Bitcoin bottomed after a textbook 20% selloff, and a new uptrend is likely underway, Fundstrat’s Tom Lee says

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Bitcoin's recent sell-off looks to have found support and a new uptrend is "likely underway," Fundstrat's Tom Lee said in a note on Wednesday.

The most valuable cryptocurrency sold off more than 20% in recent weeks after topping out just below $65,000 amid the Coinbase IPO. Bitcoin broke below $50,000, which represents a key psychological level for investors, but has since recovered and is trading near $55,000 as of Wednesday afternoon.

Now, bitcoin has found support near $47,000, which coincided with a "9" count buy signal generated by the DeMark indicator. This counter-trend indicator, created by Tom DeMark, helps measure price exhaustion in securities.

Traders should look for bitcoin to move above $62,000 to affirm that the sell-off is over, according to Lee.

Continue reading at businessinsider.com

European Central Bank Points To Privacy As Pivotal In eMoney Future

european central bank

What people want most from digital currency is privacy, the European Central Bank (ECB) said in its report from public consultations about the possibility of a central bank coin.

The ECB said that 43 percent of the respondents pointed to anonymity as a main requirement for any digital currency. People also stated that any digital euro should also be integrated with the methods and resources already being used for payments and other financial services. 

Further, citizens and businesses answering the survey indicated that they want a no-fee solution in addition to security, usability, and non-digital use. The ECB is still in the research stages of deciding whether it makes sense to pursue eCurrency. 

The public consultation — conducted from October 2020 until January of this year — is just one step in determining what will work for consumers and businesses alike. About 25 percent of respondents also said they believed that a digital euro should advance cross-border payments, and make the transactions fast, seamless, and less expensive.

The ECB is just one of many central banks worldwide looking into launching digital currency that would be on par with cryptocurrencies like bitcoin but also more usable and predictable.

Continue reading at pymnts.com

Tesla urged to review its payment practices after two Australian buyers lose thousands to scammers

tesla

When Andrea Hammond decided to buy a Tesla 3 electric vehicle, her choice was not about the car's slick design or prestige badge.

"Spending that amount of money was not an easy decision, but my commitment to wanting to drive without polluting the atmosphere was my motivation," she said.

"The Tesla cars seemed to stack up in terms of being a car that I could drive for the rest of my days."

At first, the process of buying a Tesla seemed as modern as the car itself.

Continue reading at abc.net.au

Coinbase, A Bitcoin Startup, Goes Public. Is Crypto Really The ‘Future Of Finance’?

Coinbase, a San Francisco startup that allows people to buy and sell digital currency, became the first major cryptocurrency company to go public when it made its stock market debut on Wednesday.

Trading began around $381 a share, pushing the company's valuation close to $100 billion. That's about what Facebook was worth when it had its initial public offering in 2012.

Coinbase's listing on the Nasdaq under the ticker symbol "COIN" was heralded by enthusiasts as a turning point for once-obscure digital currencies.

"Today was a landmark moment," said cryptocurrency investor Ian Lee. "Crypto is the future of finance."

Bradley Tusk, a political consultant and venture capitalist who financially backed Coinbase, said the company's public offering shows that more Wall Street banks and other traditional investors are warming up to the idea of cryptocurrency.

Read more at mainepublic.org

China Creates its Own Digital Currency, a First for Major Economy

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A thousand years ago, when money meant coins, China invented paper currency. Now the Chinese government is minting cash digitally, in a re-imagination of money that could shake a pillar of American power.

It might seem money is already virtual, as credit cards and payment apps such as Apple Pay in the U.S. and WeChat in China eliminate the need for bills or coins. But those are just ways to move money electronically. China is turning legal tender itself into computer code.

Cryptocurrencies such as bitcoin have foreshadowed a potential digital future for money, though they exist outside the traditional global financial system and aren’t legal tender like cash issued by governments.

China’s version of a digital currency is controlled by its central bank, which will issue the new electronic money. It is expected to give China’s government vast new tools to monitor both its economy and its people. By design, the digital yuan will negate one of bitcoin’s major draws: anonymity for the user.

Continue reading at wsj.com

Bitcoin Volatility Decreasing as Price Movement Begins to Mirror Gold, Analyst Says

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The price of Bitcoin rose 100.8% in the first quarter and has increased 447.2% since October 2020, but reduced volatility may be the key to future price rises, analysts believe.

U.S. stocks gained 6.4% in the first quarter of 2020, while bond yields rose 3.6% and gold fell 10.3%.

"In the context of Bitcoin's historical returns, which have been quite remarkable, this period stands out as notable," Greg Cipolaro, global head of research at New York Digital Investment Group, said in a research report.

However, reduced volatility—not manic price swings ratcheting upward—could boost Bitcoin's long-term valuation as major institutions move into the cryptocurrency to diversify their holdings.

Continue reading at newsweek.com

Bitcoin And Crypto Market Smashes Through $2 Trillion As The Price Of Ethereum, Binance Coin, Litecoin And Ripple’s XRP Suddenly Soar

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Bitcoin and cryptocurrency prices are soaring, pushing the value of the entire cryptocurrency market over $2 trillion for the first time (though some think the bull run could be just getting started).

With the bitcoin price hovering around $60,000 per bitcoin, the psychological $2 trillion barrier was broken by sharp increases in the price of smaller cryptocurrencies ethereum, binance coin, Ripple's XRP and litecoin, according to data from crypto price website CoinGecko.

The bitcoin and cryptocurrency market has more than doubled in value so far this year, rising from around $750 billion at the beginning of the year. Bitcoin, by far the biggest cryptocurrency by value, makes up more than half of the cryptocurrency market capitalization and has traditionally led the market.

Continue reading at forbes.com

Hedge Fund Manager Ray Dalio Thinks Bitcoin Could Be Outlawed

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Billionaire investor and the world’s biggest hedge fund founder Ray Dalio said that the history of money has left hints that bitcoin could face being outlawed by the U.S. government, just as gold was in 1934.

“I think that it would be very likely that you will have it, under a certain set of circumstances outlawed, the way gold was outlawed,” he said on the podcast Influencers with Andy Serwer on Friday (March 26). Serwer is editor in chief for Yahoo! Finance.

The Bridgewater Associates founder and co-chief investment officer pointed to the 1934 Gold Reserve Act, which prohibited people from holding gold and mandated the transfer to the U.S. Treasury.

“Every country treasures its monopoly on controlling the supply and demand. They don’t want other monies to be operating or competing because things can get out of control. So I think it would be very likely that you will have it under a certain set of circumstances outlawed the way gold was outlawed,” Dalio said on the program.

Continue reading at pymnts.com

Why Bitcoin Is a Better Risk Bet Than a Stack of Penny Stocks

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Bitcoin is getting boring at a time when annualized 30-day volatility as of Thursday’s close has seen a sharp downward dip, in a March with its own type of (weather) volatility.

To emphasize the point, have a look at the chart above, which shows the volatility of bitcoin daily returns for the past month. To be fair, I’m employing a little chart crime here, starting the y axis at 40% in order to accentuate the drop between March 24-25, as all but the last days of February have disappeared from the 30-day look-back on the CoinDesk Bitcoin Price Index.

The boredom engendered by a tame month sparked a mild disagreement with “First Mover” show host Lawrence Lewitinn about penny stocks versus bitcoin. We were discussing the benefits of using indexes weighted either by price or by market cap. Price-weighted indexes can be more volatile because smaller-cap components can have a greater impact. I said a crypto index doesn’t need more volatility because crypto assets already have the volatility of penny stocks.

Continue reading at yahoo.com

Cristiano Ronaldo becomes the first player rewarded with cryptocurrency tokens

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Cristiano Ronaldo received 770 Fan Tokens $JUV ahead of Juventus' match against Benevento on Sunday as a way of marking his record-breaking goal milestone.

It's the first time a footballer has been rewarded with cryptocurrency, which is becoming prominent in terms of fan interaction in the game.

Fan Tokens $JUV allows Juventus fans to interact with their club and participate in various decisions through the Socios app.

Continue reading at marca.com