Markets Markets Investors in bitcoin live dangerously.This year, they watched as the virtual currency hit a high point of $1,350 and a low point of $975, only to close at $1,117—in a single day, on March 9.The reward for their patience: Bitcoin hit an all-time high of $1,760 on May 9, with hardly a down-day since the March 24 low of $891.What is driving the rally?After the Securities and Exchange Commission (SEC) rejected the application to launch a bitcoin exchange-traded fund (ETF), many thought the 2017 bull market was over.But unlike 2014, when bitcoin lost 90 percent of its value and languished for more than a year, it shrugged off the SEC decision as well as regulation from Chinese authorities and just continued going up.One of the reasons is that the SEC announced it would reconsider the ETF option and make a decision before May 15.A bitcoin ETF would open the opaque and volatile asset to trillions of dollars of institutional money, from pension funds, insurance companies, and more.

As of May 9, all of the 16.3 million bitcoins are worth only $28 billion, or only 3 percent of Apple Inc.’s market capitalization.It Could Go Higher The decentralized market that logs transactions on the so-called blockchain reaches decisions via consensus and therefore cannot be manipulated by a single private player or government.And although regulation around the exchanges has been increasing, the market is relatively unregulated compared to stocks and other securities—and is also less manipulated than the stock or the gold markets, where central banks and private players distort market pricing.So in a sense, the cryptocurrencies like bitcoin and others are the most free-market asset class out there, which is appealing for investors frustrated by market manipulation.However, at the end of the day, bitcoin is a currency and has to compete with other forms of payment.According to the theory of liquidity, bitcoin is a very efficient medium of exchange because it offers cheap and fast transactions, recognizability, and divisibility—the three of which combine to form the concept known as spatial liquidity, a key property of effective currencies.

It also cannot be recreated at will (the total number of bitcoin is limited), which should preserve its value over time, another important characteristic of an efficient currency.Bitcoin Plunges as SEC Denies Cryptocurrency-based ETF Application Talking Points: Have a question about trading the markets?and ask it live!The markets were delivered a shock of volatility towards the end of the trading week as the Securities and Exchange Commission (SEC) rejected a Bitcoin-based exchange-traded fund application (ETF).As the news crossed the wires, the digital currency fell as much as 24 percent against the US Dollar in the space of minutes, touching a one-month low.It quickly pulled back from its extremes to trim some of its losses, leaving a 1-hour candle that offered a 14 percent contraction.In terms of what the group requires for ETF applications to be approved, the SEC upholds that the product in question must be consistent with rules designed to prevent fraudulent and manipulative practices to protect investors and the public interest.

Having said that, the commission noted that because significant markets for Bitcoin are unregulated, the exchange wouldn’t be able to perform sufficient surveillance.As Chief Currency Strategist John Kicklighter mentioned in previous analysis, one of the fundamental drives for Bitcoin is its value as an – a role benefited by the lack of regulation.Fiat money is defined as being a unit of account, store of value and medium of exchange.bitcoin get private key from walletThe SEC’s decision is a step away from boosting the legitimacy of the new asset which could subsequently bolster liquidity to the digital currency.doge coin cryptocurrencyYet, despite the setback, Bitcoin remains the most liquid of the cryptocurrencies.how does litecoin mining work

Moving forward, Bitcoin traders and users will weigh this development in terms of its long-term adoption and development.Inclusion in popular financial products like exchange-traded products isn’t the only path to prominence for this alternative asset.It continues to enjoy considerable appeal amongst global participants looking to circumvent capital controls.This value lead the Bitcoin to its first true surge in 2013 when Cyprus cut off fund withdrawal of locals and foreign investors offshoring capital in the country.bitcoin chargebackChina has become the most recent test of this back channel asset.bitcoin rig ukHowever, authorities in the financial power house of taken considerable steps these past weeks to rein in Bitcoin exchanges.bitcoin fix sees delaysprovides forex news and technical analysis on the trends that influence the global currency markets.bitcoin dinero electrónico

The technical setups posted below use simple trend detection, support and resistance, channels, pattern and candlestick analysis.We aim for high-probability trade setups on BTCUSD and use very few indicators.All charts use BNC’s Bitcoin Liquid Index for maximum accuracy.The timeframe for trades is 1 to 7 days, so we’ll use 4h candlesticks.Bitcoin is best traded as a purely speculative commodity on 4h+ timeframes.bitcoin ha muertoCircle Pay announces iOS iMessage Bitcoin integration plans.bitcoin wiki private keyAdding payments to iMessages reduces “the friction,” for consumers, says CEO Jeremy Allaire.Customers can send dollars, euro, pound sterling and bitcoin to anyone directly inside of iMessage, and can fund payments and cash out using almost any bank in the US, UK and, soon, Europe.The race to capture the lion’s share of the ETF market is heating up.

The Winklevoss ETF, once to be listed on NASDAQ, then later to on BATS, has just had a regulatory setback.SolidX is stepping up their game to provide a competitive foothold.Ripple raises $55m in Series B Funding.Ripple also added new partners to the Ripple network;  Standard Chartered, Westpac, National Australia Bank, Mizuho Financial Group , BMO Financial Group, Siam Commercial Bank and Shanghai Huarui Bank.This shows that the digital currency industry started by Bitcoin is still growing.Its great to see the long term uptrend channel is still intact, It’s safe to say that we are still in an uptrend.The very bullish inverse head and shoulders consolidation pattern is still forming.Should this pattern complete, we should see new highs this year.Something great has happened over the past week, BTC’s volume broke out of consolidation!We see this as a big deal as heavy volume is needed in order to take BTC’s price higher.Although the price retraced a bit, this should be a healthy retrace that’s needed if price is to continue higher.

On Balance Volume is at all time highs, this indicates that buying pressure is still strong and is usually a good indicator of future price continuation to the upside.We see a very strong probability of BTC retracing further in the coming week(s).We view this as a potential long term buying opportunity.There is a high probability of further retracement in the near term as BTC found strong support at the $615.00 level, which is 50% Fibonacci support.The next support level is at $575.00, should be a good buying opportunity.Setting a tight stop loss in case the market does panic may be beneficial.It may be best to look for a pattern of higher lows and higher highs if the price does reach the $575.00 level before confirming an entry.Short term we see a decent sell opportunity.The retrace this week, on Sep 9, accompanied heavy volume, Historically retraces of that magnitude tend to have further continuation.The spot price is currently $605.00.Shorting now, with a take profit at $575 and stop loss at $615, gives a good risk/reward ratio of 2:1.