Bitcoin price traded higher and broke the $3,550 resistance level against the US Dollar.There is a connecting bullish trend line formed with support at $3,545 on the hourly chart of the BTC/USD pair (data feed from Kraken).The price is showing positive signs above the $3,545 level, but it must break the $3,585 resistance.Bitcoin price is slowly moving higher with positive signs against the US Dollar. BTC needs to overcome sellers near $3,580 and $3,600 for a sustained move higher in the near term.Bitcoin Price AnalysisAfter forming a support base above the $3,500 level, bitcoin price started an upside correction against the US Dollar. The BTC/USD pair gained momentum above the $3,545 and $3,550 resistance levels. There was also a close above the $3,550 level and the 100 hourly simple moving average. Besides, buyers pushed the price above this week’s crucial bearish trend line with resistance at $3,555. However, the price is facing a lot of hurdles near the $3,585 and $3,600 resistance levels.If there is a successful close above the $3,600 resistance, the price may continue to move higher. The next important resistances are $3,750 and $3,785, followed by the key $3,800 barrier. On the downside, an initial support is near the $3,550 level and the 100 hourly simple moving average. Moreover, there is a connecting bullish trend line formed with support at $3,545 on the hourly chart of the BTC/USD pair. Below the trend line, the 50% Fib retracement level of the last leg from the $3,440 low to $3,614 high is at $3,528. Therefore, there many supports on the downside above the $3,520 level.Looking at the chart, bitcoin price is showing a few positive signs above the $3,550 support level. Having said that, buyers need to gain traction above $3,600 for a sustained move higher. If not, there is a risk of a break below $3,500 and the 61.8% Fib retracement level of the last leg from the $3,440 low to $3,614 high.Technical indicatorsHourly MACD – The MACD for BTC/USD is mostly flat in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently flirting with the 50 level.Major Support Level – $3,500Major Resistance Level – $3,600
Archives for January 24, 2019
By CCN.com: Over a week ago, PG&E stocks lost most of their value faced with PG&E’s possible $30 billion in liabilities pertaining to wildfires and potential bankruptcy. PG&E’s share price hiked 75% today.
The California Department of Forestry and Fire Protection has said that private electrical equipment is to blame for starting the fire in Sonoma County in October 2017.
— Kurtis Alexander (@kurtisalexander) January 24, 2019
It’s Not Over for PG&E
Reports indicate that PG&E equipment may still have caused at 17 out of the 21 fires in California during 2017. It is also under investigation over the November 2017 “Camp Fire” which killed 86.
PG&E’s CEO John Simon had said on January 14 that bankruptcy was the best way for PG&E to resolve “potential liabilities” in an “order, fair and expeditious fashion” as well as continuing to serve PG&E customers. At this point, PG&E shares fell to a value of $6.96.
At the time of writing the PG&E shares are at a value of $13.01 and showing 30% gains an hour into postmarket trading. The stock recorded near 25% gains over the January 24 trading session ending at $9.98.
This could spell a huge reduction in the estimated $30 billion in liabilities PG&E has been facing, driving to #bankruptcy.
— Julia Pyper (@JMPyper) January 24, 2019
BlueMountain Capital Management is Pushing to Change the PG&E Board
Hedge fund BlueMountain, owners of 2% of the utility company’s stock, has been fighting back against the bankruptcy decision. It plans to nominate new directors to PG&E’s board next month before the company’s annual meeting.
The bankruptcy filing, after 15 days of notice, is expected next week. Reuters BreakingViews suggests that BlueMountain may not gain enough support from shareholders. BlueMountain says PG&E’s current board of directors has:
Not only failed the Company and its shareholders; it has failed its customers; it has failed its employees; and, it has failed the people of California.
Barrons pinned a dip in earlier trading today on the BlueMountain calls, before the Tubbs Fire exoneration surfaced.
BlueMountain has since said:
The news from Cal Fire that PG&E did not cause the devastating 2017 Tubbs fire is yet another example of why the company shouldn’t be rushing to file for bankruptcy, which would be totally unnecessary and bad for all stakeholders.
Speaking to Bloomberg, Morningstar analyst Travis Miller doesn’t believe the Tubbs Fire development removes the “bankruptcy scenario” for PG&E. The analyst has remained bullish on PG&E stocks throughout recent developments.
Ripple price corrected lower and tested the $0.3130 support area against the US dollar.There was a break above a key declining channel with resistance at $0.3145 on the hourly chart of the XRP/USD pair (data source from Kraken).The pair is currently trading in a range below the key resistance levels at $0.3200 and $0.3220.Ripple price remains supported on dips against the US Dollar and Bitcoin. However, XRP/USD must break the $0.3200 and $0.3220 resistance levels to gain bullish momentum.Ripple Price AnalysisYesterday, we saw yet another rejection near the $0.3220 resistance in ripple price against the US Dollar. The XRP/USD pair traded as high as $0.3230 and later started a downside correction. It moved below the $0.3200 level and the 100 hourly simple moving average. However, the decline was protected by the $0.3130 and $0.3120 support levels. Besides, the 61.8% Fib retracement level of the last leg from the $0.3046 low to $0.3230 high acted as a support. The price started a fresh upward move and traded above the $0.3140 level.Buyers pushed the price above a key declining channel with resistance at $0.3145 on the hourly chart of the XRP/USD pair. Besides, there was a break above the 23.6% Fib retracement level of the recent decline from the $0.3230 high to $0.3123 low. The current price action is slightly bearish since ripple is facing hurdles near the $0.3175 level and the 100 hourly SMA. Additionally, the 50% Fib retracement level of the recent decline from the $0.3230 high to $0.3123 low is acting as a resistance. If there is an upside break above $0.3175, the price could test $0.3200 and $0.3220.Looking at the chart, ripple price seems to be trading in a tight range above the $0.3120 support level. If it fails to move past $0.3200, there is a risk of a downside break below the $0.3110 and $0.3080 levels in the near term.Technical IndicatorsHourly MACD – The MACD for XRP/USD is currently flat in the bearish zone, with no positive signs.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is placed nicely above the 50 level.Major Support Level – $0.3120Major Resistance Level – $0.3220
The total crypto market cap is placed nicely above the $115.00B support level.Bitcoin cash is showing positive signs and it could recover above $130 and $132.EOS price is slowly moving higher towards $2.50, with a bullish angle.Stellar (XLM) is moving lower towards the all-important $0.1000 support level.Tron (TRX) is up more than 2% and it seems like it could soon test the $0.0285 level.The crypto market is consolidating above key supports. Bitcoin (BTC), BCH, Ethereum, EOS, ripple, stellar (XLM), tron (TRX) and other major altcoins remain supported.Bitcoin Cash Price AnalysisBCH (Bitcoin cash price) corrected lower recently and tested the $125 support, where buyers emerged. BCH/USD is currently moving higher and it may soon break the $130 and $132 resistance levels. However, a successful break above the $135 resistance is must for a sustained upward move.On the downside, an initial support is at $128, below which the price may revisit the $125 support, which holds a lot of importance in the short term.EOS, Stellar (XLM) and Tron (TRX) Price AnalysisEOS price is placed nicely in a positive zone above the $2.40 and $2.42 support levels. The price may continue to grind higher and it is likely to break the $2.50 and $2.52 resistance levels.Stellar price is slightly under pressure as it broke the $0.1020 support level. If XLM remains under pressure, there are high chances of a drop towards the $0.1000 support level in the coming sessions.Tron price is showing a lot of positive signs above the $0.0250 support level. TRX is currently up more than 2% and it seems like buyers are looking for a test of the $0.0285 and $0.0290 resistance levels. On the downside, the key supports are at $0.0265 and $0.0255.Looking at the total cryptocurrency market cap hourly chart, there is a strong support formed near the $115.00B level and a bullish trend line. However, a break above the $117.50B and $119.00B levels is must for a sustained upward move. Therefore, the next few sessions could be crucial for bitcoin, Ethereum, EOS, ripple, litecoin, BCH, XLM, TRX, and other altcoins.
For the first time in more than a year, there are no active bitcoin exchange-traded fund (ETF) proposals pending before the U.S. Securities and Exchange Commission (SEC).
Money manager VanEck, financial services firm SolidX and Cboe BZX Exchange withdrew a highly-anticipated proposal Tuesday, citing an ongoing U.S. government shutdown as the reason. The proposal, first filed last June, faced a final deadline of February 27 for approval or rejection. Due to the shutdown, many legal experts anticipated that the SEC would reject the proposal outright rather than let it be approved by default.
VanEck CEO Jan van Eck said the companies will “re-file and re-engage in the discussions” with the SEC when the shutdown ends, he did not provide a timeline for when this may happen. And indeed, it is unclear when the government will reopen – while the U.S. Senate was set to vote on two different bills that could potentially re-open the government, neither bill passed.
Other companies are also hesitant to file for a bitcoin ETF while the regulator is in a state of limbo. Bitwise Asset Management, which announced its intention to file for a fund with NYSE Arca earlier this month, has not yet submitted the required rule change proposal. Bitwise did not respond to a request for comment by press time.
Proponents of the fund hope a regulated bitcoin ETF, once approved, will bring in new investors, boosting bitcoin’s liquidity and potentially even pumping its price.
Any day now?
There are also nine different rule change proposals for ETFs that are in a state of limbo.
The proposals, filed by ProShares, Direxion and GraniteShares, were rejected last year by the SEC staff, who cited concerns about bitcoin market manipulation. But a review of that decision by the commission was called for the next day.
However, while the SEC must stick to strict deadlines when initially examining a rule change proposal, there are no such deadlines for a review, attorney Jake Chervinsky told CoinDesk. These reviews have taken anywhere from six to 16 months in the past, but are also suspended while the SEC is closed.
Hence, a decision on any of these nine proposals could happen as soon as the government re-opens, or it could drag on for months or even, theoretically, years.
Glimmer of hope
It is possible that an ETF may still be approved by the end of the year, Chervinsky told CoinDesk via email, though he added that it “will depend on (1) when the ETF proposal is filed and (2) the state of the bitcoin markets when the SEC makes its decision.”
Once a proposal is filed, the SEC has 240 days to approve or deny it, should the regulator take every extension allowable under the law. As such, any proposal filed by May 5, 2019 at the latest would require a final decision before December 31, Chervinsky explained.
He added that he would be “surprised” if at least one proposal was not published within that time.
“The question will then be whether the bitcoin markets mature enough before the SEC makes its decision to adequately address all the issues that have killed ETF proposals in the past, such as valuation, liquidity, custody, and market manipulation,” Chervinsky said, concluding:
“In my view, it’s entirely possible that another  months of development in the cryptocurrency ecosystem could be enough to finally warrant approval of a bitcoin ETF.”
Jan Van Eck at Consensus: Invest 2018, photo from CoinDesk archive
ETH price revisited the $114 support area and later moved higher against the US Dollar.Yesterday’s highlighted declining channel is intact with resistance near $117 on the hourly chart of ETH/USD (data feed via Kraken).The pair may soon make the next move either above the $118-119 resistance or below the $114 support.Ethereum price is confined in a tight range against the US Dollar and bitcoin. ETH/USD is likely setting up for a major move in the coming sessions either above $120 or below $114.Ethereum Price AnalysisYesterday, we saw a bearish reaction from the $119-120 resistance zone in ETH price against the US Dollar. The ETH/USD pair declined below the $116 level and revisited the $114 support area. There was even a close below the $116 level and the 100 hourly simple moving average. However, there was a strong buying interest near the $114 support area. Moreover, the 61.8% Fib retracement level of the last upside from the $111 low to $120 high acted as a support. The price bounced back and it slowly moved above the $115 and $116 levels.Besides, there was a break above the 23.6% Fib retracement level of the recent decline from the $120 swing high to $114 swing low. At the outset, the price is approaching key resistances near $117, $119 and $120. More importantly, yesterday’s highlighted declining channel is intact with resistance near $117 on the hourly chart of ETH/USD. The 100 hourly SMA is also positioned just near the trend line and $117. Finally, the 50% Fib retracement level of the recent decline from the $120 swing high to $114 swing low is near $117.Looking at the chart, ETH price is recovering, but it remains below the key hurdles such as $117, $119 and $120. A successful break above these is needed for a push towards $130. If not, the price could drop back to $114 or $110.ETH Technical IndicatorsHourly MACD – The MACD for ETH/USD is slightly placed in the bullish zone.Hourly RSI – The RSI for ETH/USD is placed just above the 50 level, with a flat structure.Major Support Level – $114Major Resistance Level – $119
By CCN.com: According to a tool created by Ethereum developer Mike McDonald, a single address has garnered almost 50% of the total profits from Augur. Augur is a decentralized predictions marketplace. It was one of the first crypto projects to hold an ICO on Ethereum, back in 2015.
Anonymous Ethereum User Dominates Augur’s Betting Markets
The address, 0x008c84421da5527f462886cec43d2717b686a7e4, is a highly active one. It has dozens of tokens and even owns a number of CryptoKitties and participates in other games. The user has made over 850 Ether from his bets.
One Augur trader has made over $100,000 (856 ETH) in profit from 177 trades.
This one address has earned almost 50% of all realized Augur profits.
— Kevin Rooke (@kerooke) January 24, 2019
McDonald is still working on tools to make it possible to see exactly which Augur predictions markets this Ethereum address has participated in. Currently, the tool just tells you which addresses have made the most money. The 2nd in line has profited just 136 Eth, over 700 less than the leader. The numbers get smaller as you go down.
The figures conspire to create a pie chart like so:
The news follows recently revealed evidence that Augur is not an overly used platform. Heralded as a function a blockchain is best at, actual uptake in the community has been less than stunning.
Late last year, there were unverified reports that the maker of a market based on the congressional elections in the United States would actually award those who’d bet on the Republicans, even though the Republicans had effectively lost control of the House of Representatives.
Augur Markets Rely on Reputation
The justification there was that Republicans actually still controlled the House on the date of the closing. Interpretations and wording are of almighty importance in predictions markets.
In Augur, one can cast bets on any future event, even the impeachment of elected officials or sports games. The reputation system of Augur is meant to encourage people to participate fairly. To date, however, user adoption is still the name of the game for Augur. By and large, while gambling and predictions markets have taken to cryptocurrencies naturally, decentralized options remain limited.
The Augur platform allows anyone to build tools around it, while it also sports a native implementation that in part uses technology provided by Edge wallet.
The downturn in the crypto economy, led by the collapse of the Bitcoin price over the course of 2018, has led to an overall decreased interest in blockchain-related products, including gambling services. Enthusiasm and participation in the blockchain world are still dependent on the market performance of flagship tokens.
Featured Image from Shutterstock
The past year has been long and difficult for everyone involved in the cryptocurrency industry, and the markets are now reaching a point that will mark the longest ever Bitcoin (BTC) price correction in the cryptocurrency’s wild, albeit brief, history.For investors who have been riding the markets ever since Bitcoin hit nearly $20,000 in late-2017, they will soon be able to say that they survived the longest-ever crypto market correction, which may someday be seen as a badge of honor that separates the true believers in the technology from the speculators.Bitcoin (BTC) To Break Correction Record in Early FebruaryCurrently, the longest ever crypto bear market was seen between November of 2013 and January of 2015, where Bitcoin’s price climbed to highs of over $1,100 before crashing to lows of $178.Although this nearly 85% drop was significant, it’s no secret that Bitcoin quickly recovered from this and surged almost continually until December of 2017 when BTC reached highs of over $19,000.The aforementioned drop between late-2013 and early-2015 lasted a total of approximately 410 days before Bitcoin finally established a long-term bottom and began to recover much of its losses. The current BTC bear market is just a matter of days away from becoming the longest in its history.Josh Rager, a popular cryptocurrency analyst on Twitter, spoke about the current length of the bear market as compared to that which began in 2013, saying:“$BTC correction record: On Feb 2nd, we are likely to break the record for longest Bitcoin correction: 410 days (from Nov 2013 to lowest price at Jan 2015)… Very soon, you will be able to say that you survived the longest crypto market correction in $BTC history.”$BTC correction record:On Feb 2nd, we are likely to break the record for longest Bitcoin correction: 410 days (from Nov 2013 to lowest price at Jan 2015)Very soon, you will be able to say that you survived the longest crypto market correction in $BTC history pic.twitter.com/Mag1Nq5tyo— Josh Rager 📈 (@Josh_Rager) January 24, 2019Will Bitcoin Follow 2015’s Market Patterns?Although the cryptocurrency markets are undeniably in a very different position today than they were in 2015, if the current pricing action continues to closely mirror that of 2015’s, the markets could be nearing a long-term bottom that will spark a long period of accumulation before the markets begin to rise again.Bitcoin may repeat 2015’s price action.Galaxy, a popular cryptocurrency analyst on Twitter, spoke about this possibility in a recent tweet, drawing a striking parallel between the two markets.“We’re approaching the…mark which ended the 2015 bear market and if history repeats itself, we’re moving towards several months of accumulation and a new bull cycle starting mid-late 2019,” he noted while referencing a chart that shows the 2014 bear market which lasted until 2015,” Galaxy told his followers, also noting that the “future lies in the study of the past.”“The future lies in the study of the past”We’re approaching the 420 day mark which ended the 2015 bear market and if history repeats itself, we’re moving towards several months of accumulation and a new bull cycle starting mid-late 2019. $BTC #bitcoin pic.twitter.com/VX8ok9oFue— Galaxy (@galaxybtc) January 14, 2019If this theory turns out to be even remotely accurate, Bitcoin could see a long bout of sideways trading before skyrocketing back towards, or possibly above, its previously established all-time-highs.Featured images from Shutterstock.
By CCN.com: According to new figures from the International Monetary Fund (IMF), the European Central Bank (ECB), and the Chinese government, Europe and China are continuing to struggle following a poor year of growth in 2018.
ECB President Mario Draghi said on January 24 that downside economic risks could pose a threat on the economy of the euro-zone, citing geopolitical uncertainties, the U.S.-China trade war, and the volatility in the global financial market as major contributing factors.
China and Europe Slowdown May Lead to a Global Recession
Earlier this month, a market strategist Russel Napier wrote in a column that the demise of the euro could trigger the collapse of the global monetary system, resulting in a full-blown global recession.
The key consequence of this collapse will be the destruction of the euro. The expected success of the far-right and far-left in the European parliamentary election in May this year augurs the beginning of the end for the currency union. Both extremes share a commitment to the return of sovereignty to their parliaments that is incompatible with a single currency.
In an official speech, ECB President Mario Draghi acknowledged the decline in the momentum of the euro and the euro-zone economy on Thursday, stating that the central bank will have to establish new inflation and economic forecasts by the end of the first quarter of 2019.
Draghi emphasized that a wide range of instruments such as bonds, interest rates, and long-term loans could be utilized to stimulate the euro-zone economy. But, analysts remain unconvinced whether it would be sufficient to lead to the euro-zone to a full recovery by the year’s end.
An economics commentator Greg Ip noted that based on the numbers released by the IMF, which suggest that the global economy is set to expand by 3.5 percent in 2019, a global recession will not occur in the short-term.
However, Ip explained that the series of revisions made by the IMF in its forecasts and projections present an issue for central banks across the world and depending on the strategies employed by major regions like the euro-zone and China, the global economy may face long-lasting turbulence throughout the years to come.
“This latest disappointment isn’t the story; the real story is the serial disappointments that have dogged this expansion from the start. The IMF keeps projecting a return to the 4%-plus growth that prevailed in the 2000s, and keeps having to revise it down,” Ip wrote.
The slow down in the growth rate of the European economy coincides with the newly released report from the Chinese government that the economy of China grew by a mere 6.6 percent in 2018, recording the slowest pace in over two decades.
U.S. Economic Growth is on the Decline as Well
Several reports in the past week have claimed that the struggle of the euro-zone and China may affect the economy of the U.S. in the short-term.
Already, as disclosed by the Conference Board economic research director Ataman Ozyildirim, U.S. economic growth is projected to slow down by the end of the year, having recorded a slight drop in the last quarter of 2018.
Since late December, major stock market indexes including Dow Jones, S&P 500, SSE Composite, and Nikkei 225 have performed relatively well, but analysts believe that the global economy remains vulnerable to a potential downturn and trend reversal.
Featured Image from Shutterstock
The much anticipated Bakkt platform by the Intercontinental Exchange has today announced further details about its Bitcoin Futures product that was due to launch today. The forthcoming exchange platform will be offering physically delivered daily futures contracts with an aim to bring greater regulatory oversight to Bitcoin price discovery.
The contracts will be traded in BTC/USD and will use the ICE’s electronic trading platform. However, Bakkt itself is still pending full regulatory approval.
Bakkt Gives Investors First Glimpses of Opening Product
The Intercontinental Exchange has posted a list of details about the highly anticipated Bakkt platform’s first product. The venture, which is expected by many to become a one-stop-crypto-shop of sorts and aiding in regulated price discovery, is starting out by offering one day, physically delivered Bitcoin futures.
Although there is nothing too dramatic in the details published earlier, for anyone hoping to trade using the Bakkt platform, they should provide further insight into the nature of the product offered.
According to the Market Specifications released today, the trading screen product name for the Bitcoin contracts offered by the platform will be the “Bakkt BTC (USD) Daily Future”. Each contract will be a 1 BTC in size. Prices will be quoted in US dollars up to two decimal places. The minimum price fluctuation will be $2.50 per contract, reducing to 1c per Bitcoin on block trades of 10 BTC or more. There will also be no upper limit on daily prices and fees will be charged at 50c (incorporating both exchange and clearing) per side of a trade. There will, however, be a position limit of 100,000 lots in any one contract date.
The trading times for the Bakkt platform will be between 20:00 and 18:00, with a pre-open at 19:55. Meanwhile, daily settlement will occur between 16:58 and 17:00 each day. All times are in Eastern Prevailing Time. To oversee the delivery of these futures contracts, a regulated custody solution, known as the Bakkt Warehouse, will be used.
Additionally, the Bakkt platform is looking for experienced members of staff to help bring its vision of a fully regulated Bitcoin trading venue to light. Details can be found at the platform’s Twitter account:
We’re hiring: https://t.co/CZ86BflOe4
— Bakkt (@Bakkt) January 22, 2019
Bakkt Forging Ahead Whilst Still Pending Approval
The Bakkt platform was first announced last summer to great excitement. The fact that the Intercontinental Exchange (the owner of the New York Stock Exchange) is behind it has stamped an air of legitimacy over the Bitcoin space for many. At the time of the announcement, the mention of the likes of Microsoft and Starbucks being involved in the platform in some capacity also generated anticipation.
Since then, those behind the project have been working hard to flesh out the final details for launch. This has included raising a massive $182.5 million from its first round of funding.
The platform itself was due to launch in mid-December but owing to an underestimation of the processes requiring finalising prior to the platform’s first day trading, the opening date was put back to today back in November of last year.
However, since then yet another major stumbling block has hindered the opening of Bakkt. The platform is yet to gain regulatory approval from the Commodities Futures Trading Commission. This has meant that the launch has had to be postponed until such approval is secured. With today’s publishing of final product details, however, it seems that the Bakkt platform is now only waiting for a green light from the CFTC for it to finally open for business.
Related Reading: BitPay CEO: Fidelity and Bakkt Will Drive Next Major Bitcoin Rally
Featured Image from Shutterstock.
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