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Bitcoin Price: Wall Street Optimistic, Enthusiasts Pessimistic According to Fundstrat

October 7, 2018 |

Bitcoin Price: Wall Street Optimistic, Enthusiasts Pessimistic According to Fundstrat

44 percent of those surveyed on crypto Twitter believe the price of bitcoin core (BTC) has a ways to go before finding bottom, while over half of Wall Street and institutional investors seem to believe BTC’s bottom has been reached. The poll was conducted by Fundstrat, comparing the views comprised of 25 Wall Street related institutions against those of 9,500 respondents on Twitter.

Also read: Hong Kong-Based Crypto Exchange Coinex Pays Interest in BCH

Bitcoin Price: Wall Street Optimistic, Enthusiasts Pessimistic According to Fundstrat

Fundstrat: Wall Street is Optimistic While the Ecosystem Remains Sour on BTC’s Price

Over the period of a week in late September of this year, Fundstrat conducted a poll between institutional or Wall Street investors and Twitter respondents, who might be considered the broader spectrum of crypto enthusiasts. While not particularly scientific in the strictest sense, and therefore can be interpreted a number of ways, it does provide some counter-intuitive data.

What jumps out to most keen observers of the space is the conclusion Wall Street is more optimistic about BTC prices than crypto Twitter. Fundstrat found 54 percent of Wall Street respondents were fairly sure the world’s most popular cryptocurrency has hit its price bottom. Crypto Twitter, however, over 9,000 strong, was decidedly less hopeful: only 44 percent felt BTC was at bottom, suggesting there might be a ways to go yet. And by the end of 2019, institutions were more likely to predict BTC hitting $ 15,000 (57%) compared to just 40% crypto Twitter’s respondents.

Bitcoin Price: Wall Street Optimistic, Enthusiasts Pessimistic According to Fundstrat

Central Banks and Emerging Markets Are Macro Factors Impacting Future of Crypto 

25 institutions received ten questions, while Twitter got a version of those whittled down to just six, eliciting 9,500 responses. More obvious takeaways include how both genres polled agreed ‘macro factors’ impacting crypto going forward are central banks and emerging markets, which ranked 1 and 2 respectively. Institutions, however, view politics as having a greater impact compared to their crypto Twitter counterparts.

Alternative token ripple (XRP) made an appearance within the poll. Of more than a dozen choices offered, nearly six out of ten institutions chose BTC as their favorite. Crypto Twitter picked XRP as their favorite (46%). Curiously, though chosen as its preferred coin, 31 percent of Twitter believes XRP makes the “least sense” of any crypto. No institution chose XRP as their favorite.

Bitcoin Price: Wall Street Optimistic, Enthusiasts Pessimistic According to Fundstrat

Other findings of interest include how institutions polled were decidedly bullish on BTC’s price rising, with 57 percent believing it will be between at least $ 15,000 to “the moon” by next year’s end. And should the US economy fall to recession, only 59% of crypto Twitter believed cryptocurrency prices would rise, while institutions remain more optimistic with 72% answering crypto could very well increase in price during economic down times.

Are you optimistic about BTC’s price? Let us know in the comments below. 


Images courtesy of Shutterstock, Fundstrat. 


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even look up the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Bitcoin Price: Wall Street Optimistic, Enthusiasts Pessimistic According to Fundstrat appeared first on Bitcoin News.

Bitcoin News

Study Finds “No Evidence” of USDT Price Manipulation

September 23, 2018 |

Study Finds “No Evidence” of USDT Price Manipulation

A study examining the widely suspected correlation between Tether issuance and BTC price movement, undertaken by Wang Chun Wei and published by the University of Queensland, has found that USDT grants do not have a “statistically significant” effect on price fluctuations. Despite refuting the correlation between price fluctuations and Tether grants, the study notes a “positive relationship” between USDT issuance and “increased crypto-trading the following day.”

Also Read: China During Crypto Ban: One Woman Tries to Live on Bitcoin 

Study Finds No Statistical Correlation Between Tether Issuance and BTC Price Movements

Study Finds “No Evidence” of USDT Price ManipulationWang Chun Wei’s latest study, titled “The impact of Tether grants on Bitcoin,” has found the issuance of USDT does not have a “statistically significant” effect on BTC price movements.

Among the key assertions concluded by the study are that “It is unlikely that Tether manipulation caused the 2017 Bitcoin rally,” and that “Tether grants did not Granger-cause Bitcoin returns.”

The study employs an autoregressive distributed lag (ADL) model, testing “if Tether grants Granger-cause Bitcoin returns,” finding “no evidence suggesting Tether grants Granger cause Bitcoin returns.”

Strong Correlation Between USDT Grants and Increased Trading Activity Identified

Study Finds “No Evidence” of USDT Price ManipulationDespite arguing against USDT grants exhibiting a causal relationship with price swings, the study identifies a relationship between Tether issuance and trading volume, noting a “Positive relationship between Tether grants and increased crypto-trading the following day,” and “Evidence suggest[ing] that Tether trading increased following periods of negative Bitcoin returns.”

Elsewhere in the report, Wang Chun Wei cites the work of Griffin and Shams (2018), stating that “After tracking transactions between individual wallets…using over 200 BG worth of blockchain data…[Griffin and Shams (2018) found] that purchases with Tether are timed following Bitcoin downturns, suggesting Tether was used to support and manipulate Bitcoin prices.”

Mr. Wei notes that his “findings show that Tether grants were potentially timed to follow Bitcoin downturns and subsequent Bitcoin/Tether trading volumes increased, confirming Griffin and Shams (2018) narrative,” however, seeks to refute Griffin and Shams’ assertions, concluding that “the impact of Tether grants on Bitcoin returns were not statistically significant, and therefore Tether issuances cannot be an effective tool for moving Bitcoin prices.”

What is your response to Wang Chun Wei’s findings? Do you agree with Griffin and Shams’ argument that the increased trade activity surrounding the issuance of USDT could be indicative of price manipulation, or are you swayed by Wang Chun Wei’s assertion that there isn’t a “statistically significant” correlation between USDT issuance and price movements? Join the discussion in the comments section below!


Images courtesy of Shutterstock


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Study Finds “No Evidence” of USDT Price Manipulation appeared first on Bitcoin News.

Bitcoin News

IBM is playing catch up to Silicon Valley. Older employees sue, say they are paying the price

September 20, 2018 |

Shannon Liss-Riordan has been compared to “a pit bull with a Chihuahua in its mouth.”

In a career spanning almost 20 years, the Boston lawyer has gone after corporations that have either harmed consumers or their own employees. She’s represented workers against Amazon, Uber and Google and has styled…


L.A. Times – Business

If Trump slaps tariffs on more Chinese goods, U.S. shoppers will pay the price

September 14, 2018 |

President Trump’s threat to ramp up tariffs on Chinese imports takes direct aim at American consumers, who face the prospect of higher prices for thousands of Chinese goods from frozen fish sticks to vacuum cleaners.

Shoppers could start seeing price increases on perishable Chinese food imports,…


L.A. Times – Business

Pharma Exec on 400% Drug Price Jump: ‘Moral Requirement’

September 12, 2018 |

The founder and president of a pharmaceutical company that last month raised the price of an “essential” antibiotic from $ 474.75 per bottle to $ 2,392 per bottle tells the Financial Times the 400% increase was not only justifiable but morally imperative. “I think it is a moral requirement to…
Newser

Exchanges Round-Up: Price Spread and Institutions, Brazil Surveys Exchanges

September 1, 2018 |

Exchanges Round-Up: Price Spread and Institutions, Brazil Surveys Exchanges

In recent news pertaining to exchanges, Sfox has attributed a reducing spread in the price of BTC across exchanges to the increased presence of institutional investors in the cryptocurrency markets, Brazil’s government has issued a questionnaire to three local crypto exchanges seeking to obtain data pertaining to their operations, and data from the United States Commodity Futures Trading Commission (CFTC) has revealed a steady decline in bearish pressure on the BTC futures markets in recent months.

Also Read: Transaction Fee Mining Exchanges: Highly Popular, Highly Controversial 

SFOX Finds Increased Institutional Presence is Driving Down Crypto Price Spread Across Exchanges

Exchanges Round-Up: Price Spread and Institutions, Brazil Surveys ExchangesResearch conducted by Sfox has asserted that a larger presence from institutional investors has reduced the spread in the price of BTC across various exchanges.

Danny Kim, head of growth at Sfox, claims that the current spread in BTC prices seldom exceeds one-tenth of one percent, asserting that “Before institutional firms were actively trading crypto or heavily involved (before 2018) bitcoin price differences between exchanges varied as high as 4.5%.”

Among the institutional players are a number of high-frequency trading firms (HFTs), according to Mr. Kim, who added: “Some HFT firms have been trading since crypto 2014, but have limited themselves because the infrastructure wasn’t there. Most if not all HFT firms require a FIX connection at an exchange in order to trade efficiently. Crypto exchanges haven’t offered FIX connectivity until recently.”

Mr. Kim predicts that in future the growing presence of institutional investors will have a stabilizing effect upon BTC prices, stating: “As this trend continues, the stabilizing effects of institutional investment will extend beyond price spreads, and on to price fluctuations.”

Brazilian Government Questions Three Crypto Exchanges

Exchanges Round-Up: Price Spread and Institutions, Brazil Surveys ExchangesThe Brazilian Ministry of Finance has issued questionnaires to the three local cryptocurrency exchanges among the top ten largest by volume. The questionnaire comprises 14 questions ostensibly intended to “subsidize study to Combat Corruption and Money Laundering,” according to a rough translation.

According to local media, one of the exchanges has completed and returned the questionnaire, another exchange claimed to not have received such, and the third exchange claimed that it would not respond to the letter as the questionnaire was not technically mandatory.

The majority of the questions pertain to the exchanges’ compliance, KYC, and monitoring procedures, in addition to information regarding the accounts and employees of the exchanges.

CFTC Data Shows Record Lows for Shorting Pressure on Futures Markets

Exchanges Round-Up: Price Spread and Institutions, Brazil Surveys ExchangesData published by the United States Commodity Futures Trading Commission has revealed that the weekly number of short positions opened on the bitcoin futures markets continued to experience a significant decline during August.

For the week ending on the 21st of August, the number of non-commercial futures contracts of bitcoin totaled a net position of -1,266 contracts.

The number of bearish positions on the futures markets has consistently declined over the course of the ten weeks since June’s high of -1,945.

Do you think that a greater presence from institutional investors can be attributed to the reduction in the price spreads across various exchanges? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Exchanges Round-Up: Price Spread and Institutions, Brazil Surveys Exchanges appeared first on Bitcoin News.

Bitcoin News

She paid $3.47 for a prescription drug. The retail price was 10,000% higher

August 28, 2018 |

Stephanie Garman picked up some prescription meds from CVS the other day. Normally she doesn’t give such things a second thought. This time she took a closer look at her receipt.

The retail price for her drug: $ 355.99.

The amount due: $ 3.47.

In other words, Ventura resident Garman was being charged…


L.A. Times – Business

‘Very unusual’: Elon Musk’s tweet on Tesla going private at specific price

August 8, 2018 |

As he’s done with most everything else in his career, billionaire Elon Musk has turned the usual procedure of trying to take a company private on its ear.

Musk, the chief executive of Tesla Inc., casually tweeted Tuesday not only that he was “considering taking Tesla private” but also that he had…


L.A. Times – Business

The Daily: Russians Used Bitcoin to Hack US Elections, Trader Bets on the Price of BTC

July 14, 2018 |

The Daily: Russians Used Bitcoin to Hack US Elections, Trader Bets on the Price of BTC

Russian intelligence officers accused of meddling in the 2016 presidential elections in the US have used bitcoin to finance their campaign, cover the tracks and obscure their identities, a new federal indictment suggests. You can check the details in today’s edition of Bitcoin in Brief. Also in the daily, billionaire Steven Cohen invests in crypto hedge fund, mysterious expert bets that 1 BTC will cost more than the Berkshire Hathaway’s share in five years, and a leading horse-betting platform now accepts BTC and BCH.

Also read: Crypto-Inheritance Service, Taiwanese Stablecoin, Bitcoin Gift Cards

Russian Agents Used Bitcoin, Mined Cryptocurrency

The Daily: Russians Used Bitcoin to Hack US Elections, Trader Bets on the Price of BTC
Rod Rosenstein

This Friday, a federal indictment announced by Deputy Attorney General Rod Rosenstein turned another page in the story of the alleged Russian meddling in the last US presidential election, and it features cryptocurrency. According to the document, which was released just before a major summit between Trump and Putin in Helsinki next week, Russian agents used cryptos like bitcoin in their campaign to influence the outcome of the 2016 vote.

Authorities in Washington claim that hackers working for the Russian foreign military intelligence paid in crypto for servers in the US and Malaysia, website domains, and virtual private networks (VPNs) used to release information stolen from the Democratic camp and to obscure their identities and cover their tracks. They also laundered more than $ 95,000 through bitcoin.

The 12 GRU officers indicted by the United States special counsel Robert Mueller are said to have acquired bitcoin (BTC) in different ways, including through peer-to-peer crypto trading platforms, using other digital coins and prepaid credit cards as well. US investigators claim the Russians even mined their own cryptocurrency.

The indictment, the first to level criminal charges against Russian officials pertaining to the alleged election interference, suggests that crypto funds were used to lease servers in two US states, Illinois and Arizona, where the hacked information was stored, and pay a Romanian company through a US-based processor to set up a website used to spread it.

Billionaire Steven Cohen Invests in Crypto Hedge Fund

The Daily: Russians Used Bitcoin to Hack US Elections, Trader Bets on the Price of BTCBillionaire Steven Cohen has reportedly invested in the crypto hedge fund Autonomous Partners. The investment was made through his Cohen Private Ventures, Bloomberg reported, quoting an unnamed source. The fund, founded last year, is focusing on cryptocurrencies and blockchain-based companies. It has already attracted investments from Coinbase CEO Brian Armstrong and Craft Ventures cofounder David Sacks.

Autonomous Partners invests in major cryptocurrencies like bitcoin (BTC) and ethereum (ETH) but has stayed away from ripple (XRP) over concerns that the US Securities and Exchange Commission (SEC) may decide that the token is a security. Crypto advocate Arianna Simpson, founder of the hedge fund, commented that she is interested in investing in cryptocurrencies that serve as general purpose money and companies that are building the next generation of financial infrastructure.

The number of crypto hedge funds increased significantly with the rising prices of cryptocurrencies last tear. Recently released data suggests, however, that they have suffered a negative growth in the past months due to the bear market, as news.Bitcoin.com reported.

A Billion-Dollar Bet on the Price of Bitcoin

A crypto trader from Australia has requested to place a unique bet. According to famous Australian bookmaker Tom Waterhouse, the “well-known crypto expert,” who preferred to remain anonymous, wants to wager $ 8.5million AUD ($ 6.3 million USD) that by the end of 2023 the price of one bitcoin (BTC) will exceed that of a share in Warren Buffet’s Berkshire Hathaway. If the bitcoin punter is right, he is expected to win $ 1.2 billion AUD (~$ 890 million).

The Daily: Russians Used Bitcoin to Hack US Elections, Trader Bets on the Price of BTC

Waterhouse said in a tweet this week he had put the man in touch with a large syndicate. Judging by the shared numbers, the prospective crypto gambler is looking for odds of 1/141. Bitcoin is currently trading at $ 6,200 USD per coin, while the share price of the US-based conglomerate currently stands at almost 290,000 USD, which is over 45 times the price of 1 BTC. Bitcoin reached almost $ 20,000 in December last year, and Berkshire Hathaway’s shares have been trading above $ 220,000 since 2016.

Horse Betting Site Now Accepts BTC and BCH

Amwager.com, a leading website for watching and betting on live horse racing, is now accepting bitcoin (BTC) and bitcoin cash (BCH) deposits. The US-based online platform is arguably the first advance deposit wagering (ADW) company to obtain regulatory approval that would allow the implementation of cryptocurrency payments.

The Daily: Russians Used Bitcoin to Hack US Elections, Trader Bets on the Price of BTC“Over the past several years we have witnessed Bitcoin and other cryptocurrencies evolve from an esoteric concept to a widely recognized digital currency that is quickly making its way into the mainstream. With mainstream acceptance, cryptocurrencies have the potential to drastically transform our global payment systems, and we at Amwager seek to be on the forefront of that transformation,” said company CEO Nelson Clemmens.

Amwager’s executive added that the company has been working with the Oregon Racing Commission and Bitpay to bring cryptocurrencies to the ADW industry. According to a press release, bitcoin and bitcoin cash offer Amwager customers an attractive alternative to the traditional methods for adding funds to their wagering accounts. The platform notes that the crypto technology addresses the “inefficiencies that exist in our current banking system by verifying and finalizing transactions rapidly,” mitigating chargeback risks and eliminating delays in the availability of funds.

What are your thoughts on today’s news tidbits? Tell is in the comments section below.


Images courtesy of Shutterstock.


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The post The Daily: Russians Used Bitcoin to Hack US Elections, Trader Bets on the Price of BTC appeared first on Bitcoin News.

Bitcoin News

Drugmakers cancel some price increases after California law takes effect

July 10, 2018 |

A handful of the world’s biggest pharmaceutical companies are canceling or reducing some planned price increases in the United States after California enacted a new drug pricing transparency law and amid political pressure over rising costs for medications.

The California law, which began to take…


L.A. Times – Business