Day: December 23, 2019

Bitcoin Just Spiked to $7,600 and It’s Showing 2 Big Signs of a Real Recovery

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Overnight, the bitcoin price rose to as high as $7,642 and is up by more than $1,200 within five days. With the reversal, the dominant cryptocurrency crucially avoided miner capitulation and retest of an ascending channel dating back to 2015. #1: No bitcoin miner capitulation, at least for now As reported by NewsBTC, the capitulation of small bitcoin miners or “miner capitulation” is no longer ongoing. The Bitcoin network achieved a new record high hashrate this week, squashing speculation of miners selling off equipment and their holdings of BTC amidst…

‘Incredible’ Bitcoin Hash Rate Boom Will Destroy Altcoins: Tone Vays

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Bitcoin (BTC) will cement its dominance over the cryptocurrency market next year in a fresh blow to altcoins, a veteran trader has said. In the latest episode of his Trading Bitcoin YouTube series on Dec. 22, Tone Vays warned that altcoin traders faced even worse conditions as 2020 begins. Dominance on way to 98% “One of my predictions for 2020 is going to be Bitcoin dominance in 2020 reaching 85%,” he stated.  Continuing, Vays explained that Bitcoin further strengthening its market position would echo gains it already secured this year…

Will Ethereum Rebound in 2020?

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Ethereum price drops to $141 as the cryptocurrency enters a new period of volatility. The technical indicators show that ETHUSD could rebound in 2020. At the moment Ethereum hit local low at below $141 as you can see on the PrimeBit 1-day chart below. The first two days of December have been disappointing for cryptocurrency bulls so far. Traders with long positions were counting on Ethereum bouncing back and going at least back to the $200 or even $300 level. So far, $300 seems to be too optimistic, although these…

Lawsuit Shows How a Public Firm’s $80M Bet on Bitcoin Miners Went Terribly Wrong

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In March 2018, shortly after bitcoin’s bull run to $20,000, a publicly-traded Chinese company invested 500 million yuan, worth $80 million at the time, to buy 100,000 bitcoin mining units.  As the bear market kicked in during the months that followed, so, too, did a contract dispute, offering a rare window into Chinese public firms tapping into bitcoin mining as a new business stream and reflecting the prolonged magnitude of last year’s market sell-off. The $80 million mining investment made by Beijing Cailiang, an app developer fully-owned by Shenzhen-listed Wholeasy,…

Lawsuit Shows How a Public Firm’s $80M Bet on Bitcoin Miners Went Terribly Wrong

boss

In March 2018, shortly after bitcoin’s bull run to $20,000, a publicly-traded Chinese company invested 500 million yuan, worth $80 million at the time, to buy 100,000 bitcoin mining units.  As the bear market kicked in during the months that followed, so, too, did a contract dispute, offering a rare window into Chinese public firms tapping into bitcoin mining as a new business stream and reflecting the prolonged magnitude of last year’s market sell-off. The $80 million mining investment made by Beijing Cailiang, an app developer fully-owned by Shenzhen-listed Wholeasy,…

PBOC Official: China’s Digital Yuan Won’t Be a Speculative Currency Like Bitcoin

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According to recent statements by People’s Bank of China (PBOC) official Mu Changchun, the country’s digital yuan is ready for trials. The central bank digital currency (CBDC) will decidedly not be a speculative asset like bitcoin or stablecoins, and will not need a currency basket for backing, Changchun affirmed. Reactions to the announcement are varied, with some Chinese traders disappointed, reportedly saying they will find other means to speculate. Also Read: China’s Inflation Hits a Record 4.5% as Beijing Prepares to Test Digital Yuan Not Bitcoin, Not Speculative Head of…

Bitcoin Price Trend Reversal in Progress? Key $7.6K Level Unlocked

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On Sunday Bitcoin (BTC) price revved up to rally from $7,115 to $7,642, providing a 7% gain and an unexpectedly strong weekly close, which now has some analysts suggesting that a trend reversal is in the making.  Cryptocurrency market daily overview. Source: Coin360 The strong upside move brought the price above the $7,400 and $7,600 resistance, meaning traders will now look for the price to close above $7,600 and then have a go at the $7,800 resistance.  Bitcoin CME Futures chart. Source: Tradingview Given that the move took place on…

Bitcoin Rallies 5% To Clear Hurdles, Bulls Aiming $8K

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Bitcoin price rallied more than 5% to clear the $7,500 resistance against the US Dollar. The price is now trading in a positive zone and it could rise further above $7,700. There is a short term breakout pattern forming with resistance near $7,590 on the hourly chart of the BTC/USD pair (data feed from Kraken). There could be a short term correction, but the price remains well bid above $7,500 and $7,460. Bitcoin price is showing signs of a bullish continuation above $7,500 against the US Dollar. BTC is likely…

Bitcoin And Crypto Market Smash Resistance: BCH, BNB, EOS, TRX Analysis

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The total crypto market cap is gaining momentum above the key $192.0B resistance. Bitcoin price is up more than 5% and it broke the $7,500 resistance area. EOS price is slowly rising towards the $2.600 and $2.700 resistance levels. Binance Coin (BNB) is still well below the main $14.00 and $14.20 resistance levels. BCH price is trading above $195 and it might attempt to climb above $200. Tron (TRX) price is up more than 8% and it is trading near the $0.0150 resistance. The crypto market cap and bitcoin (BTC)…

Ripple (XRP) Lacks Momentum Despite BTC & ETH Rally, Can Bulls Make It?

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Ripple price is slowly rising and it is now trading above $0.1950 against the US dollar. The price seems to be lacking bullish momentum above the $0.1980 and $0.2000. There is a key bullish trend line forming with support near $0.1950 on the hourly chart of the XRP/USD pair (data source from Kraken). Ethereum is showing positive signs and it is likely to continue higher above the $135 resistance. Ripple price is struggling to clear a few key hurdles against the US Dollar, while bitcoin is rallying. XRP price could…