Bitcoin Price Erases Weekend Gains to Confirm Bearish Long-Term Trend

The bitcoin price kicked off the week on a negative note after correcting 2 percent to the downside. The BTC/USD rate found itself unable to breach above the neckline level discussed in our previous analysis. The falling trendlines look stronger than ever in other patterns as well. The symmetrical triangle formation, for instance, on the hourly chart also presents its upper trendline as a strong resistance level to the recent bullish attempts. Bitcoin is forming lower highs and higher lows to consolidate inside the same triangle. As of now, we…

Bitcoin Mining Difficulty Just Saw its Second-Largest Drop in History

The crypto market’s prolonged decline has finally begun to manifest in the bitcoin mining industry, which had at times seemed impervious to falling prices but is now experiencing a moderate exodus. Bitcoin Hash Rate Begins Rare Decline At a basic level, miners produce Bitcoin blocks by competing to solve complex mathematical problems. When the hash rate increases, blocks are found more quickly, while the converse occurs when the hash rate declines. To maintain a consistent block time of ~10 minutes, Bitcoin automatically adjusts the difficulty of these problems at roughly…

‘Worthless’ Bitcoin Has Entered Death Spiral: Finance Professor

Earlier this year, with the bitcoin price trading around $7,000, Santa Clara University Professor of Finance Atulya Sarin published an opinion piece arguing that the rising cost of crypto mining, coupled with the ability for bearish investors to short bitcoin in the futures markets, could spell doom for the flagship cryptocurrency. Now, following a further ~45 percent decline, Sarin is calling it: bitcoin has entered a “death spiral,” and it’s “close to becoming worthless.” Writing in an op-ed published in MarketWatch, Sarin alleged that the bitcoin has embarked on a…

Will Bitcoin Price Snap Three-Year December Winning Streak?

Bitcoin (BTC) may break its three-year December winning streak unless prices convincingly cross key resistance at $4,410 in the next few days. The leading cryptocurrency by market value gained 14 percent, 30 percent and 40 percent in the last month of 2015, 2016 and 2017, respectively, according to CoinDesk’s Bitcoin Price Index. (BPI). The odds, however, are stacked against BTC extending that winning streak this year. To start with, BTC’s convincing break below the 21-month exponential moving average (EMA) last month signaled a resumption of the bear market from the record high of $20,000 reached…

Investment Funds Network to Migrate Entire System to Blockchain in 2019

Investment funds transaction network Calastone, a founding member of the Linux Foundation-led Hyperledger Project, is shifting its entire system to the blockchain. The firm, which assists its client sell their funds all over the world via banks and financial advisors, expects to complete the switch to what it is calling the Distributed Market Infrastructure (DMI) next year in May. Calastone launches world-first #blockchain powered global funds marketplace in May 2019 pic.twitter.com/fd7UhGYfdE — Calastone (@CalastoneLtd) December 3, 2018 The move is expected to radically transform how funds are traded especially in…

Bitcoin Price Watch: BTC/USD Remains Sell Near $4,200

Key Points Bitcoin price traded lower recently and broke the $4,120 support area against the US Dollar. There is a key bearish trend line in place with resistance at $4,180 on the hourly chart of the BTC/USD pair (data feed from Kraken). The price is currently trading above the $3,880 support, but it is at a risk of more losses. Bitcoin price failed to climb higher above $4,400 and declined against the US Dollar. BTC/USD remains sell on rallies near the $4,120 and $4,200 resistance levels. Bitcoin Price Analysis Recently,…

GDPR Uncertainty a Key Concern of 74% of Blockchain Firms in the UK: Report

Regulatory uncertainty in Britain’s blockchain sector has emerged as one of the biggest concerns for distributed ledger technology firms in the country. According to research conducted by digital innovation agency Digital Catapult, 74% of blockchain firms in the United Kingdom cited regulatory issues as being one of their key concerns, surpassing other issues such as access to technical, business or legal expertise. These regulatory challenges include the European Union’s General Data Protection Regulation (GDPR). As the GDPR unifies Europe’s regulatory landscape regarding the use and storage of personal data, the…

Top Coins Are Shaky, But Bitcoin Still Holds $4,000 Mark

Sunday, Dec. 2: the top 20 cryptocurrencies are mostly in the red, according to data from Coin360, after a modest recovery yesterday, Dec. 1. Despite the mild losses, Bitcoin (BTC) is still holding just above the $4,000 mark. Market visualization from Coin360 According to data by CoinMarketCap, Bitcoin is in the red, steadily descending below the $4,100 mark, down almost 4 percent on the day to press time. However, the leading cryptocurrency has been relatively stable throughout the weekend in comparison to Friday, Nov. 30, when it dipped below $4,000…