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.

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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

Crypto Analyst – Bitcoin Market Cap Due to Surpass $1 Trillion this Cycle, $8 Trillion Next

Crypto asset market analyst and partner at Adaptive Capital, Willy Woo, believes that the market capitalisation of Bitcoin alone will surpass $1 trillion dollars in the coming years. After letting off steam, he believes the next cycle will take Bitcoin’s market capitalisation to levels that rival that of gold today in terms of value.

The analyst also takes a rather unique, hyper extended view of Bitcoin. He consider the asset in the wider context of money and sees crypto as the beginning of “the digital age”.

Could Bitcoin Hit $50,000 by 2022?

Appearing on the Coinist Podcast earlier today, trader and Bitcoin optimist Willy Woo spoke about his current outlook on the crypto asset industry.

After discussion relating to his work with Adaptive Capital and his research into on-chain trading signals, Woo speculated on the future of Bitcoin. In response to a question about whether his much earlier call in which he stated that Bitcoin’s market capitalisation would reach that of gold by 2024, the analyst stated that he now felt it to be a little soon. Woo first made the call in 2012 when he was very new to the very new Bitcoin industry,

He stated that Bitcoin currently has another two to three years left of upside during the ongoing market cycle and that it will be during the bullish phase following a another lull that BTC surpasses gold as the planet’s primary store of value asset.

However, that’s not to say that this bullish cycle will not be impressive. The Adaptive partner believes that the price of Bitcoin will approach $50,000 at some point in the next few years. This will put its market capitalisation at around $1 trillion.

The 10,000 Year View of Money

Perhaps the most interesting portion of the interview comes during Woo’s closing thoughts. Taking a much longer view of Bitcoin, set in the context of the technology of money itself, Woo claims that Bitcoin represents the dawning of a new age in civilisation.

As we moved from hunter-gatherer societies, into agrarianism, industrialism, and beyond, the forms of money new technology makes possible and the requirements of money in ever-expanding communities slowly shift. Seashells were replaced by gold because it was a harder money, and gold was replaced by bank notes (backed by gold) because they were more useful in wider commerce.

Woo believes that the first digitally scarce asset, Bitcoin, is a crucial step forward for humans:

“If we’re in a digital age, we really want a digital currency and this is our first native digital currency… Bankers call [Bitcoin] a bubble, technologists call it a disruption, but students of history would call it the dawn of the digital age.”

 

 

 

 

Rick D News BTC

 

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

THE 30 PERCENT BITCOIN PRICE CORRECTION HAPPENED ALREADY?

The Rundown

• Bitcoin Price Drops Exactly 30%

• Back Above $11000

• Bitcoin Price Could Fall Back Again?

The much talked about 30% correction in Bitcoin price was hit pretty much spot on during yesterday’s US trading session. Many are now questioning whether they missed the dip and whether the bull run has resumed as BTC trades back above $11000 again today.

BITCOIN PRICE DROPS EXACTLY 30%

Over the past 24 hours, Bitcoin price is back up again adding 9% on the day. Analysis of previous market cycles has shown that following an almost parabolic surge, BTC pulled back ~30% eight times in the past uptrend. A correction of similar magnitude has been expected this time and the target was hit a few hours ago.

From its recent high of $13,800, a 30% dip would send Bitcoin price back to $9,600. According to Tradingview.com BTC dipped to $9,620 marking a pullback of 30.3%, right on the money.

BACK ABOVE $11000

Since the short-lived dump, BTC price surged back above $11000 over the next few hours to settle at around $11294.6 +0.14% where it currently trades.

Trader and analyst ‘CryptoFibonacci’ noticed that the bounce touched the 200 EMA on the four-hour chart before returning to the 50 EMA where it may find resistance again.

“So, we did lose 10,900 and did fill one of the gaps. But, it did hold the 200 ema on this chart. A move back over the 50 ema here would do wonders for bulls. A rejection of it could lead it back down to fill that last gap.”

 

Fellow analyst, Josh Rager has looked at the bigger picture on the current weekly chart noting that the formation of a second doji indicates further indecision, a possible precursor to range-bound trading.

“The current $BTC weekly chart is quite hilarious with those wicks. Trends is still bullish even though we could go sideways here and range between a couple thousand dollars in the coming weeks.”

BITCOIN PRICE COULD FALL BACK AGAIN?

The trading week is far from over yet and BTC could fall further back, but considering its epic recovery from the mid $9,000s over the past few hours this does not seem to be likely at the moment.

With two $500+ hourly candles overnight the bulls appear to be back in force so the next few hours will be critical for Bitcoin price. The big green hammer on the daily chart is also a strong sign that the short-lived downtrend has just reversed.

Many will be waking in Asia and Europe today wondering if they had missed the dip.

 

 

MARTIN YOUNG | JUL 02, 2019 | 23:46

 

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

Cryptocurrency market update – Wounded bulls are in a tactical retreat

• The cryptocurrency market is losing ground, controlled by bears.

• Bitcoin, Ethereum are still deep in red on a day-on-day basis.

The cryptocurrency market lived through another bloody red day as Bitcoin and all major altcoins are nursing significant losses ranging from 1% to 7%. The total capitalization of all digital assets in circulation dropped to $303 billion from $320 billion on Monday, while an average daily trading volume reduced to $86 billion from $90 billion this time on Monday. Bitcoin continued losing its market value, which is now 60.3% from over 63% registered in the previous week.
 

Top-4 coins price overview

Bitcoin (BTC/USD) settled above $10,000 handle after a short-lived collapse to $9,977 on Monday. The first digital asset is one of the worst performing coins out of top-20, with nearly 7% of day-on-day losses. A failure to recover above critical $11,000 may spell disaster for Bitcoin bulls and create an environment for a deeper downside correction.

Ethereum, the second largest digital asset with the current market capitalization of $30.60 billion, has lost over 3% of its value on a day-on-day basis. After a failed attempt to recover above $300, the price has settled at $288, within a whisker of the intraday low. ETH/USD is driven by the bearish sentiments that gripped the market, which means that the selling pressure will not subside in the nearest future.

Ripple's XRP clinches to $0.40 handle. The third largest digital asset with the current market capitalization of $17.0 billion has lost over 2% since the beginning of the day, and 3% on a day-on-day basis. At the time of writing, XRP/USD is changing hands at $0.4008, having recovered from the intraday lows of $0.3981

Litecoin (LTC/USD) is exploring territory below $120.0. The fourth largest coin with the current market capitalization of $7.3 billion managed to recover from the Asian low of $117.64, though its price is still 5% lower from this time on Monday. LTC/USD is moving in sync with the broader market.
 

 

Tanya Abrosimova

FXStreet 24 minutes ago

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

BITCOIN PRICE CORRECTION DEEPENS – WEEKLY CLOSE LOOKS BEARISH

The Rundown

• Bitcoin Price Doji Turns Bearish

• Bitcoin Dominance Still Raging

The Bitcoin price pullback which began at the end of last week has accelerated this Monday morning despite a relatively stable weekend. The weekly candle has closed off with a bearish signal indicating further losses could be coming.

BITCOIN PRICE DOJI TURNS BEARISH

Bitcoin price has been in decline for the past 24 hours following a weekend push back over $12k. The slide led to a drop of over a thousand dollars, or around 8%, in BTC price as the correction appears to be deepening. On the hourly chart Bitcoin price has dropped below both the 50 and 200 moving averages and is currently just above $11000, trading at $10930.9 +0.56%.

The weekly chart, however, looks a little more ominous as a large doji, or shooting star has appeared which is often the sign of indecision between buyers and sellers leading to a possible trend reversal. Trader Josh Rager noticed this and while analyzing the charts, he added that a couple of weeks on the downside would lead to prime buying opportunities.

“$BTC Monthly close looks good. Weekly close looks ugly, you’ll likely see this shooting star type of doji all over CT. Which typically is a signal for reversal & we could see a couple of down weeks for Bitcoin. But be happy as that would mean prime buying opportunities ahead,”

Looking at the daily chart, support lies at the 50-day moving average which is at the $9000 level. Many have talked about a dip of over 30 percent which has yet to materialize. At the moment BTC price is down around 20% from its recent high so a further ten percent drop or more would take it to the mid $9,000s which is also where the purported support lies. Trader ‘DonAlt’ also agrees that Bitcoin price often retraces deep in bull markets.

“$BTC weekly update: This chart looks like ass. Not necessarily a bad thing though, BTC likes to retrace deep in bull markets. The only way it can do so is by looking terrible. Waiting for support or resistance to get hit to make a move.”

BITCOIN DOMINANCE STILL RAGING

Bitcoin dominance is still over 60% as altcoins are getting crushed again. Total market capitalization has shrunk by $25 billion over the past day or so as everything is getting pulled into the crypto quagmire.

Most experienced traders are in agreement that this is a healthy movement for markets. Many will be keenly eyeing these support levels for new entry positions for the next leg up.

 

 

MARTIN YOUNG | JUN 30, 2019 | 23:32

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

The Crypto Week – Bitcoin Leads the Way as Volatility Grips the Majors

Bitcoin is on the move early but will need the support of the broader market to take a run at $13,000 levels…

While the Bitcoin bulls maintained control, it has been a mixed week for the rest of the pack.

Bitcoin fell by 3.38% on Saturday. Partially reversing a 10.18% rally from Friday, Bitcoin ended the day at $11,920.

A bearish start to the day saw Bitcoin slide from an intraday high $12,338 to an early morning intraday low $11,354.

Bitcoin steered clear of the first major support level at $11,285.67 and the 23.6% FIB of $11,275 before finding support.

Recovering through the remainder of the day, Bitcoin moved back through to $12,000 levels before a late pullback.

For the current week, Bitcoin was up by 9.3%, which came off the back of 4 days in the green out of the last 6.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a bullish start to the weekend, leaving Bitcoin to buck the trend on the day.

Across the rest of the majors, Litecoin led the way, rallying by 11.6% to reverse most of a Thursday 12.6% sell-off.

Stellar’s Lumen (+3.87%), EOS (+2.59%), and Ethereum (+2.46%) saw solid gains on the day.

For the current week, Bitcoin led the way with its 9.3% rally, Monday through Saturday.

Stellar’s Lumen and Ethereum were also in the green for the current week, with gains of 8% and 3.3% respectively.

The rest of the pack were in the red, however, with a broad-based crypto sell-off doing the damage on Thursday.

Leading the way down was EOS, which tumbled by 13%. Bitcoin Cash SV and Ripple’s XRP also saw heavy losses, with declines of 10.2% and 9.4% respectively.

Bitcoin Cash ABC (-6.34%), Binance Coin (-4.35%) and Litecoin (-2.52%) saw more modest losses on the week.

A choppy week saw the total crypto market cap rise from $324bn to a Thursday high $386.6bn before easing back. At the time of writing, the total crypto market cap stood at $344.83bn.

24-hour trading volumes were also on the up, rising from $70.7bn levels to hit $140bn levels on Thursday. At the time of writing, 24-hour trading volumes stood at $88.43bn.

This Morning

At the time of writing, Bitcoin was up by 1.88% to $12,144.0.

A bullish start to the day saw Bitcoin rise from a morning low $11,920 to a high $12,193 before easing back.

Bitcoin left the major support and resistance levels untested early on.

Across the rest of the majors, it was a mixed start to the day. Ethereum (+0.71%), EOS (+0.22%), Ripple’s XRP (+0.22%) and Bitcoin Cash ABC (+0.66%) were in positive territory.

On the slide, however, were Stellar’s Lumen (-1.2%), Litecoin (-0.98%), and Binance Coin (-1.64%).

Bitcoin Cash SV was flat with just a 0.05% loss at the time of writing.

For the Day Ahead

Bitcoin would need to hold onto $12,000 levels through the morning to support another run at the first major resistance level at $12,390.33.

An early move through the morning high $12,193 to $12,200 levels would signal the start of a more material rally on the day.

Bitcoin would need the support of the broader market for a break out from the first major resistance level. Barring a broad-based crypto rally, Bitcoin will likely come up short of the second major resistance level at $12,860.67.

Failure to hold onto $12,000 levels could see Bitcoin hit reverse. A fall through to $11,850 levels would bring the first major support level at $11,397.33 into play.

Barring a broad-based crypto sell-off, Bitcoin should steer clear of sub-$11,000 support levels on the day.

 

Bob Mason

Jun 30, 2019 3:32 AM GMT

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

The Crypto Week – Bitcoin Leads the Way as Volatility Grips the Majors

Bitcoin is on the move early but will need the support of the broader market to take a run at $13,000 levels…

While the Bitcoin bulls maintained control, it has been a mixed week for the rest of the pack.

Bitcoin fell by 3.38% on Saturday. Partially reversing a 10.18% rally from Friday, Bitcoin ended the day at $11,920.

A bearish start to the day saw Bitcoin slide from an intraday high $12,338 to an early morning intraday low $11,354.

Bitcoin steered clear of the first major support level at $11,285.67 and the 23.6% FIB of $11,275 before finding support.

Recovering through the remainder of the day, Bitcoin moved back through to $12,000 levels before a late pullback.

For the current week, Bitcoin was up by 9.3%, which came off the back of 4 days in the green out of the last 6.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a bullish start to the weekend, leaving Bitcoin to buck the trend on the day.

Across the rest of the majors, Litecoin led the way, rallying by 11.6% to reverse most of a Thursday 12.6% sell-off.

Stellar’s Lumen (+3.87%), EOS (+2.59%), and Ethereum (+2.46%) saw solid gains on the day.

For the current week, Bitcoin led the way with its 9.3% rally, Monday through Saturday.

Stellar’s Lumen and Ethereum were also in the green for the current week, with gains of 8% and 3.3% respectively.

The rest of the pack were in the red, however, with a broad-based crypto sell-off doing the damage on Thursday.

Leading the way down was EOS, which tumbled by 13%. Bitcoin Cash SV and Ripple’s XRP also saw heavy losses, with declines of 10.2% and 9.4% respectively.

Bitcoin Cash ABC (-6.34%), Binance Coin (-4.35%) and Litecoin (-2.52%) saw more modest losses on the week.

A choppy week saw the total crypto market cap rise from $324bn to a Thursday high $386.6bn before easing back. At the time of writing, the total crypto market cap stood at $344.83bn.

24-hour trading volumes were also on the up, rising from $70.7bn levels to hit $140bn levels on Thursday. At the time of writing, 24-hour trading volumes stood at $88.43bn.

This Morning

At the time of writing, Bitcoin was up by 1.88% to $12,144.0.

A bullish start to the day saw Bitcoin rise from a morning low $11,920 to a high $12,193 before easing back.

Bitcoin left the major support and resistance levels untested early on.

Across the rest of the majors, it was a mixed start to the day. Ethereum (+0.71%), EOS (+0.22%), Ripple’s XRP (+0.22%) and Bitcoin Cash ABC (+0.66%) were in positive territory.

On the slide, however, were Stellar’s Lumen (-1.2%), Litecoin (-0.98%), and Binance Coin (-1.64%).

Bitcoin Cash SV was flat with just a 0.05% loss at the time of writing.

For the Day Ahead

Bitcoin would need to hold onto $12,000 levels through the morning to support another run at the first major resistance level at $12,390.33.

An early move through the morning high $12,193 to $12,200 levels would signal the start of a more material rally on the day.

Bitcoin would need the support of the broader market for a break out from the first major resistance level. Barring a broad-based crypto rally, Bitcoin will likely come up short of the second major resistance level at $12,860.67.

Failure to hold onto $12,000 levels could see Bitcoin hit reverse. A fall through to $11,850 levels would bring the first major support level at $11,397.33 into play.

Barring a broad-based crypto sell-off, Bitcoin should steer clear of sub-$11,000 support levels on the day.

 

Bob Mason

Jun 30, 2019 3:32 AM GMT

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

 

Bitcoin almost wipes out its mega gain just as swiftly as it came

• Bitcoin's retreat accelerated Thursday and put the coin’s price back to nearly the same level as just five days ago

• Alternative coins also fell Thursday, with both Ether and Litecoin dropping 14%

 

NEW YORK: Bitcoin’s rise was meteoric this week — and its decline has been just as swift.

It’s easy come, easy go in the crypto world, where a frenzy over Bitcoin pushed its price to nearly $14,000 on Wednesday, its highest level since January 2018. The largest digital asset then reversed course in a matter of minutes after a prominent cryptocurrency exchange reported an outage. The retreat accelerated Thursday and put the coin’s price back to nearly the same level as just five days ago.

The jump in prices brought back memories of the crypto bubble that burst at the end of 2017, when Bitcoin and other cryptocurrencies — beset by regulatory setbacks and fraud-related issues — fell from grace. Bitcoin’s price, for instance, languished around $3,600 just six months ago.

Crypto bulls were heartened this year after numerous Wall Street mainstays showed increased interest and wider acceptance of cryptocurrencies and their underlying blockchain technology, helping to push prices higher. Things turned parabolic earlier this month when Facebook Inc. unveiled plans for its own digital currency — many proponents cited the move as long-sought validation of the potential digital assets have to drastically alter the global financial system.

But Thursday’s reversal prompted one of Bitcoin’s biggest proponents, Mike Novogratz, to lament on not having taken more money off the table before the coin lost nearly all its gains. That may have contributed to its swift demise, according to John Spallanzani, portfolio manager at Miller Value Partners.

It’s a very “tight-knit market," said Spallanzani. “Most likely Novo hitting bids spread like wildfire."

Bitcoin dropped as much as 19% on Thursday, paring the loss to 16% at the end of the day. It was up 4.2% to $11,137 as of 10:50 a.m. in Hong Kong on Friday. Volatility is near the highest levels since early 2018, when the crypto bubble was bursting.

“It seems the crypto market got a bit too hot yesterday and is now cooling down," wrote Mati Greenspan, senior market analyst at trading platform eToro, in a note. “What an incredible market where the price can crash about 15% in less than an hour and bring us back to the highs of the previous trading day."

Alternative coins also fell Thursday, with both Ether and Litecoin dropping 14%. The Bloomberg Galaxy Crypto Index, which tracks some of the largest digital assets, dropped 19%.

 

Updated: 28 Jun 2019, 09:07 AM IST

Vildana Hajric , Bloomberg

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