Above $7K: Bitcoin Eyes Gains After Death Cross Fails

Despite having witnessed a so-called “death cross” over the weekend, bitcoin (BTC) is now eyeing gains above the $7,000 mark. The much-feared technical indicator (bearish crossover between the 50-day moving average (MA) and the 200-day MA) was confirmed over the weekend, but, as anticipated by CoinDesk, the oversold conditions seem to have put a floor under bitcoin prices. As of writing, CoinDesk’s Bitcoin Price Index (BPI) is seen at $7,040, having clocked a 54-day low of $6,443 on Sunday. Meanwhile, the cryptocurrency was last seen changing hands at $7,060 on…

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Riot Blockchain Acquires Futures Brokerage After Crypto Pivot

Riot Blockchain, a former biotech company that pivoted to cryptocurrency last year, has acquired a registered futures brokerage. In a filing this week with the Securities and Exchange Commission, the company said it acquired 92.5 percent of Miami-based Logical Brokerage Corp and “intends to investigate launching a digital currency exchange and a futures brokerage operation within the United States,” though it is unclear if or when such an exchange would launch. The filing further stated that Riot Blockchain will begin announcing the results of its cryptocurrency mining operations with monthly…

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Sell-Off Over? Bitcoin’s Price May Be Nearing Bottom

Bitcoin (BTC) prices dropped to a 50-day low of $6,630 earlier today, but a glimmer of good news for the bulls is that the cryptocurrency appears to be nearing a bottom. To start with, BTC tends to reverse course every time the relative strength index (RSI) drops to or below 30.00, according to historical data (see chart below). As of writing, the relative strength index is close to that mark, at 32.00. At press time, bitcoin is changing hands at $6,950 on Bitfinex, while the average price across leading exchanges,…

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$7K Next? Bitcoin Bears Pull Off Downside Break

Bitcoin (BTC) bears have come out victorious in the two-day tug of war with the bulls and may push prices down to $7,000. The cryptocurrency has been restricted to a narrow range of $8,140 and $7,700 since March 27, according to Bitfinex data. At one point in time yesterday, it appeared as though the bulls had found their footing, thanks to an upside break of the descending trendline and a bullish triangle breakout. Yet, bitcoin failed to chew through the supply around the $8,000 mark in the U.S. session, allowing…

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Bitcoin Cash Bull Failures Could See Traders Move to Bitcoin

Bitcoin (BTC) may be down 40 percent on a year-to-date basis, but the cryptocurrency still looks set to outshine its rival bitcoin cash (BCH) in the short-term, the technical charts indicate. As of writing, the bitcoin cash/bitcoin (BCH/BTC) exchange rate is seen a 0.1104 BTC on Bitfinex – the lowest level since March 9. BCH had dropped to a low of 0.10723 BTC on March 7, but defended the falling channel support, as seen on the chart below. Daily chart In the subsequent days, the BCH/BTC ratio has regained poise, but the…

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Why Bitcoin’s ‘Death Cross’ May Become a Bear Trap

Bitcoin risks entering a technical “death cross” soon, but the bearish signal will likely not be as severe as has been made out in reports. A death cross occurs when the 50-day moving average (MA) cuts the 200-day MA from above (bearish crossover), indicating a long-term bear market going forward. As seen on the bitcoin daily chart below, the 50-day MA looks set to dip below the 200-day MA imminently. Daily chart Some strategists are saying that the death cross could yield a big sell-off in BTC, possibly to as…

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Bitcoin Slides Again, But Brief Rally May Be On the Cards

The bears continued to be in the driver’s seat on Monday, pushing bitcoin (BTC) below $8,000 and opening the doors for a re-test of recent lows near $7,300. The cryptocurrency found acceptance below the crucial support of $8,217 (prices as per Bitfinex) at 12:00 UTC yesterday, signaling the corrective rally from the low of $7,240 has ended. The emboldened bears then pushed bitcoin down to $7,716 earlier today – its lowest since March 18. Twitter’s decision to ban all ads related to initial coin offers (ICOs), token sales, exchanges and…

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If Facebook Can Be Worth Billions, Why Can’t Cryptocurrencies?

Pete Rizzo is editor-in-chief for CoinDesk. It’s been a rough month for Mark Zuckerberg. In the fallout from the Cambridge Analytica fiasco, in which it was found a third-party data provider was mining user information on behalf of political groups, Facebook and its founder have faced an outcry of criticism over the company’s role as leader-supreme data custodian for the developed world. But for the crypto community, the resulting plunge in Facebook’s stock price offers an instructive example for a fundamental argument: whether the current cryptocurrency market, in which more…

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Bitcoin Drops Below $8K Amid Crypto Market Slide

Bitcoin’s price is back below $8,000, a move that comes amid a broader decline in the global cryptocurrency market. After opening at nearly $8,500, according to CoinDesk’s Bitcoin Price Index (BPI), the price of the world’s largest cryptocurrency by market capitalization had fallen more than $500 to 7,876.68 by 17:30 UTC. As of press time, the cryptocurrency’s price was hovering at $7,940.07, per BPI data. For the month of March, that $8,000 level has proven to be a key battleground on the trading front, having fallen below it several times…

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Cboe Prods SEC on Bitcoin ETF Approval in New Letter

A senior executive for Cboe Global Markets believes that the market could support the launch of a bitcoin exchange-traded product (ETP), according to a new letter sent to the U.S. Securities and Exchange Commission. Chris Concannon, the firm’s president, didn’t directly push the agency to approve such a product. Rather, he cited data collected by the company through its launch of bitcoin futures late last year to make the argument that the market is moving toward being able to support an ETF. His letter was a response to a January release from…

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