Bitcoin Falls as Facebook Warns Libra Might Never Launch

Investing.com – Bitcoin fell on Tuesday in Asia after Facebook (NASDAQ:FB) said in a report that Libra might not “be made available in a timely manner, or at all.”

Bitcoin dropped 2.6% to $9,517.9 by 12:15 AM ET (04:15 GMT). Litecoin fell 1.6% to $89.133, while Ethereum was down 3.3% to $205.25. XRP slipped 1.2% to 0.30800.

In its latest quarterly report, Facebook warned a number of factors could hinder the expected launch of its own cryptocurrency, Libra.

The company originally planned to launch the digital coin in 2020.

“Libra has drawn significant scrutiny from governments and regulators in multiple jurisdictions and we expect that scrutiny to continue,” Facebook said in its filing with the Securities and Exchange Commission.

“In addition, market acceptance of such currency is subject to significant uncertainty. As such, there can be no assurance that Libra or our associated products and services will be made available in a timely manner, or at all. We do not have significant prior experience with digital currency or blockchain technology, which may adversely affect our ability to successfully develop and market these products and services,” the social media giant added.

In other news, the Iranian cabinet authorized crypto mining as an industrial activity with the move taken as a first step towards legalizing cryptocurrencies, according to Mehr News Agency.

The government cautioned that users of alt coins were solely responsible for the risks involved and that the use of digital currency was still not permitted.

 

David

Florida Court Summons Wife and Associates of Craig Wright in Billion Dollar Lawsuit

As part of a pending lawsuit, a Florida judge has requested international judicial assistance from the Queen’s Bench Division in London to summon and question Craig Wright’s wife and associates in court. The Kleiman estate had filed a $10 billion federal lawsuit against self-proclaimed Bitcoin founder Wright in February 2018.

The court filed the petition on behalf of Ira Kleiman, wife of the now-deceased computer scientist, Dave Kleiman. According to Ira, Wright allegedly embezzled over $5 billion worth of Bitcoin at the time of the lawsuit, from her husband, who worked with Wright from 2009 to 2013. The Kleiman estate is looking to recover at least 30,000 BTC from Wright, along with any forked assets.

Wright’s Business Associate and Author Summoned

The Kleiman estate has filed for the motion to question Ramona Watts, the wife of Craig Wright, since she “was identified in his initial disclosures as an individual with knowledge of the facts underlying the plaintiffs’ claims.”

According to the estate, Wright had revealed his mining partnership with Kleiman to his wife, who became the co-director of Bitcoin-related companies with her husband after their marriage.

I addition to questioning Ramona Watts, the Kleiman estate is also looking to obtain the testimony of Andrew O’Hagan, author of the book “The Satoshi Affair.” To prove that he was indeed the founder of Bitcoin, Satoshi Nakamoto, Wright provided O’Hagan “extensive access” to his life. The estate claimed:

“During this 6-month process, O’Hagan recorded many hours of tape” of his many dozens of hours of conversation with Wright” where they discussed information relevant to the lawsuit.”

Wright’s business associate, Robert MacGregor, was also named since he is acquainted with the details of the partnership between Wright and Kleiman, in addition to being the buyer of “Satoshi Nakamoto’s” life rights.

Bitcoin Inception Partnership: A Betraying Affair?

According to the initial lawsuit filed by the Kleiman estate in 2018, Wright forged Kleiman’s signature to steal his share of the partnership. The value of the overall Bitcoin mined by the duo was worth approximately $10 billion in 2018 when Kleiman’s estate sued Wright.

Addressing claims that the two individuals were involved in the creation of Bitcoin, the estate said that “it was unclear whether Craig, Dave, and/or both created Bitcoin.” Reiterating their demand to receive a fair share of Kleiman’s digital assets, they said,

“It is undeniable, however, that Craig and Dave were involved in Bitcoin from its inception and that they accumulated a vast wealth of bitcoins from 2009 to 2013”.

 

Author Rahul N.

David

Crypto billionaire Mike Novogratz: Bitcoin will reach $20,000 this year

In a recent interview, crypto personality Mike Novogratz gives his view of the crypto world for the rest of the year.
 

Earlier this summer, crypto personality Mike Novogratz gave a somewhat modest forecast for bitcoin. He said that the price would stabilize between $10,000 and $14,000.
 

Sometime later, Novogratz, who founded Galaxy Digital (a company that helps institutional clients invest in cryptocurrencies), stated that this time he will not sell any bitcoin when the price hits $14,000.

 

In a recent interview with Bloomberg, Novogratz gives his view on the bitcoin price for the rest of the year. He believes the price will reach the previous record highs around $20,000 – as soon as institutional investors start showing great interest again.

This will happen towards the end of 2019, according to Novogratz, something he also mentioned in another prediction in June, Cointelegraph reports.

 

Number of users is crucial

Novogratz also highlighted Facebook’s entry into the crypto world with its planned cryptocurrency libra. He said the social media giant’s over two billion users will be crucial in getting many people to start experimenting with the cryptocurrency.

 

The hard part about doing business is usually to attract customers, according to Novogratz, who also emphasized that the messaging service Telegram will release its cryptocurrency “ton” in just a few months.
 

“In about two or three months Telegram is launching their blockchain. Telegram is about 218 million users. So before Facebook launches, we are going to have a real view at an experiment called Telegram, where they also have a user base”, Mike Novogratz said in the interview, according to Cointelegraph.
 

 

Christian Ploog

christian.ploog@trijo.co

 

David

Survey says that Americans prefer Bitcoin over Facebook's Libra

• Only 2% of the people trust Facebook's Libra over public cryptocurrencies like Bitcoin.

• 77% of people say they do not trust Facebook with their personal data due to previous scandals.

According to a recent survey, people from the US trust Bitcoin more than Facebook's upcoming stablecoin, Libra. 1,799 adults took part in this survey, which started after Facebook's white paper launch in June. Consumer insights provider CivicScience revealed that only 2% of the people that expressed a view would trust Libra and its Calibra wallet more than Bitcoin.

By comparison, 40% of the participants said that they'd trust Bitcoin more while 19% said they'd trust both the cryptocurrencies about the same. It's noteworthy that less than 10% of the surveyed group has actually bought any crypto.

A staggering 77% of the people said that they do not Facebook with their personal data at all, while only 2% said that they trusted Facebook. The poll also revealed that there is also a significant lack of interest in the project. When asked if they were interested in Libra and the wallet, 86% replied that they weren't and 5% said that they were interested.

Regarding the age demographics, the survey showed that age groups between 18 and 24 showed more interest (30%) in Libra. The next biggest age group was the one between 25-29, of whom 18% showed interest. Only 7% of the 65+ age group had any interest in Libra.

Regarding the study, CivicScience said:

"Similar to when Bitcoin first mysteriously surfaced ten years ago and brought with it the cryptocurrency gold rush, no one really knows what to expect when some of the largest corporations in the world collaborate to create their own version. Regardless, it's definitely an exciting trend to watch unfold."

 

Rajarshi Mitra

FXStreet

David

Cryptocurrencies price prediction – Bitcoin, Ethereum & EOS – 25 July

Bitcoin price prediction: BTC/USD faces two healthy resistance levels in path back to $10,000

BTC/USD has had a bearish Wednesday wherein the price fell from $9,856 to $9,771.50. In the process, BTC/USD has strung together four straight bearish days where the price fell from $10,768 to $9,771.50, falling by 9.25%. The daily confluence detector shows two prominent resistance levels in its path back to the $10,000-level. On the downside, there aren’t any healthy support levels, indicating a further drop in price.

 

Ethereum price analysis: ETH/USD in recovery mode, gains over 8%

Ethereum, the second-largest cryptocurrency with the current market capitalization of $23.7 billion, is hovering above critical $220,00 ??????. The coin tested area above $225.00 during early Asian hours; however, this barrier remains unbroken so far.

EOS price analysis: EOS/USD trending in an upwards channel formation

EOS/USD has had a bullish Wednesday, as the price went up from $4.15 to $4.46, charting a 7.47% increase in valuation. In the process, EOS/USD managed to have two bullish days in a row. Plus, four out of the last five sessions in the EOS/USD daily price chart were bullish.

 

David

 

The Crypto Daily – The Movers and Shakers 24/07/19

The bears eye a 4th day in the red, with sub-$8,000 levels for Bitcoin investors likely to cause some angst for the broader market.

Bitcoin slid by 4.57% on Tuesday. Following on from a 2.29% fall from Monday, Bitcoin ended the day at $9,859.

A particularly bearish morning saw Bitcoin slide from an early intraday high $10,330.9 to an early afternoon intraday low $9,820.

Steering clear of the major resistance levels, Bitcoin fell through the first major support level at $10,188 and second major support level at $10,048.

Holding above the 38.2% FIB of $9,734 and third major support level at $9,657 was the only positive from the session.

Finding support through the afternoon, Bitcoin recovered to $10,200 levels before sliding back to sub-$10,000 levels.

It was Bitcoin’s first sub-$ 10,000-day end since 17th July.

Bitcoin’s market cap slid back from $183bn levels to $173.02bn at the time of writing.

 

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a mixed bag for the majors on the day.

Bucking the trend on the day were Bitcoin Cash SV and EOS. Bitcoin Cash SV rallied by 2%, while EOS rose by 0.91%.

It was red for the rest of the pack, however. Tron’s TRX led the way down on the day, sliding by 8.95%.

Litecoin (-5.36%) and Binance Coin (-4.51%) also saw heavy losses on the day. It was a somewhat better story for Ethereum, which fell by 2.39%.

Bitcoin’s dominance eased back to 64% levels before recovering to 65% levels. Bearish sentiment across the broader market outweighed the effects of Bitcoin’s losses over the course of the last day.

On the day, the total crypto market cap slide from $281.9bn levels to $265.97bn at the time of writing

 

This Morning,

At the time of writing, Bitcoin was down by 1.94% to $9,667.3. A particularly bearish start to the day saw Bitcoin fall from a morning high $9,861.7 to a low $9,612.7

The early sell-off saw Bitcoin fall through the 38.2% FIB of $9,734 and first major support level at $9,675.70.

Bitcoin left the major resistance levels untested.

Elsewhere, Bitcoin Cash ABC (-4.02), Binance Coin (-4%), and Bitcoin Cash SV (-4.69%) also saw heavy losses.

 

The rest of the pack weren’t far behind, in the early part of this morning. Ethereum also struggled, down 3.77% at the time of writing.

For the Day Ahead

A move back through the 38.2% FIB of $9,734 would bring $10,000 levels back into play. Bitcoin would need the support of the broader market, however, to break out from the 38.2% FIB.

In the event of a broad-based crypto rebound, a move back through to $10,000 would bring the first major resistance level at $10,186.6 into play.

We would expect Bitcoin to fall well short Tuesday’s high $10,330.9, however.

Failure to move back through the 38.2% FIB of $9,734 could see Bitcoin fall deeper into the red. A fall through to $9,500 levels would bring the second major support level at $9,492.4 in play.

Barring an extended crypto sell-off through the day, the second major support level should limit any downside on the day.

 

 

Bob Mason

Jul 24, 2019 04:04 AM GMT

David

Analysts Alex Kruger and Josh Rager give their Bitcoin Predictions

 

Cryptocurrency analyst and economist Alex Krüger says investors should welcome the current withdrawal of Bitcoin and points out that Bitcoin will increase faster and sharper.

Bull market corrections are unavoidable and should be welcome. Assets that go too far up too fast tend to crash the hardest. As everyone who speculated with the price of bitcoin during 2017 and 2018 well knows.

In the short term, analyst Josh Rager points out that BTC ‘s previous support on the one-hour chart shows resistance, suggesting that Bitcoin could fall below $10,000.

$BTC Breaking down to support zone

On 1 hr chart showing top of support zone now acting as resistance

Not a great sign for bulls and want to see price break back up in neutral territory

Continue to watch this area for a break $,10,189 will lead back down to 4-digit BTC

Crypto Money Market

When we look at the price outlook of the crypto money market, we see that Bitcoin experienced a 3% decrease. Bitcoin is traded for $ 10,272. The volume in the last 24 hours is around 16 billion dollars. The market value of Bitcoin is around 183 billion dollars at the time of writing.

When we look at Ethereum, the king of the Altcoins, we see that it traded at $216 with a decline of about 4%. Ripple’s XRP is also down and is trading at $ 0.3

Looking at the coins in the top ten of the crypto currency world, Litecoin traded at $ 94, down 4.80%, Bitcoin Cash at $ 309, down 3.77%, and Binance Coin at $ 30.47, down 0.54% as seen in the

EOS, the number eight in the crypto currency world, traded at $ 4.1 with a decline of 5.77%, while Bitcoin SV, which has seen an effective increase in recent days, is trading at $ 171 with a 0.98% drop. Finally, Tron is trading at $ 0.026, down 9% at the time of writing.

 

BY TULIKA JAIN ON JULY 23, 2019

David

Bitcoin is a rollercoaster ride

hen we started work on this article, we were going to talk about the explosive growth in Bitcoin value. But as we prepared to publish, the cryptocurrency experienced a massive devaluation that could have serious implications for investors.

The highs of cryptocurrency investment

In December 2018, Bitcoin (BTC) reached its lowest point of the year, with each virtual coin worth about $3,200. Over the next sixth months, demand helped to raise values significantly.

By the end of May, BTC breached the $10,000 mark. Four weeks later and coins were worth $12,867. The currency quadrupled in value over the course of a few months, helping to create some seriously rich cryptocurrency investors.

The lows of cryptocurrency investment

Within the span of a few hours today though, everything changed. In the span of one hour, Bitcoin lost $1,000 in value. By the end of the day, BTC was trading below $9,500.
This is not a record low, but around $10 billion was lost from the BTC market in just one day.

The problems with cryptocurrencies

Cryptocurrencies like Bitcoin, Ethereum and Ripple are designed to be free of the control by central banks like the Federal Reserve or the Bank of England. As a result, these virtual currencies are free from the control placed on traditional ‘fiat’ currencies like US Dollars, British Pounds and Euros.

But it is precisely this lack of control that allows the massive swings in value as we have seen recently. Without the normal financial mechanisms used to stabilise currency value fluctuations, Bitcoin can swing wildly. Although unlikely, it is entirely possible that BTC could be worth $25,000 tomorrow, and nothing at all by the end of the week.

Gaming the system?

Without central bank controls and foreign exchange regulators, Bitcoin value is open to manipulation by unscrupulous investors. It is entirely possible that the value of Bitcoin has been artificially inflated, allowing speculators to sell their coins for a massive profit. And once the value crashes, they can buy more BTC, wait for the value to increase, and then sell for another large profit.

For most people, Bitcoin manipulation isn’t a problem because they simply don’t use them. However, many financial experts believe that cryptocurrencies will become more mainstream – Facebook’s Libra coin is sure to gain plenty of attention once it finally launches.

Trading Bitcoin

If you’re interested in trading Bitcoin, you should seek professional guidance from an independent financial adviser. You should also ensure your computer is properly protected by an anti-malware tool to ensure your digital wallet (used to store cryptocurrency) cannot be stolen by cybercriminals. You can download a free Panda Dome trial here.

For everyone else, you can expect to see more headlines about the crazy Bitcoin rollercoaster in the near future.

 

 

July 22, 2019

David

Bitcoin (BTC) Price Weekly Forecast – Approaching Next Crucial Break

• There was a solid upside correction initiated from the $9,100 swing low against the US Dollar.

• The price gained traction after it broke the key $10,000 resistance area and traded towards $11,250.

• There was a break above a major bearish trend line with resistance at $10,400 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).

• The pair tested a crucial resistance near $11,250 and it is currently correcting lower.

Bitcoin price is showing positive signs above the $10,250 support against the US Dollar. However, BTC must break the $11,250 resistance zone to continue higher in the near term.
 

Bitcoin Price Weekly Analysis (BTC)

This past week, bitcoin price extended its decline below the $10,000 support against the US Dollar. The BTC/USD pair even broke the $9,500 support and settled below the 100 simple moving average (4-hours). Finally, the price traded close to the $9,000 and formed a swing low near $9,100. A support base is formed above $9,200 and the price started an upside correction.

The recent wave was positive as the price broke the $10,000 and $10,250 resistance levels. The price even surpassed the 50% Fib retracement level of the last major slide from the $11,920 swing high to $9,101 swing low. Moreover, there was a break above a major bearish trend line with resistance at $10,400 on the 4-hours chart of the BTC/USD pair. The price climbed above the $10,800 resistance and even spiked above the $11,000 level.

However, the upward move was capped by the $11,250 resistance area and the 100 simple moving average (4-hours). The 76.4% Fib retracement level of the last major slide from the $11,920 swing high to $9,101 swing low also acted as a Looking at the chart, bitcoin price clearly tested a crucial resistance near $11,250. Therefore, a clear break above $11,250 is needed for the bulls to gain control in the coming sessions.

Major Resistance Level – $11,250strong resistance. As a result, the price started a downside correction below the $11,000 level. At the outset, it seems like there is a rising channel forming with support near $10,500.

If there is a downside break below the channel support, the price could decline towards the $10,250 or $10,000 support area. On the upside, the main resistance is near the $11,250 level and the 100 simple moving average (4-hours). A successful close above the $11,250 is must for more gains. If not, the price could start a fresh decrease below $10,500.

Technical indicators

4 hours MACD – The MACD for BTC/USD is struggling to gain traction in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is still above the 50 level.

Major Support Level – $10,250

 

 

By Aayush Jindal

 

David

35% Bitcoin Price Drop to $9,100 is Historically Natural, Don’t Worry – Analyst

Bitcoin and the aggregated crypto markets have been incurring significant volatility as of late that has made it increasingly unclear as to which direction BTC is heading and has even made it difficult to know whether bulls or bears are in control.

Although Bitcoin’s recent drop to $9,100 certainly signaled that the crypto’s bears have significant strength, the subsequent price surge past $10,000 signals that bulls are still in control, and one analyst believes that the recent pullback is both natural and necessary for the uptrend to continue.

Bitcoin Climbs Towards $10,400 as Bulls Step Up

At the time of writing, Bitcoin is trading down slightly at its current price of $10,370, which is down slightly from its daily highs of roughly $10,700.

Although its price has dropped from its daily highs, it is important to note that it is trading up significantly from its weekly lows of $9,100 that were set earlier this week.

The positive reaction to the recent dip into the four-figure price region signals that buyers are still in control, and that there is a significant amount of buying support that exists below $10,000.

While looking at Bitcoin’s near-term price action, analysts are noting that the cryptocurrency might be forming an inverse head and shoulders pattern, which could mean that BTC will drop slightly before surging up towards $13,000.

“$BTC Since the H&S worked so well on the down side then maybe the inverse H&S will work just as well on the upside where a measured move from the head to neck line would take #bitcoin up to the established resistance line…note the formation of the right shoulder tests $10K again,” Chonis Trading, a popular crypto analyst, noted in a recent tweet.

BTC’s Latest Pullback Could Be Entirely Natural

Although the recent pullback marked the end of the recently incurred bull market in the mind of many investors, one prominent analyst is now explaining that 30-40% pullbacks during the course of an uptrend are entirely natural.

CryptoThies, another popular analyst on Twitter, spoke about this in a recent tweet, explaining that it is part of a “rinsing/repeating” pattern that has been seen several times throughout Bitcoin’s history.

“$BTC Bull run in 2015-2017 included run-ups, typically followed by a retrace to touch the top of the prior high. These drops ranged from 31-40%, before rinsing/repeating onward. Looks very similar to what we are seeing now,” he explained.

Whether or not this pattern is a natural one or one that spells trouble for BTC will likely grow increasingly clear in the coming days as weeks as the cryptocurrency continues to struggle to hold above $10,000.

By Cole Petersen

David