a way to get money out of the system. Thats why bitcoin will never be worthless, and why every investor should watch its price action, but that scenario is looking way, way further away from reality than the cryptoknights had so many believe.

Bitcoins violent moves are a factor of the speculative nature described above. Because its probability of success is low, it is closer to a roulette wheel than any traditional asset class. Average people were lured into the bitcoin sales pitch in 2017 when the economy was tearing hot, cash flow was heavy, stocks were churning out huge gains, and people could afford to take a gamble. Why not roll the dice?

Now those buyers are losing faith in their chances of winning, and are using this years rally to get out. As the fundamental reason for owning bitcoin as a store of value also loses luster amid a stabilizing economic situation, the true believers may start bailing out too. If it continues, it should be a warning sign to more traditional investors who made a similar bet in gold, and maybe even those who ran to Treasury bonds as a hedge against chaos, too.

Originally posted here:

Bitcoin Isnt Down Because of China, Its Down Because You Dont Need It - Forbes

Fidelity Investments evolution from mutual fund giant donating money to white nationalists to cryptocurrency player with correspondingly less money to donate to white nationalists took another step forward last week. The New York State Department of Financial Services, presumably in between howls of laughter, awarded Fido a crypto license. Obviously, fake money immediately took another nosedive, with bitcoin falling to its lowest level in six months as the Chinese once again took a large needle to the bubble and others recognized the Fidelity news as the contraindicator it is, once again putting John McAfees penis in mortal danger.

Throughout the long boom and (more common) bust cycle of bitcoin, swoons such as these have prompted the inevitable question, is now the time to buy bitcoin? In spite of the obvious answer to that question, we regret to inform you it has been posed again (and not by John McAfee, who certainly hopes so).

Wall Street veteran Peter Brandt, who made a name for himself by predicting bitcoin's devastating 2018 bear market, has called bitcoin's low for July 2020two months after bitcoin's closely-watched halving event. As well as the May bitcoin halving, which will see the number of bitcoin rewarded to miners cut by half from 12.5 bitcoin to 6.25 bitcoin, bitcoin investors are hopeful next year will bring an increase in the number of bitcoin retail investors and people using bitcoin and cryptocurrencies for payments. Bakkt's bitcoin futures daily volume hit a new all-time high, according to data from Intercontinental Exchange, with some $20.3 million across 2,700 futures contracts on Friday.

Bitcoin Has Crashed AgainBut Is This When To Buy Bitcoin? [Forbes]Bitcoin Matches Record Losing Run in Fall to Six-Month Low [Bloomberg]Bitcoin Drops Below $7,000 as China Euphoria Fades [WSJ]Fidelitys crypto company secures New York state license [Reuters]

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Bitcoin Is Cratering Again, Some People Believe For The Last Time, Again - Dealbreaker

Bitcoin and crypto markets have been on a downward trend since bitcoin hit a year-to-date high of over $13,000 per bitcoin set in late June.

The bitcoin price, which has this morning dipped below $8,000, has bounced wildly over recent months as crypto traders and investors search for direction, try to guess the mood of regulators, and struggle with "dismal" bitcoin trading volumes.

However, bitcoin's biggest bulls have come out in force to reassure investors bitcoin is far from dead (though that could change)and all point to different reasons for why they see bitcoin going higher.

Draper Associates founder Tim Draper thinks adoption of bitcoin's lightning network will eventually ... [+] push the bitcoin price sharply higher.

Bitcoin investor and venture capitalist Tim Draper, who has previously called a bitcoin price prediction of $250,000 per bitcoin "conservative," has predicted that the likes of the bitcoin Lightning Network, designed to make smaller bitcoin transactions quicker and cheaper, will be the catalyst for the next bitcoin bull run.

"I think bitcoin payment processors are really going to open the floodgates," Draper said, speaking during a Q&A session at theMalta AI & Blockchain Summit earlier this month and reiterating he expects the bitcoin price will reach a quarter of million dollars by 2022 or 2023.

"Its because of Lightning Network and OpenNode and maybe others that are allowing us to spend bitcoin very freely and quickly, so that its not just a store of value but it can be used for micro-payments; it can be used for retail, it can be used all over."

Bitcoin's Lightning Network has long been touted by some as a potential game changer for bitcoin and crypto payments, though adoption has not come as quickly as some had hoped.

Elsewhere, Changpeng Zhao, the chief executive of the world's largest bitcoin and crypto exchange by volume Binance, said he expects the bitcoin price to rise simply as the bitcoin industry grows.

"If you look at the fundamental technology and a longer term view, across a five year or ten year horizon, we're very confident the industry will get bigger and when the industry gets bigger the prices will go higher," Changpeng Zhao, who's often known simply as CZ, told Bloomberg, a financial newswire.

"If you look at the short term view, bitcoin and cryptocurrency is a smaller market cap instrument so there will be higher volatility," CZ added, attempting to explain away bitcoin's recent downward trend.

The bitcoin price, after a strong start to the year, has fallen steadily over the last few months.

Meanwhile, bitcoin and cryptocurrency analyst Tom Lee has said bitcoin will need to pass $150,000 per bitcoin, a rise of over 1,600% from current prices, before a long-awaited bitcoin exchange-traded fund (ETF) could work.

Lee, who founded strategy research boutique Fundstrat Global Advisors, thinks that though "demand for an ETF is monstrous," the U.S. Security and Exchange Commission (SEC) "needs to punt the ETF until crypto becomes bigger."

According to Lee, a significant increase in the bitcoin price will increase investor confidence in bitcoin and cryptobut proper regulation and oversight will be needed.

"Institutions aren't going to touch crypto if they think the SEC isn't doing a good job," Lee reportedly said, speaking at the Blockshow conference in Singapore last week.

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As Bitcoin Plummets Below $8,000, Crypto Heavyweights See The Price Going Sharply HigherHeres Why - Forbes

Bitcoin and the rest of the crypto market saw some positive gains today, with almost every major coin in a better place than where they stood yesterdaybut not Ripples XRP.

XRP is down nearly 4 percent on the day, according to data from Messari, currently trading for around $0.22 token. Meanwhile, Bitcoin, Ethereum, Bitcoin Cash, and Litecoin have all improved by anywhere between two and four percent today after tanking over the weekend.

Ripples XRP is now trading for less than the low it experienced in late Septemberthe last time that the crypto market crashed this hard. At the time, Ripple was trading for between $0.23 and $0.24 per coin. The crash affected the crypto market broadly and saw Bitcoin, for example, fall from around $9,500 per coin to about $8,100, losing roughly $1,400 in just a matter of days.

At the moment, Bitcoin is currently trading for approximately $7,100 per coin, losing $2,000 in value in just the last two weeksa drop that might make XRP holders feel a bit better about their own losses.

The price of XRP, however, doesnt reflect much of the positive news as of late regarding the network. Ripple transactions, for example, are at an all-time high, surpassing both Bitcoin and Ethereumthe two largest cryptocurrencies by market capover the weekend.

In addition, Coinbase has added XRP spending capabilities to its latest crypto debit card offering, and the network experienced an 80 percent expansion earlier this month.

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As Bitcoin slowly recovers, XRP price slides further down - Yahoo Finance