Bitcoin Price Breaks Medium-Term Resistance after Surging 8% Near $4,000.
The Bitcoin market came back on its bullish track during the February 18’s trading session.
The Bitcoin-to-Dollar rate (BTC/USD) on Monday established an intraday high towards 3917, up 8.08% since the open. The pair rallied through the Asian session and continued its upside momentum after the European market opened. Around 1600 UTC, BTC/USD also broke through a strong resistance trendline of the medium-term triangle pattern discussed in our Bart Simpson analysis. Have a look for more… Source: CCN
Tim Draper Predicts Crypto Will Rule, Only Criminals Will Use Cash in Five Years
Billionaire investor and known Bitcoin (BTC) bull Tim Draper argued that in five years, only criminals will use fiat as crypto becomes universally widespread. Draper made his claims in an interview with American financial news tv channel Fox Business released on Feb. 18.
Reiterating his previous statements predicting that fiat money will become laughable and obsolete in five years, Draper has elaborated on his forecast, stating that nobody but criminals will keep using cash, since criminals who use crypto can be tracked via blockchain. Source: Cointelegraph
Mining Giant Bitmain Posts $500 Million Loss in IPO Financial Filing
Mining hardware giant Bitmain lost about $500 million in the third quarter of 2018 amid an overall bearish market for cryptocurrency, CoinDesk has learned.
The Beijing-based company recently provided an update on its financial results to the Hong Kong Stock Exchange (HKEx), which is reviewing Bitmain’s application for an initial public offering (IPO) first filed in September.
The update showed Bitmain earned around $500 million in the first nine months of last year, on slightly over $3 billion of revenues, according to a source familiar with the situation. The filing, which is not public, does not break down the results by quarter. Source: Coindesk
Ethereum Price Analysis: ETH Rally Takes Break, Uptrend Intact Above $140
ETH price extended the recent rally and traded above the $144 and $148 resistances against the US Dollar.
The price traded close to the $150 level and later started consolidating gains above $145.
There is a major bullish trend line in place with support at $142 on the hourly chart of ETH/USD (data feed via Kraken).
There could be a short-term downside correction, but buyers remain in action above $140.
Put Your Money On Crypto for the Long-Term, Says Major Wealth Manager for Pensions
It’s time institutional whales put their money into cryptocurrency according to major investment management firm Cambridge Associates. The Boston-based consultancy only advises major institutions who manage more than $300 billion worth of clients’ assets. Cambridge was quoted in Bloomberg on Monday as saying:
“Despite the challenges, we believe that it is worthwhile for investors to begin exploring this area today with an eye toward the long term. Though these investments entail a high degree of risk, some may very well upend the digital world.” Source: CCN
Indian Government Inaugurates National Cryptocurrency Forensic Lab
The government of India has inaugurated a national cyber forensics lab which includes a cryptocurrency forensic lab to perform crypto-related analyses. Alongside this is the inauguration of the Delhi Police’s cybercrime unit which will deal with fraud involving cryptocurrencies. It is the first cybercrime awareness and detection center in the country, according to a commissioner. Source: News.Bitcoin.com