Crypto Community Reacts to Bakkt But Not all Are Bullish

The news that regulatory approval has finally been granted to Bakkt has generally been perceived as bullish for the industry. However, not all in the crypto community are convinced that it is the best thing for Bitcoin and its brethren.
How Bullish Is Bakkt?
As reported yesterday by NewsBTC, the Intercontinental Exchange’s (ICE) new crypto trading platform has finally been given the go-ahead. A September 23 launch date has been set following regulatory approval by the Commodity Futures Trading Commission (CFTC) and the New York State Department of Financial Services. It may well open the door to institutional investors and could be a giant step forward for crypto industry legitimization in the US.
The concept of physically delivered bitcoin futures backed by the New York Stock Exchange may be the catalyst that takes BTC to mainstream consumer markets. Not all are convinced though as comments on crypto twitter today reveal. Crypto analyst going by the handle ‘CryptoChartsJoe’ has predicted a run up before the September launch then a big dump when it goes live:
“Regarding the #Bakkt news, expect the Crypto market to catch a bid, and run up hard. Then on the day that #Bakkt actually goes live, there’ll be a market selloff!! Again, Wall Street is best for breaking hearts, and stealing souls,”

Think like a criminal
Regarding the #Bakkt news, expect the Crypto market to catch a bid, and run up hard.
Then on the day that #Bakkt actually goes live, there'll be a market selloff!! Again, Wall Street is best for breaking hearts, and stealing souls
— @CryptoChartsJoe (#bullmarketstartes08/19) (@CryptoChartsJoe) August 16, 2019

Wall Street involvement in Bitcoin is rarely met with enthusiasm. The ability to short the asset as seen on CME futures markets leads to market manipulation which remains a fear for retail traders. Data scientist ‘CryptHawk’ echoed the sentiment tweeting;
“Not even gonna comment anything about #BAKKT so it’s useless and adds more manipulation, BS and crooks!”
Short Term BTC Price Movements
Crypto analyst has taken a look at possible price implications and has called for a break to the downside when Bakkt gets launched.
“I think we will be staying within this wedge area until #Bakkt Futures Launch on September 23….
Which coincidently coincides with the end of the wedge!
I predict it will break down.”

Heres my current analysis for #Bitcoin:
I think we will be staying within this wedge area until #Bakkt Futures Launch on September 23….
Which coincidently coincides with the end of the wedge!
I predict it will break down. pic.twitter.com/4vLsBPRVXh
— WelsonTrader (@WelsonTrader) August 17, 2019

When the news broke BTC price barely blipped. Markets have been choppy this week and two dips into four figures have been recovered but Bitcoin is still facing strong resistance where it currently trades. A move up to around $10,400 was all that it could muster and the king of crypto almost 12 percent on this time last Saturday.
The Bakkt news has not affected Bitcoin prices in the short term, and while many are of the opinion that it is overwhelmingly bullish, not all share that sentiment.
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Future Appreciation Rates of Gold and Bitcoin Could be Similar

Bitcoin has often been compared to gold for its properties as a store of value. Just like gold, BTC is not tied to any central controlling entity and serves as a hedge against state manipulation of fiat currencies. Unlike gold, however, Bitcoin is still very volatile but that could all change in the future.
Steady Appreciation for Bitcoin and Gold
BTC, or digital gold as it is often termed, has been anything but steady over the past few years. In 2018 it dumped over 80% while in 2019 so far, Bitcoin has gained over 160%. Extrapolating the all-time chart for Bitcoin’s decade long history shows a parabolic curve of its price taking into account these large market cycles.
The golden commodity price chart displays a similar but far shallower curve as its price has steadily increased since the 1970s. Crypto trader ‘dave the wave’ has overlaid the two parabolas which reveal an interesting pattern to come if the scenarios both play out and the curves continue on their current paths.

Give it a few years, and gold and BTC might be appreciating at the same rate. pic.twitter.com/KEbO5vENkE
— dave the wave (@davthewave) August 16, 2019

Both gold and Bitcoin are expected to significantly increase in value with one accelerating and the other decreasing in gains over time. After the intersection of the two parabolic lines, which occurred about 18 months ago according to that chart, the two appear to increase at similar rates.
From around 2025 to around 2040 the two assets could be appreciating at a very similar rate with a possibility of Bitcoin prices being fixed to gold. This is of course assuming that there has been enough BTC adoption and usage for its volatility to decrease, while investment into gold continues to increase over time. The representation that followed was with gold prices multiplied by 400.
“This represents a bar of gold which puts gold on an equal footing with BTC in terms of scarcity. And this ratio would also roughly hold in terms of overall market cap. Doubt that BTC will reach gold’s market cap.”
More pertinently, he added;
“I think the main driver of price is the *capitalization* of something that is perceived as scarce.”
Currently Bitcoin is outperforming nearly all traditional assets, gold included. This year alone gold has increased by 18 percent from $41,100/kg to $48,546/kg at today’s prices according to goldprice.org. Bitcoin conversely has surged 166 percent from $3,750 to $10,000 over the same period.
Both are being accumulated on the perception of scarcity and both are being held for similar motives. There is no reason that this is likely to change in the future as economic tensions escalate while the world’s superpowers keep devaluing their currencies in order to ‘out trade’ each other.
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Bitcoin Becoming a Better Hedge as US National Debt Hits $22.5 Trillion

Bitcoin can be many things depending on how it is used. A form of digital money, a trading vehicle for short term gains, a long term investment, or as we have seen more recently, a hedge against government instigated economic hardships.
US Debt Skyrocketing
According to statistics from usdebtclock.org the total US national debt has now hit a monumental $22.5 trillion. This shocking figure equates to over $68,000 of debt per citizen. The ratio of debt to GDP is now over 105 percent and does not look to be slowing down. There is an ever-increasing debt ceiling in the US as they spiral out of control which could trigger another financial crisis.
Source: usdebtclock.org
The US is not alone and government debt is out of control in most major global economies. Global debt has reached an all-time high of over $180 trillion. The US is one of many countries that have been using financial markets to borrow excessive amounts of money. The debt is so large now that governments cannot meet their financial liabilities and it has gone into a negative return.
In a 2016 interview with the Washington Post presidential candidate Donald Trump predicted a ‘very massive recession’ but added that he would eliminate the national debt within 8 years. Three years later a further $3 trillion has been added to the debt which is deepening by over a trillion dollars a year. The debt clock counter predicts a debt of $30 trillion by 2023 and it is clearly not going away.
In addition to escalating national debt is a bond bubble that has hitting record highs. According to RT anchor and bitcoin bull, Max Keiser, it will lead to a massive global wipeout
“Bond prices are hitting highs not seen in… 3,000 years. That’s right, the bond bubble is hitting a 3,000 yr high. When it pops, more than $150 trillion gets wiped out.”

Bond prices are hitting highs not seen in… 3,000 years. That’s right, the bond bubble is hitting a 3,000 yr high. When it pops, more than $150 trillion gets wiped out. #Bitcoin #Gold
— Max Keiser, tweet poet. (@maxkeiser) August 12, 2019

According to Forbes, the US student loan debt is adding fuel to the fire. A report earlier this year suggested that there are over 44 million borrowers who collectively owe in excess of $1.5 trillion in student loan debt. It is the second highest debt category in the US behind mortgages.
Bitcoin a Better Hedge
Bitcoin has a lot going for it when considered as a hedge against monumental debt and devaluation of fiat currencies. With its finite supply, upcoming halving event, mathematical integrity, immunity from the political and banking systems, and a growing mainstream and institutional interest, BTC could be the place to go when the economies of the world start to crumble.
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Multiple North Korean Cryptocurrency Hacks Under UN Investigation

The United Nations has launched an investigation into North Korean cyber-attacks which targeted cryptocurrency exchanges in the neighboring South. India has also been a victim in the digital crime spree which targeted 17 countries in total.
Cryptocurrency Exchanges Targeted
The UN has ramped up its investigation of North Korean cyber-attacks following the release of a report detailing efforts to accumulate wealth for weapons programs. According to the SCMP there have been at least 35 incursions in 17 countries.
A high level North Korean military intelligence agency called the Reconnaissance General Bureau is believed to be behind the attacks. The preliminary report stated that over $2 billion has been amassed from a hacking spree which targeted financial institutions and cryptocurrency exchanges, predominantly in South Korea.
Ten of the 35 attacks were on South Korean targets with India suffering three while Bangladesh and Chile had two apiece. It added that 13 countries suffered one attack: Costa Rica, Gambia, Guatemala, Kuwait, Liberia, Malaysia, Malta, Nigeria, Poland, Slovenia, South Africa, Tunisia and Vietnam.
The methods of attack included channels through interbank transfer protocol, SWIFT, where hackers exploited bank employee computers and infrastructure which was accessed to send fraudulent messages and destroy evidence. The investigation also revealed the theft of cryptocurrency
“through attacks on both exchanges and users and mining of cryptocurrency as a source of funds for a professional branch of the military”
The panel stated that one of South Korea’s largest cryptocurrency exchanges, Bithumb, was targeted on multiple occasions. It added that the first two attacks were in February 2017 and July 2017, with each resulted in losses of approximately $7 million. A June 2018 attack led to a $31 million loss and one in March this year resulted in a $20 million loss.
A number of cryptocurrency exchanges in the region have been attacked this year including Binance, Tokyo based BitPoint, and Singapore based Bitrue. However, the investigation did not directly tie these hacks with the Pyongyang regime.
CryptoJacking: A Weapon Of Choice
The investigation also revealed that cryptojacking was used on several occasions to mine cryptocurrencies on the sly. This method involves the use of malware to hijack unsuspecting computers and harness their processing power in order to mine Monero. XMR is usually the hacker’s coin of choice due to its extensive privacy and anonymity layers.
It added that one report analyzed a piece of malware designed to mine Monero and send the digital loot to servers located at Kim Il-sung University in Pyongyang. In August last year it was reported that the Lazarus group, which has close ties to the North, had resurfaced with new malware targeting Apple Mac operating systems among others.
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Litecoin Surges 14% in Post-Halving Spike, Next One in 2023

All eyes have been on Bitcoin today as the king of crypto cranked ten percent to tap $11,800 during earlier Asian trading. The altcoins have been slow to react as usual but they are starting to wake up now with Litecoin leading the way in a post-halving pump.
Litecoin Spikes 14 Percent
Usually price pumps happen before halving events but Litecoin has started spiking a few hours ago. From an intraday low of around $92 LTC surged through the psychological $100 barrier to top out at $107 an hour or so ago according to Tradingview. The move has added 14 percent to Litecoin prices over the past 24 hours.
LTC price one hour chart – Tradingview.com
Initially the momentum was driven by Bitcoin’s blast as Chinese buyers started loading up earlier this morning. A weakening local currency has driven them into offshore assets such as BTC as Trump’s trade war escalates. Often seen as silver to Bitcoin’s gold, Litecoin may also be viewed as a solid investment at less than 9 percent of the price of BTC.
Litecoin has now halved with the next one due in 2023, 1458 days away according to the block half counter. Around 75 percent of all Litecoins have already been mined with 63 million in circulation out of a total of 84 million. The halving has also decreased annual inflation to 4.26 percent which has the effect of potentially increasing value while appearing to decrease the supply.
Founder Charlie Lee has noted that blocks are being created much faster than the expected 2.5 minutes which is a good sign of network health.
“Since the halving, 12 blocks have been found in 17 minutes.
Seems like miners have not shut off their hashrate at all. Instead, we are mining at a rate of a block every 1.4 minutes on average, which is much faster than the expected 2.5 minutes.
Litecoin network is healthy!”

Since the halving, 12 blocks have been found in 17 minutes.
Seems like miners have not shut off their hashrate at all. Instead, we are mining at a rate of a block every 1.4 minutes on average, which is much faster than the expected 2.5 minutes.
Litecoin network is healthy! pic.twitter.com/xvgefqIPtP
— Charlie Lee [LTC] (@SatoshiLite) August 5, 2019

LTC price is also pretty healthy, even after its 40 percent pullback. So far this year Litecoin has outperformed Bitcoin with an increase of 240 percent from around $30 on New Year’s Day to current prices just below $105. Today’s pump has enable LTC to flip BCH for fourth place with a market capitalization of $6.4 billion.
Altcoins Gaining Momentum
Litecoin is not the only crypto asset getting a boost this Monday. Ethereum has added around 7 percent on the day to reach $235 and XRP has made a rare 5 percent move to get to $0.33. Bitcoin Cash and EOS have both added over 5 percent and BSV is getting a 6 percent gain.
Further down the list, Monero, Dash, NEO, Ethereum Classic and NEM are all moving well gaining 6-7 percent on the day. Total crypto market cap is now at $310 billion following a $23 billion cash influx during the Asian trading session.
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Bitcoin Could Hit a New High This Week, Factors And Trends  

Weekend trading for Bitcoin has been bullish but things really started to take off during Asian trading this morning. As BTC tapped a twenty four day high, it is now only $2k away from its 2019 peak and reaching it this week is not out of the question.
BTC Taps $11,800
Bitcoin has not looked back since it passed the psychological $10k barrier late last week. Over the weekend it hovered just below $11k but during Asian trading this morning BTC surged almost 10 percent powering up to a high of $11,800. The move has sent prices to a 24 day high as volume surged 50 percent to over $21 billion.
BTC price 24 hours – Coinmarketcap.com
Total crypto market capitalization has climbed back above $300 billion again but as usual, the altcoins are not sharing the love. There is now only $2,000 to go before a new 2019 high is made and BTC could be on track to do that this week.
Bitcoin is currently at resistance with the next being at $12,400. After that it could surge to $13k and then on to surpass its previous peak. It is also the seventh day in a row that BTC has registered a green candle which is a strong indication that the correction is over and a new uptrend has formed.
Factors and Trends
The fundamentals appear to be originating in Asia at the moment. China’s central bank has devalued its currency by setting its daily reference rate for the Yuan/Dollar at 6.92 this morning. The move has been part of ongoing efforts to counter renewed trade tariffs imposed by the Trump administration.
The escalating trade war clearly has the People’s Bank of China rattled and its response was clear today. As a result the Yuan hit a ten year low against the greenback which appears to have driven an exodus into Bitcoin.
Even though crypto trading is technically banned in China, investors can still access OTC and peer-to-peer platforms to load up on Bitcoin and other crypto assets. With decades of oppression and internet censorship, the people are quite used to circumventing state controls to access what is freely available elsewhere, crypto included.
Protests in Hong Kong are also escalating which could be another factor driving BTC price at the moment. Gold investor Peter Schiff has turned bullish on Bitcoin and tweeted on what could be driving the current momentum.
“If you aren’t paying attention to what’s going on with China’s banks and currency, Hong Kong’s imminent takeover, Japan’s central bank albatross, the ECB’s downhill slide, and our domestic pressures to print money and cut rates, this is your wakeup call.”

If you aren't paying attention to what's going on with China's banks and currency, Hong Kong's imminent takeover, Japan's central bank albatross, the ECB's downhill slide, and our domestic pressures to print money and cut rates, this is your wakeup call. Buy some fucking bitcoin.
— Relevant Peter Schiff (@RelevantPeter) August 5, 2019

If this momentum continues, which is likely at the moment, BTC could revisit its 2019 before the week is out, and even surpass it.
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Bitcoin Dominance Closing on 70% as BTC Extends Gains

Crypto markets are climbing as we start the weekend and once again Bitcoin is leading the charge. BTC has held on to gains in five figures and continues to eat into altcoin markets as dominance approaches 70 percent.
Bitcoin Closes on $11k
BTC has seen its fourth green candle in as many days as the asset continues to climb, making progress above the psychological $10k barrier. A few hours ago during Asian trading Bitcoin rose from a low of $10,300 to tap an intraday high of $10,860 marking a 5.4 percent gain on the day. The movement has taken BTC back to its highest level for two weeks.
The momentum has left most of the altcoins in the digital dust once again as Bitcoin dominance knocks on the door of 70 percent. This equals the mid-July high and puts market share back at December 2017 levels. Hash rate also hit another all-time high a few days ago as Bitcoin goes from strength to strength.
BTC market dominance – Tradingview.com
Analysts are now eyeing the next resistance levels which are around $11,200 with further upside breaks possibly reaching $11,500. On the downside, support lies at $10,400 and $10,000.
Missing Out on Four Figures
Since sentiment has turned bullish once again, many are wondering if they have missed out on four figure Bitcoin. The past couple of weeks have been bearish and a return to new lows is still a possibility. Trader and analyst Josh Rager pointed this out earlier.
“30%+ pullback was a common theme last uptrend & great opportunity to buy at confirmed support.
Everyone still wants $8k… & could happen.
But ignoring to buy a 35% pullback on the best performing asset over the past ten years b/c it “may” hit 10% lower”

$BTC
30%+ pullback was a common theme last uptrend & great opportunity to buy at confirmed support
Everyone still wants $8k… & could happen
But ignoring to buy a 35% pullback on the best performing asset over the past ten years b/c it "may" hit 10% lower
Good luck pic.twitter.com/kSakBl2jnW
— Josh Rager (@Josh_Rager) August 2, 2019

Binance boss Changpeng Zhao echoed the sentiment when he quipped “Slap yourself, if you sold $BTC under $10,000.”
Elsewhere on Crypto Markets
Bitcoin’s dominance surge has left altcoin markets battered and bruised as most of them are in decline this morning. Ethereum has made a little gain and is back above $220 but there is very little going on in this camp to inspire confidence at the moment.
XRP has retreated again and is back at a lowly $0.315 and Litecoin has lost fourth place as LTC dumps to $95. Halving is only two days away but there is no sign of any last minute rush to buy Litecoins. As a result Bitcoin Cash has retaken fourth with a 2 percent gain to $336.
Monero is one of two only other major cryptocurrencies making a gain as XMR adds 5 percent. Chainlink it’s the other with a huge fomo pump of 23 percent on the day.
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Another All-Time High For Bitcoin Hash Rate

The Bitcoin network is growing from strength to strength. One measure of this is hash rate which is the equivalent of network horsepower, and this metric has just reached another milestone.
Bitcoin Network Keeps Cranking
Hash rate in simple terms is the speed at which computers on the network operate. For miners, the higher the better, as it increases the chances of completing the mathematical problem to solve the block and collect the resultant block reward.
This metric measures the number of hashes per second Bitcoin miners are performing on the network. This rate of computing power has been steadily increasing since Bitcoin’s inception and a couple of days ago hit another new milestone of almost 80 EH/s.
According to Bitinfocharts.com hash rate hit 78.9978 EH/s on July 29, marking a new all-time high for the network.
BTC hash rate – Bitinfocharts.com
During Bitcoin’s price peak in mid-December 2017 the hash rate was only around 15 EH/s which means the computing power on the network has grown by over 400 percent since then. A higher hash rate also bolsters network security as it becomes harder to carry out a 51% attack. Bitcoin rationalist, Stephen Cole, pointed this out.
“The higher the hashrate, the more costly attacks become. Security of the network continues to increase!”

Bitcoin's mining hashrate just hit a new all-time high.
The higher the hashrate, the more costly attacks become. Security of the network continues to increase! https://t.co/CJujjEnc1H
— Stephen Cole (@sthenc) July 31, 2019

BTC Transactions Also High
Another sign of growing adoption and network strength is the transaction count. As it stands 2019 is primed to be the highest year for Bitcoin transactions since its inception, eclipsing even those during the big 2017 bull run.
A recent tx high was hit in May this year when it topped 450,000 per day. The all-time high for daily Bitcoin transactions was in mid-December 2017 when its price pumped to $20,000. The tx figure then topped 490,000 so the recent high was not far off.
According to founding partner at Adamant Capital, Tuur Demeester, bitcoin is also nearing its billionth dollar charged in transaction fees.

Measure of success as a settlement layer: https://t.co/j9LAXPaArn
— Tuur Demeester (@TuurDemeester) July 31, 2019

Litecoin Hashing Higher as Halving Nears
Mirroring big brother’s network is Litecoin which also posted a new hash rate high last month. According to the charts LTC hash rate hit 523.8173 TH/s on the July 14. Litecoin has had a lot of momentum recently as halving events are usually bullish. The block half reward reduces in less than five days but it appears that most of the fomo has already fizzled out as the digital asset struggles to top $100.
At the time of writing both Bitcoin and Litecoin were leading daily gains on crypto markets. BTC was trading up 2 percent at $9,970 while Litecoin was up 4 percent at $97 after briefly touching three figures a few hours ago.
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Bitcoin Continues Its Retreat As Altcoins Blindly Follow

In a largely predicted move, Bitcoin has fallen back below five figures once again. Even more predictable is the altcoin action as they too are all in the red during this morning’s trading session.
Bitcoin Dips Towards $9,600
Yesterday’s pump to $10,200 was short lived. Bitcoin only spent 12 hours trading above $10k before a big red hourly candle dropped it back once again. The 12 hours that followed saw a steady retreat ending in an intraday low of $9,650. Since then BTC has recovered a fraction to trade at just below $9,800.
BTC price 24 hours. Coinmarketcap.com
There is support here with a lower level around $9,200 where BTC fell to last week. To keep the trend intact a lower low must be made which will send the asset back to $9,000. Daily volume has also fallen back to $15 billion but market dominance remains just over 67 percent.
Traders are starting to notice the movements in BTC dominance and some are wondering whether it will have any effect on the altcoins.
“$BTC is up, #bitcoin dominance is down? Just very recently before bitcoin started its growth #altcoins started to grow a bit before it”

$BTC is up, #bitcoin dominance is down? Just very recently before bitcoin started its growth #altcoins started to grow a bit before it pic.twitter.com/RPgTclf8qO
— CryptoHamster (@CryptoHamsterIO) July 26, 2019

The range bound trading without any clear direction does not appear to be instilling interest at the moment as pointed out by analyst ‘Crypto Rand’;
“After analyzing #Bitcoin and #Ethereum on different timeframes, same conclusion: sitting on my hands. The current range and volume condition lack interest for trading. Patience is a virtue.”
The bears appear to have the upper hand at the moment and the general consensus of opinion among traders and analysts on CT is one of further declines for the coming months with a possible floor in the $7k to $8k region.
Altcoins In The Shadow
As usual the altcoins are blinding following their leader and are mostly in decline as we round out another week of crypto trading. Total market capitalization has shrunk by the same amount it grew yesterday, $10 billion.
Ethereum is still weakened with a further 3 percent lost today as it drops back to $217. Since its peak of the year ETH has corrected 38 percent. Comparatively, Bitcoin is currently at a 30 percent correction. XRP is down a percent or so to $0.315 and Litecoin has lost a couple falling to $93. LTC halving is now only ten days away but it seems that the fomo has all dried up for this asset.
Bitcoin SV, Tron, NEO and Cosmos are all dropping 3 percent today and only Bitcoin Cash and Cardano are in the green with 1.5 percent gained each. It could well be another quiet weekend for crypto markets.
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Bitcoin Outperforms Traditional Assets For Legendary Fund Manager

Legendary hedge fund manager, Bill Miller, can boast bumper performance for including Bitcoin as part of his investment strategy. A fund launched three years ago has posted impressive gains this year according to reports.
Bitcoin Boosts Fund 46 Percent
A Bloomberg report has cited an investor document revealing that the fund launched by Miller three years ago has made 46% so far this year. It then quipped;
“That’s enough to make plenty of people in the hedge fund industry jealous.”
Miller spent three decades at American investment management firm Legg Mason where he selected beaten-down securities that trade at a large discount to their intrinsic value. The Bitcoin bull bet right this time with a bullish wager on the king of crypto. The document suggests that BTC’s performance this year is largely responsible for the impressive fund gains.
Bitcoin started the year trading at a lowly $3,800 and surged over 260 percent to an eighteen month high of $13,800. Even including the current 30 percent pullback, BTC is still up over 150 percent so far this year.
Those impressive figures have made it one of the top performing assets, outpacing traditional investments such as stocks, commodities and real estate. By comparison, gold – which is trading at a six year high, has only made 11 percent since the beginning of the year.
Miller also made investments in Amazon, security systems firm ADT Inc, and Avon Products Inc. The fund has assets of $126 million with Miller overseeing $2.3 billion in total from his Baltimore-based firm. Bloomberg added that the fund has been volatile over its short lifespan. It soared 182% in its first full year of trading in 2017, but lost 34% last year as stocks slid.
Miller is also doing well in the world of mutual funds. The Miller Opportunity Trust, which has $1.5 billion in assets, is up 18% this year through, outperforming almost 90% of its peers according to the report.

imagine that – bitcoin driving alpha! https://t.co/6ZGtVPqXCw
— Meltem Demirors (@Melt_Dem) July 25, 2019

BTC Still In Retreat
Since its 2019 high in late June BTC has retreated around 30 percent to current prices. The doom mongers are cheering but the pullback has been expected, and largely anticipated. Over the past 24 hours Bitcoin has dipped back below five figures in a fall to $9,650. Failure to return to $10,200 or above will result in further losses back to support which currently lies around $9,200.
Traders and analysts are expecting these declines with several eyeing the $8,000 level as a buyback zone. Most are also of the opinion that the longer term outlook is good and BTC could well hit a new all-time high as the halving approaches in May next year.
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Research: Bitcoin Provides Great Diversification Benefits For Multi-Asset Portfolios

New research by the world’s top crypto exchange, Binance, indicates that portfolios that include Bitcoin exhibited overall better risk-return profiles than traditional multi-asset class portfolios.
Binance Research Delves Into Portfolios
The research division of Malta based Binance has been analyzing different portfolio structures to ascertain the differences in risk-return profiles.
“#Binance Research analysis shows that including $BTC in traditional multi-asset class portfolios provides overall better risk-return profiles.”

Portfolio Management Series #1 – Diversification Benefits with #Bitcoin#Binance Research analysis shows that including $BTC in traditional multi-asset class portfolios provides overall better risk-return profiles.
How much of your portfolio is Bitcoin?https://t.co/s8MFE42sfl
— Binance Research (@BinanceResearch) July 25, 2019

The study concluded that for a decade, Bitcoin has been an extremely volatiles asset exhibiting large drawdowns. Conversely it has also had some of the largest price rallies in recorded history. Additionally there has been no significant correlation between BTC and other traditional asset classes such as commodities, equities, or fixed-income products.
Bitcoin has a number of advantages from a trading perspective as it is one of the most liquid assets on the planet. With consistently low spreads and high volumes trading venues are consistently being arbitraged it added. The report added:
“Binance Research simulated different Bitcoin allocation techniques in existing diversified multi-asset portfolios. All simulated portfolios which included Bitcoin exhibited overall better risk-return profiles than traditional multi-asset class portfolios. These results show that Bitcoin provides active diversification benefits for all investors worldwide, following multi-asset strategies.”
New institutionally focused investment products and crypto custody solutions have made Bitcoin an essential asset to be included in any portfolio for its diversification properties.
It is no surprise that BTC was declared highly volatile with annual returns in four figures for three of its ten year existence. Only in 2014 and 2018 did Bitcoin show a loss year on year. Because it is a nascent technology and asset with a null starting value it has experienced wild price fluctuations.
The report added that volatility is likely to decrease as the industry matures and new institutional products such as Fidelity Digital, ETFs, and mutual funds are launched. Expanding on correlation, the research compared BTC returns with other traditional assets such as the S&P 500, FTSE 100, oil, gold and silver. It concluded that Bitcoin would be a very good choice for those seeking diversification since it remains uncorrelated with all other non-crypto financial instruments and asset classes.
The research was Binance’s first report in a series on portfolio management. Irrespective of preferred asset class, BTC was found to provide diversification benefits leading to an improved risk-return profile for investors. It concluded that despite the simplicity of the strategies described, they all provided overall positive results from a risk/return perspective.
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Bulgaria Big On Bitcoin As Reserves Could Exceed Its Gold Stash

There is a growing trend across the world for nations to stock up on reserves of assets as a hedge against fiat and influences beyond their control. Gold is the standard but Bitcoin is rapidly catching up and one nation now has reportedly more BTC than their gold reserves. As further investigation reveals, however, this may not have been a state orchestrated move and appears to be still one that they are trying to deny.
First Nation to Exceed Gold Reserves
Bulgaria has become the first nation in the world to hold more Bitcoin than it has gold. According to reports the country holds more than 200,000 BTC, worth around $2.1 billion at today’s prices. In comparison it only has around 40 tons of gold which is currently valued at around $1.8 billion.
A press release by the Southeast European Law Enforcement Centre (SELEC) in May 2017 revealed that Bulgarian authorities had half a million dollars’ worth of BTC at prices back then. With the recent rally their Bitcoin stash is now worth more than their gold reserves.
The release was part of an investigation into organized crime and the investment into digital assets, it added:
“It was determined that the members of the organized crime group invested the money obtained from these illegal activities in bitcoins, around 200,000 being discovered in the virtual space.”
The investigators were able to determine that exactly 213,519 BTC and a substantial amount of cash was seized in the raids. As a result, the Bulgarian government now has over $2 billion worth of digital currency.
Stash or No Stash?
The original story was reported at the end of 2017 but the government remained rather coy about their Bitcoin holdings. Several conflicting stories emerged, one asserting that the Bulgarian Interior Ministry sold the stash to fund a new air force squadron. This was refuted by various crypto media outlets.
Trustnodes has delved deeper into the saga to reveal that the press release still stands and that authorities did manage to get hold of 200,000 Bitcoins. Politicians in the country may still deny that there is any crypto stash but the immutability of blockchain transactions may prove otherwise.
The reluctance to reveal the addresses is likely to dispel and claims that there are no BTC holdings. The proof will eventually be discovered on the chain but in the meantime the Interior Ministry has said, that there are court cases, prosecutions, and further investigations which explains their disinclination to spill the digital beans.
Until Bulgarian politicians can prove otherwise, the SELEC report still stands so it would not be so outlandish to assume that Bulgaria still has more Bitcoin than gold, making it a world’s first.
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A Week of Bitcoin Volatility Expected as BTC Consolidation Prolongs

With a neutrally closing weekly candle traders and analysts are expecting this week to be a little livelier for Bitcoin. The weekend saw a little action but gains could not be maintained as BTC and altcoins fell back into their channels.
No Progress Over $11k For Bitcoin
Late Saturday/early Sunday saw BTC rise back to tap $11,000 but it only remained there for a couple of hours before sliding back to an intraday low of just below $10,400. Daily volume has tailed off quite a bit over the weekend, however, and is now down to $16 billion as markets remain range bound.
BTC is back at the same price it was this time last month and analysts are expecting a little more volatility this week after some lengthy consolidation. The longer Bitcoin consolidates the bigger the next move usually is. This was observed by ‘Chonis Trading’ on crypto twitter earlier.
“The Longer #bitcoin takes to consolidate the Bigger the next move becomes … $BTC is the same price it was exactly a month ago… the next break should happen quicker and larger than the last…”

The Longer #bitcoin takes to consolidate the Bigger the next move becomes … $BTC is the same price it was exactly a month ago… the next break should happen quicker and larger than the last… pic.twitter.com/fJXC9mG3Rp
— Chonis Trading- (@BigChonis) July 22, 2019

Boomerang Capital Inc expects a move to the downside for Bitcoin following the rejection of $11,000 over the weekend.
“#BTC bulls attempted to push back this week. As of now have yet to produce anything serious. We expect price could drop lower after being rejected at the critical junction at 11k. Long term spot buyers, get your fiat ready for buys in the mid 8000s down to the mid 7000s.”
From a technical standpoint the Bollinger bands are starting to squeeze as trader and analyst Josh Rager pointed out after the close of the weekly candle.
“Weekly/daily close was neutral. Closed in the range between primary support/resistance levels. But volatility expected to happen this week, BBands starting to pinch on 4 hour. Hopefully we get some live action on the charts to start the week”

$BTC (mobile view)
Weekly/daily close was neutral
Closed in the range between primary support/resistance levels
But volatility expected to happen this week, BBands starting to pinch on 4 hour
Hopefully we get some live action on the charts to start the week pic.twitter.com/ZUdBIdLElg
— Josh Rager (@Josh_Rager) July 22, 2019

Analysts are generally mixed as to the next direction. With the regulatory pressure off for now, and Bitcoin just having cycled a 33 percent correction from $13,800 to $9,200, some are expecting a move to the upside.
Last week’s congress hearings were generally considered as bullish for Bitcoin as their angst was largely focused on Facebook and its global domination plans. The CFTC investigation of BitMEX was bad news for them but BTC did not blip on the news.
Over the past seven days total crypto market capitalization has ranged between $260 and $290 billion. As we begin another trading week it is towards the top of that range with all eyes on Bitcoin for its next big move.
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Japan Developing SWIFT Type Crypto Payment Platform

The Japanese government has started developing a crypto payments platform similar to SWIFT according to reports. The effort has come as part of a wider spread initiative to combat money laundering.
SWIFT Not So Swift
According to Reuters, citing ‘a person familiar with the plan’, the international network for crypto currency payments will rival SWIFT which is the current standard. The existing service links over 11,000 financial institutions in more than 200 countries and territories worldwide.
However, in today’s modern times, the Belgian head-quartered financial transfer protocol is often considered antiquated and expensive. As a result Japan has joined the likes of Ripple in developing an alternative.
The report added that Tokyo plans to have the network in operation within the few years. Japan will co-ordinate with other nations via the international Financial Action Task Force (FATF) which approved the plan for the new network last month. The G7-initiated intergovernmental organization promotes legal, and regulatory measures to fight money laundering on a global scale.
Japan’s Ministry of Finance and the Financial Services Agency (FSA) proposed the platform as a further effort to secure the transfer of digital assets and help to stimulate its fintech industry.
The east Asian island nation was the first to recognize Bitcoin as legal tender in 2017. It also implemented crypto regulation in the same year and was one of the first countries to officially open its doors to digital assets.
Cryptocurrencies are still in themselves largely unregulated although the exchanges are, and there is concern that consumers will still favor the former over a state controlled transaction system.
Facebook Crypto Concerns Climbing
The news comes just days after the US Treasury Secretary cited illicit activity and money laundering as the curses of crypto currency. Japan could also be joining the growing number of countries concerned about Facebook’s proposed foray into global finance.
The social media giant has certainly rattled a few regulatory cages recently with its ambitions to control user’s financial transactions on a scale similar to its manipulation of their information. Nations of the world are growing wary of a US tech giant backed by a bunch of other US tech giants controlling a dollar backed crypto currency with a potential market of 2 billion people.
The development of an alternative crypto transfer protocol maybe Japan’s effort at safeguarding its own financial economy from outside threats, which Facebook clearly is. Other nations in Asia such as India, China, Russia, and Thailand have also mulled their own central bank based crypto assets to maintain and control of the flow of money across their borders.
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Bitcoin Dominance Taps 70% in Recovery Rally, Are Altcoins Dead?

Bitcoin has made a bit of a recovery today in the wake of comments by US Treasury Secretary Steve Mnuchin. The 8 percent pump has left altcoins in the digital dust again as BTC market share knocks on the door of 70 percent.
Bitcoin Briefly Back at $11,000
This time yesterday Bitcoin was trading very close to $10k after falling below it briefly on Sunday. The king of crypto started to recover during US trading when it tapped $11,000 once again. There was no big dump from resistance and BTC has remained higher than Monday’s levels, trading at around $10,800 at the moment.
Long term trader ‘CryptoFibonacci’ has been eyeing the charts for possible areas of support and resistance and it is clear that just below $11k is one of them. The 50 day moving average is also key and this held during the big selloff over the past couple of days.
“The 38.2 Fib retrace, 10 and 20 ema’s are major resistance. So, it’s pretty simple to me. Get past this, or else.”

$BTC Daily Chart (Coinbase exchange).
The 38.2 Fib retrace, 10 and 20 ema's are major resistance. So, it's pretty simple to me. Get past this, or else.#BTC pic.twitter.com/PYiFnrRZPC
— CryptoFibonacci (@CryptoFib) July 16, 2019

Zooming out still shows an ominous head and shoulders pattern which is traditionally a bearish trend reversal indicator. That said, over the past three months Bitcoin has defied most technical analysis and done its own thing.
BTC Dominance High Is The Norm
Today’s 8 percent pump has lifted market dominance to 69.75% according to Tradingview.com. This equals the high in early December 2017 as Bitcoin was winding up to its big run up to ATH. The previous high was back in July 2017 when market share tapped 77.5%, and before then BTC was the only cryptocurrency.
BTC dominance. Coinmarketcap
Trader and Analyst Luke Martin has pointed out that a high Bitcoin dominance is the norm for crypto markets. For most of its history Bitcoin has dominated over 90% of the market, only in March 2017 did this start to change with the rise of Ethereum and other altcoins.
“$BTC dominance less than 50-60% is rare when comparing to historical average ~ 80%. I expect alt windows to keep happening, but it’s important to note $BTC making up larger share of crypto market is the norm – not the outlier. Alts make a great trade when the macro trend is up.”

$BTC dominance less than 50-60% is rare when comparing to historical average ~ 80%.
I expect alt windows to keep happening, but it’s important to note $BTC making up larger share of crypto market is the norm – not the outlier.
Alts make a great trade when the macro trend is up. https://t.co/ixUmWNm3gw
— Luke Martin (@VentureCoinist) July 15, 2019

At the moment the altcoins are still on the floor, very few have made any effort at recovery from yesterday’s altcoin apocalypse. Total crypto market capitalization is $13 billion heavier today but that is nearly all Bitcoin’s doing.
Only Bitcoin’s two siblings, BCH and BSV are making any substantial moves today as the rival coins add around 10 percent each climbing to $310 and $130 respectively.
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