bitcoin news

Crypto responds to the Bank of International Settlement’s bitcoin report

To bitcoin adherents, bitcoin and other cryptocurrencies are still a work in progress. Yes, its energy usage is an issue but it’s one that developers are aware of any trying to solve.One blockchain professional I spoke to on Thursday compared the BIS report to saying the world would be in trouble if a baby was put in charge. Babies tend to grow up before they are given any responsibility and crypto developers are hard at work helping bitcoin and other digital currencies grow up.”I don’t think many people appreciate just how early stage this technology is,” Jamie Burke, the founder and CEO of specialist bitcoin and blockchain VC fund Outlier Ventures, told the Blockchain Alternative Investment Conference in London on Monday.Something like 98% of bitcoin’s original code base has been rewritten since it was first created in 2009 and developers around the world continue to work on new ideas, solutions, and technology.Allarie said: “I’m deep, deep in it and I’m a pretty technical person and I cannot keep up. There’s so much. I’m not even close. There’s just so much activity and so much innovation happening. I’ve never seen anything like it, it’s just happening at such a pace.”


Bitcoin Price Manipulation Fueled Top Cryptocurrency’s 2017 Rally: Report

Bitcoin’s meteoric price spikes in 2017 were fueled by market manipulation and not merely investor enthusiasm. That’s the conclusion of University of Texas finance professor John Griffin.In his 66-page research paper entitled Is Bitcoin Really Un-Tethered?, Griffin said at least 50 percent of the increase in bitcoin prices in 2017 was manipulated using tether, another cryptocurrency pegged to the U.S. dollar.Professor Griffin, who specializes in spotting financial fraud, said circumstantial evidence suggests there was coordinated price manipulation designed to keep bitcoin prices artificially high.


Apple Co-founder Steve Wozniak Wants Bitcoin To Be Single Global Currency

Steve Wozniak, Apple co-founder, wants to see Bitcoin as the single global currency, echoing comments made by Twitter CEO Jack Dorsey recently.”I buy into what Jack Dorsey says, not that I necessarily believe it’s going to happen, but because I want it to be that way, that is so pure thinking,” Wozniak told CNBC on the sidelines of a financial conference in Amsterdam, Netherlands.Bitcoin will become the global currency for payments after overtaking the dollar’s dominant place within a decade, Dorsey had said in March in an interview to the UK’s Times newspaper.In May, however, Dorsey said the internet was set to have a native currency. He was unsure if it would be Bitcoin, but hoped it would be so.


Bitcoin Daily: U.S., Canada Probe Crypto Scams

In other news, state securities regulators in the U.S. and Canada have announced that they’re cracking down on crypto scams, Reuters reported. Regulators are looking into initial coin offerings (ICOs) and unregistered securities offerings in an operation dubbed “Operation Crypto-Sweep.” Through a task force, regulators have opened 70 investigations in the operation, as 35 investigations enforcement actions are pending or have already occurred. In some cases, regulators have issued cease and desist letters to alleged scams.


Bitcoin price analysis: This bounce needs to sustain

BTC/USD is down 0.3 percent at $8,445 after bouncing from the low of $8,338 at which point it was down nearly 2 percent. On the daily chart, BTC’s Saturday lows is $8,220 few dollars above the 50 percent fibonacci retracement of this entire rise from April lows, which is a significant support.

For this bounce to sustain Bitcoin should now try and target $8,604 which is 38.2 percent fibonacci retracement level only then can bulls come out of their hidings and show a brave face to bounce back above $9,000. Having said that, on the intra day 15-minute charts there are multiple resistances above $8,450 mark which would be a tough nut to crack in a low volume Sunday trading.


Bitcoin faces ‘death cross’ after falling below $9 000

Bitcoin’s plunge back below $9,000 has the cryptocurrency facing a dreaded death cross. This occurs when the 50-day moving average breaks below its 200-day counterpart on a closing basis. As the name implies, it’s considered a bearish development.

This would be the first death cross for Bitcoin since 2015.

To be sure, there are some countervailing technical signals suggesting this event might not be so crippling. The 200-day moving average is still rising and served as intraday support Friday. In addition, Bitcoin is setting higher lows, with April’s trough higher than February’s.


The Epic Relation Between BTC Prices and the Stock Market

Inside the world of cryptocurrencies, some truths go unquestioned: 1) centralization is terrible, 2) fixed money supplies are great, 3) cryptocurrencies are uncorrelated from stocks.

The last “truth” is now in question.

Many analysts, myself included, have raised questions about Bitcoin following the stock market before, but none of us made the case as strongly as Forbes contributor Clem Chambers.

Chambers recently used intraday trade charts to show that Bitcoin prices often follow the same patterns as the Dow Jones Index. (Source: “Bitcoin Price Is Correlated To Stocks,” Forbes, May 8, 2018.)

In other words, he showed that Bitcoin and the Dow are connected.


NYSE Isn’t Planning a Bitcoin Futures Market, But a Proper Crypto Exchange

On May 3, CCN reported that Goldman Sachs is entering the bitcoin market by launching a futures market targeted at investors in the traditional finance sector and stock market. At the time, Goldman Sachs executive Rana Yared stated that despite the personal skepticisms of the bank’s executives, Goldman Sachs decided to operate a bitcoin trading desk to facilitate growing demand from its clients and investors.

On May 8, less than a week after the plans of Goldman Sachs to operate a bitcoin futures market were revealed to the public, NYTimes reported that several emails and documents reviewed by the NYTimes team showed the parent company of NYSE has been developing an online bitcoin trading platform.

“The parent company of the New York Stock Exchange has been working on an online trading platform that would allow large investors to buy and hold Bitcoin, according to emails and documents viewed by The New York Times and four people briefed on the effort who asked to remain anonymous because the plans were still confidential,” the New York Times reported.



The future of Bitcoin: What Lightning could look like

After years of conceptualization and development, the first Lightning implementations are now in beta. As a result, more nodes are appearing online every day, a growing number of users are opening channels with one another, and some merchants even started to accept Lightning payments.

But of course, these are still the very early days of theLightning Network. While the main implementations are usable and some wallets and other applications are available, Bitcoin’s overlay payment network is projected to improve over the next few years in areas ranging from network architecture to security and usability, and more.

These are some of the more important Lightning projects currently in development.