Bitcoin Unique Wallet Addresses Surge about 2x, Showing Impressive Growth

Bitcoin price is currently in the green while the analyst Mike McGlone says, it’s just a reverse from 2017 frenzy. Meanwhile, Bitcoin unique wallet address is registering big numbers while analysts share their bullish views about Bitcoin’s future.
Analyst says “Market Reversing the 2017 Frenzy”
Bitcoin has lost 82 percent of its value since its all-time high (ATH). At the time of writing, Bitcoin has been trading at $3,568 with over 2 percent gains. The leading cryptocurrency as per the market cap of $62 billion is managing the daily trading volume of $5 billion.

Bitcoin 1 year price chart, Source: Coinmarketcap
Recently, Bloomberg reported that technical data suggests that Bitcoin price is heading into a negative pattern as it stated,
“Bitcoin is caught in a strong selling trend — its most pronounced since the sell-off it underwent mid-year, when the price tumbled from about $9,300 in May to around $6,600 in July, according to the Directional Movement Index. If that plunge is an indicator of how things might play out, then Bitcoin could be in for a continued rout.”
Meanwhile, Mike McGlone, Bloomberg Analyst says, “We’re at a classic psychological stage where the market is reversing the 2017 frenzy.” He also shared,
“There’s little to prevent fading Bitcoin prices from reaching the continuous mean of $1,500.”
Meanwhile, Unique Wallet Addresses Surged about 2x  
On one side, Bitcoin prices are on a downward slope while on the other hand, the network is constantly making developments. Unique wallet address is one such factor that is constantly rising as CNBC crypto trader Ran Neu Ner shares,

The drop in prices hasn’t deterred new users from entering the market. 2m new BTC wallets since September, many of the institutional. Don’t let the prices distract you. pic.twitter.com/6lVRJoEgM6
— Ran NeuNer (@cryptomanran) December 10, 2018

Crypto enthusiast and investor Cryptos Batman also tweeted,

In a year where Bitcoin has lost 80 % of its value, the adoption measured by unique wallet addresses has increased by an impressive 50 %, from 20,705,220 last year to 31,142,207 wallet addresses today.#Bitcoin #Crypto #blockchain $BTC
— CryptosBatman (@CryptosBatman) December 10, 2018

Recently, Jesse Lund, head of blockchain and digital assets department at IBM asked people to avail the buying opportunity like most of the banks are doing,

As shared by crypto researcher and analyst, Willy Woo,

“Be Fearful When Others Are Greedy and Greedy When Others Are Fearful”.
Useful for times of heightened emotion.
— Willy Woo (@woonomic) December 9, 2018

Crypto analysts and experts are still positive and bullish on Bitcoin future as Max Keiser shares his views on Bitcoin’s future as a reserve asset class,

FALSE: #Bitcoin is transitioning from a ‘risk-on’ play (like stocks) to a ‘risk-off’ play (like Gold). Don’t be fooled by the machinations of thus emerging asset class. BTC is headed to reserve asset status. https://t.co/6UqCnO2f61
— Max Keiser, tweet artist (@maxkeiser) December 9, 2018

Unbudgeable confidence in Bitcoin is further evident from the fact that Anthony Pompliano, co-founder and partner at Morgan Creek Digital is willing to put up a bet of $1 million that cryptos will be a better investment than the US stocks. He recently said,
“This is a combination of our outlook not only for the upside of cryptocurrencies but also the outlook on public equities. A lot of people might look at this and just think we’re bullish on crypto—but you need to look at what asset we’re going up against. Public equities aren’t exactly at their all-time highs either.”
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Source: CoinGape

Bitmain Bleeds Further As It Shuts Down Company’s Israel Office

2018 has been a year of agony for Bitmain and other crypto miners as cryptocurrency prices crumbled to yearly lows. While the markets still struggle to find a support on the downside, the problem for Bitmain continues to rise. According to the recent reports Bitmain has to shut down its Israeli office as things have turned really sour for the leading crypto miner.
Bitmain’s Israeli centre closure render 23 employees jobless.
According to the report published in local Israeli mouthpiece Globus, Bitmain’s development center, which was set up in Ra’anana nearly three years ago under the direction of Gadi Glikberg, will close this week and all 23 of its employees will be fired. This would also bring an end to Glikberg’s stint with Bitmain who served as vice president of Bitmain Worldwide.  The closure of Israeli operations for Bitmain shows that the sharp fall in the price of the Bitcoin has made things really difficult for crypto miners
Glikberg, probably, in his last statement at the company spoke to his employees in Israel where he said
“The crypto market has been in turmoil for the last few months, forcing Bitmain to examine the various activities in the global company and to refocus activities according to the current situation.”
The Israeli development center of Bitmain, which was founded in 2016, was involved in the development of blockchain technologies, the development of the ConnectBTC mining base and the development of AI technologies under the Sophon project.  The office was headed by Glikberg who not only served as vice president of BitMain in Israel but was also responsible for global sales and marketing at the company.
All seem to have gone fine with the Bitmain’s Israeli office before lightning struck and bought down crypto prices. Bitmain had also announced in July that it was expanding the Israeli facility as part of its effort to double down on its research and development activities.  Its been only 5 months since then and now the closing news shows how fragile the industry is.
This is another fit to Bitmain. Bitmain, already facing a number of issues since the beginning of 2018, is also reportedly in major debt to the Taiwan Semiconductor Manufacturing Company (TSMC), and the company’s CFO has already issued an ultimatum: “pay or we cut you off for good.”
A Twitter user has briefly summarized Bitmain’s agony for the year 2018, covering all the points that hurt Bitmain.

In less than a year Bitmain went from industry’s most profitable to most money losing. Reasons:
-wrong bet on BCH
-over-order of old wafers with TSMC
-top chip designer team left
-failed/delayed new chips
-shady corp. governance
Its been truly a Year of Dog😱#bitmainipo
— BTCKING555 (@btcking555) December 9, 2018

Will Bitmain be able to revive itself or will it fade out under the pressure? Do let us know your views on the same
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Source: CoinGape

Bitcoin & Ethereum Fundamentals Outperforming Price, Analyst says “Volatility driven by Technical Factors”

Bitcoin and Ethereum are in the green while BTC dominance is taking a hike to 55 percent. Meanwhile, analysts and experts say the recent volatility is driven by technical factors and price is down more than the fundamentals.
Bitcoin Dominance Taking a Hike While Ethereum’s Sliding Downwards
Currently, trading at $3,544 with 24-hours gains of 1.44 percent, Bitcoin is managing the daily trading volume of $4.9 billion. The leading cryptocurrency has lost more than 82 percent of its value from its peak.

Bitcoin price chart, Source: Coinmarketcap
Ethereum is trading at around $93 while registering greens by 1.39 percent while being in the red by 0.69 percent in the BTC market.

Ethereum price chart, Source: Coinmarketcap
Meanwhile, BTC dominance is rising at 55 percent and Ethereum is decreasing, reaching 8 percent.

Source: Coinmarketcap
Price Down more than Fundamentals
Though there is no telling how low the prices will go, they are significantly down more than the fundamentals by Chris Burniske, a partner at Placeholder. In his latest blog post, he shares, “fundamentals of quality crypto networks are down less than prices, and significantly so,” where fundamentals refer to the health of the demand-siders and supply-siders.
eToro senior analyst, Mati Greenspan took to Twitter to pitch in similar sentiments,
“The recent market selloff is not justified by fundamentals. According to @cburniske, network usage remains solid & coins are oversold in comparison. This supports our assessment that recent volatility is driven by technical factors.”
Bitcoin Fundamentals and Price
Burniske shares that Bitcoin is currently processing ~250,000 transactions per day, while the “number of daily transactions is stable to ticking up.”
“In the case of Bitcoin, 59% of the network activity remains since the peak,” Here a 65% drawdown in network value is justified, in comparison to the current 81% decline.

“Bitcoin continues to regularly process over a billion dollars in transactional value a day (NOT trading volume), and it’s clear how tightly the orange line of this fundamental is coupled with price.” “Bitcoin is currently in the 300,000–500,000 daily unique active addresses range, with current values down 51% from the December 2017 peak.” It has a justified drawdown of 76%.

Ethereum Fundamentals and Price
Ethereum is currently processing ~500,000 transactions per day where “a 77% drawdown in network value is justified, again much less than the 93% drawdown we currently see.”
“Developers and consumers using Ethereum’s smart contracts continue mostly unabated, as witnessed by another divergence between this fundamental (green-line) and network value.” With this, a 13% drop in network value is justified but not the jaw-droppingly less than the 93%.

Ethereum’s hash rate is higher now than at its peak but being at “negative slopes require us to keep a close eye on them.”

It further specifies that hash rate that follows price along with developer metrics are also outperforming price. Burniske concluded this with “it’s clear to me that Mr. (Crypto) Market has only a vague idea of what he’s doing right now.”
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Source: CoinGape

Facebook Begins Hiring For Blockchain Positions, Continues Its Secret Date With Cryptocurrencies

Facebook has had a very interesting relationship with blockchain and cryptocurrencies. While the social media tech giant has been stringent with its advertising policies against cryptocurrencies and ICO’s, it seems to have been slowly building its blockchain and cryptocurrency war chest. According to the recent job openings put up on Facebook Careers website, the tech giant has put opened five blockchain positions.
Is Facebook close launching some kind of cryptocurrency product
What is Facebook up to with blockchains and cryptos? This is an answer every cryptocurrency enthusiast as well as wall street investor is looking for. While officially the social media giant has been silent over it, its hiring updates seem to suggest that Facebook may be launching its own products on blockchain cryptocurrencies soon.
Following is the screenshot of the Facebook careers page that shows the following openings.

Data scientist
Data engineer
Software engineer (x2)
Product Marketing Lead

Source: Facebook
While other jobs are still for developers and data guys, what caught the attention many is the opening for “Production Marketing Lead” In tech hiring market professionals are hired by a company when a product is about to launch. So does that infer Facebook already has a crypto/blockchain product ready?
Also in the job description for Marketing profile, Facebook mentions “we are seeking an experienced leader to build and manage a new product marketing team focused on exploring the opportunity the blockchain will bring.”
With respect to minimum qualification, it reads that “experience with payments or the blockchain” which kind of gives us a hint that it’s probably going to do something with payments.
This is not the first time Facebook has been hiring people for blockchain and cryptocurrencies. A few months back there was a news that David Marcus had stepped down from the board of Coinbase to work and concentrate on Facebook’s secret blockchain project. Marcus joined Coinbase’s board in December 2017 and just 7 months in, his stepping down came as a shocker to many. His decision to resign “was made to avoid the appearance of a conflict of interest,”
“Because of the new group I’m setting up at Facebook around blockchain, I’ve decided it was appropriate for me to resign from the Coinbase board,” Marcus said in a statement provided to Business Insider by a Facebook representative.
As Marcus’s stepping down was in August 2018, there is every possibility that Facebook’s product is ready to launch.
Will we see an official announcement from Facebook soon? Well its again wait and watch
What are your views on Facebooks Blockchain endeavors? Do let us know your views on the same
The post Facebook Begins Hiring For Blockchain Positions, Continues Its Secret Date With Cryptocurrencies appeared first on Coingape.
Source: CoinGape

BTC/USD Shorts Hit All-Time High while Bitcoin on a Fire Sale with Over 82% Off

Bitcoin shorts have reached all-time high as the leading cryptocurrency hits 15-month low. Meanwhile, experts believe it’s just a bump in the long road ahead of Bitcoin and this is the right time to buy while you have it at 82 percent discount.
Bitcoin Gonna get Squeezed
At the time of writing, Bitcoin has been trading at $3,555 with 24 hours gains of 1.36 percent. With a $60 billion market cap, the leading cryptocurrency has been managing the daily trading volume of $6.2 billion. Yesterday, BTC took a drop and fell down to $3,280 level, hitting its 15-month low.

Bitcoin 1-year price chart, Source: Coinmarketcap
According to experts, Bitcoin price is expected to hit even more lows. Bitcoin investors and traders share the similar sentiments as BTC USD shorts hit its all-time high.

Source: TradingView
Crypto market is in chaos but not everyone is losing the hope and confidence in this nascent technology. As Bitcoin and altcoin trader, The Crypto Monk Tweeted, “At least something is about to reach ATH.”
To this, one enthusiast replied, “This is  going to be the most epic bounce squeeze out ever.” While another says, “Obviously when that happens we know what usually comes next…”
Experts Positive AF on Bitcoin Future
Bitcoin is currently down more than 82 percent from its peak in December which according to some is the biggest buy opportunity as shared by trader and investor, Crypto Squeeze,

This Christmas is ideal for giving your friends and families some #Bitcoin.
On a fire sale and it’s 82% off!
By the next Christmas, price is gonna be higher
— Squeeze [When Moon?] (@cryptoSqueeze) December 7, 2018

And crypto trader, Bitcoin dad,

I’ve had a lot of people irl ask me if they should buy $BTC at 10k, 7k, 6k etc… I feel comfortable telling people to start buying some now.
— Bitcoin Dad (@bitcoin_dad) December 7, 2018

Industry experts and enthusiasts are positive as well as CEO of the biggest crypto exchange Binance, Changpeng Zhao said,
“While there are some people who are uncertain about the future of this industry, I’m very certain we’re here to stay.”
Not to forget to menton, Weiss Crypto Ratings supporting Morgan Creek Digital founder Anthony Pompliano’s bet on Bitcoin to outperform the stock market.

Crypto mega-pundit Anthony Pompliano is so #bullish on #bitcoin that he has now bet 1 million actual dollars on his digital asset index fund, Morgan Creek Digital, outperforming the S&P 500 over a ten year period. We would make that bet, too. #SP500 #BTC #altcoins
— Weiss Ratings (@WeissRatings) December 7, 2018

Bitcoin is a survivor and this is just a bump in the long road ahead of the leading cryptocurrency as The Crypto Squeeze said,
“Bitcoin always survive the bear market. Only most of the participants don’t.”
Similar sentiments are shared by James Bevan, the chief investment officer at CCLA Investment Management who recently said,
“I don’t regard this as an existential crisis, I just regard it as a bump in the road and institutional investors have had plenty of bumps in the road in conventional currencies and transaction systems.”
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Source: CoinGape

Bitcoin would bottom out at $2500 in January 2019, betting $41000 by early 2023 says Bobby Lee

While many analysts predicted bitcoin price in late 2017 that its value would go beyond $25000 by end 2018, Bobee lee calculated its value in late 2018 and predicted to fall at the bottom of $2500. A co-founder and board member of BTCC Chinese crypto exchange, Bobby Lee predicts the price of Bitcoin in near future. His latest tweet states that he believes, if history repeats itself, the price of Bitcoin will reach the bottom of $2500 in next month 2019. He continued talking about the next rally which bitcoin price would join and states that it should peak out to $333000 in Dec 2021 and $41000 in Jan 2023.

If history repeats perfectly, then the current bear market for #Bitcoin would bottom out at $2,500 next month, in Jan 2019.
And then the next rally would start in late 2020, peak out in Dec 2021 at $333,000, and then crash back down to $41,000 in Jan 2023.
Something like that?🙂 https://t.co/M8ljIVnt73
— Bobby Lee (@bobbyclee) December 7, 2018

$17000 in 2017 and $3457 in 2018
At press time, Bitcoin is valued $3457.61 with the market cap $60,205,284,187 which was, however, trading with $17802.90 on the same day a year ago.

Since late 2017, Bitcoin is struggling with the lowest price and finally led analysts to predict the nethermost value. Following his tweet, the major crypto enthusiast, Tommy Mustache responded the reason behind the crash and said: “Bitcoin has 9 lives”. He claimed that

If history repeats perfectly, then the current bear market for #Bitcoin would bottom out at $2,500 next month, in Jan 2019.
And then the next rally would start in late 2020, peak out in Dec 2021 at $333,000, and then crash back down to $41,000 in Jan 2023.
Something like that?🙂 https://t.co/M8ljIVnt73
— Bobby Lee (@bobbyclee) December 7, 2018

However, the latest prediction of Bobby Lee comes in follow up to his earlier tweet where he asked people about their opinion by creating a poll on twitter. He explained that the Bitcoin’s price of $1200 in December is dropped down to $150 in January 2015 and opened a poll,

From then all-time high of USD $1,200 in Dec 2013, for next 13 months, #Bitcoin went down by over 87% to bottom out at just $150 in Jan 2015. Rock bottom! #AllHopeLost?
Now from Dec 2017 high of $20,000, going down 87% would take it to $2,500. So maybe bottom out in Jan 2019? 🤔
— Bobby Lee (@bobbyclee) December 7, 2018

Imminent Bottom or Meteoric Rise?
In contrast to lowest value prediction of Bobby Lee, yet another most prominent analyst and the co-founder of Fundstrat bets on a high volume of Bitcoin and believes that “bearish market needs patience”.
He said that;
“I think people need to be patient. But I think one of the most important things that we advise our clients is that crypto as an investment should really be 1 to 2% of their allocation, so that number one, they’re not worrying about it every day. But also, that 2% can become 50% in a decade. It can grow dramatically,”
What do you think? whose prediction seems more practical – Bobby Lee or Tom Lee?
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Source: CoinGape

Brazilian Crypto Exchange Sends USD 35 Million For a USD 127 Withdrawal Request

According to the news coming from Brazil, cryptocurrency exchange Bitcambio is amidst one such blunder where the exchange seems to have reportedly sent one of its users a whopping R$ 137 million – equivalent to about $35 million – after the user attempted to withdraw 500 reals, worth roughly $127.
Exchange to reward for users lost time
According to local news outlet Portal do Bitcoin, cryptocurrency exchange Bitcambio started calling the user, Kaique Nunes, about the withdrawal shortly after. Speaking to the local new mouthpiece Nunes stated:
“Earlier last month, I issued some normal draft orders. After a while, Bitcambio called to let me know that they had issued all this value and that they needed me to recognize a document in a notary’s office. I thought it was a coup, “Nunes told Bitcoin’s Portal.
He mistrusted the call and thought it was a hacker who had discovered his information that he was trying to create a way to get his signature. “So I did not even hit the ball. I ignored, ” said Nunes
According to Nunes, Bitcambio called back more often to explain the importance of the procedure. “They said that they had already canceled, but that to complete the process it was necessary to go to the registry office, to recognize the signature and a document that they sent by email.”
On December 04,  the client posted a post on Facebook’s personal page and in the Bitcoin Brazil discussion group – where Bitcambio’s platform vendor, Rodrigo Souza, is an administrator. In the post, Souza acknowledged the exchange error and promised that Nunes’ lost time would be rewarded in some way. “People, the mistake really happened. Kaique will be reimbursed for all the costs he has to go to the notary’s office to solve this shit. The note is already being canceled. ”
On the client’s personal page, he commented: “At Bitcambio everything is done strictly within the law. Mistakes happen, we are not afraid to have their attention. ”
Souza told the local news that a bug occurred in the process of issuing automatic notes, which generated the problem. “We tried the cancellation, but the city hall demanded the letter of agreement. If it were a lower value it would be possible. ”
As Nunes was co-operative, the exchange was able to escape the mistake. If this would have been with a fraudster, the exchange would have had to take a big hit. This also points out that exchanges need better systems and processes so that such errors do not occur again
Will crypto exchanges take more stringent steps in getting their processes and systems in place? 
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Source: CoinGape

Expert Opinion: Was Bithumb Behind Stability of BTC Prices in Last few Months?

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

Bitcoin nosedives to reach newer lows for 2018
Did Bithumb’s volume promotion caused several months of stabilization in prices
Bitcoin further meltdown takes it to new support zone.

Did Bithumb’s promotional active lead to price stabilization of cryptocurrencies
Another day when the bears ruled the markets and took bitcoin to its new low of 2018. While analyst across the board still trying to find answers of this fall, Cryptocompare seems to how found something interesting regarding Bitcoin’s multi-month stability before the great dive. Crypto compare’s new report “CCCAGG Exchange Review” took a good hard look at global volumes on crypto exchanges and where they’re coming from. One of the key findings of the report was the incredible impact of a series of promotions from the Korean exchange Bithumb. The following chart from the report shows data points of various Bithumb’s various promotions against bitcoin’s price, which clearly shows bitcoin’s break below $6,000 came shortly after the promotion ended.

If these findings are indeed accurate, one will say that blaming South Korea for the drop wouldn’t exactly be correct. More likely, it appears that the volume promotion by Bithumb caused several months of stabilization in prices. While this is still very much theoretical at this point, one can definitely be sure that all of the recent volatility in the crypto markets has been driven by technical factors. After the breakout of $5,000, Bitcoin had a light support at $3,500, which has now been broken. The next key area of support that is being tested now is $3,000.
Bitcoin falls takes it to new support zone
The crypto markets have now passed several dismal milestones. Ethereum, for example, is now firmly trading below $100 per coin and even experienced a flash crash today on some exchanges.
Another milestone is a new high for short positions on the Bitfinex platform. In this chart, one can see BTC short positions in blue against the bitcoin price in orange.

 
This might not be as concerning as one would think though. A high level of shorts in a specific market can often be an indication that the trend is about to reverse. If all the equity available to short is currently doing so, then it’s not possible to add more short positions, which could possibly be a good setup for a short squeeze as the price approaches the critical level of $3,000.
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Source: CoinGape

Expert Opinion: Institutional Offerings For Crypto Increases as Leading Coins Prepare For Another Bounce

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

Fidelity and Nasdaq Ventures join hands to invest in crypto exchange ErisX
BTC ETF may not be coming soon but new products would keep institutions interested
Crypto prices touching interesting lower level which could indicate a bounce may be coming

Institutional crypto products and offerings on the rise
Well, its been a while that Nasdaq and Fidelity announced their intentions to get into cryptocurrency related businesses, but they seem to be in a real hurry to get their hands-on cryptocurrencies. Resultant both Nasdaq and Fidelity have come together to get their hands on cryptos by pooling in an investment of USD 27.5 million in cryptocurrency exchange ErisX which also happens to be a regulated online exchange platform.
This investment will be used by the company to hire staff and “build out our infrastructure and secure the appropriate steps are taken to develop a regulated market for digital assets,” ErisX Chief Executive Officer Thomas Chippas said in a statement.
While SEC is still to pronounce its verdict on Bitcoin ETF, institutions have started looking at options which allows them to invest in cryptocurrencies. This rising interest of institutions in cryptocurrencies and incremental growth in institutional investors related products and services has taken off the dependence on Bitcoin ETF to get in institutional monies. So irrespective, the decision from SEC goes in favor of Bitcoin ETF or, the availability of new product can still get plenty of institutional money into crypto markets.
Are we in for another bounce in crypto markets?
It’s no secret that crypto prices have been under pressure lately. Just yesterday, Bloomberg analysts reaffirmed their position that bitcoin could be headed straight for $1,500. Of course, it’s possible to get that low. Anything is possible in volatile markets but one would say that there are still a lot of key levels before that will more than likely support the price.
Currently, the Bitcoin price is dangling close to USD 3500 support. If it breaks through to the downside the next strong support is at USD 3000. If things get worse the next point to watch for USD 1800 before we see USD 1500. All these support levels had played key roles during the rise of 2017 and hence they just can’t be ignored. Of course, the first on that list and the level we’re currently testing is $3,500, which has been showing incredible resilience so far. For institutional investors looking to invest in the assets rather than the infrastructure, there really isn’t much reason to go in strong at the moment.
However thinking long term, if we do think that bitcoin will pass through the all-time highs anytime within the next decade, it won’t make much sense to wait until it $1,500 to start placing orders.
 
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Source: CoinGape

Expert Opinion: House of Cards, Global Banks Stockpiling Trillions of Dollars worth of Assets

With global central banks’ balance sheet showing trillions of dollars in assets, it reflects grievous risk to the global markets and economies. As put by analysts, there would be repercussions and they would be ugly. However, this is only strengthening the faith of Bitcoin enthusiasts in the leading cryptocurrency.
Danger Incoming: Central Banks’ Balance Sheets Showing Great Risk
Recently, we reported how Bitcoin advocate and author, Andreas Antonopoulos talk about the global banking cartel being bigger than the oil cartel. Another grave problem can be seen reflecting in the balance sheets of the global central banks.
Gabor Gurbacs, digital asset strategist and director at the investment management firm, VanECK shared data of central banks stockpiling on assets,

$20+ Trillion Stockpile: Global Central Bank Balance Sheet Assets. 45% of total GDP! 🧐😱🤯 #gold #bitcoin pic.twitter.com/eq7CY3qUdw
— Gabor Gurbacs (@gaborgurbacs) December 4, 2018

 
Mati Greenspan, the senior analyst at eToro has more to add to these skyrocketing figures,
“Add to that fractional reserve banking and we’re looking at several quadrillions in created capital over a decade. There will be repercussions.”
In response, Gurbacs commented, “Didn’t want to go there yet…but unfortunately spot on! It’ll likely be ugly.” He further added,
“…money velocity is broken currently, but infinite money printing can’t go on forever. 100 years from now we will reflect on this period as an outlier/bubble.”
A Bitcoin enthusiast added, “Completely agree. At some point, structural western deficits will cause problems, then countries must decide to tax, cut spending, or print. I am guessing they will choose a little tax and cut, and a lot of print. That is why I bitcoin.”
In its latest report, Yardeni Research Inc. released the updated data about the total assets in the vaults of central banks.

“Give me control of a nation’s money and I care not who makes its laws,” the words reportedly said by Mayer Amschel Rothschild signifies the power central banks posses by controlling trillions of dollars worth of value. With such an exorbitant amount of money concentrated among the central banks, they have the power to crash the markets.
This is what has been further driving the Bitcoin enthusiasts and maximalists to not lose their faith in the leading cryptocurrency.
One crypto enthusiast shares,

🔥🔥Bank are crooks 🔥🔥 Bank Of America alone pays as much fine for fraud and misconduct as the entire market cap of Bitcoin. #bitcoin #BitcoinCash #BitcoinBull #BTCUSD #Ethereum #eth #Crypto #cryptocurrency #cryptocurrencies #LTC #EOS #HODL #hodling #banks pic.twitter.com/wgcHdRIgvo
— Cryptogazing (@cryptogazing) November 30, 2018

Another one has this quirky remark on central banks’ money printing power,

I always carry around a 10 Trillion dollar bill, it reminds me, what happens when our banks fk up.
👉 https://t.co/KsOfAi7Nzz 👀
Register Now & Start Buying📈 & Selling📉 Cryptocurrency ✅#Crypto #Cryptocurrency #Bitcoin #BTC #Ethereum #ETH #Ripple #XRP #EOS pic.twitter.com/PtpggMTv0Q
— Elixium Crypto 🎄 (@ElixiumCrypto) December 5, 2018

Moreover, recently in G20 meeting, nations decided to regulate cryptos in order to fight money laundering issues, to which analyst and investor, Joseph Young commented,
“Banks are strictly regulated. Yet, in 2018, we’ve seen Danske Bank’s $227 billion and Deutsche Bank’s $350 million money laundering scandals.

Obviously, regulations haven’t been very effective. When G20 says it will “regulate” crypto for anti-money laundering, it’s laughable.”
 
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Source: CoinGape

Designate BTC & Cryptocurrencies as a Separate Asset Class: Bobby Lee Seconds Davidson’s View

US Congressmen Warren Davidson is planning to introduce a new legislation which will create a new unique asset class for the cryptocurrency. And he has found support from Bobby Lee, who took on Twitter to second the thought put forward by the congressman.
Bill could get in regulatory clarity towards cryptocurrencies and ICO’s
As certain sections of media reported that US congressman from Ohio was planning to introduce a bill that could create a new asset class to cryptocurrencies and ICO ’s, Bobby Lee took onto Twitter to give a thumbs up to this thought. According to Lee, Bitcoin and cryptocurrencies (as opposed to tokens) need to be designated as a completely new asset class as this is the way forward for them and would help them grow in a much-regulated fashion

Yep, I fully agree. #Bitcoin and true cryptocurrency (as opposed to tokens) should indeed be designated as a completely new asset class. That’s the only way forward. https://t.co/aYJaP4Skk9
— Bobby Lee (@bobbyclee) December 6, 2018

The news was reported by Cleveland.com which said that the Republican from the 8th District says he plans to introduce legislation in the House of Representatives that would create a new, unique asset class for cryptocurrencies and initial coin offerings (ICOs), allowing for a clearer path to government regulation. The bill would prevent crypto assets from being classified as securities and empower the federal government to “regulate initial coin offerings more effectively.”
This was not the first time the Congressman had put forward a request to legitimize and regulate blockchain technology. He was part of the group of US lawmakers who had written a letter to the SEC in September 2018, asking for more clarity on regulations before confused tech companies start leaving the country. The letter than had stated that
“Current uncertainty surrounding the treatment of offers and sales of digital tokens is hindering innovation in the United States and will ultimately drive business elsewhere. We believe that the SEC could do more to clarify its position.”
The legislation has not yet been introduced, but should become public soon said Davidson, who announced his plans at the Blockland Solutions conference, held in downtown Cleveland. Davidson was also quoted saying
“What this does for entrepreneurs is it gives people an ability to raise capital a different way,”
 The news report also quoted that though the conference focuses on uses outside of cryptocurrency, the main point is how blockchain can be used in government. Lt. Governor-elect Jon Husted spoke Sunday evening about how blockchain technology could be incorporated into InnovateOhio, a plan to modernize Ohio’s governance processes.
Well, regulatory clarity is always welcome in the crypto industry as it provides a direction to crypto business by drawing a line between what is legal and illegal. Defining an asset class for cryptos will protect them from being termed as securities and would effectively bring in better regulation that would act as a catalyst for growth for cryptos.
Will we soon see a designated asset class for cryptocurrencies? Do let us know your views on the same.
The post Designate BTC & Cryptocurrencies as a Separate Asset Class: Bobby Lee Seconds Davidson’s View appeared first on Coingape.
Source: CoinGape

Expert Opinion: Dipping Token Prices Test Business Models for Cryptos

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

Crypto business models being tested amidst the meltdown
Weak businesses wither out amidst real industry growth
Binance increases adoption of its BNB coin in the hospitality sector

Bear market tests business model strength as weaker ones fizzle out
Well, bear markets have a beauty of their own. Although they suppress the prices, they do help in cleaning up the weak links from the industry- be it investors or businesses who are either fragile or are in here for some quick bucks. This recent meltdown in cryptos seems to be doing exactly the same. By applying a modernized version of Darwin’s ‘Survival of the Fittest’ theory, this bear market in cryptos is putting pressure on businesses to prove their model.
Of course, this pressure has resulted in some calamities, prominent ones being the main team responsible for developing Ethereum Classic (a spinoff of Ethereum) announcing that they will be closing operations and crypto social site Steemit along with adult entertainment site Spankchain have been laying off a large portion of their staff.  But these calamities have cleaned up weaker elements of the industry and have strengthened the foundations for the crypto industry for exponential growth.
Binance expands adoption in the hospitality industry
While not many crypto stakeholders are happy with how 2018 has been for them, Binance seems to be having a wonderful time. 2018 has been the year when Binance has grown strong as an exchange, as a company and as a true flag bearer of the crypto world. Binance has expanded its operations into new verticals, added new products, added new pairs and yes has bought its native token Binance Coin (BNB) to best use. According to the recent news flow coming from the exchange, Binance has announced that it will be launching its own public blockchain called Binance Chain.  Also its native coin, Binance coin (BNB) can now be used on a blockchain based hotel booking site with over 450,000 listings. This is a particularly interesting update because of the status of BNB coin in general and this sudden use case as a means of payment in sites other than Binance means that this unique asset may also be considered a cryptocurrency as well.
The post Expert Opinion: Dipping Token Prices Test Business Models for Cryptos appeared first on Coingape.
Source: CoinGape

2019 Going to Bring Bitcoin’s Market Dominance Back: Report

2018 has been a bad year for Bitcoin and crypto market but according to experts, it is just a cycle. However, the next year is expected to be a bright one as the latest report by A.T. Kearney says, Bitcoin’s market dominance will come back as altcoins will lose their luster.
It’s Just a Cycle
Bitcoin and cryptos are tanking but experts are not fazed as billionaire investor Jim Breyer says, this is inevitable as “These cycles keep happening every decade or so.” As for its future, Breyer simply said, “You don’t want to bet against the best and brightest in the world.”
Another expert who is unfazed is Max Keiser who says “The long-term chart is fine. It’s still bullish,” as
“The Bitcoin price got way ahead of itself and we saw a typical pullback. Since I first started buying BTC in 2011 at $1, I’ve seen a few of these.”
Commenting on the relation between stock and crypto market, he shares,
“I think the market sees Bitcoin as a ‘risk on’ asset, so it moves in unison with stocks. At some point, the market will understand that Bitcoin, like gold and cash, is a ‘risk off’ asset. When the market realizes this, we’ll see ATH as safe-haven, capital flight money moves into Bitcoin.”
A Bright & Bullish Future Ahead
Max Keiser is bullish on Bitcoin’s future that according to him is “monetary black hole” that will guzzle up all the fiat as he further said,
“Only Bitcoin has the power to create a fiat-free world while simultaneously destroying all that get in the way.”
Mike Kayamori, the chief at Quoine sees a good year ahead as he said,
“Japanese regulators are starting to open up again. They are going to approve new exchanges. They are going to approve new listings. All of these things will start from the new year.”
He further added,
“The global trend is to accommodate these high-frequency traders […] There is going to be this dealers-brokers who will be offering crypto to their retail customers. And there [are] these OTC brokers who will be providing services to institutional investors.”
Moreover, according to the latest report by  A.T. Kearney, Bitcoin is expected to regain its market dominance,
“By the end of 2019, Bitcoin will reclaim nearly two-thirds of the crypto-market capitalization as altcoins lose their luster because of growing risk aversion among cryptocurrency investors.”
For one, “More broadly financial regulators will soften their stance towards the sector.”
Courtney Rickert McCaffrey, the manager of thought leadership in Global Business Policy Council of A.T. Kearney has been quoted by Forbes as explaining the complexity of altcoins,
“Our prediction that Bitcoin will regain its dominance is supported by the ever-growing complexity among altcoins, most recently demonstrated by the “hash war” that occurred in the Bitcoin Cash ecosystem.
Additional “hard forks” and the continued lack of consensus among developers about a path forward will further widen the chasm between Bitcoin as the most accessible and widely recognized cryptocurrency and the altcoin community.”
 
The post 2019 Going to Bring Bitcoin’s Market Dominance Back: Report appeared first on Coingape.
Source: CoinGape

“They don’t have what it Takes to Trade Crypto,” says Analyst as Stock Market Plunge Continues

Bitcoin is down over 80 percent and altcoins over 90 percent from their peaks. Meanwhile, the global stock market is in a slump as Dow and Nasdaq drop about 3 percent. eToro analyst Mati Greenspan says stock market participants don’t have what it takes to trade cryptos. While Anthony Pompliano says Bitcoin has overperformed S&P for the last 10 years and “will outperform over next 10 too.”
Crypto & Global Market in a Slump
Bitcoin has dropped down from $6,500 to the current trading price of $3,890. The leading cryptocurrency is down over 80 percent from its peak with chances of even going lower. Altcoins are doing even worse with many down more than 95 percent. The top cryptos are majorly in red as shown in the chart below.

Source: Coinmarketcap
As for the entire crypto market, Waves and Binance Coin are surging by about 14 percent while the majority of the crypto market sees red.

Source: https://coin360.io/
Meanwhile, the global market is in a slump as well. US President Donald Trump has now yet again threatened to impose “major tariffs” on Chinese goods. As the US and China trade war jitters the finance market once more, Asian, European and US stocks all are registering losses.
S&P 500 and Nasdaq both took a drop of over 3.2 percent each. Brent crude has fallen down 1.6% while Dollar is rising by 0.1 percent but euro and Japanese yen declined.
Neil Wilson, chief markets analyst for markets.com said,
“There is a strong chance now that the buy the dip mentality has flipped into a sell the rally approach.”
In comparison to the crypto market, the percentage of the red global market is not much as further pointed out by Mati Greenspan, the senior analyst at eToro:

The Dow is down 3% and all the stock jocks are loosing it.
They don't have what it takes to trade crypto!#Bitcoin #HODL
— Mati Greenspan (@MatiGreenspan) December 4, 2018

In response, a crypto enthusiast commented,
“And right now it’s looking like it will drop at least another 3% tomorrow. When futures show no, even tiny, bounce after a day like this.. well.. apocalypse. That’s why I do solely crypto. If I can lose the shirt off my back anyway, might as well lose it shooting for the moon.”
The percentage loss might be fewer but the actual value lost is huge as shared by Morgan Creek Digital founder, Anthony Pompliano,

The S&P 500 lost almost $755 BILLION today.
That is more money lost in a single day for public equity investors than all crypto investors combined this year.
The math don’t lie! 🤷🏽‍♂️
— Pomp 🌪 (@APompliano) December 4, 2018

 
One Twitter user, commented, “You are comparing the equity value of every public company to a speculative project that turned into a bubble. Terrible comparison.” To this Pompliano replied with,
“Bitcoin outperformed the S&P 500 for last 10 years, 5 years, and last 2 years. It will outperform over next 10 too. It’s irresponsible for investors to have zero exposure to the best performing asset.”
He further shared his bullish views on the future of the crypto market,
“Crypto market will outperform S&P over next 10 years. Won’t be close. Public equities are in longest bull market in history and overvalued today.”
The post “They don’t have what it Takes to Trade Crypto,” says Analyst as Stock Market Plunge Continues appeared first on Coingape.
Source: CoinGape

“Bitcoin in the Final Stages of the Bear Market,” Says Crypto Trader

Having crashed down 80 percent from its peak, the bears don’t seem to have any end in sight. According to experts, the bottom might be near, however, this is time for accumulation as bulls can’t be expected to enter immediately after bears’ exit.
What’s Different about this Bitcoin Crash?
Bitcoin is currently trading at $3,900, 80 percent down from its peak while altcoins have tumbled down 90 to 95 percent from their all-time high (ATH). This has resulted in the wipeout of about $700 billion from the total market cap.
This is not the first time Bitcoin or crypto market has crashed as put by the founder of Weiss Crypto Ratings,
“Since Bitcoin began trading actively, it has plunged by 70% or more on four separate occasions. Each time, people wrote its obituary. And each time, Bitcoin rose from the dead, rising by an average of 6,300% from low to peak. Now, Bitcoin has declined by more than 70% again, setting the stage for another major price rise likely to begin in 2019.”
But what exactly is different this time, Weiss says,
“There is one important difference this time: Bitcoin has not kept up with the latest advances in the Distributed Ledger Technology (DLT) that underlies cryptocurrencies. It will continue to play an important role, but primarily as a store-of-value commodity akin to gold. In its place, a select group of faster, more scalable cryptocurrencies will lead the way both in terms of price appreciation and innovation.”
Is the End of Bears Near?
Mike Kayamori, the chief at Quoine says,
“If there are enough miners [that] are going out of business, that [means] equilibrium is near. When you look at how markets overshoot, both up and down, you can probably say it’s close to the bottom.”
Popular trader, Crypto Dog took to Twitter to share that “currently, bears are in control,”
“To investors looking for a signal in all of the noise:

It is my opinion that Bitcoin is in the final stages of this bear market. I expect the price to range between an absolute low of $2000 to an absolute high of $6,200 (more likely, $3000-5400) for a substantial period of time.”
However, he further shares,
“There is no reason to expect Bitcoin to rapidly enter a bull market from the bottom, it will take time. This time presents an incredible opportunity to begin to average into a position for the next bull cycle.”
According to him, this is time for accumulation,
“There is no rush to buy all of your Bitcoin this very moment, but today IS a great time to begin accumulating Bitcoin as a long term investment. I look to mid 2019 and the 2020 halvening as a fundamental catalyst for further bullish momentum.”
 
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Source: CoinGape