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Category Archives: Bitcoin

Bitcoin price | index, chart and news | WorldCoinIndex

Posted: December 15, 2019 at 12:43 am

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Bitcoin is the worlds first virtual digital currency underpinned by a completely decentralized blockchain technology also known as the Distributed Ledger Technology (DLT). Bitcoin was first created in 2009 by an anonymous identity of Satoshi Nakamoto. Bitcoin allows for peer-to-peer transactions and is completely free of any third-party involvement like financial institutions or central banks. The Bitcoins blockchain network maintains a history of all the transactions made and facilitates instant funds transfer with minimal transaction fees required to cover the cost of network operation. The total supply of Bitcoin is fixed at 21 million coins and its smallest fractional unit is called as Satoshi. Each Satoshi is a hundred millionth of a Bitcoin which means 100,000,000 Santoshi = 1 BTC. Bitcoins are generated by a process known as mining which involves solving of complex mathematical algorithms. The miners involved in the mining process look after the Bitcoin network security and validate each transactions taking place on the network. Bitcoin can be exchanged with other digital currencies or fiat currencies. Bitcoin is used as a means of payment by over 100,000 vendors and merchants.

Bitcoin is the worlds first cryptocurrency which works on a completely decentralized network known as the blockchain. The blockchain network consists a link of blocks that are secured using cryptography and record all the transactions. Bitcoin was first presented to the world in 2009 by an anonymous identity known as Satoshi Nakamoto. As Bitcoin works on a decentralized network, it is completely free from the involvement of third-party financial institutions or central banks. The Bitcoin blockchain facilitates instant peer-to-peer transactions at minimum transactions fees required to maintain the network. The total number of Bitcoins is fixed at 21 million with its smallest unit being referred to as Satoshi. Each Satoshi represents a hundred millionth part of Bitcoin which means that 100,000,000 Santoshi = 1 BTC. Additional Bitcoins are generated by a process known as mining. Bitcoins are mined by professional miners solving complex computational equations. For each Bitcoin mined, the miners are rewarded with either more coins or transaction fees. The miners also validate all transactions on the Bitcoin network as well as look after the network security. Bitcoin can be exchanged with fiat currencies or other digital currencies. There are over 100,000 merchants and vendors accepting Bitcoin all over the world.

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Bitcoin Price To Hit $170K By 2028, Data Reveals

Posted: at 12:43 am

KEY POINTS

Bitcoin (BTC) isn't short on predictions either by people who have vested interest in the popular crypto or those who survey the markets regularly. Plenty of investors have put forward each of their own assessments for where BTC's price is heading -- some are credible while some are downright improbable given the crypto's current levels.

But for one analyst that NewsBTC noted, a price of $170,000 for Bitcoin isn't unlikely.Davethewave makes use of the logarithmic growth curve to plot Bitcoin's prices in its entire history that served as its support level as well.

Responding to SwissRex, davethewave posted this chart and tweeted, "The price predictions certainly chart nicely..."

The price of BTC seems to be moving along the logarithmic growth curve and is poised to hit $70,000 by March 2024 and $170,000 by September 2028. And at those prices in those given years, it doesn't seem farfetched like the ones where the stock-to-flow approach arrives at a $90,000 BTC by May next year or a $1 million hail mary before 2020 ends.

More recent predictions

Well-known chartist and Bitcoin bull Peter Brandt thinks that Bitcoin is on track to a six-figure value as well, and that could happen during the crypto's next parabolic run. "I believe in the long-term narrative of Bitcoin and that Bitcoin is indeed going to $100,000 if not substantially more,"he said.

Brandt's analysis presents two scenarios: "bottom of a multi-year channel that will hold" and "six-month bear channel on a daily chart" will serve as a launchpad for a new bull run.

Ethereum co-founder

Charles Hoskinson, the co-founder of Ethereum, is also another believer of a $100,000 Bitcoin.Last month, while addressing the FUD (fear, uncertainty, and doubt) news percolating BTC, Hoskinsons tweeted, "Bitcoin's price is going down? Remember everyone, after the FUD, news trading and manipulation clears out, we still have a global movement that's going to change the world. We will see 10k btc again and welcome 100k. Crypto is unstoppable. Crypto is the future."

Predicting where Bitcoin prices will end up in the next few months or the next few years will remain what it fundamentally is -- forecasts and guesses, either with merit or not.However, one thing is sure to increase before the next halving: predictions.

Students are using financial aid to buy Bitcoin. Photo: Photo by Dan Kitwood/Getty Images

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Bitcoin Price To Hit $170K By 2028, Data Reveals

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This Former Bitcoin Skeptic Thinks The Price Is About To ExplodeHeres Why – Forbes

Posted: at 12:43 am

Bitcoin and cryptocurrency has had a mixed yearfears over a regulatory crackdown have risen, though the bitcoin price has doubled over the last 12 months.

The bitcoin price, which started the year at around $3,500 per bitcoin, soared to well over $10,000 this summer before crashing back to trade around $7,000 amid fears Facebook's planned cryptocurrency project could cause central banks and regulators to take action against crypto.

Now, with bitcoin traders and investors looking hopefully towards 2020, one former crypto skeptic-turned bitcoin believer has predicted the bitcoin price could hit $100,000 per bitcoin over the next two years before climbing as high as $500,000 by 2030.

The bitcoin price has had a tumultuous few months, with bitcoin at times swinging by up to $1,000 in ... [+] just one 24-hour trading period.

"Between now and 2021, we're likely to see $100,000 bitcoin," Mark Yusko, the chief executive and chief investment officer at Morgan Creek Capital Management, told business news outlet Business Insider.

"By 2025, we're likely to see $250,000 bitcoin, and then some time out, 2030, we could see $400,000 or $500,000 bitcoin as it reaches gold equivalence."

Yusko, who admitted he was previously skeptical of bitcoin and the underlying blockchain technology that it's built on, pointed to the infancy of the technology as the reason behind his "hyperbullish" prediction.

"It really is about the growth mindset and focusing on the venture capital upside or the asymmetric upside of the asset at this point."

The growth of the bitcoin network, which has expanded rapidly since bitcoin was created a little over 10 years ago, will help combat wealth inequality, according to Yusko, who oversees some $1.5 billion worth of assets at his U.S.-based hedge fund.

"The government and the elites want to have all the wealth, so they manufacture inflation and the wealth flows to top. And that's why we have the greatest wealth inequality in the history of mankind. Bitcoin helps solve that because now we can opt-out as an owner of assets from that fiat system."

Yusko's comments come after analysts at Germany's troubled Deutsche Bank warned the "fragile" fiat currency system will be put under strain in years ahead.

The bitcoin price had a strong start to the year, rising as high as $13,000 per bitcoin before ... [+] falling back.

"The forces that have held the current fiat system together now look fragile and they could unravel in the 2020s," Deutsche Bank strategist Jim Reid wrote last week in a report looking at 24 alternative ideas for the next 10 years.

"If so, that will start to lead to a backlash against fiat money and demand for alternative currencies, such as gold or crypto could soar. The demand for alternative currencies will therefore likely be significantly higher by the time 2030 rolls around."

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Bitcoin Price Diary: Long BTC and Profitable on Many Altcoin Positions – Cointelegraph

Posted: at 12:43 am

Trading altcoins continues to be one of the most profitable strategies in the crypto market. The highlight of this week was the MATIC (MATIC) pump and subsequent dump, which I was lucky enough to time perfectly, securing a 60% profit near the all-time high. I closed a number of positions in profit, and am still trading EtherParty (FUEL), (IOST), Elrond (ERD), Chainlink (LINK), Zilliqa (ZIL), Verge (XVG) and FunFair (FUN).

I failed to take profits on some of these coins at the first resistance and target, only to see them retrace to my entry and this presents an important lesson about being too greedy. Each setup looked good, but the MATIC movement spooked the market and caused a ripple effect that saw temporary price depreciation across the board. Lesson learned.

Bitcoin (BTC) has been chopping sideways with errant wicks both up and down throughout the past week, likely liquidating high leverage traders on both sides. I am presently long Bitcoin from $7,100 after taking two other positions that closed even or in a slight profit this week.

BTC USD hourly chart. Source: TradingView

The first signal that sparked my interest in a long position was a clear bullish divergence with the Relative Strength Index (RSI) on the hourly chart. I normally do not trade lower time frames, but I noticed that there were potential divergences showing on larger time frames, so I zoomed in. Often we will see an hourly bull divergence confirm on the 4-hour, 6-hour and daily timeframes.

BTC USD 4-hour chart. Source: TradingView

I decided to enter a position at $7,100 when the price dropped down to the previous swing low at $7,080 and then bounced. This looked likely to confirm as a bullish swing failure pattern (SFP). At the most basic level, when price wicks slightly below a previous swing low, its an indication that liquidity has been engineered by a whale.

In this case, it seemed likely that they pushed price down to compel retailer traders to take shorts, and also to fire existing stop losses on long positions - thus creating a ton of sell orders to buy into. The price has currently risen from that point.

BTC USD 4-hour chart. Source: TradingView

Furthermore, the price is showing a potential bullish divergence with the RSI on the daily chart, which would be a likely signal of a bottom. I am awaiting confirmation, as this would make me feel far more secure in my current position.

FUN offered a very clear trading opportunity this week. I pulled up the chart after not looking at it for almost two months and found that price had continued traveling in a channel that I drew in October near the local highs.

FUN BTC daily chart. Source: TradingView

The ideal entry would have been a bounce off of the channel bottom, between .00000033 (sats) and .00000038 (sats). However, a clear resistance formed at .00000044 (sats), which flipped to support and was my entry, as shown below.

The price moved up very quickly, topping out at .00000060 (sats). I exited half of my position at .00000056 (sats), for a quick profit of 27%. The rest of the position is still open and my target is at the top of the channel.

This is a relatively straightforward trade. The price was forming a pennant at support (not shown) before the Binance shakeup. The MATIC move caused the price to drop through support at .00000080 (sats). I was watching for a bounce off of the blue ascending support but saw price quickly drop through and entered at .00000071 (sats) just above the horizontal support line.

IOST BTC daily chart. Source: TradingView

I want little to do with IOST below that line, or below the .00000070 (sats) support and I have set my stop loss at .00000067 (sats) because this would allow for a wick below that .00000070 (sats) support and close back above.

IOST BTC 4-hour chart. Source: TradingView

This trade is currently still open and starting to move as anticipated. After my entry, the price continued to test the .00000070 (sats) support, dropping below by 1 sat but never reaching my stop loss. The price then formed a descending wedge, where it is currently breaking up from. Initial targets are shown as black horizontal lines.

The views and opinions expressed here are solely those of the (@scottmelker) and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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Bitcoin Price Diary: Long BTC and Profitable on Many Altcoin Positions - Cointelegraph

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What The Charts Say About Bitcoin – Forbes

Posted: at 12:43 am

DedMityay - stock.adobe.com

Ah, Bitcoin. The stuff of dreams. The new frontier in currency and commerce. The gateway to a world dominated by blockchain technology, with newly-minted zillionaires lining of streets of urban and rural sites across the globe. Or, the speculative arm of a legitimate evolution of financial transactions.

Now, before you get all defensive about how amazing Bitcoin is, and tell me how out of touch I am (after all, at age 55, I am way too old to understand this stuff, right?), hear me out. I do see the role of blockchain technology in the global economy going forward.

However, I think of Bitcoin, the most famous of crypto-currencies, like Band-Aids are to adhesive bandages (hint: same thing, but one is a brand name, the other is just what the product is). Bitcoin is the proverbial poster-child for this new way to hold money. That is all fine with me. My point, though: just dont pretend it is a substitute for traditional hard currencies. Not yet, anyway.

My evidence for that statement: the price of Bitcoin is not at all stable. Its price is more volatile than most stocks. You wouldnt take the money you need to pay this months mortgage or buy food for your familys dinners this week, and put it in an S&P 500 Index Fund, would you? Actually, I am afraid of the answer from too many investors. But I digress. The point is that Bitcoin still appears to be a trading tool (toy?), rather than a store of value, which is the textbook definition of a stable asset.

For that reason, I refuse to look at Bitcoin as a currency when following its price movement. However, as a vehicle to trade to make profit on over periods of time, I see it the way I see stocks and ETFs: as something to chart, and to evaluate its reward/risk trade-off at any point in time.

And, while I have not yet invested Bitcoin for my clients or myself, I am willing to consider it if it meets my usual investment criteria. One of those is that it can be charted.

^NYB_technical_chart

Remember that time when Bitcoin ran up to seemingly impossible heights, then dipped below 8,000, then crashed to under 4,000? Above, you see the price of Bitcoin over the past couple of years. It shows that last dizzying episode from 2018. And to me, it appears to be setting up for a repeat performance.

Now, technical analysis (charting) is more precise when there is deeper data and history behind the price activity. With Bitcoins limited history as a popular asset, and the fact that it is not a business like a stock, we have less to work with than we would with a stock or commodity. However, if you look at the right side of the chart, you see an orange line. That line is falling, and it is close to falling below the red line. This is occurring while Bitcoin is quietly in the midst of repeating its early 2018 price pattern.

That last round of Bitcoin price drama had a similar pattern, as you can see in May of 2018. At that point, the orange line (which is the 50-day moving average of Bitcoins price) crossed below the 200-day moving average (the red line), just as it is poised to do now. That death cross as chart geeks often call it, is happening now at about the same Bitcoin price level (8,200) as it did then.

I dont know, but I wouldnt simply blow it off as a coincidence. After all, the downside risk of ignoring the chart pattern in Bitcoin was about $5,000. Bitcoin fell from that 8,200 level to about 3,250 at its December, 2018 low, before quadrupling in value 7 months later.

And that brings me back to my main point: Bitcoin is not an investment at this stage of its development as a marketable security. Neither are small marijuana companies, and penny stocks. They are trading tools for virtual rooms of speculators. It is somewhere between a casino and the latest version of the greater fool theory, where you can profit from owning it as long as someone is willing to buy it from you. I would insert an analogy to tulip bulbs here, but suffice it to say, just look that up yourself.

Last point: one of my personal investment tenets, and what I say to clients who tell me they are investing in Bitcoin or some other trading toy, is this: its OK to take big shots, as long as you do it with small amounts of money. Just dont confuse speculation with investing.

Comments provided are informational only, not individual investment advice or recommendations. Sungarden provides Advisory Services through Dynamic Wealth Advisors

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This Bitcoin Rival Just Crashed By A Shocking 70% In An Hour [Update] – Forbes

Posted: at 12:43 am

Bitcoin and cryptocurrency markets are well known to be highly volatile but a sudden 70% plunge in under one hour is extreme even for the scandal and scam-ridden crypto market.

Matic, a digital token used on the blockchain scalability-focused Matic Network, suddenly crashed around 70% last night, before a slight recovery.

[Update: 7:15pm December 10 2019] Matic failed to make up ground during today's trading, with the cryptocurrency now priced at $0.017 per token. The fall in the matic price may have boosted one of its closest rivals, chainlink, which is up almost 10% on the day to $2.28.

The reason for the collapse in the matic price, which dropped to $0.013 from $0.042 in under an hour, was not immediately clear though the chief executive of popular bitcoin and cryptocurrency exchange Binance, Changpeng Zhao, took to Twitter to reassure matic users.

Traders and investors have been scrambling to find out the reason behind the sudden price collapse, ... [+] with concerns it could spread to bitcoin and other major tokens.

"Our team is still investigating the data, but it's already clear that the matic team has nothing to do with it," Changpeng Zhao, who's often known simply as CZ, said.

"A number of big traders panicked, causing a cycle. Going to be a tough call on how much an exchange should interfere with people's trading."

Meanwhile, the cofounder and chief operations officer of the Matic Network, Sandeep Nailwal, said he is investigating the cause.

"It will be clear very shortly that we are not behind this, as some [fear, uncertainty, and doubt] accounts are trying to insinuate," Nailwal said.

"We will post a detailed analysis and we will come out stronger than ever from this evident manipulation."

The bitcoin price, as well as the wider cryptocurrency market, has not been hit by the sudden matic sell-off with prices of other major tokens relatively flat across the board.

One popular bitcoin and cryptocurrency commentator and trader, Alex Krger, highlighted matic's rise and fall over recent weeks as "the stuff of dreams and nightmares."

"What happened with matic can happen to any token," Krger said via Twitter.

"It would be very surprising for it to happen to the large caps, but it can still happen. Adjust selling volume by market cap or order book liquidity, and presto. Hence why crypto is traders paradise, investors hell," Krger said, adding there's currently an "apocalypse" going on with minor cryptocurrencies.

The matic price began a huge bull run towards the end of November, breaking away from the wider ... [+] bitcoin and cryptocurrency market.

Matic has soared over recent weeks and recorded a market capitalization of over $100 million for the first time since its launch earlier this yearup 180% in just two weeks.

The matic price has reportedly been boosted recently by blockchain-based game Battle Racers launching a range of so-called crypto-collectibles on the Matic Network sidechain, sending the price up by around 10% in a 24-hour trading period last week.

Meanwhile, some matic investors and traders have speculated the sudden move lower could be the result of a so-called pump and dump, where a large buyer inflates the price over time before offloading their holdings, or an exit scam, where the developers of a digital asset suddenly sell their holdings and abandon the project.

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This Bitcoin Rival Just Crashed By A Shocking 70% In An Hour [Update] - Forbes

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Bitcoin Beats Netflix And Microsoft – Forbes

Posted: at 12:43 am

Bitcoin and cryptocurrency has long been known to appeal more to younger generations than older ones (though there are some notable exceptions).

Meanwhile, the bitcoin price has been boosted in recent years by adoption from the traditional financial services industry and this is expected to increase as Millennials (aged between 25 and 39) and Gen Z (those born between 1996-2010) become financially mature.

Now, a report has found Grayscale Investments Bitcoin Trust, a publicly tradable bitcoin and cryptocurrency investment vehicle, is among the top five equity holdings for Millennials, next to technology giants Amazon, Apple, Tesla and Facebookand ahead of investor darlings Netflix and Microsoft.

Bitcoin looks set to end the year as one of the best-performing assets, up around double where it ... [+] began 2019.

The Grayscale Investments Bitcoin Trust, which recorded inflows of $255 million for the third quarter, up three-fold on the previous quarter, is also more popular than stocks of Warren Buffetts conglomerate Berkshire Hathaway, movie studio Walt Disney, and China's biggest online retailer Alibaba, according tothe report from U.S.-based bank and stock brokerage Charles Schwab.

The Grayscale Bitcoin Trust was found to be held by 1.84% of Millennials surveyed by Charles Schwab, with Netflix at 1.58% and Microsoft at 1.53%.

Elsewhere, online retailer Amazon and iPhone-maker Apple were found to be popular across the generational divide, with the two U.S. tech giants holding the top two spots for Millennials, Gen X, and Baby Boomers.

Google's parent company Alphabet was notably absent from the list of company stocks held by Millennials.

The report chimes with research out earlier this year that found there's a growing interest in bitcoin and cryptocurrency investments amongst Millennials and younger generations as they deal with the long-term effects of the global financial crisis and a lack of trust in the traditional financial services sector.

Technology companies dominate the most popular investments for all generations, though only ... [+] Millenials show much interest in bitcoin.

Earlier this year, Grayscale Investments launched a campaign called #DropGold, aiming to make "investment portfolios to reflect that bitcoin has become digital gold for todays forward-thinking investors."

"There is a generational shift in how individuals are approaching investing. We strongly believe that investments in gold will be reallocated to bitcoin as Baby Boomers begin transferring their wealth to a younger generation of investors, one that wasnt raised on the gold standard," said Barry Silbert, founder and chief executive of Digital Currency Group and its subsidiary Grayscale Investments, said at the time.

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Notorious dark web criminal makes $100k bitcoin price prediction from prison – The Independent

Posted: at 12:43 am

Bitcoin is on the brink ofanother massive price surge that will take its value up to $100,000 (75,000) in 2020, according to the founder of the worlds most famous dark web marketplace.

Ross Ulbricht is currently serving a double life sentence in a US prison for creating the now defunct Silk Road, which was the first placebitcoin was used as a currency on a significant scale.

Following his arrest in October 2013, bitcoin experienced its first major price spike that saw it shoot from $100 to over $1,000 in a matter of months. After crashing back down to $175, it then went on another positive run in 2017 that took it close to $20,000 by the end of that year.

Sharing the full story, not just the headlines

Since then, bitcoin has tumbled once more, reaching below $4,000 at the start of 2019 before recovering to todays price of around $7,000. (At the time of his arrest six years ago, the FBI seized 144,000 bitcoins from Silk Road andUlbricht- worth just over $1 billion at current prices.)

Ulbrichtclaims he predicted both of these waves from his prison cell and believes another one is already building a prediction he says he is able to make without being swayed by day-to-day price movements and general market hubris his imprisonment shelters him from.

On 3 January, 2009, the genesis block of bitcoin appeared. It came less than a year after the pseudonymous creator Satoshi Nakamoto detailed the cryptocurrency in a paper titled 'Bitcoin: A peer-to-Peer Electronic Cash System'

Reuters

On 22 May, 2010, the first ever real-world bitcoin transaction took place. Lazlo Hanyecz bought two pizzas for 10,000 bitcoins the equivalent of $90 million at today's prices

Lazlo Hanyecz

Bitcoin soon gained notoriety for its use on the dark web. The Silk Road marketplace, established in 2011, was the first of hundreds of sites to offer illegal drugs and services in exchange for bitcoin

On 29 October, 2013, the first ever bitcoin ATM was installed in a coffee shop in Vancouver, Canada. The machine allowed people to exchange bitcoins for cash

REUTERS/Dimitris Michalakis

The world's biggest bitcoin exchange, MtGox, filed for bankruptcy in February 2014 after losing almost 750,000 of its customers bitcoins. At the time, this was around 7 per cent of all bitcoins and the market inevitably crashed

Getty Images

In 2015, Australian police raided the home of Craig Wright after the entrepreneur claimed he was Satoshi Nakamoto. He later rescinded the claim

Getty Images

On 1 August, 2017, an unresolvable dispute within the bitcoin community saw the network split. The fork of bitcoin's underlying blockchain technology spawned a new cryptocurrency: Bitcoin cash

REUTERS

Towards the end of 2017, the price of bitcoin surged to almost $20,000. This represented a 1,300 per cent increase from its price at the start of the year

Reuters

On 3 January, 2009, the genesis block of bitcoin appeared. It came less than a year after the pseudonymous creator Satoshi Nakamoto detailed the cryptocurrency in a paper titled 'Bitcoin: A peer-to-Peer Electronic Cash System'

Reuters

On 22 May, 2010, the first ever real-world bitcoin transaction took place. Lazlo Hanyecz bought two pizzas for 10,000 bitcoins the equivalent of $90 million at today's prices

Lazlo Hanyecz

Bitcoin soon gained notoriety for its use on the dark web. The Silk Road marketplace, established in 2011, was the first of hundreds of sites to offer illegal drugs and services in exchange for bitcoin

On 29 October, 2013, the first ever bitcoin ATM was installed in a coffee shop in Vancouver, Canada. The machine allowed people to exchange bitcoins for cash

REUTERS/Dimitris Michalakis

The world's biggest bitcoin exchange, MtGox, filed for bankruptcy in February 2014 after losing almost 750,000 of its customers bitcoins. At the time, this was around 7 per cent of all bitcoins and the market inevitably crashed

Getty Images

In 2015, Australian police raided the home of Craig Wright after the entrepreneur claimed he was Satoshi Nakamoto. He later rescinded the claim

Getty Images

On 1 August, 2017, an unresolvable dispute within the bitcoin community saw the network split. The fork of bitcoin's underlying blockchain technology spawned a new cryptocurrency: Bitcoin cash

REUTERS

Towards the end of 2017, the price of bitcoin surged to almost $20,000. This represented a 1,300 per cent increase from its price at the start of the year

Reuters

In a six-part blog published from letters he wrote inprison, Ulbrichtapplied a form of market analysis known as Elliott Wave Theory to predict new all-time highs for bitcoin.

The theory forecasts the highs and lows in financial market cycles by identifying extremes in investor psychology, which in the case of bitcoin appear to be far more tempormental compared to traditional markets due to the nacency of the cryptocurrency.

Ross Ulbricht, was sentenced to life in prison after a federal jury in Manhattan found him guilty in February of charges including conspiracy to commit drug trafficking, money laundering and computer hacking. (Reuters)

The principle posits that price movements in speculative markets are driven by investor expectation, which when combined with mass psychology can force prices artificially higher through a positive feedback loop of buyer optimism.

Looking at the previous price waves of bitcoin, Ulbricht puts the next big wave reaching between $93,000 and $109,000 before the 17 February, 2021. He notes that his speculation should be considered with appropriate scepticism.

We have a price target... of ~$100,000 some time in or near 2020, he wrote. However, there is no rule that market moves have to be proportional. This is just a patter we see unfolding that may or may not continue.

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New Report Shows China Dominates Bitcoin Mining, Is This a Sign of Worry? – Forbes

Posted: at 12:43 am

domestic gpu cripto mining rig on wall with selective focus.

2019 has been a relatively good year for miners, generating $5.4 billion in total revenue. But, according to the year-end report of CoinShares, one country has dominated bitcoin mining throughout the year more than any other.

The research paper entitled "The Bitcoin Mining Network", which explores trends, average creation costs, electricity consumption and sources in bitcoin mining, discovered that nearly 65 percent of bitcoin hashrate originates from China.

"Regardless of the reasons, the effect is that the current Chinese hashrate ratio is likely higher than in June 2019. While we expect this ratio to fall again as latest generation hardware further makes its way into the non-Chinese market, at the time of writing, as much as 65% of Bitcoin hashpower resides within China the highest weve seen since we began our network monitoring in late 2017," the report read.

For many years, China has consistently been a major market for bitcoin miners due to its cheap electricity and affordable resources. Companies like Bitmain, F2Pool, and Canaan that account for a large portion of the Bitcoin network's hashrate are all based in China.

Distribution of the Bitcoin network's hashrate (Source: Blockchain.com)

However, in April, the National Development and Reform Commission (NDRC) of China included bitcoin mining on a list of industries it plans to phase out over time. The unexpected move of the Chinese government left mining companies wondering the future of China's mining sector.

In a strange turn of events, following Chinese President Xi Jinping's call for increased efforts in blockchain development, China essentially unbanned bitcoin mining in the last quarter of 2019.

Since then, China's bitcoin mining sector has prospered. Eventually, it recovered from a slow several months in mid-2019 to establish dominance over the cryptocurrency mining industry once again.

Whether much of the Bitcoin network's hashrate coming from China is necessarily negative or positive depends on perspective. But, as a purely permissionless and decentralized network, it is always favorable to have more geographically distributed hashrate.

In the hardware side, the dominance of Bitmain has started to subside, which opens the space up for increased competition. Companies like Hut8, Bitfury, and Canaan are competing to take the top spot in the bitcoin mining sector.

"Since our last report in June 2019, we estimate that Bitmains market share by hashrate has fallen from ~70% to ~66%. To add context, Bitmains own estimates (via Frost and Sullivan) claim that as recently as in in 2017, their market share was around 75%," said the CoinShares research team.

Hence, while the dominance of China in bitcoin mining has increased, in the hardware department, the industry has begun to see a more competitive environment.

The expansion of major mining facilities to other major mountainous areas such as Washington, British Columbia, and Norway also serve as signs that the geographical distribution of bitcoin hashrate will improve over time, as the sector evolves.

"Among these regions we find the major mining centres of: Washington and New York States in the United States; British Columbia, Alberta, Newfoundland & Labrador, and Quebec Provinces of Canada; Iceland; Northern Scandinavia (Norway and Sweden); The Caucasus (Georgia and Armenia); the Siberian Federal District of Russia; Yunnan and most importantly of all regions, Sichuan provinces of China," CoinShares researchers wrote.

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New Report Shows China Dominates Bitcoin Mining, Is This a Sign of Worry? - Forbes

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When Might Bitcoin Be Ready To Resume Its Bull Trend? – Yahoo Finance

Posted: at 12:43 am

Two weeks ago, Bitcoin completed a 61.8% Fibonacci retracement ($7,231.40) off the June high as it fell to a low of $6,526. That low put it 52.9% below the 2019 peak.

Bull Flag pattern

The price correction since the June high has been normal and well-constructed, forming a potential bull flag trend continuation pattern. This can be seen as the falling parallel trend channel in the enclosed charts.

BTC/USD Weekly Chart

Given the significant advance in the first half of the year, and the related signs of a trend change from bearish to bullish, Bitcoin has a good chance of eventually triggering a continuation of the new bull trend. The 2019 rally exceeded several prior swing highs and the 10-week exponential moving average (ema) crossed back above the 34-week ema.

Have we seen the bottom?

The question now is, has the bottom of the retracement been reached or might Bitcoin pullback further than it has so far? Theres no way to know this ahead of time but we can identify some important price levels to watch going forward.

As long as price stays above the $6,526 swing low, there is a chance for an upside breakout of the bull flag. If the falling trend channel is to further evolve and retain its general shape, a move up to at least the top trend line seems possible in the near-term.

BTC/USD Daily Chart

A decisive daily close above the downtrend line is the first sign that a bullish breakout of the flag could be in the works. At that point, additional signs of strength will be needed. Watch for a daily close above the most recent swing high of $10,540.49 for confirmation of a bullish breakout. There is also a monthly high at $9,600 from November. Bitcoin has not had a move above a prior month high since the June peak. A move above a prior month high would be an additional sign of a change in the downtrend pattern, to an uptrend.

If we see further weakness

Alternatively, notice that the 10-week ema has just crossed below the 34-week ema, after being above it since early-May. By itself this is bearish, and supports a bearish scenario if Bitcoin falls below the most recent swing low, thereby triggering a continuation of the downtrend off the 2019 high. If that occurs, next watch for signs of support around the $5,900 to $5,427 (78.6% Fibonacci retracement) price zone, and then for indications of a bottom and subsequent bullish reversal.

Bruce Powers, CMT

This article was originally posted on FX Empire

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When Might Bitcoin Be Ready To Resume Its Bull Trend? - Yahoo Finance

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