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Crypto Market Holds $100B, BTC, XRP, ETH Post Losses

Crypto Nears $100B, As BTC, XRP, ETH Post Slight Losses

Although many still expect for markets, crypto included, to undergo a “Santa Claus” rally, whereas publicly-tradable assets surge as the year climaxes, the crypto market continued to falter on Saturday, with BTC, XRP, and ETH all posting slight losses after a strong sell-off on Friday. The aggregate value of all cryptocurrencies is currently at $103.29 billion, as per Live Coin Watch, with this figure being down by $6 billion since Ethereum World News’ last market update.

Interestingly, while plunges lower often arrive on the back of an influx of sell-side pressure (volume), this most recent sell-off was backed by relatively measly volumes — a mere $5.5 billion in adjusted 24-hour volumes. Yet, the market is down nonetheless, with this recent bout of capitulation moving this asset class one step closer to the key level of psychological and emotional resistance at $100 billion.

The past few days has seen Bitcoin market dominance slightly increase, from 54.5% to 54.92% in a matter of days. Although dominance shifts often precede underlying industry shifts, this move doesn’t seem to be indicating that BTC will outperform altcoins drastically.

The past 24 hours have seen BTC, which remains in a downtrend, fail to breakout, moving lower to $3,200, the asset’s just recently-established year-to-date low. Analysts are currently looking to $3,000, which BTC has yet to breach, as a key level of support to watch in the coming days. At the time of writing, BTC is down 0.97% and has found itself at $3,200, as aforementioned.

XRP and Ether have followed close behind BTC, failing to decouple from this market’s leading asset in the recent market tumult. Ripple’s XRP, second only to Bitcoin, saw itself post a 1.62% loss, recently moving under $0.300 to $0.284 in-step with BTC’s chaotic price action. Interestingly, while the go-to asset for Ripple underperformed BTC, many still believe that XRP has copious use cases and upside.

As reported by Ethereum World News, Travala.com, a popular crypto-friendly hotel booking service, recently began to accept XRP. The service, known as crypto’s own version of Expedia and Airbnb, currently lists more than 550,000 properties across the globe’s 210 most traveled destinations. American Express, also known as AMEX, recently lauded Ripple, which has ties to XRP, for its ability to process cross-border transactions in a cost-effective, near-instant, and secure manner.

Ether (ETH) posted a similar performance to BTC and XRP, as the now third highest cryptocurrency by market capitalization is down to $83.24, down 1.44% on the day. Yet, like XRP, many still see value in Ether, as reports indicate that the CFTC may be preparing to green light futures contracts for ETH.

Although the world-renowned crypto trio posted near-homogeneous performances, altcoins were all across the board. EOS, for instance, saw a 5% gain, while Stellar Lumens (XLM) was down 6% in the past 24 hours. So, the fact of the matter is that the cryptocurrency market remains in a state of disarray.

Analyst Expects Bitcoin (BTC) To Move Under $3,000

With this recent move, analysts have sought to determine where BTC — stuck between a rock and a hard place — will head next, as the single asset currently determines all of crypto industry’s fate. Speaking with MarketWatch, Nick Cawley, an analyst at DailyFX, stated that the Bitcoin price could break under $3,000 in “a matter of time,” drawing attention to the asset’s value on September 15th, 2017. During that period last year, the crypto market was reeling from China’s apparent ban on Bitcoin trading.

Regardless, Cawley noted that $2,970 is the next “target” for BTC, before adding that long-term support for the popular digital asset is situated around $1,760.

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Bitpay CEO: Bitcoin Price Built Off “Speculation”

Big Component Of Bitcoin Price Is “Speculation”

Since the monumental run-up in the Bitcoin price during 2017, pundits have speculated that traders have ousted investors, creating an environment that has been rife with price speculation. In a recent interview with CNBC’s Squawk Box, Stephen Pair, CEO of the world-renowned crypto-friendly payment processor that is BitPay, confirmed this theory.

Speaking on the aforementioned outlet’s “Squawk Box” segment, Pair, presumably located in BitPay’s Atlanta headquarters, was first asked if BTC at $3,200 (current prices) is a fair value for the well-recognized digital asset. Turning the question somewhat on its head, long-time crypto savant Pair, formerly of IBM, noted that “it’s hard to say,” as a big component of the asset’s value is centered around speculative orders, which attempt to gauge how much impact BTC will have on society.

Yet, he added that a “small component” of BTC’s U.S. dollar valuation is tied to the utility of the asset, like as a digital store of value or an extremely secure digital medium of value — the latter of which being BitPay’s focus as an innovative startup.

BitPay CEO Speaks On (Bullish) Crypto Catalysts 

Pair, when questioned about his colleague’s prediction that the Bitcoin price could surpass $15,000 to $20,000 in 2019, went on to discuss catalysts that could push this cryptocurrency higher in the years to come. The CEO of the American fintech startup noted that while BitPay already processes $1 billion in BTC/BCH transactions yearly, he wants this sum to grow to $10 billion and $100 billion in the years to come, as a sign of the growing influence of cryptocurrencies on a global scale.

With adoption comes higher prices, Pair added, as is dictated by the principles of network value, and the simple fact that consumers will purchase BTC en-masse if payment solutions are seamless and cheap.

The industry chief also alluded to the theory that the arrival of institutional players and products, like a Bitcoin-backed exchange-traded fund (ETF), Bakkt’s crypto futures, and other related forays, could push prices higher, as such efforts could also drive adoption, and subsequently, the Bitcoin price.

Pair Has Confidence In Blockchain

An overarching theme in 2018’s crypto market has been a shift from cryptocurrencies to blockchain applications. So, it should as no surprise that the CNBC anchor went on to query Pair about decentralized ledger technologies, which underpins the Bitcoin Network and its altcoin brethren. Pair stated that he has confidence in the decade-old innovation, but added that when it comes down to the nitty-gritty, blockchains are just a form of a database, rather than an abstract concept that some see it as.

Yet, he added that over time, as the world progresses, companies will begin to adopt blockchain-like data management techniques for a range of use cases, one of which being cryptocurrencies, of course.

In closing, touching on what lies in this industry’s future, the insider noted that Bitpay’s thesis is that within three to five years, most payments will be conducted on blockchains, while a majority of assets would be situated on the same technology.

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Legendary Investor: Bitcoin (BTC) Could Bottom At $3,000, Altcoins To Crash

“I’m Believe In The Bitcoin Narrative”

Peter Brandt, a legend in the commodity investment realm, recently sat down with CoinTelegraph to discuss his opinions on the current bear market. Although Brandt has traded traditional markets for decades, nearing five at this point, he lauded Bitcoin (BTC).

Discussing the bearish market conditions, Brandt first claimed that one of the “best things you can do [in trading]” is keeping your money intact, likely bashing the sentiment that “HODLing” or risky day trading can produce stellar profits in the long run. The American trader, who has authored a number of essential trading primers, added that while cryptocurrency diehards see “fiat” as a no-go, those who have “HODLed” government-issued currency have been “far better off than those stubbornly deciding that BTC will go to $100,000.”

And interestingly, Brandt, who currency touts 234,000 followers on his Twitter feed, noted that the active traders of today may “miss the big moonshot when it comes,” due to their penchant for using short-term indicators and viewing the market from a day-to-day perspective.

Although the trader bashed the idea of holding or trading cryptocurrencies in 2018, Brandt went on to explain that he’s becoming a “long-term buyer and holder of BTC.” However, in an apparent Bitcoin maximalist outburst, the CEO of Factor Trading added that he has “no time” for other “old coins” or macro caps, such as Ethereum (ETH) and XRP.

Touching on why he addresses the nascent crypto industry from such a perspective, Brandt noted that he’s a Bitcoin guy through and through, before quipping that he believes in the asset’s narrative — potentially as a digital store of value, or the world’s most secure transaction settlement layer. Further alluding to the theory that he’s not the biggest fan of altcoins, Brandt flat-out stated that he “thinks 98% to 99% of the coins out there are going to eventually be worthless,” even adding that his fellow pundits hold similar sentiment.

We Could Bottom Within Six Months, At $3,000 Per Bitcoin

When asked the age-old question about when the crypto market established a bottom, Brandt jumped on the question, as he was seemingly poised to give his insight to such a pertinent topic. He first explained that cryptocurrency markets are optimal for a chartist, as technical indicators actually give good insight.

As such, Brandt explained that according to his analysis of fractals, coupled with other indicators, he is calling for BTC to hit $2,900, but sees multiple scenarios that could be fleshed out. Firstly, he said that there’s a chance that the Bitcoin price won’t hit the aforementioned figure, as $3,000 is an extremely strong psychological level and a level of accumulation for long-term cryptocurrency advocates.

The other scenario, in the American trader’s mind, is that if BTC plunges below $2,900 with enough sell-side pressure, there’s a chance the asset could fall to $1,200 over a medium-term period.

Still, the Factor Trading chief noted that as lines can be drawn between 2014/2015’s cryptocurrency downturn and that of today, the market is likely entering its last leg of capitulation and despair — whether BTC falls to $2,900 or $1,200.

In closing, he doubled-down on his support for this budding asset, widely dubbed Digital Gold, by stating that he has 8% of his net worth in BTC, before stating that the cryptocurrency could find a bottom in the next six months, even at the low 3000s.

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Litecoin (LTC) Flips Bitcoin Cash (BCH) In Crypto Bear Plunge

The Flappening

During 2018’s earliest months, as Ethereum (ETH) surged above $1,000 in a surprising turn of events, many began to expect for the platform-centric cryptocurrency to overtake Bitcoin (BTC) — crypto’s undoubted leader — in terms of market capitalization. Charlie Lee, creator of Litecoin, a former Coinbase employee, and seeming ETH skeptic, took to his Twitter feed to defend BTC, noting that the aforementioned “will never happen.”

At the same time, Lee added that the cryptocurrency of his own creation, Litecoin (LTC), could overtake Bitcoin Cash (BCH), as many believe that the former accomplishes what the latter has sought to do — a cryptocurrency that closely resembles the “OG” Bitcoin, but with slightly altered characteristics to be classified as “true digital cash.”

In response to Lee’s tweet, the ardent Litecoin community quicked to the industry insider’s side, launching LTC v.s. BCH data aggregator Flappening.watch, whose name is an evident nod to the “flippening” (ETH>BTC) and Lee’s mascot — a chicken clad in armor. For most of the year, the valuation of all BCH stayed far ahead of LTC’s capitalization, moving relatively higher on the back of Bitmain’s stamp of approval and other catalysts.

Yet, with the recent market downturn, coupled with the hard fork of the Bitcoin Cash chain, Charlie Lee’s brainchild has begun to gain on the favorite cryptocurrency of Bitcoin.com CEO Roger Ver, Bitmain, and Jihan Wu.

Litecoin (LTC) Overtakes Bitcoin Cash (BCH) On Crypto Leaderboard

On Friday afternoon, in the midst of a further BTC sell-off to $3,150, BCH began to capitulate hard, falling below key support levels and underperforming the market at large. At the same time, LTC began to undergo a slight recovery, bouncing off its year-to-date lows at ~$22.5, posting the only positive performance in crypto’s top 20.

And as that happened, to the chagrin of Bitcoin Cash’s diehard proponents, who have clung onto the asset for dear life since November 14th’s contentious network upgrade, Lee, who is a brother to BTCC co-founder Bobby Lee, took to Twitter to give an update.

Through the use of three emojis, the likeness of a chicken, a flying dollar bill, and a rocket ship, coupled with a GIF, Lee accentuated the fact that his prediction had come true, tagging the Flappening Twitter in pure ecstasy.

Per data from Flappening.watch, the market capitalization of LTC is $5 billion higher than its rival in BCH. Not only has coblee’s creation ousted the most prominent Bitcoin fork in terms of standing, but Litecoin also touts 384% more active addresses, 340% higher daily transactions, and 288% more in trading volume.

Data gathered from CoinMarketCap also indicates that this pertinent industry event has occurred, with the price tracker making it more than clear that Litecoin has passed Bitcoin Cash on crypto’s long-standing leaderboards — filled to the brim with every brand of cryptocurrency.

It remains to be seen whether LTC will stay on top of its altcoin brethren, but considering the trajectory that BCH is taking, some believe that Litecoin’s relative surge will be a permanent play.

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Bloomberg Editor Critical Of Bitcoin (BTC) — Wants Blockchain, Not Crypto

Bloomberg Former Editor-In-Chief Bashes Bitcoin (BTC)

Amid 2018’s tumult and market downturn, Matt Winkler, the former editor-in-chief at Bloomberg News, recently cut out some time to speak with the outlet’s Emily Chang to discuss cryptocurrencies and Bitcoin (BTC).

Speaking with the outlet’s anchor in a short interview, Winkler, a world-renowned reporter in the business realm, first explained that Dotcom startups were valued by their cash earnings, a questionable indicator in the eyes of fundamentalists. With the essential second coming of the Dotcom Bubble in Bitcoin, the Bloomberg reporter explained that it’s hard to value cryptocurrencies by their “intrinsic worth,” adding that commentators do “mental gymnastics” to come up with target prices for this nascent asset class.

Winkler added that “even Warren Buffet” has lambasted cryptos, like Bitcoin, as assets that do not have actual value — failing to recognize that many believe that cryptocurrencies and related technologies have untapped potential and upside.

When asked about if BTC could see a recovery, Winkler responded with caution, stating:

I’m not clairvoyant and I think that this answer is way above my pay-grade. What I can do as an observer, newsman is to look at this and say what justifies its valuation which we see in the marketplace. And when it’s difficult to find the answers, you ought to be pretty cautious.

In closing, responding how countless centralists have in recent days, the member of Bloomberg top brass noted that while he’s cynical of cryptocurrencies, he sees value and innovation with decentralized ledger technologies.

Bloomberg Bashed As Crypto “FUDders”

And interestingly, Winkler isn’t the only Bloomberg-affiliated journalist or reporter that has been lambasted by crypto’s community. In recent days, there has been an uprising (of sorts) on Crypto Twitter, whereas this nascent industry’s leading participants, including Mike Dudas, pseudonymous analyst “I Am Nomad,” and Armin Van Bitcoin, have bashed the prominent outlet’s coverage of Bitcoin and related technologies.

Notable fintech entrepreneur Mike Dudas, who currently acts as the founder and CEO of The Block, drew attention to Bloomberg’s most recent piece on Bitcoin being a bubble, one of the first in a line of many.

I Am Nomad, known for both his industry skepticism and optimism, exclaimed that the New York-headquartered outlet has been “rifling” out the crypto “op-ed FUD,” questioning if the propagation of such negative press could be done “on purpose.”

Armin Van Bitcoin, a prominent advocate of his nickname-sake from Canada, quipped that Bloomberg journalists essentially believe that global debt isn’t a concern, centralized parties should control monetary supply, “Ethereum is the next Bitcoin,” and we don’t need the flagship crypto asset, as it’s purportedly dead.

The Crypto Fam, who also claimed that the site’s coverage of Bitcoin has been shoddy, noted that employees are paid to “‘move markets’, a practice that lends itself to sensationalism and hyperbole.” The account, which represents a community of crypto enthusiasts, cited a Business Insider expose on Bloomberg’s potentially questionable and immoral practices to back their claim.

Others recently bashed Bloomberg’s anti-crypto ATM piece, with trader “Needacoin” and journalist Joseph Young both noting that automated tellers that “dispense” BTC are far from mediums of money laundering, as there are measures in place (transaction limits, CCTV, etc.) that prevent such heinous acts.

No matter the form that the criticism took, it is becoming apparent that crypto’s most prominent participants have taken issue with Bloomberg, as some fear that the organization is in bed with centralized financial institutions — who would stop at nothing to see Bitcoin fade to dust.

Still, @crypto, as Bloomberg News’ crypto branch goes on Twitter, has seemed hell-bent on pushing on content pertaining to this decade-old asset class. And seeing the influence that media has over society today, some wouldn’t be surprised if criticism continues to fly crypto’s way.

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(Former?) Kid Crypto Millionaire Bashes Bitcoin (BTC), Calls It “Dead”

Erik Finman, The “Teenage Bitcoin Millionaire”

Erik Finman is likely a name you have heard in crypto’s lore. If this name doesn’t ring any bells, here’s some background on this near-mythical figure in Bitcoin’s history.

As revealed in a Buzzfeed News video posted on Youtube, which has garnered 5.94 million views in its one and a half year lifespan, Finman was formerly an average American adolescent with dreams of grandeur, and an unbridled hate for college. Due to his hate for higher education, his parents decided that he wouldn’t have to attend college, only if he was worth $1 million by 18.

So, when $1,000 was given to Finman by his grandmother to start a college fund, the then-tween decided to play his cards in a risky manner. This, of course, was an all-in allocation into Bitcoin (BTC), valued at ~$2.5 a piece at the time of purchase.

Speaking with Buzzfeed, Finman, who currently resides in a lofty New York high tower, divulged the reasoning behind this unique investment. He explained that prior to his grandmother’s gift, his brother, who also saw $1,000 come his way, had begun to dabble in cryptocurrencies. The now-early-stage adopter followed suit, finding interest in cryptocurrencies, and, as is now ingrained into the internet’s immortal stone, purchased 403 BTC.

With the funds he garnered, which reached a maximum valuation of $8 million in late-2017, he has since purchased a flashy apartment block in New York, one of the world’s most expensive housing markets, and funded and participated in a number of innovative startups, including a satellite-centric project most recently.

From what Ethereum World News can gather, Erik has not divulged how much BTC he has sold, at which price, and subsequently, how much he has directly profited from his investment.

Change Of Heart?

Yet, speaking with MarketWatch, the now-millionaire entrepreneur has hinted that he may have liquidated his entire cryptocurrency portfolio into fiat, likely to fund his ambitious ventures. In an interview with the financial outlet, Finman exclaimed that putting too many eggs in one basket, namely cryptocurrencies, could produce dismal results.

He said flat-out that “Bitcoin is dead,” adding that the fragmented nature of the crypto community, as made by apparent by the Bitcoin Cash hard fork, could spell the end for the asset… eventually. Finman noted that while he could see BTC undergoing one more bull run, the asset is likely to fail in the long-term, presumably due to the theory that Bitcoin hasn’t been able to keep up with blockchain’s rapidly expanding value.

Finman then bashed Litecoin, explaining that the project has been “quite dead for a while,” likening the asset to the setting Sun when it’s about to go under the horizon.

In closing, he told MarketWatch that he expects project/platform cryptocurrencies to continue operations in the long haul, drawing attention to Ethereum (ETH) and ZCash (ZEC).

Regardless, his investment in the world’s first cryptocurrency likely changed his life entirely for the better, as Finman has since embarked on a number of ventures, as aforementioned, while catalyzing quite the growth in his social media following.

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Bitcoin (BTC) Revisits YTD Low At $3,220, Crypto Fails To Breakout

Bitcoin Revisits YTD Low, Crypto In Turmoil

After holding in the $3,350 to $3,500 for a matter of days, Bitcoin (BTC) faltered on Thursday, tumbling below $3,300 to find itself at its year-to-date low — $3,220. Since Wednesday’s market update from Ethereum World News, the collective market value of all circulating cryptocurrencies has found itself at $107.5 billion, nearing year-to-date low levels, down from the $111.4 billion of yesterday. This difference represents a 3.5% loss in market capitalization, not the most promising sign for blockchain-based assets, such as BTC.

Interestingly, however, volumes began to slightly ramp up to match the market, with 24-hour volume moving to $6.25 billion per data compiled by Live Coin Watch. The same statistic was at relatively mere $5.94 billion yesterday.

Throughout this market tumult, to the chagrin of Bitcoin maximalists and analysts, BTC market dominance has held, barely budging from the 54.5% the figure is situated at now. Yet, some pundits expect for BTC to relatively outperform in the months to come, as ICOs and altcoin projects collapse due to increasing financial and regulatory pressure.

Following a period of range trading that spanned multiple days, Thursday finally saw BTC undergo some notable price action. The asset fell through $3,380 on Thursday morning, finding a short-term base at $3,320 before capitulating even further. After holding $3,260, the prominent crypto asset briefly spiked lower to $3,220, presumably due to a large sell-order. This marks the second, if not third time in two weeks that Bitcoin has visited the low 3200s, where the asset’s year-to-date low lies.

At the time of writing, BTC has found itself at $3,250 on Coinbase (note: global average is $3,330), making the asset down 4.19% in the past day. Intriguingly, BTC actually underperformed altcoins today, not a common sight in a dismal crypto bear market.

XRP, for instance, posted a relatively mere 2.08% loss, while Ethereum (ETH) barely beat BTC, finding itself down 3.76% in the past 24 hours. Yet there were still some assets that suffered, including Stellar’s XLM (-6.72%), Bitcoin Cash (-9.31%), and Bitcoin SV (-10.43%). Most of the altcoins not mentioned in this article matched Bitcoin’s performance.

Analyst: Public Has Written Cryptocurrency Off As A Fad

Issuing a comment to MarketWatch on the current state of crypto, Jani Ziedins, an analyst from CrackedMarkets, noted that Bitcoin’s lack of action and inability to breakout higher should be a concern to investors. He wrote that the longer these depressed price levels are held, the closer that BTC gets to being not undersold, subsequently making it less likely that the cryptocurrency market could pop.

The investor added that the “public has largely written cryptocurrencies off as a fad,” and as such, retail money has been slow to flow — a “big liability” in Ziedins’ eyes. However, some would beg to differ with Ziedins’ statements.

Fervent crypto advocate Tom Lee, head of research at Wall Street’s Fundstrat, recently told his clients in a note, relayed by Bloomberg, that he stills sees BTC as undervalued. Lee claimed that Bitcoin, by its “fair value,” should have a valuation for $13,800 to $14,800 a piece, specifically due to the growing number of active wallet addresses, growing transaction counts, and due to the asset’s nature as a deflationary asset, or store of value.

And Lee isn’t alone, as there are a number of analysts that have maintained their belief in cryptocurrencies, especially from a long-term outlook.

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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.”

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Ethereum (ETH) Futures Rumors Mount, As CBOE’s Bitcoin Foray Turns One

CBOE’s Bitcoin Foray Turns One

As noted by Tom Hearden, a senior trader at Skylands Capital, subsequently relayed through MarketWatch, one year and one day ago, the Chicago Board Options Exchange (CBOE Global Markets) made history, becoming one of the first financial institutions to launch a fully-fledged Bitcoin (BTC) product.

Now that crypto is in the midst of a bear market, might as well look back and reminisce… right?

This instrument was, of course, a BTC-backed futures contract that became an industry hot topic near-instantly. Still, in Ethereum World News’ original report on the matter, which seems decades old now, community members divulged that they were dissatisfied with the product’s launch, as the Chicago-based institution’s webpage crashes just eight minutes after the launch of the first bonafide BTC futures. Yet, during that day in history, December 11th, 2017, BTC purportedly rose from $14,500 to $15,700 in minutes, presumably due to the influx of interest that speculators expected.

In fact, spot and futures BTC rose so fast that CBOE, likely inundated with queries from investors worldwide, had to halt trading on its market… twice. And now, amid the market lull, catalyzed by the absence of Bitcoin bulls, CBOE’s enamorment with halting trade is as apparent as ever. Case in point, the institution had to adjust its “Lower Price Limit” percentage twice, when the futures price hit $3,160, the year-to-date low.

Mati Greenspan spoke to the aforementioned financial media outlet on the matter of the Bitcoin futures, lauding them as a resounding success: He wrote:

They’ve managed to open up the market to users who otherwise wouldn’t have access, so in that regard, I think they have been somewhat of a success. Not only did they allow people to go long, but it opened up short selling to a wider audience.

While the eToro in-house crypto analyst painted the product in a good light, as it broadened Bitcoin’s horizons, MarketWatch noted that CBOE data indicates that the product failed to catalyze an unparalleled influx of institutional money.

Bakkt, Nasdaq, and ErisX To All Launch Bitcoin Futures

Although CBOE’s in-house crypto instrument might not have garnered boatloads of investment interest, there remain a number of firms looking to unveil futures for Bitcoin, and reportedly even Ethereum.

As reported by Ethereum World News previously, Bakkt, a diverse crypto startup partnered with the Intercontinental Exchange, Starbucks, and Microsoft, has the intent to launch a physically-backed Bitcoin futures product by January 24th, 2019, in an industry first.

ErisX, backed by TD Ameritrade, issued a similar announcement, seemingly aiming to undermine its rival in Bakkt. Not much is known about this venture, but many expect that it will offer a product roster that mirrors or somewhat resembles that of Bakkt.

Most recently, Nasdaq, the world-renowned financial institution, divulged that it is working in collaboration with crypto-friendly VanEck, to bring “crypto 2.0 futures” to market, with the firm presumably looking at Ethereum and Bitcoin as supported assets. Bloomberg has revealed that Nasdaq is planning to publicly embark on its first notable crypto foray by Q1 of 2019, pending a green light from the U.S. CFTC.

 

Ethereum Product Rumored

Even with all this hype surrounding Bitcoin-centric futures, a new contender is expected, if not slated to emerge into crypto’s alternative investment vehicle scene. This, if you haven’t guessed already, is Ether (ETH), the native asset of the “world computer” that is the Ethereum Network.

Just recently, the U.S. Commodities Futures Trading Commission (CFTC) hinted that it is looking into ETH. In a statement, the prominent American financial regulator claimed that it was seeking the public’s opinion on digital currencies, most notably Ethereum. In a public release, the somewhat crypto-friendly body wrote:

The RFI [Request For Information] also seeks to understand similarities and distinctions between Ether and bitcoin, as well as Ether-specific opportunities, challenges, and risks.

It is believed that the entity is seeking feedback to precede its ruling on an Ether-backed vehicle, such as purported Ethereum futures contracts backed by CBOE. Yet, a number of crypto commentators recently took to Twitter to allude to the theory that if Ethereum-backed futures, even a non-physical instrument, goes live, the aforementioned blockchain’s native asset may actually fall, due to “rehypothecation” — a common sight in traditional financial industries.

Confetti Title Image Courtesy of Jason Leung on Unsplash

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Forbes Analyst Expects Bitcoin (BTC) At $2,500, Awaits (Another) Awful Crash

Forbes Analyst Touts $2,500 Bitcoin Price Target

Clem Chambers, a markets analyst publishing to Forbes, recently released an article to the outlet’s contributor network, explaining why Bitcoin (BTC) could head lower in due time. Chambers, the CEO of ADVFN and a well-known financial industry journalist, first drew attention to how markets, Bitcoin included, normally react in, during, and after a “crash.”

The reporter, who hasn’t been afraid to comment on crypto historically, explained that market collapses happen in “stages,” as seen by BTC’s drawdown in 2018, which saw the asset fall to key levels at ~$10,000, $6,200, and, most recently, $3,500 for weeks at a time.

Elaborating on why his remark is relevant, Chambers noted that once a market, like crypto, stabilizes or range trades, it is only a matter of time before assets breakout, and “produce a sizeable move.” While Chambers’ comments may make it sound like he aims to be a soothsayer, he added that this isn’t a new phenomenon, nor is it rocket silence.

Applying this theory back to the only-decade-old crypto market, the ADVFN chief noted that these movements are only accentuated and compounded in crypto, as in his eyes, blockchain-based assets exist in a “very immature market” filled with certain shortcomings that may play out negatively from a price action standpoint.

More specifically, he explained that the Bitcoin price will likely “break south” for its next leg, explaining that $2,500 is a viable price point in his eyes, a reportedly key long-term support level in the eyes of some analysts.

For instance, Stephen Innes, Oanda’s head trader of the Pacific-Asia region, recently told Bloomberg that he expects for BTC to collapse to $2,500 by January 2019, due to a diverse set of bearish catalysts, namely the Bitcoin Cash hard fork, regulation, and potential crypto-related hacks. (Note: speaking with NewsBTC, he recently confirmed this sentiment, stating that regulation could weigh down on cryptocurrency market in the near future.)

Chambers, touching on his rationale behind this bearish catalyst, drew attention to the resurgence in crypto volatility, adding that this is an evident sign of “uncertainty,” which may only accentuate that this industry is undergoing a change of guard, so to speak.

At the time of writing, this market’s foremost asset, BTC, has found itself up 1.5% in the past 24 hours, situated at $3,490 a pop.

Crypto Bottom May Not Be In

Chambers’ analysis only confirms the growing sentiment that the cryptocurrency market hasn’t reached a long-term bottom. As reported by Ethereum World News previously, Naeem Aslam, a crypto-friendly contributor to Forbes and the chief market analyst at ThinkMarkets, recently told CoinTelegraph that he expects for BTC to find a floor, adding that sell-side sentiment indicates that a bottom is “close enough.”

Aslam isn’t alone in touting such sentiment, with Michael Bucella, a Goldman Sachs executive turned BlockTower Capital partner, also exclaimed that Bitcoin’s “distress cycle” has nearly run its course.

Although Chambers, the aforementioned Forbes contributor, painted a dismal picture for Bitcoin’s short-term, the reporter, like his industry pundit peers, made it clear that the next “plunge” would likely put BTC at its bonafide bottom. Case in point, the trader explained that if crypto’s collapse continues, the next leg will likely mark the end of Bitcoin’s near-year-long bout of capitulation. In summation, the financial markets savant wrote:

This means we can wait and see. The end of this crash will look awful, the ends of crashes always do. That is yet to come but the next leg could be here.

Title Image Courtesy of Chinh Le Duc Via Unsplash

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