Coinbase CEO Makes Stark WARNING About Bitcoin. Here’s What You Need To Know

Bitcoin and cryptocurrency adoption rates around the world are growing, but not quickly enough to prevent the bitcoin price from falling — and now the chief executive of San Francisco-based Coinbase, one of the world’s largest cryptocurrency exchanges, has warned that widespread, mass bitcoin adoption for payments is going to be a long time coming.

The bitcoin price is currently just over $6,000 after falling below the psychological barrier yesterday for the second time this year. The bitcoin price is down some 70% from its highs at the end of last year and many of newer cryptocurrencies that have been created in the last few years have been all but wiped out.

“I think it will be quite some time before you cross the street to Starbucks in the U.S. and pay with crypto,” Coinbase’s Brian Armstrong warned in an interview with Bloomberg at the Bloomberg Players Technology Summit in San Francisco.

Starbucks was recently forced to row back from reports it is working with Microsoft and New York Stock Exchange owner Intercontinental Exchange on a new digital platform that will allow its customers to use bitcoin and other cryptocurrencies at its outlets.

“Customers will not be able to pay for Frappuccinos with bitcoin,” a Starbucks spokesperson said after it was announced the coffee chain was involved with a new cryptocurrency venture called Bakkt.

Armstrong estimated that only about…

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Revealed: The 3 Reasons Crypto Prices Are Crashing

The price charts resemble battlefields, with red arrows raining down relentlessly. Since the start of the year, the price of bitcoin has fallen by more than 50%, cutting more than $100 billion from its market capitalization. At the time of writing, Satoshi’s digital gold trades for around $6,400 per coin, a far cry from the $100,000 that some analysts predicted at the beginning of the year.

And it’s not just bitcoin.

For instance, since recording an all-time high of more than $1,400 in January 2018, ether has similarly plunged. In the past month alone, ether has shed nearly $11 billion in market cap (that’s equivalent to 55,000 Lamborghini Huracáns). Ripple’s XRP, which once hovered near $4 per unit, has also succumbed to gravity, crashing some 90% from its January peak.

It’s hard to pinpoint a single reason for the declines, and some coins are already bouncing back from the depths plunged earlier this week. Here are a few of the factors market watchers believe may be contributing to the crypto carnage…

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Crypto Panic: Find Out Why Bitcoin Prices Are Tanking

Bitcoin touched below $6,000 and dozens of smaller digital tokens including Ether retreated as this month’s sell-off in cryptocurrencies showed few signs of letting up.

The largest digital currency fell as much as 6.2 percent to $5,887, the lowest level since June, before paring some of the drop, according to Bloomberg composite pricing. Ether sank as much as 13 percent, while all but one of the 100 biggest cryptocurrencies tracked by recorded declines over the past 24 hours.

The total market capitalization of virtual currencies dropped to $193 billion. That’s down from a peak of about $835 billion in January.

“Most cryptocurrencies have been overvalued for a very long time,” said Samson Mow, chief strategy officer at blockchain developer Blockstream Corp. “It’s hard to pin this move on any particular factor, but it feels like the opposite of last year when money piled in as people felt FOMO. Now it’s piling out as they sense…

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Newsflash: This Important Crypto Falls Below Major Level, Pummeled to 9-Month Low

A sell-off sent the ethereum price plunging below $300 on Monday, forcing the second-largest cryptocurrency to its lowest mark in more than nine months.

Ethereum had traded as high as $323 earlier in the day, but a flurry of sell orders began to pummel the market at approximately 15:00 UTC, driving ETH closer and closer to $300, a level it had not touched since 2017.

At 15:43, ETH closed just pennies above $300, and less than one minute later it fell below that mark on Bitfinex for the first time since Nov. 12. As of 16:45 UTC, the ethereum price had dropped to $293. Ethereum is now down seven percent for the day and more than 61 percent in 2018…

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Wall Street Analyst Says Bitcoin Must Not Breach THIS LEVEL or it could be ‘Game Over’

Renaissance Macro Research’s head of technical research Jeff deGraaf concluded it may be “game over” for Bitcoin (BTC) in a new analysis, CNBC reports August 9.

In a note to clients, deGraaf, who has received multiple accolades for his trading insights in the past twenty years, claimed Bitcoin’s price movements suggest the largest cryptocurrency is “permanently impaired.”

CNBC quotes deGraaf as writing that Bitcoin’s “parabolic moves are notoriously dangerous for short-sellers,” adding that a top normally develops with the appearance of a “descending triangle over months, with reduced volatility and little [fanfare],”

“Once the top is complete on the support violation, the security in question can often be considered permanently impaired or even ‘game‐over’. We are of course referencing Bitcoin as exhibit ‘A’ in today’s market.”

Such a situation would become a genuine consideration if BTC/USD broke…

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Yale economists answer how likely it is that Bitcoin becomes WORTHLESS

Bitcoin captured the attention of investors, celebrities and even NFL playersin 2017, as its price soared from below $1,000 for a single coin at the start of the year to over $19,000 in December.

The digital currency underpinned by blockchain technology — a decentralized ledger managed by a network of computers through complex math problems — has since fallen to trade near $6,430 at 10:00 a.m. EST Thursday morning according to Coindesk. For long term holders of bitcoin, that price is still a huge gain; a single coin was worth less than $100 in 2013.

However, it’s important to remember that its value can fall all the way back to zero. In fact, there is a 0.4 percent chance bitcoin will become worthless, according to a new report by two Yale University economists.

“The current implied daily disaster probability is about 0.4 percent for Bitcoin, 0.6 percent for Ripple, and 0.3 percent for Ethereum,” according to the report by Yale University economics professor Aleh Tsyvinski and economics Ph.D. candidate Yukun Liu.

By studying the price data for bitcoin from 2011 to 2018, along with that of Ripple’s XRP and Ethereum’s ether from the newer currencies’ inceptions in 2012 and 2015 respectively, Tsyvinski and Liu were able to calculate the probability that the price of a cryptocurrency would…

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Bitcoin Price Dives Sharply – Find Out Why

Bitcoin (BTC) prices broke below the $7,000 support level late August 7 to hit lows on Wednesday, August 8 not seen since mid-July, as 99 out of the 100 coins on CoinMarketCap see red.

At press time, BTC was trading around $6,499, down around 8.5 percent on the day and capping a turbulent three weeks in which the largest cryptocurrency gained and lost up to 20 percent.

Tuesday’s move below $7,000 means the coin has almost come full circle since it rapidly gainedover $1,000 over a two-day period ending on July 17.

While commentators were unclear as to the motive behind the sudden upwards move, Bitcoin prices continued rising throughout the last month, reaching multi-week highs of around $8,450 two weeks later.

In August, despite news of a regulated digital assets platform from Intercontinental Exchange and moves by Goldman Sachs to plan a crypto custody offering, markets began deteriorating, with Bitcoin losing around 15 percent over the past seven days.

The latest lows came hours after U.S. regulators announced they had extended a deadline for approving a…

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Friday Will Be a Critical Test for Bitcoin – And Here’s Why

Bitcoin has regained its footing early Tuesday, trading back above $7,000 as it looks to halt the recent selloff.

After logging its eighth losing session in the last nine on Monday, bitcoinBTCUSD, +2.61%  last changed hands at $7,084.77, up 2.4% since Monday 5 p.m. Eastern Time on the Kraken crypto exchange.

After a torrid start to August for digital currency owners, participants have shifted their focus to a potential decision on the VanEck and SolidX application for a bitcoin-related exchange-traded-fund.

The first date to watch is Aug. 10, which is 45 days since the Securities and Exchange Commission filed a notice on the proposal and when the time in which it would file a response runs out. However, the SEC has said it can push out this response period to 90 days “if it finds such longer period to be appropriate.”

Either way, the crypto community have it on their radar. “The ETF decision is going to be the next catalyst for the market,” said Charles Hayter, co-founder of CryptoCompare. “There’s a lot of uncertainty around the decision, but also a lot of…

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Bitcoin Breaks a Major Level

Bitcoin rose to an intra-day high of $8,486 and close of $8,396 on July 24 after rebounding from its recent low close of $5,871 on June 28 and its intra-day low of $5,538 on July 2. However, since Tuesday Bitcoin has fallen over $1,000 to just under $7,000 on Saturday.

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

[Author’s note: There is no official price for Bitcoin, so I use round numbers and reference Yahoo! Finance data.]

There have been two distinct downturns in the past five days, both of which could be due to a very large Bitcoin trade going south and leading to a large number of the cryptocurrency hitting the market.

On Friday, August 3, OKEx, a Hong Kong Bitcoin exchange announced that it had frozen a clients account due to the client initiating “an unusually large long position order (4,168,515 contracts).” This happened on July 31 and with each contract worth $100 this was almost a $420 million position…

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BREAKING: Goldman Sachs gives notable Bitcoin prediction

  • Goldman Sachs’ investment strategy group says bitcoin will continue to decline.
  • It also says the virtual currency meets none of the three definitions of usable money and makes up just 0.3% of global GDP.
  • Bitcoin has declined by 45% in 2018.
  • Follow bitcoin in real-time here. 

Despite headline-making plans to open a bitcoin trading desk earlier this year, Goldman Sachs still isn’t sold on the virtual currency.

In a midyear economic-outlook report, the bank’s investment strategy group says the price of bitcoin is likely to decline even further than the 45% it has in the first seven months of 2018.

“Our view that cryptocurrencies would not retain value in their current incarnation remains intact and, in fact, has been borne out much sooner than we expected,” the team lead by chief investment officer Sharmin Mossavar-Rahamani said.

“We expect further declines in the future given our view that these cryptocurrencies do not fulfill any of the three traditional roles of a currency…

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