Connect with us

Bitcoin

U.S. Investors Are Curious, But Not Ready to Invest in Bitcoin

Published

on

Results of a survey published by Wells Fargo Gallup on July 28, 2018, revealed that only two percent of US has invested in bitcoin, less than one percent plan to buy in near future while it influences 26 percent. The survey points to the fact that many investors are still hesitant to get invested in cryptocurrencies.

Gallup Survey Result

The recent poll carried out by Wells Fargo/Gallup has shown that majority of the U.S.-based investors still consider the investment in Bitcoin as “very risky.” According to a Wells Fargo/Gallup poll, just two percent of investors say they currently own bitcoin, and less than one percent plan to buy it soon. Though most investors say they have no interest in ever buying bitcoin, about one in four are intrigued by it but won’t be buying it soon.

The poll further revealed that only three percent of men, one percent of women, three percent of people from the age 18 to 49 and only one percent of investors above the age 50 own bitcoins.

The survey carried out through the Gallup panel was targeted mainly on adults of the U.S who has invested $10000 or more in different investment areas like bonds, stocks, mutual funds or any savings account.

In this context, it is worth noting the previous survey conducted by Gallup in 2016 on the subject “Most Americans Foresee Death of Cash in Their Lifetime.” People of the U.S. want cashless operations. However, they are reluctant when comes to buying bitcoin.

The Bitcoin FUD

There has been an increase of over 8,400 percent in the price of bitcoin between 2013 to 2017; however, its volatility projects a significant threat. Bitcoin price bounces every day due to various market conditions.

Karan Bharadwaj Chief technology officer of Singapore-based FinTech firm, XinFin says:

“Bitcoin was invented to be a peer-to-peer digital cash system with a limited supply of 21 million Bitcoins. Its price is driven because it is limited supply and decentralized. There is huge speculation around it, and that is what is driving the prices. Several things drive Bitcoin prices. Often when the demand for Bitcoin goes up in politically/economically volatile regions, there is a general increase in Bitcoin prices.”

He believes that currently what drives Bitcoin are the speculations and that its price is determined solely by demand and supply.

Recently the price of bitcoin has regained to its average level after a diminish in its price during the beginning of 2018.

The investors in the crypto market are of the different opinion that the price fall was for a short period and this won’t be repeated shortly, but some of them still argue that the price may fall any time in sooner. Thus in a way, it is true that bitcoin is still in its nascent stage. It would take a tremendous effort to bring awareness among people.

Bitcoin

Bitcoin (BTC) Loses 1.13% Overnight; Value Falls Below $7300

Published

on

Bitcoin has been down by 1.13% over the last 24 hours, and it has shown three major price swings in the range of 7382 USD and 7175 USD. It is expected that Bitcoin may take things slower from now on.

Bitcoin Price Prediction

Bitcoin opened the day near 7315 USD, and over the next 4 hours and 37 minutes, it gained 0.91% and got placed at 7382.33 USD. It was followed by a huge decline in the value. Between 04:44 UTC and 17:59 UTC, Bitcoin fell by 2.80% and touched the lowest point of the day at 7175.77 USD. The last swing of Bitcoin happened between 17:59 UTC and 01:22 UTC today and in these 7 hours and 22 minutes, Bitcoin managed a hike of 0.83% that added 59.65 USD and pushed the value to 7235.42 USD.

BTC Price Prediction

There has been a marginal increment in the market cap of Bitcoin. Yesterday, the market cap was at 131.696 billion USD, and today, it has been increased to 131.829 billion USD.

Bitcoin’s 20 days MA stands at 7351.55 USD, and it’s 50 days MA is now at 8207.4 USD. The current price at 7232.98 USD is 11.87% and 1.61% less than the 50 days and 20 days moving averages, respectively. BTC’s next halt may come at 7386.08 USD in the coming few days as its next resistance.

News Source

Continue Reading

Bitcoin

China Continues to Dominate Global Bitcoin Mining, But for How Long?

Published

on

New research shows that China’s dominance of the total Bitcoin hash rate continues to grow. The nation reportedly now accounts for around 66 percent of all the computing power supporting the Bitcoin network at present.

China has historically been the leader in global Bitcoin mining. However, with large mining operations coming online in the US and Russia in 2020, the industry this time next year might look quite different.

Two Thirds of Bitcoin Mining Happens in China, Says Report

A report by CoinShares, cited by Reuters, claims that Bitcoin miners located in China now control around 66 percent of the total network hash rate. Hash rate is a way of describing the amount of computing power supporting the network.

Total network hash rate has been rising rapidly during 2019. NewsBTC has reported several times about new all-time highs in terms of the amount of computing power supporting the Bitcoin network. With mining interests investing heavily in hardware, it’s clear that Bitcoin miners are confident in the future of the digital currency.

Chris Bendiksen, the head of research at CoinShares, attributes the rising hash rate to Chinese miners deploying higher powered hardware sooner that those located in other countries. Three of the largest manufacturers of mining hardware are from China: Bitmain, MicroBT, and Canaan. Despite how opaque the industry is it seems fair to conclude that a large proportion of the most cutting-edge mining hardware will be deployed in China first.

Although the mining industry in China is growing faster than in other nations, there are large operations in the works that allow other nations to catch up by this time next year. New mega mining farms are being planned in both the US and Russia at the moment.

Bitmain itself has just opened a huge mining operation in the state of Texas. The facility currently has a total capacity of 50MW. However, the Chinese mining giant says it has plans to increase this to 300MW at a later date.

Similarly, Layer 1, a San Francisco-based startup, also plans to launch a mining operation in Texas. This effort seeks to lower the mining industry’s dependence on firms like Bitmain by developing its own cutting-edge hardware and cooling systems.

Meanwhile, the Russian Mining Company (RMC), owned by the nation’s internet ombudsman also has plans to create a vast new operation in the province of Karelia. CEO of RMC, Dmitry Marinichev, claims that the new facility will command around a fifth of Bitcoin’s total hash rate when it is completed.

Meanwhile, the Russian Mining Company (RMC), owned by the nation’s internet ombudsman also has plans to create a vast new operation in the province of Karelia. CEO of RMC, Dmitry Marinichev, claims that the new facility will command around a fifth of Bitcoin’s total hash rate when it is completed.

News Source

Continue Reading

Bitcoin

Bitcoin technical analysis: BTC/USD bears have forced a devastating daily closure below flag pattern

Published

on

  • Bitcoin price is trading in minor positive territory, up some 0.35% in the second half of the session. 
  • BTC/USD price action broke out and closed below a bearish flag via the daily chart view.
  • The next major daily support is eyed at psychological $7000 down to $6800 range. 

BTC/USD 60-minute chart

Price action is moving within a near-term bearish flag structure, to suggest another break south may be around the corner. 

BTC/USD daily chart

The price is trading just below a bearish flag structure, which leaves it vulnerable to further potential downside for now. 

Spot rate:                  7,387.68

Relative change:      +0.35%

High:                          7266.01

Low:                           7177.92

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Source: fxstreet

Continue Reading
Open

Close