Bitcoin cracks $9,600 just hours after breaking $9,000 level

Bitcoin cracks $9,600 just hours after breaking $9,000 level

Bitcoin cracks $9,600 just hours after breaking $9,000 level

  • Bitcoin surged to yet another new record high on Monday
  • The cryptocurrency jumped to an all-time high of $9,671.84 hours after cracking the $9,400 level on Sunday
  • The digital currency has risen some 869 percent year-to-date
  • Bitcoin surged to yet another new record high on Monday, breaking a record set during the Thanksgiving weekend stateside.

The cryptocurrency jumped to an all-time high of $9,671.84 hours after cracking the $9,400 level on Sunday, according to industry site CoinDesk. It later pared some gains to trade at $9,631.21 at 10:00 a.m. HK/SIN, rising some 3.27 percent on the day.

"The move appears to be retail driven," said Brian Kelly, a CNBC contributor and CEO of BKCM, which runs a digital assets strategy.

The largest bitcoin exchange in the U.S., Coinbase, added about 100,000 accounts between Wednesday and Friday — just around Thursday's Thanksgiving holiday — to a total of 13.1 million. That's according to public data available on Coinbase's website and historical records compiled by Alistair Milne, co-founder and chief investment officer of Altana Digital Currency Fund. Coinbase had about 4.9 million users last November, Milne's data showed.

The surge in interest also comes on the back of CME's announcement that it will list bitcoin futures in the second week of December. The launch of a derivatives product for the digital currency will mark another step in establishing bitcoin as a legitimate asset class.

Still, with the digital currency having risen by some 869 percent year-to-date, plenty have taken to pointing out the potential pitfalls of what they see as a price bubble.

JPMorgan Chase CEO Jamie Dimon in October warned that those "stupid" enough to buy bitcoin will ultimately "pay the price for it." He added that he did not comprehend the value of currencies that were not backed by a government and that "[t]he only value of bitcoin is what the other guy'll pay for it."

Still, many others have offered a more moderate assessment for bitcoin and its ascent. Khaldoon Al Mubarak, the head of Abu Dhabi's Mubadala Investment Company, said people ought to be open-minded when looking at the digital currency.

More recently, a poll among chief financial officers on CNBC's Global CFO Council showed 27.9 percent of 43 respondents thought bitcoin was "real but in a bubble" while 27.9 percent thought the cryptocurrency was a "fraud." Just 14 percent of the executives said bitcoin was "real and going higher."
 

Author: Evelyn Cheng

 

Posted by David Ogden Entrepreneur
David Ogden Cryptocurrency Entrepreneur

 

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Holding Strong – Failed Price Breakdown a Boon for Bitcoin Bulls

Holding Strong - Failed Price Breakdown a Boon for Bitcoin Bulls

Holding Strong – Failed Price Breakdown a Boon for Bitcoin Bulls

Bitcoin has witnessed decent two-way business in the last 24 hours.

A drop below $8,000 during the Asian day was quickly undone and the world's largest cryptocurrency by market value once again approached record highs, hitting $8,333 this morning.

At press time, bitcoin is changing hands at $8,228, according to CoinDesk's Bitcoin Price Index.

As per CoinMarketCap, the bitcoin-U.S. dollar (BTC/USD) exchange rate has appreciated by 1.13 percent in the last 24 hours. Meanwhile, the total trading volume in the last 24 hours was $5 billion, the highest since Nov. 16.

The price action analysis indicates the failed breakdown below $8,000 may be costly for the bears.

4 hour Chart
Holding Strong - Failed Price Breakdown a Boon for Bitcoin Bulls
The chart above shows:

Failed breakdown: BTC witnessed a solid rebound from the upward sloping 50-MA and is back in the rising channel.

The relative strength index (RSI) holds above 50.00 (bullish territory).

1-hour chart
Holding Strong - Failed Price Breakdown a Boon for Bitcoin Bulls

The descending trend line seen on the chart above has been breached as well, suggesting there is scope for a rally.

View

The charts suggest a rally to new all-time highs around $8,600 (rising channel ceiling) is possible. The 10-day moving average (MA) is sloping upwards, suggesting dips below the same could be short-lived. Currently, the 10-day MA stands at $7,949 levels.

However, multiple 4-hour closes below $7,900 levels would warrant caution on the part of the bulls. In such a case, a deeper pullback to sub-$7,600 could be seen.

 

 

Author Omkar Godbole Nov 24, 2017 at 12:15 UTC

 

Posted by David Ogden Entrepreneur

David Ogden Cryptocurrency Entrepreneur

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Bitcoin Price Rises by 5% to $3,740 as the Cryptocurrency Market Gradually Recovers

Bitcoin Price Rises by 5% to $3,740 as the Cryptocurrency Market Gradually Recovers

Bitcoin Price Rises by 5% to $3,740 as the Cryptocurrency Market Gradually Recovers

Today, on September 23, the bitcoin price increased from $3,600 to $3,738, recording a daily increase of 4.88 percent. At today’s peak, the bitcoin price surpassed the $3,800 mark, showing signs of recovery from the largest price correction.

Bitcoin Price Rises by 5% to $3,740 as the Cryptocurrency Market Gradually Recovers

On September 20, less than three days ago, the price of bitcoin and most of the cryptocurrencies in the global market declined significantly. The bitcoin price plunged from $4,020 to $3,530, by $490, and the price of other leading cryptocurrency such as Ethereum also dropped by over 10 percent.
 

Bitcoin Remains Stable in $3,800 Region, Optimistic Indicators

In 2013, when the Chinese government banned bitcoin and trading activities around the cryptocurrency, the bitcoin price fell by over 40 percent and it failed to recover for more than eight months thereafter. The bitcoin price surpassed the $1,000 mark for the first time in December of 2016. However, when the Chinese government issued a nationwide ban on bitcoin, the bitcoin price was not able to surpass the $1,000 mark again until January of 2017.

In consideration of the impact the Chinese government and its ban on bitcoin had on the price of bitcoin in 2013, China’s nationwide ban on local bitcoin exchanges had significantly less impact on both the price of bitcoin and the state of the global bitcoin exchange market.

When the Chinese government requested major bitcoin exchanges and trading platforms including BTCC, OKCoin and Huobi to shut down, analysts expected the price of bitcoin to remain below the $3,000 mark for awhile, since the Chinese bitcoin exchange market was still a large market for bitcoin. But, as an increasing number of traders and investors began to realize that the Chinese market was only accountable for around 10 to 13 percent of global bitcoin traders, the international bitcoin exchange market started to demonstrate increasing demand from investors.

It is important to acknowledge that stability is most likely a far-fetched term to depict the recent performance of the bitcoin price. But, relative to previous events such as the 2013 ban on bitcoin by the Chinese government, bitcoin has done surprising well, showing resilience towards FUD and regulatory uncertainty in China.
 

Can Bitcoin Price Recover Beyond $4,000 In Upcoming Weeks?

Financial and bitcoin analysts including Max Keiser and Ben Verret reaffirmed that the bitcoin price is likely to increase in the upcoming days and weeks, considering that the weak hands have left the market. Earlier today, Keiser also emphasized his short-term price target of $6,000, given that the bitcoin price has been able to hold up and sustain momentum despite the uncertainty in regards to the Chinese bitcoin market and also, the country’s local bitcoin mining industry.

Since 2016, an increasing number of investors and traders have begun to seek bitcoin as a safe haven asset to avoid global markets volatility and weakening of reserve currencies. As the conflict between North Korea and the US continues to intensify, it is likely that more investors will seek out for bitcoin in the upcoming weeks.

More to that, as JP Vergne, a professor at Ivey Business School explained, developer activity around cryptocurrencies is the best indicator for price. Bitcoin development is booming with the emergence of Lightning-based applications and Segregated Witness (SegWit)-supporting wallet platforms.
 

Joseph Young on 23/09/2017
 

Posted by David Ogden
David Ogden Cryptocurrency Entrepreneur

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Is Investing in Bitcoin and Other Cryptocurrencies Worth the Gamble

Is Investing in Bitcoin and Other Cryptocurrencies Worth the Gamble

Is Investing in Bitcoin and Other Cryptocurrencies Worth the Gamble

The Technology Behind Cryptocurrencies

 

The creation of Bitcoin back in 2008 fueled the exponential growth of the cryptocurrency ecosystem, facilitating the creation of a rich diversity of coins and applications that many would deem revolutionary. Those who invested in cheap coins at the outset are reaping huge returns on their capitals, dwarfing the average returns one can acquire in the stock markets. Think about it; if you had bought $1,000 worth of Bitcoin in 2010, you’d be worth a staggering $35 million now. The possibility of earning colossal returns has attracted many to the arena, and this begs a crucial question: Is the hype on cryptocurrencies warranted or it is just a game of Russian Roulette?

The birth of Bitcoin – the first digital cryptocurrency that is decentralized by design – gave rise to a technology with the potential to redefine the very fabric of our status quo. This technology is called the Blockchain, which underpins Bitcoin’s protocol.

“Every informed person needs to know about Bitcoin because it might be one of the world’s most important developments.” — Leon Luow, Nobel Peace Prize nominee

Blockchain is essentially a distributed, digital ledger where every transaction is broadcasted publicly and recorded chronologically. The database is ever growing, expanding in tandem with the amount of transactions made on the network. The decentralized nature of Blockchain technology ensures that transactions are immutable and thus immune to change, offering full transparency for each and every transaction. Add to that the traits of increased security, higher efficiency, error-resistant and reduced transaction costs, it leaves no doubt as to why many are excited about Blockchain’s possible use cases. The utility of Blockchain technology is endless, with an ever-growing list of governments, industries and companies looking to further explore its usage.

Hotbed for Money Making

The birth of a revolutionary technology would always entail those looking to capitalize on its profitability. Blockchain is no different. Investors, traders and speculators can get in on the action by buying cryptocurrencies, which are digital currencies manifesting as variant applications of the Blockchain technology. There are over 900 coins available, with each offering a slightly different approach to solving a range of problems. Many early adopters have made a great sum of money, by buying the coins cheaply at its outset and realizing them much later on. Based on the statistics provided by ICOSTATS, the return on capital of 40 cryptocurrencies since their inception stands at a staggering 6703%! In order for you to earn similar rates of returns in the stock market, it will take you approximately 957 years.

These stellar returns inevitably attract many who are looking to earn multiples over their capital. Given the extreme technicality of cryptocurrencies and the underlying Blockchain technology, many do not fully understand the fundamentals of what they’re investing in. The immaturity of the current infrastructure – stemming from the relative infancy of the cryptocurrency industry — results in an inefficient price discovery mechanism, thereby creating an extremely volatile market environment. This poses huge risks for those looking to invest in a comprehensive list of coins.

Simply entering the market with the hopes of massive short-term gains without understanding the coins and their technology is akin to playing a deadly game of Russian Roulette. The radical volatility of the coins’ prices may significantly put your capital at risk. Just to draw a picture, Bitcoin’s price lost 40% of its value in a matter of days in December 2013, and at the start of this year, Bitcoin lost approximately 34% of its value in a week. While this can spell doom for many, there are those that find gratification by profiting from the intense gyration of prices.

The Verdict?

Nine years after Bitcoin kickstarted the technological revolution, the ecosystem centered around Blockchain technology has flourished and is looking ever so promising. New coins solving real world problems are launched at a tremendous pace, with new functionalities and applications pushing the boundaries of this nascent technology. With increasing user adoption and a keen interest by nations and corporations, it is only a matter of time before Blockchain technology becomes ubiquitous in our lives.

A flip side of this emergent technology is the great risks associated with investing in cryptocurrencies, especially for those with a short-term horizon and an absence of understanding in the coins they have invested in. Truly, the extraordinary volatility unique to cryptocurrencies creates a superficial impression of high stakes gambling in the eyes of many. Armed with the right understanding and knowledge of Blockchain technology, you would begin to appreciate its innate beauty.

 

David Ogden
Entrepreneur

DAvid Ogden Cryptocurrency Entrepreneur

 

Author: Aziz Bin Zainuddin

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