Gold drops to 7oz per BTC as Peter Schiff calls Bitcoin ‘biggest bubble’

Gold drops to 7oz per BTC as Peter Schiff calls Bitcoin ‘biggest bubble’

Gold sinks to yearly lows against Bitcoin but Peter Schiff remains convinced that the former’s price gains are ill-gotten.

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Bitcoin (BTC) hit seven ounces of gold for the first time in over a year this week as the precious metal comes off all-time highs.

Data from CoinGecko showed BTC/XAU returning to the pivotal 7 ounce mark on Oct. 25, continuing to edge up to press-time levels of 7.02 ounces.

Gold hits one-year lows in BTC

Despite Bitcoin losing ground after challenging $14,000, the gains against gold remained on Thursday, as the traditional safe haven felt the pressure of Coronavirus tensions and U.S. election uncertainty.

The last time that BTC/XAU broke 7 ounces was in September 2019.

Commenting on the latest events, quant analyst PlanB, creator of the stock-to-flow family of Bitcoin price models, called the move “significant.”

“It looks like #Bitcoin is getting ready to conquer a larger portion of the gold market cap,” data monitor Ecoinometrics responded on Twitter.

“Right now #BTC is at about 2.4% of the market size of gold. This is only the beginning.”

BTC/XAU 1-year chart. Source: CoinGecko

The sentiment echoed recent comments by Real Vision CEO Raoul Pal, who said that gold was “breaking down” against Bitcoin and that other macro assets would follow.

“The next thing I’m expecting is the correlations between BTC and the dollar and BTC vs equities to break down too… let’s see,” he wrote last week.

Schiff: Bitcoin is “the biggest bubble I’ve seen”

Reacting to the latest price action, embattled gold bug Peter Schiff did not hold back. Despite BTC/USD staying far from its $20,000 all-time highs, in a fresh Twitter post, Schiff described the largest cryptocurrency as a “bubble.”

“If you measure the size of asset bubbles based on the level of conviction buyers have in their trade, the #Bitcoin bubble is the biggest I’ve seen,” he claimed.

“Bitcoin hodlers are more confident they’re right and sure they can’t lose than were dotcom or house buyers during those bubbles.”

Bitcoin has yet to suffer as a result of renewed uncertainty across the global economy, leading to increased claims that its correlation with traditional assets has all but disappeared.

As Cointelegraph reported, correlation between BTC/USD and the S&P 500 hit zero again this week, as Bitcoin struck out on its own in its latest gains.

“It could not be more uncorrelated than it is right now,” Anthony Pompliano, co-founder of Morgan Creek Digital, summarized.


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Gold sinks to yearly lows against Bitcoin but Peter Schiff remains convinced that the former’s price gains are ill-gotten.

Bitcoin Clings to $7.8K but WHO Pandemic Declaration Sinks Markets

Bitcoin Clings to $7.8K but WHO Pandemic Declaration Sinks Markets

Bitcoin traders held the price above $7.8K despite equities markets correcting further and approaching bear market territory

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As equities markets across the globe continue to post hefty losses, Bitcoin (BTC) traders fought to keep the digital asset above the $7,800 support. Less than an hour ago the Dow closed down more than 1,400 points and the S&P 500 posted a 4.89% loss as the World Health Organization officially announced that the Coronavirus is now classified as a pandemic.

The WHO announcement was followed by an ominous statement issued before the US Congress by Dr. Anthony S. Fauci, the director of the National Institute of Allergy and Infectious Diseases.

According to Dr. Fauci, the number of COVID-19 viral infections will continue to grow due to insufficient containment measures and contract tracing. Dr. Fauci told lawmakers that “it’s going to get worse” and he emphasized that:

“How much worse we’ll get will depend on our ability to do two things: to contain the influx of people who are infected coming from the outside, and the ability to contain and mitigate within our own country.“

Crypto market daily price chart. Source: Coin360

Crypto market daily price chart. Source: Coin360

Given the clear correlation between Bitcoin’s price action and traditional markets, traders like Cointelegraph contributor Micheal van de Poppe expect Bitcoin to hover in the $7,600 to $7,300 zone for the foreseeable future until global markets show some sustained improvement.

In the event that Bitcoin fails to hold $7,300, van de Poppe believes that traders will shift their focus back to $6,800 and $6,400.

BTC USDT daily chart. Source: TradingView​​​​​​​

BTC USDT daily chart. Source: TradingView

The daily chart shows $7,420 as a key support level for Bitcoin to hold. At the time of publishing the relative strength index is dipping into oversold territory and on the shorter timeframe we can see the moving average convergence divergence (MACD) and relative strength index (RSI) attempting an oversold bounce but it’s clear that traders are reluctant to buy with sustained strength as Bitcoin continues to make lower highs and lower lows.

As mentioned in a previous analysis, a high volume surge could propel the price to $8,500-$8,600 as there is a large gap on the volume profile visible range but for the time being, traders have no preference for risk-on assets.

For the time being, traders are advised to exercise caution when engaging with oversold bounces as the current bounce shows a surge in buy volume little change in breaking the pattern of lower highs on the 4-hour timeframe.

BTC USDT 4-hour chart. Source: TradingView​​​​​​​

BTC USDT 4-hour chart. Source: TradingView

A positive turn of events would entail Bitcoin price either continuing to consolidate around $7,800 or the price climbing back above the 61.8% Fibonacci retracement level ($7,978) and closing above $8,100.

Crypto Fear & Greed Index. Source: alternative.me

Crypto Fear & Greed Index. Source: alternative.me

The Crypto Fear & Greed Index is still at 17, a level representing extreme fear on part of investors. In the past investors have utilized the sentiment metric as a signal to countertrade the trend.

While it is likely that investors are feeling tempted to open longs off this current dip, the uncertainty brought about by the Coronavirus has created something of a black swan event that is suppressing investors’ appetite for risk.

Another concern on investors’ minds is the fact that Bitcoin price is fast approaching the logarithmic trendline support. It’s a bit premature to speculate what the effect of dropping below the logarithmic growth trendline would be but it worth noting that such an occurrence has yet to occur since Bitcoin’s inception.

BTC USD daily chart. Source: TradingView​​​​​​​

BTC USD daily chart. Source: TradingView

Shortly after equities markets closed, crypto trader Philip Swift posted the above chart and tweeted:

“Bitcoin price just briefly pierced through the log growth curve lower boundary on a day where it really felt like there was a lot of fear/hysteria in the markets.’China bans Bitcoin‘ just wasn’t going to cut it this time around! Now let’s see if it can hold!”

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.


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Bitcoin traders held the price above $7.8K despite equities markets correcting further and approaching bear market territory

Bitcoin Erases February’s Gains, BTC Price Sinks Below $8,700

Bitcoin Erases February’s Gains, BTC Price Sinks Below $8,700

Bears are now in control of the crypto market as investors are not viewing the current sharp pullback as a purchasing opportunity

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The sharp correction that has rocked the crypto market since Feb. 23 continued through Feb. 27 as Bitcoin (BTC) price dropped nearly 8% to a daily low at $8,531.

Markets pricing in Coronavirus impact

At the opening bell, equities markets recovered some of the losses of the previous two days but at the time of writing Dow Jones futures, S&P 500 futures and Nasdaq futures all dropped 1.32%, 1.33% and 1.31%, respectively, with investors increasingly concerned about the economic impact of the Coronavirus, which is now present on every continent except Antarctica.

Tech giants Microsoft and Apple also announced that they anticipate missing key sales targets and it is likely that lent another blow to futures markets.

According to reporting from The Fuse, oil refineries in China are currently processing 25% less oil than usual, and the International Energy Agency said that oil demand could drop to 435,000 barrels per day, a figure which is also significantly less when this quarter is compared to the same period in 2019.

Additionally, Russia and Saudi Arabia, both major OPEC members, have entered into a schism, allegedly over a disagreement related to Saudi Arabia’s decision to cut oil production by an additional 600,000 barrels per day.

Crypto market daily price chart. Source: Coin360

Crypto market daily price chart. Source: Coin360

After the markets had closed, President Trump attempted to calm Americans’ fears over the spreading Coronavirus, and tomorrow’s opening bell will show how effective the address was.

Bitcoin price hits monthly lows, down almost $2,000 in two weeks

At the time of writing, Bitcoin price is down 10.08% for the week and on the verge of giving back all of the gains accrued from the Jan. 26 rally from $8,336 to $10,500.

For weeks, a countless number of analysts and investors had stressed the importance of Bitcoin holding above $9,000 and the 200-day moving average at ($8,800). Both were broken today and, at the time of writing, traders are fighting to hold the price above the $8,500 support.

Bitcoin’s sharp correction from $10K calls into question the oft-presented argument that Bitcoin functions as a hedge against volatility in traditional markets. Meanwhile, gold futures continue to push higher, currently up 0.52% at the time of publishing. Altcoins also took a pummeling as many of the top-20 major altcoins endured double-digit losses.

Ether (ETH) dropped 10.15% to trade at $215, a stunning reversal considering that the altcoin traded at $286 less than two weeks ago. Litecoin (LTC) pulled back 13.21%, EOS 10.37% and Ethereum Classic (ETC) lost 13.47%. Surprisingly, Chainlink (LINK) rallied 6.82% and Tezos (XTZ) gained 3.71%.

Bitcoin daily price chart. Source: Coin360

Bitcoin daily price chart. Source: Coin360

The overall cryptocurrency market cap now stands at $246.8 billion and Bitcoin’s dominance index rising to 64.4%.

Keep track of top crypto markets in real time here


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Bears are now in control of the crypto market as investors are not viewing the current sharp pullback as a purchasing opportunity

Binance Coin Price Sinks to 6-Month Low a Day After US Version Launch

Binance Coin Price Sinks to 6-Month Low a Day After US Version Launch

The days of Binance Coin decoupling from and outperforming Bitcoin appears to be over

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Prior to Litecoin (LTC) kicking off a 200% rally that would spread to Ether (ETH) and Bitcoin (BTC), Binance Coin (BNB) was the shepherd that signaled the altcoin herds to rally forth in what is now affectionately referred to as “altseason.”

BNB far outpaced Bitcoin, Litecoin, and Ethereum as it rallied nearly 600% compared to Bitcoin’s 300% rise from $3,100 to $13,800. 

The move seemed to be propelled by back-to-back Binance-supported initial exchange offerings, rising altcoin prices and an improvement in general sentiment amongst investors who finally felt the 15-month long bear market had ended. 

Daily Crypto Market Performance

Daily Crypto Market Performance. Source. Coin360.com

Since notching an all-time high near $40 on June 22, BNB hit a snag and has been in a downtrend since. It seems the real trouble started when Binance announced that United States-based users would be banned from its main platform and forced to the regional Binance America version. 

The BNB token perked up a bit once the exchange announced that a U.S. version of Binance would soon launch. But sentiment again soured as the media reported that the number of digital assets and pairings offered paled in comparison to the original platform. 

BNB is no longer immune to Bitcoin’s price action and it — along with the vast majority of altcoins — have suffered mightely since Bitcoin topped out at $13,800 and entered a prolonged period of consolidation. 

Is BNB a good long?

Despite the disconcerting news and disappointing price action, BNB still has a lot going for it. Binance.US launched on Sept. 24. As previously reported, the platform will list BTC, ETH, XRP, BCH, LTC, BNB and USDT across 13 fiat-to-crypto and crypto-to-crypto trading pairs. 

On Tuesday, Binance.US also revealed that Cardano (ADA), Basic Attention Token (BAT), Ethereum Classic (ETC), Stellar Lumens (XLM) and Ox (ZRX) would be listed and deposits for the altcoins is open now. 

Another future positive for BNB is the fact that the native token is used to pay the fees for Binance’s Futures Trading platform. Two weeks ago, Binance announced that it would include all current and future BNB-based products and services in upcoming coin burns. 

Future coin burns, BNB’s utility for paying trading fees and processing margin trades on the futures platform should make BNB more “useful.”

Furthermore, there’s always the possibility that Binance.US will eventually use BNB for trading fees, staking and lending. Given Binance’s ambitious plans for expanding its reach by establishing decentralized exchanges across the globe, it’s not too far fetched to imagine that BNB could make its way onto decentralized finance — also known as “DeFi” — platforms like Celcius, Compound Finance, BlockFi and dYdX. 

With that said, BNB is not looking great in the short-term and currently continues to lose value within a descending channel. Let’s take a look at the charts to see what’s going on. 

BNB/USDT Daily Chart

BNB/USDT Daily Chart. Source: TradingView

BNB fell to $13.80, a new 6-month low not seen since March 21. Today’s abrupt 11% Bitcoin correction was strongly felt by BNB and the altcoin dropped below the descending channel. 

A strong oversold bounce on the Relative Strength Index (RSI) resulted in a 12.95% bounce from $14.47 to $16.38. But unless the market improves, the next stop for BNB could be at $13.60. A drop below $13.60 could see the altcoin drop to $9.40  

BNB/USDT Weekly Chart

BNB/USDT Weekly Chart. Source: TradingView

As shown by the volume profile visible range (VPVR) on the weekly chart, a drop below $14 extinguishes purchasing demand until $9 to $11. Though the RSI approaches oversold territory, there is still room to fall and in December 2018 the weekly RSI dropped to 31 before reversing course. 

If Bitcoin price enters a lengthy period of consolidation in the $8,000 to $9,000 range, it’s possible that BNB could drop further. The weekly Stoch has also bottomed out resting on 0.  

Ultimately, like other altcoins, BNB’s performance appears dependent upon Bitcoin’s recovery and with Bitcoin market dominance still at around 70%, altcoin traders might not have much to look forward to other than a strong oversold bounce within the altcoin market. 

Admittedly, Ether (ETH) seems to be a more lucrative trade at the moment. In the event that BNB does drop below $10, traders might consider opening a long position and scaling in on any dips that might follow. 

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.


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The days of Binance Coin decoupling from and outperforming Bitcoin appears to be over

Market Mayhem: Bitcoin Sinks Below $3.4K, Ethereum Plummets to Double Digits

Market Mayhem: Bitcoin Sinks Below $3.4K, Ethereum Plummets to Double Digits

Bitcoin is trading below $3.4k, Ethereum is down to double digits; crypto markets are seeing widespread, heavy losses

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Friday, Dec. 7 — Crypto markets have today again taken a major downturn, with virtually all of the major coins by market cap seeing double digit losses. Some coins are down by over 20 percent, as data from Coin360 shows.

Market visualization

Market visualization by Coin360

Bitcoin (BTC) has taken a steep hit of over 11 percent on its 24-hour chart, and is trading at $3,400 as of press time. Having attempted to reclaim ground above the $4,000 price point in early December — to briefly trade close to $4,300 — the top coin’s recovery has failed to hold, and the asset has seen stepped losses in the days before today’s dizzying tumble.

On the week, Bitcoin is now down by around 20.5 percent; monthly losses are at a severe 47.3 percent.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Cointelegraph’s Bitcoin Price Index.

Second-largest crypto by market cap Ripple (XRP) is down by around 12 percent on the day, trading at almost $0.30 as of press time, according to Cointelegraph’s Ripple Price Index. Ripple’s weekly and monthly charts are also blisteringly red, with losses of around 23.5 and 40 percent respectively.

Ripple 7-day price chart

Ripple 7-day price chart. Source: Cointelegraph’s Ripple Price Index.

Third-ranked crypto by market cap Ethereum (ETH) has fared even worse, with 24-hour losses pushing 16 percent as of press time. The top altcoin is down to double-digit value, currently trading at $84. On the week, Ethereum down by 31.4 percent; monthly losses are close to 60 percent.

Ethereum 7-day price chart

Ethereum 7-day price chart. Source: CoinMarketCap

Virtually all of the remaining top ten coins on CoinMarketCap are seeing deep red; Stellar (XLM) and Bitcoin Cash (BCH) are both down almost 18 percent, at $0.11 and $102.3 respectively; eighth largest ranked crypto Litecoin (LTC) is down close to 15 percent, trading at $25.3, and EOS (EOS) is the hardest hit, down almost 23 percent on the day at $1.68.

Newly-forked “Bitcoin SV” (BSV) is the only exception among the top ten, soaring 20 percent on the day to trade at around $109, sealing the ranking of 5th largest crypto. With a market cap of around $1.94 billion as of press time, BSV is holding a slim margin ahead of BCH; the latter, ranked 7th, currently has a market cap of about $1.77 billion.

Just yesterday, news broke of a new lawsuit from tech development firm UnitedCorp against Bitmain, Bitcoin.com, Roger Ver, and the Kraken Bitcoin Exchange, which alleges the defendants engaged in manipulation and unfair practices during the immediate aftermath of the BCH-BSV hard fork.

The remaining coins in the top twenty by market cap are all seeing losses of between a 8 and 22 percent range.

IOTA (MIOTA) is down over 16 percent to trade at $0.22: Binance Coin (BNB) is down just under 20 percent at $4.56, and privacy-focused alts Monero (XMR) and ZCash (ZEC) are down 14.5 and 20 percent respectively.

Similar losses have hit Dash (DASH) and Neo (NEO): with the former down 21.7 percent at $61.33, the latter 17.4 percent at $5.85.

Dogecoin (DOGE), ranked 20th, is the “strongest” 24-hour performer, down 2.6 percent at $0.0021.

Total market capitalization of all cryptocurrencies is atca around $107.1 billion as of press time, down around 20 percent since the start of its weekly chart, when it was close to $136 billion.

7-day chart of the total market capitalization of all cryptocurrencies

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

With the markets unremittingly bleak, the United States Securities and Exchange Commission (SEC) has meanwhile yet again postponed its decision on the high-profile Bitcoin (BTC) exchange-traded fund (ETF) from investment firm VanEck and blockchain company SolidX.

A new deadline of the end of February 2019 has now been set; SEC commissioner Hester Peirce — who earned the moniker of “Crypto Mom” for her dissent over the SEC’s decision to reject a Bitcoin ETF proposed by the Winklevoss twins — told investors this week; “Don’t hold your breath” awaiting a BTC ETF approval.


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Bitcoin is trading below $3.4k, Ethereum is down to double digits; crypto markets are seeing widespread, heavy losses