Category Archives: Bitcoin

Here come the influencers. The Financial Conduct Authority (FCA) in the U.K. has announced an 11 million British pound (GBP) campaign enlisting celebrities and influencers to warn the general public of the dangers of high-risk investments. The FCA is a financial regulatory authority in the U.K. that was established in 2013. It operates independently of the U.K. government.

This is an interesting dynamic to consider given the context of public messaging relating to COVID-19 information. There are many examples of programs paying influencers on social media to propagate specific messaging relating to COVID, such as complying with mask mandates, getting vaccinated, etc. Now the point here isnt which side of any of these individuals is factually correct or effective, its just about the messaging mechanisms, incentives and trust people place in others. Say what you want about the societal health of influencer culture, the fact remains that it exists and large amounts of people actually place some degree of trust in influencers they follow on social media. This is why government programs of this sort relating to COVID have been effective.

The FCA is now tapping this playbook to begin a campaign messaging against high-risk investments to the wider public. During the COVID lockdowns in 2020 there was a massive uptick in retail investors trading on platforms like Robinhood, especially among Millennials. The huge unemployment spike in combination with unemployment benefits, stimulus payments and rent moratoriums left many people with excess cash and plenty of time on their hands. Many invested in cryptocurrencies and so-called meme stocks. Its probably fair to assume that a lot of these individuals lacked fundamental market understanding or were just chasing short-term gains.

The argument can be made that this was highly reckless behavior and that many of these new investors in the end will wind up financially hurting themselves. That is exactly what the FCA is claiming. In their announcement, the high-risk investments they are going to spread cautionary messaging about specifically includes mentions of cryptocurrencies and how many of these new retail investors first investments were cryptocurrencies. For instance, on Robinhood a massive portion of the money that was invested into cryptocurrencies was flowing into Dogecoin.

Now, its not entirely unreasonable to warn people against taking actions that could be financially harmful to themselves. However, there is more context to this FCA campaign than just that. They specifically mention in the announcement that 8.6 million people hold more than 10,000 GBP of investable assets in cash. Why? Because the FCA is trying to directly incentivize 1/5th of those people in the next five years to start investing. So at the same time they are going to start paying social media influencers to propagate warnings of high-risk investments in order to ostensibly protect investors, they are actively trying to encourage more and more of the population to start investing their money instead of holding it in cash.

Do you see the conflict of interests and goals here? All investment comes with risk and that will always be the case. This seems much more likely to be an attempt by the FCA to control what people are investing in rather than simply protecting them from dangerous investments. Bitcoin is a huge potential threat to legacy markets. The more people invest in bitcoin, the more liquidity it takes out of the legacy market. Every dollar I use to invest in bitcoin is a dollar that doesnt pump up the value of the S&P 500. Every dollar I use to invest in bitcoin is a dollar that doesnt drive up the price of real estate in some location. All of these markets depend on new, younger money continuing to use them as intergenerational wealth is transferred, in addition to older money selling to facilitate retirement. I have to imagine the proposition of bitcoin and other cryptocurrencies soaking up that liquidity instead of the stock market, real estate, etc. is a pretty terrifying proposition for legacy institutions.

Were in the phase of this is how they fight us. But its not going to get nasty and obvious right at the start. Its going to take the shape of things like this program financially incentivizing influencers who have built up trust in the wider populace to spread the message Bitcoin is bad, but the stock market is good. Theyll try to pressure and twist peoples arms into giving up their hard-earned cash and putting it into the market to not miss out on gains. I dont think they really care about people like that; they simply see that money as a necessary fuel to keep the ponzi scheme going and, just like America when it comes to oil reserves, they will do whatever they can to acquire it.

Dont lose sight of that. This is an information war coming and programs like this are one of the ways they are fought.

This is a guest post by Shinobi. Opinions expressed are entirely their own and do not necessarily reflect those of BTC, Inc. or Bitcoin Magazine.

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The FCA Influencer Program And Bitcoin - Bitcoin Magazine

When Bitcoin (BTC) launched in 2009, it promised to work as an intermediary-free digital payment. Today, there are over 12,000 types of cryptocurrency, disrupting all kinds of industries, from supply chains to fast and cheap digital payments.

So where does that leave payment processors like Visa? Well, if Visa has anything to do with it, it'll continue to be right in the middle of it all.

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This week, Visa released plans for a Universal Payment Channel, which it says, "acts like a hub, interconnecting multiple blockchain networks and allowing for secure transfer of digital currencies."

Visa's research team believes the channel, which is currently a work in progress, could solve the interoperability challenges faced by many cryptocurrencies. Here's what that means:

Right now, many blockchain ledgers operate in silos, unable to transact with one another. For example, if you wanted to spend Bitcoin on an application that's built on the Ethereum (ETH) network, it would be difficult. Interoperability would solve this problem.

Without it, cryptocurrencies won't be able to reach their full potential. Imagine not being able to transfer money, for example, between bank accounts held at different banks. That's why various organizations, including Visa, are looking for solutions.

Cryptocurrencies like Polkadot (DOT), Avalanche (AVAX), Cosmos (ATOM), and Polygon (MATIC) also operate in this space. They have different solutions and it isn't clear whether one (or several) will emerge as the main interoperability provider.

Another interesting aspect of Visa's proposal is that it is focused as much on Central Bank Digital Currencies (CBDCs) as it is on cryptocurrencies. CBDCs, also known as govcoins, are government-backed digital currencies.

Various governments are considering using blockchain technology to launch their own virtual currencies. China has been piloting a digital yuan for some time, and the Federal Reserve is investigating the potential benefits of a digital dollar.

It's clear from Visa's research that it envisions a future in which these govcoins will play a key role. This is an important trend for crypto investors to pay attention to. Govcoins will offer the benefits of current virtual currencies -- cheap and speedy transactions -- but without the same risk of volatility or coin failure.

But govcoins bring different problems. One issue is that they remove the decentralization that was a core component of Bitcoin's original proposition. Decentralization means cryptocurrencies don't need the backing of a third party like a bank or a government. There are also additional privacy and security concerns.

Govcoins may threaten cryptocurrencies that only offer payment solutions and may also affect the stablecoin industry. But given the number of different types of cryptocurrencies on the market, it is unlikely that govcoins will undermine the industry completely.

Visa has consistently worked to carve a space for itself in the crypto world, from partnering with cryptocurrency exchanges to offer Visa debit cards that earn crypto rewards, to settling the first crypto-only payment. Its latest Universal Payment Channel shows it wants to maintain its pole position, whether that involves working with govcoins or existing cryptocurrencies.

Its research suggests that it is only a question of time before govcoins become the norm, which could put a dent in the long-term prospects of pure payment coins like Litecoin (LTC) and Bitcoin Cash. If you are a fan of interoperability coins, it's good to remember that Visa may be moving into this space. It is easy to focus only on competition from other cryptocurrencies, but businesses can use blockchain technology, too.

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Visa's New Payment System Will Accept Everything From Bitcoin to Dollars - The Motley Fool

Bitcoin bulls are back in charge, so to speak. The headline alone makes quite a statement, and there are no doubt several readers questioning how one might draw such conclusion after only a small move and lack of new highs.

The conclusion has been made for us all, depending on what the Average Directional Index is currently saying about an asset in this case the top cryptocurrency by market cap. Lets take a look what the trend strength measuring indicator says about Bitcoin price action.

Last week, after several weeks of chop and stalemate, Bitcoin broke out from short-term downtrend resistance, and is close to making it though high timeframe resistance as well.

The shots fired from bulls might have actually been the starting pistol ahead of the final leg of the bull run, according to the Average Directional Index.

Related Reading | Bitcoin Trend Strength Indicator Suggests Bull Run Isnt Yet Over

In technical analysis, a reading on an indicator either is or it isnt meaning, for example, the MACD can only be crossed bullish or bearish, not both at the same time. The Average Directional Indicator is a trend strength measuring tool that typically comes with two built-in directional indicators a positive and a negative.

The ADX itself, simply says how strong the trend is, and the positive and negative DI tell who is in control. They make reading the tool very straightforward: green crossed above red is bullish, and red above green is bearish. From that description alone, who is currently winning the battle of Bitcoin, as pictured below?

The green line only just took over from bears, so bulls only recently regained the upper-hand on the lowest timeframes. Bearish traders were expecting different results, because the weekly setting using this indicator is currently negatively crossed.

Related Reading | Bitcoin Ready For Display Of Strength, But Which Direction Will It Break

What was able to leave bears blindsided, however, was the fact that the highest timeframes still show plenty of strength left for bulls. Any recent downtrend was an attempt to feign weakness by bulls, according to the indicators readings.

The ADX itself, depicted in the dark blue line, hasnt yet begun to turn downward. When it does, it could be a sign that the bull trend is finally ending.

After the peak in 2017, Bitcoin never truly broke bearish when compared to the 2014 bear market. When bears finally do regain control over Bitcoin price, the worst bear market ever could follow.

Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content iseducational and should not beconsidered investment advice.

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Bulls Regain Control Over Bitcoin Trend Strength: What To Expect - NewsBTC

Bitcoin price extended its increase above $49,000 against the US Dollar. BTC might continue to rally and it could even surpass the $50,000 resistance in the near term.

Bitcoin price started a strong increase above the $46,500 resistance level. BTC broke the $47,500 resistance level and settled above the 100 hourly simple moving average.

It even climbed above $49,000 before correcting lower. However, downsides were limited below the $46,500 support zone. A low was formed near $46,895 and the price started a fresh increase. It climbed higher above the $47,500 and $48,500 resistance levels.

Bitcoin is now trading above $48,000 and the 100 hourly simple moving average. A high is formed near $49,750 and it is now consolidating gains. An immediate support on the downside is near the $49,000 level.

It is close to the 23.6% Fib retracement level of the recent wave from the $46,895 swing low to $49,750 high. There is also a major bullish trend line forming with support near $48,400 on the hourly chart of the BTC/USD pair.

On the upside, an immediate resistance is near the $49,600 level. The first major resistance is near the $49,750 level, above which the price could visit $50,000. A close above the $50,000 level could start another increase in the near term. The next major stop for the bulls may possibly be near the $52,000 level.

If bitcoin fails to clear the $50,000 resistance zone, it could start a fresh downside correction. An immediate support on the downside is near the $49,000 level.

The first major support is now forming near the $48,400 level and the trend line. It is near the 50% Fib retracement level of the recent wave from the $46,895 swing low to $49,750 high. A break below the trend line support might push the price towards the $47,550 level and the 100 hourly SMA.

Technical indicators:

Hourly MACD The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) The RSI for BTC/USD is well above the 50 level.

Major Support Levels $48,400, followed by $47,550.

Major Resistance Levels $49,500, $50,000 and $52,000.

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TA: Bitcoin Bulls Keeps Pushing, Why Rally Isnt Over Yet - NewsBTC

Trading cryptocurrencies has become increasingly popular, especially as a growing number of brokerage firms -- including platforms such as Robinhood -- have made it easier than ever to buy and sell virtual coins. But as cryptocurrencies have taken off as an asset of interest, regulators are also increasingly moving toward taking more control over this new market.

In fact, the Securities and Exchange Commission has made clear it is looking to take a firmer hand in imposing rules on cryptocurrencies -- which could have a profound impact on Bitcoin traders and those who buy other coins. And since much of Robinhood's business centers on crypto, the investment app could be affected as well.

Here's what you need to know.

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Gary Gensler, the chairman of the Securities and Exchange Commission (SEC), has taken several steps recently that make clear the agency is increasing its focus on regulating cryptocurrency transactions.

In August, Gensler sent a letter to Senator Elizabeth Warren expressing the SEC's position that more resources and more legislation are both necessary and should be utilized to regulate all aspects of crypto trading, including investors, products, individual transactions, and cryptocurrency trading platforms.

"I believe we need additional authorities to prevent transactions, products, and platforms

from falling between regulatory cracks. We also need more resources to protect investors in this

growing and volatile sector," Gensler wrote. He also told Warren "The SEC has taken and will continue to take our authorities as far as they go," when it comes to policing the crypto market.

In September, in an exercise of this authority, the SEC threatened to sue Coinbase, a popular cryptocurrency trading platform that was about to launch a crypto-lending feature called Coinbase Lend. Whether or not the SEC has a case remains to be seen. But Coinbase has pulled the plug on its plans in response to the SEC's claims that the platform would traffic in unregulated securities.

And in a congressional hearing on September 14, Gensler's prepared remarks to Congress also made clear that the SEC is collaborating with other government agencies to more carefully monitor trading and lending platforms, token sales, custody of crypto derivatives, and other cryptocurrency related issues.

"We're working with not only the CFTC, but also the Federal Reserve, Department of Treasury, Office of the Comptroller of the Currency, and other members of the President's Working Group on Financial Markets on these matters," Gensler said.

This push on the part of the SEC has prompted some Republicans to express concern that the SEC may go too far and exceed its authority over regulations.

In fact, Senator Pat Toomey commented in response to Gensler's Tuesday comments, "I'm concerned that the SEC has not provided sufficient definition for and explained how it would apply the Howey test, which I think is the court standard for determining when something is an investment contract." That test was devised by the Supreme Court to establish when an asset is a security subject to SEC regulation.

For the many Americans who trade Bitcoin and other coins, watching the SEC for future developments could be crucial to understanding their ongoing rights and obligations when investing in virtual currencies.

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New Rules Could Affect Robinhood and Bitcoin Traders. Here's What You Need to Know - The Motley Fool

Florian Grummes, managing director of financial consultancy firm Midas Touch Consulting, has revealed he is pretty sure the price of bitcoin is set to hit $100,000 in the near future while maintaining a price target he set in August.

During an interview with Kitco News, Grummes noted that its currently a challenge to make bitcoin price predictions, but maintained his $100,000 prediction made in August. At the time, Grummes warned the cryptocurrency would undergo a period that could see it drop to a $25,000 low before it recovered.

As Finbold reports, Grummes noted the market is currently in a state of panic that will see the price of bitcoin rise as soon as it is over. The market, he said, is in a state of panic because of Chinas recent all-out cryptocurrency crackdown that saw the Peoples Bank of China declare all cryptocurrency transactions illegal.

Grummes cited central back activity as one of the potential catalysts that will take BTC to six-figure territory, as he believes central bankers panicking will expand their balance sheets even more dramatically. He added:

I think for everybody inflation is unstoppable now and you have to run with everything you have into hard assets, and it just means precious metals. Once this correction is over in Bitcoin, Im pretty sure were going to see $100,000.

Per the director, once people notice central banks are becoming a financial risk, they may run to bitcoin, which could drive the cryptocurrencys price higher.

In August, Grummes added that if BTC managed to hit the $100,000 mark, he expected the cryptocurrency to enter a historical trend in which it may potentially surge even more as investors try to gain exposure to the cryptocurrency. It may, however, also experience sell-offs of up to 70%. By then, bitcoins volatility should be significantly smaller than what it is now, he suggested.

Addressing the potential motives behind Chinas ban, the director said he believes the Chinese government is cracking down on money flowing out of the country, noting the government is trying to fully control its financial sector.

As CryptoGlobe reported Bobby Lee, a cryptocurrency industry veteran who co-founded the BTCC exchange and is the brother of Litecoin creator Charlie Lee, has revealed during an interview he expects bitcoin to see a rally driven by fear of missing out (FOMO) by the end of the year that will take its price above the $100,000 mark.

Adam Back, the CEO of blockchain technology firm Blockstream and the third person to ever own bitcoin, has also suggested that BTC hitting $100,000 this year is quite possible, before saying that in the long run hitting the $500,000 mark is feasible.

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

IMAGE CREDIT

Featured image viaPixabay

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Midas Touch Director Pretty Sure Bitcoin Will Trade at $100,000 - CryptoGlobe

Since the inception of Bitcoin in 2009, cryptocurrencies have evolved into a universe of their own, with their own tokens, projects, platforms and communities. However, it all started with the idea of creating a digital currency that no financial institution could control.

Bitcoin is the most popular digital currency or cryptocurrency founded by someone named Satoshi Nakamoto in 2008. Nakamoto designed Bitcoin as a peer-to-peer electronic cash system in a decentralized environment. The potential of this system was only realized later when traditional banking systems became rigged to benefit the investors rather than the users.

Bitcoin is created through a process of Bitcoin mining which requires specialized mining hardware and software. Mining is a process of solving complex computations and registering transactions to create new blocks on the blockchain. Blockchain is a public digital ledger where every cryptocurrency transaction is recorded.

While the new era of digital currencies a decade ago was considered to be a futile investment, the risk-takers back then are rewarded today. Starting from the low price of a few cents, Bitcoin today is priced at $42.223 and reached the highest of around $70,000 earlier this year.

Bitcoin has become a name synonymous with cryptocurrencies and is used for various purposes all around the world. Moreover, in an exciting turn of events, El Salvador recently became the first country to accept Bitcoin as a legal tender. Bitcoin has integrated itself with the majority of industries all over the world.

Bitcoin is still the highest-priced and most popular cryptocurrency, but it is not the only one. Its nearest competitor is Ether, followed by thousands of cryptos.

Bitcoins Proof of Work consensus algorithm has become obsolete today, where a new, stronger, faster and safer competitor Proof of Stake protocol has emerged. To stay relevant, Bitcoin must adapt to the new standards set by cryptocurrencies such as Bitcoin Latinum.

Bitcoin Latinum is based on Bitcoins ecosystem and utilizes a unique version of the Proof of Stake consensus algorithm, making it faster, safer, cheaper and greener than Bitcoin. Bitcoins Proof of Work algorithm and mining process requires an extensive amount of energy which leaves behind a significant carbon footprint. Bitcoin Latinum has developed a green initiative to achieve a net-zero carbon footprint.

While Bitcoin is still at the top and will probably remain there for a long time, it has reached the end of the line in terms of development. Cryptocurrencies such as Bitcoin Latinum are what will guide the future of cryptocurrencies.

To learn more about Bitcoin Latinum, visit https://bitcoinlatinum.com/.

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Bitcoin - The Past, Present and Future - NewsBTC

Orlando Bravo, co-founder and managing partner of private equity firm Thoma Bravo, expressed his unwavering endorsement of the cryptocurrency market in an interview at CNBCs Delivering Alpha 2021 conference on Wednesday, revealing that he is very bullish on his personal investment in Bitcoin (BTC).

The billionaire businessman owns one of the worlds largest private equity firms, which boasts assets under management (AUM) of $83 billion as of June 30, 2021. Questioned on the potential of digital assets, Bravo spoke with delight on the emergence of the space:

Thoma Bravoparticipated in FTXs $900-million Series B funding round the largest in crypto exchange history alongside 60 venture capital and crypto firms, including Sequoia Capital, Coinbase Ventures, VanEck and the Paul Tudor Jones family. The funding resulted in FTXs value soaring to a colossal $18 billion, establishing the exchange as a decacorn.

In the interview, Bravo also spoke highly of blockchain, cryptos underlying technology, conveying his belief that it could improve the current system:

Subscribing to a similar sentiment is crypto maverick Elon Musk, whospoke to CNBC at Tuesdays Code Conference in California. Musk advocated for the adoption of cryptocurrencies but warned on government invention: It is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement.

When questioned on his instincts for regulating the ecosystem, Musk responded in a laissez-faire tone, claiming, I would say, Do nothing.

Related: Bears intend to pin Bitcoin price below $43K until Friday's $700M expiry passes

Data from Cointelegraph Markets Pro and TradingViewreveals that Bitcoinis experiencing a moment of low investor morale in the wake of Chinas 19th country-wide ban of the crypto assetin addition to sharp price corrections from the $53,000 level witnessed a few weeks ago.

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Billionaire investor bullish on Bitcoin: Crypto is here to stay - Cointelegraph

Bank of America has published its report Digital Assets Primer: Only the first inning, led by Alkesh Shah, head of Global Cryptocurrency and Digital Asset Strategy, providing an in-depth analysis of the current state of the blockchain industry from cryptocurrencies to DeFi and NFTs.

The report says that the industries of cryptocurrencies and decentralized finance services have grown to the point of being too large to ignore.

BofAs researchers note that nearly 221 million users have exchanged cryptocurrencies or used a DeFi service, with steady growth. Similarly, the increased participation of institutional investors is a clear indication that cryptocurrencies are much more than a passing phenomenon driven by retailers.

Bank of America highlights that during the first half of 2021, the DeFi ecosystem received close to $17 billion in funding from institutional investors; this contrasts with the $5.5 recorded during 2020. Similarly, mergers and acquisitions in the crypto space rose from $940 million in 2020 to $4.2 billion in 2021.

In an official PR, Alkesh Shah maintained an agnostic stance, asserting that there is more to cryptocurrencies than Bitcoin.

Bitcoin is important, but the digital asset ecosystem is so much more. Our research aims to explore the implications across industries including finance, technology, supply chains, social media and gaming.

The team also asserts that the way we interact with the world could change radically with the advent of blockchain technologies:

In the near future, you may use blockchain technology to unlock your phone; buy a stock, house or fraction of a Ferrari; receive a dividend; borrow, loan or save money; or even pay for gas or pizza,

Bank of America also highlighted that the growth of NFTs was a surprise for everyone. Researchers emphasized their fear that the large valuations of some NFT pieces, such as fractionalized artworks or the NFTs from the crypto game Loot, could be a bubble that affects many investors who do not know the risks they are exposed to.

This stance contrasts sharply with earlier reports in which Bank of America described bitcoin as volatile, impractical, and of little use as a store of value.

As recently as March 20201, Bank of America released a report assuring that bitcoins rise to $60,000 was essentially driven by speculation and not by the cryptocurrencys inherent advantages:

Broadly, we find that bitcoin has not been particularly compelling as an inflation hedge as commodities and even equities provide better correlation to inflation.

As such, we think the main portfolio argument for holding bitcoin is not diversification, declining volatility, or inflation protection, but rather sheer price appreciation, a factor that depends exclusively on bitcoin demand outpacing supply on a forward basis.

But after the surge, Bank of America followed in the footsteps of other banks and founded a research group dedicated exclusively to covering the area of cryptocurrencies and the blockchain industry, gradually beginning to change its treatment of these emerging businesses.

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Bank of America: Bitcoin is Important, The Crypto Industry is Too Large To Ignore - CryptoPotato

Billionaire investor and former Facebook executive Chamath Palihapitiya says that Bitcoin (BTC) has already effectively replaced gold as a store of value.

In a new CNBC interview, the founder and CEO of Social Capital shares why he believes the market share of the flagship cryptocurrency will continue to grow. He also predicts a swath of other crypto projects growing in prominence due to solid use cases.

Bitcoin, I think, has effectively replaced gold, and it will continue to do so and so that market cap is just going to grow.

Then for the first time, I think were seeing the initial versions of the solution that we thought Bitcoin was supposed to be: smart contracts, better savings accounts, better insurance, better credit scoring, and thats happening through this DeFi (decentralized finance) stuff thats being built on Ethereum and Solana.

The venture capitalist says hes wary of medium-term inflation and names Bitcoin and two other altcoins as part of an inflation-resistance investment portfolio.

Im very concerned about medium-term inflation and so in an inflationary environment, in my very simplistic view of the world, I want to own three things: hypergrowth [firms] because hypergrowth can always outrun inflation. Think of that as like companies that are growing 50 plus percent a year. Its incredible growth, right?

Then I want to own cash-generative assets, a great example is like a mining stock. I know that sounds crazy, but its pretty incredible. And then I want to own non-correlated assets: Bitcoin, Solana, DESO (Decentralized Social), a lot of the DeFi protocols because its a great counter-intuitive hedge against all of these stuff.

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Bitcoin Has Already Effectively Replaced Gold, According to Billionaire Investor Chamath Palihapitiya - The Daily Hodl