Buy Bitcoin? Legendary Investor Dalio Expects “Paradigm Shift” in Finance

Since Bitcoin (BTC) was birthed in the wake of 2008’s Great Recession, the macroeconomy has changed dramatically. Following the brutal collapse of the stock market and the housing bubble, which resulted in mass unemployment and bankruptcy, central banks commenced “easing strategies”.
By keeping Federal Fund and interest rates lows and participating in Open Market Operations (OMOs)/Quantitative Easing (QE), the U.S. Federal Reserve spawned a reflationary environment, during which stocks rallied to new heights and economic indicators flipped positive.
Related Reading: US Congressman: You Can’t Kill Bitcoin, Libra And Others Trying to Mimic
Across the pond, the story was similar, with the European Union also participating in QE and the Bank of Japan forcing interest rates to move under 0%.
In a recent blog post, however, a legendary hedge fund manager warned that a “paradigm shift” is on the horizon, leading him to advise readers to buy gold.
Unsurprisingly, many in the cryptocurrency community have taken that as a suggestion to scoop up Bitcoin. Why is this the case though?
Buy Bitcoin, Buy Gold
According to Ray Dalio’s latest LinkedIn post, titled “Paradigm Shifts”, the world’s economy is poised to enter a tough time. In the essay-esque piece, the Bridgewater Associates co-chairman warned of central banks’ effort to devalue their currencies and inflate the economy somewhat artificially.
He also used historical shifts in the macroeconomic and geopolitical climate, like the World Wars and the Great Depression, to explain that the economy is poised to see a “paradigm shift”.
Related Reading: Bitcoin Could Drop Towards $6,100 While Still Maintaining Parabola
This paradigm shift, according to Dalio, who has a net worth of $18 billion, will see “the value of money depreciate ” and “significant domestic and international conflicts. In other words, the writing is on the wall for an alternative asset and stores of value, like gold or Bitcoin.
Dalio recommends gold, writing that it may be “risk-reducing and return-enhancing” for investors to add the precious metal to their portfolio, adding that securities and bonds could face diminishing returns.
Arguably, that was also a tacit recommendation to buy Bitcoin. You see, the inflationary policies currently being enlisted are, according to former Wall Streeter Travis Kling, “brazenly bullish for a non-sovereign, hardcapped supply, global, immutable, decentralized digital store of value.” And by that, he obviously means BTC.
Unlike traditional monies and even gold (in some cases), Bitcoin is not susceptible to warrantless, hidden inflation and is not controlled by a central authority. So, if (or when) the economy collapses due to a mishap on the part of central bankers, many, including Kling, are sure that alternatives monies will see massive inflows.
Dalio, Not a Fan of BTC
While Bitcoin arguably exhibits the same properties as gold, Dalio’s isn’t a big fan of digital assets, presumably hence why he didn’t dare to utter BTC.
In fact, as reported by NewsBTC last year, Dalio called cryptocurrencies a “bubble”, noting that the Bitcoin market is based mostly on speculation, meaning that there is a lack of real-world usage.
But one thing is for certain, there is some financial turmoil right on the horizon. As the Bridgewater co-chairman explained in an interview earlier this year:
“There are a lot of parallels between now and the late 1930s. From 1929 to 1932 we had a debt crisis — interest rates hit zero. Then there was a lot of printing of money, and purchases of financial assets brought their prices higher.”
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Ethereum Falls by 20% as Bitcoin Taps $10,000, Is There Hope for ETH?

Ouch, Ethereum (ETH) isn’t looking too hot. In the past 24 hours, the cryptocurrency has lost 20%, while Bitcoin (BTC) has shed a relatively mere 10% in the same time frame.
According to Three Arrows Capital’s Su Zhu, Monday’s performance was the “top single-day downward move” for Ethereum since January 1st of 2017 — youch.
As of the time of writing this, ETH is changing hands for $220 — a level not seen since June. Against Bitcoin, ETH has fallen to 0.022 — the lowest this pair has traded at in over two years, back when Ethereum was but a fledgling smart contract platform with not as many applications as it has now.
Related Reading: After Flash-Crashing to $191, Analysts Expect Ethereum to Continue Dropping
This dramatic underperformance may be for good reason. Zhu points out that over 15,000 ETH was market sold on Bitstamp earlier today due to the liquidation of a decentralized loan liquidation.

Largest $ETH liquidations ever on #DeFi in thin markets –led by 15k ETH market sell on Bitstamp sending spot to $195.
Auto-liquidation w/ no-KYC vs margin call w/ KYC — some may start to re-evaluate Peer-to-Contract vs Peer-to-Broker. pic.twitter.com/Ek2j6fy0on
— Su Zhu (@zhusu) July 15, 2019

This led to a dramatic selloff from $260 to $190 per Ethereum on certain platforms. The crypto market is presumably still reeling from that sharp collapse.
Also, some on Twitter have suggested that Vitalik Buterin’s suggestion to move some of Ethereum’s processes onto the Bitcoin Cash chain resulted in a selloff.
You see, by making such a proposal, the Russian-Canadian wunderkind is de-facto admitting that his blockchain is not scalable in the short term
So is there hope for ETH bulls? Yes, there might just be.
Corporate Adoption of Ethereum
Firstly, you’ve seen monumental levels of corporate adoption of the cryptocurrency.
Just recently, Samsung released a beta version of an Ethereum blockchain-focused software development kit (SDK) for developers. This will allow developers that are partnered with the South Korean technology giant to build decentralized applications built for Samsung devices. The Galaxy S10 lineup currently supports the storage of ETH.
Also, JP Morgan has continued to make use of its JPM Coin, which is reported to be based on the Ethereum-esque Quorum chain.
CME Futures Market
As corporations have adopted Ethereum seemingly en-masse, reports have begun to reveal that the cryptocurrency may soon get its own U.S.-regulated, institutionally-faced futures market.
Per previous reports from NewsBTC, trade publication The Block wrote that the CME may soon be launching an Ethereum trading vehicle.
The Block’s Frank “Fintech Frank” Chaparro suggests that the CME altering its reference rate and index for Ethereum could mean that futures are coming. An industry source told the outlet that this change is being done to “prep for an Ether” vehicle.
Related Reading: Crypto Markets Crash $35 Billion as Bitcoin Revisits Double Digits
You see, according to the individual in question, cash-settled futures like the CME’s cryptocurrency contracts can be manipulated, requiring a robust index to mitigate such risk. This recent alteration may be taking place to convince regulators to approve of Ethereum-related products.
Plus, an unnamed CFTC official that spoke to CoinDesk earlier this year claimed that those at the governmental organization are amicable towards Ethereum.
Ethereum 2.0, Serenity, On the Horizon
This all comes as the Serenity (Ethereum 2.0) upgrade is on the horizon. Just weeks ago, Justin Drake revealed that the first specification freeze for Phase Zero of Serenity occurred, which could indicate that the tentative January 3rd, 2020 date for the start of the shift to Serenity is on track.
A brief aside, Ethereum creator and Canadian wunderkind Vitalik Buterin describes Serenity as  “a way to bring technical improvements, like PoS and sharding, together to improve the Virtual Machine, Merkle Trees, the efficiency of the protocol, and a whole bunch of small technical things that you have never heard of.”
Per Buterin, all this is being done in a bid to create a “next-generation blockchain” that will be hundreds of times faster and scalable than Ethereum’s current iteration.
What’s more, Drake, a researcher at the Ethereum Foundation, explained that the inflation rate of ETH may be reduced by upwards of 90% by March 2021:
“Here’s a possible timeline (dates likely totally wrong!) highlighting the key milestones: January 2020: beacon chain launch… March 2021: eth1 fork #2 to reduce issuance by 10x.”
According to a Twitter user going by “Token State”, this reduction will reduce Ethereum’s inflation to 0.5%, which is, by many standards, extremely low and even negligible.
This is so low that from a standpoint of pure percentages, less Ethereum will be issued than Bitcoin, even after 2020’s auspicious halving event. In other words, as long as demand for ETH is maintained or even grows, the planned upgrade should be crazy bullish for the asset’s price.
Do or Die for ETH
While the news cycle is bullish for Ethereum, the charts don’t look all too pretty. In fact, many have quipped that if the cryptocurrency drops a tad further, it’s curtains closed for the asset.
As Hornhairs points out, if ETH manages to close under the green zone, it may be doomed to “die”. But, seeing that there are some potentially positive news events, ETH bulls need not feel hopeless.

$ETH 2M chart – bounce or die zone
I think we close this candle above 0.024, let's come back to this in September pic.twitter.com/AU6rmZJ6ya
— HornHairs (@CryptoHornHairs) July 15, 2019

 
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Bitcoin Could Fall by 20% to Bottom Around $8,000: Network Value Model

Bitcoin (BTC) has been absolutely slammed over the past five days. Since passing above $13,000 for the second time this year on Wednesday, the cryptocurrency has been on a clearly downward-sloping trend.
Related Reading: Crypto Markets Crash $35 Billion as Bitcoin Revisits Four Figures
In fact, the asset has lost around 25% since hitting $13,200, reaching a multi-week low of $9,750 on Monday. Despite the fact that analysts are expecting for bulls to experience some short-term reprieve, indicators suggest a drawn-out move to $8,000 — 20% lower than current levels.
Bitcoin at $8,000, Could it Happen? 
So, what is making analysts suggest that a move to $8,000 could come to fruition?
Firstly, Timothy Peterson, a prominent American crypto fund manager, notes that Bitcoin’s current active account figure suggests that BTC is overvalued. This is an evident reference to the fact that Bitcoin, like other technological phenomenons, can be valued by its number of users, transactions, and other key statistics.

I hate short term price predictions but fundamentals tell me #bitcoin should be at about $8k right now. pic.twitter.com/z8PIU8mCdb
— Timothy Peterson (@nsquaredcrypto) July 14, 2019

According to Peterson’s model, which takes a 30-day median (as of July 13th) of the number of active accounts on the Bitcoin blockchain, BTC currently has a fair valuation of just above $8,000.
Sure, Bitcoin has deviated from its fundamental value on certain trading days, but as the analyst explained in a different tweet, in the medium to long term, network value should reflect actual value.
Peterson isn’t the only analyst eyeing $8,000. In a tweet issued on Saturday, Josh Rager, a prominent technical analyst and cryptocurrency commentator, looked to this level.

$BTC Weekly Chart
Another drop today, price has multiple long wicks at wkly resistance
Atm, there only sellers beyond this price & could lead to strong pullback
Confluence w/ both on-chain & chart data that could suggest any pullback would likely bottom out at $8k pic.twitter.com/VHP01caJtA
— Josh Rager (@Josh_Rager) July 13, 2019

Rager notes that a “confluence” of chart data and on-chain data suggests that a pullback “would likely bottom out at $8,000”. As he explained in the chart above, $8,000 acted as a key horizontal support and resistance level in the recent rally and 2018’s crash.
What’s more, there is also a CME Bitcoin futures gap around $8,500, which is one of the last gaps waiting to be filled.
And as Alfonso Esparza, senior market analyst at Oanda Corp, recently told Bloomberg: “[Bitcoin] continues to trade lower as comments from President Trump put downward pressure on the cryptocurrency. It could fall further to $8,000, giving back all the gains made in June.”
Ready to Rally Into Year End
While the outlook is currently negative, there are signs that Bitcoin will recover hard into the end of 2019.
Peterson recently laid out a model which plots how BTC’s performance in the first half of any given year relates to the second half’s performance.
Interestingly, the model, which can be defined as the positive slope y = 1.1409x + 0.5151, fits the trend to 90%, implying that it should be fairly accurate.
Related Reading: Refreshed Model: Bitcoin (BTC) to See $100,000 After 2020’s Halving
According to Peterson, Bitcoin gaining 180% year-to-date (effectively the 2019’s first half) implies that it has another 250% (“give or take”) left to run by the end of the year.
A 250% gain from current levels would mean Bitcoin ends the year at $40,000 — practically double BTC’s 2017 all-time high of just around $20,000. According to Peterson, even $50,000 is realistic.
Also, Thomas Lee, the co-founder of Fundstrat Global Advisors, believes that BTC will rally to $20,000 or even $40,000 in the fourth quarter, citing the increased awareness of cryptocurrencies caused by Donald Trump, Libra, monetary policy, and macroeconomic events.
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Donald Trump Likely Didn’t Cause Bitcoin Crash to $10,500: Analytics

Last week, the crypto market was blessed by a historical event: Bitcoin and Libra were both mentioned in name by the sitting American President.
Related Reading: Analyst: Bitcoin Could Hit $9,000 Should Bearish Breakdown Occur; Here’s Why
In a three-part thread, Donald Trump lambasted cryptocurrencies as a whole. Per previous reports from NewsBTC, the American leader tried to dismantle the value proposition of not only decentralized cryptocurrencies — such as and namely Bitcoin — but Facebook’s Libra too.
Trump quipped that he doesn’t believe that digital assets are money, adding that they are also known to be very volatile and “based on thin air”.  The President went on to argue that cryptocurrencies can and do “facilitate unlawful behavior”, citing its use in the drug trade and “other illegal activity”.
He even took some time to poke the Libra crowd, claiming that the association should abide by “all Banking Regulations”, and that the U.S. Dollar should be the world’s strongest currency.
As a result of this sudden tweetstorm, which many say would cement Bitcoin as “dangerous” in the eyes of millions, some began to run scared. In fact, some have suggested that the recent Bitcoin downturn to $10,500 is a result of Trump’s comments on cryptocurrency.
Trump Didn’t Trigger This Week’s Bitcoin Selloff
According to a report from crypto analytics startup The TIE, this isn’t the case.
The TIE acknowledges that Trump’s tweet regarding Bitcoin did spark increased conversations about this budding market, noting that in the hours after the message spread, tweets involving “BTC” moved from 35,000 to 50,000.
It was also noted that most of the talk involving the President’s thoughts on Bitcoin is “negative-leaning”, hinting that the tweet could have negative effects on the reputation of cryptocurrency in the public’s eyes.
However, the TIE concludes that “while Trump remains a hot topic in BTC tweets, at this point, he does not appear to have had a significant impact on the coin”.

1/
Three days after Donald Trump's Bitcoin tweet, he continues to dominate conversations on twitter about the cryptocurrency. Trump remains the most used word in Bitcoin tweets. Tweets mentioning Trump and Bitcoin are slightly negative leaning now.https://t.co/unv25rqrcJ pic.twitter.com/Axeps7J3SN
— The TIE (@TheTIEIO) July 14, 2019

Still Long-Term Bullish 
While Trump’s thoughts regarding the nascent cryptocurrency space had seemingly no effect on short-term price action, analysts, like Fundstrat’s Tom Lee, suggest that the single Twitter thread poses a massive bullish catalyst for Bitcoin.
In fact, speaking to Yahoo Finance in a recent segment, Fundstrat’s resident cryptocurrency bull wasn’t shy to claim that Trump’s seemingly straight-out-of-left-field tweets about Bitcoin and its ilk could help BTC hit $40,000 in the near future.
Lee’s reasons to be bullish now include Trump’s tweets on top of growing institutional adoption and investment, dovish fiscal policy by central banks, and certain macroeconomic trends that should tactily scream “buy Bitcoin”.
And as covered by this outlet previously, anti-establishment proponent Max Keiser believes that Bitcoin could rally to $100,000 as a result of the tweet.
The RT contributor suggests that by tweeting anti-Bitcoin thoughts, Trump is opening the U.S. up to being proverbially “kicked” by foreign adoption of BTC and other cryptocurrencies.
That’s not all.
Jeremy Allaire, the chief executive of the Goldman Sachs-backed Circle, suggested that Trump’s tweets — yes, tweets — is potentially the “largest bull signal” for Bitcoin of all time.
While this may seem counter-intuitive, as Trump denouncing cryptocurrencies may actually trigger heavy-handed regulation, Allaire explains that this elevates cryptocurrency to the global stage.
No longer is Bitcoin an asset for the fringe. Now, it exists in the mainstream, as more likely than not, this single Twitter thread, exposed to upwards of 68 million Twitter users, will trigger global political and economic discussion on the matter. And by simple virtue of curiosity and the so-called “Lindy Effect”, this space could grow rapidly.
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Room to Run: Bitcoin (BTC) Hasn’t Printed Parabolic “Correction” Signal

Bitcoin (BTC) has undoubtedly been trading in a parabolic pattern since bottoming in December at $3,150. The past few months have seen the cryptocurrency market absolutely explode, posting new highs every other week. Until now anyway.
Related Reading: Keiser: $100,000 BTC as Trump’s Anti-Bitcoin Tweet to Drive US-Skeptic Nations to Crypto
As of the time of writing this, BTC has found itself changing hands for $11,300 — down around 20% from its year-to-date high of $13,850. The asset has failed to put in a new year-to-date high in about three weeks, marking the end of a nearly seven-month-long parabolic swing to the upside.
With this, some are wary that a large correction could ensue, one that could bring Bitcoin back to $7,000 or even pre-rally levels in the $4,000s and $5,000s.
You see, when parabolas correct in financial markets, they correct hard. In Bitcoin’s case, this is especially relevant, as it exists as an early-stage asset that is hyper-volatile and reflexive.
As Peter Brandt, a legendary commodities trader, recently pointed out, a violation of the parabola could send BTC falling back to Earth. In fact, he quipped in a tweet that the cryptocurrency could lose 80% of its year-to-date high value:
“If current parabolic phase is violated, we could expect either an 80% correction of 7-month advance or much smaller correction w/ definition of new parabola w/ shallower slope. $BTC Note formation of possible 2-wk H&S or H&S failure”, the long-term Bitcoin proponent wrote.
Not so Fast, There’s Hope for Bitcoin
While the parabola has broken, there is hope for Bitcoin. Industry commentator Nunya Bizniz recently pointed out that in previous notable parabolic advances, what marked the top was when BTC’s two-week performance moved above 70%.
Indeed, such strong showings by cryptocurrency bulls were seen multiple times in the tumult of 2011 — which saw BTC bounce around like a hot potato — during the 2013 crash from $1,200, and the peak of 2017’s $20,000 run.

When to exit a parabolic advance?
Top: BTC 2 week candles.
Bottom: Rate of Change or Performance.
Parabolic advances signal an exit when 2 week performance is 70%+.
Confirms earlier charts where a double in price in the last two weeks = sell. pic.twitter.com/D13oWTHYMy
— Nunya Bizniz (@Pladizow) July 13, 2019

So, in hindsight, selling once the two-week performance of Bitcoin moved above 70%. This time around, the cryptocurrency hasn’t printed such a gain, implying, by historical measures anyway, that the parabolic advance either isn’t “the big one” or that it may continue into the coming weeks and months.
Bizniz’s latest noticing comes shortly after he noted that Bitcoin has the potential to reclaim an uptrend, not collapse by 80% as per the de-facto rule of parabolas in financial markets. He explained that BTC could find some support on the bottom bound of an upward-sloping uptrend, which has merged with the previous magnitude of the parabola.

Parabolic rises tend to collapse and lead to 80%+ corrections. Some however morph into less steep parabolic moves, finding support at prior trend lines in the parabolic rise. Will Bitcoin fall below green and find supoort at where purpule and yellow merge with parallel channel? pic.twitter.com/ThInBq1yYX
— Nunya Bizniz (@Pladizow) July 11, 2019

Related Reading: Pompliano: Trump’s Tweet Puts Spotlight on Lack of Trust Bitcoin Solves
These aren’t the only points that should have Bitcoin bulls somewhat relieved.
Back when BTC lost $4,000 following its rally to $13,800 in late-June, Crypto Twitter was bearish. Extremely so. In fact, per previous reports from this outlet, during the collapse, analysts were very wary because they believed that the strong selloff marked an end of the parabola. Some commentators were wary that BTC would see a “couple of down weeks”, which may have brought the asset under $8,000.
Of course, this didn’t happen, as made apparent by BTC recovering to $13,000 to fall again. This could imply that the current fears of a strong correction may be baseless.
But, whether or not the market reverses this time around remains to be seen.
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Crypto Tidbits: Donald Trump Jabs Bitcoin, Bitpoint Hacked for XRP, Litecoin Bags Partnership

Another week, another round of Crypto and Bitcoin Tidbits. The past week was rather tumultuous for the cryptocurrency market. BTC traded everywhere from $10,800 to $13,200, causing dramatic shifts in the sentiment of investors across the board.
Per the time of writing this, many analysts have begun to lean bearish, as Bitcoin and other cryptocurrencies have lost key support levels and have begun to express signs of further stints lower prior to a reversal.
Related Reading: Bitcoin Becomes “Geo-Political Chess Piece” as Global Leaders Air Their Opinions on Crypto
Anyhow, while crypto assets’ price action was bearish overall, what happened over the past seven days could be seen as bullish for this ecosystem’s long-term success.
We saw Donald Trump name drop “Bitcoin” and “Libra” on Twitter, Binance launch an important product as it turns two, multiple big names in investment laud BTC as a store of value (again), and Litecoin bag a large partnership that could bring crypto to the masses.
Also, Bitcoin has started to enter back into the discourse of mainstream finance. In fact, Jerome Powell, the incumbent chairman of the Federal Reserve, mentioned the cryptocurrency when speaking in front of a group of regulators. He called it a gold-esque store of value, which is, by many definitions, quite the bullish statement.
And then Chamath Palihapitiya somewhat followed suit, telling CNBC that BTC is likely the best hedge against the fiat monetary system that has (and will) ever existed. The former Facebook executive and incumbent chief executive of Social Capital went on to urge viewers of the segment to buy Bitcoin.

Related Reading: Crypto Tidbits: ErisX Bitcoin Futures, Blockchain on Jeopardy, Proposed BitMEX Ban
Bitcoin & Crypto Tidbits

True Digital Joins the Bitcoin Derivatives Rat Race: The rat race to launch Bitcoin derivatives has continued into its umpteenth week. Revealed by CoinDesk, digital assets platform trueDigital Holdings is looking to offer such cryptocurrency products to U.S. investors. To take steps towards this coming to fruition, the startup has commenced a licensing process with the U.S. Commodity Futures Trading Commission (CFTC). which is still in its earlier stages. Should trueDigital secure a green light, it will look to offer physically-deliverable Bitcoin swaps on a “fully-regulated” crypto derivatives exchange.
NFL’s Miami Dolphins to (Somewhat) Accept Bitcoin & Litecoin With New Partnership: Litecoin (LTC) has been adopted by a major American sports club. Starting in the upcoming National Football League (NFL) 2019 season, the so-called “OG” Bitcoin fork will be the “official team cryptocurrency” of the Miami Dolphins. This collaboration will “give Litecoin the ability to tap into one of the NFL’s largest and most passionate fan bases” via branding and advertisements at the Dolphins’ home arena, the Hard Rock Stadium, and through certain digital mediums. Litecoin’s blog post unveiling this unique partnership did not mention terms, or how exactly the cryptocurrency would be featured in advertisements or through the Dolphins’ online channels. What it did mention, though, was that through Aliant Payments, attendees of Dolphins games will be able to purchase 50/50 raffle tickets with Bitcoin and Litecoin. With the NFL pulling in millions of viewers each and every week, this interesting collaboration may do wonders for cryptocurrency adoption.
Wall Street Giant Goldman Sachs in Search of Digital Asset Staffer Amid Crypto Push: “Further than ever before”, that’s what Goldman Sachs’ HR team wrote to describe its entree into the cryptocurrency space to job candidates. Per the listing, a Project Manager for Goldman’s new cryptocurrency unit will be “exploring” opportunities in this industry. Just last month, the chief executive of the institution, semi-professional disk jockey David Solomon told a French news outlet that Goldman is eyeing its own cryptocurrency. Solomon, along with some insiders speaking to outlets, hinted that Goldman may launch something like JP Morgan’s cryptocurrency, the fittingly-named JPM Coin.
IRS Renews Cryptocurrency Efforts as BTC Returns to Mainstream: After announcing intentions to release new guidance and tools for U.S. cryptocurrency users, the Internal Revenue Service has begun to brief agents of its Criminal Investigation division on this asset class. According to a leaked 181-part slide deck from the American tax agency on digital assets, the agents will be advised to use a number of techniques and tactics to target evaders. These techniques include interviews, “open-source searches”, electronic surveillance, social media scrutiny, and Grand Jury subpoenas. The IRS has since confirmed the existence of this presentation. The agency is presumably responding to the resurgence in the Bitcoin price and the broader industry over recent months.
Donald Trump Bashes Bitcoin as “Volatile” and “Thin Air-Backed”, Denounces Libra as an Attempt to Usurp USD: 
Japanese Exchange Bitpoint Hacked for $32M in XRP, Bitcoin, More: Japanese crypto asset exchange, Bitpoint, has just been subject to a large hack, during which attackers managed to steal over $30 million worth of Bitcoin, XRP, Ethereum, Litecoin, and other digital assets. The funds were siphoned out of the exchange via its hot wallet, not the cold wallets as first suggested by some users.
Binance Launches Margin Trading as it Celebrates Second Birthday: Announced just the other day, Binance, one of the world’s largest crypto exchanges, has launched margin trading. Per a blog post detailing the new product, this new product is part of Binance’s “effort to help push the industry forward and freedom of money”. Per a quote from the exchange’s beloved CEO, Changpeng “CZ” Zhao, the introduction of margin trading will also help his startup accommodate both “advanced institutional traders and retail traders” under one single roof. Binance will be offering up to three times margin on certain Bitcoin, Ethereum, Binance Coin, Tron, and XRP pairs for the time being. The company, which slated to also launch futures, has just turned two.
Visa Continues Sortie into Crypto as it Takes Part in $40M Investment Round: Visa has continued its sortie into the cryptocurrency and blockchain space after becoming one of Facebook’s partners for the Libra Association. Announced this week, the American financial services company has invested an undisclosed sum into Anchorage. Both are part of Libra, making this investment somewhat understandable.

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Crypto Execs: Trump’s Bitcoin Quip is the “Biggest Bull Signal” for BTC Ever

Thursday was a crazy day for the Bitcoin (BTC) and crypto industry. Within that span of 24 hours, some of the world’s most powerful individuals commented on the cryptocurrency asset class, tipping their hand as to how governments may address this budding space.
These individuals include Donald Trump, the incumbent United States president; Federal Reserve chairman Jerome Powell; and the Bank of England’s Mark Carney.
Related Reading: Bitcoin (BTC) Ending 2019 Under $40,000 Would Be an “Anomaly”: Why?
While their comments could easily be defined as “negative”, in that hinted that they’re looking to crack down on crypto, commentators are sure that Bitcoin will only benefit from this increased exposure.
Donald Trump Lays Into Bitcoin, Cites Volatility & Privacy
The story of Thursday was undoubtedly the unexpected Twitter thread from Donald Trump on cryptocurrency, which some suspect is not penned by the businessman-turned-president himself.
As reported by NewsBTC earlier, in an impassioned three-part thread, the American leader tried to dismantle the value proposition of not only decentralized cryptocurrencies, like Bitcoin, but Facebook’s Libra too.
Trump quipped that he doesn’t believe that digital assets are money, adding that they are also known to be very volatile and “based on thin air”. Indeed, BTC is volatile due to its status as an early-stage asset, and technically isn’t backed by anything but code and electricity.
The President went on to argue that cryptocurrencies can and do “facilitate unlawful behavior”, citing its use in the drug trade and “other illegal activity”.
After poking the Bitcoin crowd, Trump went on to bash Facebook’s cryptocurrency project, which is also backed by Visa, Paypal, Uber, Spotify, Booking Holdings, and other firms, writing:
“Facebook Libra’s ‘virtual currency’ will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations.”
Trump’s reasoning for bashing Libra is that it throws a wrench into the United States’ de-facto rule to have no other currencies than the U.S. dollar, which is “by far the most dominant currency anywhere in the World.”
Biggest Bull Signal for BTC?
Due to the obvious relevance of the tweet, some of the biggest names in the cryptocurrency space were quick to react to this jaw-dropping tweet from one of the most powerful men on Earth.
Jeremy Allaire, the chief executive of the Goldman Sachs-backed Circle, suggested that Trump’s tweets — yes, tweets — is potentially the “largest bull signal” for Bitcoin of all time.
While this may seem counter-intuitive, as Trump denouncing cryptocurrencies may actually trigger heavy-handed regulation, Allaire explains that this elevates cryptocurrency to the global stage.
No longer is Bitcoin an asset for the fringe. Now, it exists in the mainstream, as more likely than not, this single Twitter thread, exposed to upwards of 68 million Twitter users, will trigger global political and economic discussion on the matter. And by simple virtue of curiosity and the so-called “Lindy Effect”, this space could grow rapidly.

Possibly the largest bull signal for BTC ever. Crypto now a Presidential / Global policy issue. People everywhere will embrace a mix of sovereign and non-sovereign digital currency. https://t.co/PK79wmCddM
— Jeremy Allaire (@jerallaire) July 12, 2019

Brian Armstrong, the chief executive of Coinbase, has added to this discussion. The prominent executive remarks that Trump’s tweet confirms the “four stages” of adoption: getting ignored, getting laughed at, getting fought, and then winning.
The President’s thread is evidently the epitome of the third stage, in that he and his administration were presumably trying to hurt the development of the cryptocurrency space. And with this in mind, many cryptocurrency proponents are hoping that the fourth stage will soon come to fruition.

Achievement unlocked! I dreamt about a sitting U.S. president needing to respond to growing cryptocurrency usage years ago. "First they ignore you, then they laugh at you, then they fight you, then you win”. We just made it to step 3 y'all. https://t.co/N3tzUKELaK
— Brian Armstrong (@brian_armstrong) July 12, 2019

 
Also, some have joked that due to the “left” side of America vehemently going against Trump’s comments on anything and everything, Democrats may begin to adopt Bitcoin to spite the White House.
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Bitcoin (BTC) Ending 2019 Under $40,000 Would Be an “Anomaly”: Why?

Over the past four days, Bitcoin (BTC) has been through it all. After rallying to surpass $13,000 for the second time this year, the cryptocurrency paused, took a breath, then decisively lost steam as bulls failed to maintain momentum.
As of the time of writing this, BTC sits at $11,300, down almost 13% in the past 24 hours. Altcoins are doing worse, with Ethereum, XRP, Litecoin, and other large-cap crypto assets slipping by more than 15%.
Related Reading: Bitcoin Hashrate Grows at Fastest Rate Ever; Will BTC’s Price Follow?
Despite this rapid decline, which effectively confirms that BTC isn’t ready for new year-to-date highs just yet, some analysts are still bullish. In fact, one new model suggests that Bitcoin will rally by at least another 200% this year, no holds barred.
Bitcoin to Hit $50,000 in 2019?
Timothy Peterson, a Texas-based crypto fund manager and Bitcoin pioneer, recently laid out the model below which plots how BTC’s performance in the first half of any given year relates to the second half’s performance.
Interestingly, the model, which can be defined as the positive slope y = 1.1409x + 0.5151, fits the trend to 90%, implying that it should be fairly accurate. Alright, so now that we have established the model, what does it predict.

Wow! Just did a quick look at $BTC momentum 1st 6 mos vs. 2nd 6 mos. 180% YTD means another +250% (give or take) over the next 6 months for #bitcoin. Anything substantially less would be a true anomaly. $50k entirely realistic under this model. I'm shocked. pic.twitter.com/xUqDHFy9Wi
— Timothy Peterson (@nsquaredcrypto) July 11, 2019

Well, according to Peterson, Bitcoin gaining 180% year-to-date (effectively the 2019’s first half) implies that it has another 250% (“give or take”) left to run by the end of the year.
A 250% gain from current levels would mean Bitcoin ends the year at $40,000 — practically double BTC’s 2017 all-time high of just around $20,000. According to Peterson, even $50,000 is realistic.
Considering that BTC just plunged by nearly $2,000, this may seem somewhat unrealistic, and maybe even impossible-sounding. But, there is another model that indicates that BTC does have lots of room to run, even in 2019.
Does This Prediction Hold Its Water? 
As you are likely aware of, May 2020 will see the next Bitcoin block reward reduction, during which the amount of BTC put into circulation around every 10 minutes is cut in half.
While this may not sound notable, a model from analyst PlanB, also known as 100 Trillion Dollars, suggests that the so-called “halving” event will be a massive boon for the value of BTC. A boon that may give it the potential to move past $20,000 and beyond.
As reported by NewsBTC previously, PlanB uses what is called the stock-to-flow (SF) ratio to back his target. For those unaware, the “stock” is the amount of said asset, usually a commodity, in circulation; the “flow” is basically the inflation rate, or how much of the commodity was added to the total stock in a year.
Right now, Bitcoin sports an SF ratio of 25, implying an inflation rate of 4% per annum. Gold has an SF ratio of just above 50, coming in at around 55. PlanB postulates that there is a correlation between the market capitalization of a scarce asset and its SF ratio.
Related Reading: Analyst: Bitcoin May Consolidate for Several Months, But Six-Figure Price Surge is Still Imminent
With the halving, Bitcoin’s SF ratio will reach 50, meaning that it will near that of gold. If we follow the line of best fit for the model, it predicts that by May 2020, the “fair” stock to flow value for BTC will be around $55,000 per coin.
While May 2020 is obviously not the end of 2019, some analysts expect for investors to “front run” this key event, which is something that should result in Bitcoin price appreciation towards $55,000.
This isn’t the only model or indicator signaling that Bitcoin could soon hit $40,000. Per a recent CNBC interview with Fundstrat’s Tom Lee, Bitcoin will soon see fresh all-time highs. In that interview, Lee didn’t tip his hand as to why comes after “new all-time highs”, but speaking to Binance’s CFO, he did.
He stated that once $10,000 is breached, FOMO will result in a “fast and furious” move to $20,000, then a six-month appreciation to potentially $40,000. 
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Bitcoin Smashes Past $13,000: What Fundstrat Says is Behind BTC’s Strength

Last week, Bitcoin was nursing a heavy hangover, which took hold of the cryptocurrency market after BTC hit and failed to break through $13,800. BTC was in the dumps, having lost 30% from its year-to-date high, and altcoins were doing even worse, with assets like Ethereum and Litecoin bleeding against the market leader.
Also Read: Italian Paper Labels Bitcoin a “Ponzi Scheme” as Euro on Verge of Recession
But, bulls have managed to regain control of the digital asset market, commencing a strong (re)rally that began last week. Now, Bitcoin has hit $13,000 yet again — and looks stronger, both technically and fundamentally, than it did last time.
Here’s what is driving Bitcoin and will continue to be a bullish catalyst in the future, according to Fundstrat Global Advisors anyway.

Fundstrat Global Advisors' Thomas Lee shares his take on Bitcoin's rally pic.twitter.com/bQ0nIFssSW
— Power Lunch (@PowerLunch) July 9, 2019

Bitcoin is Caviar For Hedge Funds
Speaking to CNBC’s “Power Lunch” panel, Tom Lee of Fundstrat laid out three primary reasons why Bitcoin has and could continue to see growth.
First off, Lee explains that Bitcoin is becoming increasingly attractive to institutions, especially hedge funds, many of which are underperforming key indices due to their risk-averse nature.
The staunch cryptocurrency bull points out that if a fund added 2% of BTC at the start of the year, their portfolio would already be up 400 basis points. This, in the current economy, is “caviar for hedge funds”, according to Lee.
What’s interesting is that hedge funds are reported to be behind this rally. Per previous reports from NewsBTC, a report from FN London explained the following on the matter of BTC rallying and outperforming altcoins:
“Macro managers and high net worth individuals are generally, in my experience, focused almost entirely on Bitcoin.”
There is still a ways to go. For some perspective, Winton, a British investment management firm, estimates that hedge funds worldwide hold a minimum of $3 trillion in assets. The entire value of the cryptocurrency asset class is around 10% of that.
Insurance Against Macroeconomic, Fiscal Risk
Secondly, Bitcoin is increasingly finding value and proving itself as a hedge against macroeconomic and fiscal risk. You’ve already seen that in Hong Kong, where LocalBitcoins volume has spiked and local exchanges have registered premiums due to the protests against the government.
In Turkey, BTC has already hit new all-time highs against the Turkish Lira because of hyperinflation and a need for money that is relatively sound.
And, Bitcoin is being widely acknowledged as a hedge by notable mainstream media personalities, Silicon Valley/Wall Street investors, and economists.
Facebook has Validated Crypto
And lastly, Facebook has ensured the survival of the crypto industry with Libra. And, more importantly, the launch of the corporate, Silicon Valley coin should be a boon for Bitcoin.
Libra further validates the idea that digital money is a viable technology, building on the work of Bitcoin, Ethereum, and even ventures like JP Morgan Coin. Few consumers have actually adopted cryptocurrency, despite the fact that it occupies the front pages of newspapers and headlines of digital outlets across the globe.
Per a survey conducted by Blockchain Capital, 9% of Americans aged 18 to 65+ owned Bitcoin — far from “mass adoption.” And it’s possible that 9% is too high. But this all changes with Libra, because by simple virtue of network effects and the curiosity of individuals, they will find their way to Bitcoin.
At least a fraction of its users will “stumble across Bitcoin,” as BlockTower’s Ari Paul put it. From there, these users, armed with knowledge of Libra’s benefits and shortcomings, will likely begin to get involved with Bitcoin, creating a capital inflow and a boost to the asset’s network effects. Even if a conservative 5% of Facebook’s active user base finds its way to Bitcoin, the size of the cryptocurrency community will easily grow dramatically.
With all this in mind, Lee concluded that “new all-time highs” for Bitcoin could very well be “imminent”. This latest bullish statement comes shortly after he told Binance’s chief financial officer, Wei Zhou, that once BTC breaks past $10,000, he would be inclined to suggest that a “fast and furious” move to $20,000 and then a further leg up to $40,000 is possible.
Related Reading: Crypto Analyst: Bitcoin (BTC) Dominance May Reach 80%, Altcoins Expected to Bleed
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Italian Paper Labels Bitcoin a “Ponzi Scheme” as Euro on Verge of Recession

Bitcoin has been called many things over its 10-year lifespan. A tool for tax evaders and drug dealers, check. The world’s next safe haven, sure. But most notably, the cryptocurrency has been labeled a “Ponzi scheme” by its thousands, maybe millions of skeptics.
Related Reading: Investor: Bitcoin is the Best Performing Asset, Path to $100,000 is Easy To See
An Italian newspaper, one of the largest in the region, continued this trend just recently. As spotted by a Reddit user, the publication released a column bashing Bitcoin, no holds barred. The thing is, this comes as the Euro, and the European Union more broadly, has begun to exhibit signs of a precarious recession.
Bitcoin is Anything But a Ponzi Scheme
Cryptocurrency is in a war against the fiat money system and companies attached to it. And it seems that the latter is pulling out the big guns — the mainstream media.
Shared first by a Reddit user on the Bitcoin subreddit, La Repubblica, an Italian publication with hundreds of thousands of readers, published an article deeming BTC a “pyramid”, adding that there was no guarantee it would hold its value. A roughly translated excerpt from the start of the piece reads:
“Bitcoin, like Ethereum and most of the existing cryptocurrencies, has no underlying asset or guarantee. […] [T]he functioning of Bitcoin is much more similar to that of a pyramid scheme than to that of a currency system.”
Related Reading: Bitcoin Still in Bull Market Territory as Gold Plummets; Will Growing Economic Stability Slow BTC?
Backing its claims, La Repubblica looks to the fact that there is a centralization of wealth in BTC, with a small number of wallets holding a large portion of the coins.
It writes that if money doesn’t continue to siphon into the market, BTC’s value will fall overnight, citing the fact that miners need to sell their coins to keep the lights, and thus their ASIC miners, online.
What the writer seems to be referring to is not a Ponzi scheme, it’s how most modern assets operate. A majority of owners and board members of some of the world’s largest companies could be defined as the “1%”. And if stocks, bonds, or commodities don’t see demand, they too will lose value, just like Bitcoin would in a world where cryptocurrency dies off.
Also, the centralization in BTC wealth was a byproduct of the adoption curve, not a marketing sham that benefits the early-adopters.
A Needle in a Haystack
The odd thing is that this article comes as some big names in mainstream media and economists alike have begun to give Bitcoin some much-needed nods.
In a recent article, The Financial Times, which is a prominent business news outlet read by some of the world’s most prominent investors and funds, recently lauded Bitcoin as a “potential” safe haven asset. As cryptocurrency analyst Ari Paul wrote, Bitcoin has begun to “gradually enter the mainstream financial discourse”, which is crazy bullish, to say the least.
A few days after this article was posted, Jim Iuorio of CNBC, a CME trader, lauded BTC on public television, revealing that he has begun to acknowledge the cryptocurrency as a viable alternative to fiat.
Related Reading: Bitcoin is Needed Now: Macroeconomic Backdrop Adds Value to Crypto
And who could forget Tyler Cowen, an economist that frequents Bloomberg’s op-ed column. In a recent article, Cowen gave four reasons why he believes Bitcoin will succeed, which caught many aback, as he was previously cynical that BTC was needed. A number of those reasons mentioned Bitcoin’s viability as a hedge against populism and geopolitical unrest.
Euro on the Decline
This scathing article, which doesn’t seem to hold its water, comes as the Euro, the go-to currency in Italy, is purportedly on the verge of entering a drastic nosedive — a “death spiral” if you will.

Big, important thread alert:
There is a lot going on in Europe that feels like it's coming to a head soon… probably by the end of the summer. The EU economy is in mild recession… pic.twitter.com/OZPM6qfMKa
— Raoul Pal (@RaoulGMI) July 7, 2019

As explained in an extensive Twitter thread by Raoul Pal, the founder of crypto-friendly media outlet and investment research startup Real Vision, the European Union’s economic data is extremely harrowing.
European-centric banks are shedding profits at a crazy rate, which has materialized in mass layoffs; some sovereign bond yields have flipped negative; and inflation expectations have collapsed entirely. Pal points out that it now makes sense to purchase Bitcoin to hedge against risk.
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Ethereum Futures Inbound as Demand For Bitcoin Dervatives Explodes

For a while now, investors have been waiting on futures for Ethereum (ETH), the second largest cryptocurrency by market capitalization. These expectations have been stifled though, with regulatory uncertainty and interest concerns about the crypto asset.
But, according to a recent report from The Block, the CME Group, one of the world’s largest financial exchanges, is prepping to launch a product for Ethereum. For those unaware, the CME is a Chicago-based institution that famously launched Bitcoin futures near the peak of 2017’s boom.
Related Reading: Ethereum Transactions Surge as Analysts Predict an Imminent “52-Day Bull Run”
The Block’s Frank “Fintech Frank” Chaparro suggests that the CME altering its reference rate and index for Ethereum could mean that futures are coming. An industry source told the outlet that this change is being done to “prep for an Ether” vehicle.
You see, according to the individual in question, cash-settled futures like the CME’s cryptocurrency contracts can be manipulated, requiring a robust index to mitigate such risk. This recent alteration may be taking place to convince regulators to approve of Ethereum-related products.
Ethereum Futures Gain Support
This tidbit of news comes as Ethereum futures have garnered support from key individuals in the cryptocurrency community.
One such individual is Thomas Chippas, the chief executive of upstart crypto exchange ErisX. In an extensive. 10-page letter given to the Commodity Futures Trading Commission (CFTC), the American regulator that presides over digital asset futures, Chippas accentuated the need for an Ethereum vehicle.
Related Reading: Bitcoin Consumes As Much Power As Switzerland, But Impact Remains Negligible
He claimed that Ethereum, unlike some cryptocurrency projects, has a real and vibrant community, actual use cases, proper institutional involvement (JP Morgan, government organization, Ernst & Young, etc.), among other tenets of a healthy network. He went on to write that the CFTC supporting ETH would align with the agency’s commitment to “foster open, transparent, competitive, and financially sound derivative trading markets.”
There may be some bias in Chippas’ statement, as his company is looking to launch Ethereum futures in the near future.
Regardless, an unnamed CFTC official that spoke to CoinDesk earlier this year claimed that those at the governmental organization are amicable towards Ethereum. They quipped shortly after claiming that the CFTC is comfortable with the cryptocurrency:
“A derivatives exchange comes to us and says ‘we want to launch this particular product.’ … If they came to us with a particular derivative that met our requirements, I think that there’s a good chance that it would be [allowed to be] self-certified by us.”
Bitcoin Vehicles Also Well on Their Way
The seeming inevitability of regulated, U.S.-centric Ethereum futures comes hot on the heels of news that a number of cryptocurrency exchange startups have bagged licenses to list physically-delivered Bitcoin vehicles.
As reported by NewsBTC previously, ErisX revealed Monday that it has secured a DCO license from the CFTC. With this regulatory stamp of approval, the Bitcoin exchange now has the authority to list “digital asset futures contracts” on a platform slated to “launch later this year”.
The firm has notably been backed by Bitmain, CME, CBOE, ConsenSys, Digital Currency Group, DRW, Nasdaq, Fidelity, and, most notably, TD Ameritrade. The retail brokerage is expected to soon open Bitcoin and digital asset trading for its millions of customers across the U.S., many of which will soon get their first taste of cryptocurrency via an ErisX product.
This was revealed shortly after a similar announcement from competitor LedgerX. As reported by this outlet previously, the New York-headquartered platform received clearance from the CFTC  last week. The approval also allows LedgerX to trade physically-settled BTC futures.
According to CoinDesk, chief operating officer Juthica Chou has claimed that her company has no exact timeline, but she noted that LedgerX is looking to be the incumbent in this market.
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Bitcoin Bull Puts Money Where His Mouth is, Holds 50% of Wealth in BTC

For a while now, Anthony Pompliano has been a leading champion of Bitcoin (BTC). Best known as “Pomp”, the Facebook staffer-turned-crypto investor and media tycoon has garnered over 100,000 followers on Twitter while lauding BTC.
Case in point, his catchy quips, “Long Bitcoin, Short the Bankers” and “Bitcoin is never down”, have become industry favorites, and his incessant use of the rocketship and fire emojis have become a running joke in the community.
Related Reading: Pension Funds Should Buy Bitcoin (BTC), Says Crypto Advocate
But, some have been left wondering, how bullish is the investor on the leading cryptocurrency?
According to interviews with CoinTelegraph and Ran NeuNer’s CNBC Africa “Crypto Trader”, he’s quite, quite bullish.
All In on Bitcoin? 
Speaking with trade publication CoinTelegraph, Pompliano, the co-founder of fund manager Morgan Creek’s cryptocurrency investment branch, claimed that 50% of his net worth is stored in Bitcoin.
It is currently unclear how much the industry guru is worth, but 50% of Pomp’s net worth likely isn’t a non-material, trivial sum.
As to why he is making such a bet, which traditional investment advisors would likely detest with a passion, Pompliano opined that having 100% exposure to the fiat system is a “really bad idea”. He continues that if fiat currencies hyperinflate or fall out of use, an investor stuck in that system will have “a lot of problems”.
What he seems to be referring to are the fears that currencies like the U.S. Dollar and the Euro are in a precarious territory as a result of risky fiscal policy. As reported by NewsBTC, the Federal Reserve recently revealed that it is leaning to cut rates again.
This, according to Travis Kling, is “brazenly bullish for a non-sovereign, hardcapped supply, global, immutable, decentralized digital store of value.” And by that, he obviously means Bitcoin. Because, such a stimulating policy is likely to force investors to look for safe havens.
So, in many respects, Pompliano’s thesis on Bitcoin is that it will act as a digital store of value, a digital gold so to speak.
Related Reading: BTC and Gold Showing Correlated Moves, Will Bitcoin Price Rise From Here?
While Pomp is confident that Bitcoin is a good hedge and is likely to appreciate massively against traditional assets, most crypto investors, even an industry research group, would likely cringe at a 50% Bitcoin allocation.
Case in point, the Pomp-backed American analysis group Delphi Digital released a report late last year in which it was claimed that an optimal allocation to BTC would be around 3% of one’s net worth. This was calculated through the use of the Sharpe Ratio, a popular ratio that can be used to allow investors to gauge the level of risk-to-return of their assets.
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Analyst: Bitcoin (BTC) Needs to Break $11,600 to Skirt Consolidation

Even since Bitcoin (BTC) hit $13,800 to then retrace by $4,000, the cryptocurrency market has slowed. Don’t get me wrong, volatility is still rife in this market, but BTC’s range is starting to tighten.
As of the time of writing this, Bitcoin sits at $11,200, down around 2% in the past 24 hours — a far cry from the 10% to 20% days seen last week.
Related Reading: Bitcoin Fun Fact: Tony Hawk Has Been HODLing Since Sub-$1,000 BTC
With this extended bout of slower price action, analysts have been wondering what comes next for the cryptocurrency. A prominent trader recently provided an answer, issuing a simple analysis to explain what comes next for Bitcoin and its ilk.
What’s Next for Bitcoin? 
In a recent tweet, Dave the Wave, a popular analyst, claimed that Bitcoin is about to see somewhat of an ultimatum.
He remarked that per his logarithmic chart and parabolic and simple trend lines, BTC needs to soon break past around $11,600 on the daily to “resume its parabolic rise.” Such a move would mark the cryptocurrency breaking past a declining trend line that has acted as resistance since last week’s blow-off top.
Should the parabolic rise continue, Bitcoin could hit $14,000 by the middle of July, which is just over a mere week away.

BTC needs to break out here if its to resume its parabolic rise… otherwise some healthy consolidation…. pic.twitter.com/5LUDPMHy7E
— dave the wave (@davthewave) July 7, 2019

If this doesn’t soon occur, Dave suggests that Bitcoin will enter a period of consolidation, a period that will be defined by a parabolic trend. According to a chart published by him, such consolidation may see the cryptocurrency range between $8,000 and $11,000, which some would define as healthy price action.
And according to another analyst, Teddy Cleps, the latter, more bearish scenario has a high likelihood of playing out.
Related Reading: Bitcoin Still in Bull Market Territory as Gold Plummets; Will Growing Economic Stability Slow BTC?
Taking the price from an objective standpoint, only considering technicals, Teddy recently remarked that the $14,000 range has acted as “strong AF resistance” in 2017 and 2018.
He adds that every time Bitcoin tried to break past it in early-2018, what followed was a heavy break down, during which BTC often lost dozens of percent and thousands of dollars in the days that followed.

#bitcoin – $BTC
*looking at this purely based on TA – fundamentals aside
(2017)Level A rejected price for 8 weeks = strong af resistance
(2018)Level B rejected price for +200 days, every test was followed by strong fall
(2019)Level A has been rejecting price for 3 weeks pic.twitter.com/xd5oZTCmRo
— TEDDY (@teddycleps) July 7, 2019

Teddy concludes that unless Bitcoin manages to break through $11,700 convincingly, a return to $6,000 is entirely possible. This pseudo-call is somewhat similar to Dave’s analysis.
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Bitcoin Fun Fact: Tony Hawk Has Been HODLing Since Sub-$1,000 BTC

More people own Bitcoin (BTC) than you may think. In a resurfaced tweet, Tony Hawk, a legendary skater whose name graces countless video game names, claimed to have been HODLing the crypto asset for years now.
Related Reading: Double Jeopardy: Bitcoin and Blockchain Featured on TV Game Show Yet Again
Responding to a chart that accentuated the parabolic nature of Bitcoin’s chart, which then resembled a skate ramp, Hawk quipped that he’s been “riding” BTC for “six years”, adding that he has yet to cash out of his position.

Been riding it for 6 years. Haven’t bailed yet
— Tony Hawk (@tonyhawk) May 29, 2019

While it isn’t clear how much BTC the professional athlete has his hands on, the cryptocurrency traded well under $1,000 for most of 2013, making it likely that Hawk owns at least a few dozen coins.
Hawk’s innocuous response may seem mundane — a polite, high-octane response to a fun Twitter mention. But, it may have a fair bit of meaning.
Firstly, it shows that there are likely countless celebrities in the public spotlight that quietly own Bitcoin. Secondly and more importantly, the revelation that Hawk owns Bitcoin marks yet another case that proves mainstream media figures, prominent investors, and celebrities want and understand BTC.
And lastly, it proves that HODLing through the fire and the flames can pay off, despite what some cynics of the strategy suggest.
Mainstream Media Loves Bitcoin… Again
This comes as the mainstream media has begun to laud Bitcoin for once, instead of bashing it.
In a recent article, The Financial Times, which is a prominent business news outlet read by some of the world’s most prominent investors and funds, recently lauded Bitcoin as a “potential” safe haven asset. As cryptocurrency analyst Ari Paul wrote, Bitcoin has begun to “gradually enter the mainstream financial discourse”, which is rather bullish, to put it lightly.
A few days after this article was posted, Jim Iuorio of CNBC, a CME trader, lauded BTC on public television, revealing that he has begun to acknowledge the cryptocurrency as a viable alternative to fiat.
And who could forget Tyler Cowen, an economist that frequents Bloomberg’s op-ed column. In a recent article, Cowen gave four reasons why he believes Bitcoin will succeed, which caught many aback, as he was previously cynical that BTC was needed. A number of those reasons mentioned Bitcoin’s viability as a hedge against populism and geopolitical unrest.
Celebrities Love Crypto, Right?
As aforementioned, Hawk’s tacit statement of support for Bitcoin and its ilk marks the latest case of celebrities getting their hands dirty with cryptocurrency.
In the sports world, Hawk joins NFL player Russell Okung and UFC fighter Ben Askren as professional athletes-turned-crypto ‘rookies’
As reported by NewsBTC previously, however, the aforementioned sportsmen are just the tip of the iceberg when it comes to celebrities in the crypto space.
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Crypto Tidbits: ErisX Bitcoin Futures, Blockchain on Jeopardy, Proposed BitMEX Ban

Another week, another round of Crypto Tidbits. Bitcoin (BTC) may have shed a good portion of its year-to-date gains over the past week, but the underlying industry saw an array of positive fundamental developments.
Over the past seven days, there’s been an array of positive news: ErisX secured a key license, Donald Trump announced his intent to get the Federal Reserve to “manipulate” the dollar, Ethereum 2.0 came one step closer, among other tidbits.
Related Reading: Research Shows That Holidays Cause FOMO Fireworks in Bitcoin Price Charts
Also recently, we saw a countless number of traditional investors, most of which were formerly skeptical of crypto, turn bullish on Bitcoin. A “convert” that comes to mind is Mark Mobius, a prominent emerging markets investor. This trend is a bullish sign, especially considering that this market cycle is just getting started.

Related Reading: Crypto Tidbits: Bitcoin Surges, XRP Exchange Hack, LedgerX’s BTC Futures, Chainlink on Coinbase
Bitcoin & Crypto Tidbits
TD Ameritrade-Backed ErisX Snags CFTC License, Can List ‘Physical’ Bitcoin Futures: Announced early this week, ErisX, an exchange startup backed by countless Wall Street and crypto-native firms, has secured a license from the U.S. Commodity Futures Trading Commission (CFTC). The Derivatives Clearing Organization license (DCO) will allow the soon-to-launch platform, funded by firms from Nasdaq and The CME to Digital Currency Group and the pro-Bitcoin Fidelity Investments, to offer its clients physically-delivered cryptocurrency futures. ErisX joins Bakkt and LedgerX in this arena, all of which are expected to soon list their take on Bitcoin futures in the coming months. And while all eyes are frankly on Bakkt, some suggest that ErisX may have just as big of an effect as its rival, as it has been rumored that American retail brokerage TD Ameritrade will be listing its partners’ vehicles in the near future.
Ethereum 2.0 (Serenity) Sees First Spec Freeze, Upgrade On Its Way: Announced by Justin Drake, an Ethereum Foundation researcher, the first code specification freeze for Ethereum’s 2.0 (Serenity) upgrade recently occurred. “This release marks the end-of-June phase 0 spec freeze, v0.8 is to serve as a stable target as implementers work toward multi-client testnets in addition to on-going efforts in formal verification, fuzzing, and audits”, Drake explained. For those unaware, Ethereum creator Vitailik Buterin claims that Serenity could simply be explained as “a way to bring technical improvements, like PoS and sharding, together to improve the Virtual Machine, Merkle Trees, the efficiency of the protocol, and a whole bunch of small technical things that you have never heard of.” Per the industry insider, this is all being done in a bid to create a “next-generation blockchain” to be hundreds of times faster and scalable than Ethereum’s current iteration.
Jeporady Features Bitcoin- And Blockchain-Related Question… Again: On Monday, Bitcoin’s journey back to the mainstream limelight took a massive leap forward, with Jeopardy featuring the cryptocurrency for the second, maybe third time. During an episode of the popular American game show last week, the following clue was given: Bitcoin uses this technology as its transaction record. The answer to this, a simple “What is Blockchain?” This mention may seem small, but the show often pulls in 10 million weekly viewers — not bad. This isn’t the first time that Jeporady has centered its sights on cryptocurrency. Late last year — yes, the de-facto bottom of the recent crypto crash — the show had an entire section dedicated to crypto. Crazy, right? Some answers included references to Venezuela’s Petro, social media app’s Kin token, and the infamous Kanye West-branded “Coinye” coin, which has notably been slammed with a lawsuit from Yeezy.
Cuba Lauds Cryptocurrency, Accepts it May Need Digital Assets: This week, the Cuban government publicly lauded cryptocurrencies (didn’t mention Bitcoin) as it looks to get out of the economic crisis it has been embroiled in for years. Per a report from Reuters, the government is claiming that it will look into the use of digital assets to reform its market, specifically in a bid to boost exports. A minister for the economy told Reuters that they, alongside local “academics”, are looking to use this asset class in “national and international commercial transactions”. If their efforts go through, this would mark one of the first times that a nation has directly adopted and lauded cryptocurrencies to bolster its economy.
U.K. Financial Authority Looks to Crack Down on Crypto Derivatives, BitMEX Included: The United Kingdom’s leading financial regulator, the FCA, has just revealed plans to impose a ban on derivatives relating to cryptocurrencies. If put in place, British investors would not be able to use a platform like BitMEX, which is home to the infamous original 100x Bitcoin leverage contract, which some have likened to pure gambling. The agency’s statement on the matter comes shortly after Nouriel “Dr. Doom” Roubini bashed BitMEX at a debate in Taipei, during which the 2008 Great Recession predictor claimed that the platform does not bring the broader crypto industry any joy.
Binance Poised to Launch Bitcoin & Crypto Futures: In a recent keynote, Binance chief executive Changpeng “CZ” Zhao unveiled a surprising tidbit of news. Speaking to the crowd at the Asia Blockchain Summit in Taipei, the exchange head revealed that his firm would soon be launching cryptocurrency futures. A slide from Zhao’s presentation shows a preliminary version of the trading platform, which purportedly allows for up to 20 times leverage, and gives investors the ability to long and short key crypto assets: presumably Bitcoin, Ethereum, and Binance Coin at the minimum.

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