BiteTheBit - News

🗞Bitcoin Price Intraday Analysis: BTCUSD Closing Towards $7,000

🕰 Reading time: 4minutes.
📁 Category: #BTB_Coin

Good evening guys! Normally we don’t publish BTC Analysis here, but I found this one really interesting, enjoy☕️:

Bitcoin price today consolidated sideways within a strict range, never indicating a breakout optimism.

At the beginning of the Asian trading session, the BTC/USD has slumped by 3.5 percent only to settle the mid-session inside an oversold area. The pair attempted a weak bullish recovery as the day matured, and rose as much as 2.8 percent by the beginning of the European session. We are now looking at a low volume market, showing no interim bias as the US session begins. In medium-term, we are in a bullish zone, targetting 7000-fiat as an upside to our next potential breakout. At the same time, a long-term analysis remains to put us in a bearish bias.

We continue to trend ahead inside the rising wedge we discussed in one of our previous analysis. The pattern only allows us to look at our breakout positions from the medium-term perspective. Therefore, any break – to the downside, or to the upside – could potentially rise/fall as high/low as $700.

But indeed, the near-term perspectives are more relevant to our intraday positions. The BTC/USD is in a bullish zone, merely because of a combined support from 100H and 200H moving averages. The latest upside action has also brought RSI and Stochastic into a Buying Sentiment area. A weak momentum is the only bearish factor in the price action as of now.

BTCUSD Intraday Analysis
The upside targets we had put yesterday were achieved on decent profits. As the new session begins, we are hoping BTC/USD will continue the upside momentum towards 6800-6808 resistance area, while holding its leg near the 6500-fiat support. It is the range we are watching for the rest of the session.

We have entered a long position towards 6800-fiat on a bounce from 6560-fiat with stop loss 4-pips below the said entry point. If the price breaks above the resistance area, then it will allow us to out another long position towards 6893-fiat, our upside target and August high. Our stop loss in this position would be placed 4-pips below the entry point.

Looking the other way, a break below 6600-fiat coupled with a high momentum indicator will invoke us to put a short towards 6500-fiat. At the same time, we will put a stop loss two-pips above the entry position to define our risk management perspective. Similarly, a break below support will bring 6256-fiat back in sight as our potential downside target.


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🗞Source:
https://www.ccn.com/bitcoin-price-intraday-analysis-btcusd-closing-towards-7000/

🗞Bitcoin advocate Charlie Shrem: Here's how long you should hold your crypto

🕰 Reading time: 2 minutes.
📁 Category: #BTB_Other

Cryptocurrency may be notoriously unpredictable, but don’t let the price volatility deter you from investing, advises Crypto.IQ Chief Visionary Officer Charlie Shrem.

“Pick something in the top 10 or 20, and look at those, learn about them, and take a stake in them,” Shrem told on Thursday. “Any crypto you’re going to buy, hold for five years. Say, ‘I’m going to lock this, and this money is locked for five years. There’s a high probability you’ll come out ahead in five years, because usually, these bull and bear markets go in two-year cycles.”

If anyone knows cryptocurrency through and through, it’s Shrem. In 2011, the 28-year-old serial entrepreneur co-founded BitInstant, a bitcoin exchange that, at one time, processed 30% of all bitcoin. Then in 2014, Shrem was arrested and convicted of money laundering and operating an unlicensed money-transmitting business. (Shrem knowingly sold bitcoin to a BitInstant user who, in turn, resold bitcoin to others who purchased drugs off Silk Road.)

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🗞Source:
https://finance.yahoo.com/news/bitcoin-advocate-charlie-shrem-heres-long-need-hold-crypto-make-money-111034297.html?guccounter=1

🗞 $5.5 Million: Ethereum Genesis Block Recipient Moves Nearly 20,000 ETH to Bitfinex

🕰 Reading time: 2 minutes.
📁 Category: #BTB_Coin

A recipient of over 314,000 ETH, worth roughly $87.7 million, from Ethereum’s genesis block has recently moved a total of 19,999.899 Ether (about $5.5 million) from his coffers to popular cryptocurrency exchange Bitfinex, which presumably means the amount is set to be sold.

The move was first spotted by California-based attorney Zoe Dolan, who monitors wallets with funds that came from Ethereum’s Genesis Block, which he claims to be monitoring because he’s looking for “capitulation.”

Blockchain data reveals the ETH whale who just moved the funds to Bitfinex has in the past moved large amounts to an exchange. Back In May, his wallet moved a total of 116,500 Ether, worth about $32.5 million, to what seems to be Bitfinex after a series of transactions.

Notably the nearly 20,000 ETH sent to the cryptocurrency exchange may not be the end of the whale’s selloff, as they were part of a transaction that saw 93,750 ETH move from his wallet. If the funds are sent to Bitfinex, Ethereum’s price could see new lows this year.


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🗞 Full version of this article is on our official Web:
https://bitethebit.info/ethereum-genesis-moves/

This Bear Cycle Is On Its Way Out, Move A Side Because The Bulls Are Coming

🕰 Reading time: 3 minutes.
📁 Category:

The ‘bear market’ has certainly been in charge for some time now. Values are falling and prices are low. As you know though, these sorts of things happen in cycles, which means there is light at the end of the tunnel for the bulls among us.

Bull cycles are important because without them, cryptocurrency wouldn’t have any investment potential, if prices didn’t rise, investment would be pointless, right?
The CEO of cryptocurrency exchange, Binance, Changpeng Zhao believes that we are coming to the end of this current bull cycle and that eventually we should expect to see the bulls return, in style too.

Zhao has said:
“Wow, honored.  Don’t worry, I think the cycle should be complete soon, given the mainstream news coverage of events.  Understand blockchain and crypto is not going away, other than the non-believer speculators that was shaken out (they will come back), adoption is increasing.”

This was in response to Cryptokita publishing a post that refers to Binance coin as one of the only positive coins left in 2018. Zhao is clearly honored that Cryptokita have polished Binance Coin with this good reputation, but is also highlighting that this doesn’t mean it’s over for crypto, actually, the markets are about to re born again.

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🗞Source:
https://cryptodaily.co.uk/2018/08/this-bear-cycle-is-on-its-way-out-move-a-side-because-the-bulls-are-coming/

🗞 Bitcoin Millionaire Swaps Cryptos for €2.3M in Fake Euro Notes

🕰 Reading time: 3 minutes.
📁 Category: #BTB_CryptoCrime

A South Korean millionaire with a cryptocurrency business in Singapore lost €2.3 million when he swapped bitcoins for fake euro notes in July.

The unnamed businessman was stung by a Serbian man and an unidentified accomplice in a face-to-face deal. The two scammers contacted the South Korean with the promise to invest in his company and he agreed to meet them in an upscale hotel in Nice, on the French Riviera.

The businessman told the police that instead of the two men investing in his company, he agreed to transfer them Bitcoins and get €2.3 million in cash(!). Initially, everything seemed fine, but after sending the cryptocurrency and getting the money, the South Korean realized he was paid in fake notes.

According to the police, the counterfeit bills were “crude, photocopied fakes” of €500 notes.
After the victim filed a complaint with the authorities, the French police managed to locate the Serbian man and arrested him in a luxury hotel in Cannes. Reportedly, he was living the high-life with an expensive sports car and a 100,000-euro watch on his wrist. However, the police is still looking for his alleged accomplice.

@BiteTheBit_News

🗞Source:
https://cryptovest.com/news/bitcoin-millionaire-swaps-cryptos-for-23m-in-fake-euro-notes/

🗞 World Bank to Settle $73 Million Blockchain Bond on Ethereum Next Week

🕰 Reading time: 2 minutes.
📁 Category: #BTB_BlockChain

The World Bank has priced what it deems the ‘world’s first public blockchain bond’ at AUD$100 million ($73 million) in a settlement to occur next week.

The two-year bond, designed to improve the efficiency of automated financing for countries with extreme poverty by moving away a decades-old manual bond sales process, will be settled on August 28 by the Commonwealth Bank of Australia (CBA), Reuters reported on Thursday.

Dubbed ‘Bondi’ for Blockchain Operated New Debt Instrument – with a subtle nod to Australia’s famous Bondi beach’ – the bond will see CBA as its sole arranger and is priced to yield a 2.251% return. The bond was engineered for the “kangaroo” deal (bonds issued in Australian dollars by overseas institutions) at 23 basis points above Australia’s benchmark rates, CBA added in the report.

In contrast to other similar pilots or prototypes powered by blockchain, the CBA insisted that Bondi marks the first occasion wherein a legally valid bond issuance – completely issued and managed on a blockchain – is raising capital from public investors.

@BiteTheBit_News

🗞Source:
https://www.ccn.com/world-bank-to-settle-73-million-blockchain-bond-on-ethereum-next-week/