Topic: DIX - page 17. (Read 28286 times)

BTCCNY Price Technical Analysis: Watch Out for a Triangle Breakout

BTCCNY has calmed down after its recent slump, consolidating inside a symmetrical triangle pattern with its lower highs and higher lows on the 15-minute time frame. Price is still in the consolidation pattern so a breakout in either direction is possible.

The 100 SMA is below the longer-term 200 SMA on this chart so the path of least resistance might be to the downside, taking BTCCNY to the 5500.00 triangle lows. An upside breakout, on the other hand, could lead to another test of the 7000.00 region.

Stochastic is heading south so BTCCNY price could follow suit while sellers remain in control. RSI is also moving lower so there’s some selling pressure left. However, both oscillators are also nearing the oversold regions and an upward crossover could draw buyers to the mix if they seek to catch the long-term climb at cheaper levels.


In the past few days, the Chinese government has been working hard in reining in offshore investment and bitcoin activity. It has issued warnings to exchanges reiterating the need for KYC and AML checks while reminding investors that bitcoin is not currency and shouldn’t be treated as such. This led to massive liquidation in long BTCCNY positions as investors worried that authorities could take action to restrict bitcoin trading in the mainland.

At the same time, the Chinese central bank’s intervention efforts to set the yuan trading range higher also hurt speculators who were betting on further depreciation of the Chinese currency. For many, this demonstrated the power of the PBOC in terms of influencing financial market movements, causing them to ease up on their speculative positions.

However, bitcoin industry experts have repeatedly emphasized that it would be difficult for authorities to crack down on BTCCNY trading due to the anonymous nature of the network and its transactions. Still, the news was enough to spook many bulls and traders are likely waiting for the jitters to die down before reestablishing their long positions.

From a longer-term standpoint, BTCCNY is still on its uptrend but is currently testing several inflection points. Several reversal candlesticks can be seen on the daily and weekly time frames while the 100 SMA remains above the longer-term 200 SMA on those charts. Also, price seems to be finding support at the rising trend line connecting the lows of price action since last year.

A break below those significant support areas around 6000.00 could be an early signal of an uptrend reversal, likely triggering a test of the 5000.00 area down the line. On the other hand, a bounce could fuel a climb back to the latest highs near 9000.00 but it’s more likely that consolidation could be seen for the near-term.

Interest in “Bitcoin” according to Google search data shows that the the world’s hedge fund capital tops all other places in the Tri-State area.

Hedge Funds Paying Attention

The latest stats from Google trends reveal that most of the interest in Bitcoin for the Tri-State area (NY, NJ, CT)  is coming from the greater Greenwich area of Connecticut.



While the global uptick in Bitcoin interest was already covered, it appears to be in an upswing particularly in regions commonly associated with hedge funds and Wall Street. For instance, number two Hoboken, New Jersey is also home to many people from Wall Street given its proximity to Manhattan with Stamford and Bridgewater also in the mix.

“On the global scale, the greater Greenwich hedge fund zone, which includes Westport, Norwalk and Stamford — where the likes of Greenwich resident Steven A. Cohen and Darien’s Richard Chilton set up their hedge funds — comes in at No. 3 as New York and London breeze past the region.” explains the founder and president of the Connecticut Hedge Fund Association Bruce McGuire.

    Really what is meant when people say Greenwich, or Connecticut, is the hedge fund capital is a density rating.

The so-called “smart money” appears to be taking notice as Bitcoin has been the best performing currency for the past six out of seven years. So it’s likely greed—and not coincidence—that an area with the greatest density of hedge funds, and a high percentage of the wealthy in general, is looking at Bitcoin.


In fact, eight of the top ten largest hedge funds in the world reside in either Connecticut or New York, according to Wikipedia.

“Right now, Connecticut is No. 2 in the U.S., when you’re looking at the assets under management. With about $350 billion in assets in the state, we’re second to New York City,” McGuire adds.
Greed Will Drive Interest in Bitcoin

By definition, “hedge funds are alternative investments using pooled funds that employ numerous different strategies to earn active return, or alpha, for their investors.” They’re also typically set up as private investment limited partnerships, are only accessible to a limited number of accredited investors, and require a large initial minimum investment.


But the halcyon days of hedge funds seem to be behind us. In fact, big hedge funds have gotten slaughtered in 2016. One striking example is the Senfina hedge fund, which was shut down by Blackstone after losing 24% in 2016 alone.

“The market environment in 2016 for long/short hedge funds was unprecedented,” Paula Chirhart, a spokeswoman for Blackstone, told Bloomberg. “We did what was in the best interest of our investors to preserve their capital.”

Moreover, hedge funds have underperformed both the S&P and Bond Indexes every year since the financial crash of 2008.


Let’s now compare this to Bitcoin’s track-record:


Therefore, it may be a no-brainer for prudent hedge fund managers to not only skip the latest Ferrari this year, but also look at this promising new asset class (i.e. Bitcoin) in an attempt to turn the ship around.

Indeed, the cryptocurrency Bitcoin being increasingly mentioned alongside Gold as a “portfolio staple” as Bitcoin nears parity with the world’s most popular precious metal.

Additionally, with the rise of Bitcoin-related financial instruments such as IRAs and ETFs, including GBTC and the much-anticipated Winklevoss twins’ COIN, investing in Bitcoin will undoubtedly become much easier for traditional investors with time.

So will so-called ‘smart money’ flock to Bitcoin next?

Some experts certainly think so as Bitcoin continues to prove the naysayers wrong with every “near-death” experience. But if Bitcoin keeps up its stellar performance, it will surely become irresistible to traditional investors who are looking for the next big thing.

Will hedge funds beginning flocking to Bitcoin in the future? Share your thoughts below!

Images courtesy of Shutterstock, Wall Street Journal, Wikipedia, Google Trends, Pantera Capital

Governments’ Bitcoin Reserves?

Currently, sitting at around $900 with a $14.55 Million market cap, Bitcoin has been making regular appearances in mainstream media, gaining attention from regular users as well as investors. However, a class of investors that is usually not associated with Bitcoin may soon start to stock up on the digital currency: national governments. A prediction that has been made by Civic CEO Vinny Lingham, earlier in May.


Although no country has made any official statement regarding this, Bitcoin’s amazing performance throughout 2016 may cause governments to acquire small portions of the cryptocurrency as a store of value. If one country starts doing so, Bitcoin reserves could become a global practice as no government would want to be left high and dry with its paper notes.

Lingham writes,

    Imagine if China started buying up large amounts of Bitcoin — would the rest of the world governments stand idly by and watch? I don’t think so — so my prediction here is that by 2017, governments will become the largest buyers of Bitcoin, pushing the price up to new highs.

‘Zero Risk, All Upside’

Indeed, perhaps a surge in Bitcoin price will not only make governments take notice, but may facilitate their purchase of bitcoin. Abra CEO Bill Barhydt echoed Lingham via Twitter saying,

The zero-risk factor is obvious when realizing that Bitcoin can be bought with almost any national currency in existence. Although buying Bitcoin comes as a major risk for individuals, governments do not share this problem, as they have access to foreign exchange reserves and can typically print more.

Moreover, Bitcoin is often dubbed as ‘digital gold’ through its many similarities with the precious metal as a potential store of value amid ever-decreasing volatility. However, a Bitcoin reserve would have various advantages over gold since it’s much cheaper to store and transfer.
Accumulating in Stealth

Some believe that this “cryptocurrency race” may have already started in secrecy and that it is being accompanied by price manipulation. The Public Bank of China (PBOC) has recently met with domestic exchanges to discuss state regulations.


Following the meeting, a warning by the PoBC has been issued, in which it states,

    Bitcoin is a specific virtual good and does not have the same legal status as a currency, as so it can not and should not be used as money in the market circulation. Participating institutions and individuals should carefully engage in activities such as Bitcoin investment and bear the corresponding responsibilities and risks.

Bitcoin marketing in the country will also be restricted and Chinese regulators are exploring how the cryptocurrency can be used to circumvent capital controls.

These series of developments have caused Bitcoin to fall in price against the CNY, the biggest driving force in the market, as some mainstream media outlets spun the news as “Bitcoin banned,” which is incorrect.

As Samson Mow, COO of China’s oldest Bitcoin exchange BTCC, tersely tweeted:

Nevertheless, some claim that these may be moves made by the Chinese government to keep the price of Bitcoin low, while acquiring coins for storage. Most Bitcoin mining operations reside in China to boot. Secrecy on this matter would also be essential.

If the predictions of Lingham and Barhydt come to fruition, however, the price of Bitcoin should move to unprecedented heights. Bitcoin will then be in position to become a a true global and apolitical currency. Needless to say, Bitcoin’s public image issues will be instantly cast away as well.

Will governments start stocking up on Bitcoin? Are they doing it already? Share in the comments below!

99Bitcoins Has Passed 1.5 Million Readers in 2016

99Bitcoins gets to celebrate yet another major milestone. With bitcoin enjoying ever increasing popularity and growth, 99Bitcoins also saw a strong surge in readership throughout 2016.
1.5 Million Readers and Growing

99Bitcoins was established in January 2014 and has since emerged as a leader in the bitcoin community. The site offers a wide range of news and current event articles, tutorials, analysis and insights, opinion pieces, and other content. It is also frequently mentioned by leading magazines and websites, especially due to the popular Bitcoin Obituaries section.


So what has spurred the site’s growth? Throughout the autumn bitcoin experienced a surge in price. This price surge seems to have corresponded with increased interest in the crypto-currency as investors in China, India, and other emerging markets have been looking to alternatives for traditional cash. Meanwhile, in the United States, Europe, and elsewhere, many people have been rattled by the election of Donald Trump, and have been searching out “safe havens.” To no surprise, bitcoin has emerged as a preferred safe haven asset.
As investors have been researching bitcoin, 99Bitcoins has emerged as a popular source for guides, reviews and insights. 99Bitcoins has also increased its profile as a respected authority. Throughout 2016 the site was mentioned in numerous prestigious publications and websites. Yahoo!, Newsweek, MSN, Gizmodo, Coindesk, and Seeking Alpha are just some of the many high profile sites that have referenced 99Bitcoins in recent months.
Unsurprisingly, the site enjoys strong readership among avid investors and technophiles. Males aged 25 to 34 also constituted the bulk of our audience. This reflects overall demographic trends among bitcoin investors.
The United States remained our biggest source of traffic, with 36.1% of readers coming from America. India also performed strongly, producing 5.1% of the readers, while the United Kingdom provided 3.93%.

The United States is expected to remain among the site’s biggest sources of traffic, but as awareness of bitcoin grows, diversification is anticipated. Bitcoin offers numerous advantages to people in emerging markets, which are more prone to market disruptions and dramatic currency swings. As such, emerging markets will likely continue to play an increasingly important role in the bitcoin community as a whole.

How Blockchain is Impacting Clean Energy


(VentureBeat) – By now we have all heard about the potential of solar and other renewables to shake up the energy market, but you might not know that blockchain technology also has its place in the mix. Several startups are developing projects that integrate blockchain and solar energy.

No one enjoys paying their electricity bill. It keeps going up and up, with a bunch of new nonsense fees thrown on top every few years. What’s worse is that many parts of the world still rely on dirty fossil fuels to produce this energy. By now we have all heard about the potential of solar and other renewables to shake up the energy market, but you might not know that blockchain technology also has its place in the mix.

Several startups are developing projects that integrate blockchain and solar energy. Their ideas range from developing alt-coins for trading and incentivizing power production to using smart contracts for administering energy transactions.
SolarCoin

SolarCoin is an eco-minded cryptocurrency that aims to incentivize solar power production. The coin was launched in 2014 and hopes to drive the generation of 97,500 terawatt hours worth of solar power over 40 years. It originally used a proof-of-work system for verification but has since switched over to a proof-of-stake-time system because it is more environmentally friendly. Anyone can mine the coins, from individuals to solar farms. For every 1 MWh of electricity generated (and verified by a third party), the producer recieves one SolarCoin. Solar farms wanting to earn extra income by generating SolarCoin coins for the power they produce don’t have to pay anything to participate, and SolarCoin does not take any of the power; it merely provides the coins as an incentive to produce clean energy.

Granted, one SolarCoin is worth under 7 cents at the time of writing, but then Bitcoin was only worth about 30 cents when it was the same age. The hope is that enough people will have confidence in the coin to give it real value and allow it to be used in transactions. While Bitcoin famously takes large amounts of electricity to mine, SolarCoin incentivizes a responsible use of energy.

ElectricChain, an affiliate of SolarCoin, is also working on a number of blockchain- and solar-based projects. Its main aim is to “build the world’s largest open scientific solar monitoring device with the SolarCoin blockchain.” It plans to use this system for various scientific and financial purposes. One of its current projects is to integrate current solar panel investors into the ElectricChain and SolarCoin. It hopes this program will speed up the transition to cleaner energy.
Smart Solar

Back in 2002, Renewable Energy Certificates (RECs) were created to incentivize investment in renewable energy. An REC is a certificate that proves 1 megawatt hour of electricity has been produced by renewable sources. Solar farms and other renewable electricity providers issue RECs to represent the amount of clean energy they have generated. They then sell them to utility companies, which are required to use certain levels of renewable power.

The problem with this system is that the amount of renewable energy produced is calculated by estimates and projections. This then leads to some very creative accounting practices, and the reality is that less renewable energy is being made and used than the certificates might say.

IDEO CoLab, along with Nazdaq and Filament, have partnered up to solve this problem. Smart Solar is their collaborative project. It uses blockchain technology and the Internet of Things to allow solar panels to calculate their own levels of energy production and then issue RECs to the owner. They have already constructed a prototype, which proves it is possible to incentivize solar energy without such a convoluted system.

Brooklyn Microgrid

Traditional grids are a logistical nightmare. Transferring power from where it is generated to where it is needed and accommodating the peaks and troughs is immensely complex. The other downside is that citywide grids are vulnerable. In an event like Hurricane Sandy, a whole network can go down, bringing an entire city to a halt and endangering people’s lives.

Microgrids are a new option for delivering electricity. They aim to promote cost-effective, secure, sustainable energy production and distribution in a local area. Brooklyn Microgrid is just one such project that is testing the waters, and it’s doing so with blockchain.

The system will use Ethereum, a public blockchain platform with a smart contract functionality that permits microgrid users to commit to contracts that cannot be falsified or misrepresented. The service will automatically update transactions and energy use in real-time using a cryptographically secure list.

Brooklyn Microgrid also hopes to boost the amount of clean energy that is produced within its local community. It can manage energy production and distribution throughout emergencies and blackouts, helping to keep the community safe and the economy running. Brooklyn Microgrid also offers financial incentives for investment in clean energy, which assists in keep the community green and helps to provide more environmentally friendly jobs.
Blockchain and solar: Just the beginning of a clean energy partnership

With the continued push towards renewable resources, blockchain technology provides a way to further incentivize and account for clean energy production. There are many startups currently experimenting with combining the two in innovative ways. Now is just the beginning, but there is potential for blockchain and solar to contribute to the world in numerous ways, from the local community to the globe on a grand scale.

We have no date, we will tell you here, we are also seeing the purchase of an important asset

When will the next dividend be?

I hope it goes down, so I can buy

Btc seems to cut after the strong increases, is consolidating

Nxt keeps recovering, Nxt is still recovering, if it exceeds 0.0000723 it would enter into a bullish trend

BTC continues correcting hope to return to buy, support is at 785$

Well the behavior continues to rise today, if it exceeds 0.00000705 would start a bullish trend, hopefully see as follows

It seems that NXT starts to rise, BTC is correcting

I do not know how far but it could go until 2800 and it would not be anything to go by, in the previous rises it did in more than 1000% each stretch, time will tell us

Totally agree with you, how far could you go up?

BTC is awesome, is almost in free climb