Day: January 22, 2019

$3.2 Trillion in Bitcoin Payments Processed in 2018, Better Version of Gold?

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Image: Shutterstock By CCN.com: Throughout 2018, more than $3.2 trillion worth of Bitcoin payments were processed on the public blockchain network. The high on-chain transaction volume of the dominant cryptocurrency has demonstrated the efficiency of the asset as a cross-border payment method and as an alternative to existing settlement systems for international payments. Is Bitcoin a More Efficient Version of Gold? Often, Bitcoin is compared to gold as a store of value and a medium of exchange. Both assets are unaffected by the performance of the broader financial market and…

Bitcoin Price Watch: BTC At Continued Risk of Weakness

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Bitcoin price remained in a bearish zone below the $3,580 and $3,600 resistance levels against the US Dollar. There is a major bearish trend line in place with resistance near $3,600 on the hourly chart of the BTC/USD pair (data feed from Kraken). The price is currently trading inside an expanding triangle with resistance near the $3,580 level. Bitcoin price started consolidating losses above the $3,480 support against the US Dollar. BTC is likely to face a strong selling interest near the $3,580 and $3,600 levels. Bitcoin Price Analysis Yesterday,…

Bitcoin Pioneer: 2019 Will See Crypto Phoenixes Rising From The Ashes

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It isn’t a secret that 2018 was a dismal year for the cryptocurrency market. Entire projects centered around Bitcoin (BTC) collapsed, while a handful of altcoins tumbled off proverbial cliffs. Yet, one of the crypto space’s earliest pioneers and zealous believers claims that 2019 may be a turnaround year for this sector. Crypto Heavyweight Charlie Shrem On 2019’s Prospects Save for the Winklevoss Twins, it has been argued that Charlie Shrem, an American citizen that became the second high-profile Bitcoin enthusiast to get arrested (after Ross Ulbricht), is one of the…

Ripple Price Analysis: XRP’s Recovery Could Face Major Hurdles

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Ripple price traded towards the $0.3100 level recently and later started a correction against the US dollar. There was a break above a connecting bearish trend line with resistance at $0.3180 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair is currently following an ascending channel with support at $0.3160 on the same chart. Ripple price is slowly recovering against the US Dollar and Bitcoin. However, XRP/USD is likely to face a lot of hurdles on the upside near the $0.3220 and $0.3250 levels. Ripple…

Bitcoin’s Price Counters the VIX, Confirming It’s Still a Risk Asset

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Evidence is emerging that bitcoin has yet to truly earn its reputation as an “uncorreleated asset.” Case and point, bitcoin’s latest sell-off from $6,000 to nearly $3,000 was accompanied by a surge in the CBOE Volatility Index (VIX). The VIX measures the 30-day forward-looking volatility of the S&P 500 to gauge the market’s fear and risk tolerance, which is why it is commonly referred to as the “fear gauge” for the broader U.S. stock market.  In theory, the VIX should be low when the S&P 500 is in a steady uptrend and…

Bitcoin’s Price Counters the VIX, Confirming It’s Still a Risk Asset

boss

Evidence is emerging that bitcoin has yet to truly earn its reputation as an “uncorreleated asset.” Case and point, bitcoin’s latest sell-off from $6,000 to nearly $3,000 was accompanied by a surge in the CBOE Volatility Index (VIX). The VIX measures the 30-day forward-looking volatility of the S&P 500 to gauge the market’s fear and risk tolerance, which is why it is commonly referred to as the “fear gauge” for the broader U.S. stock market.  In theory, the VIX should be low when the S&P 500 is in a steady uptrend and…

Ethereum Price Analysis: ETH Consolidating Below Crucial Barriers

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ETH price declined recently below $120 and tested the key $112 support area against the US Dollar. Yesterday’s highlighted important bearish trend line is intact with resistance at $118 on the hourly chart of ETH/USD (data feed via Kraken). The pair is currently consolidating below the $118 and $120 resistance, with a few positive moves. Ethereum price is placed in a bearish zone against the US Dollar and bitcoin. ETH/USD must break the $118 and $120 resistances to start a short term upside correction. Ethereum Price Analysis Yesterday, we saw…

The end of Anonymous Bitcoin Trading in the Netherlands Has Finally Arrived

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Authorities in the Netherlands want to force cryptocurrency exchanges and crypto service providers to obtain licenses that would ban anonymous cryptocurrency trading, local news outlet Nederlandse Omroep Stichting (NOS) reported on January 18, 2019. Licensing for Crypto Businesses Introduced in Holland Anonymous trading of crypto assets has long been a thorn in the eye for the authorities in the European country, where regulators are continuously working to introduce more regulation to the industry. While heavily frowned upon, crypto trading in the Netherlands has managed to continue more or less uninterrupted.…

BIS: Proof Of Work Bitcoin (BTC) Won’t Replace Wall Street

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Proof of Work-Enabled Bitcoin Unlikely To Succeed  On Monday, the Basel, Switzerland-based Bank of International Settlements (BIS) — the so-called central bank of central banks — released a paper titled “Beyond the doomsday economics of “proof-of-work” in cryptocurrencies.” In the research publication, authored by BIS’ principal economist Raphael Auer, it was explained that the antiquated Proof of Work (PoW) block processing mechanism is likely to fail Bitcoin (BTC) over time. Auer centered his argument around Bitcoin’s issuance schedule, noting that the decline in block rewards will eventually kill the efficient, low-cost…

BIS: Proof Of Work Bitcoin (BTC) Won’t Replace Wall Street

boss

Proof of Work-Enabled Bitcoin Unlikely To Succeed  On Monday, the Basel, Switzerland-based Bank of International Settlements (BIS) — the so-called central bank of central banks — released a paper titled “Beyond the doomsday economics of “proof-of-work” in cryptocurrencies.” In the research publication, authored by BIS’ principal economist Raphael Auer, it was explained that the antiquated Proof of Work (PoW) block processing mechanism is likely to fail Bitcoin (BTC) over time. Auer centered his argument around Bitcoin’s issuance schedule, noting that the decline in block rewards will eventually kill the efficient, low-cost…