Bitcoin Rises 4.65%, Comes Closer to a Breakout Action Scenario

The bitcoin price on Wednesday jumped as high as 4.65 percent from its opening price and established an intraday high at $3,488. The BTC/USD rate is now trading at 3440-fiat on the Coinbase exchange, coupled with a notable rise in daily volatility. The pair on December 7 established its yearly low at 3210-fiat, after which it consolidated within a circa $300 range. It established a top near 3650-fiat only to find itself pulled back strong bearish presence near the level. Historically, BTC/USD now is looking to retest the same top,…

Prosecutors Seek 10-Year Jail Sentence for Karpeles Over Mt. Gox …

Former Mt. Gox CEO Mark Karpeles has run into trouble in the Japanese legal system, and prosecutors are pursuing a 10-year jail sentence for alleged embezzlement during his tenure at Mt. Gox. According to a local Japanese news outlet, Karpeles is under indictment for embezzling 341 million yen ($3 million USD) of customer funds into his own personal account. The indictment apparently also alleges that Karpeles “manipulated data on his company’s trading system to pad the balance.” As Mt. Gox was based in Tokyo, it has been the responsibility of…

Bitcoin Price Charts Indicate Glimmer of Hope for Corrective Rally

Bitcoin’s (BTC) struggle to build a notable bounce could end if prices beat key resistance above $3,600. The leading cryptocurrency by market value fell to 15-month lows near $3,200 last week, pushing the 14-week relative strength index (RSI) below 30.00 for the first time since 2015. So, with bitcoin so extremely oversold, a recovery rally cannot be ruled out – more so because there is evidence of bargain hunters challenging the bears’ resolve to push prices lower. For instance, BTC posted a three-day candle on Dec. 8 that closed below…

Bitcoin Price Watch: BTC Hesitates, But Further Losses Seem Likely

Key Points Bitcoin price remains in a bearish zone below the $3,400 and $3,500 resistances against the US Dollar. This week’s followed key bearish trend line is in place with resistance at $3,440 on the hourly chart of the BTC/USD pair (data feed from Kraken). The price remains at a risk of more losses if there is no break above $3,440 and $3,500. Bitcoin price is slowly extending losses below $3,400 against the US Dollar. BTC could accelerate losses if buyers continue to struggle near $3,440-3,500. Bitcoin Price Analysis During…

Vermont Govt. Forms Working Group to Explore Blockchain Technology

The second-smallest state in the United States by population has formed a working group consisting of state agencies with a view toward studying blockchain technology. This was announced by Vermont’s attorney general, T.J. Donovan, who disclosed that the blockchain working group would commence work next year in January. The working group — which will seek input from stakeholders, blockchain associations, and other experts in the industry — will be made up of four state agencies: the Agency of Commerce and Community Development, the Secretary of State, the Department of Financial…

State Farm is Testing Blockchain to Expedite Auto Insurance Claims

Insurance is one of the golden geese of the blockchain, an industry with so much paperwork, sensitive data, and manual processes that it almost seems obvious that it will eventually adopt blockchain technology to streamline its claims processes, data storage, and even — eventually — its payments. State Farm is among the first notable insurance carriers to announce that it is investigating such a move as regards the claims payment process. In insurance, subrogation is when one insurance company settles a debt with another. According to a recent statement by…

Bitcoin Dominance Hits 3-Month High as Crypto Market Limps into 2019

Bitcoin’s share of total cryptocurrency market capitalisation is at its highest point in three months, currently standing at about 55.14 percent according to data from CoinMarketCap. Bitcoin Dominance Surges amid Crypto Price Panic The next four high volume cryptocurrencies in order of market volume are XRP with 11.14 percent, ethereum with 8.55 percent, bitcoin cash with 1.65 percent, and litecoin with 1.33 percent. The data confirms a frequently-observed pattern where crypto investors whose holdings are taking a beating choose to dump their altcoin holdings and retreat into the relative safety…

Is Bitcoin Heading for $3,000? Potential Factors for a Market Recovery

After watching the price of Bitcoin going through its roughest month for seven whole years, many in the space appear to be bracing themselves for a more brutal “crypto winter” than they ever thought possible. One market analyst believes that we could be about to drop further to a new yearly low of $3,000. That said, there has been very little in the way of negative news surrounding the number one digital asset. In fact, Bitcoin’s surrounding infrastructure has never looked better. Despite the lulls, such factors continue to inspire…

Bitcoin Mining Industry ‘Under Considerable Stress,’ 1.3m Rigs Turned Off

For much of the year, the bitcoin mining industry appeared to be impervious to the crypto market downturn, as the flagship cryptocurrency’s hash rate continued to climb even as the BTC price halved — and then halved again. In recent weeks, however, cracks have begun to form in this sector as well. Bitcoin Hash Rate Drops as Miners Turn off Older Devices Earlier this month, Bitcoin network difficulty, which adjusts dynamically every 2,016 blocks (a roughly two-week interval) in response to hash rate fluctuations, fell by 15.1 percent — its…