Bitcoin Price Recovery Banishes Slump as Momentum Tests $12,000

On strictly regulated crypto exchanges such as Coinbase, the bitcoin price fell to $9,700 on July 2, recording a 30 percent drop from its yearly peak at $13,868 achieved in late June. In the past two days, within a 48-hour span, the bitcoin price has shown rapid recovery from $9,700 to $11,800, demonstrating a four percent gain on the day against the U.S. dollar. What is fueling the momentum of bitcoin? According to Holger Zschaepitz, a financial analyst at Welt, the bitcoin price has closely resembled the performance of gold…

At Bitcoin 2019, Scientists Cited in White Paper Weigh In on the Future

While crypto fanatics have been buzzing with news about bitcoin price surges and Facebook’s introduction of its digital currency libra, the Bitcoin 2019 conference brought together some of the most significant people in the BTC community for a two-day event to discuss the current and future state of Bitcoin.  Among the conference speakers were Scott Stornetta, chief scientist at Yugen Partners, and Blockstream CEO Adam Back, the creator of Hashcash. These two crypto scientists are particularly notable because they were directly cited by Satoshi Nakamoto in the Bitcoin white paper.…

The Cost of Sound Money: New Tool Tracks Bitcoin’s Energy Consumption

The University of Cambridge’s Judge Business School just released what might be the most statistically sound and feature-rich model on Bitcoin’s power consumption to date. The Cambridge Bitcoin Electricity Consumption Index (CBECI) provides estimates for Bitcoin’s real-time and annual electrical appetite with a live data feed that updates every 30 seconds. These data points are divided into three categories: upper bound, estimated and lower bound consumption. Together, they give a liberal, average and conservative spread for Bitcoin’s actual power use.  CBECI’s team provide all three figures in order to weigh…

Bitcoin (BTC) Price Hits First Target: $12.5K Now In Sight

There was a steady rise in bitcoin price and it tested the $12,000 resistance level. It traded as high as $12,053 and is currently correcting gains towards $11,600. There is a new connecting bullish trend line forming with support near $11,550 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair remains well supported on the downside and it seems like it could continue towards $12,500. There were steady gains in bitcoin price above the $11,500 resistance level against the US Dollar. BTC tested the first…