Cryptocurrency

REUTERS/Rick Wilking Billionaire investor Mike Novogratz won half a Bitcoin in an election bet over the weekend, but then hosted a lottery to hand it out to "new Bitcoiners."  Novogratz, the CEO and founder of crypto-focused merchant bank Galaxy Digital, was expecting Democrats to secure both the White House and the Congress. A Twitter user @Adelgary won the lottery, but others contested the outcome by claiming he already owns Bitcoin and isn't new to the crypto world. Half a Bitcoin is currently worth $7,726. Visit Business Insider's homepage for more stories. Billionaire investor Mike Novogratz said he won half a Bitcoin in an election bet on Saturday, and gave it up in a self-hosted lottery to a Twitter user. Half a Bitcoin is currently worth $7,726. Bitcoin has risen 10% in the past week, hitting $15,453 as of 10:20 am GMT on Monday. The price has gained almost 60% since the end of August and is up nearly 300% so far this year. Novogratz said in a t...

Bitcoin remains in a bullish posture following a remarkable monthly close at $13,850, which is a matter of basis points away from its highest ever monthly close. Bitcoin’s recent price action has been bolstered by PayPal’s recent announcement that it would start facilitating cryptocurrency buys and sells. This followed an influx of institutional investment earlier this year, with MicroStrategy buying $475 million worth of Bitcoin in September before Square invested $50 million itself. With all fundamental variables now seemingly in place, from a technical perspective Bitcoin is in an even stronger position with the previously stubborn $13,000 level of resistance now becoming a level of support. BTCUSD chart by TradingView If Bitcoin can establish a platform in this region it will almost certainly make a move towards a new all-time high before the year is over. However, it’s worth noting that even during 2017’s sensational bull market, short-term sell-offs occur more often...

Bitcoin remains in a bullish posture following a remarkable monthly close at $13,850, which is a matter of basis points away from its highest ever monthly close. Bitcoin’s recent price action has been bolstered by PayPal’s recent announcement that it would start facilitating cryptocurrency buys and sells. This followed an influx of institutional investment earlier this year, with MicroStrategy buying $475 million worth of Bitcoin in September before Square invested $50 million itself. With all fundamental variables now seemingly in place, from a technical perspective Bitcoin is in an even stronger position with the previously stubborn $13,000 level of resistance now becoming a level of support. BTCUSD chart by TradingView If Bitcoin can establish a platform in this region it will almost certainly make a move towards a new all-time high before the year is over. However, it’s worth noting that even during 2017’s sensational bull market, short-term sell-offs occur more often. This...

Bitcoin remains in a bullish posture following a remarkable monthly close at $13,850, which is a matter of basis points away from its highest ever monthly close. Bitcoin’s recent price action has been bolstered by PayPal’s recent announcement that it would start facilitating cryptocurrency buys and sells. This followed an influx of institutional investment earlier this year, with MicroStrategy buying $475 million worth of Bitcoin in September before Square invested $50 million itself. With all fundamental variables now seemingly in place, from a technical perspective Bitcoin is in an even stronger position with the previously stubborn $13,000 level of resistance now becoming a level of support. BTCUSD chart by TradingView If Bitcoin can establish a platform in this region it will almost certainly make a move towards a new all-time high before the year is over. However, it’s worth noting that even during 2017’s sensational bull market, short-term sell-offs occur more often. This...

Source: Adobe/V.R.Murralinath Crypto adoption will gain further steam in 2021, according to experts speaking with Cryptonews.com . To date, Bitcoin (BTC) and other cryptoassets have had a very good (yet turbulent) 2020, and with the global economy expected to continue stagnating into 2021 (and beyond), crypto might win additional converts with its promise of greater returns and independence from traditional finance. 2020: How accurate were predictions last year? Industry players were pretty accurate when sharing their predictions with Cryptonews.com last year. They predicted that Bitcoin’s May halving would increase demand for the cryptocurrency: this has generally been the case, with the price of bitcoin rising from a low of USD 5,000 to just under 9,000 in the weeks before May 11, and then rising steadily afterwards, briefly hitting USD 14,000 on some exchanges on October 31. However, it still can be argued what was the effect of the halving alone. BTC price chart: Source: ...

Source: Adobe/rawcaptured Bitcoin (BTC) has hit new 2020 highs, nearing the price of USD 14,000, and it's "poised for takeoff," according to crypto analytics firm Coin Metrics that gave three reasons why that might be the case. In the past 24 hours, BTC had surpassed USD 13,800, or the level last seen in January 2018, before falling below USD 13,000 again and later rebounding to USD 13,116 (15:59 UTC). Though bitcoin volatility is not the least bit surprising, "something is different this time around," argued the Coin Metrics team in the recent report. It added that, "Ever since the March crypto crash, BTC has been growing in ways that we have not seen in previous bull runs. On-chain fundamentals hint that it could be poised for its biggest breakout yet." The firm gave 3 arguments to support this claim. 1. Correlation with gold/dollar and increased hodling Following the crash of March 12, now known as Black Thursday, BTC's usually low co...

Hot on the heels of Paypal’s crypto adoption, JPMorgan’s Global Markets Strategy division released a report detailing how Bitcoin (BTC) could offer “considerable” upside “if it competes more intensely with gold as an 'alternative' currency.” According to the analysts, the three reasons for their long-term bullish view on Bitcoin are the large valuation gap between Bitcoin and gold, the growing utility of cryptocurrencies, and millennials preferring Bitcoin over gold in the long-term. This report shows that institutions are gradually realizing the huge potential of cryptocurrencies and are willing to take a U-turn on their previous apprehensions. Crypto market data daily view. Source: Coin360 Galaxy Digital CEO Mike Novogratz said that PayPal’s decision on crypto could force other big banks to consider ways to engage with digital assets. "We are going to see, over the next 10 years, a rebuilding of the financial infrastructure of this country," Novogratz added in...

Ripple’s XRP token is going into the typically low-volume weekend on the back of a bullish week after rallying by 8.26%. It is, however, now approaching a crucial level of resistance at $0.26, which has not been taken out to the upside since early September. Breaking above $0.26 over the next fortnight would tie in with the bullish narrative surrounding Bitcoin following PayPal’s foray into digital assets. Bitcoin is currently trading at around $13,000 for the first time since June, 2019. If it can continue to rally followed by a period of consolidation, altcoins like XRP could well begin to see the proceeds of profitable Bitcoin trades. XRPUSD chart by TradingView One of the most notable parts of XRP’s recent price action is that it has held well above the daily 200 exponential moving average. Over the past three years XRP has struggled to gain momentum to the upside, consistently falling below key moving averages as it slumped from an all-time high of $3.28 to as low as...

Source: Adobe/promesaartstudio Bitcoin (BTC), as a cryptoasset, is tethered to tether (USDT) tightly. Ever since becoming tradable in 2015, USDT has come to occupy an increasingly important part of the bitcoin and wider cryptocurrency ecosystem. Now, USDT is the third-biggest token by market capitalization, and by virtue of being pegged 1:1 to the US dollar, it has long provided an on-ramp and safe haven for millions of traders. But with Tether already facing legal actions, what would happen to BTC and its price if it were to cease operations? Moreover, even some analysts warned recently that Tether and other stablecoins may face an uncertain future as governments step up their regulatory scrutiny of the sector. According to industry players speaking with Cryptonews.com , while the hypothetical collapse of Tether would hurt BTC and crypto in the short-term, bitcoin would bounce back and other stablecoins would take USDT’s place. ‘Regulators go slowly’ Tether has attracted contr...

Bitcoin (BTC) price broke upward in the first half of October, resulting in a rally from $10,500 to $11,700. However, the momentum may be shifting once more as strength diminishes across the cryptocurrency market.  A similar setup also happened prior to Bitcoin’s latest upward break with sideways consolidation in BTC causing altcoins to drop south heavily, especially the Defi sector. Rangebound and holding $11,000 But significant support at $11,000 is now a must-hold level to resume the bullish momentum, which may find difficulty clearing current levels as renewed coronavirus lockdowns are spooking investors. Traders still remember the previous pandemic fear in March that caused prices of many assets across markets, including BTC, to drop severely. BTC/USD 1-day chart. Source: TradingView Bitcoin’s daily chart shows a strict breakout above $11,000, which was critical for any bullish momentum. However, sustaining support at $11,000 is a must for the bullish case to hold weig...

Donal Trump (on the left) and Joe Biden during the debate. Source: a video screenshot, Youtube, CNBC Television After last night’s first presidential debate between US President Donald Trump and former Vice President Joe Biden, crypto traders are betting that the likelihood of a Trump win in the election is far lower now than before the debate. Meanwhile, some crypto industry players took the chance to tout Bitcoin (BTC) again. As of press time Wednesday morning (08:13 UTC), the Trump 2020 perpetual contract that is traded on crypto derivatives exchange FTX declined by more than 7% during the hour of the debate, from USD 0.436 before the debate and to USD 0.405 at the time of writing. Source: FTX ___ Source: FTX Similarly, ‘YES Trump’ and ‘NO Trump’ tokens issued by the decentralized prediction market protocol Augur (REP) also shows that people think that Trump’s chances of winning the election have decreased, with the NO Trump token now trading at USD 0.55 and YES Trump t...

Source: iStock/vm Today marks not only the end of September, but of the third quarter of 2020, as well as the beginning of the year's final quarter. Looking back at the market's performance in both the last month and the last three months we find both strong rallies and crashes. July , as we noted in detail, was a good month for crypto, to put it simply. The market went swiftly upwards, and the entire month ended in the positive color of green. Bitcoin (BTC) jumped to USD 11,000, touching USD 12,000 at the very beginning of August. But altcoins followed closely, with ethereum (ETH) nearing USD 400, and others going up as much as 50%, including XRP, cardano (ADA), and bitcoin SV (BSV). elrond (ERD) was the overall winner in the top 50 coins by market capitalization category, with aave (LEND) in the second place. August went a bit south. It wasn't a bad month for crypto, but it was certainly a mixed bag. The cause of the turbulence partly lay in the fast rise in popular...

A week ago, the market was on shaky ground as volatility went through the roof with massive drops in portfolios seen across the board. However, this past week was relatively boring and stable as the price of Bitcoin (BTC) is now in a narrow range.  This narrow range is confusing the majority of traders as it is not hinting at any direction for further momentum. Will Bitcoin break back above $11,000 or will the markets close the CME gap at $9,650? Let’s take a closer look at the charts. What are the crucial levels for Bitcoin? The U.S. Dollar is the currency to focus on right now. As weakness returns to the U.S. dollar, it’s likely to expect that other asset classes like gold, silver and Bitcoin continue their uptrend. BTC/USD 1-week chart. Source: TradingView An often-made mistake by traders and investors in the markets: forgetting to zoom out. It’s very important to check higher time frames to see this bigger picture, and gauge where the market is currently at. For cryptocu...

The U.S. dollar is getting so weak that even Warren Buffett is getting out and Bitcoin (BTC) will see all-time highs, says Max Keiser. In his latest forecast for macro, the RT host warned that safe havens would seriously outperform fiat. Buffett, he implied, knew what was coming. Keiser: Buffett “getting out of USD” “Buffett’s move into Japan, along with his GOLD investment, confirms he’s getting out of USD BIGLY,” Keiser wrote on Twitter Monday.  “USD is trending lower today, about to break key support. Bitcoin - Gold - Silver Will all make new ATH in the near term.” He was referring to Buffett’s move into Japanese assets, taking a 5% stake in the country’s five biggest trading houses in a move which totals $6 billion, Reuters reports. “The five major trading companies have many joint ventures throughout the world and are likely to have more. I hope that in the future there may be opportunities of mutual benefit,” the publication quoted him as saying. The announcement cam...

Bitcoin has triumphantly broken above $12,000 this morning as it continues its progression into a fully fledged bull market. The world’s largest cryptocurrency now has a market cap of more than $221 billion, which is the highest point since June 2019 when it eventually rallied to as high as $14,000. Over the past three weeks Bitcoin has surged by more than 30.9% as positive sentiment from both retail and institutional investors returns across the entire industry. From a technical perspective, Bitcoin’s next hurdle is the $12,350 level of resistance as this was a point of rejection before an eventual break down in price in August of last year. Breaking above that on significant volume would be the first indication that Bitcoin could well form a new all-time high in Q4 of this year. There is a number of arguments as to why cryptocurrencies are rallying so ferociously at the moment, the first of which being the increase in popularity of decentralised finance DeFi projects like Compou...

Bitcoin (BTC) dropped several hundred dollars in seconds on Aug. 10 as $12,000 once more proved too hot to handle.  Cryptocurrency market daily snapshot, Aug. 6. Source: Coin360 BTC price finds new focus at $11,700 Data from Cointelegraph Markets and Coin360 showed BTC/USD nosedive 4% during Monday trading, bouncing off $11,500 and since returning to $11,700. In doing so, Bitcoin neatly filled the latest gap in CME Group’s Bitcoin futures markets, which lay just below $11,700.  BTC/USD 1-day price chart. Source: Coin360 A classic move, Cointelegraph predicted on the day that markets would likely attempt to go lower on short timeframes to fill the gap, in line with standard behavior. The event caused a dramatic spike in liquidations on derivatives giant BitMEX, data from monitoring resource Skew confirms. BTC/USD liquidations on BitMEX. Source: Skew Analyst: $13,000 will follow a $12,000 breakout For Cointelegraph Markets analyst Michaël van de Poppe, the sudden di...

Bitcoin (BTC) hit its highest in over ten months on July 27 as bulls took control and sent the largest cryptocurrency past $10,350. Market overview from Coin360. Data from Cointelegraph Markets and Coin360 confirmed BTC/USD reaching highs of $10,363 on some exchanges on Monday — its best performance since Sept. 9, 2019. Markets continued to capitalize on bullish sentiment as the trading week began, Bitcoin following safe-havens gold and silver to surprise traders and analysts alike. As Cointelegraph reported, a basket of factors is helping to fuel gains, which remain subject to classic resistance levels. At press time, Bitcoin had not yet managed to test $10,500, key resistance which, if overcome, opens up the door to $11,000 and higher.  “Overall bullish but just throwing it out there that a big volume move and close across 10500/11000 will result in the continuation everyone else wants,” Cointelegraph Markets analyst filbfilb told subscribers of his dedicated Telegram trad...