Month: November 2019

The Mechanics of Market Manipulation

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The action began at 3am UTC, with a sell order roughly 6 percent below the market price and hundreds of times larger than the norm on the exchange at that time. As that order fulfilled available bids, the ask price moved lower, dragging the market price down until it reached $6,276, at which point the selling stopped. A chronological calculation shows the sellers sold about 2,905.7 units of bitcoin, in aggregate at about $2.5 million below what they would have realized at a bitcoin market price of $7,700. At the…

Bitcoin Futures Settlement Date Suggests 4% Gains Likely

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Bitcoin (BTC) is statistically likely to gain in the coming week as a new futures expiration event comes and goes, according to new data.  Compiled by trader an analyst Luke Martin on Nov. 25, figures charting Bitcoin price performance before and after each expiration show that overall, higher levels appear afterward. Data: BTC stands to gain next week Martin used CME Group’s monthly futures as a basis. Among the first futures to hit the market in December 2017, their settlement dates — of which Friday was one — have already…

3 Key Things the Mainstream Financial Media Is Missing About Bitcoin

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Mainstream media is out spreading fear, uncertainty, and doubt (FUD) about bitcoin triggered by the recent selloff. News outlets miss the fact that bitcoin is an uncorrelated asset. The same media companies also ignore bitcoin’s growing use case. The mainstream financial media is once again feasting on bitcoin’s recent tumble. The number one cryptocurrency dropped to as low as $6,515 on Monday for a 23% dump in one week. The sudden selloff is giving mainstream news outlets ammunition to blast the top cryptocurrency to smithereens. For instance, Forbes was quick…

Bitcoin Price Set to Reclaim $8K But a Rising Wedge Is Worrying Bulls

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Bitcoin price (BTC) is taking a bit of a breather after breaking flipping the $7,600 resistance to support during the morning trading hours of Nov 29.  While the current technical setup is exciting, bulls will need to supply significant enough volume for the price to break to the upside of the rising channel, above the $7,800 resistance and the 61.8% Fibonacci retracement level.  Crypto market daily performance. Source: Coin360 Buyers stepped in on Friday morning, pushing Bitcoin price from $7,430 to $7,880 before pulling back to $7,750. Currently, Bitcoin trades…

American Citizen Arrested For Educating North Korea On Blockchain And Crypto

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Today United States prosecutors announced the arrest of Virgil Griffith, who allegedly traveled to the Democratic People’s Republic of Korea (DPRK) to deliver a presentation on how to use cryptocurrencies and blockchain technology to circumvent sanctions. According to the November 29 announcement, the 36-year-old Griffith was arrested at the Los Angeles International Airport, and will be charged with conspiring to violate the International Emergency Economic Powers Act (IEEPA). The charges carry a maximum term of 20 years in prison. U.S. Attorney Geoffrey S. Berman stated: “As alleged, Virgil Griffith provided…

If Bitcoin Price Drops — an Opportunity for Crypto Tax Planning

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After many countries around the world such as the United States, the United Kingdom, France, and Portugal published their own cryptocurrency tax guidelines this year, it is only reasonable they will expect to see an increase in crypto tax filing. They may even follow suit with the U.S. Internal Revenue Service and begin their own crypto tax compliance campaign. As the price of Bitcoin (BTC) jumped this year, so too did the tax liability for every profitable sale, trade or exchange for Bitcoin traders. The recent drop in Bitcoin price…

Blockchain Can Reduce Food Fraud By $31 Billion Within 5 Years

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The food industry could save up to $31 billion in global fraud savings by tracking food on its way from farms to consumers via the blockchain. A Nov. 25 study by Juniper Research reveals that blockchain technology, in combination with Internet of Things (IoT) sensors and trackers, will greatly reduce retailers’ costs by streamlining supply chains, while simplifying regulatory compliance, offering more efficient food recalls, and tackling fraud. The study points out that the increased adoption of blockchain and IoT in the supply chain industry will add significant value to…

Canada: Digital Asset Firm Files Prospectus for Bitcoin (BTC) Fund IPO

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In a press release issued on November 28, 2019, Canadian fund management firm 3iQ announced that it had filed and been receipted on its preliminary prospectus for The Bitcoin Fund. Bitcoin Fund IPO on the Cusp The governmental and regulatory acceptance of digital currencies seems to be witnessing a steady surge as 3iQ Corp. – a Canada-based fund management company founded in 2012 with a focus on digital assets, disruptive technologies, and blockchain space – recently announced that it had filed for The Bitcoin Fund. According to the official press…