Bitcoin Price Drops Further As Circle CEO Says ‘Core’ Crypto Assets ‘Undervalued’

Circle CEO Jeremy Allaire has said he believes “core” cryptocurrency assets are undervalued as the Bitcoin price tumbles closer to $3500. Allaire: ‘Markets Are Oversold’ In a Reddit ‘Ask Me Anything’ session January 10, Allaire, whose company famously decoupled itself from Bitcoin in 2016, also forecast less correlated trading in altcoin markets. “My general perception is that the markets have been oversold and that some core assets have decoupled from their usage, which suggests they

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Vinny Lingham Forecasts Bitcoin Price for Two Months Trading Between $3,000 and $5,000

Bitcoin could yet break below its 2018 bottom of $3,130, the Civic CEO has warned.

Vinny Lingham, CEO of blockchain identity platform Civic, has revised down his short-term Bitcoin (BTC) price prediction on Jan. 11, telling financial news network Cheddar that the cryptocurrency could fall below $3,000.

In an interview, Lingham, who had previously forecast BTC/USD to trade between $3,000 and $6,000 in the coming months, said the market would either “breakout or breakdown.”

“The reality is it’ll probably trade sideways between $3,000 and $5,000 for another month or two while it’s trying to find which way to go,” he said, adding:

“When it finds that direction, there’ll be a breakout or a breakdown.”

Lingham was speaking after Bitcoin lost its support at $4,000 to drop around $250 in a matter of minutes on Thursday.

The renewed volatility had followed several days of flat movements, cancelling out gains made earlier in the week.

Altcoins had reacted more intensely to Bitcoin’s move, the top twenty assets by market cap losing up to 11.3 percent in the 24 hours to press time on Friday.

Civic’s own CVC token, like many from the initial coin offering (ICO) boom of 2017, currently trades well below its issue price, but it is not a problem for the company, Lingham told Cheddar.

“We’ve been very mildly affected,” he said, “we took our ICO proceeds and held them in cash, so we’ve been less affected than everyone else in the space — the people who held onto Bitcoin and Ethereum at very high prices.”

Other sources warning about incoming Bitcoin lows meanwhile include veteran trader Tone Vays, who in December claimed a bottom could fall below $1,300.

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Bitcoin Dips Below $3,700 as All Top Cryptos See Severe Losses

All of the top 20 cryptocurrencies report severe losses, with Bitcoin tumbling below the $3,700 threshold.

Thursday, Jan. 10 — all of the top 20 cryptocurrencies are seeing severe losses in the 24 hours to press time. Bitcoin’s (BTC) price has dipped below the $3,700 mark, according to Coin360 data.

Market visualization from Coin360

Market visualization from Coin360

At press time, Bitcoin is down over 9 percent on the day, trading at around $3,661. Looking at its weekly chart, the current price is lower than $3,888, the price of BTC one week ago. The current Bitcoin value is also substantially lower than $4,108, its mid-week high reported on Tuesday.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: CoinMarketCap

Ripple (XRP) has regained its position as the second-largest cryptocurrency by market cap, overtaking Ethereum (ETH). Moreover, the divide between the two assets coins has shrinked, with Ethereum’s market cap being $13.3 billion and Ripple’s — $13.57 billion.

Ripple is down over 9 percent on the day, trading at around $0.33 at press time. On the weekly chart, the current price is lower than $0.364, the price at which the cryptocurrency started the week. XRP’s current price is also notably lower than its high of $0.381, reported earlier today.

Ripple 7-day price chart

Ripple 7-day price chart. Source: CoinMarketCap

Ethereum has seen its value decrease by about 16 percent over the last 24 hours. At press time, ETH is trading at around $127, having started the day around $151. On the weekly chart, Ethereum’s current value is significantly lower than $150, the price at which the coin started the week.

Ethereum 7-day chart

Ethereum 7-day chart. Source: CoinMarketCap

Among the top 20 cryptocurrencies, none are experiencing growth other than the stablecoin Tether (USDT), which grew by 0.65 percent in the last 24 hours. The cryptocurrencies reporting the most substantial losses in the top 20 by market cap are Iota and Neo, which are down over 16 percent.

The combined market capitalization of all cryptocurrencies — currently at about $122 billion — is lower than $130 billion, the value it reported one week ago. The current value is also substantially lower than $138 billion, the value it reached earlier today.

Total crypto market cap 7-day chart

Total crypto market cap 7-day chart. Source: CoinMarketCap

As Cointelegraph reported today, a critical vulnerability that leaked sensitive user data has been discovered and quickly patched on the Nasdaq-powered cryptocurrency and tokenized stock exchange DX.Exchange.

Furthermore, news broke earlier today that several tobacco shops in Paris, France, have started selling Bitcoin despite a degree of regulatory uncertainty. Customers can reportedly purchase tickets for the sums of 50, 100 or 250 euros with an alphanumeric code and a QR code, which can then be used to obtain Bitcoin.

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Top Coins Trading in The Green After Major Drop-Off Yesterday

Cryptocurrency markets have seen slight gains on the day, with all top ten cryptocurrencies trading in the green.

Wednesday, Nov. 21: It seems as if the recent drop-off in markets has slowed, with almost all the top 20 cryptocurrencies seeing green today.

Market visualization from Coin360

Market visualization from Coin360

Bitcoin’s (BTC) losses yesterday totalled more than 15 percent, though the coin has managed to bounce back into the green today, up 3.12 percent on the day and trading at around $4,499 at press time. The leading cryptocurrency is down over 21 percent on its weekly chart.

Yesterday, Wall Street crypto bull Tom Lee reiterated his recently reduced year-end price prediction of $15,000 for Bitcoin, despite the recent market crash. While remaining confident in a year-end rally, Lee admitted that the markets have “certainly” seen a “negative development,” which signals a “downside of the momentum.”

Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index

Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index

The second largest cryptocurrency by market capitalization, Ripple (XRP), is up 0.80 percent over the last 24 hours and trading at $0.439. The altcoin’s market cap is around $17.8 billion, while its weekly high point was around $20.8 billion on Nov. 18, according to CoinMarketCap.

XRP daily price chart. Source: CoinMarketCap

XRP daily price chart. Source: CoinMarketCap

Ethereum (ETH) is up 2.19 percent on the day and is trading at $134.46 at press time. The coin’s lowest price point on the day was $126.30.

Ethereum 7-day price chart. Source: Cointelegraph Ethereum Price Index

Ethereum 7-day price chart. Source: Cointelegraph Ethereum Price Index

Bitcoin Cash (BCH) is down the most among the top twenty coins this week, having lost over 40 percent in the seven-day period. On the day, the coin is up a modest 2.67 percent, trading at $231.97 at press time.

Among the top 20 cryptocurrencies, only Zcash (XEC), and Tezos (XTZ) are in the red, down by 0.36 and 3.79 percent on the day, respectively, according to CoinMarketCap.

The total market capitalization of all cryptocurrencies is around $148.5 billion, while its weekly high point was around $189 billion on Nov. 15. As of press time, daily trade volume amounts to almost $18 billion, while the number of cryptocurrencies listed on CoinMarketCap has decreased to 2,071.

Total market capitalization 7-day chart. Source: CoinMarketCap

Total market capitalization 7-day chart. Source: CoinMarketCap

Earlier today, Cointelegraph reported that the recent cryptocurrency market crash has eased pressure on the U.K.’s financial regulator to introduce hasty new rules for the sector. Gillian Dorner, deputy director for financial services at Britain’s finance ministry, reportedly said that “we want to take the time to look at that in a bit more depth and make sure we take a proportionate approach.”

British regulators are reportedly analyzing over 2,000 crypto assets to see whether they can be regulated under existing rules before considering whether reform might be necessary.

Also today, Spencer Bogart, a partner at the venture capital firm Blockchain Capital, said he believes that crypto opportunities are “still gigantic” despite the current bear market, pointing out the critical role of “programmable money,” which is supposed to gain even more popularity over time.

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Bitcoin Hashrate Drop Sparks Rumors of $3.8K Miner ‘Turn-Off Price’

Bitcoin mining turn off price

The drop in Bitcoin hashrate has sparked rumors China has turned off huge numbers of mining rigs as the process is no longer profitable. ‘More Economic To Turn Them Off’ Video and photo content which allegedly came from F2Pool owner BitFish hit western social media November 20, being uploaded by local news feed cnLedger and Primitive partner Dovey Wan. “…Many miners are mining at loss at the current price point, now it’s more economic to

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Bitcoin Price Bounces as Cryptocurrency Market Sees Relief Rally

Cryptocurrency markets staged a modest relief rally November 21 as the impact of news trading platform Bakkt had pushed back its launch subsided. Markets Shrug Off Bakkt And Bitcoin Cash Led by Bitcoin Cash , the fourth largest cryptocurrency by market cap which lost 50 percent of its value Monday, the twenty major cryptoassets all made gains on the day, the only exception being Tezos, which lost 4.3 percent. Bitcoin price had already corrected from weekly

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Gigantic Opportunities Abound in Bitcoin, Says Spencer Bogart of Blockchain Capital

Even with the current price plummet in the cryptocurrency market, Spencer Bogart believes enormous opportunities abound in Bitcoin. Bogart, who is a partner at Blockchain Capital also predicts a time of greater correlation between virtual currency assets and traditional tech stocks. Bitcoin Will Remain Number One Speaking to Bloomberg on Tuesday, Bogart declared that, notwithstanding the present bear market conditions, the opportunities Bitcoin (BTC) presents are still gigantic. Bogart also went to say that Bitcoin’s

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CME Report: BTC Futures Trading Keeps Growing in Q3, Average Daily Volume up 41% Over Q2

Bitcoin futures trading at the CME has continued to grow in Q3, with average daily trading volume up 41% over Q2.

Bitcoin (BTC) futures trading at the Chicago Mercantile Exchange (CME) has continued to grow in Q3, the U.S.-based exchange reported in a tweet Wednesday, Oct. 17.

The CME has revealed that the average daily trading volume (ADV) of Bitcoin futures has increased by 41 percent in Q3 over Q2, while open interest (OI) — or the number of open contracts on Bitcoin futures — has risen by 19 percent in the third quarter.

CME Bitcoin Futures ADV and OI in Q1, Q2, and Q3 2018. Source: CMEGroup

Compared to the results of the second quarter over the first quarter, the trading dynamics have now been growing at a slower pace than in Q3. On July 20, the CME reported that Bitcoin futures trading in Q2 had seen a large increase, with ADV and OI up 93 and 58 percent over Q1, respectively.

CME Group is one of the biggest global exchanges and the largest options and futures contracts OI of any futures exchange in the world. The company had also launched Bitcoin futures trading on Dec. 17, 2017, shortly after the launch of BTC futures by the Chicago Board Options Exchange (CBOE) on Dec. 10.

In early October, crypto analyst and host of CNBC’s show Cryptotrader Ran Neu-ner had predicted that Bitcoin price is “about to explode” in the wake of the upcoming decision on several Bitcoin Exchange-Traded Fund (ETF) applications by the U.S. Security and Exchange Commission’s (SEC).

In his prediction, Neuner compared ETFs with Bitcoin futures, claiming that the expectation of BTC futures contracts allegedly made the major cryptocurrency rally last year from “$6,691 (Nov. 11) to $20,000 (Dec .17).”

Recently, Bloomberg reported that the CME was not planning to introduce futures on any cryptocurrencies other than Bitcoin in the near future. Terry Duffy, chief executive officer of CME, had reportedly revealed that the company should first work on the approach to Bitcoin futures, since it “might have been the most controversial launch of a product.”

Earlier this year, the Federal Reserve Bank of San Francisco alleged that a sharp decline in the  crypto markets in 2018 had been caused by the Bitcoin futures launch. The bank stated that it considered that the “subsequent fall in the price” after BTC futures trading did not appear to be a “coincidence.”

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Crypto Markets See Calm as Most Coins Consolidate Recent Gains

Crypto markets are seeing some stability today, with most major coins seeing only minor ups and downs.

Tuesday, Oct. 16: Crypto markets are seeing some stability today following yesterday’s market upsing, with virtually all of the major cryptocurrencies seeing only minor price changes, both red and green, as of press time.

Tether (USDT) has meanwhile seen a recovery, having yesterday slipped from its U.S. dollar peg to trade well below its historical price range, briefly dipping as low as $0.925.

Market visualization by Coin360

Bitcoin (BTC) is trading at $6,580 at press time, down close to 1 percent on the day, according to CoinMarketCap. During a short-lived spike yesterday, which correlated with Tether’s price drop, Bitcoin traded as high as $6,673, but has since corrected to the price range it saw at the beginning of its weekly chart, despite several days of heavy losses on the crypto markets mid-week.

Overall on the week, the top coin has virtually not budged, and is 0.06 percent down as compared with Oct. 9. On the month, Bitcoin is up around 1.72 percent, again remaining relatively stable.

Bitcoin 7-day price chart. Source: CoinMarketCap

Ethereum (ETH) is down just fractionally, by 0.3 percent, to trade just under $210, according to CoinMarketCap. Having seen an intra-week low of around $189 on Oct. 12, followed by a couple of days of sustained losses, the leading altcoin also saw a major spike yesterday, Oct. 15, to trade as high as $220.

On the week, Ethereum is around 7.5 percent in the red; monthly losses are around a milder 3.2 percent.

Ethereum 7-day price chart. Source: CoinMarketCap

Ripple (XRP) is the strongest performer among the top ten coins by market cap, up 3 percent to trade at $0.454 at press time. The asset saw a spike parallel to BTC and ETH yesterday, but has seen solid performance today and is trading only slightly below yesterday’s peak at $0.567.

Having shed value during the market-wide losses Oct.11-14, Ripple is around 4.4 percent in the red on its weekly chart. Nonetheless, due to its soaring successes in September, Ripple’s monthly growth is at close to 64 percent.

Ripple 7-day price chart. Source: CoinMarketCap

The remaining top ten coins on CoinMarketCap are seeing an almost even mix of gains and losses, capped within a 2 percent range in both directions.

Tether (USDT) has reclaimed most, if not all, the ground it lost during yesterday’s tumble, and is up 1.6 percent to trade at $0.98 at press time. Although reasons for Tether’s losses yesterday are not confirmed, unconfirmed reports have recently circulated that banking complications appear to have beset both Tether and associated crypto exchange Bitfinex.

Others have proposed the market sentiment was tied to investors “losing faith” because of the ongoing lack of transparency surrounding Tether’s claims to be backed one-to-one by the US dollar.

Tether 7-day price chart. Source: CoinMarketCap

The market’s seventh largest coin Litecoin (LTC) is down 1.66 percent to trade at $54.25 by press time. Still among the top ten, Cardano (ADA) and Monero (XMR) are both up about 1 percent on the day to press time.

In the context of the top twenty coins, the picture is also mixed, with most coins seeing minor price change capped within a 2 percent range, though with a couple of notable exceptions.

Tezos (XTZ) has soared 13 percent on the day and is trading at $1.44 at press time.

Tezos’ 7-day price chart. Source: CoinMarketCap

Dogecoin (DOGE) and Binance Coin (BNB) have both seen above-average price changes on the day, both down about 3 percent at press time.

Total market capitalization of all cryptocurrencies is down to around $211.1 billion as of press time — having reached as high as $220.2 billion briefly yesterday, Oct. 15.

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

Today investor and crypto bull Mike Novogratz tweaked his price forecast for Bitcoin, predicting the top crypto would in fact not break $10,000 in 2018. He suggested instead that during “Q1 [or] Q2 [2019] if the institutions start coming in, we’ll put in new highs.”

In other crypto news, stablecoins continue to make headlines this week, with blockchain trust company Paxos announcing it has already issued around $50 million worth of its recently-launched U.S.dollar-backed stablecoin, PAX.

Notably, with regards to better-known thought controversial stablecoin Tether, stablecoin issuance at this scale has drawn both speculation and criticism in regards to its possible impact on Bitcoin (BTC)’s price performance.

As reported yesterday, the now second largest crypto exchange by market cap OKEx announced it would be listing four stablecoins at once – PAX, TrueUSD (TUSD), USD Coin (USDC), and Gemini Dollar (GUSD) – the same day as U.S.-based crypto payment processor BitPay announced it had started to accept two stablecoins for merchant settlement, GUSD and USDC.

Following OKEx’s move, another major crypto exchange, Huobi, announced their listing of the same four USD-backed stablecoins today.

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Crypto Market Keeps Its Balance After Recent Sell-Off, Bitcoin Above $6,300

Crypto markets hold steady after the recent sell-off, most of the top 20 coins by market cap see slight growth, Bitcoin trading above $6,300.

Sunday, October 14: crypto markets keep their balance after the recent sell-off this week, with most of the 20 top coins by market cap slightly in the green. Fluctuations on the markets in both directions have for the most part been no more than 1 percent, as data from Coin360 shows.

Market visualization from Coin360

Market visualization from Coin360

Bitcoin (BTC) has seen slight growth over the past 24 hours, having strengthened to above the $6,300 threshold. At press time, the major cryptocurrency is trading at $6,331, slightly down from its intraday high around $6,360, while recovering from its intraday low around $6,277. On the week, Bitcoin is down almost 4 percent from around $6,580.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index

Ethereum (ETH) has also seen a slight rebound, up around half a percent over the past 24 hours to press time. The second cryptocurrency by market cap has been hovering just above the $200 price point in the second half of the day, and is trading at $202 at press time. In terms of weekly dynamics, Ethereum is down about 11 percent to press time.

Ethereum 24-hour price chart

Ethereum 24-hour price chart. Source: Cointelegraph Ethereum Price Index

Total market capitalization of all cryptocurrencies is hovering around the $200 billion threshold, appearing to stabilize after the crypto markets’ recent decline. At press time, total market cap amounts to $202.8 billion, slightly down from $204 billion earlier today.

Total market capitalization 24-hour chart. Source: CoinMarketCap

Bitcoin dominance — or the percentage of the total crypto market cap that is Bitcoin’s — has been steadily near 54 percent today. At press time, Bitcoin dominance is at 54.1 percent.

Among the top 20 cryptocurrencies by market cap, TRON (TRX), the eleventh largest, has seen the most notable change over the past 24 hours to press time, up a solid 3.66 percent.

TRON continues to see gains today following a recent cryptic announcement from its CEO of a partnership with an unnamed “industry giant” that is valued at “tens of billions of dollars.” Following the tweet an unconfirmed report was released claiming that TRON has partnered with China’s Internet giant Baidu.

Crypto analyst Joseph Young commented on Twitter today expressing concern about Bitcoin’s trading volumes, claiming they are “approaching yearly low once again” and adding “Decent short-term recovery earlier today (October 14) but low volume is really concerning.”

Young has also participated in an ongoing Twitter battle recently between the crypto community and American economist Nouriel Roubini, who has been posting particularly audacious anti-crypto Tweets — most recently calling the whole idea of crypto “fascist at core.”

The crypto commentator today retorted a recent Tweet from Roubini about Bitcoin transaction fees that claimed “the cost per transaction of bitcoin is literally $60.” Young clarified for Roubini that “cost per transaction” is in fact different from “transaction fee.”

Roubini — a New York University professor also known as “Dr. Doom” for reportedly predicting the 2008 financial crisis — recently testified in a U.S. Senate hearing on cryptocurrency.

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