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Egypt's First Exchange Bodes Well for Bitcoin Adoption

bitcoins channel - 2 hours 4 min ago


Egypt will see its first bitcoin exchange, Bitcoin Egypt, launch at the end of August. Citizens gain direct access to the cryptocurrency for the first time.

International bitcoin exchanges have refused to deal with Egyptian Pound, acting as a barrier to adoption. Acquiring bitcoin can be done via LocalBitcoins or with money exchangers who work with other payment methods. Two entrepreneurs from Alexandria, Rami Khalil and Omar Abdelrasoul, want to change this.

Abdelrasoul saw the gap in the market and will launch the exchange as bitcoin’s price hits record highs, and interest in the cryptocurrency grows across Egypt:

“We got the idea after we saw that there were lots of people in Egypt who wanted to trade cryptocurrencies but they were a hard time doing it on international exchanges as they were unable to buy coins using Egyptian Pound (EGP). So we decided to offer a solution by giving them the chance to trade using the EGP.”

Egyptian’s have suffered a severe loss of purchasing power of their national currency. The central bank devalued the currency in November as part of a deal with the IMF for a three-year loan for $12 billion. Since the devaluation, the Egyptian Pound lost more than 50 percent of its value against the US Dollar, illustrated by the chart below.

While a currency devaluation is good for bringing in investment from overseas, it has hit savers and lower-income groups hard. And with most of the population under the poverty line, it is doubtful whether the government can prescribe a policy solution for the detrimental effect on low-income households.

The weaker currency may have increased investment, but inflation has skyrocketed to 30 percent, with a potential side effect being that bitcoin will be a savior to Egyptians. With citizens feeling the pinch of austerity, it will be no surprise if Bitcoin Egypt is immensely popular when it launches at the end of August. With the number of bitcoin in existence never to exceed 21 million and the decreasing rate of money supply growth, countries that have experienced sharp increases in inflation, such as Venezuela, have adopted bitcoin widely. The cryptocurrency provides them one of their only safe spaces if the economy is experiencing catastrophe.

However, Sherif Samy, Chairman of the Egyptian Financial Supervisory Authority, recently warned the public that no legal protections exist for bitcoin.

With bitcoin’s resistance against devaluations, like the one the Egyptian government undertook, the cryptocurrency could become very popular as the population senses a deepening economic crisis. In a similar vein to how the IMF destroyed Latin American economies in the 1980’s, Egypt has privatized state assets (and sold two islands in the Red Sea to Saudi Arabia) to stay afloat.

The effects of the IMF policies on Argentina’s economy is still a fresh memory. A similar austerity plan introduced in the 1980’s saw living standards decline. The IMF even admitted to exacerbating Argentina’s currency crisis in the early 2000’s. The results of these interventions have been negative. And by no accident, it is a region of the world where bitcoin is very popular.

Could Egypt follow in the footsteps of India, and become a major hub for bitcoin trading in a short period? Austerity will have lasting economic impacts. Bitcoin Egypt has arrived at the right time. Furthermore, the birth of an EGP-denominated exchange bodes well for the future of the Bitcoin ecosystem in Egypt, according to Abdelrasoul:

“We think it will bring lots of positivity for Egypt with lots of opportunities for innovation and development. Now that there is an exchange accepting EGP, it will allow people to start developing applications and uses for Bitcoin in Egypt.”



Source

The post Egypt's First Exchange Bodes Well for Bitcoin Adoption appeared first on Bitcoins Channel.

Bitcoin Price Analysis: Long and Short Squeezes Shape a Weakening All-Time High

Bitcoin News - 2 hours 13 min ago

This morning, BTC-USD pushed a new all-time high on several exchanges. However, this time, the momentum to continue higher seems to be waning. Shortly after establishing the new all-time high, there was a $150 flash crash that sprang a series of account liquidations across several exchanges in a move that would ultimately “long squeeze” the […]

The post Bitcoin Price Analysis: Long and Short Squeezes Shape a Weakening All-Time High appeared first on The Bitcoin News - Leading Bitcoin and Crypto News since 2012.

Bitcoin Bear Peter Schiff Doubles Down: Even at $4,000 It’s Still a ‘Bubble’

Bitcoin News - 2 hours 13 min ago

The price of bitcoin continues to surge, defying critics to set a new all-time high of $4,500 today. But even though bitcoin’s price has soared in recent weeks, there will always be bears who see the market through a profoundly darker lens. One of the best-known among the bears, investor Peter Schiff, is now making […]

The post Bitcoin Bear Peter Schiff Doubles Down: Even at $4,000 It’s Still a ‘Bubble’ appeared first on The Bitcoin News - Leading Bitcoin and Crypto News since 2012.

A Full Service Bitcoin Banking Platform? Welcome to CryptoPay ICO

Bitcoin News - 2 hours 13 min ago

Bitcoin has literally exploded into the mainstream awareness after a meteoric rise this spring and summer. However, many investors and crypto newcomers are still nervous about how cryptocurrencies work. At the same time, many new companies are coming into the marketplace and seeking crowd funding through ICOs (initial coin offerings). And yet, many of these […]

The post A Full Service Bitcoin Banking Platform? Welcome to CryptoPay ICO appeared first on The Bitcoin News - Leading Bitcoin and Crypto News since 2012.

Breadwallet Moves to Switzerland, Acquires $7 Million in Investment Funding

Bitcoin News - 2 hours 14 min ago

Breadwallet recently announced they would be moving their headquarters to Switzerland. This relocation comes alongside news that the company just closed a $7 million venture funding round. The firm decided to change locations for the purposes of growing the business and adding new features to their native wallet application.  Also read: Search Volumes for Bitcoin and […]

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PR: CarTaxi – The "Uber" of Car Towing – an Ethereum Based …

Bitcoin News - 2 hours 14 min ago

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release. While the world is idling by, blockchain is coming to the […]

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[KR1111] Keiser Report: ‘Silver lining’ of US mortality rates

keiser report - 2 hours 14 min ago

Up for discussion in this episode is ‘the silver lining’ of the shocking increase in US mortality rates – reduced pension costs for corporations, increased profits for shareholders. At least this is the upside, according to the financial press. Max also interviews Stephen Baldwin about their plans for The Great American Pilgrimage as they cross America in an RV looking to meet the people overlooked by mainstream television media. By the end of the pilgrimage, they hope to have had a whole lot of fun and a little bit of enlightenment.

Blockchain Wallet Adds the Ability to Exchange and Store Ethereum

Bitcoin News - 2 hours 15 min ago

On August 17 the popular bitcoin wallet platform, Blockchain, has announced it will be adding support for another digital currency. The Blockchain startup revealed to news.Bitcoin.com the platform would be adding ethereum functionality to its popular consumer wallet. Also read: Goldman Sachs Technical Analyst Predicts Bitcoin’s ‘Top’ Is $4800 Blockchain Wallet Adds Ethereum Functionality The startup […]

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Presearch Uses Ethereum Blockchain and AI to Challenge Google …

Bitcoin News - 2 hours 15 min ago

Presearch, a software development startup specializing in information search engines, is challenging Google on its own turf with a double-barreled approach, using both blockchain technology and AI. Presearch’s search engine, already in use internally since 2013, is launching in beta this September. Blockchain technology and AI will be supplemented with curation by subject matter experts. […]

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Breadwallet Moves to Switzerland, Acquires $7 Million in Investment Funding

Bitcoin.com - 2 hours 32 min ago

Breadwallet recently announced they would be moving their headquarters to Switzerland. This relocation comes alongside news that the company just closed a $7 million venture funding round. The firm decided to change locations for the purposes of growing the business and adding new features to their native wallet application. 

Also readSearch Volumes for Bitcoin and Ethereum Enter Inverse Correlation

Why did Investment Firms Choose Breadwallet?

The company has many large investors that trust in their vision, and therefore have helped fund their future goals. These investors include, DAS Capital, East Ventures, Globe Advisors, Liberty City Ventures, Maffin Inc., OKWAVE, and Saison Ventures. This list does not include private investors, family offices, or other funds around the world.

Shinji Kimura of DAS Capital provided his thoughts on why they decided to fund the firm. He said, “we are investing in Breadwallet due to its unique business model and forward thinking strategy. We believe that digital currency will become increasingly influential as the industry continues its rapid expansion, and Breadwallet is well-positioned to be a dominant leader in the space.”

Why the move to Switzerland?

This funding also aids their plan in changing offices from San Francisco to Switzerland. Breadwallet’s CEO elaborated on why they decided to relocate. He said:

Switzerland has emerged as a hotbed of digital currency startup activity, and we were attracted by its leadership in conservative financial legislation. Its strong reputation for financial privacy for consumers is the ideal fit for our charter to empower individuals with the benefits of bitcoin.

Breadwallet will use the Funds to Upgrade the Application and Market Their Products

According to the company press release, the investment funds will be used by Breadwallet to expand its operations and create newer features. This will help widen the scope of Bread’s adoption rates across the globe. It will also provide customers with an even cleaner user experience, bringing more people on board from the Android ecosystem.

The firm hopes the larger impact of their funding will also broaden their new marketing campaign. It appears they will try to gain a further reach as bitcoin continues to climb and gain more widespread appeal for its retail applications. In this regard, Breadwallet could grow significantly as a result of this pivot.

Do you think Breadwallet will thrive in Switzerland? What is the company going to create with all their investment money? Share your thoughts in the comments section below!

Images courtesy of Shutterstock, Breadwallet, and Postebit

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The post Breadwallet Moves to Switzerland, Acquires $7 Million in Investment Funding appeared first on Bitcoin News.

Egypt's First Exchange Bodes Well for Bitcoin Adoption

btc manager - 2 hours 34 min ago

Egypt will see its first bitcoin exchange, Bitcoin Egypt, launch at the end of August. Citizens gain direct access to the cryptocurrency for the first time.

International bitcoin exchanges have refused to deal with Egyptian Pound, acting as a barrier to adoption. Acquiring bitcoin can be done via LocalBitcoins or with money exchangers who work with other payment methods. Two entrepreneurs from Alexandria, Rami Khalil and Omar Abdelrasoul, want to change this.

Abdelrasoul saw the gap in the market and will launch the exchange as bitcoin’s price hits record highs, and interest in the cryptocurrency grows across Egypt:

“We got the idea after we saw that there were lots of people in Egypt who wanted to trade cryptocurrencies but they were a hard time doing it on international exchanges as they were unable to buy coins using Egyptian Pound (EGP). So we decided to offer a solution by giving them the chance to trade using the EGP.”

Egyptian’s have suffered a severe loss of purchasing power of their national currency. The central bank devalued the currency in November as part of a deal with the IMF for a three-year loan for $12 billion. Since the devaluation, the Egyptian Pound lost more than 50 percent of its value against the US Dollar, illustrated by the chart below.

While a currency devaluation is good for bringing in investment from overseas, it has hit savers and lower-income groups hard. And with most of the population under the poverty line, it is doubtful whether the government can prescribe a policy solution for the detrimental effect on low-income households.

The weaker currency may have increased investment, but inflation has skyrocketed to 30 percent, with a potential side effect being that bitcoin will be a savior to Egyptians. With citizens feeling the pinch of austerity, it will be no surprise if Bitcoin Egypt is immensely popular when it launches at the end of August. With the number of bitcoin in existence never to exceed 21 million and the decreasing rate of money supply growth, countries that have experienced sharp increases in inflation, such as Venezuela, have adopted bitcoin widely. The cryptocurrency provides them one of their only safe spaces if the economy is experiencing catastrophe.

However, Sherif Samy, Chairman of the Egyptian Financial Supervisory Authority, recently warned the public that no legal protections exist for bitcoin.

With bitcoin’s resistance against devaluations, like the one the Egyptian government undertook, the cryptocurrency could become very popular as the population senses a deepening economic crisis. In a similar vein to how the IMF destroyed Latin American economies in the 1980’s, Egypt has privatized state assets (and sold two islands in the Red Sea to Saudi Arabia) to stay afloat.

The effects of the IMF policies on Argentina's economy is still a fresh memory. A similar austerity plan introduced in the 1980’s saw living standards decline. The IMF even admitted to exacerbating Argentina's currency crisis in the early 2000's. The results of these interventions have been negative. And by no accident, it is a region of the world where bitcoin is very popular.

Could Egypt follow in the footsteps of India, and become a major hub for bitcoin trading in a short period? Austerity will have lasting economic impacts. Bitcoin Egypt has arrived at the right time. Furthermore, the birth of an EGP-denominated exchange bodes well for the future of the Bitcoin ecosystem in Egypt, according to Abdelrasoul:

“We think it will bring lots of positivity for Egypt with lots of opportunities for innovation and development. Now that there is an exchange accepting EGP, it will allow people to start developing applications and uses for Bitcoin in Egypt.”

The post Egypt's First Exchange Bodes Well for Bitcoin Adoption appeared first on BTCMANAGER.

A Full Service Bitcoin Banking Platform? Welcome to CryptoPay ICO

NEWSBTC - 4 hours 4 min ago

Bitcoin has literally exploded into the mainstream awareness after a meteoric rise this spring and summer. However, many investors and crypto newcomers are still nervous about how cryptocurrencies work. At the same time, many new companies are coming into the marketplace and seeking crowd funding through ICOs (initial coin offerings). And yet, many of these … Continue reading A Full Service Bitcoin Banking Platform? Welcome to CryptoPay ICO

The post A Full Service Bitcoin Banking Platform? Welcome to CryptoPay ICO appeared first on NEWSBTC.

Bitcoin Price Analysis: Long and Short Squeezes Shape a Weakening All-Time High

Bitcoin Magazine - 4 hours 5 min ago

This morning, BTC-USD pushed a new all-time high on several exchanges. However, this time, the momentum to continue higher seems to be waning. Shortly after establishing the new all-time high, there was a $150 flash crash that sprang a series of account liquidations across several exchanges in a move that would ultimately “long squeeze” the market. A long squeeze is a term used to describe the sudden cascade of long positions getting stopped out of their positions, causing market orders to propel the price even lower:

Figure 1: BTC-USD, 5-Minute Candles, Bitfinex, Long Squeeze

The figure above shows the price movement correlated to the volume during the $150 drop. Halfway through the drop we see a sudden spike in sell volume. This spike in volume is the beginning of the “long squeeze” that initiated the cascade of market sell orders caused by traders in long positions being forced out of their positions via their stop-loss market orders.

Figure 2: BTC-USD, 15-Minute Candles, Bitfinex, Short Squeeze

Yesterday, at around 12 pm EST, the exact opposite thing happened in a market event known as a “short squeeze.” You can think of a short squeeze as literally the opposite of a long squeeze: People who are anticipating a great short entry are suddenly forced out of their positions via their stop-loss orders, and market buy orders propel the market higher, thus triggering more stop-loss orders until the market equalizes.

Today the BTC-USD market has begun a series of long squeezes that pulled the price down by $300 in a matter of hours, and it doesn’t show much sign of letting up at the moment. Let’s take a look at the macro trend and see where the market is likely heading:

Figure 3: BTC-USD, 3-Day Candles, Bitfinex

For the fifth candle in a row, the 3-day candles have managed to puncture the Bollinger Bands in a move that indicates an overbought market. We have yet to see an attempt to move within the Bollinger Bands and provide some relief for the high price range.

Zooming in a little closer, we can see that clear signs of bullish exhaustion formed as we began to push the most recent set of all-time highs:


Figure 4: BTC-USD, 2-Hour Candles, Bitfinex, Bullish Exhaustion

The first thing that pops out about this trend is the decrease in volume (shown in pink) leading into this morning’s all-time high. Upon reaching that high, sell volume began to pick up considerably (labeled in blue) and has continued to remain strong during the push into the $4300 and $4200 prices. The previous all-time highs (labeled in yellow) are currently paired with a decreasing MACD moving average/signal line trend that indicates the market is losing bullish momentum across the macro trend.

The BTC-USD market seems to be running on fumes at the moment, but I would not  be surprised at all to see an all-time high squeezed out of this market. However, I would be VERY surprised if that all time had any notable follow-through. The market volume on the macro levels has steadily declined, and there are key market indicators that hint toward the need for sustained sideways consolidation. Alternatively, a strong market pullback might be in the cards for BTC-USD. Each push toward the new highs has been greeted by strong sell volume. In the event of a market retracement, your key support levels on the macro exist along the Fibonacci Retracements shown below:

Figure 5: BTC-USD, 4-Hour Candles, Bitfinex, Key Support Levels

When the market begins to struggle to push new all-time highs, it is important to keep a close eye on the volume and see how it interacts with the price movement. Consistent price growth on decreasing buy volume is a signal that the bears, although losing the battle in price currently, are gathering as the market nears its final top before ultimately correcting or consolidating. And given the price growth over the past 30 days, I would be inclined to lean toward the former rather than the latter.

Summary:
  1. Short squeezes and long squeezes have begun to shape the current market trend.

  2. On the macro and micro scale, the market is showing a highly overbought market and is beginning to lose upward steam.

  3. Key support levels lie on the Fibonacci Retracements shown in Figure 5.

Trading and investing in digital assets like bitcoin, bitcoin cash and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

The post Bitcoin Price Analysis: Long and Short Squeezes Shape a Weakening All-Time High appeared first on Bitcoin Magazine.

Blockchain and Bitstamp Customers Can Now Use Ether

Bitcoin News - 4 hours 14 min ago

Ethereum fans got a bit of a boost today from two different companies in the crypto space. UK-based cryptocurrency firm Blockchain and Luxembourg-based cryptocurrency exchange Bitstamp have each added ether to their platforms for the first time. Blockchain says its customers can simply toggle between bitcoin (BTC) and ether (ETH) to manage and transact funds […]

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Bitcoin Cash Breaks Price Doldrums to Push Past $400

Bitcoin News - 4 hours 14 min ago

Bitcoin Cash’s price rose above the $400 mark today, breaking the rangebound market trend of the past several days. The cryptocurrency climbed as high as $406 today, according to data from CoinMarketCap. The move followed days of steady market fluctuations, with the price of Bitcoin Cash trading no more than a few dollars above or below the $300 level. […]

The post Bitcoin Cash Breaks Price Doldrums to Push Past $400 appeared first on The Bitcoin News - Leading Bitcoin and Crypto News since 2012.

Falcon Private Bank to expand crypto-asset management with Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH …

Bitcoin News - 4 hours 14 min ago

ZUG, Switzerland–(BUSINESS WIRE)–Effective August 22, 2017, Falcon Private Bank, in cooperation with Bitcoin Suisse AG, will enhance its blockchain asset management services by adding Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH), becoming the first bank worldwide to offer high net worth and institutional clients direct exposure to what is now a whole range of […]

The post Falcon Private Bank to expand crypto-asset management with Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH … appeared first on The Bitcoin News - Leading Bitcoin and Crypto News since 2012.

TokenStars to Launch the ICO on August 24

Bitcoin News - 4 hours 14 min ago

Tokenstars, a blockchain based platform aimed towards supporting celebrities and athletes, has announced that it will be launching its crowdsale on August 24, 2017. Tokenstars is the first ever blockchain company that tokenizes talent development. Its first project, the ACE token crowdsale, has been recently announced, as mentioned above. The platform is looking forward to […]

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Italian Authority Fines Onecoin Promoters 2.6 Million Euros

Bitcoin News - 4 hours 15 min ago

Onecoin promoters have been fined 2.6 million euros in Italy after the country’s antitrust authority found them engaging in a pyramid scheme and misleading promotions. The fines follow the authority’s previous suspensions of Onecoin activities, which have failed to stop its promotion in the country. Also read: Bafin Issues Cease and Desist Orders to Ban […]

The post Italian Authority Fines Onecoin Promoters 2.6 Million Euros appeared first on The Bitcoin News - Leading Bitcoin and Crypto News since 2012.

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