Bitcoins

Bitcoin, $8,000 And Beyond, Will It See $6,000 Ever Again?

Bitcoin has made impressive gains over the past week. During the mid-April market boom, Bitcoin really led the way and proved its worth, jumping up by almost $1,000 in a matter of minutes. As Bitcoin is known to be a bit of a trend setter, this surge really set the rest of the markets off. A couple of weeks ago, we spoke about why Bitcoin was struggling to breach $7,000. It was an almost endless game of cat and mouse, constantly chasing the tail of Bitcoin to see if it would ever get past the $7,000 mark. Much to the delight of investors of course, Bitcoin has since breached that threshold, and has continued breaching ever since. Now, the new maintenance target for Bitcoin is $8,000. Well, I say target, now it seems however that Bitcoin has smashed that out of the water. It does seem, give...

Bitcoin (BTC) Is Near The Beginning Of The End Of Its Bearish Cycle

In an interesting attempt to retest the downtrend line, Bitcoin shot up from near $8200 to $8500s in less than an hour. The chart above is based on the logarithmic scale for Bitcoin which has yet to be broken. A lot of new investors assume that we have already broken the downtrend line and Bitcoin (BTC) is now in the clear but this is far from the truth. For volatile assets like cryptocurrencies, a logarithmic scale is preferred by seasoned investors. It is easy to FOMO in when you already think the downtrend line is broken and Bitcoin is probably on a new bull run. However, on the logarithmic scale, a clear rejection from the downtrend line was seen but the fate of Bitcoin’s price for the new few weeks depends on whether it closes below or above the strong downtrend line. Fear of missing ...

Is It Just Too Late To Back Bitcoin?

Just as Bitcoin is slowly starting to pick up once again, it has faced a new type of backlash. The bulls are very much back with a vengeance, but the worry is that it is just too late to catch the wave of Bitcoin, Ethereum and Cardano. Despite its rather poor appearance this year, Bitcoin has picked up very slightly over the last week, and is still trading at over $8,000, which is up 14.63% over this last week. As Bitcoin is the top and number one cryptocurrency in terms of market capitalisation, it is not unsurprising that the rest of the cryptocurrency market has followed its lead. Ethereum is up by just over 20% over the past week, and Ripple is up even more by 35.03%. They are not the only ones though, and Cardano, IOTA and NEM are up 43.90%, 51.33% and 50.81% respectively. The market,...

Bitcoin (BTC) Could Reverse Exuberant Ripple (XRP) And Stellar (XLM) Gains

Bitcoin (BTC) has been indecisive for quite some time now as bulls and bears both seem to have backed out of the fight. Meanwhile, coins like Ripple (XRP) and Stellar (XLM) have made impressive gains as investors have been waiting to jump on board at such low prices. This excitement has resulted in exuberant rallies over the last few days. Ripple (XRP) is up 6% in the last 24 hours whereas Stellar Lumens (XLM) is up twice the size at more than 10% in the last 24 hours! Coins like Stellar have seen rapid price boosts in the past few days as investors were seen very eager to pick up at the bottom. The price of Stellar (XLM particularly is up almost one third its value at ATH during early 2018. This is an interesting development when you realize that Bitcoin (BTC) is still not in the clear an...

How Bitcoin Heist Suspect Managed To Flee On Icelandic Prime Ministers Plane

It has been reported that the suspect who was reported to have been involved in a huge Bitcoin heist has reportedly escaped prison and fled to Sweden on the same plane that was also carrying the Icelandic prime minister. Sindri Thor Stefansson was the alleged mastermind behind the theft of 600 computers used to mine Bitcoin in Iceland. A crime he was sent to prison for. It has been reported that he escaped through the window of the low-security prison in rural southern Iceland where he was being held, before he boarded a flight to Sweden, that left from the international airport in Keflavik, located less than 60 miles from the prison. Police believe that he was not working alone, and travelled using a passport in someone else’s name, and was only identified through a surveillance video. Th...

Bitcoin Is Still Considered A Crime In These Countries

Bitcoin was the first and the largest cryptocurrency, and was set up with the aim of replacing conventional currency. This has not completely happened, and although it has been accepted in more and more places now, becoming a viable payment option, you might be surprised to hear that it is actually still illegal in some countries. These are largely third-world nations, which are known to have struggling economics. Bitcoin nodes have been distributed throughout the whole world, which has formed a huge decentralised network without a central point of failure. This means that no government can close the whole Bitcoin network on a global scale. Data, that was collected and compiled by coin.dance states that Bitcoin is unrestricted in 107 of 251 countries, which means that using Bitcoin is deem...

Indecisive Bitcoin (BTC) Could Slow Down Ripple (XRP) Rally

Ripple (XRP) which is the third largest coin by market cap is up almost 5% at the time of writing. This growth has been a lot more exuberant in the past few days when Ripple received a big boost in anticipation of a market recovery. However, the excitement fizzled out when Bitcoin (BTC) proved to be indecisive once again. Recent price movements hint a retracement to test the previously breached downtrend line again. If Bitcoin (BTC) holds that line as support, it will confirm a trend reversal and we can expect a recovery from them for most coins. As for now, Ripple (XRP) could continue to trade within the bounds of the falling wedge, signaling a fall to test the yellow support line. This is not the first time Ripple (XRP) has been a victim of hindered gains thanks to indecisive Bitcoin (BT...

Bitcoin (BTC) Tax Day Hype Just Another Bull Trap?

Most investors in Bitcoin (BTC) expected a big pump after tax day which is why it did not happen. Makes sense? Let me put it this way, when you start trading you put your stop loss around all these beautiful trend lines and it fails you most of the time. Then you get to thinking why people actually draw trend lines if they are not supposed to work? A little more digging followed by practice and you realize that the point where you used to place your stop loss should actually be the point you open your positions. This is nothing new. It may be for some first time investors in Bitcoin or other cryptocurrencies but this is a decades old practice that banks and large financial institutions have been successfully using to target mainstream investors and surprisingly enough it works most of the ...

As The Shadow Of Tax Day Passes, Bitcoin Could Reach The Moon

Today marks the US tax deadline, also known as Tax Day. As this date has been looming the past few months, many experts have put the low performance from the big cryptocurrencies like Bitcoin down to the fact people have been selling off their assets in order to square up their accounts ready for tax returns. Head of Research at Fundstrat Global Advisors, Tom Lee has said that with the deadline here, we should see all selling of crypto-assets for capital gains tax, halt, giving the markets a chance to re-cooperate and settle, before the next expected bull run. Which, according to Lee, should be soon. In an interview with CNBC, Lee points out that what we have seen over the past few months, reflects the market movements seen in the months before December 2017, when Bitcoin almost hit $20,00...

Stop Seeing Bitcoin As A Company Says Leading Crypto Expert

Cryptocurrency expert, Brian Kelly, who is the founder and CEO of BKCM LLC has said that he does not believe that people should think of Bitcoin as a company; a mistake he believes that many investors make, and instead likens it to the ‘internet in the 1980s’, emphasising that the cryptocurrency is not stock. He said; “You can’t think of it as a company right and I think that is where people make a mistake…this is not stock, it’s not a company, it’s open source software…We’re early stage tech in this so you have to remember this is like the internet in the 1980s. I used to think it was like the internet in 1995. But after the last couple of months talking to folks, I think we’re more like the 1980s.” He believes Bitcoin to be a game changer though, and is not concerned about the price vola...

bitPico Carry Out Large Scale Attack On Bitcoin Network

News has surfaced this morning of a successful attack that has been carried out on Bitcoins Lightning Network. Bitcoin introduced the Lightning Network to solve scalability issues and to also decrease the need for high transaction fee’s to be implemented on minor transactions. The network is composed of a series of payment channels that are made of multi-signature wallets. This allows for faster facilitation of regular, small payments. So, for example, purchasing a meal using Bitcoin. Traditionally, it would take vast amount of time for the transaction to be confirmed and moreover, even though the value of the transaction might be small, a large fee could be implemented. With the Lightning Network in use, this transaction can be sped up through the use of multi-signature wallets and thus, ...

Bitcoin Won’t Settle Below $8,000 Now

Just a week ago, we where all starting to plan for a future in which Bitcoin would never reach its less-than-ambitious target of $7,000, yet in an instant, on Friday the 13th of April, that changed. Whilst Friday the 13th is supposed to be a day of bad fortune, Friday the 13th of April 2018 seemed to deliver just the opposite. In fact, it didn’t just offer good fortune, it offered great fortune. In terms of Bitcoin, in just an instant we saw Bitcoin jump from $6,869, to £7,738, making gains just short of $1,000 in a matter of minutes. This trend, kickstarted a bull run within the markets in what has been referred to as the mid-April market surge. The surge, saw all of the major currencies make huge gains throughout the end of the week and into the weekend. Some correction has now occurred,...