Bitcoin price led the brief bullish momentum in the market yesterday where it gained more than $200 in less than 1 hour. Bitcoin used $7,120 as a support while the bulls were eyeing $7,600. At the moment, BTC/USD is trading a bullish flag pattern pending another upside breakout.It is still unclear what caused the sudden upsurge in Bitcoin on Tuesday 29, however, one of FXSTREET writers, Yohay Elam believes that there is a connection between the political discord in Italy. ‘Italexit’ might have been the boost that took Bitcoin from trading $7,120 to above $7,500. The elections in March resulted in an economic crisis in the country. Italy’s stock prices have plummeted almost similar to the Brexit situation in Great Britain. The money flowing out of Italy’s bonds, the Euro as well as the global stocks could have ended up in the crypto market. Elam Yohay wrote referring to the crisis in Italy, “When the establishment is in crisis, alternatives are sought after.”
Over the summer of 2017, there was a big battle brewing in the world of cryptocurrency. With the latest hard fork on the horizon, Bitcoin investors were nervously awaiting the creation of the new Bitcoin Cash. Some investors saw the…
Swiss entrepreneurs face on average a six-week-long, paper-heavy process to legally register their business entity with the government. This doesn’t jibe with a generalized sense of Swiss perfection. Even though the World Economic Forum’s Global Competitiveness Report identifies Switzerland as the world’s most competitive economy for the eighth year in a row, it simultaneously pegs the country as bureaucratic. Of the 138 countries surveyed, Switzerland’s business incorporation process is the 54th-easiest to navigate and the 56th-fastest to complete. A demonstration of blockchain technology by a company called Proxeus significantly moved the goalposts on Switzerland’s six-week process, registering a valid legal entity (“Drakkensberg AG”) with the complicated government in one hour and 37 minutes.
In other news, state securities regulators in the U.S. and Canada have announced that they’re cracking down on crypto scams, Reuters reported. Regulators are looking into initial coin offerings (ICOs) and unregistered securities offerings in an operation dubbed “Operation Crypto-Sweep.” Through a task force, regulators have opened 70 investigations in the operation, as 35 investigations enforcement actions are pending or have already occurred. In some cases, regulators have issued cease and desist letters to alleged scams.
In recent times, we’ve heard a lot about successful ICOs and themillions being raised to create new economies and fund decentralizedprojects. But we often don’t hear about what happens next. Aftersuccessfully raising $20 million in under six hours, BitGuild isreleasing something tangible and is launching its first products.
The Justice Department has opened a criminal probe into whether tradersare manipulating the price of Bitcoin and other digital currencies,dramatically ratcheting up U.S. scrutiny of red-hot markets that criticssay are rife with misconduct, according to four people familiar with the matter.
Watch the Crypto Consensus NYC 2018
Major cryptocurrencies were sliding Monday, with losses of up to 7%, as Consensus, one of the largest annual cryptocurrency conferences, kicks off in New York.
If history is any indication, cryptocurrencies should see a healthy rally during and after the conference according to data from Fundstrat Global Advisors. The firm says bitcoin has rallied anywhere from 10% to a 69% in previous years.
“Already one of the largest crypto conferences in the world, attendance this year is up dramatically (see below) and coming at a time when Bitcoin/Crypto is down YTD,” the firm said in a note to clients. “Hence, we expect the Consensus rally to be even larger than past years.”
HSBC has completed the world’s first commercially viable trade-finance transaction using blockchain, opening the door to mass adoption of the technology in the $9tn market for trade finance.
The UK-based bank said the blockchain trade, which processed a letter of credit for US food and agricultural group Cargill, had shown the platform was ready to be commercially adopted across the industry.
The introduction of blockchain, which underlies cryptocurrencies such as bitcoin, is expected to shake up the centuries-old trade-finance industry, reducing the numerous documents and several days of processing needed for a single transaction to a paperless task that can be completed in hours.
BTC/USD is down 0.3 percent at $8,445 after bouncing from the low of $8,338 at which point it was down nearly 2 percent. On the daily chart, BTC’s Saturday lows is $8,220 few dollars above the 50 percent fibonacci retracement of this entire rise from April lows, which is a significant support.
For this bounce to sustain Bitcoin should now try and target $8,604 which is 38.2 percent fibonacci retracement level only then can bulls come out of their hidings and show a brave face to bounce back above $9,000. Having said that, on the intra day 15-minute charts there are multiple resistances above $8,450 mark which would be a tough nut to crack in a low volume Sunday trading.