Category Archives: Bitcoin
Over the past decade, bitcoin has morphed from a relatively niche payments system to one of the world's most profitable investment assets. In its infancy, the return on investment for bitcoin has managed to surpass the returns of traditional assets and indices, virtually crushing them in its wake.
With the turn of the century around the corner, lets take a look back at how you would have done if you had placed $100 on each of these investments. Please note, this is not financial advice.
Within its 10-year nascency, bitcoin has gone from zero to veritable hero. Straight off the starting blockor should that be genesis blockbitcoin's gains were pretty astounding. Within the first few years of its price discovery, bitcoin managed to go from literally nothing to a peak of $1,047 in 2014, its first bubble.
What followed was a bear cycle, stretching all the way to the fateful 2017 bull run.
At its peak at around $20,000, bitcoin had returned an almost inconceivable 25 million percent from its earliest recorded price point of $0.08 per bitcoin.
Nevertheless, much like every other cycle in its life, the price of bitcoin came cascading down. A protracted bear winter in 2018, and a brief spate of parabola this year places bitcoin at a current price of around $7,200. This gives the price of bitcoin a prevailing 10-year return on investment (ROI) of 9 million percent.
That means $100 would have netted you $900 million. In theory. (You probably would have spent it by now, lets be real).
Given this, stacking up traditional investments against BTC seems about as reasonable as pitting a Chihuahua against a Lion.
Regardless, heres how other assets fared over the past ten years.
Regarded as bitcoin's physical counterpart, gold has had a similarly rocky decade. Citing a price of around $690 in December 2009, the precious metal climbed swiftly to a peak some two years laterclaiming a price high of $1,164.
The following five years didn't treat gold so well, as it retraced back to around $700. This was thought to have occurred due to a tapering of global monetary easing. With the global economy back on track after the 2008 financial crisis, gold's use case was faltering. It wasn't until 2019 that the yellow rock rebounded to its previous highs, settling at a current price of $1,131.
This provides gold with a 10 year ROI of 63.9%. So $100 would now be worth $163.9. Nothing particularly crazy, but it is supposedly a safe haven after all.
Unlike gold and bitcoin, the price of oil started off on a high.
In December 2019, black gold fetched a price of $70. After a few years of fluctuating and a short-lived, all-time high of $113, the price of oil came crashing down by 71% in 2016, hitting a low of $30a decline not witnessed since 1985.
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According to the World Bank, this collapse was caused by an overabundance of the black stuff, manifesting from a boom in the production of shale oil. However, the expectations of this excess supply were not met by the market. With demand for oil dissipating, the price plunged into the depths.
Today, oil is priced at around $58, giving it an ROI of -17%. So that $100 would be down to $83, after ten years of investing. Yikes.
This exalted and time-honored stock index was among the few US stock indices to claim the longest bull run in history. It rose from the ashes of the global crash, citing 10,471 points in 2009, to an all-time high (ATH) of 28,000 points this year.
The primary reason for this impressive rise appears to be due to the performance of the 30 major companies the Dow lists. The Dow 30 cites major players such as Apple, Microsoft, Coca-Cola, American Express, and JPMorgan Chase among others.
Over these years, the Dow marks an impressive 167% ROI. That $100 would now be worth $267.
The very same index cited in the infamous dotcom bubble, the Nasdaq's impressive rise and fall is often compared to bitcoin's own fall from grace in 2017. Much like the Dow, the Nasdaq has had a stellar decade, rising from 2190 points in 2009 to an all-time high of 8,665 points this year.
The main catalyst driving the Nasdaq's strong rally appears to be tech stocks such as Facebook, and Amazon, who expanded in the late noughties, continuing their parabolic streaks well into 2019.
The Nasdaq's ROI of 295% is more than enough to beat the Dow. Putting $100 into that back in the day would have netted you $395.
Yet another well-performing stock index, the S&P 500 shares the accolade of the longest bull run in history with the dow. Similarly, this famed index gained traction during the following the economic crisis, recording alargely uninterruptedrise from 1106 points to 3140 points in 2019.
Therefore, the S&P 500 comes to an ROI of 183%. While your $100 would be up to $283, topping the Dow, it would still be lower than both the Nasdaq and bitcoin.
Who knows what the next ten years will hold.
The CPI200 token planned to be launched by Crypto Price Index (CPI) is expected to partly solve the problem of the volatility faced by analysts and traders when trying to make their forecasts on the market.
As per the press release, the CPI coin is going to be linked to the price of top two hundred coins that trade on crypto exchanges and OTC. To calculate the value of the index, a special algorithm developed by CPI is used.
A member of the CPI top management team, Sheikh Abdullah Bin Rashed Al Sharqi, says about the index:
With such intense daily volatility in the digital asset markets the CPI Index Blockchain is a welcome innovation bringing both increased stability and greater accessibility to decentralized finance.
Many traders believe CPI to be a valuable tool that saves their time and energy when they need to perform thorough research. One look they take an CPI may be quite informative, the press release states.
The team of the project has an ambitious goal of providing reliable and precise data about coins prices which will be kept on the blockchain and everyone interestedwill be able to view it easily. This data will be based on the prices of two hundred trading cryptocurrencies with the highest market capitalization.
The index gives traders and analysts insights into the trading history of the major DLT platforms. The team intends to turn into one reliable source of relevant data for crypto markets someday.
Fundstrat Global Advisors co-founder Thomas Lee on how to invest in bitcoin, why he considers bitcoin to be a safe haven, the state of the markets and why he does not predict a recession.
Bitcoin is making waves again with its first TV ad in France.
The 18-second spot, which has been running multiple times a day on the countrys free-to-air station, TF1, advertises services from Paris-based financial firmKeplerk. The company allows people to exchange money for bitcoin at about 6,500 local convenience stores.
Customers can buy physical vouchers in the amounts of 50 euros, 100 euros or 250 euros, and, after a processing fee, convert them into bitcoin that appear in their mobile wallet.
Oh c'est sympa a! one Twitter user wrote, which translates to Oh, thats nice!
Digital currency has been gaining momentum in France, ranking on Bitcoinists top-20 countries adopting the tech. BeInCrypto, which reported news of the ad, said another campaign was launched months ago to allow bitcoin payments in 25,000 locations.
And other reports have predicted a bitcoin boom in the country on the news that more and more retailers there are preparing to accept the currency at some point in 2020.
This is not the first time bitcoin has appeared on TV, however. Earlier this year, in the United States, a national ad from New York-based crypto investment firm Grayscale Investmentsran urging investors to forgo gold and pick up bitcoin instead.
You see where things are going, it said. Digital currencies like bitcoin are the future.
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According to a report from Coincodex, the United States is among the top countries in terms of share of bitcoin users, making ita prime market for more digital currency TV ads.
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Strict state-level regulations, though, could make firms wary of launching new initiatives.
The value of one bitcoin is currently hovering around $7,700.
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In his new research paper entitled "Imagine 2030," Deutsche Bank analystJim Reid offered a bullish outlook for cryptocurrencies for the next decade, Bloomberg reports.He believes that the fledgling asset class could thrive in the 2020s due to the looming demiseof fiat money.
Reid states that the forces that kept the fiat system together look "fragile" now, and it seems like the age of government-backed currencies is coming closer to an end.
The forces that have held the current fiat system together now look fragile and they could unravel in the 2020s.
He further predicts that gold and crypto, which are generally considered to be safehaven assets, are positioned to explode on the heels of a "backlash" against fiat currencies.
If so, that will start to lead to a backlash against fiat money and demand for alternative currencies, such as gold or crypto could soar.
Recently,TV host Max Keiser pointed to the fact that Bitcoin was making new all-time highs in numerous fiat coins around the globe, and it could be worth millions in USD.
Meanwhile, billionaire hedge fund manager Ray Dalio rang alarm bells over the "broken" financial system, predicting that it was on the verge of "a paradigm shift." Thatwas seen as an endorsement for Bitcoin by the crypto community.
Crypto is not seen as a fad by the representatives of traditional finance anymore. As reported by U.Today, theBank of France is on track to start testing its own cryptocurrency next year.
Back in October, Herbert Scheidt, the chairman of the Swiss Bankers Association, claimed that old-school banking institutions need to implement innovations not to be left behind their emerging competitors.
Still, some of big banking players remain stubbornly anti-crypto. On Dec. 3, a Danish court allowed the largest Scandinavian bank Nordeato prohibit its employees from buying or selling Bitcoin.
BTC/USD is hovering around $7,300 amid expanding volatility. The first digital coin recovered from the intraday low of $7,154, however, the upside is limited bu $7,300-$7,330 area. BTC/USD has gained 1.7% on a day-to-day basis and 1% since the beginning of the day.
Looking technically, there are a lot of barriers both above and below the current price. However, most of them are not strong enough to reverse a trend when it starts. Lets have a closer look at the technical levels that may serve as resistance and support areas for the coin.
$7,330 - 38.2% Fibo retracement daily, the middle line of 1-hour Bollinger Band, a host of short-term SMA (Simple Moving Average) levels$7,400 - SMA200 1-hour, SMA50 4-hour$7,700 - 38.2% Fibo retracement monthly
$7,250 - 23.6% Fibo retracement daily and monthly, the middle line of 1-hour Bollinger Band, a host of short-term SMA (Simple Moving Average) levels$7,040 - 61.8% Fibo retracement weekly$6,500 - the lowest level of the previous week and the lowest level of the previous month
Authorities have busted a call center in Thailand and arrested 24 Chinese nationals for allegedly running a Bitcoin investment scam.
Chiang Rai Times, anEnglish language news portal, says the scam has been operating since March this year.
Additionally, the portal notes that those arrested were tasked with luring citizens in mainland China to trade Bitcoin using cryptocurrency exchange Huobi Global.
According to a statement issued by Thailands Immigration Police, it appears the individuals had their passported confiscated when they arrived at a rented property in Bangkok, though this remains unclear.
A loosely translated version of the statement reads: The monthly salary is 5,000 yuan [$710.25]. There is accommodation  with all meals, phone calls to deceive Chinese people. In order to conduct financial transactions in digital currency and to spin said digital currency on the website, starting from 09:00 hours to 22:00 hours.
The statement also says policeseized 61 notebook computers, 424 mobile phones, routers and 3 internet devices.
Thailands Immigration Police are reportedly working to identify additional Thai nationals also believed to be involved with the scam.
Published December 5, 2019 11:25 UTC
The strong push that the crypto ecosystem has been receiving in recent weeks is perhaps going unnoticed.
It seems that, after the announcement of the Libra project by Facebook, many governments realized that the moment of jumping into Blockchain was approaching.
The giant Facebook proposal lifted legislators and regulators from their comfortable chairs as they had to face a project backed by compelling companies. That was the first step to stop the cravings of Facebook.
Apparently, that immediately dusted studies and parked projects, and from then, many countries have presented initiatives to launch digital government coins.
Germany has been quick to transcribe the new European regulations that will allow its banks to offer services related to cryptocurrencies.
China, Turkey or Tunisia have already declared their intention to transition to digital coins. The European Union discusses this openly, and influential people in the United States claim that they are in favor of taking this path.
Many of these governments oppose decentralized cryptocurrencies projects, but they will do little in a global digital environment where legislators have little capacity for direct action.
The process seems unstoppable, which does not exclude painful moments. As the scrutiny over the different crypto projects increases, there will be a selection. Smaller projects with little adoption will disappear.
The ETH/BTC pair is currently trading at the 0.0202 price level, within a narrow daily price range that is taking the Average True Range (ATR) to never-before-seen levels.
The last time the ETH/BTC pair moved through similar levels was in April 2017, shortly before the pair began its biggest ever rise.
Above the current price, the first resistance level is at 0.0206, then the second at 0.022 and the third one at 0.023.
Below the current price, the first support level is at 0.020, then the second at 0.019 and the third one at 0.018.
The MACD on the daily chart shows a completely flat profile and does not provide any further information. This indicator does not usually stay long in this situation, which supports the idea of a breakout move.
The DMI on the daily chart shows more movement than we can see in the price. Despite the low intraday range, bulls move higher. The bears, which tried to pass the ADX line again, are rejected downwards, continuing a pattern that should now lead to a change of leadership.
The BTC/USD pair is currently trading at the $7,208level and compresses between the $7,200 support level and the long term bearish channel ceiling at $7,300.
Above the current price, the first resistance level is at $7,300, then the second at $7,400 and the third one at $7,500.
Below the current price, the first support level is at $7,000, then the second at $6,850 and the third one at $6,750.
The MACD on the daily chart shows a precursor profile of an upcoming bullish cross. Statistically, the next significant move should be up.
The DMI on the daily chart shows the bears improving and trying to cross the ADX line up again. The bulls retreat and wait to see if the sellers get past the ADX line.
ETH/USD is currently trading at the $146price level and has chained five consecutive days of declines. The indicator structure proposes short term increases so that the current declines could be searches for better buy entry levels.
Above the current price, the first resistance level is at $150, then the second at $155 and the third one at $160.
Below the current price, the first support level is at $140, then the second at $130 and the third at $125.
The MACD on the daily chart shows a profile similar to the one we have seen on the BTC/USD pair. The MACD on the daily chart shows a pattern similar to the one we have seen on the BTC/USD pair.
The DMI on the daily chart shows the bulls at minimum levels with no intention of competing with the bears for leadership. Sellers increase their strength and may try to break the ADX line again.
The XRP/USD pair is currently trading at the $0.214 price level and is losing support at $0.22 again. The current situation is risky, as below this level, and up to $0.19, there is no reliable support.
Above the current price, the first resistance level is at $0.22, then the second at $0.24 and the third one at $0.253.
Below the current price, the first support level is at $0.19, then the second at $0.17 and the third one at $0.165.
The MACD on the daily chart shows a profile suggesting upward movement in the short term.
The DMI on the daily chart shows bulls moving at deficient levels that do not usually hold for long. Bears increase their trend strength.
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The past day saw heightened Bitcoin whale activity, with surprisingly large transactions carried by the blockchain. But one particular block stood out.
At block height 606,641, the transactions contained within the 10-minute window totaled 903592.118 bitcoin. This amount is comparable to nearly 5% of the entire bitcoin supply, and is comparable to Satoshis stash. Based on estimations, the blocks mined by Satoshi Nakamoto contain between 900,000 BTC and 1 million BTC.
The block, mined by Antpool, only brought 0.25 BTC in fees, showing the low cost at which the vast sum could have been sent.
Earlier, whale watching bots noted a transaction that moved 57,577 bitcoin, and the UTXO transaction was also large.
But the neighboring blocks of number 606,641 were also impressive. The previous bitcoin block moved a whooping 230,343 BTC with a fee of 0.24 BTC, and the one before that held 66,643 BTC for a total fee of 0.4 BTC.
One of the most probable explanations is a move of funds between large cold wallets. But before an official announcement, those moves remain suspicious. The latest bitcoin exchange to receive a large inflow was Huobi, marking inflows as of December 4. Binance also shifted cold wallets on Tuesday.
The blocks total could have gone to several wallets, as there is no analysis of known wallets or addresses at the time of mining the blocks. Some of todays whale transactions are showing exchange-like behavior, the Whale Alert account commented.
Large-scale BTC flows may signal an attempt to either sell, or affect the bitcoin price in another manner.
The coins were moved on a day when BTC prices were also exceptionally volatile, rising from below $7,200 to a fast rally above $7,500. But low volumes and a short-term bearish outlook still dont allow a bigger price move. Bitcoin traded at $7,475.48 close to the time of the large-scale transactions. Around that time, as US markets opened, volumes climbed to above $19 billion for the day.
Beyond the high-load blocks, whale watchers noted the Upbit theft wallet was being emptied out methodically, with transactions of 10,000 and 1,000 ETH moved to new addresses.
What do you think about the latest heavy blocks and whale transactions? Share your thoughts in the comments section below!
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Read the rest here:
Single Bitcoin Block Moves Funds the Size of Satoshi's Stash - Bitcoinist
Bitcoin price is currently confined in a range below $7,400 against the US Dollar. BTC must stay above $7,200 and $7,000 to start a decent recovery.
Recently, we saw a downside break in bitcoin below the $7,400 support against the US Dollar. Moreover, BTC price settled below the $7,400 pivot and the 100 hourly simple moving average.
Finally, the price traded to a new weekly low at $7,159 and it is currently correcting higher. The recent high was near $7,410 and it seems like the price is struggling to gain strength above the $7,410 resistance.
Bitcoin is currently declining and trading below $7,400. Besides, there was a break below the 23.6% Fib retracement level of the recent corrective wave from the $7,159 low to $7,410 high.
An immediate support on the downside is near the $7,285 level. Additionally, the 50% Fib retracement level of the recent corrective wave from the $7,159 low to $7,410 high is near the $7,285 level.
If there is a downside push below the $7,285 and $7,255 levels, the price is likely to retest the $7,200 support area. More importantly, if there is a daily close below the $7,200 support area, the price may perhaps struggle to even stay above the $7,000 support.
On the upside, there are many hurdles waiting near the $7,400 and $7,460 levels. Besides, there is a short term declining channel forming with resistance near $7,380 on the hourly chart of the BTC/USD pair.
Therefore, a clear break above the channel resistance and $7,460 is needed for a decent recovery wave. Once the price settles above $7,460 and the 100 hourly simple moving average, the bulls are likely to aim the $7,630 resistance area.
Looking at the chart, bitcoin price is currently declining and trading below the $7,300 level. It seems like the price could retest the $7,200 support area before it could make an attempt to climb above $7,400 and $7,460 in the near term.
Hourly MACD The MACD is likely to move into the bearish zone.
Hourly RSI (Relative Strength Index) The RSI for BTC/USD is currently declining and it now well below the 50 level.
Major Support Levels $7,200 followed by $7,000.
Major Resistance Levels $7,400, $7,460 and $7,630.
Here is the original post:
Bitcoin (BTC) Relatively Muted, Signs of Further Weakness - newsBTC
South Korean Bitcoin scam PlusToken could be responsible for Bitcoin's bearish price action, according to market expertJacob Canfield.
Canfield states that technical analysis (TA) is not reliable when bad actors who operated one of the biggest Ponzi scams in history keep dumping BTC on the open market.
The modus operandi of PlusToken was rather simple -- they offered their clients interest for storing coins on their platform. They promised to share part of their revenue that comes from exchange profit and mining.
Of course, none of this was true. PlusToken allegedly stole around $2.9 bln in digital assets from its investors, according to a report published by blockchain sleuthCipherTrace.
Considering the scope of this scam, it could give BitConnect a run for its money.
While some of the members of the PlusToken team were apprehended by Chinese police back in June, there are still those who keep selling their BTC holdings. Notably, the Bitcoin price crashed just days after the police raid.
The ominous scam is rumored to control about onepercent of BTC's total circulating supply, which means that there will be more selling pressure.
At press time, Bitcoin is changing hands at$7,142, CoinStats data shows. It is down two percent, which conveniently came after a new selling spree initiated by PlusToken fraudsters.
See the article here:
Bitcoin Ponzi Scheme That Keeps Dumping BTC Blamed for Bearish Price Action - U.Today