Elon Musk Warms Up to THIS Crypto

The billionaire CEO of SpaceX and Tesla, Elon Musk suggested he has warmed up to Ethereum (ETH) in a recent tweet:

The tweet was part of a discussion regarding the proliferation of fake Elon Musk accounts. Those accounts spread the Ethereum giveaway scam, in which users are promised a huge return, if they send a small amount of ETH to a wallet. The scam has affected prominent accounts in the crypto space, with Elon Musk’s Twitter also heavily affected. Recently, Twitter started a fight against scam bots by blocking anyone using Musk’s name.

The tweet does not give details on whether Musk would actually do anything with Ethereum. Some analysts have suggested that Musk could use cryptocurrency to take Tesla private. Or make an initial coin offering (ICO) via the Ethereum network to raise funding for the initiative.

While there are niche attempts, such as linking the Tesla Ridershare platform with the EOS network,the electric car manufacturer has no direct plans of using blockchain technology, neither the Ethereum network.

The tweet arrives at a moment when the utility of the Ethereum network is questioned again. As ETH market prices fell below the…

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2 reasons for the sudden moves in Bitcoin

Bitcoin price

Bitcoin price briefly broke above $7000 August 28, hitting a new high of $7051 on major exchanges – its highest since August 7.

ETF Fever Decouples From Bitcoin Price

Data from Bitcointicker and other sources confirm the multi-week highs for Bitcoin, which curiously come on the back of multiple rejections of exchange-traded fund applications by US regulators last week.

At press time, a correction saw BTC/USD fall below the $7000 barrier again just minutes after peaking to currently trade around $6995, followed by a fresh uptick towards $7005.

As Bitcoinist reported in our most recent price analysis August 26, markets suggested $7000 would be a difficult hurdle to overcome.

Despite the US Securities and Exchange Commission denying entry to the market for a slew of Bitcoin ETFs, however, unlike in previous instances, prices failed to react beyond an insignificant – and temporary – downturn by several hundred dollars.

Now, attention is focusing on the fact that such decisions are not so important for Bitcoin’s long-term metamorphosis.

In weekly comments to clients Monday, eToro senior market analyst Mati Greenspan encapsulated current thought, describing ETFs as something “not necessarily a defining moment for crypto” but which “could potentially help put a bottom on prices.”

Holiday Season Over?

Beyond price, Bitcoin’s trading behavior has also strongly improved over the past week. Data from Coinmarketcap shows an especially dramatic increase in trade volumes, which increased almost 30 percent in 24 hours.

Overall trade volumes across cryptocurrency markets have likewise risen by over 30 percent in the last week, from around $8 billion to around $12 billion per day.

Bitcoin has succeeded in retaining market dominance above 50 percent.

As commentators scrabbled to find a motivating factor behind Bitcoin’s unexpected rise, entrepreneur and investor Alistair Milne meanwhile kept the verdict simple.

“It’s almost like people have come back from their holidays,” he commented on Twitter.

What do you think about Bitcoin breaking above $7000? Let us know in the comments below!

Images courtesy of Shutterstock, Twitter, bitcointicker.co

The post Bitcoin Price Breaks $7000 Resistance To Hit Surprise Multi-Week High appeared first on Bitcoinist.com.

Source: Bitcoininst

Find Out: This Particular Market Signal Could Kick Off Bitcoin’s Rebound

If the Lambo-lovin’ faithful across the internet are any indication, bitcoin “hodlers” have been surprisingly patient during this nightmarish year. As you can see from this Reddit post, they’ve also kept their sense of humor:

Maybe it’s because they’re confident in the long-term story. Or perhaps they got in early enough that the latest batch of weakness doesn’t even matter.

Whatever the case may be, bitcoin investors are about to get paid in big way, according to Fundstrat’s Tom Lee, who told CNBC in a recent interview that the signal for an imminent rally will come from emerging markets. Specifically, when the iShares MSCI Emerging Markets Index ETF EEM, +1.58%  starts to rebound, he says, watch for bitcoin BTCUSD, +0.77%  to do the same.

A relationship between the two struggling investments — the emerging-markets ETF is off about 8% so far this year, while bitcoin has obviously been hit MUCH harder — has been forming of late. Lee says the correlation illustrated in this graphic could be key in predicting a reversal for bitcoin…

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The Best Bitcoin Alternatives: 4 Promising Altcoins

Following the success of Bitcoin, more and more substitutes of this cryptocurrency started to appear, known under the name of “Altcoins”. At the present time, there are more than 4,000 altcoins available to investors and this could make it harder for people to decide which is the best alternative to Bitcoin. That’s exactly why we came up with a list of four best such options that you can choose from, depending on your needs. In order to make sure that you select the best option, you first need to be aware of what kind of features you are looking for in your cryptocurrency.

Bitcoin Cash

This altcoin is quite similar to Bitcoin from many points of view, with a major difference in the size of the blocks, as Bitcoin had a 1MB block size, while Bitcoin Cash (BCH) had 8MB blocks. This year in May, the size of BCH’s blocks was expanded one more time and it is now 32MB. BCH joined the market in 2017 on 1st of August and it was the first Bitcoin hard fork to appear.

At the moment, BCH is the cryptocurrency that is the most broadly recognized by vendors and when it comes to market capitalization, Bitcoin Cash remained in the top 5 cryptocurrencies ever since it came into the market. These days, several crypto investors believe that BCH is one of the best Bitcoin alternatives…

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Will Bitcoin Hit $10K This Year? See Our Latest Prediction

July was a solid month for cryptocurrencies overall, with the price of Bitcoin reversing the steady declines seen over the previous two months to hover around $8,200 around the end of the month. This marked a strong recovery from the low of $5,755 seen in late June, but was still well below the all-time high of almost $20,000 last December, and also a good 18% lower than the ~$10,000 figure seen less than three months ago.

Notably, there was a recovery in the level of activity on the Bitcoin network over the month of July, with the average number of unique addresses and the average transaction volume per unique user improving from the lows seen in June. However, with both of these key metrics sliding lower over the first two weeks of August, the price of Bitcoin has slumped to below $6,500. Given the current weakness in Bitcoin trading activity, we have reduced our forecast for number of unique users as well as transaction volumes in our interactive Bitcoin Price Estimator.We now expect the Bitcoin price to settle around $9,500 by the end of the year for our base case scenario – down from our earlier estimate of $10,500.

The graphic below captures our base case forecast for the monthly average price of Bitcoin this year based on our estimates for transaction volume and number of Bitcoin users, and also shows a possible price range for the cryptocurrency taking into account a relatively bullish as well as bearish outlook for…

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3 Ways Bitcoin’s Bear Market Might End

It’s an understatement to say the current price of the world’s largest cryptocurrency pales when compared to its past glories – at $6,700, bitcoin is down roughly 60 percent from its all-time high.

That said, market conditions aren’t the same as they have been in years past. Indeed, bitcoin’s 2017 boom has brought new attention, and with it, traders and investors who are left wondering if the asset can ever return to its former glory.

Certainly, there’s no shortage of ways to approach the question, but one effective method is to look at the charts for historical patterns that could speak to investor psychology, and perhaps, yield valuable hints and clues about future performance.

Applying these theories, a market might be expected to “bottom,” or reach a new low, after a speculative bubble bursts in a moment often referred to as “capitulation.” Consisting of extreme selling over a short time period, the infamous 2014 bitcoin bear market finally bottomed out after it lost more than 40 percent of its value in less than three days at the top of 2015.

Since such an event could be measured and understood in…

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This Chart Shows Everything You Need to Know About Bitcoin Prices

Here we go again. Bitcoin has hit what chartists call a “support line.”

Here is the chart:

Bitcoin/dollar chart - support levels

Bitcoin/dollar chart – support levelsCREDIT: ADVFN

“Support” is meant to be a psychological level created by people watching for bottoms in markets. It is meant to be harder for a financial instrument to break down through a previous bottom, than to bounce up from it, so ‘support’ is a potential rallying point.

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

The idea is that support and its brother indicator “resistance” become self-fulfilling prophesies. People trade when they see support and resistance, and thereby turn these points into…

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Why Are Altcoins Falling Faster Than Bitcoin?

In the digital currency space, it’s common for many coins and tokens to move in similar patterns. When bitcoin (BTC), the largest cryptocurrency by market cap, goes up, other digital tokens tend to increase in value as well. When BTC declines, it’s likely that other players in the space will drop at the same time.

In recent weeks, as many cryptocurrencies have fallen even further in what has already been a tough year so far, this pattern has held. However, as a report by Zycrypto.com indicates, something interesting has been happening: ethereum and other altcoins have been hit harder than bitcoin, overall. Why is it that altcoins are suffering more significant losses than the top digital currency?

Bitcoin ETF News

The report indicates that bitcoin has commanded more than 50% of the total cryptocurrency market cap in recent weeks. One important turning point for the crypto space was the announcement that the U.S. Securities and Exchange Commission (SEC) would delay any announcement of a decision regarding the approval of a cryptocurrency exchange-traded fund (ETF) until the end of September. While this announcement, which took place earlier in August, spelled trouble for all digital currencies, it seems to have had a longer-lasting and more significant impact on ethereum and other altcoins.

While investors sold off digital currencies following the SEC announcement, bitcoin was able to hold its value better than other coins. Ethereum dipped to its lowest price in about a year, falling below $300.

Bitcoin Stability?

One explanation for the resilience of bitcoin relative to other cryptocurrencies is that…

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3 reasons why Ethereum had a brutal week

Since hitting highs of over $1,400 in mid-January, Ethereum has been locked in a bitter downtrend, punctuated only with relief rallies to meet a series of lower highs. At present, the cryptocurrency is trading under $300—a price not seen since November 2017.

To put this into perspective, the loss represents the removal of just over a hundred billion from Ethereum’s market cap, a value bigger than the GDP of Slovakia, and not far from the entire net worth of Jeff Bezos. In terms of its share of crypto’s total market cap, Ethereum now sits around 14%—a long way from its high of 32% in June last year, when it was fast closing in on Bitcoin, which at the time held 38% (since then Bitcoin has recovered to 54%).

But is it fundamentals or technicals driving this downturn? Does the drop in price reflect a fundamental flaw, or is Ethereum just caught on the wrong side of yet another tumultuous market cycle?

Technical doubts

Falling prices are not necessarily indicative of flawed projects, but technical uncertainty doesn’t fill investors with confidence, and as the market sentiment swings from bullish to bearish, small question marks become bigger existential doubts.

Ethereum’s path to decentralisation remains impeded by unanswered questions, and critics of the cryptocurrency are not lacking in ammunition—pointing to unresolved issues around scaling, concerns over insecure smart contracts, and burgeoning competition as more and more organisations choose to build their own blockchains.

Perhaps the most glaring evidence of weakness has come from…

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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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