Should You Invest in Bitcoin? Don’t Ask the Billionaires, Follow their Money

There are two sides to every coin, most especially with Bitcoin. Since its inception in 2008, the community has never lost the buzz surrounding it, whether it be positive or negative. Let us take a look at some of the biggest proponents and those on the opposing sides and where they these innovators think the whole industry is headed:

The proponents
Tim Draper
Hailing from Silicon Valley, it is normal for Tim Draper to be in the know of the best investment opportunities in the technology space. Venture capitalists should know the pulse of opportunity and Draper sees this in the Bitcoin community. He is known to have continued seeking growth in tech startups and facilitating educational reform in every industry and company he’s invested in.
James Richman
Richman is part of the growing number of billionaires who value their privacy, he is known for investment acumen as he manages the wealth of his fellow ultra high net worth (UHNWI) clients investing in diversified investments ranging from real estate, private equities, commodities, bonds. The billionaire has most recently been rumored to have increased his holdings in cryptocurrencies as a result of the growing demand from his wealth clients.

Winklevoss Twins
The Winklevoss twins gained popularity when they challenged one of the internet giants, Facebook. But more than that, they are well-known as the biggest Bitcoin proponents and billionaires. The Winklevoss brothers have cemented their place in the industry of crypto exchange, with their brainchild, Gemini in the forefront.
The opposition
Jamie Dimon
Going against Bitcoin comes naturally for Jamie Dimon because for him, it is all a bunch of fraud. As the CEO of JP Morgan Chase, it’s just as natural for him to diss the technology that may turn banks obsolete. He does not think that it should be treated as a legitimate currency. Simply put, Jamie thinks that it is not going to work. But it is interesting to note that he has said in an interview that, “Blockchain is real.”
Bill Harris
The CEO of PayPal and Intuit professes his bearish point-of-view on Bitcoin, calling it “the greatest scam in history”. Harris says that Bitcoin is void of any value and he strongly warns people that it is just a scheme used to dupe people. Harris does not believe in the merits that Bitcoin gives to people because of the irregular payment processing methods.
Charles Munger
Charles Munger will push for the eradication of Bitcoin if he can. He describes the cryptocurrency as, “Disgusting. Bitcoin is noxious poison.” The billionaire and vice chairman of Berkshire Hathaway would much rather steer clear from Bitcoin and the incompetence it seems to reek of. As a legend in his own right, Munger is very much against the whole of Bitcoin stands for.
Key Takeaway
With limited supply of 21 million, many people finding potential in the Bitcoin system, it is bound to stay for a long time. However, as some entrepreneurs have said, they would rather see it gone. Whether you are for or against Bitcoin, it will help you think by learning from the business moguls and investors.
Source: Crypto Daily

Cryptopia: Stolen Ethereum [ETH] funds continues to move; a portion sent to EtherDelta

The hacker who stole a mammoth amount of cryptocurrency funds from Cryptopia, a New Zealand cryptocurrency exchange, continues to move to stolen funds in the market. Unlike the previous attempts, this time around the attacker transferred the funds to a decentralized exchange, EtherDelta.
Notably, this is not the first time for a hacker to opt for decentralized platforms instead of a centralized one. Another hack that reportedly took place in Marck 2019 also saw a similar pattern; the attacker who had stolen around $105 million worth of Ethereum and other cryptocurrencies from Coinbene had transferred a portion of the coins to EtherDelta.
According to Whale Alert, at press time, a total of six transactions were made to EtherDelta, approx. 3000 Ether, which was worth $758,509. To add on, a total of 1000 ETH, worth around $251,264 was transferred to another address that was used to hack the exchange. This was followed by another Twitter user, Crypto Shork, ponting out that the hacker made two transactions on EtherDelta.

Wallet:
0x1e16253b81F418ee44430d94502Bc766fe8CaDba
Still has 185.6 ETH on ED. So far he sent 12 and 15.7895 ETH to the following wallet:
0x3d40897675A7467A73610c3ABbBc8292835e67F2
— Crypto Shork (@CryptoShork) May 21, 2019

Notably, a Reddit user, FlashyQpt remarked that this was “an unnecessary amount of effort for very little gain”, considering that it was “very easy” to track these transfers. The Redditor stated, “It’s not unusual to see insane trades happen because the EtherDelta/ForkDelta platform lacks any sort of order matching. ” The user added that hacker was trying to “unmark” the stolen Ethereum coins.
The user went on to state,

The Eth was sent to the EtherDelta contract from this address where it was traded and withdrawn onto this fancy new “clean” one. You can tell that this is the address that is on the other side of the trades because the EtherDelta contract emits a Trade event that shows you all of this.”

Source: Reddit
Giraffenmensch, another Reddit user said,
“It’s dumb but a lot safer than using those dogy tumbler services. And I think the hacker is betting on the fact that courts and law enforcement are largely still completely clueless regarding cryptocurrency and might actually fall for it. Also they might do other things, maybe that’s only the first step.”
Source: Reddit
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Source: AMB Crypto

Analysts Expect Ethereum to Surge Higher in Near-Future as Technical Foundations Strengthen

Bitcoin’s upwards ascent over the past several weeks has proven to be very positive for the aggregated crypto markets, and has allowed many major cryptocurrencies, including Ethereum (ETH), to put a significant amount of distance between their current prices and their yearly lows.
Analysts now believe that this upwards momentum is likely to continue, which may allow Ethereum to extend its upwards surge towards $300 in the near future.
Ethereum (ETH) Builds Strong Technical Foundations 
At the time of writing, Ethereum is trading up just under 2% at its current price of $251, up from its daily lows of $245.
While looking at ETH’s long-term price action, the cryptocurrency is trading up significantly from its 2018 lows of just under $90, and up from its 90-day lows of $130. Ethereum’s upwards ascent has been driven by Bitcoin’s recent surge that has sent BTC from lows of roughly $3,000 to highs of nearly $8,400.
Ethereum’s upwards surge has allowed it to form some bullish technical formations that may allow it to surge higher in the near future, with its most notable recent formation being a coveted “golden cross” that may lead it to surge higher in the near-future.
Etherdamus (formerly known on Twitter as TheScienceGuy9489) recently told his nearly 10,000 followers on Twitter that ETH’s golden cross has now been confirmed, which may lead to some bullish volatility in the near-future.
“#ETH Golden Cross Confirmed. Could take up to a few days for effect to show in price,” he said in a recent tweet.

#ETH Golden Cross Confirmed. Could take up to a few days for effect to show in price. pic.twitter.com/eK3dksfAn7
— Formerly ScienceGuy9489 (@Etherdamus) May 21, 2019

Analyst: ETH May Surge Towards $300 Next
As for where this upwards momentum may lead Ethereum next, one analyst believes that there is a strong possibility that the crypto may test $270, with a break above this level leading it significantly higher.
The Cryptomist, another popular cryptocurrency analyst on Twitter, discussed her thoughts on ETH in a recent tweet, noting that it currently has support at $249, and a near-term upside target existing at around $269.
“$ETH I have adjusted the candle resistance ever so slightly from previous post. We are within the apex of pennant. Expecting a move within 16 hours. Breakup tests $269 first, with alts moving with. Support is at 249 region,” she explained.
In order for Ethereum and other altcoins to form another upwards leg in the near-future, it is important that Bitcoin either continues advancing higher, or begins to find stability and consolidate around its current price levels, as a rejection and pullback could jeopardize the market’s momentum.
It is likely that traders and analysts alike will gain a better understanding of which direction Bitcoin and the aggregated crypto markets are heading next in the near-future.
Featured image from Shutterstock.
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Crypto Startup Circle Cuts Staff, Cites Bitcoin Market Conditions

According to a recent tweet from Jeremy Allaire, the co-founder of crypto startup Circle, he has just made the decision to eliminate (fire) a number of employees. Allaire says that “approximately 30” positions were purged, 10% of the company.
This news comes on the heels of a massive rally in the Bitcoin price, giving an intriguing bit of insight into Circle’s financial standing. This is first major industry layoff in a number of weeks, as firms have slowed down their resizing efforts following Bitcoin’s jaw-dropping move from $4,200 to $8,000, and similar moves in altcoins.

Today we made organizational changes at Circle and eliminated approximately 30 positions, which is about 10% of our employees. We made these changes in response to new market conditions, most importantly, an increasingly restrictive regulatory climate in the United States.
— Jeremy Allaire (@jerallaire) May 21, 2019

Circle Purges 10% of Staffers Amid Crypto Boom
In the aforementioned tweet, Allaire remarked that this move was a result of “new market conditions”, along with an increasingly stringent and heavy-handed regulatory environment in the United States. This is likely referring to the fact that just days ago, the Boston-headquartered, Goldman Sachs-backed company was effectively mandated by U.S. laws and legislature to stop geo-block trading of certain cryptocurrencies for local citizens. A tweet from Poloniex, a Circle-owned crypto asset exchange, explained:
Poloniex announced today that we are geofencing some assets in the United States. We are deeply frustrated that we needed to take these steps, which are the result of an increasingly limited environment in the US for crypto assets.
After this announcement, the firm revealed that it was soon going to delist Ardor, Bytecoin, Decred, GameCredits, Neo’s GAS, Lisk, NXT, Omni, and Augur’s REP.
Allaire does remind his followers that Circle “remains strong and healthy”, and that his firm will still do its utmost best to continue to promote innovation in the crypto-economy and growth of this technological advancement.
This unfortunate news comes on the heels of a report from The Information that Circle was planning to raise $250 million in a combination of equity and debt from outside investors. It isn’t clear if the company has succeeded in such efforts, but it has been the beneficiary of funding of $246 million from Goldman Sachs, Baidu, IDG Capital, and more for the past few years.
Featured Image from Shutterstock
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Cameron Winklevoss on Crypto: Not Investing In the “Future of Money” is “Crazy”

Bitcoin and the crypto industry it birthed is still new, misunderstood, and is many years away from having its potentially fully realized as a monetary asset, store of value, or transactional currency. But it’s clear to many that the young, emerging financial technology has incredible potential – potential that’ll be unlocked only with time and support. The potential is enough to make crypto among the most exciting asset classes for investors at the moment, from retail to institutions.
Because the technology hasn’t yet had time to mature and prove itself, some believe that investing in cryptocurrencies is “crazy.” Even crazier, says Cameron Winklevoss, is not investing in Bitcoin and other crypto assets.
Crypto Crazy: To Invest in Bitcoin and the “Future of Money” or Not?
Last night, the New York Post published an article with the FUD-fueled title “Bitcoin will soon be worth zero,” offering very little to support the idea and speculating on the crypto asset’s eventual demise. Naysayers of the digital currency are not difficult to come by, and reside at the Federal Reserve, in Congress, at the world’s most powerful banking firms, and more. These powers that be all say the same thing: you’d be crazy to invest in crypto.
Related Reading | Why The Next Bitcoin Bull Run Could Eclipse The Last Crypto Bubble 
Some points are valid; the technology is new, and is far off from scale or widespread mainstream usage. Many are uncomfortable with the unfamiliar technology and rightfully so – nothing requires more security and safety than one’s wealth and finances. It’s also been highly demonized in the public eye, for its involvement in money laundering and drug markets on the darknet, not to mention the way retail investors were burnt by the 2017 bubble pop.
But beyond on that is the basis of blockchain, a transparent ledger and decentralized currency system that allows individuals to become one’s own bank, sending value across the internet without the need for an intermediary. The technology is being billed as the future of money and a game changer for a vast number of industries.

Some people think it's crazy to invest in crypto. Maybe. But definitely not as crazy as sitting on the sidelines when the future of money is literally being built before your eyes.
— Cameron Winklevoss (@winklevoss) May 20, 2019

Despite all crypto has going against it, Gemini cryptocurrency exchange co-founder Cameron Winklevoss says that while many believe that investing in crypto is “crazy,” it’s far crazier to sit back and watch idly by while “the future of money” is being built.
The saying goes: “Money makes the world go ‘round.” The future of money has such transformative potential on a global scale, it’s foolish to ignore the emerging technology and appreciate the opportunity it could create.
Related Reading | Beyond Bitcoin: What Does an Amazon-Created Crypto Mean for The Industry?
According to reports, together with his brother Tyler, the Winklevoss twins are said to own roughly 1% of all of the circulating Bitcoin supply, which is roughly 175,000 BTC, or roughly $1.4 billion at today’s prices.
The duo are among the technology’s biggest supporters, and have done much to drive the industry forward and elevate the market beyond the negative “wild west” association its developed over the past few years. Should they and other Bitcoin evangelists be successful, anyone who didn’t invest in crypto will certainly feel crazy.
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New OmiseGo Version Launched: a New Era for OMG?

One of the leading cryptocurrency payment processors and exchanges in the world, OmiseGo has recently launched its second version of the OMG network. The new network is being dubbed as Samrong and in a recently published blog post, OmiseGo provides some insight on the updates to the Ari platform and what is in the future for Samrong.
OMG
When Ari launched in February this year, OmiseGo hit headlines for its minimal integration of Plasma – which was developed by Joseph Poon and Vitalik Buterin, both are advisors for the exchange.
The new launch has made some significant modifications to Plasma smart contracts. It builds on Ari’s Minimum Viable Plasma and runs a More Viable Plasma, increasing the functionality of the network.
As reported by BTC Manager:

“Samrong will allow users to sign transactions using the EIP-712 standard, meaning the signature can be carried out through integrations like Metamask. EIP-712 also allows Ethereum signatures to be displayed in a structured and readable format.”

On top of this, meta-data fields in the upgrade now allow users or dApps to store any information in their transactions.
Ari is now live but in the near future, the platform will be shut down in order to increase application development and block explorer capabilities for Samrong. With the network being upgraded with a better integration of Plasma, there isn’t really a need for Ari to carry on.

Users will have to migrate their Rinkeby Ethereum and ERC20 tokens from Ari to Samrong to make sure they aren’t left behind.
Plasma viability
The Plasma protocol was designed to scale smart contracts on a drastic scale for usage to include fraud detection, minimal trust, and offer a single ledger.

“It is regarded as one of the most ambitious efforts to scale smart contract on the Ethereum network and ever since the whitepaper, Ethereum has been trying to find a way to integrate Plasma but to no avail. The current Ethereum roadmap lists Plasma as an upcoming upgrade but with no implementation date given.”

Plasma smart contracts on Ethereum will be autonomous and enabled by Nakamoto consensus, which has the potential to change the whole landscape of blockchains for the better.
Source: Crypto Daily

XRP/Ripple: R3’s Corda to further partnership with credit-union centric CULedger

The XRP community has added yet another accolade to its growing repertoire, with the inclusion of CULedger on R3’s Corda network. This partnership is a bid to expand the credit-union centric firm’s cross-border payment options.
A press release published on May 21 stated that the R3 Corda platform will greatly improve the payments realm for credit unions and financial cooperatives. The press release added that Corda will act as a foundation for CU Pay, the firm’s electronic funds transfer [EFT] product.
CULedger aims to leverage this partnership with R3 to help its credit unions better deal with the risks pertaining to cybersecurity, fraud, and malfeasance. In addition to this safeguarding, the association will boost “member experience, streamline internal processes and reduce administrative and operational costs.”
In lieu of this partnership, Corda Settler, the open-source Cor-DApp centered around the settlement of Corda transactions, will be integrated with CULedger and CU Pay. The press release adds,
“This will allow credit unions using CULedger’s network to choose from a variety of near-instant, secure and affordable domestic and cross-border payment options to meet theirs and their members’ needs.”
CULedger and R3’s relationship began in 2018 and now, the firm aims to further the same with the objective of CU Pay, which is pegged to launch in early 2020 and will be available for credit unions on their network.
David E. Rutter, CEO of R3 stated,
“Corda’s unique approach to privacy and security will support CULedger’s efforts to develop ground-breaking blockchain-based applications for self-sovereign digital identity and fraud detection. We look forward to working with them to create significant efficiencies for credit unions and their members.”
Adoption is reigning high for Corda, with several partnerships making the news. As per their official website, Corda has now partnered with almost 250+ organizations worldwide, and some of these partnerships include companies like Amazon Web Services [AWS], Citibank, HSBC, Huawei, Infosys, Capgemini, and Intel.
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Source: AMB Crypto

Binance Coin [BNB] Trades at $31 After Binance’s Release of 2.0 Treasure Tweet

One of the largest crypto exchange, Binance shared a mysterious tweet on May 21, 2019. The tweet didn’t reveal anything than just 2.0 written on the image shared. The buzz of 2.0 certainly led the Binance Coin (BNB) records higher than $30 against the US Dollar.
At the time of writing, Binance Coin is valued $31 against the US Dollar which comes after the surge of 10.02 percent over the past 24 hours. Nevertheless, the data provided by Coinmarketcap (CMC) shows its average market cap at $4,442,342,500.
Image Source – Coinmarketcap
The rise of over 10 percent in BNB’s trading volume within just 24 hours made it the hottest cryptocurrency among the 10 largest coins of CMC.
Also read – Binance Replaces ERC20 BNB Tokens with Native BEP2 Tokens
BNB’s new volume comes after the mysterious tweet shared by Binance exchange on May 21, 2019. The exchange just tweeted a photo of 2.0 and created a lot of buzz across crypto twitter. Although it revealed a couple of other updates on its Twitter handle nothing much about 2.0 tweet disclosed.
Looking at the exciting tweet of Binance, a crypto community hit comments with their anticipations. Nevertheless, CEO of sports blockchain platform Chiliz, Alexandre Dreyfus commented ‘That’s a bigger teaser than GOT season 8″. Moreover, many predict margin trading while others compare it with Bitconnect 2.0 update.
Looking at BNB/USD value, Binance Coin has performed truly remarkable – even after the exchange has recently suffered hack incident.
On top of all, if the bullish sentiment of BNB persists, it is definite that the price will increase up to $40. Nevertheless, it is also worth to mention that BNB is presently the 7th largest cryptocurrency with $4,442,342,500 market cap –and if the volume continued spiking, it will soon overtake Litecoin (LTC) which is presently valuing as the 6th largest cryptocurrency with the market cap $5,699,320,917.
Image source – coinmarketcap
What’s your view on Binance’s mysterious tweet of 2.0.? Do you think the tweet quickly help Binance Coin (BNB) performs well within 24 hours.? Let us know in the comment below
Featured image source  – binance
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Source: CoinGape

Coinbase’s Weekly Ethereum (ETH) Volume Up 28% Could Be A Bullish Hint

Ethereum (ETH) up 28.1 percent
Trading volumes surge ahead of Istanbul hard fork and Serenity

Serenity is supportive of prices. So far, Ethereum (ETH) is up 28.1 percent. Even so, there is room for further upsides once there is a close above the psychological $300 mark.
Ethereum Price Analysis
Fundamentals
Several factors are behind investors’ confidence in Ethereum (ETH). Apart from liquidity, fundamentals are overly bullish. Because of expectations and belief of how prices will pan out in days ahead, ETH is literally on a roll. Week to date, prices surged 28.1 percent.
As a result, the asset is one of the top performers, trailing Bitcoin SV, which is back in the top ten after adding 73.2 percent in the last 24 hours. Perhaps in response, Coinbase saw a spike in Ethereum (ETH) related volumes. Combined, ETH trading volumes against supported fiat rose to over $1 billion, the highest since Dec 2017.
However, with developers working overtime to beat the tight deadline of Ethereum 2.0 and hard fork Istanbul set for Oct 19, the network is increasingly attractive for developers and projects keen on working from a secure platform with facilitating ecosystem. In turn, that will most likely further drive prices up, and that will also lead to more participation now that there is better awareness of what crypto and Ethereum (ETH) is.
Candlestick Arrangement

Up 2.2 percent in the last day, Ethereum (ETH) prices are stable, but there is room for further upsides thanks to supportive fundamentals as well as favorable candlestick arrangement. From the chart, caps are at $275.
Following the successful correction of May 16 prices and the strong comeback, odds are the retracement is a perfect opportunity for traders to buy on dips with targets as laid out in our last ETH/USD trade plan.
Notice that, buyers are in control in an effort versus result point of view and dictates from breakout rules. All the same, it all depends on how prices react in the next few days. If prices edge past $275, then ETH will likely expand to $300 and $400. On the flip side, any dip and close below the 61.8 percent Fibonacci retracement level of May high low could see ETH drop to within the $170 to $190 zone in a retest.
Technical Indicators
As a result, our anchor bar is May 16. It is wide-ranging with high transactional volumes—822k against 356k. Any break above or drop below $275 or $230 ought to be with high volumes exceeding the current average of 422k or 822k confirming bulls or temporarily invalidating our bull trend.
Chart courtesy of Trading View. Image Courtesy of Shutterstock
 
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Tether Admits Using Part of its Reserves to Buy Bitcoin and other Assets

More details are emerging about embattled Tether following the lawsuit against the crypto project and Bitfinex. In the latest update, Tether has admitted to investing some of its reserves in Bitcoin. This came from the lawyer of the company who revealed it in a transcript of the court proceedings.
Before April 24th
Tether and Bitfinex were sued by the Attorney General of New York on the 24 of April after court documents were issued stating that Bitfinex used some reserves of Tether USDT to cover up for $850 million of users’ funds that were lost on the exchange. Counsel to Tether David Miller in court on the 16 of May admitted that Tether actually used some its reserves to invest in Bitcoin and other assets. The transcript of the hearing reads:
“Prior to the April 24th order … Tether actually did invest in instruments beyond cash and cash equivalents, including bitcoin, they bought bitcoin.”
Also Read: Tether only 74% Backed By Cash And Equivalents: Tether Lawyers
The good news for Tether, however, is that the presiding judge, Judge Joel M. Cohen granted it the permission to invest its reserves in other assets as part of its operations. The judge however issued a court injunction with the following orders, which is to last for 90 days. It says Tether shall not:
“Restrain access to credit lines on USD reserves held by Tether
Principals, executives, and agents of Bitfinex shall not receive distribution or dividends from funds received from Tether
Not tamper with the documents that NYAG originally requested”
The NYAG, however, can file for an extension of the injunction for up to 14 days.
What is next for Tether?
With this revelation, another new information has surfaced concerning the controversial stablecoin. The revelation is also a pleasant surprise for Bitcoin fans as it shows Bitcoin is becoming an investment in the places where such is least expected. What is next for Tether and what will be the next revelation on the stablecoin?
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Source: CoinGape

Bitfinex launches new IEO platform Tokinex following LEO token issuance

Bitfinex, the controversy-ridden cryptocurrency exchange, announced its collaboration with a hybrid Ethereum-based trading platform, Ethfinex, to launch an Initial Exchange Offering [IEO] platform, Tokinex. This development comes after the recent debut of Bitfinex’s exchange utility token [LEO].

After much development to ensure a user-optimised experience, we are proud to unveil the latest product in our portfolio, Tokinex, our new Initial Exchange Offering platform.
Read our announcement in full here: https://t.co/VQF4lPyAvC pic.twitter.com/NTSWtFaiRS
— Bitfinex (@bitfinex) May 21, 2019

According to Bitfinex’s official post, Tokinex will enable “qualified” customers to access pre-vetted token projects. The “qualifying projects” would be charged a fee, only if it underwent a successful sale.
Additionally, if the project successfully raises capital on the platform, it would be provided with unique offers like a dual exchange listing.
The post also elucidated that the first token on Tokinex would be announced on the May 23. However, following the uncertain regulatory climate in the US, users will not be permitted to participate in Tokinex. Customers from other “restricted jurisdictions” are also barred from participating in the IEO.
According to reports, Will Harborne, the Co-founder of the ERC20-based exchange platform was quoted saying,
“Tokinex has been several months in development, incorporating feedback, testing and learning to reach a quality level users have come to expect at Bitfinex and Ethfinex. It has been carefully crafted to put the user experience front and centre, from incorporating Block Pass for KYC that is easy to use and does not store personal data, to being able to contribute existing assets directly from the user’s own wallet, rather than having to purchase a native platform token to participate.”
Following the latest lawsuit by the New York Attorney General, Bitfinex was the target of significant hostility from the wider crypto community. However, Harborne is planning to leverage the attention for the platform’s upcoming token sales.
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Source: AMB Crypto

Bitcoin’s Lightning Network loses spark as network stats start to slouch

Bitcoin’s Lightning Network designed to free up Bitcoin’s on-chain congestion and improve its scalability seems to have lost its mojo as the network capacity, among others, have started declining for over a month.
The network capacity for Lightning Network, at press time, was 1020 BTC, which is worth $8.1 million. Over the course of a month, this has decreased by approximately 4%.
Source: 1ML
A similar trend of decline can be observed in the number of active channels on the network. It decreased by 5.4% over the month and was at approximately 36,592 channels, at press time. The number of new nodes in the last 24 hours has also declined by 15% and the current number of new nodes were at 17.
However, the number of active channels at press time increased by 1.35% in the last month and was currently at 4294 active channels. The fall in the activity of Lightning Network is noteworthy because the last few weeks have been rough as the on-chain fees for Bitcoin has reached somewhere between $3 and $4. Moreover, the number of unconfirmed transaction has been increasing simultaneously, increasing the mempool size of Bitcoin.
One can only imagine what would happen if the bull run actually begins and the price of Bitcoin skyrockets leading to similar, if not worse, situations as it did during December 2017.
A Reddit user Henry Cashlitt, commented:
“People don’t want to use LN when tx fees are high because it costs too much to open a channel. People don’t want to use LN when tx fees are low because then they can just send transactions cheaply directly on-chain.”
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Source: AMB Crypto

Strong Barriers at $8,500, But Bitcoin (BTC) Bulls Are Steadfast

Bitcoin (BTC) stable and ranging
The US SEC delays VanEck Bitcoin ETF decision date by another three months

Bulls are resilience, and after shaking off the $1,000 drop of May 19, Bitcoin is stable and ranging. Even so, any break and close above $8,500 will draw buyers aiming at $10k or higher confirming bulls of early April.
Bitcoin Price Analysis
Fundamentals
That the dreaded crypto winter is finally over, is true. Analysts say fundamental and technical factors are aligning and that will likely lift Bitcoin prices to new highs as prices breach and close above the minor resistance at $8,500.
At spot rates, Bitcoin prices are in range mode. However, it is the reaction of the market to the news that the US SEC will delay their decision on the VanEck Bitcoin ETF by three months to August 2019.
Although they didn’t expound as to why they are taking their time, observers believe it has to do with their requirements of stringent surveillance tools to prevent fraud and other manipulative acts. It is until there is fulfillment of these conditions that the US SEC would be “comfortable” with a crypto investment vehicle where the interest of the investor is top priority, and there is transparency.
Candlestick Arrangements

As it is, and as aforementioned, BTC/USD is in range mode inside May 19 high low–which is bullish. Besides, the failure of prices to drop hours after the SEC delay of VanEck Bitcoin ETF proposal is bullish confirming the strong uptrend two days after bulls bounced back shaking the Bitstamp triggered a liquidation of May 18.
Even so, it is until when prices rally, closing above $8,500 that conservative traders can ramp up on dips with first targets at $10,000 or higher. Because Bitcoin (BTC) is ranging, aggressive traders can load up on dips with targets at $8,500 as in a confirmation of the bull breakout pattern of early April.
Nonetheless, we cannot discount deeper corrections. Assuming bears flow back, any drop below the middle BB or May 17th low at $6,600 nullifies our trade plan since prices may drop back to April 2019 highs or $5,600.
Technical Indicator
Our anchor bar is May 19. Even though volumes are light, any break and close above $8,500 ought to be with high volumes exceeding 25k and 37k of May 11. The same rules apply if BTC slide below $6,600 below the middle BB invalidating our bullish outlook.
Chart courtesy of Trading View. Image Courtesy of Shutterstock
 
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