SEC Could Approve the First Bitcoin ETF in Next 45 Days as Review Process Begins

Well, after all the wait and drama surrounding the Bitcoin ETF, the US SEC has finally announced that it is beginning the process of reviewing Bitcoin ETF applications again and has picked up the Bitwise application for initial review.
SEC publishes Bitwise proposal in Fed Register on Feb 15
Are we in sight of a Bitcoin ETF? Well, there is every possibility as the U.S. Securities and Exchange Commission (SEC) announced it is moving forward with its process for the ETF approval and beginning to review the Bitcoin ETF rule change proposal filed by NYSE Arca and Bitwise Asset Management on Feb. 11. The proposal itself was published in the Federal Register on Feb. 15, starting the countdown of 45 days which SEC has to make its initial decision on whether to approve, reject or extend the proposal.
Even though NYSE Arca and Bitwise had filed the application at the start of 2019, there was no way ahead because of the US government shutdown. But all seemed to back on track now as the Federal Register has been amended on February 15th, 2019 marks the start of the much-awaited process.
The process of approval is still lengthy and has several roadblocks, Bitwise Bitcoin ETF has generated quite a lot of hype of being different which could get a nod from the SEC. The proposed ETF gets its valuation from physically settled Bitcoin futures contracts, something that has never been proposed before.
Bitwise’s global head of Exchange-Traded Funds John Hyland remains hopeful that the SEC will approve their Bitcoin ETF. His confidence is clearly visible when he was quoted saying
“While there can be no assurance that the 19b-4 application will be granted or the SEC will review and ultimately accelerate the registration statement, we are optimistic that 2019 should be the year that a bitcoin ETF launches.”
Bitwise was recently founded in 2017 and is headquartered in San Francisco. The firm’s team is made up of professionals with decades of asset management experience. Some of the firm’s members come from backgrounds such as Facebook, Wealthfront, BlackRock, NYLife Investments, IndexIQ, US Commodity Funds, Goldman Sachs, JPMorgan, and ETF.com.
The company has also pioneered the first cryptocurrency index fund and is the leading provider of rules-based exposure to the crypto asset space. Together, the firm features 4 best-in-class crypto indexes: Bitwise 10 Large Cap, Bitwise 20 Mid Cap, Bitwise 70 Small Cap, and Bitwise 100 Total Market. While many firms have attempted this previously, Bitwise has meticulously designed to follow a clear-set rule base that takes various factors into account
Will Bitwise ETF find the holy grail and be the first US SEC approved Bitcoin ETF? Do let us know your views on the same.
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Source: CoinGape

Bitcoin [BTC] Gonna Crash Below $2k before it Reaches $90k (Min): Crypto Analyst

Bitcoin is currently trading at $3,618 with 24-hours loss of 0.16 percent. Meanwhile, the flagship cryptocurrency is managing the daily trading volume of $6 billion. In the past 7 days, the Bitcoin price has been trading between the range of $3,690 and $3,610.

Bitcoin price 7-days chart, Source: Coinmarketcap
In the short-term, some Bitcoin analysts and traders have been expecting an upward trend while the long-term view remains unchanged though the numbers to peak vary.
According to Crypt analyst Willy Woo, Bitcoin can see the bottom at below $2k which many experts are expecting to occur in the first quarter of this year. Woo shared a series of charts covering various Bitcoin valuation metrics.

With Bitcoin hitting its bottom at some point below $2k, it could be the time for people to start investing in and accumulate Bitcoin as Woo further notes,
“RV says it’s an exciting time for long term investors looking to enter… on average investors are underwater, and we can see BTC is not underwater very often. Note RV is inaccurate in the early years due to missing pre-Gox price data, this will be fixed in the next update.”
Though the dark days are ahead in the short term, Willy Woo also shared about the next top which he says at a minimum could be $90k but not before he cautions that it’s “very experimental.”

The history might not repeat but it rhymes and with Bitcoin halving coming in 2020 experts are nothing but sure that another all-time high is coming, but not sooner than 2022. Recently, market analyst, Josh Rager had also shared,
“This “could be” the last time the general population can afford to buy an entire BTC. After 2021 – Bitcoin could move to a market price where most will only buy fractions. Global income per household is debatable, regardless, BTC speculative value could be out of reach for most.”
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Source: CoinGape

Bitcoin Trading Volumes Across Crypto Exchanges See a Spike: Expert Opinion

Note: “This analysis is an adaptation from the work of Mati Greenspan, Senior Market Analyst at eToro
Key Highlights

Under pressure from SEC, Reality Shares withdraws its Bitcoin ETF
Technical and Fundamental Analysis stay disconnected in the crypto markets
Trading volumes across crypto exchanges see a spike

Crypto Trading Volumes spike across major exchanges
Well, the news of Reality Shares pulling out its ETF application got a mixed reaction on the street as many believed that more products built on bitcoin without backing are actually bad for the industry and they much prefer services like Bakkt or the proposed VanECK ETF that are actually backed up one for one with real bitcoin.
Even though the news of the pullout was sentimentally negative it did not impact the price much. This is how the price of the Bitcoin prices is behaving for quite a while as the fundamental analysis and technical analysis of Bitcoin stay disconnected. Fundamentally the crypto world is getting some great news about the growth but yet the patterns that are forming on the charts are decidedly bearish.
While the divergence continues, the trading volumes across crypto exchanges have recently seen a strong spike. The volumes during December 2018 was close to USD 10 billion per day, which was way below the current volume. Over last  24-hours, volumes across exchanges have reached $36 billion this morning, on a day with very little price movement. While this is a rare phenomenon one has to remember, this is an entirely new market that has only surpassed the $1 billion mark for the very first time in March 2017. This industry has basically grown from nothing into a global market place in just a few short years.
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Source: CoinGape

Bitcoin is Still King – CEO Made Bullish Bet on Bitcoin But Warns on Most Cryptocurrencies

Digital Currency Group (DCG) founder, Barry Silbert rings an alarm for most cryptocurrencies while optimistic only on Bitcoin. Accordingly, he says, ‘Bitcoin is still king and believe ‘most crypto tokens will go to zero’.
Most Cryptocurrencies Will Fail  – But Bitcoin Will Still Rule The Market
During an interview with CNBC, Grayscale’s Fund Manager, Barry Silbert talks about the rise of ICO, Bitcoin growth and the future of cryptocurrencies. He says that
“I’m not a believer in the vast majority of digital tokens and believe most will go to zero,”
Berry’s bullish bet on Bitcoin is not an incident, rather he is an early investor in bitcoin and undergone various market fluctuations. According to him, all of these price plunges were a full recovery. Sources quoted, ‘Berry is as bullish as he has ever been on Bitcoin‘.
Nevertheless, the value of Bitcoin today is trading with negative marks, dragging other major currencies down the line. At the time of writing, the average trading volume of Bitcoin counts $63,648,604,014, declining with 0.48 percent over the past 24hrs.

Image Source – https://coinmarketcap.com/currencies/bitcoin/
In contrast to Bitcoin, Berry is not in favor with other digital tokens. In his view, most of those cryptocurrencies will fall since he doesn’t find any potential value as Bitcoin has. Additionally, he viewed Bitcoin as it is in the ‘race to be digital gold’.
“As far as I’m concerned bitcoin has won the race to be digital gold,” said Silbert. Continuing that, he says; “I’m convinced that whatever money is in gold is not going to stay in gold, that gets handed down to millennials — I’m highly confident a lot of that will go into bitcoin.” Silbert Said
Also Read: Is It #BUIDL That Will Decide Next Amazon of Cryptoworld or Most Cryptocurrencies will die?
Talking about ICO, Silbert appreciates the move that SEC is following to curb activities of these tokens. He says that many ICO offerings don’t hold value and are just launched to raise money. Additionally, he thinks that there are no tokens with real-use cases. He said;
“Almost every ICO was just an attempt to raise money but there was no use for the underlying token,” Silbert said. “The vast majority of what’s out there will be eliminated.”
Do you agree with Berry Silbert? Share your opinion with us.
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Source: CoinGape

Crypto Provides Attractive Asymmetric Risk: Expert Opinion

Note: “This analysis is an adaptation from the work of Mati Greenspan, Senior Market Analyst at eToro
Key Highlights

Two Large pension funds invest USD 40 million in cryptos
While the amount is in actual terms looks good, it’s just 0.7% of the fund
With this minimal investment, the risk to the upside far outweighs the downside risk.

Cryptos has Asymmetric Risk
As the news of the two Fairfax funds investing $40 million into cryptos hit the street, it bought a definite joy to every crypto investor. But for the fund, this investment was opportunistic and lucrative created a position where cryptos provided an attractive asymmetric return profile.
To explain, the two Fairfax funds involved in this investment have a combined $5.7 billion under management. So the $40 million they’ve put into crypto is only 0.7% of that. This is good money management at play.
Should the crypto market see another year like 2018 with an 80% drawdown, the fund will only lose 0.56% of its total portfolio. As long as the rest of the portfolio performs properly, nobody will even notice the hit. But, If crypto has a fantastic year as it did in 2017 and rises by 1000%, their overall portfolio will rise by 7%. This is what we call asymmetric risk, where the risk to the upside far outweighs the downside risk.
Traders and investors are always looking for an advantageous risk/reward ratio and now that we’ve already seen a large retracement in the crypto market, the ratio is becoming very attractive. Now that Fairfax County has opened the door, it will be interesting to see if other traditional fund managers join in.
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Source: CoinGape

WikiLeaks Blasts Craig Wright: Serial Fabricator who Claims to be the Inventor of Bitcoin

WikiLeaks took to Twitter to blast the self-proclaimed Satoshi Nakamoto, the anonymous founder of Bitcoin (BTC) and Chief Scientist at nChain, Craig Wright. Initiated in 2006, WikiLeaks is an international non-profit organization that publishes classified media and secret information provided by anonymous sources.
“Serial fabricator who claims to be inventor of Bitcoin, Craig S. Wright, now claims that Bitcoin was always pro-state and that he always worked for the prosecution, as he tries to raise money for business project and escape court action.”
Back in 2017, WikiLeaks founder Julian Assange claimed that his organization made 50,000 percent return on Bitcoin after investing in the leading cryptocurrency in 2010. It has been all thanks to the US government as Assange said the government forced the payment companies like MasterCard and Visa to carry out “an illegal banking blockade” against the organization.  
Bitcoin was Like a Child to Me: Bitcoin SV’s Craig Wright
This time, Wikileaks hit back on Craig Wright after he wrote a new blog on Medium where he stated that he is the one who created Bitcoin and it “was like a child to me.”
In his blog post, he stated his negative stance on WikiLeaks,
“I do not like Wikileaks, and I have never been a fan of Assange’s methods. More importantly, I am strongly opposed to criminal markets and bucket shops. Ross Ulbricht and others like him are criminals. They are not freedom fighters, they are not libertarians. They simply are predators, and they are all that Bitcoin was designed to make far more difficult.”
Twitter Feud Escalates
In response, WikiLeaks hit back with,
“Craig S. Wright is a proven serial forger of documents claiming that he is the inventor of Bitcoin. He has been repeatedly caught. This has been independently verified by WikiLeaks at the time of his first claim and subsequently.”

Well, it didn’t go down well with Craig Wright who took to Twitter to say this,
“Fake and fabricated news site that I wanted not to have anything to do with Bitcoin makes up more lies. Sorry, this is again, more fake news from Wiki – the lie factory that lies on how it promotes truth.”

And this one, “Do you know what good has come from Wiki leaks…Nothing. They are a fake news cesspool.”
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Source: CoinGape

Bitcoin To Be Digital Gold, Galaxy Digital Founder Talks on ‘Bitcoin Recovery Phase’

So during a Bloomberg Daybreak show in Europe, today on Feb 13, 2019, Mike Novogratz of Galaxy Digital discusses something very interesting that many investors, traders and crypto enthusiasts were waiting to listen. He says ‘we are in the fresh phase of recovery in crypto’.
We’re at Recovery in Crypto
In a discussion, Mike talks about the bitcoin bubble, occurred in late 2017, the nature of institutional investors and the future of Bitcoin. During the interview today, Mike was quite optimistic about the future of Bitcoin. While asking the phase of crypto enthusiasts are experiencing at present, Mike recalls price of Bitcoin in end 2017 and states it as ‘a fantastic bubble in crypto’.
We had a fantastic bubble in crypto. Last year we realized how painful the bubble can be.!said Mike
Pointing towards 2018 that showed 98% loss, then 68% and then 65% eventually, he calls it ‘a recovery phase’. Noting these stages in the crypto market, Mike believes that last year, the crypto market had a recovery’.
Bitcoin is Going to Be Digital Gold
Talking about the future of Bitcoin, he says that Bitcoin would be different from other cryptocurrencies, pointing Bitcoin as a digital Gold. He states that Bitcoin is a sovereign which will be surrounded by guns as it must have security. In his words;
Bitcoin gonna be a Digital Gold. There is gonna be where sovereign money – a place where you have sovereign money. US money is not Chinese money, it is sovereign. Sovereignty would cost a lot, it should cost a lot. Bitcoin is  digital.
He further compare Bitcoin with gold, as such he says ‘we keep gold, surround by guns because it is a store value’. Moreover, Mike believes not every cryptocurrency needs the same level of security. He says;
Every cryptocurrency is need not to be surrounded by guns and every blockchain doesn’t need the same level of security, doesn’t need to be surrounded by Gun.
The post Bitcoin To Be Digital Gold, Galaxy Digital Founder Talks on ‘Bitcoin Recovery Phase’ appeared first on Coingape.
Source: CoinGape

Bitcoin Adoption Gets Stronger in Venezuela As Trading Volume Hits All Time High

Countries with weaker economies and collapsing fiat currencies are at the forefront of crypto adoption. While this phenomenon is witnessed across the globe, Latin American countries, which are facing an economic slowdown, are at the forefront to accept this new form of ‘money’
 Venezuela leads the way while others follow  
The economic situation of Venezuela and the collapsing sovereign fiat Bolivar has forced a lot of citizens to adopt cryptocurrencies and Dash has grabbed this opportunity with both hands as it has led the cryptocurrencies to use case in Venezuela. While adoption has been at the forefront of citizens of Venezuela, the people there are also using OTC markets to trade their monies.
According to a recent tweet put forward by Kevin Rooke, Venezuela’s P2P Bitcoin market does 157x the volume of their largest stock exchange.  Venezuela’s top stock exchange did $8,117 of trading volume on Friday while Bitcoins traded on Local Bitcoins is an average of USD 1.28m

Venezuela's P2P Bitcoin market does 157x the volume of their largest stock exchange.
Venezuela's top stock exchange did $8,117 of trading volume on Friday.
Not a typo. $8,117 USD.
Venezuelans traded an avg of $1.28M of Bitcoin on LocalBitcoins each day this week. pic.twitter.com/Uu4Ed2B9V3
— Kevin Rooke (@kerooke) February 11, 2019

The adoption of cryptocurrency is increasing at such a pace in the country that, according to Dash’s CEO, Ryan Taylor
there are use cases where people have invested in Bitcoin to try and preserve the value of their money, utilizing the major cryptocurrency as a store of value and it is Dash’s adoption and quick, cheap transactions that are making it an important financial tool in Venezuela.
Just like Venezuela, other countries in Latin America are also embracing cryptocurrencies.  According to the data provided by DiscoverDash, Colombia, another South American country which has a struggling economy, ranks third in the world for Dash-accepting merchant listings. Colombia’s 327 merchants are among 3,000 merchants in South America that accept Dash as a payment option.
Argentina too seems to be in pro Bitcoin mood as now millions of people in the country’s capital and beyond will now be able to pay for transport on buses, subways, trains and highway toll booths using cryptocurrencies.   Payment platform Alto Viaje, which allows users to charge their SUBE smart cards, announced that it has partnered with South American blockchain startup Bitex to enable payment in Bitcoin. SUBE cards are primarily used in Buenos Aires, but transport systems in cities like Mar del Plata and Villa Gesell and some 30 other locations also accept SUBE payment.
Similar scenes are also seen in Mexico where crypto exchange Bitso had mentioned to media that some 800,000 citizens are now actively trading in digital tokens. Bitso also mentioned that its average annual growth is a staggering 522%.
Cryptocurrencies have definitely found a strong footing in South America and it looks like they would just grow vertically from here thus ultimately improving the adoption and investing in cryptocurrencies. Latin American countries are definitely setting an example for the world to follow.
Will cryptos be able to spread their wings to other countries at will, like they have done Latin America? Do let us know your views on the same.
The post Bitcoin Adoption Gets Stronger in Venezuela As Trading Volume Hits All Time High appeared first on Coingape.
Source: CoinGape

Bitcoin ETF Could Be Approved Anytime – Expert Opinion

Note: “This analysis is an adaptation from the work of Mati Greenspan, Senior Market Analyst at eToro
Key Highlights:

Bitcoin ETF could happen any day as VanEck renews his proposal
3 out of 4 SEC commissioners seems to be crypto friendly
Crypto prices bounce back over the weekend

Bitcoin ETF approval may just happen any day
With the withdrawal and renewal of VanECK’s proposal, it seems that some of the key players are now far more optimistic that a bitcoin ETF could be approved sometime soon. The decision to approve or disapprove falls on the SEC, so let’s take a look at who is making the decisions…

Hester Peirce is by far the biggest bitcoin advocate on the panel. Many prefer to call her by the nickname Crypto Mom. The newest member, Elad Roisman, is also a known crypto advocate.
Last week Robert Jackson also made headlines speaking in favor of cryptos. So the toughest walnut to crack remains Chairman Jay Clayton, who continues to engage with the crypto community, but so far remains steadfast in his view that the market isn’t ready for it just yet. VanECK remains optimistic though.
Digital Assets Director Gabor Gurbacs recently told CNBC’s Ran Neuner that the application process may take up to 240 days but that it could be done in a single day should the SEC decide to approve it.
It would be even more interesting to wait until SEC’s final decision and Stay tuned with Coingape to get updates on Bitcoin ETF and SEC’s final decision.
 
The post Bitcoin ETF Could Be Approved Anytime – Expert Opinion appeared first on Coingape.
Source: CoinGape

MtGox Currently Controls Bigger Bitcoin Market share than the Gold Reserves of the Swiss Central Bank

Bitcoin has been characterized as the digital gold that according to some bitcoin proponents is better at being gold than gold itself. Bitcoin is also predicted to surpass the $8 trillion market cap of gold and emerge as the store of value.
Now, Tuur Demeester, the Founding partner at Adamant Capital, has calculated the Bitcoin circulating supply in equivalence of Central banks’ gold reserves and shared the following data.

“The current value of Dutch Central Bank gold is about $25 billion, so in order to buy 69k BTC (the mined Bitcoin equivalent of the Dutch gold reserve) it would only need to sell 1% of its gold, i.e. 492 gold bars,” shared Demeester.
He further did a comparison of the Bitcoin still left with Mt Gox with that of the central banks’ gold reserves.
“Allows for fun comparisons, e.g.: The MtGox Trustee currently controls 137,891 BTC, which is bigger in terms of market share than the gold reserves of the Swiss central bank.”
Currently, a group of Mt. Gox creditors has banded together to create a movement called “GoxRising” with the goal of reviving the exchange and present a detailed Civil Rehabilitation plan.
The movement has been proposed by Brock Pierce who reportedly bought 12 percent stake owned by Jed McCaleb, founder of Mt. Gox for 1 BTC. “We have the rise, the fall, and it’s been in liquidation and bankruptcy in Japan for over five years. But the story is not over,” Pierce had been quoted as saying,
“Like Game of Thrones, the last season of Mt. Gox hasn’t been written. What kind of ending do we want to make for it? I’m a Joseph Campbell fan, so I’m obviously going to go with a hero’s journey, with a rise and a fall, and then a rise from the ashes like a phoenix…”
Reportedly, Pierce has no interest in the past gains of Mt. Gox but wants a happy ending of this story. Pierce also wish to start a new chapter by relaunching Mt. Gox. He further plans to offer its 20,000 creditors a stake in the future of the company.
The post MtGox Currently Controls Bigger Bitcoin Market share than the Gold Reserves of the Swiss Central Bank appeared first on Coingape.
Source: CoinGape

Bitcoin [BTC]: Is Bakkt Really Coming in 2019? New Launch Date is Now “Later This Year”

The launch of Bakkt that was to first go live in August 2018 and then rescheduled for late January will be now coming “later this year,” according to the CEO of International Exchange (ICE), Jeff Sprecher.
Bakkt is a Moonshot Bet for ICE
During the earnings call dedicated to the financial results of ICE for quarter 4 and the entire year of 2018. Jeff Sprecher, ICE’s CEO shared that over $1 billion has been spent by the company on strategic initiatives along with the launch of its highly anticipated digital asset platform, Bakkt.  
The parent company of the New York Stock Exchange (NYSE) operates a number of leading global exchanges and is now set to enter the crypto space. Scott Hill, the CFO of the company, further talked about the expenses that will be incurred by Bakkt.
“And finally, our investment in Bakkt will generate $20 million to $25 million of expense based upon the run rate in the first quarter. We will update you on progress at Bakkt and the level of investment as we move through the year.”
Bakkt that according to Sprecher is independent of ICE due to the fact that it has its own office, infrastructure and management team. ICE is also putting big faith in the platform as they characterize the crypto platform as a “moonshot bet” when asked about the expected revenue growth from its recent investments along with Bakkt. Sprecher had this to say,
“So it’s a bit of a moonshot bet and it’s been organized in a manner that is very different than the way ICE typically does businesses […] They’re well along in building out an infrastructure that I think you’ll see launch later this year.”
Bakkt at Work: Acquisition and Hiring
Sprecher further emphasized that the infrastructure of the project had already attracted various high-profile investors. Moreover, Bakkt has acquired Rosenthal Collins Group as the official announcement reads,
“With today’s closing of our transaction with Rosenthal Collins Group, we welcome great new team members to Bakkt RCG’s remarkable heritage, culture and expertise will help us build out a trusted institutional infrastructure for digital assets.”
In addition to the acquisition, Bakkt has also hired two top executives viz. Erik Haas, the Director of Compliance who will move in from ICE and Rachel Ford as the Strategic Operations Manager from Techstars.
Bakkt has 10 positions opened in Sales, Finance, and Engineering for different locations viz. San Francisco, New York, Atlanta, Tokyo, Hong Kong, Singapore, London, and Tel Aviv.
Hill further shared that, Bakkt is a long term project and not just a 2019 focused program,
“I think Bakkt is really an investment […] That’s more about the future and revenue and market opportunities that we see in the future and less about 2019 topline.”
The post Bitcoin [BTC]: Is Bakkt Really Coming in 2019? New Launch Date is Now “Later This Year” appeared first on Coingape.
Source: CoinGape

Bitcoin Historically Oversold This level, Technical Analyst Confirms Using RSI Indicator

Bitcoin is tasting the new lows very frequently and is eventually dragging other major cryptocurrencies down. Technical analysis of Bitcoin’s four years journey indicates that the new break of $3100 if happened will bring new trouble.
Bitcoin hasn’t been this Oversold in Four Years
A technical analyst and Fundstrat Global Adviser, Rob Sluymer say that for the first time in the period of 4 years, Relative Strength Index or RSI (an indicator uses to technically analyze the upcoming move of Bitcoin) is declining below 30. The RSI tool hints reading below 30 means ‘oversold level’ and above 70 marks for ‘overbought level’. Mr.Sluymer says that;
“BTC is again at historically oversold levels and is retesting important support that needs to hold to suggest a bottom is developing,”

Sluymer further notes that;
“A successful retest of the Q4 lows developing into a double bottom price pattern remains a possibility, but the price structure for most cryptocurrencies remains weak and appears vulnerable to a pending breakdown to lower lows,”
Breaking the New Low
As reported earlier also, Sluymer’s view on Bitcoin’s break on $3100 would drive it until $2270 and if it has to hit the new beginning, it would move from $3100 to $4200. However, the price of Bitcoin is bobbing around $3400 to $3500 until today, in fact, press time recorded the value of Bitcoin is $3,405.42 which is not even closer to $4200 to hit positive move.

What’s your take on upcoming value on Bitcoin price? share your opinion with  us 
The post Bitcoin Historically Oversold This level, Technical Analyst Confirms Using RSI Indicator appeared first on Coingape.
Source: CoinGape

Bitcoin Fundamentals Getting Stronger, Demystifying Bitcoin Mining Environmental Myths: Expert Opinion

Note: “This analysis is an adaptation from the work of Mati Greenspan, Senior Market Analyst at eToro
Key Highlights

Bitcoin Fundamentals getting stronger
The Hashrate of Bitcoin network reaches a new equilibrium
Robert Sharratt article on Bitcoin Mining has some flaws

Bitcoin mining’s environmental impact- Demystifying the Myths
Well, everyone is aware that the fundamentals of the Bitcoin blockchain are getting strong day by day, there a few new parameters that have surfaced which reiterate the same. The number of transactions being processed in bitcoin has been growing increasingly during the bear market and is now reaching levels that have previously been seen only during the 2017 bull run.
To add to this fact, the hashrate (total computing power of miners) of the Bitcoin network reaching a new equilibrium and evening out over the last few weeks. Another piece of fact that is working in favor of bitcoin comes from the Canaccord Genuity Group states that Bitcoin is becoming more decentralized as it gets older.
While the fundamentals continue to grow, a recent blog by Robert Sharratt has been the point of discussion for many. The blog titled “The report of bitcoin environmental damage is garbage” has put forward plenty of counterarguments against the whole question of bitcoin’s environmental impact. To provide a brief, the article states the following

The author Robert Sharratt is probably one of the most qualified people on the planet to write on this subject as is confirmed by his LinkedIn page.
Most bitcoin mining is done in Sichuan province where they have an overabundance of clean energy that would otherwise go to waste.
If popular claims made against bitcoin are correct, the network will consume the entire global energy output (all electricity on earth) by Q2 2023.

The post Bitcoin Fundamentals Getting Stronger, Demystifying Bitcoin Mining Environmental Myths: Expert Opinion appeared first on Coingape.
Source: CoinGape

Bitcoin Usage on an Uptrend while Crypto Analyst says, Absolute Disaster for BTC Price in Medium-Term

While Bitcoin daily transactions are on an uptrend since April 2018, Bitcoin price doesn’t seem to have any relief this year, according to analysts.
Bitcoin Daily Transactions on a Steady Rise
At the time of writing, Bitcoin has been trading at $3,412 with 24-hours loss of 1.50 percent. The leading cryptocurrency has been managing the daily trading volume of $5.2 billion.
Meanwhile, Bitcoin daily transactions are on an upward movement since mid-2018. A spike in Bitcoin transactions per second is also happening which is currently registering at 3.8. Crypto trader and investor, Josh Rager took to Twitter to share this growth.

$BTC Daily Transactions have been on a steady uptrend since April 2018
After previously topping out at the ATH in December 2017 pic.twitter.com/SWohPH7hjS
— Josh Rager 📈 (@Josh_Rager) February 5, 2019

But Bitcoin price in Danger
In the past week, Bitcoin price has been oscillating between the range of $3,400 and $3,500, according to the data provided by Coinmarketcap.

Bitcoin price chart, Source: Coinmarketcap
Meanwhile, Rager is bearish on Bitcoin price for now in the way that 2019 won’t be seeing any uptrend though bottom and sideways accumulation can be seen,

Much like Murad, I don't have much faith in 2019 for a big turn around 📉
But I do think we could see the bottom this year with 2020 being the beginning of a long term massive uptrend for Bitcoin and other crypto assets 📈 https://t.co/hwmy62hvnL
— Josh Rager 📈 (@Josh_Rager) February 5, 2019

While, Crypto Analyst, Murad Mahmudov shares a chart that is far more bearish. The discussion level around Bitcoin has been declining, even lower than 2015 ad 2016. Though price affects the tweet count, Mahmudov says this “in general isn’t great.”

1/ This screams bearish.Tweets about Bitcoin at the same level as 2014 and lower than at any point in 2016, like nothing has changed.
That is an absolute disaster for the price in the medium-term in my opinion. pic.twitter.com/DTdsUepx1t
— Murad Mahmudov 🚀 (@MustStopMurad) February 3, 2019

Mahmudov further notes that people obsessed with Bitcoin, “particularly in the Western World” have been in Bitcoin space for a while and “Bull markets bring fewer new obsessed & there are fewer of them overall than I thought.”
The biggest use case even still after a decade of Bitcoin’s existence, Mahmudov says, is speculation and this coupled with “human greed are your biggest hope.” He shares that 99 percent of people aren’t in for decentralization or privacy or any of this rather, “People care about making money & getting rich in a short amount of time.”
“You need a complete price exhaustion and attention exhaustion from anyone except the absolute true believers. More people will sell when they realize that this winter will last for even longer than they thought, or that they can potentially buy back in later & lower.”
The crypto analyst further argues the point that it would be rather “healthy for the prices” in the broader market to “collapse here.” This will lead to the transfer of coins from the weak hands to the strong hands who won’t be selling, “no matter what.”
At a level lower than the current one, it will, according to Mahmudov will become “once again attractive for speculative ‘value investors’.”
“This bear market will last for much longer. Those that are building, learning, studying right now of course will be handsomely rewarded in 2023/24.”
The post Bitcoin Usage on an Uptrend while Crypto Analyst says, Absolute Disaster for BTC Price in Medium-Term appeared first on Coingape.
Source: CoinGape

Expert Opinion: Jack Dorsey’s Loyalty to Bitcoin While BTC Continues To Grow Stronger Fundamentally

Note: “This analysis is an adaptation from the work of Mati Greenspan, Senior Market Analyst at eToro
Key Highlights:

Jack Dorsey holds only Bitcoin
The number of Transactions for Bitcoin are Increasing
P2P Bitcoin Trading Volumes on the rise in emerging markets

Jack Dorsey and His Love for Bitcoin
While playing a new bitcoin game called “pass the torch,” the torch was passed on to Jack Dorsey and his love and loyalty for the Top coin again came into limelight. Everyone who has looked at cryptos is well aware that Jack is a bitcoin advocate and over the weekend in an interview with Joe Rogan, Jack again stated that bitcoin will probably become the native currency of the Internet.
Engaging the community on Twitter yesterday he stated several times that the only coin he holds is bitcoin. He also said that he views it as a currency rather than an investment and that he wouldn’t consider holding any other coins, not even Ether. Its one of the reasons that The Square Cash App has recently become a major on-ramp for people buying bitcoin. When asked yesterday whether Square would add other cryptos to the Cash App, Jack replied with a simple “Nah”
Bitcoin is getting stronger Fundamentally
Unlike the stock markets which tend to adjust for underlying metrics rather quickly. The price of bitcoin remains characteristically detached from its own fundamentals, instead of remaining subservient to technical analysis. While everyone who looks at charts is aware that Bitcoin once again was coming to the point of a giant descending triangle. The nature of this particular pattern is that the flatline (psychological level) is usually the one that breaks first, as it has done six times over the last year. This could be why we’re seeing some losses this morning.

However, if one looks at the fundamentals of the Bitcoin blockchain, it’s actually quite strong!!  the number of transactions being processed in bitcoin has been growing increasingly during the bear market and is now reaching levels that have previously been seen only during the 2017 bull run.

Also, A quick look at the volumes from the peer to peer bitcoin trading site local bitcoins, which is now back online, shows that usage is rising steadily in emerging market countries such as India, Kenya, Nigeria, and across Latin America. Of course, these metrics are difficult to evaluate over time due to the extreme volatility in bitcoin’s price. As one can see in the global graph often times more BTC will be traded when the cost per coin is lower. However, for those citing reduced volumes across crypto exchanges lately, it looks as if they are missing the big picture.

 
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Source: CoinGape