Say what you want, but cryptos move higher on stronger dollar

Bitcoin stealthily moved over the $9,000 mark overnight, despite the continuing noise coming out by financial watchdogs.

While I still believe bitcoin is the blue chip of the cryptocurrencies, over the last month’s rise it has lagged other acceptable digital currencies in appreciation. Ripple soared 85% and ethereum is up almost 65% over the last two weeks, while litecoin and bitcoin trail with roughly 36% appreciation over the same time frame. Continue reading

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Bitcoin spikes $1,000 on short squeeze

It appears to be time to check in on bitcoin.

The cryptocurrency spike over $1,000 in 30 minutes on Thursday morning taking it back over the $8,000 mark for the first time since late March. Continue reading

Talking bitcoin with a Street technical analyst

I had another conversation with a Wall Street chart technician about bitcoin and where it might be going over the short term.

The last 30-day trend line is very evident coming off of a $11,500 high in the beginning of March down to a low of $6,600 overnight. Bitcoin now sits just below the $7,000 mark as I write this Friday morning. Continue reading

Bitcoin’s clash of the titans

Call it bitcoin’s clash of the titans.

One, a little known banker to the crypto world, is Nobuaki Kobayashi, bankruptcy trustee for Mt. Gox,  the digital currency exchange that was hacked and lost billions of dollars for its BTC clients in 2014.

The other mystery titan only goes by the Bitcoin address of 3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64 and according to BitInfoCharts has amassed an astronomical amount of bitcoins worth $344,000,000 at a blended cost basis around $8,400 from 02-09-18 through 02-12-18, according to published reports.

The mystery buyer has a total a new total of 96,000 coins worth somewhere around $790M at today’s price of $8,225, according to BitInfoCharts. The buyer is now the third largest holder of bitcoin in the world.

Kobayashi could very well be on the other side of the trade since the trustee has been charged with selling of the remaining cryptos held by Mt. Gox. The Japanese banker has sold roughly 2,300 bitcoin since last September while prices were soaring toward $1,800.

Kobayashi is said to have another $1.9B in assets he is looking to liquidate, which could be one of the reasons bitcoin has fallen below $9,000K recently.

Perhaps these two could arrange a private placement off the exchanges, so that bitcoin can get back to its true price discovery without the dread of other huge sales having the effect of price suppression.