Bitcoin payments to hit over 25,000 retail stores in France – FXStreet

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Thirty major retailersPlay in France are gearing up for the launch of Bitcoin payments in more than 25,000 point of sales. As reported by Cryptoglobe during the Paris Retail Week on September 24, the endeavor is being undertaken via a partnership between Global POS, a POS provider, EasyWallet and Easy2Play a payments platform.

There will be an instant conversion of the payments made in Bitcoin into euros at the exact moment of sale. The conversion services are likely to be sort from a couple of partners Deskoin and Savitar. The two are seeking digital Asset Service Provider accreditations provided in the French PACTE Act.

Among the retailers joining the bandwagon are Maisons du Monde, Boulanger, World House, Intersport, Cultura, Foot Locker, and Norauto. The CEO and founder of Global POS, Stphane Djiane said in a statement:

"This is an important symbolic step in the evolution of payment methods in France. However, more than a symbol, what we bring to 25,000 outlets is the ability to safely enter the world of Economy 3.0.

Bitcoin will take center stage, for now, however, the more than four million French cryptocurrency owners, altcoin payments will be coming at a later stage.

Read more:Bitcoin price update: BTC/USD returns to $8k levels as $600 million BTC longs liquidate on BitMEX

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Bitcoin payments to hit over 25,000 retail stores in France - FXStreet

Bitcoin Depot’s Rapid Expansion Reflecting Increased Mainstream Adoption Of Cryptocurrency ATMs – Forbes

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Bitcoin Depot ATMs.

The Bitcoin ATM industry is one of the fastest growing industries in the world, with six new crypto-ATMs being installed every day, and its showing no signs of slowing down either, with expert projections forecasting an annual compound growth rate of 46.61 percent by 2024. This growth is largely fueled by the rapid adoption of blockchain-based currencies - with the number of people in the United States who own bitcoin - or similar blockchain-based currencies - doubling since 2019.

One of the industry leaders driving this rapid adoption is Brandon Mintz, CEO of Bitcoin Depot, the leading crypto-ATM network in the USA. Based in Atlanta, Georgia, Bitcoin Depot has installed over 250 Bitcoin ATMs across the United States, and is one of the top three multi-cryptocurrency ATM operators in the world. According to Mintz, this forecasted massive growth is already evidenced in the relatively new industry, with acquisitions of smaller operators by larger operators beginning to take place.

In fact, Bitcoin Depot conducted the first acquisition of this kind - having announced their takeover of ten DFW Bitcoin ATMs across Texas earlier this year. The company has no plans of stopping there either, having recently announced their plans to have 1000 total bitcoin ATMs installed throughout the United States by the end of 2020.

Driven by the Underbanked

This aggressive expansion is something Mintz, an early adopter of cryptocurrency, believes to be driven by the willingness of people - underbanked communities, specifically - to adopt new and alternative banking options. The physical Bitcoin ATMs provide a vital connection between underbanked communities and the crypto-world, explains Mintz. Were seeing our user numbers rising day by day, usually by those who dont - for one reason or another - trust traditional banking systems, or who complain fees for transferring money internationally are much too high.

The underbanked, totaling eight percent of Americas population, are those who dont have access to traditional banking services such as checking accounts, lines of credit, savings, or other digital currencies. Barriers that exist include high fees, lack of convenience and distrust among some socioeconomic groups around traditional banking systems.

Mintz, an advocate for the simplification of access to blockchain-based currencies, has stated that the prevalence of bitcoin ATMs, coupled with ease of access - users can register with Bitcoin Depot on the spot using their ATMs - and the maintenance of low transaction fees will continue to drive adoption rates within underbanked communities as well as the general public.

New digital currencies will fuel further crypto-ATM growth

Bitcoin, the first decentralized cryptocurrency, exploded onto the scene in 2009. Since then, over 1600 additional blockchain-based currencies have joined the crypto-landscape, with the most popular and valuable being Bitcoin, Ethereum, Litecoin, Ripple and Bitcoin Cash. Since 2009, the value of these currencies has proven blockchain to be something of a modern marvel, with cryptocurrency values increasing in worth from pennies into the thousands in just ten years.

While many types of digital currencies exist, were just now beginning to see the emergence of large and established companies - and even banks - releasing cryptocurrencies of their own, with social media juggernaut Facebook announcing the launch of their own cryptocurrency, Libra, in the first half of 2020. Libra is set to make waves in developing countries, where Facebook plans to leverage existing public trust in these regions to provide a viable, affordable banking option where very few exist.

Theres nothing particularly special or new about Libra, with the blockchain operating like any other cryptocurrency. But for Mintz, its an exciting prospect; Libras launch, paired with the emergence of other new blockchain-based currencies is a reflection of the ever-increasing adoption of digital currencies. As more and more people turn to cryptocurrency as a viable option to store, transfer and invest money, user demand for physical touchpoints to manage their money are sure to increase.

This forecasted symbiotic demand has Bitcoin Depot poised to cement their status as the leading Bitcoin ATM provider in the industry, with Mintz stating our plan is to increase our network to 1000 ATMs by the end of 2020 to fulfill our mission of making cryptocurrency accessible to everyone.

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Bitcoin Depot's Rapid Expansion Reflecting Increased Mainstream Adoption Of Cryptocurrency ATMs - Forbes

Bitcoin drops 15%, indicators show potential for decline to $6,500 – CryptoSlate

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In the last three hours, the BTC price dropped 15 percent breaking out to the downside of a technical pattern that predicts a further decline to $6,500. The drop coincides with a Bitcoin hashrate drop of over 30 percent and a ruling on the Bitfinex Tether investigation.

Since June 26, after peaking at nearly $14,000, Bitcoin began consolidating. After making a series of lower highs and nearly identical lows, a descending triangle formed on BTCs 1-day chart. This is considered a bearish pattern that shows decreasing demand for BTC.

At the moment, Bitcoin is breaking below the lower support of the bearish formation signaling a potential 32 percent drop to $6,500. This target is given by the descending triangle and is determined by measuring the height from the upper to the lower trendline.

Thus far, BTC plummeted 15 percent over the recent hours from the breakout point ($9,500) to reach a low of $8,160.

The Fibonacci retracement indicator measured from the low of $3,130 on Dec. 15, 2018, to the high of $13,870 on June 26, shows different price points that could act as a support for Bitcoins downward trend.

Based on this technical index, BTC is testing the 50 percent Fibonacci retracement zone at $8,500. A close below this level indicates a further decline that could take this cryptocurrency to hit the 61.8 or 65 percent Fibonacci retracement area. This is considered by many traders as the golden retracement level due to the high probability of a rebound, which is also where the target of the descending triangle sits at.

Despite the bearishness, Bitcoin is on a red nine, which is a buy signal based on the TD sequential indicator. This bullish signal forecasts a one to four candlestick correction to the upside before the continuation of the downtrend. Therefore, if the 50 percent Fibonacci retracement zone is able to hold Bitcoin may bounce to the breakout point of the descending triangle or even the 38.2 percent Fibonacci retracement zone before it continues falling.

Bitcoin is finally breaking out of a consolidation phase that began nearly three months ago. Due to its longevity, the volatility around this cryptocurrency is extremely high, and it is taking the entire cryptocurrency market with it. As a matter of fact, the top four altcoins took even bigger hits than Bitcoin, with Ethereum, XRP, Bitcoin Cash, and Litecoin down more than 14 percent or more.

Fundamentally, Bitcoin suffered from a sudden 33 percent drop in its hash rate over the last 48-hours, going from over 98 million terahashes per second to under 58 million.

In response to the price drop, Tether has started adding additional USDT into circulation, printing 25 million more tokens in the last hour. Bitfinex and Tether also won a minor appeal in the New York Supreme Court today, meaning it wont have to turn over documents pertaining to the Bitfinex and Tether investigation until a decision on whether to dismiss the case is reached, reported Forbes.

Based on current market sentiment it seems like BTC is in for a bumpy ride.

Bitcoin, currently ranked #1 by market cap, is down 12.22% over the past 24 hours. BTC has a market cap of $154.78B with a 24 hour volume of $23.65B.

Chart by CryptoCompare

Bitcoin is down 12.22% over the past 24 hours.

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Bitcoin drops 15%, indicators show potential for decline to $6,500 - CryptoSlate

What the Holy Land Reveals About Bitcoin – CoinDesk

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When hundreds of entrepreneurs, investors and technologists descended on Tel Aviv Blockchain Week (TLVBW), few could have expected a better backdrop for exploring the lofty ideals and greedy impulses that drive todays cryptocurrency industry.

Duality is something Israelis know well.

More than 430 people attended the D&DD Summit on Sept. 10, several dozen came to the Scaling Bitcoin conference on Sept. 11 and 700 attended the first Israeli Ethereal on Sept. 15, just to name a few of the weeks dozen events.

Venues were packed with crypto tourists sipping espressos and pontificating on typical blockchain fodder: token governance, mainstream adoption and the immaturity of those other vaporware shills.

But while tech-savvy Tel Aviv represented the profit-driven side of the blockchain industry, nearby Jerusalem offered TLVBW visitors the chance to commune with the timeless notions of freedom that lie at the heart of the decentralization movement.

Although cryptocurrency isnt a panacea, it may still have unique value in this conflict-riddled land paved with ancient stones.

For a country of roughly 8 million people, Israel has a disproportionately large impact on the global crypto market.

International companies like Tezos, Telegram and even Facebooks Calibra subsidiary all have teams working in Tel Avivs high-tech hub. Some of the industrys biggest token sales also hailed from Israel, including Bancor, Sirin Labs and Orbs. Furthermore, Israel is home to the worlds leading researchers of zero-knowledge proofs, a privacy technology that underlies both Zcash and upcoming ethereum developments.

Youval Rouach, CEO of Israeli bitcoin exchange Bits of Gold, told CoinDesk his startup has 55,000 local users. Nir Hirshman of the Israeli Bitcoin Association (IBA) told CoinDesk there are nearly 50 blockchain startups in Israel, although few target the local market because of a conservative regulatory climate.

The industry remains largely unbanked, for example.

No bank has agreed to open an account for us [the IBA], IBA chairman Meni Rosenfeld said. So we cannot even register members properly.

Being unbanked is something many Palestinians grapple with as well, including East Jerusalemite Rami Mohammad Ali, a bitcoin miner and trader.

Ali spent his blockchain week traipsing across Tel Aviv to buy bitcoin and bring it back to his Palestinian customers. He told CoinDesk more than 50 customers buy a cumulative total of up to 20 bitcoin a month (roughly $200,000 at current prices, a fortune in poverty-stricken East Jerusalem).

My customers always leave me with a balance of zero. No matter how much I buy, they always demand more, he said. I find the best price to buy in Tel Aviv and the best price to sell in Jerusalem.

The Palestinian presence was not altogether absent from the TLVBW lineup itself. Nine Palestinians from Ramallah attended Ethereal Tel Aviv, a rare occurrence that required sponsorship from crypto startup Orbs for obtaining the necessary government permits for crossing into Israel.

One such attendee was Hiba Shabin of the Ramallah-based software company Jaffa Net, which has already worked on an ethereum pilot project for certificate sharing among educational institutions and businesses.

I believe we should have more collaboration, Shabin told CoinDesk, speaking of how she hopes Israeli tech companies will outsource jobs to highly educated but underemployed developers in Ramallah.

Blockchain technology can truly forge economic ties across borders. But of course, the education-focused nonprofit Tel Aviv Bitcoin Embassy attracted far fewer visitors this week than rooftop parties with venture capitalists.

On the other hand, restrictive banking norms may be part of the reason decentralized finance (DeFi) apps like loans are booming.

Jaffa Nets Shabin told CoinDesk shes curious about DeFi because there are many unbanked Palestinians who could use such financial products.

I need to do research and learn more about DeFi, she said at Ethereal. I only heard about it today.

The Brooklyn-based venture studio ConsenSys announced at Ethereal the launch of its Codefi product suite for enterprises, especially the financial sector. Could the DeFi movement span the gap between the unbanked and the banks themselves? That appears to be the common belief.

Earlier that week, during Scaling Bitcoin, ethereum creator Vitalik Buterin told CoinDesk his goal is to build a more open, permissionless, decentralized system.

Even if bitcoiners see a digital form of hard money as the primary tool for achieving this, and other crypto communities like Tezos prefer a token governance model, most groups at TLVBW shared that common goal.

I dont want to be a leader, Tezos co-founder Arthur Breitman told CoinDesk, adding his aim was to create a broader movement full of independent contributors to a decentralized platform for financial applications.

Despite my skepticism, Im not one to judge conference attendees attracted to cryptocurrency. After all, Im one of them. Ive chanted the lines from The Bitcoin Standard by Saifedean Ammous, repented for saving in fiat and even put a small amount of faith into this software.

Its been more than a decade since I stumbled home through the winding Jerusalem alleyways, disillusioned by the American political system and hopeful that we could build a more fair and open society in a young country like Israel. I once drank the socialist Kibbutz-for-tourists Kool-Aid and participated in cross-cultural programs promoting peace, before I saw how the apparatus was monetizing sanitized idealism to protect the status quo. The revolution youre promised is rarely the revolution you get.

Now here I am again, in the Holy Land, nursing the foolish dream of another mystical purpose. This time its finding the truth about bitcoin adoption.

The Bitcoin Core developers that gathered at Scaling Bitcoin in Tel Aviv University have collaboratively built an asset already used by thousands of people like Ali, the Palestinian bitcoin trader. Buterin funded and helped develop DeFi systems like Uniswap, which currently has $17.8 million of crypto locked within it, according to DeFi Pulse.

Yet even Buterin said in Tel Aviv hes not sure how to measure arrival in that open promised land. The vast majority of current usage is basically gambling and wealth accumulation by people who already have full access to banks. Instead, Buterin described success as a feeling that his platform was used for meaningful things, a goal the community is creeping towards even if it has yet to secure a sustainable equilibrium.

In reality, we dont know if cryptocurrency can provide a reliable safety net beyond the norms of financial censorship.

Blockchain week was too intense, so I ran away to Jerusalem for a drink with a Palestinian friend I hadnt seen in years.

We sat in a dark bar made of graffiti-covered stones, where the air is thick with hash smoke and oud music. To my surprise, this friend from my pre-bitcoin life told me he works for a crypto company in Tel Aviv and is bearish on bitcoin. From his perspective, regulations rule his financial life and that is unlikely to change.

Like many Palestinians, his familys modest wealth is spread across jurisdictions with conflicting compliance standards. Proof of ownership isnt a guarantee his family will be able to access their bank accounts or real estate. Hes not optimistic about his right to internet access garnering more respect from the authorities that provide such digital infrastructure. This would make bitcoin tricky, albeit not impossible, for his family to trust as a long-term store of value. Will using bitcoin require sophisticated computer skills?

Given the wide range of contexts that censorship can take, its impossible to say whether todays brief glimpse of open access via cryptocurrency will go the way of MySpace, offering a fleeting moment of cultural significance before devolving into a punchline.

On the way back from Jerusalem to Tel Aviv, surrounded by old ghosts on the road at midnight, I realized I havent escaped a form of Jerusalem syndrome, a psychiatric condition where tourists suffer a breakdown in the Holy Land and suddenly believe they are a supernatural being with a divine mission.

So I turned to Rosenfeld, the IBA chairman and veteran bitcoiner, to ask him if weve all simply caught a high-tech version of Jerusalem syndrome, evangelizing blockchain technology like zealots.

Bitcoin sheds light on the disadvantages of the traditional financial system and offers some alternatives, he said, adding:

Its not the solution for all things.

Bitcoin Core contributor Jeremy Rubin speaks at Scaling Bitcoin Tel Aviv, photo by Leigh Cuen for CoinDesk

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Inverted Bitcoin Price Chart Is Bear Market Bottom Flipped Upside Down – newsBTC

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During periods of times when assets consolidate and price action becomes exceptionally confusing, some crypto analysts will occasionally flip their Bitcoin price charts upside down in an to attempt to remove any preconceived bias from their technical analysis.

One prominent crypto analyst has done just that, and Bitcoins current price action in inverse appears visually and structurally similar to the December 2018 bear market bottom, which could suggest that the current price action is a rally top and a powerful drop may be coming in the days ahead.

Bitcoin price currently trading under $10,000 on the same day that Bakkt launches is confusing crypto investors and traders who were certain that the launch of the Bitcoin futures trading platform would reignite Bitcoins bull run and finally take the crypto asset out of its current trading range.

Adding to the confusion and outright boredom in Bitcoin markets, he first-ever crypto asset has been trading in an increasingly tightening trading range, that has very little room left for upside or downside movement without a breakout of the structure in either direction.

Related Reading | Low Volatility Bitcoin Price Action: Decision Time Is Near, Powerful Move Incoming

The lack of a clear trend direction has caused trading volume to drop off and volatility to reach lows not seen since April 2019 when the current rally first began, or the December 2018 bear market bottom.

One prominent crypto analyst has found yet another similarity to the December 2018 bear market bottom, but only when the current Bitcoin price chart is flipped upside down. In an inverse Bitcoin price chart shared by crypto analyst Josh Rager, the current price action when flipped upside down is playing out very similarly albeit not perfectly as the December 2018 bottom.

If the pattern confirms with a powerful downward movement, the 2019 Bitcoin rally may be over, and the crypto asset may fall back down to retest former bear market lows to confirm them as resistance turned support. Downside targets rest at roughly $8,500, $7,500, and even $6,000 support that acted as such throughout most of the bear market, before massive drop occurred in November 2018, leading to the bear market bottom.

Related Reading | Bitcoin Price Fractal From 2017 Peak Suggests Deep Drop is Coming

Its not at all uncommon to see crypto analysts sharing price charts for Bitcoin and altcoins that are upside down. Even the most experienced traders realize that their analysis could be influenced by other analysts or their own bias toward an asset.

Given the fact that even the most bearish crypto analysts in the short-term still expect Bitcoin price to reach a value of $100,000 to $1 million per BTC, it can be difficult for even the most stoic of crypto analysts to remove that bias from their technical analysis, which is why flipping charts upside down can be so effective.

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Bitcoin Price (BTC) Watch: Here Is Why Bulls Must Be Careful – newsBTC

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Bitcoin price is under pressure below $10,200 against the US Dollar. BTC remains at a risk of more losses until it settles above $10,100 and $10,200.

This past week, we saw a couple rejections near the $10,400 resistance in bitcoin against the US Dollar. The price struggled to gain bullish momentum above $10,350 and remained in a bearish zone. As a result, there was a bearish reaction below the $10,200 level. Moreover, the price broke the $10,000 support and settled below the 100 hourly simple moving average.

The recent low was formed near $9,851 and the price is currently consolidating. It traded above the 23.6% Fib retracement level of the recent decline from the $10,315 swing high to $9,851 low. However, the price seems to be facing a lot of hurdles near the $10,080 and $10,100 levels. Moreover, there is a short term breakout pattern forming with resistance near $10,060 on the hourly chart of the BTC/USD pair.

The 50% Fib retracement level of the recent decline from the $10,315 swing high to $9,851 low is also near the $10,080 level. Therefore, an upside break above the triangle and the $10,080 resistance might open the doors for a decent rise towards the $10,400 resistance area. However, a convincing break above $10,400 is must for uptrend continuation.

Conversely, the price might breakdown below the $9,900 and $9,850 levels. In the mentioned bearish case, the price could slide towards the $9,650 support area. The next key support is near the $9,400 area, below which the bears are likely to take control. They could aim the $9,000 and $8,800 levels if there is a break below $9,400.

Looking at the chart, bitcoin price is clearly trading below many key resistances such as $10,080. Even if there is an upside break, the bulls face an uphill task. There is a cluster of resistances between $10,200 and $10,400. Only a daily close above $10,400 might pump the price higher towards $11,000 in the coming days.

Technical indicators:

Hourly MACD The MACD is slowly gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) The RSI for BTC/USD is currently moving lower towards the 40 level.

Major Support Levels $9,850 followed by $9,650.

Major Resistance Levels $10,080, $10,200 and $10,400.

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Bitcoin Price (BTC) Watch: Here Is Why Bulls Must Be Careful - newsBTC

Bitcoin Messiah Goes To War With The Deep State – Forbes

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One of bitcoin and crypto's oldest proponents, the founder and former chief executive of U.S. online retailer Overstock, Patrick Byrne, is going all-in on gold, silver, and cryptocurrencies.

The "Mad King," as he was labelled by Forbes in a recent profile, wants to protect his dwindling resources so he can "go to war" with the "Deep State" and its "pet," the U.S. Securities and Exchange Commission (SEC).

Byrne, who in 2014 was branded bitcoin's "messiah" by technology magazine Wired, revealed in an open letter this week he has sold his entire stake in Overstock, some 5 million shares worth about $90 million before taxes, to buy into assets he called "counter-cyclical" to the economy.

Patrick Byrne founded U.S. online retailer Overstock in 1999. Overstock began accepting bitcoin in 2014.

"After paying tens of millions in taxes ... the rest will be in investments that are counter-cyclical to the economy: Gold, silver, and two flavors of crypto," Byrne wrote in a blog post entitled A Message to My Former Colleagues at Overstock.

It was just last month that Byrne resigned abruptly as Overstock's CEO, telling Forbes he had "great, great enthusiasm for the prospects of the company."

His resignation was sparked by his involvement in the investigation of accused Russian spy Maria Butina.

"The gold and silver are stored outside of the United States, in Switzerland, and within two weeks, will be scattered in other locations that are even more outside of the reach of the Deep State, but are places that are safe for me," Bryne wrote, adding he needs "the ammo to go to war against the Deep State."

"The crypto is stored in the place where all crypto is stored: in mathematical mist, behind long keys held only in the memory of someone who is quite good at storing such things in memory (with paper backups in the hands of a priest I met 35 years ago who never sets foot in the West)."

Though Byrne has not specified which two different cryptocurrencies he plans to store his assets in, he has previously praised bitcoin, helping Overstock to become the first major retailer to start accepting bitcoin as payments for its goods in early 2014.

Around that time he called bitcoin "the solution" to a looming global apocalypse.

Since 2014, Byrne has been somewhat vindicated, with the bitcoin price up more than 10-fold to recently hover around $10,000 per bitcointhough down almost half from its all-time high set in late 2017.

The bitcoin price has rallied so far this year due to interest in cryptocurrencies from some of the world's biggest technology companies after a disastrous 2018.

However, Overstock has remained an outlier when it came to retail acceptance of bitcoin and cryptocurrencies, which have mostly been used for wealth speculation.

Meanwhile, Byrne has poured money into blockchain, the technology that forms the basis for bitcoin and other decentralized cryptocurrencies.

Overstock's Medici Ventures has made investments of some $200 million in the past five years but has failed to generate meaningful returns and lost over $60 million last year.

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Bitcoin Messiah Goes To War With The Deep State - Forbes

Bitwise To SEC: 3 Reasons The World Is Ready For A Bitcoin ETF – Forbes

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Jay Clayton, chairman of the Securities and Exchange Commission.

The U.S. Securities and Exchange Commission has published a detailed presentation shared by Bitwise, the venture-backed cryptocurrency index and fund provider, explaining why the startup believes the world is ready for the first bitcoin fund traded on a major exchange.

Buried in the document, presented one week ago by San Francisco-based Bitwise to SEC commissioners Robert Jackson, Hester Peirce, and Elad Roisman,is a three-pronged argument for why Bitwise believes the cryptocurrency market is mature enough to support such an exchange traded fund: spot market efficiency, institutional-grade custody of crypto assets, and a growing futures market.

As institutional investors increasingly look for legitimate ways to gain exposure to bitcoin, while not having to dabble directly in the cryptocurrency spot market, these developments could indeed result a huge boon to the cryptocurrency industry.

However, the publication of the documents by the SEC should not be taken as an endorsement by the regulator, which regularly shares similar information it receives with the public. Just today, in fact, SEC commissioner Jay Clayton expressed doubts over the likelihood bitcoin would have an ETF on a major exchange anytime soon.

The reality is that the bitcoin market of today bears little resemblance to the crypto market of a few years ago, says Bitwise global head of research Matt Hougan. The crypto market today is one dominated by firms like Jane Street and Fidelity; it's one where regulated, institutional custodians provide world-class service and are insured by Lloyd's of London.

The 31-page slideshow was posted by the SEC as part of a number of responses submitted to a request for comment by the regulator posted in February, seeking information about the proposed bitcoin ETF, officially called the Bitwise Bitcoin ETF Trust, which would trade on the New York Stock Exchange. Beginning on page 7 of the slideshow, the startup lists three changes that have occurred over the past two years, which Bitwise believes lays the foundation for its bitcoin ETF.

Excerpted from the presentation:

Page seven of the Bitwise presentation shared with the SEC shows that the average deviation of bitcoin price on cryptocurrency exchanges has decreased since December 2017

As hackers have proved adept at stealing bitcoin from exchanges, other companies and individuals, Bitwise presents the fact that cryptocurrencies are increasingly custodied by large institutions as a sign of maturity.

While Bitwise presents bitcoin futures trading at CME Group as another sign of maturity, bitcoin futures at Cboe, once seen as an equally important sign of maturity, were closed down in March citing lack of interest.

In stark contrast to the optimistic tone of the presentation, which can be seen in full here, SEC chairman Jay Clayton today kicked off the Delivering Alpha conference, in New York by saying of bitcoin that if [investors] think theres the same rigor around that price discovery as there is on the Nasdaq or New York Stock Exchange ... they are sorely mistaken, according to a CNBC report. We have to get to a place where we can be confident that trading is better regulated.

While Grayscales Bitcoin Investment Trust (GBTC) has been trading over the counter since 2013, the SEC denied Tyler and Cameron Winklevoss application for a bitcoin ETF in July 2018, and a month later, in a mass announcement, rejected nine other bitcoin ETFs. Though the fight is far from over.

As recently as yesterday New York-based institutional cryptocurrency trading platform Tagomi posted comments arguing that the New York Department of Financial Services controversial BitLicense has gone a long way to providing the kinds of regulation the SEC expects. Tagomi believes that holding a BitLicense is meaningful and a material consideration in our due diligence process, according to the statement.

The SEC has until October 14 to make its decision.

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Germany’s No. 2 Exchange Launches Bitcoin Spot Trading – CoinDesk

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Exchange Boerse Stuttgart, Germanys second-largest stock exchange, has opened a regulated trading venue for digital assets, the company said.

Trading began today on Boerse Stuttgart Digital Exchange (BSDEX), a fully regulated digital asset exchange under the German Banking Act, according to a statement. As of now, BSDEX is trading only one pair, the bitcoin-euro.

The exchange announced plans to launch a fully regulated digital asset exchange in December 2018, initially planned for launch in the first half of 2019.

BSDEX will open for German retail and institutional investors slowly followed by the entire EU, the exchange noted. Like other cryptocurrency exchanges, trading will be open nearly 24/7. Speaking with CoinDesk, the exchange said it plans on adding ethereum, litecoin, and XRP euro trading pairs this year and tokenized assets sometime in 2020.

The market in cryptocurrencies is worth billions, and more digital assets will emerge on the basis of blockchain, CEO Dr Dirk Sturz said in the statement. Our goal is to build up the leading European trading venue for those assets.

Boerse Stuttgart partnered with SolarisBank on the initiative. The bank will process payments and custody euro funds.

BSDEX will give retail and institutional investors direct access to digital assets and provide flexible and relatively low-cost trading. We believe blockchain is set to bring about significant changes in the financial industry, and we want to leverage its potential to create the trading venue of the future, said Peter Grokopf, CTO at BSDEX, in a statement.

A year ago, Boerse Stuttgart announced the launch of an initial coin offering (ICO) platform and more recently started trading litecoin and XRP exchange-traded notes (ETNs).

Boerse Stuttgart exchange via Boerse Stuggart

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Germany's No. 2 Exchange Launches Bitcoin Spot Trading - CoinDesk

Bitcoin History Part 17: That Time Mt. Gox Destroyed 2609 BTC – Bitcoin News

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Technically speaking, its impossible to destroy bitcoins. But it is possible to send coins to an unspendable address, rendering them redundant to all intents and purposes. In October 2011, thats exactly what Mark Karpeles did when he consigned 2,609 BTC to eternal oblivion due to a scripting error.

Also read: Bitcoin History Part 16: The First Mt. Gox Hack

In the last installment of Bitcoin History, Mt. Gox had just suffered its first hack in summer 2011. Less than four months later, its hapless CEO Mark Karpeles was to suffer another embarrassing episode when he wiped out a weeks takings for the bitcoin exchange. Compared to other losses Gox was to endure, this one was a drop in the ocean, and has thus been largely lost to history. The incident deserves revisiting, however, as it provides a cautionary tale on the dangers of meddling with the Bitcoin client, and a lesson in how to destroy coins.

Most of the bitcoin community learned of the event, like so many incidents from the early days, on the Bitcointalk forum where, on October 29, 2011, user genjix started a thread titled someone fucked up and lost a lot of money. By way of explanation, they posted the following code:

Few readers had any idea what was wrong from looking at the code, but genjix was on hand to explain. The standard transaction script, which in this case read 76a90088ac, should have had 14 in place of the 00, which in scripting language means push 0 bytes, genjix observed. Its a tx which has been sent to nothing. Obviously someone was hacking at bitcoin or making a custom version and messed up although I have no idea what it was doing with so much money.

The answer to that latter question didnt take long to arrive from Internet Relay Chat, where on the Mt. Gox IRC, Karpeles, aka Magical Tux, confessed to being the one whod created the faulty transaction script and nuked 2,609 BTC:

MagicalTux: thats a problem, but not the worst problem we ever faced

MagicalTux: all the broken withdraws have been re-issued

MagicalTux: just spent one week of BTC-only income

Lest there were any doubt as to the finality of the transaction, Bitcointalk user BTCurious wrote: Theyre gone. No chance of retrieval.

Sending coins to a wrong or nonexistent bitcoin address is extremely rare. All bitcoin addresses have a checksum which significantly reduces the odds of inadvertently entering an incorrect address. Karpeles had been tinkering with the Bitcoin client, however, and chose a valuable transaction with which to get experimental. As he acknowledged on IRC:

MagicalTux: I need to limit the number of inputs in a tx, seems that normal bitcoind dont like a tx with 293 inputs.

BTCurious explained over on the Bitcointalk forum:

The bitcoin protocol supports a lot more than just sending coins from A to B, even though thats mainly what you see in the normal client nowadays. The miners need to accept unusual transactions though, as long as they adhere to the bitcoin protocol.

Reaction to Karpeles screw-up was mixed, with an intense debate breaking out on IRC as to whether Bitcoins scripting capabilities ought to be limited to prevent such a mistake from happening. This wasnt as simple as it sounded, however, with Core developer Gregory Maxwell noting:

Glyph-Minus-229: the protocol doesnt prevent sending to invalid addreses?

gmaxwell: No, the protocol makes MANY things possible.

gmaxwell: The transactions are little programs that govern their redemption.

gmaxwell: There is probably no polynomial time that can identify all unspendable transactions.

One IRC user was unwilling to dismiss the incident as bad luck, describing it as another blow to mtgoxs tech reputation.

And this is the guy whom 90% of Bitcoin users trust their money to, wrote forum user Raoul Duke, accompanied by a rolling eyes emoji. Of Karpeles, he presciently wrote It seems hes closer to losing the Mt. Gox balance than running away with it. Speculating on what would have happened to Bitcoin had Karpeles made that mistake when sending 442,000 BTC, as he did in a record-breaking transaction four months earlier, he confessed: Thinking about this stuff gives me the chills.

The 2,609 bitcoins Mark Karpeles accidentally destroyed in October 2011 cant be moved, but they can be viewed. In Tuxs defence, Bitcoin was much less user-friendly back then, and executing complex transactions required more tinkering than it does today.

They will remain, till the end of time, in the unusually named bitcoin address s-272edf45031dd498e7b3ae89e11ff21b. Attempting to summarize the impossibility of retrieving those BTC, forum user etotheipi wrote: In order to spend these coins, you have to furnish a public key that, when you apply ripemd160(sha256(pubKey)) is equal to 0x00. Unfortunately, ripemd160 only produces 20-byte hashes. Even if you somehow did have a string that produces such an impossible hash, good luck finding the associated private key.

Given that the coins Mt. Gox lost were only worth $8,300 at the time, it wasnt seen as a big deal. Today, those coins would be worth $26 million. The fact that theyve resided in the same address for the last eight years, untouched, is a testament to Bitcoins finality.

Bitcoin History is a multipart series from news.Bitcoin.com charting pivotal moments in the evolution of the worlds first cryptocurrency. Read part 16 here.

Images courtesy of Shutterstock.

Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see whats happening in the industry.

Kai's been manipulating words for a living since 2009 and bought his first bitcoin at $12. It's long gone. He's previously written whitepapers for blockchain startups and is especially interested in P2P exchanges and DNMs.

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Bitcoin History Part 17: That Time Mt. Gox Destroyed 2609 BTC - Bitcoin News

Bitcoin Price (BTC) Breakdown Looks Real, More Downsides Incoming? – newsBTC

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Bitcoin price is showing bearish signs below $10,000 against the US Dollar. BTC is likely to continue lower if it breaks the $9,600 low and $9,500.

Yesterday, we discussed the chances of more downsides below $10,000 in bitcoin against the US Dollar. The price followed a bearish path and broke the $9,850 and $9,800 support levels. Moreover, there was a close below the $9,850 level and the 100 hourly simple moving average. Finally, the price spiked below the $9,650 support and a new weekly low was formed near $9,601.

More importantly, there was a break below yesterdays highlighted contracting triangle with resistance near $9,800 on the hourly chart of the BTC/USD pair. At the moment, the price is consolidating losses above $9,600. It tested the 23.6% Fib retracement level of the recent slide from the $10,079 high to $9,601 low. An immediate resistance is near the $9,800 level.

There is also a connecting bearish trend line forming with resistance near $9,800 on the same chart. The key resistance is near the $9,850 level (the recent support). Additionally, the 50% Fib retracement level of the recent slide from the $10,079 high to $9,601 low is near the $9,850 level. If there is a break above $9,850, the price could test the $9,950 resistance area and the 100 hourly SMA.

To move into a positive zone, the price must settle above $10,000 and the 100 hourly SMA. Conversely, the price might continue to move down below $9,600. The next key support is near the $9,500 and $9,400 levels, below which there are chances of another slide towards the $9,200 level.

Looking at the chart, bitcoin price is showing a lot of bearish signs below $9,850 and $10,000. Therefore, there are high chances of more downsides below the $9,600 level. However, it wont be easy for the bears to gain momentum below $9,500 in the near term. On the upside, the $10,000 level is now a solid resistance.

Technical indicators:

Hourly MACD The MACD is likely to move back into the bullish zone.

Hourly RSI (Relative Strength Index) The RSI for BTC/USD is currently correcting higher towards the 40 level.

Major Support Levels $9,600 followed by $9,500.

Major Resistance Levels $9,800, $9,850 and $9,950.

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Bitcoin Price (BTC) Breakdown Looks Real, More Downsides Incoming? - newsBTC

Bitcoin Creator Satoshi is ‘Already Dead’, Claims BitMEX CEO – CCN.com

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Arthur Hayes, the CEO of BitMEX, the most widely utilized BTC margin trading platform, has opined Satoshi Nakamoto, the creator of bitcoin, is likely dead.

I think theyre already dead, said Hayes about Satoshi, adding that he does not believe the identity behind the creator of bitcoin will ever be revealed.

Satoshi is said to have 980,000 BTC, worth $9.716 billion based on the current value of bitcoin at $9,913.

Earlier this year, when the bitcoin price peaked to $14,000, the net worth of Satoshi spiked to $13.72 billion. Since then, the bitcoin price has retraced by more than 29 percent within a two-month span.

When Satoshi initially launched bitcoin in 2009 with key figures like Hal Finney during the early development stage of the cryptocurrency, Satoshi envisioned a currency that does not depend on the presence of third-party service providers and financial institutions, processing payments in a purely peer-to-peer manner.

The whitepaper of bitcoin reads:

Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust based model. Completely non-reversible transactions are not really possible, since financial institutions cannot avoid mediating disputes.

Bitcoin was created to operate as an alternative currency system to transfer value between individuals that could render most of the existing financial services and currencies in existence useless over the long term, that may potentially placing a target on the back of the creator of bitcoin.

Although it remains unclear whether Satoshi deliberately decided to hide his identity prior to and after the launch of bitcoin at will, it will be challenging to definitively prove the real identity of Satoshi.

Even if an individual can mathematically and cryptographically prove to be Satoshi by signing the wallet Satoshi owns, there is always a possibility that the wallet could be stolen or the keys may have been in jeopardy.

There is also a possibility that Satoshi is not an individual but rather a group of cryptographers that contributed to the launch of bitcoin, in which case it would be even more difficult to prove the identity of the creator of bitcoin.

If the intent of Satoshi was to never spend the coins in the wallet that contains billions of dollars in bitcoin and maintain the identity behind the moniker private, it would be in the interest of both bitcoin and investors in the asset class that the identity of Satoshi remains private.

The CEO of BitMEX foresees the bitcoin price achieving $100,000 in the next three years, which would place the net worth of Satoshi at $98 billion, making Satoshi the second richest individual in the world behind Amazon founder and CEO Jeff Bezos.

The bitcoin price could reach $100,000, securing a market capitalization of $2.1 trillion if a growing number of investors, particularly institutions, begin to consider and use the cryptocurrency as a safe haven asset and a store of value.

So far, based on the performance of BTC throughout 2019 amidst intensifying geopolitical risks, BTC has not shown strong signs of a safe haven asset when compared to traditional safe havens like gold.

However, as its value increases and the infrastructure supporting the asset class improves with the emergence of more regulated trading venues, the perception of bitcoin could change, allowing it to appeal to a bigger market of investors.

September 23, 2019 12:18 PM

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$662K in Criminal Bitcoin to be Sold at UK Auction this Week – newsBTC

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Authorities in the United Kingdom plan to auction $662,000 worth of Bitcoin seized from an online criminal. The nations police force will be working with the Irish auction house Wilsons Auctions to facilitate the sale.

The auction is the first of its kind in the UK. Alongside the Bitcoin for sale will be various other crypto assets, as well as luxury goods seized.

According to a post to Wilsons Auctions website, the Bitcoin, worth around $662,000 at the time of writing, will be sold with no reserve. The sale will take place across two different auctions from 12:00 GMT this Wednesday.

The first will be an online-only auction. It will run for 24 hours from midday on the September 25. This online sale will also feature other crypto assets. These include ether, XRP, and others not mentioned explicitly.

The second sale of Bitcoin will take place at 18:00 on Thursday 26th September. An additional 15 lots of BTC will be available in this Unreserved Government Auction. Those wanting to bid on lots will do so either online or in person. As well as the Bitcoin on sale there will also be various other items. These include seized cars, watches, jewellery, and other luxury goods.

Wilsons Auctions Asset Recovery Director Aidan Larkin commented on the companys involvement in this UK first:

We are delighted to be marking another first at Wilsons Auctions by carrying out the first auction of Bitcoin under the instruction of a UK police force.

Wilsons were also involved in another Bitcoin auctioning first earlier this year. The company was the first private auction firm to hold a public sale of Bitcoin in the world. Larkin continued:

Following the success of our world-first public auction of Bitcoin, which achieved global attention, we are excited to continue to roll out this secure service to both our public and private sector clients.

According to the post relating to the auction, the sale is being held on behalf of the Eastern Region Special Operations Unit (ERSOU). The assets under the hammer were seized from a cyber criminal who was convicted for offences relating to personal data hacking. The individual sold the stolen data in exchange for cryptocurrencies.

Although this Bitcoin sale is a first in the UK, other authorities around the world have held similar auctions previously. One of the most high profile was that involving the Bitcoin seized after the dark web marketplace, Silk Road, was shut down in 2014. Since then, there have been numerous other examples of such auctions taking place in both the US and overseas.

Related Reading: Bitcoin Price Signal Technically in Bear Territory; Can BTC Recover?

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$662K in Criminal Bitcoin to be Sold at UK Auction this Week - newsBTC

Ethereum daily transaction fees surpassing Bitcoins – Decrypt

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The Ethereum network's daily transaction fees surpassed Bitcoin for the first time since March yesterday, according to crypto-assets data providers Messari and Coin Metrics.

Analysts argue that fees can be a more accurate indicator of demand than transaction count or transaction volume, which are both subject to spoofing.

Messaris data showed that, over a 24 hour period earlier this week, $207,000 was spent on transactions on Ethereum, while Bitcoin lagged at $180,000. And one reason for the increase in fee revenue is Tether.

In July, Tetherthe most popular stablecoinmigrated to Ethereum from its original protocol Omni, which is built on top of the Bitcoin blockchain.

A Coin Metrics report, published this week, highlights the effect on BTCs and ETHs fee trends. ETHs fees have been rising, while BTCs have been in decline throughout the last thirty days.

Tether accounted for over 25% of all Ethereum transactions on September 8th, and has consistently accounted for more than 10% of all Ethereum transactions since mid-August, said the report.

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The situation is in stark contrast to 2017, when it was normal for Bitcoin to have fees that were ten or even 25 times higher fees than Ethereum, said the report. And it shows that Ethereum has gained significant ground in the past two years.

But this is not the first time Ethereum has flipped Bitcoin on fees, according to Coin Metrics. The last recorded occurrence was in March 2019.

However analysts predict that continuing demand for Tether means its going to happen more regularly now.

In response to growing demand, mining pool Bitfly this week tweeted that Ethereum is now testing a raise in the gas limit, which translates to a total capacity increase of 25% for the network. Fees also act as proxy for demand for Gas, the token users pay to perform operations on the network. The limit on available gas is set by the mining pools.

The raise saw use of the Ethereum network reach an all-time high, as measured by the amount of gas used, according to Etherscan data.

Ethereum total daily gas used. SOURCE: Etherescan

The majority of gas demand is from non-standard contracts requiring heavier computations, according to market intelligence provider Glassnode. A gambling smart contract is now reported to be taking 57% of all network capacity.

At the Ethereal Summit, last weekend, Vitalik Buterin confirmed that testing is underway to improve network performance and eventually to reduce transaction fees.

Meanwhile, a new Ethereum update, Istanbul is primed for release in the autumn. It promises to make room for further capacity, if fees rise considerably in the meantime.

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Ethereum daily transaction fees surpassing Bitcoins - Decrypt

CME Group Is Launching Bitcoin Options Early in 2020 – CoinDesk

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Derivatives marketplace CME Group has announced that it will offer options on its bitcoin futures contracts starting in the first quarter ofnext year.

The Chicago-based company first launched its futures product back in December 2017, at the same time as its Windy City rival, the Chicago Board Options Exchange (CBOE).

In its announcement on Friday, CME said the launch of bitcoin optionsis aimed to provide clients with additional tools for precision hedging and trading. The launch is pending regulatory review.

Tim McCourt, CME Group global head of equity index and alternative investment products, said:

Based on increasing client demand and robust growth in our Bitcoin futures markets, we believe the launch of options will provide our clients with additional flexibility to trade and hedge their bitcoin price risk. These new products are designed to help institutions and professional traders to manage spot market bitcoin exposure, as well as hedge Bitcoin futures positions in a regulated exchange environment.

The firm detailed that, since the 2017 launch, it has seen 20 successful futures expiration settlements, with over 3,300 individual accounts trading the contracts. Close to 7,000 CME bitcoin futures contracts are traded on average each day, the firm added.

In March 2019, CBOE abruptly changed tack and halted the futures product. That left CME as the sole provider of bitcoin futures in the U.S.

CME will have a new rival from on Monday, however, when the Intercontinental Exchange and its subsidiary Bakkt begin offering a new futures product. Unlike CMEs cash contracts, though, ICE will be offering a physically settled product, meaning customers will receive actual bitcoin instead of the cash equivalent.

Tim McCourt image via CoinDesk archives

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CME Group Is Launching Bitcoin Options Early in 2020 - CoinDesk

UK Police to auction off $620,000 of seized bitcoin – Decrypt

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British authorities are set to auction off half a million pounds worth of cryptocurrencies that were seized from Elliot Gunton, a 19-year old hacker from Norwich, UK.

The seized cryptocurrencies confiscated from Guntonwho was found guilty of illegally supplying online personal data and hacking services last monthincluded Bitcoin, Ethereum and XRP. He was sentenced to 20 months in prison and ordered to repay more than 400,000.

The loot contained a multitude of different crypto assets that have now been collected by the Eastern Region Special Operations Unit and sent to the UK-based auction house Wilsons Auctions.

Wilsons Auctions are selling the currency with no-minimum reserve. The first sale begins at noon GMT on September 25, running for 24 hours, and the second will take place at 6pm GMT the following day. In total 15 lots of bitcoins are going on sale to bidders in person and online.

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The digital asset listing is also a first from the UK police. However, it wasnt a first for the auction house that managed the first public auction of bitcoins on behalf of the Belgian Government in March 2019. The sizeable loot of 315 bitcoins (worth $1.1 million back then) was sold in an auction that had bidders participating from more than 90 countries.

Speaking ahead of the auction, asset recovery director at Wilsons Auctions, Aidan Larkin said, Following the success of our world-first public auction of bitcoin, which achieved global attention, we are excited to continue to roll out this secure service to both our public and private sector clients.

In July this year, it was reported that UK police were receiving training on how to handle cryptocurrencies. It looks that training came in handy.

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UK Police to auction off $620,000 of seized bitcoin - Decrypt

Square Crypto Hires Lightning, Libra Developers for ‘Bitcoin Dream Team’ – CoinDesk

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Square Crypto, the division of the publicly traded payments company that focuses exclusively on bitcoin, just announced three new hires to work on open source projects.

Among them is Facebook and BitGo alum Arik Sosman, most recently a member of the social media giants Calibra subsidiary. He told CoinDesk:

My personal areas of interest are privacy and [Layer 2] scalability, though well see what the team ultimately ends up working on. Im extremely excited and grateful for the opportunity to join this amazing team, and to focus on contributing to the most important cryptocurrency and ecosystem.

The other two notable hires, Lightning Labs alum Valentine Wallace and Google alum Jeffrey Czyz, are joining to help grow the FOSS [free and open software] developer base, according to company tweets.

Square Crypto is still hiring as well, looking for a designer to join the team led by former Google product director Steve Lee.

Software engineering is far from the only realm people can make contributions to open-source projects in, Sosman said. Steve himself being a product manager is but one example.

According to another company tweet Thursday, Square Crypto is still deciding what our first project will be, adding:

Theres no project we wont consider, as long as it improves or proliferates bitcoin.

Jack Dorsey image via CoinDesk archives

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Should I buy Bitcoin today after its 175% surge? – Yahoo Finance UK

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Bitcoin has experienced a resurgence in 2019. Its price has risen by around 175% since the start of the year, with investors becoming increasingly bullish about its prospects.

While this could continue in the near term, significant risks remain in play for the virtual currency. They may hold back its performance, and produce a volatile shareholder experience.

As such, buying a diverse range of stocks could be a better idea than adding the virtual currency to your portfolio.

While the price of Bitcoin may have surged higher in recent months, its prospects continue to be highly uncertain. Its price level is determined by supply and demand among investors, which makes it impossible to know whether it offers good value for money at the present time.

Looking ahead, the risks facing the world economy could lead to a challenging period for Bitcoin. Threats such as a global trade war and weakness in the European economy may cause investors to adopt an increasingly cautious stance. This may mean that their appetite for riskier assets, such as Bitcoin, recedes to some degree over the coming months.

Furthermore, there has recently been a focus on value stocks among many investors. They have been favoured over growth stocks to an increasing degree as investors search for margins of safety following a decade-long bull market. This may mean that assets which have risen in value, such as Bitcoin, become less popular among increasingly value-focused investors.

Of course, virtual currencies could eventually replace traditional currencies. In an increasingly digital world, it appears to be a natural progression. In addition, the security which blockchain technology provides could make virtual currencies increasingly appealing, and hasten consumers shift towards them.

Despite this, regulatory risks and a lack of infrastructure may hold back the progress of Bitcoin to some degree. Alongside this, competition from other virtual currencies may mean that Bitcoins long-term prospects are somewhat limited.

As such, the investment appeal of the stock market appears to be higher than it is for Bitcoin. Certainly, there are risks facing the world economy at present. They could lead to a period of uncertainty that ultimately produces paper losses for investors.

However, with the stock market likely to recover from any future downturn that it experiences, it offers a clearer path to capital growth than Bitcoin. In other words, Bitcoin may prove to be a successful investment. But, there is a relatively high chance that it will encounter challenges which it is unable to successfully overcome.

While growth is never a given when it comes to the stock market, history shows that buying a diverse range of stocks at fair prices generally produces impressive returns in the long run. Therefore, at what could prove to be a worthwhile time to invest due to investor uncertainty, the stock market appears to offer a superior risk/reward ratio than Bitcoin.

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Bitcoin hits our 8k support – City Index

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As noted in yesterdays article, if we were to present a trade review of our best trade ideas for 2019, AUDNZD would feature prominently. One of our other top performers for 2019 would be Bitcoin which after this mornings 15% fall, again warrants our attention.

In our most recent update on Bitcoin from August 27th, https://www.cityindex.com.au/market-analysis/august-rains-no-help-to-bitcoin/ we wrote that while traditional safe-haven assets including gold, the Japanese Yen and the Swiss Franc had all found solid support during the volatility of August, Bitcoin had remained curiously unloved.

The lack of movement in the Bitcoin price during August was perhaps the first real warning that something was not quite right.

Inevitably after the event, a variety of reasons are being offered as to the cause of the sell-down, including margin calls, a break of technical support and a new Bitcoin futures contract. However, one of Bitcoins inherent attractions is the opaque decentralised world in that it operates, and this means we will never know for sure what caused the drop.

Technically, the failure to break/close above trend channel resistance $12k in early August was a reason we suggested taking some profit on longs in the run-up to $12k. It was also the reason we suggested raising the trailing stop on all remaining longs to $10.7k, to ensure a profit on the long trade opened in late July at $9.7k. Since then we have remained sidelined, waiting to rebuy Bitcoin to break/close above trend channel resistance currently at ~$10.3k. Or on a dip towards the 200-day moving average near $8k.

After reaching the 200-day moving average at $8k overnight, I would expect to see Bitcoins price stabilise in coming sessions. Assuming it does so and should a bullish daily reversal candle form that includes a daily close above the 200-day moving average it would warrant re-opening a small long position. I will then look to add to the long position on a break/close above trend channel resistance $10.3k, looking for a move to $15k. Keep in mind, that if Bitcoin fails to stabilise ~8k, the next downside level is not until trend channel support at ~6.8k.

Source Tradingview. The figures stated are as of the 25th of September 2019. Past performance is not a reliable indicator of future performance. This report does not contain and is not to be taken as containing any financial product advice or financial product recommendation

Disclaimer

TECH-FX TRADING PTY LTD (ACN617 797 645) is an Authorised Representative (001255203) of JB Alpha Ltd (ABN 76 131 376 415) which holds an Australian Financial Services Licence (AFSL no. 327075)

Trading foreign exchange, futures and CFDs on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange, futures or CFDs you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss in excess of your deposited funds and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange, futures and CFD trading, and seek advice from an independent financial advisor if you have any doubts. It is important to note that past performance is not a reliable indicator of future performance.

Any advice provided is general advice only. It is important to note that:

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SEC chairman says he doesn’t see bitcoin trading on a major exchange until it is ‘better regulated’ – CNBC

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NEW YORK Bitcoin will need stronger regulation before it's traded on a major exchange, and investors should be wary until that happens, Securities and Exchange Commission Chairman Jay Clayton said Thursday.

The cryptocurrency, with a market cap of $177 billion, has seen a number of attempts to go mainstream, including efforts to launch exchange-traded funds that would give retail investors an easier path into the space.

However, regulators have been reluctant amid violent price swings, a string of negative headlines involving fraud and a general level of skepticism about the stability of the crypto industry. Bitcoin was trading around $9,875 Thursday, up about 54% over the past year but off 51% from its all-time high just above $20,000, according to Coinbase quotes.

"If [investors] think there's the same rigor around that price discovery as there is on the Nasdaq or New York Stock Exchange ... they are sorely mistaken," said Clayton, the opening speaker at the Delivering Alpha conference, presented by CNBC and Institutional Investor. "We have to get to a place where we can be confident that trading is better regulated."

The closest bitcoin has come to being listed on a public exchange was when the CME added futures trading. However, the actual coins do not trade on a major listing.

The crypto topic came amid a wider-ranging discussion at the ninth Delivering Alpha gathering in New York.

Clayton has been campaigning lately on getting retail investors greater access to public markets, and he reiterated his position Thursday that he'd like to see private companies launching IPOs sooner and with more access.

"If the growth opportunities have shifted not all the way but to a substantial extent into our private markets and ordinary investors don't have access to them, that's not good," he said. "The question is, what do we do about it?"

He suggested "some kind of funds structure" but did not elaborate on any specific plan.

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SEC chairman says he doesn't see bitcoin trading on a major exchange until it is 'better regulated' - CNBC