Bitcoin Price: BTC Skyrockets $1,000 in Just 60 Minutes, but Why?

Bitcoin Price

Bitcoin price bounced back this morning in a rather grand fashion, shooting up $1,000 in an hour.

As per CoinMarketCap, the Bitcoin-U.S. dollar (BTC/USD) exchange rate skyrocketed to an April high of $7,796.25 at 04:44:35 UTC. At press time, the cryptocurrency is changing hands at $7,614 and is up 9.76% percent in 24 hours time. BTC’s price is down -18.7% for the month and down -44.7% year-to-date.

Source: CoinMarketCap

Last year, was an astronomical year for cryptocurrency as it caught mainstream adoption. BTC shot up a staggering $20,000 in its price in 2017, with most gains occurring towards the latter half of 2017. Mainstream media caught wind of cryptocurrency and everyone began buying in. Bitcoin’s record high of just over $20,000 occurred when the Bitcoin futures were being set to launch on Wall Street in mid-December. 

>> Bitcoin Frenzy

Since early January, the entire cryptocurrency market has been on a downtrend. It hit record highs of $830 billion on January 7th but is now sitting at just under $300 billion.

Source: CoinMarketCap

While Bitcoin may have shot up in price, it’s trading volume in the last 24 hours raises some major red flags and it seems I’m not the only one that noticed. According to CoinMarketCap, BTC’s trade volume is only $8,160,910,000 USD, in 24 hours time. Rather surprising as its price was at one point up nearly 11%. Bitcoin’s total market cap is $129 billion USD and currently holds 43.3% dominance of the entire market.

A few cryptocurrency investors have taken to Twitter voicing their concerns.

It seems that Ledger is currently having technical difficulties with its Bitcoin infrastructure, but this shouldn’t majorly effect anything. Still, it’s low trading volumes remains unclear.

We’ll continue to monitor Bitcoin’s movement throughout the day and update if any breaking news arises.

Featured Image: Hacker

  • It’s Soros.

“The Greatest Bubble in History”: Bank of America “Kills” Bitcoin for 278th Time

Bank of America

The Bitcoin Bubble is popping… this time for real… because Bank of America says so. For the 278th Time.

Bitcoin is not only the king of cryptos but also the king of bubbles. According to Bloomberg, a study by Bank of America Merrill Lynch on the behavior and evolution of Bitcoin’s prices places it as the most significant asset price bubble in history.

The study compares the price trends of bitcoin with other similar phenomena such as the U.S. stock market in 1929 crash in the Stock Markets, the Mississippi Company, and South Sea Company in the 18th century, the behavior of gold pricing, and the famous Dutch Tulip bubble.

The graph attempts to show that of all the bubbles, bitcoin is the one that has achieved the most significant growth in the narrowest range of time. Whereas the most critical bubbles such as tulips have a value of less than 40x increase in value, the graph shows an increase (in a similar timeframe) of at least 60x for Bitcoin.

In the last few months, the Bank of America has been very attentive to the behavior of bitcoin, and while just a few weeks ago they told the SEC at about the danger that Bitcoin posed to the expansion of their financial services, today their research results do not seem to contrast with their previous assessments. Such claims are not new to the world of Bitcoin: 99Bitcoin has kept track of how many times the media has “killed” Bitcoin, and with 278 “deaths” registered since 2010, an average of almost three rumors per month is more than enough reason to show that it is not always necessary to believe what the powerful say.

Just as an example, let’s look at the behavior of Bitcoin prices today:

That looks pretty “Bubbly”, right? In weeks BTC has lost almost 60% of its value!… And the trend does not seem to stop

Before we forge a response, let’s look at a bit of a similar graph:

This graph, as you can see, shows a previous BTC price fluctuation. What is happening now is nothing new, it has already occurred (and in worse proportions), and it is merely part of the natural behavior of an asset that is being capitalized, and that is not only being inserted into the market but is radically changing it. It is unfair to make such decontextualized comparisons, so let’s put things into perspective a little and analyze this graph.

Bank of America research is either decontextualized or charged with the subjectivity of an institution that studies a phenomenon considered “risky” for its existence.

On social networks, the community has expressed some opinions. A notable example is Blockchainchick who made a comparison of Bitcoin with the opinions spread towards Amazon; a company that has been able to demonstrate its successful career despite the FUD that it suffered during its consolidation.

Bitcoin has arrived in the world of finance to stay. Although the future is not written, the confidence of the users and the massive adoption will put a number on its future price; confidence can easily be damaged by third-party opinions (Pump and Dump, anyone?). However, if there is one thing that characterizes the community of crypto users it is that despite the nervousness they may have in the short term, there is always unity and optimism in the paradigm shift that cryptos can achieve… and that is perhaps the best reason to prove that Bitcoin will be bullish soon.

I, personally, prefer one bitcoin over one tulip.

Featured Image: Twitter

Bitcoin (BTC) Frenzy is Like an Infectious Disease Spreading, says Barclays

Barclays Compares Bitcoin To Infectious Disease

Barclays compares Bitcoin to infectious disease: The investment bank Barclays likens the spread of the Bitcoin (BTC) to that of an “infectious disease” spreading, reports Business Insider Australia. Barclays analysts based their findings on the models that epidemiologists use to track diseases.

The models were compared to Bitcoin’s price swings from the past seven years. The analysts were checking if there were any connections between how an infectious disease spreads and how Bitcoin has performed in the past to see if they could predict any of Bitcoin’s future. The results were surprising.

Barclays stated:

“We developed a theoretical model of an asset price with a pool of speculative investors and compared it with actual Bitcoin price behavior to see what it might imply for the future dynamics. The model has clear parallels with compartmental models of the spread of an infectious disease in epidemiology.”

Barclays says this connection is why Bitcoin and other cryptocurrencies are slackening off now. Back in December, when the crypto hype was at its highest, prices swelled. However, like a spreading infection, it can only continue growing for so long.

>> Bitcoin Wallet Supporting Lightning Network Removed from Google Play

They explained this reasoning further:

“As more of the population become asset holders, the share of the population available to become new buyers – the potential ‘host’ population – falls, while the share of the population that are potential sellers (‘recoveries’) increases. Eventually, this leads to a plateauing of prices, and progressively, as random shocks to the larger supply population push up the ratio of sellers to buyers […] prices begin to fall. That induces speculative selling pressure as price declines are projected forward exponentially. Analogously, this occurs with infectious diseases when the immunity threshold is reached; ie, the point at which a sufficient portion of the population becomes immune such that there are no more secondary infections.”

So, essentially, growth (spread) will stagnate because there will be no one left to ‘catch the cold that is Bitcoin,’ if you will.

Is this the stage that we’re in right now?

“Unlike past peaks in Bitcoin prices, the survey evidence, based on our modelling, suggests that the speculative bubble in crypto currencies may have passed its peak,” stated Barclays.

Do you agree?

Bitcoin is currently selling for $6,830.23, which puts BTC down 66% from its all-time high in December, according to CoinMarketCap data.

Tell us what you think? ‘Barclays Compares Bitcoin To Infectious Disease’ – Was that a heading you thought you’d ever read? Leave your comments below!

>> Bitcoin (BTC): What Retailers Accept Cryptocurrency?

Featured image: Canva

  • R‰=>1 we’re all good. 😉

Bitcoin (BTC): What Retailers Accept Cryptocurrency?

Retailers that accept Bitcoin

Not sure where you can spend your Bitcoin (BTC)? Here’s a list of some of the major retailers that accept Bitcoin and other cryptocurrencies.

Microsoft

Yes, Microsoft is one of the retailers that accept bitcoin. You won’t be able to buy any of the big stuff, like an Xbox or Surface laptop, but Microsoft does accept it for things like games, movies, and apps. You can deposit Bitcoin (BTC) into your Microsoft account and then use it to make purchases from the Windows and Xbox stores (but not the Microsoft Online Store.) It should also be noted that Microsoft doesn’t allow refunds once Bitcoin has been deposited into your account.

So, if you’re a gamer or movie lover who has a lot of Bitcoin hanging around, this is great news for you!

Here’s what Microsoft has to say about its Bitcoin policy, and all the finer details.

Expedia

Through Expedia, you can book your next hotel stay with Bitcoin. Coinbase currently handles all of the Bitcoin transactions for Expedia (so, Coinbase is essentially acting like PayPal for Bitcoin here).

Expedia’s been accepting Bitcoin payments since 2014 – and maybe one day we’ll be able to book flights, even whole packages, with cryptocurrency. But for right now, I can content myself with a hotel stay on Bitcoin.

Here’s why Expedia decided to become an early adopter of Bitcoin.

>> NEO, VeChain (VEN), and Verge (XVG): Growing Today – But Why?

Overstock.com

Overstock.com is a massive online retailer that sells things from furniture to clothing to pet supplies and practically everything in between. Overstock.com was one of the first retailers to accept Bitcoin and you can use Bitcoin to pay for pretty much everything on the site.

The best part? It’s not just Bitcoin. Overstock.com also accepts Ethereum (ETH), Litecon (LTC), Dash, Monero (XMR), and Bitcoin Cash (BCH).

Learn more about Overstock.com’s cryptocurrency policy.

Shopify

Shopify is an ecommerce platform where merchants can set up their own online shops, in a similar vein as Etsy. All Shopify merchants now have the ability to accept Bitcoin as a form of payment for their products.

However, this doesn’t mean that every merchant listed with Shopify chooses to enable this feature. You’ll have to confirm merchants individually. Here’s a list, from Shopify, of some of the merchants accepting Bitcoin (as of 2013).

Have a Shopify store and didn’t realize you could allow Bitcoin payments? Here’s some more information.

And Beyond!

This is just a small fraction of retailers that accept Bitcoin (BTC) as a form of payment, to give you a taste of what’s out there. Sniff around and you’re sure to find more.

Are we missing your favourite Bitcoin-friendly retailer? Let us know in the comments below.

>> 67 Mind-Blowing Bitcoin Facts

Featured image: mohamed_hassan via Pixabay

Bitcoin Wallet Supporting the Lightning Network Removed from Google Play

Bitcoin Wallet Supporting the Lightning Network

Well, that was fast. ‘Eclair’ – the first Bitcoin wallet supporting the Lightning Network, has been removed from the Google Play store, mere days after being added.

Not long ago, on April 4th, a French tech company called ACINQ added the first mobile wallet that allowed for Bitcoin transactions via the Lightning Network. The app was available through the Google Play store for Android devices fitted with the operating system version 5.0 and higher.

Several days later, on April 7th, the company tweeted they had lost the signing key for the wallet. This essentially means they are unable to update the app.

 

>> Three funny blockchain chrome extensions that will make you smile

The result was that the company removed the app from the Google Play store.

So, over the span of only four days, Eclair was added to Google Play and then subsequently removed. Like I said, that was fast (you could even say it was lightning fast).

ACINQ believes a bug compromised the Eclair application, and because they have lost the signing key, the company is unable to resolve the issue.

What now? ACINQ has said that it is working on a new version of the Lightning Network-enabled Bitcoin wallet and will release Eclair 2.0 as soon as they can, republishing it on Google Play.

>> NEO, VeChain (VEN), and Verge (VRX): coin updates

Featured image: Hackernoon

Bitcoin Stuck Below $7,000 As Analysts Call it ‘Worthless’

Bitcoin Stuck below $7,000

Bitcoin (BTC) price has been facing stiff resistance from bears in creating a sustainable rally above the $7000 mark over the last week. BTC price crossed the $7500 level during Wednesday trading before plunging back to $6600 on Thursday; the coin trades around $6700 today and the market pundits envisage BTC price to make further price corrections.

Bitcoin Stuck below $7,000

Source Image: coinmarketcap.com

Bitcoin and the rest of digital currencies are purely falling on declining trader’s confidence in crypto markets, due to regulators crackdown and analysts concerns over the fair value.

London-based Capital Economics succinctly explained the difference between cryptocurrency and the stock market selloff. The firm said, “We expect equity markets to fall as investors cotton on to the fact that rising U.S. interest rates will slow economic growth. But the main factor driving down the price of bitcoin is likely to be a realization that it is simply not a credible long-run alternative to conventional currencies.”

Analysts Call Bitcoin ‘Worthless’

Along with rebuffing the link between crypto and stock markets, London-based Capital Economics also raised questions over the underlying value of bitcoin. The firm calls bitcoin ‘worthless’ and expects BTC price to fall significantly from its current level.

It’s undoubtedly true that bitcoin doesn’t have any fair value to support its price on exchanges; the cost of mining each coin stands below $1000 in some countries – which depends mainly on electricity prices. Bitcoin gained substantial momentum last year only on speculations and the massive growth in trading volume from criminal activities.

Research reports revealed that criminal activities accounted for half of the bitcoin’s trading volume during the final quarter of last year. BTC price plunged more than 45% in the first quarter after analysts started raising questions on its underlying value and anonymity feature.

Featured Image: Twitter

Bitcoin Price Could Plunge Another 50% Before Stabilization

Bitcoin Price

Bitcoin price has already lost more than 60% of its value from its all-time high and analysts expect BTC to make a further price correction before the coin completely stabilizes. Warnings and price crash predictions from analysts along with bans from big banks and social media platforms have significantly impacted cryptocurrency trader’s sentiments.

Bitcoin price recovered slightly from the lows of $6,500 that it hit during the weekend; BTC trades in the range of $7000 today after a death cross pattern failed to create any significant impact on price.

Analysts, however, expect bitcoin to fall another 50% in the days to come before creating a sustainable uptrend. Steve Bellotti of Digital Currency Holdings believes BTC price could hit the $3000 level, representing a decline of 50 – 60% from its current level.

Steve Bellotti, also thinks that bitcoin and other cryptocurrencies will present better buying opportunities in the days to come.

He said: “So, if you are patient, you are putting capital to work, this is a great opportunity versus right in December right before Christmas time where there was an awful lot of hype in the market, a lot of new retail customers joining every day etcetera and that has been taken out of the market.

“So I think the market is much safer to enter into today. But we may not be at the extreme bottom yet,” he added.

The Possibility of Further Price Correction is Probable

Reports of scams, frauds and illegal activities involving cryptocurrencies have shattered traders confidence in crypto markets over the past few months. Followed by an advertisement ban, Google announced a prohibition on crypto-mining browser extensions that are available for its ‘Chrome’ browser.

Regulators all around the globe are in the process of creating the regulatory framework for cryptocurrency exchanges and trading activities – which could create additional volatility in prices and trading volume.

Featured Image: twitter

Death Cross Pattern Fail to Create an Immediate Selloff

Death Cross Pattern

The ‘Death Cross’ pattern failed after Bitcoin (BTC) price moved above from 50-day’s low of $6,500. BTC price soared sharply on Monday and extended the uptrend into today’s trading, amidst concerns regarding the immediate price crash on Death Cross pattern – which occurred on Bitcoin price chart on Sunday when its 50-day moving average has cut the 200-day moving average from the top.

BTC price started recovering losses after hitting 50-day low of $6,500 during the weekend. Bitcoin currently hovers in the range of $7,300, up more than 5% today following a sharp recovery on Monday.

Source Image: bitcoincharts.com

The uptrend in BTC price confirmed that death cross pattern fails to create any damage to prices.

The entire cryptocurrency market is in the green since the start of this week. Ethereum (ETH) and Ripple (XRP) recovered sharply from four months lows, amid a broader rally in crypto markets.

“People need to recognize that crypto is still young and like the internet, those early years can be ugly,” Tatar said. “I do hope that things stop getting thrown at bitcoin, but as most teens know, life comes fast and hard from all directions during the early years,” analysts say.

Bulls are of the opinion that regulators scrutiny and advertisement bans would help crypto markets to streamline their operations, driven by regulators potential to vanish criminal activities and price manipulation techniques.

Jack Tatar, the co-author of “Cryptoassets, said, “while recent bans on cryptocurrency advertising by Facebook, Twitter and Google hurt prices short term, they could legitimize the space.”

Regulators role is turning vital in enhancing crypto markets credibility after reports of scams, frauds, and thefts in the last couple of months. Regulators all around the globe are asking cryptocurrency exchanges to get a registration certificate or expect a crackdown on them. Japan and the United States are among the key players that are taking the lead in regulating cryptocurrency markets.

Featured Image: Depositphotos/© spaxiax

  • Maybe it’s because ta is bs

Bitcoin Price Crash – Death Cross Concerns Are Still Lingering

Bitcoin Price Crash

Bitcoin Price Crash: Bears have been holding onto crypto markets over the last couple of weeks, with negative reports and increasing regulatory concerns. The selloff intensified in the previous two days when technical factors also started showing bearish trends for Bitcoin price and its future fundamentals. BTC price crashed at a double-digit rate to a 50-day low on Thursday, and the coin extended the decline into Friday trading.

Bitcoin price is down more than 40% since hitting $11,700 early in March. Bitcoin price traded around $6,700 in early trade before paring some losses. The market capitalization of largest coin fumbled to $114 billion.

Bitcoin Price Crashed

The Death Cross Trend Impacts Sentiments

Technical factors on the price charts impacted Trader’s sentiments. Its 50-day moving average cut the 200-day moving average from the top, creating a long bearish trend for the price. Technical analysts predict a huge crash in bitcoin price after its 50-day MA collides with 200-day MA from above.

Analysts say, “when you couple Death Cross trend with the fact that bitcoin has been trending steadily lower since the launch of futures, I think that it is a major negative.”

Bulls, on the other hand, still of the opinion that cryptocurrency markets are on the verge of significant rebound – which would be similar to late 2017.  

Brian Kelly said: “Bitcoin, just like the spot FX markets, follows technical’s closely. Therefore these support levels gain more importance. If these levels hold, then it will confirm the uptrend from August is still valid.”

>>Ripple, Cardano, and NEM: Which Coin Lost the Most Since 2018 Started?

Bears Also Get Support from Regulators

China, which has already banned all sorts of cryptocurrency platforms, is likely to extend its crackdown into the next year. China outlined its financial agenda for next year on Thursday; the country believes protecting their national currency from cryptocurrencies is their primary priority. U.K. Financial Conduct Authority also issued a warning to investors regarding unregistered brokerage dealers that are offering cryptocurrency derivative products to U.K. citizens.

Featured Image: twitter

Bitcoin Price Under Pressure Due To ‘Death Cross’ Concerns

Death Cross

Bitcoin price plummeted sharply today after trading in the narrow range of $8,000 level on Wednesday. The latest selloff isn’t due to ads bans, regulators clampdown or warnings; the downtrend was purely supported by traders concerns over the technical factors on price charts – market participants are predicting a massive crash in BTC price in the days to come, driven by a Death Cross trend. Bitcoin price declined more than 7% today, down 15% in the last seven days.

TV analyst Abigail Doolittle said, ‘the “death cross” trading data for bitcoin, suggests that we could see bitcoin go all the way back below $1,000 per bitcoin”.

Death Cross

Source Image: bitcoincharts.com

A death cross trend happens when the 50-day moving average (MA) cuts the 200-day MA from the top – suggesting a considerable drop in price based on technical factors. Bitcoin price chart clearly shows that the 50-day moving average is likely to cut the 200-day moving average from the top, which is creating a long-term bearish pattern for BTC price.

“That being said, any time the 50-day crosses the 200-day, it should flash a warning…and when you couple that with the fact that bitcoin has been trending steadily lower since the launch of futures, I think that it is a major negative,” Jim Iuorio of TJM Institutional Services said.

Jim Iuorio’s concerns look undoubtedly true considering declining trading volumes and declining trader interest. Cryptocurrency markets are fumbling sharply over the last two months on regulators concerns and the use of digital currencies in illegal activities. Regulators all around the globe are creating their framework to get better control of crypto markets.

>>Bitcoin (BTC): Wall Street Says HODL and Abra CEO Says Boom

The U.K. has recently formed a task force to look at the pros and cons of cryptocurrency markets, while the U.S. regulators are also inspecting crypto markets to come up with strong rules and trading guidelines. However, the market participants aren’t yet sure how the new regulations would impact cryptocurrency prices.

Featured Image: Depositphotos/© znm666

  • The Bitcoin party is over but the Blockchain party is just getting started: https://medium.com/saske/cryptocurrency-mining-vs-bitcoin-mining-profitability-5c2d348b0162

  • HODL growing pains. Buy it, store it, HODL it and forget about it. Bitcoin has a mission and for those who understand that mission and how public sentiment and use will continue to increase, bitcoin will reward them well. For those of you that are susceptible to FUD, just know that bitcoin has “crashed” so many times in the past that true HODL’ers know this is just another “Thang”. Here’s a brief history of bitcoin’s past “crashes” –

    1. Lost 30% from January 12, 2012 – January 27, 2012

    2. Lost 57% from August 17, 2012 – August 19, 2012

    3. Lost 33% from March 6, 2013 – March 7, 2013

    4. Lost 35% from March 21, 2013 – March 23, 2013

    5. Lost 83% from April 10, 2013 – April 12, 2013

    6. Lost 50% from November 19, 2013 – November 19, 2013

    7. Lost 87% from November 30, 2013 – January 14, 2015

    8. Lost 34% from March 10, 2017 – March 25, 2017

    9. Lost 33% from May 25, 2017 – May 27, 2017

    10. Lost 39% from June 12, 2017 – July 16, 2017

    11. Lost 40% from September 2, 2017 – September 15, 2017

    12. Lost 30% from November 8, 2017 – November 12, 2017

    13. Lost 70 from December 17, 2017 – February 6, 2018

    My advise to all of you is to just buy, store, HODL and forget the FUD news. Peace

    14ExagdErNJQiBGVhF4V6dRP6RnoSbWMMT

  • “TV analyst Abigail Doolittle said, ‘the ‘death cross’ trading data for bitcoin, suggests that we could see bitcoin go all the way back below $1,000 per bitcoin’.” And when enough people see this, it will!