Bitcoin was catching a breath on Thursday after staying in a parabolic uptrend this week on the backs of favorable risk-off mood.
The benchmark cryptocurrency stabilized near $9,300 during the Asian and European trading sessions, helped by persistent worries of the Coronavirus outbreak in China and other parts of the world. As of 11:33 UTC, bitcoin was trading at $9,305.08, down 1.26 percent from its intraday high.
It was still up by 0.19 percent on an adjusted-daily timeframe.
Bitcoin maintaining gains after registering a parabolic rally earlier this week | Source: TradingView.com, Coinbase
FOMC Policy Update
Bitcoin’s modest gains on Thursday matched shoulders with slightly similar sentiments in gold and bond markets.
Almost all the risk-off assets edged higher after the Federal Open Market Committee (FOMC) released its policy update yesterday. The committee announced that it is keeping its benchmark lending rate intact in the range of 1.5 percent and 1.75 percent. The outcome showed that the Federal Reserve was – apparently – relaxed about the current nature of the US economy.
However, the Fed chair Jerome Powell said later in a press conference that he remains unsatisfied with the inflation staying below 2 percent. That allowed traders to assess that the US central bank could introduce another rate cut in 2020, which helped to hedge assets surged higher this Thursday.
The sentiment sent dollar-denominated assets higher.
WATCH: Fed Chair Powell holds a press conference following the FOMC's decision to leave interest rates unchanged. https://t.co/TuGurssxY0
— CNBC (@CNBC) January 29, 2020
An Artificial Bitcoin Pump
Bitcoin is not a proven safe-haven asset like Gold. But the cryptocurrency lately enjoyed a comfortable bull run as one as geopolitical tension between the US and Iran escalated. It formed its best positive correlation with Gold after months, showing that traders are beginning to treat it as an insurance against a global crisis.
But to one prominent analyst, the bitcoin pump is an artificial one.
Peter Schiff, a noted gold bull, said in a tweet yesterday that speculators alone drove the bitcoin prices higher, believing that institutional investors – at one point in the future – would choose the cryptocurrency as their safe-haven. Excerpts:
“Whenever there’s actual safe-haven demand, Bitcoin pumpers manipulate the price higher to attract buyers, driving the false narrative that #Bitcoin is a safe haven too. Buyers speculate that others will buy Bitcoin as a safe haven, but none do. There’s nothing safe about Bitcoin.”
Why are you even comparing Bitcoin to gold? Bitcoin and gold have nothing in common. Bitcoin has outperformed everything if you bought it at the right times. But for most it will eventually underperform everything.
— Peter Schiff (@PeterSchiff) January 29, 2020
Meanwhile, Grayscale, a New York-based digital currency investment trust, reported a capital influx of about $600 million in 2019, indicating that Wall Street was transforming into a big bitcoin bull.
“With 71% of assets raised into Grayscale products during 2019 coming from institutions, we now have empirical data that this is part of a longer-term trend–one that we have no reason to believe won’t be sustained into 2020,” said Michael Sonnenshein, managing director at Grayscale.
So far, the bitcoin price rally is sustaining. The post appeared first on NewsBTC. origin »
Bitcoin reached a new all-time high of $109,114 on January 20. However, instead of fueling hopes of further gains, it has faced persistent sell pressure, dropping about 20% from the peak as of this writing. Recent weeks have seen weak…
Bitcoin has been hit by another succession of FUD. At the time of writing, the first cryptocurrency by market cap sits at the higher area of $30,000. Price action is still choppy and uncertainty about a persistent downside trend appears to be taking a toll on the bulls.
Bitcoin brought about solutions to persistent problems that stood in the way of previous attempts to invent digital money, such as the risk of double spending. Some of its features, however, like the characteristic irreversibility of blockchain transactions, have created certain challenges for the traditional legal and financial systems.
People watching cryptocurrency markets have been patiently waiting for prices to rise and the overall sentiment to change. However, one thing that’s been extremely bullish these days is how BTC’s hashrate has doubled in the last three months.
Venture capitalist Fred Wilson once believed that Ethereum would surpass the market capitalization of Bitcoin. Yet, persistent scaling problems are causing former advocates to revise their opinions.
Slow and steady, wins the race, the popular adage holds true for Bitcoin and FAANG stocks. Drawing parallels between the fable and current market, FAANG stocks emulate the speedy hare, one-directional and over-confident.
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Out of all the promises made over the last decade, the crypto-ecosystem delivered two of them: a volatile market and persistent leadership. Although entrepreneurs have rooted for their own personal agenda, the cryptoverse has witnessed a new era of mutual inclusion.
Venezuelans are used to their currency costing less than the paper it’s printed on. Economic misfortunes and political upheaval place their country at the bottom of all inflation charts, year after year.
By CCN Markets: Global financial crises are on the rise, thrusting bitcoin into the spotlight. Legendary investor Warren Buffett called bitcoin “rat poison squared,” but it turned out to be nectar, nevertheless.
The New York Office of the Attorney General (AG) wants to take a closer look into the business operations of Bitfinex and related stablecoin issuer Tether (USDT). According to a legal petition filed with the Supreme Court of New York, the NY Attorney General Office of Letitia James is applying for a court order to investigate Bitfinex’s suite of interrelated companies (including its umbrella firm iFinex and Tether Holdings Limited) for “ongoing fraud” to the tune of $850 million.
A slow, grinding upward drift has been the name of the game for bitcoin’s market over the last few weeks. The upward drift is bringing us slowly to a level that was previously rejected violently:Figure 1: BTC-USD, Daily Candles, Upward DriftOur third rejection of the red resistance level shown above brought the market into a test of macro support in the mid-$3,000s.
Despite recently celebrating a decade of decentralized technology with Bitcoin’s 10th anniversary, the blockchain space still faces several challenges which many blockchain projects have failed to overcome.
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Famed Swiss investor, analyst and, until recently, crypto skeptic Marc Faber, 73, has bought his first bitcoin in another sign the old guard of investments is warming to crypto. Speaking to German finance website Cash, Faber revealed he recently bought bitcoin for the first time to learn more about cryptocurrencies and following some persistent and high-profile badgering.
The weekend has seen the market take a dip and at the start of the week, the losses are extending further. After initially dropping below $135 billion, the market has at the time of press dropped to $132 billion.
Ask any Bitcoin fan – be it an investor, trader, entrepreneur, or even the dreaded “thought leader” – for their take on what Bitcoin really needs to fulfil its full potential, and they’ll undoubtedly tell you – mass adoption.
After considerably falling from above 400,000 transactions a day to just 170,000 last year, bitcoin transaction volumes have been on a slow, but persistent upwards direction since April 2018. Daily.
CoinSpeaker
Bitcoin Will Gain More Than 80% Throughout 2019, New Study Explains Why
Despite the persistent crypto winter, a panel of financial markets analysts in Australia predicted that Bitcoin will rise by over 80% throughout 2018 fueled by several short-term catalysts.
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A new point-of-sale (PoS) app released by Zap allows merchants to independently accept transactions on the Lightning Network. Jack Mallers, the founder of Zap, described some of the properties of this new app on a recent Twitter thread.
For more than a year there have been persistent rumours about how one of the big banks or investment firms would jump into the fray and start a Bitcoin business. That hope has thus far borne no results.
According to an article published by Bloomberg, on December 13, 2018, Basis, a stablecoin startup funded by the likes of Bain Capital Ventures, and Andreessen Horowitz has decided to call it a day due to the persistent ambiguity regarding classification of digital currencies as securities.
Over 100,000 Bitcoin miners have shut down. However, Bitcoin’s reduced mining difficulty has created more room for persistent miners. Learn more here.
The post Bitcoin Mining Difficulty Decline Favors Persistent Miners appeared first on CoinCentral.
About half of the public thinks Satoshi Nakamoto first explained the idea for Bitcoin on a bar napkin, not a white paper, highlighting the persistent education gap about crypto 10 years into its existence.
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The Chamber of Digital Commerce’s Token Alliance is producing a new group of guidelines built to help the cryptocurrency and initial coin offering (ICO) markets grow responsibly.
Google just nixed any app that mines cryptocurrencies from its Play Store. With a recent update to the store’s policies, the tech monolith rewrote its stance on cryptocurrency apps.
The
Bitcoin movement has brought with it a tidal wave of activity in cryptocurrency
investments and trading. As a result, crypto market capitalization soared to an
all-time high of around $820 billion in early January of 2018.
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According to a recent report by Bloomberg, the cybersecurity arm of China has openly accused the US government of orchestrating the theft of approximately $13 billion in Bitcoin (BTC), adding tension to the ongoing cyber relations between the two nations.
