Bitcoin Price Needs to Break $7.8K to Turn Bullish

Bitcoin (BTC) is once again stuck in a range, moving for weeks between support and resistance levels around $7,000 to $7,500. Now, new analysis pegs a support of $7,800 as a sign of a new bullish trend. Bitcoin Stuck in a Range Ahead of New Year Bitcoin prices rallied close to $7,500 in a weekend rally, but went down again on Monday. With the year 2020 approaching, so far bitcoin has avoided the dip to the predicted $5,000 bottom, but the upward swing remains uncertain. $BTC Needs to break above…

China Forces Bitcoin Miners to Scale Down Amid Electricity Shortfall

With the dry season approaching, Bitcoin miners in China’s Sichuan province may be forced to reduce their electricity consumption. Prioritizing Communal Electricity Needs Over Crypto Miners According to Asia Times, authorities in Sichuan Province, China, are reportedly leaning on Bitcoin miners to cut down electricity consumption. This news comes amid the dry season in Southwest China which usually lasts until April. During the dry season, Sichuan Province experiences electricity shortfalls as the region’s main power supply comes from hydroelectric sources. Sources at the local government say authorities expect a 30%…

Bitcoin ATM Numbers Increase, But Who is Actually Using Them?

The number of Bitcoin ATMs has risen by around 50% in 2019 to hit a total of 6384 according to CoinATMRadar. But have you ever met a person who actually uses one, and if so, who, and why? Who Is Using All These Bitcoin ATMs? December 2019 was a momentous month for many reasons, perhaps one of the least reported being the record number of new Bitcoin-ATM installations. At 338, this smashed through the previous all-time high of 294 set in August of this year. These are pretty expensive contraptions,…

Bitcoin Options Trading Poses New Risks to the Market

The Bitcoin (BTC) market will have another source of risk – trading in options. The intention of derivative instruments is to hedge the risk for owners, or potential buyers. But trading option positions holds an additional risk of its own. Bitcoin Options Exposure Expected to Grow Next Year Options exposure is growing, as the markets already offer several tools on various types of exchanges. The mainstream Bakkt exchange has been offering Bitcoin (BTC) options since December 9, and the CME will start the product on January 13. However, exposure is…

Where do Crypto Markets Stand Against Traditional Assets?

The size, liquidity, and growth of crypto markets are still in its infancy. Even all crypto-related activity is still minimal in comparison to traditional assets. Global Stock Markets Add More Than 3 Times the Total Value of Crypto Assets in a Week Global stock markets continued to rally in 2019, despite some fears of a correction. Most stocks gained in 2019, with a rally toward the end of the year fueled by the lenient decision of Fed to provide growing liquidity. In just a week, stock markets grew by an…

Sunday Digest: Bitcoin Price and Christmas

So apparently, it was Christmas this week… Did anybody get any bitcoin? Bitcoin Price So we didn’t really get much of a Christmas present when it came to bitcoin price this year. A push at the start of the week took us to $7.6k, but bulls failed to capitalize on that and prices dropped back into a range between $7,200 and $7,500. BTC seemed fairly confident at this level, with nothing really of note to report for the rest of the week. Perhaps Bitcoin, like pretty much everybody else, was…

Bitcoin Ransom Demanded from Users of Ring Cameras

Reports emerged that hackers have demanded bitcoin as ransom from users of vulnerable cameras sold by Amazon and its subsidiary Ring.  Bitcoin is constantly being used as a means of extracting payment, blackmailing people, and demanding ransom in exchange for data. Ransomware attacks are ones, where hackers infect users’ devices, encrypt their files, and then demand a bitcoin payment in order to grant the victim a decryption key. In some cases, these attacks can be extremely damaging, which was seen when ransom seeking hackers locked 10 years’ worth of government…

Bitcoin Investment: BTC ROI Positive for 64% Days Since 2017

Bitcoin (BTC) took off with its mainstream appeal since around mid-2017. Since that time, the market price of BTC has seen ups and downs, with at least a dozen dramatic days of appreciation or crashes. Altcoins at Risk of Being Wiped Out in Value Looking back, betting on BTC prices brought an upward daily move in about 64% of instances in the past two years. However, the exact size of the gains remained unpredictable. Recent analysis shows how days in the green and in the red were distributed in the…

Bitcoin Price: $1 Million BTC Will Not Happen, According to CSW

Craig Wright is back with his ‘priceless’ bitcoin comments. This time he chose Christmas to share his opinion on BTC’s future price action. Mr. Faketoshi thinks that bitcoin ‘is not gonna keep going up in value’. Since bitcoin started trading on various crypto exchanges and noticeably reached its all-time high in December, scores of analysts and industry influencers have predicted astronomical valuations for BTC. The most discussed of all predictions being John McAfee’s johnson detaching $1 million price call. There’s no ‘Million Dollar Bitcoin’ Although Wright didn’t directly point fingers,…

Why Bitcoin Average Price Paints a Bullish Picture

Bitcoin (BTC) has been rising relentlessly in the first decade since its Genesis block. But now, the price may be entering a stage where new price moves are uncertain. Bitcoin Average Price Move in Bullish Direction Looking at average prices paints a bullish picture over the years-long frame. Bitcoin prices have moved through several waves, or “eras”, each with a vastly different mechanism of price discovery. But the overall direction remains upward, when the average is taken into account. Bitcoin prices show a capability of making new highs over the…