Here’s Why Gold Bull Peter Schiff is Blessing in Disguise for Bitcoin

The economic atmosphere in the United States has changed drastically over the last six months. Ahead of last year’s close, the stock market tanked, consumer spending experienced a sharp decline, and prominent economists predicted that a recession was around the corner.
And now, in May, the US economy is working smoothly and steadily without any sudden changes. Nevertheless, the pessimism and uncertainty about the future are higher than they have been since the last economic crisis. Business confidence underwent a terrible shock earlier this year due to the US government shutdown and further dipped owing to escalating economic tensions between the US and China. The risk: an economy which appears stable but is working on a life support system provided by the Federal Reserve.
The Federal Reserve Bluff
American stockbroker Peter Schiff explained the market’s overwrought conditions aptly in his latest analytical article, titled ‘Nope!, Nothing to See Here.’ The 56-year old financial commentator, who heads Euro Pacific Capital Inc, a broker-dealer firm based in Connecticut, discussed how the Federal Reserve was attempting to assure market players with everything-is-fine rhetoric based on Jereme Powell’s speech from May 20.
The Federal Reserve chairman talked about the high quantity of corporate debt, recognizing that it has reached “a level that should give businesses and investors reason to pause and reflect.” Nevertheless, he added that corporate leverage reaching record levels is not really “too big a cause for concern.”
“As of now, business debt does not present the kind of elevated risks to the stability of the financial system that would lead to broad harm,” Powell said.
Schiff believed that Powell’s reassurances meant nothing, now that the Federal Reserve was clueless after pumping the economy artificially over the last decade. It was a die-and-die situation for the US central bank, as the world looked upon it to decide on interest rates.
Die-and-Die
Reuters reported that the Fed was reluctant to cut the interest rates because the move would lead to another sharp increase in corporate debts. On the other hand, as Peter Schiff noted, the Fed could not even raise the rates, fearing that the move would “jack up the cost of servicing” of corporate debt.
“And,” the analyst added, “since the economy is built on all of the borrowings the central bank encouraged over the last decade, how can the boom keep going without more borrowing?”
Schiff believed that a recession was an unavoidable phenomenon. The Federal Reserve’s response to the 2008 economic crisis did not help the economy stabilize but pushed it further into a rabbit hole with zero interest rates, quantitative easing (QE) and money printing. And now, the market had no choice but to pop the bubble.
Back to Gold vs. Bitcoin Debate
The exciting thing about Peter Schiff’s argument is its similarity with the financial experts in the bitcoin industry. The cryptocurrency community has consistently spoken against the control of a central bank over its national economy – and it has long envisioned a recession, just like Schiff.
The only thing that separates Schiff with the rest of the cryptocurrency community is his belief in gold. The analyst positions the precious metal as a safe asset for investors should the worst come. But, at the same time, he rejects bitcoin, which is considered as ‘digital gold’ by its fans.

Schiff on Monday appeared in a Gold vs. Bitcoin debate with Saifeadean Ammous, the author of the Bitcoin Standard, where he explained why central banks and investors would never choose bitcoin over gold as a haven asset.
“When Nixon took us off the Gold standard in the 1970s, he said it was temporary. His decision did not just take the US but the entire world off the Gold standard because at that time the world was on the dollar standard and the dollar was backed by gold. The world trusted us to keep our promise, but we basically scr***d everybody.
“We’re going to have a monetary crisis, and then the world will go back to the Gold standard, one way or another.”

Huge props to @PeterSchiff for being the only gold bug willing to publicly defend gold and engage in the bitcoin vs gold debate
Amazing to me that a $8 trillion asset class has so few public advocates. The bench of informed bitcoin proponents is super deep and growing#DropGold
— Barry Silbert (@barrysilbert) May 22, 2019

Schiff added that bitcoin has no value – it’s all based on what people want to pay for it. In his response, Ammous argued that people would want to move to a non-confiscable, decentralized, and easily transferrable asset like bitcoin, which is what gave value to bitcoin.
Gold and Bitcoin Can Coexist
Austrian economist Ron Paul said in July last year that gold and bitcoin could co-exist as haven assets, stating that the marketplace has space for both cryptocurrencies and precious metals.
“The biggest challenge will be to get the government out of the way to allow this choice,” he wrote in his paper ‘The Dollar Dilemma.’ “It’s conceivable that cryptocurrencies, using blockchain technology, and a gold standard could exist together, rather than posing an either-or choice — Different currencies may be used for certain transactions for efficiency reasons.”
That said, with Schiff making the argument for the next economic crisis in public – just like he did ahead of the 2008 crash – the gold bull is more likely to help bitcoin than damage its prospects before the potential investors.

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Hedge Fund Execs Predict Bitcoin Price will Close 2019 at $9,659

The bitcoin price has surged a little above 114 percent in 2019 so far. But, according to a new poll, the cryptocurrency has extra fuel to sustain its upside action further.
US comparison website Finder surveyed ten FinTech capitalists, including executives from hedge funds Arca and BitBull Capital, on Friday. The portal found that a majority of them expected that bitcoin would pullback from its recently tested $8,000-level. However, they forecasted a strong rebound in June, which would push the cryptocurrency’s rate to as high as $9,659 by the end of this year.
Why So Bullish
Prices of bitcoin rose impressively in 2019 following an 85 percent depreciation the previous year. The April and May trading session alone saw a 50 percent appreciation in the bitcoin rate, having risen from $4,000 to above $8,000. At the same time, mainstream financial markets underperformed owing to escalating economic tensions between the US and China.

The surge in $BTC continues as the mounting fear about war with China drives US investors to look for safety, The only asset to outperform is the non correlated #Bitcoin, proving again that all $USD denominated assets such as stoc…https://t.co/j3Y1wz9hsc https://t.co/evkI9yIozO
— Alex Mashinsky (@Mashinsky) May 15, 2019

The Finder survey participants were quick to notice the inverse relationship between the two events. Almost half of them said mainstream investors diverted their capital from interim bearish equities to bitcoin as a sign of risk management.
Mark Pimentel, the founder, and one of the chief executives at Kronos, a high-frequency crypto trading company, admitted that they have been using bitcoin as a haven against the bearish mainstream markets, stating they were able to make substantial gains out of bitcoin’s volatile price swings.
“The cryptocurrency market is swayed by news and attention, so as bitcoin begins to rise in price again, more traders enter the market. It is much more likely for these entrants to buy bitcoin than sell. So this predictably creates price appreciation,” Pimentel said, adding that the bitcoin price could retest $20,000 in 2019.
Meanwhile, there were also who credited mainstream institutions, which have been lately building new services around the bitcoin market, as one of the main drivers behind the latest bitcoin price rally.
“Eight out of 10 panelists think the price of bitcoin increased due to cryptocurrency-related announcements made at Consensus 2019 in New York City,” said Finder.
The bitcoin price surged by as much as 77 percent upon the conclusion of the Consensus event.
Broader Adoption
David Wills, chief operating officer at Kinetic Capital, a cryptocurrency trading firm, said the bitcoin price is due for gains because of its potential for broader adoption as a currency. The Hong Kong-based executive cited Whole Foods, an Amazon-backed retailer, and Nordstrom, a North American chain of luxury department stores, for making his case. Both the retail stores accept cryptocurrencies as payments.
“Last year, the bear market was in part caused by the fallout from many loss-making, unsuccessful initial coin offerings, and the participation by [a number of] questionable players that attracted regulatory scrutiny in cryptocurrencies,” Wills told the South China Morning Post, adding that the bitcoin industry has become more mature than before.
The bitcoin price was trading at $7,960 at the time of this writing, up 152 percent since its cycle low.
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South Korean Bitcoin Exchanges Post Highest Fiat Influx

An average bitcoin investor in South Korea has dumped more fiat money than the one in other countries, reveals CryptoCompare.
The London-based data analytics firm found that cryptocurrency exchange BitHumb has received over $16 billion worth of fiat money in April 2019. The firm further noted that Upbit, a BitHumb-rival, posted the second-best influx of fiat-based capital at around $7.5 billion in the same month. At the same time, US-based exchanges Coinbase, Gemini, and Kraken paled in comparison, posting capital injections between $1-5 billion each.
South Korean Crypto Market Attracting Most Fiat Influx | Image Credits: Crypto Compare
The fiat statistics were similar if not the same in months before the bitcoin price boom.
Both BitHumb and Upbit topped the monthly fiat-to-crypto volume in February and March this year, revealing that the South Korean investors were accumulating cryptocurrencies better than others ahead of April 2, the date on which the bitcoin price popped through a rigorous resistance area. Nevertheless, crypto-to-fiat volumes on BitHumb dropped in April despite a favorable buying sentiment. The statistics, however, remained higher compared to the rest of the cryptocurrency exchanges, including Upbit, whose own crypto-to-fiat trading activity went up in April.
“Malta-registered exchanges represented the majority of trading volume, followed by those legally registered in Hong Kong and South Korea,” wrote CryptoCompare. “Monthly trading volume from Malta-registered exchanges increased 56% since February, while that of Hong Kong and South Korea-registered exchanges increased by 54% and 21% respectively.”
More Crypto Account Registrations
Hank Yung reported on Friday that more South Korean investors were lining up to register at the local cryptocurrency exchanges. The news service cited an individual who works for NH Bank, the institution which handles banking for BitHumb. He complained about working past office hours due to a rise in applications for virtual currency accounts. Excerpts (translated from Korean):
“As bitcoin price has surged to more than 10 million won, the demand for issuing password exchange accounts for investment has also increased.”

An employee at NH, a major bank in South Korea that handles banking for Bithumb, says new registrations for crypto trading is up substantially this week.
Seems like the rapid recovery of bitcoin has gotten the interest of retail investors.https://t.co/fPe08LC02p
— Joseph Young (@iamjosephyoung) May 18, 2019

Mati Greenspan, a senior market analyst at eToro, believes the crypto trend is South Korea exists beyond the spot exchanges and their banking partners. The analyst said on Monday that LocalBitcoins posted its highest bitcoin trading volume day on May 18, 201 against the South Korean Won.
“It’s not a lot,” said Greenspan. “Just about $165k. Still, it’s a good indication that the wave is growing again in one of the most enthusiastic crypto trading nations.”

SK also just reported their highest volumes ever @LocalBitcoins.
It's not a lot. Just about $165k. Still, it's a good indication that the wave is growing again in one of the most enthusiastic cryptotrading nations. pic.twitter.com/OcLsPWw6fE
— Mati Greenspan (@MatiGreenspan) May 20, 2019

US Dollar Dumped More than Won

In April, 60% of all #Bitcoin trading into fiat was made up of the US Dollar@CryptoCompare pic.twitter.com/1ibrFm1ZW1
— Unfolded (@cryptounfolded) May 20, 2019

Despite South Korea’s regional influence, the bitcoin market continues to attract the most substantial capital from the US market. CryptoCompare reports that bitcoin-to-dollar trading comprised 60 percent of the total fiat-enabled volume in April, followed by Euro, Japanese Yen, and South Korean Won. It loosely means that the South Korean exchanges attracted most of the fiat influx in the dollar.
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Bitcoin Price Crosses $7,500 to Establish Fresh 2019 High

The bitcoin price has jumped above $7,500 to discover its fresh yearly high.
The world’s largest cryptocurrency established $7,568.32 as its new session peak, bringing its year-to-date net rebound up to 140 percent on San Francisco-based Coinbase exchange. The broader cryptocurrency market tailed bitcoin’s uptrend, with a majority of top assets posting double-digit gains, including Bitcoin Cash, Litecoin, EOS, and Ethereum. Even Bitcoin SV, which lately faced trading ban at several cryptocurrency exchanges, saw a 10 percent appreciation in the last 24 hours.
What’s Driving Bitcoin Bulls
Bitcoin Establishes New 2019 Highs above $7,500 | Image Credits: TradingView.com
Bitcoin’s continuous climb to $7,500 came in the wake of improving buying sentiment and technical forecasts. Fidelity Investments, a Boston-based asset management firm with a vast Wall Street clientele, announced last week that it would add bitcoin trading to its list of institutional investment services. At the same time, online investment service TD Ameritrade started offering stimulated bitcoin trading through Nasdaq, raising hopes that a full-fledged bitcoin adoption was underway.
Meanwhile, technical data continued to identify the end of bitcoin’s most prolonged bearish phases after the asset formed a low in $3,100-3,200 range on December 15, 2018. Momentum indicator Stochastic RSI, for instance, rebounded from its oversold territory for the first time since February 2018 on monthly charts. The move identified a trend shift, meaning that the market was eyeing an extended bitcoin price recovery in the future.

$BTC Stoch RSI currently at 2015 pre bull run level (33) and should enter "overbought" territory in about 1 or 2 months.
Last time it lasted 2 years from $300 to $19K. #bitcoin pic.twitter.com/mhezb6YL85
— Galaxy (@galaxyBTC) May 10, 2019

At the same time, bullish analysts continued to strengthen their long-term upside targets following the Golden Cross formation. The technical chart pattern held a historical significance in the bitcoin market for shooting the price from $300 to $20,000 in 14 months. The latest Golden Cross formation too prompted a bitcoin uptrend which, as bulls believed, would lead the price beyond $20,000 by the end of this year.
A significant investment firm was also studying bitcoin’s old price behavior to understand its next move. Vancouver-based Canaccord Genuity found that bitcoin could continue its bull trend over the next 24 months. The firm expected the cryptocurrency to retest $20,000 due to next year’s Halving event, which would reduce the current bitcoin supply by half.
“Now four months into 2019, we note for the third time the striking similarity in bitcoin’s price action between 2011-2015 and 2015-2019,” Canaccord said in a note. “While this simple pattern recognition has a little fundamental basis, we note that bitcoin does operate on a four-year cycle of sorts, as the halving of bitcoin’s mining reward occurs approximately every four years.”
Near Term Targets
The bitcoin price was now eyeing the $7,785-8,602 range as its next potential bull target. The said area had adequate reversal sentiment, given its ability to cap small uptrends between April and July 2018. A pullback at any given level could push the bitcoin price violently towards interim supports, the nearest one being at $7,000.
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Binance and Coinbase Traffic Spikes as Bitcoin Price Surges 81% YTD

Over a million internet users are visiting Binance every day as the cryptocurrency exchange manages a $40 million hack scandal amidst a bitcoin price boom.
Toronto-based Kevin Rooke, known for his insightful crypto-related social media analysis, revealed that Binance’s daily average traffic had gone up by 13 percent in April. At 1,183,000 visits, the Malta-based exchange was hosting its best website statistics since October 2018. The analysis appeared as soft evidence of people’s growing interest in cryptocurrencies, particularly bitcoin whose value surged by 29.33 percent during the April session.
Meanwhile, other cryptocurrency exchanges witnessed lesser website traffic compared to Binance. They were not even getting more than 400,000 hits a day, barring Coinbase, a US-based crypto exchange, which recorded an average of 930,000 visits every 24 hours. Coinbase offered services across 53 countries and worked under tight regional regulations. At the same time, Binance trading platform was available worldwide but catered fiat withdrawals only via Binance Jersey, a service it launched on February 18, 2019.
Binance and Coinbase Posted Best Incoming Traffic | Image Credits: Kevin Rooke
Bitcoin Boom Behind Traffic?
The Binance and Coinbase’s latest traffic reports followed bitcoin’s co-called April Fools’ rally. On April 2, the cryptocurrency’s rate dramatically jumped by up to 24 percent. It posted similar bullish moves through the rest of the month.
The bitcoin buying sentiment rippled further into the early-May trading session. On the 9th, its price broke above $6,000, a historically significant support level during the asset’s downward action in 2018. The BTC/USD instrument today formed its yearly high towards $6,989.89 on Coinbase.
The bitcoin price booms typically coincided with an increase in the number of bitcoin-related keyword searches on Google – and even on China’s Baidu. Keyword ‘Bitcoin Price,’ for instance, continued to remain the most searched crypto-related query on Google. And interestingly, the search engine responded with a Coinbase URL on the top, alongside some of NewsBTC’s bitcoin price articles (big heart to our readers).
Coinbase Topped Bitcoin’s Most Searched Keyword | Image Credits: Google
The high Google ranked at least one of the cryptocurrency exchanges at the top, which increased its visibility before the internet users. It is difficult to predict whether or not any of the new users converted into sales. No official data was available that could verify the number of account holders either on Coinbase or Binance as of now. At the same time, a report published in December 2018 stated that Coinbase had 422,000 daily active users, while Binance had 313,000.
Coinbase Beat Binance in December 2018 Based on Daily Active Users | Image Credits: Blockchain Transparency Institute
Sumup
It was likely for internet users to take an interest in a bullish decentralized asset, which explained how people could have landed on Coinbase or Binance either via referrals or directly. That doesn’t take away the fact that bitcoin’s on-chain activity surged alongside its price since December 15’s bottom formation.
At the time of this writing, the BTC/USD instrument’s year-to-date gains were 81-percent.
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Gold Futures Projects Bitcoin Price 350% Higher in Roughly 378 Days

There is a strong possibility that the bitcoin price would surge by 350 percent in roughly 378 days, according to past trend behavior noted in the Gold Futures market.
Cryptocurrency management firm Trading Shot found striking similarities between the Gold Futures (COMEX) and the Bitcoin spot market. The firm noted that bitcoin’s 2017 surge towards its historical high at $20,000 looked very similar to the Gold Futures’ bullish performance between July 1976 and January 1980. Moreover, their expected bearish corrections also trended hand-in-hand, as shown in the chart below.
Gold Futures and Bitcoin Price Comparison | Source: Trading Shot
Interim Projection
Bitcoin Death Cross | Source: Trading Shot
Trading Shot projected bitcoin’s latest Golden Cross formation as a turning point, stating that the price “will continue to rise towards new all-time highs aggressively.” At the same time, the firm reminded that bitcoin could go through a brief pullback even after forming a bullish Golden Cross. It made the argument based on bitcoin price action in 2015, in which the market built a death cross just two months after forming a Golden cross.

“It is obvious that Bitcoinis trading on an important crossroad with various conflicting short term (because long term it is as good of an investment as any) signals. What is also obvious though, is that if Bitcoin continues to follow Gold’s early 2000s price action, and more particularly it’s Golden Cross, then it will continue to aggressively rise towards new All-Time Highs without any last pull back as it did in 2015.”
Studying Gold Futures Upside
Gold Futures Recovery | Source: TradingView.com
From the day the Gold Futures formed a Golden Cross, the price corrected upwards by more than 350 percent – from $429.5 to $1929.7. The derivative achieved the bull target in 31 years and six months.
Realizing bitcoin’s lifespan so far is shorter than that of Gold, and that its market is more volatile too, Gold’s one month can be termed as bitcoin’s one day. It is, of course, pure speculation (the relationship between the price and their time-based output can change dramatically).
That said – the rough estimation of 31.5 years for bitcoin comes out to be 378 days (taken from Gold Futures’ 378-month long bull bias). At the same time, the price target for bitcoin in 378 days after the bull cross confirmation comes near $18,539. There is, of course, a possibility of a death cross formation as stated above, which would mean resetting the 378-day timer upon forming the next Golden cross formation.
“Gold gave investors many similar buy signals throughout 1999 – 2003 at the end of its last bear cycle, just as Bitcoin is giving since last December,” stated Trading Shot. “Investors who ignored those and failed to buy Gold during the late 90s have missed a great opportunity, which has never come back. Investor psychology during market cycle’s can be identical throughout very different financial assets.”
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Litecoin Jumps 161% YTD and Crosses $80 on a Harry Potter Spell

Litecoin, once the bitcoin’s closest rival, has beaten almost all the top crypto assets in terms of year-to-date (YTD) performance.
The LTC/USD instrument has printed a 164.14 percent adjustable gains in 2019, bringing its total rebound to a total of 256 percent. Compared to other top dollar-based cryptocurrency instruments, Litecoin is only behind Binance Coin’s BNB token and Tezos’s XTZ, whose YTD performances are 292.43 percent and 177 percent, respectively. At the same time, bitcoin’s YTD performance sits at 54.80 percent.
The May 3 bitcoin price rally has further improvised upside sentiments in the cryptocurrency market. Litecoin, again, is benefitting hugely from it. The LTC/USD rate today crossed above $80, accompanied by a decent volume. The pair is signaling another upside push to reclaim its 2019 high towards approx $100.
Litecoin Price Has Surged More than 160% in 2019 | Source: CMC
The session-to-session surges are purely technical. The speculation about bitcoin establishing a bottom has allowed traders to enter the market at fresher higher highs. Bulls believe that bitcoin can retest $6,000 – a healthy support level during the asset’s downtrend from $20,000-high – in near-term. The rest of the market is merely reacting to the sharp moves in the bitcoin market.
That does not mean the Litecoin price jump is speculative. There is a Harry Potter spell working as a strong fundamental to – at least – ensure reliable support for litecoin.
Mimblewimble
The Litecoin price leap has accelerated specifically upon the creator Charlie Lee’s announcement of Mimblewimble. The protocol, named after a tongue-tying spell from the Harry Potter universe, proposes to make Litecoin a more scalable and private coin. These are the two of the most sought critical ingredients in any cryptocurrency these days.

Litecoin dev team spent hours discussing how to add Confidential Transactions. The way to do a softfork CT is very similar to doing extension blocks and extension blk may be simpler and can do a lot more. We are now also exploring doing bulletproof MimbleWimble w/ extension blks. pic.twitter.com/ePBh8PKNu8
— Charlie Lee [LTC] (@SatoshiLite) February 3, 2019

“We have started exploration towards adding privacy and fungibility to Litecoin by allowing on-chain conversion of regular LTC into a Mimblewimble variant of LTC and vice versa,” Beam, Litecoin’s software development partner, wrote in a Medium post. “Upon such conversion, it will be possible to transact with Mimblewimble LTC in complete confidentiality.”
A mere announcement does not mean that Litecoin is close to updating its protocol. Nevertheless, it is adequate to keep the community’s interest intact especially after Lee’s decision to sell all his LTC holdings, which stirred quite a controversy.
$109 a Crucial Juncture
Litecoin Price Above $109 Signals a Stronger Bull Momentum | Source: TradingView.com
The litecoin price is now testing $79.16 as its temporary resistance. The Relative Strength Index (RSI) shows that there is still a room for a continued bull momentum towards $94.64 before the next downside correction comes into view.
Nevertheless, it is the $109.53-resistance level that could confirm a long-term bullish bias for Litecoin. The line served as strong support during Litecoin’s downside action in five separate instances in 2018. That said, a close above $109.53 could signal Litecoin to push towards $139.35, creating a decent long opportunity for traders.
[Disclaimer: Cryptocurrency trading involves substantial risk of loss and is not suitable for every investor.]
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Bitcoin Dominance Soars Above 55% After Meteoric Rise to 2019 High

The bitcoin price on Friday jumped 7.48 percent to establish a fresh five-month high towards $5,864. The uptrend further pulled altcoins out of their bias conflict scenarios.
Ethereum, for instance, printed 4.5 percent gains against the dollar in the last 24 hours. Similarly, XRP, EOS, Bitcoin Cash, Litecoin, and others also trended in positive territory after a week of sideways action.
Bitcoin Price Establishes Fresh 2019 High | Source: CMC
Nevertheless, the top altcoins underperformed against bitcoin. The last 24 hours saw Ethereum dropping 1.85 percent of its value against the king cryptocurrency. Similarly, Ripple’s XRP plunged 3.76 percent, Stellar dived a whopping 5.23 percent, and Cardano and Tron fell close to 3.5 percent each against bitcoin. Only Dash and Binance Coin managed to hold their gains.
The move helped bitcoin strengthen its dominance in the cryptocurrency market. Against a 33.41 percent control recorded on January 8 last year, the bitcoin market today covered more than 55 percent of the total cryptocurrency market. The statistics showed that more traders were flocking towards bitcoin during interim bullish sessions.

$BTC pairs in the past hour
"sir…there were no survivors" pic.twitter.com/IDLhb8KxnQ
— Josh HODLonautszewicz (@CarpeNoctom) May 3, 2019

The Josh Rager Bitcoin Theory
Cryptocurrency analyst Josh Rager said ahead of the ongoing rally that BTC had closed above its crucial resistance level while altcoins were already pulling back without achieving the said mettle. The analysts theorized that bitcoin – therefore – had a better probability of extending a bull run than Ethereum, Litecoin, and EOS.
“BTC looks stronger & closed above resistance while other altcoin majors hit resistance & pulled back,” stated Rager. “[I] would love to long/buy on a BTC pullback at $4,339-4,769 zone. Bitcoin has room to push up over $6,383 on 1M Chart so no promises on a pullback at this moment.”

$BTC vs Majors Month Chart
BTC looks stronger & closed above resistance while other alt majors hit resistance & pulled back
Would love to long/buy on a Bitcoin pullback at $4339 – $4769 zone
Bitcoin has room to push up over $6383+ on 1M Chart so no promises on pullback atm pic.twitter.com/X86vmIVDi4
— Josh Rager (@Josh_Rager) May 1, 2019

A few of these altcoins closed above their respective resistance areas during today’s trading session. The litecoin price, for instance, is now trending above $74.80. At the same time, Ethereum and EOS are still waiting to break above their resistance levels.
Meanwhile, bitcoin, whose last crucial resistance was lurking near $4,769, has confirmed an extended bull action, with its next upside target set towards $6,000.
The Potential BTC Pullback
Bitcoin Price Awaiting Breakout above $5,800 | Source: TradingView.com
The latest bull action brought the bitcoin price close to $5,809. This level in June 2018 served as strong support to bitcoin’s downtrend sentiment. The chart above shows two occasions in which the $5,809-level capped the price from extending its bear run. The level continued to provide atmospheric support on each of bitcoin’s downside attempts, unless the inconvenience caused by the Bitcoin Cash hard fork in November 2018 finally broke it.
Even today, the bitcoin price tested $5,809 before hinting a minor pullback. There is a possibility of BTC achieving $6,000 if it establishes an explicit breakout action above $5,809 – buying action accompanied by an increase in volume. Such a move could further increase BTC’s dominance in the cryptocurrency market.
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Analyst: Bitcoin Has Stronger Bullish Potential than Altcoins, Here’s Why

The bitcoin market’s bullish bias is looking stronger than other altcoins, according to Josh Rager.
The cryptocurrency analyst said Wednesday that bitcoin was among the only crypto assets that managed to jump above a significant resistance level on monthly charts. In contrast, other top crypto assets including Litecoin, Ethereum, and EOS failed to close above a similar level in their respective markets, as shown below.
Bitcoin Price Closing Above a Key Resistive Junction | Source: Josh Rager, Twitter
Historical Significance
Rager considered $4769.03 as a significant resistance level for bitcoin. The horizontal plane had capped an active upside attempt during the September 2017 trading session. As the price broke above that level, it ended up establishing its historical peak towards circa $20,000.
The April trading session saw the coin breaching above $4,769. The move led Rager to make a medium-term bull bias case for bitcoin, stating that if bitcoin stays above $4,769, then its probability of hitting a fresh 2019 high above $6,000 will be higher.
“I would love to long/buy on a Bitcoin pullback at $4,339-4,769 zone. [The price] has room to push up over $6,383 on 1M Chart so no promises on a pullback at this moment.”
As for other altcoins, their April price action mirrored the moves made by bitcoin in the recent months. But almost all of them were looking at their uptrends undergoing a fresh downside correction.

$BTC vs Majors Month Chart
BTC looks stronger & closed above resistance while other alt majors hit resistance & pulled back
Would love to long/buy on a Bitcoin pullback at $4339 – $4769 zone
Bitcoin has room to push up over $6383+ on 1M Chart so no promises on pullback atm pic.twitter.com/X86vmIVDi4
— Josh Rager (@Josh_Rager) May 1, 2019

Litecoin, for instance, briefly underwent a pullback after jumping above $74.80, its resistance from September 2017. Ethereum performed a similar stunt after correcting lower ahead of testing its $200-resistance. EOS too dropped lower amidst high selling sentiment near $5.921.
“BTC looks stronger and closed above resistance while other alt majors hit resistance & pulled back,” Rager stated. “Once we hit between $6300 to $6400 would be a time to short. So, I still think it could push up than pull back in May early June.”
Bitcoin Weaker in 2019
Rager’s prediction is more favorable towards bitcoin despite the cryptocurrency’s weaker buying sentiment against the top altcoins this year. Every since it established a low towards $3,100, the BTC/USD pair has recovered by 72 percent. The attractive rebound nevertheless is dwarfed by the rebounds in other coin markets.

Bitcoin’s forked version Bitcoin Cash, for instance, jumped 284 percent upon hitting a low towards $73.54 last December. Similarly, the litecoin price ballooned 228 percent, rising from its cycle low of $22.43 to $72.67, its rate at the press time. EOS also rebounded by more than 200 percent in just four months, while Ethereum, at a decent 95 percent recovery, also remained ahead of bitcoin.
But the fact that most of those altcoins are pulling back while, at the same time, bitcoin is holding on to its April profits, indicates that traders are moving back to the bitcoin market.
Bitcoin’s dominance in the cryptocurrency market is close to 54 percent at the time of this writing.
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Bitcoin Bulls Drive $20 Million into New York-based Crypto Trust

The bitcoin price is down over 74 percent from its record peak near $20,000. But that has not deterred institutional investors from strengthening their bullish positions in the market. The sentiment has led the world’s largest crypto asset investment firm to notch a record capital inflow this week.
New York-based Greyscale Investments, a division of Digital Currency Group, brought in over $20 million in total investments, according to a statement issued by CEO and Founder Barry Silbert. The said uptick marked Greyscale’s best week since 2017 and pushed the firm’s assets-under-management worth to circa $1.21 billion.

BIG week for @GrayscaleInvest -> we raised over $20 million into the Grayscale family of funds, our highest week since 2017
— Barry Silbert (@barrysilbert) April 26, 2019

The investment followed a shift in trading sentiment in the bitcoin market. Upon establishing a so-called bottom towards $3,100 in December 2018, the bitcoin price corrected up to 70 percent in the positive territory. It eventually settled for a new 2019 high towards $5,650 on April 23, only to correct laterwards and establish a session low towards $4,963.
Short Interest Down
Greyscale Bitcoin Trust BTC (OTCMKTS: GBTC), one of the nine cryptocurrency products offered by Greyscale, noticed a 7.79 percent decrease in Short Interest (SI). According to FINRA, GBTC’s total SI was down to 11.11 million from 12.05 million shares. Such a drop typically means that investors have become decently bullish, and the price may be due for a reversal to the upside. Nevertheless, GBTC decreased 0.70 percent during the April 26 trading session, much in line with the bitcoin spot market’s session performance.
Greyscale Bitcoin Investment Trust Price Chart | Source: TradingView.com
GBTC market’s medium-term perspectives fared well. The stock surged more than 100 percent since February 6, 2019, leaving investors with a stronger bullish bias. Greyscale’s latest financial report showed that GBTC was 2,721.3 percent up since inception while it’s 12-month performance was negative, down 47.6 percent.
Greyscale’s other cryptocurrency products also posted annual losses, with ZCash, Ethereum Classic, and Bitcoin Cash noting more than 70 percent drop in holdings.
Only Accredited Investors
Strong asset inflows in the medium-term indicate that institutional interest in bitcoin is emerging again following the 2018’s decline. Greyscale’s clientele includes hedge funds, pensions, endowments, family offices, and high net-worth individuals – and their interest in GBTC, which represents the ownership of bitcoins held by Greyscale, show a stronger bullish bias for the asset.

CRYPTO: $GBTC premium to NAV creeping up to 36% on heels of $BTC surge to ~$4,000
Rise in premium is a sign of institutional net buying (easier to buy this ETN from ⁦@GrayscaleInvest⁩ than buy via a crypto exchange)…
…another sign 2019 way better than 2018 for crypto pic.twitter.com/hdFh8y3sY9
— Thomas Lee (@fundstrat) February 19, 2019

The shift came amidst institutions’ uncertainty of the cryptocurrency market’s future. Security, lack of regulations, and news of fraud were the main obstacles. But with big names in the mainstream financial industry building a crypto-enabled infrastructure, the fears are dropping down. It is already visible in bitcoin’s impressive performance in 2019.
Yale and Harvard’s endowment funds have invested in at least three venture capital funds that deal in cryptocurrencies. Fidelity and Nasdaq have also entered the market with several partnerships and cryptocurrency ventures.
Image Credits to Shutterstock
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Here’s How Shorts Could Push Bitcoin Price Above $6,000

The bitcoin price formed a new 2019 high towards $5,590 this Tuesday and its likelihood of testing $6,000 to the upside has increased.
Mr. Anderson, a cryptocurrency analyst, revealed the proximity between the bitcoin price and the BTC shorts behavior in his latest statement. The analyst noted that whenever traders push BTC shorts positions in the overbought area, the probability of a bitcoin price jump increases.
The Bitcoin Shorts-Bitcoin Price Relationship
Mr. Anderson presented a chart to prove the relationship between the two metrics, as shown below:
BTC Shorts vs. Bitcoin Price | Source: Mr. Anderson
The chart above provides six separate instances in which the bitcoin price starts rising after every overbought correction in bitcoin shorts. Bitcoin shorts considered overbought when its Relative Strength Index (RSI), a momentum indicator, closes above 70. The last time the BTC Shorts RSI hit over 70 was in December 2018.
As it corrected lower, the bitcoin price surged from $3,151 to $4,300. In another instance, which took place during August-September trading session, a BTC Shorts RSI correction to the downside led a 20 percent BTC surge.
A short position typically signifies the investors’ bearish sentiment for the underlying asset. A trader borrows the asset and sells it at a higher rate. Later, s/he speculates the asset’s price to fall so s/he could purchase it at a lower rate and return the equal amount of assets he/she borrowed back to his/her lender.
Therefore, the trader profits from the “short sale” of the asset. However, if the asset price gains instead of falling, the trader loses money, for s/he purchases the asset at a higher rate to return it to his/her lender.

$BTC Bears Beware?
My style is simple. Play the higher probabilities and accept the results
The Bears have been throwing supply on the market & we can think of reasons why this could seem logical
However, they must be careful as they are nearing a DANGEROUS situation pic.twitter.com/nsAyewQI8t
— Mr. Anderson (@TrueCrypto28) April 22, 2019

“Our data is limited,” wrote Mr. Anderson. “However, every time we have seen SHORTS hit a 70-plus RSI on the daily scale, BEARS got cooked. We are not there yet, but BEARS should be quite careful.”
Bitcoin to $6,000?
The earlier Bitcoin Shorts corrections led to a bitcoin price surge amounting to as little as 8 percent. At the current $5,500 price support, a minimum 8 percent jump to the upside could quickly push BTC to $5,940. That would certainly increase the coin’s probability of hitting $6,000, which was a crucial support level before the Bitcoin Cash hard fork fiasco had it broken.
Bitcoin Bulls | Source: TradingView.com
The technical factors outside the scope of overbought Bitcoin Shorts are also pointing to a higher BTC price. After weeks of speculation, BTC’s 50-days moving average (blue) crossed above its 200-days moving average (red). Though NewsBTC has earlier explained why a Golden Cross is not always a bullish indicator, the pattern nevertheless remains a strong reason for bitcoin traders to hold their long positions.
As of now, the bitcoin price needs to break above $5,800 to signal an upside continuation. Couple that with RSI correction in BTC Shorts and the market might be in a for a BTC price rally towards $6,000 – at last.
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Harvard Endowment Invested up to $12.65M in Blockstack Token Sale

Harvard’s $37.1 billion endowment fund has reportedly invested $12.65 million in Blockstack.
The New York-based blockchain toolmaker lately applied with the Securities and Exchange Commission (SEC) to raise $50 million. The application submitted to the US securities regulator detailed the name of Blockstack’s advisory members. Among those names was Charlie Savaria, one of the recently appointed managing directors for the Harvard Management Company.
Mr. Savaria, according to the document, alongside other six advisory members purchased an aggregate of 95,833,333 BlockStack digitized equities, called Stack Tokens (STX). At the time of selling, the STX rate was $0.0132, meaning that Blockstack attracted as much as $12.65 million from its advisory board via the coin sale.
According to Anthony Pompliano, the co-founder of Morgan Creek Capital, Mr. Savaria could have at least invested $5 million in the emerging blockchain venture. NewsBTC could not verify the amount at the time of this writing.

BREAKING: Harvard’s endowment invested $5M – $10M directly into Blockstack’s token sale.
This means that one of the leading university endowments is comfortable holding tokens directly.
THE VIRUS IS SPREADING
— Pomp (@APompliano) April 11, 2019

Launched by computer scientists from Princeton University, BlockStack is developing a privacy-focused internet harnessing the underlying features of the blockchain technology. The startup already features 80 applications that do everything from managing work documents and offering subscription-based content services in a decentralized environment.
Blockchain raised $50 million last year in a venture investment round from Union Square Ventures, Y Combinator, Lux Capital, Naval Ravikant, and others.
Blockchain Unfenced
Harvard’s alleged investment in a blockchain startup followed its capital injection into two cryptocurrency funds last year. The outlook proved the university was gradually increasing its stakes in the blockchain industry despite skepticism. First Round Capital, for instance, surveyed 529 startup founders last December. It found that 87 percent of the respondents did not believe blockchain will succeed.
“Projects based on the elimination of trust have failed to capture customers’ interest because trust is [actually] so damn valuable,” stated Kai Stinchcombe, the co-founder, and chief executive of True Link.
Nouriel Roubini, a US-based economist who rightly predicted the 2008 financial crisis, said the blockchain’s recordkeeping ledger was no better than an MS Excel sheets.

Why blockchain is the most useless and over-hyped technology ever. Not a single properly useful and working application after billions literally wasted on vaporware by a self-serving eco-system.
The Big Blockchain Lie by Nouriel Roubini @ProSyn https://t.co/nqC2FsJtPl
— Nouriel Roubini (@Nouriel) January 10, 2019

The criticism was not able to put fences around the blockchain, anyway. The world kept taking notice of the technology’s trend, leading tech companies like IBM and Intel launching new projects in the space. Even banks like JP Morgan, that were once critical of Bitcoin, an open-source, decentralized payment protocol system based on the blockchain, announced their services powered by a similar tech – albeit closed-source.
Harvard’s alleged investment proved that investors were beginning to look beyond criticism and make the most out of the so-called blockchain frenzy.
Blockchain-Not-Bitcoin
Does the Blockstack funding round mean anything to bitcoin? Not in near-term at least.
The startup’s crowdfunding does not hold any promises to the most dominant asset in the cryptocurrency world. It is a straightforward fundraiser that focuses on raising capital so a startup could create its products and distribute its earnings among the stakeholders – the ones with the proof-of-ownership of STX tokens. Bitcoin does not get a mention anywhere.
Nevertheless, the report helps in making a case for Bitcoin’s long-term potential in the industry. It allows institutional investors to study its underlying technology and make their investment decisions accordingly.
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Bitcoin Price above $3,000 is Good News for Bulls: Analyst

Bitcoin price above $3,000 is good news for bulls, according to Crypto Michael.
The full-time trader and cryptocurrency commentator said bitcoin scaling between $3,000 and $5,000 was bullish, adding that a drop below $3,000 would result in an equally strong bullish makeover.
“The future perspectives of BTC are brilliant, and we’ll laugh about $5,000 in some years,” Michael predicted.

Reminder to everyone whose not trading.
Scaling in between $3,000 and $5,000 is very good. Lower than $3,000? Fine, use some to buy some.
The future perspectives of $BTC are brilliant and we’ll laugh about $5,000 in some years.
Never stress, patience & calmth. #TRADING
— Crypto Michaël (@CryptoMichNL) April 11, 2019

The $1,000-Bitcoin Prediction
The comments followed a $1,000 bottom target set by Tyler Jenks, the president of Lucid Investments, in the aftermath of April 11 bearish correction. The bitcoin price plunged from $5,471 to $4,975 on the day and formed a fresh lower low towards $4,911 this Friday. Jenks tweeted shortly after the drop that bitcoin was going to correct towards $4,000 and any failure to hold the level as support would extend bitcoin’s downtrend to as low as $1,000.
“I have not commented on Bitcoin since we broke up through the $4,000-4,200 resistance zone,” said Jenks. “I believe we are headed back down to that zone and it will not hold. New low [are] coming. [The] target of $1,000 unchanged.”
Jenks was not the first analyst to have predicted a bearish outcome. Data researchers at Bloomberg had earlier said that bitcoin would fall towards $1,500. The prediction came following bitcoin’s failed attempts to break a strict resistance area above $4,187. However, the asset broke out of it on April 2 in a surprising 23-percent jump.
But based on bitcoin’s yearly performance, it was still down 72.64 percent from its historical high.
Why is $3000-$5000 Range Bullish?
Bitcoin’s So-Called Bullish Range | Source: TradingView.com
The 2018’s most extended bearish phase brought every high capital cryptocurrency to its yearly low. For bitcoin, the low was $3,100. The area above the said level saw multiple downside breakout attempts since December 15. But each of them failed. On the contrary, every bearish effort met with a robust bullish response. The bitcoin price rebounded from $3,100 many times, as a result.
At the same time, each price action to the upside met with an equally strong resistance area – as explained above. Nevertheless, bulls were able to break above it on April 2. The trend needle shifted to the buy side of the market after that.
What the market is seeing now is bitcoin correcting lower from its overbought areas. The asset was trading at $5,086 during Friday’s trading session. It formed a lower high towards $5,109, without accompanying larger volumes. That explained traders’ cautious behavior around a potential support level at $5,000. Dipping below it will prompt bitcoin to support crucial support levels near 50-Day MA, 200-Day MA, and an ascending trendline forming since December 15 last year.
If price fails to bounce back from either of those support levels, then $3,000 will serve as the last resort. Bitcoin will test it and form a double bottom scenario. It would be a signal to reverse the momentum – a potential bullish action.
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Here’s Why The Next Bitcoin Accumulation is Around the Corner

After a minor hiccup, the bitcoin price is looking to resume its rally with a 3.37-percent surge this Sunday.
The BTC/USD instrument was trading at $5,179, according to price average calculated by CoinMarket.com at 0910 UTC. Earlier on Friday, the pair had corrected lower to test $4,849 as potential support. The area saw buying orders outrunning the selling ones, indicating that a majority of investors were in no mood to exit the bitcoin rally on an interim session profit. On the contrary, they were speculating on an extended bull run – just like the one that took place on April 2 and 3.
Bitcoin Acculumation Period Near
Josh Rager, a cryptocurrency analyst with close to 29.4k followers, said the bitcoin price was going to trend as high as $150,000 by the end of July 2023. The trader studied the cryptocurrency’s earlier peak cycles, formed between 2014 and 2017 and each testing a new higher high. He later applied time-and-gains economics to predict the next potential peak, which resulted in $150,000.
Bitcoin Price Projections | Source: Josh Rager
Rager also defined levels that bitcoin would need to break to establish a long-term bullish momentum. It would, of course, happen when traders would feel comfortable in accumulating bitcoins upon a particular stage. Rager identified such buying sentiments by using two metrics: the 100-weekly moving average and the 200-weekly moving average. He stated:

“[In the] previous bear market, Bitcoin accumulated under the 100 MA & supported by the 200 MA. Similar accumulation could happen with 200 MA with the next uptrend starting after breaking above 100 MA. One possible scenario to observe [the] next few months.”

$BTC Accumulation W Chart
Previous bear market Bitcoin accumulated under the 100 MA & supported by the 200 MA
Similar accumulation could happen with 200 MA (wick below) with the next uptrend starting after breaking above 100 MA
One possible scenario to observe next few months pic.twitter.com/BHZ3YN6kHZ
— Josh Rager (@Josh_Rager) April 6, 2019

A Sharp Pullback
Rager’s comments followed when the bitcoin price had already jumped its 100-weekly moving average resistance. On the whole, the market appeared inclined towards $6,000 as their near-term target. Before the Bitcoin Cash hard fork spoiled the party, the bitcoin price was comfortably trending above the said level – and was even called the bottom by many crypto bigwigs, including Fundstrat’s Thomas Lee and Galaxy Digital’s Mike Novogratz.
It became likely for bitcoin bulls to reclaim $6,000 to reinject confidence in the market. At the same time, a mere rejection at the said level held power to push bitcoin back below where it is trading at press time.

Twitterati Crypto Michaël, a full-time trader at Amsterdam Stock Exchange, said bitcoin upside could face rejection in the near-term, leading to a drop. However, he supported Rager’s bullish views in the long-term, just differing with him when it came to the point of accumulation.
“Up to $6,000 to touch resistance briefly and then back down for new support (probably $4,200 – that’s why I don’t expect $4,200 to be tested now) and then this is most likely same yeah.”
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How’s Tron (TRX) Price Performing Following Tesla Controversy

Things turned sour for a promising blockchain project after its founder allegedly faked a Tesla giveaway competition.
Justin Sun, 29, promised his booming Tron project community that he would give away an expensive Tesla in a lottery. The Chinese entrepreneur asked participants to follow him on Twitter and retweet his message merely. On the day of the announcement, March 27, Sun randomly picked Twitterati UZGAROTH but later deleted his tweet citing glitch the selection process. The winner didn’t take it well and went out to expose the “scam.”

I really want to know if I am the #Tesla winner, I am very excited but I do not know why @justinsuntron deleted the message, can someone help me to be certain of this situation, I hope it is not a joke even with that thanks @Tronfoundation#trx #tron $trx #crypto pic.twitter.com/xNzElMSy8l
— XRP_UzGar -฿ TRX (@uzgaroth) March 28, 2019

The entire crypto community supported UZGAROTH’s claim following his series of tweets against Tron and Sun. Many called the founder a scam artist after Tron did another random selection process and allegedly rewarded the Tesla to a Twitter bot. Critics also targeted Sun for continuing to support over-hyped, fraud competitions. For instance, in December 2018, a $1 million hackathon sponsored by the Tron Foundation allegedly distributed fewer rewards for more winners.
Did TRX Market Suffer?
To cut a long story short, it did.
Soon after Sun announced the Tesla winner – what led to the fiasco altogether – the TRX/USD rate plunged from 0.024 to 0.023. That marked a 4.16 percent drop in two days. While the decline itself was tiny per the cryptocurrency market’s standards, the worrisome thing was rising volume to the selling side. It indicated that Tron investors were not taking the proceedings of Sun’s Tesla lottery competition very well.
Tron Volume Rose Towards the Bear Side Following Tesla Winner Announcement | Source: TradingView.com
As of now, Tron’s price action at its very best is choppy, fluctuating between a settled range as hourly volume remains low.
What’s Next for Tron?
Tron, as a project, remains a one-person show. And when the credibility of that man is at stake, investors are likely to keep their distance from his plan in the coming days. Justin Sun, nevertheless, is in the process of damage control. He reportedly agreed to reward UZGAROTH with a Tesla, according to the winner’s tweet. Sun also indicated that he would also give a Tesla to the Twitterati picked from the second lottery round.

This is a triumph of the whole #crypto community
thank you @justinsuntron
#Tron will be great !!!#bitcoin#XRP pic.twitter.com/kVi43o6QvW
— XRP_UzGar -฿ TRX (@uzgaroth) March 29, 2019

Many would see it as a win of the whole cryptocurrency community. But that doesn’t stop others from asking how Sun is funding these mega-expensive competitions. A spokesperson of Tron told media that giving away Teslas and $20 million in free cash was Sun’s initiative and no TRX tokens were at stake to fund the campaigns. But realizing that Tron is Sun’s self-funded project, the argument of Tron-not-funding-the-expensive-competitions does not fit well.
It is likely that the whole episode would soon fade over Tron’s upcoming announcements. But that does not deviate the concerns about how the blockchain project is growing its value bubble.
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