Bitcoin (BTC) now makes up 50 percent of the entire cryptocurrency market capitalization.
Archives for August 10, 2018
WeChat, a messaging, social media and financial services app owned by Tencent Holdings Limited, has deployed a blockchain electronic invoice system at Shenzhen Guomao Rotary Restaurant, making the city of Shenzhen the first in China to issue invoices with blockchain technology. The blockchain invoice process, which encompasses payment, invoicing and reimbursement, was created in partnership
The post WeChat Trials Using Blockchain Tech to Reimburse Employee Expenses appeared first on CCN
Cryptocurrency-collateralized loan provider SALT Lending has announced that it is now operational in 35 U.S. states after receiving regulatory approval to expand its network to 20 new localities. The Colorado-based firm is perhaps the best known of several companies that allow borrowers to stake their bitcoin and other cryptocurrency assets as collateral when applying for
The post Cryptocurrency-Backed Loan Service SALT Lending Expands Network to 35 States appeared first on CCN
While the cryptocurrency market saw a breathtaking run-up in 2017, with the number of cryptocurrency proponents experiencing a similar increase, many consumers are still skeptics of this nascent industry.
“The Cryptocurrency Space Is In Its Wild West Phase”
Cryptocurrencies arguably hit the mainstream last year, as nearly every media outlet covered Bitcoin’s astronomical rise from near-obscurity to $20,000. However, according to a Fortune report, investment into crypto assets has not seen the widespread adoption that crypto advocates would like to see.
This sentiment comes via a 2,000-person survey from cryptocurrency app Gem and Harris Insights, which revealed that only 8% of Americans hold a personal stake in cryptocurrencies. Compared to investment adoption in legacy markets, whereas approximately 52% of Americans own stock in publicly-traded firms, the 8% figure seems rather dismal.
Moreover, the same survey revealed that 41% of respondents noted that they would never consider investing in digital assets, not the most promising sign for an early-stage field to say the least.
The survey also revealed another interesting indicator: individuals who earn $100,000 annually are less likely to invest in cryptocurrencies compared to those with lower salaries. The claim was backed up by figures found by the survey, where 6% of those who earn over $100,000 a year own cryptocurrencies, while 11% of those who earn $50k-$75k have investments in this asset class. Speaking more on the manner, Micah Winkelspecht, the CEO and founder of Gem, stated:
“The cryptocurrency space is still in its Wild West phase, so there’s potentially some of that (risk taking) going on. When you have less to protect, you are more willing to take the risk.”
Common Consumer Qualms with This Asset Class
These figures may lead some to ask, “why are investors hesitant to invest into cryptocurrencies?.” Taking a look at the state of the market, it becomes clear that prospective investors have had upwards of four common qualms with the nature of cryptocurrency investment vehicles.
Firstly, the presence of volatility, where traders are subject to constant fluctuations in the price of their holdings on a 24/7 basis. Secondly, the regulatory uncertainty that rages to this day, as governing bodies have yet to introduce laws which ensure consumer protection. Thirdly, a lack of accessibility to cryptocurrency investments, as traders are put through countless hoops just to buy and trade a single digital asset.
What many fail to remember is that a majority of consumers fail to understand the appeal of decentralized assets. So last but not least, the absence of accessible information that is easily digestible by an average Joe looking to allocate capital to this industry. This last investor qualm was even acknowledged in the aforementioned survey, with 20% of respondents divulging that more information could spark an interest in cryptocurrencies.
While this asset class may not have much going for it, the aforementioned CEO of Gem noted that all hope isn’t lost, drawing attention to the potential for adoption with the “digital” youth. He stated:
“We find that younger people with less income are more willing to put money in crypto. My guess is that crypto is of the digital age. And the younger generation is of the digital age and used to doing everything on the internet.”
Featured image from Shutterstock.
The post Cryptocurrency is Still in Its Wild West Phase, Says Gem App CEO appeared first on NewsBTC.
Bitmain has announced the launch of two internet routers that can mine Dash and Siacoin. In a tweet shared online, the company said the new miners, known as the Antrouter R3-DASH and Antrouter R3-SIA, will function as internet routers that can mine cryptocurrencies at the same time using the devices’ idle processing power. The routers
The post Bitmain Releases New Crypto Mining Internet Routers for Dash and Siacoin appeared first on CCN
The bitcoin price dipped below the $6,000 mark on cryptocurrency exchange Bitstamp, forcing the flagship cryptocurrency to a six-week low. The market had made a lukewarm recovery earlier in the day, with bitcoin creeping up to $6,600 and other large-cap cryptocurrencies following suit. However, as CCN reported earlier today, bitcoin remains trapped in a severe
The post Newsflash: Bitcoin Price Tumbles to $5,995 on Bitstamp as Market Hits 6-Week Low appeared first on CCN
If the bitcoin price falls below the important year-to-date support level, the dominant cryptocurrency will suffer irreparable damage in the marketplace. This is the opinion of Renaissance Macro Research, quoted by CNBC on Thursday Aug. 9. Bitcoin May Be ‘Permanently Impaired’ According to the financial analysis firm, what bitcoin is facing right now could be
The post ‘Game Over’ for Bitcoin, Claims Bearish Technical Analyst appeared first on CCN
Over the last two weeks, bitcoin saw its longest streak of red days since 2014. The volume was modest and expansive on the drop as the price managed to lose 25% in value in just 10 days. At the time of this article, the market is testing the strength of the support near the bottom of the macro trading range (TR):
Figure 1: BTC-USD, 1-Day Candles, Macro Trading Range
As noted in several previous articles, this is a very important stronghold for the bulls. If support does not manage to hold this support, the market will undoubtedly search lower values in an attempt to garner significant market demand.
Previously, I discussed the possibility of the recent move to $8,400 as a so-called Sign of Strength (SoS). Typically, a SoS would like to see an approximate 50% retracement for it to be considered a healthy, bullish move. However, in our case, we saw a 100% retracement.
Not only did the market move retrace 100%, but the volume and price spread that accompanied the move back to the bottom of the TR was on steady volume and wide candle spread. Steady volume paired with wide candle spread is a sign that the market is lacking demand and that the sellers are overwhelmingly dominating the market:
Figure 2: BTC-USD, 12-Hour Candles, Selling Pressure
The chart above shows just how dominant the sellers were on this latest shove. You see next to no buyers stepping in as the volume and price spread continue to expand on its path to the local bottom.
This movement is not in line with what we would expect to accompany a SoS off the bottom of TR. This is an inherent sign of weakness in the market and something that shouldn’t be taken lightly. Granted, in the grand scheme of the market, the whole volume profile is still consolidating:
Figure 3: BTC-USD, 3-Day Candles, Volume Consolidation
Although the overall volume trend is consolidating, it is pretty clear that sell pressure is still very present relative to the recent bullish rally. This can be a sign that we will, indeed, be testing lower values for support if the current price level does not hold.
The next major level of support exists around the green box shown in the chart above — the 78% retracement of the entire bull market. The consequence of having such a strong, parabolic run up in the previous bull market is that there were no pit stops to establish support for quite a ways below our current price level.
I expect, if the current support does not hold, the move will be violent and will occur in a very short period of time. Granted, this is all up in the air, but once again we find ourselves at the mercy of the TR support in the lower $6K values.
- The market is currently showing signs that supply is still present and demand is lacking much momentum to move the price.
- Immediately after having a very strong couple weeks of buying, the market immediately retraced 100% of its move in just 10 days. The retracement failed to see any demand step in as the price dropped 25%.
- The market is, once again, testing the support of the TR bottom.
- If the TR support does not hold, we can expect to see the price quickly test the mid $4k range as it attempts to find support.
Trading and investing in digital assets like bitcoin and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.
This article originally appeared on Bitcoin Magazine.