Tag Archives: bitcoin

In Boost For Crypto Fidelity Gets Green Light For Bitcoin Trading And Custody

In Boost For Crypto Fidelity Gets Green Light For Bitcoin Trading And Custody

Fidelity Digital Assets, the crypto arm of asset management giant Fidelity, has been granted a licence by the New York State Department of Financial Services (NYDFS) to trade and store bitcoin.

The limited purpose trust company charter enables Fidelity Digital Assets to move forward with the rollout of its custody service to institutional investors. The platform will now also be able to execute trade orders on behalf of its institutional clients.

Fidelity Digital Assets will now come under the direct supervisory oversight of the NYDFS.

In a Medium blog post the company said: “Our designation as a New York trust company builds on the commitment we've made to our clients to continue to provide the services they require to proceed with confidence in their own work with digital assets.”

“The custody and trade execution services that we provide are essential building blocks for institutional investors’ continued adoption of digital assets,” added Michael O’Reilly, chief operating officer of Fidelity Digital Assets.

“The designation as a New York Trust Company under the supervision and examination of the DFS builds on the credibility and trust we're establishing amongst institutions and other market participants. We will continue to play a leading role in supporting the maturation of the entire ecosystem as we expand our business and the clients we serve.”

Michael O’Reilly, COO, Fidelity Digital Assets

According to the Financial Times the NYDFS has only issued 23 such licences to companies operating in the crypto space.

“This approval is further evidence that innovation and consumer protection can coexist in New York’s evolving and expanding financial services industry,” said Linda Lacewell, the superintendent of financial services at the DFS.

Although US federal regulators have been somewhat reticent regarding crypto, New York appears keen to compete with other emerging crypto hubs such as Singapore, Switzerland, and Malta.

SEC to revisit Bitwise Bitcoin ETF decision

In other news, in a sign that the US Securities and Exchange Commission might be getting worried about falling behind against the global competition in the light of rumours of a Chinese yuan stablecoin and the impact of the Libra initiative.

Yesterday the SEC said in a statement on its website that it was revisiting the decision to reject the Bitwise bitcoin exchange traded fund.

Original article posted on the EthereumWorldNews.com site, by Gary McFarlane.

Article re-posted on Markethive by Jeffrey Sloe

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Is the SEC Right in Blocking a Bitcoin ETF? Top Crypto Bull Thinks So

Is the SEC Right in Blocking a Bitcoin ETF? Top Crypto Bull Thinks So

For the longest time, the U.S. Securities and Exchange Commission (SEC) has been skeptical of Bitcoin exchange-traded funds (ETFs). This comes in spite of the fact that many investors in this industry believe that such a vehicle would catalyze mass inflows, kicking off BTC’s largest bull run yet.

Case in point, the SEC, a financial regulator that presides over ETFs, last month issued an extensive order, which came out to 112 pages long, that denied a cryptocurrency ETF applications from Bitwise Asset Management, who asserted this industry is ready for an ETF.

SEC Right to Deny Bitcoin ETF?

Thomas Lee of Fundstrat Global Advisors, widely deemed to be one of Bitcoin’s biggest bulls, recently wrote on Twitter that his firm thinks that “the SEC is doing its job pretty well,” referencing its attempts to stave off Bitcoin ETF launches.

Speaking at the Blockshow conference in Singapore last week, he elaborated by saying that the current cryptocurrency market is too small to get its own fund. He claimed that for an ETF to be approved by the SEC, the underlying Bitcoin market will need to be much bigger, at least 16 times larger than the current size. More specifically, he remarked that BTC trading at $150,000 would be a point at which “BTC can cope with the daily demand of an ETF.”

Do We Even Need a Crypto ETF?

Sure, an ETF covering this market would be important, but not everyone is convinced these products are needed for cryptocurrencies to succeed.

Speaking on a CNBC “Fast Money” segment last week, Brian Kelly of BKCM argued that a Bitcoin ETF isn’t essential for continued development and growth in this budding space. While many may take this statement as blasphemous, Kelly went on to back up his comment, drawing attention to the fact that there are other up-and-coming on-ramps.

The industry investor looked to Fidelity and TD Ameritrade — two giants in the American finance realm — adding that “ultimately you’re going to be able to buy Bitcoin in a regular brokerage account, or it’s going to look like a regular brokerage account. So I’m less concerned that you need a bitcoin ETF at this point in time.”

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

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Americans Owning Cryptocurrency Nearly Double From 2018: Survey

Americans Owning Cryptocurrency Nearly Double From 2018: Survey

By RTTNews Staff Writer | Published: 10/31/2019 11:23 AM ET

Despite being a turbulent year for cryptocurrency, the number of Americans who own a cryptocurrency has nearly doubled to 14.4 percent in 2019 from 7.95 percent in 2018, a strong growth of 81 percent in one year, a latest survey shows.

A survey among more than 2,000 American citizens commissioned by Australia-based financial services firm finder.com found that 14.4 percent or about 36.5 million Americans have invested in some form of cryptocurrency. The survey report titled "A rising number of Americans own crypto" was released in mid-October.

The data from the survey shows that Americans who invested in cryptocurrencies have an average $5,447 in coins, with roughly three-quarters of respondents actually holding less than this amount.

However, the median amount of cryptocurrencies in American digital wallets is just a modest $360 as only an estimated 85.6 percent of Americans want to put their money into a digital wallet.

Though Bitcoin or BTC is the most popular among cryptocurrency owners, 55.4 percent of them have also invested in another form of cryptocurrency such as Ethereum, Litecoin, XRP etc.

The survey said 61 percent of the respondents or an estimated 22.3 million Americans also cited using a coin as a form of investment as the main reason for them choosing to own a cryptocurrency.

The second most common reason for using cryptocurrency cited by 29.3 percent of the respondents or an estimated 10.7 million Americans was for transacting payments.

This was followed by 25.3 percent of the respondents or an estimated 9.3 million Americans wanting to store their savings outside of traditional banks. 18.2 percent of those surveyed or an estimated 6.6 million Americans said they own cryptocurrencies for sending money overseas.

The survey also found a major gender gap in cryptocurrency holding as men owning cryptocurrencies outnumber women by twice the rate, with 19 percent men owning cryptocurrencies compared to just 10 percent of women. This translates to about 23.6 million men and 12.9 million women.

Of the Americans surveyed, 47.9 percent or about 103.4 million Americans say it's too complicated or difficult to understand, 45 percent think they aren't interested and 23 percent think crypto is too much of a risk.

For comments and feedback contact: editorial@rttnews.com

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

Article reposted on Markethive by Jeffrey Sloe

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Bitcoin Price Tanks Below 9000 What Comes Next?

Bitcoin Price Tanks Below $9,000; What Comes Next?

The volatility that analysts expect in the Bitcoin (BTC) markets is finally here. Over the past few hours, the leading cryptocurrency has started its first notable price move in literal days, tanking from $9,200 to $8,700 — a 6% move lower — in the space of only a few hours.

So, how are analysts responding to this latest move, which comes after two weeks of price ranging between $9,000 and $9,500?

Well, analysts aren’t too bullish, at least for a short-term time frame. Popular cryptocurrency trader DonAlt observed that a chart he posted a few weeks ago, which indicated strong support at $9,000, is still valid. His chart indicates that BTC must hold $8,400 or may fall further.

This move satisfies bearish divergences that printed earlier. As reported by Ethereum World News, CryptoHamster, a popular trader, remarked in a tweet last night that BTC has seen bearish divergences form on the one-hour time frame with the Stochastic, Stochastic Relative Strength Index, and Moving Average Convergence Divergence all trend higher while BTC has fallen, signaling weakness.

Where Will Bitcoin’s Pain Stop?

So, where will the pain stop for Bitcoin in this move?

According to a Bloomberg columnist, $8,000 is where the selling pressure should end.

Su Zhu, the chief executive of Three Arrows Capital, recently released an excerpt of a report from Bloomberg’s “monthly crypto market columnist.” And according to them, Bitcoin is looking a bit more bullish than bearish but remains stuck in a tight range.

The excerpt reads that “the worst of this year’s Bitcoin price correction… in our view.” The analyst elaborated that they expect for Bitcoin to remain bound to the $8,000 to $12,000 range until year-end; Bloomberg wrote that increasing institutional investment and a “favorable macroeconomic environment” should produce upside potential, but that “hangover selling from 2017’s price surge” should limit the upside, and potentially create some room for downside to the $8,000 region.

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

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Analysts Expecting Bitcoin Fireworks as Major Move Looms on Horizon

Analysts Expecting Bitcoin “Fireworks” as Major Move Looms on Horizon

Bitcoin has been experiencing a very boring bout of sideways trading for the past several days and weeks, which has come about shortly after the crypto’s meteoric run from lows of $7,300 to highs of $10,600 – which marked one of the largest single-day movements ever experienced by the cryptocurrency.

Now, analysts are anticipating another large movement in the near-future for the crypto, and several indictors may point to the possibility that this movement will favor BTC’s bulls.

Bitcoin Continues Flatlining but a Big Move Might be Coming

At the time of writing, Bitcoin is trading up just under 2% at its current price of $9,300, which marks a significant surge from its daily lows of $9,100 that were set yesterday.

It is important to note that Bitcoin is squarely in the middle of the trading range between $9,000 and $9,500 that it has been caught in for the past couple of weeks, but analysts anticipate this period of consolidation to quickly come to a close.

Jonny Moe, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, referencing the key price levels that lie directly above the crypto’s current price, and further noting that he is “ready for fireworks”

“20 Week SMA: $9825 -Resistance- Current Price: $9300 -Support- 200 Day SMA: $9100. Ready for fireworks one way or the other. $BTC” He explained.

Furthermore, it is important to note that bulls may currently have the upper hand over bears, as FlibFlib – another popular crypto analyst – explained in a tweet that Bitcoin’s OBV looks very strong, making the crypto’s TA look bullish at the moment.

“Bitcoin looks a lot better than I thought tbh. OBV looks strong,” he said while pointing to the indicators seen in the below charts.

In the near-term, it is imperative that Bitcoin begins inching higher and pushes up against its range high at $9,500 that has proven to be a strong resistance level, and if bulls are able to decisively push it past this level, then significantly further gains could be in store for the crypto.

The next few days will likely provide further insight into just how strong this range is and how influential it will be for BTC’s price action in the coming weeks and months.

Original article posted on the EthereumWorldNews.com site, by Cole Petersen.

Article re-posted on Markethive by Jeffrey Sloe

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Why IBM Expects Central Bank Crypto Assets Within Five Years

Why IBM Expects Central Bank Crypto Assets Within Five Years

Earlier this year, Facebook famously unveiled Libra to the world. The cryptocurrency project, billed as a way to empower billions, quickly became the talk of the town, with the phrases “Libra” and “Facebook’s crypto/blockchain” gracing the notifications of the phones of millions across the world; effectively every mainstream media outlet covered the news.

Unsurprisingly, central banks, governments, and traditional institutions were quick to take notice of this new entree into the fintech space. And how they reacted has been extremely interesting. Central banks around the world have reacted to the Libra news by looking to launch their own digital assets. Crazy, right?

But how soon will these digital currencies launch, if at all?

Central Banks To Soon Launch Crypto Projects

According to IBM, the American technology giant, very soon. In a report published on October 29th, IBM and the Official Monetary and Financial Institutions Forum (OMFIF) said that they expected for the first central bank digital currency (CBDC) to launch within the next five years, as 73% of global banks have supported such initiatives:

“The principal conclusion is that we are likely to witness the introduction of a central bank — that is fiat — retail digital currency within the next five years, either as a complement to or as a substitute for notes and coins.”

Venezuela has notably launched the Petro, but that seemingly hasn’t been factored in as a bonafide central bank crypto asset.

Interestingly, the report claims that the first CBDC is unlikely to be launched by a G20 central bank, but rather by a smaller economy.

This contradicts the sentiment of ING, whose chief economist said just a month ago that a G20 central bank will launch its own digital asset within the “next two to three years”. The benefits that would come with these assets, he claimed, would aid the economy.

Regardless, it seems that the consensus is that a CBDC is right on the horizon in terms of a macro scale.

To Hurt Bitcoin?

While these digital assets are unlikely being launched under the main premise of directly countering the rise of Bitcoin, some have said that central banks having their own digitized dollars may hurt BTC.

Nouriel Roubini, a New York University professor and economist who is (in)famous for his hatred of Bitcoin, has exemplified this sentiment.

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In his column for Project Syndicate published late last year, Roubini proudly quipped that the rise of CBDCs would “close the door on crypto-scammers.”

“CBDCs [are] likely [going to] replace all private digital payment systems,” Roubini wrote. He explained that unlike retail banks and platforms like PayPal, whose services are subject to friction (high transaction fees, failed transactions, and a high barrier to entry), central banks are “efficient and cost-effective” at intermediating and lending money. The economist went as far as to say that CBDCs would eliminate any need for “not scalable, cheap, secure, or actually decentralized” cryptocurrencies, including Bitcoin, by the simple virtue of central banking technology.

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

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Bitcoin BTC Bollinger Band Fractal Suggests Price Surge to 16000

Bitcoin (BTC) Bollinger Band Fractal Suggests Price Surge to $16,000

Last week, the creator of the Bollinger Bands indicator, John Bollinger, claimed that he expected for Bitcoin (BTC) to see a “head fake”. Bollinger was absolutely right. Big shock, eh?

For some context, the Bollinger Bands (BB) are a technical analysis indicator meant to determine trading ranges for a cryptocurrency. A BB head fake is when an asset being analyzed falls below or above of the band’s range, then violently snaps back into the range as if the asset had entered a bull or bear trap.

This week, the head fake played out. Perfectly.

On Wednesday, Bitcoin plunged from $8,100 to $7,300 in a secondary breakdown that made analysts across the board flip extremely bearish, partially due to the fact that the lower Bollinger Band was lost. But on Friday, bulls came in to save the day. Within the span of an 18-hour time frame, the cryptocurrency shot from $7,300 to $10,600 — a jaw-dropping 43% move.

What’s interesting is that the BB fractal suggests that Bitcoin’s bullish momentum won’t be pausing here.

Bitcoin Could Surge by 70% in Three Weeks

According to cryptocurrency trader BitcoinGuru, the massive head fake that Bitcoin just saw clearly satisfies a fractal — when historical price action plays out on current time frames at a different magnitude — that he has been tracking for a while now.

The fractal suggests that the recent drop and subsequent recovery is predicting a massive resurgence, one that will bring Bitcoin higher than its $14,000 year-to-date peak. He wrote that if Bitcoin closes around current levels, he expects for $16,000 to be reached by November 16th. This would represent a 70% move higher from the current price point.

Crazy, but Bitcoin just moved by 42% in an 18-hour time frame, so it isn’t off the table per se.

Technicals support this. Analyst CryptoHamster recently observed that Bitcoin is looking bullish on higher time frames. They recently posted the chart below, which shows that Bitcoin’s current one-week Heikin-Ashi candle has two tall wicks on either side and a skinny green body. For those not versed in technical analysis, this implies a “potential trend reversal.”

And, another analyst has pointed out that this recent bounce has allowed BTC to retake an essential level, the 200-day simple moving average of $8,900. This is seen as a “bull market” level, making this recent technical occurrence important for bulls.

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

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Bitcoin BTC Price May See 13 Drop Here’s Why

Bitcoin (BTC) Price May See 13% Drop; Here’s Why

Bitcoin (BTC) took an absolute beating on Wednesday. For those who missed the memo, the cryptocurrency saw a 10% drop within an hour or two, plunging under the key level of $7,700 for the first time in around five months. This dramatic move came after countless analysts expected volatility to hit markets, citing the Bollinger Band amongst other indicators.

While the pain has hit traders hard already, leading analysts are expecting for Bitcoin to continue falling. Here’s why.

Bearish Bitcoin Factors

Speaking to CNBC in the wake of the recent $600 plunge, Mike Novogratz, the CEO of Galaxy Digital and a Wall Street veteran, said that he expects the leading cryptocurrency to fall further in the coming days. He claimed that there be another leg of selling pressure that will take Bitcoin down by at least 13% to $6,500. Novogratz added that for this move to be negated, there will need to be “new energy” that wrests Bitcoin back above $8,000.

He backed this prediction by looking to the “bunch of negative things that have happened recently,” specifically citing the U.S. Securities and Exchange Commission’s (SEC) decision to stop Telegram from launching its crypto asset. Other bearish fundamental trends include Mark Zuckerberg’s hearing in Congress, the SEC’s decisions to make a case against other startups, and the fact that institutions have yet to really delve into the crypto markets.

It is important to note that it isn’t all bearish fundamentals for Bitcoin. CoinMetrics, a top cryptocurrency analytics firm, recently observed that Bitcoin’s implied 24-hour hash rate hit 115 exahashes per second, which is a metric that is seven to eight times higher now than it was during the peak of 2017’s bull run to $20,000.

Also, the Federal Reserve has continued to inject billions into the repo markets, which many see as a sign of impending collapse or at least troubles for the fiat financial system.

Why the Mid-$6,000s?

Novogratz isn’t the only one eyeing $6,500.

In a recent analysis, prominent analyst Dave the Wave, who has been short-term bearish for months now (and essentially called the recent downturn), said that Bitcoin is likely to fall further. This move lower, he claimed citing a geometric/fractal analysis of the last market cycle and the current, will end with Bitcoin bottoming in mid-November — just three weeks away.

In terms of the price at which the cryptocurrency will bottom, Dave’s ideal target is $6,700, which is where there exists a confluence of technical levels: the 0.5 Fibonacci Retracement of the $3,200 to $14,000 move, the bottom of a descending channel, amongst other important levels.

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

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Want to Spend Bitcoin on Amazon? There’s An App For That

Want to Spend Bitcoin on Amazon? There’s An App For That

Crypto investors have long been asking when Amazon, the massive American e-commerce giant, will integrate Bitcoin (BTC). These expectations make sense. If the platform accepted Bitcoin payments, users would effectively be able to stake their entire lives on cryptocurrency.

So far, Amazon has been mum on the topic. The firm did file a patent relating to a seeming cryptocurrency-related system, yet the firm hasn’t gone as far as to launch an AmazonCoin or Bezos Token.

Regardless, there is a new solution in town that may quench the aforementioned need of Bitcoin investors.

Meet Moon, a cryptocurrency infrastructure provider that has just launched a desktop browser extension that allows users to spend their favorite cryptocurrencies for Amazon goods. The extension is currently available for Google Chrome, the already crypto-centric Brave, and Opera. Crazy, right?

According to a TechCrunch post outlining the new product, Moon’s flagship product allows one to pay for Amazon goods with Lightning Network Bitcoin, base layer BTC, Litecoin, and Ethereum. Moon also allows one to pay with their holdings on their Coinbase account.

So how does this solution work?

Well, it’s pretty simple. Per TechCrunch, Moon uses prepaid value on Amazon, so that when one uses their cryptocurrencies to pay for goods, the service “automatically converts your cryptocurrencies, tops up your Amazon account and pays with your Amazon balance.” What’s interesting is that Moon isn’t charging extra fees to users of the service, making spending Bitcoin and its ilk on Amazon that much more of a breeze.

It’s an interesting concept, for sure. But, it remains to be seen how this interesting cryptocurrency product, which is currently available for those in the U.S. and Canada (Europe is purportedly soon to follow), will impact the story of the adoption of digital assets for the masses.

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Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

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Wyckoff Logic: Bitcoin BTC May Soon Return to 6000

Wyckoff Logic: Bitcoin (BTC) May Soon Return to $6,000

Bitcoin Looking Weak

When asked about the drawbacks of Bitcoin, many people cite the cryptocurrency market’s immense volatility — multiple days a year, BTC and its ilk have 10%+ days.

Case in point, the Bitcoin price tumbled off a cliff in late September, falling from the lofty price point of $10,100 to $7,700 in a week’s time. This move, as made evident by over $500 million in BitMEX long position liquidations in an hour, caught many investors were their pants down.

But Bitcoin’s price action in this scenario may not be as random as it seems. One analyst has argued that since December 2018, BTC’s chart has looked exactly as defined by the four market phases defined in Wyckoff Logic, a way of looking at markets created by prominent historical investor Richard Wyckoff: accumulation, mark up, distribution, mark down.

The logic suggests that Bitcoin is in the midst of the bearish phase of markets, the mark down. Analyst Moe Mentum’s interpretation of the Logic shows that in the coming weeks, BTC may begin another -20%+ leg lower to $6,000 or potentially even deeper.

Wyckoff Logic isn’t the only sign pointing towards a Bitcoin price drop to $6,000 or even lower.

Timothy Peterson, an analyst at Cane Island Alternative Advisors, recently argued that there is a clear “relationship between the premium investors pay for OTC shares of Grayscale Bitcoin Trust (GBTC) and the cryptocurrency’s Price.” Indeed, as can be seen through the investor’s post, BTC has tracked the GBTC premium per share over the course of the entire yet.

Seeing that BTC has yet to fulfill this correlation over the past few weeks, Peterson made the following harrowing conclusion about Bitcoin’s price action:

“The relationship between GBTC premium and bitcoin price has not been stable and predicable over time. However, our fundamental models also value BTC at about $6,000. It appears that institutional and long-term US investors in GBTC are expecting this price level for BTC as well.”

The Other Side of the (Bit)Coin

While Moe’s Wyckoff-based analysis is showing a bearish scenario, there is another analyst claiming that Wcykoff’s studies are implying appreciation, not depreciation.

Financial Survivalism noted last week that Bitcoin’s chart from the last week of September until now is eerily reminiscent of the textbook Wyckoff Accumulation pattern. Survivalism argued that if “this current pullback (referencing the fall from $8,350 to $8,100) creates a higher low above $8,000, then I would consider [the Wyckoff Accumulation] confirmed”.

Should this bullish pattern play out in full, Survivalism suggests that BTC will return above the key $10,000 price point in a few weeks’ time.


Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

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