Month: June 2018

Reasons Why Bitcoin is Still Not Dead at $6,000 and Market is Optimistic

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On June 23, CNBC Fast Trader hosted a show dedicated to presenting the “Bitcoin Funeral,” a witty introduction to BKCM founder and cryptocurrency investor Brian Kelly’s discussion on the recent bitcoin correction and its future price trend. Three Reasons why Bitcoin Isn’t Dead On CNBC Fast Trader, Kelly outlined three major reasons bitcoin will recover in the mid-term back to its previous support levels at over $10,000: Negative sentiment from investors signalling imminence of a bottomPositive development within the Japanese cryptocurrency exchange marketMt. Gox liquidation of bitcoin postponed to 2019…

Crypto Non-Profits Are Flawed – Zcash Thinks It Can Change That

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On the eve of the Zcash Foundation’s first major gathering, cryptocurrency aficionados worldwide are watching to see if the year-old non-profit can rehabilitate a long-maligned model of governance. Earlier this month, dozens of privacy tech fans from across the ecosystem, from lawyers to monero community veteran Justin Ehrenhofer, joined the foundation’s online forum to vote for two new additions to the board of directors by the Monday deadline. The election will bring the total number of board members up to five, in addition to one elected runner-up in case any member…

Crypto Trading 101: A Beginner’s Guide to Candlesticks

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That kid you know who’s now driving a Lambo because he traded something called dogecoin? He has more in common with Japanese rice traders from the 1700s than you might think. Besides the ability to brag about their newfound riches, both traders likely analyzed price action and investor emotions by using the candlestick charting style. Although modernized in the late 1800s by journalist Charles Dow, the core principles of candlestick charting remain intact today. Both the modern and historical technical analysts who swear by the style regard price action as…

$13 Billion Wiped Out as Cryptocurrency Market Takes Another Beating

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On June 23, the cryptocurrency market demonstrated another minor short-term correction, as $13 billion were wiped out of major digital assets such as Bitcoin, Ethereum, Ripple, Bitcoin Cash, and EOS. EOS recorded the largest loss against the US dollar amongst major cryptocurrencies, dropping by more than 11 percent overnight. Bitcoin, Ethereum, and Ripple recorded a five percent loss but have recovered slightly since. Stable Period Needed For Bitcoin to Recover Over the past two months, Bitcoin had certain periods of strong momentum on the upside, supported by optimism from the…

Bitcoin Price Drops to Within $100 of 2018 Low

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The price of bitcoin fell to its lowest point since February today. As of press time, the leading cryptocurrency’s price went as low as $6,063, according to CoinDesk’s Bitcoin Price Index (BPI), a significant drop considering the day’s opening price of $6,717.20. The near-$700 decline (which saw prices decline roughly 10 percent) effectively brought bitcoin to within $100 of its 2018 low of $5,947, reached February 6. At the time, bitcoin was in free-fall amid regulatory uncertainty, with the decline occurring during the week in which the heads of major U.S.…

Bitfinex’s Chief Strategy Officer Leaves Crypto Exchange

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Phil Potter, chief strategy officer for cryptocurrency exchange Bitfinex, has reportedly left the company. Reuters reported Friday that Potter, who is also a director of the ‘stablecoin’ issuing company Tether, will be temporarily replaced by Jan Ludovicus van der Velde, Bitfinex’s CEO. Following the publication of this article, a representative for Bitfinex provided CoinDesk with a statement from Potter. He said: “As Bitfinex pivots away from the U.S., I felt that, as a U.S. person, it was time for me to rethink my position as a member of the executive…

Litecoin Sinks to Lowest Price in 7 Months

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Litecoin’s (LTC) price hit a seven-month low on Friday as the cryptocurrency markets turned risk-averse. The world’s sixth largest cryptocurrency by market capitalization fell to $84.39 at 14:00 UTC – its lowest level since November 29, according to CoinDesk’s Litecoin Price Index – and was last seen at $84.99, down more than 12 percent on the day. Litecoin Price Index At press time, LTC is the third-biggest loser among top 10 cryptocurrencies by market capitalization and is reporting a 13.26 percent week-on-week drop, according to CoinMarketCap. Further, its market capitalization stands at…

Mt Gox to Enter Civil Rehabilitation in Major Win for Creditors

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Creditors of the defunct bitcoin exchange Mt. Gox just won a big victory. According to a Friday release from Mt. Gox trustee Nobuaki Kobayashi, the exchange’s ongoing bankruptcy proceedings have been paused and a civil rehabilitation process will commence. The Tokyo District Court issued an order on June 22 approving a petition to begin civil rehabilitation, which was initially submitted in November of last year. Those seeking to recoup funds from the exchange – once the world’s largest by trade volume before it dramatically collapsed in 2014, resulting in hundreds of millions…

Bitcoin Eyes Bear Revival After Key Support Breached

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Bitcoin’s (BTC) bears may be building for a strong comeback, having pushed prices to a eight-day low below $6,300 earlier on Friday. The price fell to $6,286 on Bitfinex at 09:50 UTC, the lowest level since June 14, and, at press time, was changing hands at $6,326, down around 6 percent over 24 hours. As discussed yesterday, the cryptocurrency’s persistent failure to scale the $6,800 mark in a convincing manner had raised the prospects of another leg down in bitcoin prices. It seems that process is now underway. Bitcoin breached the key…

Japan’s Financial Watchdog Orders AML Shake-Up at 6 Crypto Exchanges

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Japan’s financial watchdog has issued business improvement orders to six licensed cryptocurrency exchanges following on-site inspections conducted over recent months. According to an announcement made by the Financial Services Agency (FSA) on Friday, the regulator is ordering bitFlyer, QUOINE, BTC Box, Bit Bank, Tech Bureau and Bit Point to enhance their internal-auditing and user-protection systems. As a result, bitFlyer has announced that it has temporarily stopped accepting new customers in order to reexamine the IDs of “certain customers.” The firm told CoinDesk that “bitFlyer (Japan) is working closely with the FSA and…