Bitcoin Hit $20k the Last Time This Fundamental Indicator Flashed; It’s Back

Bitcoin Hit $20k the Last Time This Fundamental Indicator Flashed; It’s Back

Bitcoin’s price action has given investors mixed signals as of late, with the benchmark cryptocurrency oscillating between $10,000 and $11,000.

The resistance found at the upper boundary of this trading range has proven to be quite significant, as it has catalyzed numerous rejections throughout the past few weeks.

Analysts are now widely offering mixed outlooks on BTC in the near-term, noting that its mid-term trend depends almost entirely on whether or not it is able to break above $11,000 in the near-term.

Despite a foggy technical outlook, the cryptocurrency’s fundamentals remain incredibly strong, and one indicator is even suggesting that a massive upside move could be right around the corner.

This on-chain indicator has been declining for a while, but just bounced at a historically significant level. In the past, reversals at this level hint that a parabolic rally is imminent.

At the time of writing, Bitcoin is trading down marginally at its current price of $10,850. This marks a notable surge from its recent lows of $9,900 that were set just over a week ago, but the cryptocurrency still remains down from recent highs of $12,400 that were set at the end of August.

The cryptocurrency’s price action in recent days has mostly consisted of it slowly grinding higher until it tapped highs of $11,100.

The selling pressure at this level was significant and nearly instantly catalyzed a sharp selloff that caused the crypto to plunge down towards $10,750.

It has been trading sideways ever since, and where it trends in the near-term will likely depend on its continued reaction to the selling pressure that has been established at this price.

While looking towards the cryptocurrency’s “short-term holder unrealized profit/loss” (STH-NUPL) indicator, it appears that Bitcoin could be on the cusp of making a strong push higher in the near-term.

Rafael Shultze-Kraft – the CTO of analytics platform Glassnode – explained that he believes this indicator is now flashing a signal that is historically only seen before the market enters bull runs.

“Short-Term Holder Net Unrealized Profit/Loss (STH-NUPL) with a #bullish signal here imo! That bounce of the 0-line was important, is very characteristic for previous bull markets, and historically a good buying opportunity,” he explained.

Bitcoin

Image Courtesy of Glassnode.

If history rhymes and this indicator continues to maintain its accuracy, this could be a sign that significant upside is imminent for Bitcoin in the months ahead.

Source: icryptodesk.com

Author: admin


Are Bitcoin campaign contributions a fad or the future of fundraising?

Are Bitcoin campaign contributions a fad or the future of fundraising?

Somewhere among the hundreds of supporters who have contributed a stunning $1.1 million to the congressional campaign of self-proclaimed Islamophobe Laura Loomer are the donors backing the 27-year-old newcomer not with dollars but with a cryptocurrency called Bitcoin. 

Until recently, digital assets like Bitcoins were the preferred currency of far-right conservatives and die-hard libertarians. The attraction? Cryptocurrencies provide anonymity and the opportunity to snub banks and governments, which have no power over cryptocurrencies because they do not recognize them as legal tender.

The option to contribute to campaigns using Bitcoin has been primarily offered by candidates, like Loomer, who appealed to the Libertarian and far-right demographic.

More:Dems use Woodward tell-all book to blast Trump’s COVID response

“Bitcoin promotes financial freedom,” said Loomer, who said she owns cryptocurrency. “We are telling the old power structure that we don’t need them anymore. We pave our own destiny financially, intellectually and with speech freedoms.”

But with more fringe candidates stepping into the political arena this election cycle and mainstream, tech-savvy candidates wanting to appear hip to the crypto crowd, donations via the controversial currency are now being accepted by candidates on both sides of the aisle.

Democratic presidential hopefuls Andrew Yang and California U.S. Rep. Eric Swalwell both accepted Bitcoin contributions before they each dropped out of the race. The campaign of Minnesota U.S. Rep. Tom Emmer, chairman of the National Republican Congressional Committee and member of the Congressional Blockchain Caucus, is also accepting cryptocurrency contributions.

More:Brian Mast trusts Trump’s actions over ‘anonymous sources’ in magazine article

“Embracing cryptocurrency signals to those who hold it that your campaign is open-minded, forward-thinking, and up to speed on how consumers are transacting in their daily lives,” said Perianne Boring, founder and chairman of the Chamber of Digital Commerce. “It also demonstrates a strong commitment to innovation and its impact on the economy, national security and American leadership.”

Others see cryptocurrency donations as a political stunt and a tool that makes it easier for bad actors to do an end run around campaign finance laws.

“I see Bitcoin often as more of a gimmick,” said Daniel Weiner, the deputy director of election reform at the Brennan Center for Justice. “The danger with Bitcoin in this realm is that it is essentially designed for anonymity and when we talk about campaign contributions the most important thing is they be disclosed.”

The U.S. Department of the Treasury this month sanctioned three employees of the Russian troll factory known as the Internet Research Agency, or IRA, for their support of the IRA’s cryptocurrency accounts. The IRA uses cryptocurrency to sow discord between political parties as part of Moscow’s broader efforts to undermine democratic countries and institutions, according to the department.

What is Bitcoin?

Bitcoin was invented in 2009 by an unknown person or group of people using the name Satoshi Nakamoto. The currency is strictly digital and has no physical form — no coins or bills. It also is not regulated by any financial institution or government — meaning transactions are made peer-to-peer, also known as P2P, without going through a third party, like a bank or payment processor such as Paypal.

Users of Bitcoin don’t identify themselves with their real names. Instead, they use Bitcoin addresses, seemingly random strings of numbers and letters, and pseudonyms. Bitcoin transactions are recorded in a public, digital ledger called a blockchain.

Related:Old-school analyst grades Bitcoin, other cryptocurrencies

Despite there being a verified record of the transaction in the blockchain, the parties can remain anonymous because they are identified only by their Bitcoin address or pseudonym in the blockchain. No bank, payment processors or government agency has a record of the transaction.

That has made Bitcoin donations popular not only with libertarians who oppose any government interference in their lives but also money launderers, fraudsters and foreign political operatives seeking to covertly dump illegal amounts of cash into campaign coffers.

Recognizing Bitcoin’s potential for fraud in campaigns, and that cryptocurrency donations cannot be easily inspected by the public, the Federal Elections Commission issued an advisory opinion in 2014 with instructions on reporting cryptocurrency donations.

Under the opinion, cryptocurrency donations must be reported as in-kind contributions, like reporting the value of pizzas that a donor purchases for a campaign event. But while the value of the donated pizza will not change, Bitcoin valuations can be wildly volatile.

The value of a single bitcoin in March dropped to $5,800. By Sept. 15, a Bitcoin had a market value of $10,785. So, the fraction of a bitcoin donated today may be below the $2,800 individual contribution limit but above the limit on the day the campaign report is filed.

The FEC addressed that problem by requiring bitcoin contributions be valued on the day they are given. Loomer said she avoids that dilemma by immediately converting all bitcoin donations to cash.

“I think there is a lot of fake news about Bitcoin,” said Loomer. “It’s disingenuous to say it’s any different than accepting cash.”

Bitcoin donations can only be accepted after donors provide their names, addresses, employers and affirm that they own the bitcoins and that they are U.S. citizens. As with all donations, the campaign treasurer is responsible for ensuring transactions are legal and that when the contributions are added to others by the same donor, do not exceed contribution limits.

“There is little difference in the fraud risk of accepting cryptocurrency versus the risk of accepting credit card donations online,” said Boring. As for fraud concerns, 15 percent of adults in the U.S. own some form of cryptocurrency and at least one-third of U.S. small and medium-sized businesses accept cryptocurrency as payment, Boring said.

Just because a donor uses Bitcoin rather than cash does not mean the donor is trying to hide something, Boring added.

“Many donors prefer to donate cryptocurrency because they want to support the growth of cryptocurrencies as a medium of exchange and transfer,” Boring said. “Cryptocurrency holders are passionate about this emerging technology and they are eager to support and encourage candidates who accept cryptocurrencies.”

Loomer said she got interested in cryptocurrency several years ago. That was about the time she was kicked off Twitter, Facebook, Instagram, Uber, Lyft, Medium and other sites and services for her use of hate speech. Loomer also lost the ability to transfer money when third party money processsors, like PayPal, GoFundMe and Venmo also banned her.

“I’m proud I am one of the only candidates in the nation that accepts bitcoin donations,” said Loomer, the Republican candidate challenging the longtime Democratic incumbent, Lois Frankel.

Loomer said she had not received many bitcoin contributions but she did not respond to a request for information about the number and amount of Bitcoin donations that her campaign has collected. 

Campaign finance rules require donors be identified only if their cumulative donations to a candidate exceed $200. Most of Loomer’s donations fall into that category. While some candidates identify all donors regardless how small the donation, Loomer has chosen not to do so.

How widespread cryptocurrency donations are in federal and state races across the country is hard to calculate. An investigation by the Center for Public Integrity published in 2018 found 20 candidates running for all levels of office who solicited or had received cryptocurrency donations.

The Center for Public Integrity found federal election records revealed eight candidates who had raised cryptocurrency contributions worth at least $550,000 since 2014.

The cryptocurrency rules that apply to candidates for federal offices do not necessarily apply to candidates in state races. According to the Center for Public Integrity, in 2018, at least eight states and the District of Columbia have created their own limitations or added instructions about cryptocurrency donations in their election manuals. At least seven others state have banned cryptocurrency contributions altogether.

As for Florida, there is no mention of cryptocurrency transactions in campaign manuals or the statute governing campaigns. The state Division of Elections did not respond to repeated requests about whether Florida regulates cryptocurrency use in campaigns.

Whether cryptocurrency transactions in campaigns is a fad or the future of fundraising has yet to be determined. Among the biggest hurdles is the hassle of converting crytocurrency donations to dollars — a process that requires documentation and a payment processing fee or transfer fee, said Jordan Libowitz, communications director for Citizens for Responsibility and Ethics in Washington, DC.

“TV stations are not going to take bitcoin for ad buys,” said Libowitz, adding that he has not seen major donors switching to Bitcoin. “Campaigns like being simple and this is complicated.”

Source: www.palmbeachpost.com


Bitcoin daily chart alert - Fledgling uptrend now in place - Sep. 17

Bitcoin daily chart alert – Fledgling uptrend now in place – Sep. 17

(Kitco News) – Bitcoin-U.S. dollar prices are weaker early Thursday, on a normal downside correction after hitting a two-week high Wednesday. Bulls have stabilized prices and are now working on a price uptrend on the daily chart.

By Jim Wyckoff

Follow @jimwyckoff

Source: www.kitco.com

Author: http://www.facebook.com/kitconews


Bitcoin Cash (BCH/USD) forecast and analysis on September 18, 2020 • PumpMoonshot

Bitcoin Cash (BCH/USD) forecast and analysis on September 18, 2020 • PumpMoonshot

Cryptocurrency Bitcoin Cash (BCH/USD) is trading at 234. Cryptocurrency quotes are trading above the moving average with a period of 55. This indicates a bullish trend on Bitcoin Cash. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator bands.

As part of the Bitcoin Cash forecast, a test of the level of 228 is expected. Where can we expect an attempt to continue the growth of BCH/USD and the further development of the upward trend. The purpose of this movement is the area near the level of 252. The conservative buying area for Bitcoin Cash is located near the lower border of the Bollinger Bands indicator bars at 220.

Cancellation of the option to continue the growth of the Bitcoin Cash rate will be a breakdown of the area of ​​the lower border of the Bollinger Bands indicator bars. As well as a moving average with a period of 55 and closing of quotations of the pair below the area of ​​214. This will indicate a change in the current trend in favor of the bearish for BCH/USD. In the event of a breakdown of the upper border of the Bollinger Bands indicator bands, one should expect an acceleration in the fall of the cryptocurrency.

Bitcoin Cash (BCH/USD) forecast and analysis on September 18, 2020 implies a test level of 228. Further, growth is expected to continue to the area above the level of 252. The conservative buying area is near the area of ​​220. Cancellation of the cryptocurrency growth option will be a breakdown of the level of 214. In this case, we should expect continuation of the fall.

News Source

Source: www.pumpmoonshot.com

Author: by PumpMoonshot


Satoshi Nakaboto: ‘Number of Bitcoin ATMs surpasses 10,000 worldwide’

Satoshi Nakaboto: ‘Number of Bitcoin ATMs surpasses 10,000 worldwide’

Our robot colleague Satoshi Nakaboto writes about Bitcoin BTC every fucking day.

Welcome to another edition of Bitcoin Today, where I, Satoshi Nakaboto, tell you what’s been going on with Bitcoin in the past 24 hours. As Rousseau used to say: We’re on the highway to hell, so let’s ride!

We closed the day, September 17 2020, at a price of $10,948. That’s a minor 0.22 percent decline in 24 hours, or -$24.26. It was the lowest closing price in one day.

We’re still 45 percent below Bitcoin‘s all-time high of $20,089 (December 17 2017).

Bitcoin‘s market cap ended the day at $202,475,761,712. It now commands 57 percent of the total crypto market.

Yesterday’s volume of $38,151,810,523 was the highest in five days, 66 percent above last year’s average, and 48 percent below last year’s high. That means that yesterday, the Bitcoin network shifted the equivalent of 607 tons of gold.

A total of 348,403 transactions were conducted yesterday, which is 9 percent above last year’s average and 22 percent below last year’s high.

Yesterday’s average transaction fee concerned $1.12. That’s $2.78 below last year’s high of $3.91.

As of now, there are 17,823 Bitcoin millionaires, or addresses containing more than $1 million worth of Bitcoin.

Furthermore, the top 10 Bitcoin addresses house 4.8 percent of the total supply, the top 100 14.1 percent, and the top 1000 34.9 percent.

With a market capitalization of $204 billion, Pfizer has a market capitalization most similar to that of Bitcoin at the moment.

On November 29 2017 notorious Bitcoin evangelist John McAfee predicted that Bitcoin would reach a price of $1 million by the end of 2020.

He even promised to eat his own dick if it doesn’t. Unfortunately for him it’s 100.0 percent behind being on track. Bitcoin‘s price should have been $602,255 by now, according to dickline.info.

On a yearly basis Bitcoin now uses an estimated 69 terawatt hour of electricity. That’s the equivalent of Colombia’s energy consumption.

Yesterday 33,417 fresh tweets about Bitcoin were sent out into the world. That’s 60.5 percent above last year’s average. The maximum amount of tweets per day last year about Bitcoin was 82,838.

This was yesterday’s most engaged tweet about Bitcoin:

There are now 10,000 #Bitcoin ATM’s in the world! 🧡 pic.twitter.com/NwIthNADnW

— The Moon 🌙 (@TheMoonCarl) September 17, 2020

This was yesterday’s most upvoted Reddit post about Bitcoin:

My Health Insurance Provider now accepts Bitcoin as payment for monthly premiums! from r/Bitcoin

print(randomGoodByePhraseForSillyHumans)

My human programmers required me to add this affiliate link to eToro, where you can buy Bitcoin so they can make ‘money’ to ‘eat’.

Source: thenextweb.com

Author: Satoshi Nakaboto


Billionaire Twitter CEO Jack Dorsey Reveals Why Bitcoin Is ‘The Best’ Internet Currency

Billionaire Twitter CEO Jack Dorsey Reveals Why Bitcoin Is ‘The Best’ Internet Currency

Bitcoin and cryptocurrencies have exploded back into the limelight in recent months, given a boost by the Federal Reserve’s coronavirus pandemic response.

The bitcoin price, after crashing in March along with most other assets, quickly bounced back—but has recently fallen again, inline with technology stocks.

MORE FROM FORBESEthereum Is Eating BitcoinBy Billy Bambrough

Jack Dorsey, the CEO of both Twitter and Square, has previously espoused his love of bitcoin and … [+] decentralized systems.

“The internet is something that is consensus-driven and is built by everyone, and anyone can change the course of it. Bitcoin has the same patterns, it was built on the internet,” Dorsey told newswire Reuters in an interview last week. “Any one with a great idea can add to it.”

Dorsey spoke to Reuters just as his company Square announced it’s inviting other cryptocurrency firms to join an “‘alliance” that will pool patents and preserve the industry’s open-source spirit, called the Cryptocurrency Open Patent Alliance (COPA).

“We believe there needs to be a global native currency for the internet. Just as everyone should be able to participate in the economy and have access to the same tools and services, so too should everyone be able to participate in cryptocurrencies and have access to its underlying innovation,” COPA, which is an entirely separate entity from Square, with its own independent board of directors, wrote in a statement, adding “offensive and misguided use of patents threatens the growth and adoption of emerging technologies such as cryptocurrencies.”

Any company that works in crypto, regardless of whether it has patents or not, will be eligible to join COPA.

“Square is putting all of our crypto patents into a new non-profit [organization], Dorsey said via Twitter. Last month, Square revealed its popular Cash App brought generated $875 million in bitcoin-related revenue in the second quarter of 2020.

Dorsey has repeatedly endorsed bitcoin over recent years, going as far as to claim bitcoin has the potential to become the world’s sole currency by 2030 in a 2018 interview with the Times of London.

“I think the internet wants a native currency and I think bitcoin is probably the best manifestation of that so far,” Dorsey said this week, adding that he sees Square’s role as “a tool maker” that should “make it easy for people to understand and, most importantly, make it easy for people to utilize [bitcoin].”

However, Dorsey thinks that there is still work to be done before bitcoin and cryptocurrency achieves wider, mainstream adoption; pointing to “transaction times and efficiency” and ease of use as needing improvement.

“We have to build bitcoin in such a way that it as intuitive, it’s as fast and it’s efficient as what exists today, and goes beyond that too,” he said.

Source: www.forbes.com

Author: Billy Bambrough


Bitcoin Hit $20k the Last Time This Fundamental Indicator Flashed; It’s Back


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