Tag Archives: bitcoin

World’s First Crypto Cruise Ship To Set Sail

World's First Crypto Cruise Ship To Set Sail

By RTTNews Staff Writer | Published: 10/15/2020 10:10 AM ET

Ocean Builders is set to launch the world's first Crypto Cruise Ship named aptly as 'SATOSHI' for passionate crypto entrepreneurs to live and work in a crypto friendly environment. All on board businesses will accept bitcoin, US dollars, and other forms of payment.

MS Satoshi will provide a business focused environment where crypto entrepreneurs can relocate existing business, set up a new global head office, or start a new business with the support of an environment of like-minded entrepreneurs.

Chad Elwartowski, COO of Ocean Builders, says, "We look forward to creating a hub for technology and innovation here in Panama. Our goal is to figure out how to live sustainably on the sea and chart new waters in this new frontier."

MS Satoshi is welcoming everyone from digital nomads, cryptocurrency enthusiasts, expats, researchers, and entrepreneurs to Youtube influencers, startup teams, and established businesses to the office space available on board.

The Crypto Cruise Ship is being prepared to set sail from the Mediterranean and anchor in the Gulf of Panama. The 804 foot, 777 cabin ship, with a capacity of 2020 people plus crew and crew quarters, will be anchored a 30-minute ferry ride away from International hub, Panama City in the calm waters of the Gulf of Panama.

The cruise ship will also have all other facilities such as multiple restaurants, a theatre, casino, gym and wellness areas. The ship will be used for residency, tourism, research, and office space. It will also provide an incubator environment for entrepreneurs. Residents will pay an ongoing fee for the upkeep of the ship and amenities.

According to Ocean World, this could be the start of a modern floating Venice of the Americas and an important hub of innovation in the world, just like the man-made island of Venice Italy became an important center of commerce in the old world.

Ocean Builders will begin auctioning off the first batch of 200 rooms or cabins on November 5, 2020 to those interested in owning a permanent residence on the ship. Cabins are tentatively priced between $25,000 and $50,000.

The bidding for the rooms will close on November 28, 2020. The winning bids will be announced in the following week, with move in starting in January 2021. Vacation rentals will also be available.

Elwartowski, an American bitcoin entrepreneur, is also pioneering a movement called Seasteading, the concept of creating permanent dwellings at sea outside the territory claimed by government. Ocean Builders is currently building "floating, off-grid SeaPod homes on the Caribbean coast of Panama and they will begin building on the Pacific side as well.

For comments and feedback contact: editorial@rttnews.com

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

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I would not short’ Bitcoin buy the dip zone now 11K says Tone Vays

‘I would not short’ — Bitcoin buy the dip zone now $11K, says Tone Vays

The veteran trader says bullish trends make shorting the current correction a dangerous move, and the dip “may already be over.”


Image courtesy of CoinTelegraph

            OCT 15, 2020

Bitcoin (BTC) is bullish in three key areas and a “perfect” buy-in is now no lower than $11,000, popular trader Tone Vays says.

In the latest edition of his Trading Bitcoin YouTube series on Oct. 14, Vays presented an optimistic take on the Bitcoin price, which he argues has barely any bearish characteristics.

Vays: $11,000 zone is “perfect” dip

Examining the weekly and daily charts, Vays noted that there was little reason to expect a significant pullback beyond a “one to four-candle correction.”

This is ongoing, with BTC/USD consolidating its gains from earlier in the week. Should this period last no longer than four days as Vays predicts, he said that he would look to “buy the dip” at $11,000.

“I would be looking to buy the dip or buy the breakout, but I don’t know which one it’s going to be,” he summarized.

“So if I am to buy the dip, where would the perfect dip be? Well, the perfect dip would be… around $11,000.”

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The advice came immediately after a warning not to short the current correction — a further indication that expectations remain skewed to the upside.

The trend towards $11,000 may also break down early, in which case a buy area of between $11,537 and $11,570 would be suitable, says Vays, pointing to two technical highs from previous daily candles.

BTC/USD 1-week daily price chart
BTC/USD 1-week daily price chart. Source: Coin360 (Click image for larger view)

Big buys fuel BTC bulls

Along with Bitcoin’s weekly and daily charts, new corporate buys are buoying Vays’ bullish view, but he is not alone.

As Cointelegraph reported, a number of analysts and traders, along with existing Bitcoin business executives, are becoming increasingly convinced that a watershed price moment is incoming.

Corporate interest, in particular, was highlighted by Grayscale CEO Barry Silbert this week, being followed by fund manager Dan Tapeiro.

A spike in Bitcoin futures interest further cements a return of institutional interest.

Long-term indicators complement the picture, with stock-to-flow performance on schedule and fundamentals such as hash rate lingering near all-time highs. Under current estimates, network difficulty will hit a new record at its next adjustment in two days’ time.

Original article posted on the CoinTelegraph.com site, by William Suberg.

Article re-posted on Markethive by Jeffrey Sloe

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Crypto Analyst: 90 Chance Bitcoin BTC Never Closes Below 11k

Crypto Analyst: 90% Chance Bitcoin (BTC) Never Closes Below $11k

John P. Njui   •   BITCOIN (BTC) NEWS   •   OCTOBER 13, 2020

In brief:

  • Timothy Peterson of Cane Island Alternative Advisors has given Bitcoin a 90% chance at staying above $11k
  • Bitcoin’s lowest price forward is $11,004 using Metcalfe’s law
  • Mr. Peterson has used Metcalfe’s law to correctly forecast Bitcoin’s price movement since 2018
  • He has predicted that Bitcoin will be valued at $12k by November 30th, 2020

In an October 11th Twitter thread, Crypto Analyst Timothy Peterson forecasted that Bitcoin had a 90% chance of continuing to trade above $11k and never dropping below this value ever again.

For his analysis of Bitcoin, Mr. Peterson has continually used Metcalfe’s law. By using this law, he has calculated that Bitcoin’s lowest price moving forward is approximately $11,004. Below is Mr. Peterson’s first tweet in the informative Bitcoin thread that provides a clear illustration of his method of analysis.

Bitcoin’s #10kCountdown on Twitter

Additionally and from around June this year, Mr. Peterson has used the #10kCountdown hashtag on Twitter to demonstrate his use of Metcalfe’s law to forecast Bitcoin’s journey towards $10k. He correctly predicted that Bitcoin would successfully break this psychological price zone and turn it into a support zone.

Bitcoin at $12k By November 30th

In the aforementioned 10 part twitter thread, Mr. Peterson gives a $12k forecast for Bitcoin by November 30th this year using his Metcalfe’s model.

On November 30th, 2020, #Bitcoin ‘s price will be at or above $12,000 (90% probability). Write it down, screenshot it, whatever. I don’t care if you believe me or not.

Metcalfe’s law is a mathematical and scientific fact, like gravity and E=mc2. I wrote 80+ pages of #bitcoin research backed by thousands of pages of supporting financial economics, as well as taught 2 semesters of MBA courses on network valuation.

Anyone interested in learning more about his Metcalfe model, Mr. Peterson has provided this link to his publicly available research papers on Bitcoin and its valuation using Metcalfe’s law. Mr. Peterson has also used the Metcalfe model to forecast the value of other digital assets such as ChainLink (LINK), Ethereum (ETH) and XRP.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

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Pennsylvania Man To Pay 74 Mln To Settle Bitcoin Fraud Charge

Pennsylvania Man To Pay $7.4 Mln To Settle Bitcoin Fraud Charge

By RTTNews Staff Writer | Published: 10/7/2020 10:24 AM ET

The Commodity Futures Trading Commission, or CFTC, has reached a settlement with a Pennsylvania man in a multi-million dollar Bitcoin fraud case. The CFTC announced that U.S. District Court for the Southern District of New York entered a consent order against Jon Barry Thompson, imposing injunctive relief and restitution of approximately $7.4 million.

The order resolved a CFTC enforcement action in which the CFTC charged Thompson with knowingly or recklessly making false representations to two customers in connection with their purported purchase of Bitcoin worth over $7 million.

According to the order, Thompson induced two customers in 2018 to send a combined total of over $7 million to fund the purchase of Bitcoin after making false representations that he or the escrow company he was affiliated with, had the Bitcoin in hand and the customers' money would be safeguarded.

Thompson took the customers' money and failed to provide any Bitcoin. He then lied to the customers about the location of the Bitcoin, the reasons the transaction was not completed, and the status of the customers' money, the order stated.

The order requires Thompson pay $7.43 million in restitution to the two customers, and enjoins him from any further violations of the Commodity Exchange Act or CFTC regulations, as charged.

The order also permanently bans Thompson from registering with the CFTC, from trading any commodity interests, and from trading Bitcoin for any account in which he has a direct or indirect interest.

This case was brought in connection with the CFTC Division of Enforcement Virtual Currencies Task Force. Thompson was charged in September 2019.

Simultaneously, U.S. District Judge Edgardo Ramos of the U.S. District Court for the Southern District of New York accepted Thompson's plea of guilty to one count of commodities fraud. Thompson will be sentenced on January 7, 2021.

Last week, the CFTC had charged cryptocurrency derivatives exchange Bitcoin Mercantile Exchange or BitMEX, for illegally operating an unregistered trading platform and for violating the anti-money laundering regulations. A civil enforcement action was filed in the U.S. District Court for the Southern District of New York.

For comments and feedback contact: editorial@rttnews.com

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

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Fraudsters are switching from credit cards to Bitcoin says consumer protection company

Fraudsters are switching from credit cards to Bitcoin, says consumer protection company

Scammers are taking advantage of one of Bitcoin's strengths, as once lauded by Satoshi Nakamoto.


Image courtesy of CoinTelegraph

            OCT 05, 2020

Fraudsters are taking advantage of the irreversible nature of crypto transactions, says MyChargeBack’s vice president of global operations, Michael Cohen. When Bitcoin (BTC) was first envisioned, one of its selling points was the fact that it was offering better protection to retailers than credit cards. In one of his earliest emails — from November 10, 2008, Satoshi Nakamoto parried a complaint from an early adopter James A. Donald, who lamented the fact that Bitcoin transactions are not instantaneously final:

“Instantant non-repudiability is not a feature, but it's still much faster than existing systems. Paper cheques can bounce up to a week or two later. Credit card transactions can be contested up to 60 to 180 days later. Bitcoin transactions can be sufficiently irreversible in an hour or two.”

According to Cohen, in some cases, credit card chargebacks are possible 18 months after the transaction date. There are two classifications of credit card chargebacks: unauthorized use (when a criminal gains access to one’s credit card) and authorized (where a cardholder authorized the transaction but is not satisfied with the outcome). Cohen said that when it comes to crypto, consumers may have a chance of recovering funds only in the case of unauthorized transactions, as credit companies like MasterCard and Visa exclude certain industries like crypto and gambling from the second category. Cohen opined that the ubiquity of scammers who use crypto as a tool hampers mass adoption:

“Unfortutenley, it's a very nice tool for a scammer to have as a means to collect funds. I think it serves in the disinterest of those who are looking to promote the general and universal usage of crypto. I think it is at this point. It is somewhat of a stumbling block because of all of the people who are getting scammed. I mean, they're not going to be the ones who are going to be promoting the usage.”

Cohen said that one of the most typical tropes of scammers involves them offering some product or service (the most common tend to be related to forex trading) to an unsuspecting customer. Then at the last moment, the scammer convinces the unsuspecting victim to pay for the service or fund their supposed-account using cryptocurrency. According to Cohen, not all is lost for the victims, however; there may be potential avenues for redress.

Cohen’s company helps the victims identify scammers by tracing their movements on the blockchain. Typically this leads to a crypto exchange where the criminals deposit the proceeds of their crimes before cashing out. Cohen said that many crypto exchanges have been receptive and are truly eager to stamp out users who engage their services for nefarious purposes.

Recently, two offices of the U.S. Department of the Treasury have issued advisories to the crypto companies, primarily exchanges, about processing malware attack payouts. A few days later, the U.S. government went after BitMex and its founder for operating an unregistered trading platform. As crypto regulation tightens around the world, it appears that cashing out of ill-gotten proceeds could become increasingly more difficult for the criminals.

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Original article posted on the CoinTelegraph.com site, by Michael Kapilkov.

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New Survey: More People Are Spending Bitcoin Rather Than HODLing

New Survey: More People Are Spending Bitcoin Rather Than HODLing

By Nick James – October 4, 2020

Cryptocurrencies have taken the world by storm. Now, almost everyone has heard of cryptos, especially Bitcoin. Many have argued that Bitcoin could soon achieve the ‘supreme status’ as a credible store of value, and the exponential developments supporting its mass adoption second this notion. Bitcoin could topple Gold and take the number one spot in the next few years.

According to a recent survey conducted by BlockCard and Bitcoin Market Journal, about 70% of the people in the Bitcoin market are actually using it for payments as opposed to HODLing and waiting for it to appreciate. BlockCard is an issuer of crypto debit cards while Bitcoin Market Journal is a popular website for blockchain-focused investors.

A Break From The Popular Belief

However, Bitcoin as a digital asset doesn’t mean it’s just for use as a store of value. In fact, it started as a currency, and so many people and businesses have already adopted it as a digital currency. While many investors tout is as a store of value, the current market surveys reveal a break from this belief. Many business enterprises are now accepting crypto payments. There are now close to 10,000 Bitcoin ATMs in operation. Schools, coffee shops, and other institutions are accepting BTC payments.

The survey covered over 35,000 investors and the results showed that 70% of them have spent cryptos in the last one year as opposed to HODLing. The expenditures range from food, entertainment, transportation, education, clothing, and exchange into other cryptos.

Bitcoin Adoption Driving Expenditure

This shows that cryptos like Bitcoin are no longer a small part of the global economy.

Bitcoin is already being accepted for use in many everyday channels of currency expenditure like shops and restaurants. This adoption has provided more channels for enabling its use. The advent of crypto debit cards clearly indicate that effect.

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Nick James and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Visit MarketHive to learn more: http://markethive.com/jeffreysloe

Institutionalize crypto markets now: There must be compliance controls

Institutionalize crypto markets now: There must be compliance controls

Digital asset markets are subject to various regulations worldwide, but which are the most suitable for the crypto space at the moment?


Image courtesy of CoinTelegraph

            OCT 03, 2020

Thanks to regulatory uncertainty from the United States Securities and Exchange Commission and a hodgepodge of state licensing requirements, the development of crypto trading in the U.S. remains stuck in the backwaters of trading reserved for Over-the-Counter Bulletin Board issues.

In order to ensure the continued and healthy growth of digital asset markets, it is critical to expand the market share of institutional crypto trading. That’s a better business model for digital asset markets, and it will force U.S. regulators to act quicker. Digital asset markets embracing this will realize that better controls will attract more institutional liquidity, and organizing behind a governing set of control principles is where to start.

Fortunately, the Association for Digital Asset Markets, or ADAM — a consortium of digital asset market players established in 2018 — took the lead in November 2019 by publishing its “Code of Conduct.” (The Asia Securities Industry and Financial Markets Association’s “Best Practices for Digital Asset Exchanges,” published in 2018, is also a good reference.) Its code, which is a must-read for digital asset markets, has eight primary tenets: compliance and risk management, market ethics, conflicts of interest, transparency and fairness, market integrity, custody, information security and business continuity, and Anti-Money Laundering and Countering the Finance of Terrorism.

With this groundwork laid, next comes implementation. Again, there is no need to reinvent the wheel — existing standards and regulations provide guidance that can be tailored to any digital asset market. Turn first to Bermuda to find a regulator that has embraced digital assets and aimed to eliminate regulatory uncertainty. Even Wyoming, boasted as the state with the most progressive digital asset regulatory framework in the United States, modeled its digital asset statutes on Bermuda’s.

Malta also has helpful prescriptive regulation (just turn a blind eye to the implosion of its efforts, generally), followed by New York. I will go a step further here and give you the links to the best provisions of the most relevant resources.

Bermuda’s “Code of Practice” provides straightforward governance, compliance and risk management controls specific to digital asset markets. Mature organizations looking for more comprehensive guidance will want to check out Malta’s “Virtual Financial Assets Rulebook, Chapter 3, Title 3,” which could also be helpful for conflict-of-interest issues relating to operational independence, inducements and personal trading. The best — and most extensive — regulatory guidance for conflicts in financial firms, however, remains the Financial Industry Regulatory Authority’s October 2013 “Report on Conflicts of Interest.”

Implementing sound transparency and fairness controls requires appropriate client disclosures. Bermuda’s client disclosure rules and New York’s virtual currency rules provide the clearest. most helpful guidance.

For market integrity, particularly for U.S. digital asset markets subject to Commodity Futures Trading Commission regulation, Cboe Futures Exchange’s “Rulebook” provides a well-organized resource.

Bermuda’s “Digital Asset Custody Code of Practice” defines standards for digital asset private-key custodians across safekeeping, transaction handling and operations. The SEC’s “Customer Protection” rule and CFTC’s customer fund segregation rules, however, are poorly adapted to digital asset markets, as has been noted by both FINRA and the SEC.

For cybersecurity controls, New York State Department of Financial Services’ “Cybersecurity Requirements for Financial Services Companies” offers a well-rounded checklist, but for custody security, Bermuda’s “Custody Code of Practice” is the best resource. New York’s virtual currency rules provide a helpful business continuity checklist. “Must have” references for chief information security officers in digital asset markets include the National Institute of Standards and Technology’s “Security and Privacy Controls,” “Key Management," “Cryptographic Key Generation” and “Cybersecurity Event Recovery” guides.

Bermuda’s “Prudential Standards” and “Sector-Specific Guidance Notes for Digital Asset Business” provide thorough Anti-Money Laundering guidance and even templates, but the Financial Crimes Enforcement Network — notably, its guidance related to convertible virtual currencies — remains the primary source (of course). For conducting an AML risk assessment, the primary resource should be the “Bank Secrecy Act/Anti-Money Laundering Examination Manual for Money Services Businesses.”

It is time for digital asset markets to take the bull by the horns and start to break the regulatory log jam by leveraging ADAM’s principles and the above resources. Let’s be proactive to get the currents of crypto liquidity flowing through those backwaters!

The author would like to express special thanks to Andrew Kuttin.

This article is for general information purposes and is not intended to be, and should not be taken as, legal advice.

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Eric Hess is the founder of Hess Legal Counsel and Helical, Inc. Hess Legal advises securities and digital asset firms on contract, security and privacy, AML, governance, technology licensing, and financing issues. Helical offers a cybersecurity-as-a-service platform. Eric has held CEO, general counsel and other senior legal and regulatory roles for registered equities exchanges, Lehman Brothers and other equities markets, fintech and market data companies.

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Original article posted on the CoinTelegraph.com site, by Eric Hess.

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Markets Disaster: Nearly 40000 BTC Withdrawn From BitMEX

Markets Disaster: Nearly 40,000 BTC Withdrawn From BitMEX

By Bernice Nyambura – October 3, 2020

Leading Bitcoin derivatives exchange BitMEX has lost close to 40,000 BTC in rushed withdrawals following the recent indictment of its founders, including CEO Arthur Hayes, by the Commodities Futures Trading Commission (CFTC).

On-chain analysis firm Glassnode has been sharing continuous updates showing increased Bitcoin outflow from BitMEX since Thursday after the CTFC accused Hayes and other co-owners of conducting illegal transactions and enabling money laundering activities.

The Hong-Kong Based BitMEX will be the first and largest cryptocurrency exchange to face the CFTC in court over criminal activity allegations. According to Glassnode’s latest update, there’s been an outflow of close to 40,000 BTC on BitMEX, in over 24 hours since the announcement.

“#Bitcoin outflows from BitMEX addresses continue- our data shows that in the past hour 7.200 BTC were withdrawn. The total amount pulled from the exchange over the past day is now nearly 40,000 $BTC.”

Largest Hourly Withdrawal on BitMEX

Within hours of the announcement, however, investors withdrew 23,200 BTC, representing 13% of total Bitcoin in BitMEX out of the exchange in just one hour, making this the biggest hourly outflow of Bitcoin in the exchange’s history.

“According to our data, last night more than 23,200 BTC were withdrawn from #BitMEX addresses in a single (~13% of all BTC in their vaults. That is the largest hourly outflow form BitMEX we’ve observed so far.”

Glassnode Data also indicates that before its indictment, BitMEX held around 1% of the total circulating Bitcoin supply (170,000 BTC) worth $1.8 billion.

“According to our data, 170,000 $BTC (1.8 billion USD) are being held in #BitMEX wallets. That’ almost 1% of the circulating #Bitcoin Supply.”

CFTC Seeks To Permanently Disband BitMEX

CFTC stated that it is working hard to protect the integrity of markets by regulating and indicting lawbreakers in both the traditional and digital assets markets. The regulatory body added that it will recommend that the court force BitMEX pay damages to affected customers and revoke its trading license, permanently.

“In its continuing litigation against the defendants, the CFTC seeks disgorgement of ill-gotten gains, civil money penalties, restitution for the benefit of customers, permanent registration and trading bans and a permanent injection from the future of violations of the commodity exchange ACT (CEA).”

CEO Arthur Hayes, and one of the Co-founders Samuel Reed have been arrested, with the remaining two, Benjamin Delo and Gregory Dwyer still at large.

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Bernice Nyambura and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

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Bitcoin BTC Rests on the 100-Day MA on Trump’s Positive COVID19 Test

Bitcoin (BTC) Rests on the 100-Day MA on Trump’s Positive COVID19 Test

John P. Njui   •   BITCOIN (BTC) NEWS   •   October 2, 2020

Quick take:

  • It's a second consecutive tense day for Bitcoin in the crypto markets as President Trump tests positive for COVID19
  • The news comes less than 24 hours after the CFTC and DoJ charged Bitmex and its founders of illegally operating a derivatives exchange and violating the Bank Secrecy Act
  • Bitcoin is currently resting on the 100-day moving average as the crypto-verse digests the news

Bitcoin (BTC) has been bombarded by the second day of shocking news with President Trump testing positive for the Coronavirus. President Trump made public his diagnosis earlier today via Twitter and explained that First Lady Melania Trump also tested positive for COVID19 and both were under quarantine in the White House.

Below is the tweet by President Trump notifying the world of his COVID19 positive test.

The News Comes Less than 24 hours After Bitmex was Charged by the CFTC

The news of President Trump testing positive for the Coronavirus comes less than 24 hours after Bitmex and its owners were charged by the CFTC and the US Department of Justice for operating an illegal derivatives exchange and violating the Bank Secrecy Act.

As a result of the Bitmex/CFTC/DoJ news, Bitcoin fell from $10,900 levels to the $10,400 support area.

When news broke of President Trump testing positive for the Coronavirus, Bitcoin had just managed to recover to the $10,600 price level. Bitcoin then dropped to $10,371 – Binance rate – after the world was notified of President Trump’s diagnosis.

Bitcoin Rests on the 100-Day Moving Average

As far as reactions go, Bitcoin has managed both news events rather well having dropped a total of approximately $600 to its recent low of $10,371. Furthermore, the King of Crypto has since regained its footing above the $10,400 support area at its current price of $10,542 – Binance rate.

In terms of support, Bitcoin’s 100-day moving average is providing some level of confidence at least in the short term. This can be seen in the chart below.


(Click image for larger view)

Also from the chart, the following can be observed.

  • Trade volume is in the red indicating selling
  • The daily MACD is exhibiting weakness below the baseline
  • The daily MFI is also indicating selling at its current level of 40
  • The 200-day moving average (green) is another area of strong support that coincides with the $9,300 – $9,700 price area

Best to Be Cautious With Bitcoin

In conclusion, and keeping in mind that Bitcoin is highly correlated to the S&P 500, it might be wise to watch the crypto markets from afar for the next one or two days. Conversely, those who are comfortable with shorting the Bitcoin and altcoins in the crypto markets can do so keeping in mind that Bitcoin might attempt to reclaim the $10,600 price area at least in the short term.

Additionally, Ethereum World News wishes President Trump and First Lady Melania Trump, a speedy recovery.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

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Setting Records: Bitcoin Price Has Stayed Above 10000 Longer Than Ever In History

Setting Records: Bitcoin Price Has Stayed Above $10,000 Longer Than Ever In History

By Brenda Ngari – September 29, 2020

The bitcoin price has been holding above $10,000 since July 27. This resilience has excited well-known bull Anthony Pompliano who noted that the flagship cryptocurrency has been able to successfully discredit the BTC bear case.

Bitcoin Sets Record Of 63 Consecutive Daily Closes Above $10K

Morgan Creek Digital co-founder, Anthony Pompliano, took to Twitter on Monday to remind bitcoin haters that the cryptocurrency is setting major landmarks. In his tweet, Pomp observed that bitcoin has registered 63 straight days closing above the eminent five-digit mark.

This marks the longest series of daily closes above the $10K mark than any other time in history. According to Pompliano, it proves the haters' bearishness wrong. “There is always time to capitulate & join the party :),” he advised the bears. He also posited that the prolonged period is an indication that there is more upside to come.

Bitcoin's previous price record above $10,000 lasted for 62 days between December 1, 2017, and January 31, 2018. This was around the time the dominant cryptocurrency tickled the underbelly of $20,000.

Notably, BTCs latest record above $10,000 has been quite uneventful as the cryptocurrency has been stuck in a macro range between $10K and $12.5K. Nonetheless, 63 days is no small feat.

Bullish Fundamental On-Chain Tailwinds To Spur BTC Bulls

A couple of days ago, blockchain data firm CryptoQuant pointed out ten on-chain indicators that are favorable for the bitcoin market bulls. These indicators include the miners' position index(MPI), Puell multiple, Hash Ribbons, All Exchanges Outflow Mean, Stock to Flow, Stablecoin Supply Ratio, among others.

The confluence of these fundamental on-chain indicators suggests the bitcoin network is healthy and raises the probability of more upside. In other words, bitcoin could be primed to move higher based on these ten reasons. 

The OG crypto is trading at $10,753.87 at press time, representing a 2.19% gain on the day.

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Visit MarketHive to learn more: http://markethive.com/jeffreysloe