BTC Direct Raises $13 Million in Series A Funding; Bringing New Life to the Crypto Broker

BTC Direct, a Netherland-based fiat-to-crypto gateway platform, has raised around $13 Million in a Series A funding round. The funding round has brought in a new lease of life for the startup, which has been funded and run by its founders. The lead investors of the Series A remain undisclosed.

Toon Schraven, head of marketing and communications at BTC Direct, revealed that the Series A funding round was backed by a European investment group and several other private investors. The platform revealed that it would utilize the new funds to expand its workforce and expand its services and develop new products. The firm would also utilize a portion of the fund for broadening its marketing efforts.

The fiat-to-crypto gateway was launched in 2013 as a crypto brokerage service, which later started to offer fiat-to-crypto on-ramp to crypto exchange wallets service providers. Apart from the brokerage and gateway services, BTC Direct also runs a crypto trading app known as BLOX and a private trading desk and hardware wallet service.

Mike Hutting, the CEO of BTC Direct, commented on Series A to find raise and said that the funding round would surely boost their morals and services. They are planning to utilize these funds to make their platform more user-friendly and develop new products. He said,

“Continuous focus is being spent on product development and broadening our marketing efforts.”

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Author: Rebecca Asseh

Is it that Time Again? Yes it is! The Market is giving All the Signs that it is an Alt Season

Everything is popping!

Is anyone getting 2017 vibes?

Tis’ the time when gains floweth over.

Today, even bitcoin jumped to $9,480 with $1.2 billion in ‘real’ trading volume.

Now, when it comes to altcoins, even XRP spiked more than 7% to nearly $0.20. And yes, Chainlink (LINK) continues to make new highs every day, the latest one being $6.38.

Cardano (ADA) has started to simmer down after days of pumping while Dogecoin (DOGE) is still going strong after Tik Tok users took it upon themselves to push it to $1, but it is still almost 27,000% off from the target. So, that’s to be seen.

VeChain (VET) is also popping today with 24.3% greens; in the past week, it has been up 125%.

So, why are Altcoins’ Surging?

In 2020 after the March sell-off, cryptocurrencies, including bitcoin, recovered handsomely, but while the world’s leading digital asset entered into a tight range, altcoins took this time to fire off.

For the past couple of months, bitcoin’s dominance has also been chipping off, which has been working in favor of altcoins.

Moreover, as we saw in the second quarter of 2020, the stock market has been growing off the charts as well. This growth was propelled by young investors who were at home during the lockdown with free time, internet, and of course, stimulus money in their hands and apps like Robinhood that charges zero commission at their disposal.

The young generation put their money in the stocks that have the least value, even if they were of bankrupt companies. And now, their attention seems to be on crypto.

Robinhood, however, only has seven cryptos listed viz. Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), and Dogecoin (DOGE), and the last one is already being pumped.

This time zoomers had Tik Tok with them to advertise it among their peers and sent the prices mooning.

“Think TikTok will actually become the biggest distribution channel for crypto products,” said Qiao Wang, an independent trader, and startup investor. And if the US bans it, “Then a TikTok copycat will be built and *it* will become the biggest distribution channel.”

This also means, ‘one-man marketing army,’ Tron founder Justin Sun has also found a way to pump his coin.

Does this mean the alt season has officially kicked off?

It looks like it!

But according to analyst Mati Greenspan, “This is more like Alt-Wednesday with a hope of turning into Alt-July,” because “a season implies that it lasts a while.”

But given that “It’s officially “refresh blockfolio every 30 seconds” season,” we are getting signs that say it is an altcoin season.

According to analyst Rekt Capital, over the years, Dogecoin has played an important role in crypto, it either predicts altcoin season or confirms them.

“This time Dogecoin has confirmed Altseason,” he said.

And who doesn’t believe it’s all season, technical analyst Pentoshi has all the checkpoints including soaring Doge price, BTC dominance which has broken a 3-year trend, and the retail on Robinhood and Tik Tok.

Some believe this wildness in the market means Chainlink won’t stop here either; it will only go on to make even new highs.

Amidst this frenzy, trader Crypto Yoda warns about staying vigilant. “Remain cautious about the possibility of BTC suddenly ending this momentum with an impulsive move.”

Meanwhile, Binance CEO, Changpeng Zhao feels, “Not all alts will pump during the next #altszn,” which is “more like 95%.”

“If a project has been around for 3 years but not much to show for, then…A few that have consistently pushed development will thrive,” he said.

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Author: AnTy

Over 49% Bitcoiners Believe the Bitcoin Price is Going to a $1 Million Dollars in the Next Decade

  • BTC ready to end 2019 with 92.5% and the decade at about $7,200
  • Currently, the market is in consolidation meaning “weak die off but the strong get stronger”
  • BTC will print a trend reversal if it closes above $7,800 until then the price will range

We are just a step away from entering into 2020 and Bitcoin is going to end the year at a positive return of 92.5%.

At the time of writing, BTC/USD has been trading at $7,200. Meanwhile, as the holidays continue, trading volume continues to sink as in the past 24 hours, Bitcoin recorded a trading volume of a mere $254 million.

So, what season is it exactly?

Mati Greenspan, founder of investment firm Quantum Economics in his Monday newsletter notes that after turning into spring at the beginning of this year from 2018’s crypto winter, now we are simply in consolidation.

And what it means is,

“The weak die off but the strong get stronger. It’s the way of nature and though may seem painful at times is actually a positive progression.”

As we reported, analyst Willy Woo has called it a “re-accumulation phase of a bull market.” Su Zhu of Three Arrows Capital also made an accumulation observation.

BTC Trend Reversal Patterns in the Making

Meanwhile, trader Josh Rager says we need to break above $7,800 and close above that for the market to signal a trend reversal.

“Until then, price continues to range with possible accumulation (over five weeks in this range),” added Rager.

Trader Jonny Moe also notes two potential BTC reversal patterns in progress, double bottom with a neckline at about $7,875 and inverse head and shoulders with a neckline at $7,700.

Along with this is another positive facet which is “year-end is traditionally a very important time for BTC trend reversals/confirmations.”

Also, we are seeing a miner capitulation completion signal that has occurred only a handful of times, 9 times in Bitcoin’s history.

“Hash Ribbons Buy confirmed. This is just the 10th time these conditions have been met for Bitcoin. It is highly likely we never see BTC under $6000 ever again. All other occasions saw an average gain-to-cycle-peak of +5000%,” points out Charles Edwards of digital asset management firm Capriole.

However, Moe warns that none of these positive signals matter until we break the necklines of $7,875 and $7,700.

Bitcoin to $1 Million

In the short term, Bitcoin has a lot of pain and gain coming its way but in the long term, people see it jumping past a million dollars.

A poll run by Greenspan on Twitter found that a staggering 49.2%, almost half of the 2,854 respondents believe that Bitcoin will be worth more than $1 million by the end of the decade.

It won’t be a big feat for Bitcoin, given that it has been the best performing asset of the decade already.

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Author: AnTy

Bitcoin Price Drops 10% In This Three Day Crash to $6,425, What’s Next?

  • BTC price tanks 10% before going back to $6,700
  • BTC/USD Longs on Bitfinex Going Insane
  • Traders say $5,500 coming but when?

On its third day of continued crashing, Bitcoin price went down to $6,425, today’s lowest level. This marks a fall of over 10% during this 3-day period. As such, the 30-day volatility has started to slowly point upwards again.

However, it’s to be seen if this uptick in volatility will be the start of a large volatility change in the world’s leading cryptocurrency. This volatility has the trading volume surging to $474.2 million, up from $150 million on the weekend.

However, we are now making our way back up to $6,700.

BTC/USD Longs on Bitfinex Going Insane

Bitcoin price might be crashing but BTC longs on Bitfinex continues to add up. The long positions on Bitfinex started skyrocketing on Nov. 23 and are showing no sign of stopping.

The BTC/USD longs chart is looking insanely scary. Since Nov. 21st, more than 97% more longs have been added. There are now about 45,000 long positions on Bitfinex, which is a new all-time high. Meanwhile, the number of short positions are at just above 8,500, also up 96% in the past three days.

This kind of activity, however, isn’t seen on any other platforms like Binance and BitMEX where traders are actually net short. While BitMEX offers 100x leverage and Binance 125x, Bitfinex offers only 3.3x which means they will be less prone to liquidations.

But in the past, these high levels have led to liquidations of longs and a drop on BTC price.

There is no definite answer for what’s behind these positions. It could be someone hedging, opening their short positions on another platform or these traders are long-term optimistic and seeing the drop as a buying opportunity.

But the ongoing drop might not stop here. Analyst Jacob Canfield sees $5,500 coming for the Bitcoin price.

Veteran trader Peter Brandt has the same target but according to him, this won’t be coming until July 2020.

The market sentiments, however, have already turned to “extreme fear,” with the Crypto Fear & Greed Index pointing a reading of 15 on a 0 to 100 scale, with 0 being extreme fear and 100 extreme greed.

Investors are getting more and more nervous while others are following Warren Buffett’s be “Fearful when others are greedy and greedy when others are fearful.”

Also, as the prominent analyst PlanB points out, this is nothing out of the ordinary. BTC price follows the stock-to-flow model but greed and fear cause a few ups and downs which aren’t anything new.

Are you using this dip in BTC price and stacking the sats as well?

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Author: AnTy

Blood on the Streets: Bitcoin Miners Hurting and Operating at a Loss

  • BTC price remains above $7,000 but trading volume is extremely low at below $200 million
  • Miner price and electricity cost puts Bitcoin production cost at $8,941
  • Bitcoin miners are struggling at present with most operating at a loss
  • Bitcoin production price will double at halving, putting it at $17,800

We are almost in the middle of December and Bitcoin continues to trade above $7,000 level. We haven’t dropped below this level, not even once but it’s to be seen what will happen to BTC price once this accumulation phase is over.

At the time of writing, BTC/USD has been trading at $7,270 with 24 hours gains of 1.04%, as per Coincodex while managing the daily trading volume of just $193 million.

Just like the price which is trading sideways, the hash rate is behaving the same way. Ever since hitting the all-time high at 110 Th/s on October 23, the Bitcoin hash rate has been oscillating between 80 to 100 Th/s.

Recently, a report found that the majority (66%) of Bitcoin mining is still dominated in China. However, the mining is predominantly hydro-electric powered, so that’s good.

“Mining is highly encouraged in China now. They hope to control bitcoin by having all the miners in the country (ie, under their control),” said Binance founder and CEO Changpeng Zhao.

Bitcoin Miners Taking Short-Term Losses

According to Bitinfocharts, Bitcoin mining difficulty has been declining since June when Bitcoin hit 2019 high at $13,900. Currently, at 0.133, the profitability is close to hitting a new low of 2019 at 0.118 reached on Oct. 24.

Charles Edwards of Capriole Investments says,

“Bitcoin miners are hurting. The last 12 months has been the least profitable in all of the prior 5 years to be a Bitcoin miner. There’s blood on the streets.”

In the blog post, the company points out that Bitcoin’s production cost and miner prices together suggest that Bitcoin miners are struggling and potentially taking short-term losses.

The current Bitcoin production cost in terms of the miner price is at $7,399 and electricity cost is at $5,365. This puts the total cost at $8,941.

Price dropped below the Bitcoin Production Cost, however, tends to be short-lived as high-cost miners go out of business, the hash rate plateaus and then falls, and miners are less inclined to sell at a loss.

Over shorter periods, bitcoin miners can operate at a loss. Bitcoin price however never quite reaches the electricity cost to produce a Bitcoin, despite coming close in November in 2018.

Historically, the electricity to produce a Bitcoin represents a price floor.

This suggests Bitcoin miners are struggling at present with most operating at a loss. In 2019, miners had average daily profitability of 10%. The year has been actually the least profitable for Bitcoin mining in all of the last 5 years, notes the firm.

However, because several of miner costs are sunk, meaning already paid for such as hardware and locked in such as rent, they can operate at a loss over short periods.

With Bitcoin reward halving less than five months away, estimated to occur in May 2020, the Bitcoin Production Cost will double. On this basis, if the hash rate and mining hardware efficiency were to remain unchanged, the Bitcoin production price at halving would be at $17,800.

But with halving, the inflation rate will drop from 3.7% to 1.8%, as such miner influence on supply and demand is dropping.

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Author: AnTy

Tom Lee Says This Bitcoin Crash Solidifies His ‘Unpopular’ Opinion About BTC

  • BTC followed the risk-off sell-off in equities – Tom Lee
  • BTC crash was simply driven by stops.
  • Upper 7000s is first ideal spot for longs – Alex Kruger

Since Bitcoin first started sliding down from $10,000 hitting $8,025 on Sept. 24, Bitcoin price has been stuck around $8,300. Though yesterday it went up yet again to $8,640, today, BTC has crashed yet again, dropping to almost $7,730.

At the time of writing, BTC was trading at $7,936 with 24 hours loss of 4.62%, as per Coincodex.

This crash Bitcoin bull and Fundstrat’s Tom Lee says “followed the risk-off sell-off in equities,” reinforcing his ‘unpopular’ opinion that Bitcoin doesn’t do well in a trendless macro environment. For BTC to blast off, new highs are needed in S&P 500, he said, adding, “crypto is retail and thus, risk on.”

Bitcoin Misery Index is saying “risk-off”

A couple of weeks back, Lee first shared this idea stating that Bitcoin won’t make a new high until the stock market makes a new high. Since 2019, he notes, the best years of Bitcoin has been when the S&P 500 was up over 15%.

The reason for the leading cryptocurrency being range-bound was because of macro trendless. This he further said is confirmed by the Bitcoin Misery Index.

Even currently, the index is saying “risk-off” that has been the case since July. The index needs it all to 40-53 reading to see better risk/reward and start surging.

BTC crash was simply driven by stops

However, economist and trader Alex Kruger begs to differ as he explains the reason behind Bitcoin’s plunge.

Larger time frame consolidation with stops consolidating at the edges of the range and range awaiting resolution to see who wins drove this fall.

Then, Bakkt disappointment acted as a trigger to a move lower. Once the momentum starts kicking in, large sellers come in at 9300, prior higher low, going for the break. Then, the bottom of the range at 9080/9000 breaks running the stops over in the process and all leveraged positions getting liquidated.

As such the liquidity vanishes and price first tanks to 8500, then to 8000, fast which he says was “expected.” Bitcoin price is plunging for a number of reasons but has nothing to do with stocks crash that responded to US President Donal Trump UN speech about China and impeachment news.

BTC crash was simply driven by stops. As for what’s next, according to him, bears will be in control until either price moves higher and sets in a bear trap, starting at $9,300 but no later than $9,500, or next flush is lower.

“Upper 7000s is first ideal spot for longs (all the 7000s for larger time frame longs),” he added.

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Author: AnTy

Cubans Are Avoiding US Trade Embargo With Crypto; Global Marketplace Access And Remittances

BTC trading has helped open new trading avenues for Cuba citizens. The communist country has been isolated financially for many years under a siege that was started by the embargo placed on it by the United States.

According to a news report released by a U.S media company, it appears that the arrival of mobile internet in Cuba has helped many Cubans get access to cryptocurrencies. The residents are now resorting to the use of crypto assets to trade, invest, and make online purchases.

Retail Shopping

While many users lack access to credit and debit cards that they can use for global shopping, crypto-enabled purchases have become a welcome relief for many consumers. Jason Sanchez, a local resident, was interviewed a by U.S news outlet on the role that cryptocurrency was placing in their lives.

He stated that using cryptocurrency had helped open retail doors for many Cubans. The thirty-five-year-old Cuban went on to state that he was now in a position to buy accessories and spare parts for his mobile phone repair business located in Havana. Many of his purchases were sourced from an online store located in Chinese. He added that he normally used BTC to make all his payments.

The founder of CubaCripto, a Cuban Telegram channel, known as Alex Sobrino estimated that there were about a thousand Cubans who relied on cryptocurrency to perform retail shopping. While expressing his views on the topic, he stated that the local residents were using cryptocurrencies to buy airtime for their cellphones. Others were relying on the digital assets to make online purchases as well as reserve hotel rooms.

For those who do not have friends or relatives abroad, they have no option but to turn to the use of social media, such as Telegram channels. Another option involves the use of exchanges where residents get to personally swap cash for Bitcoin. A laptop or internet-enabled handset is required for this swap to occur.

Financial Exclusion and Available Solutions

It is estimated that there are about 1,300 local residents using Fusyona, a Cuban based cryptocurrency exchange platform. It is a platform that makes it possible for individuals who are abroad to remit money to Cuba. They can also use the platform to invest in up to 9 different cryptocurrencies through the use of a larger crypto exchange. The platform charges a fee of up to ten percent for all its services.

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Author: Daniel W