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‘What is Bitcoin’ Tops Google Questions Category for 2018

Google trends what is bitcoin

Interest in Bitcoin around the world isn’t waning, according to the latest data from Google Trends, as many people are interested in finding out ‘What is Bitcoin’ with BTC price down over 80% from its all-time high.


What is Bitcoin – Most Searched Term in US and UK

Despite a 15 month Bitcoin price low, interest towards the world’s largest cryptocurrency by market capitalization seems to be rising. Bitcoinist recently reported Bitcoin hitting a 6-month high in Google searches.

According to the latest data from Google Trends, the search term “What is Bitcoin” tops the charts in the “What is…?” category in both the UK and the US. The interest in cryptocurrencies doesn’t end with the market’s forerunner, though. “How to buy Ripple” is the fourth most searched phrase in the “How to…” category in the US.

“What is Bitcoin” is also the number one search term for 2018 in Romania.

South Africa Most Interested in ‘Bitcoin’

The term ‘Bitcoin’ seems to be most popular in South Africa at the moment likely due to political and economic uncertainty. According to Google trends, the interest there is higher than any other country in the world.

In the US, the island of Hawaii tops the charts, followed by California, Washington state, and New York – all known to be hotspots for cryptocurrency-related activity.

2018 has been far less favorable for cryptocurrencies as the market has entered a prolonged bear market. The year saw around $700 billion dollars wiped off the market’s cap, while Bitcoin (BTC) 00 has lost around 80 percent of its value.

Naturally, people become more and more curious about whether or not the cryptocurrency will restore its previous highs. Google trends confirm this, as one of the most popular related queries to “bitcoin” is “will bitcoin go back up,” which has soared 1,800% in the last 12 months.

Will lower prices attract more buyers and interest to Bitcoin? Don’t hesitate to let us know in the comments below!


Images courtesy of Google trends, Shutterstock

The post ‘What is Bitcoin’ Tops Google Questions Category for 2018 appeared first on Bitcoinist.com.

Source: Bitcoininst

Stuttgart Stock Exchange to Launch Crypto Trading Platform in 2019

Boerse Stuttgart

The Stuttgart stock exchange (Boerse Stuttgart) announced it will launch a crypto trading venue in the first half of 2019 through a partnership with solarisBank. 


‘Taking Trading in Cryptocurrencies to the Next Level’

In an announcement today, solarisBank revealed a key partnership that will bring a new product to the crypto market in 2019. Teaming up with the Boerse Stuttgart Group, Germany’s leading floor-based exchange for retail investors and second largest stock exchange, they will launch its crypto trading venue in the first half of 2019.

White Label Crypto Exchange Platform EXPREAD

Currently, investors in Stuttgart can trade securitized derivatives, equities, bonds, ETFs, and other financial instruments. But thanks to the new partnership, Boerse Stuttgart will be able to deliver its end-to-end infrastructure for digital assets announced back in August 2018.

solarisBank has an open stance on cryptocurrencies and became one of the first German banks to offer accounts to blockchain businesses in July of this year. Now the Banking-as-a-Service technology platform (with its own banking license) will help Boerse Stuttgart Group provide both technology and banking services.

CEO of Boerse Stuttgart GmbH Alexander Höptner enthused:

With its combination of technology and banking expertise, solarisBank is a great partner for us to offer central services along the value chain for digital assets. solarisBank’s Blockchain Factory supports us in taking trading in cryptocurrencies and tokens to the next level and in setting new standards in transparency and reliability.

Boerse Stuttgart Envisions ‘A Hybrid Future’

In what sends shivers down the spines of most traditional financial professionals, both groups share a vision for a hybrid financial future in which both fiat and cryptocurrencies co-exist. The partnership will allow for a reliable trading venue to come to market so that Boerse Stuttgart’s customers can gain access to digital assets in a regulated way.

Roland Folz, CEO of solarisBank commented:

We are very pleased that Boerse Stuttgart Group chose our Blockchain Factory around Peter Grosskopf and Michael Offermann as its trusted partner.

The platform will open trading with established cryptocurrencies Bitcoin and Ethereum. However, once the Group’s “ICO platform” has gone live, investors will also be able to access the tokens issued there and they will also be available on secondary markets.

Nasdaq Increases Exchange Customers and Looks to Police Crypto

Crypto may be experiencing a cold winter right now but there are still plenty of rays of hope for the year ahead. Not only US heavyweights Bakkt and Nasdaq are coming onto the scene, but Germany is also steaming ahead with crypto adoption.

The Boerse Stuttgart crypto trading venue will be for both retail and institutional investors who want to place orders similar to traditional securities trading. The platform also aims to bring much-needed transparency to the space with open order books that provide information on the current market situation and existing orders at all times.

The company is also seeking regulation as a Multilateral Trading Facility (MTF).

Will this help open cryptocurrencies to institutional investors? Share your thoughts below! 


Images courtesy of Shutterstock

The post Stuttgart Stock Exchange to Launch Crypto Trading Platform in 2019 appeared first on Bitcoinist.com.

Source: Bitcoininst

Ethereum Miners May Be Exposed to a Hacker Mass-Scan Campaign

Ethereum vulnerability

Think you’re working hard at making an extra income even while prices are down? If you’re not careful and don’t heed the warnings about port 8545, you may just see all your ETH disappear overnight.


According to crypto-jacking and cybersecurity research firm Bad Packets, a mass-scan campaign is active at the moment. Hackers are on the lookout for internet-exposed Ethereum mining equipment and wallets.

Bad Packets Co-Founder Troy Mursch told ZDNet that this scanning campaign has actually been active for over a week, starting on December 3.

Scanning for Exposed Wallets and Mining Equipment

Hackers search the net for any devices that have port 8545 exposed on the internet. If you’re not sure what that is, it’s basically the standard port for the JSON-RPC interface of certain types of Ethereum mining equipment (particularly Geth) and Ethereum wallets.

This JSON-RPC interface is an API that allows locally-installed services and apps to find relevant mining and price related information.

Price analysis

For security reasons, the interface should, in theory, only be locally exposed. However, some mining equipment and wallet apps and make it available on all interfaces.

To add insult to injury, many of the JSON-RPC interfaces don’t come with a default password. This means that if the user has failed to set one, the device is completely exposed.

It’s easy money for the hacker. All they have to do is locate the wallet or mining equipment, send the right commands, and remove all the ethereum 00 from the victim’s address.

Port 8545 Is Not a New Problem

Ethereum has long been aware of the port 8545 issue and sent out a warning to all miners using Geth equipment back in 2015. They advised of the danger of using the type of equipment and also let Ethereum users know that this software exposes the API interface to the internet.

They also recommended that users took extra precautions by adding a password or using a firewall to block unwanted incoming traffic for port 8545.

The warning worked for some time, but memories are short in the crypto-sphere. While plenty of miners and wallet makers either took the appropriate precautions or removed the JSON-RPC interface completely, the effort wasn’t industry-wide.

Moreover, there’s more than one way to fall victim to vulnerabilities in the Ethereum network. Just last month, researchers found another major flaw that allowed hackers to drain exchanges by burning their ETH on high transaction costs.

Don’t Let Ethereum’s Tanking Price Deceive You

Back in 2015, hackers scouring for ETH were not so prevalent, but when Ethereum reached giddy heights of over $1,300 in January 2018, plenty of high-profile hacking attacks began coming to light.

Among the worst of these happened in June 2018 when a scanner managed to amass over $20 million worth of Ethereum at the then-price of around $600.

Since the price has tanked with the altcoin seeing some 90% shaved off its value, the port 8545 issue has been buried in the background.

But don’t let the low price deceive you. Even if ETH is trading at less than $100 these days, hackers are indiscriminate. They will still take a small amount from a lot of people and make a large profit over time. Said Mursch:

Despite the price of cryptocurrency crashing into the gutter, free money is still free, even if it’s pennies a day.

According to their Twitter account, Bad Packets found that the scan activity had actually tripled compared to last month despite the rock-bottom price.

It’s thought that around 4,700 devices (most of which are Parity wallets and Geth mining equipment) are currently exposing their port 8545. Worse still? Hackers can even find free tools to exploit this vulnerability and attack Ethereum users through the port.

So if you’ve been lax on your security or focusing all your attention on the price, just remember never to leave your back door (or your port 8545) completely wide open.

Will this vulnerability further hurt ETH price? Share your thoughts below! 


Images courtesy of Shutterstock, Bad Packets LLC

The post Ethereum Miners May Be Exposed to a Hacker Mass-Scan Campaign appeared first on Bitcoinist.com.

Source: Bitcoininst

Davinci Jeremie Shares His Prediction After Stellar Track Record of Bitcoin Calls

Davinci Jeremie, Chilean software developer and little known Bitcoin guru, who has a stellar track record of Bitcoin calls is back. 


Only As Good As Your Last Call

If you’re sick of so-called experts, confidently calling the bottom of the bear market, only for the following week to wipe another [insert obscene amount of money here] off your portfolio… then perhaps you are listening to the wrong experts?

Traders, pundits, gurus, seers, and other alleged diviners of the future are playing a numbers game. If enough of their predictions prove to be correct, they amass followers, devoted to their every word. Conversely, some bad calls can tarnish their reputation, and have everyone claiming that they, ‘always knew he/she was a blowhard’.

Davinci Jeremie

So, in the never-ending search for future predictions we can trust, maybe we should cast our net further afield. Perhaps even as far as Chilean software developer, and little known Bitcoin guru, Davinci Jeremie.

On Point Since Bitcoin Was $1

Back in June 2011, Jeremie was running a YouTube channel discussing gold and silver investments. That’s when he introduced his audience to Bitcoin. At the time, Bitcoin price 00 was riding high at $9 a pop, although Jeremie had bought his first coin three months earlier for just $1.

Whilst promoting the virtues of Bitcoin to his followers, he was also voicing concerns about its biggest exchange. Six months before the announcement of the Mt. Gox hack, Jeremie published a video in June 2013, advising his viewers:

It is my opinion that you should abandon Mt. Gox. I would suggest you move out of it. Do the trade on the day and get out. Do not leave money in there.

Boom And Bust

After avoiding (and helping others to avoid) the biggest heist in the history of Bitcoin, Jeremie then rode the wave to the crest. But in December last year, just two weeks before Bitcoin peaked and the tide turned, he advised followers to cash out some of their profits, saying “You’d be a fool to not take some off the table.”

So now 2018 has all but finished happening, what is Jeremie’s latest prediction? Well, as he says in a recent video:

Anyone who thinks bitcoin’s going to zero doesn’t understand the system. You have the unique opportunity of your lifetime to get into bitcoins.

Of course, if Bitcoin does go to zero then (through our tears) we can laugh about how we ‘always knew the guy was a jerk’. But until then, we can hope that ‘the guy’ maintains his run of prescience/luck, while we cross our fingers and wait for Bitcoin to go a lot higher.

Does Davinci Jeremie know something we don’t? Share your thoughts below!


Images courtesy of Shutterstock, Marketwatch

The post Davinci Jeremie Shares His Prediction After Stellar Track Record of Bitcoin Calls appeared first on Bitcoinist.com.

Source: Bitcoininst

CFTC Wants to Know More About Ethereum: Are ETH Futures on the Horizon?

The Chairman Of The CFTC Might Just Have Brought The Bitcoin Crash To An End

The United States Commodity Futures Trading Commission (CFTC) wants to know more about other cryptocurrencies apart from Bitcoin, starting with Ethereum. The Commission has issued an official Request for Input (RFI) on the matter.


Request for Input: Ethereum

In a press release published on Tuesday (December 11, 2018), the Commission expressed its desire to become better informed about cryptocurrencies other than Bitcoin. According to the press release, the CFTC wants to know more about Ether tokens and the Ethereum network.

A portion of the press release reads:

All comments must be received within 60 days of publication in the Federal Register. The RFI also seeks to understand similarities and distinctions between Ether and Bitcoin, as well as Ether-specific opportunities, challenges, and risks.

As part of the RFI, the CFTC will release questions aimed at understanding the use cases, mechanics, opportunities, risks, as well as, the underlying technology of Ethereum. The Commission also said that the information gathered will be of benefit to the CFTC’s fintech arm – LabCFTC. Members of the public will have 60 days to respond to the RFI.

ETH Futures on the Horizon?

The RFI lists a total of 25 questions about both Ether and Ethereum. The questions fall under different categories such as custody, governance, technology, etc. Across the various categories, the CFTC appears interested in knowing the similarities and differences between Ethereum and Bitcoin.

Under the “Markets, Oversight, and Regulation” section, the bulk of the questions (17 to 21) covered matters relating to Ether futures. The CFTC appears interested in knowing how the emergence of ETH derivatives would affect the network’s proof-of-work (PoW) consensus model, as well as the risks involved in trading ETH futures.

While this is conjecture, the question could signify that the Commission is looking at approving ETH futures. For the most of 2018, rumors about possible Ether futures have made the rounds within the industry. These rumors became even more intense when the SEC singled out BTC and ETH as not being securities.

‘Do No Harm’ Approach

The RFI is in keeping with the CFTC’s approach to the cryptocurrency industry. Commission Chair – J. Christopher Giancarlo has in the past, expressed positive sentiments towards virtual currencies. Back in September, the CFTC even called for a ‘do no harm’ approach to regulating cryptocurrencies.

While being tolerant, the CFTC hasn’t shied away from prosecuting cases of fraud or malpractice in the market. Recently, the Commission declared its commitment to patrolling the cryptocurrency scene.

What do you think about the CFTC’s drive to expand its understanding of the emerging cryptocurrency landscape? Let us know your thoughts in the comment section below.


Image courtesy of Shutterstock.

The post CFTC Wants to Know More About Ethereum: Are ETH Futures on the Horizon? appeared first on Bitcoinist.com.

Source: Bitcoininst

Coinbase Slammed For Venezuela ZCash Airdrop Being an ‘Advertising Strategy’

Venezuela Coinbase

US cryptocurrency exchange Coinbase has received intense criticism for giving Venezuelan families a grand total of $1 per day – in altcoin ZCash, which it added to its books days previously.


Scroogebase?

In a blog post December 11, executives claimed that the initiative dubbed the “12 Days of Coinbase,” was meant to “empower those who don’t have enough.”

Coinbase completed a rollout of ZCash 00 to its own traders December 5, the price of which currently sits at its lowest since April 2017.

“Recipients can purchase food and basic supplies at a local store that accepts payments in crypto, subsidizing everyday expenses — this $1 USD equivalent per day can buy 1–2 kilos of protein or 2-kilos of starches and vegetables,” the post reads.

The initiative will award 100 families $1 daily for three months via GiveCrypto, a spin-off enterprise from Coinbase CEO Brian Armstrong.

As soon as the plans went public, however, both Coinbase and Armstrong himself faced a barrage of negative publicity ranging from skepticism over their efficacy to outright disgust.

Starving Venezuelans Turn to Bitcoin Mining in Desperation

On Twitter, commentators, including those living in poverty-stricken Venezuela, said the priority of schemes such as this and that of fellow altcoin Dash 00 was not to help those in need but rather to market altcoins.

Venezuela, they suggested, was being used by $8 billion Coinbase as a guinea pig to serve its own aims.

“I do not see how donations from # cryptocurrencies help individuals in (Venezuela),” José Rafael Peña, editor of Spanish-language cryptocurrency news outlet CryptoNoticias wrote.

I have seen so many campaigns to give away crypts to individuals, that I only see it as an advertising strategy for those who plan to donate them.

‘You Piece Of Sh*t’

Others were much more damning.

Addressing Armstrong, Bitcoin Core contributor Udi Wertheimer lambasted what he viewed as a display of miserliness.

“The ‘Venezuela meme’ has been overused by ‘crypto’ scammers for years now, but I’m shocked to see Brian do the same,” he tweeted.

“Giving $1-worth of Zcash to Venezuelan families? (Get the f*ck out). Give them USD cash you piece of shit. Unbelievable[.]”

Coinbase’s publicity woes had continued from last week. Publishing an article about the exchange’s plans to introduce 30 new altcoins to its books, TechCrunch – perhaps inadvertently – gave it a URL describing Coinbase as “dabbling in shitcoins.”

The move became an incongruous hit on social media, seeing comments from some of the cryptocurrency industry’s best-known names.

What do you think about Coinbase’s charity giveaway? Let us know in the comments below!


Images courtesy of Shutterstock

The post Coinbase Slammed For Venezuela ZCash Airdrop Being an ‘Advertising Strategy’ appeared first on Bitcoinist.com.

Source: Bitcoininst

Max Keiser Interview: Buy Bitcoin, ‘Leave Alts to Dickheads Like Jamie Dimon’

Max Keiser

Max Keiser once again shared his thoughts with Bitcoinist on the latest happenings in France, how Russia may use Bitcoin for its strategic reserves, and why Bitcoin is king while altcoins should be “left to dickheads like Jamie Dimon.” 


Bitcoinist: What’ have you been up to lately? Anything interesting in the works from Max Keiser?

Max Keiser: What’s new? Our new series on RT, “GONZO Max and Stacy,” debuting on December 23. We’re back on the road barnstorming across America. Stacy gets trapped in a pit filled with alligators in Florida and you won’t believe what happens, but it involves Max on a zip-line.

What we discovered on this GONZO journey is that Trump is as American as Apple Pie and the Fourth of July. So-called progressives like my old friend Alec Baldwin and his brother Billy – I realized when traveling the country – are basically self-hating Americans who hate the fact that Trump is us; while Pentagon mouthpieces like Rachel Maddow on MSNBC, is Trump’s useful idiot.

She’s always talking about Russia, but nobody in America talks about Russia. Trump plays her, Alec Baldwin, SNL, The New York Times, Vanity Fair, Washington Post and The New Yorker, like a fiddle.

Everyone is talking about the Paris protests. What is the root cause of the dissent? 

Keiser Report coined the phrase, ‘Global Insurrection Against Banker Occupation’ (GIABO), in 2008 during the Greek Riots. Soon after that we saw the ‘Arab Spring’ and then ‘Occupy Wall Street,’ confirming the global protest movement against banksters – with the root cause being fiat money and corrupt bankers and central bankers – who simply print trillions for themselves without oversight whenever the mood strikes and without any concern how counterfeit fiat distorts and disfigures the global economy in gross and recklessly dangerous ways.

The violence we see now is baked into the fiat cake. And now bankers, like Macron, are getting their just desserts. We covered it all on the front lines in Athens, Cairo, Paris, and Zuccotti Park and witnessed the beginning of the global awakening and the rise of anger at the global bankster robber barons.

Not only did we cover this when no other news outlet was, but our viewers also benefited when we had guests on the show explaining why Gold at $400, Silver at $7, and Bitcoin at $1 were all very cheap when you understand how this global anger at banksters plays out in global markets.

You recently stated: “If every French person converted 20% of their bank deposits into Bitcoin… French banks and the government would collapse and a lot of bloodshed could be avoided.” Can you talk more about this? 

Fractional reserve banking requires a minimum reserve percentage against loans set by Basil III. Removing 20% of deposits would set in motion a doom-loop of insolvency for French banks. The withdrawn cash should go onto a Bitcoin debit card so people won’t experience any inconvenience.

Plus, if a critical mass of people do this, and this applies globally, Bitcoin would hit new ATH very quickly. With the banks collapsed, and the center of wealth shifting from the banksters to the people, the protests in France would stop. The French would get rid of the current government and create a Sixth Republique.

paris protests buy bitcoin

The Kremlin just told Russian banks to prepare for disconnection from international payment systems. This is all happening as other countries back away from the US dollar as a global reserve currency. Can nations benefit from Bitcoin as a strategic geopolitical tool?

Uniquely, for the past 15 years, Russia has been paying down their debt and increasing their Gold reserves. No other country has been able to do this. Keep in mind, the point of the sanctions is to try and pry Russia back into the global debt-binging game, but they have resisted – while growing their economy. Much of this incredible success can be attributed to Elvira Nabiullina, the Russian central bank chief who is Russia’s secret weapon against Western debt-pushers and fiat money extremists.

In my opinion, Russia will start looking at Bitcoin the way they look at Gold and begin amassing Bitcoin as a strategic reserve. Putin has gone on record stating he wants Russia to be the world leader in crypto.

You stated that “we never left the financial crisis” as it simply got papered over by central banks. Now, we see the stock market starting to look shaky. If subprime was the cause of the ’08 crisis, what will spark the next crash?

The pin that pops the current bubble will probably be Deutsche Bank declaring insolvency. This will be the falling domino that starts another Lehman-esque cascading down of markets.

What will it take for Bitcoin to ‘cross the chasm’ on the tech adoption curve?

Better education? A financial crash? etc.

Beating the Dollar Using Circle

Meanwhile, some analysts suggest that this is a shakeout of retail investors while institutions are ‘buying the dip.’ Do you agree with this theory? 

Bitcoin adoption has always been driven by bank failures, bailouts, bail-ins, and political unrest. The problem Bitcoin has had recently is its competitor, the US Dollar, has been rising.

When the dollar rolls over and starts dropping, Bitcoin will hit new ATH.

With countries getting out of the dollar and with countries getting out of SWIFT and other US empire-of-debt control mechanisms, the supports holding up the dollar fall away.

BTCC co-founder Bobby Lee, for example, is predicting the price floor of around $2500 based on historical trends. Do agree that the bottom is close or could BTC price go under $1000?

Bitcoin quoted in dollars is somewhat meaningless. When the fiat system collapses does it really matter if your basis is $1,000, $2,000 or even $15,000?

Bitcoin technology isn’t static. Many developments to improve privacy, fungibility, and utility are underway including Lightning Network, Schnorr Sigs, Sidechains, Confidential Transactions, Bulletproofs etc. What are you most excited about?

LN is awesome. I heard Elizabeth Stark talk about it at CryptoSprings last year and was incredibly impressed. We just got our Casa full node (full disclosure, we’re investors in Casa) and are setting it up now. Watch Jackson Palmer’s latest video on this.

How important are altcoins? Does a ‘diversified’ crypto portfolio make sense given their lackluster performance versus Bitcoin this year?

Always have at least 90% of your port in Bitcoin. Anything less and you’re undermining Bitcoin’s ability to defeat fiat. Leave alts to dickheads like Jamie Dimon.

Do you agree with Max Keiser? Share your thoughts below! 


Images courtesy of Shutterstock

The post Max Keiser Interview: Buy Bitcoin, ‘Leave Alts to Dickheads Like Jamie Dimon’ appeared first on Bitcoinist.com.

Source: Bitcoininst

Cubits is Bankrupt and Withholding User Funds As OneCoin Ties Exposed

Cubits bankrupt

Anger continues to engulf cryptocurrency trading platform Cubits after executives suddenly announced the company was bankrupt, blocking all user funds.


Cubits Owner: Funds Recovery ‘Unsuccessful’

In a press release dated December 11, Dooga Ltd., the UK-based entity trading as Cubits, claimed “collusion” which resulted in a “criminal act” involving the loss of €29 million ($33 million) in February 2018 had forced it to shut down.

“Since February, Dooga has made every possible effort to recover these funds,” the release reads.

Unfortunately – contrary to expectations – these efforts have been unsuccessful up until now.

As Bitcoinist reported December 11, officials had told users on Twitter that Cubits was undergoing “maintenance” and would “be right back.”

An identical message had appeared on the company’s website, but on Tuesday this changed to a 500 error message and the website went offline.

A fresh tweet then confirmed Dooga had entered administration, leaving already frustrated users bewildered at the conflicting official information.

Cubits had begun delaying withdrawals by weeks, some said, while another told Bitcoinist he was looking to involve law enforcement as a result of the company withholding his money.

Payments Coordinator Endorses OneCoin

At the same time, curious activity among senior management revealed the company’s payments coordinator Eloise Debono to be an advocate of OneCoin, a defunct Ponzi scheme, which has attracted warnings from multiple countries’ authorities over illicit practices.

“Bitcoin can be bought and sold on many different exchanges, meaning you could be paying or receiving more or less than you should be,” she wrote in a bizarre article in 2016.

OneCoin uses one centralised exchange called OneExchange, where there is a fixed rate for buying and selling. I personally think this is more secure and less volatile.

COO Max Krupyshev, listed on LinkedIn as Cubits’ “head of crypto business,” left in November, weeks before users began to complain about withdrawal and funds access problems.

Liquidator: Cubits Operator ‘Secure’

According to the company’s administrators, users will receive official correspondence about the debacle in the coming days.

“Our goal is to achieve the best outcome for creditors generally at the earliest possible date,” Steve Parker from insolvency firm Opus Business Services Group commented.

“Dooga’s current position is secure, investigations are proceeding and we will be writing to creditors, formally, this week.”

What do you think about the ongoing Cubits debacle? Let us know in the comments below!


Images courtesy of Shutterstock

The post Cubits is Bankrupt and Withholding User Funds As OneCoin Ties Exposed appeared first on Bitcoinist.com.

Source: Bitcoininst

Swiss Bitcoin ETP Sees Record Volume as Institutional Investors Buy the Dip

SIX swiss exchange HODL Bitcoin ETP

The steep decline in Bitcoin price has coincided with record volume of the recently launched Bitcoin ETP on the SIX Swiss Stock Exchange, suggesting that institutional investors are may be buying the dip. 


Bitcoin ETP $HODL Sees Record Volume

Earlier in November, Bitcoinist reported that a Bitcoin exchange-traded product (ETP) with the HODL ticker offered by Amun Crypto was about to begin trading on Switzerland’s SIX Exchange.

The ETP represents a fully collateralized and non-interest-paying bearer debt security, which is issued as a security and traded and redeemed in the same structure.

There is a notable difference between an ETP and an ETF, however. The former is not subjected to the Collective Investment Schemes Act (Cisa) and is therefore not supervised by Finma.

The HODL ETP is underlined by an index comprised of four major cryptocurrencies, namely BTC, ETH, XRP, and LTC.

Interestingly enough, last Thursday and Friday, the ETP saw record trading volumes with 53,233 shares and 62,986 shares traded, respectively. This is a serious increase from the one-month average volume that saw around 20,000 shares traded per day and coincides with a steep decline in Bitcoin price at the end of last week.

According to Su Zhu, CEO at FX Hedge Fund, the “correlation between volume and price continues to be very strong at -68%.

Institutions Buying the Dip

Zhu notes that there is a negative correlation between price and volumes observed with the HODL ETP. In other words, the ETP’s trading volume increases as BTC price dips and decreases as price rises, as observed in the chart below.

According to the expert, a very high percentage of the volume is also net inflow which suggests that users buying the ETP are holding rather than trading.

Bitcoinist recently reported that users in Argentina and Venezuela might also be buying the dip, based on new data from P2P Bitcoin trading platform LocalBitcoins.

What do you think of the increased volume in the HODL ETP? Don’t hesitate to let us know in the comments below!


Images courtesy of Shutterstock, Twitter @zhusu

The post Swiss Bitcoin ETP Sees Record Volume as Institutional Investors Buy the Dip appeared first on Bitcoinist.com.

Source: Bitcoininst

Next Bitcoin Bull Run Matter of When – Not If, Says BTC Investor Eric Dalius

Bitcoin price bull run

Real estate entrepreneur, Bitcoin investor, and cryptocurrency expert Eric Dalius in Tech Bullion says there’s still plenty of fight left in Bitcoin despite the mudslinging from the naysayers and falling Bitcoin price. He even goes on to say that the next bull-run is very close.


The Many Bubbles of Bitcoin

Bitcoin price. Even for people who barely have a grasp on what virtual currency is, these two words are inescapable lately. And they’re almost always followed by a stream of adjectives evoking fire and fury–crashing, plummeting, nosediving, collapsing…  you get the idea. So in the midst of such a grim panorama, it’s good to know there are still plenty of believers still bullish on Bitcoin–even predicting the next bull-run is near.

Those of you who’ve been around long enough will have already experienced your share of bear markets. And for those of you invested enough in the space, you’ll have heard about them at least.

Bitcoin ever since the beginning has proven itself to be an entirely volatile asset. Going back to 2011, Bitcoin reached a (then) giddy peak of $32–and went on to crash spectacularly and lose 94% of its value.

Bitcoin was down but not out even trading at just $2.50 near the end of 2012. Back then, many experts called the end of Bitcoin and said that its value would drop to zero. They started getting out with something rather than losing it all.

But Bitcoin grew again between 2012 and 2013 reaching a price spike of $260–before crashing once more upon the news of the infamous Mt. Gox hack–and rising like a phoenix from the ashes in November 2013 due to increased media coverage.

market-price-(usd)

Bitcoin hit a high of over $1,000 and once again attracting people jumping on the bandwagon looking for easy money. It then crashed once more and lost 87% of its value. It was a steep correction lasting more than 400 days, flushing out a ton of weak hands— but Bitcoin continued and other cryptocurrencies along with it.

2017 was easily the most spectacular rise of Bitcoin to the public sphere. The highest price that it reached was just shy of $20k by the end of the year. Pump, speculation, and FOMO inflating the price were always going to lead to a fall. And fall it did, once again.

To date, this year Bitcoin has lost almost 80% of its value in 2018. However scary this may be for investors and newbies to the digital market, many analysts have observed this pattern in which the Bitcoin price 00 rises too high and a steep correction follows.

Others are not so optimistic, with Harvard professor Ken Rogoff stating that at this juncture holding Bitcoin is about as useful as a “lottery ticket” that pays off in “a dystopian future,” and that its value is more likely to dwindle to $100 rather than ever hit $100k.

Why the Naysayers Are Wrong

Plenty of analysts believe that Bitcoin has reached its bottom, with many bitcoin investors already buying the dip. Others say that it will go lower still and down to $1,500.

On the other hand, there are analysts like Fundstrat’s Tom Lee who say bitcoin will reach $125,000 by the end of 2022. It’s impossible to say which of these predictions are correct. However, Dalius assured Tech Bullion that it’s a good time to buy and that greater gains will be had in the years to come.

With bitcoin today trading at around $3,500, have we finally reached the bottom? Can we only go up from here?

According to Dalius, yes. And his predictions are not unfounded when examining the historical performance of bitcoin. He also noted that investors should be cautious and diversify their portfolios with other cryptocurrencies and take advantage of market trends.

Though many Bitcoin-only holders would probably disagree as the vast majority of altcoins have fared much worse than BTC this year.

The Next Bull-Run Is Near

For background, Dalius has bought significant real estate across the US on the back of his bitcoin profits. For those of you curious, yes, he also bought a Lambo–and has remained in the market despite the nail-biting swings.

PowerBall

Putting your money in Bitcoin is not like buying a lottery ticket, as Rogoff suggests. This has been proven by 10 years of progressive technology and cyclical tendencies.

Rogoff insists that “there is a high probability that they (cryptocurrencies) are worthless.” But with the technology already being used by major corporations, governments, and financial institutions, the parent company of the NYSE getting into the market with Bakkt, and the Nasdaq following suit, the next bull-run is coming.

In fact, in an interview just yesterday, Bakkt CEO Kelly Loeffler posed the question of whether digital assets will survive and answered:

I’d say the unequivocal answer is yes–price is merely an expression of supply and demand… But there’s a lot of missing infrastructure and use cases, and that’s what we’re doing at Bakkt… We couldn’t be more optimistic about where things stand today price notwithstanding.

These platforms will only grow as the technology becomes part of the established securities landscape. So the next bull run has never been a matter of if, but when.

Do you agree that Bitcoin is down but not out? Is a bull-run a matter of time? Share below!


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Source: Bitcoininst