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Current Market Price @CryptoCompare
Price Analysis 02/12: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, TRX [cointelegraph.com]
Bitcoin price continues to trade with an advantage to bears but this does not mean investors or miners have capitulated. About 64% of the total Bitcoin mined to date has been dormant in wallets since 2018. This shows that Bitcoin hodlers do not believe in trading for short-term gains, as they anticipate much higher prices in the future. While this might be a feasible strategy for the whales, retail traders can rake up profits if they buy during periods of deep distress and sell their positions during times of euphoria.
Bitcoin Reaches Pivoting Point as Bulls Defend Key Support Level; Is a Rally Inbound? [newsbtc.com]
Although Rager believes that Bitcoin will see significantly further losses before it finds enough support to propel it higher, Mitoshi Kaku, another popular cryptocurrency analyst on Twitter, noted that BTC’s ability to hold above $7,200 – in combination with other factors – could signal that further gains are inbound.
Bitcoin Continues Gradual Slide as $8000 Becomes Formidable Resistance [coinidol.com]
Bitcoin may continue to move southward but a bullish breakout is expected at the end of the price pattern. We expect the market to reach the lower lows and consolidate before the bullish breakout. BTC is currently falling after testing the exponential moving average. Any attempt by price to breach the support line will result in further depreciation.
Bakkt Bitcoin Monthly Futures Trade Set a New Weekly Volume Record of $124 Million [coinspeaker.com]
While Bakkt is still breaking new records, it generally still has a very long way to go. Other platforms that offer Bitcoin contracts are pulling in much higher volumes than Bakkt. It could be said that Bakkt isn’t much competition because it’s still less than three months old, it would be celebrated if Bakkt somehow found a way to surpass other older platforms.
Bakkt has also announced that it is working on a Bakkt Pay app that will let users make purchases from several merchants, using Bitcoin and other assets.
Dow Crushed After New Trump Tariffs Threaten US Credibility Worldwide [ccn.com]
- Dow Jones falls as US-China tensions escalate.
- US ISM Manufacturing data weighed on the stock market with another decline.
- Donald Trump has announced fresh tariffs on Brazilian and Argentinian steel imports despite an existing agreement to the contrary.
The Dow endured a 200 point hammering to start the week. Diplomatic relations between the US and China soured, and ISM manufacturing slumped further into recession. A big loss in the Dow Jones’ most heavily weighted stock also pressured the stock market.
A recent post from the Bitcoin subreddit has pointed out a shocking revelation about how much Bitcoin (BTC) some of the world’s biggest exchanges currently hold in cold wallets. The post which includes a screenshot from the crypto portfolio tracker and trading platform BitUniverse shows BTC holdings of these platforms and clearly puts Coinbase as the “richest.”
The 3 charts that turned institutional investors into Bitcoin bulls [micky.com.au]
Researchers from algorithmic trading software company Strix Leviathan analyzed the history of 32 halving events and concluded the widely believed halving price spike narrative is “a myth”.
Bitcoin’s recent bearish price action doesn’t seem in keeping with the forecasts (though Plan B disagrees) and Litecoin has crashed in price and hash rate since its halving this year.
Willy Woo also isn’t a big believer. A couple of weeks ago he tweeted he was short term bearish. “Don’t expect price to repeat past halvings”.
Huobi Says It’s Joining a Chinese Government-Led Blockchain Alliance [coindesk.com]
In the same year, the company kicked off its global expansion and transferred its trading businesses to Singapore, Japan and South Korea with local operations in each country, according to a timeline provided on its website. Headquartered in Hainan province, one of the southernmost parts of China, Huobi China firmed up its relationship with the Chinese government by establishing a Communist Party of China branch in its local blockchain subsidiary Beijing Lianhuo Information Services LLC in November 2018.
Gold and Bitcoin (BTC) prices register highest annual correlation ever! [coingape.com]
Starting off at $1,279 USD in January, the price of gold per ounce gradually grew to $1,551 USD in September representing an explosive 21% growth during the timespan. In around the same time, BTC’s price grew from sub-$3,500 levels to over $13,500 in July, representing a magnanimous 280% growth but has since experienced a reversal towards the $7,500 level.
The new SBC wallet card is currently available only in Japan where it’s making a push with 10,000 stores. The card is also slated for release in other regions, including the US.
“SBC Wallet Cards have received strong support from well-known local agents, and a payment system for 10,000 stores in Japan has recently been opened, and will be available in the United States, Southeast Asia, South Korea and Dubai. With the SBC Wallet Cards, the Softbank team is making a big break in the blockchain payment arena.”
Despite the Recent Slump, Crypto Prices Improved a Great Deal in 2019 [bitcoin.com]
As far as prices are concerned, 2019’s cryptocurrency markets fared much better than the year prior. Currently, the entire market capitalization of all digital assets is hovering just above the $200 billion mark. The following is a look at the cryptocurrency market’s biggest gainers and worst losers so far in 2019 to get some perspective of possible outcomes and historical trends as the year ends.
IS A BLOCKCHAIN BASED FUTURE IN CHINA REALLY A GOOD THING? [bitcoinist.com]
China already enforces draconian capital controls which strictly limit the amount of money people can take out of the country. A digital currency will be even easier for the central bank to control and manipulate.
The crypto yuan is just the beginning. If China presses ahead with its ambitions, blockchain will be an integral part of the entire nation from artificial intelligence to finance monitoring to facial recognition. Big brother has just got a new toy and freedom has just moved further from grasp.
The Block researcher Ryan Todd mapped out the most active crypto funds and their 2019 investments in his latest The Block Genesis research piece. In it, he noted trading services and regional exchanges in South America, Europe, and the Middle East are among the most popular investment categories this year.
11.5 million Bitcoin HODLed in 2019, in spite of price volatility [ambcrypto.com]
In response, Mati Greenspan, Founder of Quantum Economics and reputed crypto-analyst, indicated that considering the aforementioned data, an estimated 6.8 million BTC would have been used for transactions between traders over the past 12 months. According to Greenspan, such a situation only solidifies Bitcoin’s growing value, one created by a sense of scarcity. The scarcity value of Bitcoin has been raised repeatedly in the past by anonymous crypto-analyst PlanB, with the analyst recently claiming that the upcoming halving of Bitcoin would increase of cost of producing 1 Bitcoin, while indirectly improving the scarcity of Bitcoin.
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