Bitcoin and cryptocurrency markets have fallen sharply this week, with more than $20 billion wiped from the combined value of all cryptocurrencies over the last seven days.

The bitcoin price this week dropped below the $7,000 mark to trade at its lowest since May, when rumours surrounding Facebook's planned bitcoin rival sent the price soaring.

[Update 3:20pm EST 12/18/2019] Bitcoin staged a remarkable recovery today after a heavy sell-off earlier in the week, climbing back above the psychological $7,000 per bitcoin mark.

The recovery today comes despite bitcoin and cryptocurrency market sentiment, measured by crypto trading platform SFOX, moving from bullish to neutralsomewhat dashing hopes that bitcoin could be boosted by a so-called Santa rally in the run up to Christmas.

Stock markets often get a boost towards the end of the year by what's known as a Santa rally, with ... [+] bitcoin and crypto markets historically recording some of its biggest bull runs in December.

"Crypto prices have experienced upward movements that correspond with recent holidayspotentially because market participants may expect and try to front-run such holiday fluctuations," SFOX analysts wrote, noting that while bitcoin and crypto prices have dropped over the last few weeks, volatility has also fallen.

The SFOX reading of the bitcoin and crypto market as neutral "may be at least partly due to uncertainty regarding how bitcoin and other crypto-assets may react to upcoming investment product launches, together with holidays such as Christmas and New Years Eve," according to researchers.

Meanwhile, low trading volumes across bitcoin and crypto markets have weighed on trading sentiment for the past few months.

Technical data has also pointed to further declines for bitcoin, with its three-day candle yesterday closing below the 200-period moving averagethought to be a measure of the long-term market trend.

It's the first time the bitcoin price has breached the 200-day moving average since May, with bitcoin and crypto news outlet Coindesk reporting "bitcoin now faces stronger selling pressure."

However, SFOX highlighted the possibility of fresh institutional investment in bitcoin and cryptocurrency which could turn the market tide.

Bitcoin and crypto exchanges are beginning to roll out bitcoin options products, with the Intercontinental Exchange's Bakkt platform recording an all-time high in its open interest on December 16 even as the bitcoin price fell below $7,000.

Elsewhere, Germany has recently passed legislation that will allow the country's banks to custody bitcoin and crypto from the beginning of 2020, which "spells new regulatory clarity."

The bitcoin price has dropped by more than 20% over the last month.

Bitcoin-rivals ethereum, Ripple's XRP, litecoin, bitcoin cash, and EOS have all under performed bitcoin over the last few weeks, with traders and investors increasingly skeptical over the future of some so-called altcoins.

Originally posted here:

Bitcoin Bounces Back Above $7,000 Despite Crypto Sentiment Making Sudden Shift - Forbes

Text size

Two years ago today, Bitcoin hit its highest price ever, reaching $19,783. It was the culmination of an incredible year for the digital currency, which had started 2017 at about $1,000. Since hitting its peak, however, Bitcoin has fluctuated wildly. It fell 73% in 2018 and has risen 85% this yearbut has not come close to retesting its previous highs. On Tuesday, it was trading near $6,500.

An investor who bought at the start of 2017 would still be up more than 500%, dwarfing the S&P 500s 43% gain over that period. People who held Bitcoin for the entire period clearly did well, though one adviser found that Bitcoin has been a much trickier trade over shorter time spans during this period. Dan Wiener, chairman of Adviser Investments and founder of the Independent Adviser for Vanguard Investors, analyzed Bitcoins price movements since the start of 2017 and found that the average five-day rolling return for Bitcoin was 1.5%. The range of five-day gains and losses, however, was enormous, with a high of 47% and a low of negative 29%. By my calculations investors lost money 45% of the time when they held Bitcoin for 10 days, he wrote in an email on Monday. Wiener is clearly not a fan, writing that Bitcoin is for traders disconnected from the real moneymaking potential of stocks.

Beyond the price action, what has changed for Bitcoin in the past two years? On the one hand, its more widely embraced by institutions than ever, with NYSE-owner Intercontinental Exchange (ICE) offering Bitcoin futures and custody services and Fidelity also servicing institutional investors. But its market cap remains too small to attract the big moneythe worlds top banks remain on the sidelines, and many of the retail investors who had bought in near the top have stayed away.

The biggest change in the past two years is arguably that Bitcoins competition has changed. Two years ago, the cryptocurrency market was awash in initial coin offerings (ICOs) that launched new digital currencies that promised to decentralize various industries, from social media to cloud computing. Investors expected one or more of those coins to break out to challenge Bitcoins dominance. But none of them have taken off since. Bitcoin still accounts for 67% of the market value of cryptocurrencies, according to Coinmarketcap.com.

Bitcoins real competition now comes from two areascorporations like Facebook looking to use the blockchain technology that undergirds Bitcoin to create their own currencies, and governments that want to create digital coins backed by their own treasuries. The question now is: Will the most important digital currencies be decentralized like Bitcoin, corporate-backed like Facebooks Libra, or government-controlled, like Chinas cryptocurrency plans?

The Libra project has run into regulatory issues, but could still launch as soon as next year, perhaps in a less robust form than the company first expected. As far as national currencies, China has been working on a digital currency project since 2014 and has reportedly accelerated those efforts this year.

China is going to have tokenized digital cryptocurrency in the next six months or 18 months or 24 months, said Mike Novogratz, CEO of Galaxy Digital Holdings, in an interview last month with Barrons. Thats the second biggest economy in the world. We are going to be dragged into the digital and tokenized world kicking or screaming.

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

See the original post here:

Bitcoin Peaked 2 Years Ago. New Competition Is on the Way. - Barron's

With bitcoin first dipping, then spiking up 10% yesterday, we're talking market action, new Federal Reserve comments, the challenges of exchange and taking a look at CoinDesk's annual most influential list...

No time to listen? Scroll down for the full episode transcript with links.

More ways to Listen or Subscribe (MP3 Download Here)

On Todays episode, its Bitcoins BIg Bounce, DEXs and CEXs, and a look at our Most Influential of 2019 list.

Adam B. Levine: Its December 19, 2019, and youre listening to Markets Daily, Im Adam B. Levine, editor of Podcasts here At Coindesk, along with our senior markets reporter, Brad Keoun, to give you a concise daily briefing on crypto markets and some of the most important news developments in the sector over the past 24 hours.

Adam: We kick things off with Brad, whos been watching the action in the overnights.

(MARKET UPDATE) SEGMENT 1

Brad Keoun: December is often a key month in the bitcoin market - it was Dec 2017 when BTC reached its all-time-high of $20k, and it was in Dec of last year that the market bottomed at $3000.

For the past couple weeks, bitcoins price charts have been sending bearish signals, with the market trending lower

Piling on, Arcane Research of Norway wrote that the market was registering "extreme fear"

But then on Wednesday, the price suddenly jumped more than $600 for a 10% gain, the most seen in two months

Today, the bitcoin price appears to be down just a touch, currently around $7200

CoinDesks Omkar Godbole writes that Wednesdays spike has neutralized the immediate bearish case, in terms of the signals from price charts, but bitcoin would have to jump another $770 to pass $7,780 to confirm the start of a bullish trend

Adam: Turning to the news, there continues to be a stream of negative pronouncements about digital assets emanating from U.S. officials and regulators

U.S. Federal Reserve Governor Lael Brainard warned Wednesday in a speech that the Facebook-led Libra project has a core set of legal and regulatory challenges ahead.

She said more clarity is needed about the basket of currencies underlying the stablecoin and that its model is still unproven.

And Internet startup Blockchain of Things Inc. (BCOT) agreed to pay $250,000 to settle with the U.S. Securities and Exchange Commission for launching an initial coin offering without registering the token as a security with the regulator.

Brad: Even so, the traditional financial industry continues to show keen interest in blockchain technology

Accounting multinational EY on Thursday released new code that it claims can reduces the cost of transacting on the ethereum blockchain by as much as 90 percent, by batching multiple transfers into a single transaction

Adam:Depository Trust and Clearing Corporation, a key player in Wall Streets clearing of bond trades, predicts digital assets will have a big year in 2020

Mike Bodson, the companys CEO, says next year will be QUOTE dominated by the impact of geopolitical events, digitization and tokenized securities END-QUOTE

And an executive with Fidelity, the money management giant, envisions a future where cryptocurrency custodians will work behind the scenes, whitelabeling services in the way that supermarkets put brands on generic food packaging

Brad: Finally, CoinDesk reports that the privacy coin Moneros lead maintainer is stepping down after five years at the helm

Riccardo Spagni, better known by his alias Fluffypony, plans to continue his association with Monero but will turn the day-to-day leadership over to a longtime contributor to the community

Spagnis other business ventures include no fewer than three crypto startups, and he told CoinDesk more than a year ago that the monero leadership left him feeling exhausted

Spagni says hes making the change now to QUOTE better streamline developments and collaborations END QUOTE

Adam: For todays featured story, were joined again by CoinDesks Markets Reporter Sebestian Sinclair for a look into Centralized, and Decentralized exchange

Sebastian Sinclair: Thanks Adam

For the first time in history, cryptocurrencies allow us to control our assets without having to rely on third parties such as banks or brokers.

This has been achieved through blockchain technology, offering participants a way to tap into decentralized networks via peer to peer connections.

However, despite this new tech, nearly 99 percent of crypto trading takes place on centralized exchanges, which seems at odds with the new era of digital money that should be utilizing blockchains trustless capabilities.

Centralized exchanges have a lot of advantages, they're fast, cheap and in some ways quite private. On the other hand, to get those benefits, traders must give their tokens TO the exchange, and trust that they'll not only be honest, but resistant to the sectors notorious if not ubiquitous exchange thefts.

It's easy to see that even without downplaying the advantages, the disadvantages should give any trader pause.

After all, mistrust in middlemen, ie banks, brokers and centralized exchanges, is essentially what led to the success of blockchain tech in the first place.

History has shown us that placing our faith in these middlemen tends to be unwise and one consistently runs the risk of having funds stolen, such as what occurred this year as CoinDesk previously reported, up to 7 different exchange hacks valued at over $157 million US dollars were siphoned off.

Adam: So whats the solution then?

Sebastian: Well, this is where decentralized exchanges come in.

Decentralized exchanges can circumvent the issues of custody by building its infrastructure on the blockchain with the use of smart contracts to coordinate trades from a users own wallet. These smart contracts must be implemented correctly with appropriate withdrawal controls, but ultimately a decentralized exchange should never require a user to give up control of their assets.

Adam: Decentralized exchanges must have a downside?

Sebastian: Of course, decentralized exchanges face their own inherent problems. Blockchains are generally slow by nature, reducing the number of possible trades per second thereby limiting volume and liquidity. Whats more, decentralized exchanges generally result in unfriendly user interfaces that are based around block explorers such as etherscan making it difficult for new users in the space to pick up and understand right away.

Adam: So whats out there and whats worth using?

Sebastian: Well, Binance for example, opened its decentralized exchange to the public back in April this year while OKEx, another major exchange, announced plans way back in March, but still has plans in the works. From my research, most decentralized exchanges lack the liquidity and volume I previously mentioned. More work needs to be done to attract traders away from the centralized model to a decentralized one in order for them to function optimally and as intended.

While the solutions to custody continue to be hashed out (pun intended) there are still a ways to go before users can begin experiencing the same user-friendly interactions, liquidity and volume they get from a centralized exchange. But we need to start looking into blockchain tech as a solution to these issues of centralized custody, otherwise, what are we all doing here?

Adam: And now, for todays spotlight, were giving you the rundown of what has become an annual CoinDesk tradition - the Most Influential people in the crypto industry of 2019

Brad: Thats right, Adam -- were getting closer to the end of the year and that means its time for the Most Influential list, a project thats led by CoinDesk Features Editor Ben Schiller but features some incredible profiles written by CoinDesk staffers

The list highlights people who have had a big year, made significant contributions to the industry in 2019 or simply even been at the center of a big story. I picked a few of the most fascinating.

Brad: First on the list is JACK DORSEY - Twitter's co-founder, who emerged as bitcoin's biggest ally in Silicon Valley. Dorsey invested heavily in the networks' future, and says he hopes one day that the interent will have a native currency, and he hopes that will be bitcoin

Next is Caitlin Long, a former Morgan Stanley banker who has established Wyoming as the most crypto-friendly jurisdiction in the nation. She's helped pass a series of bills designed to attract crypto startups to her home state.

Andrew Yang, the presidential candidate, came from nowhere to be a top-tier presidential candidate, with his brand of sophisticated tech-bro intelligence and ideas like basic universal income. More to the point, Yang is the only Democratic contender with a fleshed-out crypto policy,

David Marcus - the French-born co-founder of Libra, the Facebook stablecoin project, became the face of the effort as he went to Washington to testify in high-profile hearings, where he experienced backlash from lawmakers and U.S. regulators. With big corporate partners like Mastercard peeling away from the effort earlier this year, the big question is whether he can convince Americans to trust Facebook with the future of money

Meltem Demirors, chief strategy officer at CoinShares, testified in Washington in July that while Facebooks Libra was getting all the attention, it was bitcoin that should be getting the attention, with its track record of more than a decade, saying that the worlds largest and oldest cryptocurrency had already been tested

Ted Livingston - founder of the messaging app Kik Interactive, which was accused by the SEC of running an illegal securities offering when it sold digital tokens in 2017. Hes attracted notoriety and attention, along with some support from the crypto industry, for pushing back against the regulator

Gerald Cotten, former CEO of the now-defunct QuadrigaCX exchange, wasnt even alive during 2019, if you believe his death report out of India from December 2018, but he was at the center of controversy from creditors who say he might not have actually died, and theyre now asking for his body to be exhumed

But wait, theres meow. The last on the list is Hodlonaut, who publicly is a cat in an astronaut costume who emerged on Crypto Twitter as a folk hero representing the freedom to speak the truth and maintain ones own privacy, challenging, among others, Bitcoin SV backer Craig Wright, who claims to be Satoshi Nakamoto, the creator of bitcoin. Hodlonaut became one of the biggest memes of the year in the crypto industry. In reality, CoinDesk reports, hes a mild-mannered, middle-aged man from Norway who loves tattoos, ice cream, and tucking his child into bed.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Visit link:

MARKETS DAILY: Bullish Bitcoin Dreams and a 2019 to Remember - Coindesk

Photo Illustration by Avishek Das

It doesnt take a genius to see that bitcoin ((BTC) is trending down.

The bitcoin price remains all about China and the trade war and as the BTC price has indicated for some time now, the progress of the China/U.S. trade dispute towards settlement.

The so-called phase 1 deal is a de-escalation of the China/U.S. trade war and you do not have to be too cynical to see the road to this stage in the slow but sure declining trend in the bitcoin price.

This trade deal progress is great for stocks but bad news for Chinese demand for secure assets outside of the reach and effect of the trade conflict and the risk of a devaluing yuan.

You can guarantee when the heat goes up at the negotiating table, up goes bitcoins price, well before we, if we ever do, hear about it what went on. Likewise all progress towards deals, interim or otherwise, will hit the price of Bitcoin.

A comprehensive China/U.S. deal is a long way off, as far off as last years bitcoin lows. So there is still no guessing exactly what will happen next in the trade conflict and hence the short term price of bitcoin.

We can, however, look at the bitcoin chart and imagine it as an index of the trade war and if you buy that as a model we can start to speculate how the trade war may pan out and thereby what will happen next.

Here is the chart which I have doodled all over:

The Bitcoin chart can be an index of the trade war

In this we can see that if there is a quick path to a full deal, bitcoin is going to go to the low of 2019 pretty quickly, there might be a little pause just above $6,000, then sploosh the price capitulates to below $4,000.

Alternately with some trade war setbacks ahead, we would expect to get a bitcoin rally back above $9,000.

Thats a radically divergent pair of outcomes.

Now the key to this outcome is going to be down to Trump and his election hopes.

If Trump is going to win next year, then China will want to settle fast but Trump will want to hang tough because he will be able to drive a hard bargain if China is facing four years more of his pressure and hasnt settled. Trump may get his deal early, because China will not want to face an even tougher deal post victory.

If Trump looks likely to lose his reelection bid, then China will hang back and Trump will hang back as well to berate China as a campaigning tactic. Obviously, a democratic winner will close a deal fast with China to snub the Trump legacy and get on with their own agenda, so a weak Trump in the campaign will halt or flare the trade war and boost bitcoin.

So Trump up, bitcoin down. Trump down, bitcoin up. This should be the next few months. Then when the election results loom the dynamic should reverse. With no final deal in place and Trump ahead in the polls, Trump up, bitcoin up.

If China plays awkward over the election cycle, and it will if there is a good chance Trump will not win and then Trump gets reelected the resulting retaliation will see an almighty bitcoin rally.

And the betting on Trump is as near as it can be 50/50 for reelection.

All things considered, my money is on a trend bounce at around $6,000.

Until the current bear market trend ends Bitcoin is going down and believers should buy dips and non-believers should stay away.

Ill be buying at around $6,000 and if we see previous lows Ill be buying a lot more.

Stay informed and ahead of the crowd with Forbes Crypto Confidential, a free weekly e-letter delivered to your inbox. Sign up today.

-

Clem Chambers is the CEO of private investors websiteADVFN.com and author of 101 Ways to Pick Stock Market Winners and Trading Cryptocurrencies: A Beginners Guide.

In 2018 Chambers won Journalist of the Year in the Business Market Commentary category in the State Street U.K. Institutional Press Awards.

More:

Bitcoin 2020: Whats Ahead - Forbes

Bitcoin surged by over 10 percent on Wednesday the biggest single-day gain since Oct. 25, according to CoinDesks Bitcoin Price Index.

Notably, prices had slumped to seven-month lows below $6,500 around lunchtime (UTC), but the breakdown was quickly undone and the cryptocurrency was trading above $7,400 before midnight.

The rebound from multi-month lows is a tell-tale sign of seller exhaustion especially, as it erased the losses seen in the preceding eight days.

Wednesdays spike has neutralized the immediate bearish case. That said, a bullish reversal would be confirmed only if and when prices rise above the Nov. 29 high of $7,870. That would invalidate the most basic of all bearish patterns a lower-highs setup.

With bitcoin currently trading at $7,170, the bull reversal is still $770 away.

Bitcoin has charted (price via Bitstamp) a series of lower highs (arrows) and lowers lows over the last five months.

The last lower high at $7,870 was printed on Nov. 29 and is still intact. A UTC close above that level is needed to confirm a short-term bearish-to-bullish trend change, as noted above.

A move above that level shouldn't be ruled out, as the 14-day relative strength index (RSI) has diverged in favor of the bulls. A bullish divergence occurs when an indicator prints higher lows, contradicting lower lows on price, and is considered an early warning of an impending corrective bounce.

Additionally, Wednesdays big bullish engulfing candle is indicating seller exhaustion and would gain credence if prices find acceptance above $7,450 (the candle's high) in the next 24 hours. That would further strengthen the case for a test of resistance at $7,870.

Both patterns would be invalidated if prices drop below $6,428, although that looks unlikely at press time.

The overall outlook would turn bullish if and when the falling channel on the weekly chart is breached to the higher side. Currently, the channel resistance is located at $8,463.

Disclosure: The author currently holds no digital assets.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Go here to read the rest:

Bitcoin Price Jumps 10%, But Bull Reversal Still $700 Away - Coindesk

Bitcoin price may be dropping deeper into a downtrend over the course of the last few months, but the first-ever cryptocurrency is actually much closer now to fair market value than it has been throughout the year.

However, as Bitcoin price falls toward fair valuations, the cost of production rises exponentially, and may be part of the cause of the downtrend itself.

Chartered financial analyst and staunch Bitcoin supporter Timothy Peterson has shared various metrics from crypto data aggregator CoinMetrics related to the leading cryptocurrency by market cap.

Related Reading | Former IMF Economist: Current Bitcoin Trend is Textbook Echo Bubble

According to the analyst, Bitcoin is currently trading at prices that would be considered fair for the cryptocurrency. Prices have fallen back toward levels of fairness, after spending much of 2019 soaring higher than the fair market valuation of what Bitcoin should be priced at.

Following the crypto asset bottoming out at fair prices around $3,100 at the start of the year, Bitcoins parabolic rally took the cryptocurrency beyond its fair price, but nowhere near as overvalued as it was during the crypto hype bubble in late 2017, or even its value during the 2018 bear market.

It wasnt until Bitcoin bottomed at $3,100 that the cryptocurrency reached fair value, and prior to that, it was 2016 before the crypto bull market really began. At the height of the bubble, Bitcoin reached valuations 1,000% higher than what it should have been.

But even though crypto prices are falling toward fair valuations, the cost of producing each BTC continues to rise.

According to a chart shared by digital asset analyst Charles Edwards, who has developed a tool that plots production costs onto Bitcoin price charts on TradingView, the price per BTC has begun to fall below the cost of production, causing miners to capitulate en masses, which could be in part responsible for the recent downtrend in crypto markets.

With Bitcoins halving in May set to reduce the block reward crypto miners receive in BTC by half, the cost of production could double overnight. How this may impact the market is anyones guess, but it could cause extreme selling by capitulating crypto miners, rather than pushing up the price of the scarce digital asset as many others are expecting to happen.

Related Reading | Bitcoin Must Clear Multiple Resistance Levels Before Its Out of The Woods

Bitcoin price is currently trading at roughly $7,150, a couple of hundred dollars less than the cost to produce each BTC. Interestingly, the fair market valuation metric also appears to coincide with of producing each Bitcoin.

Read more:

Bitcoin Price Reaches Fair Market Valuation, While Costs of Production Rise - newsBTC

Bitcoin (BTC) and the crypto market cap are holding key supports. Ethereum (ETH), LTC, ripple, bitcoin cash, EOS, TRX, and stellar are struggling to continue higher.

After tagging the $170 level, bitcoin cash price started a decent upside correction against the US Dollar. BCH price traded above the $180 level and it is currently consolidating near the $185 level.

On the upside, there are two important hurdles near the $192 and $195 levels, above which the price could climb towards the $215 level. On the downside, if the price fails to stay above the $180 level, it could revisit the $170 low in the near term.

Litecoin price is recovering above the $38.50 level, but it is currently struggling to settle above the $40.00 region. A successful close above the $40.00 level might lead the price above the $42.00 resistance level. If not, the price could trade below $38.50 and resume its decline. The next key support is near the $37.00 level.

EOS price is holding the $2.400 support area and it is currently trading in a range. On the upside, there are many resistances, starting with $2.500. The main ones are $2.550 and $2.600, above which the bulls are likely to aim the $3.000 resistance area in the near term.

Stellar price held the $0.0420 support area and recently corrected above the $0.0450 level. However, XLM price is facing a lot of hurdles on the upside, starting with $0.0460 and $0.0465. To start a strong recovery, the price climb above the $0.0500 resistance area.

Crypto Market Cap

Looking at the total cryptocurrency market cap 4-hours chart, there was a sharp recovery wave from the $166.0B area. The crypto market cap jumped above the $185.0B resistance and tested the $192.0B resistance. It is currently consolidating near $185.0B and preparing for the next move.

If there is a clear break above the $190.0B and $192.0B resistance, there are chances of another increase in bitcoin, Ethereum, EOS, litecoin, ripple, XLM, BCH, ADA, BNB, TRX, ICX, and other altcoins in the coming sessions.

Continue reading here:

Bitcoin And Crypto Market On The Edge: BCH, Litecoin, EOS, XLM Analysis - newsBTC

Cryptocurrency is more than just Bitcoin. New cryptos have emerged and given the blockchain forefather a run for its (digital) money. Most notable among them is Ethereum, which is both an online currency and a platform for creating smart contracts and blockchain-supported apps. It typically runs second to Bitcoin in overall value but has been adopted by some corporate entities, acquiring a possible edge in legitimacy.

Courtesy of Shutterstock

Courtesy of Shutterstock

2009

BEGAN IN

2015

Satoshi Nakamoto, which is almost certainlya pseudonym. The creators true identityor identitiesremains unknown.

Eight people are attributed as cofounders,but programmer Vitalik Buterin isthe most active today.

Prague

San Francisco

Mike Tyson. The former pro boxer launched a line ofBitcoin ATMs that would convert real-world moneyinto crypto. Its design featured his signature face tattoo.

Courtesy of Shutterstock

Ashton Kutcher. The actor tweeted his supportfor Ethereum and decentralizing the world in 2014(prior to its launch) with a link to the site.

Courtesy of Shutterstock

18 million

HOW MANY IN CIRCULATION?

108 million

BUNDLE OF ENERGY

In a year, mining consumes moreenergy than all of Singapore.

BUNDLE OF ENERGY

Ethereum minings yearly energy usage isequivalent to all of Costa Ricas.

VALUE AS OF 12/2/2019

$7,277

VALUE AS OF 12/2/2019

$147

YOU CAN BUY WHAT WITH IT?

A trip to space via Virgin Galactic.

Courtesy of Virgin Galactic

YOU CAN BUY WHAT WITH IT?

A $30 million beaux arts mansion in New York.

Courtesy of Anton Brookes/H5 Properties

IF YOU INVESTED $1,000 WHEN IT WASFOUNDED IT WOULD NOW BE WORTH

Roughly $170 million

IF YOU INVESTED $1,000 WHEN IT WASFOUNDED IT WOULD NOW BE WORTH

$67,000

EVERYONES A CRITIC

Probably rat poison squared.Warren Buffet

EVERYONES A CRITIC

Ethereum could have done a better job in its life.It hasntWilliam Mougayar, author

BUY A 2019 FERRARI 812 SUPERFAST FOR

64.7

BUY A 2019 FERRARI 812 SUPERFAST FOR

3,201.4

Continued here:

Bitcoin vs . Ethereum: Which Cryptocurrency Should You Invest In? - Robb Report

Despite the high levels of volatility seen yesterday, Bitcoin stabilized around $7,200. Now, a renowned technical analyst suggests that it is a good time to be stacking sats while another estimates a further correction.

In a recent tweet, Ecoinometrics points out that Bitcoin is trading at a cheap price relative to its long-term trend. Based on the Mayer Multiple, a ratio of the price of BTC to its 200-day moving average, the analyst believes that under the current price levels the pioneer cryptocurrency presents a good opportunity for investors to buy.

Ecoinometrics said:

[Bitcoin is] still cheap when looking at the big picture. So no reason for not #StackingSats today!

At the moment, the Mayer Multiple sits at 0.78x. A low value, such as the current one, is indicative of fair prices while a high value implies that Bitcoin is relatively expensive.

Regardless of the low value given by the Mayer Multiple, CryptoKea, a crypto investor and technical strategist, maintains that it is far from presenting a good buy opportunity.

The chartist argues that this technical index is stipulating that the pioneer cryptocurrency is currently in a bear market. After spending more than 40 days below the 200-day moving average, BTC could be pushing for lower lows.

CryptoKea affirms that Bitcoin is trading within the bearish channel of the Mayer Multiple, which is between 1.1x and 0.55x. He considers this area to be the first stop.

From now on, BTC could continue trending down for the next one to six months before it enters the oversold territory. According to the analyst, this is when a very good buy opportunity will be presented as the Mayer Multiple goes below 0.55x.

CryptoKea stated:

If we take a look at how much higher the [Mayer Multiple] lows came in each [of the previous] bear cycles, conservatively, the 4th one could come in 15 percent higher than 0.51x which would lead to a low of $5,500.

Although Bitcoin appears to have entered an accumulation zone, CryptoKea is not the only prominent analyst in the industry who is expecting lower lows. The growing concerns about the PlusToken scammers manipulating the market have prevented investors from buying in while others are still holding. Time will tell whether BTC is ready to break out of the downtrend it entered in June or continue falling.

Bitcoin, currently ranked #1 by market cap, is down 0.12% over the past 24 hours. BTC has a market cap of $130.19B with a 24 hour volume of $26.94B.

Chart by CryptoCompare

Bitcoin is down 0.12% over the past 24 hours.

Get our daily newsletter containing the top blockchain stories and crypto analysis straight to your inbox.

After Ali began forex trading in 2012 In 2014, he came across Bitcoins whitepaper and was so fascinated by the idea of a decentralized, borderless, and censorship-resistant currency that he started buying Bitcoin. By 2015, he started traveling to spread the word about Bitcoin.

Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.

Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

View original post here:

Key indicator shows its time to accumulate Bitcoin, but the bottom is far ahead - CryptoSlate

Major news outlet CNN has touted Bitcoin as the star investment of the decade, eclipsing stocks, bonds, commodities, and (of course) fiat currencies worldwide.

CNN backed its claim with numbers provided by Bank of America Securities, which showed a tiny $1 investment in Bitcoin at the start of 2010 would be worth more than $90,000 today (or, considering its latest price dives, until quite recently).

Still, regardless of its recent performance, Bitcoin dominated more traditional investments. Even though the US stock market is the strongest in the world, $1 in American stocks at the start of the decade would now reportedly be valued at just $3.46.

One dollar invested in a 30-year US treasury bond over the same time period would now be worth $2.08.

Gold, however, was reportedly the top commodity of the 2010s (aside from Bitcoin, of course). A$1 gold investment in 2010 is said to be worth just $1.34, while the same in oil would equate to 74 cents.

CNN listed some terrible investments, too. A dollar in Myanmar currency at the start of the decade would now reportedly be worth a measly 4 tenths of one US cent today.

Thanks to Greeces debt crisis, 100 cents in the Greek equity market would now equate to only seven cents.

While BTCs value indeed went from fractions of a penny to thousands of dollars today, itll surely be hard to defend its title of best investment of the decade.

Now, Bitcoin faces its next test: the 2020s.

This is not investment advice. This is for educational purposes only. Do your own research, damnit. No, really, dont buy Bitcoin because you read this article. Past performance is not indicative of future results. Im not even qualified to tell you that. See what I mean? Do your own research. Please.

Here is the original post:

CNN: Bitcoin was the best investment of the decade - The Next Web