Ripple (XRP) Price Trend Overwhelmingly Negative, Bitcoin Dives To $7.5K – newsBTC

Ripple price is now trading below key supports against the US Dollar and bitcoin. XRP price might continue to face sellers near the $0.2480 and $0.2500 resistance levels.

In the past three sessions, there was a sharp decline in bitcoin price below the $7,800 support, resulting in a downward push in ripple and Ethereum against the US Dollar. XRP/USD failed to stay above the $0.2450 and $0.2420 support levels, and declined heavily.

Moreover, the price broke the $0.2400 support area and settled well below the 100 hourly simple moving average. Finally, the price tested the $0.2350 support area and a low was formed near $0.2347.

Recently, the price started an upside correction above the $0.2400 resistance area. Besides, there was a break above the 50% Fib retracement level of the recent drop from the $0.2526 high to $0.2347 low.

However, the previous support near the $0.2450 and $0.2460 levels is currently acting as a resistance. Additionally, the 61.8% Fib retracement level of the recent drop from the $0.2526 high to $0.2347 low is also near the $0.2458 level.

More importantly, there is a new bearish trend line forming with resistance near $0.2450 on the hourly chart of the XRP/USD pair. Therefore, ripple price might struggle to clear the $0.2450 and $0.2460 resistance levels.

Should there be an upside break above the $0.2460 resistance, the price could test the $0.2500 area and the 100 hourly SMA. The main resistance for a trend change is near the $0.2580 level.

On the downside, an initial support is near the $0.2400 level. If the price fails to stay above $0.2400, it will most likely continue lower towards the $0.2350 support area.

Ripple Price

Looking at the chart, ripple price is clearly positioned in a downtrend below the $0.2450 level. As long as the bears remain in action and the price is below $0.2500, there could be more downsides in the near term.

Hourly MACD The MACD for XRP/USD is struggling to remain in the bullish zone.

Hourly RSI (Relative Strength Index) The RSI for XRP/USD is currently just above the 40 level, with a minor bullish angle.

Major Support Levels $0.2400, $0.2360 and $0.2350.

Major Resistance Levels $0.2450, $0.2460 and $0.2500.

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Ripple (XRP) Price Trend Overwhelmingly Negative, Bitcoin Dives To $7.5K - newsBTC

Bitcoin Breaks $7,000 as Whale Dumps on Huobi – Bitcoinist

Bitcoin kept bleeding on Friday, extending the gradual losses from the past weeks. BTC broke below $7,000 just around the time US markets opened on Friday, sliding to $6,791.46.

The reason for the breakdown of bitcoin may be the wallet of the Plus Token scam, which is once again selling its haul through Huobi. In the past months, the size and scale of the scheme became known, as well as one of its chief wallets containing 38,000 BTC.

The Plus Token scam was largely unknown until the summer of 2019, as it was spreading mostly through Chinese-speaking channels. The scheme took away as much as $2.9 billion in BTC.

Until recently, the Plus Token wallets only sent small regular transactions of 600 to 1,000 BTC per day, slowly liquidating the haul. But as bitcoin entered a bearish setup, the selling has accelerated. Reportedly, Plus Token gathered 200,000 BTC and 800,000 ETH.

The decision to sell arrives at a moment when Chinese authorities, both governmental and local, turned more hawkish to local cryptocurrency projects and attempts at selling tokens. Peoples Bank of China also announced it would crack down on cryptocurrency exchanges, also outlining token sale projects pushing their products aggressively.

The current correction may be due to the over-reaction, which pushed Chinese enthusiasm for Bitcoin over the top.

The move by Plus Token may arrive after fears of more significant repercussions, especially after reports of recent crypto-related arrests.

The rapid move of Chinese authorities against local crypto businesses may cut short the heightened activity on exchanges that serve Chinese trading interest. A crackdown could also dampen local OTC activity.

The Plus Token selling also means that some of the pyramid members are still at large and capable of controlling wallets. But with recent reports and arrests in Chinese offices of crypto firms, Plus Token once again attempts to liquidate urgently.

Analysis reveals that Plus Token attempted to mix its bitcoin through Wasabi Wallet, though most of its activity remained traceable. At this point, analysts still recognize transactions originating from some of the related addresses.

What do you think about the latest Bitcoin price crash? Share your thoughts in the comments section below!

Images via Shutterstock, Twitter @Doveywan @ErgoBTC

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Bitcoin Breaks $7,000 as Whale Dumps on Huobi - Bitcoinist

Exclusive Interview with John McAfee: Epstein Didnt Kill Himself, Bitcoin to Hit $1 million, & Rus – U.Today

In the first part of our interview with John McAfee, we discussed various topics in-depth, such as his run for President, McAfeeDex, and his opinion on stablecoins. Today, we continue talking about the future of cryptocurrencies and the governments role in it. Mr. McAfee also told me about the story behind the upcoming film King of the Jungle. It is based on the story of the Wired reporter Joshua Davis and his three weeks with McAfee in Belize. Lets jump right into it.

WARNING: Do not attempt to duplicate, recreate, or perform the same or similar stunts or tricks with guns as personal injury and/or property damage may result. U.Today is not responsible for any such injuries or damages.

U.Today: Youre launching a new token called Epstein Didnt Kill Himself. What can you tell me about this token? Why did you call it that? Why is Hillary Clinton being advertised in the picture?

John McAfee: Okay, it's obviously a joke coin like Dogecoin. There are a couple of things with this token. I believe very strongly that Jeffrey Epstein did not kill himself. I think it's in the interest of the American people and perhaps the world to understand that we must find those responsible for it, and trace it back to those corrupt individuals in power who can do things like wack people while they're in jail. Being in jail is the easiest place to kill someone, and every gangster knows this. So, a little bit to that extent, I took advantage of the memes floating around the Internet. Jeffrey Epstein Didn't Kill Himself is a big meme. Everybody was making memes so I thought I would make my own. Mine is the WHACKD token, and with every transaction, 10% is skimmed off the top. With every 1,000 transactions, 1 receiver will lose everything - the entire transaction. It's just whacked. The coin acts as if its in a crypto environment, in which there are criminals skimming off the top. There are people whacking entire assets from someone else.

Now, what's not a joke - after we constructed this [token], I realized that we've created a truly deflationary token. I mean those who want to exchange or sell their tokens will be the losers, right? Its because the more they sell, the less volume available. What I mean is that with fewer tokens, the ones who are holding onto their supply will see that supply increase in value. It's just a great social experiment.

U.Today: So what about Hillary Clinton?

John McAfee: You know, I know nothing whatsoever about the lady. Ive never had dinner with her, nor have I shaken hands with her. So, I am not one to answer anything about her. I mean, rumors on the internet are just rumors on the internet. I mean they're sparked by God knows who, and are extinguished by the next rumor.

Image viahttp://mcafee2020.com/

U.Today: So, its just a joke?

John McAfee: Yes, it was just a joke. Of course, the whole thing is just a meme. You know, a meme looks at a particular situation from a whimsical or interesting aspect. This is what makes it funny. That's all, and so people are creating memes. This one is mine.

U.Today: Did you know Jeffrey Epstein personally?

John McAfee: No, I did not.

U.Today: What are your thoughts on Chinas digital currency - the Digital Currency Electronic Payment (DCEP)? Will the US launch a digital US Dollar in the near future?

John McAfee: I think that every country and every nation state on this planet will launch their own cryptocurrency. I mean they will be forced to do so because it is so clear that fiat currencies, paper currencies, and even credit cards are so vastly inferior in terms of safety, speed, and ease. In terms of the entire economy, cryptocurrencies are vastly superior, so governments will have to create their own. People, please be aware that all of the coins created by governments on blockchains will monitor your every penny, where it goes, and for what purpose. I mean it's just one more bar in your cage. You can seize upon the opportunities offered by cryptocurrencies, which came by way of the people, and not from the government or from corporations. Just a bunch of ordinary programmers.

I came from the people and take what the people continue to create, which will always be vastly superior to those monolithic, slow-moving dinosaur-like entities called governments. They just can't create them fast enough, but the people can. So let the people continue to create and everyone thats listening to me, please choose the digital currency created by the people. There are thousands. It may take you a little bit of learning, a couple of hours maximum, but learn and understand them. And please don't use the government cryptocurrencies even if they say you must use them. They said that we shouldnt smoke marijuana for the last 75 years. I've heard that people still smoke marijuana. So, you tell me about the difference. Please people, stick with the people, and not with the power that has been suppressing you for thousands of years.

U.Today: Okay. Do you still believe that Bitcoin (BTC) will hit its $1 million dollar mark by the end of 2020? We all remember what you were going to do if it doesnt hit that mark. What are the reasons that support your belief?

John McAfee: Because Bitcoin is another deflationary currency. No one has noticed this yet. I don't understand it. There are only 21 million [coins] that can ever exist, and 18 million [coins] have already been mined. This leaves only 3 million left, and it will take many years to mine those 3 million coins. In the meantime, 7 million coins have been lost forever, and for every coin that's mined, four are lost. Do you understand? This is the world's first automatic deflationary currency.

Since nobody seems to have noticed that, I promise you that when they do, which will be within a matter of months, people will go, Oh my God, look what we missed!

Image viahttp://mcafee2020.com/

U.Today: But why 2020?

John McAfee: Well, because 2020 is 14 months away. I mean the end of 2020. Trust me, that's plenty of time.

U.Today: Do you really know Satoshi Nakamoto? How do you know him? Can you give us some details that wont compromise Satoshis identity? Is it a man, a woman, or a group of people?

John McAfee: I do. Satoshi is a man. That's all I can tell you. Of course, I know who he is, but let me ask you a question. Everybody wants to know about Satoshi, and I was just ready to say something. I was asked not to tell anyone, and while he did not admit to me that he was Satoshi, he did say one thing, Imagine if the world knew who Satoshi was. Satoshi's life would have to change. Yes. He is certainly one of the world's richest entities. He would have to surround himself with armed guards because he would be the target of criminals, and he would have to change his way of living. He couldn't just go out in the middle of the night, down to the coffee shop, kick up his feet, light a cigarette, and have an espresso - that part of his life is over. He then said:

So, you want to radically change someone's life. What makes you think you have that right? What if you were the 1% that was wrong? You would have totally destroyed an innocent person's life whos now incapable of going to the store or a movie without hiring two dozen, full-time armed guards. Hes at the mercy of the people.

After he said that, I thought, Jesus. My sincerest apologies. I am a stupid old man for not thinking this through. So, do you want me to tell you now?

U.Today: No, please dont. Can you tell me a little about the film King of the Jungle? Did you have a particular role in this film, such as with casting or a cameo in a potential scene? Are you looking forward to this film?

John McAfee: I have nothing to do with the movie. I have nothing to do with any documentary that's been done about my life. This is not a documentary though, it is a fiction. Even though I wasn't consulted, I've been in touch with the screenwriters, as theyre really funny and enjoyable people. But I have no control over the film, nor do I know anything about the casting or anything other than what I read in the news. I find out at the same time as the rest of the world.

I do know that, uh, who is the new kid (*McAfee speaking with his wife Janice and asking her the name of the kid playing the reporter), ZacEfron. Apparently, he's an actor. I don't know as I don't get out much. I seldom watch movies. Documentaries are my thing. ZacEfron is playing the reporter that came down to visit me. It's based on a three-week in-depth story about my life in Belize, where Wired reporter Joshua Davis came down to spend a few weeks with me. I expected him to come down and spend an hour or two, or even a day interviewing me, which I was willing to do. However, he wanted to be with me all the time, or at least when he thought I was doing something interesting. Most people would have said, Oh, you crazy. But I said, All right, if you think you're up for it. Well, he was not up for it. He was literally traumatized by hanging out with me for three weeks.

Image viahttp://mcafee2020.com/

Afterwards, he went back and wrote a story for Wired. There was actually an eBook called John McAfee's Last Stand. I never read it. I mean, I was with him at the time. What can his writing tell me about the events? In the book, he put down what he thought were horrific things. For example, the cover of the ebook is certainly a well-known photo of me with no shirt, my tattoos, and a gun to my head. That's on the cover of the book. After it was all written, they got that photo by sending photographers down here because Josh is a writer, not a photographer.

That [photo] was based on his second day with me, when we were sitting in San Pedro at a big oak table. He was so naive about life. And I said Joshua! You have to understand, you can't believe anything that you hear. Only half of what you see, and this is the truth. And he said, Well, that's nonsense. That's philosophy. And I go, Hey, watch this. I always carry a gun. I pulled out a .357 Magnum revolver, emptied the rounds onto the table, showed him that it was empty, picked up one of the rounds, put it in the gun, spun the cylinder, put it to my head, and pulled the trigger. And he was screaming, No, don't! Dont! You know, he's a slightly built young man, and he's not gonna **** with me or do something because he's literally screaming, You don't have to do this! And I said, Okay. Well, I apologize.

Image viahttp://mcafee2020.com/

I then spun the cylinder again and it went click, and now he is totally ****ing frantic. While he's frantically screaming for me not to do it, I'm just sitting there spinning the cylinder while he's yelling. I must've done it 35 times. I then said, Now, Josh, watch this. So with a gun in my hand, I took him outside to the beach, aimed the gun at the sand, and pulled the trigger. Boom! Sand goes flying everywhere. Now, Josh is a writer. Any mathematician would know, You know dude, if you've got a bullet in there, there is no powder in that cartridge. I mean, any rational person would say that, and by the way Mr. McAfee, that is a great trick. With Josh, it was a no.

You just pick one up, put it in the gun, and play Russian Roulette. Any magician would have gone and said that's a good trick. Any rational person would have gone and said, That's a trick. How did you do it? But Josh being naive took it for real. So that was his second day. So for the next three weeks, I ****ed with him in ways that made that look like a kindergartener pick a card and get the wrong card.

So, what I would do if there was no imminent danger and I wanted to **** with someone, I would always take one of the rounds out of the gun, pry off the bullet, fire the cap so that there's no gunpowder and there's no firing cap now, take another bullet, insert it back in the casing and put that back in the gun. I could always spot which bullet it was because there was an indentation where the firing pin had hit the primer. So, I could dump my bullets anywhere, but no one else would have noticed the indentation. Right? They're just noticing bullets flying everywhere. You just pick one up, put it in the gun, and play Russian Roulette. Any magician would have gone and said that's a good trick. Any rational person would have gone and said, That's a trick. How did you do it? But Josh being naive took it for real. So that was his second day. So for the next three weeks, I ****ed with him in ways that made that look like a kindergartener pick a card and get the wrong card.

After three weeks of that, Josh was literally traumatized. I don't feel bad about it because I hate organized media and the way that they select stories. There are trillions of stories to be told at any point in time. And who are our storytellers today? The media. The mass media are our storytellers, and there are trillions of stories that they could write about. What do they focus on? The things which are in their interest or in the interest of their sponsors or their controllers. Now I had Josh, who was being less naive. If you are naive, then why are you in the media at all? It's people like you who should not be here. So I felt justified. I waited two days before I decided, All right, you're going to get your story, but you're going to get the story that I choose for you.

I chose the story of John McAfee's insanity, and played that story for him for three weeks. That's what the movie is about, and thats why its a comedy. But I have no control over it. I think that the screenwriters are great, but I don't know how they're going to do this. I've read the synopsis, which is about that three week period. That's the entire movie.

I chose the story of John McAfee's insanity, and played that story for him for three weeks. That's what the movie is about, and thats why its a comedy.

U.Today: Why didn't you want Johnny Depp to play you in the film?

John McAfee: I don't think Johnny Depp has experience in life. Not in acting per say, but because even to me, Im a mystery. Some people think Im more of a mystery, while others think Im insane. With todays standards, I probably am, and I'll tell you what is sane today. Sane is buying all of the propaganda that the government and the media feed you while as your commuting to work for up to an hour each way, five days a week for 40 years in a job that you may not love. Thats considered sane because that's what everybody does. So, in that world, of course, there's nobody more insane than me.

U.Today: Last question - What do you think the web will look like in 50 years from now?

John McAfee: The first thing that comes to my mind is God, I would love to be here to see it, but I will not. The second thought is that 20 years ago, I could not have predicted today, nor could anyone on this planet. I have no idea where you are, but that doesn't matter because we're talking face to face. I see your smiling face, your gestures, and your eyes blinking as if youre here. Could you have imagined this 20 years ago? No, the technology did not exist, nor did the concepts other than in Star Trek movies. Now, they're here. So I would be the last person to ask given the history and the 74 years that I've experienced on this planet. The sky is open.

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Exclusive Interview with John McAfee: Epstein Didnt Kill Himself, Bitcoin to Hit $1 million, & Rus - U.Today

3 reasons why Bitcoin WONT make you a millionaire (and stocks might) – Yahoo Finance UK

We can be fairly confident that anyone who had the foresight (or luck) to buy a decent amount of Bitcoin when very few knew about it only to sell at the end of 2017 will be a millionaire. Thats great for them but its not so great, in my view, for the herd who are now invested in a hope that history might repeat itself.

For me, stocks will always be a better option for those wanting to build wealth. Here are three reasons why.

The only way of making money from a cryptocurrency is if someone more bullish (or just more adept at frittering away their money) is willing to pay a greater price than what it cost you to acquire it. Experienced investors know this to be an example of the greater fool theory.

While its true we also buy stocks in the hope theyll appreciate in price over time, we know future demand will likely be based on a companys ability to grow earnings. In other words, theres some substance behind the increase in value. Knowledge of a companys fundamentals also gives us information about when it might be time to sell our holding. With Bitcoin, youll always be guessing.

Another key difference between Bitcoin and stocks is that a huge number of the latter pay out a proportion of their profits to their owners in the form of dividends. Bitcoin doesnt do anything. Hence, anyone holding it to make money is wholly reliant on price appreciation for returns (see point above).

Since study after study has shown that reinvested dividends play a huge role in transforming someones wealth over the long term, thanks to the power of compound interest, I know which horse Id back. The only drawback to investing for income is that dividends can be cut if a company runs into trouble. If this bothers you, dont worry: there are ways around it.

One of the biggest turn-offs about Bitcoin is the fact its price is just so volatile. From its peak in December 2017 to December 2018, for example, it fell a little over 80%. Six months later, it was roughly 250% higher.

This kind of rollercoaster ride might be a traders dream (assuming they call it right), but its not something Foolish investors should warm to. Indeed, this is one reason why the adoption of Bitcoin as a form of payment isnt really happening. If you owned something that could quickly double or triple in value, would you actually spend it?

Sure, stocks go up and down thats all we can be 100% certain of. Unless you happen to be unlucky, or pick risky oil, mining or biotechnology stocks however, youll probably never experience the kind of volatility endured by Bitcoin believers.

Even if you do pick a dud or two, the fact that investing in the stock market allows you to spread your money across multiple companies, sectors and countries should prevent you from being wiped out completely.

Bitcoin could go to the moon but it could also end up worthless. My gut is screaming the latter. So long as youre strapped in for the long term however, picking stocks will always be a safer way of building a seven-figure portfolio.

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Paul Summers has no position in any of the shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.

Motley Fool UK 2019

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3 reasons why Bitcoin WONT make you a millionaire (and stocks might) - Yahoo Finance UK

Forget Bitcoin and gold! Id invest 5k in the FTSE 100 today – Yahoo Finance UK

Investing in Bitcoin or gold has become increasingly popular in 2019. After all, theyve both delivered strong returns, with the virtual currency rising by over 100% and the precious metal moving over 15% higher.

Looking ahead, they could continue to deliver strong gains in the short run. However, over the long run they both face risks which may make them less appealing than some investors realise.

As such, buying shares could prove to be a better idea. Low valuations across the FTSE 100 may mean that its returns are relatively high, while its risks can be limited through a diversification strategy.

Bitcoin faces a highly uncertain future. Not only is it impossible to gauge whether the virtual currency offers good value for money or not, regulatory threats remain an ongoing risk to its performance.

A number of lawmakers, such as central bankers, have stated theyve major concerns about Bitcoin and other virtual currencies. Should this lead to changing regulations, it could hurt the growth prospects of the cryptocurrencys price in the coming years.

Gold may also face a more challenging long-term outlook than its current price suggests. Although interest rates in the US have fallen in recent months, theyre unlikely to remain at a low ebb in perpetuity.

Therefore, when they do rise, gold could become less appealing compared to income-producing assets. This may cause its price growth to slow in the coming years.

Additionally, if investor sentiment picks up, riskier assets such as stocks may become more appealing than gold. Since the stock market has always recovered from its periods of uncertainty, this situation appears to be highly likely over the long term.

While the stock market may experience a period of uncertainty in the short run that leads to capital losses for investors, this could present a long-term buying opportunity.

Across the FTSE 100, there are a number of companies that currently offer margins of safety. Over time, their discounts to intrinsic value may narrow and lead to capital gains for their investors.

Crucially, its relatively simple for investors to gauge whether a specific company offers good value for money. This is in contrast to Bitcoin, where investor sentiment is the sole determinant of price. As such, it may be easier to capitalise on the cyclicality of the stock market than it is for the virtual currency.

In addition, many FTSE 100 shares offer high income returns at the present time. The history of the stock markets total returns shows the reinvestment of dividends can make a major impact on overall returns in the long run. Therefore, the income appeal of shares versus gold could make them a better place to invest for the long term.

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Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makesus better investors.

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Forget Bitcoin and gold! Id invest 5k in the FTSE 100 today - Yahoo Finance UK

As Bitcoin, Ethereum, Ripples XRP, And Litecoin Lose Billions, This One Small Coin Has More Than Doubled – Forbes

The bitcoin and cryptocurrency market has lost a combined $170 billion since its year-to-date high set in June, with major tokens ethereum, Ripple's XRP, and litecoin all falling steeply.

The bitcoin price has almost halved, dropping from almost $14,000 to trade at around $7,600 today (though some heavyweight crypto investors remain upbeat).

However, one relatively minor cryptocurrency, chainlink, has more than doubled since June, jumping from around $1 to $2.55 after the company behind the token revealed a raft of partnerships and deals to use its technology.

After rallying hard earlier this year, the bitcoin price has been stuck on a downward trend for the ... [+] last few months, dragging the likes of ethereum, Ripple's XRP, and litecoin with it.

The chainlink token, which trades under the name link, began the year at $0.25, climbing to highs of around $4 per link token, before falling back along with the wider bitcoin and cryptocurrency market.

Chainlink is currently the 14th most valuable cryptocurrency by market capitalization, according to CoinMarketCap data, which counts bitcoin, ethereum, Ripple's XRP, bitcoin cash, and litecoin as the respective top five (excluding so-called stablecoin tether).

Chainlink, an ethereum token that powers the Chainlink decentralized oracle network allowing smart contracts on ethereum to connect to external data sources, APIs, and payment systems, has managed to stage a strong recovery since the late summer sell-off, breaking away from the wider bitcoin and crypto market, which has been falling steadily.

Some of chainlink's recent gains could be due to its efforts to expand into China just as China's president Xi Jinping has revealed the country will work to widely incorporate blockchain technology over coming years.

In April, the Chainlink organization hired a Chinese community manager.

Last month, Chainlink teamed up with Binance, the world's largest bitcoin and cryptocurrency exchange by volume, to develop blockchain and smart contract-based so-called decentralized finance products, including lending, derivatives, and decentralized exchanges.

Back in June, the Chainlink organization began working with search giant Google and enterprise software company Oracle to help bridge their legacy payment systems and databases using blockchain technology.

Elsewhere, OpenLaw, which is developing decentralized peer-to-peer legal agreements, started working with the Chainlink organization in April on its smart legal contracts.

The chainlink price is up almost 700% over the last 12 months, compared to bitcoin's 75% rise over ... [+] the same period.

Some analysts have, meanwhile, been talking up chainlink's prospects.

"Id be lying if I said I havent been watching chainlink incredibly closely," Eric Thies, a popular bitcoin and cryptocurrency analyst on Twitter, told crypto news outlet CCN.

"I noticed a similar structure to ethereums price behavior in 2016 or, dare I say, bitcoin between 2011 and 2012. I wouldnt be surprised to see link hovering around $10 and making it to the top 10 cryptocurrencies in CoinMarketCap by mid-2020."

Other crypto watchers have though warned chainlink investors that the token's bull run could be coming to an end.

"Anything can happen, [chainlink] often defies gravity," bitcoin and crypto trader Scott Melker said via Twitter alongside technical charts and analysis of the chainlink price. "But never bad to take profit if you have the chance."

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As Bitcoin, Ethereum, Ripples XRP, And Litecoin Lose Billions, This One Small Coin Has More Than Doubled - Forbes

Bitcoin Crashes Back to $7.4K Completely Wiping Out the October Rally – Cointelegraph

Bitcoin (BTC) finally dropped all the way down to the $7.4Ks in minutes as anticipated in our previous analysis if the key $7.8K level did not hold.

Cryptocurrency market daily performance. Source: Coin360

Over the past week, BTC/USD has faced a slow grind down to the $8,000 price level. Now, Bitcoin also broke below its 0.786 Fibonacci retracement level as well its last major level before a confirmed full retrace of the Oct. 25 rally to $10,500.

After a short bounce, Bitcoin has bounced back to around $7,600 at press time.

As Cointelegraph reported, rumors of Chinese authorities raiding Binances Shanghai offices were likely also responsible for the drop. However, the exchange said that they had not received a notice from Chinese authorities, which required Binance to detail its activities.

Specifically, a Binance spokesperson denied the rumors, saying:

Binance has no fixed offices in Shanghai or China, so it makes no sense that police raided on any offices and shut them down. [...] There has been a recent spike in the number of negative articles and activities against Binance in China. We wouldn't delve too much into what causes this, because we prefer to continue BUIDLing our solutions.

Nevertheless, after several days of choppy price action, BTC/USD finally posted a decisive drop below $8,000 falling under its 0.786 Fibonacci retracement level at $7,870 and plummeting all the way down to $7,390.

This was the level of consolidation prior to the historic 42% price rise on Oct. 25.

BTC USD daily chart. Source: TradingView

If Bitcoin falls further below $7,307, it may indicate its bullish swing up to $10,500 on Oct. 25 was a fluke, resulting in net sideways action for the past month. Furthermore, a bearish outlook might even see BTCs recent $10,500 upswing as a significant bullish correction albeit in a continuation of a general downward trend.

On a bullish note, however, Bitcoin did not yet breach the previous low and bounced with a fair bit of strength from $7,390 up to $7,640.

Market analyst Keith Wareing meanwhile anticipated the drop, shorting BTC to the $7.4K level, and then immediately taking a long position.

Decided that shorting to $7,350 was the logical move after the support on the Bollinger Bands was broken on all major time frames, said Wareing. If $7350 wasnt to hold, Willy Woo and Tone Vays would be right, and as there are no pigs in the sky or ice in hell, I knew it was the bottom.

If Bitcoin continues to tumble, however, $7,230 may provide a bit of support. Although beyond that, not much buying strength exists before the $6K range.

If $6,000 breaks as easily as it did to the upside in May, however, significant support exists between $5,800 and $5,000 as the market spent considerable time in this region earlier in 2019.

Additionally, the 200-week moving average (MA) now sits at $4,890. At the bottom of the last bear market in 2018, Bitcoins 200-week MA acted as strong support near $3,200. BTC has not closed below its 200-week MA since 2015.

XTZ USD daily chart. Source: TradingView

Tezos (XTZ), on the other hand, was the only standout today gaining on news that the French army is using the Tezos blockchain. But the rally didnt last long. The staking-based digital asset saw a high of $1.30 before dropping down to $1.19 at press time.

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Bitcoin Crashes Back to $7.4K Completely Wiping Out the October Rally - Cointelegraph

No, Bitcoins Circulating Supply is Not 18 Million – BeInCrypto

A recent analysis from CoinMetrics hints that over 1,500,000 Bitcoins could permanently be out of the total circulation. While BTCs active supply should currently be over 18 million, the quantity fell short.

Notably, on October 19 this year, 18 million BTC officially entered circulation, which happened at block 600,000. At this time, the community began cheering up as it highlighted the end of the inflation process for Bitcoin. However, things arent as they appear. The supply reportedly fell short which brought on a sense of fear, where are these lost coins going?

In essence, the creator of Bitcoin, Satoshi Nakamoto, capped the asset to a supply of 21 million coins, which highlights the scarcity of the giant digital asset. Bitcoin halves every four years on average, and with the latest finding, the network must have put BTCs circulating supply at approx 18 million Bitcoins. But the actual supply seems much lower than the reported figure, i.e 16 million BTC. Consequently, the difference between these figures drove the concept of lost coins.

Being a digital currency data and research site, CoinMetrics divided lost Bitcoin into two different segments provably lost and probably lost. The subject of lost coins often comes with the debate that Bitcoins most significant value proposition is scarcity. Interestingly, however, when Satoshi created the Bitcoin protocol, they clarified that lost coins could also be stolen, burned or even forgotten. Nevertheless, he had also mentioned that the lost coins make everyone elses coins worth slightly more.

According to CoinMetrics study, provably lost coins are those 50 BTC coins that are locked in the first block. The research firm adds:

The result is that those 50 BTC are not present in Bitcoins ledger, even if they are visible in a transaction included in the main chain.

As the firm dives into the calculation, it stresses that;

In total, we can compute Bitcoins actual supply at block 600,000 working backward from the expected 18M BTC value and subtracting what is provably lost, the study details. This figure of 17,999,817 BTC as of block 600,000 is the technically correct view of Bitcoins supply.

Images courtesy of Shutterstock, Twitter.

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No, Bitcoins Circulating Supply is Not 18 Million - BeInCrypto

Bitcoin: The hero’s journey – CoinGeek

Bitcoin is an archetypal element. It is simultaneously a general purpose tool for the masses while it is also the proverbial Excalibur to be wielded by the new world economy. In many ways, Bitcoin can also be described as the hero of its own story arc, as well as the reward for the hero to obtain from the stoneis that a mining metaphor?

But why is Bitcoin on a heros journey? The brief answer is that it is because it must be.

Humans react to great story-telling because we are programmed to respond to an elemental story arc. The Book of Jonah, The Odyssey, Rocky or Star Wars: the details dont matter because although the contexts are different, the story is the same. They appeal to the masses because of our deep desire to progress from the mundane, fight through challenges and then achieve a great victory.

Despite popular memeing about the financial crisis of 2009, Bitcoin actually evolved from the mundane financial climate of 2008. A peer-to-peer electronic cash system was simply designed to fulfill the goal of reducing friction for online payments per the opening words of the Bitcoin whitepaper. The real journey began almost immediately as the crisis hit headlines, and people began to discover bitcoin; fresh to the world but brimming with potential.

This signalled Bitcoins call to adventure: use by advocates of sound money and intrepid young businessmen looking to accumulate Bitcoin early, and also criminals seeking a new tool to give them an edge in illicit commerce. During Bitcoins first adventure, lessons were learned and proof of work had accumulated to be used later on in the journey.

The next phase of Bitcoins journey was the establishment of the mentors and the heros choice to move toward the light or the darkness. The initially bad choices in the journey led to the disappearance of Satoshi and the emergence of the villains who brought on the great ordeal: The three long years of scaling debate. Bitcoin emerged bruised and battered, but also resolute and wise. Realizing that the foundational wisdom of Satoshi was better than the advice of the antagonists, Bitcoin emerged from the trials of fire with a renewed understanding of what made it great at the beginning.

This is where we are today. Bitcoin has had many victories and taken some painful shots. It has the scars to prove that it battled the dragons until it was strong enough to fly among them. After stripping away the baggage of shoddy alliances, our hero is on the road back; guided by the members of the Bitcoin SV (BSV) economy.

Enemies still exist, and there are more battles to be waged. But Bitcoin is nearing catharsis with the Genesis upgrade in February, when it will be ready to compete against its foes from a position of the limitless bounds that it earned during the trials of the journey.

In conclusion, we are nearing that final showdown, and our opponents dont think they can lose. They also have not been training nearly as hard as those of us adding value to BSV with the businesses being built on chain. Bitcoin SV is coming to this fight with more transaction growth than any other blockchain, more capacity, more great ideas and more hungry entrepreneurs than the cryptosphere has seen in years.

Prepare to see an unbelievably grand finale!

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PayPal CEO Holds Bitcoin and Only Bitcoin – Cointelegraph

Dan Schulman, CEO of payment processor PayPal, revealed during an interview that he does indeed own Bitcoin (BTC).

On Nov. 20, Fortune reported that PayPal CEO Dan Schulman stopped by its offices where he discussed a variety of topics, including the reason for PayPals withdrawal from the Libra Association and whether he is the proud owner of any cryptocurrencies.

Schulman explained that PayPal withdrew from Libra because the company decided to put its attention elsewhere. According to the CEO it was a question of where do we want to put our attention, and what do we want to do today to advance our mission? He added:

You know, we think if we focus on our own roadmap, wed be able to advance financial inclusion faster than if we put all these resources against Libra.

Schulman added that Libra will start going down a road that his company remains very interested in looking at, and once Libra starts to figure things out, well take another look at where they are.

At the beginning of October, a PayPal spokesperson told Cointelegraph that the company had officially left the association, adding that they remain supportive of Libras aspirations and continue to look forward to dialogue on ways to work together in the future.

PayPals CFO John Rainey said in May that the firm has teams that are working on blockchain and cryptocurrency, and that they wish to participate in that technology in whatever form it takes in the future.

In the Fortune interview, Schulman was reluctant to share any significant details as to what exactly PayPal is working on in the sphere, although he was quick to point out that it is not necessarily competitive with Libra, adding:

We think theres a lot of promise to blockchain technology. Its intriguing to us, but it really needs to do something that the traditional rails cant do. Most people think that blockchain is about efficiency, but the system today is pretty efficient.

Regarding cryptocurrencies, the CEO said that it is still very volatile, and that they do not have much demand for it by merchants because merchants operate on very small margins. He said:

Until it becomes less volatile, it wont be a currency that is widely accepted by merchants on the web not the dark web, but the web.

As to whether he owns any cryptocurrencies himself, Schulmans answer was short and straightforward:

Yes, Bitcoin. [...] Only.

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PayPal CEO Holds Bitcoin and Only Bitcoin - Cointelegraph