BlackRock: Crypto Use Could Grow As Market Matures

Global investment management company BlackRock says it envisions a more pervasive role for cryptocurrencies in the future, and that blockchain has promise but it is not without obstacles. The positive, yet cautious remarks were part of the firm’s Global Weekly Commentary published on Monday by global chief investment strategist Richard Turnill. “We see cryptocurrencies potentially becoming more widely used in the future as the market matures,” the commentary reads. “Yet for now we believe they should only be considered by those who can stomach potentially complete losses. Similarly, blockchain needs…

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Bitcoin Eyes $10K, But Price Outlook Favors Bears

Bitcoin seems to have found acceptance below the psychological mark of $10,000 over the weekend, amid increasingly bearish long-term indicators. After closing below $10,000 on Feb. 22, bitcoin (BTC) hit an 11-day low of $9,304.68 yesterday, as per CoinDesk’s Bitcoin Price Index (BPI). As of writing, the BPI has seen gains and is at $9,666. The cryptocurrency is down close to 20 percent from the Feb. 20 high of $11,768.58, suggesting the rally from the Feb. 6 lows below $6,000 has stalled. However, trading volumes have dropped 42 percent from…

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Venezuela May Move to Limit New Crypto Exchange Launches

Venezuela’s government may move to restrict the number of cryptocurrency exchanges that will be able to operate domestically. According to a ten-page manual published last week as part of a set of releases related to the country’s newly-launched cryptocurrency, the Petro, as few as eight exchanges may be initially approved to operate in the market. The document, released on Feb. 20, details the requirements by which local crypto exchanges must operate. It suggests that the cap will exist at the outset, under the auspices of Venezuela’s cryptocurrency superintendency, before going on to say that…

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Bitcoin Is Back Over $10K, But Rally Looks Weak

Bitcoin is witnessing a minor corrective rally Friday, but the bulls may have a tough time regaining control, the technical charts suggest. CoinDesk’s Bitcoin Price Index (BPI) fell to $9,592.96 at 01:59 UTC – the lowest level for one week. As of writing, the BPI is seen a little higher at $10,090. It is worth noting that the global average price calculated by CoinMarketCap is holding around $200 higher, largely due to the “Kimchi premium” – that is, BTC is changing hands above $11,000 on Korean exchanges Upbit, Bithumb, and Coinone.…

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French Regulator Says No to Online Crypto Derivatives Ads

France’s stock market regulator released a statement about cryptocurrency-tied derivatives on Thursday, which includes a curb on the advertising of such products. In its statement, L’Autorite Des Marches Financiers (AMF) said that trading platforms should not be allowed to market cryptocurrency derivative products electronically, per regulations that cover derivatives more broadly. The publication followed a months-long review process, according to the AMF. The agency said: “The AMF concludes that a cash-settled cryptocurrency contract may qualify as a derivative, irrespective of the legal qualification of a cryptocurrency. As a result, online…

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Bitcoin Drops Below $10K as Crypto Markets Dip

Signs of bull market exhaustion in the bitcoin market may be having a knock-on effect across cryptocurrencies in general. All of the top 100 cryptocurrencies by market capitalization – bar nano, dentacoin and tether – are in the red today, according to CoinMarketCap data. Bitcoin (BTC) has dropped over 8 percent in the last 24 hours, as was indicated by the bearish reversal pattern on the daily charts and head-and-shoulders breakdown on the hourly chart. As of writing, BTC had dropped to $9,958 – down 16.72 percent from the recent…

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Bitcoin Rally Stalls But Bull Revival Isn’t Yet Ruled Out

Bitcoin’s failure to find acceptance above the $11,000 mark this week has neutralized the immediate bullish outlook. However, the rally from Feb. 6 lows could resume if prices break above $11,250, the technical charts indicate. As of writing, CoinDesk’s Bitcoin Price Index (BPI) is seen at $10,345 – down 6 percent in the last 24 hours. The BPI closed (as per UTC) above $11,000 on Feb. 17, but has since struggled to maintain the bullish momentum. So, it appears the rally from the Feb. 6 low of $5,947 has run…

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Bitcoin Looks to Test $12K After Overnight Sell-Off

Bitcoin (BTC) has recovered 38 percent of an overnight sell-off and remains on track to test the long-term inflection point above $12,000, technical charts indicate. The cryptocurrency ran into offers above $11,700 yesterday, according to CoinDesk’s Bitcoin Price Index (BPI) and fell to $10,691.43 at 04:29 UTC. As of writing, the BPI is back at $11,162 – down 1.5 percent for the last 24 hours. On Coinbase’s GDAX exchange, BTC was last seen changing hands around $11,079, which is the 38.2 percent Fibonacci retracement of the 1,125-point drop that lasted…

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Bitcoin Price Ticks Higher Amid Strong Korean Demand

Bitcoin’s recovery continues apace, with prices passing $11,600 in the morning’s trading. According to CoinDesk’s Bitcoin Price Index, at around 07:00 UTC today, the cryptocurrency reached $11,645.12, before dropping slightly again. At time of writing, the bitcoin global average was at $11,462. Notably, valuations are higher over on data provider CoinMarketCap, where high prices in South Korea seem to be inflating the figures. At press time, bitcoin was quoted at $11,591 – up 5.5 percent over 24 hours, and 35 percent for the week. The site’s market data reveals that,…

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Bottom Confirmed? Bitcoin at 20-Day High Near $11K

The bitcoin price has rallied 84 percent from recent lows, suggesting a bottom is in place, although a long-term bull revival is still not certain, according to the price charts Over the weekend, CoinDesk’s Bitcoin Price Index (BPI) rose to $11,279.18, its highest level since Jan. 29. As of writing, the BPI is seen at $10,800 – up 1.59 percent in the last 24 hours. However, a bout of profit taking seems to have pushed the cryptocurrency back below $11,000. While the “V”-shaped rally from the Feb. 6 low of…

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