A Need to Know why Bitcoin is rebounding

This story was delivered to BI Intelligence “Fintech Briefing” subscribers. 

Bitcoin has recovered somewhat from the drop in value seen last Sunday, with the price of the cryptocurrency reaching $2,701 at the time of this writing.

The stabilization seems to be the result of Bitcoin miners reaching an agreement on the enactment of the Bitcoin Improvement Proposal.

This agreement means the avoidance of a user-activated softfork (UASF), the possibility of which caused significant unease among investors.

That’s because a softfork could have led the cryptocurrency to split into two assets with separate trading platforms, making it difficult to gauge future performance. Additionally, the agreement allows Bitcoin to add features that will make transactions faster.

Even though there are still risks with the update of Bitcoin’s code, the agreement seems to have calmed the trading market for now. If the updates go as planned, we will likely see increasing stability of the price of Bitcoin.

BI Intelligence, Business Insider’s premium research service, has compiled a detailed report on blockchain in banking that:

  • Outlines banks’ experiments with blockchain technology.
  • Details blockchain projects at three major banks — UBS, Credit Suisse, and Banco Santander — based on in-depth interviews.
  • Discusses the likely trends that will emerge in the technology over the next several years.
  • Highlights the factors that will be critical to the success of banks implementing blockchain-based solutions.

It may as well be just about the best time to Either Buy and or Sell off Your Coins on PoFela.com

Source – Business Insider

Bitcoin Price Technical Analysis for 04/27/2017 – Resistance at $1400 to Hold?

Bitcoin price climbed all the way up to the channel resistance at $1400 and could be due for more gains after a quick correction.

Bitcoin Price Key Highlights

  • Bitcoin price is now testing the $1400 mark at the top of the ascending channel as indicated in the previous article.
  • Price could head back to the short-term channel support at $1375 for a quick pullback to draw more buyers in before the uptrend resumes.
  • A bounce off this near-term support could lead to another test of resistance or even a break higher for a steeper climb.

Bitcoin price climbed all the way up to the channel resistance at $1400 and could be due for more gains after a quick correction.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA on this time frame so the path of least resistance is to the upside. In addition, the 100 SMA is close to the bottom of the channel, adding to its strength as potential support in the event of larger pullback.

Meanwhile, the 200 SMA is closer to $1325, which might be the line in the sand for this uptrend. Note that the gap between the moving averages is narrowing to suggest weaker buying pressure and a potential downward crossover.

Stochastic is turning down from the overbought zone to reflect a pickup in bearish momentum while buyers take it easy. RSI also appears to be heading south so bitcoin price might follow suit. A break below the 200 SMA could confirm that a longer-term drop or pullback is underway.

Market Events

Market watchers appear to have been disappointed by the Trump administration’s tax reform plan as it fell short on details and contained nothing new from previous speculations. This includes reducing the tax brackets, cutting the corporate tax down to 15% and reducing the tax burden on middle-income American families.

With that, the attention is now shifting back to political headlines and the next US event risk on deck, namely the advanced GDP reading for Q1. Analysts are expecting to see a 1.3% growth figure, a few notches below the earlier 2.1% GDP reading. Weaker than expected results could undermine dollar gains and Fed rate hike hopes, thereby boosting bitcoin price.

Charts from SimpleFX

Best Time To DUMP Your ‘Coins As BITCOIN Reaches The 1,000$ Mark Again.

…… Here Comes The Best Chance To Sell on PoFela.com and make the most of the Bitcoin increase to 1,000$ in the space of one month. Click Here To Get Started

———————————————————————————————–

Bitcoin prices breached $1,000 for the first time in nearly one month today.

The price saw initial fluctuations around that level before climbing higher, hitting a high of over $1,009 before settling around $1,007 at press time, according to the CoinDesk Bitcoin Price Index.

Yet to analysts, the development raises the question of whether markets will see continued action above the $1,000 mark, and some say the digital currency may need to work its way through significant resistance before it is able to find support at that level.

Petar Zivkovski, COO of leveraged bitcoin trading platform Whaleclub, told CoinDesk:

“The $1,000 level is a huge level to breach sustainably.”

The desire among traders to book profits could also be a major factor in the trading sessions ahead. Some may feel motivation to sell at price points between $1,000 and $1,200, leading the digital currency to face an uphill fight at these levels, Zivkovski posited.

Market gyrations

The digital currency first broke through $1,000 today at 16:30 UTC, just barely surpassing this level when it reached a high of $1,000.31.

However, bitcoin prices quickly changed direction, falling below $1,000 to reach a low of $999.01 at 17:45 UTC, additional BPI figures show. The cryptocurrency proceeded to fluctuate around the $1,000 level, rising to $1,000.85 by 18:00 UTC and then falling to a low of $999.84 at 18:15 UTC.

But while $1,000-level may be enough to generate significant visibility in the Western world, the ¥7,000 level is just as critical, according to analyst Tim Enneking.

At the time of report, bitcoin had failed to exceed this level during the 2nd February session, having risen to as much as ¥6,976.50 earlier in the day.

Enneking elaborated on the key relationship between the $1,000 and ¥7,000 levels, telling CoinDesk:

“If it breaks through both and holds, they will turn into very strong support!”

Overcoming negative sentiment

According to some observers, the price could encounter headwinds from negative sentiment that still lingers following the cryptocurrency’s sharp price movements this year – which saw bitcoin rise above $1,150 and then fall close to $200 in an hour.

Arthur Hayes, co-founder and CEO of leveraged bitcoin trading platform BitMEX, attributed this sentiment to the People’s Bank of China (PBoC) decision to closely scrutinize the domestic bitcoin exchange ecosystem.

That said, Hayes did offer a positive view of the situation.

“The market is slowly shedding the fear of drastic action take by the PBoC against Chinese Bitcoin exchanges,” he told CoinDesk. “As this fear fades, the price will slowly retrace towards to the all-time high reached in early January.”

Market data, according to sources, bears out that sense of cautious positivity.

Whaleclub sentiment data shows that the market was 89% long torday, representing the third consecutive trading session during which this measure was at least 80%.

In addition, confidence – the extent by which a position size is larger than average – was 82% on 2nd February, after measuring 85% during the prior two sessions.

Colorful bubbles image via Shutterstock

 

Source:- CoinDesk.com

LIMITED OFFER! – Get 1USD at N500 per User on PoFela.com

 

 

 

 

 

 

Wondering when best to SignUp on PoFela.com ? …. bet there is no better time than now.

PoFela.com comes forth with a limited time offer Promo which will allow each account make exchange of Naira (N) to BTC of not more than 150USD @ N500/per account on PoFela.com.

It’s easier than ever to get started! Just SignUp and make Orders not exceeding 150USD in BTC and we shall treat it at the aforementioned rates.

…… GET STARTED NOW

 

SUPPORT IS ALWAYS ONLINE TO HELP.

Bitcoin Tranquility Continues as Prices Remain in $800 Range

 

 

 

 

 

 

 

Bitcoin prices have thus far enjoyed a day of reasonably tranquil price movements.

During today’s session, the digital currency fluctuated between $820 and $835, having fallen to as little as $820.05 at 12:15 UTC and risen to as much as $834.70 at 02:15 UTC, according to the CoinDesk USD Bitcoin Price Index (BPI).

The lack of volatility that bitcoin prices have seen thus far today coincides with a broader trend, as bitcoin prices have been moving between $800 and $840 since late last week. The average price is currently $828.82, BPI data shows.

Traders have been watching the markets with suspense and waiting to see what steps the People’s Bank of China (PBoC), the country’s central bank, will pursue after it held meetings with major Chinese exchanges BTCC, Huobi and OKCoin earlier this month. The PBoC later pledged to keep a closer eye on the ecosystem.

Those exchanges have already gone on to revise their margin trading practices, reigning in market participants’ use of leverage to enhance their trading. Now, traders are standing back and waiting to see whether China’s central bank takes any additional action.

“We’re all waiting to see whether the PBoC does anything serious,” said Tim Enneking, chairman of cryptocurrency hedge fund EAM.

Image via Shutterstock

Russia’s Central Bank Adds Blockchain-Friendly Firm to FinTech Working Group

Russia’s central bank is continuing to grow its blockchain footprint, having announced the creation of a new FinTech association focused in part on studying the technology.

Officially formed on 28th December, the group includes representatives from major Russian banks including Alfa Bank, Sberbank and VTB, among others. Payments processor Qiwi and the National System of Payment Cards (NSPK), which operates Russia’s nationwide Mir charge card, are also on board.

 

Qiwi CEO Sergey Solonin will be the association’s new chief going forwards, the firm said earlier this week. Among financial companies in Russia, Qiwi has emerged as a prominent proponent of the tech.

In addition to blockchain, the Bank of Russia said it would also be investigating identification technologies and new payment system frameworks through the association.

The bank’s deputy governor Olga Skorobogatova said in a statement:

“The Association’s key objectives will include the development and introduction of new technological solutions to ensure the development of the Russian financial market. It will also promote digitalisation of the Russian economy.”

The announcement is the latest signal that the Bank of Russia intends to play a leading – and visible – role in the experimentation and deployment of blockchain within the country’s financial sector.

The central bank has made no secret of its interest in the tech. Early last year, Skorobogatova said that financial institutions in Russia should prepare for wider use in the years ahead.

In recent months, the Russian central bank has been undertaking a hands-on education into the tech, unveiling a system for financial messaging dubbed “Masterchain” in October.

The Russian government, too, has been exploring blockchain concepts of its own, while its national securities depository has launched similar efforts in conjunction with other institutions.

Image Credit: E. O. / Shutterstock, Inc.

Blockchain Angels Invest $1 Million in Bitcoin-Ethereum Hybrid Qtum

A new public blockchain that would seek to merge popular design aspects of both the bitcoin and ethereum blockchains has raised $1m in funding.

By marrying bitcoin’s transaction model with a similar consensus system to the one in development at ethereum, Singapore-based Qtum is seeking to appeal to distributed application developers who may be experiencing difficulties with one or both systems.

Investors in the company include a host of notable blockchain entrepreneurs, including ethereum founder Anthony Di Iorio, OKCoin CEO Star Xu, BitFund founder Xiaolai Li and Fenbushi partner Bo Shen.

Speaking to CoinDesk, Di Iorio lauded the team’s leadership as one of its main strengths.

“All in all, I believe them to be the best team out of China and Asia,” he said. “This has led them to see where improvements are needed in smart contract platforms, learn from mistakes of ethereum, focus on the region they know best.”

As explained by Qtum’s founders, the open-source technology borrows key elements from each project, and is thus more of a union of both networks, even though it would have its own blockchain and investable token. (Technically, Qtum is a fork of Bitcoin Core version 0.13, running with the ethereum virtual machine – the element that executes that platform’s smart contracts).

Such an idea is also being explored by the team behind the startup Rootstock, which raised $1m in March to bring smart contracts to the bitcoin blockchain.

Patrick Dai, founder of the Qtum Foundation, indicated that the $1m will now help his team to prepare the infrastructure necessary to sell the tokens in a public initial coin offering (ICO), or a public sale of unique cryptographic tokens to investors.

Dai told CoinDesk:

“We raised the money to prove that our approach is right. We used the money to do the minimum viable product. The testnet is live now, but it is private, it is already working.”

Dai said that the Qtum Foundation could seek to raise up to $10m in the token offering. In Q3 of 2016, nearly $200m was raised in ICOs, according to CoinDesk Research data.

Qtum also claims to be partnering with PwC Asia, which both its team members and investors said will be providing accounting services for the project.

Capitalizing on concerns

While Rootstock aims to improve the bitcoin network, a key aspect of Qtum’s pitch is that existing public blockchain developers have become so dissatisfied with their current choices that they will seek a new alternative.

Dai believes that bitcoin and ethereum both have design flaws that would inhibit certain uses, which would enable room for Qtum to become a notable alternative.

For instance, Dai posited that enterprise developers may be dissuaded from launching a private bitcoin network due to its use of proof-of-work for its consensus model.

“The consensus part is not scalable. You cannot deploy permissioned blockchain and maintain the network,” Dai said.

Additionally, the early interest in such an idea from the Hyperledger team is further evidence that the new blockchain should be further explored, he suggested.

Built-in oracles

Notably, the design would incorporate support for so-called “blockchain oracles” – smart contracts that would serve to facilitate interaction between the blockchain and exterior data feeds.

On Qtum, these contracts would be called “master contracts”, a feature that Dai believes will be attractive to enterprise firms like Microsoft that are exploring similar concepts.

Microsoft’s Project Bletchley, for instance, envisions how corporates may be able to monetize a form of oracle it calls a “cryptlet” as a way to boost revenue from data streams.

Of course, the proof will be in how Qtum is ultimately able to attract developer interest – a tall task, Dai admitted.

He concluded:

“That, of course, is going to be one of the most difficult things, but I think that we have a good strategy for getting people online and starting to make contracts.”

Dog in dress clothes via Shutterstock

 

Source: Coindesk.com

Bitcoin Took a Break From Being Volatile and Broke $800 Today

The price of bitcoin enjoyed a break from its recent volatility today, spending most of the day trading within reasonably tight ranges.

Overall, the digital currency’s price started by fluctuating mostly between $745 and $775, CoinDesk Bitcoin Price Index (BPI) figures reveal, before tracking higher.

Later, the price would edge upward, passing $800 at 16:30 UTC, and proceeding to trade between $800 and $820 until roughly 21:00 UTC.

At the time of report, bitcoin was trading at $804.30.

Though this may seem like a bumpy day, the developments follow nearly a week of sessions in which prices roiled on the news the People’s Bank of China (PBOC) had held meetings with the country’s major exchanges last week.

Prior to this, bitcoin prices had been trading at a three-year high of $1,153, however, uncertainty over the nature and outcome of the meetings (though all parties have provided public statements on their content) continues to linger.

Watch and wait

For a while this resulted in volatility, but bitcoin was arguably more stable today as market participants became interested in how any long-term trend could develop.

To some observers, the decline in price fluctuations could simply be the result of traders who are sitting on the sidelines and waiting to see what will come of this government inquiry.

According to Petar Zivkovski, COO of leveraged bitcoin trading platform Whaleclub, the market hasn’t decided if it’s going up or down just yet.

“The market is in a state of uncertainty and has failed to recover as of yet, despite reaching a monthly support level around $750,” he said.

Zivkovski noted that until the nation’s central bank has provided greater clarity on the matter, he believes that bitcoin prices could experience significant volatility.

In suspense

Other, wilder theories emerged as well.

Arthur Hayes, CEO of bitcoin options exchange BitMEX, noted that the market is in a “state of suspense” pending updates, though he suggested the downside risk of further action was high.

Hayes went so far as to speculate that the PBOC could limit margin trading, an event he suggested would limit volume and harm prices.

Adding to the suspense is that the market movements resemble those observed in 2013, when PBOC actions derailed the digital currency’s appreciation and sent it on a years-long downward slide.

Whether or not history will be repeated is likely something on most traders’ minds.

Blue sky image via Shutterstock

Report: Chinese Authorities Considering Bitcoin Regulation; Price Falls

Bitcoin price struck a low of $845 (at the time of publishing) from a high of $918.4 on the Bitstamp Price Index for the day as China’s financial regulators are reportedly seeking opinions on how to regulate the trading of bitcoin.

According to a report by China Daily, the country’s financial market regulators have inquired on how exchanges work during times of major price moves during last week’s much-publicized meetings with executives of major bitcoin exchanges.

Whilst seeking opinions on how to regulate trading of the cryptocurrency, a proposed move “may include setting up a depository platform” the prominent daily newspaper revealed, citing a source.

The daily points to a handful of authorities’ concerns surrounding bitcoin trading. These include focusing on the transparency of bitcoin trading, the possibility of the cryptocurrency used as a channel for capital outflows and safeguarding traders’ rights.

In an emailed statement to CCN, Chinese exchange BTCC – one of three bitcoin trading platforms spoken to by the People’s Bank of China last Friday – has explicitly stated that it adheres to “strict AML/KYC policies”. Furthermore, the premium price of bitcoin and the loss of value in converting yuan to bitcoin to foreign currency makes it unlikely that Chinese investors are using the cryptocurrency to evade China’s capital cap, according to recent comments by BTCC CEO Bobby Lee.

Conflicting Reports

Contrary to China Daily’s claims of authorities looking into any activity of capital outflow through bitcoin, Lee has also revealed that BTCC had received no pressure by the PBOC to plug the exit of Chinese capital via the cryptocurrency. “Nothing verbal or written to us,” stated Lee, following the meetings.

Further, the bitcoin executive also sees regulation to occur in a further 2-3 years in China, as opposed to any impending moves by authorities to do so.

As things stand, bitcoin price remains volatile, currently trading at $868 on the Bitstamp Price Index (BPI), bouncing after a low of $845 today, a steep fall after a registering a high of $918.4 for the day. The impact of the PBOC’s warnings has been telling and the lack of clarity on what was discussed during the meetings is perhaps only adding to bitcoin price’s own uncertainty.

Image from Shutterstock.

As Seen On : cryptocoinsnews

The New BITCOIN Exchange Platform – PoFela.com Launches In Nigeria

Using the domain name POFELA.COM, perhaps Nigerians most comprehensive yet easy EXCHANGE platform finally surfaces, POFELA.COM responsibility is the ability to help elevate the importance and acceptance of known and unknown cryptocurrenc(ies)y which is now very well almost a dominant in the Nigerian financial market.

POFELA.COM will allow you to:

* Send Money in NAIRA from Nigeria to CHINA.
* Buy BITCOIN (BTC) using NAIRA and funded almost immediately.
* Buy TheBillionCOin (TBC) using Naira and or BITCOIN (BTC) as a means of Exchange.
* Sell Your BITCOIN (BTC) and get and instant funding to your Nigerian Local Bank(s).
* Business investment Plans and Consultations.
* … More

As a new wave in the Business but with many experience personnel who have dealt in the Business Model for more than 6 Years, be rest assured that, we are sure of our facts and statistics.

We’re PoFELA; We’re BIG; We’re Here To Stay!