Bulls should be taking this news as positive. 18% losses, selloffs but at such fragile volumes should mean that any resistance now at 4k shouldn't be too difficult to overcome, should the whales decide this is again a good entry price for the new year.
I don't think this should change any medium-term plans for the rest of us. Speaking for myself, business as usual. No clear hopes for any movement of significance before February when all those reg moves kick in.
Bitcoin losing dominance is my concern. it is not supposed to be losing dominance when the market bearish. when last did you saw bitcoin losing -3.20% market dominance in a bearish market? |
|
|
|
After carefully studying the market conditions this morning I finally discovered there is a very small amount of money in circulation. The market lost approximately $18 billion in capitalization in the last 48 hours. There is no strong momentum in the market today, it seems all the whales took off for this special holiday season. What should we do now? Stay on the market and keep monitoring the market behaviors or take off too?  |
|
|
|
Hello guys, I do want to ask for the best country to live on Earth? And also the best to start a crypto exchange at the same time? Feel free to answer if you have any idea. thanks  |
|
|
|
In the last three days, the crypto market added $33 billion to its valuation and the Bitcoin price surged by 18 percent against the U.S. dollar. But, one trader said that a bull run cannot be expected just yet. Alex Krüger, an economist, a trader, and a technical analyst, said that the cryptocurrency market has simply stopped falling below major support levels and defended the $100 billion support level with high intensity. Crypto simply stopped falling. Nothing else has changed. No reason to expect a rabid bull run yet. May easily print new lows in the following weeks. A wide range is IMO the most likely scenario to ensue. Nothing to FOMO into. — Alex Krüger (@Crypto_Macro) December 20, 2018 In the following weeks, the trader explained the market could continue to demonstrate wild volatility in a wide range, unable to initiate a strong mid-term bull run and a long-lasting rally. Crypto Market Not Ready Just YetThis week, the cryptocurrency market experienced one of its strongest corrective rallies of the year. Fueled by the increase in the Bitcoin price, several crypto assets like Ethereum (ETH) recorded solid gains in the 20 to 40 percent range while Bitcoin Cash (BCH) doubled its value from around $80 to $167.  Bitcoin Cash Doubles its Value in 3 Days However, in the grand scheme of things, the corrective rally on Wednesday has not reversed the mid-term trend of the market. In fact, the crypto market is not even at the price range it demonstrated last month. In early November, the valuation of the crypto market was relatively stable in the $200 to $220 billion range and the price of Bitcoin was hovering at around $6,500. Since then, at its lowest point, the price of Bitcoin has halved and the valuation of the crypto market fell by 54 percent. The promising recovery of major crypto assets in the past three days was certainly positive for the short-term trend of the asset as it allowed the market to avoid a further drop below $100 billion. But, Krüger said that it is too early to expect a full trend reversal to occur in the weeks to come. He said: Crypto bullish talk is increasing. Some are deriding bears looking for lower prices. Most of these bulls lost a fortune, are deeply underwater, and are actually best ignored. Crypto simply stopped falling. Nothing else has changed. No reason to expect a rabid bull run yet. May easily print new lows in the following weeks. A wide range is IMO the most likely scenario to ensue. Nothing to FOMO into.
Best ScenarioThe best scenario for the crypto market, which has shown some signs of recovery, is a gradual and slow build up across the first quarter of 2019. A big spike in value can leave an asset class vulnerable to a large drop in the future, especially in a period of high volatility and market uncertainty. Given the instability in the global market and the tendency of accredited investors to refrain from investing in high-risk, high-return trades amidst market volatility, at least in the short-term, investors in the traditional financial sector are not expected to allocate significant sums of capital into the crypto space. With no major catalysts on the horizon, for the crypto market to avoid a potential correction, a gradual recovery would be beneficial for the mid-term growth of the sector. Reference: https://www.ccn.com/trader-why-a-rapid-crypto-bull-run-cant-be-expected-just-yet/ |
|
|
|
 The Nasdaq is in a bear market. On December 23, the Nasdaq Composite fell to a new yearly low at 6,332 points, as stocks and securities listed on the exchange plummeted in value. A bear market is commonly referred to as a 20 percent drop from a market, index, or asset’s all-time high. Since its newly established all-time high on August 29 at 8,109 points, the Nasdaq Composite has fallen by nearly 22 percent to 6,332 points.  As technology stocks in the likes of Amazon and Cisco recorded a daily drop of 3 to 6 percent on the day, the Nasdaq Composite struggled to sustain any sort of momentum and dropped by 3 percent within a six-hour span. Nasdaq in Trouble, What Investors Can AnticipateThe U.S. government and the Trump administration have attributed the poor performance of the U.S. stock market to the latest rate hike by the Federal Reserve. The increase in the federal funds rate has made it more costly for businesses, especially small to medium businesses, to lend money from financial institutions, placing more pressure on the struggling economy of the U.S. Jeff Kravetz, a regional investment director at U.S. Bank Wealth Management, said that the Fed believes the economy of the U.S. is still strong. But, the country’s central bank has failed to consider key variables that may affect the short-term prospect of the global economy including the tension between the U.S. and China over the long-lasting trade war and high tariffs. “The Fed is making the case the economy is still good, but there’s so many things investors are worried about,” Kravetz said. Although several analysts have claimed that the Fed cannot alter the rate purely based on the performance of the U.S. stock market, such an argument was relevant prior to decline in the Nasdaq Composite and the Dow Jones. Both the Nasdaq Composite and the Dow Jones are up quite significantly from early 2017. However, with about a week of trading left before the year’s end, if the sell-pressure on the U.S. stock market continues to grow and it does not demonstrate signs of a drastic trend reversal, an additional drop in value can be expected throughout December and the first month of 2019. UBS Global Wealth Management executive Jason Draho told the WSJ that investors in the stock market are refraining from initiating in any investment until the year’s end, and without buy volumes, the intensifying sell pressure could lead to a steeper sell-off for U.S. markets. Draho said: The fear of slowing growth and a bear market has become much more prominent. There’s not many buyers who want to step up and say they’re willing to buy today, and many are waiting for the new year. Dow Jones Also Approaching Bear Market TerritoryThe Dow Jones has dropped by 16.3 percent from its all-time high at 26,828 points and is approaching bear market territory.  On the day, the Dow Jones recorded a 1.81 percent drop, ending the week as the market’s worst week since the 2008 financial crisis. Reference: https://www.ccn.com/nasdaq-in-bear-market-with-20-drop-dow-jones-worst-week-since-2008/ |
|
|
|
 The cryptocurrency market is not the only financial asset that has suffered losses and recorded a consistent decline as the year winds to an end. In fact, every major asset class for investment has recorded negative returns or an unchanged performance year. This is the conclusion of a CNBC report summarizing the performance of markets in 2018.  According to the report, the activity dominating the close of the trading year is a series of shorts on stocks, corporate bonds, commodities, government debt, and practically every other asset class available in markets around the world. This comes a few weeks after Morgan Creek founder Anthony Pompliano pointed out that that the S&P 500 lost $755 billion in a little over 4 hours of trading as the general market rout shows no sign of stopping anytime soon. The S&P 500 lost almost $755 BILLION today. That is more money lost in a single day for public equity investors than all crypto investors combined this year. The math don’t lie! 🤷🏽♂️ — Pomp 🌪 (@APompliano) December 4, 2018 Misery Across BoardCryptocurrencies have experienced a mostly negative year, recording a decline in trading volumes, as well as price crashes led by bitcoin which is down roughly 80 percent from its all time high of December 2017. In total, between January and December, about $700 billion of market capitalization has been wiped off cryptocurrencies as investors brace for a so-called crypto winter in the absence of any optimistic predictions coming to fruition.  The cryptocurrency market has lost about $700 billion in capitalization in 2018 | Source: CoinMarketCap This pain however, is merely a relatively small part of the pain experienced by investors across practically every market in the U.S.A. In October, CNN reported that the Bank of America warned that 14 of 19 bear market signals had been triggered and the turbulence could last. While some investors believed that the prolonged equities bull run which began in March 2009 would still prolong, many accepted that the longest bull run in American history was over.  The Dow Jones Industrial Average has endured a calamitous year end | Source: Macro Trends The latter group turned out to be right, with Market Watch reporting recently that the S&P 500 fell 2.1 percent to 2,417, and the Dow Jones Industrial Average falling 1.6 percent to 22,444. The Nasdaq Composite on its part slipped 3 percent to 6,333 points.  The performance of the S&P 500 has mirrored that of the Dow Jones | Source: Macro Trends Speaking to CNBC, Head of U.S. Rate Strategy at BMO, Ian Lyngen predicted that the downward movement will continue into 2019. In his words: All assets have underperformed in 2018 simply because the Fed accelerated the process of tightening monetary policy with a two-pronged approach of both hiking rates and reducing the balance sheet […] “We continue to expect the Fed will hike next year until they break something. The reversal in equities is not the magnitude that has historically led the Fed reverse their policy, so there’s still room to go. Last Monday, U.S. Treasury Secretary Steve Mnuchin spoke to the CEOs of JP Morgan Chase, Bank of America, Goldman Sachs, Morgan Stanley, Wells Fargo and Citigroup to discuss ways of calming the equity market rout and confirm presence of sufficient liquidity to aid recovery efforts through commercial and retail lending. In 2018 There Were Few Winning OptionsThe only notable winning options in 2018 were commodities like natural gas, wheat, cocoa, oats, palladium and corn. Where will 2019 bring us?  Source: Finviz.com Reference: https://www.ccn.com/not-just-crypto-and-bitcoin-every-major-asset-class-had-a-major-fallback-in-2018/ |
|
|
|
 Wall Street is quietly moving out of the crypto market, Bloomberg reports. While the market has continued to be battered by news of fraud and imminent regulatory crackdowns, there was a time when it seemed like Wall Street had started to warm up to the rise of crypto assets. Last year, when the crypto industry enjoyed what was probably the biggest bull run in its history, it seemed a lot of mainstream financial companies were also ready to join the bandwagon. Names like Goldman Sachs, Fidelity Investments and Barclays Bank Plc. were all affiliated with reports to open cryptocurrency divisions, and these speculations sent ripples around the financial industry. Goldman Sachs’ Trading Desk DreamsGoldman Sachs was one of the first Wall Street firms to show interest in Bitcoin futures, and rumors claimed that the firm was working on developing a seperate crypto trading desk. The investment bank partnered with Galaxy Digital and led a $57 million series B investment in custodian firm BitGo Holdings Inc., in a bid to offer custody services. Fast-forward to a year later, and Goldman is yet to offer crypto trading. The bank’s Bitcoin derivative product has not made much progress since it launched. Citigroup Inc.- Digital Asset ReceiptsNew York-based Citigroup Inc. also reportedly developed a crypto-based product that could help asset management firms and hedge funds reduce the risk they get exposed to when they invest in crypto. The product, known as Digital Asset Receipt, was expected to provide crypto investors with an innovative means of keeping tabs on their investments and offer an additional layer of legitimacy and trust to the fledgling asset class. Barclays Inc. and Its Crypto Trading DeskThen we have London-based Barclays Inc. The British bank showed a massive interest in crypto during the boom, hiring energy traders Chris Tyrer and Matthieu Jobbe Duval to help lead its digital assets division. Both were hired to help look into avenues where the bank could make a foray into the crypto world and provide recommendations, especially as rumors swirled that it was considering developing a crypto trading desk of its own. Sadly, Tyrer ended up leaving earlier this year, while Duval remains with the firm. In addition to Tyrer quitting, Barclays also denied any rumors of the crypto trading desk. So What Happened?According to the report, there are two reasons for the quiet withdrawal of Wall Street in the market; the downturn in the market and a lack of a regulatory framework on cryptocurrencies. The first reason is relatively simple. 2018 has been a wild ride for the crypto market, with about $700 billion being wiped off. Crypto-based firms are feeling the brunt of this bear market, with news of retrenchments, companies folding up and manufacturers of mining rigs losing profits by the day. On regulation, it is believed that the continued lack of a specific regulatory framework on cryptocurrencies has continued to deter big names in the financial industry from taking the plunge into the sector. Hopefully, 2019 will see a rejuvenation in the crypto industry, as well as the introduction of clearer crypto regulations. Reference: https://www.ccn.com/wall-street-is-backing-out-of-crypto/ |
|
|
|
 Bitcoin Private has confirmed the allegations made by CoinMetrics, reported by CCN yesterday. Calling them “mathemetically accurate,” the development team says that no one on their team knows where the extra coins wound up. Again, CoinMetrics stated that at least 300,000 of them had already been moved through exchanges. Due to the low take-up by the Bitcoin community of Bitcoin Private (in which users could essentially have claimed free coins on the BTCP blockchain), this is a significant portion of the overall actual supply of Bitcoin Private, or the supply that is in use. Bitcoin Private has conducted a full audit of the situation and has determined that the blame is with a single developer. The developer is called airk42. He has not contributed to Bitcoin Private since claiming a bounty and completing an “issue” they had out, which was to tweak the import so that BTCP could “add arbitrary transactions as coinbase inputs at a given block height.” The developer completes the issue, merges his own code, and is sent his reward. One line of code is missing which allows the fork mine to be exploited due to the nodes not properly verifying the falsified fork blocks. […] The missing line of code is as follows: || tx.vout.size() > 1. We determined this after the CoinMetrics report was released. Bitcoin Private does not believe the developer in question exploited his own mistake. Instead, they believe an unidentified “bad actor” took advantage of the bug during the establishment of the BTCP blockchain. During the publicly announced fork mine, a bad actor exploited this bug, creating 2 million coins. It went unnoticed by the contribution team until it was uncovered by CoinMetrics. Reference: https://www.ccn.com/bitcoin-private-denies-fraud-allegations-and-calls-for-halt-to-btcp-trading/ |
|
|
|
 Crypto exchange Binance has added Ripple’s XRP as a base currency on the exchange. With this announcement, it means that XRP will now be used more as a primary asset that can be used to make purchases of other cryptocurrencies listed on the platform. Although some minor digital exchanges have already added XRP with other altcoins and fiat currencies, this will mark the first listing of its kind on a top crypto exchange. Binance is rolling out the TRX/XRP (Tron) and XZC/XRP (Zcoin) pairs.  CoinMarketCap Changpeng “CZ” Zhao, CEO of Binance, flirted with the idea of making this move earlier in the year, giving signs via Twitter that the company was planning something in this direction.  Binance CEO Changpeng “CZ” ZhaoThe XRP community unanimously rallied, believing it should be added as a base pair on Binance. A user on Twitter with the username “C3|Nik” asked Zhao to list the currency as a base pair to the exchange. Zhao didn’t respond, but another Twitter user with the username “izombieXRP” asked for him to either perform the same action or gift him a Camaro. In response to “izombieXRP’s tweet, Zhao had teased the user, saying, “Careful what you wish for. ” Days later, Zhao made the announcement officially via his Twitter account. We will be adding a couple trading pairs with XRP as the quote currency shortly. And rename ETH markets to ALTS market. Running out of space on the UI. Merry Xmas! — CZ Binance (@cz_binance) December 24, 2018 Binance, the largest crypto exchange in the world by daily trade volume, expanded its token offering this year, focusing specifically on stablecoins. Earlier in December, it launched a range of pairs, TrueUSD, a USD-pegged stablecoin, serving as a quote currency on the platform. Reference: https://www.ccn.com/major-cryptocurrency-exchange-binance-lists-ripples-xrp-as-a-base-pair/ |
|
|
|
 The rumors of bitcoin’s death are greatly exaggerated, according to the stunning number of obituaries it racked up during a dismal crypto bear market. The original cryptocurrency has died 90 times in 2018, according to 99 Bitcoins. That’s slightly less than the 125 times it died in 2017. Despite detractors’ eagerness to bury it once and for all, bitcoin’s media profile has never been higher. So even as its price cratered, Google searches for bitcoin have rocketed to record highs. Google Searches For Bitcoin SoaredAs CCN reported, Google searches for “bitcoin” recently topped online searches for President Donald Trump. That’s staggering when you consider that Trump is the center of most news coverage on any given day. Using this metric, it’s safe to say that bitcoin and the cryptocurrency industry have entered the mainstream consciousness. A year ago, bitcoin and the crypto market were fringe topics that were mostly a curiosity to readers of financial news. Today, mainstream business outlets cover bitcoin’s daily price fluctuations and the emerging blockchain industry on a daily basis.  bitcoin is dead obituary meme | CCN meme/Pixabay photo Here’s a flashback to some of the more memorable, recent proclamations that “bitcoin is dead.” Atulya Sarin, a finance professor at Santa Clara University, insists that bitcoin will never supplant gold as a store of value, so bitcoiners should just give it up already. It appears bitcoin is now entering a death spiral…bitcoin will quickly go to zero. ‘Worthless’ Bitcoin Has Entered Death Spiral: Finance Professor https://t.co/wBTE0Wai9n — CCN (@CryptoCoinsNews) December 3, 2018 “I see bitcoin as a dead man walking,” said Peter Mallouk, the president of Creative Planning, a Kansas investment firm. The recent precipitous drop may be the beginning of its inevitable and inexorable death spiral. Mallouk said future generations will read about bitcoin in finance textbooks as a cautionary tale about the dangers of delusional zealots “desperate to make a silk purse out of a sow’s ear.” Bitcoin is a ‘Dead Man Walking’, Claims Creative Planning CIO https://t.co/iDSHOZJQck — CCN (@CryptoCoinsNews) December 8, 2018 Environmentalists — who claim crypto mining is an existential threat to humankind — are breathlessly celebrating the bear market, saying it’s a sure sign that bitcoin is “will soon be no more.” Anti-Crypto Environmentalists Gleeful that Bitcoin is ‘Becoming Worthless’ https://t.co/78L4Qi9VkZ — CCN (@CryptoCoinsNews) December 12, 2018 Teen crypto millionaire Erik Finman said “bitcoin is dead” because it’s “too fragmented” and there’s too much infighting within the ecosystem. “It may have a bull market or two left in it, but long-term, it’s dead,” Finman predicted. Teenage Crypto Millionaire Erik Finman Says Bitcoin is Pretty Much Dead, Offers Hope for Bitcoin Cash https://t.co/VU1T8sItIH — CCN (@CryptoCoinsNews) December 17, 2018 Crypto entrepreneur Calvin Ayre — an advocate of Bitcoin Cash Satoshi Vision (SV) — predicts that the bitcoin price will plunge to zero in 2019 because it’s worthless. It has no utility. It does not do anything. Ironically, Ayre claims that the original bitcoin is an impostor and that Bitcoin SV is the “real bitcoin.” Bitcoin Price Will Crash to Zero Says Bitcoin Cash Founder Calvin Ayre https://t.co/34ZrOZVJhu — CCN (@CryptoCoinsNews) December 17, 2018 Despite these noisy protestations, bitcoin is still alive and kicking. Moreover, even its harshest critics have heaped praise on blockchain, the revolutionary technology underpinning crypto. As 2018 draws to a close, many industry insiders are optimistic and confident that 2019 will be a blockbuster year of unprecedented expansion fueled by a surge in institutional investments. Winklevoss: ‘Failure of Imagination’ Blinds HatersEarly bitcoiners like the Winklevoss twins, Tyler and Cameron, are unfazed by the current market slump and are betting big on the long-term future of crypto. As for bitcoin skeptics who can’t see its potential, Tyler Winklevoss said they merely suffer from an epic “failure of imagination.” Happy holidays from CCN! 🎶 On the 12th day of REKT-mas, my cryptos gave to me 12 markets crashing 11 feds indicting 10 hacked smart contracts 9 forks of Bitcoin 8 lambo repos 7 bankrupt miners 6 useless tokens 5 exit scams 🎵🎺 4 exchange hacks 3 rage quits 2 margin calls 💯 and a Bitcoin o-bit-u-a-ry — Clark Moody (@clarkmoody) December 4, 2018 Reference: https://www.ccn.com/bitcoin-died-90-times-in-2018/ |
|
|
|
Crypto's Christmas Rally Could Indicate Bitcoin’s Independence from U.S. Stock Market One of the oldest questions in cryptocurrency is whether Bitcoin is tethered to the performance of the overall stock market. The current crypto market rally could indicate that Bitcoin and other altcoins are independent from dips in U.S. stocks. The U.S. Stock Market PlungesUp until the Q3 of this year, the stock market has performed exceptionally well compared to the cryptocurrency markets. As the crypto markets slogged through a year of losses, the U.S. stock market was experiencing another strong year of performance coming out of 2017. However, beginning early October, the S&P 500, the Dow Jones Industrial Average, and the Nasdaq Composite Index wiped out most of 2018’s gains. The Dow Jones Industrial Average experienced some of its largest losses since 1931—the time of the Great Depression—losing 16.3 percent since October. The Nasdaq Composite Index (COMP) is even set to close in a bear market (usually defined as a drop of at least 20 percent from a recent peak). The fall in stock prices is attributed to a chorus of investor concerns, including the pace of the Federal Reserve’s interest rate increases, the looming U.S. government shut down, concerns over the U.S. China trade war, and signs that the international economy is stalling.
Cryptocurrency Market’s Santa RallyAs of this week, the cryptocurrency markets have experienced a strong Christmas rally. Bitcoin is up 22.6 percent, going from $3,270 back to $4,000. And, for the first time in nearly a year, the overall crypto-markets have outperformed Bitcoin, gaining 28.7 percent and adding an additional $30 billion in market capitalization. For reference, the S&P 500 is down 6.7 percent since Monday. That said, both the S&P and the cryptocurrency markets have experienced large losses since October. The S&P 500 is down 17 percent from October highs, while the crypto-markets were still in the midst of a bear trend, dropping 40 percent and shedding $90 billion in market capitalization. Long-Term ImplicationsNonetheless, the crypto market’s Christmas break out could have other implications. A long-standing question among crypto traders has been whether the U.S. stock markets and cryptocurrency markets are correlated. Some have even speculated that Bitcoin could act as a safe haven during stock market downturns, although most major news outlets including Forbes and CNBC have dismissed the claim. Ryan Rabaglia, head of trading with a cryptocurrency dealing firm OSL in Hong Kong, told Bloomberg that: “The days of crypto being the safe-haven play and having a high degree of detachment from the rest of the world are seemingly diminishing.” Yet, the most recent crypto-market rally could refute Rabaglia’s statement. As the stock market tumbles, the recent crypto rally could reaffirm that the stock markets and cryptocurrency market are untethered. Travis Kling, a crypto portfolio manager, reaffirms that idea: Crypto has never existed during a bear market in traditional assets. BTC was birthed at the very beginning of the largest monetary experiment ever- globally coordinated QE. Ending QE is causing pain There is a significant chance Crypto is the best performing asset class in 2019 pic.twitter.com/vIdKTrm5sV — Travis Kling (@Travis_Kling) December 23, 2018 Even if Bitcoin is not deemed a conventional safe haven asset, independence from the U.S. stock market could make crypto useful for a host of different trading strategies. Fund managers may want to include Bitcoin in diversified portfolios, retirees may include crypto in their 401Ks, and speculators can rest at ease knowing the stock markets won’t bring down cryptocurrency with it. Reference: https://cryptoslate.com/cryptocurrencys-christmas-rally-could-indicate-bitcoins-independence-from-u-s-stock-market/
|
|
|
|
Amidst a dreadful year for crypto investors, a significant upside to the dismal performance of their assets could be that the losses could end up saving them a significant amount of tax if they understand how to record and file appropriately. Under the U.S. tax code, bitcoin investors who got “rekt” in 2018 can use these losses to mitigate their tax burden for the current financial year and beyond. Key to this is the fact that the United States Internal Revenue Service (IRS) classifies cryptocurrency as a commodity rather than currency, and so crypto trading transactions are taxed in a manner similar to how sales of stocks, land and similar assets are treated. Favorable IRS RegulationsThe tax that is relevant to this asset category is Capital Gains Tax, which goes up to 40.8 percent for short-term gains and 23.8 percent for long-term gains. It is levied whenever an asset is sold for more than what the holder purchased it for. In other words, if an investor bought 10 BTC a couple of years ago at $1,500 each and they decide to sell at $4,000 each in 2018, a capital gains tax will be levied on the $25,000 profit they would realize. The flipside is that under the IRS form 8949 reporting framework, if cryptocurrency assets end up being sold at a loss, the loss amount can be claimed against their total capital gains tax burden for all commodity investment activities as well as their personal income tax (up to a limit of $3,000 per financial year in the case of the latter). Investors can also carry these losses forward to the next financial year and offset their tax burden in the case of personal income tax. Even more significantly, crypto assets are not subject to “wash sale” regulations which prevent investors from purchasing securities within 30 days of disposing of a loss-making asset. This means that it is perfectly legal for an investor to sell a portion of their crypto holdings, record the loss on the IRS form 8949 for tax purposes and then repurchase it shortly after, usually within as little as a few hours. In order to benefit from the advantages offered by this framework, it is important for investors to keep detailed and accurate records of all their cryptocurrency trading activity in a financial year, which can be done using one of a burgeoning number of crypto accounting software solutions in case the investor is unable to realistically record everything manually. Reference: https://www.ccn.com/crypto-crash-offers-investors-tax-write-off-opportunity/ |
|
|
|
 Bitcoin Price Recovery Alongside Network ChangesThe Bitcoin price came back from the brink this week, reaching nearly $4,000 by Sunday. Analysts were at times throughout the week worried that it would lose support around $3,400 and then drop beneath $3,000, but this hasn’t happened. At the same time, however, two important Bitcoin network metrics saw reduced performance over the week. For one thing, mining difficulty – which signifies the number of miners on the network – dropped by 7% during the week. David Hundeyin explained: In the light of the bitcoin blockchain’s reduced hashrate caused by withdrawing miners, the network is designed to automatically adjust the difficulty level in order to avoid a situation where there is a huge transaction confirmation backlog and high confirmation fees. The 7 percent drop in difficulty is likely to be the start of a similar difficulty readjustment pattern as bitcoin below $6,000 increasingly becomes a prolonged reality. The number of reachable Bitcoin nodes also dropped, meaning that a number of people have shut off their full nodes. This number is harder to discern, as not all full nodes are mining nodes, but certainly the miners no longer mining are represented in this figure. As CCN writer David Hundeyin wrote: A falling number of reachable nodes could theoretically lead to increased centralization of the network if fewer and fewer entities control the remaining full nodes. Overtime if unchecked, this could at least on paper lead to 51 percent attacks and the nightmare scenario of double spends which would destroy the credibility of bitcoin. While this is obviously very far from happening and realistically not very likely, it does illustrate the impact of the continued bear market on the bitcoin blockchain. Reference: https://www.ccn.com/bitcoin-network-loses-nodes-and-difficulty-militants-use-crypto-in-struggle-to-secede-nyu-professor-goes-off-the-rails-and-more-last-week-in-crypto/ |
|
|
|
Bitcoin on Monday maintained its bullish bias despite facing rejection by a strong resistance area.  The bitcoin-to-dollar exchange rate surged from $3,956 to $4,244 as the Asian session kicked in. The pair attempted a breakout action but got held by a moderate selling pressure near the session peak. By the European session, an interim bearish correction has brought bitcoin to its session low near $4,022. At press time, the Bitcoin/Dollar rate again is going through a minor accumulation period, which could enable the pair to retest $4,244 for a potential breakout.  BITCOIN/DOLLAR 4H CHART | SOURCE: COINBASE, TRADINGVIEW.COM Technically, bitcoin price has completed its inverse head and shoulder scenario with its neckline tied around $4,244. As the coin consolidates below this level, the likelihood of an extended downside correction is more. In the event of a breakout, the price could set its targets towards $4,418-4,500 area in the interim scenario, bringing adequate opportunities for small profits. The 4H chart is also displaying a Goldern Cross scenario. The candlestick pattern is formed when a near-term moving average jumps above a long-term moving average. As of now, the 50-period moving average is clearly crossing above the 200-period moving average, confirming a breakout scenario for the bitcoin-dollar pair. On a daily chart, at the same time, the 50-period remains much below the 200-period, confirming that the breakout action – if it takes place – would not confirm an out-and-out bullish bias in long-term. The RSI momentum indicator confirms a bullish presence after finding buyers in the 50-60 area. In the wake of the aforementioned bullish indicators, there is a likelihood for the RSI to attempt a go at the overbought area. Meanwhile, the quoted dollar looked weaker on Monday, over a partial government shutdown in the US. Its impact on the bitcoin market cannot be identified at press time. Bitcoin/Dollar Intraday TargetsUsing the same chart above, we have defined our today’s range by $4,244 as interim resistance and $3,976 as interim support. Our day begins by entering a long position towards $4,244 with plans to extend it on a breakout action, towards $4,500, our psychological upside target. As we pursue the bullish sentiment, we would maintain our stop loss just 1-pip below our entry position. It would ensure that we don’t lose much should there be a sign of an extended downside correction. In case bitcoin confirms $4,244 as resistance and reverses, then we will open a short position towards $3,976 while eyeing the 50-period moving average as our potential downside target. As usual, we would maintain our stop-loss order just 1-pip above the entry position to manage our risks efficiently. Reference: https://www.ccn.com/bitcoin-maintains-bullish-bias-eyeing-4500-as-upside-target/ |
|
|
|
 Bitcoin mining giant Bitmain is going to sack almost half of its staffers by the end of this week, sources from the Chinese media reported. The Beijing company today laid off a team which was working on the development of Bitcoin Cash client. The news broke to the wire when Samson Mow, Blockstream Chief Strategy Officer, and former BTCC Chief Operational Officer, tweeted about it. Mow claimed: Bitmain has quietly laid off their entire Copernicus team. Only 1-week notice. Some had just joined the company. Layoffs just in time for Christmas. Rumors gained more credibility as people, claiming to the ex-employees of Bitmain, started sharing their exit stories on LinkedIn. Dovey Wan, managing director at Danhua Capital, brought the matter to notice via her series of tweets. ⚠️⚠️⚠️ there’s post on Chinese Linkedin (usually very high accuracy, posted by employees themselves) saying Bitmain will start a layoff the coming week … 😳😳😳 A separate rumor said the plan is for more than 50% of its headcount  ! pic.twitter.com/b0ZSBuPX4d — Dovey Wan 🦖 (@DoveyWan) December 23, 2018 Sanyan Finance, a Chinese media outlet, also reached out to Bitmain employees for further confirmation. While they confirmed that the human resource team at Bitmain was speaking to employees about “something,” they refused to add anything more to their claims that could prove that these employees are certainly getting canned. Global Layoff?Before the layoff rumor took off, Bitmain had already suspended its operations in the State of Israel. As a local daily reported, Bitmaintech Israel, a development center Bitmain had founded just two years back, fired its entire team, including vice president Gadi Glikberg, citing losses incurred during the latest crypto crash. “The crypto market has undergone a shakeup in the past few months, which has forced Bitmain to examine its various activities around the globe and refocus its business by the current situation,” Glikberg confirmed. In November, the cryptocurrency market cap lost $70 billion worth of investments after Bitcoin Cash fork threatened the stability of the entire crypto space. Bitmain, which supported one of the Bitcoin Cash camps led by Roger Ver in its quest to attain lead over the other, reportedly suffered millions of dollars worth of losses while diverting Bitcoin’s surplus hash power to its ally. The extent of their overall damages, including depreciation incurred during a year-long crypto bear market and by the drop in mining equipment sales, could have led Bitmain to go on a firing spree. Although it is currently not known whether or not it is a global layoff, Beijing layoffs are already active, reported 36kr. Bitmain had almost 2,000 employees working across its mining and blockchain development verticals. It is expected to drop to 300 by the time the reported sacking concludes. Reference: https://www.ccn.com/bitmain-bitcoin-mining-giant-to-sack-50-of-its-workforce/ |
|
|
|
 As other asset markets, particularly the stock markets, enter a bear market some believe cryptocurrencies have a chance at being the best performing asset class next year. Travis Kling, a self-proclaimed ex-equities portfolio manager who “fell down the crypto rabbit hole” and is now heading up the cryptocurrency asset management firm Ikigai, tweeted today: Crypto has never existed during a bear market in traditional assets. BTC was birthed at the very beginning of the largest monetary experiment ever- globally coordinated QE. Ending QE is causing pain There is a significant chance Crypto is the best performing asset class in 2019 pic.twitter.com/vIdKTrm5sV — Travis Kling (@Travis_Kling) December 23, 2018 The U.S Federal Reserve began quantitative easing (QE) ten years ago, lowering interest rates and buying trillions of dollars’ worth of government bonds and mortgage-backed securities. The move potentially saved the U.S from major depression. Other global economies followed suit in buying bonds and increasing market liquidity in order to fuel economic growth. Could Quantitative Tightening Inspire Investors to Choose Digital and Decentralized?In late 2017, the Federal Reserve began to let its holdings mature without reinvesting. The U.S was the first to end quantitative easing moving instead to the opposite – quantitative tightening. The Bank of Japan (BOJ) and the European Central Bank (ECB) also slowed bond purchases in 2018.  Central Bank Assets Source: Bloomberg Bloomberg Economics declared October 2018 as the month the world’s largest central banks collectively started to decline their bond holdings. Though the ECB and BOJ are still scaling back rather than releasing holdings. With the U.S leading, interest rate rises are a further sign of “normalization” a process of allowing economies to operate under their own steam without central bank intervention. It’s this, combined with other factors, that’s causing fear of global recession and impacting global asset markets. Cryptocurrencies emerged in 2009, just after QE began and, Kling is right, have not existed in a traditional asset bear market. Kling also agreed that this year’s developing bear market has impacted cryptocurrency performance and as a risky asset they could also see further impact: “It would make complete sense to me that crypto would bottom out months before traditional asset classes.” After Kling’s tweet, the resulting conversation on Twitter held mixed opinions. Some believe cryptocurrencies could continue to fall and be the “worst” performing asset class out of a global economy of bad-performers. Others think that once again believers in this new digital asset class, out of the control of central government manipulation, will lead the charge and spur a reversal of the cryptocurrency market.  Cryptocurrency Market Capitalization Source: CoinMarketCap This reversal may already be happening, over $30 billion has re-entered the cryptocurrency market in the past week as other asset markets plummet. Outperforming all other assets in 2019 would forever cement the role of cryptocurrencies in global economies. Time will indeed tell. Reference: https://www.ccn.com/cryptocurrencies-could-outperform-all-other-assets-in-2019/ |
|
|
|
Since December 15, within a ten-day span, the cryptocurrency market added $45 billion to its valuation as Bitcoin surpassed $4,200.  Many analysts are generally positive on the short-term price trend of Bitcoin heading towards the year’s end, confident that the dominant cryptocurrency has established a bottom.
Prospect of BitcoinCurrently, Bitcoin and the vast majority of cryptocurrencies are undoubtedly in a bear market. From its all-time high, the Bitcoin price is still down 79 percent and other major crypto assets such as Ethereum (ETH) and Ripple (XRP) are down around 89 percent from their all-time highs. On December 23, as the Ethereum price surged by more than 51 percent against the U.S. dollar, Alex Kruger, an economist and a cryptocurrency trader, said: 7 days ago ETH was down 94% from all time highs. Now, after a 52% increase in 7 days, ETH is only down 91% from all time highs. For investors to reasonably believe that cryptocurrencies are no longer in a bear market, digital assets would have to increase by over 20 to 30 percent against the USD. Bitcoin, for instance, is currently valued at around $4,200 on fiat-to-cryptocurrency exchanges. While the asset has broken out of several resistance levels above $4,000, a breakout of $5,000 is important to confirm a proper bullish price movement, as analyst Willy Woo explained earlier this month. “Be aware the above scenario is contingent on a bounce upwards to test low $5,000s. Currently, the short term price action is consolidating into a wedge with hidden accumulation (according to the OBV indicator), this suggest there is more probability of an up move from here,” Woo explained when the price of Bitcoin hovered at around $3,500. $3,120, the lowest point Bitcoin reached in 2018, could have been its bottom, capped at an 84 percent decline from its all-time high. However, to confirm a full trend reversal, the asset would have to show strength throughout the first quarter of 2019, demonstrating several months of consolidation and accumulation. It could be said that the crypto market has achieved a bottom, as Ethereum co-creator Joseph Lubin emphasized, but it is too early to conclude that the bear market of cryptocurrencies has come to an end. Still, the strong corrective rally of major digital assets has relieved significant pressure from the cryptocurrency market, increasing the probability of a potential trend reversal and positive price movements over the Christmas season. 45 Percent UpSince mid-December, the cryptocurrency market has recorded an increase in valuation from $100 billion to $145 billion, by 45 percent. However, in a grand scheme of things, the cryptocurrency market has not even reached November levels, when the valuation of the market was hovering at $220 billion. The market would need to rebound by 51 percent to recover to $220 billion. With several positive industry-related developments including the launch of the Bakkt Bitcoin futures market in January, investors in the market are anticipating a solid price movement throughout the first two months of 2019. Reference: https://www.ccn.com/crypto-market-added-45-billion-in-10-days-is-bitcoin-close-to-a-bottom/ |
|
|
|
|
Still no bounty payments after a year... Perhaps, we should be trolling this page for wasting our time.
|
|
|
|
|
36 days to Bakkt launch today. thus, my bitcoin price prediction is $6800 I don't want to be too bullish about the price right now.
|
|
|
|
|
Show Posts
