Genesis Trading CEO: Bears Are Running Out of Steam, Bitcoin at $10,000 is Likely

The usual suspects seem to be back at the Bitcoin game once again, with CNBC Fast Money hosting yet another guest to speculate on the future price action of the ever so volatile crypto market. “We Are More Likely To See 10k, Than 5k” On Wednesday, CNBC Fast Money, which covers the crypto industry on a near-daily basis, took on Michael Moro, CEO of Genesis Trading and Genesis Capital, as the guest industry insider. [email protected] of @GenesisTrading says #bitcoin $10k is coming soon. Here's why. pic.twitter.com/fdn79pwQ5K — CNBC's Fast Money (@CNBCFastMoney) August 29, 2018 Over the past few days, Bitcoin surpassed the $7,000 price level for the first time in three weeks, with no clear catalyst to the surprise of many. Leading some, including CNBC host Mellisa Lee, to ask why has the crypto market seen a recovery. Responding to the query, Moro first drew attention to the SEC’s most recent crypto-backed ETF decision and the correlated increase in open Bitcoin short positions prior to the verdict. He elaborated, explaining: “Once the news broke about the SEC rejection and the price actually held, we didn’t see the 5, 10, 15 percent sell-off that you’ve seen in previous (ETF) rejections and that the technicals right around the $5,800 to $5,900 level helped. So I think the bears have realized they’ve run out of steam.” The Genesis Capital CEO brings up an interesting point about how the market did not react as many expected, leading a multitude of short sellers to cover their positions as Bitcoin found strength instead of falling through $6,000 and below. And the fact that Bitcoin has not only held $6,000 but seen a substantial recovery since the SEC’s denial of the ETFs clearly indicates that the bears are running out of crypto to sell. Moro then went on to highlight his $10,000 prediction, doing his best to lay out his reasoning behind this bullish forecast, stating: “I think that the number one that is going to have to happen is slow and steady growth. And as Bob Pisani mentioned before, volume. What you need to see is the less violent moves of 5 percent up or 10 percent up, and a slow and steady growth across the exchanges. What I also think is important is that I believe that the market now understands that the SEC’s ETF approval isn’t going to happen anytime soon. The market’s sentiment regarding the approval process is far more muted, which I think is a healthier outlook over the next 12 months.” But it doesn’t seem to be all sunshine and rainbows, with Moro noting that the buy-side volume has not been seen as of yet, which indicates that bulls might not be ready to push this asset upwards. Nonetheless, Genesis Capital executive revealed that $7,000, or $7,150 to be exact, will be the price to watch over the next week, as if Bitcoin holds above this level, $10,000 could be this asset’s next stop on the gravy train upwards. If the price of BTC somehow manages to break under $7,000, however, he added that the aforementioned $5,800-$6,000 line of support will continue to be a level of interest. Featured Image from Shutterstock The post Genesis Trading CEO: Bears Are Running Out of Steam, Bitcoin at $10,000 is Likely appeared first on NewsBTC.

Bitcoin Price Falls Below $6,900, Traders See $6,500 as the Next Support

Some major cryptocurrencies and tokens have fallen by 5 to 15 percent in the past 24 hours as the Bitcoin price failed to remain above the $7,000 mark. Within 12 hours, the price of Bitcoin fell from $7,100 to $6,900, briefly falling below the $6,900 mark. While Bitcoin has stabilized in the low $6,900 region, The post Bitcoin Price Falls Below $6,900, Traders See $6,500 as the Next Support appeared first on CCN

Blockstream Executive: Diversification May Have “Thoroughly REKT” Your Crypto Portfolio

“Never keep your eggs in one basket” might be the statement you hear time and time again from capital market traders, analysts, and advisors alike. While this investment thesis may be applicable in traditional markets, some believe that this diversification tactic is not applicable to crypto markets. Don’t Put Your Crypto Eggs Into One Basket? As reported by NewsBTC, Roger Ver recently made an appearance on CNBC’s ‘Fast Money’ segment to discuss his outlook on this market. While much of his time on-air was filled with Bitcoin Cash-related discussion, CNBC viewers likely focused on this comment regarding diversification, which is as follows: “I hold more Bitcoin Cash then anything else, but I have some Ether, some ZCash, some ZCoin, Dash, Monero and I still hold BTC as well. So a little bit of everything is a good idea, including a bit of Ripple (XRP) and Stellar (XLM). Diversify, diversify, diversify is the name of the game.” Although “diversify, diversify, diversify” may sound like a no-brainer for any seasoned investor, Samson Mow, the Chief Strategy Officer at Blockstream, begs to differ. Mow, who is often critical of Ver’s beliefs and statements, brought up his talk he made at South Korea’s Blockfesta conference to rebut the Bitcoin Cash proponent’s sentiment on diversification. “Diversify, diversify, diversify?” That’s the worst advice possible because #cryptocurrencies are highly correlated. In my #Blockfesta talk I showed how diversified portfolios perform over a year. If you just bought $BTC you’d be up 54% but losses increase as you diversify. #HODL pic.twitter.com/Sl7atlMd0w — Samson Mow (@Excellion) August 28, 2018 The Blockstream executive first noted that “diversify, diversify, diversify” is the “worst advice possible,” noting that the price action of a majority of cryptocurrencies is “highly correlated.” While not explicitly stated, Mow is essentially alluding to the fact that Bitcoin, which has historically been at the forefront of crypto, should be the sole focus of any portfolio. Backing this claim, the Bitcoin (BTC) proponent pointed out that if you bought only BTC one year ago, you would be up 54%, but if you diversified into the top 16 crypto assets, you would be down by 21%. While his aforementioned criticism highlighted a short-term scenario (one year), he also added that a focus on Bitcoin may be beneficial in the long run as well. Mow noted that “if you bought anything other than BTC and LTC to hold back in 2013, you’d be thoroughly REKT.” A majority of 2013’s top 20 crypto assets have all but faded out of existence, with newer projects like Ethereum, Monero, and EOS ousting Namecoin, Peercoin, and Feathercoin, which all used to be the crème de la crop back in their hay day. Not only have these little-known projects faded from public memory, but some have totally abandoned, with their token values dropping off the face of the Earth. Mow seems to be convinced that this same occurrence will happen in today’s markets, speculating that a majority of altcoins are posed to see hefty losses over the long-term. However, some were not convinced by Mow’s arguments, with skeptics pointing out his allegiance to Bitcoin maximalist thought process, which would have evidently skewed his opinion on the long-term prospects of altcoins. Others noted that his investment method may work in a bear market, but in a bull market, diversification may actually be key. As the market ran in 2017, Bitcoin dominance fell below 80% for the first time ever, leading ‘altcoin maximalists’ to believe that Bitcoin’s time as a crypto monarch had fully elapsed. Regardless, there did seem to be a common thread of agreement between those on both sides, which was that taking CNBC Fast Money’s crypto advice to heart may be the “fastest way to lose money.” Featured Image from Shutterstock The post Blockstream Executive: Diversification May Have “Thoroughly REKT” Your Crypto Portfolio appeared first on NewsBTC.

Firms in Singapore and China to Benefit from Blockchain Innovation Fund

Chinese and Singaporean companies operating within the fields of ICT and media have received a boost with the launch of a new fund to support collaborations among them. The China-Singapore ICM Joint Innovation Development Fund covers technologies such as blockchain, Internet of Things (IoT), artificial intelligence, augmented reality and robotics. History of Collaboration A report The post Firms in Singapore and China to Benefit from Blockchain Innovation Fund appeared first on CCN

Defrauded Finn in Settlement Talks over $24 Million Thailand Bitcoin Scam

The Finnish businessman who lost 5,564 bitcoins, worth US$24 million at the time, in a fraudulent scheme in Thailand has begun talks with some of the key suspects. According to the Bangkok Post, Aarni Otavi Saarimaa is negotiating a settlement deal with Prasit Srisuwan, a high-profile stocks trader and Chakris Ahmad, a tech investor. The The post Defrauded Finn in Settlement Talks over $24 Million Thailand Bitcoin Scam appeared first on CCN

Is Another Crypto Market Correction The Sign Of More Declines?

FOMO Moments Markets are correcting; Iota, Tron, Dash and Nano dropping fast, Dogecoin bouncing back. Following three days of upwards momentum a slight crypto market pullback has predictably occurred. Total market capitalization has dropped back below $230 billion as altcoins fail to hold their recent gains. Bitcoin has just dipped back below $7k which could be an ominous sign. Falling just 1.3% on the day BTC is currently trading at $6,985, it dumped almost $150 in just a couple of hours yesterday and has failed to really recover from that. Likewise with Ethereum which is down again, 3.8% at the moment, back to $280. The altcoins are pretty much all in the red as markets correct after recent gains. In the top ten Iota, which has performed well in previous days, is dumping hard with an 13% dip today back to $0.677. The rest have fallen between 3-4 percent on the day. Larger losses can be seen in the top twenty with Tron and Dash dropping over 8% in 24 hours to $0.024 and $182 respectively. Neo, Nem and VeChain are also falling back by 5-6 percent wiping out previous gains and the rest are losing 2-4 percent. Dogecoin is the only altcoin in the top forty showing a gain, it has pumped 23% on the day to trade at $0.0031 or 44 satoshis. The Reddit chatter is just populated by doggie pictures and moon cartoons however developers are working a smart contract ‘bridge’ that will facilitate the transfer of Dogecoin to and from the Ethereum blockchain and have imaginatively called ‘Dogethereum’. Yesterday’s pumped Noah Coin has made another 38% on the day and Decentraland is also defying the drop with a 9% gain. Nano is taking the biggest hit at the moment with a 15% dump to $2.61. Ontology and Chainlink are both dropping over 9% on the day has the downslide accelerates. Total crypto market capitalization has dumped almost $6 billion and is down 2.5% to $225 billion once again. Trade volume has remained stable at $13 billion and Bitcoin’s dominance is at 53.4%. Over the week markets have made 8% as they were below $210 billion this time last Thursday. The monthly view however is still grim with a 24% decline keeping the down trend intact. If Bitcoin cannot hold support further losses across the board look very likely but technical indicators are still showing it as bullish. FOMO Moments is a section that takes a daily look at the top 30 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals. The post Is Another Crypto Market Correction The Sign Of More Declines? appeared first on NewsBTC.

Crypto-Friendly Yahoo Finance Launches BTC, ETH, LTC and BCH Trading Feature

Although current crypto prices are a far cry from last year’s all-time highs, the adoption of blockchain-backed assets remains a hot topic in this industry, with Yahoo Finance revealing a crypto-friendly feature. “The Virus Is Spreading” In an unexpected move, Yahoo Finance, a well-established business news site, has introduced Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) trading support right on its webpage. Now, users will be able to buy and sell these four cryptos without ever having to click off Yahoo Finance, a welcome addition for less technologically-adept users of the California-based platform. Although the site also supports price tracking for a variety of well-known cryptocurrencies, options to purchase or sell any assets other than the four aforementioned are unavailable. For those looking to take advantage of this newly-introduced feature, it is as simple as searching up the ticker symbol of the aforementioned cryptos and clicking the “buy” or “sell” button. Upon clicking the button, which is colored in a bright sky blue, users will be prompted to select “a broker,” with the site currently supporting the crypto trading APIs from Coinbase and Robinhood. Following an automated brokerage connection process, buying and selling crypto should be a cake walk. Oddly enough, Yahoo Finance has yet to release a statement on the subject, but it is more than likely that this is a bona fide move backed by the technology giant. While this news was quickly cast aside by some, optimists see this new medium of crypto trading as a gateway to widespread adoption. Soon enough, everybody and their dog had something to say about this new feature. The first notable mention of Yahoo Finance’s move came from Anthony Pompliano, the founder of Morgan Creek Digital Assets, jokingly noting that “the virus is spreading.” The mention of a crypto “virus” or “bug” has long been a colloquial term for adoption in the crypto industry, with Pomp’s statement essentially pointing out that Yahoo’s move will only help to bolster the acceptance of cryptocurrencies. You can now buy/sell LTC on @YahooFinance. Mass adoption is achieved one step at a time. pic.twitter.com/RuF7XR4zTX — Charlie Lee [LTC] (@SatoshiLite) August 29, 2018 This sentiment regarding adoption was soon echoed by Litecoin founder Charlie Lee, who recently stated that this is an optimal time to focus on the development of this industry, rather than short-term price action. Lee lauded Yahoo’s move as one step towards mass adoption, which the Litecoin founder sees as a long-term catalyst for the success and price of crypto assets. It is apparent that this is one of Yahoo’s moves to further position itself as a crypto-friendly site, as the previously legacy market-centric source recently opened its doors to offer blockchain and cryptocurrency related content to its vast audience. Featured Image from Shutterstock The post Crypto-Friendly Yahoo Finance Launches BTC, ETH, LTC and BCH Trading Feature appeared first on NewsBTC.

IOTA Price: Steep Declines Push Value Below $0.7 Again

As was to be expected after a few days of positive price momentum, the cryptocurrencies are in a battle for survival once again. Despite Bitcoin holding its own relatively well, the IOTA price is going off the deep end at an alarming pace. It is the only currency in the entire top 15 to note double-digit percentile losses at this time. IOTA Price Feels the Pressure Every time the Bitcoin price takes a small stumble, the altcoins will respond in a rather volatile manner. So far, most of the top altcoins have succeeded in keeping the losses to a minimum, but there will always be some exceptions to take into account. In the case of the IOTA price, the going is getting very tough in very quick succession, which does not bode well for speculators in search of quick profits. Over the past 24 hours, the IOTA price has lost a surprising amount of value. A 10.67% setback in USD value is not what most people expected, even though it doesn’t exactly come as a total surprise either. Because of this USD value decline, the IOTA price is dipping below $0.7 again, an event that was bound to happen sooner or later after some solid gains earlier in the week. Unfortunately for IOTA price watchers, things are not looking any better in the MIOTA/BC ratio. A steep decline of 9.51% has been noted in this regard, and it may not necessarily be the lowest point either. Because of this decline against Bitcoin, one MIOTA is worth less than 10,000 Satoshi once again. Retaking this hurdle will take some time, although it primarily hinges on how the Bitcoin price evolves in the coming days and weeks. The overall cryptocurrency trading volume is not looking too impressive right now. After a few days of gradual increases, it appears things have come to a status quo, for the time being. IOTA is not affecting the overall volume in a positive or negative manner, as its $84.92m in trades is on par with the volume one would expect for this particular altcoin in this day and age. The majority of this trading volume still originates from Binance, even though Bitfinex’s USD pair is still at the top in terms of individual volume. Binance takes second and third place with its USDT and BTC pairs, followed by OKEx’s USDT pair. A new entrant made it in the top five, as CoinOne’s KRW pair successfully fends off the competition. Despite two fiat currency pair sin the five, it seems unlikely the IOTA price will recover anytime soon. As is always the case in the world of cryptocurrencies, anything can happen prior to and during the weekend. For ITOA price watchers, this may very well be a brief dip when looking back on the situation next week. At the same time, it may also be a sign of things to come for the crypto industry, which would be rather troublesome. An interesting few days lie ahead, that much is almost guaranteed.

Bitcoin Price Watch: Here is Why BTC/USD Remains in Uptrend

Key Points Bitcoin price corrected lower after setting a new weekly high around $7,130 against the US Dollar. Yesterday’s discussed significant bullish trend line is intact with support at $6,920 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair remains well supported near the $6,920 and $6,850 levels in the near term. Bitcoin price dipped a few points to test the $6,920 support against the US Dollar. BTC/USD remains in uptrend as long as it is above $6,775. Bitcoin Price Analysis Yesterday, we saw a sharp bullish wave above the $7,000 resistance in bitcoin price against the US Dollar. The BTC/USD pair traded as high as $7,131 and later started a downside correction. It declined below the $7,025 support and started trading in a range. There was a break below the 23.6% Fib retracement level of the last rise from the $6,709 low to $7,131 high. There was even a spike below the $7,000 and $6,950 levels. However, the 50% Fib retracement level of the last rise from the $6,709 low to $7,131 high acted as a strong support. There was no close below the $6,920 support and the 50% Fib level. More importantly, yesterday’s discussed significant bullish trend line is intact with support at $6,920 on the hourly chart of the BTC/USD pair. Below the trend line, the 100 hourly simple moving average is positioned near the $6,870 level. However, the main support for the current trend is $6,775, which was a resistance earlier. Looking at the chart, bitcoin seems to be very well supported near the $6,950, $6,870 and $6,775 levels. On the upside, the price has to clear the $7,025 and $7,080 resistance to challenge the $7,131 high. Finally, a break above $7,130-50 could set the pace for a test of $7,250. Looking at the technical indicators: Hourly MACD – The MACD for BTC/USD is currently moving in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI is bouncing back from the 40 level. Major Support Level – $6,920 Major Resistance Level – $7,080 The post Bitcoin Price Watch: Here is Why BTC/USD Remains in Uptrend appeared first on NewsBTC.

India is Exploring a Central Bank Digital Currency for Payments

The Reserve Bank of India (RBI) joins a growing list of global counterparts in exploring a central bank digital currency (CBDC) that would constitute the digital equivalent of the Indian rupee. The RBI has established an inter-departmental group to explore the demand and plausibility of a blockchain-based digital currency to be used in domestic payments, The post India is Exploring a Central Bank Digital Currency for Payments appeared first on CCN

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