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Ten prominent fintech experts shared their bitcoin price predictions and all agreed that BTC would close 2019 above $9,500, according to Finder.com.

Experts Expect a Bull Market

The US-based comparison website surveyed 10 fintech leaders on their thoughts and projections on 13 cryptocurrencies (including the top-10 by market capitalization) and the participants included executives from BitBull Capital, Arca, and Blocktoken.

The participants were most optimistic about EOS, Binance Coin and Tron as each was forecast to gain 727%, 459%, and 449%, respectively.

When asked whether the current climate is ideal for the average person to invest in cryptocurrency, 5 out of 10 executives agreed that now is a good time to allocate a small portion of portfolio funds to digital assets. 4 survey participants also said that they believe Bitcoin will surpass its $20,000 all-time high during the next bull-run.

50% of the participants believe that the next uptrend will end just like the one in 2017. But while the majority of the participants expected Bitcoin to eventually cool off from its recent parabolic run, the general consensus was Bitcoin would exceed $9,659 by the end of 2019.

Analyst and participant Joe Raczynski said that:

We are entering a new period with Bitcoin. Many of the institutional players have said they are done with this experiment (publicly), which may be the case [but] I think privately, some other hedge funds and other institutions will continue to invest during this lower period.

Altcoins to Outperform Bitcoin in 2019

Surprisingly, Blockchain Capital partner Jimmy Song expects Bitcoin to close 2019 at $5,901 and Song explained that there seems to be some daylight between Bitcoin and other cryptos.

Bitcoin will start being seen as a different asset than all the others,” he said.

Meanwhile, Bitbull Capital’s Sarah Bergstrand said that she expects bitcoin price to “bounce between $3,000 and $5,000 for the next few months.”

The survey results also show that the majority of participants think Cardano (ADA) will wrap up 2019 at $0.14 and the group was fairly optimistic about EOS.

Brenden Markey-Towler from RMIT Blockchain Innovation Hub predicting that

….as EOS transitions with NEO and Ethereum to next-generation consensus algorithms, I suspect their scope as an institutional technology will increase, and their value with it.

Stellar Lumens (XRP) is expected to reach $0.18 by year-end and the group optimistically forecasts that TRON and XRP will close the year at $0.15 and $0.44.

Finder has held its Bitcoin Predictions Panel since January 2018 and interested investors can find the details of each monthly survey here.

Do you agree with these bitcoin price predictions? Share your thoughts in the comments below! 

Images via TradingView.com, Twitter, Shutterstock

The post 10 Fintech Leaders Predict Bitcoin to End 2019 Above $9,500 appeared first on Bitcoinist.com.

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Binance Coin (BNB) continues to reach back to back 2019 all-time highs and its success has some analysts wondering if it will outperform Bitcoin over the long-term.

Market Overview

On Tuesday Binance Coin (BNB) [coin_rice coin=binance-coin] notched a new all-time high of $32.43 as its market capitalization leaped over $4 billion.

The 7th largest cryptocurrency by market cap has surged 16.46% over the past 48 hours, 36% over the past week, and 502% in 2019. Multiple timeframes show BNB is overwhelmingly bullish and everyone is wondering how high the altcoin can run.

Let’s have a look at the charts to see what the future could hold for BNB.

Binance Coin Price Analysis: 4-HR Chart

BNB continues to set higher highs and trades well above the ascending trendline that held since February. After reaching a new USD high at $32.43, BNB is taking a short breather to consolidate and the RSI has pulled back from 76 and currently descends below 66.

As seen on the 4-hour chart, BNB is clearly in a stair-step pattern and the process appears to be repeating itself as BNB consolidates to prepare for the next leg up.

At the time of writing the 4-hour MACD is crossed bearish and descending from overbought territory and it should also be noted that the daily MACD is the most extended it has been since January 2018 when BNB reached its previous all-time high of $25.13.

Over the short-term BNB could pullback to $30.80 and further to $29.86 where the 20-MA of the Bollinger Band indicator is located. A full retrace of Tuesday’s gains would bring BNB to $28.39 and this point also aligns with the ascending trendline which has not been broken since March 19.

BNB/USDT 1-Hour Chart

The 1-hour chart show BNB below the middle arm of the Bollinger Band indicator and as both bands tighten and the RSI descends below the ascending trendline, it’s possible that BNB could pullback to the levels mentioned above.

BNB/BTC Daily Chart

On Tuesday the BNB-BTC pairing also turned bullish as BNB set a higher low above the 12 and 26 EMA and the 12 EMA is on the verge of crossing above the 26EMA and the daily MACD is bullish and about to roll over 0.

Unarguably, BNB’s price action is being driven by successive IEOs paired with BNB and the new lottery system, which requires applicants and participants to hold a predetermined amount of BNB.

Surely the upcoming Harmony IEO on May 27, the launch of Binance DEX and recent announcements like this one from Binance CEO Changpeng Zhao are supporting BNB’s rapacious advance to new all-time highs.

[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by Bitfinex. The charts for the analysis are provided by TradingView.]

Trade Bitcoin, Litecoin and other cryptocurrencies on online Bitcoin forex broker platform evolve.markets.  

Images courtesy of Shutterstock, Trading View. Market data sourced from Coinbase

The post Binance Coin Continues to Shine as Bitcoin Seeks Direction appeared first on Bitcoinist.com.

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On the Bitfury blog, Executive Vice Chairman, George Kikvadze, delivers a use-case for the Bitcoin blockchain as a security layer.

In an ever digital world, why do we still rely on paper documentation for our most important pieces of information?

Many Paper Documents Already Function Digitally

Kikvadze highlights the example of an international flight to illustrate the phenomena.

Not long ago, this could involve a lengthy interrogation at the border, whilst officials carefully examined your passport. Whereas nowadays we have digital passport and facial scanners. If we need to interact with a border official at all, they will have electronic access to all our relevant passport and visa information.

So why do we need the paper document at all?

Kikvadze argues that we don’t… “but only if we dramatically improve our cybersecurity.”

The Digital Version Of Anti-Forgery Features

The main purpose many paper documents serve today is to protect against forgery. It is harder to tamper with a modern passport with all its security features, than it would be to alter an electronic document. But it’s the electronic data which counts, certainly where passports are concerned.

For example, on a recent trip my passport became water-damaged, obscuring half of my photo, which; let’s just say that it was unrecognisable. My visa page also had some information which was illegible. But border officials could see that the document had not been deliberately tampered with, and I travelled with no issues.

The Bitcoin blockchain could be used to secure a digital passport.

The Bitcoin Blockchain Doesn’t Just Store Transactions

Wouldn’t it be convenient if we could store our passport (and other important documents) on our phone? We can already store our tickets on it, and it is always close to hand, sitting in our pockets or bag. But of course, if it got stolen then somebody could alter and use you passport. This, of course, would be a bad thing.

But if a digital signature of that passport was stored on the Bitcoin blockchain, then the original version could be authenticated. If any information changed even slightly then the digital signature would change, and the saved blockchain version would highlight that.

Bitfury has already started to use such a system, recording digital signatures for land-titles in Georgia. Without releasing any private information, citizens can prove that their title is accurate and unaltered.

It can only be a matter of time before paper documentation become consigned to the history books.

Which will also be digital… and perhaps even tamper-proof.

Will Bitcoin be used for other use-cases besides money? Share your thoughts below!

Images via Shutterstock

The post More Than Money: Bitcoin Blockchain As Global Data Verification System appeared first on Bitcoinist.com.

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Veteran gold bug Peter Schiff still thinks gold will win out over Bitcoin – because it is allegedly easier to shut Bitcoin down.

Peter Schiff: Bitcoin Won’t See Use If ‘Illegal’

That was one of the conclusions in a wide-ranging debate Schiff had with ‘The Bitcoin Standard’ author Saifedean Ammous on trader Tone Vays’ YouTube channel May 20.

A much-anticipated showdown for the cryptocurrency community, Ammous spent 90 minutes trying to argue against Schiff’s position that gold is – and always will be – superior to ‘digital gold.’

“You can’t build a global money transfer system based on gold because governments have confiscated gold in the 1930s, governments still control the majority of gold, governments are able to influence the market for gold through their sales and lending… and governments own a big chunk of the gold,” Ammous said.

Saifedean Ammous vs Peter Schiff on Sound Banking, Gold & Bitcoin - YouTube

Schiff has become an increasingly vocal proponent of the precious metal as Bitcoin advocates increasingly forecast its downfall as a global store of value.

The precious metal’s unwieldiness – and hence lack of security and utility – make it unable to match BTC as one-size-fits-all money consumers can transact in securely and save with confidence, they say.

For Schiff, this is incorrect.

“I can transfer my rights to my gold – I can have gold sitting in a vault in Brinks and I can send my ownership rights instantly for free,” he summarized, adding the electricity cost of the Bitcoin network additionally made it inferior – especially as there was “no value” behind it.

‘Digital Gold’ Should Make Schiff Worried

Ammous contended that this “value” was also missing in items such as computer files, which Schiff would nonetheless pay money to preserve if a hacker seized control of his physical computer.

The gold mogul did receive support, even from within cryptocurrency. Barry Silbert, founder and CEO of Digital Currency Group, applauded him for his public dedication to preserving gold’s integrity, even if this was ostensibly misplaced.

“Amazing to me that a $8 trillion asset class has so few public advocates. The bench of informed bitcoin proponents is super deep and growing,” he tweeted following the interview.

Others were less forgiving. A chart of the ratio of gold to Bitcoin disproving Schiff’s vision of decreasing popularity and value is now circulating on social media.

Even for Ammous, however, the end game for the yellow metal at the hands of Bitcoin is not a certainty. Despite its node setup being naturally more resistant to government takeover – even if authorities worldwide deem it illegal – Bitcoin could still become more centralized than is desired.

“My point is that even in the worst case scenario bitcoin can support thousands of final clearance banks, which is thousands more than the single-node USD or gold systems of the last century,” he said on Twitter paraphrasing his interview response.

“It thus has a much better chance at resisting centralization. I can’t promise it will!”

What do you think about Bitcoin vesus the yellow metal? Let us know in the comments below!

Images via Shutterstock

The post Peter Schiff Believes Gov’t Can Shut Down Bitcoin More Easily Than Gold appeared first on Bitcoinist.com.

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Mike Novogratz’s Galaxy Digital has sold majority of its stake in cryptocurrency startup Block.one for $71 million – a 123 percent gain on its initial investment.

Massive Payday for Novogratz’s Galaxy Digital

Mike Novogratz’s Galaxy Digital has sold most of its share in Block.one, receiving a $71.2 million payday which amounts to a 123 percent gain on its initial investment.

According to Novogratz, the massive returns already earned from the cryptocurrency merchant bank’s investment in the company was sufficient incentive to liquidate its holdings.

In an announcement published by Galaxy Digital on Tuesday (May 21, 2019), Novogratz also declared:

The acceptance of Block.one’s tender offer reflected a decision to rebalance the portfolio to maintain an appropriate level of diversification after the position increased due to its substantial outperformance relative to the remainder of the portfolio.

According to Bloomberg, Block.one is looking to buy back ten percent of its stock value. Early backers like PayPal’s Peter Thiel and others could earn as much as 6,567 percent in returns.

Back in July 2018, Bitcoinist reported that Thiel and Bitmain’s former CEO Jihan Wu invested in the cryptocurrency startup.

At the time of its seed funding round, the company was worth about $40 million but has since risen to more than $2.3 billion – an increase of more than 5,600 percent.

Commenting on the buyback, Christian Angermayer told Bloomberg that he wouldn’t be selling his shares, saying:

Block.one is one of the most promising and best-positioned companies in the blockchain industry, and its success story is just beginning.

After visiting the @block_one_ team in Virginia, it’s easy to see how #blockchain is going to reinvent and disrupt most major technology platforms by empowering and driving value back to users; can’t wait for #B1JUNE

— Christian Angermayer (@C_Angermayer) May 15, 2019

No word yet on whether Thiel and the other early backers will also cash in on their investments.

Block.one Recovers from 2018 Crypto Bear Market

Block.one’s growth is something of an outlier among the other cryptocurrency-related businesses following the 2018 bear market. Fresh from its $4 billion token sale, the company says its finances continue to be in a healthy position.

According to Bloomberg, the company issued a statement to investors back in March 2019 assuring them of the company’s finances. Block.one reportedly keeps most of its holdings in “liquid fiat assets” – like U.S. government bonds.

The 2018 price decline did affect its Bitcoin holdings. Insider sources say the company owns about 140,000 BTC and has almost fully recovered from the cryptocurrency price plummet of 2018.

Do you think Peter Thiel and the other will cash in on the massive returns too? Let us know in the comments below.

Images via Getty Images, Shutterstock, Twitter @C_Angermayer

The post Mike Novogratz Sells His Stake in Crypto Startup Block.one for $71 Million appeared first on Bitcoinist.com.

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Bitcoin price analysis shows BTC/USD returning above $8,000 was short lived. But is the dream of $9,000 now dead for the bulls in the near term? Let’s take a look. 

Bitcoin Price Analysis: Recap

Today, ramped up selling pressure has extended Bitcoin’s distance from the psychological level by $200, leaving bullish traders fighting to defend the $7,800.

Looking back at the BTC/USD 30-minute chart we released yesterday, we can see that the price managed to breakout of the downtrending channel during the late hours of May 21, and rally all the way to the 1.272 fibonacci extension level at $8,105 before correcting.

From there, the asset found new support along the 1.0 fibonacci level until midday today (UTC+1 time), when bear traders forced the price action back into the downtrending channel.

Looking at bitcoin price 00 right now over this time period, it appears that bullish traders have managed to regain some composure along the $7,800 level, and are attempting to pushback against the downtrend.

Bitcoin 4-Hour Chart

On the 4-hour BTC/USD chart we can see that the asset is still tracking inside the bullish pennant pattern that we identified in another analysis earlier this week, here.

By extending a trend line out from the first two highs, we can see that the most recent swing high meets it perfectly. The bull-run on May 19, however, sticks out above the resistance level (red arrow), which suggests it could have been a fake out.

Looking at the MACD indicator, it appears that buying confidence is beginning to dwindle as the 12-MA diverges further away from the 26-MA above, and selling volume on the histogram increases.

The RSI line is also downtrending as selling momentum increases behind Bitcoin.

From this, it appears likely that BTC will continue to downtrend unless bullish traders can launch an upside recovery from the $7,800 level. If this critical support fails to withstand the intraday selling pressure, then we could see bitcoin price extend its losses towards much lower supports.

Bitcoin Daily Chart

On the Bitcoin daily chart, however, we can see another promising bullish pattern beginning to form. This particular type of trading pattern is known as an ascending triangle pattern, and is characterised by increasingly higher lows meeting a flat resistance.

These patterns show that bullish traders are progressively growing stronger after each unsuccessful resistance test. What we expect to see is the price continue to make higher lows along an uptrending support until it eventually overpowers the resistance above.

From there, the asset typically breaks bullish towards a new high. In this case, the next strong resistance for BTC is likely to be around $9,000 as bullish traders edge closer towards the fabled $10,000 mark.

Looking at the MACD indicator we can see that momentum continues to be favourably bearish as the 12-MA starts to arc towards the 26-MA, and buying volume shows a marked decline on the histogram.

The Parabolic SAR indicator is also supporting a bearish continuation, with signal dots appearing above the price action.

On the RSI, the indicator line is continuing to correct back inside the channel after briefly breaking into the overbought region on May 19, as buying momentum drops. 

At this stage, if BTC price continues to decline we need to wait and see if it manages to pick up along the uptrending support of the ascending triangle pattern, to confirm that the pattern is still playing out. This is likely to be roughly around the $7,500 – $7,600 area.

If it falls through this region, then we can assume that the pattern has been rejected and that BTC is likely to bearishly reverse.

If it springboards off the support successfully however, then we will continue to monitor its interaction with the $8,200 resistance above and see if there’s an opportunity for an ascending triangle breakout.

Trade Bitcoin (BTC), Litecoin (LTC) and other cryptocurrencies on online Bitcoin forex broker platform evolve.markets.

[Disclaimer: The views and opinions of the writer should not be misconstrued as financial advice.]

Images courtesy of Shutterstock, Tradingview.com

The post Bitcoin Price Analysis: $8K Falls as Bulls Pin Hopes on Ascending Triangle appeared first on Bitcoinist.com.

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Jack Dorsey’s Square Cash that lets anyone buy bitcoin has become the top finance in the Apple App Store in the United States. 

The Inexorable Rise Of Cash… App

Many cryptocurrency observers believe that this bull-run will be the one which takes Bitcoin to the moon. There has been suggestion of several indicators or fundamental differences to back this up.

Is Square’s Cash App being the top-rated finance app for iOS one of them?

Jack Dorsey’s financial services provider, Square, has been making waves within the crypto-community since the height of the last bull-run. In November 2017 it trialled a feature allowing some users to buy and sell Bitcoin through its Cash App. By February the functionality had rolled out to all users… in the US, at any rate.

Despite the bear market conditions throughout 2018, Square’s Bitcoin sales hit record levels quarter after quarter. Indeed, if growth continues at this rate there will be 2 BTC bought on Cash App for each one mined after the next halving.

The number #1 Finance app in the Appstore says it all.

Spend Cash, Buy Bitcoin.

This will be the first bull run when the most established financial business lets you buy bitcoin.

Buckle up. pic.twitter.com/axyea8jefa

— Misir Mahmudov (@misir_mahmudov) May 21, 2019

This growth has been one factor propelling Cash App to become #1 in the finance category on the (US) iOS App Store, with the slogan ‘Send, Spend Cash, Buy Bitcoin’. With Lightning Network payments definitely coming, according to Dorsey, could this be the catalyst which makes Bitcoin moon?

Bitcoin’s Killer Application?

There are many who question Cash App’s significance, with Canadian commenter Armin Van Bitcoin, pointing out that Coinbase was the #1 app during the 2017 bull run. Others highlight difficulties in setting up withdrawals of Bitcoin from Cash App to external wallets once bought.

In innovation terms, Cash App, doesn’t appear to do anything new or clever. But it does bring a simple solution for buying bitcoin to the masses. At least, the masses in the United States, that is. There has been no news on when (or if) this feature will roll out internationally.

And let’s not forget that a large part of the Bitcoin community expects interest from institutional investors to be the driving force of the next bull run. Despite the SEC delaying decisions on Bitcoin-ETFs once again, fingers are crossed for an approval at some point this year. Barry Silbert’s reasoning behind this rally being different centres largely around the infrastructure enabling institutional access to the space.

That said, consumers are flocking back to exchanges in droves since price started trending upwards. So it looks like a combination of resurgent consumer interest and nascent investor interest will combine.

Twice the propulsion? Moon, here we come.

Have you tried Square Cash app? Share your experiences below!

Images via Shutterstock

The post Bitcoin-Friendly Square Cash is The Top Finance App in the US appeared first on Bitcoinist.com.

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Bitcoin and crypto are rising, but Goldman Sachs-backed Circle laid off 10 percent of its workforce blaming a ‘restrictive’ regulatory climate. But is that just a smokescreen to mask Circle’s dwindling user base?

SEC Bullish on Bitcoin, Bearish on Alts

OK, so we may not call the SEC exactly ‘bullish’ on Bitcoin. In fact, quietly cautious at best, downright suspicious at worst.

But at least the regulatory body has it clear that Bitcoin is not a security. It’s even considering Bitcoin ETF proposals, albeit at a glacially slow pace.

The same cannot be said for the majority of ICOs. While there are rumors of change on the horizon, it appears that for now, they are just rumors. The SEC has always maintained that most ICOs are securities but has taken little action thus far for fear of stifling innovation.

However, last week, Circle-owned Poloniex delisted nine crypto tokens for its U.S. customers. Circle’s decision to downsize comes hot on the heels of that, sparking rumors that this may be the beginning of the end the company.

"It’s highly unlikely that any of us will be using Bitcoin in five or ten years."
-Jeremy Allaire, CEO of Circle, 2016

"It's highly unlikely that any of us will be using Circle in five or ten years."
-me, CEO of my Twitter, today https://t.co/4zarMWqEbC

— Stephen Cole (@sthenc) May 22, 2019

Circle Adapts to ‘New Market Conditions’

As Bitcoin price 00 makes parabolic gains in under a month with most of the alts not far behind, many analysts have confirmed the new bull market. However, if Poloniex and Circle are any indication, it seems that the bull run for some may be over sooner than they hoped.

As Circle becomes the first major cryptocurrency company in the U.S. (backed by a major U.S. bank) to reduce its workforce supposedly due to the aggressive stance of the SEC; is it certain that more will soon follow?

After all, the peer-to-peer payment company managed to survive the bear market without laying off staff. Now, as institutions are entering the market, mass adoption begins to be more than just a buzzword, and prices are starting to soar, it seems rather unfortunate timing.

Is Circle Using Crypto Regulation As a Smokescreen?

When you look at the demise of Poloniex since the Circle acquisition, could the recent delisting and downsizing be due to greater problems afoot? After all, does anyone actually know anyone who uses Circle?

Remember Poloniex?
Circle bought Poloniex for $400 million. This was the perfect exit for the owners. Volume was already down. They had huge verification and customer support backlogs combined with some stability issues.
Now it is completely insignificant.https://t.co/XNfZIzD2Rl

— WhalePanda (@WhalePanda) May 21, 2019

Head to the English version of their “About Us” page (other language pages generate a 404 error message) and you’ll see:

Circle was founded in 2013 on the belief that open crypto technologies would replace the world’s closed, proprietary financial systems allowing everyone, everywhere to participate in an economy that’s more fair, more inclusive and more accessible.

Yet, instead, they added the friction of regulated crypto on-ramps and are now dealing with a dwindling user base. Oh, and their stablecoin isn’t winning any popularity contests.

Moreover, for such an awesome domain name–circle dot com–its traffic is painfully limp. Looks like users are driving away from its site in droves, in fact.

As Square becomes the number one finance app in the Appstore with the slogan “spend cash, buy bitcoin,” could it be that Jack Dorsey’s company Square is simply running circles around Circle? Is this more a question of geometry than regulation?

The number #1 Finance app in the Appstore says it all.

Spend Cash, Buy Bitcoin.

This will be the first bull run when the most established financial business lets you buy bitcoin.

Buckle up. pic.twitter.com/axyea8jefa

— Misir Mahmudov (@misir_mahmudov) May 21, 2019

Will ‘Restrictive’ Laws Send More Innovation Offshore?

Allaire assured his followers that Circle is still very much in the game, but that the company is being squeezed by U.S. policy:

Circle remains strong and healthy, and we will continue to drive new product innovation and growth globally, working with jurisdictions that offer forward-looking policies regulating digital asset businesses, while we press for more balanced crypto policy in the U.S.

There is talk of passing a Token Taxonomy Act in the U.S. to exempt most tokens from the ‘securities’ bucket. But according to Allaire, the SEC remains as stubborn as a dog with a bone. And if he’s right, it could be playing a dangerous game. As other countries aim to foster cryptocurrency innovation, the U.S. is increasingly sending it offshore.

If the SEC doesn’t have a 180-turnaround on its stance toward cryptocurrency, companies like Circle may continue to feel the pinch. (Unless they have a better user experience, value proposition, and geometric shape, it would seem). 

Are U.S. regulations restrictive to crypto startups? Share your thoughts below!

Images via Shutterstock

The post Goldman-Sachs Backed Circle Blames ‘Restrictive’ US Laws for Layoffs appeared first on Bitcoinist.com.

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“Sporadic” P2P Bitcoin trading is likely legal in China, a senior lawyer told the national press in unusually optimistic comments this week.

Keep Bitcoin Exchange ‘Occasional’ in China

Speaking to BJ News, Sa Xiao, Council Member at the Bank of China Law Research Association, argued that China’s current regulation of virtual property includes the right to trade it as the owner sees fit.

The perspective runs in sharp contrast to the current mood among authorities in China, who have enacted an official ban on cryptocurrency trading, ICOs and more.

Ownership of crypto, including Bitcoin, has never been illegal as defined by law, meanwhile, something Xiao confirmed.

“Xiao considers occasional exchange of bitcoins between individuals and (other) individuals is legal,” Twitter-based Chinese crypto news resource cnLedger summarized, paraphrasing BJ News.

…Xiao also believes if one runs BTC trading as a business and has caused significant customer losses (with) serious consequences, the possibility of punishment according to criminal law… cannot be ruled out.

For the week ending May 18, Chinese traders transacted just over 32 million yuan ($4.6 million) via P2P trading platform Localbitcoins.

Bitcoin Legal Or Illegal?

While seemingly positive for the average Chinese Bitcoin holder, the mixed messages coming from various niches in the country’s legal framework still constitute more of a headache than relief.

As Bitcoinist reported, the trading ban in 2017 was followed by more sporadic pressure from officials, such as August 2018’s crypto-related commercial activity restrictions.

In April this year, meanwhile, plans emerged to fully outlaw mining in China, a sector which had already reduced in size due to the Q4 2018 Bitcoin price drop.

As markets picked up again in Q2 2019, however, multiple sources noted renewed interest in China, with traders turning to over-the-counter (OTC) methods for acquiring bitcoins. They even paid a premium in fiat terms, Bitcoinist noted, underscoring the supply-vs-demand imbalance resulting from the official block.

Xiao did not mention what constituted “occasional exchange” between individuals, or how much value such trades could safely involve.

“Xiao’s views were based on current legal framework which protects (people’s) rights of virtual properties (Bitcoin included),” cnLedger added.

Occasional P2P tradings of bitcoin is in nature ‘disposition right’, one of the rights of ‘ownership’. Therefore owning & occasional P2P trading is legal.

Crypto policy aside, China could have in fact sparked a continuation of the industry’s bull market inadvertently, thanks to the ongoing trade war with the US which again escalated this month.

The announcement of fresh tariffs on hundreds of billions of dollars’ worth of goods by president Donald Trump coincided with BTC/USD expanding to yearly highs of over $8300.

What do you think about Sa Xiao’s interpretation of Bitcoin law in China? Let us know in the comments below!

Images via Shutterstock

The post China Unbans Bitcoin? ‘Occasional’ P2P Exchange is Legal, Says Lawyer appeared first on Bitcoinist.com.

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Since Bitcoin broke through the $8k barrier earlier this month it has started to consolidate forming a range bound channel. The correction that so many had predicted did not last long and quickly rebounded back to $8k on Sunday. Now analysts are looking towards a higher move to $9k before any measurable pullback occurs.

Bitcoin has done very little over the past 24 hours. It reached an intraday high of $8,060 a few hours ago but has largely been consolidating just below $8k. Since Sunday’s pump back to currently levels BTC has been relatively quiet but that could all be about to change.

Surge to Monthly Resistance at $9.6K?

Crypto trader Josh Rager has posted a bullish scenario in which BTC breaks out of the pennant to the upside. The continuation of trend could send it all the way up to $9,600, a level it has not tested since May last year.

Condensing price & decreasing volume before another hard push up to follow the uptrend. Support levels posted – break below here and we see at least low $6ks. I feel as if $BTC can push up over $9k before a major pullback.

Here's the Bullish scenario for $BTC

Condensing price & decreasing volume before another hard push up to follow the uptrend

Support levels posted – break below here and we see at least low $6ks

I feel as if $BTC can push up over $9k before a major pullback pic.twitter.com/p6wHik8Ai6

— Josh Rager (@Josh_Rager) May 21, 2019

Daily support levels on the downside would be back at around $7,000 or high $6,000s. Sentiment is definitely bullish at the moment and long gone are the days when analysts were expecting BTC to return to $4,000, where it was less than six weeks ago.

Bad news has had very little impact over the past week or two. Nothing happened after the Binance hack and there was no market reaction to the anticipated delay from the SEC on the VanEck ETF proposal.

Even CNBC, which has been known to be a counter trade indicator, has reported bullish sentiment in its latest ‘Fast Money’ edition. Brian Kelly, citing institutional interest and the Bitcoin halving this time next year, said that we are now entering a rally that has previously happened in the run up to every ‘supply cut’ event.

What About a 30% BTC Pullback?

Rager followed his bullish scenario post with a counter theory that Bitcoin is due a 30% pullback;

Yes, eventually. If history repeats, there should be plenty of strong pullbacks on the way to next peak ATH. There were at least nine 30%+ pullbacks from last cycle accumulation & uptrend.

$BTC 30%+ pullback coming?

Yes, eventually. If history repeats, there should be plenty of strong pullbacks on the way to next peak ATH

There were at least nine 30%+ pullbacks from last cycle accumulation & uptrend

Plenty of buying opportunities ahead, don't let it shake you pic.twitter.com/fMnhKzlpA8

— Josh Rager (@Josh_Rager) May 22, 2019

In this rally so far there has only been a 26% retracement and only on some exchanges so a bigger correction is definitely on the cards. Large pullbacks in a bull market provide healthy opportunities for accumulation and trade entry points, after all, everybody wants to buy low and sell high!

Will Bitcoin break $9k before correcting? Add your thoughts in the comments below.

Images via Shutterstock

The post Bitcoin Consolidates – Can BTC Push Above $9k Before a 30% Pullback? appeared first on Bitcoinist.com.

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