(+) How Low Can Bitcoin Go?

The post (+) How Low Can Bitcoin Go? appeared first on CCN The post (+) How Low Can Bitcoin Go? appeared first on CCN

Bitcoin’s Average Transaction fee Surpasses $50 as Network Issues Remain

Without sounding like a broken record, the Bitcoin network fees are getting more ridiculous. Although this issue has been present for some time now, things are not improving. In fact, the average transaction fee is now well over $50. This is the highest it has been for quite some time. When and if this solution will be resolved, remains to be determined. Right now, it seems unlikely anything will change soon. Using Bitcoin is expensive beyond belief. It is not what Satoshi Nakamoto envisioned originally, that much is rather evident. In fact, the goal was to make Bitcoin scale and accommodate more transactions over time. So far, that hasn’t happened. This is mainly due to companies struggling to integrate Segregated witness support. In some cases, they are purposely delaying this development as well. Something will have to give before the average transaction fee surpasses $100. Average Transaction fee Keeps Rising Although most people stopped caring about these high fees, it’s still an important issue. After all, if the average transaction fee keeps rising, things will get out of hand very quickly. Right now, it’s far too expensive to use Bitcoin as a payment method. Nor is it a suitable way to combat high remittance fees. Bitcoin has become too expensive for its own good and people grow tired of it. Unfortunately, paying this average transaction fee is the only solution right now. Surprisingly, none of this is affecting the number of transactions. With nearly 350,000 processed in the past 24 hours, things are still looking good. Moreover, nearly 11% of the total market cap was transacted in the past day. Those numbers are still positive despite the glaring issues Bitcoin brings to the table. It also seems the average transaction value is on the rise. This may be due to the average transaction fee mounting. Otherwise, it would make little sense for users to even spend BTC. How all of this will pan out, is a big question. After all, it is evident this average transaction fee has to come down. Enforcing such a change will not be easy whatsoever. In fact, it may require some drastic changes no one is willing to pursue. All of this also makes Bitcoin Cash look far more superior. The next few days and weeks may very well be critical to Bitcoin’s survival in terms of being a “useful currency”. For now, things can easily go either way. It’s still a good store of value if you can stomach 30% dips overnight. The post Bitcoin’s Average Transaction fee Surpasses $50 as Network Issues Remain appeared first on NEWSBTC.

LedgerX: Mystery Investor Has High Hopes for Bitcoin

According to digital assets platform LedgerX, an anonymous investor or group of investors has bought substantial options contracts from the company. The Wall Street Journal report that the “calls” give the buyer the right to purchase Bitcoin next December for $50,000. The contracts were purchased for an impressive $1 million. This trade represents the first call of its kind on LedgerX. It was placed over a 24 hour period which culminated at 9pm GMT on December 20. LedgerX cannot be sure exactly who the buyer or potential buyers are from their records, and also are unsure whether it was placed as a single trade, or in multiple transactions. For those who’re unfamiliar with options trading, we’ll simplify things. The upshot of the trade is that if Bitcoin is below $50,000 this time next year, the options expire. This will mean the trader or traders loses their $1 million stake. However, if the price is anything above this, they’ll make a varying degree of profit on arbitraging the cryptocurrency. This is because the contract gives them the right to buy 275 BTC for $50,000 each. This would cost them $13.8 million, and the digital coins can then be sold at whatever the market rate is at the time. Despite the plunge in price this week, the outcome the mystery buyer is hoping for from the LedgerX trade still doesn’t seem so improbable. They’re betting on a much smaller rate of growth than that experienced by Bitcoin in 2017. From today’s price of $13,600 at the time of writing, to $50,000 would represent a growth of just over 3.6x. The previous twelve month period has seen the price of Bitcoin rise from $904 to around today’s price. With this year’s total growth being over 15x as perspective, the LedgerX trade seems much less wild. With much greater mainstream attention, and various other financial products poised to launch next year surrounding the cryptocurrency space, it’s likely that there will be at least some return to the upside price pressure many thought would last well into 2018. LedgerX themselves have a secretive new project that they’ve been working on for some time. According to a blog post on their website, those behind the trading platform are close to launching what they consider to be Bitcoin’s killer app: LedgerX has been working the last 2 years on what we think is a fundamentally new use case. There is a reason my wife and I spent so much time thinking about microfinance in college — how do we give access to financial services to the poor? Bitcoin offers that promise. I would urge restraint on cryptocurrency speculation, but I know that it’s a useless exercise. After all, that’s not how bubbles work. The post LedgerX: Mystery Investor Has High Hopes for Bitcoin appeared first on NEWSBTC.

Down 22%: Bitcoin Price Drops From $17,000 to $13,300 in a Single Day

The post Down 22%: Bitcoin Price Drops From $17,000 to $13,300 in a Single Day appeared first on CCN Earlier today, on December 22, the bitcoin price fell by more than 22 percent from $17,000 to $13,300. Analysts have attributed the fall to the rapid surge in the price of bitcoin over the past month. Bitcoin Price Still Up 70% on Monthly Basis Since November 22, within the past 30 days, the price of The post Down 22%: Bitcoin Price Drops From $17,000 to $13,300 in a Single Day appeared first on CCN

RCN and Decentraland Enter into a Partnership

Ripio Credit Network (RCN) last week announced plans to partner with Decentraland, in a move that seeks to extend a […] The post RCN and Decentraland Enter into a Partnership appeared first on Bitcoin Network, News, Charts, Guides & Analysis.

Newsflash: Bitcoin Price Plummets Near $12,000, Down 40% from Record High

The post Newsflash: Bitcoin Price Plummets Near $12,000, Down 40% from Record High appeared first on CCN Bitcoin price is down nearly 40% from Sunday’s all-time highs near $20,000, falling to a 15-day low near $12,000. Friday’s early trading session saw bitcoin price drop to low of $12,110 (Bitfinex) at 07:20 (GMT), near levels last seen over two weeks ago on December 7. The figure represents a 39% drop from the all-time The post Newsflash: Bitcoin Price Plummets Near $12,000, Down 40% from Record High appeared first on CCN

SEC’s Munchee Order Is a Recipe for Securities Law Violations

The SEC's recent Munchee order offers a significant insight into its views of how to analyze ICOs under securities laws, says Katherine Cooper.

SEC Munchee Order a Recipe for Securities Violations

The SEC's recent Munchee order offers a significant insight into its views of how to analyze ICOs under securities laws, says Katherine Cooper.

Bitcoin Gold Price Technical Analysis – BTG/USD Tumbles Below $320

Key Points Bitcoin gold price after trading a few points above the $400 level found sellers against the US Dollar. There was a break below a key bullish trend line with support at $328 on the hourly chart of BTG/USD (data feed from Bitfinex). The pair traded as low as $244 and is currently correcting higher towards $300-320. Bitcoin gold price declined sharply from $420 against the US Dollar. BTG/USD is now well below $320 and is showing a lot of bearish signs. Bitcoin Gold Price Resistance There was a solid upside move in bitcoin gold price above the $350 level against the US Dollar. The price even traded above the $400 level and posted a high at $421. Later a downside wave was initiated and the price moved below the $400 level. It moved below the 50% Fib retracement level of the last wave from the $290 low to $421 high. It opened the doors for more losses and the price moved below $300. More importantly, there was a break below a key bullish trend line with support at $328 on the hourly chart of BTG/USD. The pair even traded below the $280 support and closed below the 100 hourly simple moving average. A low was formed at $244.58 from where the pair started an upside correction. An initial resistance is around the 23.6% Fib retracement level of the last decline from the $421 high to $244.58 low. If the pair corrects higher from the current levels, it will most likely face sellers near $300-320. On the downside, the last swing low of $244 is a decent support. Below the mentioned $244 support, there can be a test of the $200 level in the near term. Looking at the technical indicators: Hourly MACD – The MACD for BTG/USD is now placed in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is around the oversold levels, and recovering. Major Support Level – $245 Major Resistance Level – $320 Charts courtesy – Trading View, Bitfinex The post Bitcoin Gold Price Technical Analysis – BTG/USD Tumbles Below $320 appeared first on NEWSBTC.

Ripple Price Technical Analysis – XRP/USD Upside Surge and Correction

Key Highlights Ripple price surged above the $1.00 level and traded as high as $1.24 against the US Dollar. There are two bullish trend lines forming with support at $0.9500 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair is currently correcting sharply lower and may soon test the $0.9500 and $0.9000 supports. Ripple price after an upside surge above $1.20 against the US Dollar faced sellers, also versus Bitcoin. XRP/USD is moving down toward the $0.9000 support. Ripple Price Correction There was a solid rise in Ripple price above the $1.00 handle against the US Dollar. The price made a nice upside move and traded above the $1.10 and $1.20 resistance levels. It traded to a new all-time high at $1.2495 from where a downside correction was initiated. It has moved below the 23.6% Fib retracement level of the last wave from the $0.6500 low to $1.2495 high. It seems like the current correction may extend toward the $0.9000 level. On the downside, there are two bullish trend lines forming with support at $0.9500 on the hourly chart of the XRP/USD pair. The trend lines support is also around the 50% Fib retracement level of the last wave from the $0.6500 low to $1.2495 high. Therefore, the $0.9000 level is a major support and it will most likely prevent downside move in the near term. Below $0.9000, the price could extend declines toward the 61.8% Fib retracement level of the last wave from the $0.6500 low to $1.2495 high at $0.8790. On the upside, the price may move back above $1.00. However, the next major resistances are at $1.20 and $1.25 in the short term. Looking at the technical indicators: Hourly MACD – The MACD for XRP/USD is placed nicely in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving lower sharply toward the 50 level. Major Support Level – $0.9000 Major Resistance Level – $1.2000 Charts courtesy – Trading View, Kraken The post Ripple Price Technical Analysis – XRP/USD Upside Surge and Correction appeared first on NEWSBTC.

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