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Bitcoin Price Makes Second Straight Monthly Loss in September

Bitcoin Price Makes Second Straight Monthly Loss in September

Bitseven.com - Bitcoin (BTC) is reporting losses for a second straight month, but there are hints of a bullish breakout ahead in the fourth quarter.

At press time, the leading cryptocurrency is trading at $6,570 – down 6.30 percent from September's opening price of $7,014. BTC also registered a 10-percent decline in August, according to CoinDesk's Bitcoin Price Index (BPI).

However, despite the back-to-back monthly losses, the cryptocurrency is flashing a 2 percent gain for the third quarter. Further, the quarterly gain could have been much bigger had the US Securities and Exchange Commission (SEC) not rejected a notable application for a bitcoin exchange-traded fund (ETF).

July: BTC trapped bulls on the wrong side of the market

Bitcoin jumped to a two-month high of $8,507 on July 25, confirming an upside break of the four-month-long falling channel.

However, the long-term bearish-to-bullish trend change was short-lived as prices fell back below $8,000 on July 27, courtesy of the SEC's second rejection of the Winklevoss brothers' application for a bitcoin ETF.

Nevertheless, the leading cryptocurrency posted a 21 percent gain in July, snapping the longest losing streak in nearly two years.

August: Sellers dominated the first half

BTC was down for the first two weeks the ETF rejection in late July. The cryptocurrency fell to a low of $5,859 on Bitfinex on Aug. 14 before rising back to $7,000 by the month's end.

Signaling a rotation of money out of high-risk alternative cryptocurrencies and into bitcoin, and possibly into fiat currencies, the BTC dominance rate also rose above 50 percent for the first time since Dec. 19, 2017.

It is worth noting that the SEC disapproved several other ETF proposals in the second half of August month. Yet, BTC remained well bid, possibly because the investor community had priced in the widely expected bad news.

That resilience triggered speculation that better times lie ahead for the cryptocurrency and overshadowed the 10 percent monthly decline in prices.

September: BTC carved out another lower high

BTC's rise to highs above $7,500 in the first half of the month was supplemented by the bullish turn in the weekly MACD. As a result, the cryptocurrency was looking likely to rise further toward July highs above $8,500.

Instead, prices fell sharply on Sept. 5, leaving another lower high around $7,500 on the daily chart. The rising wedge breakdown on the daily chart signaled a resumption of the sell-off from the July highs. But, once again, the area around $6,000 proved a tough nut to crack for the bears.

Looking ahead: Charts look brighter for the fourth quarter

The cryptocurrency's persistent defense of $6,000 has convinced many, including the likes of billionaire investor Novogratz and Fundstrat's Tom Lee, that the BTC market is experiencing seller fatigue and has reached a bottom around $6,000.

However, a bullish reversal would be confirmed only after BTC has found acceptance above the recent lower price high of $7,429.

Weekly chart

On the weekly chart, BTC has charted a narrowing price range. Interestingly, the upper edge of the range is located around that $7,429 (August high) price point.

A move above that level would signal a bearish-to-bullish trend change and allow a stronger rally toward key resistances located at $8,507 (July high) and even $9,990 (May high).

Any bullish move post-breakout could be a rapid one as a prolonged period of range-bound trading is often followed by a big spike in volatility, according to technical theory.

The prospects of BTC witnessing bull breakout in the fourth quarter are high as the cryptocurrency tends to perform well in the last three months of the calendar year, seasonality analysis indicates.

The pattern looks likely to repeat itself, given the cryptocurrency is down 70 percent from the record high of $20,000 clocked in December 2017 and sellers seem to have run dry around $6,000.

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Bitcoin’s 10th Birthday Won’t Be a Happy One

Bitseven.com - Bitcoin is about to hit its 10-year mark, but by many measures it will be limping into its anniversary.

Last year was a blockbuster for the cryptocurrency, which got its start in 2008. Its price soared 1,375% in 2017 as celebrities and financiers took an interest in bitcoin.

But bitcoin and other cryptocurrencies this year fell into a slump that continued through the third quarter. Bitcoin’s price is down more than 60% from last year’s record high, according to data from CoinDesk. A small gain last week left bitcoin up about 4% for the quarter.

The larger crypto market fared even worse: The combined market value of all cryptocurrencies fell about 13% in the quarter, dropping from $255 billion to $221 billion as of Friday, according to data from CoinMarketCap.

More troubling, some of the biggest, best-established cryptocurrencies dropped the most. Ether, the native token for the Ethereum network and the second-biggest cryptocurrency after bitcoin, was down 51%, according to data from CoinDesk. Bitcoin Cash and EOS both dropped 28%.

Lately it has been difficult for bitcoin to attract new buyers or even hold on to old buyers who are feeling burned. Logged daily transactions in the third quarter averaged 217,000, according to data from Blockchain.info, well below the 319,000 daily average in last year’s frenetic fourth quarter.

Regulatory scrutiny isn’t helping: In August, the Securities and Exchange Commission rejected nine separate proposals for bitcoin exchange-traded funds. That was after rejecting for a second time a bitcoin ETF proposed by entrepreneurs Cameron and Tyler Winklevoss. Getting approval for a bitcoin ETF could go a long way toward helping the crypto market attract mainstream retail investors, but the SEC has consistently concluded there isn’t enough transparency in the cryptocurrency markets to be sure prices aren’t being manipulated.

A comprehensive report from the New York Attorney General’s office in September shared some of those same concerns. It found that many exchanges lack basic consumer protections, leaving investors vulnerable to manipulators.

Also illustrating the downward trend is the market for initial coin offerings, which allow investors to buy a bitcoin-like digital token related to a product or service that a crypto company plans to develop or offer in the future. The ICO market has taken in $12 billion worth of capital this year, according to data from research firms Diar and TokenData, about double the total for all of 2017. However, the firms calculate that 70% of those projects are currently valued at less than they were when the ICOs were completed. Just 17 startups completed ICOs in August, the least in any month of the past year.

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En Mongolie, la banque centrale autorise officiellement une crypto-monnaie

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Certes, ce n’est pas le pays auquel on pense immédiatement lorsque l’on parle de crypto-monnaies. Pour autant, la Mongolie est un précurseur dans la démarche : la banque centrale vient d’autoriser la première crypto-monnaie du pays. Elle sera émise par le principal opérateur télécom du pays, Mobicom.

La banque centrale Mongole a créé un cadre adapté

En avril dernier, la banque centrale de Mongolie a adopté un décret mettant en place un cadre légal pour les crypto-monnaies – un peu à l’instar de ce que la France a fait pour les ICOs.

Depuis, le journal Montsame a annoncé que la société Mobifinance (elle-même détenue par Mobicom) a été la première à obtenir un certificat officiel pour émettre une devise électronique, le « Candy ». Une cérémonie officielle a d’ailleurs été organisée par la banque centrale de Mongolie pour célébrer cette première.

Vers la fin des billets ?

Dans son intervention en public, le PDG de Mobicom, Tatsuya Hamada a donné son point de vue sur l’évolution des crypto-monnaies : « maintenant que les devises électroniques commencent à circuler, les distributeurs de billets et les cartes vont appartenir au passé ».

Si la Mongolie se montre particulièrement ouverte aux crypto-monnaies, ce n’est pas le cas de tous les pays asiatiques. Quelques heures avant cette annonce, une plateforme d’échange de crypto-monnaies indienne a mis la clé sous la porte après avoir subi des pressions de banques traditionnelles. Le gouvernement a complètement interdit l’usage de ces devises électroniques – comme certains autres régulateurs - www.bitseven.com.

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PROGRAMME CPA: https://partner.bitseven.com/fr

BitSeven offre un programme CPA efficace (coût par action)

Le programme CPA offre les avantages suivants :

• BitSeven dispose d'un système de liens de référence. 

• Lorsque la transaction est effectuée par un nouvel utilisateur, les dividendes sont versés à vie à un taux de 30 %. 

• Au fur et à mesure que le nombre de transactions des nouveaux utilisateurs augmente, les dividendes sont augmentés.

Paiement

1. Transférez vos gains sur votre compte en ligne préféré une fois par mois. La réception de paiements est rapide et facile.

Support multiplateforme

1. BitSeven est disponible via la version web et l'application mobile. Vous pouvez également gérer efficacement le trafic sur tous les canaux.

Marque polyglotte

1. BitSeven est représentée par des millions de clients en 22 langues et dans 175 pays. Nos utilisateurs reviennent toujours sur notre plateforme pour en obtenir plus.

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1. Détecte l'emplacement, la langue et l'appareil de l'utilisateur et le dirige vers la meilleure page de renvoi.
2. Il suffit de choisir un lien et de le saisir dans n'importe quel navigateur web à votre disposition.

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Circle’s USDC grabs support from Poloniex, the popular cryptocurrency exchange

Circle’s USDC grabs support from Poloniex, the popular cryptocurrency exchange

On 27th September, USD Coin [USDC], the stable coin of the blockchain firm Circle, which is backed by big names in the financial industry like Goldman Sachs was launched on the popular cryptocurrency exchange Poloniex. This was announced by the exchange on its official Twitter handle.

Earlier, Circle had introduced a service to tokenize the USD and launched its own stable coin known as USD Coin [USDC]. The firm reportedly received huge support with more than 30 companies backing it up via investment funds. These investors include exchanges, platforms, protocols, applications, wallets and more. The group is attempting to implement an open standards model for fiat currency and further contribute to financial innovation within the frameworks.

According to the blog released by Circle, the prime purpose of stable coins in the financial spectrum has been their application that allows access and trading into the cryptocurrency markets worldwide. Other benefits of stable coins are recorded to be stable price, getting in and out of the crypto-market easily providing liquidity in the cryptocurrency space and suchlike.

Regarding the stable coin’s listing on other exchanges, Circle stated that it is soon to be supported by multiple channels like CoinEx, KuCoin and more. Poloniex was also named to be one of them and has now listed the coin confirming the claims of the company. The exchange stated:

“Exchanges where USDC will be listed for trading soon include DigiFinex, CoinEx, Poloniex, KuCoin, OKCoin, Coinplug and XDAEX, thus allowing millions of retail and institutional investors around the world to use a transparent, price-stable cryptocurrency to trade against hundreds of different crypto assets.”

Other stable coins built in the cryptocurrency space are Tether [USDT] and the Gemini Dollar [GUSD]. Tether is a relatively old stable coin while Gemini Dollar was recently launched by the famous Winklevoss brothers, who filed for a Bitcoin ETF earlier this year. However, the ETF was rejected by the regulatory authority of the US as they was skeptical about the security and protection of the investors in the space.

The GUSD also gained a large amount of support from many parties and exchanges. Recently, the cryptocurrency platform Bibox listed the stable coin, becoming its first partner in the space - www.bitseven. com.

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Crypto's Open Secret: Multibillion-Dollar Volume Is Suspect

Bitseven.com - Four months ago, BitForex was just one of many obscure exchanges offering users the ability to trade cryptocurrencies like Bitcoin.

Today, the Singapore-based platform is regularly reporting daily transactions that exceed $5 billion -- nearly matching turnover on London’s 217-year-old stock exchange.

How did BitForex -- and other startups like it -- expand so quickly despite tumbling digital-asset prices and slowing activity on more established venues?

Many market participants say they suspect these fast-growing exchanges are either offering incentives that encourage users to inflate volumes, or not doing enough to stop abuse on their platforms. One red flag at BitForex: Its reported volume is by far the biggest among 219 platforms tracked by CoinMarketCap.com, despite traffic on its website amounts to a tiny fraction of most peers.

For individual investors lured to exchanges with inflated volumes, the risk is that cashing out at prevailing market rates may prove much harder than the reported figures suggest. Doubts about the integrity of crypto markets have deterred some professional money managers from investing in virtual currencies and prompted regulators to take a closer look at exchanges, even as some venues go to great lengths to avoid manipulation.

“Some exchanges will say ‘everyone’s doing it, so I’m doing it,’” said Neil Woodfine, a former crypto exchange executive who now runs Clavestone, a Bitcoin key management service. “New traders will get feedback very quickly from engaging with the market on trades not executing at the price they want.”

Trading has surged on BitForex because of the exchange’s so-called transaction mining system, Garrett Jin, vice president at BitForex, said in an emailed response to questions.

Transaction mining, also known as trade mining, is a controversial practice. On BitForex, users earn the equivalent of $1.20 in digital tokens issued by the exchange for every $1 they pay in transaction fees. It’s a system that critics say is tailor-made to encourage wash trading -- in which a trader, or a team of traders, buy and sell the same asset repeatedly to inflate market activity.

Read more: Crypto’s 80% Plunge Is Now Worse Than Stocks’ Dot-Com Crash

If the coins distributed by BitForex retain their value, customers can effectively earn free money by using automated programs, known as “bots,” to swap cryptocurrencies back and forth between accounts under their control. (Not all trade-mining exchanges offer rebates that exceed the value of trading fees paid by customers.)

“All users are contributors to this exchange” and should be rewarded, Jin said by email, adding that BitForex “opposes” all kinds of manipulation and that the incentive program is set to end soon. He didn’t elaborate when asked whether the venue has tools to monitor and prevent abusive trading. Jin said it’s “technically possible” for users to trade with themselves using two accounts, and that the exchange is working to address the issue.

Exchanges including DOBI Trade, FCoin, CoinSuper and CoinBene, which offer or have offered similar transaction mining incentives, didn’t reply to requests for comment.

CoinMarketCap.com, which compiles its data from the exchanges, publishes an “adjusted” ranking that excludes volume from trade-mining venues and some other platforms. “We have multiple automated alerts detecting anomalies in the data,” CoinMarketCap.com spokeswoman Carylyne Chan said in an email.

Like other crypto exchanges in Singapore, BitForex isn’t directly regulatedby the Monetary Authority of Singapore. “Digital tokens are mainly traded on opaque markets, with no regulatory protection for investors,” MAS said in an emailed response to questions. “There may not be enough active buyers or sellers and consumers may not be able to exit their token investments easily.”

Criminal Probe

U.S. authorities have expressed similar concerns. Bloomberg reported in May that the U.S. Justice Department has opened a criminal probe into suspected illegal practices in crypto markets, including wash trades. In a report last week, New York’s attorney general said the industry has generally failed to adopt serious market surveillance measures to detect and punish suspicious trading, though it didn’t single out any venues for wrongdoing.

Market participants say quantifying the scale of suspected volume exaggeration is difficult. But Calvin Cheng, a Singaporean entrepreneur who bought a stake in China’s first Bitcoin exchange in January and founded another venue in April, estimated in an interview that most of the trades recorded by crypto platforms globally are bogus. Combined volumes at all exchanges tracked by CoinMarketCap.com totaled about $15 billion over the past 24 hours.

Even the largest exchange operators can’t be trusted, warned Asim Ahmad, who recently left BlackRock Inc. to start Eterna Capital, a blockchain investment firm. He based the assessment on his own trading experience and time spent watching exchanges’ order books.

Both Ahmad and Clavestone’s Woodfine said automated, high-frequency trading strategies are likely fueling inflated volumes. Automated trading is widely used in traditional markets under regulatory oversight, though it can facilitate manipulation when unmonitored. The report from New York’s attorney general said it’s "of particular concern" that many platforms have no formal policies governing automated trading.

BitForex may just be “one of the worst offenders in this parade of inflated volume,” said Dmitriy Budorin, chief executive officer of cybersecurity firm Hacken and founder of Crypto Exchange Ranks, which scores venues on metrics including liquidity and security.

Website Traffic

As a rough check on exchanges’ numbers, some traders have started comparing reported volumes to website traffic. On that metric, DOBI Trade, BitForex and Liquid stand out as having reported transactions many times larger than website visits (see the above chart for more details).

Liquid, operated by Japan-based Quoine, said its volume doesn’t correlate with website traffic because of users who deploy automated trading programs. Quoine CEO and co-founder Mike Kayamori said clients who have attempted wash trades have been banned from the platform and that the exchange, which is regulated by Japan’s Financial Services Agency, adopts “stringent compliance measures.”

Liquid said website traffic on www.liquid.com is low relative to its volume since it recently changed the exchanges’ name and users are still migrating from its old websites.

Almost 40 percent of trades at the top 30 exchanges ranked by CoinMarketCap.com came from the eight venues with the highest volume-to-visits ratio, data compiled by Bloomberg show.

CoinFi, a cryptocurrency research firm co-founded by former Goldman Sachs Group Inc. analyst Timothy Tam, performs a similar analysis comparing exchanges’ reported volumes to the value of assets held in their crypto wallets. High volume-to-asset ratios can be red flags, Tam said, adding a caveat that some of the data on exchange wallets may be incomplete.

Of course, not all digital currency exchanges are raising concerns among investors. Major venues in the U.S. appear to be reporting “pretty accurate” figures and are willing to work with regulators, said Michael Kazley, a Goldman Sachs and Cedar Lake Capital Ventures alum who co-founded Crescent Crypto Asset Management in New York.

Gemini Trust Co., the New York-based crypto exchange owned by Cameron and Tyler Winklevoss, has hired Nasdaq Inc. to conduct market surveillance for Bitcoin and Ether trading as well as the auction that helps price Cboe Global Markets Inc.’s Bitcoin futures. The twins, famous for their early role in Facebook, have also set up a self-regulatory organization called the Virtual Commodity Association to root out bad behavior in the industry and work with the government.

Jim Bai, CEO of EverMarkets Exchange, says he’s optimistic crypto venues will become more trustworthy as the industry grows.

“Fake volumes are unfortunately all too common in today’s crypto-exchange ecosystem,” he said. “The industry will mature of course. As it does, more legitimate exchanges will come along and provide enough real, beneficial structural incentives so that people won’t be misled into trading on questionable venues. It will be a healthier marketplace.”

— With assistance by Olga Kharif, and Andrea Tan

https://www.bitseven.com/fr

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