Make or Break Time For Bitcoin, How Likely is Another Final Capitulation?

Following a little momentum last week Bitcoin spent most of the weekend consolidating. It has been pretty flat for the past fortnight and analysts are now considering the unpopular premise of a final capitulation approaching which would mirror movements from this time last year.
Bitcoin Bulls and Bears Poised
Crypto markets were lifted on Friday which resulted in BTC topping out over $7,600 briefly on Saturday. A Sunday dip to $7,400 was quickly recovered and the best part of the past two days has been spent at $7,500.
BTC price 1 hour chart – Tradingview.com
Since the big dump on November 25, Bitcoin has remained at this level with very little momentum to take it higher. There have been two green weekly closes but nowhere near enough to cancel out last month’s massive red candles.
Sentiment is generally mixed at the moment with a number of analysts eyeing the possibility of another final capitulation as charts are beginning to mirror patterns this time last year when BTC dumped into the $3k zone.
Trader and analyst Jacob Canfield polled some of his followers to gauge sentiment of the two opposing groups of Bitcoin bulls and bears.

Bitcoin opened and closed within a half of a percent yesterday.
There are currently two groups of people I see currently: 1: This feels like November Before the massive break down
2: This feels l like December at the bottom
Which one are you?
— Jacob Canfield (@JacobCanfield) December 8, 2019

Unsurprisingly things were very close from the 1,500 or so respondents at the time of writing with just over half of them bullish. Another sentiment measure is the BTC fear and greed index and that is still registering a fearful 28 at the moment.
Any move south from here is likely to retest the $6,500 level first. A final capitulation however could see prices plunge to $5k which is where the 200 week moving average lies and the first level of resistance on the upside of the rally in April.
When Halving Pump?
Eventually though, halving FOMO will start to kick in as mathematical scarcity notion takes a grip. There is usually a little momentum in the lead up to the event but we still have around six months to go. A final shake out could be the last good buying opportunity before a bull market after the halving in 2020.
Replying to a chart comparison, trader and analyst Josh Rager noted that this still feels like the accumulation phase that occurred last year.

Current $BTC chart vs the 2018 Nov/Dec bottom – accumulation phase https://t.co/0efnzyecyJ
— Josh Rager (@Josh_Rager) December 9, 2019

It is also highly likely that this consolidation could continue until after the New Year as traders take a break over the festive period.
Either way, if history rhymes there will be a big upside push for the halving as there has been for the past two. Economic principles like stock to flow models are hard to ignore, especially when the banks of the world are trying their hardest to devalue traditional currencies.
Whatever happens in the short term for Bitcoin should not deter investors but it may irk the day traders who are largely responsible for all of this volatility in the first place!
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Was The Bitcoin Pump and Dump More Market Manipulation?

Bitcoin has spent the best part of this week in a declining channel as it grinds lower towards $7k. A brief flurry of activity in late trading yesterday saw the digital asset surge over $500 in less than an hour. Six hours later it dumped the same amount which was music to the ears of the crypto critics.
Bitcoin Pump and Dump
Losses were starting to accelerate this week as BTC dipped below $7,100 according to Tradingview.com. Since the weekend high of $7,850 the king of crypto has dumped almost 10% as the bears return to the markets.
During late trading yesterday one huge candle saw Bitcoin surge $550 to wick out at $7,760. It instantly fell back to around $7,480 where it held for around six hours. What followed was a massive dump back to $7,100 resulting in a chart patter than looks very suspect.

Since then the digital asset has returned to $7,300 as the down trend has resumed. Sentiment has turned south and analysts are forecasting a dump into the $6k zone before the year is out. Indicators are mostly bearish so these minor moves are of little consequence in the grand scheme of things.
The move was music to the ears of serial Bitcoin detractors such as Peter Schiff who wasted no time harping on about market manipulation.
“Bitcoin pump & dumpers are losing their mojo. They managed to pump the price by $550 in one minute, a 7.5% spike. Yet the dump reversed the entire pump with an 8% drop in just 7.5 hours. If #Bitcoin pumpers can no longer sucker in new buyers the game is over. Look out below!”

Bitcoin pump & dumpers are losing their mojo. They managed to pump the price by $550 in one minute, a 7.5% spike. Yet the dump reversed the entire pump with an 8% drop in just 7.5 hours. If #Bitcoin pumpers can no longer sucker in new buyers the game is over. Look out below!
— Peter Schiff (@PeterSchiff) December 4, 2019

The comment was followed by a number of ageing posters who agreed with him claiming ‘Bitcoin is dead’, and the usual stack of memes from those that didn’t.
One possible explanation offered involved another Tether print.
“The pumps are often from Tether prints. They mint Tether & buy BTC w/ them. This pumps/holds the price. They then dump the BTC for non-Tether assets/fiat. As the market saturates w/ T they need to print more to continue that game. Who knows how much they’ve pocketed already.”
The USDT market cap chart was a little spurious yesterday with a dump to $4.07 billion followed by a pump to $4.14 billion. Volume also jumped from $18 billion to $24 billion indicating that Tether was highly influential in the movement.
It is also possible that mass liquidation of contracts on BitMEX may have caused it but either way it has happened before and is just part of the nature of crypto markets.
Bitcoin is volatile and for those that don’t like it, and there are many of them, sticking to safer, slower moving assets would be recommended.
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Thailand and Hong Kong in Crypto Collaboration With Cross Border Token Project

Central banks are increasingly looking towards more efficient payment methods and crypto tokens are filling that role. Thailand and Hong Kong have just announced a joint agreement to utilize digital currencies to facilitate quicker payment in bilateral trade.
Cross Border Crypto
Central banks are beginning to realize that the options for cross border payments are woefully dated, painfully slow and ridiculously expensive. Yes, we’re talking about SWIFT.
The explosive growth of the crypto industry, which is really only a few years old, has highlighted how easy, fast and cheap it is to send money across international borders via a secure and immutable distributed ledger.
Nations, especially in Asia, are looking towards crypto to ease the process of sending finances overseas and Thailand and Hong Kong are the latest to embrace the embryonic technology.
According to reports, the two nations have entered an agreement to roll out a two-tier digital token as part of the process to create a prototype for cross-border transfers. The initiative has been dubbed Project LionRock-Inthanon and the first tier involves the issuance of a crypto token to participating banks.
According to the Hong Kong Monetary Authority (HKMA), the second tier involves the banks distributing these crypto tokens to their corporate customers for settling wholesale payments. The fintech collaboration between the HKMA and the Bank of Thailand was established in May.
The two nations have bilateral trade worth an estimated $US20 billion per year and the new system will give businesses a competitive edge over inflated exchange rate mechanisms between the two currencies.
Project LionRock is focused on streamlining cross-border transfers and payments between banks and companies rather than replacing cash as the People’s Bank of China intends to do with its crypto yuan. HKMA senior executive director Edmond Lau added;
“The prospect of issuing a central bank digital currency for retail purpose in Hong Kong is limited, as we have so many retail payment services (ranging from) credit card, debit card, and (others),”
He continued to state that the HKMA and Bank of Thailand will announce more details on their proof-of-concept study during the first quarter of 2020. Thailand’s central bank has already been researching its own central bank digital currency (CBDC) under ‘Project Inthanon’. The initiative involves banks such as HSBC, Standard Chartered, and a number of Thai banks including Kasikorn Bank and Krungthai Bank.
The Kingdom has recently opened its doors to crypto currencies by amending regulations to favor the industry and innovation.
Not Using Ripple
The system appears to be similar to that offered by San Francisco based fintech firm Ripple. The company’s loyal followers, also known as the ‘XRP Army’, have been insistent that banks will be using their token. This latest announcement proves that they are more likely to just develop their own rather than rely on one controlled by a third party.
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Ethereum Network Activity, DeFi Still Growing, When Will ETH Prices Follow?

Fundamentally Ethereum is going from strength to strength. Network activity is up, development is on track, an upgrade is imminent, and DeFi is hitting record figures. Yet ETH prices have fallen again so what is going on?
Ethereum Network Strengthens
Despite a flurry of FUD from Bitcoin maximalists and rival network supporters, Ethereum is still the second largest crypto asset for good reason. There are several methods to measure network health, hash rate is one and activity is another.
According to blockchain analytics research in just the past 24 hours over 70,000 new addresses were created on the Ethereum network. Additionally there were almost 245,000 active addresses which prove that things are still ticking along nicely.

A good measure of the healthiness of a crypto-asset is the network activity
In #Ethereum during the last 24hours: 70.71k New Addresses were created 23.94k Addresses left the network There were 244.7k active addresses
The network keeps growing#eth #crypto #blockchain pic.twitter.com/zmL5VIYeqI
— intotheblock (@intotheblock) December 2, 2019

A roundup of last month’s activity on Ethereum also shows things strengthening for overall network health. Positive metrics include over 9 million blocks mined on Ethereum, 15.6 million addresses with a greater than zero account balance, and solid growth in dApp usage including a record number of ERC-721 transactions on Gods Unchained, a popular digital trading card game.

#Ethereum by the Numbers:
9M+ blocks mined on @ethereum.6 EIPs scheduled for Istanbul. 7M+ @GodsUnchained transactions. 4M+ $DAI locked in @MakerDAO.$500M+ locked in #DeFi.2.6M+ @trufflesuite downloads. $2.7M+ @gitcoin platform value.
BOOM. https://t.co/3Vz4RxP9jX
— Joseph Lubin (@ethereumJoseph) December 2, 2019

One of the biggest events in November was the MakerDAO protocol upgrade creating a Mulit Collateral DAI which now accepts both Ether and Basic Attention Token (BAT) as collateral for Dai generation.

2 weeks after @MakerDAO's upgrade to "Much Cooler" Dai, around one third of the supply has been converted. source: https://t.co/SWJPT9dCc3 pic.twitter.com/cTOMXfw0Y0
— DeFi Pulse (@defipulse) December 2, 2019

DeFi Breaking Records
Despite the 50% slump in total crypto market capitalization over the past six months, Ethereum based decentralized finance continues to grow.
The total amount of ETH locked in DeFi protocols has reached another all-time high at 2.7 million, slightly higher than last week’s record. This equates to almost 2.5% of the entire supply. In USD terms it is just over $670 million.

Honey badger don't care 2.7 MILLION ETH Locked in #DeFi pic.twitter.com/GmHxD1BFlg
— DeFi Pulse (@defipulse) December 2, 2019

Why is ETH Dumping?
The only thing not so positive about Ethereum at the moment is its price. According to Tradingview.com Ethereum has fallen below $150 again. A few hours ago ETH dumped to $147 before a slight pullback as it struggles to hold on to support.
Over the past month ETH has dumped almost 20% as it blindly follows its big brother back into the digital doldrums. On a brighter note the asset is still trading 37% higher than it was this time last year. During those long cold crypto winter months ETH dumped to a bottom of around $85.
Istanbul is due in less than five days according to the countdown and it will introduce 6 EIP’s that deal with network security and gas cost reductions. The important thing however is the upgrade is a precursor to a major shift to ETH 2.0 as the first phases of Serenity can then start getting rolled out.
There may have been delays to the Ethereum roadmap, but development is still pressing ahead and the network is still strengthening so current token price is no way indicative of the bigger picture.
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No Bitcoin Capitulation This Year Could Indicate BTC Bottom Is In

Bitcoin continues to crank higher as we end the weekend rounding out a week of gains. The move has led analysts to question whether the dump to $6,500 was the bottom and a trend reversal has finally begun.
Bitcoin Edges Towards Resistance
There is still a long way to go before any measurable trend reversal can be confirmed. Today has been another of gains as BTC topped out at $7,850 a few hours ago. Glancing at the five day chart would paint a very bullish picture.

Zooming out to look at the whole month however tells a completely different story. Bitcoin has dumped almost 30% in November to bottom out in the mid-$6k zone. Since that trough on Monday it has recovered almost 20% but still has a lot of work ahead.
The next significant resistance zone is around $8,200 and beyond that it needs to push above $9k for technical indicators to start turning bullish.
Analysts have noted that unlike in 2018 when BTC dumped 50% in a matter of days, there has been no capitulation this time around, just a steady sell off over five months.
“Bitcoin has been down 50% since June, but there has not been any type of capitulation (like what we saw last November/December)”

Bitcoin has been down 50% since June, but there has not been any type of capitulation (like what we saw last November/December)
That’s something to always be prepared for in the back of your mind
Even another 40% down would set BTC up for a really nice higher low on weekly
— Crypto Capital Venture (@cryptorecruitr) November 29, 2019

A further 40% down from these levels would put Bitcoin in the $4,600 area which is still higher than the 2018 bottom. This would entail a total correction of 67% however and cause a lot of anxiety within the industry.
Still, this correction would not be as heavy as last year’s when BTC dumped 84%. The crypto winter instilled a stronger sense of hodling which may be why the asset will not repeat those lows and could well have been at the bottom already for this bear run.
Day traders are enjoying these short term pump and dumps but those in it for the long run are looking for accumulation areas.
Elsewhere on Crypto Markets
Since Monday’s seven month low, total crypto market capitalization has grown by $30 billion, or 17%. While this sounds impressive, the overall trend is still bearish since markets have lost 24% since the beginning of November.
Since the beginning of the year things are still in the positive zone but that is largely due to Bitcoin. Most of the altcoins have lost all of their gains this year falling back to January levels. Some, such as XRP are at their lowest levels for two years.
Ethereum is another lack luster crypto asset as it fails to gain any independent momentum despite a network upgrade next weekend and a growing DeFi ecosystem. ETH prices are still low at $155 which is where they were back in early January during the depths of crypto winter.
This year’s bottom could have been in this week, but Bitcoin’s next direction will confirm it.
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DeFi Don’t Care: Ethereum Investing Reaches Record Levels

Crypto markets may end the year battered and bruised, down 50% from their 2019 highs, but decentralized finance continues to grow as another record has been hit this week. Ethereum investing is moving on to another level and there are no signs of bearish influences in that ecosystem.
Decentralized Finance on Ethereum
DeFi has continued to show growth this year despite the bears returning to cryptocurrency markets. The concept involves locking Ethereum into smart contracts to earn interest on decentralized lending markets. It is not as volatile as trading the asset directly and would suit those that prefer lower risk with their digital investments.
According to Defipulse.com the amount in dollar terms locked into decentralized finance hit a new all-time high yesterday of $685 million.

Crypto markets have pumped and dumped this year with total market capitalization falling back below $200 billion again this week. Most altcoins are still in free fall and have wiped out nearly all gains made in 2019 and the down trend is still very much intact.
Conversely, DeFi has grown by 150% this year and a continuation of this trend could see the amount locked in hit a billion dollars by mid-2020.
Ethereum is the largest asset contributing to this new world of decentralized finance. The amount of ETH locked up also hit a new high yesterday at 2.7 million ETH, or 2.5% of the entire supply. The total value in ETH locked in DeFi also made new ground at just under 4.5 million and November has seen levels surging despite a dump in token prices.
Trust is building in the embryonic ecosystem as the increased use is coming from new investors or existing ones funneling more money into their smart contracts. Former Bloomberg correspondent Camila Russo noted the milestones on her ‘Defiant’ blog;
“This increased activity is more significant as it happened as the cryptocurrency market slumped. It’s a sign users of decentralized finance platforms are confident Ethereum’s cryptocurrency ether will rebound as they’re willing to continue using it as collateral for their loans and other trades.”
She also noted that this new financial system is not correlated with the peaks and troughs of the crypto market cycles. Referring to DeFi as the ‘new honey badger’ Russo added that it doesn’t care about crypto markets and coin prices.
ETH Price Update
With Istanbul approaching in just over a week’s time, the Ethereum network is about to get an upgrade. This, the eighth hard fork, is a precursor to the long awaited migration to ETH 2.0, a new consensus model, and resolution of scaling issues that have long plagued the project.
At the moment Ethereum prices are still slumbering just above $150 and the asset is still despondently anchored to the movements of its big brother.
With a continued growth in the DeFi ecosystem and Serenity just around the corner, it is hoped that Ethereum can finally stand alone in the world of digital finance.
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VC Investor: 3 Reasons to Not be Concerned With Ethereum Scaling

Ethereum has come under fire this year over scaling issues and longevity of the project. There will always be the detractors which support rival crypto platforms and the phalanxes of Bitcoin maximalists believing that BTC is the only fruit. One prominent VC investor sees no reasons to be concerned with ETH scaling issues.
Ethereum Scaling Not a Problem
There is a lot of work going on under the hood on the Ethereum network at the moment. The project has more developers than any other competing platform yet serial detractors continue to bash it. VC investors and former project manager at Coinbase, Linda Xie, is not worried as she recently explained.

People often say they're concerned about Ethereum scaling. My thoughts: 1) Eth 2.0 progress is coming along nicely 2) Great teams working on other promising solutions e.g. Optimistic & ZK Rollups 3) Certain use cases can take off that don’t require significant scaling e.g. DeFi
— Linda Xie (@ljxie) November 26, 2019

The first reason is that all scaling issues are likely to be solved with ETH 2.0. The development work on Serenity is progressing as planned Xie pointed out. The first step to the next iteration of the network will be Phase 0, Beacon Chain implementation.
Version 0.9.2 of the Phase 0 spec was released a few days ago with further tweaks to the system. Testnets such as the one from Prysmatic Labs continue to put Beacon Chain through its paces to ensure a smooth rollout to mainnet later next year. Istanbul must come first though and that hard fork has been scheduled for December 8 or thereabouts.
Phase 1 will be sharding implementation which will follow once Phase 0 has been successfully deployed. This will split the data processing responsibility of the blockchain among many nodes, allowing parallel transaction, storing, and processing of information which eases the load on the Ethereum mainchain and permits scaling.
Phase 2 which is even further down the roadmap includes the introduction of a new Virtual Machine – Ethereum-flavored Web Assembly (eWASM). This would allow web standard (W3C) smart contracts written in any language to be executed on Ethereum.
Xie added that there are great teams working on other promising solutions such as Optimistic and ZK Rollups. Optimistic is a promising technology for scaling general-purpose smart contracts on Ethereum in the near term while ZK Rollup is a more sophisticated technology which can be used for token transfers and specialized applications today.
Thirdly the Scalar Capital co-founder added;
“Certain use cases can take off that don’t require significant scaling e.g. DeFi”
DeFi has been touted as the future of decentralized finance and a system that is long overdue in a world where banks are drowning in their own debts. Even with the Ethereum price dump, DeFi markets continue to grow.

.@InstaDApp is having a good week! Over 63K ETH locked (+28%) today alone pic.twitter.com/FdHdDVYKee
— DeFi Pulse (@defipulse) November 26, 2019

With all of Ethereum’s scaling solutions and a healthy decentralized finance market there really is nothing to be concerned about. Price on the other hand is a little hard to swallow at the moment, but with ETH wallowing around the $150 level and a bright future ahead, it can only go one way in the long term.
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Do Bitcoin Trend Lines Indicate a Possible Thanksgiving Rally?

Following a dip into the mid $6k zone as predicted, Bitcoin has recovered back above $7k. Analysts have been looking at trend lines to determine if there is any hope of a Thanksgiving or Christmas rally.
Talking Bitcoin Trends
Following its big dump to $6,550 earlier this week, Bitcoin has returned to its consolidation zone in the low $7,000s. The asset has moved back above the 50 hour moving average and has been sideways for a couple of days facing resistance above $7,200.

Since the same time last week BTC has lost 12% and the charts are still looking ugly. The 200 day moving average appears to be leveling out and could start to turn south if the down trend continues. The last time it did this was in May 2018 and a year of losses followed.
The weekly chart is also looking ugly with the first candle forming below the 50 week moving average since April. The 200 week MA which provided major support during the crypto winter is currently at $5k which could be the ultimate bottom for this bear movement.
Analysts and traders have been eyeing trend lines for the possibility of a rally for Thanksgiving or Christmas. Josh Rager has pulled out a five year chart noting that Bitcoin is still in a strong uptrend, but that line is now being tested.

$BTC Pre-Thanksgiving hopium
Show me your best trendline pic.twitter.com/boI7kh1MTU
— Josh Rager (@Josh_Rager) November 26, 2019

Linear charts in the shorter time frames are largely bearish but longer term logarithmic projections remain bullish. A bounce off support at 2018’s most traded price, $6,500, could signal that this was the bottom. Bitcoin needs to hold above $7k for a few days though if any further gains are to be measured.
Trend lines can be measured any which way you please as these two charts indicate. One is extremely bearish and the other shows the complete opposite.

WTF Bitcoinhttps://t.co/6vKPnQbWBK
— Alistair Milne (@alistairmilne) November 26, 2019

The Bitcoin fear and greed index is still planted in the ‘extreme fear’ zone suggesting that there is still strong bearish sentiment. The doom merchants have predictably emerged from their caves to spread their FUD as they do every time BTC posts major declines.
Not all are completely negative though as the Bollinger Bands inventor himself, John Bollinger, remains bullish for Thanksgiving week;
“Turkey week bottom in crypto space? The setup is looking good. $BTCUSD”
Elsewhere on Crypto Markets
The rest of the altcoins are still blindly following their big brother and have bounced off their recent bottom. Total market capitalization hit its lowest level for seven months on Monday with a dump to $180 billion.
Since then crypto markets have returned to $197 billion as a slight recovery occurs across the crypto space. Further consolidation needs to take place around the $200 billion level before any ‘Santa rally’ can be considered.
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A Major Ethereum Upgrade is Imminent: Here Are The Key Points to Remember

Ethereum has had the week from hell. Despite solid fundamentals and a growing decentralized finance ecosystem, the world’s second largest crypto asset has dumped 20% since Monday. A major upgrade is imminent for the ETH network but can it revive prices?
Ethereum Istanbul Imminent
The eighth hard fork for the Ethereum blockchain is upon us and will occur in two weeks’ time around December 6 according to the Istanbul countdown. The fixed block number for the transition is 9069000 and the network upgrade is one of many on the path to Serenity, or ETH 2.0.
ConsenSys founder Joseph Lubin posted an update detailing the changes taking place on the network.

The #Ethereum Istanbul network upgrade is just around the corner!
With 6 new EIPs being implemented, this fork will align opcode computational costs, make layer 2 solutions using SNARKs and STARKs more performant, enable zCash interoperability, and more.https://t.co/nQUvZP8mG8 pic.twitter.com/yS3IaMbr8P
— Joseph Lubin (@ethereumJoseph) November 22, 2019

There will be six Ethereum Improvement Proposals (EIPs) implemented to improve security, interoperability and reduce network costs.
The first, EIP-152, allows easier interoperability between Ethereum and Zcash in addition to other Equihash-based proof of work tokens. This is achieved by implementing the Blake2 hash function. EIP-1108 is involved with precompiling gas costs which will assist a number of privacy solutions and scaling solutions.
EIP-1344 is a security improvement which uses the chain ID to prevent replay attacks between different chains while EIP-1844 reprices certain opcodes, or instruction sets on the Ethereum Virtual Machins, to obtain a good balance between gas expenditure and resource consumption.
Gas costs for calling on-chain data are reduced with EIP-2028. This will have the effect of increasing the bandwidth as more data can fit into each single block. Finally, EIP-2200 also deals with gas costs by providing a structured definition of net gas metering changes for contract storage.
Ethereum holders will not be affected but exchanges and third part wallets may require some additional action according to the article.
There will be further hard forks after Istanbul in the run up to Serenity which will begin with the rollout of Beacon Chain. This is a Proof of Stake blockchain which marks the execution of the long-planned switched from PoW to PoS consensus mechanism. The roadmap has been simplified in this video.

ETH Price Update
It has been hoped that these long awaited network upgrades will bring more security, stability and scalability to the Ethereum blockchain. It is also hoped that ETH prices will get a much needed boost as they’re currently down in the doldrums and have been for much of the past year.
Since this time last week ETH has followed its big brother into the digital abyss and dumped 20%. It dumped to a seven month low of $140 overnight but has recovered slightly to return to support at $150 at the time of writing.
Since Ethereum has failed to decouple from Bitcoin any further losses could see the token plunge down to $135 before any attempt at recovery is made. Fundamentally though things are looking good with upgrades rolling out and a growing DeFi ecosystem at a time when decentralized banking is in great need.
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Will the Bitcoin Price Plunge Further? Analysts Target $6,000

A rough week for Bitcoin is turning into a big hangover at the weekend as the sells keep the pressure on. For the first time in over six months BTC dipped below $7k and further losses are looking likely.
Bitcoin Hits 6 Month Low
The 2019 crypto rally is becoming a distant memory as the year draws to a close. Bitcoin has plunged through several levels of support this week and the altcoins have been annihilated as usual. Crypto market capitalization has shrunk by 16% since the same time last weekend.
It has now dropped below $200 billion which puts digital assets back in crypto winter territory.
According to Tradingview.com BTC continued its downward slide and did not stop at $7k. Support was smashed again and the king of crypto fell into dangerous ground with a wick down to $6,800. This is its lowest level since mid-May when things were all in the opposite direction.

At the time of writing BTC had recovered to find ground just below $7,300 but it is unlikely to remain there for long.
The move has analysts rightly rattled as below these levels there is nothing but a free fall down to $6k or lower.
“$BTC moving a bit faster than I thought. Selling climax isn’t here yet imo. Pray that $6,900 holds bc it’s a whole lotta air until ~$6,000 area”

$BTC moving a bit faster than I thought.
Selling climax isn't here yet imo. Pray that $6,900 holds bc it's a whole lotta air until ~$6,000 area pic.twitter.com/0v6n7LReK4
— Loma (@LomahCrypto) November 23, 2019

With all support over the past six months broken, the next level to hold is $6,800. After this is a painful plunge down into the high $5k level. It is all shaping up for another crypto winter this winter and hopes are being pinned on the halving next spring to inject some life back into crypto markets.
Reuters have reported that a Chinese crackdown has caused the collapse but this is unlikely because Beijing’s stance on crypto is already widely known.
Looking at the bigger picture is the only way to find something positive out of the current situation.

A reminder to keep a focus on the bigger picture for #bitcoin https://t.co/qEMmhQuj7x
— Thomas Lee (@fundstrat) November 22, 2019

Altcoins Frozen Over
There has been no escaping the digital avalanche and the altcoins have been obliterated as usual. Total market cap dumped to $190 billion which is its lowest level for over six months and a repeat of 2018’s brutal bear market is playing out.
Ethereum, which has been holding up well until yesterday, has been smashed all the way down to $150. ETH has not been in this bad shape for 8 months and more pain is likely to come when Bitcoin falls further. $135 is the next level of support for ETH.
Ripple’s XRP has dumped to its lowest level since before the 2017 pump. The token is at a two year low of $0.23 as market cap is about to drop below $10 billion. All of the altcoins have been crushed with most losing 7-8% on the day, barreling back to their 2018 bear market lows.
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Bitcoin Twitter Engagement Tumbles to Two Year Lows as Sentiment Turns Bearish

Love it or hate it, twitter is an integral part of the crypto scene. Sentiment is often gauged by reaction from Bitcoin market analysts and industry insiders who spend their time on the social media platform. Recent charts indicate that overall engagement has declined back to levels as low those two years ago.
Tweeters Go Silent on Bitcoin
The irony is that a lot of what goes on in the cryptoverse revolves around postings on a centralized social media platform. This maybe testament to the immaturity of the scene in that tribalism and infantile bickering is still rife on the platform. The bottom line is that we all want the same thing, and that is the growth of Bitcoin and crypto asset ecosystem for a decentralized financial future.
According to ‘Skew Markets’ twitter engagement for Bitcoin has fallen to lows not seen for two years.

Looks like the bottom is in for the Twitter counts – hodling the fort! pic.twitter.com/pbLP3Hzusv
— skew (@skewdotcom) November 20, 2019

This may not be the case for other crypto assets but Bitcoin at least appears to have fallen out of flavor on the social media platform. The peak came with price in early 2018 when daily tweets topped 150k. Today they’re down below the 20k level according to the chart.
It could be that the space has evolved beyond twitter which would be a good thing since the whole scene there is a bit of a circus, as anyone that uses the platform would agree. Intrusive advertising and unfettered spam and scam attempts are rife which does not make it the best stage for an industry advocating the adoption of decentralized digital assets.
Just like Facebook, twitter controls what people see in their feeds and the whole stream of information is becoming more irrelevant which could explain the lack of engagement. ‘Influencers’ as they’re so called are often only interested in promoting their chosen crypto asset, be it Bitcoin, BCH, BSV, ETH, XRP or whatever.
That said there are a few professional analysts and industry insiders worth following if you have the inclination to sort the wheat from the huge pile of twitter chaff.
BTC Bears Back In Town?
With Bitcoin tumbling back to $8,000 the entire scene has turned bearish again with wannabe analysts shouting about further dumps to $5k or below.
There is also a lot of FUD about miner capitulation as the halving approaches and the possibility of the first ever bearish lead up to the event. One of twitter’s more respected analysts and researchers, ‘PlanB’ has noted that this has also happened before.
“Fact is that 6 months before 2012 halving we were above difficulty model value, in 2016 below, and now spot on.”

Lot of FUD about miner capitulation. Fact is that 6 months before 2012 halving we were above difficulty model value, in 2016 below, and now spot on. Also, I am looking at +2% difficulty adjustment next Thursday. Cheer up! https://t.co/zMdxlteR6Z pic.twitter.com/8OcuVYp70l
— PlanB (@100trillionUSD) November 19, 2019

It could be that twitter engagement is indicative of falling market sentiment, but back when tweet levels were this low in January 2017, BTC was priced below $1,000 and today the scene is very different.
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How Ethereum Is Shaping Up to Be a Digital Finance Powerhouse

The store of value narrative has largely been applied to Bitcoin over the past couple of years. BTC is often labeled ‘digital gold’ and this year’s hodling has proved that people are still willing to hold on to it for a longer term. Ethereum is evolving in a different way but it is also turning into a similar store of wealth as the ecosystem matures.
Ethereum Flips Itself
A recent article from the owner of ETH metrics portal ethereumprice.org has delved into some token utility charts which reveal an interesting trend developing. The charts indicate that Ether currently accounts for less than half of all transactions on the network.

#Ethereum is on course to replace #Bitcoin as a store of value. In less than 10 minutes, here's why:https://t.co/j1jvGmDwQn
— 0xNick.eth (@0xEther) November 18, 2019

According to Coin Metrics data there are roughly 300,000 daily ERC-20 transactions compared to about 290,000 ETH transactions. Ethereum appears to have flipped itself.
The Ethereum blockchain has a vibrant and active token economy which is clearly growing as this trend indicates. The report added that ‘Ethereum’s native token has passed on the torch to assets with greater transaction utility than its own.’
This could leave ETH investors scratching their heads wondering where the next price action momentum is coming from. If Ethereum is not being used for transactions, where is the utility coming from?
Ethereum is evolving and a new ecosystem is forming called decentralized finance. As Bitcoin has turned from peer-to-peer digital cash into digital gold, Ethereum is also moving into the realms of a store of wealth rather than a utility token.
The DeFi ecosystem is embryonic at the moment but has shown monumental growth this year as more ETH is staked onto lending and borrowing platforms managed by smart contracts. According to defipulse.com there is currently 2.5 million ETH locked in DeFi which is up over 90% on the same time last year.
This emerging industry has the potential to grow into a monster as mistrust of banks intensifies while the world slips into another recession. Add to that the transition to proof of stake consensus for Ethereum next year and there is another way to earn interest in a new form of finance.
Triple Point Asset
Bitcoin’s value is clear to work out, there are only 21 million of them and supply will decrease as demand increases. That is the theory anyway and it is the same one that governs gold prices. With Ethereum however there is no target as it could be considered as digital oil in addition to gold.
Ethereum issuance will fall considerably after the transition to ETH 2.0. This means that although the supply cap is not limited, the issuance of tokens will be greatly reduced from the current 4.4% to less than 1%.
Ethereum can also be leveraged through protocols such as MakerDAO and stablecoins such as DAI. It is perfectly suited for a world of decentralized finance which is well overdue considering the current state of the banking system.
The Bitcoin maximalists were not impressed with the article which added that BTC has questionable security and diminishing incentives as block rewards fall. The key take here is that there is room for both in a world dominated by unscrupulous bankers and politicians.
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Building a Future on Ethereum at Canadian Hackathon

A hackathon may sound like something conducted in a disused warehouse by a bunch of computer nerds trying to break into government websites. In reality it is the complete opposite; a gathering of whitehats and industry professionals sharing knowledge and innovating on current networks. A weekend Ethereum hackathon in Toronto, Canada produced some interesting developments as the ETH community continues to grow.
Ethereum Innovation Continues
Ethereum has no shortage of detractors and it gets more than its fair share of FUD. But the bottom line is that there are more developers working on the Ethereum network than any rival blockchain project and this has made it the global standard platform for dApps and smart contracts.
The leading minds in the cryptocurrency space joined over white hat 500 hackers from around the world over the weekend to collaborate on Ethereum based dApps. The Toronto based ETHWaterloo event is organized by the core ETHGlobal team and has been running since 2017.
Prizes were awarded for innovation and 65 projects were submitted over the weekend which brought total hackathon projects to more than 1,000. The most famous dApp ever to emerge from the hackathon was ‘CryptoKitties’ which overwhelmed the network in late 2017.
A recent post by Camila Russo’s ‘The Defiant’ has taken a deeper look into some of the developments and cool things that were built on Ethereum at the event. Previous collaborations have focused on DeFi which is seeing monumental growth this year however this event’s attention was geared towards smart wallets, messaging and gaming.
There were five winners at the event and the first was a concept which turned Google Sheets into an Ethereum wallet. Dubbed ‘Sheetcoin’ (which could have other connotations), the platform allows users to send ERC-20 tokens to a Gmail account. Essentially a Google Sheets sidechain has been strapped on to Ethereum making it ridiculously easy to use.
Another project used Ethereum to prevent spam voice calls, SIM swapping and telecoms providers selling personal data. Eth P2P VOIP uses a token based system that enables users to allow or block calls by placing a price on them that the caller has to pay if not on a whitelist.
A DeFi custody wallet was also developed which, using Metamask, can interact with any dApp. This one if developed further could help simplify DeFi and accelerate its adoption.
Another MetaMask based dApp called Connexion allows users to instant message using their ENS names (Ethereum based domain names). Messages can be sent and received directly on the blockchain without needing third party apps that eat your data such as Facebook Messenger, Microsoft Skype or Apple’s Facetime.
A similar system for notifications was also showcased. Wallet Notify sends push notifications to Ethereum addresses for things such as smart contract expiry, loan liquidations, governance votes etc.
As the Ethereum community grows, more of these hackathons will be scheduled. ETHGlobal already has plans for an online DeFi event early next year.

0/ Early next year, we're launching our first online hackathon, focused on DeFi. https://t.co/Nv49GaOcXA
Here's a short thread about why
— ETHGlobal (@ETHGlobal) November 11, 2019

Ethereum is shaping up to be the future of finance. Watch this space!
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Novogratz: America Will Be Left Behind Without Transition to Crypto

It is clear to see that momentum in the crypto industry is all coming from China at the moment. While the US is still fumbling with regulatory uncertainty, the red dragon is forging ahead with its own crypto and blockchain plans for a digital future.
Get Into Crypto or Lose Out
The US is in danger of falling behind as the race for crypto and digital supremacy heats up. A number of nations, mostly in Asia, have started research and development on their own central bank cryptocurrencies. The US meanwhile is in danger of getting left behind if it refuses to transition to the digital world.
Galaxy Digital founder and hedge fund manager Mike Novogratz stated that the US will lose the crypto and fintech race, and with it the reserve currency status;
“And if we don’t transition to a digital world that will change. We are way behind on a crypto USD.  China is coming. And coming fast. They are way ahead in fintech. Their President just publicly claimed his support to all things blockchain. We risk losing our reserve status”

And if we don’t transition to a digital world that will change. We are way behind on a crypto USD. China is coming. And coming fast. They are way ahead in fintech. Thier President just publicly claimed his support to all things blockchain. We risk losing our reserve status https://t.co/SNbBjdtvDD
— Michael Novogratz (@novogratz) November 10, 2019

Morgan Creek co-founder Anthony Pompliano added that future portfolios will be completely digital.
“In the future, portfolios will be 100% digital assets. Investors will have the same asset allocations, but they’ll hold digital stocks, digital bonds, digital currencies, and digital commodities.”

In the future, portfolios will be 100% digital assets.
Investors will have the same asset allocations, but they’ll hold digital stocks, digital bonds, digital currencies, and digital commodities.
Just a matter of time.
— Pomp (@APompliano) November 9, 2019

Blockchain and crypto momentum is all coming from China at the moment. The bullish signals were catalyzed by President Xi’s public endorsement of the technology a couple of weeks ago which caused a massive surge in BTC and crypto markets.
Just today Chinese state media headlined an article explaining Bitcoin to the masses. This is a major move from a regime that has been trying to quash all crypto trading and activity within its borders for the past two years.
Last week crypto mining was removed from an official list of industries that China’s National Development and Reform Commission (NDRC) intended to crack down on. Recent research also indicates that Asian exchanges are dominating crypto asset flows as the region shapes up as the industry leader.
Dollar Destruction
China’s dominance is just one aspect of how the US is falling behind. With its own economic woes such as galloping national debt, currently over $23 trillion and rising, and devaluation of the dollar, things are going from bad to worse.
The current banking system is completely unsustainable with the FED printing more money to bail out banks and encourage more borrowing and spending rather than saving.
With a president that advocates negative interest rates and a deepening debt crisis the dollar is only going one way. A crypto USD may be a lifeline to keep the currency afloat and stay in the game before China and the rest of the world race ahead leaving America in the digital dust.
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Bullish Sentiment Returns as Weekend Rally Adds $10 Billion to Crypto Markets

Just as things were starting to look bearish again and momentum was running thin a weekend rally has set the crypto bulls in motion once again. Positive sentiment has returned to the scene as talk of a ‘Santa rally’ gets bandied about and Bitcoin reclaims $9,000.
Crypto Bulls Back?
Following a Friday dump, Bitcoin spent most of the weekend lulling around the $8,800 level. Bearish sentiment started to creep in with analysts eyeing a further drop to $8,600 or lower. In late trading on Sunday things turned bullish as BTC powered back above $9k.
The single hourly candle tapped $9,150 on the 200 hour moving average before a slight pull back to $9,050. The 3% move has kept Bitcoin within its range bound channel again as analysts eye new triangle formations.

New triangle. $BTC #bitcoin $BTCUSD pic.twitter.com/5nLpqpkoVp
— CryptoHamster (@CryptoHamsterIO) November 11, 2019

There may be a few more days of consolidation before the apex of this triangle which is likely to induce a larger move.
Trader and analyst ‘The Cryptomist’ has depicted a falling wedge but is bearish in the longer term with a prediction of a low to $7k.
 “Mentioned warning of the falling wedge earlier. We are now testing resistance of the wedge … After this bull momentum is over, I do expect 7.1k still,”

$Btc
Mentioned warning of the falling wedge earlierWe are now testing resistance of the wedge
If we breakout here, 9.2 region remains first target, then 9.4k
Still chance of support test before breakout at 8.3k region
After this bull momentum is over, I do expect 7.1k still pic.twitter.com/RioawGMuyR
— The Cryptomist (@TheCryptomist) November 10, 2019

Industry stalwarts remain bullish however and even with short term bear attacks, BTC is set top post higher gains in the future. Morgan Creek Digital co-founder Anthony Pompliano was quick to point out Bitcoin returns this year;
“Bitcoin YTD: 145%
S&P 500 YTD: 23%
Bitcoin has returned 6x more than stocks to investors so far this year.”
Altcoins Still Moving
Altcoins are slowly strengthening also with more gains today. Since late Friday almost $10 billion has re-entered crypto markets as total cap hits $247 billion.
Total market cap 48 hours – Coinmarketcap.com
Ethereum is slowly creeping towards the $200 barrier and has gained 3% on the day to reach and hold $190. ETH market cap is back over $20 billion and further gains are looking likely as analysts remain bullish.
Ripple’s XRP token is getting left behind however and remains flat on the day just over $0.28. Last week’s Swell even did nothing for XRP prices which actually declined by almost 10%.
Bitcoin Cash is having a good run at the moment as a 4% gain takes prices to $295 while Litecoin is creeping up towards $65. Binance Coin is back over $20 again and BSV has added 3.5% to reach $135.
A couple of lower cap altcoins are having double digit gains at the moment and they include VeChain, DxChain and ODEM. In general there is much more green than red on the charts this morning as crypto assets build on last week’s gains.
Sentiment is generally bullish but the larger picture still shows consolidation from a downtrend that began in July. The question now is; will there be a big Santa rally for crypto assets.
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