Category Archives: Cryptocurrency

1. Bitcoin tumbles by more than $2,000 as cryptocurrency bulls cash in on this month's stellar run  Business Insider
2. Cryptocurrency and Safety Money, Bitcoin Vault Breaks Stereotypes | Sponsored  Bitcoin News
3. Cryptocurrency Trading Ride in India during Pandemic  THE WEEK
4. Paypal Permanently Locked Account For Cryptocurrency Trading On Platform  CryptoTicker.io
5. Sports Betting with Cryptocurrency is Going Like an Elon Musk Rocket to the Sky  The Game Haus
6. View Full Coverage on Google News

Read the original here:
Bitcoin tumbles by more than $2,000 as cryptocurrency bulls cash in on this month's stellar run - Business Insider

Bitcoin's boom may just be starting.

The cryptocurrency's comeback could go exponential next year, two traders said Tuesday after bitcoin broke above $19,000 and rallied nearly 3.5%, closing in on its 2017 record highs.

The popular trade lost steam later in the week, falling nearly 12% since Wednesday to around$16,855.00as of Friday morning, according to CoinMetrics.

Bitcoin is still up around 136% year to date, buoyed by bullish sentiment tied in part to fintech companies including PayPal and Square getting into crypto.

"It's hard to give bitcoin an intrinsic fundamental value because there's pretty much a finite supply," Todd Gordon, founder of TradingAnalysis.com, told CNBC's "Trading Nation" on Tuesday.

Only 21 million bitcoins will ever be produced.

To try and see where the trade could be headed, Gordon used a concept known as the Elliott wave theory.

"It's a wonderful way to value crypto because Elliott wave is meant to detect the herding mentality and the emotions driving the price fear and greed and it creates very recognizable patterns," he said, turning to a chart of bitcoin.

"The Elliott wave theory is based on the idea that there's five waves in a primary trend, three [up]trends and two intervening corrections," Gordon said.

The first wave higher occurred in 2014, followed by a decline into 2015 and a long-term uptrend through 2018, Gordon said. The fourth wave has formed "sort of a sideways triangle" over the course of the last two years, and the fifth could be bitcoin's latest wave higher, the trader said.

"The point of all this is a reliable relationship in the Elliott wave theory is the percent distance traveled in that first wave in 2014 is often equal to the percent change in wave five," Gordon said.

Seeing as the first wave was a roughly 658% rally, Gordon's target was a lofty one.

"I can't believe I'm going to go out on CNBC and say this, but it's about 74,000," he said. "The Elliott wave goes very well with Fibonacci multiples. If it does want to fall short, it can go to 61% of that target, which is only at 34,000."

Bitcoin could potentially be the Tesla of 2021.

Mark Tepper

president and CEO, Strategic Wealth Partners

Another trader saw even loftier heights ahead for the crypto play.

"I've always had to own some," Mark Tepper, president and CEO of Strategic Wealth Partners, said in the same "Trading Nation" interview.

"It's like a FOMO concept for me," he said. "If I never owned any and bitcoin hits 100,000 per coin, I'd probably cry myself to sleep every night for the rest of my life."

Until recently, Tepper treated bitcoin like any other speculative investment, owning a small enough amount that it wouldn't tank his portfolio if the trade went south. But that changed when PayPal and other companies started to dip their toes in the space, he said.

"The thing that's always held me back from being an outright bitcoin bull has really been this lack of widespread adoption. But ... adoption's happening and those users, those PayPal and Square users, they're buying more bitcoin than what's actually hitting the market on a daily basis," Tepper said.

"You can kind of compare this to Tesla," he said. "Tesla's up over 500% this year. In my opinion ... I think bitcoin could potentially be the Tesla of 2021. It could, in my most bullish case possible, get to 100K by the end of next year. That'd be my bull case. I think my base case is a little closer to it doubling up to about 40K by the end of 2021."

Disclosure: Gordon and Tepper own bitcoin.

Disclaimer

View post:
Bitcoin loses steam after nearing all-time highs, but trader says it could be on track to $74,000 - CNBC

Facebook's digital currency could arrive in January 2021, but in a more limited presentation than expected, according to information from the Financial Times.

Stay informed and join our daily newsletter now!

November28, 20202 min read

According to a report by the Financial Times, Libra, the Facebook-led digital currency initiative will hit the market in early 2021, but in a more limited format than predicted in previous days.

The Geneva-based Libra Association will unveil a dollar-backed digital currency, the outlet clarifies, citing one of the sources familiar with the situation. Broadly speaking, the combination of several currencies will not occur and this is due to pressure from banks and regulatory bodies.

Libra would be backed by a basket of the major currencies traded in financial markets - initially - but the decision will elude further organization of entities, as they raise concerns of disrupting financial stability and eroding the power of traditional currencies.

According to sources, the issue of Libra is subject to the approval of the Financial Market Supervisory Authority (FINMA). Which is in charge of regulating independent Swiss financial markets, supervising banks , insurance companies, among others.

In case it is authorized, Libra would compete with cryptocurrencies such as USD Coin (USDC), Tether (USDT) or TrueUSD (TUSD), which are considered relatively stable currencies and linked to the US dollar.

The 'criptomonedas stablecoins' are made in order to minimize the volatility of the price of the stable currency, tied to a basket of assets "stable , " which makes them more suitable for cash transfers or payments.

To know more: Learn how to invest in cryptocurrencies with these 4 tips

Read this article:
Libra, the cryptocurrency that Facebook would launch at the beginning of the following year - Entrepreneur

Bitcoin fell 8.7% on Wednesday - just as it nearedits highest-ever price - passing $19,000 (14,241) for the first time since its 2017 collapse.

It was joined by other cryptocurrencies in the drop, all of which had been buoyed in recent weeks by strong demand from institutional investors.

Despite the losses, Bitcoin - which remains the most valuable and popular digital currency - has increased its value by more than 100% this year.

Some hedge fund managers have suggested it could hit $100,000 (75,000) in 2021.

Brian Estes, a chief investment manager at Off The Chain Capital, said: "I have seen Bitcoin go up 10x, 20x, 30x in a year. So going up 5x is not a big deal."

Others have warned such predictions are outlandish.

Kevin Muir, a trader based in Canada, said: "Any hedge fund model on Bitcoin is rubbish. You can't model a mania. Is it plausible? For sure. It's a mania. But does anyone actually have a clue? Not a chance."

Bank of England Governor Andrew Bailey recently said he was "very nervous" about people using Bitcoin to make payments.

He has also warned that people who invest in the cryptocurrency should be prepared to "lose all their money".

The highly volatile digital asset set a record high of $20,089 (15,062) in December 2017.

However, in the year that followed its value plummeted more than 80% to $3,200 (2,400).

A Sky News investigation found the fall led to businesses collapsing, marriages failing, and some investors defaulting on their mortgages.

Bitcoin was billed as a peer-to-peer electronic cash system when it was unveiled in a white paper in 2008, not long after the financial crash.

The document was written by a person or group using the pseudonym Satoshi Nakamoto, but their identity remains unknown.

Bitcoin has a maximum supply of 21 million coins that will gradually be released between now and 2140, and fractions of them can be traded.

Some have suggested this capped supply has contributed to recent rises as central banks turn to quantitative easing in light of the coronavirus pandemic, which effectively involves printing new money.

The fact that Bitcoin is traded peer-to-peer at a value determined by the market rather than by a central bank has captured the imagination of economic libertarians, as well as criminals seeking to evade law enforcement.

More:
Bitcoin hopes of record value of over $20,000 dashed after cryptocurrency falls again - Sky News

Bitcoin (BTC) has topped $19,000 in a fresh bullish surge, but traders are all about altcoins on Nov. 24.

In what many are heralding as the beginning of alt season, large-cap cryptocurrencies are seeing their biggest gains in three years.

Cointelegraph takes a look at five of the biggest movers, all of which have returned to at least a $1 billion market cap.

Ripples XRP token is gaining traction on social media after a curious lull, thanks to its weekly gains that have topped 110%.

At press time, XRP/USD traded at $0.62, having reached $0.92 before a sudden 30% crash, which came in tandem with Coinbase experiencing a major technical outage.

Nevertheless, the token still remains far from its peak of over $3, or roughly 80% from its all-time high.

By comparison, Bitcoin is now just 3% from its all-time high in December 2017.

On the back of XRPs resurgence, Stellar Lumen (XLM) beat its daily gains to pass $0.18 and deliver over 90% weekly returns.

A classic move for the sister altcoin, which tends to follow XRP in bull markets, Lumen returned to its position from November 2018. Its all-time highs lie at just above $0.60.

Another major success story this week, Cardano's ADAtopped 50% weekly gains, much of which occurred prior to Wednesdays altcoin action.

With a market cap now above $5 billion, Cardano became the eighth-largest cryptocurrency, clipping $0.16.

Against a backdrop of all-time highs above $1, however, much ground remains for investors to see significant returns from previous years.

The fourth-biggest weekly rises belonged to Iota (MIOTA) on Wednesday, whose weekly gains totalled just under 50%.

Currently at 26th on CoinMarketCaps list of cryptocurrencies, Iota hit $0.36 this week, but the path to new all-time highs remains decidedly uncertain those lie at close to $5.50.

A familiar face among altcoin traders, Dashbrought up the rear among the weeks risers, with Dash/USD gaining nearly 40% over the past seven days.

At press time, the pair traded at $115, still far from its record of near $1,500.

Bitcoin dominance. In case you were wondering, this is what alt season looks like, said popular trader Scott Melker, noting that the index failed to break upward this week.

Quite reminiscent of 2017. Alts have a brief window to party, then you get back into Bitcoin, it rages. Rinse, repeat, he added.

See the article here:
These 5 altcoins are beating every major cryptocurrency this week - Cointelegraph

Investdiva.com CEO and Cryptocurrency Investing for Dummies author Kiana Danial discusses the Bitcoins performance at the start of 2020 and the demand for the cryptocurrency.

Cryptocurrency traders are receiving inaccurateletters from the Internal Revenue Servicethat mistakenly say they owe thousands of dollars in taxesdue to discrepancies with tax forms, reports show.

CryptoTrader.tax, a cryptocurrencytax software and calculator, said in a blog post that ithas been contacted by dozens of individuals who have received these inaccurate CP2000letters, or letters that inform taxpayers when their income information from third partiesdoes not match the income listed on their tax returns.

MISSING YOUR STIMULUS CHECK? THERE'S ONE LAST CHANCE TO CLAIM AN ECONOMIC IMPACT PAYMENT FROM THE IRS

In one example, CryptoTradershared an image of one recipients CP2000 Notice from the IRS claiming he owed$127,000 in taxes and penalties for underreporting his income by failing to include his cryptocurrency investing on his tax forms.

The reason the recipient "received a CP2000 is because Coinbase sent the IRS a 1099-K detailing his crypto activity of $292,427, the website explainedand advised those who have gotten similar letters from the IRS to notify their tax advisers.

MANY TAXPAYERS COULD FACESURPRISE BILL OVER REMOTE WORK MISCONCEPTIONS, STUDY FINDS

The IRS told FOX Business that any time it receives third-party 1099-K reports, it tries to match those with individual tax returns. If there is a discrepancy, the IRS sends CP2000 letters so that taxpayers have a chance to respond.

"There can be mismatches,"IRS spokesman Eric Smith said. "Wedo contact people about those discrepancies. ... They have an opportunity to respond."

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Coinbase did not immediately respond to an inquiry from FOX Business.

1099-K was never meant to be a form for cryptocurrency exchanges to use to report income, CryptoTrader's blog post reads. "The form does not make sense in the context of cryptocurrency exchanges, and yet, many prominent exchanges like Coinbase have decided it is the 1099 they are going to use to report customer earnings information."

CLICK HERE TO READ MORE ON FOX BUSINESS

Read the rest here:
IRS sending inaccurate letters to cryptocurrency traders saying they owe thousands in taxes - Fox Business

B

ITCOIN has had a rollercoaster ride this week, even by its own skittish standards.

The FT, an august journal that doesnt make many jokes, said on its Alphaville blog that Her Majesty the Queen had expressed an interest in blockchain, the database which stores bitcoin data, among other things.

Bitcoiners began to wonder how many bitcoin Her Maj has amassed. There has been no official comment, but I think we can assume the answer is none.

Nevertheless, bitcoin lept $1000 on Tuesday to more than $19,000. By Wednesday it was nearing all-time highs.

The price is now back down to $16,802. Some of the bros have got seriously burnt fingers.

Ayush Ansal, of the hedge fund Crimson Black Capital, said: After being in a relative wasteland for a few years since notorious bull run of late 2017, crypto, and Bitcoin in particular, are back.

He added: As it headed for a new record high, Bitcoin appeared to get white line fever mid-week when it dropped by more than 12% in a day.

This, almost certainly, was triggered by a lot of long-term investors cashing in as a reward for three years of extreme volatility and abject lows.

A wider debate being had in the City and elsewhere is just how powerful bitcoin could become.

Is it really a rival to actual currencies that have a central bank sitting behind them, such as the dollar, pound and euro. Could it actually replace them?

If it could, what does that mean for central banks ability to invent money and bail us out of disasters?

In the last 12 years there have been two major crises the financial crash and Covid. Some say Brexit will make a third. Is bitcoin the impending 4th?

This week Chancellor Rishi Sunak said the UK government will borrow almost 400 billion this year. This is undoubtedly a lot, but it will occur relatively easily because the Bank of England is rock solid and because everyone in Britain needs what it controls pounds.

At the moment bitcoin is priced in dollars. That is still its method of comparison for value.

What happens if bitcoin becomes priced in, well, bitcoin, and there were plenty of mediums of exchange, including perhaps at your local supermarket.

Simon French at Panmure Gordon said: Then all of a sudden economic activity does not link back to official institutions and the ability of central banks and governments to influence the flow of value between private individuals is impaired. When you talk about soft power it is not foreign aid that matters, it is controlling the agreed medium of exchange. Lose that and you are in trouble.

Want an apocalyptic vision? Try a rejection of fiat currencies and adaptation of private digital currencies. That leaves whole swathes of economic activity outside the purview of governments and regulators. Thats nirvana for some, certainly including the bitcoin bros.

But what happens when there is a serious crash that requires emergency money, of any sort, to be magicked up and spent?

Ayush Ansal again: Bitcoins obstinate refusal to go away will once again have central banks on red alert.

If they become truly mainstream, bitcoin and other cryptocurrencies represent a systemic threat to the entire banking system.

During the Global Financial Crisis, central banks and Governments could act together to defend economies, but if a decentralised cryptocurrency becomes the norm then economies globally are arguably sitting ducks.

In the event of a major collapse, central banks would be redundant and the damage could be not just economic but impact the very fabric of society as we know it.

James Bentley of Financial Markets Online said:If the worlds major currencies are decentralised, central banks will arguably be helpless in the event of a future financial crisis.

All the tools that central banks traditionally use will be redundant. It will be like turning up to a gun fight with a knife.

Crypto currency has cyberpunk roots. At its inception, it was designed as an alternative to the banking system and a way to bypass the power of central banks to control the money supply.

Maybe that dream has died now it is just another volatile asset class on which fans can take a punt.

But every time it emerges into the mainstream. Such as when it is rumoured that the Queen is taking an interest and some folk think that is plausible, blood pressures at the Bank of England the US Federal Reserve rise.

Perhaps we should all really buy some bitcoin. Come the end of the world, we might actually need it.

Visit link:
The Bitcoin apocalypse: cryptocurrencys threat to the global banking system - Evening Standard

Andreessen Horowitz haspublisheda report studying the way crypto prices haveevolved.

What Happened:The Melo Parkventure capital firm released a report about cryptocurrency prices development on Nov. 24.

It outlines three cycles the crypto industry already had periods of high activity in 2011, 2013, and 2017, followed by the so-called crypto winters.

The first cycle took place in 2009-2012, according to a16z, with Bitcoin reaching $30 in June 2011, for the first time in history.

The second cycle happened in 2012-2016, with its peak in 2013, which the report describes as probably the first time most people outside of tech heard about Bitcoin. During this time, a lot of startups were founded, and the ecosystem started developing. The Bitcoin price briefly touched the $1,100 mark in December 2013.

2016-2019is the time where the industry started gaining mainstream attraction, peaking in December 2017, when the price of Bitcoin reached $20,000. Thethird cycle is also characterized by x10 growth in the number of developers coming into space and companies founded.

Why It Matters:Crypto prices have always been perceived as volatile and hardly systematic, and Andreessen Horowitz has attempted to provide an underlying order.

A16z believes the the digital currency space is in "fourth major phase" at the moment.

The venture capital veteran has beton the crypto space with investments in companies likeCoinbase, the biggest US crypto exchange, FacebooksLibra, and a decentralized credit platform MakerDAO.Itformed its own crypto fund in 2018, according to TechCrunch.

In April, itraised$515 million for its second crypto-focused fund, surpassing the initial goal of $450 million, Fortune magazine has reported.

In November 2019, the fundlauncheda free Crypto Startup School.

Price Action:Bitcoin traded at $18,762at press time, losing 1.81% over 24 hours.

2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Go here to see the original:
Cryptocurrency Prices Evolve In Cycles, Andreessen Horowitz Report Shows - Benzinga

FILE PHOTO: Monex Group Inc CEO Oki Matsumoto speaks during an interview with Reuters at its headquarters in Tokyo, Japan, April 20, 2018. REUTERS/Toru Hanai

TOKYO (Reuters) - Central bank digital currencies will help boost trading of cryptocurrencies by providing a more convenient platform for converting cryptocurrencies into legal tenders, said Oki Matsumoto, head of Japans Monex Group.

Matsumoto, chief executive of the major financial services firm, welcomed the Bank of Japans plan to look into the idea of issuing a central bank digital currency (CBDC), saying it will help Japan move toward a more efficient, digitalised economy.

CBDCs will significantly enhance the interoperability of cryptocurrencies, he told Reuters on Tuesday. It would make the cryptocurrency market more lively.

At present, converting cryptocurrencies into legal tenders is not easy because many smaller cryptocurrency exchange brokers do not hold bank accounts, Matsumoto said.

If CBDCs are issued, they would offer a digital-friendly platform where CBDCs, cryptocurrencies and legal tenders could be converted to one another more smoothly, he added.

The BOJ said last month it would begin experimenting next year on how to operate its own digital currency, joining efforts by other central banks to catch up to rapid private sector innovation.

Monex is an owner of Coincheck, a bitcoin exchange operator based in Tokyo.

Reporting by Takahiko Wada, writing by Leika Kihara; Editing by Ana Nicolaci da Costa

Here is the original post:
BOJ digital currency will help boost cryptocurrency trading, says Monex head - Reuters

A report claims that the US Director of National Intelligence (DNI) John Ratcliffe has contacted SEC Chairman Jay Clayton regarding Chinas influence in the crypto market including mining.

According to the Washington Examiner, the DNI is worried that China has too much control when it comes to crypto. Reportedly, a senior intelligence official told the publication the following:

There are serious national security concerns about Chinas control over Bitcoin and Ether The presidents recent executive order made abundantly clear the threat posed by securities investments that finance Communist Chinese military companies. Digital currency controlled by the CCP could certainly fall into that category, but the bottom line is that we cannot allow China to dominate the technologies and innovations that are going to decide who runs the world for decades to come from artificial intelligence to digital currency, and everything in between.

The same report pointed to recent tweets by Ripples General Counsel commenting on Chinas influence in the crypto markets:

The relationship between the Trump administration and China has been fractious at best. In fact, China is frequently criticized by the current President regarding an ongoing trade dispute. Some people anticipate that once the Biden administration moves into power the rhetoric directed at China may be toned down as public officials change policy direction.

While the DNI may have sent a letter to the SEC regarding their concerns pertaining to crypto, expect little action to take place as the current Chairman has already announced his departure from the agency at the end of the year.

See the original post here:
Report States that US Intelligence is Worried About Chinas Involvement in Cryptocurrency - Crowdfund Insider