Bitcoin Price Continues Rally, Positive Sentiment Is Off the Charts

Bitcoin Price Continues Rally, Positive Sentiment Is Off the Charts

Since late July, positive tweets about Bitcoin have increased substantially, signifying growing interest in its price.

[ihc-hide-content ihc_mb_type=“show“ ihc_mb_who=“reg“ ihc_mb_template=“1″ ]

In the past couple of weeks, the Bitcoin (BTC) price has resurged after months of apparent monetary stagnation. Since July 23, the value of a single Bitcoin has risen by around 20%. Not only that, after trading sideways since its supply squeeze in early May, the premier currency broke through its all-important $10,000 psychological threshold, thus leading many casual investors to once again jump back on the crypto hype train.

Bitcoin’s recent price hike has also resulted in a retail boom, with a whole host of trading platforms across the world reporting sky-high Bitcoin trading volumes. As a result of this bullish market activity, Joe DiPasquale, prominent crypto pundit and CEO of BitBull Capital, recently stated that this latest surge is once again building up an element of FOMO, or fear of missing out, among casual investors who believe they might be late to the crypto party.

Echoing a somewhat similar sentiment, Joshua Frank, co-founder and CEO of The Tie — a provider of data aggregation tools — commented to Cointelegraph that historically speaking, volatility has driven significant new waves of interest and investors into Bitcoin, particularly with the most recent run from $9,000 to $12,000. Frank outlined that the 30-day average number of Twitter users discussing Bitcoin has spiked from 24,000 to 30,000 over the last two weeks, adding:

“Bitcoin hit its highest daily tweet volume level since June 26th 2019 in the wake of the Twitter scam on July 16th. While it isn’t clear that the run-up had any correlation to the scam, we have seen in the past that, all else equal, the more users talking about Bitcoin the better the asset performs.”

Price vs. tweet volume

Denis Vinokourov, head of research at BeQuant, a crypto exchange and institutional brokerage service, told Cointelegraph that since volatility picked up, his firm has observed trade volumes jumping by about 40% from where daily summer averages were prior to this recent rally.

Top cryptocurrencies are mobilizing fast

Cointelegraph also discussed the recent market action with Adam Vettese, market analyst at cryptocurrency trading and investment platform eToro. He pointed out that since crypto prices began rallying at the end of July, the number of crypto positions being opened increased by 115% versus the previous fortnight. Over the same time period, trading volume in crypto instruments also increased by 162%. The number of Bitcoin positions opened increased by 222% with a 421% rise for Ether (ETH) and 170% for XRP.

Most invested crypto assets on eToro

Christophe Michot, sales director at digital asset trading platform CrossTower also claimed that over the course of the past couple of weeks, his firm has observed a 219% increase in daily trading volume as well as a 66% rise in the number of daily average signups over the same time period.

Michot also highlighted that since the pullback in mid-March, the market as a whole has experienced a strong bullish reversal. For example, Bitcoin has regained over 210% and Ethereum bounced by 364% since the “Black Thursday” crash of March 11, 2020. 

The crypto market rally has come on the heels of positive news such as the U.S. OCC’s recent clarification permitting the custody of Bitcoin by banks as well as the announcement of another stimulus package to be issued by the Fed in the near future, which some experts believe will continue to devalue the U.S. dollar.

People’s sentiment regarding crypto is soaring

On July 12, Bitcoin’s long-term sentiment score — a comparison of investor sentiment over the last 50 days vs. the prior 200 — hit a new all-time high leading up to Bitcoin’s run at the end of the month. Similarly, the daily sentiment score represents a measure of how positive or negative conversations on Twitter have been about a particular coin over the last 24 hours vs. the previous 20 days. 

Bitcoin price vs. long-term sentiment score

The daily sentiment score of investors has remained positive (above 50) every day from July 20 to Aug. 1. Even after Bitcoin failed to surpass the $12,000 mark and retraced by $1,400, investor sentiment fell below 50 for only about 28 hours, alluding to the fact that investors have remained extremely positive on Bitcoin.

Frank told Cointelegraph that approximately 68% of all tweets discussing the long-term financial future of Bitcoin over the past month have been positive. Similarly, Michot added that according to CrossTower’s media data, the market is in the early stages of a new bull run, adding: “Another positive sentiment is coming from family offices and other traditional advisory firms. These firms are seeing increased demands by clients seeking exposure to the cryptocurrency markets.”

Other crypto-related offerings are also flying high

Since the start of the recent crypto surge, there has been a spike in the use of stablecoins along with a clear increase in demand for other DeFi-related tokens. John Todaro, director of institutional research at TradeBlock, a trading platform for institutional investors, told Cointelegraph:

“Stablecoin circulating supplies have increased substantially over the past 6 months, with Tether seeing around $10bn in deposits and USDC seeing over $1bn. This may seem small, but those deposits make Circle and Tether, to an extent, defacto banks with sizable customer deposits. $5–10 bn in customer deposits is equivalent to a small to midsize U.S. commercial bank.”

Todaro added that while merchant adoption still remains limited for stablecoins, there is real demand for these assets in developing economies as well as those with political instability, such as in Latin America, parts of the Middle East, and to an extent, Hong Kong. He also noted that derivatives volumes have spiked recently (at Deribit, CME and others), but a large portion of that is tied to price action, as increased volatility almost always tends to drive increased trade volumes. 

Vinokourov believes that the recent spell of low volatility and thin trading volumes has evolved into one of the busiest periods for digital assets in recent memory: “Volumes on spot and derivatives venues spiked higher as Bitcoin traded over $11,000, and other large cap assets followed in lockstep.” Vinokourov further opined: 

“Particular attention ought to be paid to the evolution of Ethereum volatility profile which, despite coming off recent highs, remains elevated relative to Bitcoin. This suggests more potential volatility for the second largest cryptocurrency.”

BTC Fear and Greed Index’s correlation with its price 

Another aspect worth exploring is the relationship that may or may not exist between Bitcoin’s Fear and Greed Index and its price, and if the metric can suggest a possible price direction. Expounding his views on the matter, Todaro opined that the index is calculated based on a few variables that are, to an extent, affected by price, forcing the index to follow certain niche inputs such as the velocity of price gains, all-time high prices and price momentum, among other parameters.

2020 Bitcoin price vs Fear and Greed Index

For instance, if there is a large crash in the market, volatility will increase, and the index will conclude that the market has high fear. In doing so, the index ultimately follows the price. Additionally, the index captures Google trends, with high interest in positive crypto-related terms meaning high greed. Therefore, Todaro believes that the index can be used to make current and future investment decisions:

„While the price of Bitcoin isn’t back to all-time highs, this was the fastest price gain over a 10-day period in its history, which would read extremely greedy, and so maybe it is time to sell and wait for a pullback to re-enter.”

Another correlation worth exploring is the one between Bitcoin and the S&P 500. According to Quantum Economics founder Mati Greenspan, the previously high correlation between crypto-assets and the S&P 500 has now decreased:

“We can clearly see earlier this year, where the correlation spiked up to 0.6 due to the multi-asset early-pandemic sell-off. By now, however, we’re once again below 0.2, which basically means that there is no correlation on a day-to-day basis anymore.”

Furthermore, Greenspan noted that even a peak of 0.6 only represents a very loose correlation, adding, “Many stocks have a very high correlation with each other, usually above 0.8 even if they’re in completely different industries, and many altcoins are similar.”

90- day pearson correlation between Bitcoin and S&P 500


Zur Quelle
[/ihc-hide-content]

Since late July, positive tweets about Bitcoin have increased substantially, signifying growing interest in its price.

Bitcoin Breakout on July 22? 5 Things to Watch for BTC Price This Week

Bitcoin Breakout on July 22? 5 Things to Watch for BTC Price This Week

Analysts predict that the end of Bitcoin’s compression cycle will hit within days as price action continues to preserve $9,000 support.

[ihc-hide-content ihc_mb_type=“show“ ihc_mb_who=“reg“ ihc_mb_template=“1″ ]

Bitcoin (BTC) price begins a new week ranging north of $9,000 as it awaits cues from macro markets — what could be in store for the coming days?

Cointelegraph takes a look at the major factors that could impact the BTC price this week. 

BTC compression nears its end

Equities led a somewhat uneventful start to the week’s trading, with major stocks futures slightly down on the day — by a maximum of 0.6% at press time.

Bitcoin likewise had a quiet weekend, with volatility remaining negligible and a narrow trading corridor continuing to characterize price performance.

On Monday, BTC/USD hovered at around $9,180, having hit local highs of $9,226 earlier, its highest since July 15.

As has become standard in recent weeks, coronavirus sentiment and reactions to associated remedial measures from governments and central banks dictate macro action, and Bitcoin remains susceptible to copycat moves.

With calm reigning prior to the opening bell on Wall Street, room for maneuver appeared limited, given the “compression” in BTC/USD over the past several weeks. 

A cycle of higher lows and lower highs, the current compression cycle showed little sign of breaking this month. As Cointelegraph reported, however, the status quo is ripe for change — and that should happen this week, say analysts.

“This feels like a little World Cup of sorts. #bitcoin could break out on or about the 22nd,” Jason Williams, co-founder of crypto hedge fund Morgan Creek Digital, tweeted on Sunday.

CZ: Don’t take safe-haven status “too literally”

Investors should not treat Bitcoin as a safe-haven “too literally” within the current market, says the CEO of cryptocurrency exchange Binance.

Speaking to Bloomberg on July 20, Changpeng Zhao, known as “CZ” in cryptocurrency circles, cautioned against considering BTC/USD as having a particular relationship to stocks.

“I think people should not take that meaning of “safe haven assets” too literally… there are always multiple factors affecting the price of an asset,” he told the network.

“If you imagine Bitcoin as the same as a float and there’s the Titanic sinking beside it, if there’s a rope tying the float to the Titanic, then the float will sink down with the Titanic, even though the float does have floating properties — it’s just not able to sustain that kind of load.”

 As Cointelegraph reported, quant analysis has suggested that Bitcoin is 95% correlated to the S&P 500. 

CZ added, however, that fiat inflation and its impact on investor holdings would ultimately increase Bitcoin’s safe haven profile over time. 

Analyst: gold may keep pumping

On the topic of safe havens, attention stayed focused on gold over the weekend. Similarly as a result of coronavirus fallout, the precious metal is now up 19% year to date.

Even in the eyes of mainstream media, appetite exists among investors for an exit from fiat, which has been tarnished by central bank money printing and lower interest rates.

According to Bank of America Securities’ commodities strategist Michael Widmer, gold may have even more room for growth than its current nine-year highs.

“We need a little bit more visibility before gold prices start peaking,” he told CNBC.

Data from on-chain monitoring resource Skew meanwhile confirms that Bitcoin has firmly beaten gold’s year-to-date gains — 27.7% versus 18.4%.

Bitcoin versus gold 1-year chart

Bitcoin versus gold 1-year chart. Source: Skew

Crypto futures show signs of life

Binance further reported significant growth in its futures products focused on altcoins, contrasting with a tailing off in activity for Bitcoin.

In July alone, the exchange’s altcoin perpetual futures volume grew 150% to $5.1 billion from $2 billion, while daily volume on altcoin futures hit $2 billion.

This, it said in an accompanying blog post, underscores investor attention concentrating on altcoin markets in the wake of uninspiring Bitcoin price action.

“The unusual stagnation in Bitcoin’s price has shifted investors’ appetite towards altcoins as prices surged to new all-time highs,” the blog post stated. 

“This explosion in Altcoin demand has ushered in an altcoin season, as seen by Bitcoin’s declining market capitalization dominance.”

Bitcoin futures aggregated daily volumes 1-month chart

Bitcoin futures aggregated daily volumes 1-month chart. Source: Skew

Bitcoin fundamentals stay at all-time highs

Which direction a Bitcoin price breakout could take is open to debate, however. Analysis suggests a pullback of 11%, in line with support as part of the current descending price channel.

At the same time, Bitcoin network fundamentals and miner sentiment remain conspicuously strong. Difficulty is forecast for another 6.3% rise in seven days’ time, which will constitute its highest level ever. Likewise, the average hash rate remains near its historical all-time highs.

Bitcoin difficulty 2-month average chart

Bitcoin difficulty 2-month average chart. Source: Blockchain

Difficulty refers to the effort required to solve equations on the Bitcoin blockchain, while hash rate is a rough measure of the computing power dedicated to mining. 

While both metrics only give an impression of network health, consistent upward growth has previously resulted in a knock-on effect for price action. 

Chief among the proponents of the theory that “price follows hash rate” is Max Keiser, the RT host who continues to be highly bullish on BTC/USD, forecasting a $500,000 price target.


Zur Quelle
[/ihc-hide-content]

Analysts predict that the end of Bitcoin’s compression cycle will hit within days as price action continues to preserve $9,000 support.

Twitter Hack Special: $120K Stolen, FBI Investigate, Calls to Ban BTC — Hodler’s Digest, July 13–19

Twitter Hack Special: $120K Stolen, FBI Investigate, Calls to Ban BTC — Hodler’s Digest, July 13–19

Top celebrities, politicians and businesses are caught up in a “social engineering attack” on Twitter — with theories swirling around that it could have been an “inside job.”

[ihc-hide-content ihc_mb_type=“show“ ihc_mb_who=“reg“ ihc_mb_template=“1″ ]

Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This Week

Elon Musk, Kanye West and Bill Gates’ Twitter accounts hacked by Bitcoin thief

This week, Twitter and Bitcoin suffered a PR disaster. In a coordinated, ambitious attack, about 130 high-profile accounts were hijacked. Top celebrities, entrepreneurs, politicians, businesses and crypto exchanges were affected. Many posted similar tweets that promised followers that Bitcoin payments sent to a specific address would be doubled. Fraudulent messages were speedily deleted — but on some profiles, such as Elon Musk’s, they quickly reappeared again. Twitter had little choice but to suspend all verified accounts as it struggled to get on top of the breach. It’s estimated the attackers received 375 payments worth $120,000 as a result of the attack, with one Japanese wallet sending $40,000 in BTC. Blockchain intelligence firms have said some of the crypto has been moved and sent through mixing services, and the FBI has launched an investigation.

Twitter hack: “Social engineering attack” on employee admin panels

The attack has been described as a threat to national security. We still don’t know whether the criminals managed to access sensible information found in direct messages. It seems the scammers were able to succeed with their audacious hack because employees have high levels of access to information and control on the platform. Twitter has vowed to add more security measures in an announcement that smacks of closing the stable door after the horse has bolted. Tron founder Justin Sun is offering a reward of $1 million to those who track down the attackers. Early detective work suggests the hackers aren’t sophisticated Bitcoin users as they left trails leading to and from major exchanges that presumably hold the keys to their identities. Research from Whitestream indicates they appear to be consolidating their funds to an address that had earlier sent money to BitPay and Coinbase.

Twitter account of Joe Biden

Twitter hack: The crypto world responds

One mystery behind the hack is how the attackers obtained access to so many high-profile accounts. Some theories suggest it was an “inside job” and the work of a disgruntled former or current Twitter employee. Others claimed it was clear that the hackers had a “super low IQ” as anyone with access to so many influential accounts could have easily chosen to manipulate the markets through FUD rather than run giveaway scams. One journalist, Josh Barro, tweeted: “You know, we wouldn’t have to worry about this sort of thing if cryptocurrency was illegal. I’m not kidding. Crypto has no socially beneficial uses and quite a few socially harmful uses. Why is it allowed?” This argument was quickly shot down in flames — with others pointing out how Twitter’s centralized controls led to this mess in the first place. As Anthony Pompliano tweeted: “Twitter was hacked. Bitcoin has never been hacked.”

Bitcoin price charts suggest $9,000 deadlock may finally end next week

Let’s move on to some other news now. Bitcoin prices largely snoozed through the Twitter fiasco — remaining oddly serene and stuck in the low $9,000s. Cointelegraph analyst Michaël van de Poppe says there’s conflict in the markets, as both bullish and bearish arguments exist. He believes the bullish scenario is primarily built around breaking through the $9,200 resistance level, while the bearish scenario involves rejecting $9,200 and then losing support at $9,000. Van de Poppe added: “As Bitcoin’s price is most likely going to accelerate once it breaks above the $10,500 barrier, the opposite is true for the bearish case if $8,600 support does not hold. This is likely because there aren’t many support levels beneath $8,600, suggesting that the price can quickly drop $1,000 in a few hours as traders’ stop/losses may also add to downward pressure with the price dropping below a critical two-month-long support level. The next major support level beneath $8,600 is the $7,500 range.”

PayPal letter seems to confirm crypto capability rumors

PayPal has confirmed that it is developing capabilities in the cryptocurrency space in a letter to the European Commission. In the letter, the payments giant said it was “continuously monitoring and evaluating developments in the crypto and blockchain/distributed ledger space.” The company also stressed that it favors a “harmonized” regulatory approach that wouldn’t compromise innovation. Earlier in June, it was reported that PayPal was considering introducing direct sales of crypto assets and offering users to store their crypto using the company’s in-house digital wallet. When asked to confirm or deny this, a representative told Cointelegraph that “PayPal does not comment on rumors or speculation.” Around the same time, PayPal announced two crypto-related openings, as it was looking for blockchain and crypto engineers.

Winners and Losers

Winners and Losers

At the end of the week, Bitcoin is at $9,119.49, Ether at $233.83 and XRP at $0.19. The total market cap is at $270,461,997,967.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Aurora, Nimiq and Swipe. The top three altcoin losers of the week are Ampleforth, Nexo and Quant.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis

Most Memorable Quotations

“We detected what we believe to be a coordinated social engineering attack by people who successfully targeted some of our employees with access to internal systems and tools. We know they used this access to take control of many highly-visible (including verified) accounts and Tweet on their behalf.”

Twitter Support

“We cannot depend on centralized platforms, no matter how good their intentions are. These are single points of failure that you do not control.”

Scott Melker, crypto trader

“It looks like all verified Twitter accounts have been hacked by someone running a #Bitcoin scam. For once not being verified has its advantages. I wonder if this is a harbinger of Bitcoin itself being hacked? Better to play it safe and just buy #gold.”

Peter Schiff, crypto skeptic

Jack Dorsey

“Our users today don’t ever know we’re using Bitcoin when they’re using dollars. It’s just kind of like we’ve melted it in the background. I think tens of millions of people will be using this stuff in the next few years, and that just takes a little bit of capital.”

Jack Mallers, Zap CEO

“We have seen a huge change in the tone towards blockchain technology in congress just since the pandemic. We have seen almost a 180 in that conversation. The pandemic has forced congress to go digital.”

Perianne Boring, Chamber of Digital Commerce founder

“BTC bulls need to reclaim $9,400 quick sharp.”

filbfilb, Cointelegraph Markets analyst

Prediction of the Week

“Worthless coin” — McAfee says he never believed Bitcoin would hit $1 million

In July 2017, John McAfee boldly predicted that Bitcoin would hit $500,000 within three years — proclaiming he would “eat his own dick” on national television if he was wrong. Last year, he doubled down on that bet — and said he was adamant BTC would hit $1 million. Now, in a sign that such wild predictions aren’t to be trusted, McAfee has said he never believed Bitcoin would reach seven figures, describing it as an “old, tired worthless coin.” (Note: He’s previously said that his predictions were a joke designed to encourage newcomers to buy BTC.) Bitcoin investor and TV host Max Keiser sarcastically said that McAfee must be recovering in hospital after following through on his promise. “John McAfee honored his bet, made three years ago, to bite off his dick if Bitcoin wasn’t at $500,000. GOOD NEWS: He’s doing well at the hospital and expected to make a full recovery,” he said.

FUD of the Week

Brazilian Jiu-Jitsu champion says he lost Bitcoin bought in 2015

A Brazilian Jiu-Jitsu fighter has revealed he was one of the poor souls who missed out on Bitcoin’s all-time high in 2017 after misplacing his coins. Craig Jones, who is based in Australia, had bought the crypto in 2015 when the price was roughly $200–$400. Unfortunately for him, the 29-year-old champion couldn’t cash in when the price topped $20,000. He said: “Me and a couple of mates bought some bitcoin for s—-s and giggles and then forgot about it almost immediately. Then when things went crazy a couple of years later we were all frantically trying to work out who had the password but nobody could remember how to get our account back.” Now that’s a body blow.

Texas man allegedly used $1.1 million in COVID-19 relief funds to buy crypto

A Texas resident has been accused of fraudulently filing loan applications for $1.1 million through the Paycheck Protection Program. Although he claimed he was seeking COVID-19 relief, it’s claimed he actually used the funds to purchase cryptocurrency. Joshua Thomas Argires submitted applications on behalf of two companies named “Texas Barbecue” and “Houston Landscaping,” falsely claiming that both businesses had numerous employees and hundreds of thousands of dollars in payroll expenses. According to a federal criminal complaint, he then began a series of transactions that ultimately resulted in $956,250 being transferred into a Coinbase account. Officials claim the 29-year-old committed wire fraud, and he has been charged by the U.S. Attorney for the Southern District of Texas.

Two teens arrested after paying Bitcoin to see livestream murder on dark web

Two Italian 17-year-olds have been arrested for paying Bitcoin to see children sexually abused, tortured and murdered on live streams. The deep web website used by the teenagers also allowed users to pay extra to decide what torture the children would be subjected to next. According to local media, viewers could request for hot oil to be poured over a victim, or for their arm to be amputated. The two were searched as part of an ongoing investigation that has so far involved 25 people — 19 minors and six over 18 — residing in 13 Italian provinces. It is unclear whether the website offering the services was shut down, but presumably, only some of its viewers were caught.

Best Cointelegraph Features

Twitter wouldn’t be hacked if it were backed by blockchain technology

The recent Twitter hack shows us that centralized infrastructure is still vulnerable — but Oleksii Konashevych argues blockchain can change the paradigm.

Peckshield

Bitcoin could be the next big inflation hedge

High-profile investors are concerned about the possibility of rising inflation — and they are turning to cryptocurrency to hedge against it. Mark Hipperson has more.

The Cashaa hack: Investigators stay silent as inside job rumors emerge

As 336 BTC gets stolen from crypto-friendly bank Cashaa, there is still no clear explanation for what happened. Anirudh Tiwari has the latest.


Zur Quelle
[/ihc-hide-content]

Top celebrities, politicians and businesses are caught up in a “social engineering attack” on Twitter — with theories swirling around that it could have been an “inside job.”

Cloudflare Outage Shows Crypto Holders Are Not That Decentralized

Cloudflare Outage Shows Crypto Holders Are Not That Decentralized

Cloudflare suffered an outage on July 17, affecting much of the internet, including Bitcoin transactions.

[ihc-hide-content ihc_mb_type=“show“ ihc_mb_who=“reg“ ihc_mb_template=“1″ ]

Cloudflare, a major company responsible for running an array of functions for websites across the internet, suffered downtime on July 17, affecting a large number of websites‘ functionality. The downtime ultimately caused a drop in Bitcoin (BTC) transactions.

„The Cloudflare DNS [Domain Name System] outage can be seen reflected in the rate of Bitcoin transactions broadcast, presumably because popular web wallets became inaccessible,“ Bitcoin engineer and expert, Jameson Lopp, said in a July 17 tweet. Lopp’s tweet included a chart showing a noticeable drop in Bitcoin’s transactions per second. 

Cloudflare went down 

Cloudflare posted a note on its website at 9:46 p.m. UTC on July 17, detailing the presence of an issue, as well as the entity’s investigation of the incident. 

„This afternoon we saw an outage across some parts of our network,“ Cloudflare noted in an update at 10:09 p.m. UTC. „It was not as a result of an attack.“

The update further explaine:

„It appears a router on our global backbone announced bad routes and caused some portions of the network to not be available. We believe we have addressed the root cause and are monitoring systems for stability now.“

By 10:57 p.m. UTC, a final update on the situation showed resolution. 

The event begs a question on decentralization

Bitcoin’s blockchain itself did not suffer an outage during the event. The event may have blocked many people’s gateway to Bitcoin access, however, based on Lopp’s tweet. The outage affected many websites, including crypto services, meaning users likely could not access their funds held on such services during the outage. 

The Cloudflare issue and subsequent transaction drop noted by Lopp may indicate a sizeable number of crypto users largely use centralized storage and exchange options, making the space less decentralized than the ideals and technology on which the industry was built. Additionally, even though crypto participants use a number of different services, the outage took out many of those services with a single point of failure — Cloudflare. 


Zur Quelle
[/ihc-hide-content]

Cloudflare suffered an outage on July 17, affecting much of the internet, including Bitcoin transactions.

Binance Coin Gains 17% on Bitcoin in July but Can ‘IEO Season’ Happen?

Binance Coin Gains 17% on Bitcoin in July but Can ‘IEO Season’ Happen?

The price of Binance Coin has gained almost 20% on Bitcoin in July and this spells bullish for the price of the exchange’s IEO tokens.

[ihc-hide-content ihc_mb_type=“show“ ihc_mb_who=“reg“ ihc_mb_template=“1″ ]

As the price of Bitcoin (BTC) has been slowly consolidating over the past few months, altcoins have been taking the spotlight. Recently, massive moves were made by Chainlink (LINK), Zilliqa (ZIL) and Elrond (ERD) and that’s just naming a few of the more popular altcoins.

The latter of the three is an IEO (Initial Exchange Offering), meaning, investors’ eyes are automatically focused on Binance Coin (BNB), which has outperformed Bitcoin so far this month by roughly 17%. Moreover, if the price of Binance Coin starts to move, typically the IEO tokens typically follow suit. 

Crypto market daily performance

Crypto market daily performance. Source: TradingView

BNB price breaks above the 100 and 200-day moving average

As shown on the chart below, this week the BNB/BTC pair is breaking above the 100-day and 200-day moving average. This is a crucial breakthrough, as in previous times it marked the start of a new rally. 

BNB/BTC 1-day chart

BNB/BTC 1-day chart. Source: TradingView

As the daily chart shows below, BNB made a double bottom structure, after which a slight rally occurred. 

BNB/BTC 1-day chart

BNB/BTC 1-day chart. Source: TradingView

BNB price then tested the old support of 0.0016800 sats and with this level confirmed as support a minor downtrend breakout occurred. This breakout led to a break back into the range of the previous months.

This range is defined between support at 0.0018000 sats and resistance at 0.0023000 sats. Reclaiming this previous support at 0.0018000 is essential for further upside momentum. 

If that level sustains support, it’s likely to expect a test of the highs again. This is because the price has tested the lows, lost the support, and reclaimed this support. When this occurs it’s usually a sign that buyers are stepping into the asset, prompting a retest of the other range levels. 

Applying this argument to the daily chart, a renewed test of the 0.0023000 sats resistance level would mean that consolidation above the 100-day and 200-day MA could occur and this would trigger a repeated cycle. However, what crucial steps must BNB take for this to occur? 

BNB/BTC 1-day chart

BNB/BTC 1-day chart. Source: TradingView

The BNB/BTC pair first needs to break the range resistance for confirmation. The first step would be to claim the 100 and 200-day MAs as support and hold above the 0.0018000 sats level.

However, if BNB/BTC wants to start accelerating, it has to break the range resistance at the 0.0022500-0.0024000 sats level. Breaking through that resistance zone would allow a rally toward the peak high to occur.

BNB/USDT has to hold the support at $17

BNB/USDT 1-day chart

BNB/USDT 1-day chart. Source: TradingView

The USDT pair of Binance Coin is showing an apparent breakthrough in the $16.50-$17 resistance level. However, to sustain the upward momentum, a support/resistance flip of the same level is needed. 

Analyzing the 100 and 200-day MAs reveals some interesting features worthy of further analysis.

BNB/USDT 1-day chart

BNB/USDT 1-day chart. Source: TradingView

Both moving averages are currently moving below the price of BNB and this is significant as the same thing occurred at the beginning of 2019.

This breakthrough started the cycle from $8 to the peak high at $40, which was also a 500% rally. This doesn’t mean that BNB can make a similar rally as the future can’t be forecasted but nonetheless it is a valuable sign.

However, by breaking and flipping the 100 and 200-day MA as support, further upward momentum is warranted. Likewise, the $16.50-$17 level is currently around the moving averages so it is expected that this area will be a crucial factor that determines if the price can move higher.

For the time being, BNB/USDT needs to clear the $21-$21.50 area, then there is another barrier at $25.75-$26.25.

Will “IEO season” follow?

As mentioned earlier, when Binance Coin is moving, the IEO’s usually follow. It’s similar to the correlation between Stellar Lumens (XLM) and XRP (XRP). If the first one moves, the latter follows. 

One Binance IEO which has outperformed the market with a 1,000% rally is Elrond (ERD). 

ERD/BTC 1-day chart

ERD/BTC 1-day chart. Source: TradingView

The ERD/BTC daily chart shows that once the price moved above the 100 and 200-day MAs in May the price of Elrond saw a massive surge.

This massive surge led to an increase of 1,485%, which is one of the most substantial moves this year. However, does that mean that now is an excellent opportunity to buy Elrond? No, because it seems unlikely that the price will continue moving forward. 

The support levels are significantly lower than the current price (around 90 sats), and there’s a potential bearish divergence coming in to play. 

What the chart does show is that there is great potential from IEOs and this could increase as Binance Coin starts to move.

CELR/BTC 1-day chart

CELR/BTC 1-day chart. Source: TradingView

There are also other IEOs that are showing similar price action to Elrond but they are lagging heavily. Take, for example, Celer Network (CELR). Currently, the altcoin is showing some of the same signals that did Elrond in May. 

In June, the CELR/BTC pair broke above the 100 and 200-day MA, which was the first time it has done this since listing in March 2019.

Furthermore, CELR is constantly flipping previous resistance levels to support and the trading volume is increasing which is usually a sign of accumulation. 

Currently, CELR/BTC has resistance at 0.00000070 and 0.00000100 sats. If the price can break through the 0.00000100 sats level, continuation toward 0.00000250 sats or higher is possible.

For the time being, all eyes are on Binance Coin, and if it continues to push higher, the IEOs will most likely follow. 

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.


Zur Quelle
[/ihc-hide-content]

The price of Binance Coin has gained almost 20% on Bitcoin in July and this spells bullish for the price of the exchange’s IEO tokens.

Dogecoin Surges, Coinbase Rumors, Brave Legal Threats: Hodler’s Digest, July 6–12

Dogecoin Surges, Coinbase Rumors, Brave Legal Threats: Hodler’s Digest, July 6–12

Bitcoin has practically turned into a stablecoin, Dogecoin has experienced a huge resurgence in popularity, and Coinbase might be preparing to list on the stock market.

[ihc-hide-content ihc_mb_type=“show“ ihc_mb_who=“reg“ ihc_mb_template=“1″ ]

Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This Week

Bitcoin’s price has hardly moved an inch in the last six weeks — barely moving 2% in either direction from its average. This long period of stagnation resembles what happened in early 2017. BTC stayed around $900 for the first three months of the year, which was followed by an explosive 300% move in the second quarter. Of course, Bitcoin is facing stubborn levels of resistance before it clears $10,500 — and this week, BTC’s correlation to the S&P 500 reached an all-time high. On Thursday, a bad day for stocks saw Bitcoin abruptly drop below $9,200. Key metrics do show that institutional interest in crypto is high and rising, but even some of the world’s biggest Bitcoin bulls are sounding a note of caution. Mike Novogratz, who wrongly predicted BTC would hit $20,000 by the end of 2019, has said he doesn’t recommend investors putting the majority of their funds in crypto. “My sense is that Bitcoin way outperforms gold, but I would tell people to have a lot less Bitcoin than they have gold, just because of the volatility,” he told CNBC on Tuesday.

Dogecoin gains 20% amid TikTok pumping challenge

Weird, weird, weird news this week: Dogecoin is back from the dead. The novelty crypto asset leaped 50% in 24 hours this week thanks to a viral TikTok challenge encouraging its young user base to pump the coin. The most popular video under the hashtag #DogecoinTiktokChallenge has amassed more than 500,000 views — and in it, the user appears to describe a classic pump scheme, saying: “Let’s all get rich! Dogecoin is practically worthless. There are 800 million TikTok users. Invest just $25. Once the stock hits $1, you’ll have 10 grand [$10,000]. Tell everyone you know.” The frenzied action prompted the owner of the @Dogecoin Twitter account to warn its followers. On Wednesday, the account tweeted: “Be mindful of the intentions people have when they direct you to buy things. None of them are in the spot to be financially advising. Make choices right for you, do not ride other people’s FOMO or manipulation. Stay safe. Be smart.” Bitfinex listed DOGE in response to the demand — with “how to buy Dogecoin” overtaking “how to buy Bitcoin” on Google Trends. DOGE’s price has cooled substantially since hitting highs of $0.0054 on Wednesday — falling 32% to $0.0036. Looks like it’s a long way off before hitting $1.

Picture 1

Coinbase reportedly preparing for stock market listing later in 2020

Coinbase is reportedly preparing to list on the U.S. stock market as early as this year. If successful, it would be the first crypto exchange to make its debut on traditional markets. But hurdles do lie ahead, and Coinbase would need the green light from the Securities and Exchange Commission first. According to Reuters, the plans are rather fluid at the moment and subject to change — but the company has been in talks to hire investment banks and law firms. Should the SEC give Coinbase the go-ahead, it would likely represent a landmark victory for crypto advocates vying for mainstream endorsement. Coinbase was valued at more than $8 billion during its last private fundraising round in 2018. It’s thought the exchange isn’t pursuing a traditional initial public offering where new shares are sold; instead, it’s exploring a direct listing where existing investors aren’t bound by lock-up restrictions.

This news will be music to Facebook’s ears… not. Monetary historian Barry Eichengreen has declared that “Libra is an interesting idea that will never see the light of day.” Speaking at the virtual Unitize conference, the UC Berkeley professor warned that the stablecoin sector is largely ignorant of monetary economics — and claimed Libra faces too many “insoluble” problems and too much resistance from governments. Eichengreen said his work had led to invitations “to a series of lunches at excellent San Francisco restaurants with the founders and funders of prospective stablecoins.” But he added: “My conclusion was that my luncheon companions knew all about blockchain, but they didn’t know much about monetary economics.” According to Eichengreen, many executives were unaware of past speculative attacks on pegged exchange rates and are struggling to grapple with the “big uncertainties” that need to be resolved in order for projects to get off the ground.

A blockchain browser that was forked from the open-source Brave browser has rebranded itself after receiving legal threats. Braver Browser, which was launched in June following reports that Brave was auto-filling affiliate links, has now confirmed it will be known as the Bold Browser. In a tweet, the project said: “We are immediately changing the name and removing all association to ‘the browser that shall not be named.’” Brave co-founder and CEO Brendan Eich was unapologetic about the move, warning there’s “no free riding on our servers” and that his company will defend its trademarks.

Winners and Losers

Picture 2

At the end of the week, Bitcoin is at $9,232.51, Ether at $238.18 and XRP at $0.20. The total market cap is at $272,147,891,610.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Ampleforth, Elrond, Aave. The top three altcoin losers of the week are Compound, Celsius and Verge.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

Most Memorable Quotations

“Such wow! MegaDOGE on @bitfinex ! Release the gud boi!!!!!!!!!”

Paolo Ardoino, Bitfinex CTO

“Tether routinely assists law enforcement in their investigations… Through the freeze address feature, Tether has been able to help users and exchanges to save and recover tens of millions of dollars stolen from them by hackers.”

Stuart Hoegner, Bitfinex general counsel

“Most alts should gain on Bitcoin in near future.”

Peter Brandt, crypto trader

“Libra is an interesting idea that will never see the light of day.”

Barry Eichengreen, UC Berkeley professor

“2020 need not be a repeat of 2019. Proper levels of investment in people, processes and IT would result in significantly fewer ransomware incidents and those incidents which did occur would be less severe, less disruptive and less costly.”

Fabian Wosar, Emsisoft CTO

“We are immediately changing the name and removing all association to ‘the browser that shall not be named.’”

Bold Browser (formerly Braver Browser)

“With global currency vols off historic lows and a huge wave of new debt, fireworks are coming to the currency market.”

Max Bronstein, Coinbase analyst

Picture 3

“Make choices right for you, do not ride other people’s FOMO or manipulation. Stay safe. Be smart.”

@Dogecoin Twitter account

“Let’s all get rich! Dogecoin is practically worthless. There are 800 million TikTok users. Invest just $25. Once the stock hits $1, you’ll have 10 grand [$10,000]. Tell everyone you know.”

jamezg97, Dogecoin user

Prediction of the Week

“Fireworks are coming” — FX markets will boost Bitcoin, says analyst

Coinbase analyst Max Bronstein has predicted that “fireworks” are coming to the global currency market — and a spike in volatility might largely benefit the price of BTC. He said: “A lot has been said on BTC’s performance during bouts of equity volatility, but not as much on how BTC would perform during bouts of FX/currency volatility. With global currency vols off historic lows and a huge wave of new debt, fireworks are coming to the currency market.” Bronstein said the global monetary system was fragile even before the pandemic hit the international economy, with many countries at risk of seeing their currencies decline in value. He believes Bitcoin could benefit as fears of hyperinflation and devaluation hit, adding: “In a regime where nearly every government has an incentive to debase their currency, few monetary systems stand to benefit as much as Bitcoin does. Never before has an open-source competitor to fiat currency been so needed.”

FUD of the Week

Islanders demand return of .IO domain from colonizers

An unusual row has been brewing this week that has the potential to be bad news for crypto companies. Although the “.io” domain was formally the country code top-level domain designation for “Indian Ocean,” the extension was acquired on the open market by a U.K.-based firm in the 1990s. The U.K. government receives an undisclosed share of revenue from sales of .io domain names, in what a legal complaint claims is part of the ongoing colonial exploration of the economic property and livelihood of those in the region. The complaint notes that “thousands of crypto asset platforms” that “generate vast sums of unregulated and untaxed revenue” use .io — and accuses the U.K. of tolerating “massive criminality” in overlooking the existence of “criminal entities.”

New York court rejects Bitfinex appeal over $850 million in lost funds

New York’s Supreme Court has ruled that the Bitfinex crypto exchange and sister stablecoin company Tether must face claims they concealed the loss of corporate and client funds. The state’s Attorney General Letitia James alleges that the loss of $850 million was hidden. Bitfinex asserts that its funds were deposited with Crypto Capital — a Panamanian firm accused of providing shadow banking services to virtual currency exchanges — before being seized by government authorities in various countries. They are working to recover the money. The court rejected the firms’ claim that the court does not have jurisdiction over Bitfinex — noting several of its staff work in New York, and USDT had been used by local residents. In other news this week, it emerged that Tether has blacklisted 39 Ethereum addresses worth $46 million in USDT. General counsel Stuart Hoegner said: “Tether routinely assists law enforcement in their investigations… Through the freeze address feature, Tether has been able to help users and exchanges to save and recover tens of millions of dollars stolen from them by hackers.”

Picture 4

Telegram will shut down the TON testnet by August 2020

Support for Telegram Open Network’s testnet is going to be discontinued by the start of August. Participants are being encouraged to save all of their relevant testing data and stop their testing processes. Even though the testnet is going to be turned off in less than a month, users will still be able to continue their experimentation by installing their own validators. Telegram launched the TON testnet on Sept. 6, 2019, ahead of an anticipated launch on Oct. 31 last year — but the plans were never realized because the SEC suddenly deemed the company’s $1.7-billion ICO illegal in mid-October. After a long-running legal battle, Telegram agreed to shut down its TON project, as well as return $1.2 billion to investors in line with a court-approved final settlement.

Best Cointelegraph Features

Why banks keep blockchain cryptocurrency-related transactions

The close interaction between traditional finance and regulators is the key element in the development of the cryptocurrency industry, Alex Axelrod argues.

Much-anticipated central bank digital currencies raise privacy concerns

CBDCs are one of the hottest topics in the fintech space, but as their inception comes closer, serious privacy concerns come with it. António Madeira has the story.

How the U.S. and Europe are regulating crypto in 2020

Cryptocurrencies have been around for more than 10 years, but the legal status of Bitcoin and other altcoins remains unclear. Elena Perez looks at the state of play right now.


Zur Quelle
[/ihc-hide-content]

Bitcoin has practically turned into a stablecoin, Dogecoin has experienced a huge resurgence in popularity, and Coinbase might be preparing to list on the stock market.

Cryptocurrency News From Japan: July 5 – July 11 in Review

Cryptocurrency News From Japan: July 5 – July 11 in Review

Tosei real estate and Tokyo Financial Holdings issued an asset-backed digital financial product, Coinage registered with Japanese authorities as an exchange and more headlined news from Japan this past week.

[ihc-hide-content ihc_mb_type=“show“ ihc_mb_who=“reg“ ihc_mb_template=“1″ ]

This week’s headlines from Japan included real estate player Tosei and Tokyo Financial Holdings listing an asset-backed digital financial product, Cointelegraph Japan interviewing a former Japanese central bank staffer, Coinage registering as an exchange with Japan’s financial services agency, and a life insurance company testing digital asset billing transaction. 

Check out some of this week’s crypto and blockchain headlines, originally reported by Cointelegraph Japan.

Tosei and Tokyo Financial Holdings launch a digital securities product

Real estate outfit Tosei and Tokai Tokyo Financial Holdings, hold plans for a digital securities product. The pair „will list digital securities backed by the rental income of domestic office buildings on the Singapore exchange in August,“ said a July 8 report from Japanese news outlet Nikkei. 

The financial product is the first of its kind holding domestic goods backing, the article added. 

Cointelegraph interviews digital currency study group executive

The chairman of a digital asset research entity formed by DeCurret in June 2020, Hiromi Yamaoka, recently detailed a number of topics in an interview with Cointelegraph Japan.

Holding vast previous experience working for Japan’s central bank, the study group executive detailed a number of topics. He noted fees associated with paper currency payments, a lack of data surrounding cash payments, and other points, including positing a move toward payment modernization. He also spoke positively of blockchain and distributed ledger technology. 

Coinage achieves Japanese FSA registration

Coinage received certification as a crypto exchange from the Japanese Financial Services Agency, or FSA. Offering just Bitcoin at present, the exchange now holds a first-class membership with the Japan Cryptocurrency Trading Association, or JVCEA, a step up from its previous second-class status.

Daido Life Insurance teams up with DeCurret for crypto payments

Life insurance company Daido plans to test crypto payments for premiums, working with digital asset trading platform DeCurret in the process. DeCurret received private round funding from Daido last year, according to a July 2019 statement

Although Daido does not expect real-world application of the model until 2023, the current test involves 100 participants and looks to improve on payment ease and efficiency. 


Zur Quelle
[/ihc-hide-content]

Tosei real estate and Tokyo Financial Holdings issued an asset-backed digital financial product, Coinage registered with Japanese authorities as an exchange and more headlined news from Japan this past week.

Price Analysis 7/10: BTC, ETH, XRP, BCH, BSV, ADA, LTC, BNB, CRO, EOS

Price Analysis 7/10: BTC, ETH, XRP, BCH, BSV, ADA, LTC, BNB, CRO, EOS

As Bitcoin corrected on July 9, altcoin prices dropped but many are holding above their support levels, suggesting the uptrend will resume.

[ihc-hide-content ihc_mb_type=“show“ ihc_mb_who=“reg“ ihc_mb_template=“1″ ]

Veteran trader Peter Brandt believes that a new altcoin season is likely to start in the near future and he predicted that altcoins are likely to outperform Bitcoin (BTC) during this next run. In the short-term, altcoins could embark on a rally without the support of Bitcoin but in the long-term it is unlikely that altcoins will rally if Bitcoin struggles to move up.

On July 9, the S&P 500 corrected and that resulted in a drop in Bitcoin, which shows that the correlation between the two remains intact. As Bitcoin broke below $9,200 level, it attracted profit booking from altcoins and pulled their prices lower. 

Daily cryptocurrency market performance

Daily cryptocurrency market performance. Source: Coin360

In other news, Coinbase is reported to be preparing to list on a U.S. stock exchange at some point this year according to Reuters sources. If that happens, it could be a huge boost for the crypto sector as the listing is likely to attract the attention of several traditional investors.

BTC/USD

The top-ranked asset on CoinMarketCap had closed (UTC time) above the 50-day simple moving average ($9,373) on July 8, which was a positive sign but the bulls could not build upon this breakout and the price dipped back below the moving averages on July 9.

BTC/USD daily chart

BTC/USD daily chart. Source: TradingView

Both moving averages remain flat and the relative strength index is just below the midpoint, which suggests a balance between supply and demand.

If the bears sink the price below the trendline of the ascending triangle, the advantage will shift in favor of the bears and a drop to $8,638.79 is possible.

Conversely, if the BTC/USD pair rises from the current levels or the trendline, the bulls will again try to resume the up move. If the price sustains above $9,500, a rally to $10,000 will be on the cards.

ETH/USD

Ether (ETH) turned down from the minor resistance at $249.195 on July 9, which suggests that the bears are aggressively defending the $249.195–$253.556 resistance zone. 

ETH/USD daily chart

ETH/USD daily chart. Source: TradingView

The bulls are currently attempting to defend the 20-day EMA ($234). If the second-ranked cryptocurrency on CoinMarketCap rebounds off this support, the bulls will once again attempt to scale the price above the overhead resistance zone.

A close (UTC time) above $253.556 will increase the possibility of a rally to the next target at $288.599.

Conversely, if the bears sink the price below the moving averages, it could keep the ETH/USD pair range-bound for a few more days.

XRP/USD

XRP turned down from the first resistance of $0.214616 on July 7, which shows that the aggressive bulls booked profits at this level. Currently, the bulls are attempting to keep the altcoin above the 50-day SMA ($0.198).

XRP/USD daily chart

XRP/USD daily chart. Source: TradingView

If the fourth-ranked cryptocurrency on CoinMarketCap bounces off the current levels, the bulls will once again try to propel the price above $0.214616. If they succeed, it could pave the way for a rally to $0.235688.

Instead, if the bears sink the XRP/USD pair below the moving averages, it could signal shorting at higher levels. Such a move could drag the price to the $0.17 levels once again.

BCH/USD

The bulls have not been able to propel Bitcoin Cash (BCH) above the immediate resistance of $245.49 for the past four days. This suggests that the bears are aggressively defending this level.

BCH/USD daily chart

BCH/USD daily chart. Source: TradingView

If the bears can keep up the selling pressure and sink the fifth-ranked cryptocurrency on CoinMarketCap below the 20-day EMA ($233), a drop to $217.55 is possible. A break below this support can drag the price to $200.

Contrary to this assumption, if the BCH/USD pair rebounds off the current levels, the bulls will make another attempt to scale the price above $245.49. If they succeed, a rally to $260 and then to $280.47 is possible.

BSV/USD

The July 6 rally in Bitcoin SV (BSV) has not seen follow up buying that has resulted in profit booking by the short-term bulls. 

Usually, in a strong up move, the corrections last anywhere between one to three days. In this case, the pullback has entered the fourth day, suggesting weakening momentum.

BSV/USD daily chart

BSV/USD daily chart. Source: TradingView

If the bears sink the sixth-ranked cryptocurrency on CoinMarketCap below $170, it would be a huge negative that can drag the price to $146.2 once again. 

The 20-day EMA ($174) is gradually sloping up and the RSI is in the positive territory, which suggests that bulls have a slight advantage. 

If the BSV/USD pair rebounds off the 20-day EMA and rises above $200, a rally to $227 is possible. The next trending move is likely to start above $227 or on a break below $146.20. 

ADA/USD

As suggested in the previous analysis, Cardano (ADA) has corrected to the breakout level of $0.11. If the altcoin rebounds off the $0.10–$0.11 zone, it will indicate that the bulls are keen to defend this zone and it will act as a new floor for the price.

ADA/USD daily chart

ADA/USD daily chart. Source: TradingView

A strong bounce off the support zone could offer a buying opportunity to traders with a close stop-loss. The uptrend is likely to resume after the buyers propel the seventh-ranked cryptocurrency on CoinMarketCap above the intraday high of $0.1380977 made on July 8. Above this level, the next target is $0.173 and then $0.20.

Both moving averages are sloping up and the RSI is in the positive zone, suggesting advantage to the bulls. This positive view will be negated if the ADA/USD pair breaks below $0.10. 

LTC/USD

The bulls could not sustain Litecoin (LTC) above the immediate resistance of $45.3501 on July 9, which resulted in profit booking by the aggressive bulls. This has dragged the price down to the 20-day EMA ($43).

LTC/USD daily chart

LTC/USD daily chart. Source: TradingView

If the eighth-ranked cryptocurrency on CoinMarketCap rebounds off the current levels, the bulls will again try to push the price above $45.3501. If they succeed, a rally to $51 is possible. 

On the other hand, if the LTC/USD pair breaks below the 20-day EMA, the bears will try to sink the price to the support of the range. The flat moving averages and the RSI just above the 50 level suggests a balance between supply and demand.

BNB/USD

Binance Coin (BNB) witnessed profit booking at $17.50 on July 9 that dragged the price lower, however, the positive thing is that the bulls have not allowed the altcoin to dip below the first support at the 50-day SMA ($16.51).

BNB/USD daily chart

BNB/USD daily chart. Source: TradingView

If the ninth-ranked crypto-asset on CoinMarketCap rebounds off the moving averages, it will increase the possibility of a rally to $18.1377. A breakout of this level will be a positive sign as it will open the doors for a move to $21.50.

The 20-day EMA ($16.24) is gradually sloping up and the RSI is in the positive territory, which suggests a minor advantage to the bulls. 

This view will be invalidated if the BNB/USD pair turns around and breaks below the moving averages because such a move will indicate profit booking at higher levels. 

CRO/USD

Crypto.com Coin (CRO) remains in a strong uptrend as both moving averages are sloping up and the RSI is in the overbought zone, which suggests that bulls have the upper hand.

CRO/USD daily chart

CRO/USD daily chart. Source: TradingView

The next target on the upside is $0.15306 and if the bulls can propel the 10th-ranked cryptocurrency on CoinMarketCap above this level, the uptrend can extend to $0.20. 

The only warning sign is that the RSI has risen to about the same levels from where the CRO/USD pair had started a minor correction on June 23.

If the price dips and sustains below $0.138916, it could result in a drop to the 20-day EMA ($0.128).

EOS/USD

Although EOS closed (UTC time) above the minor resistance at $2.6209 on July 8, the bulls could not carry the price to the next level at $2.8319, which is a negative sign because it indicates that demand dried up at higher levels. 

EOS/USD daily chart

EOS/USD daily chart. Source: TradingView

The 11th-ranked cryptocurrency on CoinMarketCap turned down from $2.7296 on July 9 and is currently finding support at the moving averages. If the altcoin bounces off the current levels, the bulls will make another attempt to carry the price to $2.8319. A break above $2.8319 can result in a rally to $3.1104. 

Conversely, if the bears sink the EOS/USD pair below the moving averages, then a drop to the support of the range is possible. The next trending move will start after the price breaks out of the $3.1104–$2.3314 range.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.


Zur Quelle
[/ihc-hide-content]

As Bitcoin corrected on July 9, altcoin prices dropped but many are holding above their support levels, suggesting the uptrend will resume.

A Record Number of Bitcoin Were Recently Withdrawn From Exchanges

A Record Number of Bitcoin Were Recently Withdrawn From Exchanges

On July 8, a record number of Bitcoin were removed from custodial exchanges, with Coinbase leading the charge.

[ihc-hide-content ihc_mb_type=“show“ ihc_mb_who=“reg“ ihc_mb_template=“1″ ]

July 8 set a year-to-date record for the number of net Bitcoin (BTC) withdrawn from custodial exchanges. The onslaught was led by Coinbase.

A bullish sign?

Yesterday, 20,660 more Bitcoin were removed from exchanges than deposited according to data from Glassnode. This represents 2020’s biggest daily outflow of Bitcoin from exchanges — a behavior pattern that is typically considered bullish.

All Exchanges versus Coinbase net Bitcoin flow. Source: Glassnode

All Exchanges versus Coinbase net Bitcoin flow. Source: Glassnode

Coinbase leads the exodus

Interestingly, Coinbase alone experienced a net outflow of 20,787 BTC — higher than the total for all exchanges. Discounting Coinbase, other tracked exchanges had a small uptick.

Coinbase: Number of Bitcoin deposits & withdrawals. Source: Glassnode

Coinbase: Number of Bitcoin deposits & withdrawals. Source: Glassnode

Although Coinbase experienced negative Bitcoin outflows, it recorded almost a thousand more deposits than withdrawals. Since overall, it experienced negative outflows, this means that the average withdrawal amount was higher than the average deposit amount. It is possible that the average withdrawal amount was skewed by one or more large withdrawals made by its custodial clients.

Regardless of the cause behind this latest Bitcoin outflow, the trend towards users removing their assets from custodial exchanges continues.


Zur Quelle
[/ihc-hide-content]

On July 8, a record number of Bitcoin were removed from custodial exchanges, with Coinbase leading the charge.

Bitcoin.com Forum Closes on July 23

Bitcoin.com Forum Closes on July 23

Bitcoin.com’s forum will close in one month.

[ihc-hide-content ihc_mb_type=“show“ ihc_mb_who=“reg“ ihc_mb_template=“1″ ]

The Bitcoin.com forum, one of the most popular forums in the crypto community, has abruptly announced closure.

A place for the heated debates and thoughtful cryptocurrency-related discussions, Bitcoin.com’s forum will terminate its services on July 23, 2020. The news was reported by the forum’s administrator in a thread posted on June 24.

In the post, the forum admin provided few details about the upcoming closure. The post does not specify the reasons behind the action.

Bitcoin.com’s forum is associated with the Bitcoin.com website — one of the oldest and biggest cryptocurrency-related web portals in the world. Backed by early Bitcoin (BTC) adopter and investor, Roger Ver, the website provides a number of Bitcoin and Bitcoin Cash (BCH) services, including a cryptocurrency exchange.

This story is currently developing.


Zur Quelle
[/ihc-hide-content]

Bitcoin.com’s forum will close in one month.

Craig Wright’s Satoshi Case Goes To Trial July 6

Craig Wright’s Satoshi Case Goes To Trial July 6

Craig Wright’s Satoshi case will finally go to trial, both sides confirmed to Cointelegraph.

[ihc-hide-content ihc_mb_type=“show“ ihc_mb_who=“reg“ ihc_mb_template=“1″ ]

Lawyers representing both sides confirmed to Cointelegraph that they expect the trial to convene on July 6.

The case that has been captivating the crypto community for several years now may finally receive a resolution. On May 1, Judge Bloom, who presides over the case, issued a court order for the trial to begin on July 6. More importantly, the lawyers representing both sides confirmed that they are not planning to file any motions that could delay the trial and are eagerly looking to the opportunity to prove their case in court.

The war of words between legal teams

Dr. Wright’s attorney Andres Rivero told Cointelegraph that his client has always wanted to establish truth in court and there will be no delaying motions from their side:

“it’s always possible for the cases to be delayed, they could be motions, more requests by the plaintiffs […] But we have opposed all the delays and we’ve always wanted to go to trial. The plaintiffs would have to prove that there was a verbal agreement that 50% of everything that Dr. Wright did for the rest of his life belonged to Mr. Kleiman ”

According to Rivero, Kleiman was a dear friend of Dr. Wright. However, this did not entitle him to half of Wright’s Bitcoins (BTC).

In a statement released to Cointelegraph, Velvel Freedman of Roche Cyrulnik Freedman LLP, the firm represent Ira Kleiman, called those claims “absurd”:

“Any comment that Plaintiffs are responsible for any delays to the trial date is absurd. As Judge Bloom found on January 10, 2020, Craig’s ‘antics and conduct delayed and obstructed the discovery process of this case, wasted valuable time and resources […] and prevented the Plaintiff from obtaining evidence.’ Plaintiffs are looking forward to the trial.”

A very unusual case

Rivero pointed out that the judge’s “sanctions against Dr. Wright were reversed, other than the fees”. Rivero does not have an estimate for how long the trial could take as in his opinion, the case has been “very usual”:

“Your guess is as good as mine, because this is the first time I’ve ever seen anything like this.”

Ira Kleiman, the brother of late Dave Kleiman, lays claim to the half of 1.1 million Bitcoins that Dr. Wright and Dave Kleiman allegedly mined together as part of the Satoshi Nakamoto team.

According to Rivero, his client, Dr. Wright still maintains that he is Satoshi Nakamoto, despite many detractors questioning it. Recently, John McAfee said that with 99% certainty, he knows the true identity of the author of Bitcoin whitepaper, hinting that Dr. Wright could be part of the Satoshi Nakamoto team.


Zur Quelle
[/ihc-hide-content]

Craig Wright’s Satoshi case will finally go to trial, both sides confirmed to Cointelegraph.

Bitcoin Price: First 4-Day Win Streak Since July Flips Charts Bullish

Bitcoin Price: First 4-Day Win Streak Since July Flips Charts Bullish

#Bitcoin posts 4 back to back green candles on the daily chart, which hasn’t happened since July

[ihc-hide-content ihc_mb_type=“show“ ihc_mb_who=“reg“ ihc_mb_template=“1″ ]

Bitcoin (BTC) closed the week down 0.39% at $7,356 having recovered very quickly from a daily close, which saw BTC trading down at $6,850 for a short period on Friday morning. Since then, Bitcoin has recovered over 10% and is once again pushing hard against resistance on Monday. 

All other cryptos are up over the last 24 hours, most outperforming Bitcoin, with XRP being up close to 9% while just about all other top cryptos posting gains of around 5%. 

This is a trend change. With Bitcoin recently leading the market, it could be a sign of renewed interest from the cryptocurrency bulls. As a result, Bitcoin dominance has fallen very slightly below 68%.

Cryptocurrency market 24-hour view

Cryptocurrency market 24-hour view. Source: Coin360

BTC price: 1-week chart

The one week chart shows that the price of Bitcoin continues to press hard against the resistance of $7,555, which has failed to be broken on a weekly basis since it was lost mid-November. 

Continued rejections in the $6,000s and a recent pattern of overall higher lows demonstrate that upward pressure is building at this moment.

BTC USD Weekly chart

BTC USD Weekly chart. Source: TradingView

Meanwhile, volume continues to decrease on spot exchanges and in an overall decline, but there are notable large green candles when price lows have been tested, which hints at accumulation.

The moving average convergence divergence indicator, or MACD, continues to build a bullish divergence on its histogram, which is into its sixth week of higher lows while price has been stagnant. But we are likely to remain a few weeks away from a bullish cross unless there is a breakout.

The RSI has clearly stopped breaking to the downside and looks to be drifting bullish above 50.

BTC USD Weekly chart

BTC USD Weekly chart. Source: TradingView

1-day chart

The daily chart for Bitcoin clearly demonstrates the bullish picture on Monday morning with a large green candle pushing hard up against resistance that has emerged following a failure to break $7,555 previously, which resulted in a selloff that we discussed as a likely outcome last week.

A large-bodied daily candle will be what the bulls are looking for. There has been continued short interest at this level for weeks and we should expect the same until the rule is broken, and the response from the United States in the first couple of hours trading will be very telling today.

BTC USD 1-day Chart

BTC USD 1-day Chart. Source: TradingView

The point of control has been acting as a good area of support for the bulls around $7,200 with it only briefly being lost on three occasions. The daily candles show four back to back green candles, which has not occurred since July, and the most notable volume bars appear to be won by the bulls, which is a positive sign.

The MACD has also been trending to the upside for weeks with a bullish cross with its signal line and has now crossed its zero line, meaning the underlying 12 and 26 EMAs as now crossed bullish.

The RSI is also breaking out to the upside and trending above 50. Each of these indicators demonstrates multi-week bullish momentum, which is now technically being confirmed (pending a move in price).

BTC USD 1 Day Chart

BTC USD 1 Day Chart. Source: TradingView

 4-hour chart

The 4-hour chart clearly shows a case for the bottoming pattern for an inverse head and shoulders, which is supported by declining volume as one would expect to see with this pattern. 

Each of the key moving averages is also all crossed bullish. In addition, the 4-hour chart is trying to build upon the close above declining resistance. Combined with the daily close currently being up against horizontal resistance, this is clearly a pivotal moment.   

BTC USD 4-hour chart

BTC USD 4-hour chart. Source: TradingView

The 4-hour chart does show some signs of weakness with declining volume, declining MACD pressure and again the same on the RSI while the price has been appreciating.

This is unsurprising due to the overhead resistance and the outcome is likely to be determined as U.S. traders wake up.   

BTC USD 4-hour chart

BTC USD 4-hour chart. Source: TradingView

Should Bitcoin breakdown, the most likely port of call will be $7,000-7200 where the point of control lies since it has been acting as resistance and support for weeks. 

It is also the 61.8% retracement of the move from last week’s lows. So if Bitcoin is rejected, this could be an area of buying interest. A failure to hold the point of control again could mean that the $6,000s may need to be backtested to see if another higher low can be printed, which would need to be above $6850.  

Failure to close above here on the daily chart would most likely mean that Bitcoin is destined to head lower.

BTC USD 4-hour chart

BTC USD 4-hour chart. Source: TradingView

Looking forward

Clearly, the price of Bitcoin is shaping up for a big move. Currently, bulls appear to have momentum on their side, but there is the underlying issue of the overall downtrend in which Bitcoin remains locked in since summer.  

A break out to the upside could still follow with rejection and more downside. The objective is simple for the bulls: defend $7K and reclaim $7,555 as support.  

If there are still bloodthirsty bears, they may simply be waiting for liquidity to short at higher levels. All eyes will be on the U.S. today and the first half of the week will be critical for market participants who are eagerly anticipating the next move. 

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.


Zur Quelle
[/ihc-hide-content]

#Bitcoin posts 4 back to back green candles on the daily chart, which hasn’t happened since July

Bitpoint Taiwan’s Sues Parent Exchange for Overbilling After July Hack

Bitpoint Taiwan’s Sues Parent Exchange for Overbilling After July Hack

Taiwan subsidiary of hacked exchange Bitpoint files a $9.4 million damages suit alleging overbilling by parent exchange

[ihc-hide-content ihc_mb_type=“show“ ihc_mb_who=“reg“ ihc_mb_template=“1″ ]

The Taiwan-based subsidiary of hacked crypto exchange Bitpoint Japan will file a $9.4 million damages suit as it claims to have been overbilled by the parent exchange.

Overbilling is ‘clearly’ erroneous

Bitpoint Taiwan reportedly found that total funds it collected from local clients have been short by 500 million yen ($4.7 million) due to overbilling by parent company Bitpoint Japan, according to a report by Japanese English-language publication The Mainichi on Aug. 22.

Citing a prepared lawsuit, The Mainichi reported that the Taiwanese subsidiary discovered the shortage of funds while checking past billings by Bitpoint Japan following a major hack of the company in July 2019. According to the new report, Bitpoint Japan lost 3.02 billion yen ($28 million) plus an additional 250 million yen ($2.3 million) at overseas exchanges that use its trading system, including Bitpoint Taiwan.

Bitpoint Taiwan transmits funds gathered from its local customers to Bitpoint Japan based on bills from the parent company, the report notes.

Bitpoint Taiwan reportedly said in the lawsuit:

„It is clear that (Bitpoint Japan) had billed us based on erroneous numbers.”

International escalation

Hirotaro Kato, a lawyer at Bitpoint Taiwan, claimed that by bringing up the lawsuit, the exchange aims to protect the funds of local clients, also expressing concern that the case could turn into an international issue.

As such, the Taiwanese crypto exchange will reportedly will the lawsuit with the Tokyo District Court, claiming a total loss damage including a loss it suffered as a result of the hack.

In turn, Bitpoint Japan said that they were not aware of the lawsuit in the report, adding that representatives of both companies were negotiating the issue.

On July 12, Bitpoint Japan officially announced the suspension of all services after losing $32 million in a hack involving major cryptocurrencies such as Bitcoin (BTC) and XRP. According to The Mainichi, the funds stolen from clients in Japan accounted for 13% of total digital currency on Bitpoint and affected nearly 50,000 — or 50% — of their total customers. The exchange reportedly resumed part of its services earlier in August.


Zur Quelle
[/ihc-hide-content]

Taiwan subsidiary of hacked exchange Bitpoint files a $9.4 million damages suit alleging overbilling by parent exchange

Bitmex Outflows Hit Record in July Exceeding $500M Amid CFTC Probe

Bitmex Outflows Hit Record in July Exceeding $500M Amid CFTC Probe

Outflows on BitMEX, the second top crypto exchange by reported trading volume to date, exceed $500 million in July

[ihc-hide-content ihc_mb_type=“show“ ihc_mb_who=“reg“ ihc_mb_template=“1″ ]

BitMEX, the second top crypto exchange by reported trading volume to date, experienced record outflows during the month of July. According to the blockchain data provider TokenAnalyst, the total outflow on the exchange amounted to around $530 million.

Historic inflows and outflows on BitMEX

Historic inflows and outflows on BitMEX. Source: TokenAnalyst

BitMEX’s monthly outflow never exceeded $100M before

Fellow industry analytics firm Ceteris Paribus commented on the news on Aug. 4, noting that BitMEX had never experienced outflow of more than $100 million in a single month. During the whole 2018, the total outflows accounted for $1.3 billion, the firm stated, adding that there was not a single month when outflows were greater than inflows.

Bitmex monthly net Bitcoin flows

Bitmex monthly net Bitcoin flows. Courtesy of Ceteris Paribus

On July 20, TokenAnalyst reported a record outflow on BitMEX. During the course of a single day, the exchange saw an outflow of $83 million worth of bitcoins (BTC) while only $12 million came in. 

While the news apparently drew the attention of crypto community, some commentators suggested that such a big discrepancy was a normal reaction, particularly taking into account the amount of BTC held on BitMEX.

CFTC probe spooks BitMEX traders

At the same time, the $73 million outflow-over-inflow discrepancy took place subsequently after the United States Commodity Futures Trading Commission (CFTC) was reported on July 19 to suspect that BitMEX allowed U.S. residents to use its trading platform. Notably, under the current law, the U.S. is one of several countries prohibited from using BitMEX and similar crypto-based financial services, but users may have sought to circumvent the geoblock using services such as VPNs.

In turn, the probe followed a debate between BitMEX CEO and co-founder Arthur Hayes and well-known crypto antagonist Nouriel Roubini in early July. 

After the debate, Roubini published his Crypto Heist essay, in which he criticized BitMEX, accusing the exchange of helping criminals to launder money.

BitMEX’s website traffic also drops

Meanwhile, BitMEX’s website traffic notably dropped since mid-July, which coincides with significant amount of outflows from the exchange. According to the Alexa data, BitMEX’s rank dropped from #11,851 on July 19 to #12,644 at the press time, which could suggest that users, particularly Americans using VPN, are actively taking their funds off the exchange.

BitMEX traffic over the past 90 days

BitMEX traffic over the past 90 days. Source: Alexa

Nevertheless, BitMEX’s dedicated insurance fund continued to grow, according to its official page. As such, the fund added around 1,400 BTC ($16 million) over a monthly period from July 4 to Aug. 4. It now comprises 30,600 BTC or nearly $360 million.


Zur Quelle
[/ihc-hide-content]

Outflows on BitMEX, the second top crypto exchange by reported trading volume to date, exceed $500 million in July

Hodler’s Digest, July 29 – Aug. 4: Facebook’s Libra Confession, US Urged to Lead Way on Crypto

Hodler’s Digest, July 29 – Aug. 4: Facebook’s Libra Confession, US Urged to Lead Way on Crypto

This week on Hodler’s Digest: Facebook makes a candid confession about Libra as new research indicates more women may invest in crypto than first thought

[ihc-hide-content ihc_mb_type=“show“ ihc_mb_who=“reg“ ihc_mb_template=“1″ ]
Top Stories This Week

Facebook warns investors that the Libra stablecoin may never launch

The Libra storyline is fast becoming a never-ending soap opera — and we might be reaching the season finale. Facebook used its latest quarterly report to warn investors that its controversial cryptocurrency may never launch at all. The admission at least shows that the social network is taking the concerns of regulators and policymakers to heart. Although the company still expects Libra to be released in 2020 (for now), it looks like Facebook is laying the groundwork for a U-turn, if need be. Who knows what next week’s installment will have in store…

Some senators call on U.S. to lead in blockchain and crypto, others doubt

When David Marcus, head of Facebook’s Calibra wallet, appeared in front of Congress last month, he had one warning for U.S. lawmakers: Lead the way on digital currencies, or another nation will. With those words ringing in their ears, some politicians seem to have taken notice. At a hearing of the U.S. Committee on Banking, Housing and Urban Affairs, Sen. Michael Crapo of Idaho broke rank with some of his colleagues. He said he wanted the U.S. to be at the forefront of cryptocurrencies and blockchain, adding the technology “both has incredible potential and incredible risk.” A fellow senator concurred — fearful China might end up getting an upper hand in this fast-moving industry.

One in five European crypto holders are women, new report reveals

The crypto market is often dismissed as a youth-skewed, male-dominated space — but a new report reveals perceptions about the scale of the gender imbalance may be misguided. Previous research has indicated that more than 90% of European crypto investors are male, but this latest study suggests 22% of holders are female. What’s more, they are likelier to be in the top 10% of earners than their male counterparts. Other nuggets of information reveal that Switzerland has the highest rate of crypto ownership in Europe — and even though the United Kingdom languishes in 11th place when it comes to its share of European crypto holders, London has the highest concentration of enthusiasts anywhere on the continent.

Picture 1

Australian draft bill excludes digital currency from new cash payment limit

Is Down Under down with cryptocurrencies? Potentially, based on a new explanatory memorandum issued by Australia’s government. Although the country plans to ban cash payments for goods and services worth more than 10,000 AUD ($6,900), politicians hope to exclude cryptocurrencies from this rule. Lawmakers say they want to avoid stifling innovation in the burgeoning sector — adding that its research suggests “there is little current evidence” that crypto is being used to facilitate black market activities.

 U.K. financial regulator, the FCA, won’t regulate Bitcoin and Ether

As one country tries to provide clarity on cryptocurrencies, another is making matters murkier. The Financial Conduct Authority, Britain’s regulator, announced this week that it will not oversee Bitcoin and Ether because they are outside of its remit. To further add to the sense of confusion, the FCA says it can monitor security tokens and utility tokens — potentially resulting in a fractured landscape for regulation.

Winners and Losers

At the end of the week, Bitcoin is looking up at around $10,701, Ether at $219 and XRP at $0.32. Total market cap is around $287 billion.

The top three altcoin gainers of the week are TRONCLASSIC, Ubricoin and Formosa Financial. The top three altcoin losers of the week are Infinitus Token, EscrowCoin and BQT.

Picture 2

For more info on crypto prices, make sure to read Cointelegraph’s market analysis

Most Memorable Quotations

“We love you, Bitcoin.”

Jack Dorsey, founder of Twitter and Square

“We are very, very pro-Bitcoin. There is more than enough work for us to do there. That said, we are open to emerging use cases and technologies that complement Bitcoin.”

Steve Lee, Square Crypto project manager

“I want the U.S. to stay at the forefront of this technology, which both has incredible potential and incredible risk.”

Michael Crapo, U.S. Senator

“There is a lot driving the ever volatile pricing of Bitcoin, but I think its value as a leading indicator into behind the scenes geopolitical tensions shouldn’t be ignored.”

Peter Tchir, ex-executive director at Deutsche Bank

“The increase in proliferation of digital asset projects outside the U.S., the movement of companies to leave the U.S. and projects to get started outside the U.S. is definitely getting people’s attention.”

Jeremy Allaire, Circle CEO

“NEW ALL-TIME HIGH! On July 13th, Bitcoin Suisse conducted the highest bitcoin trade ever recorded on the summit of Breithorn, Switzerland, 4164m above sea level.”

Bitcoin Suisse, crypto services provider

Picture 3

“There is little current evidence that digital currency is presently being used in Australia to facilitate black economy activities. Given this, the Government has decided at the present time to effectively carve digital currency out from the cash payment limit.” 

Australian Government

“The recent proposal of the inter-ministerial committee of the [Indian] government to ban all cryptocurrencies barring those that are backed by the government, is not the most constructive measure.”

Nasscom, major Indian trade organization

“For years, Richard Castro used the dark web to distribute prolific quantities of powerful opioids. […] Castro thought he could hide behind the anonymity of the internet.  […] Thanks to our law enforcement partners, ‘Chems_usa’ is now in U.S. prison.” 

Geoffrey S. Berman, Manhattan U.S. attorney

Prediction of the Week

CNBC host goes full Bitcoin maximalist with $55K forecast after halving

Joe Kernen used to be a Bitcoin bear. Not anymore, it seems. The Squawk Box host stunned his guest by predicting the dominant cryptocurrency could hit $55,000 by May 2020 — a price surge of 500% in less than a year’s time. Indicating that he’s undergone a full conversion to BTC maximalism, Kernen predicted that the upcoming halving of mining rewards will increase scarcity and result in greater demand. Kernen recently became an unlikely hero of crypto enthusiasts after he said Libra didn’t excite him at all. Appearing alongside Anthony Pompliano this week, he also warned the “first country to buy Bitcoin will force others to play catch up.”

FUD of the Week

IRS Brazil requires reporting all Bitcoin transactions starting now

Thursday saw Brazil introduce new measures that mean citizens must share information about their crypto transactions with the state’s Internal Revenue Service. The new measure applies to individuals, companies and brokerages — irrespective of whether the activity involves buying and selling coins, making deposits and withdrawals, or donating to a good cause. In a move that’s going to result in an immense amount of paperwork for Brazilian hodlers, updates will need to be shared with the taxman every single month — with eye-watering punishments if they fail to comply. In addition to penalties of between $25 and $130, up to 3% of the value of nonreported transactions can be charged as a fine.

 ‘Chems_USA’ pleads guilty to Bitcoin-enabled dark web opioid conspiracy

A man from Florida has pleaded guilty to having a role in a multimillion-dollar drug dealing conspiracy that was enabled by Bitcoin. Richard Castro admitted money laundering and distributing three controlled opioid substances over the dark web. He operated under several usernames — including “Chems_usa,” “Chemical_usa” and “Jagger109” — and will forfeit assets worth more than $4.1 million as a part of the ruling. Prosecutors in the U.S. have called Castro naïve for thinking “he could hide behind the anonymity of the internet,” and he’ll be sentenced in October.

 

Singapore’s regulator warns of new scam Bitcoin investment scheme

Forged statements by a former Singaporean prime minister are being used to dupe unsuspecting consumers into a Bitcoin scam online, regulators have claimed. The Monetary Authority of Singapore says articles are circulating that claim ex-leader Goh Chok Tong has a method to help citizens become rich in seven days — but warns the statements were “either false or were taken out of context and used in a misleading way.” Victims were urged to deposit $250 into a trading platform that claims to execute automated traders on a user’s behalf.

Best Cointelegraph Features

Sex and crypto: A Cointelegraph documentary

Crypto’s censorship-resistant, pseudo-anonymous nature has led it to becoming a popular payment method in the adult entertainment industry. In this documentary, Cointelegraph looks at how crypto startups are revolutionizing the way pornographic content is purchased — and asks whether it could disrupt the industry.

Is Bitcoin a store of value? Experts on BTC as digital gold

Bitcoin has now been around for 10 years, but the debate about whether the cryptocurrency can be considered “digital gold” rages on. We’ve asked a range of crypto and blockchain experts for their take.

Could Facebook Libra become the largest DApps network to date?

Back in 2014, a group of foundational experts led by David Johnston presented the Decentralized Applications (DApps) framework. This in-depth article examines whether Libra’s ecosystem could end up becoming the largest DApps network to date (if it launches), and whether Facebook should be regarded as a villain.

Crypto market trading — inside look from those earning a living off it

As Bitcoin enjoyed exponential growth, especially toward the end of 2017, the crypto trading sector has flourished too. This Cointelegraph article profiles some of the analysts who are making a killing trading BTC by using a vast array of investment techniques.


Zur Quelle
[/ihc-hide-content]

This week on Hodler’s Digest: Facebook makes a candid confession about Libra as new research indicates more women may invest in crypto than first thought

Hodler’s Digest, July 22–28: Libra Doubts, Bitcoin Slumps, McAfee Behind Bars

Hodler’s Digest, July 22–28: Libra Doubts, Bitcoin Slumps, McAfee Behind Bars

This week in Hodler’s Digest: the surveys that reveal Facebook’s big Libra problem. Plus, John McAfee shrugs off legal trouble in the most John McAfee way possible

[ihc-hide-content ihc_mb_type=“show“ ihc_mb_who=“reg“ ihc_mb_template=“1″ ]

Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This Week

Facebook to work ‘however long it takes’ to win over regulators on Libra

Mark Zuckerberg turned on the charm offensive this week in an attempt to reassure governments and central banks that his social network is taking their concerns about Libra to heart. On a conference call, he told investors that Facebook has changed — and his company was no longer in the business of releasing products without prior warning. The CEO vowed its cryptocurrency would only debut when regulatory issues are ironed out, plunging 2020 launch plans into doubt. Another bombshell came on Wednesday when the CEO of Visa said no companies have officially joined the Libra Foundation, as they have only signed a nonbinding letter of intent. The day before, it emerged several fake pages posing as official channels for Libra were circulating on Facebook and Instagram — and they were only removed when the Washington Post alerted the tech giant that they existed.

The battle for Libra: Zuckerberg needs to convince the public, too

While Facebook tries to win the hearts and minds of regulators, there’s a risk it may be losing sight of an even bigger hurdle: winning over the public. A CivicScience poll this week revealed that just 2% of Americans trust Libra more than Bitcoin (BTC). Not good. Another survey suggested that only 12% of people in Germany, Europe’s biggest economy, are welcoming of the stablecoin. Not good. A third survey suggests that 49% of Facebook users in the United Kingdom and the United States would not put trust in the social media giant at all. Very bad. There’s little point in appeasing regulators if your own user base is wary about the product. What remains to be seen is whether Facebook needs to embark on an aggressive marketing campaign to bring them back on side or if users will shrug off their concerns and embrace Libra when the product finally lands.

Tim Draper

Stormy week for Sun as he denies money laundering allegations

Tron (TRX) founder Justin Sun has had quite the week. On Tuesday, he made an extensive list of denials — rejecting accusations of illegal fundraising, facilitating adult video transactions, gambling and money laundering. Later that day, he posted a live video from San Francisco in a bid to quash reports that has been banned from leaving China by the authorities. Also this week, Sun postponed a planned lunch with Warren Buffett indefinitely, blaming kidney stones. Billionaire Buffett, a renowned crypto skeptic, was probably thrilled by that. In another bizarre twist, Sun penned an online apology for “over-marketing” and then deleted it. The drama has seen Tron suffer hefty losses of more than 9% in recent days — and prices have fallen further since.

Bitcoin back to four figures as market veers into the red

After clinging on to its five-figure price point for several days, BTC succumbed to pressure and slipped back into the thousands on Wednesday. Although prices later recovered to $10,180, a sudden crash on Saturday saw BTC tumble by $800 in 15 minutes, leaving traders scratching their heads. It hasn’t all been bad news, though. Data suggests that the amount of Bitcoin that has not been moved for at least five years has reached an all-time high. A total of 3.8 million BTC — worth more than $37.3 billion at the time of writing — has been left untouched since 2014. Coin Metrics, the crypto data firm behind the research, says this proves Bitcoin is increasingly becoming a store of value as opposed to a medium of exchange.

Iran recognizes Bitcoin and crypto as an official industry, MP says

Tehran could be about to recognize crypto as an official industry and approve a mechanism for mining. Iran has been a hotbed of activity for mining in recent months because of the country’s cheap electricity rates. Now, officials want to legalize the process in an attempt to boost tax revenues, amid concern that the BTC mined on its soil is escaping abroad.

Winners and Losers

At the end of the week, Bitcoin is at $9.527.45, Ether at $210.19 and XRP at $0.31. The total market cap is at $264,072,410,254.

The top three altcoin gainers of the week are Regalcoin, Dexter G and Xchange. The top three altcoin losers of the week are Bolenum, Claymore and SpectrumNetwork.

Winners and Losers

For more info on crypto prices, make sure to read Cointelegraph’s market analysis

Most Memorable Quotations

“Can a person run for, and be, President of the United States and Prime Minister of Great Britain simultaneously? Yes. Absolutely. Without question. But I believe I am one of the few people still alive who could qualify for the combined position.”

– John McAfee, jailbird and aspiring politician

“I won’t be talking about Bitcoin in 10 years, I can assure you that […] I would bet even in five or six years, I’m no longer talking about Bitcoin as Treasury Secretary. I’ll have other priorities. […] I can assure you I will personally not be loaded up on Bitcoin.”

– Steven Mnuchin, U.S. Treasury Secretary

“To me, [Libra] suggests that Facebook’s almost trying to turn itself into its own country. It’s a global organization that doesn’t have physical boundaries but basically has a global community who are solely under the oversight of Mark Zuckerberg.”

– Damian Collins, British MP

“I think all these other cryptos are bridges to where we have a Bitcoin environment.”

– Tim Draper, billionaire

„Especially given the discussions around Libra and the rebound in Bitcoin, there’s heightened interest again.“

– Tim Hockey, TD Ameritrade CEO

“Cryptocurrency will survive regardless of any one country. Most countries that try to ban bitcoin cause their citizens to want cryptocurrency more.”

– Changpeng Zhao, Binance CEO

Changpeng Zhao, Binance CEO

„While regulatory innovation in the era of industrialization was a matter of choice, it is now a question of survival as we are experiencing the fourth industrial revolution, characterized by fusions across industries and fields.”

– Moon Jae-in, president of South Korea 

“Facebook has an enormous worldwide network and enormous financial muscle. […] But the only way Libra will work well as a medium of exchange is if everyone can trust it. And that’s the big question right now: whether there is going to be enough trust in Facebook.“

– Eswar Prasad, economics professor at Cornell University

Prediction of the Week

Pantera Capital CEO believes Bitcoin could reach $356,000 in a couple of years

It’s prediction time! Dan Morehead, the founder of Pantera Capital, has dusted off his crystal ball to forecast that BTC could hit $42,000 by the end of this year — and an unnervingly precise $356,000 by 2022. Morehead claimed such prices would be consistent with Bitcoin’s logarithmic growth rate, adding, “I know this sounds crazy but we’re essentially halfway back there.” He went on to predict that crypto enthusiasts will end up waiting a long time for a Bitcoin exchange-traded fund and warned that most altcoins will fall by the wayside.   

FUD of the Week

Indian government panel recommends a blanket ban on cryptocurrencies  

After a long-running drama, private cryptocurrencies could be a thing of the past in India once and for all. A government panel has officially recommended hefty fines of up to $3.6 million for anyone caught dealing in digital currencies — and even jail terms of 10 years. Draft legislation is now going to be examined, but given the government has previously compared crypto to Ponzi schemes, it’s almost certain that the proposals will be accepted in full. There was a glimmer of light at the end of the tunnel, as the panel has urged the government to consider launching an official digital currency through the Reserve Bank of India.

John McAfee arrested aboard a yacht in the Dominican Republic

Crypto enthusiast John McAfee was arrested onboard his yacht in the Dominican Republic this week, with reports suggesting that authorities seized high-caliber weapons, ammunition and military equipment from the vessel. The millionaire later posted pictures as he left detention after four days of confinement. Hours later, he was detained again. McAfee shared a photo of himself lounging topless on a bare bunk bed, writing: “My second arrest in one week — a record I think.” Although run-ins with the police normally spell disaster for presidential campaigns, the entrepreneur is undeterred — and McAfee now says he wants to run for the “combined” position of U.S. president and U.K. prime minister. Okay, John!

John McAfee

IRS sending 10,000 tax compliance letters to crypto investors

If you’re a hodler in the U.S., you might be getting a missive from the taxman through your letterbox soon. The Internal Revenue Service has written to 10,000 investors — asking some to amend their filings and others to catch up on back payments. However, those who receive the letters might not have done anything wrong. Tyson Cross, a crypto tax attorney, claims some of his clients have been contacted, even though they have accurately reported their earnings. He believes the campaign amounts to a “fishing attempt” by the IRS — and is urging investors to stay calm if the letter lands on their doormat. 

Best Cointelegraph Features

Bitcoin is property, Chinese court rules — no crypto ban contradiction

Earlier in July, a Chinese court legally recognized Bitcoin and ruled that it should now be considered as digital property. However, this doesn’t necessarily mean that attitudes toward BTC and other cryptocurrencies are going to change. Here, we explore China’s complicated relationship with digital currencies and examine what the ruling means.

Crypto community’s reaction to Libra congressional hearings

U.S. politicians and David Marcus, the head of Facebook’s Calibra wallet, recently had a two-day showdown in Washington, D.C. The hearings have garnered a mixed reaction. Here’s our roundup of what the crypto community had to say.


Zur Quelle
[/ihc-hide-content]

This week in Hodler’s Digest: the surveys that reveal Facebook’s big Libra problem. Plus, John McAfee shrugs off legal trouble in the most John McAfee way possible

Hodler’s Digest, July 15–21: Libra Special! Top Stories, Price Movements, Quotes and FUDs of the Week

Hodler’s Digest, July 15–21: Libra Special! Top Stories, Price Movements, Quotes and FUDs of the Week

This week in Hodler’s Digest, a Libra special! Facebook has had a tough week in front of Congress and Bitcoin prices have suffered

[ihc-hide-content ihc_mb_type=“show“ ihc_mb_who=“reg“ ihc_mb_template=“1″ ]

Coming every Sunday, the Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions, and much more — a week on Cointelegraph in one link.

Top Stories This Week

Libra hearings: Hostility and criticism as Congress grills Facebook executive

A godsend to drug dealers. More dangerous than 9/11. A global economic threat. Congress was given two days to grill the head of Facebook’s Calibra wallet, David Marcus, over the upcoming Libra cryptocurrency, and it didn’t hold back. The Senate Banking Committee went first on Tuesday, with lawmakers describing the social network as “dangerous” and unfit to handle financial data given past scandals. Politicians also demanded to know why Facebook had chosen to base Libra in Switzerland rather than the United States. Wednesday was the House Financial Services Committee’s turn. In a four-hour grilling, Marcus was asked whether the tech giant will delay Libra’s launch until regulatory concerns are addressed — and he ducked a question about whether the coin would be available to people banned from Facebook’s platforms.

David Marcus: You won’t have to trust Facebook, and I’ll get paid in Libra

Surprisingly, Marcus wasn’t uploading selfies of his trip to Washington on Instagram and telling his followers how much fun he was having. That’s because he was probably navigating questions he rather wouldn’t answer — and trying to convince Congress that Facebook will have “no special privilege” and no control over Libra and Calibra. Alas, this was easier said than done — with politicians unwilling or unable to hide their skepticism. Marcus insisted that Facebook was committed to cooperating with U.S. regulators, and stressed Libra’s Swiss headquarters has “nothing to do about evading responsibilities.” And, after constant cajoling from one senator, he said he would be willing to get his entire salary paid in the stablecoin. Aside from the theatrics of it all, Marcus’s main point was this: If the U.S. fails to embrace digital currencies, others will — and their values “could differ radically.” China’s going to be thrilled with that not-so-subtle dig.

Picture 1

Bitcoin price reclaims $10K after U.S. lawmaker says BTC can’t be killed

It’s been another tumultuous week for Bitcoin. From July 10 to July 16, prices slumped from $13,200 to $9,684. Major exchanges reported a 26.6% drop in just seven days. While some analysts have blamed the decline on technical issues, others believe the downfall is linked to seemingly never-ending criticism of Libra. But it isn’t all doom and gloom. In an interview on Wednesday, U.S. Rep. Patrick McHenry said he thinks BTC cannot be killed — and said corporations such as Facebook were trying their hardest to replicate the success of its decentralized, open-access network. Saturday saw the market briefly crack $11,000 once again for the first time since Monday, potentially signalling that the storm clouds are starting to part after a turbulent week. 

U.S. regulator investigating crypto exchange BitMEX — report

Derivatives giant BitMEX has been a naughty boy, if reports from Bloomberg are to be believed. It’s claimed the exchange is being investigated by the Commodity Futures Trading Commission amid allegations it allowed U.S. residents to use its Seychelles-based platform for trading. That would fly in the face of current laws that prevent American citizens from using such crypto-based financial services. Earlier this month, BitMEX CEO Arthur Hayes and Bitcoin naysayer Nouriel Roubini had a ding-dong at the Tangle in Taipei — and the only thing they could agree on was that Libra isn’t a cryptocurrency. After a bitter battle over releasing the tape from that debate, Roubini, also known as Dr. Doom, alleged this week that BitMEX insiders had told him the platform is “used daily for money laundering on a massive scale by terrorists and other criminals.”

Buterin’s big idea: Integrate Bitcoin Cash to scale Ethereum

Ethereum’s co-founder Vitalk Buterin has come up with a novel short-term approach for tackling the network’s scalability issues: using the Bitcoin Cash blockchain to deal with its backlog. An Ethereum 2.0 could be many months away, and at present, good ol’ Ethereum 1.0 is only capable of handling a measly 15 transactions per second. In contrast, archrival Ripple can reportedly muster 1,500. Buterin’s Road to Damascus moment didn’t necessarily attract the rave reviews he was hoping for. Some crypto commentators warned that it would speed up the demise of both Ethereum and Bitcoin Cash, while others said Buterin’s remarks amounted to proof that his project had failed. Rather awkwardly, the idea has also put Buterin at odds with fellow co-founder Joseph Lubin, who recently said Ethereum has “already scaled quite significantly.” Taxi!

Winners and Losers

At the end of the week, Bitcoin is at $10,590.46, Ether at $225.99 and XRP at $0.33. The total market cap is at $289,810,601,474.

The top three altcoin gainers of the week are CyberFM, BitCoal and PWR Coin. The top three altcoin losers of the week are Decentralized Crypto Token, Regalcoin and Claymore.

Picture 2

For more info on crypto prices, make sure to read Cointelegraph’s market analysis. 

Most Memorable Quotations

“We can agree Facebook is not really a company anymore, it’s a country.”

John Kennedy, Republican senator for Louisiana

“Who can use a $20 bill? […] This $20 bill doesn’t discriminate on anything you can be a murderer say horrible things, you can say great things. This $20 bill can be used by every single person that possesses it. With regard to your network, can Milos Yianopolous and Louis Farrakhan use Libra?”

Sean Duffy, Republican congressman for Wisconsin

“If cryptocurrency is used to finance the next horrific terrorist attack, 100 lawyers standing in a row, charging $200,000 an hour, are not going to protect his [Zuckerberg’s] rear end from the wrath of the American people.”

Brad Sherman, Democratic congressman for California

“Cryptocurrencies such as Bitcoin have been exploited to support billions of dollars of illicit activity, like cybercrime, tax evasion, extortion, randomware, illicit drugs, human trafficking […] This is indeed a national security issue.”

Steven Mnuchin, U.S. Treasury Secretary

“I’m for the least amount of regulation. I don’t know what’s gonna happen to cryptocurrencies. I think it’s a great idea.” 

Ron Paul, former Republican congressman

“As for the search traffic for bitcoin being low, I also think that is a good sign. It means the rise in Bitcoin has not been accompanied by massive hype.”

Tom Lee, Fundstrat Global Advisors co-founder

“Following 2001-02 tech collapse, dotcoms with real value exploded. The ‘alt’ .coms went bankrupt.”

Peter Brandt, veteran trader

“People behaving badly! India’s government banned Bitcoin, a currency providing great hope for prosperity in a country that desperately needs it. Shame on India leadership. Pathetic and corrupt.”

Tim Draper, American venture capitalist and Tezos investor

Prediction of the Week

John McAfee doubles down on $1M 2020 price prediction for Bitcoin

“Laughing my f*****g ass off.” That was John McAfee’s reaction to the pessimism surrounding BTC’s performance on Monday. According to the U.S. entrepreneur currently exiled in Cuba, crypto enthusiasts should stop relying on weekly fluctuations and look at the bigger picture. Pointing to BTC’s progress over the last few months, he doubled down on his prediction that prices of $1 million were possible by the end of 2020. That would mean Bitcoin has just 17 short months to be worth 100 times more than it is now. McAfee shared some of his other predictions during an interview with Cointelegraph last week. Ten years from now, he believes “there’ll be no fiat anywhere in the world. […] Everything will be cryptocurrency.” Okay, John!

Picture 3

FUD of the Week

Ex-Microsoft employee arrested for $10 million crypto theft

Joining BitMEX on the (alleged) naughty step this week is a former Microsoft employee who has been arrested on suspicion of being involved in a scheme to steal crypto worth $10 million. Volodymyr Kvashuk is accused of using the ill-gotten gains to splash out on a $160,000 Tesla and a $1.7 million lakefront home. Investigators believe the 25-year-old Ukrainian national was in possession of stolen crypto gift cards that could be redeemed against Microsoft products and then sold for a profit on the web.

Report: Coinbase deposits for U.K. users now take 10 days must be over 1,000 pounds

British crypto holders spat out their tea in outrage this week (I’m allowed to say this, I’m British) when it emerged that U.S. exchange Coinbase had suddenly imposed a minimum deposit amount of 1,000 British pounds (about $1,250). To add insult to injury, Faster Payments — a settlement system that, er, delivers faster payments — has been suspended. This means that Brits will have to use (not so) SWIFT, the standard international transfer option that takes up to 10 days to clear. Coinbase says Faster Payments will resume in the next few months, but it’s not exactly clear when. We also don’t know why the abrupt change was made, and with Brexit around the corner, further complications could be on the horizon. In other unexpected news, the major exchange suddenly announced on Friday that it has discontinued its Coinbase Bundle crypto investment offering. (Fun fact: In chemistry, the element of surprise is Ah!)

Gang of masked men raid Bitcoin exchange in Birmingham

British crypto holders also needed a decent glug of whisky in their tea this week when it emerged that a gang of masked men had attempted to raid a Bitcoin embassy in Birmingham, England’s second-largest city. Footage showed the bumbling burglars ransacking the building as sirens blared, but local police later confirmed that they left empty-handed. Reports suggested that the rookie robbers (running out of alliteration now) had attempted to steal a Bitcoin ATM using a rope attached to their car. Ooh! One more! Incompetent intruders! Okay, let’s move on.

Picture 4

Best Cointelegraph Features

Social innovations and secret conversations (on the blockchain)

I love this headline (I didn’t write it.) This week, Cointelegraph explored how coded conversations and secret languages, things that have been around for centuries, are being implemented in the cutting-edge blockchain world. It goes a lot deeper than hodl, Lambos, FUD and Bitcoin whales. Have a read to find out how transaction signatures are being used to initiate under-the-radar conversations.

Bitpoint hack shows that regulators’ scrutiny does not equal safety

There’s been a streak of hacks targeting Japan-based exchanges. In recent days, Tokyo-headquartered Bitpoint revealed it had lost $32 million following a security breach. But here’s the kicker: The exchange was one of 16 local platforms licensed by regulators. Stephen O’Neal investigates whether such scrutiny might actually be causing exchanges to lose focus on security, or whether it’s merely teething problems in a burgeoning market.

Trump’s Twitter crypto rant: What is the Bitcoin reference really about?

Deciphering the rhyme and reason behind President Donald Trump’s tweets, and determining what they mean and whether they amount to policy, can be a hopeless task (you could argue it would be easier if his tweets were written in Dalmatian, a Croatian language that has been extinct since 1898). Nonetheless, we’ve had a go of figuring out the rationale behind his off-the-cuff remarks.

Coffee and crypto: Trump vs. Bitcoin, Japanese exchange hacked

Cappuccino, crypto issues, and Cointelegraph’s Olivia Capozzalo and Molly Jane Zuckerman. What could be better? The debut episode covers all the latest news. It’s worth watching for Olivia’s sarcastic response to Trump’s tweets, and staying for the epic story of her brother’s Bitcoin adventures. The very satisfying clinking of their coffee cups and the gentle instrumental piano music are also big pluses.


Zur Quelle
[/ihc-hide-content]

This week in Hodler’s Digest, a Libra special! Facebook has had a tough week in front of Congress and Bitcoin prices have suffered

Cryptocurrency Grin Follows Through With Anticipated July 17 Mainnet Hardfork

Cryptocurrency Grin Follows Through With Anticipated July 17 Mainnet Hardfork

Grin has completed its first hardfork as scheduled, with the stated aim of continuing to prevent ASIC mining as well as sporting some Grin wallet upgrades

[ihc-hide-content ihc_mb_type=“show“ ihc_mb_who=“reg“ ihc_mb_template=“1″ ]

Privacy-focused cryptocurrency Grin has completed the first hardfork so far on its mainnet. The fork occurred at block height 262,080 on July 17, as shown on the Grin block explorer Blockscan.  

According to an official announcement from Grin core dev Quentin Le Sceller, the latest blockchain hardfork is designed to discourage Grin mining through dedicated application specific integrated circuits (ASICs) and also includes a new iteration of its “bulletproof rewind scheme” for Grin wallets.

As previously discussed by Cuckoo Cycle author John Tromp, there is reportedly no sign of users deploying ASICs to mine Grin yet; however, Grin’s secondary Proof-of-Work scheme Cuckaroo29 is intended to be continually iterated upon in order to prevent ASIC mining:

“In the 133 days of Grin mining so far, there is no sign of any ASIC mining. We do know of several ASIC products planned to come out in summer. To the extent that any such ASICs have built in support for Cuckaroo29, we want our tweak to brick that support.”

As previously reported by Cointelegraph, Grin proposed the mainnet hardfork for the aforementioned height and date on June 5. Grin has also planned to continue hardforking its mainnet at regular intervals, with each fork occurring approximately once every six months upon reaching 262,080 new blocks. 

As these are hardforks, previous transactions on the blockchain will no longer be recognized whenever a new mainnet version is launched. Additionally, Grin apparently uses the “Mimblewimble” protocol, a cryptographic protocol named after a tongue-tying curse from the popular Harry Potter fantasy series. This protocol reportedly allows for transactions to be obfuscated, with the upshot of maintaining user privacy and guarding against double spending.


Zur Quelle
[/ihc-hide-content]

Grin has completed its first hardfork as scheduled, with the stated aim of continuing to prevent ASIC mining as well as sporting some Grin wallet upgrades

Hodler’s Digest, July 1–7: Top Stories, Price Movements, Quotes and FUD of the Week

Hodler’s Digest, July 1–7: Top Stories, Price Movements, Quotes and FUD of the Week

This week in the Hodler’s Digest, Facebook faces growing resistance over libra, and a banking boss makes an extravagant U-turn

[ihc-hide-content ihc_mb_type=“show“ ihc_mb_who=“reg“ ihc_mb_template=“1″ ]

Coming every Sunday, the Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions, and much more — a week on Cointelegraph in one link.

Top Stories This Week

Bitcoin price ‘extremely bullish’ again after 20% pump over $11,000

True to form, bitcoin (BTC) took markets and the media by surprise when prices leapt by more than 20% in 24 hours. Prices against the dollar had dwindled as low as $9,688 earlier in the week — but by Wednesday, they surged back to highs of $11,525, hitting $12,025 on Thursday. Momentum had waned by Friday, with the market testing support for $11,000. The bounce-back left naysayers red-faced, and just a few hours before BTC returned to green territory, Forbes had claimed the “bitcoin bubble” had burst. Crypto trader Josh Rager said the recovery makes bitcoin’s prices look “extremely bullish.” But with BTC continuing to enjoy market dominance of more than 60%, there are worries ether and altcoins could suffer. 

US Congress requests moratorium on Facebook’s libra stablecoin

Facebook is continuing to face resistance as it tries to press ahead with its libra cryptocurrency. On Tuesday, lawmakers from the United States House of Representatives Committee on Financial Services urged the social network to stop development of the stablecoin immediately. It warned the project could lead to an “entirely new global financial system that is based out of Switzerland and intended to rival U.S. monetary policy” — and even claimed it could have ramifications for national securityprivacy and the world’s economic stability. The letter written to Facebook executives said the moratorium could be used to explore legislative solutions and hold public hearings on the risks and benefits of libra.

Top Stories This Week

Cuba ‘studying cryptocurrency’ to dodge US sanctions, government says

Havana is considering whether to start using cryptocurrency in order to dodge the long-running trade embargo imposed by the U.S. The cocktail of sanctions on tourism and foreign investment, when combined with lower exports and a decline in aid from Venezuela, has pushed Cuba’s state-run economy deeper into crisis. Reuters reports that the plans, announced on television by President Miguel Diaz-Canel, could raise income for a quarter of the population — bringing monthly wages up from $25 a month to the equivalent of $44.50. Venezuela launched Petro, its state-run cryptocurrency, last year, but its use has been limited so far.

From ‘Ponzi’ to ‘we’re working on it’ — BIS chief reverses stance on crypto

What a difference a year makes. Last year, Augustin Carstens had described cryptocurrencies as a “bubble, a Ponzi scheme and an environmental disaster.” But now, the Bank of International Settlements (BIS) head has had a change of heart. In an interview with the Financial Times, he embarked on an extravagant U-turn — and said he actively endorses the creation and issuance of digital versions of national fiat currencies. Carstens went on to say that the BIS is supporting central banks who are pursuing this approach, and suggested a market for these digital currencies could emerge “sooner than we think.”

Top Stories This Week

Nestlé reveals blockchain supply chain tracking pilot program

The Swiss food giant Nestlé is embarking on a trial that will see blockchain used to track its products along the supply chain. The company has teamed up with OpenSC for the venture. It’s hoped the program will enable consumers around the world to access facts and figures about Nestlé’s responsible sourcing efforts — and to begin with, it will trace milk from farms in New Zealand to the company’s factories and warehouses in the Middle East.

Winners and Losers

At the end of the week, bitcoin is at $11,247.34, ether at $288.31 and XRP at $0.39. Total market cap is at $321,289,475,017.

The top three altcoin gainers of the week Halo Platform, IZIChain and Origo. The top three altcoin losers of the week are Credit Tag Chain, Oceanlab and Save Environment Token.

Winners and Losers

For more info on crypto prices, make sure to read Cointelegraph’s market analysis

Most Memorable Quotations

“I guess I’ll have to hodl it and go down with the ship.”

Peter Schiff, bitcoin skeptic

“Facebook will not control the network, the currency, or the reserve backing it. Facebook will only be one among over a hundred members of the Libra Association by launch. We will not have any special rights or privileges.”

David Marcus, head of Calibra

“It is imperative that Facebook and its partners immediately cease implementation plans.”

The United States House of Representatives Committee on Financial Services

 “Right now, there is a lack of mainstream cryptocurrency adoption because most people are intimidated by the process to acquire it. By using the millions of existing ATMs around the world, we can now bridge the gap. Bitcoin is new and unfamiliar to many, but ATMs are not.”

Cole Diamond, CEO of Canadian crypto company Coinsquare

“In just a few short years, Facebook has earned a level of distrust that took the banking sector much longer to achieve. Only a fool would trust Facebook with his or her financial wellbeing.”

Joseph Eugene Stiglitz, Nobel Prize-winning economist

“I don’t think I’m selling the next time we’re up to $14,000. I think the next time we get up there it’s closer to $20,000.”

Mike Novogratz, Galaxy Digital founder

Prediction of the Week

Pompliano 75% confident bitcoin price is $100,000 by end of 2021

This week’s prediction comes from Anthony “Pomp” Pompliano, the co-founder of crypto asset management firm Morgan Creek Digital Assets. He believes BTC has the potential to reach dizzying heights of $100,000 by the end of 2021. Pomp claims the halvening in May 2020 — when mining rewards are going to be reduced by half — will be one of the biggest drivers of continued price appreciation. With trading volumes reaching record highs, and BTC starting to be recognized as a safe haven asset amid a climate of global instability, Pomp’s view is that “time is bitcoin’s greatest advocate.”

 Prediction of the Week

FUD of the Week

Monero discloses bug allowing xmr to be stolen from exchanges

The privacy-focused altcoin raised eyebrows this week when it disclosed a series of security vulnerabilities, and one of them could have left crypto platforms seriously out of pocket. The flaw would have enabled fraudsters to trick an exchange into thinking they had deposited a huge sum of xmr — and from there, they would have the freedom to convert it into other coins and make withdrawals. This vulnerability, along with seven others, were flagged up a few months ago, with Monero disclosing them in quick succession on Wednesday.

Best Cointelegraph Features

Why IBM’s ‘blockchain’ isn’t a real blockchain

In an opinion piece for Cointelegraph, Stuart Popejoy argued that Hyperledger Fabric sacrifices the most important features of a true blockchain, and warned IBM’s system has misleading performance numbers and questionable long-term business viability.

‘Not everyone is happy but we have to move on,’ some challenges to the FATF’s new guidance

Regulators and exchanges from different countries met in Japan for the V-20 summit, which took place at the same time as the G-20 summit. At the top of the agenda was discussing how to implement the Financial Action Task Force’s latest guidance on how to prevent cryptocurrencies being used for money laundering. Here, Cointelegraph explores whether the “travel rule” will be good for the crypto industry as a whole.


Zur Quelle
[/ihc-hide-content]

This week in the Hodler’s Digest, Facebook faces growing resistance over libra, and a banking boss makes an extravagant U-turn

Bitcoin Could See FOMO Fireworks For 4th of July: New Report

Bitcoin Could See FOMO Fireworks For 4th of July: New Report

SFOX analysts say the 4th of July holiday could spark FOMO during bull market

[ihc-hide-content ihc_mb_type=“show“ ihc_mb_who=“reg“ ihc_mb_template=“1″ ]

A new report from crypto analytics site SFOX suggests bitcoin (BTC) could see a price hike on American Independence Day — July 4th. 

In a July 3 blog post, SFOX analyzes the apparent impact that holidays can have during a crypto bull market, arguing that they appear to spark fresh FOMO — or fear of missing out:

“Thanksgiving of 2017 marked the beginning of bitcoin’s run-up from the low $8000’s to its peak of almost $20,000 on December 17th […] in February of 2019 during the two week Spring Festival celebrated throughout China […] the price to buy bitcoin climbed 14%, from $3419.17 to $3908.97, peaking at $4027.83 a few days later before deflating back to the $3750 level.”

Holiday-driven price fluctuations appear to be backed by Google Trends data for retail interest in bitcoin, SFOX notes, remarking that during the winter 2017 bull run, United States search volume for ‘bitcoin’ surged in the days immediately following both Christmas and New Year.

Conceding that the data is far from conclusive, the analysis nonetheless ventures that family and social get-togethers foster first-time interest and awareness, and also offer occasions for people to gift the asset to their friends and loved ones. 

Bitcoin price during the holiday season and winter bull run 2017

Bitcoin price during the holiday season and winter bull run 2017. Source: SFOX

Nuancing their observations, the analysts define the trend as follows:

“At times when the market is already doing well or improving, holidays have the potential to drive renewed retail interest in buying bitcoin and other cryptocurrencies. That behavior, almost by definition, is FOMO: buying into an asset because one sees it trending upward and wants to benefit from it.”

Addressing investors and traders, SFOX offers the caveat that price peaks spurred by the “whims” of “mass psychology” — unlike those driven by changing fundamentals — have historically shown themselves to be fleeting.

As reported, experts have widely noted that the current market rally appears to be driven largely by institutional, not retail interest unlike in late 2017.

Nonetheless, by the end of June data from Google Trends’ revealed that internet googling of ‘bitcoin’ had hit at a 17-month high.


Zur Quelle
[/ihc-hide-content]

SFOX analysts say the 4th of July holiday could spark FOMO during bull market