Category Archives: Bitcoin price

BitPay Backpedals on Payment Limits

Online Bitcoin payments provider BitPay announced last week that the minimum accepted payment would be $100. This was in response to escalating Bitcoin transaction fees during the big sell off. However, just two days later, the provider backpedaled to restore the previous minimum of $5.

Last week saw Bitcoin’s biggest selloff this year, even bigger than the Chinese ICO ban in September. The crypto coin dumped 40% of its value in a matter of days, and the digital avalanche took most of the altcoins with it. When mass selling occurs, the exchanges get overwhelmed and transaction speeds grind seemingly to a halt. Conversely, the cost of sending or receiving Bitcoin escalates.

BitPay Responds

According to reports, the initial decision was explained on BitPay’s blog:

The Bitcoin network has been seeing record transaction volume in the last few weeks. This growth has also led to record network congestion and record-high bitcoin miner fees. Bitcoin miner fees are now more than $30 per transaction on average. To protect purchasers and to continue to offer service for Bitcoin payments, we are now requiring a new invoice minimum payment amount of $100 on all BitPay invoices.

Frustration reigned as traders tried to sell off their Bitcoin amid a market slide. However, the ‘hodlers’ were the victors as the coin has since rebounded back up to $15,000.


As the markets settled, the payments provider retracted the limit, returning it to its previous level of $5. In an updated post on Saturday, it stated that payment protocol improvements facilitated the implementation of the lower limit:

Our recent Payment Protocol improvements to the BitPay payment experience have effectively eliminated these payment mistakes. This has allowed us to make $5 or greater invoices available once again. Many invoice payments under $100 may still be uneconomical for bitcoin purchasers due to high bitcoin network fees. However, they again have the option to send these smaller payments if they choose.

To lower costs even further, BitPay is working towards implementing SegWit to their network:

We will be working in the coming months to implement Segregated Witness (Segwit) in various parts of our platform. Segregated Witness reduces the size of bitcoin transactions, allowing for an average bitcoin miner fee reduction of over 40%.

Users are urging the rapid implementation for fee reduction, but BitPay has still not made the change four months after it has been activated on the Bitcoin network.

Are you a BitPay user? Were you impacted by the $100 minimum that was in place for two days? Share your thoughts in the comments below. 

Images courtesy of PublicDomainPictures, Pixabay, and Bitcoinist archives.

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Bitcoin Price Drop Is ‘Very Healthy’ – Fundstrat’s Tom Lee To Bloomberg

Analyst Tom Lee has described Bitcoin’s price “consolidation” as “very healthy” in fresh comments to mainstream media.

‘The Smallest Bubble I Know’

Speaking to Bloomberg December 22 as Bitcoin continued a 30% pullback to sub-$13,000 lows, Fundstrat Global Advisors’ head of research said the biggest cryptocurrency “had been following network value” for several years.

“If you look at the number of wallets and transaction activity per wallet, that explains 94% of the move of Bitcoin in the last four years,” he told the network’s Daybreak: Americas segment.

Lee’s comments provide a refreshing contrast to the ocean of bubble warnings to surface in non-cryptocurrency media outlets in recent weeks.

As Bitcoin prices continued to surge towards $20,000 and then correct downwards, warnings to investors combined with public criticism from Bitcoin Cash altcoin proponents to generate an overall sense of instability.

These warnings, Lee says, point not to prudence but to ignorance.

“If anyone says that Bitcoin is trading on pure speculation, they haven’t done their work,” he continued, citing research compiled by Fundstrat in recent months.

…If someone says Bitcoin’s a bubble, it’s the smallest, least-held bubble I’ve ever met.

Blodget: Maybe It Does Have Value

Bitcoin is currently trading at around $14,250, quelling volatility which had expanded during last week’s downward trend.

Meanwhile, Henry Blodget, the Business Insider CEO who earlier this year said Bitcoin has “no intrinsic value” and that investors should “put down the Kool Aid and walk away,” has led a more nuanced mainstream commentary on cryptocurrency prices, away from pure bubble speculation.

“Bitcoin can have a glorious future and change the world, and this run in particular could be a massive bubble and it could go back to $100 a coin,” he said in comments this week in which he likened the current situation to the dotcom boom.

These things are not mutually exclusive; it can be both.

What do you think about Tom Lee’s Bitcoin price opinion? Let us know in the comments below!

Images courtesy of,

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Morgan Stanley Analyst: True Price of Bitcoin Could Be Zero

In a recent report sent out to clients, Morgan Stanley analyst James Faucette cautioned that the “true” value of Bitcoin might actually be zero.

Zero. Zip. Nada.

The report, titled Bitcoin Decrypted, discussed the difficulty in ascribing value to the digital currency, noting that it behaves like neither a currency nor a store-of-value commodity like gold, silver, etc… Examining several key factors, Faucette points out:

  • Bitcoin can’t be valued as a currency because it has no associated interest rate;
  • It may be likened to digital gold but, unlike gold itself, which is used in electronics, jewelry, etc.., Bitcoin has no inherent use*;
  • While it is technically a payment network, Bitcoin is difficult to scale and charges no transaction fee*;
  • Bitcoin’s average daily trade volume over the last 30 days is only $3 billion* compared to $5.4 trillion in the FX market;
  • The estimated daily purchase volume for Bitcoin is less than $300 million compared to Visa’s $17 billion

Bitcoin acceptance among Top 500 eCommerce Retailers

All of these facts, according to Faucette, underscore the fact that the digital currency has “virtually no acceptance, and shrinking.” In fact, he provides a handy chart (above) to illustrate his statement. Because of this, he maintains that “If nobody accepts the technology for payment then the value would be 0.”

Hold On There, Speed…

I hate to burst your bubble, Mr. Faucette, but some of your facts are…shall we say…less than factual. Mind you, I am no financial analyst, but then you don’t need to be to pick out these errors.

FACT 1 – Bitcoin has no inherent use

This one is a little tricky to refute, but I’ll give it a go. Playing devil’s advocate, let’s say that Bitcoin as a cryptocurrency has no inherent use. It’s underlying architecture, the blockchain, has a wide range of applications. I know…”But blockchain and Bitcoin are two separate things…” True, but without the blockchain, we wouldn’t have Bitcoin to begin with, so one could conceivably argue that – in this instance – they are two sides of the same coin.

Bitcoin has other uses too – especially in a socioeconomic sense. Consider the current economic conditions in Venezuela and Zimbabwe. These people have been utterly failed by their respective governments. Inflation is through the roof, their native currency has about as much value as one-ply toilet paper, and people – families – are starving. So where are they turning? Bitcoin. People are mining bitcoin and other cryptocurrencies so that they can survive. That’s pretty useful if you ask me.

Starving Venezuelans Turn to Bitcoin Mining in Desperation

FACT 2 – Bitcoin charges no transaction fee

Um…hello? There is absolutely a transaction fee, and right now, we’re paying it out the wazoo. It’s part of those “scalability issues” you mention in your research report. Now, if by transaction fee, you mean a centralized service provider collecting a fee that goes into its own coffers, then I guess maybe you’re technically correct, but you’ve still missed the point. Kind of like tech support at a software company whose name will not be mentioned here.

FACT 3 – Bitcoin’s average trade volume over the last 30 days is only $3 billion

What rock have you been living under? Go look at the historical data for the last 30 days on CoinMarketCap. It’s okay. I’ll wait. Second column from the right. The one labeled Volume. If you take the average of all 30 days, as of this writing, it works out to $11.8 billion – just a wee bit more than your $3 billion estimate.

Bitcoin average 24hr trade volume

I respect your experience and your financial acumen, Mr. Faucette, and it even looks like we both believe in the same old adage, “Forewarned is forearmed,” but if you’re arming your clients with inaccurate information, what purpose does it serve?

What do you think of Faucette’s claims? Could the true value of Bitcoin actually be zero or is this just more wharrgarbl? Let us know in the comments below.

Images courtesy of Morgan Stanley, Reuters

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Bitcoin Price Watch; Here’s What’s On Tonight

So that’s another day drawn to a close in the bitcoin price space and it’s time to take the second of our twice daily looks at how bitcoin has performed over the last twelve hours or so and how we can interpret this action and formulate a strategy with which we can try and draw a profit from the markets going forward.

In a nutshell, things have been relatively flat over the last few days.

We’ve seen price bump around its target ranges and the odd breakout has given us something to trade now and again but – as compares to the action we saw throughout the week last week – things have been relatively low key so far.

The hope is that this will change heading into the weekend and that, in line with this change, we’ll get a substantial uptick in volatility.

So, with this noted, let’s get the levels in place that we intend to use for the session going forward.

As ever, take a quick look at the chart below before we get started so as to get an idea where things stand and where we are looking to jump in and out of the markets if and when things move.

The chart is a one-minute candlestick chart and it has our primary range overlaid in green.

As the chart shows, the range we are using for the session this evening is relatively unchanged from that which we outline this morning.

Specifically, we are looking at support to the downside at 16400 and resistance to the upside at 16598.

If we see price close above resistance, we will get in long towards an immediate upside target of 16650. Conversely, a close below support will have us in short towards a downside target of 16350.

Let’s see how things play out.

Charts courtesy of Trading View

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Bitcoin Price Surges Again as $12,000 Becomes a Likely All-time High Target

TheMerkle Bitcoin Price 12000

The positive Bitcoin price momentum is still in place as we speak. Thanks to some strong gains over the past few days, we are looking at a Bitcoin price of over $11,800 right now. It is only a matter of time until this value surpasses $12,000, which would send some shockwaves throughout the financial sector. The world’s leading cryptocurrency is not done just yet, that much is evident.

Bitcoin Price Trucks Along Nicely

Truth be told, a lot of people had expected a far steeper Bitcoin price correction before we would see any further upward momentum. When the price was rejected from its previous all-time high in rather dramatic fashion, there was a genuine fear we might drop well below $8,000 in the coming days. Surprisingly, things never got that bad, as the value eventually settled at around $9.250.

Although such a $2,000 drop scared a lot of people, it was only a minor blip on the radar when looking at the bigger picture. We now see the Bitcoin price recovering all of those losses and even reach a new all-time high in the process. Things have been especially interesting over the past 24 hours, with a near $1,000 gain across all exchanges. This growth is nothing short of remarkable and astonishing, although it may very well be just the beginning for Bitcoin. Some experts predict a Bitcoin price of around $40,000 by late 2018.

Whether or not that Bitcoin price is achievable in the next 12 months, remains to be seen. The current trend certainly seems to indicate anything is possible when it comes to Bitcoin. With a price change of around $500 in the course of just one hour, there is no reason to think bigger gains are on the horizon for the world’s leading cryptocurrency. An interesting future is ahead, that much everyone can agree on at this point.

Bitcoin once again notes very strong 24-hour trading volume during the weekend. With over $5.4bn worth of BTC changing hands these past 24 hours, the demand for cryptocurrency is not slowing down whatsoever. This current Bitcoin price gain has also pushed the total cryptocurrency market cap over $351bn once again, which is something that shouldn’t be ignored. All cryptocurrencies are flourishing and the majority of them can co-exist with BTC.

Bitfinex is still the go-to exchange when it comes to buying or selling Bitcoin. Their trading volume is almost twice as high as Bithumb’s, and three times as high as HitBTC’s. A remarkable trend that will not change anytime soon. It is also worth noting Bithumb projects a Bitcoin price of over $12,371 at this point in time, which is a pretty interesting gap compared to the rest of the world. Unfortunately, very few people can “exploit” this arbitrage opportunity right now.

How things will play out for the Bitcoin price remains to be seen. The positive momentum is still in place and it seems to grow even more bullish these past few weeks. There is no reason to think the Bitcoin price won’t reach $12.500 before the year is over, but there is never any certainty when it comes to cryptocurrency. Markets can turn sour on a whim’s notice. If that happens, all cryptocurrencies will suffer once again, as Bitcoin drags everything else up or down.

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Great News For Bitcoin Followers: Bitcoin crosses 10K

Bitcoin since its origin saw a Cinderella journey. It had it’s highs and lows, but it came strong all the time. And finally, we are witnessing the beginning of happily ever after. The year 2017 has been a very spectacular year for the currency, with value elevating to all-time highs.

It began in January when the price for Bitcoin after much struggle soared to $1,000/BTC, and in October the price breached $4,500. The speculations started in that period suggested that the Bitcoin surge was imperative and unavoidable this year. Though a denomination on November 12 surprised everyone when the price was $5,850 after standing in the 7K value.

Nonetheless, the current value of bitcoin is not only astounding people, but it facilitated in building a very serious model for the future of cryptocurrency. As a result, even the doubters are now believers with a huge $160B (approximately) market seizure. Now the currency stands at a present-time high of $10k per token.

The currency utilization and credibility among the masses have enormously increased with the time. Bitcoin Price is now getting the much-needed stability which was lacking in its initial years. The company website has laid down the statistics depicting that now the platforms see around 250, 000 to 375, 000 transactions in a single day. Moreover, the digital currency has been able to set reputation especially in those markets which very largely unexplored previously.

Even mining is now more lucrative than it was ever before. In the present time, the Simple Moving Average (SMA) apprehended as the short term has well exceeded the long-term trend indicator which represents that bulls may damage key resistance very easily. Furthermore, the currency’s price could see a righteous face value in the coming time, but it will be consumed by the fact that whether the buyers will sprint out of the inactivity.

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Bitcoin Price Weekly Analysis – BTC/USD’s Upside Drift

Key Points

  • Bitcoin price continues to trade higher and it recently moved above $8800 against the US Dollar.
  • There was a break above an ascending channel with resistance at $8650 on the 4-hours chart of BTC/USD (data feed from SimpleFX).
  • The pair is now gaining pace above $8500 and looks set to break the $9000 level in the near term.

Bitcoin price is moving higher above $8800 against the US Dollar. BTC/USD might soon break $9000 to trade further higher in the near term.

Bitcoin Price Upside Break

There were continuing gains in bitcoin price above the $8000 level against the US Dollar. The price was able to move above the $8800 level as well and formed a new all-time high at $8888.46. During the upside move, there was a break above the $7500 and $8000 resistance levels. Moreover, there was a break above an ascending channel with resistance at $8650 on the 4-hours chart of BTC/USD.

The mentioned breaks opened the doors for more gains above $8800. It seems like the current trend is very positive and the price is likely to accelerate higher above $8800. The next resistance on the way is around the $9000 level. On the downside, the broken channel near $8650 is likely to act as a support if the price moves down. Moreover, the 23.6% Fib retracement level of the last wave from the $875 low to $8888 high is also near $8650.

Bitcoin Price Weekly Analysis BTC USD

Therefore, the $8650 level is a major support in the short term. Below $8650, the 50% Fib retracement level of the last wave from the $875 low to $8888 high at $8382 might be tested. Below this last, the most important support zone is near $8200-8000. The upside targets could be $9000, $9200 and $9800.

Looking at the technical indicators:              

4-hours MACD – The MACD is placed well in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is moving higher in the overbought levels above 75.

Major Support Level – $8650

Major Resistance Level – $9000


Charts courtesy – SimpleFX

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Bulls Getting Bullish: Novogratz and Lee Up Their Price Predictions

Notable cryptocurrency bulls Mike Novogratz and Thomas Lee have once again upped their price predictions for Bitcoin. On Tuesday, Novogratz, the main man at Galaxy Investment Partners and former head of Fortress Investment told Bloomberg that he envisions a $10,000 Bitcoin before the end of the year. This was followed today by Fundstrat’s Tomas Lee doubling his price target for mid-2018 to what now seems an almost reserved $11,500.

However, it’s not just Bitcoin that Novogratz is bullish on. He also sees smart-contract blockchain platform Ethereum as increasing in value too. For him, a $500 ETH token is likely before the year’s end. That would mean an increase of 20% for Bitcoin, and 36% for Ethereum with just over a month and a week remaining in 2017.

Novogratz sees the ever-growing market interest as the product of Bitcoin’s attributes. He also cites a growing distrust amongst the public towards the powers that be and institutions such as central banks. The experienced money manager is reported to have said:

Bitcoin is built on an amazing technology. There’s a limited supply of it, people are trusting it. Remember, this whole revolution came out of a breakdown in trust, it came out of the ’08 financial crisis where people say, ‘We no longer trust financial institutions, we no longer trust governments.’

Just the day after Novogratz upped his prediction for the year, long-time Bitcoin bull Thomas Lee also doubled his price target for mid-2018. If the price were to move in line with Lee’s prediction of $11,500, it would represent a gain of over 40% from the time of writing.

In a report to his clients, he wrote that the November slump that had been caused by the rejection of Segwit2x had “cleaned up weak hands”. He had previously warned that the speed at which Bitcoin had shot from $3,500 to $7,000 was reason for investors to exercise caution, and that such a pullback was to be expected. However, with that out of the way, the Fundstat researcher concluded:

We no longer feel caution is warranted.


Image: PixaBay

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Following Square’s Testing Report, Bitcoin’s Price Nears $8000

Bitcoin has become stronger following the report of Jack Dorsey’s payments company Square Inc. (SQ.N). The cash payment app was involved in testing support for bitcoin which has certainly affected the price of the cryptocurrency, which edged closer to $8000 and posted a fresh all-time high at $7997.00 on November 17.

At the beginning of the November, the cryptocurrency smashed through $7000 and climbed to record high to $7888 on November 8. But over the following weekend, the price fell to $5555, subsequent to the SegWit2x cancellation.  

A Square spokesperson declared “We’re always listening to our customers and we’ve found that they are interested in using the Cash app to buy bitcoin. We’re exploring how Square can make this experience faster and easier, and have rolled out this feature to a small number of Cash app customers. We believe cryptocurrency can greatly impact the ability of individuals to participate in the global financial system and we’re excited to learn more here.”

Moreover, Credit Suisse analysts described “how bitcoin buying option could help the stock,” sending Square up as much as five percent in the markets. The chart below shows the rise of the payment company’s stock since November 8.

Square tested bitcoin trading functionality within the Cash app during early November. Consequently, a report has been published that states how a bitcoin buying option could help the stock. One Wall Street analyst believes the test of bitcoin functionality will bring positive things for Square’s stock down the line, as it adds to the company’s reputation for innovation.

Evercore ISI analyst Rayna Kumar stated:

“We believe Square could generate revenue growth of 40 percent and 35 percent in 2018 and 2019, respectively, similar to the 41 percent we estimate for 2017. Following our meeting Wednesday with CFO Sarah Friar, we are upgrading Square to outperform. Square’s introduction of bitcoin on Square Cash reflects its ability to innovate.”

However, in the short-term, the company’s stock is not anticipated to be boosted by the experimental phase of bitcoin adoption. You can see for yourself Square’s app in action here.

According to CryptoCompare, in addition to Japan which accounts for around 56 percent of bitcoin trades, the US dollar share of bitcoin trading counts for approximately 25 percent. However, after the SegWit2x fork cancellation, bitcoin cash surged while ether was temporarily pushed into third place by market cap.

However, the wild fluctuations in the cryptocurrency market over the past week or so has adversely affected the price of other cryptocurrencies including Bitcoin Cash, which is now trading near $1000. According to Alex Sunnarborg, the founding partner of Tetras Capital “A lot of the recent volatility has been caused by the recent narrative and events surrounding Bitcoin and Bitcoin cash and the record-setting exchange trading volume between the two amongst large investors, miners, and retail investors in Asia.”

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Bitcoin Price Technical Analysis for 11/17/2017 – New Highs Yet Again!

Bitcoin Price Key Highlights

  • Bitcoin price is at it again, breaking past the latest set of highs to close in on the $8000 handle.
  • Revisiting the Fib extension levels shows how high bitcoin price could go from here.
  • Price is already testing the 50% extension level but technical indicators show strengthening bullish momentum.

Bitcoin price is establishing new record highs and the Fibonacci extension levels show the next upside targets.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA on the daily time frame so the path of least resistance is to the upside. Moreover, the gap between the moving averages is widening to reflect stronger bullish pressure.

In that case, bitcoin price could aim for the 61.8% extension at $8638 or head to the 76.4% extension at $9352. The full extension is located at $10,506.54 and several analysts actually expect bitcoin to reach the $10,000 levels before year end.

Stochastic is on the move up to show that buyers are in control of price action. RSI has more room to climb so bitcoin price could keep following suit until both indicators turn from oversold levels.

Market Factors

Bitcoin has been shrugging off naysayers claiming that the bubble is about to burst as it continued its stellar rebound even after the suspension of the network upgrade. The core version has managed to outpace other rival versions like bitcoin cash and bitcoin gold so far.

For instance, bitcoin cash has been down more than 25% in under 48 hours even as the core version was unable to push through with the upgrade that would’ve doubled the transaction capacity of the network. Many believe that this upgrade is still bound to take place sooner or later and are pricing in expectations for a likely pickup in demand then.

The rise in volumes, supported by increasing investor interest, has been seen as the main factor spurring gains. According to, cryptocurrency markets have seen in excess of $10 billion in trading volume in the past 24 hours.


The post Bitcoin Price Technical Analysis for 11/17/2017 – New Highs Yet Again! appeared first on NEWSBTC.