Archives of “BITCOIN” tag

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Here’s a BTC opinion – Bitcoin could surge to $300,000 then drop 90%

  
Analysis, BITCOIN
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Comments from Bobby Lee, co-founder and former CEO of crypto exchange BTCC to CNBC Monday afternoon US time.

  • could soar as high as $300,000 in the current bull market based on its historical patterns
  • (he does add that he was not sure if history would repeat itself)
  • “Bitcoin bull market cycles come every four years and this is a big one”
  • “I think it could really go up to over $100,000 this summer.”
  • warned the bubble will burst after peaking
  • a “bitcoin winter” that could last for years … following its bull run
  • Investors should be aware that bitcoin’s value could fall as much as 80% to 90% of its value from the all-time peak
BTC has dropped in past hours, maybe traders didn’t see the 300K forecast before the 90% drop bit?
Comments from Bobby Lee, co-founder and former CEO of crypto exchange BTCC to CNBC Monday afternoon US time.

Here is the list (so far) of the crypto hacked Twitter account

  
  Analysis
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Accounts hacked so far by the Bitcoin scam, asking you send coins to a bogus address

  •  Bill Gates
  •  Elon Musk
  •  Joe Biden
  •  Warren Buffett
  •  Kanye West
  •  Michael Bloomberg
  •  Apple
  •  Uber
  •  Jeff Bezos
  •  Barack Obama
Tweet looks like this – DO NOT SEND COINS TO ANYONE AT ALL RIGHT NOW until this thing is fixed:
Accounts hacked so far by the Bitcoin scam, asking you send coins to a bogus address

SEC disapproves plan to list bitcoin ETF

  
Analysis, BITCOIN
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ETF rejected

It was already a tough day for bitcoin but news that the SEC has disapproved a plan to list a bitcoin ETF on NYSE ARCA is now breaking. Regulators cited concerns over Bitcoin manipulation.
There are a few people trying to get an ETF approved, I’m not sure exactly which one this is but it doesn’t bode well for anyone who is trying to convince the SEC.

What is your preferred source of safety from the Coronavirus?

  
  Analysis
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Via Bloomberg, question of the day ?

Via Bloomberg, question of the day ? 
This was a question on Bloomberg Market’s Live blog this week and I thought I would ask our Forexlive readership the same question. What are you looking at for safety in the current concerns over the coronavirus?
  • Treasuries: One of the first ‘go to places’.
  • Gold: Another quick go to place for value. Short term it makes sense for a quick spike, but longer term the improving US outlook means that gains should be capped
  • Bitcoin: Sometimes mirrors gold as a digital ‘gold’, but for some investors the jury is still out whether bitcoin is here to stay or a first flush of a changing digital age that may or may not be here. For me, when investing in a safe haven on the coronavirus fears, I would favour gold over bitcoin every time. Is that just an unfair bias and unnecessary conservatism, or sensible? Anyone take the other view?
  • Tech stocks: Seen as less vulnerable as industrials, finance or energy stocks. Perhaps long health stocks?
Other areas to look at?

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Bitcoin off to a weak start in 2020

  
Analysis, BITCOIN
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Bitcoin on Coinbase is down $-265 and back down below $7000

The price of bitcoin is off to a weak start in 2020. The price on Coinbase is trading down $265 at $6951.83.  The hi reached $7217. The low reached $6903.
Bitcoin on Coinbase is down $-265 and back down below $7000
In addition to breaking back below the natural level of $7000, the price is moving further away from its 100 and 200 hour moving averages. Those moving averages currently come in at $7219.51 and $7231.48 respectively.
Over the last 7 or so trading days the price has been fluctuating below and then above those moving averages. The high last week extended up to $7531 after breaking above the moving averages at $7239 on December 28.
The price move back below the moving averages on December 30. They were retested on December 31 and again on January 1 before rotating back to the downside yesterday. Bearish
In addition to the fall below the moving averages, the price today also fell below the 50% retracement of the move up from the December 18 low at $7059.50. Bearish.
That break targeted the 61.8% retracement at $6910.93 next. Buyers have leaned near that retracement level. We are currently seeing a modest bounce. It will likely take a move back above the 50% retracement level at $7059.50 to solicit more buying.
Should the price break below the 61.8% retracement, however, I would expect further downside momentum. The low price in December reached down to $6430. That would be a target on increased selling pressure.

Bitcoin tries to restart after the 25% plunge lower today

  
Analysis, BITCOIN
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Bitcoin falls 25% from the high..

The price of Bitcoin moved up by about 22% to the high yesterday. Today from the high the price fell 25%.  Wow!
Bitcoin falls 25% from the high..
Technically, the first low (going into the close yesterday) stalled at the 100 hour MA (blue line in the chart above).  There was a sharp run back higher but the 2nd run lower cracked the 100 hour MA, the 200 hour MA (green line) and finally stalled near a lower trend line at $10300 (the low reached $10330).
What now?
The price is trading above and below the 200 hour MA at $10809.76.  The 50% midpoint from the June 10 low comes in at $10688.61.  If the price can’t stay above those levels, the sellers remain more in control. If the price can get and stay above, a move back above the 100 hour MA at $11636.83 will need to be breached.

Explaining "Real" Money To Your Children

  
  Education
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Money is a very important part of all our lives. The understanding of money, how it works, and how we treat it can dramatically improve or diminish our quality of life.

Based on my writings and videos on YouTube, you might think my definition of money is gold and silver, but it’s not. Money is simply a medium of exchange. It can be represented by everything from gold to horse manure. Okay, maybe not horse manure, but it’s not a far stretch with the most popular form of money today being central bank notes loaned out into existence.

The state would love to have you believe that money can only originate from itself, yet people have organically started to use bitcoins and other crypto-currencies as a medium of exchange. Nevertheless, our culture continues to worship fiat currency as if it is the only type of money. I can’t change the fact that at this moment in time the U.S. dollar is the measuring stick for goods and services when it comes to prices. Trying to disprove and dispute this fact was something I struggled with early on when I used to teach my children that only gold and silver were money.

Today, I simply teach them about money as a medium of exchange. (more…)

Word-for-word: What Warren Buffett said about cryptocurrencies Monday

  
Analysis, Education
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Verbatim on Bitcoin and cryptocurrencies


Warren Buffett was on CNBC on Monday and was asked about cryptocurrencies after he called Bitcoin “rat poison squared” at Berkshire Hathaway’s annual meeting.
Question: What is it about Bitcoin that gets you so fired up:
Buffett: “When you buy a farm, you look at the crop every year and what prices are and decide whether it was a satisfactory investment. I mean, you look to the asset itself and what it produces for you. When we buy a business, we look at what the business earns and decide how we feel about it in terms of what we paid, but we are buying something that at the end of the period, we have not only what we bought but what the asset produced and when you buy non-productive assets, all you’re counting on is whether the next person will pay you more because they’re even more excited about another ‘next person’ is coming along. The asset itself is creating nothing. (more…)

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