Crypto-Market Top Weekly Performers: Bitcoin, Ethereum, XRP, Stellar, Tezos, Binance

Bitcoin bulls have turned out to be more relentless than most traders would have predicted from its historic prices. Moreover, the fundamentals around Bitcoin [BTC] seem to be stronger than ever with the Bitcoin virus spreading to the east now. Mati Greenspan, the senior market analyst at eToro tweeted,
“BTC on the move again… Asian market certainly doing their bit today.”
This is coming after a huge pullback on 17th May 2019. A Bullish Marubuzo with was seen in the 0: 00-4: 00 Hours UTC on 19th May as the market broke above $8000 again. This the second time the market has attempted to break it after a huge correction.
BTC/USD 1-Day Chart on Bitstamp (TradingView)
The other four performing coins
Opening Price: $6968
Closing Price: $8109
The weekly gains: 16.3%
Weekly High/Low: $8390/$6178
Binance [BNB] Coin
Binance [BNB] coin was trading in the red in the last week’s update trading around $20. Nevertheless, the token started picking up value again as normal operations began at Binance Exchange after the hack. This week Binance also initiated the process of burning token from the Ethereum blockchain to process them on the native Binance Blockchain.
BNB/USD 1-Day Chart on TradingView
Opening Price: $20
Closing Price: $29.5
The weekly gains: 47.6%
Weekly High/Low: $32.2/$19.9
Stellar [XLM]
Stellar’s rise was higher than most coins during the week as it held gained 35% on a weekly scale. The Stellar validators were reportedly shut down for two hours on 15th May 2019. As Bitcoin continued to correct and rise, Stellar held it gains above 0.00001750 BTC.
XLM/USD 1-Day Chart on Bitfinex (TradingView)
Opening Price: $0.10
Closing Price: $0.14
The weekly gains: 40%
Weekly High/Low: $0.16/$0.117
Ethereum [ETH]
Ethereum has been the top performer in leading altcoin gains in terms of total market capitalization. The total market capitalization of Ethereum is above $25 billion. It still accounts for more than 10% of the total capitalization of cryptocurrency markets.
Also Read: Ripple’s XRP and Ethereum Fight for 2nd Place Behind Bitcoin In The Wake of a Bull Run
ETH/USD 1-Day Chat on Coinbase (TradingView)
Opening Price: $188
Closing Price: $259
The weekly gains: 38%
Weekly High/Low: $281/$185
Tezos [XTZ]
Tezos [XTZ] has been one of the best performing coins of the year. It has gained more than 100% before the bull run on Bitcoin began. The gain was influenced by the Coinbase allowing Tezos [XTZ] as the first coin which could be staked/forged on the Coinbase Custody platform.
It was on the rise again this week as the market seems to have broken bullish since the beginning of the month. It broke above $1.75 as it set sights on to $2.
XTZ/USD 1-Day Chart on Bitfinex (TradingView)
Opening Price: $1.24
Closing Price: $1.77
The weekly gains: 43.4%
Weekly High/Low: $1.833/$1.23
XRP, Dash, IOTA, and Cosmos [ATOM]
The almost all altcoins were in the green on a weekly scale. While the above-mentioned cryptocurrencies rose higher than the rest, XRP, Dash, IOTA, and Cosmo [ATOM] also registered more than 20% gains.
The gain in XRP was considerable as it broke above the $18 billion market capitalization. Moreover, the weekly rise is about 25%. The dominance of XRP over cryptocurrency market is about 7%. The rise of Dash, IOTA, and ATOM is 21%, 31% and 23$ respectively on a weekly scale.
XRP/USD 1-Day Chart on Bitstamp (TradingView)
*The percentage dominance of cryptocurrencies w.r.t. to the total market capitalization of the market at $0.5 billion is 0.23%. Hence, for Analysis purpose we will only consider cryptocurrencies with a total market capitalization $0.5 billion or more. For future analysis, we’ll try to maintain 0.25% as a standard for the calculation.
**The data is taken at around 11: 00 Hours UTC on 19th May 2019. 
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Source: CoinGape

Did Bitcoin [BTC] Bear and Accumulation Phase Shorten From 2015 by a Year?

Bitcoin has been divided into 4-year cycles, it is an intrinsic property of Bitcoin in which the miner rewards are reduced by half every four years to make Bitcoin deflationary. Currently, the inflation on Bitcoin is above 3.5%.
Since we’re still in the early phases on Bitcoin, only two halving events have been conducted until now, in 2012 and 2016. The current mining reward for validating a Bitcoin is 12.5 BTC. It will be reduced to 6.25 BTC after the halving event coming next year.
Analogy Between the Bear and Bull Cycles of 2014 and 2017
Furthermore, market sentiments have also followed the halving event very closely in the past. The price grew exponentially in 2013. The 2016 halving event was a significant driver of growth in the last bull and bear run of 2013-2015. Nevertheless, post that event there was a 57-week bear market followed by around 65 weeks of accumulation.
Also Read: Bitcoin [BTC] Price Cycles Replicated Until Now, $50000 Target Predicted by Peter Brandt
2014-2016 Bear, Accumulation and Bull Phase in Bitcoin [BTC] (TradingView)The 2017 bull market recorded over 5700% gains from $300 levels to $19500. The bull market ended at the beginning of 2018 in January after the trend reversal started to pull the price downwards. The bottom being identified in a graph suggests the end of a bearish trend. If $3150 if the bottom identified in this cycle, then the bear market was shortened slightly by a couple of weeks; it lasted for 52-weeks.
Nevertheless, as soon the bottom was suggested by the analyst, the accumulation seems to have ended sooner than before. Dovey Won, crypto-analyst and founder of Wheatpond, shared an analogy about the current correction from 2015 which takes us 5 months ahead of accumulation phase in 2015. Furthermore, the previous bull run in 2016 began during the month of May itself.

History doesn't repeat itself but it often …
… Rekt you the same way 😭😭 pic.twitter.com/t0XNOghFIg
— Dovey Wan 🗝 🦖 (@DoveyWan) May 17, 2019

Many analysts have confirmed that the bull market might have begun with Bitcoin breaking above two times the bottom value ($6300). It also broke above key resistance at $6400 like putting ‘knife in hot butter.’ Moreover, it also agrees with the market sentiments as the optimism toward Bitcoin is higher this time around.
Furthermore, the uncertainty over the regulatory ban and zero value FUD created during the past are a thing of the past now with Institutions like Fidelity, Bakkt, TA Ameritrade, eTrade and SquareCash stepping in to fill the demand for cryptocurrencies.
Do you think that the bull run has begun as well? Please share your views with us. 
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Source: CoinGape

Bitcoin Pull Back is Normal, eToro Analyst Predicts Bitcoin’s Next Parabolic Cycle

Bitcoin’s sudden boom from $5000 to $8000 within just the period of approximately 45 days was definitely the reminiscent scenario of 2017’s bull run. However, the latest decline from $8000 to present value $7390 is just a normal situation according to Mati Greenspan, the senior market analyst at eToro.
In an interview with Bloomberg media on May 17, 2019, eToro senior analyst, Mati Greenspan shared his views on bitcoin’s ongoing price status, Stellar run in bitcoin and next move of BTC in near future.
According to Greenspan, the recent pullback is a sign that the new parabolic cycle is just beginning. He says;
We are just getting started on the next parabolic cycle
He has begun by recalling the bull run of 2017 and says that the BTC at present is on its cyclical behavior – and as such, the coin has experienced several cycles live this before. In his words;
There’s a lot of explanations. The simples one is we’re just actually part of a larger cycle. Bitcoin has gone through several cycles before this massive Bullrun (we’re talking about 10000 to 15000% gains within a short period of time) and it has these massive retracements that can be 80% or even 90%.
However, unlike in 2017, when crypto community linked Bitcoin’s peaking value with those of Bitcoin futures by Cboe and CME, this time’s bitcoin price according to Greenspan is simply the price causing the coverage. Adding that he said, it’s not the other way around.
Also read – Bitcoin [BTC] Regression Model Suggests $4600 Low in 2019, Bullish Above $10000
Nevertheless, it is worth to note that the Bitcoin has declined from its $8k peak to $7390 at press time. Consequently, the present market cap of Bitcoin is showing a brief surge of 0.92 percent which led it to count $130,871,119,306.
Image Source – Coinmarketcap
Similarly, Bitcoin at the time of Greenspan’s interview with Bloomberg had declined – on which he said even with the drop, Bitcoin is up 100% since January.
“crypto is the best performing asset class in the world, so far this year … even with yesterday’s drop [bitcoin] is up 100% since January … the news headlines we’re seeing indicate that mass adoption is around the corner”
Image source – Bloomberg
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Source: CoinGape

Bitcoin [BTC] Regression Model Suggests $4600 Low in 2019, Bullish Above $10000

Bitcoin has baffled many minds as an emerging asset class. The determination of the price of Bitcoin [BTC] doesn’t actually end with the supply and demand curve. Price discovery of BTC has been one of the biggest challenging issues due to round the clock trading, global presence, lack of complete trading data apart from ledger transactions, and it’s growing nature.
Analysts have applied a variety of techniques to find a chart or analysis that explains everything; a unified theory on Bitcoin price, as one could say. The Bitcoin On-Chain transaction volume and NVT analysis are credible unorthodox approaches that have more often than not described the true nature of things.
Also Read: Bitcoin 20% Dip is a Normal Market Correction Not Due to Manipulation- Weiss Ratings
Regression Model by Renato Shirakashi (Source)
Another Regression model on logarithmic graph attempted by Renato Shirkashi seems to be holding since the beginning as well, the non-linear regression model. The graph is plotted on a logarithmic scale w.r.t. time. As Bitcoin is a growing asset with the network effect, it seems to explain the price characteristics better.
Moreover, the chart held true during the bear market of 2014-2015. It also correctly predicted the bottom in time during this bear cycle.
What happens when we extend the graph?
The model suggests that the bottom for Bitcoin [BTC] might actually be in, as it seems unlikely the price would go below the orange line. Theoretically, a break around $4500-$5500 range is the worst possible situation. The lowest bottom level by the end of 2019 is around $6000. Furthermore, from the reference of peaks or resistance, during the year a bottom below $4600 seems highly unlikely.
Also Read: Bitcoin [BTC] Bulls and Bears Both Capitulate Due to High Volatility
Since this bear market was shortened by a lot in time, an accumulation between the mean and lower orange line can be expected.
Bitcoin Regression Model Analysis (TradingView)
Furthermore, the graph is plotted on a logarithmic chart, hence the room to the upside is even bigger in the short term as well. If Bitcoin prices move along the regression model mean or above it, $10000 can be achieved during this year.
Do you agree with the analysis or you find discrepancies in it? Please share your views with us. 
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Source: CoinGape

Crypto-Market Update: Bitcoin [BTC] Falls Hard, Tests $6200; Alts ETH, XRP, LTC, BNB Follow Suit

Bitcoin was trading around the $8000 range since 13th May as the bullish momentum on Bitcoin peaked in the next couple of days. The yearly high recorded on Bitcoin [BTC] is $8390-$8410 on 14th May 2019. Nevertheless, like most times, this rise was also followed by a fall. Some traders were apprehensive of Bitcoin another move to $10,000; instead, it broke below $8000.
Bitcoin was trading around $7800-$8000 since yesterday. Bitcoin broke below this level rather hard, the 4-hour candlestick recorded a low of $6178, ove 20% decline. It soon made some recovery as traders rushed to buy the dip. The price of Bitcoin [BTC] at 4: 00 hours UTC on 17th May 2019 is $7348. It is trading 9.33% lower on a daily scale.
Furthermore, the candle-sticks also suggested that a ‘hanging man’ was followed by a huge bearish bottom.
BTC/USD 4-Hour Chart on Coinbase (TradingView)
The altcoins had risen for the past two days after Bitcoin broke away from $8000. The market dominance of Bitcoin of decreased considerably as most altcoins recorded yearly highs on 15-16th May 2019.
Also Read: Bitcoin Pizza Day – ’60 Minutes’ Magazine Interviews Man Who Spent 10000 Bitcoin for Pizza in 2010
Ethereum [ETH], Litecoin [LTC] and Bitcoin Cash [BCH]
The losses on Litecoin [LTC] and Bitcoin Cash [BCH] were around 12% as all altcoin traders seem to be abandoning ship, booking profits from yesterday and due to the FUD (Fear, Uncertainty, and doubt) of a massive impending correction in Bitcoin prices.
Ethereum also broke below $250 as well. The price of Ether [ETH] at 4: 20 hours UTC on 17th May 2019 is $245. It is trading 6.44% lower on a daily scale.
ETH/USD 1-Day Chart on Coinbase (TradingView)
The losses in Tron [TRX], Cardano’s [ADA] and EOS were in double digits as well. TRX losses were highest amongst them at about 16.7%. Nevertheless, the losses on ADA and EOS were 13.5% and 9.3% respectively.
XRP broke Below $0.4; Other Altcoins Drop As Well
The cryptocurrency which initiated the altcoin run this week with massive gains above $0.32 touched $0.48 on 16th May 2019. However, it pulled back along with Bitcoin as price over 15% in the last few trading sessions.
XRP/USD 1-Day Chart on Bitstamp (TradingView)
Stellar [XLM] which was one of the biggest gainers yesterday recorded 13.45% losses at 4: 30 hours UTC on 17th May 2019. The price of XLM broke below $0.13.
The other altcoins apart from a very few plummeted to similar degrees. The average rate of decline in the cryptocurrency market was around 11.5%.
The dominance and total market capitalization of Bitcoin were around $130 billion and 56.2% at press time. The total market capitalization of cryptocurrencies which was above $260 billion yesterday, fell below $230 billion.
Do you think bearish momentum will take over now or traders will fill in to buy the dip? Please share your analysis with us. 
The post Crypto-Market Update: Bitcoin [BTC] Falls Hard, Tests $6200; Alts ETH, XRP, LTC, BNB Follow Suit appeared first on Coingape.
Source: CoinGape

Bitcoin Pizza Day – ’60 Minutes’ Magazine Interviews Man Who Spent 10000 Bitcoin for Pizza in 2010

Every year, the crypto community celebrates ‘Bitcoin Pizza Day’ on May 22. However, this time ‘the mechanism of Bitcoin and cryptocurrency’ was recently examined by the most reputed news magazine in TV history ’60 Minutes’.
Bitcoin Pizza Day – on May 22, 2010, at the early stage of Bitcoin’s inception, a person ‘Laszlo Hanyecz’ traded 10000 Bitcoin for some pizza. From that time on, Hanyecz is known as Bitcoin pizza guy – and it was reported that the soon after trading 10000 Bitcoin for pizza, BTC worth less than a penny.
An American famous journalist ‘Andreson Cooper’ had earlier interviewed to Marco Streng, the CEO of Genesis Mining, Bitcoin’s first millionaires Charlie Shrem, Federal Reserve Governor Lael Brainard, Neha Narula – director of the MIT Media Lab’s Digital Currency Initiative.
This time, Cooper interviewed Hanyecz for 60 minutes’ news media magazine – the full interview will be released on May 19 by official ’60 minutes’. However, a glimpse of it has already reported by CBS news. Cooper interviews Hanyecz when Bitcoin was trading at the value $8000.
Counting 10000 Bitcoins to today’s worth cooper asked;
Cooper – “That’s $800 million, “You spent about $800 million on pizza?”
Hanyecz – “Well if you look at today’s exchange rate.”
Cooper – “Are there nights you wake up, where you think, ‘I could have had $800 million… if I hadn’t bought those pizzas?’”
Hanyecz  – “I think thinking like that is… not really good for me,”
Also read – Bitcoin High Transaction Fees And Inflation Rate Revives the 2017 FUD Again 
In order to report the interview of Hanyecz for 60 Minutes, the source states that Cooper visited cryptocurrency ‘mine’ in Iceland. Besides that Cooper also made his visit to Federal Reserve in Washington D.C, where Federal reserve governor Lael Brainard strongly made a skeptical view on cryptocurrency. In her view, Cryptocurrency is riskier than U. Dollar. She says;
“The Federal Reserve and ultimately the U.S. Treasury stand behind [the dollar],” says Brainard. “And when you hold your dollars in a bank account, you have deposit insurance… None of those accountability mechanisms exist for Bitcoin.”
The news of Cooper interviewing Bitcoin pizza guy comes as excitement for the crypto community – famous crypto figures including Barry Silbert, Charlie shrem has shared their views on Bitcoin to be discussed at 60 minutes media.
Image Credit – Twitter
So readers, do you celebrate Bitcoin Pizza Day.? Let us know what do you think BTC price will be on May 22, 2019.? 
Image Credit – Shutterstock
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Source: CoinGape

Bitcoin High Transaction Fees And Inflation Rate Revives the 2017 FUD Again

Financial Institutions in the world reportedly have started to include Bitcoin. However, the major products being launched, at the moment, are investment and trading related. While this adds credibility and security to the asset, it makes it a speculative asset nonetheless.
Moreover, gold has limited use, but people all around the world still value its lustrous property. Bitcoin is an efficient store of value, but its transaction capabilities restrict it.
Also Read: Bitcoin [BTC] Dominance Drop to 52% Will Maintain the Bullish Move for Altcoins: Analyst
The average fees of each transaction on Bitcoin is again on the rise as the number of transactions is increasing. Marc Bevand, a Twitter user, published his discovery on of the transaction fees problem that has crept us again. He tweeted,
“Bitcoin hit 19 BTC in pending tx fees. It’s an 11-month high, since Jun 20, 2018. Translation: mempool is filling up, tx fees going Average tx fee over the last 6 hours is 3-4 USD. “
Bitcoin Average Transaction Fees (Source)
Vinny Lingham, the trade analyst and Founder of Civikey, also expressed his apprehensions about the transaction capability and inflation in Bitcoin that might restrict the growth in price. He tweeted:
The only major concerns I still have right now are : 1) fee stability/inflation impacting the network, 2) if Satoshi’s coins ever moved
The reward for mining Bitcoin is currently higher than the spending rate or the growth rate of the entire network. Hence, there is considerable inflation, even at $8000 price levels. Nevertheless, with the lightning network in development and Bitcoin halving next year, the current transactions inabilities of Bitcoin will have improved a lot. However, at the current economic levels, it looks like a FOMO buy.
Also Read: Is Bitcoin and Cryptocurrency Being Driven by China, Japan and Korean Markets?
Bitcoin inflation rate chart (Source)
Peter Brandt questioned the market sentiments and the scale of the increase in price recently. While he predicted a parabolic move in bitcoin as well, but it was supposed to be spread out over time, creating higher highs and higher lows. He expressed it through a rhetoric poll in which he asked,
…has there has been enough FOMO by BTC bulls who missed the bottom that a sizable correction can now occur.
The ‘short squeeze on Bitcoin‘ and the associated FOMO from Bitcoin bears are the two good plausible explanations for the extreme surge in price. Another trade and chart analyst pointed out to the peculiarity of the parabolic curve that Bitcoin recorded in terms of price.
Bitcoin Recent Parabolic Move(Source: Tweet)
Will Bitcoin touch $10,000 before sizable correction? Please share your views with us. 
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Source: CoinGape

Bitcoin is ‘Digital Gold’, A Fact Now Echoing Across the Financial Investment Industry

Bitcoin’s massive gain this year has again brought the innovative asset in the purview of mainstream media. The news of Bitcoin’s price breaking $8000 with more than 100% gains has had many financial experts weighing in on it.
Moreover, Bitcoin is not an entirely unregulated asset as it was in 2017, Bitcoin Futures contracts are being actively traded on CME and other Exchanges all around the world. Reportedly, the daily volume of trading on Bitcoin Futures on CME is above $1 billion.
Mike Novogratz, a Bitcoin perma-bull reiterated the ‘digital gold’ case for Bitcoin in a recent CNBC interview. He said,
“Bitcoin has really won store of value ‘digital gold.’ Gold has an $8.5 trillion market cap. Bitcoin has about $130 billion… got a long room to go.”
Bitcoin’s Total Market Capitalization This Year (Coin360)
Bitcoin’s correlation with other cryptocurrencies might be the only thing that adds burden to its price, currently. The total dominance of Bitcoin over the cryptocurrency markets is around 60%. Mike also emphasized on the growing credibility of Bitcoin in the FinTech industry. Microsoft recently announced an identity tool on the Bitcoin blockchain which established the authority of Bitcoin over other cryptocurrencies.  He said,
“Microsoft and Facebook are One of the biggest companies in the world ‘credentializing’ Bitcoin.” He added, “I think when you look back at 2017. One of the problems was everything was else was trying to bitcoin… Instead of 21 million bitcoins, we had a zillion of them. And that’s how the price collapsed… Bitcoin has become a social construct.”
Furthermore, currently, Bitcoin is at around 40% of its all-time high, and it’s market dominance it approximately 60%. If the momentum continues, Bitcoin could soon be looking at a healthy dominance which will open space for successful projects to grow and prosper.
Meltem Demirors, Founder at Coinshares and an analyst, also reiterated the same fact in a separate interview with CNBC fast money. According to her, Microsoft building a product on it and other institutional platforms entering the space are all positive signals for Bitcoin. She pointed out that,
“This years’ narrative is Bitcoin, Bitcoin, and Bitcoin. Its the largest crypto by market cap. Its the asset people know best, and most importantly, Bitcoin has the most secure network.”
She also listed all her reasons which build a strong positive case for Bitcoin in this Twitter thread. Tom Lee, the Co-Founder at Funstrat Global, also emphasized on the same facts in another update from the CNBC futures market. He said,
“Bitcoin’s been rising pretty steadily that that recently looked parabolic. We’ve got the largest crypto-conference in NewYork this week. This year we’re seeing it bringing quality because we don’t have much scams and ICOs… Bitcoin is the epic digital gold.”
Also Read: Bitcoin Intrinsic Value Debate: Anthony ‘Pomp’ Vs Shark Tank’s Kevin O’Leary
Tom Lee also suggested that Bitcoin could soon retest its all-time high near $20,000. Apart from these more popularly known crypto-traders, Oz Pearlman also bet big on Bitcoin saying it could reach $12000 by January next year.
Do you think as well that Bitcoin is a better replacement for gold or it is just hype? Please share your views with us. 
The post Bitcoin is ‘Digital Gold’, A Fact Now Echoing Across the Financial Investment Industry appeared first on Coingape.
Source: CoinGape

Bitcoin Intrinsic Value Debate: Anthony ‘Pomp’ Vs Shark Tank’s Kevin O’Leary

Bitcoin is back in mainstream news as it continues to outperform traditional assets. While BTC proponents continue to praise the technology, new-comers and fresh investors are back at attacking the asset stating it lacks utility.
Also Read: Will Bitcoin [BTC] Smash $10K Before the End of May? Analysts Predict So
Recently, one of the most popular Bitcoin supporter and founder of Morgan Creek Digital, Anthony Pompliano, and another celebrity VC, shark tank’s Kevin O’Leary locked horns at a CNBC interview for the same debate: Bitcoin’s value proposition.
Kevin O’Leary was absolutely against Bitcoin and cryptocurrencies which was evident in his choice of words for it which included B*ll Sh*t and Crypto Cr*ap, He said,
I see nothing here except raw speculation. Where is the intrinsic value inherent in deploying real money and putting it in Bitcoin? The regulators don’t like it… Where is the long term value?
According to O’Leary, Bitcoin is a ‘game’. Moreover, he also criticized the Bitcoin halving mechanism which reduces the value of mining rewards by half every four years. However, his criticism seemed to be coming from ignorance towards the system and lack of knowledge about it. He continued to bash Bitcoin as a glorified game.
Bitcoin Halving Countdown (Source)
However, Pompliano who is popularly known as ‘Pomp‘, who made the phrase Long Bitcoin, Short the Bankers famous held his conviction towards Bitcoin. He revisited the value propositions of Bitcoin due to its demand and supply economic system to which O’Leary seemed oblivious nonetheless. Pomp said,
“It’s a disruptive technology… Money is a belief system. So the only reason why you, and I use it because we belive it has value… Look at the volume. Look at the number of people using it.”
Furthermore, Pompliano went on to challenge the favorite saying of naysayers of ‘how regulators hate Bitcoin’. According to him, the regulators are actually coming around on Bitcoin because of its unified public ledger and transparency, which makes it very easy for tracking the movement of funds.
“I have interviewed a DA agent who came on and they would love for criminals to use Bitcoin over US Dollar and cash. Its much more traceable.”
Also Read: Bitcoin Futures Volume On CME Crosses $1.2 Billion; Is US-China Trade War Driving BTC?
Last but not least, Pomp also reiterated the fact Bitcoin is a “Non-correlated asymmetrical asset” that is must in your investment portfolio, more so ever, because the bull market is back. The institutions like Fidelity and Bakkt are coming for it as well. However, Kevin continued to doubt Pomp’s optimism dubbing it as “Garbaage” and said that he would entirely abstain from making any investment in it.
Which side are you on, the Bankers or Bitcoin? Please share your views on the debate.
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Source: CoinGape

Will Bitcoin [BTC] Smash $10K Before the End of May? Analysts Predict So

Bitcoin, the flagship cryptocurrency is at its crazies race to break new records. The ongoing bitcoin bull run reminiscent of late 2017 when it touched to an all-time high of nearing $20K.
At the beginning of April – Bitcoin broke $5000
On May 10 – Bitcoin smashed $6000
On May 12 – Bitcoin touched $7000
On May 14 – Bitcoin surged over $8000
Currently, Bitcoin is racing to catch $9000, on that condition, it’s really worth notice will BTC smash $1000 before the End of May.!
At press time, Bitcoin outperforms $8000 figure and gained 12.45 percent within the past 24 hours. The average market volume counts at $141,657,041,698 which resulted in the entry of BTC dominance, which is close to 60%. Nonetheless, Bitcoin boom marks a 110% rally this year and now everyone in a puzzle – ‘can the crypto comeback last.!.
Image source – coinmarketcap
 
BTC Signalizing higher – Traders and Analysts are elaborating how.!
The sudden bang of Bitcoin from around $7000 to over $8000 created FOMO around the crypto market – on contrast – few traders and analysts are suggesting the market’s constructive sentiment in the near future.
$BTC – The FOMO is real Bitcoin is currently on a tear & the next target of serious interest is $8200+ High interest remains near $6400 if BTC decides to cool off & pullback My dream area to buy would be $5500 to $5700 but there’s no promise $BTC will hit that low again
According to a trader, Josh Rager
‘BTC will not hit the low of $5500 – $5700’ again. As such, another trader; The Crypto Monk’ suggested a similar view and said ‘anything in the 6K right now is a dream entry’.
Anything in the 6k’s right now is a dream entry. All eyes on $6.8k support. It’s all about consolidating and establishing a range to leave some room for alts. $BTC.
Image source – Twitter
At What Price Do We Really See FOMO? $10000?
On the other hand, Tom Lee, a.k.a Bitcoin bull and the head of research at Fundstrat Global Advisors criticizes the level of FOMO. He rolled a poll on social media asking crypto community ‘at what price do we see FOMO’. Consequent result of the poll which amassed total 7763 votes showed $10000 as the level for FOMO.
Image source – Twitter
Possible Reasons Behind Bull Run
Nevertheless, the Crypto community expresses a few strong signals that led BTC to boost to a new high of 9 months. At present, Bitcoin stands with $140 billion market cap, letting traders and analysts predict and bet higher on its upcoming move. To note, the following are the strong signals that analysts as well as a community think – has influenced the value of Bitcoin.
Also Read – Is Bitcoin Bull Run of 2017 Back, BTC Racing Towards $8000 Range
Bitcoin Futures By Bakkt
On Monday, 13 May 2019, Bakkt, a Bitcoin Futures Exchange released a new blog post and announced the launch of its bitcoin futures product. The platform has confirmed July as the month to hit crypto market with ‘their physically bitcoin-future products developed in collaboration with major market players including ICE Futures U.S (Intercontinental Exchange’s ICE Clear US) and ICE Clear U.S. In addition, Kelly Loeffler, Bakkt CEO notes that the platform works closely with the U.S. Commodity Futures Trading Commission (CFTC).
Although Mr. Loeffler revealed Bakkt’s present status, the platform is yet to approved by CFTC but the CEO seems confident of the approval. As he said;
“…bitcoin futures will be listed on a federally regulated futures exchange in the coming months.”
Nevertheless, Bitcoin futures product by Bakkt is different than what CME and Cboe launched back in 2017. While Bakkt will deliver actual bitcoin, CME and Cboe’s futures product were defined with cash equivalent on the expiry of the contract.
To remind, BTC’s bash of $18000 in late 2017 appeared after the bitcoin futures launch announcement by CME and Cboe. At that time, the value rallied from the lowest price to all-time high nearing $20k on December 19, 2017.
Having said that, Bitcoin may probably continue its rally and will more likely perform significantly before the end of May 2019.
Concerning Bakkt’s new launch, a famous trader Peter Brandt states that;
Image source – Twitter
Consensus 2019
Yet another reason that Thomas Lee sees behind the bash of Bitcoin is ‘Consensus 2019’ conference, happening in New York. Looking closer at the market value, Consensus which is one of the largest crypto conferences began on May 13 – the same day when Bitcoin was hitting to move over $7000. Within just 10 hours of the start, Bitcoin began trading over $8000. Mr. Lee added on his Twitter profile;
Definitely think @coindesk #consensus2019 is a major factor (not only) for recent parabolic bitcoin move, especially considering higher overall quality of attendees at the largest crypto conference
Similar sentiments can be seen by turning the Consensus 2017 and 2018’s pages on the web. The price quickly bumped with the start of the event that gathers quality of the largest crypto audience.
So readers, do you think Bitcoin will smash $10k within the end of May 2019.? Let us know in the comment below. 
The post Will Bitcoin [BTC] Smash $10K Before the End of May? Analysts Predict So appeared first on Coingape.
Source: CoinGape

Bitcoin Exceeds Predicted Hash Rate Value as Bull Market Rages

The number one cryptocurrency by market capitalization Bitcoin has outperformed the expectations of several members of the crypto community as well as expert analysts and traders. However, the asset seems to have more surprises to dish out as it recently exceeded its predicted hash rate value for this time according to $100 trillionUSD.
Bitcoin hash rate
Hash rate is a measure of a miner’s ability to solve the complex mathematical problem which leads to the minting of new cryptocurrencies through a process called mining. The higher the hash rate, the higher the efficiency of the system and the easier it is for miners to get block rewards. This means that a higher hash rate is healthier for the network than a lower one.
Bitcoin hash rate model from $100 trillion USD
As a result of the current massive bull market, Bitcoin hash rate modeled by $100 trillion USD (shown above) which shows that Bitcoin would reach $10,000 by 2020 at the then rate of growth has been exceeded. In the Current market, Bitcoin is already well over $8,000 at the time of writing this article. This has beaten the expectations of several experts who expected recovery for Bitcoin after the 2018 bear market but did not know it would be so fast.
The rage continues
Bitcoin was just over $7,000 in the early hours of today. However, when it started rising, it took only a few hours for it to get past $8,000. Several factors have been associated with the price surge such as major news like Bakkt user acceptance testing in July, Gemini partnership with Flexa to bring crypto payments to major retailers as well as Microsoft’s announcement of distributed identity tool. The question the cryptocurrency community is asking now is, will the market surge continue this way? If it does then a lot more surprises may be awaiting industry experts and the entire community as the growth is completely unprecedented.
The post Bitcoin Exceeds Predicted Hash Rate Value as Bull Market Rages appeared first on Coingape.
Source: CoinGape

Bitcoin Futures Volume On CME Crosses $1.2 Billion; Is US-China Trade War Driving BTC?

Bitcoin [BTC] has broken a lot of resistance since the beginning of the month. The most important levels included $6000, $6400, $7000, $7500, and then finally $8000. Bitcoin opened this month at around $5300; that corresponds to a rise of 55.5% in a span of two weeks at the high recorded yesterday on 13th May 2019.
BTC/USD 1-Day Chart on Coinbase (TradingView)
The CME Bitcoin volume of the Bitcoin Futures market exceeded $1 billion for the first time, it was more than twice the spot volume on Binance, the largest cryptocurrency exchange. Hence, a lot of the price movement is influenced by the futures market and the OTC (Over-the-Counter) markets existent in China and Japan.
Spot Volume on Top Exchanges, and CMC Bitcoin Futures (Tweet)
Tim Seymour, Bitcoin investor, and analyst noted in a CNBC interview this morning,
“There is not a volume going through making this move. But if you’re gonna bet on one name in crypto, you’re gonna bet on Bitcoin.”
While the fundamentals around Bitcoin like the daily volume on Exchanges and on-chain volume doesn’t provide a plausible explanation for the rise. The US-China Trade War and the stock markets plummeting might have had the people thinking that Bitcoin is a safer haven for now.
Karen Finerman added her views on the reason for the rise,
“One of the theories out there is people in China looking to get their money out and Bitcoin is a way to do it. So if you have a big demand and not a lot of sellers, you get a big move here.”
Bitcoin has out-performed most traditional assets in 2019. While the year-to-date (YTD) return on oil, the S&P 500 and gold is 36%,13%, and 1% respectively, the return from Bitcoin around 110%. Moreover, as the Chinese are supposedly looking to hedge their risks against yuan, the US citizens also might be flocking to Bitcoin as the US stock are down as well.
Also Read: Bakkt ‘Bitcoin Futures and Custody’ Platform Launch Confirmed For the Year 2019
Dan Nathan added in the interview,
“The fact that it is acting opposite to the stock market right now, I think it is pretty bullish.”
Guy Adami who has abstained from Bitcoin as a trader shared his analysis from a technical point of view. He said:
“$6000 level which was support for some time has turned into resistance. So Support turns into resistance. That chart looks extraordinarily good.”
The total market capitalization of Bitcoin is 59.7%. The speculative nature around Bitcoin [BTC] has been harmful in the part.
Nevertheless, the de-coupling of Bitcoin and altcoins anticipated by the cryptocurrency traders has finally occurred.  Furthermore, it has only favored Bitcoin Hodlers for now. The less used altcoins are not taking part in the rally. It marks an opportune moment to get rid of inferior altcoins which are clogging the market.
Do you think the big move will be followed by a bigger more? Please share your views with us. 
The post Bitcoin Futures Volume On CME Crosses $1.2 Billion; Is US-China Trade War Driving BTC? appeared first on Coingape.
Source: CoinGape

Is Bitcoin Bull Run of 2017 Back, BTC Racing Towards $8000 Range

Is Bitcoin repeating 2017’s bubble history again.? This flagship cryptocurrency is setting a new record every new day this year – especially, the rally counts since April 2019. At present, the value of Bitcoin is too close to $8000.
Bitcoin kick-started its bull rally on April 01, 2019 by breaking $5000 which was then followed by $6000 and then $7000. It shot $7000 on May 12 – and on May 14, the BTC is all set to break $8000 record as well. At the time of writing, on May 14, 2019, the value of Bitcoin is up by 11.95 percent within the past 24 hours.
Image source – Coinmarketcap
Such a noteworthy bull run set Bitcoin’s trading volume at $138,465,519,444 USD and its value against the US Dollar at $7823.51.
It’s worth to note that Bitcoin within just 45 days (approximately), saw a huge rally and is all set to hit a new record of 9 month high.
Besides Bitcoin, other altcoins flourishing on the coinmarketcap today are Binance Coin and Bitcoin Cash as they gained a significant trading boost to become the top gainers at the crypto market cap. The former achieved a growth of 16.70% whereas the latter saw an 11.60% growth within the past 24 hours respectively.
Image source – Coinmarketcap
Besides BNB and BCH, Bitcoin poured its blessing on all the other major altcoins such as ETH, XRP, LTC, EOS, USDT, ADA, XLM. Nevertheless, reports earlier highlights that the performance of Bitcoin in terms of recovery is far greater than the other financial products.
Concerning the similar regards, CNBC media posted the comparative status of Bitcoin v/s S&P 500 which reveals Bitcoin has succeeded at 107.34% in comparison to S&P 500 which is up with 12.06%.
Image Source: CNBC
Can Bitcoin Repeat the history, the crypto bull run of 2017?
The ongoing rally seems amazing and it rekindles the memory of 2017’s which was called ‘bubble’ by many and monumental feat for the crypto ecosystem by others.
However, many analysts such as Mike Novogratz and Fundstrat’s Tom Lee predicted positive price growth of Bitcoin in 2019, who believed Bitcoin will achieve a significantly high price in 2019. Moreover, Mr. Lee strongly pointed out that the major contribution of institutional investors/customers will be the key reason behind the bull rally of Bitcoin this year.
What’s your take on Bitcoin’s ongoing productive price figure.? Do you think the history of 2017 will repeat.? Let us know.
The post Is Bitcoin Bull Run of 2017 Back, BTC Racing Towards $8000 Range appeared first on Coingape.
Source: CoinGape

Bakkt ‘Bitcoin Futures and Custody’ Platform Launch Confirmed For the Year 2019

Bakkt Platform launch has finally been confirmed for 2019 as the firm seems to have finally been able to convince the regulatory watch-dog, CFTC (Commodity Futures Trading Commission) and NYDFS (New York Department of Financial Services) for its approval. The online platform will offer a daily settlement bitcoin futures contract, and a monthly settlement bitcoin futures contract similar to one offered by CME.
Bakkt will be launched in collaboration with two other ICE (Inter-Continental Exchange) subsidiaries: ICE Futures US and ICE clear US. ICE is also the parent company of the NYSE (New York Stock Exchange). ICE Futures US will handle the Futures contact while, ICE clear US will manage the margin trading on the platform.
Also Read: Bitcoin-based Bakkt Platform Moves to Acquire Bitlicense in New York: Bloomberg Report
The announcement made by Kelly Loeffler, the CEO of Bakkt emphasized on the conviction of the team and ICE in providing this service. She said in a blog post,
Bakkt will contribute $35 million into the clearinghouse risk waterfall. This puts our own “skin in the game” and aligns our interests for market integrity and safety with market participants.
The platform will also offer custody arrangements like Fidelity and Gemini. The custody wing is approved by the CFTC regulators. Safekeeping of the cryptocurrencies will be supported by insurance, cybersecurity, and comprehensive compliance, including an anti-money-laundering program and blockchain analytics
Also Read: Intercontinental Exchange (ICE) Released a List of its Favorite Cryptocurrencies; Same ‘Tokens’ To Be Included in Bakkt As Well?
Moreover, since Bakkt is not yet registered as a Trust Company, the Bitcoin Futures contract by placing Bitcoins in margin or custody will be awaiting a green signal for regulatory bodies. The test phase of the platform will be launched sometime in July this year. The public launch of the platform is also expected to be rolled out “in the coming months.”
Do you think the Bakkt new fuel new energy into the cryptocurrency markets or we’ll have to wait for the launch? Please share your views with us. 
The post Bakkt ‘Bitcoin Futures and Custody’ Platform Launch Confirmed For the Year 2019 appeared first on Coingape.
Source: CoinGape

Crypto-Market Update: Bitcoin Back Above $7450; Alts BCH, ETH, DASH Re-Test Yearly Highs

Bitcoin [BTC] touched a yearly high of $7580 on Coinbase on Sunday 12th May 2019. Moreover, the correction and revival from the yearly-highs also came during the same day.
Bitcoin started climbing again on Monday; the price of Bitcoin at 14: 45 Hours UTC on 13th May 2019 is $7478. The dominance of Bitcoin over the cryptocurrency market is also close to 60% at 59.4%.
The alt-coins also traded in the green on Monday as the total market capitalization of the market broke above $220 billion again on consecutive days. The total Mcap of cryptocurrency markets has added about 100$ billion since the beginning of the year at around $125 billion.
Also Read: Bitcoin [BTC] Breaks $7500: Will the Price Rise Again After the Weekend Frenzy?
Total Market Capitalization of Cryptocurrency Market YTD (CoinMarketCap)
Ethereum [ETH], Bitcoin Cash [BCH] and Litecoin [LTC]
While the momentary high of Ehereum recorded on 12 May 2019 is above $205, the trading candlesticks realized at $192-195 range. Ethereum is again testing the same levels. The price of Ethereum at 14: 20 Hours UTC on 13th May 2019 is $194.40. Moreover, the total market capitalization of Ether [ETH] broke above $20 billion as well.
ETH/USD 1-Day Chart on Coinbase (TradingView)
Similarly, Bitcoin Cash [BCH] also traded in the yearly high range above $350 dollars as the positive momentum continued in the market. The price of BCH at 14: 30 Hours UTC on 13th May 2019 is $365.14. It is trading 3.54% higher on a daily scale.
BCH/USD 1-Day Chart on Coinbase (TradingView)
Litecoin [LTC] also traded in the green, however, at lower percentage gains compared to Ethereum and Bitcoin Cash [BCH]. The total market capitalization of BCH was also about $1.5 billion higher than LTC. The price of Litecoin [LTC] at 15: 00 Hours UTC on 13th May 2019 is $88.58.
Binance [BNB] and Dash Record Double Digits Daily Gains
Binance [BNB] Coin which was down last week after the 7000 Binance hacks on 7th May 2019, broke above other currencies as it gained 11.77% on a daily scale. It is currently testing $23.34 dollars again.
Dash also rose almost equivalent to BNB as it traded 10% higher at $133.39. The year-to-date (YTD) high of Dash price is $140. However, the resistance range on the upside is near $135.
DASH/USD 1-Day Chart on Kraken (TradingView)
Most of the other altcoins also traded in the green with gains around 5%. XRP traded above $0.32, while EOS and Tron also gained considerably over the weekend. The price of EOS and Tron [TRX] at 14: 40 Hours UTC on 13th May is $5.53 and $0.025 respectively.
Do you think that the Bitcoin and altcoin markets have further steam left? Please share your analysis with us. 
The post Crypto-Market Update: Bitcoin Back Above $7450; Alts BCH, ETH, DASH Re-Test Yearly Highs appeared first on Coingape.
Source: CoinGape