Adult industry-oriented blockchain project SpankChain has launched a crypto payments platform called, of course, SpankPay.
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Thursday, August 1, 2019
Fed Rate Cut Supports Teetering Stock Market…Again
Some say there are only two rules one needs to follow in order to succeed in the stock market. The first rule is “don’t fight the tape”. The second rule is “don’t fight the Fed”. That is, ride the market in the direction it is going because momentum is your friend. When it comes to […]
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Bitcoin Price Dips Below $10K as BTC Shrugs Off Its First Fed Rate Cut
Cryptocurrency traders showed their excitement as the U.S. enacted its first interest rate cut since Bitcoin’s creation.
Bitcoin (BTC) price fell back below $10,000 on August 1 as markets broadly shook off the first Federal Reserve interest rate cut since 2008.
Market visualization. Source: Coin360
Bitcoin doesn’t care about the Fed
Data from Coin360 showed the largest cryptocurrency hovering just below the significant barrier once more Thursday, having climbed as high as $10,138 in the past 24 hours.
A sudden uptick took BTC/USD $500 higher Wednesday, a move which itself followed a dramatic downturn over the weekend which saw the pair shed $800 in minutes.
Bitcoin 7-day price chart. Source: Coin360
The temporary return to $10,000 accompanied fresh debate on crypto and blockchain regulation in the United States, while this week’s rate cut also served to fuel excitement among traders.
As various sources noted, the cut was the first from the Fed since Bitcoin’s creation over ten years ago.
“In preparation for the halving, the Federal Reserve is cutting interest rates to further highlight Bitcoin's economic innovation. Everybody, be sure to thank Jerome Powell for sticking to the Bitcoin as store of value thesis!” Michael Goldstein, president of the Nakamoto Institute, commented on Twitter about the event.
At press time, however, Bitcoin appeared broadly unaffected by U.S. economic policy compared to its behavior in light of regulatory noises throughout last month.
As Cointelegraph reported, mixed messages from Congressmen and others produced significant volatility, with BTC/USD still down $4,000 versus its July highs. Compared to exactly one month ago, however, the pair has tracked neither up nor down.
Altcoins stagnate further
A similar picture presented on altcoin markets. Sideways action has defined the top twenty cryptocurrencies by market cap in recent days, tokens moving in step with Bitcoin.
Ether (ETH) the largest altcoin by market cap, moved up by a modest 0.7% on Friday to hit $213, having spent the past week in a corridor between $200 and $223.
Ether 7-day price chart. Source: Coin360
Other major alts broadly replicated such behavior, an exception being Litecoin (LTC), which gained 4.8% to lead the market as its halving is now less than a week away.
By contrast, Bitcoin Cash (BCH) and its fork, Bitcoin SV (BSV) both lost around 2.5% in Friday trading.
The total cryptocurrency market cap stood at $273 billion, with Bitcoin’s share at 65.1% of the total.
Keep track of top crypto markets in real time here
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ARK Blockchain is the New Home for nOS Virtual Operating System
In the wake of the Bitcoin/cryptocurrency hype that took center stage in 2017, the world began waking up to blockchain, the underlying technology that makes this new digital currency economy possible. In this moment of revelation, it is becoming increasingly evident that not only is the technology a catalyst for the fourth industrial revolution, but […]
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Google Manipulates Search Results, Former Engineer Shockingly Confirms
Mike Wacker, a former Google engineer has made repeated blockbuster claims that Google engages in manual manipulations of search results. Not only that, Mike Wacker called out CEO Sundar Pichai for lying to Congress about it. This came on top of then-anonymous claims that he himself had been told to reorder search results. Now, Mike […]
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‘Building’ Bitcoin’s Software Just Got a Bit More Trustless
There's a bit less trust now needed when developers compile the software at the heart of bitcoin.
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Bitcoin Will Make Peter Schiff Kick Himself: Gold Bug Debates Pompliano
The latest mainstream media debate involving cryptocurrency delivered a bold prediction for the future of finance.
Bitcoin (BTC) will make Peter Schiff’s gold arguments redundant if there is just a 1% chance it will succeed, Anthony Pompliano has told mainstream media.
‘You will be kicking yourself forever'
In a hotly-awaited debate with gold bug Schiff on CNBC Africa July 31, the Morgan Creek Digital co-founder took the opportunity to talk about a Bitcoin future.
After almost an hour of talking, Schiff had summarized that Bitcoin has become a form of religion, and that investors were blind to reality, hoping only to get rich from their holdings.
“When you’re in a bubble, you can’t see the bubble,” he concluded, having repeatedly stated that Bitcoin has no value in and of itself.
“If Peter and others believe everything you just said with 100% confidence — there is 0% chance that you could be wrong, you could be missing something; 0% chance that Bitcoin could be valuable, that it could be a new technology, a new trend […] it’s a 0% chance that the millions of people currently buying and holding this are wrong: don’t buy it, don’t add it to your portfolio, don’t use it,” Pompliano responded.
Using the remainder of a two-minute speech to convince Schiff once and for all, he added:
“But if there is even a 1% chance that you could be wrong, the odds, given Bitcoin is an asymmetric asset, mean that you will be kicking yourself forever for having known about this, spent all your time doing this, getting berated on the internet and missed the opportunity.”
Bitcoin collides with traditional finance
The two had previously debated Bitcoin versus gold multiple time informally on social media. As Cointelegraph reported, Schiff even now owns 0.21 BTC after Pompliano accidentally sparked a chain of anonymous donations to his wallet.
The debate marks the latest in a series of confrontations which have rocked the cryptocurrency industry recently. Particularly controversial was a showdown between BitMEX CEO Arthur Hayes and serial Bitcoin naysayer Nouriel Roubini.
After the debate earlier this month, delays to Hayes releasing video evidence enraged Roubini, who subsequently released a dedicated report on how BitMEX was allegedly fraudulent.
The derivatives giant is currently subject to an investigation by United States authorities.
from Cointelegraph.com News https://ift.tt/31bQmy7
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