eToro Launches Crypto Portfolio Weighted by Twitter Mentions

That notorious abyss of Crypto Twitter – where the XRP Army patrols, altcoins flourish and falter, and @Vitalik99832182 promising you infinity ETH – got a new plaything today: an eToro crypto portfolio calibrated to the tenor of its tweets. The new financial instrument is called TheTIE-LongOnly CopyPortfolio, and, as of Tuesday morning, it was live on eToro’s trading platform with a minimum $2,000 buy-in. It’s a partnership between eToro exchange and The TIE data analysis firm, who sources their tweets – about 850,000,000 daily – from Social Markets Analytics. With an…

Coinshares, Blockchain Launch Gold Token Network on a Bitcoin Sidechain

Digital asset manager CoinShares is putting gold on the bitcoin blockchain. Working with wallet provider Blockchain and precious medal trader MKS (Switzerland) SA, the U.K.-based firm announced Tuesday a gold-backed network for trading tokens representing digitized physical gold, a project two years in the making. According to CoinShares, the network launches today with more than $20 million in gold held in a Swiss vault to back up its tokens. Each DGLD token is backed by 1/10th troy ounce. CoinShares chairman Danny Masters said the product’s network security is based on the…

Is Bitcoin a Safe Haven Like Gold? These Four Charts Say Not Yet

Galen Moore is a member of the CoinDesk Research team. The following article originally appeared in Institutional Crypto by CoinDesk, a weekly newsletter focused on institutional investment in crypto assets. Sign up for free here. Investors are beginning to have a clear sense why bitcoin exists: it’s digital gold, a narrative that has emerged clearly as other assets flounder, gasping for air in the muddy water of shallow memes. Ethereum has hopped from story to disjointed story; now it’s “money” (OK). Nobody knows what Ripple, er, XRP is. If bitcoin is digital…

Bitcoin Fails at Key Price Hurdle, Risks Return to $8,000

Bitcoin is facing further losses after the bulls failed to capitalize on price gains seen this week. The cryptocurrency’s quick pullback from a 2.5-week high of $8,830 to below $8,400 this morning has invalidated a bullish breakout on the 4-hour chart seen Wednesday, as seen below. 4-hour chart The failure to hold above the 200-day moving average (MA) at $8,654 has also weakened the bullish outlook on the daily chart and may have shifted risk in favor of a drop to $8,000 in the next 24 hours. Daily chart Bitcoin crossed the…

Liquidity Provider B2C2 Launches Gold Derivative Settled in Bitcoin

Crypto liquidity and OTC provider B2C2 has launched a gold derivatives product that synthetically trades against bitcoin in what the firm says is an important evolution in the safe-haven asset trading space. Launched in 2015 and receiving regulatory approval for crypto derivatives in the U.K. earlier this year, B2C2 offers bulk crypto purchases through its API service. With the firm’s new product, clients can physically settle synthetic trades with bitcoin, which correspond to physical gold stored in vaults. Synthetic positions combine various underlying assets to mimic the returns of another…

Bitcoin Bounces Back to $8K from Historically Strong Price Support

View Bitcoin has again bounced up from the 100-week moving average – a level which has acted as strong support in the previous two weeks and during the early stages of the previous bull market. The defense of the 100-week MA coupled with the oversold conditions on the daily chart suggests scope for a recovery rally to $8,500. The case for a bounce would weaken if prices find acceptance below the support level, currently at $7,753. That could pave the way for a slide to $7,200. Bitcoin (BTC) has again…

Bitcoin Is 2019’s Best-Performing Asset, Even After Recent Price Downturn

The Takeaway Bitcoin prices have more than doubled in 2019, far outpacing the 31 percent return for U.S. tech stocks, which Goldman Sachs deems the best-performing asset class year-to-date. Outsize returns could attract interest from big investors in the yield-starved traditional financial markets. Executives at data firm Messari say bitcoin prices, currently around $8,200, could rally to a new high in the year’s remaining months, topping the $12,902 level reached in June. Investors would be hard-pressed to name a better-performing asset class so far in 2019 than bitcoin. Gold? Up…

Ether Outshines Bitcoin in a Gloomy Month for Crypto Prices

September has been a rough month for bitcoin and the wider cryptocurrency market, but ether has weathered the storm better than most. Bitcoin, (BTC), the leading cryptocurrency by market value, is on track to post a monthly loss of more than 16 percent – the biggest since November 2018, according to CoinMarketCap. As of writing, BTC is trading around $8,070, having hit a 3.5-month low of $7,838 earlier today. Meanwhile, the total market capitalization of all cryptocurrencies has currently shed nearly 13.7 percent on a month-to-date basis, standing at $215…

Bitcoin Looks South After Price Squeeze Ends With Drop to $9.6K

View Bitcoin fell to $9,600 earlier today, marking a downside break of recent low-volatility consolidation represented by the narrowing of Bollinger bands. The Bollinger band breakdown has opened the doors for a slide to $9,320 (August low). A break above $10,380 (Sept. 19 high) is needed to neutralize the bearish setup. Bitcoin’s recent low-volatility price squeeze has ended with a downside break that may see the cryptocurrency drop to the August low of $9,320 in the short-term. The top cryptocurrency had been largely trading in a very narrow range ($9,600–$10,500)…

Bitcoin Price Dips to $9.6K as Bear Cross Looms

View BTC quickly fell to $9,600 this morning, bolstering the bearish setup on the 4-hour and daily charts. A deeper drop to key support at $9,454 may now be in the offing. A UTC close below $9,450 would confirm a downside break of a three-month-long contracting triangle and expose the 200-day moving average (MA) support lined up near $8,100. A move above $10,458 is needed to negate the immediate bearish case. A UTC close above $10,958 would confirm a bullish triangle breakout. The 50- and 100-day moving averages are about…