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This week in Bitcoin - Dec 17th, 2018

Here's what happened this week in Bitcoin. For the complete stories visit: - Major shakeup in crypto rankings - Rating agencies suggest buying opportunities - Bitmain closes research center in Isreal - UK crypto exchange went bankrupt - New Samsung S10 phone will have a crypto wallet - Number of registered crypto users doubled Join our 7-day Bitcoin crash course absolutely free: Learn ANYTHING about Bitcoin and cryptocurrencies: Get the latest news and prices on your phone: iOS - Android - See anything we haven't covered? Leave us a comment in the comment section below

Bitcoin (BTC) Daily Price Forecast – December 17

BTC/USD Medium-term Trend: Bullish Resistance Levels: $6,800, $6,900, $7,000 Support levels: $3,200, $3,200, $3,100 Last week the price of Bitcoin was in a bearish trend. On December 9, the crypto traded and reached the high of $3,681.30. The BTC price broke the 12-day EMA , the 26-day EMA and fell to the bearish trend zone. On December 15, the crypto had depreciated to the low of $3,229.80. However,the BTC price  made a bullish movement and broke the 12-day EMA but was resisted at the 26-day EMA. If the BTC price falls to the bearish trend zone, the crypto will resume its downward trend.    Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. Also, the BTC price is below the 12-day EMA and the 26-day EMA which indicates that price is likely to fall. The Stochastic indicator is in the range below 40% but pointing downward which indicates a bearish momentum and a sell . BTC/USD Short-term Trend: Ranging On the 1-hour chart, the price of Bitcoin was in a sideways trend. On December 15, the crypto broke the 12-day EMA ,the 26-day EMA and was in the bullish trend zone. The crypto's price is fluctuating above the $3,300 price level. The stochastic indicator is now in the range above 60% indicating that the crypto has a bullish momentum. Also, the MACD line and the signal line are above the zero line which indicates a buy signal. The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.
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Bitcoin Millionaire, Wong Ching Kit Throws Millions In HKD From Rooftop As Act Of Teaching

An interesting “act of kindness” was witnessed on Saturday, as Hong Kong’s Bitcoin millionaire, Wong Ching Kit – who is also referred to as “Mr Coin” – threw millions in Hong Kong Dollars from a rooftop reports News BTC. It was supposedly only revealed as being him when the billionaire himself shared what he had done to his Facebook friends and followers. As he threw the millions that many of the residents indulged in, he said the following: “Robbing the rich to help the poor.” Full time crypto trader, Mia Tam has since tweeted about this event, in which she gave more insight. In particular, she shared that the billionaire expressed how he felt like “god and is responsible to teach the world about bitcoin.” She seems to have not only shared the video of the event, but also left many wondering about the crypto market by questioning, “Is this a sign of a bull run incoming or ?!” While Wong’s good deeds have been congratulated, it seems like his history is unavoidable, as per Hong Kong-based Bitcoin fanatic, Leo Weese. More specifically, it seems like Wong has been known for running “Pyramid-like Schemes” and Weese also shared evidence that validated this – an article that associated Wong with “London Golden Scam”. News BTC also revealed that things did not end well for Wong, as the news outlet quoted another source, Channel NewsAsia, who claims that the police eventually arrested him for “disorderly conduct in a public place.”
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Bitcoin & Crypto - A Haven for Criminals & Money Launderers

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Crypto Specialist Jameson Lopp: “No One Controls Bitcoin Or The Focal Point For BTC Development”

On Saturday, December 15, Jameson Lopp posted a lengthy post on Medium, which argued that no one controls Bitcoin. The direction Lopp took in explaining what many consider “the presence of control” was by explaining the overall operations of Bitcoin Core along with the Bitcoin Protocol. Bitcoin Core As A Focal Point Lopp first started his case by identifying Bitcoin Core as a “focal point” for the overall Bitcoin protocol, as opposed to a “point of command and control,” implying that if Bitcoin Core were to vanquish, a new focal point would come about. He also gave examples that showed the “focal point for development” taking on different platforms, since the existence of Bitcoin: “In 2009, the source code for the Bitcoin project was simply a .rar file hosted on SourceForge. […] In 2011, the Bitcoin project migrated from SourceForge to GitHub […] In 2014 the Bitcoin project was renamed to Bitcoin Core.” Lopp went on to summarize the overall procedure involving verifying the integrity of Bitcoin Core’s code: Anyone can propose changes that improve the software Developers can review pull requests to ensure they are safe, implying once again anyone can comment on Bitcoin Core, as there is no barrier If the pull request does not pose a problem, the maintainer will merge it Core maintainers set a “pre-push hook” to avoid pushing unsigned commits to the repository The Travis Continuous Integration system runs this script to check integrity of the history Anyone who wants to can run the script to verify the PGP signatures News outlet, News BTC also covered his work by simplifying things to “how bitcoin development works” and “testing the code coverage.” As per the outlet, who quoted Lopp, core contains maintainer accounts responsible for merging codes into the main branch, as noted above. Each maintainer is said to contain their own PGP key, which is needed for the merging process. However, it has been argued that said keys can go compromised, “unless the original key owner notified the other maintainers.” While the keys are not necessary as secure as one would assume, it was noted that it wouldn’t be a simple task for an attacker to attempt anything regardless. The moment the codes have been verified by said keys, it has been affirmed that the Bitcoin mainframe undergoes auditing, which include integrity checks to give an example. In particular, Lopp started that, “If the script completes successfully, it tells us that every line of the code that has been changed that point has passed through the Bitcoin Core development process and has been “signed off” by someone with a maintainer key.” Code Testing Lopp shared that every developer has access to the code and can test it by having the core’s GitHub repository cloned, which means each and every one works with the same code coverage. As per his quotes: “Each node operator governs themselves by ensuring that no one else on the network is breaking the rules to which they agree. This security model is the foundation for Bitcoin’s bottom-up governance.”
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Bitcoin (BTC) Price Analysis: Another Retracement or Reversal?

Bitcoin is still trending lower inside its descending channel that has been holding on so far this month. Price bounced off the bottom and has pulled up to the top, which is holding as resistance once more. Should sellers return, bitcoin could find its way back down to the nearby support levels marked by the Fibonacci extension tool. The 38.2% level lines up with the swing low at the $3,200 area while the 61.8% level seems closer to the channel support at $3,100. Stronger selling pressure could take bitcoin down to the 78.6% extension at $3,060 or the full extension at $2,973.9. The 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside or that the selloff is more likely to resume than to reverse. However, price is trading above the 100 SMA dynamic inflection point to signal the presence of bullish pressure. Price could still attempt a break past the channel top and test the 200 SMA dynamic inflection point around $3,450 next. RSI is on the move down and has a bit of ground to cover before hitting the oversold region. This suggests that sellers could stay in the game and could push for at least a test of the mid-channel area of interest around $3,300. Stochastic has already dipped into the oversold region to signal that sellers are exhausted and buyers might take over. Bitcoin bulls have found some hope as pro-bitcoin Mick Mulvaney joined Trump’s cabinet as his Chief of Staff. Although not directly involved with regulation or other potential industry developments, it seems that buyers are just hopping on any positive update at the moment. Still, it looks like the gains might be short-lived as buyers are also quick to book gains at nearby resistance levels. The post Bitcoin (BTC) Price Analysis: Another Retracement or Reversal? appeared first on Ethereum World News.
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OTC & Media Activity

Finrazor together with ICORating conducted researches and checked the correlation between OTC and mentions of certain words and the originality of the news

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India thinks whether to ban or not BTC, Upbit states the importance of crypto regulation, Dutch central bank to regulate crypto companies, Spain is preparing a draft regulation bill, South Korea convenes for debate with seven crypto exchanges, Chile declares that crypto regulation is in progress & other news on regulation

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Trustology gets $8M, Coinbase launches OTC, BTC scams Singapore investors, UNICEF invests in six blockchain startups, Klaytn partners with Watcha and Atlas, Raise partners with African Legal Network, NEM plans to work with GUBI, Blockchain Association and eToro become partners, Tokeny partners with Security Token Network, Maker Ledger launches partnership with Neufund, KuCoin partners with Shrimpy, BitMart announces partnership with CertiK, SBI Holdings partners with R3, TokenIQ teams with DealBox

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There are 4k crypto ATM worldwide, according to Сoinatmradar. The leader is North America with 71.3% of all machines installed, following by Europe (25%) and Asia (2.56%). The most popular altcoins are LTC and ETH, correspondingly. Rates come up to 8.85% buying rate and 7.9% selling rate on average

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Lithuania seeks becoming hub for security tokens, Thailand needs more crypto regulation, 'buy Petro before 2019' incentive, cease and desist order against 4 more ICOs, Bahama released discussion paper, British FCS warns against AsicTrader, VersaBank completes VersaVault, BBVA settles $170M loan over blockchain, fake news of ban upliftment in China, Thailand SEC to authorize the first ICO portal, Malaysia to use e-Scroll for degree certification, France considers lowering taxes on bitcoin gains

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This week twitter-community is waiting for the BCH fork, reading Vitalik Buterin and expressing opinions... — nothing uncommon, but quite lively

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This week, the reddit community has (not) stopped waiting for BCH fork. Anyway, we're closely watching what is happening, and giving you the easiest opportunity to express your opinion in the selected hottest discussions

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According to a new report called 'Detailed Report Into The Cryptocurrency Exchange Industry' released by CryptoCompare, the US dollar represents half of the BTC-Fiat trading on average throughout the last 30 days. The other two leading currencies are the Japanese Yen (JPY) and the Korean Won (KRW)


Algorand is a new cryptocurrency and consensus protocol. Its two core technologies are the binary Byzantine Agreement and cryptographic sortition. Algorand’s main difference from other proof-of-stake systems is the absence of economic incentives for network participants, hence the viability of Algorand is currently a subject to wide debate in the community

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Crypto Bear Market is So Bad That an ICO is Day Trading its Holdings

Every day, the crypto market is on the verge of entering darker territory, and as prices continue to plunge, many cryptocurrencies have become the victims of sudden sell-offs. An initial coin offering (ICO) called Substratum has even taken to day trading its present ether holdings to make up for potential losses. In a YouTube video, a figure named Justin from the Substratum network announces that the company is opening the doors to a token swap set to begin on Monday, December 17. The smart contracts for the company will begin then and batch transactions will start happening over the Ethereum network. Old Crypto Becomes New Crypto Prior to this date, executives will be moving any remaining Ethereum tokens in their crowdsale wallet over to a new wallet. If a person’s tokens are on Binance, the switch will be occurring natively through the exchange. Thus, customers will not need to worry. If a customer’s tokens are locked up in a wallet for an airdrop, they too will not need to take any steps. The move from the present wallet to the new wallet will occur on its own time. All older tokens will become frozen and unusable while the new tokens will be transferred into customers’ wallets. The company is also moving from two decimal places to 18 decimal places, which representatives claim will make transactions faster and more efficient. The smart contract has been fully audited by Quantstamp; furthermore, 120 million old tokens have been burned thus far. They will not be coming over through the transfer but will rather disappear into what Justin calls “the ether.” These tokens are set to disappear completely. The transfer will not be done within a set timeframe. The transfer is indefinite and will last until all customers’ wallets have received their new tokens. Predicting What the Future Holds Substratum now has a full-time trader on staff, who has suggested that Ethereum is going to be continually tested over the coming months. The bear market is not letting up and he has stated that Ethereum could fall to as low as $60. Executives are not necessarily looking to cash out. Instead, they will be trading only a portion of the Ethereum they possess, which they claim will give them the chance to “trade up” and potentially earn a little revenue before the crypto market falls any further. Once the market becomes bullish again, Justin claims in the video that Substratum will be in a better place and will be able to create newer (and better) products. Do you foresee the market getting even worse before it gets better? Post your comments below. Image courtesy of Shuttershock The post Crypto Bear Market is So Bad That an ICO is Day Trading its Holdings appeared first on Live Bitcoin News.
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States Take Cryptocurrency Regulation Into Their Own Hands As US Federal Government Focuses On Blockchain

States Take Regulation Of Cryptocurrency In Their Own Hands, As US Federal Government Focuses On Blockchain Technology The regulation of cryptocurrency has been an ongoing problem for the United States (US). They have managed to outline particular processes involved with blockchain technology and have many trials that examine the way that it works in their industries. However, the fact that even government authorities have different classifications for the same token groups makes it hard to know how to handle them. As a result of the confusion, any states are working to become the friendliest places for cryptocurrency. Ohio even made an announcement recently that they would allow their residents to cover taxes with the use of crypto payments. In the meantime, the authorities are still in a state of confusion with defining and regulating the assets that clearly are in demand for residents. The ones making the most noise about the lack of organization of the federal policies aren’t stakeholders or even enthusiasts; these concerns also involve academics. Carol Goforth, a professor at the University of Arkansas, recently noted that there are presently four different regulators within the federal government that oversee how digital assets are dealt with, from their categorization to their issuance, and further. These four entities are the: Commodity Futures Trading Commission (CFTC) Securities and Exchange Commission (SEC) Financial Crimes Enforcement Network (FinCEN) Internal Revenue Service (IRS) The CFTC sees crypto assets as commodities, though the IRS shares a similar view in calling them property. The FinCen, which is run by the Treasury Department, regulates them with the same rules as fiat currency, but the SEC sees them much differently as securities. Professor Goforth expressed her skepticism that the regulatory entities would work together anytime soon, leading her to encourage the coordination between them for a more nuanced approach. As she puts it, her version of the rules would force the federal government to deal with each cryptocurrency as it is introduced, specifically identifying them by their functionality and the motivations of users. This is a path that at least one instance shows is happening within the federal regulators. The CFTC publicly requested details on the functionality of Ether and the Ethereum Network on December 11th. The document has 25 different questions that deal with the platforms purpose, functionality, scalability, and more. However, the effort to address a single asset by the CFTC isn’t necessarily a sign that the industry is turning towards the idea that the professor had in mind. None of the other regulators have taking this move and are holding on to the regulatory measures that they already have in line. Still, there’s always a chance that congressional legislators will make some changes in their framework. Darren Soto and Ted Budd, who are both US Representatives, brought in two bills on December 6th that will help with the improvement of regulatory framework and reduce the risk of price manipulation. These bills are called the Virtual Currency Consumer Protection Act of 2018 and the U.S. Virtual Currency Market and Regulatory Competitiveness Act of 2018, respectively. These two bills offer specific regulatory changes that could be made for the process to be smoother for exchanges, users, and everyone else involved. The first bill discusses that many situations that can arise in the market for price manipulation. The other requests an in-depth study that aims to improve the “burdensome regulations that may inhibit innovation.” Warren Davidson, the representative of Ohio, spoke at a conference in Cleveland where he noted his intent to bring in a new bill that would create a new asset class for tokens. As such, the regulation of initial coin offerings (ICOs) would become significantly less difficult. A week later, Davidson suggested a crowdfunding event to help with the creation of the US-Mexico border wall, which would include the use of blockchain and “wall coins.” Even though there appears to be a significant lack of clear regulations regarding cryptocurrency, blockchain technology is already being applied to daily operations. The use of this ledger with supply chain logistics is easily its biggest application, and federal authorities are looking to use it for food safety as well, especially considering the recent E. coli outbreak. The Department of Homeland Security announced their intention to use the technology as a way to protect their own activities. Their three subsidiaries are working together for a clear record of documentation that will help with fraud, counterfeiting, and forgery. The defense authorities for the federal government recently established an app that would help the members of the armed forced to learn how to use blockchain technology for the supply chain as well.
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Bitcoin Supporter Says Crypto is Unconfiscatable as Long as It’s Not in Regulated Exchanges

Bitcoin has many different features, but one of the most important is the fact that users are the real owners of their funds as long as they keep their private keys. However, when users have their funds stored in exchanges, Bitcoin can be confiscated. During a Q&A session during a Tampa Meetup, he said that Bitcoin being non confiscatable applies to exchanges that are not regulated. In general, centralized virtual currency exchanges are not a safe place where to store funds. The company behind the exchange is able to manage the funds as it considers, block some accounts and even experience security issues. If Bitcoin wants to remain non confiscatable, the best what a person can do is to store them in cold storage wallets. No one is able to move the funds from there unless they have the private keys. At the same time, he said that Bitcoin does not have just a single price because there are different markets listing it. He compared the price of Bitcoin (BTC) with Apple stock explaining that Apple’s stock price is determined by supply and demand in just one place. He has also talked about Bitcoin ETF and the fact that to have a stable price of Bitcoin everything needs to sit in one place. He went on saying that having all the BTC in one place is a risk even when it creates a more stable market. For example, he emphasized the fact that if all the BTC are located in just one exchange, hackers might focus only on it. Furthermore, the US government would also have the possibility to confiscate the BTC that users own or trade them. There are several crypto platforms that are regulated, including exchanges such as Coinbase or Gemini. Governments would be able to confiscate the funds that users have on these exchanges, thus deleting one of Bitcoin’s main characteristics. Moreover, he said that Bitcoin being under the control of governments is not positive for the space. A lot of people would completely lose the faith in the popular virtual currency. This is exactly what Satoshi Nakamoto was trying to avoid when it created Bitcoin.
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Hong Kong Businessmen Targeted by Bitcoin Bomb Threats After Recent USA and Canada Attempts

There have been many different ways to steal funds from individuals in the cryptocurrency market. However, a new methodology has been applied in Hong Kong and other countries such as the United States. According to a recent report released by the South China Morning Post, businessmen in Hong Kong are being targeted by criminals that want to steal Bitcoin from them. These scammers try to steal Bitcoins from victims by threatening them that they will receive a bomb if they don’t send Bitcoins in the time span the scammers provide. One of the affected individuals is Michael Gazeley, the CEO of Network Box. He received a message in his business email with this Bitcoin bomb threat. Furthermore, he said that he had to pay $20,000 if he wanted to avoid receiving a bomb in his office. Gazeley said to the news outlet: “This looks like the third wave of blackmail emails plaguing the world in the past few years… I have never seen something like this, which sounds like cyberterrorism, in my 20-year career in cybersecurity.” Nevertheless, he was 99.99% sure that the message was not worth. Indeed, he mentioned that the email had some typo mistakes and the grammar used was not exactly good. That shows that the main intention is to take a few bucks from some individuals rather than really bombing an office. Hong Kong authorities did not provide further information about this issue, thus it is not possible to know the exact number of companies affected by these threats. This is not the first time that there are Bitcoin bomb threats around the world. A few days ago, as reported by NBC New York. Hoax bomb threats spread asking users to pay in Bitcoin. The New York Police Department (NYPD) informed on Twitter that there was an email circulating that contained a threat asking for a Bitcoin payment. However, they say that they did not find any devices in some of the places where the threat arrived. Please be advised – there is an email being circulated containing a bomb threat asking for bitcoin payment. While this email has been sent to numerous locations, searches have been conducted and NO DEVICES have been found. — NYPD NEWS (@NYPDnews) December 13, 2018 The NYPD went on explaining that the threats are meant to cause disruption and/or obtain money in a fast way. Although the police will be responding to the calls made by the community, they believe that the threats are likely ‘not credible.’ This is not the first time that there are scammers trying to steal Bitcoin and other virtual currencies from users. Earlier this year, scammers on Twitter were asking for Bitcoin and ETH deposits using fake accounts that stole famous people’s identities.
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