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Crypto News Updates

New Van Eck Bitcoin Note Gives Hope to Traders

Van Eck Associates Corp. has introduced a bitcoin exchange-traded note on a German crypto exchange. The trading platform is known as the Deutsche Boerse Xetra Exchange, and the company is trying to take advantage of the crypto wave that has been swelling and getting higher over the past few months.

Van Eck Continues to Move Forward

Van Eck has always been there to push bitcoin when people most need it. Last year, the company was widely considered the frontrunner when it came to getting a bitcoin exchange-traded fund (ETF) approved by the Securities and Exchange Commission (SEC). Sadly, things didn’t quite work out the way the company or crypto traders had planned, but executives have clearly shown that they’re not giving up, and they’ll always be there to ensure crypto gets its moment in the spotlight.

This time is no different. Over the past six or seven months, cryptocurrency has been viewed as a “safe haven” of sorts considering all the economic challenges the globe has been facing. The coronavirus pandemic came knocking on financial institutions’ doors in March, causing stocks, precious metals and of course, bitcoin, to come crashing down within a matter of weeks.

However, with everything else relatively slow to recover, the digital asset was quick to capitalize on the chaos and lack of order that was making its way through modern society, and it wasn’t long (only about two months) before the currency returned to form, jumping from below the $4,000 mark to about $9,000 in early May.

From there, people have viewed cryptocurrency in a new light. They now see it as a hedge tool; something that can potentially diversify their portfolios and keep their wealth steady during times of inflation and economic strife. Fiat currencies continue to suffer while the stock market has been up and down. Bitcoin and crypto, however, have remained relatively stable for some time.

Keeping Things Steady

Van Eck’s new crypto note is fully invested in bitcoin, and presently holds about $2 million in total assets at the time of writing. It is partially insured and held in cold storage to ensure it is safe and protected against hacks and malicious actors. Gabor Gurbacs – director of digital asset strategy at Van Eck – commented in a recent interview:

The next phase of growth in bitcoin and digital assets requires well-regulated access vehicles that fit into the established financial markets.

Crypto has been shooting up especially since October, given that this was the month where bitcoin established a newfound relationship with PayPal. The digital payment platform announced that it would allow users to purchase crypto through its system and potentially purchase items and services with digital assets. At the time, bitcoin was trading for just over $10K following a particularly bearish September, though it wasn’t long before the asset rose to $13,000.

The post New Van Eck Bitcoin Note Gives Hope to Traders appeared first on Live Bitcoin News.

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Here’s the Bitcoin Price that “All the Key Levels” are Currently Pointing To

  • Bitcoin and the aggregated cryptocurrency market are currently pushing higher, with bulls moving to erase all of the losses that came about as a result of the recent selloff
  • The selling pressure seen around its all-time highs in the mid-$19,000 region was unsurprising, but it may not hold strong during the next test of this level
  • Traders believe that today’s rebound may not last for too much longer, with the selling pressure in the lower-$18,000 region potentially being a major obstacle for the cryptocurrency
  • One trader is specifically noting that all the key levels are pointing towards the region surrounding $18,400 as a key level that must be surmounted

Over the past few days and weeks, Bitcoin’s price action has done little to provide traders with insight into where the entire market will trend next.

After rallying up to its all-time highs around $19,500, the cryptocurrency faced a firm rejection that caused it to reel as low as $16,400.

This selloff brought the crypto into oversold territory, as its price was subsequently able to see some massive momentum that led it all the way up past $18,000.

Where it trends next will depend largely on $18,400, as this is a key level that one analyst is closely watching.

Bitcoin Gains Momentum as Selling Pressure Evaporates 

At the time of writing, Bitcoin is trading up just under 2% at its current price of $18,100, which marks a notable rise from its recent lows of $16,400 set at the bottom of the recent market-wide selloff.

Where Bitcoin trends in the days and weeks ahead should depend largely on whether or not it can gain a solid foothold within the lower-$18,000 region. If it can, it may be on the cusp of seeing a strong move higher.

Analyst Claims All Key Levels Suggest BTC Could Tap $18,400 Next 

One trader explained in a recent tweet that Bitcoin could be on the cusp of seeing a move up towards $18,400 before it loses its momentum and sees a rejection.

He notes that a break above that level could help spark a move up towards fresh all-time highs.

“BTC: All key levels lining up in the red area. Think if we’re about to head lower it will be from there. Break above and ATH’s next imo. Exciting [week] ahead of us!”

Bitcoin

Image Courtesy of George. Source: BTCUSD on TradingView.

This level will likely be tested in the coming few days, with Bitcoin’s reaction to this level potentially providing investors with serious insights into its outlook.

Featured image from Unsplash.
Charts from TradingView.

Source: Bitcoinist News

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Is Bitcoin Returning to Form? Gains $800 in One Day

Bitcoin has recovered somewhat since its recent drop into the low $17,000 range. Just yesterday, the currency was trading for slightly over the $17K line, but the asset has since added about $800 to its price and brought itself up out of the gutter. The currency is not where it was during the early portion of the week, though it is beginning to show signs of recovery.

Bitcoin Is Coming Back

These last two months have been huge for bitcoin given how much attention and praise it’s gotten. Things really took off when PayPal decided to give people a chance to purchase bitcoin and other forms of digital currency through its website. They could also buy items and services with crypto. This is what allegedly caused bitcoin to spike from the low $10,000 range to about $13,000 in about a week.

However, this was small beans compared to what would happen only about a month later. Flying high over this news and its partnership with PayPal, bitcoin would potentially grow like it never had before. Given that it had garnered all kinds of new support from institutions and similar firms throughout the year, the asset appeared poised to remain in a bullish state for some time, as it was being powered not by retailers but by family offices, banks and other major companies.

During the month of November, the asset spiked to $19,000, and many industry experts believed that the currency would eventually reach its all-time high of nearly $20,000 before the year was out. The last time the asset rose to this level was at the end of 2017.

For all we know, and end-of-the-year jump towards that figure is still possible. After all, 2020 is not over. We still have December to look forward to. Can the currency prove its resilience once again and show the world that it’s capable of extreme movement within limited timeframes?

Could Recovery Be Right Around the Corner?

For now, we can relish somewhat in the fact that the recent drop appears to be a fluke of sorts. The currency fell back a bit – likely because the rise to $19K happened too fast – and the asset didn’t quite have the strength or the courage to remain above present resistance levels. However, the good news is that this drop has only lasted about a day or two, and the currency is already trying to make its way back to the top of the financial ladder. An $800 spike over a simple 24-hour period is a good move for BTC.

2020 has been a rough year for several reasons, but when it comes to bitcoin and cryptocurrency, the year has been rather kind. The asset is proving itself to be a store of value and has made serious headway in the monetary industry over the past eight months.

The post Is Bitcoin Returning to Form? Gains $800 in One Day appeared first on Live Bitcoin News.

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Ethereum’s Rebound is “Getting Tired” as Analyst Eyes Move to $520

  • Ethereum has been climbing higher today alongside Bitcoin and the rest of the crypto market
  • The strength seen as of late comes as Bitcoin puts some serious distance between its recent lows and its current price levels
  • This indicates that bulls are in full control and are looking to form a “V-shaped” recovery that could allow for significantly further upside in the days and weeks ahead
  • Where the entire market trends next will depend largely on BTC, but ETH’s price action may influence that of altcoins
  • One trader is noting that Ethereum’s rally appears to be “getting tired,” which could indicate that it will retreat lower before seeing any type of intense rebound

Bitcoin has been guiding the entire market higher over the past couple of days, with Ethereum rallying up towards the mid-$500 region. This comes close on the heels of an intense correction that led the entire market to plunge.

The recovery from the recent lows has favored bulls, as it shows that the market is still caught within a crystal-clear bull market, and that further upside could be imminent in the near-term.

In a recent tweet, one trader stated that Ethereum’s recent rally might get tired and require a pullback towards $520 before extending further.

Ethereum Sees Slowing Momentum as Bulls Struggle to Break Key Resistance

At the time of writing, Ethereum is trading up just over 2% at its current price of $550. This is where it has been trading throughout the past few days and weeks, with the selling pressure seen around the price region being somewhat significant.

Where the rest of the market trends in the days, weeks, and months ahead will depend largely on Bitcoin.

Although ETH may guide the altcoin markets, it has been taking its cues from the benchmark cryptocurrency.

At the moment, Bitcoin’s strength is lending itself to bulls’ favor, and there’s a chance that they will be able to erase all of the market’s recent losses in the days and weeks ahead.

Trader Claims ETH Rally is Getting Exhausted

One trader isn’t optimistic that this ongoing Ethereum rally will last for too much longer.

He contends that it will see a pullback towards $520 before it can recoup its momentum and rally past the resistance within the mid-$500 region.

“Think ETH is getting pretty tired now, seeing if I can squeeze out $550-555, happy with the 10% moves from spot and 6% from lev today. Will be looking for the reaction around $520 for clues on the next strong move.”

Ethereum

Image Courtesy of Cold Blooded Shiller. Source: BTCUSD on TradingView.

Bitcoin’s continues reaction to its break above $18,000 should provide some insights into whether or not Ethereum will climb higher.

Featured image from Unsplash.
Charts from TradingView.

Source: Bitcoinist News

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Bitcoin Continues to Stay Strong Thanks to PayPal

At the time of writing, bitcoin has taken a bit of a nosedive, though at $17,800, the currency is doing somewhat better than it was about 24 hours ago. The currency initially lost more than $2,000 off its price to trade in the low $17,000 range, and many analysts began to show some concern that BTC’s all-time high wouldn’t be reached this year.

Bitcoin Buying Is Continuing to Surge

However, prior to all this negative hoopla, the currency was ascending like it never had before. Quite frankly, one could still argue that it’s in a solid place, and many individuals couldn’t help but rack their brains for an answer regarding why the world’s largest and most popular digital asset – which had been trapped in a rather lackluster position over the past year and a half – was suddenly on the ascent.

Well, according to some industry experts, the answer has to do with PayPal. Yes, the company is allowing users to buy crypto through its site. Yes, the company is allowing users to purchase items and services with bitcoin and other forms of digital currency, but this pales in comparison to what they believe is the real reason. Apparently, PayPal is buying up almost 70 percent of the new bitcoins that are being mined, meaning the company is set to own nearly three-quarters of the new BTC supply.

The news comes by way of Pantera Capital, which claims in a recent statement that thanks to PayPal, there is likely to be a bitcoin shortage in the coming weeks and months thanks to its newfound purchases. In the statement, the firm explains:

When PayPal went live, volume started exploding. The increase in [the Paxos-run bitcoin and crypto exchange] itBit volume implies that within four weeks of going live, PayPal is already buying almost 70 percent of the new supply of bitcoins.

Allegedly, this has set off a buying phase amongst people who were afraid that they would not have the opportunity to add crypto to their own portfolios given that PayPal was taking everything for itself. With so many people looking to purchase, the price had no choice but to go up significantly.

The statement goes on to say:

This rally is much more sustainable than 2017. One of the main differences is the ease of investing in bitcoin now via PayPal, Cash App, Robinhood, etc.

The People Are Doing the Heavy Lifting

Eduardo Arenas – director of Bitso Alpha, a crypto exchange in Latin America – mentions that there is a huge wave of new bitcoin users and bitcoin buyers, and that while PayPal likely inspired the price action, individual traders are the ones keeping it up. He says:

We’re seeing waves of new users when price action begins, but more importantly, we have seen important user growth during quieter times over the past year.

The post Bitcoin Continues to Stay Strong Thanks to PayPal appeared first on Live Bitcoin News.

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Bitcoin Claims Crucial Level, But Break Below It Could Lead to $16,000

  • Bitcoin has been caught within a strong uptrend in the time following its recent selloff, with bulls largely absorbing the inflows of selling pressure
  • After reeling down to lows of $16,400, the cryptocurrency faced a massive rebound that has now led it past $18,000
  • Its present momentum is showing few signs of slowing down, and there’s a strong possibility that further upside is imminent in the near-term
  • One trader is noting that it is now imperative that bulls hold the crypto above $17,700-17,850
  • He notes that a break below this support could cause the crypto to reel down to the $16,000 region

Bitcoin and the rest of the crypto market are currently rallying, with Bitcoin’s recent selloff doing little damage to the market as bulls aim to erase all of the losses.

BTC is now trading back above $18,000 and isn’t showing signs of slowing down. If this level becomes a base of support, it could allow for significantly further growth in the days and weeks ahead.

One trader is now noting that holding above the upper-$17,000 region is critical for the market to move higher.

He notes that a break below this price region could open the gates for a decline down towards $16,000.

Bitcoin Gains Momentum as Bears Falter 

At the time of writing, Bitcoin is trading up just over 2% at its current price of $18,115. This marks a notable surge from its lows of $16,400 set at the bottom of the recent selloff.

The strength seen by the aggregated market as of late does seem to indicate that further upside could be imminent and that this latest selloff was simply another “buy the dip opportunity.”

For this to be confirmed, BTC will need to show signs of stability in the days and weeks ahead.

Trader: BTC Must Hold Above Upper-$17,000 Region for Uptrend to Persist

One trader explained in a recent tweet that Bitcoin needs to hold steady above $18,000 for the market to maintain its momentum.

He specifically points to the upper-$17,000 region as a key area of support, noting that a break below could open the gates for a move down towards $16,000.

“Crucial level to hold is the $17,700-17,850 breaker. If that is lost, I think we’ll see the 16’s again.”

Bitcoin

Image Courtesy of Michaël van de Poppe. Source: BTCUSD on TradingView.

The coming few days should provide some insight into the strength of this ongoing rebound. Any continued uptrend here should allow for significantly further gains in the days and weeks ahead.

Featured image from Unsplash.
Charts from TradingView.

Source: Bitcoinist News

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Analyst Who Predicted Bitcoin’s 2018 Lows Says Another Drop Is Likely

  • Bitcoin has undergone a strong drop since the highs of $19,500 seen last week
  • A historically accurate analyst says that further losses are likely for the cryptocurrency
  • The analyst shared a chart showing that Bitcoin is likely in the midst of trading in a dead cat bounce prior to further losses
  • He cited the Elliot Wave form of technical analysis, which predicts that markets move in predictable waves.

Bitcoin Could Drop Toward $15,000

Bitcoin has undergone a strong drop since the highs of $19,500 seen last week. Even after a strong recovery from the lows, the leading cryptocurrency trades for $17,600, far from those highs.

Analysts are mixed over what this correction means for the Bitcoin bull market: some think that the drop was a necessary correction before a stronger move higher. Others think that the drop is the start of a bigger correction that will likely end in the coin falling toward the $12,000-14,000 technical region.

A historically accurate analyst is currently leaning toward the latter option.

The trader recently shared a chart showing that Bitcoin is likely in the midst of trading in a dead cat bounce prior to further losses. This next drop, the analyst suggests, could bring the cryptocurrency toward the $15,000 region.

The chart below was shared along with this assertion. The chart shows Bitcoin’s recent price action, along with the assertion that it may be trading in an Elliot Wave pattern that may take it to $15,000:

“you love to see it, looking for another pop higher into 18k before opening some shorts. to me this is a clear abc up after a 5 wave decline, and complacency looks to be kicking in.”

The trader that shared this chart is the same one that in the middle of 2018 predicted that Bitcoin would fall as low as $3,200. He was proven almost exactly correct when the coin bottomed on top exchanges at $3,150 just months later.

Image

Chart of BTC's price action over the past week with an Elliot Wave analysis by historically accurate analyst Benjamin (@SmartContracter on Twitter)
Source: BTCUSD from TradingView.com

Not the Only One That Thinks So

This analyst is far from the only one expecting a further drop.

Bob Loukas, a crypto cycle analyst, noted that the cryptocurrency regularly fell by 30% last market cycle, prior to moving to new highs:

“Most have a short memory. Remember in Jan 2017 just shy of #Bitcoin ATH’s, boom 34% decline. The 2 months later a sharp rally, new ATH’s, and double boom 34% decline. Never a one way street.”

Bitcoin has only dropped by around 15% from its highs. A full-blown 30% correction would mean that it drops to the $14,000 region.

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Analyst Who Predicted Bitcoin's 2018 Lows Says Another Drop Is Likely

Source: Bitcoinist News

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Could Libra Be Available Within the Next Two Months?

Facebook’s new cryptocurrency and digital payment system, Libra, could be ready for release early as January of next year.

Libra Is Potentially Ready for a Rollout

The news surrounding the release of Libra has been circulating throughout crypto newsrooms for more than a year and a half. Since June of 2019, the currency has been permeating analysts’ minds. They have wondered many questions, a big one being “What would Facebook gain from cryptocurrency?”

The project has puzzled many people. Facebook is a social media platform. Now, it suddenly wants to perform a complete 360 and turn itself into one of the biggest digital currency platforms the world has ever seen. Libra is not specific to any region. In fact, Mark Zuckerberg – the CEO of Facebook – and many other executives familiar with the firm’s plans have come out to say that Libra will be a currency for the world and will be permitted in every country that’s willing to partner with Facebook.

This is quite the goal considering each country is likely to have its own regulations and financial adoption methods. However, the idea behind Libra is that users who cannot gain access to traditional financial services can utilize the cryptocurrency to purchase goods and services through Facebook using Libra tokens. The idea is strong, but Facebook’s execution has been considered questionable.

Many people, for one thing, had an issue with Facebook to begin with considering it’s a company that has been in trouble regarding privacy concerns in the past. Following the Cambridge Analytica scandal in 2018 – a situation that involved Facebook selling users’ private data to third parties for advertising purposes – many were worried about offering their financial information to the enterprise. If they couldn’t keep other data locked up, how could they keep financial data safe?

There were simply too many questions that weren’t being answered at the time. Mark Zuckerberg eventually testified before a congressional committee on the matter, though Libra then was incurring several delays, and the coronavirus pandemic of 2020 also put a huge damper in the plans of those involved in the asset’s release.

So Many Questions Remain

With 2021 right around the corner, a new report suggests that this might be the year Libra gets launched, though at this point, it can be argued that the asset has lost its momentum. Should it emerge in January, it would be released nearly two years after it was initially announced. Would people even be interested anymore?

The currency has undergone so many changes to the point that Libra is not even set to be a single asset. Rather, the Libra system will be composed of several leading fiat currencies and stable coins that people can utilize. While the concept has remained intact, Libra’s image has potentially become distorted over the past several months.

The post Could Libra Be Available Within the Next Two Months? appeared first on Live Bitcoin News.

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Bitcoin Could Be Mirroring This Extremely Bullish Gold Fractal from the 1970s

  • Bitcoin is currently caught within a strong upswing following its recent selloff
  • Bulls are pushing the crypto towards $18,000 as they move to erase its recent losses
  • Where it trends next will depend largely on how sustainable this ongoing move higher is
  • One investor is now noting that a gold fractal from the 1970s seems to indicate that this selloff could be followed by a powerful push higher in the days and weeks ahead

Bitcoin and the entire cryptocurrency market are currently caught within a strong uptrend that has come about just a day after the cryptocurrency witnessed a massive inflow of selling pressure that caused it to erase a good portion of its recent gains.

Where it trends next will likely depend largely on whether or not buyers can push it back above $18,000. Reclaiming this level could provide a strong new support base to grow upon.

It could confirm a “V-shaped” recovery from its recent lows, potentially allowing it to see a strong upswing that pushes it beyond its previous all-time highs in the upper-$19,000 region.

It could also confirm that a gold fractal from the 1970s is in play, allowing it to see some significant upside.

Bitcoin Shows Signs of Strength as Bulls Target $18,000 

At the time of writing, Bitcoin is trading up just over 3% at its current price of $17,700. This marks a serious upswing from its recent lows of $16,400.

These lows were set at the bottom of the recent market-wide selloff, which came about shortly after BTC faced a rejection around its previous all-time highs of $19,500.

The selling pressure seen here drove it significantly lower and could indicate that further downside is imminent.

This move was also perpetuated by a surge in regulatory fears due to recent comments from U.S. Treasury Secretary Steve Mnuchin.

Prominent Investor: BTC’s Latest Dip Could Confirm Bullish 1970s Gold Fractal 

Investors recently brought attention to a potential fractal pattern first shared by Paul Tudor Jones, a billionaire asset manager. Tudor Jones is widely regarded as one of the world’s best asset managers, having outperformed most other asset managers in periods like the 1970s and in the 2008 Great Recession.

The fractal, seen below, suggests that Bitcoin is trading similar to gold did in the 1970s. Should the fractal play out to a T, there is a good likelihood that Bitcoin will push to new all-time highs by late 2021.

Bitcoin

Bitcoin’s upcoming weekly candle close should provide some insights into where it is trending in the mid-term.

A close above $18,000 could put the trend back into bulls’ control for the week ahead.

Featured image from Unsplash.
Pricing data from TradingView.

Source: Bitcoinist News

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Bitcoin Takes a Nosedive; Shaves Off Roughly $2,000

Well, it looks like things have taken a turn for the worse. Bitcoin, the world’s largest cryptocurrency by market cap, has collapsed by roughly $2,000, falling from about $19,000 before Thanksgiving to $17,000.

Bitcoin Loses Quite a Bit of Momentum

Why, suddenly? The currency was making many traders believe that things were well underway to repeat themselves as they were in 2017. While we’ve still got a month left in 2020 and the currency could easily turn itself around in that time, this is not a great signal.

Bitcoin isn’t the only asset that has fallen into negative waters. Several leading digital assets, including bitcoin cash, Ethereum, Litecoin and Chainlink, have also retracted somewhat over the past 48 hours. Overall, as much as $50 billion was lost from the cryptocurrency arena.

Sui Chung – chief executive of CF Benchmarks – explained in a recent interview:

For the past few days, the market was in a slightly febrile mood as it waited nervously to see if bitcoin would pass the $20,000 barrier.

She blames bitcoin’s recent price drop on news that popular cryptocurrency trading platform OKEx has begun allowing withdrawals again after locking itself up following an investigation from law enforcement in Hong Kong. She says that many people are likely realizing the profits had by bitcoin over the past few days and don’t want to take a chance. Thus, they are selling their coins for USD and other forms of fiat.

She continues to say:

Most of the frozen bitcoin had traded up around 70 percent, so there were a lot of unrealized profits locked up there. Once these coins were free to move, it’s likely many trades sold them for dollars and stable coins to realize those gains, adding greater momentum to the selling.

Despite the recent setback, many analysts and industry experts believe that this is only temporary, and that bitcoin could potentially resume its bullish behavior before the year’s end. Vijay Ayyar – one of the heads of the Luno cryptocurrency exchange – mentioned in a recent statement:

The global macro environment has made bitcoin increasingly prominent as a potential hedge against the traditional banking and financial system. The narrative of bitcoin as a safe alternative to traditional finances is being established without a doubt. Gold is starting to become less relevant, especially for the younger population and investors and this shift from gold to bitcoin has just begun.

Is This Only Temporary?

Black Rock chief investment officer Rick Rieder went so far as to claim that bitcoin could one day replace gold. He mentioned:

Do I think [bitcoin is] a durable mechanism that could take the place of gold to a large extent? Yeah, I do, because it’s so much more functional than passing a bar of gold around.

The post Bitcoin Takes a Nosedive; Shaves Off Roughly $2,000 appeared first on Live Bitcoin News.

Source: Live Bitcoin News