Showing posts with label bitcoin price. Show all posts
Showing posts with label bitcoin price. Show all posts

Bitcoin's Breaking Records: The Factors Behind It's New All-time High, and What Comes Next...

This bullish cycle of bitcoin began officially in July when it once again broke $10,000. This brought Bitcoin back into the headlines and caught the eye of those who sat on the sidelines in 2017.

It became clear that this time, many retail and institutional investors were not going to simply watch as it continued to rise.

Big money and everyday investors dove in head first, the top among them including Grayscale bitcoin fund (GBTC) which currently exceeds 10 billion in crypto assets, and MicroStrategy which just raised another $650M to bring their holdings to $1 billion.  Other notable entry's include JPMorgan and Goldman Sachs.

Before today all this activity and Bitcoin's corresponding rising price was classified as 'recovery' - because anything under $19,834 happened once before, when it peaked in 2017.

But as of today, Bitcoin is officially done recovering and back to breaking new ground!

It's still on the rise as I write this, we have now smashed through the previous record and BTC currently sits at $21,346 (at time of publishing).

I expect the momentum to slow down soon, but it could still gain some before then. 

Two Main Factors At Play:

It's really the classic law of supply and demand at play here.

The demand we talked about above, mixed with so many investors keeping their Bitcoins completely off of exchanges and in secure offline storage (aka 'cold storage').

Buyers, and there's lots of them, are basically currently forced in to a bidding war over a very limited supply of Bitcoin for sale, driving up the price at an abnormally fast pace.

No end in sight...

Ask the average Bitcoin investor how high they think it will go, and the answers you'll hear indicate most will continue holding on to theirs.

In fact, much of the Bitcoin for sale isn't *really* for sale, in the sense that they're done owning it - it's traders capitalizing on Bitcoin's famous volatility, and swing trading.   

Selling some, but at the same time placing buy orders to purchase it back when the price drops, believing any dip will be followed by a rise back to the price they sold at.  So far, a trading strategy that has paid off.

The next thing to watch out for: the #2 cryptocurrency launches it's upgraded version - Ethereum 2.0 is expected to give ETH a nice boost as well. 


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Author: Ross Davis 
E-Mail: Ross@GlobalCryptoPress.com Twitter:@RossFM
San Francisco Newsroom / Breaking Crypto News

Director of Amazon-Owned Top Streaming Platform 'Twitch' Puts 25% Of His Wealth In Bitcoin - Site Gives 10% Discounts To Users Who Pay In Crypto...

Shaan Puri is the director of Amazon-owned streaming platform Twitch, and he just tweeted "I have moved 25% into bitcoin."

He shared some details behind his decision, saying "Bitcoin is the only asset where you can go irresponsibly long – and then everyone tells you it’s not enough. And they’re probably right." 

"I think people think this time it hits $20k is ‘just like last time’ but it’s not for many reasons." referring to the influx of established investment firms jumping onto the Bitcoin bandwagon, and thinks this is a wave that will continue for 2 more years.

Puri did not share how much Bitcoin his 25% bought him.

Earlier this year Twitch began offering 10% discounts to users who registered and paid with crypto.

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Author: Oliver Redding
Seattle Newsdesk

Bitcoin Has Been Above $15k Only 20 Days, EVER - Until Now! What Happened Last Time, and Why That Won't Happen Again...

Bitcoin 2020 price

That's right - in Bitcoin's entire lifespan it had only spent 20 days above $15,000 - until now.

Those days all fell between from Mid December 2017 and ended early January 2018  - a time period that includes Bitcoin's all time high when it briefly broke the $20,000 level.

But the market is VERY different now than it was back then. 

What We Are NOT Seeing Signs Of...

As we all know, that epic rise was followed by a massive decline that brought Bitcoin down to the $3000s by the end of that year.

But this time, there's billions in institutional investments justifying the price. We also know many of those institutions have publicly stated their hopes for Bitcoin go beyond $20,000.

While last time it hit $20k a large portion if the market was made up of young investors somewhat shocked at the amount of wealth they were sitting on. They held on as long as the price kept rising, and had no problem selling once things took a downturn. 

How Today's Market Would React...

I do not anticipate current investors feeling pressured to cash out if they see something like a dip from $20k to $19k- they're much more likely to hold believing it will recover and continue to soar to new highs. 

We've seen the volatility reach about $2000 in either directional, while a slow steady climb happens simultaneously inching up the base number. All signs show that continuing.

There's still one announcement after another regarding large investments, or moves that make crypto more accessible to the public. 

For example, today it was popular stock trading app Webull announcing the addition of crypto. 

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Author: Mark Pippen
London News Desk 

Bitcoin Just Hit It's HIGHEST Price Of 2020 - And There's Even More Good News On The Horizon....

Bitcoin price
Bitcoin soared to the highest price so far in 2020, whle fiat currency declines, BTC finds itself sharing the spotlight with gold. the idea that cryptocurrencies will surface as a feasible option to conventional banking structures.

At the time of publishing, BTC is trading at $11,221, the highest point so far

Matt Maley, chief market strategist at Miller Tabak & Co believes large investors are the difference, saying: “It's attracting the momentum players, and of course, the momentum players play such a big role nowadays  that it’s giving Bitcoin the big move.”

Contributing as well - in the U.S. last week regulators said American banks can provide custody services for the crypto-assets of clients, which could further raise the attractiveness to investors, now knowing their investment can be kept safe and covered by the banks insurance.

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Author: Oliver Redding
Seattle Newsdesk




Crypto Markets Surge and "Leave Stocks In The Dust" - Plus, Let's Clear Up Confusion Around Bitcoin Being a 'Safe Haven' Asset...


It's been an intense week, especially here in Silicon Valley, the first area of the US given 'shelter in place' orders. Why we were first hasn't been explained, but it's likely because of the amount of economic power in an area where Google, Apple, and Facebook employees live on the same street.

Since the Coronavirus pandemic took full effect, Bitcoin crashed down to the low $5000 and spent over a week floating around this zone.

Stocks performed the same, causing many to point out once again how the two markets often mirror each other, even though there's major fundamental differences.

Those differences may allow for a much easier recovery, as stocks continue to suffer, Bitcoin broke out with a 20% surge, peaking around $6900.

Read more on this in the Forbes article "Bitcoin Rally Leaves Stocks In The Dust".

With the initial shock of everything wearing off,  I wanted to take a deep breath, followed by a rational look at where things stand, and where they could go next.


No Safe Haven In a Panic...

While some have used the last couple weeks as evidence against claims Bitcoin was a safe-haven asset, I have to say - I never thought we were talking about situations like this.

Rather, a safe haven for crashes like the one we saw in 2008, where bankers and Wall St abused the traditional finance system, and the public would then be asked to trust that the people who just destroyed the system would now turn around and fix it.

That situation (which describes most historical economic crashes) makes Bitcoin look pretty damn appealing, and I think we will see a lot of people turning to it the next time it happens.

But scare like a virus, with people panicking and seeking cash fast - they're going sell whatever gets them that cash.

I'm not sure why anyone ever thought that wouldn't include crypto.

I'll take it one step further and say - an asset immune to panic selling triggered by global pandemic does not exist.


Crypto May Be First To Recover...

When something major happens that causes investors to panic sell, it's no surprise both crypto and stocks take a hit.

But crashing together doesn't mean they need to recover together.

Recovery is a very different game for each. The stock market wants to hear about company profits, see earnings reports, and hear statements from CEO's about their path forward.

The decentralized nature of cryptocurrency means the traders and investors alone can drive recovery - we're not waiting to hear from any person or company. 

There's no "CEO Of Crypto Inc" putting out statements for the media to pick apart - for or better or worse, we're on our own.

Currently it seems to be for the better, but keep in mind this is a double edged sword - for example, we'll never see a bailout for the crypto industry, or a coin considered "too big to fail" and government stepping in to save it.


What To Watch For Next...

What happens in the US will determine what happens next in the market.

The panic has is gone, but people are still on edge - there's two very different possibilities.

The best case scenario - we continue as-is for the next few months.  Cases of the virus popping up at a pace they can be dealt with, eventually ending with a vaccine or some other viable treatment that officially puts an end to the whole thing.

The worst case scenario - as you know people can carry the virus for weeks without feeling ill, and during this time they can spread it to others. It was just a week ago where people were still gathering in large crowds - Las Vegas for example just went dark days ago.

There could be a massive number of people infected who currently don't know it. Not saying there is, just saying it's possible.

So we now enter a phase that could last for 1 to 2 weeks, of waiting to find out which scenario is real.


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Author: Ross Davis
E-Mail: Ross@GlobalCryptoPress.com Twitter:@RossFM
San Francisco News Desk



Crypto Markets Take A Massive Hit, As Europe and Asia Based Investors Brace For Corona Virus Impact...


Crypto markets are in free-fall as investors in areas most effected by the Corona Virus sell off their investments.

This is a two-fold reaction.

Asian investors continue to sell off as South Korea and China battle the viruses continued spreading.

At the same time, Europeans are bracing for the effects of the just announced US travel ban, which will halt travel between the United States and Europe for at least 30 days.

Bitcoin's success comes back to bite...

Remember, panic selling isn't based on logic, and there's an interesting thing that happens in these conditions - people don't sell investments that have lost money, but rather the ones that have made a profit.

Taking a loss is just a harder pill to swallow, compared with the winning feeling of cashing in a profitable investment.

Now that you're aware of this common mistake, you can make sure to play it smart and sell your losing investments first!

With Bitcoin being the top performing investment of the year, that makes it first to go.

But They'll be Back...

The flip-side of this is, most crypto investors believe a 'come back' following a crash is pretty much a sure thing. They've watched it happened so many times, people speak of a recovery in terms of 'when' not 'if'.

Once the market agrees the sell off has hit bottom, the same people who just sold are likely to jump right back in, and the long term outlook remains extremely positive.

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Author: Harvest Hill
Silicon Valley Newsdesk

Bitcoin Isn't The Only Coin That Will Be 'Halving' In 2020 - Here's What You Should Be Ready For...


We're going to assume you already know what halving is, and have seen at least some the hype surrounding the upcoming halving of BTC.

For the few who haven't, the shortest explanation we can give so you know the basics is:  As you know, mining a cryptocurrency will earn you some of that cryptocurrency.  Halving is when miners pay gets cut in half. Token creators plan this from day one to occur in the future as a way to keep the coin scarce when millions of their coins total supply has already been released. The idea is, the more coins that are already floating around the market, the harder it should be to earn free coins by mining.

There's a several reasons why people believe this will trigger an increase in a coin's price.

First, it has in the past.  In the case of Bitcoin, halving has happened before, and each time was followed by a price increase.  When Bitcoin launched, 50 BTC per block was given out to miners. Halving has occurred every 4 years since then, and the next halving will bring it down from 12.5 to 6.25 BTC.

Second, many miners sell immediately. Especially the large mining operations, these are big companies with investors who want to see quarterly profits like any other company. They tend to immediately sell the coins they mine. But halving has already caused some to sell less and HODL more as they became harder to get. More coins off the market increases the value of those on it.

Lastly, simply the concept of scarcity. The market knowing less coins are being created every day, means any dilution that may have caused now happens at a rate half of what it was before.

But Bitcoin isn't the only one coming up this year, so we thought it would be worth taking a look at the other potential chances to profit from coins that will be going though the halving process.


The Big One - Bitcoin...

Bitcoin's halving is expected May 12, 2020.  Expect to see prices rise before this, as many people plan to load up their bags weeks/months ahead of this date. What will happen on this date is a mystery, the market is so different than it was the last time, I don't like looking back at anything from 2016 as a way to predict what will happen in 2020.

There's a lot more people in it, but among them is a lot more looking for a quick profit.  Will the halving date simply be when they plan to dump? Or, will they want to horde/HODL their coins believing the value will continue to climb, especially now that it's become more scarce?

Your guess is as good as mine.


Both of the other Bitcoins too...

Everyone has an opinion when it comes to Bitcoin Cash (BCH) and Bitcoin Satoshi Vision (BSV) and the miners are no exception.

Currently, most miners for these coins already work for a loss, that's how you know they're die-hard believers, they're betting it all on the token's value increasing in the future.

Regardless, all you need to know is - both have halvings coming sometime in April 2020.|


Zcash Follows in Bitcoin's footsteps...

Just like BTC, there will only be 21 million coins ever created.

The current reward for miners is also the same - 12.5, and will be reducing to 6.25 ZEC.

The block that will trigger the halving will come sometime in October 2020.


Ethereum Classic...

Not to be confused with ETH, Ethereum Classic (ETC) does basically the same thing, but calls it a tithing. In ETC's case, the mining reward is reduced by 20% every 5 million blocks.

At the time of publishing, they're on block 9,949,107 - block 10,000,000 will bring about the tithing and will hit sometime in 2020.


Dash, but don't get too excited.

Just including this to be complete, but I wouldn't expect a huge price increase here... a slight one perhaps.

Dash decreases mining rewards by 7.14% every 210240 blocks.

It's on block 1,234,495‬ as of publishing this article, with the halving coming on block 1,261,440 - so, very soon.


In Closing...

My strategy (insert standard 'don't blame me, do your own research' disclaimer here) is to watch how BCH and BSV perform in their halvings, since they come first. Then assume Bitcoin will do whatever they do but on an even larger scale, then assume Zcash will react similar to BTC.

In other words, be positioned for the best case scenario, but have those stop-losses ready just in case of the worst.

 What's your predictions for the 2020 halvings? Tweet us @TheCryptoPress

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Author: Ross Davis
E-Mail: Ross@GlobalCryptoPress.com Twitter:@RossFM
San Francisco News Desk



"Golden Cross" Now Showing On Bitcoin Charts! Last Seen Before Rally From $4800 to $9300...

GlobalCryptoPress.com Crypto News
Many technical analysts see the "goldren cross" as the ultimate bullish signal.

It occurs when you add lines that indicate the 200 day moving average, and another for the 50 day moving average. If the short term 50 day moving average line shoots up and crosses over the 200 day moving average, something big coming.


...Or so they say.  I've been impressed by some amazing predictions from the guys who spend all day dissecting the data - but there's also been times where all the tools they use were saying 'buy' and i'm glad I listened to my gut and didn't.

In the case of Bitcoin, the golden cross last appeared in April of 2019, and set Bitcoin on a bull run lasting 2 months and ending with gains of 190%.

So at least take this in to account along with whatever other factors you look at before deciding to buy or sale. 

Personally, I haven't put any additional funds in, but I am watching things extra-closely, HODLing what I currently have, and set some new price movement alerts in Blockfolio (great free app to track prices of any coin). If BTC is about to take off, i'll know with plenty of time to still reap most the rewards.

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Author: Mark Pippen
London News Desk

Bitcoin's massive surge has experts stumped "to be honest, I have no idea why"...



Bloomberg tries to get to the bottom of what happened today to cause Bitcoin's rally...but no one is sure. Sonny Singh, CEO of Bitpay says he believes it's likely the Asian market providing the momentum, because of the time it began.

The surge does not appear to be manipulation, the price has held and many think after lingering around $4000 for so long, some larger institutional investors called the bottom, and jumped in big.

Video Courtesy of Bloomberg