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Bitcoin faces ‘death cross’ after falling below $9 000

Bitcoin’s plunge back below $9,000 has the cryptocurrency facing a dreaded death cross. This occurs when the 50-day moving average breaks below its 200-day counterpart on a closing basis. As the name implies, it’s considered a bearish development.

This would be the first death cross for Bitcoin since 2015.

To be sure, there are some countervailing technical signals suggesting this event might not be so crippling. The 200-day moving average is still rising and served as intraday support Friday. In addition, Bitcoin is setting higher lows, with April’s trough higher than February’s.


The Epic Relation Between BTC Prices and the Stock Market

Inside the world of cryptocurrencies, some truths go unquestioned: 1) centralization is terrible, 2) fixed money supplies are great, 3) cryptocurrencies are uncorrelated from stocks.

The last “truth” is now in question.

Many analysts, myself included, have raised questions about Bitcoin following the stock market before, but none of us made the case as strongly as Forbes contributor Clem Chambers.

Chambers recently used intraday trade charts to show that Bitcoin prices often follow the same patterns as the Dow Jones Index. (Source: “Bitcoin Price Is Correlated To Stocks,” Forbes, May 8, 2018.)

In other words, he showed that Bitcoin and the Dow are connected.


Cryptos Crash After Nvidia Forecasts Big Drop In Mining Demand

Cryptos have been hit with a double whammy today.

Around 1pmET, the entire space tumbled almost instantly as large blocks went through in Bitcoin, with chatter suggesting the MtGox custodian was unloading once again. Prices quickly stabilized once that selling pressure abated.

However, shortly after the US market closed at 4pmET, Nvidia announced its results, posting quarterly sales that topped expectations.


Gold ETF Exec Switches Allegiance to Bitcoin ETF

According to Grayscale CEO Barry Silbert, the addition of McDonald to the team could help the firm to expand its reach as digital asset ETFs continue to become increasingly common and popular. Silbert explained that McDonald brings “a wealth of knowledge and experience managing ETFs and other complex financial instruments” to her new role, adding that “she will play a critical role for Grayscale as digital currencies continue to grow as an asset class for institutional and individual investors,” according to a report by PRNewsWire.com.

Grayscale is perhaps best known as the provider of single-asset and diversified investment products, most notably Bitcoin Investment Trust (GBTC), the first publicly-quoted instrument which was solely invested in bitcoin.


Blockchain startups join forces to disrupt global ecommerce

Nuggets CEO and founder, Alastair Johnson, said: “We are delighted to announce a collaborative partnership with Storiqa. It’s a great business with the same mission as us – to make e-commerce work better for retailers and customers alike.Our technologies complement each other perfectly, and we look forward to working together.”

Storiqa’s multi-currency wallet allows fast and safe transactions in both its own STQ tokens, other major crypto currencies, and in traditional currencies. Payments are dramatically accelerated (often from months to minutes), and transaction fees minimised. Its self-sustaining STQ token economy provides higher cash-back to buyers, while sellers get access to preferential platform features.


Learn details of the Global blockchain technology market projected to grow at a CAGR of 42.8 % from 2018 to 2022 – WhaTech

The Global Blockchain market is expected to grow at a CAGR of 42.8% (2017-2022), resulting in a global revenue of USD 13.96 billion by 2022. Blockchain technology is being used increasingly in the Banking Financial Services and Insurance (BFSI) segment for financial transactions and cross-border payments. The Blockchain Technology market is further classified into three main types based on its user’s accessibilities Public Blockchain Technology, Private Blockchain Technology and Mixed Blockchain Technology. Public Blockchain technology rules the roost.


Messenger chief leaving role to explore blockchain tech for Facebook

After four years at the helm of Messenger, David Marcus will be leaving the team to lead a small group of Facebook employees to explore what blockchain technologies can do for the social media giant.

In a post on Facebook, Marcus noted that he would be “starting from scratch” in these efforts surrounding blockchain tech. His departure from Messenger comes alongside a major organizational restructuring up top at Facebook that saw the roles shift of many key executives at Facebook.

Marcus is notably on the board of directors at the cryptocurrency exchange Coinbase, so this won’t be his first foray into blockchain. Marcus will be joined by Instagram’s Kevin Weil in this new endeavor, Recode reports.


NYSE Isn’t Planning a Bitcoin Futures Market, But a Proper Crypto Exchange

On May 3, CCN reported that Goldman Sachs is entering the bitcoin market by launching a futures market targeted at investors in the traditional finance sector and stock market. At the time, Goldman Sachs executive Rana Yared stated that despite the personal skepticisms of the bank’s executives, Goldman Sachs decided to operate a bitcoin trading desk to facilitate growing demand from its clients and investors.

On May 8, less than a week after the plans of Goldman Sachs to operate a bitcoin futures market were revealed to the public, NYTimes reported that several emails and documents reviewed by the NYTimes team showed the parent company of NYSE has been developing an online bitcoin trading platform.

“The parent company of the New York Stock Exchange has been working on an online trading platform that would allow large investors to buy and hold Bitcoin, according to emails and documents viewed by The New York Times and four people briefed on the effort who asked to remain anonymous because the plans were still confidential,” the New York Times reported.


Current BCN pump is a sophisticated pump and dump. : CryptoCurrency

Just want to shine some light on what’s happening with Bytecoin (BCN), as it is one of the more sophisticated pump and dumps.

So let me first briefly tell you what happened. Earlier today BCN was trading at around 72 satoshi on both HitBTC and Poloniex, quickly increasing 30% when the news of the Binance listing came along. It opened on Binance at around 300 satoshi and over the past few hours the price has risen to 2320 satoshi on Binance, whereas the current price on HitBTC and Poloniex is at 190 satoshi. To put this into perspective, the circulating supply of BCN is 183,878,867,869 (taken from CMC), whereas the current price on Binance is 0.22$. This puts BCN on a market cap of 40 billion $; right on the third position, between Ethereum and Ripple.

I’ve been following it closely and found that withdrawals from HitBTC and Poloniex were not working nor was the BCN webwallet. When checking their blockchain explorer we find that no new blocks have been mined for the past 2 hours. The trading on BCN started at 06:02 UTC and since that time only 46 blocks have been mined, containing a total of 997 transactions. The number of transactions that went through seems very small for a coin that just went up over 32x in a few hours.