How to Buy or Sell Bitcoin in the UK?

What is Bitcoin?

Bitcoin is the first virtual currency of its kind, launched back in 2009 by Satoshi Nakamoto. Satoshi’s goal was to remove the control of governments, central banks and banks on money, as is the case with the Fiat money of today.

For Satoshi, the financial crisis was the last straw and in creating a decentralized digital currency, central banks and governments have yet to catch up or get into position to regulate Bitcoin and other cryptocurrencies that have since been created.

Bitcoin has garnered plenty of attention, rising from sub-$1,000 levels at the end of last year to just shy of $10,000 today.

The number of merchants and service providers that accept Bitcoin continue to increase in numbers globally, with there being a number of ways in which interested parties can purchase Bitcoin.

While Bitcoin has grabbed the headlines, the most important characteristic of Bitcoin is the blockchain technology that drives it. Blockchain is a general ledger that is decentralized and stored on all of the computers that form the Bitcoin network. Other characteristics that have fueled demand for Bitcoin include Bitcoin holder anonymity, which has raised concerns over Bitcoin and other cryptocurrencies being used by the criminal underworld.

Bitcoin was the first, but there have been many cryptocurrencies created since and many are in search of the exponential gains that the lucky few earned if invested in Bitcoin in the early days.

By market cap, Bitcoin remains by far the largest and it will take some time before it loses the top spot, if ever.

How to Buy or Sell Bitcoin in the UK?

There are a number of ways to buy and sell Bitcoin in the UK. The easiest and most simple one being via brokers which provide traders with the opportunity to take advantage of Bitcoin’s fluctuations. Plus500 is one of the brokers that allow trading cryptocurrencies, (Availability subject to regulation).

bitcoin plus500

Step 1 – Open an Account

To open an account with Plus 500 is a simple process, click here to continue. The registration is fast and easy. All needs to be done is to fill your email address and password.

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Step 2 – Verify Your Account

In order to activate your account, you must provide the required documentation. Plus500 provides a simple and fast online platform which makes it an instant process. Customers are required to verify their accounts for identification and security purposes in accordance with Plus500 due diligence process.

plus 500 verify

Step 3 – Buy and Sell Bitcoin

Once Plus500 approves your account, you can start trading Bitcoin as well as the most popular cryptos. Bear in mind that Plus500 provides a leverage position and the opportunity to short Bitcoin when Bitcoin prices decline. Currently, you cannot short Bitcoin in any exchange which leaves you with brokers such as Plus500 to make a profit should Bitcoin prices fall.

5 - plus500 bitcoin buy

The other method being via a Bitcoin exchange. Most exchanges have developed mobile phone apps to make it easier for those looking to buy and sell Bitcoin. The Exchanges will request credit/debit card or bank account details to cover the purchase price and bank details for the transfer of proceeds from the sale.

Normally, for higher limits on Bitcoin exchanges, the buyer is required to provide bank account details, while debit cards can be used for lower limits on transactions.

The good news is that you don’t need to buy a minimum of one Bitcoin and buyers can own a fraction of a Bitcoin when purchasing through Bitcoin exchanges or ATMs. Using Bitcoin exchanges may be somewhat more long-winded in terms of completing all of the necessary details, but the transaction fees are much more competitive and would be the best way forward.

Recommended UK Bitcoin exchanges include:

CEX.IO – This exchange provides buying and selling of Bitcoins as well as other cryptocurrencies. They allow the purchase of Bitcoin via credit/debit card, wire transfer, and cryptocurrencies. These are the steps that one must follow in order to purchase Bitcoin via CEX.IO.

Step 1 – Open a Digital Wallet

A digital wallet is where you hold your cryptocurrencies and interacts others via the blockchain technology. There are many providers of digital wallets, however, it is important to make a deep research before you decide which one is the best for you. Currently, the most popular digital wallets provider is Blockchain.info.

Step 2 – Register & Open an Account

Once you enter CEX.IO website, register and open an account that can provide you with their service.

CEX.IO Login
CEX.IO Login

Step 3 – Receive the 2FA Code

This is the authentication code as well as your password when you access CEX.IO.  The code will be generated by an application and will be delivered to you by SMS.

CEX.IO F2A Code
CEX.IO F2A Code

Step 4 – Purchase Bitcoin

Now you can easily purchase Bitcoin and other cryptocurrencies. Note that you can always buy fractions of Bitcoin and CEX.IO allows you to choose fixed amounts with your own currency.

CEX.IO - Buy Bitcoin
CEX.IO – Buy Bitcoin

Choose the payment option that is most convenient for you.

CEX.IO Payment
CEX.IO Payment

In order to complete the purchase, the broker will ask you to verify your identity with documents and various details.

CEX.IO Verification
CEX.IO Verification
CEX.IO Verification
CEX.IO Verification

More recommended Bitcoin brokers in the UK:

Bitstamp – They make buying and selling easy, requiring those looking to buy Bitcoin to simply create an account, make a fiat currency deposit via SEPA wire transfer or other deposit method and then simply purchase Bitcoins once the funds have reached the newly created account.

Coinfloor – This exchange is said to have become the largest exchange for Bitcoin to Sterling exchanges and is considered to be the first publicly auditable Bitcoin exchange, with an emphasis security on its website.

CoinCorner – Allows the use of 3D secure enabled credit to immediately purchase Bitcoins, debit cards to deposit funds into an account for the purchase of Bitcoins or currency deposits made by SEPA bank transfers.

Coinbase – Supports 32 countries with more than 10m customers served and allows the purchase of Bitcoin for UK buyers using 3D secure enabled credit and debit cards.

There are others and it does require some amount of research to find the best exchange that addresses buy and seller requirements on fees, security, etc. Exchanges will also provide a number of enticing offers including bonuses, so it is worth having a look at the exchanges to see which are the most competitive, though it would be advisable to sign up with a reputable one.

If the sound of a Bitcoin exchange is off-putting, the alternative is to buy and sell Bitcoins via a Bitcoin ATMs, though most will only accept cash for a purchase, or face-to-face.

It’s worth noting that buyers and sellers of Bitcoin in the UK will face an issue when buying on most exchanges. Because UK banks are generally unwilling to provide banking services to Bitcoin exchanges, exchanges tend to bank outside of the UK and this, not only adds additional fees on to transactions but also increases the time it takes for money transfers by up to 5-days depending upon where the exchange’s bank is located.

Bitcoin Trading

The popularity of Bitcoin trading has certainly surged in recent years, with more traders entering the market each day as concerns over Bitcoin being a bubble ready to pop continues to ease over time. Volatility in Bitcoin has enticed traders from the more traditional markets, with the setup of trading platforms through Bitcoin exchanges facilitating the trading of Bitcoin and other cryptocurrencies.

Bitcoin exchanges provide the liquidity and the platform for trading, with the spreads between bid and ask prices narrow enough for traders to make tidy profits on a daily basis, as long as they are on the right side of a trade. Bitcoin exchanges also offer OTC markets and favorable fees to draw in traders the world over.

With a large number of Bitcoin exchanges now in existence, traders will look for exchanges that provide the most favorable fees, whilst also provide the appropriate security levels needed for such a digital currency.

Today, exchanges provide traders with the opportunity to go both long and short on trades through investing into CFDs, removing the need to hold Bitcoin wallets and Bitcoin itself, with margins also on offer. The larger exchanges offer up to 20x leverage.

The price comparison is a key consideration as well as fees. Some exchanges provide traders with no fees for daily trading, but with UK banks having issues with Bitcoin exchanges, the time taken for wire transfers to reach exchange accounts for purchases and for sales proceeds to reach the trader is also issues faced by the UK Trader.

The best brokers for Bitcoin trading in the UK include:

Plus500: They have a wide variety of cryptocurrencies that can be exchanged via a convenient platform. Plus500 provides the contract for differences which allows trading without physically owning an instrument.

*Please note that Plus500 offers CFDs only.

*76.4% of retail CFD accounts lose money

eToro: Has over 6 million registered traders and requires a minimum deposit of £200. eToro is the widest social trading platform.

AvaTrade: A minimum deposit of just £100, with no commission on CFD trading. The broker support Bitcoin gold, Bitcoin Cash, etc.

MARKETS.COM: No commission and no withdrawal fees, with the ability to trade CFDs as important to the trader for short positions. Minimum deposit is also just £100.

FXTM: Providing traders with cryptocurrencies trading with low spreads and minimum commission. FXTM supports Bitcoin, Bitcoin cash, Litecoin and more.

Where can I Use Bitcoin in the UK?

The use of Bitcoin across the UK is growing and more retailers are accepting Bitcoin for purchases and/or services, including pubs and even universities.

For those looking to get a sense of how widely accepted Bitcoin is in the UK, WheretospendbitcoinsUK is a good place to start and the site offers search functionalities to those looking to use Bitcoin to purchase particular goods or services across the country.

Bitcoin’s anonymity will continue to support the rising use of Bitcoin across the country and beyond, though price volatility will always be a factor.

Bitcoin ATMs in the UK

As the Bitcoin world has evolved, so have the different platforms on offer for those looking to buy and sell Bitcoin. While Bitcoin exchanges are the most secure platform for transactions, Bitcoin ATMs have been on the rise globally.

Unlike traditional ATMs linked to the centralized banking networks, Bitcoin ATMs are there to simply facilitate the buying and in some cases the selling of Bitcoins.

Bitcoin ATMs have increased in popularity as they continue to provide buyers and sellers with the anonymity that so many require. For the privilege of anonymity, Bitcoin ATM transactions come with significantly higher fees than on Bitcoin exchanges and there are also limits on the size of transactions.

On a global basis, the average fee for a buy order is 8.54%, calculated on 1,126 Bitcoin ATMs worldwide, with redemption fees averaging at 7.03%, calculated based on 410 ATMs globally that support the sale of Bitcoin.

In the UK, the buying fees are perhaps slightly more competitive than the global average, while the fees for the sale of Bitcoins are on the higher end and can be as high as 20% of the value of Bitcoins being sold.

To find the nearest Bitcoin ATM, Coin ATM Radar is a good website to search for the nearest Bitcoin ATM. For many, the distances will certainly too great to travel in order to buy or sell Bitcoin, which would leave buying and selling via an exchange or on sites such as LocalBitcoin.


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Conclusion

While UK banks may be unwilling to provide the necessary services for Bitcoin exchanges today, times are likely to change. Bitcoin is becoming more widely accepted across the country and has garnered significant interest from both those looking for a long-term investment and those looking to trade on the volatility.

The UK market is in need of an upgrade to facilitate buying and selling, with face-to-face transactions the best option for those looking to hold a small number of Bitcoins and not have to deal with the impact of exchange rates and fees akin to Bitcoin exchanges.

We will expect the upgrade to happen, however, though the UK government will need to follow its Asian peers into accepting Bitcoin.

As is the case in other jurisdictions, those looking for anonymity pay the price, with fees considerably higher when buying and selling Bitcoin using Bitcoin ATMs or face-to-face platforms such as LocalBitcoin. It’s therefore important for buyers and sellers to understand whether anonymity is the top priority or the fees associated with transactions and then choose the best platform.

Bitcoin Cash, Litecoin and Ripple Daily Analysis – 30/11/17

Bitcoin Cash Pulled Down by Big Brother

Bitcoin investors must be wondering what needs to happen for Bitcoin Cash to get out from the shadows of Bitcoin.

Bitcoin’s rapid rise to and demise from $11,000 left the cryptocurrency market in a moment of panic. Bitcoin slumped from a Wednesday high $11,395 to $9,250 in less than a few hours before recovering to $10,000 levels and the slide certainly didn’t help the cause for Bitcoin Cash.

Bitcoin Cash fell to a day low $1,230 on Wednesday, before recovering to $1,300 levels. It’s been a weak start to the day however, with Bitcoin’s fall to low $9,000 levels garnering plenty of interest at the expense of its offshoot.

While the direction of Bitcoin continues to leave Bitcoin Cash in choppy waters, news of Bitcoin Cash developers looking to increase its block size also weighed. Two hard forks have been slated for May and November of next year. While the development team expect the forks to go smoothly, upgrades so soon after launch will raise some questions in the near-term.

At the time of writing, Bitcoin Cash was down 0.03% at $1340, with the trend having been negative this week. While we will expect some support at current levels, Bitcoin Cash may face strong resistance against a move towards $1,500 levels for now.

BCHUSD301117

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Litecoin Looks to Bounce Back

Litecoin’s record high $103.54 on Wednesday led to rapid fall to an intraday low $76.01 in just a few hours, following in Bitcoin’s footsteps as the markets looked to lock in gains from quite an impressive $1,000 gain to $11,000 levels.

The rapid decline in Litecoin following its latest record high is representative of investor fear of a more material collapse or, worse yet, a bubble burst. For now, it’s looking steady and Litecoin will look to make a fresh run at $100 levels, though we’re unlikely to see that today as investors take a breather.
At the time of writing, Litecoin was up 2.68% at $89.02.

LTCUSD 301117

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Ripple on the Ropes

Another level down for Ripple, which continues to face pressure following its failed to attempt to break $30 this week, while record runs were enjoyed by Bitcoin and Litecoin.

We’ve seen strong support at sub-$0.23 levels, but we will expect Ripple to lag behind its peers through the day, with investors likely to become cognisant of stronger gains being more likely elsewhere in the crypto universe.

How long Ripple lags behind the crypto heavyweights remains to be seen on a performance basis, with Ripple’s technology getting a lot of attention. Price predictions for next year vary from $2 to $5, which could bring in new investors. Even the lower end of the price forecast is still an attractive proposition when considering current levels.

At the time of writing, Ripple was up 1.89%% at $0.239 as it looks to regain the $0.24 handle. Breaking back to $0.25 levels may be an altogether different story however.

XRPUSD 301117

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BTC/USD Price Forecast November 30, 2017, Technical Analysis

Bitcoin has rallied again during the trading session on Wednesday, and as most of you probably know by now, has left $10,000 in the rearview mirror. As I do my analysis on Bitcoin, keep in mind that I do have an attitude of this being a massive bubble. I have seen various bubbles over the last decade or so, and this one has all of the hallmarks of the others. However, that is essentially what trading is about: finding the bubble and writing it as high as you can, and then either getting outer shorting as things come undone. I fully anticipate this is what we are going to see and Bitcoin, but the popping of the bubble isn’t happening today. It is under that premise that I look at the markets.

Bitcoin rallied $1400 during the day, but by the time the Americans took control, it had lost almost half of that. Because of this, I believe that the volatility is going to continue to be very high, but we have found a bit of support at the 20 SMA on the hourly chart, and I think that makes quite a bit of sense, because most Bitcoin traders are short-term traders by their very nature, jumping in and out and paying attention to short-term charts and things like the Bollinger Bands.

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BTC/USD Video 30.11.17


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Because we have bounced from the moving average on the Bollinger Bands, I believe that the uptrend will remain intact, and I fully anticipate that this market will go looking towards the highs again. The question now is when do we get overextended? Because by most metrics we not only are but have been for a long time. It is because of this it is actually crucial to have stop losses in place, as this market tends to lose 10% in the blink of an eye. Now that institutional money is coming in, the thought is that it will stabilize things, but I think initially we are going to see a surge. Longer-term, one the institutional money comes out of the market, I believe that is when the bubble pops, as the big money runs out the door. We are a long way from that though, and I believe the Bitcoin bubble will continue to inflate from here, so I advocate a “buy on the dips” strategy, but would do so in small increments, using the $10,000 level as the idea of a “floor” currently.

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Bitcoin Cash, Litecoin and Ripple Daily Analysis – 29/11/17

Bitcoin Cash a Distant 2nd

Big brother Bitcoin grabbed all the headlines in the early hours today, breaking through the $10,000 barrier with little resistance and no pull back. Bitcoin Cash, in stark contrast, headed south and looks to be in be on a downward path back towards $1,250 and even lower.

Bitcoin cash holders may be rethinking their strategy on which is likely to be the leader of the pack, with Bitcoin’s resurgence seemingly relentless as the markets look ahead to what price targets are set for 2018.

It’s not been a bad quarter for Bitcoin Cash, having gained 240% in the current quarter, compared with Bitcoin’s 128% gain over the same period, but the milestones paint an altogether different picture for the pair. Bitcoin Cash’s one time entry into $2,000 levels remains a distant memory and, while Bitcoin Cash has tried to break through $1,800 levels and have another run at $2,000, resistance is strong and Bitcoin’s ascendency has ultimately weighed.

At the time of writing, Bitcoin Cash was down 3.27% at $1,431.60, compared with Bitcoin’s 4% gain with the markets likely to be relatively nonchalant of another $1,000 breakthrough for Bitcoin.

BCHUSD291117

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Litecoin Hits a Century Riding on Bitcoin’s Coattails

While Bitcoin Cash and Ripple struggle through the early part of the day, Bitcoin and Litecoin are full steam ahead, with Litecoin up 3.85% to $98.13 at the time of writing.

In the early hours of this morning, Litecoin managed to kiss $100 levels briefly before falling back, though as things stand, Litecoin looks to have the momentum.

With the number of cryptocurrencies in the market, some consolidation is natural considering the youth of the sector, excluding Bitcoin of course. Recent performances and shifts in ranges suggest that Litecoin will benefit from any consolidation, its performance being more correlated to Bitcoin than the other cryptocurrencies.

We will expect it to be a little choppier today however, with the success of hitting the $100 mark leaving some to question what’s next, with investors likely to lock in gains ahead of any possible correction back to the lower ranges.

LTCUSD 291117

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Ripple struggles

It’s been a less spectacular start to the day for Ripple that has struggled alongside Bitcoin Cash.

Ripple’s run at $0.30 was thwarted yet again this morning, hitting a high of $0.2839, before falling back to current levels.

There are concerns that resistance levels are continuing to build at sub-$0.30 levels, making each attempted run all the more difficult, as investors look to trade in the ranges that Ripple as moved within over recent days

The blockchain tech may be warmly received, but the cryptocurrency has yet to have as significant an impact as its technology.

At the time of writing, Ripple was down 4.92% to $0.2662, with support levels likely to be tested through the day.

XRPUSD 291117

The Best and Safest Way to Buy and Sell Bitcoins

For those who are looking to take advantage of Bitcoin and other cryptocurrencies price fluctuations, Some brokers provide traders with instant access to trade Bitcoin, Bitcoin Cash, Ethereum and other cryptocurrencies. The process is fast and easy with convenient and advanced trading platform (desktop and mobile), low spreads and instant execution. Click here for more details.

Markets Fight Back against Lows in Asia, Bitcoin Hits $10,000 on Some Exchange

U.S equities remained cautious on Monday. But Asian equities which opened lower today fought back against lower values. The U.K Bank Stress Test Results have been released and the Pound has gained today. The U.S will see the CB Consumer Confidence report later.

Wall Street Remains in Doldrums, U.S Growth Numbers Wednesday

An important Consumer Confidence reading will be published in the States today, but tomorrow’s Gross Domestic Product numbers will begin to get plenty of focus. Wall Street remained in the doldrums on Monday as investors worry about Washington politics. The U.S Dollar has been firm this morning. Sentiment on the major equity Indexes, particularly the S&P and Nasdaq appear fragile.

Bitcoin’s Rally Continues, Hits the 10,000 Level on Some Exchanges

Bitcoin, perhaps one of the biggest rallies in the history, continues its journey up as it hits for the first the $10,000 level on some exchanges, mainly in Asia. Bitcoin was trading at $5000 just two months ago. Reports about Bitcoin’s future continue to pop up, this time it’s the Billionaire hedge fund legend and former Fortress executive, Mike Novograz, that believes Bitcoin can reach $40,000 by 2018.

Asian Markets Lose Fractionally, Retail Sales from Japan Tomorrow

Asian equities turned in an interesting trading session. After opening with losses, the major Indexes saw some buying emerge. While declines were seen at the finish, the losses were fractional. The Nikkei Index has still put in a 2.17 percent increase the past month. The Yen has range traded, but is hovering near important support of 111.00 against the U.S Dollar. Retail Sales numbers will come from Japan early tomorrow.

Carney Delivers Clear Message, Pound Trades Higher on Remarks

The U.K Bank Stress Test Results showed the corporate banking sector remains solid, but Bank of England Governor Mark Carney expressed concerns about a disorganized Brexit which could put financial institutions at risk. Because of Carney’s straight forward manner, the Pound responded favorably and is near the 1.33 mark against the U.S Dollar. European equities have been cautious early, but have put in slight gains. Tomorrow German inflation data will be brought forward.

Active Gold Buyers Approach Resistance, Gold Drawing Interest

Gold buyers have been active and its value is around 1294.00 U.S Dollars an ounce. The precious metal is near important mid-term resistance. But if global equities remain under pressure, Gold could draw more speculative interest.

Canadian Inflation Data via Commodities, Consumer Reading from States

The Conference Board’s Consumer Confidence reading will spark the interest of traders upon its release in the U.S at 15:00 GMT.

  • 13:30 PM GMT Canada, Raw Materials Price Index
  • 14:00 PM GMT U.S., S&P/CS Composite-20 HPI
  • 15:00 PM GMT U.S., CB Consumer Confidence

Yaron Mazor is a senior analyst at SuperTraderTV.

SuperTraderTV Academy is a leader in investing and stock trading education. Sign up for a class today to learn proven strategies on how to trade smarter.

Bitcoin Cash, Litecoin and Ripple Daily Analysis – 28/11/17

Bitcoin Cash Lost But Not Yet Forgotten

Bitcoin cash has been stuck in its ranges as Bitcoin takes all the headlines ahead of what looks like an almost assured move into the $10,000 range. Nothing is ever certain in the markets and particularly so in the cryptocurrency world, but the moves in recent days have been with conviction.

We have seen Bitcoin Cash continue to struggle against Bitcoin, and with Bitcoin up 1.2% at $9824.14, Bitcoin cash is down 1.29% at $1564.9 through the early part of the day.

We continue to see support for Bitcoin Cash, but if talks of Bitcoin moving to $20,000 or $40,000 through next year begin to gather momentum, the moves over the last few weeks could see investors dump the holdings in favour of Bitcoin, which has delivered.

It’s not looking too upbeat for Bitcoin Cash today and we could see a move back towards $1,250 levels should support falter at $1,500. It’s likely to be in the hands of the Bitcoin rally, which seems unstoppable for now.

BCHUSD281117

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Litecoin Holds on after a Record Monday

Litecoin continues to hold on to $90 levels, with a number of dips below $90 finding strong support, as the ranges continue to rise in recent weeks from sub-$60s.

While Bitcoin is looking to make an unprecedented push through to $10,000, Litecoin managed to hit an all- time high $93.89 on Monday and it’s managed to avoid the proverbial post record sell-off that has been seen previously.

This suggests that we are unlikely to see Litecoin pull back over the near-term and look to make a run at the $100.

Once Bitcoin breaks into the magical $10,000 Litecoin may not be far behind in its push to $100.

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Ripple Joins in on the Cryptophoria

Ripple managed to break out beyond $0.26 earlier this morning, hitting a $0.273, but yet again failed to make a run at $0.30. Despite the failed attempts at a rally, Ripple has managed to hold on to its recent ranges and avoid a slide in recent days.

At the time of writing, Ripple is up 4.05% at $0.2577. It’s looking a bit choppy but direction through the day looks to be titled to the upside, though there’s plenty of resistance at $0.26, with Ripple having failed to break down the resistance since retreating back from the $0.27 levels.


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Either way, it’s still a good day and assuming that there is no major correction in Bitcoin to spook the markets, the outlook for Ripple continues to remain positive, supported by the positive sentiment towards Ripple’s blockchain technology.

XRPUSD 281117

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$10,000 – Is Bitcoin Easy Money?

Well, Bitcoin’s weekly graph says it all. The stratospheric rise of Bitcoin to within a whisker of the $10,000 level, muted as a dream and even a fantasy by many people back at the beginning of January and during the current year. That fantasy has now become the reality.

Bitcoin Weekly Chart
Bitcoin Weekly Chart

The velocity which Bitcoin has raced up the charts has left even seasoned market observers reeling. Since it stalled in the spring, before starting its climb in July, the cryptocurrency has been virtually unstoppable.

The gap between the 21-day EMA (blue line) and the closing prices has widened – as well as the gap between the 55-day SMA (green line). Both of these indicators provide very strong resistance levels for any retracement, which is bound to occur once the $10,000 target will be achieved. Profit-taking, and worry that the momentum will have gone out of Bitcoin at this stage, will be the main reasons for this subsequent fall.

As usual, any retracements to these two support levels should be seen as buying opportunities.

The 21-day EMA, in particular, is around the psychological $5000 level. Many experts believe that this is the amount investors and miners will fight to maintain the minimum value of Bitcoin.

Should this level fail, the 55-day SMA is slightly above the $2500 level, which was seen as resistance, then support, back in the spring. All of which means Bitcoin shows strong resilience and is unlikely to crash to zero anytime soon.

A quick look at the daily chart backs this up.

Bitcoin Daily Chart
Bitcoin Daily Chart

Of course, it mirrors all of the comments above on the weekly chart, with the difference being the strength of the pulse signal and the positive DI indicators – these are even more pronounced here.

As for the fundamentals, these too remain strong. It is a win/win for Bitcoin that the price increase means more investors taking the cryptocurrency seriously – and the more people see investors taking it seriously and buying, the more the price increases.

Nikolay Storonsky, CEO, and co-founder of Revolute reiterated in an interview last week that Bitcoin was not a fraud, and several cryptocurrency services were being launched by his company soon.

The first real-time, P2P (peer-to-peer) payments app, for Coinbase users, is being rolled out by Digital Debit (part of Qondado). This will be the first direct challenge by Bitcoin to Zelle, Venmo, Square Cash, Western Union, and other real-time payment systems.

This new development scenario is playing out in other institutional investment circles too, with the news of Bitcoin’s demand has reached such a pace. If the demand continues at its present rate – Bitcoin’s mining electricity consumption will surpass all of the world’s electricity by February 2020. Now there’s a thought…

Noble Gold specializes in IRAs and 401(k) rollovers through precious metals and cryptocurrencies investments.

Bitcoin Nears $10K, Ethereum Nears $500. What’s Next?

Bitcoin price is getting closer and closer to $10K, was trading at approximately $9,715, though price eased a bit to $9312 at the time of writing. By last summer’s end, big businesses were seen to gain an even greater interest in Bitcoin, likely entering the market on September 15, when the cryptocurrency lost 40%, dropping to $2,990. Since then, any skepticism surrounding Bitcoin, comparing it to the tulip mania and the dot-com bubble, has mostly died out, with media nowadays releasing exceptional forecasts about the bright future of cryptocurrencies, valuing Bitcoin’s future price at around $500K!

Ethereum, Bitcoin’s partner to crime, has surged to $491 on Monday morning, setting another new record. Ethereum is also expected to reach the $500 in the next days.

Naturally, speculative jumps have become all the more aggressive as media mentions, discussions between heads of countries and central bankers, as well as conferences, seem intent on persuading ordinary people not to lose the chance they have now of investing in Bitcoin.

As a pioneer among cryptocurrencies, Bitcoin is a benchmark in this field, though its potential future growth can hardly be predicted with any certainty. This applies to all altcoins. The community seems to benefit not only from news regarding software update or enhanced anonymity but even during conflicts between supporters and opponents of various protocols.


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Currently, the market is anticipating that Bitcoin will reach $10K, with the lack of warning signals down to the lack of any doubts regarding further growth. It begins to seem those big businesses intended to profit from it. If this happens, there is a huge risk that big players start taking profit, with news provoking panic and sell-off. The cryptocurrency market currently seems like a playground for Wall Street tycoons, with JP Morgan Chase’s Jamie Dimon ‘looking at business opportunities in the planned Bitcoin-futures market’, albeit having labeled Bitcoin ‘a fraud’ just two months ago.

Once speculation is over, it is very likely that only the real business model projects will remain, such as logistics companies, accountancy or statistics firms reliant on the blockchain.

This article is written by FxPro

Bitcoin Cash, Litecoin and Ripple Daily Analysis – 27/11/17

Bitcoin Cash Struggles against Big Brother

Bitcoin cash is coming in second through the early part of the day, with Bitcoin’s record breaking run over the weekend taking all the limelight.

Talk of Bitcoin hitting $10,000 before the end of the year had certainly done its rounds, but to be sitting at $9,531.97 before the end of November, $10,000 is going to be a foregone conclusion, assuming the bubble doesn’t burst.

We saw Bitcoin Cash make a run towards $2,000 at the end of last week and ahead of this morning’s open, but both attempts faced strong resistance at $1,700 levels and suggests that the outlook for Bitcoin remains more favourable at this point, the cryptoworld having been convinced that $10,000 is the right number.

The good news for Bitcoin Cash holders is that it’s managed to hold on to above $1,600 levels in spite of two failed attempts at breaking beyond the ranges hit over the weekend.

Bitcoin and Litecoin are the headlines for now, but the fickle world of crypto, things can change quite quickly. At the time of writing, Bitcoin Cash was down 2.64% at $1,670, with direction through the day likely to be titled towards the downside.

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Litecoin Trail blazes

Litecoin managed to break free from its shackles and surge to beyond $90 this morning, in what has been quite a spectacular weekend for the cryptoworld.

Litecoin has certainly stood out of the crowd when it comes to Bitcoin’s competitors and suggests that the markets may beginning to decide its preferred cryptocurrencies over the near-term.

At the time of writing, Litecoin is up a whopping 7.86% to $93.43, with very little red on the hourly chart this morning.

Whether Litecoin can hold on to $90 levels through the day remains to be seen, with there likely to be some profit taking through the day.

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Ripple Wants to Join the Crypto Rally

Ripple looks as though it’s ready to make a move, with attempts to break out beyond $0.26 having faced strong resistance through the weekend.

The cryptocurrencies standing has certainly been on the rise, with financial institutions taking its blockchain technology to facilitate more efficient cross-border payments, but the currency itself seems to continue to sit back. The failure of Ripple to have garnered enough support through the weekend rally to make a run through to $0.30 will be a concern for Ripple holders holding out for a breakout.


Suggested Article: How Blockchain will change our Life, Economy and the World


We’re going to need to see a run soon, particularly with the likes of Bitcoin and Litecoin leaving the others behind in recent days. At the time of writing, Ripple was up 2.17% at $0.2499, with Ripple patience likely to be tested today.

XRPUSD 271117

The Best and Safest Way to Buy and Sell Bitcoins

For those who are looking to take advantage of Bitcoin and other cryptocurrencies price fluctuations, Some brokers provide traders with instant access to trade Bitcoin, Bitcoin Cash, Ethereum and other cryptocurrencies. The process is fast and easy with convenient and advanced trading platform (desktop and mobile), low spreads and instant execution. Click here for more details.

How to Buy Bitcoin?

What is Bitcoin?

Bitcoin is a digital currency that does not exist in physical form and is created and held electronically. Unlike fiat money that is controlled by central banks and governments, Bitcoin and other cryptocurrencies are not controlled and are produced by miners globally, embracing the concept of decentralization.

Bitcoin came into existence in 2009 and was created by software developer Satoshi Nakamoto. Satoshi’s vision was to create an electronic payment system that was completely independent of central banks and governments.

Key elements of Bitcoin include:

  • Decentralized: Bitcoin does not fall under the control of any central authority and is under a network of computers across the world that verify transactions.
  • Anonymous: There’s been plenty of negative press over the use of cryptocurrencies by the criminal world. The very fact that you don’t need anything but an email address to set up a Bitcoin account means that buying and selling Bitcoin is completely anonymous.
  • Blockchain: Perhaps the greatest element of Bitcoin is the technology that drives it. The blockchain is a general ledger stored across all of the computers that mine Bitcoin and cannot be manipulated or edited. It records each and every transaction in the order that transactions occur.

Thanks to Satoshi, there are now a plethora of cryptocurrencies, but Bitcoin continues to be considered the master, despite the recent offshoots that have created Bitcoin Gold and Bitcoin Cash.

How to Buy Bitcoin?

One can get hold of bitcoins in a variety of ways. Bitcoin mining was one of the most popular ways of getting bitcoins until a couple of years back. But as more and more bitcoins were mined and with the total number of bitcoins being restricted to 21 million and with more than 16 to 17 million bitcoins already having been mined, the difficulty level for mining bitcoins has become huge and unless you have huge mining farms, profitable mining of bitcoins is out of the question these days.

The other major way to buy bitcoins is to buy them off exchanges. There are many bitcoin exchanges all around the world and some countries have their own domestic exchanges while there are international exchanges like Coinmama, CEX.IO, as well which cater to people from various countries. People can buy bitcoins from such exchanges using fiat currencies like the dollar or the euro or by using other cryptocurrencies as well.

Bitcoin prices have been very volatile over the last few months and it’s important for the customers to buy them at the right time and the right price as well. These exchanges provide the easiest and cheapest way to buy bitcoins. There are also bitcoin ATMs that have been launched in a few parts of the world and the clients can buy bitcoins at such ATMs as well, though the problem of their location and their high transaction costs have been a bit restrictive as far as their adoption by clients is concerned.

Buy Bitcoin via Exchange in 3 Easy Steps

The most common method to buy Bitcoin being via a Bitcoin exchange. These exchanges are basically those where people can buy and sell Bitcoins and the exchange facilitates this process, and in turn, takes some commissions out of this exchange of bitcoins. This is one of the most convenient ways to buy and sell Bitcoins for any traders. CEX.IO is an exchange that provides buying and selling of Bitcoins as well as other cryptocurrencies. Below is a step by step guide to Bitcoin via CEX.IO:

Step 1 – Open a Digital Wallet

A digital wallet is where you hold your cryptocurrencies and interacts others via the blockchain technology. There are many providers of digital wallets, however, it is important to make a deep research before you decide which one is the best for you. Currently, the most popular digital wallets provider is Blockchain.info.

Step 2 – Register & Open an Account

Once you enter CEX.IO website, register and open an account that can provide you with their service.

CEX.IO Login
CEX.IO Login

Step 3 – Receive the 2FA Code

This is the authentication code as well as your password when you access CEX.IO.  The code will be generated by an application and will be delivered to you by SMS.

CEX.IO F2A Code
CEX.IO F2A Code

Step 4 – Purchase Bitcoin

Now you can easily purchase Bitcoin and other cryptocurrencies. Note that you can always buy fractions of Bitcoin and CEX.IO allows you to choose fixed amounts with your own currency.

CEX.IO - Buy Bitcoin
CEX.IO – Buy Bitcoin

Choose the payment option that is most convenient for you.

CEX.IO Payment
CEX.IO Payment

In order to complete the purchase, the broker will ask you to verify your identity with documents and various details.

CEX.IO Verification
CEX.IO Verification
CEX.IO Verification
CEX.IO Verification

Trade Bitcoin Through Contract for Difference (CFD’s)

There’s a big difference between buying and holding on to Bitcoins and trading Bitcoins. For many, it is just a case of buying and holding on to Bitcoins in the hope that values will continue to rise.

While Bitcoin buyers will hold on for dear life and possibly sell once there’s some profit in the interest of not losing money, trading Bitcoin is an altogether different thing.

Bitcoin traders will be looking for daily volatility to trade and book profits with a shorter term outlook on Bitcoin prices and the use of technical analysis fundamental news for direction.

If your interest is for day trading and short time transactions, Plus500 as an innovative and user-friendly broker which provides the opportunity to buy and sell Bitcoin without owning the digital coin but trade Bitcoin’s price fluctuations. To open an account with Plus500 and start trading is a simple process:

bitcoin plus500

Step 1 – Open an Account

To open an account with Plus500 is a simple process, click here to start the registration. The process is fast and easy. All needs to be done is to fill your email address and password.

2 - plus500 bitcoin new user
Step 2 – Verify Your Account

In order to activate your account, you must provide the required documentation. Plus500 provides a simple and fast online platform which makes it an instant process. Customers are required to verify their accounts for identification and security purposes in accordance with Plus500 due diligence process.

plus 500 verify

Step 3 – Buy and Sell Bitcoin

Once Plus500 approves your account, you can start trading Bitcoin as well as the most popular cryptos. Bear in mind that Plus500 provides a leverage position and the opportunity to short Bitcoin when Bitcoin prices decline. Currently, you cannot short Bitcoin in any exchange which leaves you with brokers such as Plus500 to make a profit should Bitcoin prices fall.

5 - plus500 bitcoin buy

Can I Use Regular Money to Buy Bitcoin?

Cash can be used to buy Bitcoin and there are a number of ways to do this. LocalBitcoins is the most popular exchange that allows Bitcoin to be purchased by cash. The Bitcoin trade can be carried out in person or by way of a cash deposit.

LocalBitcoin locates a Bitcoin seller willing to accept cash and requests the prospective buyer to place the order for the number of Bitcoins wanted who then receives the account number of the seller for cash to be deposited. Once the buyer provides proof of the cash deposit, the Bitcoins are then sent to the buyer’s LocalBitcoin wallet.

The alternative to depositing the cash into the seller’s account would be to meet the seller face to face and give the money in person, though as always, it’s important to make sure that buyers remain vigilant. Also, it’s important to be aware of the fraud.

Because LocalBitcoin and similar agents ensure privacy, the price of Bitcoin is between 5-10% higher than the price on exchanges and there is a flat 1% fee for each transaction.

Other companies that look to match cash buyers with Bitcoin sellers include:

BitQuick, Wall of Coins, LibertyX, Bitit and then there are Bitcoin ATMs that also allow cash purchases of Bitcoins.

Do note that buying and selling Bitcoins on LocalBitcoin and the other agents listed above are for smaller transactions. Buying a large number of Bitcoins is more difficult and Bitcoin ATMs will have limits that would require additional information for larger purchases.

Getting a Bitcoin Wallet

When looking to buy Bitcoin, it is strongly recommended that the Bitcoins purchased are not stored on the exchange once purchased and that the Bitcoins are kept in a wallet created by the buyer.

A wallet is essentially the same as a bank account and in very much the same way, allows the owner of the wallet to send, receive and hold Bitcoins

Two common forms of wallet used are software wallets and web / hosted wallets. Software wallets are installed on a computer or mobile, with the owner of the wallet in complete control over the security of the Bitcoins held. Hosted wallets are created on 3rd party websites and are considered much easier to create and use, the only issue is that the host would need to be trusted to ensure that adequate privacy measures are always in place.

For those looking to create a wallet, recommended sites include Coinbase and Blockchain.info.

Face-to-face, or ‘over-the-counter’ (OTC) trades

As we discussed earlier, the two most common ways to buy or sell Bitcoin are either face to face with cash or on an exchange/broker.

Face-to-face transactions are the small investor looking to buy and sell a small number of Bitcoins anonymously. In stark contrast is the OTC market, where particularly large amounts of Bitcoins are bought and sold, the buyers and sellers being referred to as whales within the crypto world.

The benefit of an over-the-counter trade for those looking to buy a substantial number of Bitcoins is that the entire transaction would be carried out at a negotiated price that is likely to be more favorable than an average price for Bitcoins bought through an exchange.

Exchanges will have significantly less liquidity and Bitcoin buyers would need to break down the total number of Bitcoins to buy through smaller lots. The issue here is that each purchase could push the price up and more so if there is a lack of liquidity, by the time the buyer purchases the final batch of Bitcoins, the price may have moved considerably. This is not only likely to be less cost-efficient, but also less time efficient.

The commonality between face to face and over-the-counter transactions is that, in both instances, a counterparty is located for the trade. The difference will be that there is unlikely to be a negotiation on price in a face to face trade, while OTC transactions will involve a negotiation on price.

OTC transactions will be carried out through exchanges and broker/dealers. Dealers will generally trade using their own funds, while brokers link buyers and sellers and negotiate on price for the buyer, whilst charging a fee. Bitcoin exchange OTC trading desks are used for the more sizeable transactions that go into the millions of dollars.


Suggested Articles: How to Buy Bitcoin Cash?


Bitcoin Exchanges

It’s quite important to select the right exchange. Unlike deciding which bank account or credit card to apply for, Bitcoin and the crypto world is unregulated, making it essential to ensure that the exchange chosen is not going to put your money or your Bitcoins at risk.

The location of the exchange is the first consideration. Where the buyer lives and the laws and regulations differ by geography, so it would be recommended to buy Bitcoins on an exchange that is in the same country as the buyer.

Once the list of exchanges has been identified by geography, the next step would be to identify the most competitive and also the most widely used exchanges. Transaction fees vary across the exchanges and some may have additional fees. While looking to find an exchange with competitive fees, it is worth paying a little more to use an exchange that has a sizeable order book.

Exchanges that have a large number of customers will tend to make public their order book, which then shows how liquid the exchange is.

Other factors to consider when deciding on the best exchange include:

  • How well known is the exchange? There are a number of forums on the internet where reviews are available on the exchanges and it is worth doing some due diligence.
  • How long it takes for Bitcoins to be received following a purchase and how quickly funds will be received in event of a sale. On this note, it would also be important to make sure that prices are locked in at the time of purchase or sale and not on the day on which the Bitcoins are received or funds are remitted.
  • Exchange security is of significant importance. For greater security, exchanges selected should be on an HTTPS site and should request secure logins to limit the possibility of being hacked.
  • Finally, obviously knowing how you can buy and sell Bitcoins is of importance and will vary from person to person. Some exchanges will accept payments by wire transfer, credit/debit cards, PayPal and even cash.
  • When considering the method of payment, exchanges may not always carry the currency of the country that the exchange is located in and it is important to gauge how competitive exchange rates and fees are across the exchanges available.

Bitcoin Mining

While the majority are looking to buy and sell Bitcoin to try to make a tidy return on investment, there are those that are looking to enter the world of mining. Mining for Bitcoin is perhaps the most challenging of the mining environments within the cryptoworld, with miners needing significant computer power to be able to compete with existing miners.

Bitcoin mining is the validation of transactions that take place on each Bitcoin block. The decentralized nature of Bitcoin means that transactions are broadcasted to a peer-to-peer network and once broadcasted, needs to be verified, confirming that the transaction is valid and then having the transaction recorded on the public transaction database, which is known as the Bitcoin blockchain.

Miners basically are the people involved in the processing and verifying of transactions before then recording the transactions on the Bitcoin blockchain.

Miners will then receive transaction fees in the form of newly created Bitcoins.

Miners compete with everyone on the peer-to-peer network to earn Bitcoins. The faster the processing power, the more attempts are made by the hardware to attempt to complete the verification, etc., earning the miner the Bitcoins that are highly sought after along with transaction fees.

The speed of processing power in Bitcoin mining is referred to as the hashrate and the processing power is referred to as the hashpower of the hardware.

In the early days, Bitcoin was mined using CPUs, but in the race to generate more income, miners shifted to Graphic Processing Units (GPUs). Then came Field Programmable Gate Array (FPGA) followed by Application Specific Integrated Circuits (ASICs) that are used today.

For miners, the key metric is hashing power and the more hashpower, the more money miners can make. Today’s miners have warehouses of mining equipment, with Bitcoin’s mining community concentrated to a small number who account for the majority of the hashpower.

Because of the concentration of hashpower, not to mention the significant cost to set up a mining network, it’s recommended to join a mining pool, where miners combine computing power or to mine via cloud mining. For those looking to mine using a CPU or laptop, entering a mining pool will be of little value, since the mining income earned is proportional to the computer power contributed. A CPU or laptop just won’t be offering much compared with GPUs and ASICs hardware.

For cloud mining, you won’t feel the mining experience, just the income, though after fees etc., it’s not going to be earth-shattering.

Bitcoin cloud mining does provide a medium in which to receive newly mined Bitcoins, without the need to own costly mining hardware or even have any mining know-how, allowing the mining world to not only attract the technically minded but a far wider audience, who lack the technical knowledge needed to get into Bitcoin mining.

One of the major concerns over cloud mining is fraud, however. There have been plenty of reports of fraudulent activity, not to mention lower profits and even mining companies having the ability to halt operations should Bitcoin’s price fall below certain levels, so some due diligence on a mining company is recommended, with some basic steps to reduce the risk of being defrauded including:

  • No mining address and/or no user selectable pool.
  • No ASIC vendor endorsement. If there are no advertisements from the ASIC vendor, the mining company may not even own the hardware.
  • No photos of the hardware or data center of the mining company.
  • No limit imposed on sales or does not display how much hash rate sold against used in mining.
  • Referral programs and social networking. A mining company willing to pay high referral fees should be avoided as these may well be Ponzi schemes.
  • Anonymous operators should certainly be avoided…
  • No ability to sell your position or get the money out upon sale.

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Bitcoin ATMs

Bitcoin ATMs are not like your traditional bank ATMs that dispense with cash from your bank account. The purpose of Bitcoin ATMs is to facilitate the purchase and sale of Bitcoins on an internet connected machine.

The ATMs allow you to insert cash to purchase Bitcoins or dispense cash in the case of a sale. Unlike the traditional bank ATMs, Bitcoin ATMs are not linked in any way to banking networks and it’s also worth noting that transaction fees can be particularly high.

The world’s first Bitcoin ATM was reported to have been introduced in Vancouver, Canada back in October 2013.

Today, Bitcoin ATMs are located worldwide, with a reported 30 different types of Bitcoin ATMs and as Bitcoin becomes increasingly more popular. ATM providers will likely widen the net to attract the traffic that can generate transaction fees of 7%, before even considering exchange rates that are certainly considered less competitive than high street banks.

Conclusion

It’s a whole new world for many even though Bitcoin has been in existence since 2008. The continued rise in value and talks of $100,000 have brought in a new wave of investors. With the scheduled launch of Bitcoin futures in December and the likely influx of institutional money, there will be more interest and the Bitcoin net will be widening. Whether this is a Bitcoin bubble or something more sustainable remains to be seen, after all, even the dot.com saw a mix of institutional and retail investors get burned. For now, the key to Bitcoin’s growth will be dependent on the Bitcoin world’s ability to educate and facilitate the buying and selling of Bitcoin.

A multitude of new companies has been established that have begun fundraising through the Initial Coin Offering market, with the cryptocurrency world in a hurry to catch up with the more mature, traditional financial markets.

Certain countries have already begun accepting Bitcoin as a means to buy, Japan has been one of the first movers and this is likely to continue to evolve in time.

Cash may be king, but knowledge is wealth. Going into Bitcoin at such levels requires both cash and knowledge, not to mention a resilience to noise and volatility. After all, this is the only asset class that has left investors ruing an early sale when faced with adversity.

Bitcoin Sets Another New Record, Breaks $9,000. Ethereum Soars to New All-Time High

The price of Bitcoin continued its usual volatile movements as it managed to trade near $9,000 as demand for the cryptocurrency remained strong. Bitcoin moved sharply to break $9000, Ethereum followed and trade at $456.

Bitcoin has been on a wild ride in the past two weeks, with price movements that some days exceeded $500. The digital currency set a new record high at $8,354 last Tuesday, before dipping below $8,000 for a brief moment the following day.

Get Into Bitcoin Trading Today

The digital currency maintained a stable trading range yesterday before losing over $200 during early trading hours today. However, the drop did not last for long as the price surged to a new record of $9060 a few hours later.

The gain appears to stem from growing confidence in Bitcoin and higher demand for digital assets. One of Bitcoin’s alternative virtual currencies, Ethereum, reached $456, which marked a new record high. The new record followed a surge of more than 15% over 24 hours.


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One reason behind the powerful surge was Mike Novogratz, a former hedge fund manager who currently uses his wealth as a billionaire to invest in digital currencies. Novogratz, who previously had a bearish stance on Ethereum, signaled during an interview earlier this week that he turned bullish, and now he expects the cryptocurrency to hit new highs of more than $500 before the end of the year. He also predicted that Bitcoin may end 2017 at more than $10,000.

Bitcoin Cash, which is another alternative that was created after a hard fork from the original Bitcoin in August, jumped by more than 25% since yesterday to reach more than $1,600. The catalyst was mainly due to higher demand in South Korea and fresh integration of Bitcoin Cash into the Bitstamp exchange.

Following new records set by Ethereum and Bitcoin Cash surge, the overall market capitalization for digital currencies also posted a new record after rising 4% to more than $255 billion over the past 24 hours.

BTC/USD traded at 8,978.1 on the Bitstamp exchange at 08:40 GMT on Sunday morning, the pair’s highest level since November 21.

ETH/USD was at 456.4, the pair’s highest level in history.

BCH/USD reached 1.669.8, which was a new record high for the pair. BCH/USD began the day at 1.666.4.

This post was originally published by EarnForex

The Best and Safest Way to Buy and Sell Bitcoins

For those who are looking to take advantage of Bitcoin and other cryptocurrencies price fluctuations, some brokers provide traders with instant access to trade Bitcoin, Bitcoin Cash, Ethereum and other cryptocurrencies. The process is fast and easy with convenient and advanced trading platform (desktop and mobile), low spreads and instant execution. Click here for more details.

Bitcoin Cash, Litecoin and Ripple Daily Analysis – 24/11/17

Bitcoin Cash – Takes a breather

Bitcoin Cash hit a high $1,777 early this morning, which is the highest level it’s reached since the $2,799 spike on 12th November.

This morning’s rally was attributed to Korean trading, which bounced on the news that South Korean regulators will not be looking to regulate Korean cryptocurrency exchanges and trading practices. The comments come off the back of ECB President Draghi’s comments on Monday, when the Draghi had said that cryptocurrencies were too small to warrant regulatory oversight.

Bitcoin Cash has eased back from this morning’s high, with some profit taking likely to have contributed to the 2.94% fall on the day to $1,610.2 at the time of writing.
In spite of today’s decline, there’s plenty of support for Bitcoin Cash and with more leading cryptocurrency exchanges beginning to offer Bitcoin Cash, volumes are likely to improve further. Following Bitstamp’s announcement of including Bitcoin Cash from next month, Bitwalla also announced that it would allow Bitcoin Cash to be held.

We will expect Bitcoin Cash to make another run at $2,000 in the coming weeks, with this morning’s losses more of a temporary setback.

BCHUSD241117

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Litecoin making its move

Litecoin managed to breakout from its $72 levels overnight, hitting a high of $77.96 before easing back to a $73.31 close. Unlike the other major cryptocurrencies that enjoyed a rally overnight, Litecoin has managed to weather the storm this morning, up 0.72% at $73.83 at the time of writing.

For now sub-$70 levels are a distant memory for Litecoin holders, but to hold off from a slide, Litecoin is going to need to break through the $78 level and make a run beyond $80 to raise the bar on its ranges.

LTCUSD 241117

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Ripple – Range Bound

The world of Ripple seems to be getting larger by the day. News hit the wires of Standard Chartered Bank and Axis Bank launching cross border payment services using Ripple’s blockchain technology.

As we see the list of financial institutions using Ripple tech get longer, we would expect Ripple to receive more interest and move away from its current levels.

For the day, Ripple is down 1.11% to $0.2353, easing back from its latest $0.25 high. We continue to expect Ripple to find strong support at $0.23 levels and look to make another run towards $0.30 in the coming days. A failure to break past $0.26 could see Ripple ease back to $0.22 levels in the days ahead.

XRPUSD 241117

The Best and Safest Way to Buy and Sell Bitcoins

For those who are looking to take advantage of Bitcoin and other cryptocurrencies price fluctuations, Some brokers provide traders with instant access to trade Bitcoin, Bitcoin Cash, Ethereum and other cryptocurrencies. The process is fast and easy with convenient and advanced trading platform (desktop and mobile), low spreads and instant execution. Click here for more details.

How CME’s Bitcoin Futures Launch can Affect Bitcoin Prices

The world of cryptocurrencies continues to evolve and with it comes news of the launch of Bitcoin futures.

The CME Group announced last month that it will be launching Bitcoin futures based on the CME CF Bitcoin Reference Rate (“BRR”). It is anticipated that the launch date will be on 10th December of this year.

News of the launch, by CME Group, has garnered plenty of attention and has contributed to some particularly hawkish price forecasts for Bitcoin, with the talk of Bitcoin hitting $10,000 before the end of the year doing the rounds.

With the launch of Bitcoin futures, expectations are for a sizeable increase in demand for Bitcoin, with institutional money waiting for CME Group’s launch estimated to be in the tens of billions of Dollars. When considering some of the hedge fund names ready to move into Bitcoin on 10th December, the near-term outlook certainly looks promising.

Will 10,000 be Just Another Number?

Bitcoin has had a spectacular run this year when considering the fact that it was sitting back at sub-$1,000 levels at the end of last year. As new investors continue to enter the cryptomarket, the sizeable returns on offer have yet to leave investors looking for daily or weekly returns. Focus continues to remain on the actual value of Bitcoin itself rather than by how much the cryptocurrency has moved on a given day or week.

In the more traditional financial markets and mature asset classes, attention on value tends to be limited to forecasts rather than the daily or weekly moves. Even with the Dow Jones, talk of breaking through 20,000 had made the headlines in the wake of Donald Trump’s surprise election victory. Once the Dow broke through to 23,000 levels, the focus has returned to the percentage movements rather than the actual value of the index itself.

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We will expect Bitcoin’s value to eventually be treated in a similar manner, but it’s going to take some time. It’s the speculation of how much further Bitcoin has to run that continues to draw in new investors, which has ultimately lead to the CME Group launching Bitcoin futures for institutional investors. Once the exponential gains come to an end and Bitcoin matures as an asset class, the underlying value may well become less meaningful to the vast majority.

There will be the fortunate minority, however, who invested in Bitcoin in the early days and have had the nerve to hold on. To them, $10,000 would be far more than just a number. Investing back in late 2011, you would have been paying under $10 for a Bitcoin, so you can only imagine the feeling of seeing it rally to $10,000 if the projections turn out to be accurate.

Could CME Futures be the Trigger for Bitcoin Crash?

Some will consider the creation of the Bitcoin futures market as a positive for Bitcoin and its medium to long-term outlook. When we look at the behavior of global equity markets today, there are some distinct differences between indexes that are largely comprised of retail investors and those that are more biased towards institutional investors.

Two indexes that spring to mind are the Dow Jones Industrial Average and China’s CSI300. Institutional investors on the Dow make up more than 70%, whilst the CSI300 has seen institutional investors account for around 30%, the rest made up of retail investors.

When looking at China’s CSI300, the lower percentage of institutional investors leaves the index exposed to herd mentality investments that can lead to significantly more wild swings in value. We have seen Bitcoin experience particularly sizeable swings in both directions as a result of investor sentiment and to some degree, the herd mentality of investors that continues to drive Bitcoin to record levels.

Incoming institutional investors by way of the CME Group’s Bitcoin futures will be considered a far more stable investor group, with institutional money considered far stickier than that of retail investors. To put it into perspective, a billion Dollar hedge fund is not going to invest today and sell tomorrow, unless market forces require it to do so, such as Bitcoin’s value falling through stop-loss limits. A 10% fall in Bitcoin could see a sizeable number of retail investors jump ship, however, with retail investors far more sensitive to negative news than the more investment savvy institutional investor who has a longer-term outlook on investments.


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While this will provide some support for Bitcoin over the near-term, as institutional investors that invest in fiat money begins to convert to Bitcoin, it doesn’t mean that the only way will be up for Bitcoin. Institutional investors also have to manage liquidity, just on a far grander scale. A negative outlook towards Bitcoin would see Bitcoin take a far greater hit should the institutional money come pouring out in the future. You can be sure that if institutional investors are pulling out of Bitcoin then retail investors that are still holding won’t be far behind.

Bitcoin’s market cap today is just under $140bn. There is undoubtedly some institutional money already in the game, but with more on its way next month, we will begin to see Bitcoin’s performance to be more akin to a Dow than a CSI. We will have to wait for the initial price rally driven by strong demand from the futures markets to pass, but it will come. When you hear of $100,000 Bitcoin price forecasts, such an outlook will be based on a significant increase in institutional investors. Its early days for Bitcoin and the crypto world, but with institutional investor money parked and waiting outside the Bitcoin door, this is the next step in Bitcoin’s evolution towards a more mature asset class.

The Best and Safest Way to Buy and Sell Bitcoins

For those who are looking to take advantage of Bitcoin and other cryptocurrencies price fluctuations, some brokers provide traders with instant access to trade Bitcoin, Bitcoin Cash, Ethereum and other cryptocurrencies. The process is fast and easy with convenient and advanced trading platform (desktop and mobile), low spreads and instant execution. Click here for more details.

Initial Coin Offering (ICO) – The Wild West of Fundraising

An Initial Coin Offering has become the mainstream way of raising money for a crypto project. It is an event in which a new cryptocurrency project is introduced. Early adopters and enthusiasts are allowed to invest money into the project in exchange for some of the cryptocurrency tokens. The invested money can be used by the project to cover early expenses like developing the product, marketing, legal, etc. ICOs are highly attractive for investors because the potential reward can be multiple times higher as the token’s price increases during the ICO. ICOs have the ability to deliver quick returns. On the other hand, this is a dangerous game. A quick profit can turn into a big loss. There is no guarantee of success. Best advice for investing is: never invest money you can’t afford to lose.

ICO vs. IPO

ICOs can be compared to a less strict form of Initial Public Offerings (IPOs). ICOs allow both large and small investors to pledge any amount they wish. IPOs are more oriented towards professional investors with a bigger budget. Another characteristic of IPOs is the overwhelming amount of legal paperwork to be completed. ICOs are a bit like the wild west of IPO fundraising. It can be a huge struggle to figure out which laws apply to an ICO. However, a shift is happening towards more legally compliant ICOs. An ICO has to apply the legal terms of each country in which it wants to distribute tokens.

ICO Highs and Lows

ICOs are heated within the crypto community. Recently, Tezos gathered a record-breaking amount of $232 million in just over three weeks! Not all stories are so glamorous. The website of the CoinDash ICO got hacked leaving them with a $7 million loss. The hackers altered the deposit address so investors sent money to the malicious address.
Another example of a failure is KICKICO. Attackers were able to trigger a function in the smart contract* responsible for completing the collection of funds which would send $600 million of their tokens to an unknown wallet address. No money was lost, but KICKICO had to create a new token and reassign it to all shareholders, leaving investors with serious trust issues.

* Smart Contract Definition: Smart contracts are self-executing pieces of code with the terms of the agreement written directly into the lines of code. This can be a direct agreement between a buyer and seller, neither of which are necessarily human.


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Guidelines for Investing in ICOs

So how would you pick your ICO investments? One of the most important aspects of an ICO is the team composition. Scrutinize the whole team very carefully, especially the development team because they are accountable for the successful delivery of the end product. Google each member and visit their LinkedIn profile pages. The purpose of screening each member is to find out relevant crypto experience to realize the project. A supportive community is a crucial aspect of a successful ICO. This can be established by providing clear information and using an open management. Weekly or monthly updates are a good start. Investors want to be personally involved with the project they trust their money with. In addition, clear information can be provided through a well-written whitepaper covering all aspects of the ICO. A whitepaper should at least include technical details, a detailed token distribution breakdown, token purpose and usage, and a roadmap. We see it as the silver platter for potential investors. Next, to a whitepaper, evaluate the stage of the project and if there are any VC (venture capital) investments. As trust is key, a project with a working beta version will get more attention. It gives investors the opportunity to take a glance at the product. VCs tend to invest and support projects from the early stages. This kind of information can mostly be found on the main page of the project. Watch out for well-known VCs like Blockchain Capital or Fenbushi (belongs to Ethereum founder Vitalik Buterin).

Next to code, some other useful information can be extracted from a Github page. Github gathers statistics about each project. The “Insights” tab gives you a graph of the activity, measured in code additions (~ commits), and shows you all the contributors with their contribution count. Ultimately, developers can award stars to meaningful projects they admire. The higher amount of stars a project is awarded, the more likely it is that the community likes the project.


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Another important aspect of an ICO is the use of a limited cap, called a hard cap. A limited cap implies that there is a maximum for raising funds. An unlimited cap has no restrictions like the earlier mentioned Tezos ICO which acquired an astonishing $232 million. A hard cap leaves some hype for the secondary market and usually works well for investors. Also, keep in mind that a project needs to raise the amount needed for its development, marketing costs, etc.

The Bottom Line

ICOs are part of the crypto community. It’s even become a mainstream tool for fundraising. It is vital to investigate and read as much information about an ICO before making an investment decision. For us, the most critical element is creating an environment of trust and openness.

Bitcoin Cash, Litecoin and Ripple Daily Analysis – 23/11/17

Bitcoin Cash – On the move

Bitcoin Cash has found a new lease of life today, surging 20.95% to 1571.6.

The good news for Bitcoin Cash was news of Bitsamp deciding to list Bitcoin Cash on its exchange allowing trading with the more commonly traded currencies. The evolution of Bitcoin Cash has been a rapid one and, while there remains plenty of debate over whether the Bitcoin and Bitcoin Cash can co-exist, the very fact that more exchanges are now listing suggests that the debate is over.

With the cryptoworld seeing technological advancements, as companies look to raise funds through initial coin offerings to deliver on more user friendly trading platforms, things could get even better for Bitcoin Cash. The only concern would be the possible downside effects of another Bitcoin hard fork and whether Bitcoin Cash would be able to command its position alongside Bitcoin as Bitcoin’s leading offshoot.


Suggested Article: Top Five Cryptocurrencies Experts Talk about Bitcoin, Blockchain and ICO’s


Bitcoin Cash’s hashrate has converged marginally with that of Bitcoin, supported by the latest price rally, though for now hashrates continue to remain heavily in favour of Bitcoin.

BCHUSD231117

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Litecoin heading south

Litecoin failed to break out beyond $72 levels this morning and has been on the decline in the early part of the day, though with strong support in place at sub-$70 levels, the decline has been relatively minor today, down just 1.62% to $71.14. The issue Litecoin will face is if it continues to sit in its current ranges and fails to make a move. We will expect support to fall away and for Litecoin to fall back to its previous low-$60 ranges in such an event.

The good news for Litecoin is sentiment towards its product and also current valuations that makes the cryptocurrency more accessible to want to be investors.

Trading platforms are on the rise and as financial institutions look to get on the band wagon, demand for the mainstream cryptocurrencies such as Litecoin is likely to be on the rise.

LTCUSD 231117

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Ripple – Range Bound

Ripple grabbed more headlines in the last day, with news hitting the wires of the UAE’s RAK Bank looking to ripple’s blockchain technology for its cross border payments to India’s Axis Bank. Despite the good news, Ripple has failed to break beyond $0.24 levels since its 16th November rally.

The lack of momentum suggests that further declines are likely through the day, though Ripple’s unlikely to fall to sub-$0.22 levels with Ripple’s blockchain technology continuing to grab the headlines.

At the time of writing, Ripple was down 0.75% At $0.2371

XRPUSD 231117

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Bitcoin Gasping Above $8,200, More Volume Needed

Bitcoin has finally broken above $8,000, and the rather expedient run-up took less than 3 days to complete once it started up from the $7,431.12 November 18 daily low. Hourly volume has been slowly increasing in the meantime, and popular opinion seems to point toward a $10,000 appraisement in the coming weeks, in anticipation of the CME futures launch on December 10.

Needless to say, if we disregard social media and the official mainstream narrative while focusing on the most prominent altcoins, then the expedient migrations of crypto capital are starting to become fairly obvious, especially on many of the larger exchanges. Bitcoin cash, Ethereum, nxt, dash, litecoin, and ripple are generating the most noticeable daily volume on USD, USDT, and BTC trading pairs respectively. Even so and despite occasional altcoin flash pumps (which have started to become noticeably shorter in duration with every passing week), bitcoin has kept strong.

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With supports abound, yesterday’s $8,087.99 daily high was first in line, and was the only support above the crucial psychological $8,000 price level, until it unfortunately shattered. The now remaining secondary supports are predetermined at $7,997.61, $7,886.40, $7,590.09, $7,570.17, $7,499.82, $7,353.51, $6,991.37, $6,956.42, $6,776.88, $6,314.14, $6,025.93, $5,872.75, $5,754.5, $5,645.18, $5,591.17, and at $5,407.07. Primary supports are more interesting though and stand out at $7,771.79, $7,429.58, $6,922.58, $5,591.17, and at the $5,366 monthly low.

Our primary resistance levels are the $8,226 former and $8,380.46 current all-time highs. We will need to use Fibonacci extensions in order to accurately chart out possible targets. These fib levels are calculated from the $5,366 monthly low and starting forming at $8,900.96 (fib 1.236), $9,318.52 (fib 1.382), $9,656 (fib 1.5), $9,993.48 (fib 1.86), $11,086 (fib 2.0), $12,178.52 (fib 2.382), $12,853.48 (fib 2.618), and at $13,946 (fib 3.0). All can serve as potential price objectives moving forward, irrelevant of how unlikely they might seem at this point in time. There is an overlap of the $5,872.75 support and 0.236 fib ($5,861.53) retracement, in addition to the $6,314.14 support which is in close proximity to the 0.382 fib ($6,337.31).

The 30-day MA is practically unstoppable, and apart from the bullish crossover of the 180-day MA over the 365-day MA (which took place almost 2 days beforehand), all three MAs are skyrocketing forward and also maintaining reasonable distances from one another. The EMA is, on the other hand, behaving in tune with the prevailing but matching volume. At the same time, the VWMA is contrasting this momentum and is doubtlessly soaring ever closer to the 30-day MA.

RSI is inconclusive and is neither exhibiting overbought nor oversold conditions. The %R Williams is leaning toward being oversold, while OBV is trending higher and is not showing any signs of momentarily slowing down. The MACD is see-sawing above and below the signal line, but the numerous crossovers, are proving to be very accurate predictors of approaching short-term price movement.

The drive to the $8,380.46 all-time high began almost a week ago, from the $6,466.88 weekly low (GMT 12:00). What followed was a one direction lead-in toward the $7,988 previous all-time high, which was touched briefly on November 17 (GMT 01:00), and almost again later during the same day at $7,985 (GMT 17:00). The ensuing 48 hours were chiefly characterized by sideways trading, until the next all-time high was reached at $8,083.5 on November 19 (GMT 12:00). The second all-time high manifested at $8,266.99 on November 20 (GMT 17:00), and the newest all-time high was a day after that at $8,380.46 (GMT 15:00).

This post was originally published by EarnForex

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Bitcoin Hits Another New All-Time High Near $8400, What’s Next?

Bitcoin started biting at the $8000 level a couple of weeks ago, but fell back to its previous support, at around $5,600 – scaring lots of newer investors, not used to the volatility and flux of the cryptocurrency markets. Lots though, took advantage of the opportunity presented by the fall, to get into the market for the first time, and they have been rewarded for their optimism. Bitcoin broke another all-time high at the start of this week and yesterday was trading at $8380 which holds as the new record high.

Bitcoin Daily Chart
Bitcoin Daily Chart

Bitcoin is being invested in by people who are not really used to investing. Because of this, the price structure seems to be congregating around the “round thousand” levels. $5,000, for example, remains a huge psychological support level. It is to be seen whether $8,000 becomes another $6,000 resistance level, which took some time to overcome. Another “biggie” lurking in the future, is, of course, the $10,000 level. We believe this will make or break bitcoin. If it can reach, surpass, and sustain $10,000, this will put a lot of the arguments about it being an illusion, as a serious financial instrument, to bed.

For the moment though, this $8,000 level is the one to concentrate on. Chartwise, on the daily chart above, the price has cleared the 21-day EMA comfortably now and is just passing the $8,000 level. Bitcoin is trading at $8264 at the time of writing and holds close to record highs levels. This, of course, is the first sign of it gaining momentum towards the $10,000 target.

Last week, the 55-day SMA  acted as support at the previous level of around $5,600. At this retesting the price was quick to bounce off of it and resume upwards – with the $7,000 level presenting no difficulty this time.

The pulse signal has been positive for the past three days – and has become stronger each time. There is a caution though. The positive directional indicator (green line) is fairly flat around the 30 mark, and the 14-day ADX, itself, the blue line, is also flat and giving no clear direction. We have a divergence signal indicates that this is a “heads up” about a possible change of trend – and this may well be downwards. Until a clearer signal is shown, we need to be alert to the possibility of another retracement back to the £5,000 dollar level. Again, depending on the momentum of this, it could be another opportunity to buy, in the right circumstances.

So much for the technicals – on the fundamental front bitcoin is making news because of a hack, resulting in a $31 million theft from Tether, a cryptocurrency firm. It is thought to be the result of an external source breaking into the network, which uses Polonix, Bitfinex and other exchanges.

The consequences of this news are only just being digested by a market which has been sold on the impregnability of the blockchain and the transparency and openness of its dealings. This could be an Achilles Heel for the crypto world. It remains to be seen whether Tether can contain the damage by “locking” the use of the stolen tokens by encryption and blocking tactics.

Meanwhile, the first listing of bitcoin futures is expected on CME in mid-December. This will boost confidence in cryptos – having the backing of institutional investors has to be a comfort to a market which has never fully shaken the idea that it is a tool of the more shady enterprises out there in cyberspace.

Noble Gold specializes in IRAs and 401(k) rollovers through precious metals and cryptocurrencies investments.

Bitcoin Cash, Litecoin and Ripple Daily Analysis – 22/11/17

Bitcoin Cash – Struggling against Bitcoin

Bitcoin Cash is up 1.72% at $1,191.4 at the time of writing, with the gains coming in spite of Bitcoin also moving northwards as the cryptocurrencies recovered from a testing session on Tuesday.

The negative sentiment towards a hack on Tether came in the wake of ECB President Draghi’s comments on Monday, where he said that he believes cryptocurrencies are too small to regulate, with cryptocurrencies unlikely to have a material impact on the economy.

Following Bitcoin Cash’s hash rate surpassing that of Bitcoin back on 12th November, hashrate divergence has certainly favoured Bitcoin since, with Bitcoin’s hashrate standing at 12.0833E compared with Bitcoin Cash’s 1.2198E. The numbers suggest that Bitcoin continues to be the version of choice for now, supported by Bitcoin’s latest run at $8,400.

BCHUSD221117

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Litecoin stuck at $70

Litecoin has failed to break out beyond its current range, following the uptick from last weekend, which suggests that further upside is likely ahead. Lower ranges were tested earlier this morning, with Litecoin falling to an intraday low $69.22 before bouncing back sharply. This comes off the back of Tuesday’s drop to $68 before a bounce back.

There had been some negative sentiment towards cryptocurrencies on Tuesday, following news of a Tether hack, with the hackers now linked to another hack that took place back in 2015.

Loss of coins remains a concern, but of greater influence will be how the respective cryptocurrencies and exchanges address such events.

At the time of writing, Litecoin is up 1.24% at $70.87, with strong support for Litecoin at sub-$69 in evidence.

LTCUSD 221117

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Ripple – Just got serious

News hit the wires on Tuesday of the appointment of Benjamin Lawksy to the Board of Directors. Lawksy was previously the superintendent of financial services in New York.

Lawsky’s appointment is considered to be a strategic move in support of Ripple’s blockchain technology that is being explored by banks and central banks for cross-border payments.

Having someone on the board who has served at such high levels of government office will certainly be expected to open doors for Ripple’s plans to revamp payment systems globally with its technology.

For investors, perhaps of interest will be Lawsky’s interest in joining the Ripple team, the move certainly a vote of confidence in the company and its aspirations.

At the time of writing, Ripple was up 1.01% at $0.2343, with the recovery from this morning’s fall to $0.2291, reflective of the strong support expected at sub-$0.23 levels, with an upward bias likely through the day.

XRPUSD 221117

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Bitcoin Takes a Hit on Tether Hack But Remains Near Record High

The price of Bitcoin dropped more than $500 before recovering most of its losses on Tuesday. The digital currency initially retreated below the psychologically important level of $8,000 only two days after breaking it for the first time. The drop was due to reports of a theft that affected an alternative cryptocurrency.

The firm behind a cryptocurrency called Tether said that $31 million was taken from the Tether Treasury wallet on November 19 in the wake of a hack. The stolen amount was sent to an unauthorized Bitcoin address, according to the announcement the company has published on its website yesterday.

The company’s development team is now attempting to prevent the stolen amount, which was in Tether tokens, from entering the wider trading economy. The team said that the tokens will not be redeemable on the Tether platform.

The hack temporarily raised concerns about the safety and security of digital currencies, which erased a chunk of Bitcoin’s rapid gains this week. However, Bitcoin quickly recovered most of its losses as investors remained optimistic following recent institutional interest in the virtual currency. Bitcoin overcame a long list of hacks in the past with relative ease, despite the dent these hacks left in investors’ confidence in the security of cryptocurrencies.

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Bitcoin has been through rapid ups and crushing downs in November. The virtual currency quickly moved to more than $7,800 on November 8, ahead of a highly anticipated upgrade to the underlying Bitcoin technology. Bitcoin then lost as much as 29% of its value to reach about $5,580 on November 12, when the awaited upgrade was called off.

After recovering some of its losses during the past week, Bitcoin shot through $8,000 on Sunday as institutional investors appeared to be pushing harder into the world of digital currencies. The fast growth of the total cryptocurrencies market capitalization this year has made it harder for investors from Wall Street to ignore these new digital assets.

One of the latest institutional pushes into the cryptocurrency world came from CME Group Inc., which announced plans to start offering futures trading on Bitcoin starting next month. Square, Inc., a financial service based in San Francisco, also has plans to incorporate Bitcoin by beginning to test Bitcoin payments on its Cash app. Coinbase decided to ride the wave as well by offering custodian service for hedge funds and sovereign wealth funds.

Bitcoin began 2017 at a value of about $1,000 per Bitcoin. The digital currency then reached $3,500 in August, at which point analysts expected the digital currency to touch $5,000 by 2018. However, the growing institutional interest grabbed enough attention from investors to overshadow warnings of a value bubble and push the digital currency past most expectations.

BTC/USD is trading at 8,232 on the Bitstamp exchange as of 14:15 GMT on Tuesday after dropping to 7,780 at 03:35 GMT. BTC/USD began trading today at 8,231.5.

This post was originally published by EarnForex

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The Rise and Rise of Bitcoin

Bitcoin remains the talk of the town, as the cryptocurrency marched to a fresh high on Monday, charging above $8200. This latest rally means the currency has appreciated an eye-watering 700% year to date.

With Bitcoin repeatedly hitting record highs, it’s fair to say the market is bullish. Financial heavyweights including Goldman Sachs are among those rumored to be opening Bitcoin trading desks, and the potential for incredible returns continues to attract investors from all walks of life, a factor that may well continue to fuel the upside. CME have also recently announced plans to trade bitcoin futures and this, coupled with favorable regulations in Japan (which accounts for 60% of Bitcoin trading volumes) has helped to boost the upside still further.

It’s an impressive rise to fame for a novelty instrument that had a market value of just $1000 at the start of the year. Even negative comments from titans including Warren Buffet and JP Morgan’s CEO Jamie Dimon, declaring the currency ‘worthless’ and a “fraud” did little to quell the upside. With the technical picture extremely bullish and bulls illustrating dominance above $8000, speculation mounts that we may even see the cryptocurrency hit $10,000 by the end of the year.

Opinions still remain sharply divided over Bitcoin’s future. Some analysts are firm of the conviction that we’re witnessing the birth of a new investment instrument, while others cling firmly to the thinking that the Bitcoin romance is little more than a short-term fling. Only time will tell which one is correct, but personally, I’m leaning more towards the second option.

Euro pressured by political risk

News that collation talks in Germany had collapsed on Sunday night left the Euro open to downside risk yesterday. German Chancellor, Angela Merkel, had been seeking to build a coalition between her CDU/CSU bloc, the Greens and Free Democratic Party (FDP) – a vital alliance necessary to secure the German premier majority support in the Bundestag.

Concerns over Merkel ruling with only a minority government for support played out in the markets throughout Monday. Her failure to unite the three parties heightened fears of political uncertainty in the EU’s largest economy and sparked speculation of a fresh wave of elections. The uncertainty is likely to translate to yet more pain for the EUR.

While EURUSD attempted to claw back losses during the day, it quickly turned bearish again amid speculation the recovery was down to dollar weakness rather than a change of sentiment towards the euro. Taking a look at the technical picture, the EURUSD remains bearish below 1.1850. A breakdown and solid daily close below 1.1730 may encourage a further decline back towards 1.1680 and 1.1600, respectively. If bulls want to jump back into the game, the 1.1850 resistance level needs to be conquered.

EUR/USD Daily Chart
EUR/USD Daily Chart

Commodity spotlight – Gold

Gold finished last week on a bullish note, as a weakening dollar sent prices soaring to a monthly high above $1295 but on Monday gold prices fell, giving up all Friday’s rise. Dollar weakness is likely to continue as long as the uncertainty over US tax reforms eigh on markets. News of U.S Special Counsel Robert Mueller subpoenaing Donald Trump’s election campaign also pressure the greenback.

From a technical standpoint, as long as gold can keep above $1280, the next levels of interest will be $1289 and $1300 respectively. Alternatively, weakness below $1280 could trigger a selloff towards $1267.

Gold Daily Chart
Gold Daily Chart

This article is written by Lukman Otunuga, a senior analyst at FXTM