Category Archives: Bitcoin
Over $5 Billion Worth of Bitcoin Moved in Minutes; What Happened? – newsBTC
If youve been on Crypto Twitter at all over the past few hours, youve likely noticed a lot of buzz about Bitcoin, specifically large BTC transactions. CoinDesks Wong Joon Ian noted that either @whale_alert (a bot tracking large and suspicious cryptocurrency transactions) is broken or several billion worth of BTC just moved around in a few minutes.
Indeed, Whale Alert registered a series of over 10 transactions of over 50,000 BTC (worth over $400 million as of the time of writing this) in the span of some twenty minutes.
Many analysts quickly reacted to the transactions, making claims that they signify that the Bitcoin price bottom is in, or that a strong BTC drop is about to take place. Unfortunately for traders, the transactions likely mean none of that.
So why are the funds moving? What does it mean for Bitcoin? And who is the entity playing around with hundreds of millions worth of the leading cryptocurrency?
Well firstly, to clarify, the funds were not being moved by multiple entities. As The Blocks head of research, Larry Cermak, pointed out, its the same address constantly moving the same stash. The 55,337 BTC (~$410.6M) is now parked in this address, then drawing attention to a new address in which there are thousands of coins deposited at.
As to why the funds are moving, Whale Alert itself noted that the transactions can likely be classified as peeling transactions which is normal behavior for wallets that many exchanges use.
Right now, it isnt too clear that the peeled funds are being used for, or which exchange is involved in the transactions (some suggest its Bitfinex).
While this uptick in transaction volume seems to just be an exchange doing, well, exchange things, analysts think that the uptick in Bitcoins on-chain metrics hint at an impending price bull run.
Per previous reports from NewsBTC, creator of Look Into Bitcoin, one Philip Swift, remarked in a ten-part Twitter thread that he thinks the next macro BTC bull market is near. One of his main reasonings was that Bitcoins Network Momentum indicator, which tracks the movement of coins to determine the usage of the network, has begun to trend higher, bouncing off bear market levels. This is something often seen six to 10 weeks prior to the beginning of a bull market, Swift remarked.
Thats not all. He added that the cryptocurrency is holding above its 350-day simple moving average; this is important as the price moving and holding above this moving average has always indicated the start of Bitcoin bull markets. And also, the Golden Ratio Multiplier, an equation that the analyst created to analyze the BTC price, implies that the cryptocurrency could see an explosive move to $12,000 to $13,000 by January of February.
More:
Over $5 Billion Worth of Bitcoin Moved in Minutes; What Happened? - newsBTC
Holders of Over 11 Million Bitcoin are Proving That Hodl Is Not Just a Meme – CCN.com
Many bitcoin traders laugh at the idea of HODL (holding on for dear life). They think that it is not a sound trading or investing strategy. If you buy and hold on the way down, its very likely that youll use the same approach on the way up. The rigidity of this method makes it difficult for many investors to lock in gains.
Nevertheless, the strategy is so popular that it has become a meme.
HODLs acceptance appears to be bordering obsession. A new report reveals that millions of BTCs have not moved in a year.
The S&P 500 is up nearly 27% year-to-date. If the index closes the year with gains around that number, then many investors would consider 2019 as a good year.
Bitcoin holders are also having a great year. The top cryptocurrency is by over 95% year-to-date. The numbers align. According to The Block, 61% of bitcoin holders are sitting in profits.
Even with gains that are over 250% higher than the S&P 500, theres a sense that bitcoin investors are far from satisfied. Many expect mind-numbing and jaw-dropping performance from the dominant cryptocurrency.
I say this because BitInfoCharts show that 11.58 million BTCs have not moved in over a year.
In other words, 64% of the over 18.04 million bitcoin in circulation are not moving. This means that only 6.46 million BTCs are being used for speculation or payment settlement. At bitcoins current price of $7,260, only $48.99 billion worth of BTCs have been changing hands over the last year.
This has tremendous bullish implications for the number one cryptocurrency.
Haters like Peter Schiff always claim that bitcoin has no intrinsic value. They say that unlike gold which can be used for electronics, bitcoin doesnt have any utility. More importantly, it is not backed by anything that can prove its value.
Well, bitcoins value comes from its scarcity. There will only be 21 million BTCs in existence. On top of that, around 4 million BTCs are lost. The scarcity is real.
We spoke to Mati Greenspan, founder of Quantum Economics and asked whether 11.58 million being HODLed has long-term bull bullish implications. He told CCN,
Yes
The analyst then referred us to one of his recent tweets.
Trader Max echoes Mati Greenspans sentiments. The trader told CCN,
There are too many variables at play but scarcity is a good price driver.
The good news for HODLers is that bitcoin is about to get more scarce in the coming months.
If analysts believe that scarcity drives the price of bitcoin, then it would be fair to assume that the top cryptocurrencys value would soar in the coming months. In about six months, bitcoin block rewards will be reduced by half from 12.5 BTC down to 6.25 BTC. This means that there will only be around 900 BTCs issued to miners on a daily basis.
The dramatic drop in supply due to the halving would alleviate selling pressure at the very least. The reduction in selling is likely to drive prices higher. That might be more than enough to trigger a massive buying frenzy.
Therefore, HODL and halving are two of bitcoins strongest narratives.
Disclaimer: The above should not be considered trading advice from CCN. The writer owns bitcoin and other cryptocurrencies. He holds investment positions in the coins but does not engage in short-term or day-trading.
This article was edited by Sam Bourgi.
More here:
Holders of Over 11 Million Bitcoin are Proving That Hodl Is Not Just a Meme - CCN.com
Bitcoin pares early losses, turns flat on the day near $7,500 – FXStreet
Bitcoin (BTC) fell to a daily low of $7,380 during the early trading hours of the Asian session on Sunday but didn't have a difficult time retracing its losses. As of writing, the BTC/USD pair was virtually unchanged on the day at $7,500. The lack of any significant developments that would attract the cryptocurrency market's attention causes major cryptocurrencies to remain stuck in their recent ranges. Even after the Istanbul network update, Ethereum continues to move sideways around $150.
The Relative Strength Index (RSI) on the daily chart stays directionless near the 50 mark, revealing the pair's indecisiveness in the short-term. Additionally,a symmetrical triangle seems to be forming on the same chart, further supporting the view that the pair will remain neutral. Meanwhile, the pair seems to be holding above the 20-day moving average (MA) for the second straight day but that by itself is not enough to suggest that buyers are looking to take control of the action.
The initial support for BTC could be seen at $7,380 (December 7 low)ahead of $7,080 (December low) and $6,500 (Nov. 25 low). Resistances, on the other hand, align at $8,000 (Fibonacci 38.2% retracement of October 25 - Novemberdrop), $8,500 (Fibonacci 50% retracement of October 25 - November 25 drop) and $8,720(100-day MA).
Go here to read the rest:
Bitcoin pares early losses, turns flat on the day near $7,500 - FXStreet
Bitcoin On-Chain Momentum Is Crossing Bullish: Willy Woo – Bitcoinist
The past month has been a pretty challenging time for bitcoin HODLers, and cryptocurrency in general. There has been precious little to celebrate, save for the fact that prices could easily have gone lower still.
So isnt it about time we had some positive news? Luckily, who should pop up at just the perfect juncture, but Master of On-Chain Analysis, Willy Woo. And according to him, BTCs on-chain momentum is crossing bullish.
Woo made the claim in a tweet posted earlier today, along with a chart featuring several unlabelled wiggly lines. Unfortunately, he wasnt even able to tell us what the indicator is. Apparently it is proprietary to Adaptive Capital, Woos analytics-led hedge fund project with Murad Mahmudov and David Puell.
All Woo did say was that it tracks investor momentum, presumably by considering a combination of bitcoin on-chain transaction volume, and perhaps UTXOs (unspent transaction outputs) to chart BTC HODLing. There appear to be at least two sets of indicators, one of which looks like a set of different timescale moving averages.
After November we had to cover our faces with our hands for, and sit and watch through slits in our fingers. Perhaps thats fair enough.
You might also be heartened by Woos assertion that the bitcoin bottom is most likely in, saying that, anything lower will be just a wick in the macro view.
From here on in we are front running in preparation for the halving, he says.
When questioned on his degree of confidence in this particular bitcoin prediction, Woo pointed out that:
I only tweet when Im at high confidence, else it erodes my rep.
During the summer, Woo introduced us to the Bitcoin Difficulty Ribbon, giving a simple metric to compare several moving averages of mining difficulty on different timescales. This is also currently starting to compress, indicating that now is a good time to buy bitcoin.
Does Willy Woos comments on on-chain bitcoin volume make sense? Let us know in the comments!
Images via Shutterstock, Willy Woo
Read the rest here:
Bitcoin On-Chain Momentum Is Crossing Bullish: Willy Woo - Bitcoinist
Bitcoin: Why You Need It – Forbes
Photo Illustration by Omar Marques
Most people know little about Bitcoin. Its a brand, like the internet was in the late 1990s that created great excitement in a small fanatical audience but confusion, indifference and often hostility in the mainstream and establishment.
I dont need email, people said, while many would look blank and not know what it was. It wasnt until the social media floodgates opened that the mainstream piled in. Now all the marvelous benefits and distractions of being connected are taken as read.
The benefits of crypto are not well understood or even considered beyond the possibility of a life change rising in value for coins that an investor might ride to riches. This may well be the future for Bitcoin so to start a list of reasons why you should hold some Bitcoin must start with:
1)A lottery ticket to a ride that some see having a 1,000% upside.
It could happen. There are only going to be 21 million bitcoins (BTC), many of which like Roman gold coins are already lost forever. If bitcoin was to be worth just half of the gold in the world it would be about $200,000 a coin. If all the BTC was worth $1 trillion then the price would be north of $50,000.
With BTC currently at $7,400 and the ability for people to buy tiny amounts, there is a fun dividend in actually holding.
2)Blockchain is the next big thing.
If you want to catch that wave when it lands, you need to know a bit about it. Buying crazes on the basis of zero knowledge is the short cut to the poorhouse. Owning bitcoin and going through all the stages to get crypto will position you perfectly for the day crypto IPO hits. That day will come and it will be big. Owning bitcoin will position you to take advantage of that boom.
3)Portfolio diversification is crucial.
Everyone should have a little gold, for example, to buffer the roller coaster of other financial instruments. Bitcoin and gold are very similar in as much as they are havens. Physical bitcoin however is easier to store, faster to sell and has much greater upside if you are laying in assets for what you see as being extremely volatile times in the future. If you are not in the bullets and corn beef legion, the gold, silver and bitcoin are must haves, with bitcoin the king if you feel you might have to jump on a plane to safety. Its easy to travel with bitcoin; with gold bars and sacks of silver, not so much.
4)Bitcoin is currently a great hedge especially for equities.
This is because for now at least, bad news for equities is good news for bitcoin. That bad news is currently the China trade war. The trade war is bad for equities and there is a clear link to moves in BTC and emergent good/bad news on the trade negotiations. Bitcoin sends the signal then the news appears, which one would imagine is because of the insider news flow in crypto-hungry China.
5)Bitcoin is useful money.
You can buy things with bitcoin, and with bitcoin debit cards you can use it to buy things anywhere that takes Visa/Mastercard. While this can prove expensive, a bitcoin debit card is another off ramp for holders wishing to spend their profits. Bitcoin is also a useful currency for B2B and while currently niche, bitcoin use for international payments is quickly expanding when products need to be bought quickly and the vendor needs to establish transfer of funds fast to cut out delays. For large sums bitcoin beats credit cards hands down as a bitcoin transaction cant be reversed unlike a credit card payment that is always vulnerable to charge backs. Transfers can take days to materialize, so for anything thats a rush job bitcoin is the best possible way to pay if the vendor takes BTC.
Every investor should buy some bitcoin, even if its just $1. It is always best to be too early to a financial phenomenon than too late and it turns out the bitcoin story is still in its early chapters.
The Bitcoin story is still unfolding.
If you are an investor, it was obvious you need to hold equities, bonds, gold and cash. That is still true but these days, you need to hold a little crypto, because it is a new positive sum financial instrument. If you dont have Bitcoin, the world wont end, but you will be less diversified and more at risk than an investor that does hold some. Bitcoin will continue to be the kingpin of the emergent blockchain industry and everybody needs a little bit of exposure to that in the same way as they needed a little Amazon in 2002.
Forbes CryptoAsset & Blockchain Advisor cuts through the hype and identifies real investor opportunities in the emerging world of blockchain and crypto assets. Click to learn more.
-
Clem Chambers is the CEO of private investors websiteADVFN.com and author of 101 Ways to Pick Stock Market Winners and Trading Cryptocurrencies: A Beginners Guide.
In 2018, Chambers won Journalist of the Year in the Business Market Commentary category in the State Street UK Institutional Press Awards.
The rest is here:
Bitcoin: Why You Need It - Forbes
Prominent Analyst: Bitcoin Likely on Cusp of Making a Major Price Movement – newsBTC
Following the immense volatility that Bitcoin (BTC) experienced earlier this week, the cryptocurrency has once again found itself caught within a period of consolidation as it trades sideways within the upper-$7,300 region.
This sideways trading, however, may soon draw to a close, as one highly respected analyst is now noting that Bitcoin is bound to break above or below its current range boundaries in the near-term, which could spark a massive movement that determines BTCs next trend.
At the time of writing, Bitcoin is trading down marginally at its current price of $7,400, which marks a slight decline from its daily highs of just below $7,500 and a very minor increase from its daily lows of $7,350.
This tight trading range that has been formed over the past day marks a massive narrowing of the range that has been established between $7,200 and $7,500 over the past week, as Bitcoin has been unable to break above or below either of these levels, which both appear to mark its immediate levels of support and resistance.
This period of sideways trading may be fleeting, however, as Scott Melker a prominent analyst noted in a recent tweet that Bitcoin is nearing the end of a large pennant that it has been caught within in recent times, and how it responds to the apex of this pennant could set the tone for where it goes next.
$BTC 4 Hour: Consolidating against resistance of both the local descending channel and from the top of the China pump. The blue line represents local support. Something has to give soon on one side or the other, he said while pointing to the chart seen below.
The Cryptomist, another popular cryptocurrency analyst on Twitter, explained in a recent tweet that she believes the next major movement will favor Bitcoins bulls, but also that BTC may dip to its next level of major support at $6,900 before the bull-favoring rally commences.
$BTC: 6hr falling wedge. Suspecting/ hoping for one more touch to support which I can long. Breakout would lead to the 3day falling wedge resistance. In other words, one more possible drop towards $6.9k before the bulls take the wheel, she explained while referencing the below chart.
The coming few days and weeks may give analysts and investors alike significant insight into where Bitcoin and the aggregated crypto markets will head as 2020 fast approaches.
See the rest here:
Prominent Analyst: Bitcoin Likely on Cusp of Making a Major Price Movement - newsBTC
Facebook, Yahoo, And MSN Users Warned Over Serious New $250,000 Bitcoin Scam – Forbes
Bitcoin and cryptocurrency scams exploded onto the scene following bitcoin's epic 2017 bull run, with millions of people hopeful they could cash in on the digital gold rush.
The bitcoin price slump over the last year, which saw the bitcoin price drop around 90%, meant the number of scams declinedbut they didn't disappear entirely.
Now, researchers from the widely-respected, U.K.-based Which magazine have warned criminals are still exploiting trusted global websites, including Facebook, Yahoo, MSN, and AOL, to post fake celebrity endorsements for bitcoin and other cryptocurrencies, in what they describe as "one of the most prolific" and "sophisticated" internet scams they've seen.
Social media giant Facebook was found to be among popular websites hosting the bitcoin scam ads.
Those who have fallen victim of the bitcoin scam reported individual losses of up to $250,000 after following links from popular websites including AOL, MSN, Yahoo and Facebook.
The scam uses ads with false endorsements from celebrities who have backed a bitcoin investment scheme.
There were 1,560 cases of cryptocurrency investment frauds reported in the first six months of 2019 in the U.K. alone, according to Which magazine, known for its product reviews and styles itself as "a consumer champion".
"In many cases, the fake advertorials are convincingly designed to look like pages from the BBC or Mirror [newspaper] websites," Which reported.
The magazine found images of billionaire businessmen Lord Sugar, Sir Philip Green and Sir James Dyson, as well as the likes of music producer Simon Cowell, were used by the scammers to try to appear legitimate.
"To be clear, none of the celebrities are responsible for the fraud, but their images and reputations are being ruthlessly abused by organised scammers."
The scam has been around for some time, with celebrities from Tesla chief executive Elon Musk, U.S. president Donald Trump, and singer Katy Perry all used by online fraudsters in the past.
"Weve found countless variations of the scam still live at least three years after it first surfaced," Which added.
The bitcoin scam promises victims huge returns and encourages people to pour cash into fake trading platforms.
The bitcoin price boom, which saw the price of one bitcoin rise from under $1,000 to almost $20,000 ... [+] in under 12 months, meant that criminals tried to take advantage of the sudden digital gold rush.
Following bitcoin's epic bull run, cryptocurrency scams popped up around the internet overnight.
The bitcoin price, one of the best performing assets over the last few years, has risen many thousands of percent in just a few years, making many early adopters millionaires.
However, many in the traditional financial industry have warned the bitcoin price could fall back at any time, potentially wiping out the wealth it's created.
Follow this link:
Facebook, Yahoo, And MSN Users Warned Over Serious New $250,000 Bitcoin Scam - Forbes
The North American Bitcoin Conference Returns – Bitcoin News
Pioneering crypto conference announces high-power, enterprise-savvy lineup.
On January 16 and 17, 2020, the global Bitcoin and blockchain community will meet in Miami for the seventh year running to create the future of the industry. The North American Bitcoin Conference (TNABC) has hosted 20,000 attendees since 2013 and the ongoing show of support and community convergence from around the world continues to propel cryptocurrency from niche to mainstream.
A key focus of the 2020 conference is enterprise and global adoption, delving into the commercial potential of blockchain. Attendees can also expect the traditional South Beach launch night to mingle with highly sought-after, international crypto names.
TNABC has announced a lineup of over 60 world-class presenters, including technology veterans and founders of companies transforming finance across the globe.
The second round of speakers includes:Francis X Suarez City of Miami, MayorBobby Lee Ballet, Founder & CEOKathleen Breitman Tezos & Coase, Co-Founder Jon Najarian Market Rebellion, Co-Founder Bill Barhydt Abra, CEOBrock Pierce Blockchain PioneerAndrew Flip Filipowski Fluree, Co-FounderColleen Sullivan CMT Digital, Partner and CEOStefan Rust Bitcoin.com, CEOJenna Pilgrim Streambed, CEOPerianne Boring Chamber of Digital Commerce, Founder
The two-day conference has announced further partnerships with VeriBlock, BnkToTheFuture and CryptoCurrencyWire. TNABC will focus on themes of investment, blockchain enterprise, legal implications and regulation, and how decentralization is disrupting international supply chains. TNABC has hosted crypto events in Miami for seven years and continues to give voice to the city as a LATAM-US crypto hub, with an innovative lineup, guest appearance from the Mayor and multiple satellite events.
Miami Blockchain Week 2020 will begin with an extra special installment of community meetup CryptoMondays at Bitcoin Center Miami and feature a job fair run by international student volunteers running alongside the the TNABC conference. A hackathon and executive dinners round out the highlights of the week.
Keynotes founder Moe Levin says, This conference comes at a pivotal time, as innovation forces us all to make wise investing decisions. With an influx of new opportunities and new blockchain applications, Keynote wants to give our attendees the opportunity to meet the people and products theyll be investing in and get a better understanding of the fast-expanding blockchain ecosystem. Were also excited for our attendees to meet and interact with our sponsors and exhibitors, who number among the greatest blockchain companies active at the moment.
Tickets are available now at (btcmiami.com/tickets)
For Sponsorship and Exhibiting information please email amy@keynote.ae
About KeynoteKeynote was launched in 2012 by blockchain strategist Moe Levin. Further information and details about Keynote can be found at keynote.ae
For media inquiries, please contact lyndsey@keynote.ae
Supporting Linkhttps://www.btcmiami.com
Bitcoin.com is your premier source for everything Bitcoin-related. We can help you buy bitcoins and choose a bitcoin wallet. You can also read the latest news, or engage with the community on our Bitcoin Forum. Please keep in mind that this is a commercial website that lists wallets, exchanges and other Bitcoin-related companies.
Here is the original post:
The North American Bitcoin Conference Returns - Bitcoin News
Almost $9 Bln in Bitcoin Transferred, Reports Whale Alert, XRP Can’t Do That, Bitcoiner Says – U.Today
The Twitter account Whale Alert has posted 22 consecutive transactions from one unknown wallet to another that together are worth nearly $9 bln each contained around 55,000 BTC. The community is lost in guesses trying to figure out what is going on here.
Image via Twitter
Whale Alert has spotted that around 1,210,000 BTC (around $9 bln) has been transferred between two unknown wallets over the last two hours.
The first reaction of the community was there is something wrong with the Whale Alert account.
The majority of comments are jokes, sarcastic comments or talks about another Bitcoin dump coming soon.
Image via Twitter
The so-called whales are market players who own a tremendous amount of assets. They are believed to have an ability to manipulate prices by dumping those assets to the market to buy back more of them as soon as the price plummets.
When Whale Alert posted data of large transactions in the past, many users in the comment thread assumed that this is what was happening.
Finally, Whale Alert gave an explanation about these massive transactions.
As reported by U.Today a little earlier, on Thursday, December 5, a similar amount (almost $9 bln) in Bitcoin was transferred within just one hour. That was called the largest BTC transaction in history.
However, the process also proved to be crypto exchanges sending fundsto each other for security reasons.
A crypto analyst @themooncarl, when commenting on some of those BTC movements (slightly over $1 bln), said that the fee which had to be paid for that totaled just $6,40. No banks would be able to compete with that.
In the comment thread, aBitcoin fanpointed out that XRP would be unable to transfer so much money for lack of liquidity and due to being centralized.
Bitcoin battered: The worst crypto catastrophes of 2019 – ZDNet
The cryptocurrency market is booming, and with it, criminals are looking to cash in.
Bitcoin (BTC) may not have sustained the $19,000+ price tag of previous years, now coming in at roughly $7,200 at the time of writing, but there is also a variety of other stable coins and altcoins, including Ethereum (ETH), Ripple (XRP), Monero (XMR), Bitcoin Cash (BCH), and Litecoin (LTC), that maintain a loyal following and constant trade.
The industry has gained enough traction in recent years that regulators are beginning to shift towards the viewpoint that virtual coins should be considered taxable assets, with the IRS now hunting down cryptocurrency traders that do not declare their investments. The UK's Financial Conduct Authority (FCA) alsoclarified its stance (.PDF) this year on what coins can be considered securities or e-money -- some of which now land under the FCA's remit.
Russia, too, known for its hostile approach to cryptocurrency, has begun to acceptthat cryptocurrency may have a legal position in the economy.
With any form of asset that has financial worth, criminals will look for ways to fraudulently profit and cryptocurrency is no exception. The industry is rather unregulated, with laws potentially applied locally, but with exchanges registered worldwide, investment in cryptocurrency can be a risk.
Exchanges are a common target. A weakness in a website, a vulnerability leading to exposure of a hot wallet -- storage systems used to hold virtual coins that are Internet-connected -- insider threats, and exit scams can all result in traders losing their cryptocurrency. Wallets, too, can be ransacked when vulnerabilities are found, and the blockchain itself, the backbone technology of cryptocurrency exchanges, may be subject to attacks such as the 51% technique. Unless cryptocurrency is stashed in a cold, hardware-based wallet that is not connected to the web, there may be a risk of cyberattack.
Below, we take a look at some of the most noteworthy cases of hacking, criminal investigations, exit scams, and cryptocurrency-related breaches over 2019.
See also:
CNET:
TechRepublic:
Have a tip? Get in touch securely via WhatsApp | Signal at +447713 025 499, or over at Keybase: charlie0
More:
Bitcoin battered: The worst crypto catastrophes of 2019 - ZDNet