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US Politicians Dip Toes Into Cryptocurrencies With BitcoinLatina Endorsement

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The growing team at the BitcoinLatina Foundation has grown bigger, gained more legitimacy, and seemingly become more powerful, with a number of politicians from across the US endorsing the project. Most prominent among them is Kelli Ward, Senate candidate from Arizona, who had unsuccessfully challenged John McCain for his senate seat in 2016. She is running again in 2018. In a blog post, John Gotts, CEO of BitcoinLatina Foundation, reproduced a statement from Ward where she personally endorsed Gotts’ “honesty, integrity, and accessibility”. She goes on to state “The innovative nature of this enterprise offers the possibility of improving the lives of millions of people in Latin America and around the globe. It may lead to economic growth and prosperity for many. It provides access to stable capital for millions who are currently unbanked.”

“BitcoinLatina could change the world” – Kelli Ward, US Senate Candidate from Arizona

Gotts also received words of praise and encouragement from Idaho State Senator and Candidate for Lt. Governor Marv Hagedorn. Hagedorn expressed hope that BitcoinLatina will be “A currency that will stabilize the regions where citizens flee for their safety will will significantly reduce the illegal border crossings into the U.S. Drug cartels will no longer be able to launder their illegally gained cash and Latin American citizens will have the stability in their governments to investigate their own resources of time and money into their own countries.”

State Rep. Bill Rehm (New Mexico), while extolling Gotts’ business acumen, said he was excited to join the BitcoinLatina Foundation. Of Gotts, Rep. Rehm said “I have never questioned his honesty or integrity. All business transactions had no hidden costs.”.

“I am confident BitcoinLatina will increase business between the United States and Latin America” – State Rep. Bill Rehm (NM)

“We are looking forward to BitcoinLatina being successful” said State Rep. Sal Esquivel (Oregon) as he endorsed the project, while stating he has worked with Gotts “for over a decade through several projects”.

“This is a great opportunity for improving the economy of other nations and specifically trade between the US and Latin America” – State Rep. Sal Esquivel (OR)

State Rep. Lee Perry (Utah), again appreciating Gotts’  “innovative ideas, which are are always forward-thinking and beneficial to many people”, has promised to do what he can to “make this very worthy project a success”.

“I believe in their mission of lifting people up so that together we can end poverty and suffering” – State Rep. Lee Perry (UT)

Given the recent focus of regulators in the US and around the world on cryptocurrenciesand blockchain in general, these very strong endorsements from some powerful politicians in the country should calm the fears of anyone who still had any doubts about the legitimacy of the BitcoinLatina project. One would expect that BitcoinLatina would need all the help it can get to achieve its significant goals of becoming the blockchain of Latin America.

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Bitcoin’s perfect combination of pseudonymity and decentralization has allowed it to survive the government

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Bitcoin has been alive for more than 10 years now, and it gets stronger with each passing day. On the other hand, Facebook’s Libra, which is yet to be launched, is facing a lot of setbacks from the government. Coinbase’s ex-CTO, Balaji Srinivasan, compared Libra to Bitcoin and pointed out the differences that has allowed Bitcoin to thrive.

Srinivasan stated,

“When Satoshi launched Bitcoin he combined pseudonymity with decentralization. So neither the person nor the chain could be targeted. Libra might be able to become more decentralized, but it would be hard to not associate it with Facebook.”

Bitcoin is not anonymous, but pseudonymous because each user has addresses which aren’t linked to their original identity, thus making it pseudonymous. Users often use different addresses for every transaction to cover their tracks and to avoid being traced.

Srinivasan described Bitcoin’s pseudonymity as a “bridge” which allows one “to port over some (not all) of the attributes associated with a high reputation identity to a fresh pseudonym, while preserving statistical guarantees around anonymity.”

While there are many privacy-based cryptocurrencies focusing on anonymity and privacy, there are ways where one could be totally anonymous with Bitcoin using methods like CoinJoin, Wasabi etc.

Additionally, Srinivasan described this pseudonymous bridge as an “interface” between fiat identity and cryptocurrency identity, just like exchanges are an interface between fiat and crypto.

Comparing this with Facebook’s Libra, Srinivasan stated that Facebook will always be associated with Libra and the other way around. He added that it wouldn’t be able to achieve necessary decentralization because of this. He added,

“Libra might be able to become more decentralized, but it would be hard to not associate it with Facebook.”

A Twitter user, @Mrauchs, commented,

“How could the Libra network ever become more decentralised than Bitcoin if it relies on a permissioned validator set (i.e. identified actors) and a closed governance model?”

Source:ambcrypto

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Bitcoin Bounce Capped by $10K Price Resistance

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  • Bitcoin’s recovery from $9,049 to $10,000 lacks substance and may be short lived.
  • Signs of bullish exhaustion near $10,000 have emerged on the 4-hour chart. A break below $9,580 would confirm the corrective bounce has ended and allow a drop to $9,000.
  • Moving average (MA) studies and key indicators like the relative strength and the Chaikin money flow indices on the daily chart continue to call a bearish move.
  • A high-volume break above $10,000 could yield a move to $10,400, but a 4-hour close above $11,080 is needed to invalidate the short-term bearish setup.

Bitcoin’s recovery from one-month lows looks to have stalled near $10,000 and the cryptocurrency may end up charting a bearish lower high around the psychological resistance level.

The top cryptocurrency by market value slipped to $9,049 in the European trading hours yesterday, the lowest level since June 19, according to Bitstamp data. That drop came after the bullish higher-lows pattern was invalidated with a move below $9,614 on Tuesday.

The drop was short-lived, as expected, though. Prices bounced up in the U.S. trading hours, keeping the former resistance-turned-support of the $9,097 May 30 high intact.

The recovery, however, looks to have run out of steam, and BTC has spent a better part of the last 13 hours struggling to settle above $10,000.

A persistent failure to convincingly beat $10,000 means the market is no longer viewing sub-$10,000 levels as an opportunity to get involved in the bull market the way it did on July 2, when prices charted a V-shaped recovery from $9,614 to $11,000.

Further, technical charts indicate the bounce seen in the last 24 hours lacks volume support. So, the odds appear stacked in favor of the creation of a bearish lower high at $10,000 and a fall back to $9,000 in the next day or two.

As of writing, BTC is changing hands at $9,850 on Bitstamp, representing 3.5 percent gains on the day.

Hourly chart

Buying volumes (green bars) on the hourly chart have been very low throughout the price bounce from $9,049 to today’s high of $10,027.

A low-volume recovery often ends up as a “dead cat bounce” – a short-lived recovery after a notable price drop – meaning BTC will likely fall back to $9,000.

Sell volumes (red bars) have been consistently higher than buying volumes ever since BTC topped out at $13,200 on July 10 – a sign of change in market sentiment.

4-hour and daily chart

Multiple candles with long upper wicks (above left) near $10,000 indicate BTC’s recovery has run out of steam near $10,000. A break below $9,580 – the low of the doji candle created in the Asian trading hours – would confirm a bearish lower high at $10,000 and allow a drop to $9,000.

The bearish view would be invalidated only if prices invalidate the lower-highs pattern with a high-volume move above $11,080.

That, however, looks unlikely as the daily chart is biased bearish. The 5- and 10-day moving averages are trending south, indicating a bearish setup. The 5- and 50-day MAs are teasing a bearish crossover.

The Chaikin money flow index is now barely holding in positive territory compared to highs above 0.35 seen at the end of June. That indicates a significant weakening of buying pressure.

Further, the relative strength index is reporting bearish conditions with a below-50 print.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

source:.coindesk.

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5 Best Reasons to Invest in Bitcoin Today

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The digital media has taken giant leaps in the delivery of information, communication, and technology in the past few years. This has also made way for the digital currencies to take the center-stage amid the rise of e-commerce and digital banking/financing products.

There are more than 2,300 cryptocurrencies in the global market, but Bitcoin has already become the industry leader. Almost a decade ago, Bitcoin was created by a person(s) named Satoshi Nakamoto (pseudonym).

Bitcoin is the hottest cryptocurrency in the world and is the most lucrative product in the finance and investments sectors. However, one can’t disassociate the element of unpredictability from the cryptocurrencies market. It can make a sudden spike in a minute but can nosedive the very next minute. This unpredictability has left many to think why not or why invest in Bitcoin?

  • Consistent Rise in Acceptance of Bitcoin

There are several cryptocurrencies in the market but Bitcoin is the first and the most successful of them. The Bitcoin blockchain technology has been growing consistently which has helped its global adaptation rate remarkably. Due to this reason, Bitcoin has managed to build its credibility in the market. 

  • Better Regulations

The anomalous rise in the demand of cryptocurrencies gave birth to the introduction of proper regulations. Defined regulations reduced the element of uncertainty and provided a significant boost to the coin investment and its prices. Similarly, Bitcoin regulations helped tackle various associated scams, which, in return, added to the investors’ confidence.

  • Wall Street to Launch Crypto

Wall Street announced last year to launch cryptocurrency trading offerings for investors in 2019. This would be more efficient for many businesses because the number of crypto hedge funds had reportedly increased in 2018.

The custody and Bitcoin trading platform will be finally introduced in 2019 and it will be known as Bakkt. The Commodity Futures Trading Commission (CFTC) has said that Bakkt is still in its preview stage. Once Bakkt is introduced, Bitcoin will be at a different height altogether which will give other cryptocurrencies a good run for their money.

  • Developers Enhancing Bitcoin Scalability 

Due to its volatile nature, Bitcoin has made developers to boost its security and develop a more enhanced network. In the past, many other cryptocurrencies faced reliability issues. The introduction of the lightning network and Bitcoin Cash (BCH) was one of the major breakthroughs, and it facilitated better transactional and reliability features.

  • Bitcoin Always Ready to Scale New Highs

In 2017, Bitcoin reached its historic peak of approximately $19,500. Eventually, it led to the inevitable price correction. In the past two years, the Bitcoin price has dropped appreciably but it is always estimated to achieve new highs in the coming times.

Conclusion

It is a good time to invest in Bitcoin now especially when the sentiments are negative and the chips are down. In the words of leading capital markets investor Warren Buffett, who stated that as an investor, it is wise to be “Fearful when others are greedy and greedy when others are fearful.”

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