Bitcoin Sees Longest Stretch of Price Consolidation Since October

Bitcoin Sees Longest Stretch of Price Consolidation Since October

Bitcoin (BTC) is witnessing the longest stretch of range-bound price activity in three months. The leading cryptocurrency by market capitalization has been largely restricted to trading between $3,700 and $3,500 since Jan. 11 – the longest stretch at such a narrow range since the end of October. Back then, the market had gone quiet, with prices staying within the $6,500–$6,350 range in the 12 days leading up to Oct. 28. On the following day, BTC dropped to $6,208. After another period of sideways movement, bitcoin fell well below the crucial support level of $6,000 on Nov. 14. The current period of consolidation may also end with a big move to the downside, as BTC reinforced the primary bearish trend – as represented by the downward sloping 10-week moving average – with a 10 percent slide on Jan. 10. The potential post-breakdown drop toward December lows near $3,100 could be rapid, too, as a prolonged period of consolidation often ends with a violent move. As of writing, the cryptocurrency is trading at $3,515 on Bitstamp, representing a 0.40 percent drop on a 24-hour basis. Daily chart As seen above, BTC’s 12-day-long range play is the longest since Oct. 28. Back then, Bollinger bands (standard deviation of +2,-2 on the 20-day moving average) were flat-lined, representing a neutral bias. As of now, Bollinger bands are signaling a bearish bias with a slight tilt to the downside. Another major difference is that prices had consolidated around the 20-day MA in October. This time, however, the moving average is working as stiff resistance, as indicated by BTC’s failure to secure a UTC close above that level on Jan. 19. Weekly chart The outlook remains bearish while BTC is held below the downward sloping 10-week moving average (MA), currently at $3,715. The long upper shadow (spread between high and close) attached to the previous weekly candle indicates that the “sell-on-rise” mentality is still intact, meaning the brief price bounce soon ran into offers. That candle also confirmed the end of a corrective bounce from December lows signaled by the preceding bearish engulfing candle. View Bitcoin’s longest stretch of price consolidation will likely end with a convincing break below $3,500 and could be followed by a re-test of the December low…

Announcing new features and services to make trading easier for high-volume customers in Asia and…

Announcing new features and services to make trading easier for high-volume customers in Asia and…

Available immediately, high-volume Coinbase Pro and Prime customers in Asia and Europe will be able to use cross-border wire transfers to fund their Coinbase accounts. Select customers will also be able to utilize other services, including Coinbase Custody and our recently launched OTC trading desk. As part of Coinbase’s continued commitment to the international crypto community, Coinbase Pro and Prime customers throughout Asia and Europe can now use cross-border wire transfers to fund their accounts. Select Coinbase Prime customers globally will also have access to our US and European over-the-counter (OTC) trading desks and Coinbase Custody, our dedicated cold storage-as-a-service platform. In the past 12 months, hundreds of crypto-first hedge funds have launched around the world, and many hundreds more traditional institutions such as proprietary trading firms, family offices and endowments have begun actively trading digital assets. Coinbase’s suite of products — Coinbase Pro, Coinbase Prime and Coinbase Custody — serves these customers, along with other participants in the market, like asset issuers, exchanges and miners. International wire transfers are live For customers in countries where fiat rails are not yet available, we will now support inbound and outbound SWIFT transfers from non-US bank accounts. This new feature will allow Coinbase customers in many countries throughout Asia and Europe to access Coinbase’s deep pool of crypto liquidity for the first time. Paired with our widely-adopted stablecoin, USDC, traders will potentially have exposure to a wide variety of trading pairs. Each USDC token is backed one-to-one with a US dollar, held in reserve by Coinbase. Tokens are redeemable at any time for one US dollar, free of charge, through Coinbase Prime. OTC trading desks and Coinbase Custody live in Asia, EMEA region In addition to the launch of cross-border wire transfers, Coinbase has recently stood up OTC trading desks in the US and Europe that are accessible to approved Coinbase Prime customers globally. With the launch of these desks, select customers will be able to execute large volume trades with minimal price slippage. Coinbase’s OTC desk is agency only, meaning that we never trade on a principal basis or against our clients. Coinbase never trades on a proprietary basis. For more information on OTC trading via Coinbase, contact: tradingdesk@coinbase.com Along with the launch of our OTC service, we’re also offering…

Coinbase now providing trading and custody services to high-volume clients across Asia

Coinbase now providing trading and custody services to high-volume clients across Asia

Starting today, Coinbase’s professional trading and custody platforms are now available to institutional clients and high-volume businesses across the Asia region. As part of Coinbase’s continued commitment to the international crypto community, high-volume clients across Asia will now have access to Coinbase’s flagship trading platforms for institutions, as well as our dedicated cold storage service, Coinbase Custody. As part of this rollout, we will now support inbound and outbound international (SWIFT) wire transfers, allowing Coinbase clients in Asia to fund their accounts from non-US bank holdings. In the past 12 months, hundreds of crypto-first hedge funds have launched around the world, and many hundreds more traditional institutions such as proprietary trading firms, family offices and endowments have begun actively trading digital assets. Coinbase’s suite of professional products — Coinbase Prime and Pro, Coinbase Custody — serves these customers, along with other participants in the market, like asset issuers, crypto exchanges, and miners. In addition to being able to deposit, withdraw, and trade USD through Coinbase Prime, clients in Asia will also have access to our widely-adopted stablecoin, USDC. Each USDC token is backed one-to-one with a US dollar, held in reserve by Coinbase. Clients can redeem USDC at any time for USD (and vice versa) on a one-for-one basis, free of charge, through Coinbase Prime. Along with the launch of our trading platforms, we’re also offering Coinbase Custody to approved high-volume customers in Asia. Coinbase Custody is an institutional-grade service optimized for storing large amounts of cryptocurrency in a highly secure way. All assets trusted to Coinbase Custody are stored offline and protected by industry-leading security practices and insurance. For more information on Coinbase Custody, visit: https://custody.coinbase.com We see a bright future ahead for crypto in Asia. Building on our announcement last June that Nao Kitazawa would lead our efforts in Japan, we have also recently appointed Kayvon Pirestani to head institutional sales in Asia, operating from our Tokyo office. Kayvon joins our Asia operation from our New York office, where he previously led institutional sales for the United States. He and his team will provide 24/5 client support for our range of institutional products and services.

Coinbase Adds Cross-Border Wire Transfers for Whales in Europe and Asia

Coinbase Adds Cross-Border Wire Transfers for Whales in Europe and Asia

Crypto exchange Coinbase is launching cross-border wire transfers for institutional clients in Asia, the U.K. and Europe. Coinbase said in an announcement Tuesday that, for clients in countries where fiat payments rails aren’t yet available, the firm will now support inbound and outbound SWIFT transfers from non-US bank accounts. It added: “This new feature will allow Coinbase customers in many countries throughout Asia and EMEA to access Coinbase’s deep pool of crypto liquidity for the first time.” Simultaneously, the firm said it will offer new OTC trading desks for U.S. and European customers, as well as trading and custody services for large-volume clients in Asia. For the latter service, Asian traders will have access to the USDC stablecoin, which is backed by dollar reserves held by the exchange, while certain Coinbase Prime customers will also be able to use its Custody cold storage service as well. Meanwhile, the company’s OTC desks will ensure that large-volume trades will have a minimal impact on crypto prices, according to the announcement. To protect user privacy, it noted that counterparty information is confidential, and “only minimum trade details are disclosed.” “Coinbase’s OTC desk is agency only, meaning that we never trade on a principal basis or against our clients [and] Coinbase never trades on a proprietary basis,” the exchange said. The exchange said it was targeting crypto-first hedge funds, as well as traditional trading firms, family offices and endowments with the additions, which come as expanded services for Coinbase Pro and Prime customers in the regions. The services will be available immediately. Coinbase first announced it had opened an OTC trading desk last November. To oversee the exchange’s institutional sales, Coinbase has appointed former U.S. institutional sales head Kayvon Pirestani to head up the same task in Asia, based out of its Tokyo office. Coinbase image via CoinDesk archives

Airdrop Mishap Causes Korean Exchange to Accidentally Send BTC to Customers

Airdrop Mishap Causes Korean Exchange to Accidentally Send BTC to Customers

Exchanges A South Korean crypto exchange mistakenly sent its customers BTC and other cryptocurrencies due to an error during an airdrop. Some users immediately sold the coins, causing the prices of a number of cryptocurrencies on the exchange to sharply fall. The exchange said, however, that the majority of customers have agreed to return the funds. Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations Airdrop Error South Korean cryptocurrency exchange Coinzest reportedly sent its customers BTC and other cryptocurrencies while trying to airdrop WGT tokens. The exchange posted a notice on its website that at approximately 18:30 p.m. Korean time on Jan. 18: The WGT token airdrop process caused a computer error that incorrectly reflected the deposit details of some customers’ assets … we took measures to immediately check the server to prevent any additional damage as a result of the sales and purchases of some misappropriated assets by some customers. The exchange’s computer program “allocated a particular cryptocurrency to the event,” Sedaily explained on Monday, noting that “Coinzest originally tried to airdrop 30,000 WGT coins, but accidentally entered data to airdrop other coins.” An official of the exchange said that about 400 members were supposed to receive WGT tokens, Hankyung publication reported, adding that other cryptocurrencies such as BTC and ETH were sent to members’ wallets. The news outlet elaborated that “about 10 members tried to sell about KRW 600 million worth [~$530,000] of cryptocurrencies or to withdraw money in Korean won even though they recognized the mistake of depositing money and computer errors. [Therefore] there has been a problem of rapid price decline.” The price of BTC and a number of other cryptocurrencies on Coinzest subsequently plummeted at about 7 p.m. Korean time on Jan. 18, with BTC’s price falling to 999,000 won (~$883) from over 4 million won. Prices of cryptocurrencies on Coinzest at about 6 p.m. Korean time on Jan. 18. Image credit: Blockinpress/Coinpan.Image credit: SedailyAsking Customers to Return Coins After detecting the problem, Coinzest immediately halted trading and performed a server checkup, according to a notice on its website. It then resumed trading the next day. “The asset and transaction information was restored to 18:33:18 on the 18th, the last time a normal transaction occurred before the…

Dutch Financial Authorities Plan Licensing Scheme for Crypto Exchanges

Dutch Financial Authorities Plan Licensing Scheme for Crypto Exchanges

Financial authorities in the Netherlands are planning a licensing scheme for crypto exchanges and wallet service providers to prevent money laundering and terrorism financing. De Nederlandsche Bank (DNB), the nation’s central bank, and the Netherlands Authority for the Financial Markets (AFM) published a report earlier this week, suggesting that fiat-to-crypto exchanges and custody solution providers must be licensed as cryptocurrencies carry “high financial crime risks.” “These risks must be addressed effectively, which can be achieved as a result of the international coordination of countermeasures that AMLD5 [the Fifth European Anti-Money Laundering Directive] provides,” the report states. The two authorities said they are recommending the licensing regime instead of a registration system because it allows “pre-market entry assessment” to know whether involved parties will comply or are able to comply with the AMLD5 rules. A registration regime, on the other hand, would be “less effective” as it only allows for a “limited substantive assessment” of these parties. Secondly, the authorities have also recommended that the European regulatory framework for corporate funding should be amended to enable blockchain-based development of small-and-medium-sized enterprises (SMEs) and to enable the use of crypto assets like shares or bonds. Accordingly, the authorities have recommended reconciling the national definition of a security ,with the broader definition in European legislation to bring new forms of corporate funding such as initial coin offerings (ICOs) and security token offerings (STOs) under the scope of applicable rules. “Amending the definition is also desirable in anticipation of potential European consensus on the qualification of certain cryptos as security under present legislation,” the report added. Finally, the regulators have called for international crypto rules to be put in place given the fact that Dutch-based providers of crypto services number less than 30 and their volumes are “negligible” compared to large-scale players globally. “The evolution of cryptos is primarily internationally-oriented given their inherent cross-border nature, and cannot be confined to the Dutch market alone,” the report states. Earlier this month, two major European regulators, the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) also separately called for cryptocurrency and ICO rules at the EU level. DNB image via Shutterstock

How to Buy Bitcoin Anonymously

How to Buy Bitcoin Anonymously

Featured Buying bitcoin is not a revolutionary act. Nor should it be. And yet the way statists, apparatchiks and politicians bang on, you’d think the mere act of acquiring digital currency was akin to receiving the keys to a pandora’s box in which lurks every illicit artifact known to man. One day, these dinosaurs will begrudgingly concede that buying bitcoin is no more seditious than buying a soda with a $20 bill. But until then, you’ll want to preserve your privacy when acquiring cryptocurrency. Also read: Wasabi’s Privacy-Focused BTC Wallet Aims to Make Bitcoin Fungible Again Buy Your Bitcoin, Keep Your Privacy The reasons why you might want to keep bitcoin ownership to yourself don’t require rehashing. Put simply, though, it’s no one’s damn business what you want to do with your money or how you wish to store your wealth. In the future, governmental scrutiny of bitcoin ownership will look as archaic and benighted as state intrusion into the religious or sexual preferences of its citizens. By the time that day comes, bitcoin may be worth a lot more than it is today. The steps you take to preserve your privacy in the present, therefore, may prove particularly precious in the future. Just think about 2011 bitcoiners who had no need to conceal their ownership at the time, only to find themselves sitting ducks once those bitcoins multiplied 3,000x by 2017. Anonymously buying bitcoin in small amounts is relatively easy, though getting your hands on larger quantities without having to jump through hoops can be harder. Just as it’s common practice to use fake personal details when signing into public wifi, the same can be done when buying bitcoin through ATMs and terminals such as the newly repurposed Coinstar machines. Doing so will require a burner phone or a secondary SIM card that isn’t tied to your real world identity. Alternatively, search for “receive SMS online” to find links to services that will provide you with a one-time number. Buying Bitcoin in Person In addition to BATMs, which can be used to buy a few hundred bucks’ worth of crypto at a time, P2P sites like Localbitcoins.com enable you to locate sellers in your area and meet them in person. Better still, if you have acquaintances…

Crypto CEO Sentenced to 3-Year Jail Term for Faking Trading Volume

Crypto CEO Sentenced to 3-Year Jail Term for Faking Trading Volume

Two executives from South Korean crypto exchange Komid have been handed down jail time for faking trading volume and deceiving investors. According to a report from CoinDesk Korea, the firm’s CEO Hyunsuk Choi received a three-year sentence for his role in the crime, as well as for embezzlement. Another member of the team, Park Mo, got two years, according to local news source Blockinpress. Choi, the court found, made a number of fake accounts on the exchange in January 2018, and, using a trading bot, made millions of false transactions with cryptocurrency and Korean won credit that did not actually exist. The court – presided over by South Korea’s top judge Ahn Seong-joon – also ruled that Choi had transferred bitcoin from the exchange to an external wallet, said CoinDesk Korea. According to Blockinpress, which added that the crime brought in around $45 million in fees, the judge said: “Choi has committed fraud for a countless number of victims for a long period of time … Futhermore, he holds the financial authorities responsible for failing to keep track of the industry better.” Choi was reportedly arrested after the sentencing hearing. In April, South Korean police detained four executives from two cryptocurrency exchanges over alleged embezzlement. One of those questioned was the CEO of Coinnest, while the identities of the other executives and the other exchange were not made public at the time. Handcuffs  image via Shutterstock

Bitcoin’s Price Counters the VIX, Confirming It’s Still a Risk Asset

Bitcoin’s Price Counters the VIX, Confirming It’s Still a Risk Asset

Evidence is emerging that bitcoin has yet to truly earn its reputation as an “uncorreleated asset.” Case and point, bitcoin’s latest sell-off from $6,000 to nearly $3,000 was accompanied by a surge in the CBOE Volatility Index (VIX). The VIX measures the 30-day forward-looking volatility of the S&P 500 to gauge the market’s fear and risk tolerance, which is why it is commonly referred to as the “fear gauge” for the broader U.S. stock market.  In theory, the VIX should be low when the S&P 500 is in a steady uptrend and should only rise as does fear, causing panic selling and for either smart or weak hands to be shaken out of the market. Bitcoin, being a store of value that isn’t the product of a government, is advertised to be unaffected by the perceived fear or risk in any market, yet as the chart below shows, that is not yet the case. BTC/USD vs. VIX The VIX printed two significant peaks in 2018. The first occurred on Feb. 6 when it reached 50.3 and the second on Dec. 24 when it reached 36.1. At the first peak, the S&P 500 was down nearly 10 percent from its January highs and on the second peak it was down closer to 20 percent from the record highs achieved just two months prior. Needless to say, fear was, and still is, prevalent in the broader U.S. Stock market, which should have resulted in either a stable or bullish bitcoin, right? Wrong. Bitcoin inversely correlated with the VIX on both occasions. When the VIX reached its first peak, bitcoin had just finished falling 70 percent from its January highs and during the second peak, its price had just declined another 50 percent. Bitcoin’s negative correlation with the VIX shows it performs poorly when fear in the U.S. equities market creates a “risk-off” environment – by definition, the opposite of a safe haven asset. Gold vs. Bitcoin For reference, the globally recognized safe haven asset, gold, positively correlated with the VIX during its two major peaks in 2018. During the VIX’s February high, gold (US$/OZ) largely traded sideways between $1,300-$1,370 and only began to fall toward $1,160 in May as the VIX sank and the S&P 500 regained strength. Gold,…

Host a BCH Giveaway With Bitcoin.com’s Golden Ticket Software

Host a BCH Giveaway With Bitcoin.com’s Golden Ticket Software

Promoted Have you ever thought about creating a cryptocurrency giveaway during a hosted event? Now you can create your own crypto-based sweepstakes with Bitcoin.com’s event paper wallet generator. With Bitcoin.com’s Golden Ticket program and open source code, the software allows anyone to develop fantastic tickets funded with bitcoin cash (BCH). Also Read: Peer-to-Peer Trading Platform Bitquick Implements Bitcoin Cash Support Create Your Own Bitcoin Cash Giveaway With Bitcoin.com’s Golden Ticket Software At Bitcoin.com we love to spread cryptocurrency awareness. In order to further grow adoption in a fun way this month, we decided to publish the open source Bitcoin.com Golden Ticket repository which can be found on Github. The code allows anyone with a light knowledge of terminal command prompts to create amazing giveaway tickets loaded with BCH. The Golden Ticket platform allows the creator to choose a custom mnemonic language or Hierarchical Deterministic (HD) key creation. But it also generates HTML, pdf, and a spreadsheet mapping of the Cashddr format, Privkey, and index the swept status of each golden ticket. Alongside this, the giveaway ticket creators can redeem unswept BCH after a certain period of time. Spread adoption with Bitcoin.com’s Golden Ticket. Bitcoin.com’s Golden Ticket program requires the installation of Nodejs LTS version 8 and use of the computer’s terminal application to run command lines. After Nodejs has been added, the user simply clones the Golden Ticket Github repo and installs the dependencies. There are seven actions within the workflow, comprising generating a wallet, creating addresses, initiating a CSV, funding the mothership address, funding secondary addresses, generating stats, and lastly reclaiming the funds that were unswept. How to Create Custom Golden Tickets Bitcoin.com’s Golden Ticket app requires Nodejs and a little terminal prompt knowledge. The first thing to do is generate a 256-bit mnemonic and BIP44 BCH address by typing “npm run generate-wallet” into the terminal. After that, you will be prompted to choose a language out of the eight available. If you don’t enter a language, the Golden Ticket program will default to English. Following this choice, you should choose an HD path. If nothing custom is chosen, it will default to the BIP44 account of your mnemonic: m/44’/145’/0′. From here you can choose a custom name for the giveaway ticket event or choose to…