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JP Morgan Exec: More Partnership Than Competition Between Banks and Crypto

JP Morgan Cryptocurrency Banks

A JP Morgan Chase executive has put forth an interesting compromise between cryptocurrency and the banking framework–two industries that have long been put at odds.

Speaking in an interview with CNBC’s Squawk Box on Mar. 20, JP Morgan’s Global Head of eCommerce Solutions Ron Karpovich made the claim that there is “more partnership instead of competition” between existing financial establishments and what has often been viewed as a banking disruptive market in cryptocurrency.

Karpovich’s comments for collaboration between the two industries comes just a month after his bank announced the development of the JPM Coin, a blockchain-based stablecoin that will function on J.P. Morgan’s internal payment network for clients. While some analysts at the time made the comparison to the role of XRP in Ripple’s payment protocol, Binance Research subsequently dispelled that notion. Instead, Binance’s team pointed out that JPM Coin will be limited in scope and more than likely only available for the use of JP Morgan clients as opposed to inter-bank operability.

Nonetheless, Karpovich’s comments appear to give an indication of reaching across the aisle, with the executive contending that blockchain-based payments will increase the utility of JP Morgan transfers. However, he also goes on to claim that cryptocurrency innovators and entrepreneurs should avoid shunning the banking industry all together, and that they will have to rely upon banks to move funds.

Karpovich told CNBC,

“Ultimately behind the scenes, they [crypto innovators] are going to have to use a bank to move funds. There’s more partnership instead of competition in that space. When it comes to margins and capabilities — payments is never something that grows in margin, nobody wants to pay for a payment. That’s one of the hardest parts of this process: you have limited resources in the capability to sell, so you need highly efficient and large players.”

The JP Morgan executive stressed the need for more efficient and cost-effective payments as the primary driver for innovation in the space of both banking fintech and blockchain-based cryptocurrencies. However, Karpovich finds blockchain somewhat poised to fade into the back-end of technology, as opposed to achieving mainstream adoption by forward-facing cryptocurrencies.

In the case of the JPM Coin, blockchain makes up a component of the technology that will ultimately be used by clients without them directly engaging in the process, as some believe will propel the adoption of cryptocurrency.

Karpovich also dispelled the idea that JP Morgan had contradicted its stance on crypto with the development of the JPM Coin, particularly given anti-Bitcoin comments from the bank’s CEO Jamie Dimon,

“I think there’s a difference between trading a cryptocurrency that’s in the market that’s ubiquitous versus using the technology to enhance your payments infrastructure. We look at the technology as being a means to doing things faster and cheaper: every CEO would like to make things faster and cheaper. So from that standpoint I think it represents a buy into the concept of using blockchain.”

Overall, Karpovich remains positive on the development of blockchain and blockchain-based payments as a field of interest for banks to develop upon.

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If Bitcoin (BTC) Falls Under $3,200, HODLers Should GTFO: Bearish Trader

Former Bitcoin Short Seller Paints Bearish Picture

Recently, Mark Dow, a preeminent hedge fund manager and skilled chartist, took to Twitter on Tuesday to make an unexpected declaration. In a tweet seemingly poking fun at crypto’s zealous bulls, Dow wrote that he would be saying goodbye to his Bitcoin (BTC) short, which he purportedly opened during the asset’s peak in late-2017.

In a phone interview with Bloomberg, the ostensible Bitcoin bear made it clear that his tweet wasn’t made in jest, adding that he was “done” with the position. Speaking to the outlet, Dow explained that he doesn’t “want to try and ride this thing to zero,” potentially indicating that he sees some semblance of value in BTC. Equating his anti-BTC forecast to a lemon, he stated:

“I don’t want to try to squeeze more out of the lemon. I don’t want to think about it. It seemed like the right time.”

The current head of a Southern California family office then explained that he already took profits twice this year, making the covering of his controversial short more than logical, especially from a risk management standpoint.

Just a few weeks later, Dow has taken to Twitter again, this time to paint a bearish picture for BTC’s prospects, specifically from a technical analysis outlook. The American economist recently wrote that BTC’s chart remains “beautiful,” but noted that if the asset cannot breach the $5,000 or $6,000 prices levels in a bounce, “cyberbulls” will be in for a tough time.

Dow added that if BTC breaks below $3,200, a long-term line of support as stipulated in the chart below, “even HODELers need to GTFO,” likely accentuating the importance of this line of support.

Maybe Not… Bitcoin Fundamentals Still Booming

Although Dow’s call shouldn’t be fully disregarded, his use of traditional markets analysis in crypto threw some for a loop. One Twitter user, who goes by the moniker InvestmentWizard, noted that Bitcoin’s fundamentals are stronger than ever, adding that even if BTC break through the “scary yellow line” the end wouldn’t be nigh for the flagship cryptocurrency.

This isn’t an isolated outlook, far from, in fact. Armin Van Bitcoin, a pseudonymous, yet prominent cryptocurrency zealot, recently claimed that Bitcoin has undergone a handful of developments that made 2018 the project’s most successful year.

Bitcoin saw the 0.16.0 and 0.17.0 installments of its core software go live, the former of which aided SegWit’s arrival to the mainstream. Blockstream also made strides, allowing offline consumers nearly all across the globe to access the Bitcoin blockchain via a series of satellites. And even while the network’s hashrate has recently stumbled, it remains up by 400% year-on-year, accentuating the fact that miners still see value in BTC. The SegWit protocol has also seen an adoption uptick, moving from 10% to 40% from January to now.

Moreover, there is a mass of traders who believe that BTC could break under $3,000, but still have a positive future ahead of itself. Anthony Pompliano, for instance, recently stated that BTC could fall under the aforementioned level, but he remains bullish on the cryptocurrency. He explained that in the end, when you boil cryptocurrencies down, they’re driven by math and software, rather than the nefarious individuals that can plague traditional industries. This is, of course, crypto’s underlying value proposition, and this industry’s fundamental narrative since its earliest days, or blocks if you will.

Title Image Courtesy of Ben O'Sullivan on Unsplash

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Bitcoin (BTC) Hit $20,000 One Year Ago Today: “Happy Mooniversary”

“Happy Mooniversary,” Yell Bitcoin Enthusiasts

One fateful year ago, Bitcoin (BTC), the world-renowned digital asset, hit $20,000 on a majority of exchanges amid 2017’s jaw-dropping, unprecedented “speculmania” that took the entire globe by storm. Now, on December 17th, 2018, a number of crypto’s most prominent commentators have taken to Twitter to commemorate that day in Bitcoin’s relatively short ten-year history.

(Altcoin) Thoreau, who goes by the handle “PrintingUSD” in a likely reference to the U.S. FED’s devious practices, took to his following of 23,000 to remind crypto’s segment of Twitter that approximately one year ago, BTC eclipsed the $20,000 price barrier. Just days later, the aggregate value of all cryptocurrencies hit an all-time high of $814 billion. In closing, Thoreau added that he hopes that cryptocurrencies can go to the moon again, subsequently coining the term “Happy Mooniversary.”

Although prominent traders and commentators, like Thoreau, painted their Mooniversary in positive lights, pundits took to Twitter to remind skeptics that this event isn’t a good thing. Peter Schiff, the CEO of Euro Pacific Capital and a diehard fundamentalist, noted that Bitcoin’s recent uptick, which he thought was catalyzed by the Mooniversary, wasn’t worth buying into.

Schiff later appeared on Fox Business, discussing his distaste for BTC and cryptocurrencies, while being pitted against Andy Bromberg, co-founder of CoinList, a platform and service for promising ICOs and prospective investors.

The traditional markets specialist said that just like stock market investors, “Bitcoin HODLers” don’t want to admit that the bull market is over, clearly touching on the controversial sentiment that continual hope in the crypto market is nonsensical. Schiff then noted that while BTC is young, “it will have a very short life,” adding that Bitcoin’s proposed use case as “money” is “flawed.” The Euro Pacific even went as far as to say that Bitcoin doesn’t have the characteristics of a store of value, and as such, doesn’t have prospects for another ten years.

And interestingly, the crypto public at large was mixed at this celebration of what would call a “non-event.” In a Reddit thread, which quickly rose to the top of /r/cryptocurrency’s leaderboards, pseudonymous commenters indulged in the use of humor to douse their pain. One user, who goes by the moniker “Joetromboni,” joked that “there’s going to be a lot of ‘Remindme’s’ showing up in our inboxes,” touching on the fact that one year ago, many traders predicted that BTC would be far above $20,000 today. Others reminisced, stating that last year was a golden time for cryptocurrencies, before making it clear that they missed the unprecedented run-up.

Some ignored price talk entirely. Jameson Lopp, a cypherpunk and zealous Bitcoiner, took today’s occasion to remind the cryptosphere about Bitcoin’s inherent value and ability to alter the world — alluding to the fact that fiat values of BTC should be disregarded. Lopp, who is an advocate for a decentralized ecosystem, noted that he, a libertarian and cypherpunks, sees Bitcoin as the “promise of privacy” and “freedom.”

Title Image Courtesy of Brian Garcia Via Unsplash

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Bitcoin (BTC) Stable At $3,400: Analyst Compares Crypto With Dotcom Bubble

Bitcoin Stable At $3,400, Altcoins In Similar Position 

Interestingly, after a multi-week bout of lower lows, the crypto market at large stabilized on Tuesday and Wednesday, as Bitcoin (BTC) found itself trading in a tight range between $3,300 and $3,500. Since Ethereum World News’ previous market update, released not 24 hours ago, the aggregate market capitalization of all cryptocurrencies has barely budged, up by $1.4 billion (~1.2%) to $111.39 billion in comparison to yesterday’s $109.9 billion.

Like crypto asset values, volumes posted by exchanges have begun to slow, with 24-hour volumes per Live Coin Watch amounting to $5.9 billion, down $1 billion from the $6.9 billion tallied by the platform yesterday. CoinMarketCap statistics have echoed the dissipation of volume, as its 24-hour volume statistic has fallen from $13 billion to $11 billion, where it remains now.

Although BTC underwent a small uptick on Tuesday night/Wednesday morning, with the asset moving as high as $3,460 on Coinbase, Bitcoin has been relatively laid back, failing to break out or fall throughout any key levels of support or resistance. Many eyes are looking to BTC’s year-to-date lows, and the resistance situated at $4,000 as levels of interest.

At the time of writing, Bitcoin has found itself at $3,380 on Coinbase and $3,440 as a global average, making it clear that the asset has found a semblance of stability in the $3,400 range. BTC is currently 0.57% in the past 24 hours.

XRP, Ethereum (ETH), and Litecoin (LTC) followed BTC with precision over the past day, posting gains that were all under a mere 1%. Notable outliers included EOS, which posted a 4.13% gain after a dismal week, Bitcoin Cash (BCH) and Bitcoin SV (BSV) — as the two both lost 2% — and Tezos (XTZ), as the asset surged by 15.42% presumably due to the fact that Huobi Global announced support for the up-and-coming network.

Analyst Compares Crypto To Nasdaq Boom (And Bust)

Speaking with MarketWatch’s William Watts, the outlet’s deputy markets editor, Russ Mould, an investment director at British investment platform AJ Bell, drew lines between the Dotcom boom at the turn of millennia to 2017/2018’s crypto boom & bust.

Mould claimed that crypto’s performance throughout 2018 “looks like many that we’ve seen before across a wide range of asset classes,” adding that the status of the market today propagates “vicious bear traps,” sending crypto “HODLers” even further into the ground. He explained that the Nasdaq, in the midst of its collapse in 2003, tried to break out multiple times, but failed miserably — not too different than Bitcoin’s stints at $10,000, $6,200, and $3,500 today.

Mould isn’t the only analyst to make such connections between two of history’s largest bubbles. In a post titled, “What Bear Markets Look Like,” Twitter angel investor Fred Wilson, who heads Union Square Ventures, noted that just like technology stocks in 2002/2003, cryptocurrencies have posted a more than 80% loss in a year’s time.

The prominent investor added that cryptocurrencies, even BTC, could head lower from here. Giving his statement some rationale, Wilson explained that once Amazon (AMAZ) declined to 20 percent of its all-time high, the then-startup saw its public valuation experience another 50 percent haircut, summating to a jaw-dropping 90 percent loss.

AMAZ’s debacle in the early 2000s may have been nothing but a blip on its multi-decade chart, but Wilson, a Bitcoin believer himself, is visualizing how cryptocurrencies could fall further, even while they have ground-breaking potential and seemingly endless upside.

Still, Wilson, a legendary venture capitalist, ended his aforementioned blog post with an optimistic tone, writing:

“I think some crypto asset (and possibly a number of crypto assets) will have a price chart like Amazon’s current one in 18 years. But we will have to do what Amazon did, hunker down and build value and survive, for quite a while to get there. And I think things will get worse before they get better.”

Title Image Courtesy of Alejandro Alvarez on Unsplash

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Bitcoin (BTC) Falls Under $3,900, Crypto Exchange CEO Unfazed

Crypto Market Stumbles, BTC Under $3,900

Over the past 24 hours, following a 36-hour market lull, crypto assets began to falter, stumbling under the short-term bottoms they established in the days prior. This continued tumultuous movement has seen the aggregate value of all cryptocurrencies collapse by $10 billion, moving under $129 billion for the umpteenth time in weeks. Interestingly, unlike the moves the crypto market underwent throughout November, Monday’s downturn was backed by relatively little volume, a mere $14 billion ($7.2 billion adjusted), which was a far cry from the ~$21 billion (~$10.5 billion adjusted) experienced during crypto’s jaw-dropping sell-off on November 24th.

This recent bout of selling pressure, catalyzing a growing sense of uncertainty, sent Bitcoin (BTC) freefalling under $4,000, a move that came after bulls put up a fight above $4,100 for over 36 hours. At the time of writing, BTC has found itself at $3,850, down a hefty 6.8% in the past day alone.

BTC finds itself at a pertinent crossroads, as recently noted by prominent analyst The Crypto Dog. The pseudonymous trader, known for his astute analysis, recently claimed that if BTC doesn’t close above its 50% Fibonacci Retracement level (~$3,900), the asset may be in for more drop, less chop. On the other hand, however, if it holds the key level, BTC may see “more chop, less drop” for the foreseeable future, until a bullish/bearish breakout eventually comes to fruition.

Altcoins, as normal, have failed to decorrelate from ‘big daddy BTC’, with this industry’s beloved assets, namely Ethereum (ETH), XRP, Stellar Lumens (XLM), among others, posting mid-single-digit losses. Dogecoin (DOGE), however, has found itself standing out like a sore thumb, moving against the crowd and posting gains, as reported by Ethereum World News previously.

CoinCenter CEO Unfazed: Volatility Byproduct Of Industry Nascency

While this recent move left investors asking if the worse has yet to come, Danny Scott, CEO and co-founder of Isle of Man-based CoinCorner, told MarketWatch that Bitcoin’s recent tumult, along with 2018’s decline as a whole, isn’t a worrying sight.

Scott told the financial media outlet’s in-house crypto reporter, Aaron Hankin, that he’s seen 2018’s scenario play out many times in the past, with everything turning out fine and dandy in the end. The CoinCorner chief stated:

If we look back over bitcoin’s short 10-year history, it has experienced many price fluctuations — something that is to be expected given that the industry is still very young. There have been a number of sizeable price movements over the years which have typically gone unnoticed by anyone except those within the industry… In 2013 we saw the price drop 49.88% in just 14 days, which is a bigger drop than the one we have experienced over these last two weeks.

This statement, of course, points to Scott’s continual belief in Bitcoin, in spite of the day-to-day chaos and worrying price movement. And he isn’t alone in touting such sentiment.

Just recently, Ronnie Moas of Standpoint Research recently claimed that late-2018’s sell-off was primarily driven by an emotional overreaction, and as such, he expects a rebound to occur in the near future.

Morgan Creek CEO Mark Yusko, who is a friend to the cryptosphere, took to CNBC’s Fast Money last week to claim that over the next decade, BTC is likely to undergo a 20 times gain, due to its value as a global network.

Bitcoin Break-Even Mining Cost Falls, Price May Follow

However, with the Bitcoin Network’s recent difficulty adjustment, which potentially dropped the break-even cost of BTC mining, some fear that lower lows are likely. As noted by a number of industry analysts, like Fundstrat’s Tom Lee, break-even cost can often be interpreted as a price floor for BTC.

Keeping this in mind, and considering that the break-even cost has fallen to a reported $3,170-$4,170, some fear that a move lower is in Bitcoin’s cards. But then again, some. including Barry Silbert of Digital Currency Group, aren’t sold on the theory that mining directly affects the value of cryptocurrencies.

Title Image Courtesy of Andre Francois via Unsplash

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IOTA (MIOTA) Expands Industrial Partnerships with VW, Bosch and Fujistsu

Many crypto enthusiasts believe that blockchain projects with a use case in real life problem solving, will be the ones to stick around in the long run. It is therefore not surprising that IOTA (MIOTA) fans are still enthusiastic about the project and the numerous possibilities it holds in revolutionizing the Internet of Things.

2018 will indeed prove to be one of the best years for the IOTA project for the foundation wants to expand on three major industrial partnerships with Bosch, Volkswagen and Fujitsu. The numerous applications of IOTA through its three partners has been demonstrated on numerous occasions at various fairs and events across the globe.

Bosch

Bosch describes the Internet of Things as:

The magic quality of the IoT is the connected world it makes possible: a world that’s getting bigger as the technologies linking devices become smaller, cheaper and faster.

At the end of last year, Bosch introduced its new sensor XDK or Cross Domain Development Kit which takes automation and its interaction with the IOTA tangle t a whole new level.

Volkswagen

On the other hand, VW, in conjunction with IOTA, presented a new proof of concept at the CEBIT 2018 event. VW wants to integrate the technology into its products to make sure all the cars get the data they need to run certain updates and functions as we advance into the future of technology.

With the future of driver-less cars not that far away, the transmission of data and software over radiowaves to vehicles on the IOTA tangle will be core to maintaining order on the roads.

Fujitsu

Fujitsu wants to offer its IOTA test project to its customers in the manufacturing and automotive industries. The company already sees IOTA as the new protocol standard in IT services and manufacturing IT products. Smart factories powered by the IOTA tangle, can make the manufacturing process more efficient.

Dr. Rolf Werner, who joined the board of the IOTA Foundation, describes the major applications as follows:

The possibilities of decentralized and secured applications based on IOTA Tangle as a Distributed Ledger Technology are immense. They go far beyond machine-to-machine payment and include, for example, tamper-proof monitoring of the supply chain and secure identity management, just to name a few. I’m delighted to join the IOTA Foundation Supervisory Council to provide a journey that will be meaningful for lots of industry sectors worldwide.

In conclusion, the IOTA project has very exciting times ahead in terms of solving real life problems. With respect to the market performance of the digital asset, MIOTA, the current bear market has left it valued at $0.52 at the moment of writing this. The decline in value is not limited to MIOTA, but is on a crypto-wide level with many anxious to see a market rebound before the end of the year.

Disclaimer: This article is not meant to give financial advice. Any opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.

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Analysis: “Uncanny” Correlation Between The Long-Term Bitcoin And Gold Charts

“Uncanny Pattern Resemblance”

Since Bitcoin’s inception a decade ago, many have likened this decentralized digital asset to gold, with some dubbing Satoshi’s brainchild as a form of “digital gold.” This connection may be drawn due to the fact that the two individual assets are both stores of value, divisible, durable and secure.

Although there are similarities between the two assets that are as clear as day, as recently pointed by Nunya Bizniz, a lesser-known cryptocurrency proponent, there might be an “uncanny” line that can be drawn between the price action of gold and its digital counterpart.

On Thursday, Bizniz took to Twitter to bring up two separate charts, with the first being gold’s 43-year price history and the BTC’s price action throughout the entirety of its nine-year lifespan. Putting the charts (which are logarithmic/non-linear) side-by-side, it becomes apparent that there are clear parallels, or as Bizniz puts it, “uncanny,” even though the two stores of values may be inherently different at their core.

As seen in the tweeted image (above), the price action of both markets have seen similar bouts of exponential increases and subsequent ‘cooldowns’, leading some to ask if BTC is following in the footsteps of gold in some manner.

In a tweet posted just days after the original, the user brought up a zoomed-in chart of the two assets to back up the belief that they could be correlated. According to the tweet, if BTC is really following gold’s path, that could mean that the price of the foremost crypto asset could move under the ever so important $5,800 support level over the next few months.

However, as covered by Ethereum World News, Gabor Gurbacs, the director of digital asset strategy at VanEck/MVIS, claims that BTC could be worth upwards of $20,000 if it can succeed in a role as a primary form of digital gold. Gurbacs explained his prediction, stating:

Investors do refer to Bitcoin as a form of digital gold and gold today has around $7 trillion outstanding. If you take, say, 5 to 10 percent — I’ll let everyone do the math — Bitcoin has upside. Bitcoin is used as digital gold today. It’s a de-risk asset.

CryptoOracle Executive: Bitcoin Is Functionally Better Than Gold

Postulated price correlation aside, there are many that think that Bitcoin is actually superior to gold, as it has certain functions that make it an appealing investment, while also being functionally better than the yellow metal that humans have come to love over the course of written history.

As reported by Ethereum World News previously, Lou Kerner, co-founder and partner at CryptoOracle, “the first community-first crypto VC,” recently spoke with CNBC to reveal that Bitcoin may actually one-up gold in certain areas. Speaking on CNBC’s “The Coin Rush” segment, which holds a focus on cryptocurrencies and blockchain technologies, Kerner noted:

Gold has emerged as the global store of value and it has held that position for literally a couple thousand years — that’s an awesome run. So we now we have something (Bitcoin) that we think may be functionally much much better. So we expect that over time — not in a day, not in a week, not even in 5 years, — for some of the people using gold as a store of value to switch to Bitcoin.

While the crypto asset proponent didn’t mention any specific drawbacks of gold or positive aspects of Bitcoin, it could be assumed that he sees Bitcoin’s ease-of-use, immutability, digital nature as reasons why some forward-thinkers would see value in the use of BTC.

Image Courtesy of Michael Steinberg @ Pexels

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Crypto Market Continues Lower, ETH Falls Below $200, BTC at $6,150

Crypto Market Sees Violent Move To The Downside,  BTC Falls 4% 

After days of sideways price action, on Saturday, traders awoke to a horrific sight, with the cryptocurrency market continuing lower due to a fresh bout of sell-side pressure across the board. So essentially, when optimists thought it couldn’t get worse, it did, and a whole lot worse at that. Within the span of a single hour, BTC fell from $6,420 to $6,140, as selling volume ramped up on a variety of exchanges.

Chart Courtesy of TradingView

As with other recent bearish movements, altcoins actually underperformed Bitcoin, with a majority of crypto assets posting losses of 6% or more, while Bitcoin sat at 4% down on the day.

Image Courtesy of CoinMarketCap

In this move, however, there was one altcoin that stood out among the crowd of hundreds. As chart watchers are likely aware of, this sore thumb was Ethereum, or the price of ETH to be exact. For the first time in months, if not a year, ETH has fallen under the price of $200 and now sits at $192 and seems to be poised to move lower.

There wasn’t a clear catalyst for this continued bearish move, but many pointed out that the market weakness imposed by the previous move down likely incited Saturday’s drop. Analysts now have their eyes on the $6,000 and $5,800 support levels for BTC, which will both be points of interest if the market continues to post losses.

Some pessimists have pointed out that if Bitcoin closes under $5,800, that it could signal that this nascent asset class is ready to move into a multi-year bear phase. But for now, it remains to be seen whether this is just a baseless claim or a thought that holds credence.

Fundstrat’s Sluymer: “There Is No Strong Technical Setup For Bitcoin”

Following BTC’s drop from $7,100 to $6,300 on Wednesday, Robert Sluymer, a well-known analyst at Fundstrat Global Advisors, spoke with MarketWatch to discuss his opinions about how traders should deal with the market in its current state. The Fundstrat analyst stated:

That was a very damaging drop. There is no strong technical setup for bitcoin, we remain with lower lows and lower highs.

The analyst added that outside of day trading, it makes no sense to hold a long on ‘physical’ BTC tokens, as the indicators clearly show that BTC is evidently more bearish than it is bullish. However, there’s apparently even a risk for day traders, as Sluymer went on to point out, stating, “If you do [day trade], you have to have a tight stop.”

Oddly enough, the Fundstrat analyst’s sentiment is polar opposite from sentiment held by longtime Bitcoin bull Tom Lee, who is Sluymer’s co-worker. But this makes sense, as the former Fundstrat analyst is focused solely on technicals (which have been trending bearish), while Lee has his eye on fundamental indicators (which signal more positivity than technicals) and lesser-known and under-utilized technical indicators.

Photo by Alessia Cocconi on Unsplash

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Chinese Crypto Traders Find Ways To Skirt Government Crackdown

Rules Are Meant To Be Broken? 

To many in the crypto community, intense government intervention or regulation is not a problem, as a majority of nations across the globe are somewhat open to the use and propagation of crypto assets. However, as reported multiple times by Ethereum World News in the past few weeks, China-based regulators have been doing their utmost best to clamp down on the development, use, and trading of cryptocurrencies within the country’s borders.

Some of the measures the government took include, silencing crypto discussion on online forums, banning cryptocurrency-related events, restricting 124 foreign crypto exchanges, blocking access to eight crypto-centric news outlets on WeChat, and also banning Alipay accounts that have been suspected of facilitating crypto trades.

But as the old saying goes, “rules are meant to be broken.” Cryptocurrency firms and traders within the country have evidently taken this saying to heart, doing their best to skirt the bans by introducing ingenious solutions and workarounds.

As per a recent report from the South China Morning Post, despite Beijing’s attempt to shutter local exchanges, executives and employees within these firms have sought to avoid the ban by utilizing a series of domains to get their exchanges to the public via alternative means, albeit in less than ideal manner.

By moving their servers and legal operations outside of Chinese borders, these firms can essentially bypass a majority of the legal risks of propping up an exchange in China, which become classified foreign exchanges at that point. Speaking on the matter, Terence Tsang, the chief operating officer of TideBit, which maintains a series of crypto exchanges in Hong Kong and Taiwan, stated:

The latest warning and potentially increased monitoring of foreign platforms is targeted at a batch of smaller exchanges that had claimed to be foreign entities, but are in fact operating in China claiming they have outsourced their operations to a Chinese company… Those exchanges whose website landing pages are in Chinese have drawn particular scrutiny by regulators.

However, despite these updated exchange “website landing pages” drawing substantial amounts of scrutiny from regulators, industry leaders said that as long as an exchange’s server remains outside of China, that it would be a “huge challenge” for governmental bodies to stamp out all instances of cryptocurrency trades and transactions.

China’s Alternative Mode Of Crypto Trading

The South China Morning Post went on to describe how Chinese crypto investors have been trading following the ban. First prospective traders will need to find a way to purchase Tether tokens for Yuan, which can be done via exchange sites that offer Tether-to-yuan trading after the two sides of the trade submits fulfill the proper KYC requirements. The “exchange” oversees the trades, ensuring that both sides of the agreement get what they were asking for.

Sources told the SCMP that money will be transferred from bank-to-bank, or via third party payment networks, like AliPay or WeChat. Once the Tether appears in the wallet of the trader, he/she/they can trade these tokens on foreign exchanges through the use of VPNs and similar programs.

Photo by 郑 无忌 on Unsplash

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Crypto Millionares Can Still Buy Bugatti Cars With Bitcoin, Even In A Bear Market

Post Oak Motors Introduces BitPay Integration, Can Accept Bitcoin

The words “Lambo” and its equivalents are some of the most commonly used terms in the vernacular of a cryptocurrency trader, as some, whether they are jokesters or high-achieving individuals, claim that the exquisite lifestyle can be achieved via crypto investing. And although these statements involving these terms are often seen as jokes or a near-unachievable aspiration at best, with a recent press release, it seems that the dream to obtain fancy cars via cryptocurrency investments could finally become a reality.

As reported by TheStreet, a New York-based financial news and information provider, Post Oak Motors, a popular luxury car shop in Houston, Texas, has just revealed that it will be implementing the popular BitPay Bitcoin-focused payment processing solution.

Post Oak Motors is now the first Rolls-Royce, Bentley, and Bugatti dealership in America to accept Bitcoin and Bitcoin Cash as a bona fide method to purchase products. With this integration, customers from all across the globe can purchase cars from the automobile retailer, with it being as simple as sending a payment through BitPay.

For now, it seems that this is more than a money grab, as the owner of the retailer overtly expressed his excitement for this move in the aforementioned press release, noting that Bitcoin’s 2017 bull run piqued his interest in the integration of BitPay, as he realized it would likely benefit his business. Owner Tilman Fertitta, who is also a multi-billionaire business magnate, elaborated, stating:

The rising of bitcoin sparked my interest. Being a premier luxury car dealer, I always want to offer my customers the very best buying experience and this partnership will allow anyone around the world to purchase our vehicles faster and easier

BitPay representatives also conveyed their excitement for this move, with Sonny Singh, the chief commercial officer of BitPay, adding that this integration is in line with the growing popularity of utilizing Bitcoin for larger purchases. Singh noted:

We’ve noticed people prefer to make larger purchases with bitcoin since it is a simple way to make payments. This partnership is timely with the increasing popularity of Rolls-Royce, Bentley and Bugatti vehicles. Post Oak Motors has a great reputation of selling the finest cars and we are thrilled to be partnering with Tilman.

Post Oak Motors Owner: Bitcoin Here To Stay 

Taking a look at Tilman Fertitta’s previous comments regarding cryptocurrencies, it makes sense why he would decide to integrate BitPay without much of a second thought. As BTC peaked in late 2017, Tilman Fertitta, who appeared on CNBC’s Power Lunch segment, openly divulged his personal opinion on this relatively new asset class. He noted that although this space is often over-hyped, blockchain and crypto assets are likely here to stay.

He then added that blockchain could be likened to the second coming of the internet, stating:

I think it’s going to happen… I mean, I remember somebody walking into my office and saying, ‘The world’s going to change. There’s this thing called the internet.’ And that wasn’t that long ago. So we have to remember this. It’s just something new and everything moves at a quicker pace today.

Photo by Alex Holyoake on Unsplash

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