It is February 1 and bitcoin is up by a modest 0.52 percent.
The benchmark cryptocurrency left an impressive month behind in January, returning 30.27 percent in profits against an otherwise gloomy global market outlook. The wild move upside marked bitcoin’s best January close in seven years, convincing traders that the gains could grow further heading into February.
Bitcoin maintaining gains to open February in a green territory | Source: Yahoo Finance
So it appears, bitcoin’s bullish continuation theory – actually – has merits in the form of both fundamental and technical factors. NewsBTC has listed the top three upside catalysts among them, as follows.
#1 Bitcoin Correlation with Gold
The first signs of explosive growth in bitcoin prices came on the sidelines of a US-Iran geopolitical conflict. The cryptocurrency’s gains followed similar moves in the gold market as investors’ appetite for safe-haven assets surged. That brought an otherwise unpopular gold-bitcoin correlation to its four-year peak.
That was according to Arcane Research, a data analysis firm, that noted an increasing correlation efficiency of 0.3 between the two assets in mid-January. The company said in its report:
“This [correlation] will without a doubt strengthen the “digital gold” narrative for bitcoin.”
Correlation between Bitcoin and gold touches 0.3 | Source: CoinMetrics, Arcane Research
The surge in bitcoin and gold prices was also visible against the backdrop of the Coronavirus, a regional health epidemic that killed more than 150 people in China and infected more than 3,000 all across the world. Global financial reports indicated that investors piled into bitcoin to hedge against dwindling global equities.
With US stocks registering one of its weakest months in January, spooked by Coronavirus, it is likely for investors to keep their one foot in safe-havens this February. Bitcoin could benefit from it.
#2 Technical Resistance Broken
Those who do not believe in any correlation between traditional assets and bitcoin could find their bullish bias in the latter’s technical indicators.
The upside in bitcoin prices in January took the cryptocurrency above two very strong technical indicators. On the daily chart, it was the 200-daily moving average (or 200-DMA). Meanwhile, on the weekly chart, the indicator was the 50-weekly moving average (50-WMA).
Blued 200-DMA in First Chart; Blacked 50-WMA in Second Chart | Source: TradingView.com, Coinbase
In a majority of cases wherein bitcoin held its grounds above both the moving averages, the price rallied exponentially. Therefore, it is now likely that the cryptocurrency would stay above them heading into February, which serves as a strong bullish case for it.
#3 Litecoin Gains
Noted on-chain analyst Willy Woo said in January that any gains in Litecoin prices should signal a similar price rally for bitcoin.
The Adaptive Fund partner correctly predicted a breakout in the LTC/USD rate based on a so-called Litecoin Difficulty Ribbon, adding that he wouldn’t be surprised if that does not turn out to be bullish for BTC/USD.
The altcoin closed January in the green territory, rising by a massive 65 percent.
What if Litecoin is leading Bitcoin again, like it did last year? pic.twitter.com/VHB3RLm5rd
— Loma (@LomahCrypto) February 1, 2020
If history repeats, bitcoin could soon follow Litecoin’s gains to establish a new Q1 top. The post appeared first on NewsBTC. origin »
A bitcoin stock listed on the London Stock Exchange has soared by 300 percent to hit its 11-month high. Shares of UK-based Argo Blockchain PLC (LON: ARB) today established a year-to-date peak of $10.
Since February, bitcoin experienced four consecutive months of price increases. BTC has gone up more than 168 percent, marking a new yearly high of $8,950 today. Bitcoin Technical Analysis On the 1-month chart, a series of support and resistance levels based on historical data can be drawn.
Since February, bitcoin experienced four consecutive months of price increases. BTC has gone up more than 168 percent, marking a new yearly high of $8,950 today. Bitcoin Technical Analysis On the 1-month chart, a series of support and resistance levels based on historical data can be drawn.
The purpose of this infographic is to visualize the size of large cryptocurrency hacks that have occurred in the past as if they all happened today. The hacks included in this infographic extend beyond exchanges, as there were other large entities that experienced cryptocurrency hacks, such as marketplaces like Silk Road 2.
Tether, a stablecoin tied to the dollar that is meant to mediate the volatility of other cryptocurrencies, is partly backed by bitcoin. As detailed in court documents obtained by The Block, Tether admitted to using some of the cash reserves meant to back its stablecoin to purchase bitcoin, among other assets.
Ethereum’s on the chain and off chain fundamentals are strongest than they have been in years with its price showing great potential becoming the “most attractive alt”. In the past three months, Ethereum has surged 62 percent from $103 in early February to the current $167.
Correlation Between Bitcoin And Gold Reaches Its Largest Spread In Over A Year Gold has been performing in a different way compared to Bitcoin (BTC) in the last few days. Bitcoin continues to expand and grow while gold is down 6 percent since February.
Legal representatives for Bitfinex and Tether confirm the widely held suspicion that USDT is not one-to-one backed by US dollars. Court documents confirm tethers are only 74 percent backed, and those holding tokens are “subject to the risk of default, insolvency, inability to collect, and illiquidity.
Bitfinex and Tether’s legal counsel has written a response to the New York Attorney General’s (NYAG) ex parte order, which claims that Bitifinex used Tether’s reserves to cover some $850 million in losses.
Nasdaq launched XRP Liquid Index [XRPLX], the latest addition to Brave New Coin’s list of Liquid Indices Program, according to an official post on the stock exchange’s website. XRP will join Bitcoin [BTC] and Ethereum [ETH], both of which saw their price indices going live in February.
Bitcoin fund Adamant Capital is convinced that the bottom of the bear market is in, and true to its name, the firm has laid out an unwavering case for this position with some persuasive hard data and fundamental analysis.
This article was originally published by 8btc and written by Chloe Jiang. The former director of Bitmain’s mining farm, a leading bitcoin mining operation, once said the wet season may not be as much of a boon for miners as many thought.
Bitcoin Looking To Make A Higher Move Only To Run Into A Wall Bitcoin is very well on its way to $5,300 as it is currently surging by 2.64 percent with its market cap moving closer to $100 million. From February 7th, the price had started surging, going from about $3,380 to $4,914 last week. […]
Blockchain might be the hot buzzword of the moment, but according to new research, it’s being bested by the Internet-of-Things (IoT) and artificial intelligence (AI). A recent survey conducted by identity management cloud software provider, Okta, found that digital firms are investing in AI and Internet-of-Things over blockchain, Cointelegraph reports.
On April 1, the Dow Jones demonstrated a strong short-term recovery with a 1. 27 percent increase within hours, crossing the 26,000-point mark and achieving 26,258 points for the first time since October 2018.
For the first time since the bull market in 2017, the bitcoin price recorded two consecutive green monthly candles, which suggest that the dominant cryptocurrency may be en route to breaking its bear trend.
Bitcoin might not be showing any strong bullish signs, but its sluggishness is countered by the hot altcoins taking over the market. On February 1st, the total market cap has been at about $112 billion while BTC dominance has been at 53.
Throughout the last 30 days, Bitcoin price, has managed to gain around $300 or roughly around 8 percent of its value. Toward the end of February, the cryptocurrency even peaked to around $4,200, only to dip to $3,800 on the same day.
The Bitcoin (BTC) price may soon resume its downward trajectory despite mounting technical robustness, an analyst has claimed. ‘Ripe To Resume Lower Prices’ Bloomberg Intelligence analyst Mike McGlone identified diminishing daily returns this month, suggesting an imminent continuation of Bitcoin’s bear market.
MakerDAO, a decentralized autonomous organization that provides crypto collateralized loans, voted to raise interest rates from 1. 5 percent to 3. 5 percent. The vote is a continuation of two February rate increases in an attempt to curb its Ethereum-backed stablecoin, Dai, from trading below its $1.
MakerDAO, a decentralized autonomous organization that provides crypto collateralized loans, voted to raise interest rates from 1. 5 percent to 3. 5 percent. The vote is a continuation of two February rate increases in an attempt to curb its Ethereum-backed stablecoin, Dai, from trading below its $1.
Elon Musk might be fighting for his job in the U. S. , but his company is on track to achieve its dream of mass producing its Model 3 sedans in China. The company has secured over $500 million in loans from Chinese lenders as it inches closer to building its vehicle and battery Gigafactory in China.
Litecoin (LTC) and Binance Coin (BNB) are the lead bulls propelling the market higher again. Since last week, the former is up 28 percent. Prices are now at the highest they’ve been since October 2018 and the altcoin appears set to notch $70 over the short-term.
Cryptocurrency exchange Coinbase purchased controversial Italian software services provider Neutrino for $13. 5 million (€12 million), a copy of a legal document dated February 15, 2019, and shared with Bitcoin Magazine reveals.
As QuadrigaCX’s legal counsel descends on the courtroom in Halifax, Nova Scotia, for another round of legal proceedings, the court monitor’s third report on QuadrigaCX’s finances — specifically its revelation that the exchange’s cold wallets are empty — lays out some hopeful avenues for fund recovery — and some frustrating dead ends.
Despite news in recent months that cryptocurrency mining establishments have been shutting down, or ending contracts, profits earned from Bitcoin mining have begun to rise, blockchain research group Diar reports.
After seeing sever losses in 2018, where Bitcoin lost 84 percent of its value when it dipped to $3,200 in mid-December, Bitcoin first time in the last six months managed to see a green month. There have been two pumps in the month of February where Bitcoin went from $3,400 to $4,100, through the gains […]
Fortune, a New York-based business magazine on February 28 rated Ripple Labs, Inc. a California-based blockchain company that's in charge of the XRP altcoin, as one of the best companies to work in the bay area judging from its 91 percent employee rating as a “Great place to work,” Ripple Gets Ranked 17 Out of […]
Bitcoin has ended a six-month streak of losses, closing February up 11 percent. This is the fifth consecutive year Bitcoin has closed February while in the green. While some day traders are using the opportunity to take profits, others are going long with the belief that the bear market could be coming to an end.
As of February 24, 2019, the United States has the largest amount of Bitcoin nodes, according to research by DataLight. Bitcoin Nodes and Their Importance Simply stated, Bitcoin nodes are the computer programs which perform the validation of Bitcoin transactions.
The US stock market is quiet at the start of February’s final trading session, with the Dow creeping higher following the opening bell. The bitcoin price, meanwhile, has recovered above $3,800 while the cryptocurrency market braces for Ethereum’s second attempt at activating its long-anticipated Constantinople hard fork.
On February 24, within minutes, the Bitcoin price dumped by 11 percent from $4,150 to the mid-$3,000 region, pushing the crypto market to lose $11 billion on a single day. Investors expected a pullback to occur on the price trend of Bitcoin but many traders were surprised by the magnitude of the drop.
Crypto investors diversified into stocks, commodities, and forex. Wednesday 27 February 2019- New data released by global multi-asset investing platform, eToro shows that the crypto boom has helped to create a new generation of investors.
As XRP trading went fully live on Coinbase Pro, a new report outlines that the cryptocurrency exchange has violated its very own listing framework. Coinbase Breaching Its Own Rules XRP trading went live on Coinbase Pro on February 25th.
The New Zealand-based crypto asset exchange Cryptopia has made their assessment of a January hack, claiming that up to 9. 4 percent of all their assets were stolen.
Ever wondered which country is running the most nodes on the Bitcoin network? Well here’s your answer. Research from cryptocurrency and blockchain analytics firm DataLight shows just how geographically distributed the Bitcoin network is.
The global crypto market cap is $0. 5 billion up since February 25 and now stands at $129 billion. At the time of writing, bitcoin is trading at $3,818, while ether is hovering around $135. Ripple’s XRP remains close to $0.
Following a high-profile strategic partnership with HTC, the largest mobile phone manufacturer based in Taiwan, the price of a virtual reality-focused crypto asset Decentraland (MANA) surged by 60 percent.
On February 26, while the Bitcoin price remained at $3,800 following a sudden 10 percent plunge, Enjin Coin (ENJ), a crypto asset native to a gaming-suited blockchain network called Enjin, spiked by more than 150 percent.
According to an official statement published on February 25, 2019, Bitfinex has revealed that the United States government returned 27. 7 BTC (worth about $105,000 USD) to the exchange, as part of restitution for a hack that was effected on the exchange back in 2016.
On February 24, the Bitcoin price plunged from $4,190 to $3,714 within minutes by 11. 3 percent against the U. S. dollar. While many traders were not taken aback by the sudden drop in the price of the dominant cryptocurrency, some were surprised by the magnitude of it in a short time frame.
Bitcoin investors are finally getting the much-needed relief rally that saw the price of bitcoin surge past the $4,000 mark to close the week five percent higher week-on-week at around $3,900. After almost two months in the $3,000 range, bitcoin finally broke through the $4,000 mark as traders have started to hit the buy buttonRead MoreRead More.
Bitcoin is currently riding at $3,835 with 24-hours loss of 3.16 percent. Since last week at $3,400 on February 17th, Bitcoin has taken a hike of 22.5 percent. One of the strongest factors that are supporting the current bullish sentiments is the ongoing increase in trading volume. At the time of writing, Bitcoin trading volume […]
On February 21, 2019, peer-to-peer bitcoin marketplace Paxful announced a partnership with trading platform BitMart for the purpose of vastly increasing the latter’s liquidity and scalability.
Following a rapid surge in the Bitcoin price from $3,614 to $4,000 within a span of three days, traders are expecting BTC to retrace by around 7 percent to $3,700. The cautious projection on the price trend of the dominant crypto asset comes after the failure of BTC to climb beyond the crucial $4,000 resistance level.
The total crypto market cap increased to $133 billion after gaining more than $14 billion of value for the past seven days. Top ten cryptocurrencies are all in green for the same time period with EOS, Litecoin, and Binance Coin leading the pack with more than 20 percent in gains.
The world’s second largest cryptocurrency by market capitalization has seen a stronger showing from the bulls after rising 36.77 percent in February so far.
The Bitcoin price succeeded in holding above $3900 February 20 after a sudden bull run brought the largest trading volumes since May 2018. Bitcoin Volume Sets 9-Month Record Data from Coinmarketcap confirmed the return to form for both price and volume over the past 72 hours, Bitcoin rising around 10 percent February 18 and touching the $4000 mark on Bitstamp yesterday.
Canary Capital’s spot Litecoin exchange-traded fund has made an appearance on a list maintained by the Depository Trust and Clearing Corporation (DTCC).
Canary Capital Litecoin ETF filing could begin trading soon, per analyst.
Speculative interest in the altcoin has increased, with nearly $10B in on-chain volume.
Canary Capital’s propoThe post Canary's Litecoin ETF listed on DTCC - Will trading begin soon? appeared first on AMBCrypto.
Litecoin price is hovering near a crucial resistance level, with both fundamentals and technical indicators suggesting a potential surge of over 75% this year. Litecoin (LTC) rose to a high of $128.
Litecoin's daily 24-hour volume and daily active address soared by 65% and 7.5%, respectively.
Exchanges have seen an outflow of $3.5 million worth of LTC tokens.
In the current market sentiThe post Litecoin flips AVAX, SUI, eyes $80 - What happens now? appeared first on AMBCrypto.
LTC’s price has been consolidating in a perfect bullish pennant on the 8-hour chart following a recent uptrend exhaustion.
Technical analysis hinted at a potential breakout as LTC price surgeThe post Litecoin tests THIS bullish pennant - What next for LTC? appeared first on AMBCrypto.
Litecoin (LTC), Jito (JTO), and Bittensor (TAO) added between 17% and 22% to their values in the past seven days, according to CoinGecko data. Bitcoin’s resilience and the market-wide recovery in crypto has paved the way for gains in altcoins.
Litecoin emerged as an “improved” version of Bitcoin, yet it has never quite managed to surpass it. Nevertheless, it still ranks among the top 20 cryptocurrencies by market capitalization. So, why isn’t Litecoin (LTC) just Bitcoin’s “little brother”? What makes…