House Rep. Kevin McCarthy heaps praise on Bitcoin

• McCarthy said that he likes Bitcoin because of the blockchain's security.

• Unlike Bitcoin, he doesn't like Facebook's Libra and fears that it may control the market in the future.

In a recent interview with CNBC, Kevin McCarthy, the Republican House Minority Leader said:
 

"I like bitcoin … The real thing I like when it comes to bitcoin is I like blockchain because I like the security. I want the government to start using blockchain,"

Though Bitcoin and Libra are cryptocurrencies that use blockchain technology, the difference is that a sovereign currency does not back Bitcoin. On the other hand, Libra is a stablecoin backed by an assortment of government-backed currencies. McCarthy is concerned about their apparent lack of decentralization:
 

"When I'm on Facebook, I'm not the customer, I'm the product. Facebook is free because they sell your data to make money. Now they want to get into the business, and they're not Bitcoin, in this Libra. They're not decentralized."

McCarthy said that he was looking to determine whether Facebook has considered its 'potential anti-competitive behavior':

"I want to see decentralization because Libra concerns me that they're going to control the market."
 

Fellow Republican Pat Toomey, on the other hand, is willing to have a more open mind about Libra. He told CNBC:

"I don't want to presume in advance that we've got to prevent the development of some new innovation..I am very curious about what the ultimate business motive is for Facebook here."

Rajarshi Mitra

FXStreet

David Ogden – Http://markethive.com/david-ogden

Bitcoin price plunges following Senate hearing into Facebook’s Libra cryptocurrency

The price of bitcoin plummeted Tuesday after a Senate hearing that questioned a Facebook Inc. executive on Libra, the company’s proposed cryptocurrency.

Bitcoin fell 12% today to a 24-hour low of $9,266.56 as of 10:45 p.m EDT before recovering slightly, to $9,402.28, an hour later. The decline means bitcoin hit its lowest level in a month, extending a bear market that saw bitcoin start to plunge following news of a crackdown on bitcoin mining in China over the weekend.

Bitcoin itself isn’t directly related to Facebook’s Libra, but it’s the attitude held by those in power and the potential to impose new laws that has spooked cryptocurrency markets.

David Marcus, the head of Calibra, the Facebook-owned division that plans to provide Libra services, testified before the Senate Banking Committee that the cryptocurrency would be regulated in Switzerland, but he did not find a receptive audience. Despite Marcus clearly stating that Libra would comply with all U.S. regulations and that Calibra itself would be regulated by the U.S. Department of Treasury’s Financial Crimes Enforcement Network, the senators on the committee were skeptical.

Democratic Senator Sherrod Brown led the anti-Facebook push, saying that “like a toddler who has gotten his hands on a book of matches, Facebook has burned down the house over and over, and called every arson a learning experience.” He added, “We would be crazy to give them a chance to experiment with people’s bank accounts, and to use powerful tools they don’t understand, like monetary policy, to jeopardize hardworking Americans’ ability to provide for their families.”

The disdain for Facebook and Libra was bipartisan, with Republican Senator Martha McSally saying that “I don’t trust you guys” and “instead of cleaning up your house you are launching into a new business model.”

The reaction to Libra from Washington D.C. has been negative from the day it was announced. Both sides of politics criticized it June 18, with President Trump joining the pile-on July 11. Pre-judging Marcus’ testimony, Democratic Congress members started circulating a proposed law July 15. The “Keep Big Tech Out of Finance Act” would ban large tech companies from providing financial services, including digital currencies.

The negative reaction to Libra has led to fears that a crackdown by lawmakers on Libra could involve a legal crackdown on all cryptocurrencies, bitcoin included. “The Libra announcement has heightened the need for policymakers and regulators to establish clear rules of the road,” Banking Committee Chairman Mike Crapo told CNN.

BY DUNCAN RILEY

David Ogden – Http://markethive.com/david-ogden

Bitcoin's recovery stalled on approach to $11,000

• Bitcoin and major altcoins have recovered from the recent lows.

• The upside momentum has faded away on the approach to critical resistance levels.

The cryptocurrency market is recovering after a sharp sell-off registered during the weekend. Bitcoin (BTC) and all major altcoins are gaining ground, though the critical resistance levels have yet to be broken.

The total capitalization of all digital assets in circulation jumped to $291 billion from $272 billion this time on Monday. The total trading volume is registered at $71 billion, while Bitcoin's market share increased to 66.6%, the highest since April 2017.

Top-4 coins price overview

Bitcoin (BTC/USD) is hovering around $10,800 after a short-lived dip below $10,000 during early Asian hours on Monday. The first digital coin has gained over 7% in recent 24 hours and stayed unchanged since the beginning of the day as the recovery momentum has faded away on approach to the critical resistance level of $11,000.
 

Ethereum, the second largest digital asset with the current market capitalization of $24.6 billion, is also in recovery mode. ETH has grown by 5% in recent 24 hours and settled above $230.00 on Tuesday, moving away from the recent low of $202.80. However, on short-term timeframes, the coin is moving within a bearish trend as an upside momentum is fading.

Ripple's XRP has gained 3.4% since this time on Monday to trade at $0.3166 by the time of writing. The third largest digital asset with the current market capitalization of $13.4 billion settled above $0.31 handle, though the recovery is capped by $0.3200.

Litecoin (LTC/USD), now the fourth largest digital asset in the global cryptocurrency rating, is losing ground on Tuesday. While staying in a green zone on a day-to-day basis, LTC/USD has lost about 1.5% in Asia. At the time of writing, LTC/USD is changing hands at $88.90, off the intraday high of $91.79 hit during early Asian hours.

Tanya Abrosimova

FXStreet

David Ogden – Http://markethive.com/david-ogden

Bitcoin price analysis – BTC/USD loses over $1,000 in a matter of hours, the worst not over yet

• BTC/USD retreated below $12,000 after a short-lived spike above $13,000

• Intraday RSI implies that the sell-off is not over yet.

Bitcoin is changing hands at $11,850 after a strong sell-off from the recent high of $13,195. The first digital currency lost over $1,000 of its value in a matter of hours and settled under $12,000 to much disappointment of BTC bull that expected to see it at new 2019 highs. BTC/USD has lost over 8% in recent 24 hours and nearly 3% since the beginning of Asian trading on Thursday. All major altcoins have also extended the decline.

While the fundamental reasons behind the sell-off remain unknown, it is worth noting that the move was accompanied by a spike in trading volumes, which means that traders were locking profits after a strong upside move

Bitcoin's technical picture

The initial resistance for BTC/USD comes at $12,000. This psychological barrier is strengthened by SMA100 (Simple Moving Average) on the 1-hour chart. It is followed by the middle line of the 1-hour Bollinger Band at $12,360 and SMA50 (1-hour) at $12,550.

Once this barrier is cleared, the recovery may be extended towards $13,000 and $13,300 (upper boundary of 1-hour Bollinger Band).

On the downside, the initial support lies at $11,600 created by SMA100 4-hour. This barrier is followed by $11,300 (the lower boundary of 4-hour Bollinger Band) and psychological $11,000. Considering the downward-looking RSI (Relative Strength Index) on the intraday charts, further sell-off towards the above said support area looks likely.

BTC/USD, 1-hour chart

Tanya Abrosimova

FXStreet

David Ogden – Http://markethive.com/david-ogden

Parabolic Bitcoin Headed for $30,000, Predicts Morgan Creek CEO

The bitcoin price is once again trading above the $12,000 level, and the current market cycle could take the price to a new all-time high. Morgan Creek Capital Management CEO Mark Yusko was featured on CNBC, where he emphasized that bitcoin is the best-performing asset since October 2018 by a long shot.

“I think we’re in the next parabolic move. That will take us probably into the $30,000 level before we get another little correction.”

He points out that the bitcoin price has soared 70 percent since October 2018, while the stock market over the same period is about flat with those levels. Yusko, who previously ran an endowment fund, didn’t stop there, suggesting that bitcoin’s “path to $100,000 by 2021 is really quite easy to draw out.”

That’s about a 733 percent increase over the next couple of years, which is unheard of in other asset

Yusko’s bullish price prediction is not even the most aggressive one out there, with billionaire venture capitalist Tim Draper attaching a $250,000 price target on the biggest cryptocurrency in the next few years. Draper expects that at the pace that engineers are currently working on bitcoin’s scalability issues, the leading crypto could be used instead of the dollar for everyday purchases in as little as two years.

Bitcoin has been looking attractive from both a fundamental and technical perspective, with catalysts such as institutional adoption and price momentum helping to fuel the gains. Crypto could also be benefitting from the slowing global economy, the uncertainty of which stands to drive investors into the arms of bitcoin.

For example, the U.S. and China still haven’t settled their trade differences, and there’s no guarantee that they will reach an agreement recent progress notwithstanding. Meanwhile, some are saying that EU is already in mired a “mild recession” while that the U.S. is headed for one, too.

Morgan Creek’s Yusko is of the belief that it’s doom-and-gloom for the stock market, saying that stocks are “overvalued” and any upcoming interest rate cut is a sign of a weak economy, not a strong one.

source CNN

David Ogden – Http://markethive.com/david-ogden

Bitcoin breakout coming? The cryptocurrency is already up 220% this year

• Bitcoin’s followed a similar trend since mid-February and has breached yearly highs at least once every month

• Bitcoin broke above its upper band limit for the first time this year in early February

Bitcoin bulls looking for a catalyst that could extend its colossal rally may want to turn to technical analysis favored by some traders for a dose of good news.
 

Following an increase in prices over the last two days, Bitcoin has surged above its upper Vera band limit, which identifies upward or downward trends. The move indicates a sharp rise could be on the horizon as the token continues to trade above that limit.
 

Bitcoin’s followed a similar trend since mid-February and has breached yearly highs at least once every month since then. The cryptocurrency broke above its upper band limit for the first time this year in early February, for instance, and reached a fresh yearly high shortly afterward. It happened again in mid-June, and Bitcoin hit its 2019 high of $13,851 just three days later. Overall, Bitcoin is up more than 220% this year.
 

“Bitcoin looks like it could be coiling for a big breakout as institutional interest for blockchain technology shows no signs of slowing down," said Edward Moya, chief market strategist at Oanda Corp. in New York. “The bubble-like gains this time are driven on solid institutional interest and while security is still a big risk, it appears Bitcoin has overcome many of its initial growing pains."
 

It’s a drastic turnaround from where it was just six months ago, when prices languished around $3,500 and many left the space for dead following its spectacular 2018 crash. But excitement over wider mainstream acceptance, among other things, has heightened the buzz around cryptocurrencies — and prices have skyrocketed since then.
 

“The revival has been a natural reaction to changing crypto-friendly atmosphere in mainstream finance and pro-market forces," said Christel Quek, chief commercial officer at Bolt Global, a mobile streaming platform and wallet, adding that the entry of companies including Facebook Inc. and JPMorgan Chase & Co. into the cryptosphere has contributed to that wider acceptance. “The support from mainstream entities will propel digital tokens forward."
 

Bitcoin rose 7.9% to $11,899 as of 11:53 a.m. in New York on Monday. Rival coins also gained, with Ethereum up nearly 8% and Monero rising more than 13%.

Source Livemint

David Ogden – Http://markethive.com/david-ogden

Why is this Distressing News from Deutsche Bank a Good Signal for Bitcoin?

On Sunday, Deutsche Bank announced that it would soon make significant cutbacks to its investment bank unit. Reportedly, about 20000 employees could lose their jobs in their process. On Friday, 5th July, the head of Investment Banking, Garth Ritchie, also announced his departure from the firm.

New York and London offices of the largest Germany’s business Bank is expected to experience the majority of the cut-backs.

The current economic situation is upsetting. Europe is facing significant scale problems. Nevertheless, a distressing economy could be a good signal for unrelated assets like Bitcoin and Gold. Anthony Pompliano, the founder of Morgan Creek Digital and a popular crypto-influencer tweeted,

Deutsche Bank plans to fire almost 20,000 employees. Bitcoin has no employees to fire. DB is built for the old world. And Bitcoin is built for the new world.

In most cases, correlation does not mean causation. Nevertheless, the declining currencies of China, the US, the UK, and high inflation characteristics in countries like Turkey, Brazil, and Venezuela is perceived to have a positive effect on Bitcoin.

Moreover, the economic meltdown which could be dubbed as heresy spread by Bitcoin investors, even critics of Bitcoin like Nouriel Roubini has indicated about the adverse financial condition of the world. Mati Greenspan, Senior Market Analyst at eToro also tweeted about the Deutsche bank cutbacks,

The old financial system is dying a slow death. ???? Let’s hope the new one is brighter. ????????

The low-interest rates from the Central Banks are causing the investment banks reduced profitability. Mati cited that the return at investments is currently <2%. Moreover, while this hardy has a direct correlation with Bitcoin’s positive growth directly, the failure of this economic system could lead to a possibility where Bitcoin’s protocol and limited supply will limit the role of the banks.

Leading Bitcoin proponents, VanEck CEO, Gabour Gurbacs and Whalepanda also commented on the news.

tweet

Nivesh Rustgi Bitcoin News

David Ogden – Http://markethive.com/david-ogden

Bitcoin Approaches $11,500 as Top Cryptos See Gains

Saturday, July 6 — most of the top 20 cryptocurrencies are reporting moderate gains on the day by press time, as Bitcoin (BTC) hovers just under the $11,500 mark.

Bitcoin is currently up by about three percent on the day, trading around $11,486 at press time, according to Coin360. Looking at its weekly chart, the coin is down by over 7.68%.

Bitcoin 7-day price chart. Source: Coin360

According to a recent report released by major cryptocurrency exchange Binance, bitcoin has become less correlated with other cryptos in Q2 2019 due to a potential “flight-to-quality” in the recent bull run.

Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at $31.1 billion. The second-largest altcoin, Ripple’s XRP, has a market cap of $16.8 billion at press time.

Coin360 data shows that ETH has seen its value increase by over .67% over the last 24 hours. At press time, ETH is trading around $292. On the week, the coin has also lost about 5.82% of its value.

Ether 7-day price chart. Source: Coin360

As Cointelegraph reported yesterday, ETH might decrease issuance ten-fold by 2021, said Justin Drake, an Ethereum 2.0 researcher at the Ethereum Foundation,

XRP is up by nearly 4% over the last 24 hours and is currently trading at around $0.399. On the week, the coin is down about 5.75%.

XRP 7-day price chart. Source: Coin360

Among the top 20 cryptocurrencies, the only coins reporting losses are Chainlink (LINK), which is nearly 4% down, LEO, nearly 2.3% down, and ATOM, over 1% down.

At press time, the total market capitalization of all cryptocurrencies is $327 billion, over 4.92% lower than the value it reported a week ago.

By Adrian Zmudzinski Coin Telegraph

David Ogden – Http://markethive.com/david-ogden

Bitcoin Consumes As Much Power As Switzerland, But Impact Remains Negligible

Much of the conversation surrounding Bitcoin and Switzerland in recent days is focused on the cryptocurrency showing price correlation between it and the country’s native fiat currency, the Swiss franc, which is often viewed as a “safe haven” asset for investors alongside gold and the Japanese yen.

However, a new study conducted by researchers at the University of Cambridge, has revealed that each year Bitcoin could consume as much electricity as the entire European country. The same study also revealed that despite powering the cryptocurrency’s network requiring such a massive amount of power by comparison, evidence shows that the impact it has on global climate change is “negligible.”

The Cambridge Centre for Alternative Finance, an academic research centre at the University of Cambridge, launched a new index called the Cambridge Bitcoin Electricity Consumption Index, that measures variables and metrics related to Bitcoin’s energy consumption.

The index website features a variety of interesting factoids and comparisons on Bitcoin consumption, ranging from how many years worth of all the tea kettles in the United Kingdom running would it take to power Bitcoin for one year, to the fact it would take the University itself would nee 365 years of operation just to use as much energy as just one year of the Bitcoin network.

The comparative study also claims that the Bitcoin network now consumes more energy in one year than the entire country of Switzerland.

Switzerland is known for being a hub for business and finance, with large data centers – yet doesn’t burn through as much energy as the first ever cryptocurrency. While powering a country may seem like a lot, the researchers behind the study claim that the impact of Bitcoin is “negligible” in terms of its contributions to climate change.

They say lightning never strikes twice, but Bitcoin drawing comparisons to Switzerland has now happened twice in as many days. Not only is Bitcoin’s energy consumption being compared to Bitcoin, it’s also being compared to the nation’s fiat currency – the Swiss franc – due to its potential as a safe haven asset.

As concerns over a looming economic crash fueled by the Trump administration’s trade war mount, safe haven assets have started to show signs that investors are once again preparing for the worst and hedging their capital against the perceived risk ahead.

But as investors sell of stocks and other higher risk assets into safe haven assets like gold, the Japanese yen, or the Swiss franc, they also appear to be buying up Bitcoin, too. The four assets have shown tightly correlated price charts that suggest all four of them are being considered as a flight to safety amidst any economic downturn that we may face in the coming days, weeks, months, or years.

by NewsBTC 

David Ogden – Http://markethive.com/david-ogden