Press

Prices could triple by year's end, Bespoke analyst predicts

16 Jan, 2018

Bespoke Investment Group's Dan Ciotoli believes the cryptocurrency's price could nearly triple by the end of the year — declaring that the January crash is likely behind it."There was a big run-up in December, and then we kind of saw these get-rich-quick-investors exiting the space. Everyone rushed in at once. So, the inevitable crash happened," he said Tuesday on CNBC's "Futures Now." "Now it's starting to recover. We saw a bottom around $9,000."Ciotoli, a blockchain analyst and software engineer, is out with a year-end forecast placing bitcoin prices in the $20,000 to $30,000 range."The driver I think is going to bring bitcoin up in 2018 is bitcoin denominated commerce," he added — noting that converting it into dollars right now is too pricey.For his bullish forecast to stick, Ciotoli says it depends on the success of the Lightning Network, a technological endeavor that's expected to roll out this year. The network's goal is to bring in a new wave of buyers by making bitcoin transactions faster and cheaper.If the network fails, Ciotoli says, his year-end bitcoin target could drop as low as $5,000."If I don't see people actually able to use bitcoin to say 'buy Starbucks' or something. I'd be worried that people would slowly lose interest, the price kind of levels off or even goes down," he said.It would be an unwelcome scenario, but even that wouldn't spell the end of bitcoin, according to Ciotoli."The technology is here to stay, and I think it'll be interesting to see how things play out over the next year," Ciotoli said.

Investors SHOCKED at least TWO cryptocurrencies 'thought to be safer'

16 Jan, 2018

BITCOIN has received a ratings grade which has shockingly been outperformed by lesser-known altcoins in the first cryptocurrency review delivered by top financial institution, Weiss Ratings.The ratings agency claims they were hit with cyberattacks ahead of the historic ratings release which they blamed on Korean hackers who were trying to defend Bitcoin from the prospect of a negative rating.The rating said: “Bitcoin gets excellent scores for security and widespread adoption.“But it is encountering major network bottlenecks, causing delays and high transactions costs.“Despite intense ongoing efforts that are achieving some initial success, Bitcoin has no immediate mechanism for promptly upgrading its software code.”Weiss Ratings founder Martin Weiss said of the cyberattacks: "Earlier commentary on social media expressed considerable fear we were about to release negative ratings on their preferred currencies."So this may be an attempt to thwart our release today."In a surprise to many cryptocurrency traders, Ethereum outperformed Bitcoin gaining a “good” B rating compared to a “fair” C+ rating for its better known competitor.Novocain and SaluS were both deemed weak as they earned a D rating, while relatively unknown Steem also outperformed Bitcoin to earn a B-.Mr Weiss said: “Despite extreme price volatility, cryptocurrencies have a bright future and the potential to deliver unusually large profits to investors.“However, the market is hectic and confusing for investors. They need the clarity that only robust, impartial ratings can provide.”The ratings agency released a statement amid concern its ratings had been misunderstood as overly negative.It read: “Other rating agencies use a scale from triple A to single C. In that scheme a B grade is “junk” and a C is close to failure.“In contrast, Weiss Ratings’ B is ‘good’ and C is ‘fair’.“Based on a study of the Weiss Ratings by the US Government Accountability Office, an institution is not categorised “vulnerable” unless its grade is D+ or lower.”The ratings shock come as Bitcoin expect and CEO of Shopin, Eran Eyal, said he had “no doubt” the currency would hit $100,000.The ratings agency took the opportunity to explain why Bitcoin did not receive a higher rating.While no coin received an A rating overall, Bitcoin did earn the highest rating on its Fundamental Index.However, the Fundamental Index is just one of the major metrics used to calculate a currencies rating.Bitcoin loses out on the Risk Index owing to its highly volatile price and the Technology Index due to the energy consumption of mining and the lack of scalability of the system to meet demand.Mr Eyal said it is important to separate Bitcoin from other types of cryptocurrencies such as Ethereum or Ripple. He said each cryptocurrency has its own “business model” to differentiate from one another.Speaking on CNBC, Mr Eyal said: “I have no doubt that Bitcoin is going to reach well-beyond $100,000. Have a look at how it has climbed over the past.“I think it’s important not to just look at it at this moment in time but also to look at it historically at what has happened around the world.“I mean, look in the United States, Bitcoin exchanges were shut down three times. What we are seeing here is really government’s taking a knee and taking a moment to understand the ramifications of their specific culture.”Mr Eyal said all cryptocurrencies are different. He used the example of Ethereum and said it is a platform for building "exciting technologies".He said it is “impossible” to look at Bitcoin and Ethereum and compare one to the other because “they are not both apples”

Bitcoin Demand at $10K Hints at Move Higher

12 Jan, 2018

Persistent demand around the $10,000 mark appears to have not only neutralized the immediate bearish outlook on bitcoin, but also hints the cryptocurrency could be building a base for an eventual move higher.Prices on CoinDesk's Bitcoin Price Index (BPI) fell to $9,972.29 yesterday, before witnessing a quick recovery to $11,000 levels. This is the fourth time in last week that bitcoin (BTC) has recovered losses after sinking below $10,000 levels. As of writing, bitcoin is at $10,990 levels. The cryptocurrency has appreciated by 3.38 percent in the last 24 hours, according to OnChainFX.On Coinbase's GDAX exchange, BTC witnessed two-way business yesterday with prices hitting highs and lows of $$11, 370 and $9,945, respectively, before closing (as per UTC) at $10,824 levels.The situation looks no different today as the rebound from the intraday low of $10,450 seems to have run out of steam above $11,000 levels. The cryptocurrency was last seen changing hands on GDAX at $10,970 levels.The two-way price action witnessed in the last 24 hours is indicative of indecision in the marketplace and a decisive move (in either direction) would likely set the tone for the market. That said, the price chart analysis today puts the odds of a decisive move higher above 50 percent.