Bitcoin Traders Eye $5,600 As BTC Suddenly Ticks Higher: Can The Rally Continue?

Over the past few hours, Bitcoin (BTC) and its altcoin brethren have begun to quietly rally. As of the time of writing, BTC is up 3.5% in the past 24 hours, finding itself trading for $5,240 apiece, according to data compiled by Coin Market Cap.
This move isn’t as notable as early-April’s 15% daily gain, which saw retail and institutional trading activity ignite as BTC rallied past two key resistance levels, $4,200 and $4,600. However, the recent influx of buying pressure comes after cryptocurrencies experienced a rapid 10% sell-off during the weekend, ensuring that bears don’t get a chance to follow through.
Related Reading: Bitcoin Beats a Retreat Below $5k, Has The Final Capitulation Started?
If Bitcoin Breaches $5,600, $6,000 May Be In Store
Per a recent chart from Credible Crypto, with Tuesday’s move, BTC is poised to soon break out of a triangle pattern, which has depressed the asset and slowed trading activity over recent days. If the upper bound of the triangle breaks as Credible expects, Bitcoin could rally past its year-to-date high at $5,500, moving to and beyond $5,600 as a local resistance level is broken.

Took a closer look at the $BTC chart after some of my followers mentioned the possibility of this being a triangle. I tend to agree after checking out the charts. This is perfect as it fits in with our Wave 4 count, and it would explain all the 3 legged waves we have been getting pic.twitter.com/eLBMg8vmKu
— Credible Crypto (@CredibleCrypto) April 16, 2019

While a move past notable $5,600 doesn’t seem notable, especially considering that Bitcoin’s monthly high is just $100 below that, analysts argue that a foray above the mid $5,000s will be monumental for bulls. In fact, as a popular trader, The Crypto Dog, depicted in a chart posted hours ago, not only would a rally to $5,600 break a flat top triangle, but it would put BTC in an area of low liquidity.
Any semblance of buying pressure seen in that region could catapult Bitcoin to $6,000. As the analyst writes: “$5,600 is the only thing standing between us and $6,000.”

Haven't been/don't follow $crypto Twitter too closely for $BTC analysis? This chart is a fair summary.$BTC $BTCUSD #Bitcoin $crypto pic.twitter.com/mD3ExNGWeZ
— The Crypto Dog (@TheCryptoDog) April 16, 2019

Charts Looking Bullish
Sure, $5,600 could be rejected, but a multitude of chartists are adamant that from a macro perspective, BTC is still looking hot. As trader B.Biddles remarked, Bitcoin’s one-week chart from August to now impeccably resembles a “bump-and-run reversal bottom” (BARR Bottom) shown in a notable technical analysis book.
If the BARR Bottom trend plays out as the textbook’s author, Thomas Bulkowski, explains, BTC will soon see an “uphill run” that will catapult cryptocurrencies into their next bull run.

$BTC. Literally a textbook BARR bottom. Hint: This means bears are fucked. pic.twitter.com/5ZUMGCXMIt
— B.Biddles (@thalamu_) April 14, 2019

Fundamental factors, too, are giving BTC and other digital assets a green light to head higher. As Cumberland, a crypto-friendly arm of DRW, noted on Twitter, as central banks have delayed interest rate hates, risk assets, like Bitcoin, have rallied. With institutions like the Federal Reserve and European Central Bank looking to continue this trend, this “risk-on” rally could easily continue.

Desk Update: Risk assets (along with $BTC) have rallied dramatically this year, as shown in the chart, while central banks delay interest rate hikes. pic.twitter.com/qyYAyMadn6
— Cumberland (@CumberlandSays) April 16, 2019

Should Declining Crypto Trading Activity Be A Worry?
Analysts are leaning bullish en-masse, but over recent trading sessions, the level of trading activity has begun to wane. In fact, the 24-hour volume registered by Coin Market Cap has fallen to $42 billion, which is nearly half that registered on April 3rd to 7th, the aftermath of April 2nd’s bullish breakout.
It is important to note that this data provider’s figures are widely deemed inflated, but Bitwise’s Bitcoin volume index, which takes only regulated exchanges into account, has accentuated that trading is on the decline.
Should this be a worry for bulls though?
In the eyes of some chartists, yes. But if we take Biddles’ analysis into account, declining volumes could indicate bullishness. Odd, huh. As the Bitcoin trader explains, “declining volume is bullish in this pattern (ascending triangle),” and signals that a rapid move higher is likely in BTC’s cards.

$BTC
Declining volume is bullish in this pattern, per Bulkowski.
"Volume is usually low just before the breakout." pic.twitter.com/UYF76dKJk8
— B.Biddles (@thalamu_) April 16, 2019

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Industry Exec: Bitcoin To Be The “Escape Hatch” In Impending Global Recession

In the eyes of many across the globe, including anti-establishment figures, credited and established economists, and consumers, the macroeconomy could be on the verge of collapse. In fact, in a recent Bloomberg op-ed, Narayana Kocherlakota, the former president of the Federal Reserve’s Minneapolis arm, advised his old employer to prepare for a crisis. But Bitcoin may be a way out — “an escape hatch,” as put by ShapeShift chief executive and crypto entrepreneur Erik Voorhees.

There has never been a global recession since Bitcoin was created. Next time it happens, there is an escape hatch. https://t.co/XmwcCcuSU9
— Erik Voorhees (@ErikVoorhees) April 16, 2019

The Case For A Recession
While the economy seems to be doing better than ever, certain fiscal and economic indicators aren’t looking all too hot. For instance, the U.S. Treasury bond yield curve recently saw a negative spread between the three and ten-year notes, which is a sign that has historically predicted recessions (1970s’ oil crisis, Dotcom, Great Recession).
Debt across the board, especially sovereign debt, is surmounting all-time highs on a daily basis. In fact, since 2008’s fiscal debacle, the nominal value of all forms of debt has increased by dozens of trillions of dollars, as central banks across the globe bolster their balance sheets, firms borrow more to promote their growth, and consumers spend more than ever, all while lenders are seemingly becoming more lenient with each passing day.
According to Trace Mayer, a long-time Bitcoiner and a zealous anti-centralization thinker, society has accumulated $87 trillion more debt as humanity’s relentless lust for growth continues, accentuating that governments and society at large haven’t learned from past mistakes.
The U.S. alone has seen its national debt breach $22 trillion mere weeks ago, up from ~$8 trillion when the recent Recession peaked. In response to this swelling statistic, the Peterson Foundation, an American financial services group that is focused on amending the nation’s economic issues, claimed that the fiscal situation is “not only unsustainable but accelerating.” As Ikigai head Travis Kling recently explained:
“The increasingly erratic U.S. president is yelling at an irresponsible central bank to act even more irresponsibly with its monetary policy, while running a $1 trillion deficit for the second year in a row.”
Related Reading: Economist’s Belief That Stocks Are Overvalued Has Bitcoin Enthusiasts Enthused
The economy’s outlook is so harrowing that Ray Dalio, the co-founder of the world’s largest hedge fund, Bridgewater Associates, recently drew eerie parallels between today and the Great Depression. In a comment made at Davos, the world-renowned investor, who has become a market pessimist as of late, explained that from 1929 to 1932, there was a lot of “printing of money, and purchases of financial assets,” much like today.
Even BitMEX’s research division has chimed in on the matter of the case for a recession. As reported by NewsBTC previously, the team of researchers and analysts noted that the current financial system is currently unstable and fragile, backing their claim by drawing attention to the dichotomy between the overall lack of volatility and sudden spikes in the VIX. They noted that this instability has only been underscored by low-interest rates and a tumultuous political climate (think Brexit, Trump/China, and the Yellow Vests), making it all the more likely that a crisis is brewing under the surface.
Why Bitcoin Is The Answer
So what’s a way to opt-out of a crisis?
According to many pundits, that’s Bitcoin, as the asset isn’t centrally controlled, has a deflationary supply issuance schedule, and is a non-correlated asset that exists independently of any traditional system, save for the Internet. As Kling, a Wall Streeter turned anti-establishment thinker, explains, the cryptocurrency’s value proposition as a non-sovereign, hard-capped supply, global, immutable, decentralized, digital money could be just what modern consumers are looking for in a market rife with uncertainty — a way out of this ongoing fiscal experiment that many argue benefits the wealthy before the underprivileged. The Ikigai C-suite head adds that “central banks and governments are proving the profound need” for such a digital asset, not discrediting it.
In other words, if any government takes on heavy debt and defaults, Bitcoin benefits. If hyperinflation makes U.S. dollars nothing more than glorified toilet paper, Bitcoin benefits — you get the point.
With the U.S.’ interest expenses on track to surpass the tax receipts themselves by 2022, meaning that America will be paying more in interest on its debt than the tax it receives, creating a negative, likely never-ending feedback loop, only one option will be left: print, print, print the debt away. And by then, Bitcoin would have likely won.
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Vitalik Buterin Remains Confident About Ethereum 2.0 Development Amid Concerns

As put by countless stakeholders and commentators on Twitter and Reddit, crypto assets are much like sports teams. In other words, investors will stop and nothing to see their favorite projects succeed, whether it be Bitcoin (BTC), Ethereum (ETH), XRP, or what have you.
Interestingly, over recent weeks and months, the Ethereum camp has come under pressure across the board. The “World Computer’s” cynics claim that the blockchain’s development is falling well behind schedule. But is this really the case?
Related Reading: Crypto Research Claims Ethereum PoS Unsustainable, Vitalik Hits Back
Ethereum Losing Dominance?
In a recent episode of Laura Shin’s “Unchained” podcast, Vitalik Buterin was surprisingly candid about Ethereum, his brainchild. As reported by NewsBTC previously, the Canadian-Russian programmer affirmed that it isn’t out of the realm of possibility that the Ethereum Blockchain sees its traction slip in the years to come.
In response to an inquiry on the subject matter, Buterin claimed that “it’s kind of inevitable and unavoidable” that the project sees its hegemony in the smart contracting space slowly dwindle away, specifically as a result of time and development. Buterin is far from the first to have made this claim.
Earlier this year, Fred Wilson, the co-founder of crypto-friendly Union Square Ventures, took to his world-renowned blog to claim that he expects to see Ethereum’s space in this ecosystem challenged by new competitors in 2019. This quip was followed by a near-identical comment from Kyle Samani, a partner at industry investment group Multicoin Capital, shortly thereafter. Samani specifically stated that the percentage of total developers work shift from Ethereum to newer platforms, such as Cosmos and Polkadot.
Most recently, Tetras Capital’s Alex Sunnarborg took to Forbes to continue this narrative, claiming that the layoffs at ConsenSys, lack of users on Ethereum-based applications like Augur, and the overvaluation of certain ICOs are signs that the project is losing momentum and steam.
And this is the thesis that the project’s critics have latched onto, leading to a large influx about the cohesiveness of the Ethereum team. This was only recently cemented by a series of developer debacles. One, in particular, saw prominent Parity developer Afri Schoeden leave his stint to create a project known as Dothereum.
Creator Vitalik Buterin Keeps Head High
In a recent Reddit thread, however, Buterin finally spoke out against “FUD.” The cryptocurrency entrepreneur claimed that the Prysmatic, Lighthouse, Ethereum 2.0 (Serenity), and so on and so forth are “still continuing work right on schedule.” He added that the recent governance concerns and shakeups have had no effect on Ethereum 2.0, not “by even a single day.” Buterin concluded:
“State channel and Plasma and ZK rollup devs are similarly steadily moving forward, as are the 1.x rent proposals. The existing 1.0 clients are being tirelessly upgraded to better handle the load of the current chain, with a huge victory a few months ago in dropping uncle rates as well as constant improvements in block propagation. When you’re making a bet on the ethereum ecosystem, it’s those silent armies you are betting on.”
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Why Bitcoin Isn’t In The Clear Yet, Despite BTC Rally Past $4,600

It would be hard to deny that the past two weeks have been integral for the long-term prospects of Bitcoin (BTC). It staved off collapsing below the long-term trendline, and moved above key resistances, especially the 200-day moving average, with monumental levels of volume to match.
Related Reading: Analysts Convinced Bitcoin Bottom Is Finally In, New Highs Inevitable
While all this seems to signify that a crypto bull rally is on the horizon, this may not exactly be the case. In fact, citing a key trend indicator, a chartist opined that it is a bit too early to be bullish just yet.
Bitcoin Isn’t Home Free Just Yet
Cold Blooded Shiller, a cryptocurrency analyst, recently drew attention to the one-week Guppy, a collection of moving averages that aims to predict trends, resistances, and supports, for Bitcoin. And it wasn’t exactly all too pretty.
While BTC’s 25% rally from $4,150 to $5,450 over the past two weeks allowed the asset to break out of the green band of the Guppy, the top (key resistance/trend reversal level) of the red band was rejected.

Beautiful bearish retest of the weekly $BTC guppy. Why we bullish? pic.twitter.com/AD7rBBgVbb
— Cold Blooded Shiller (@ColdBloodShill) April 13, 2019

In fact, the wick to $5,450, in the eyes of Cold Blooded anyway, was a “beautiful bearish retest” in that it cements that BTC isn’t out of choppy waters just yet. Considering that the red band of the one-week Guppy acted as key support for Bitcoin in 2017’s rally, if BTC fails to break and hold past the red band, it may be that much harder to call for a bull run.
Interestingly, while the weekly Guppy is still depressing BTC, the daily is an entirely different story. As covered by NewsBTC on a previous date, the Super Guppy on Bitcoin’s one-day chart recently flipped bullish for the first time in 16 months, cementing that at a minimum, the medium-term bear trend has been mostly reversed.
Maybe Consolidation Is Inbound
So if Bitcoin isn’t home free just yet, what’s next for the asset and its altcoin brethren?
Per a chart posted by trader SalsaTekila, consolidation and short-term range trading may just be in the cards. He chalks this call up to the fact that right now, BTC is entering the region of a “broken price floor” that has pertained to over one year of price action. As such, it may be very difficult to break out above that level, which sits at $5,800, without a proper catalyst.

$BTC is re-testing a 1 year+ broken price floor. My current best case scenario is a couple weeks of consolidation / chop between 4700$-5500$. pic.twitter.com/TKTZd1wTu9
— SalsaTekila (JUL) (@SalsaTekila) April 14, 2019

Thus, Salsa concluded that in his eyes, the best case scenario would be for BTC to consolidate and chop between $4,700 and $5,500, the respective low and high of the past two weeks’ price action, for a number of weeks. Salsa isn’t alone in his expectation that cryptocurrencies will take a brief chill pill, so to speak.
CryptoHamster, an analyst known for his use of fractals and historical trends, recently claimed that if BTC follows historical precedent, it will more than likely trade around $5,000 for weeks, even months, before the eventual breakout.
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Slowing Macroeconomy Could Be A Boon For Bitcoin & FAANG Stocks: Researchers

Since 2018’s bear market came to life, investors have tried to determine what will revive Bitcoin (BTC) once again. According to industry researcher boutique Delphi Digital, the strength (or lack thereof) of the macroeconomy could be a boon for the cryptocurrency market moving forward, in spite of the fact that many pundits see digital assets as independent of traditional systems.
Bitcoin Could Catch Investors Looking For “Significant Price Appreciation” 
Per an excerpt from the New York-based group’s most recent report, a potential rise in growth investing strategies (throwing money at firms with strong growth upside to maximize capital gains) could aid Bitcoin in the coming months and years. Delphi’s analysts explain that growth-centric investors’ most popular choices include the stocks that consist of FAANG along with other hot Silicon Valley firms.

3/ Given the outlook of slower economic growth and subdued earnings forecasts, the backdrop appears favorable for growth to outperform. If so, #bitcoin may be poised to catch a bid as investors reach for riskier assets with significant price appreciation potential. $BTC pic.twitter.com/6MvZauouty
— Delphi Digital (@Delphi_Digital) April 12, 2019

The reason why this is significant is that in periods of slow economic growth and subdued earnings, which economists are calling for, growth stocks, meaning Bitcoin in turn (correlation), often outperform their peers. Thus, Delphi concluded:
“Given the outlook of slower economic growth and subdued earnings forecasts, the backdrop appears favorable for growth to outperform. If so, bitcoin may be poised to catch a bid as investors reach for riskier assets with significant price appreciation potential.”
Perfect Storm For Bitcoin Is Approaching
Delphi’s talented researchers aren’t the first to have claimed that factors in the macroeconomy could boost Bitcoin over the coming months. As reported by NewsBTC previously, Brendan Bernstein, the founding partner of Tetras Capital, an industry investment firm whose partners seem skeptical of Ethereum, recently laid out why he believes BTC’s long-term prospects are healthy.
He remarked that the U.S. Federal Reserve’s decision over the past decade to enlist quantitative easing (QE) strategies could aid BTC. Here’s why.
While QE, which is a fiscal policy that sees central banks purchase assets to boost the economy, has arguably been a positive catalyst for cryptocurrencies for the better part of a decade, some fear that the economy might get dicey (asset inflation, fiscal instability, etc.). Anti-establishment figures, presumably like Bernstein and Ikigai’s Travis Kling, are wary that with the overutilization of QE, the economy could be put in a bad place, potentially giving BTC a chance to rally as a non-correlated store of value.
Bernstein continued on the theme that macroeconomic and political factors may give a decentralized, digital currency a chance to outperform by drawing attention to democratic socialism, modern monetary theory, a growing retired yet financially stunted population, and the rapidly swelling amount of U.S. sovereign debt. He claimed that all this, coupled with QE, is why there is a “perfect storm for BTC right now.”
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Analysts Convinced Bitcoin Bottom Is Finally In, New Highs Inevitable

Bottom this, bottom that. At long last, prominent crypto analysts across the board are convinced that Bitcoin (BTC) has finally bottomed in this cycle, and will not see fresh lows for years, if at all.
While this may sound like wanton wishless thinking, a strong case has been made for this theory. In fact, the “bottom is in” theory has garnered so much traction that some of the industry’s biggest names have subscribed.
Related Reading: Prominent Analyst: Bitcoin (BTC) is Likely to Surge to 400k, Does This Mean the Bottom is in?
Bitcoin Bottom Might Just Be In
A well-followed trader going by “Mr. TA” on Twitter, the founder of a cryptocurrency education group, recently explained why he believes that Bitcoin has already put in its lows for this cycle.
He explains that historically, BTC has found a price bottom about one year out from its quad-annual block reward reductions — what many refer to as “halvings” or “halvenings.” It is important to know that this is a known fact, as made apparent by an array of NewsBTC’s previous reports on the matter.

Why I believe the Bitcoin bottom is in – looking at Bitcoin halving events
As you can see, around 1 year before the halving, a bottom forms
A big move up is seen leading to the one year away date, then a drop to form the ultimate bottom, before this price isn't seen again pic.twitter.com/r10PttfWw6
— Mr. TA (@technical_anal) April 10, 2019

What makes Mr. TA’s analysis interesting is that he points out that around 15 months prior to 2015’s halving, there was a strong rally in which Bitcoin showed signs of going parabolic, a short period of stagnation, then a slowdown. Sound familiar? Well, that’s because the same is effectively going on now.
If the current cycle plays out like that seen in 2015, Bitcoin may rally slightly further (potentially to $6,000), stagnate for weeks, before falling back under the $4,000 in a final bearish shakeout. But, in spite of all this, BTC will now establish new lows, meaning that a long-term price floor could be set in stone already.
As aforementioned. Mr. TA isn’t the only one convinced that a bottom is in. Per reports published just days ago, Dave The Wave, a long-term trend chartist, claimed that Bitcoin’s recent push past $5,000 isn’t a sign that parabolic price action is on the horizon. Instead, this uptick signifies that the bottom is in, explaining that now, the chances of a higher high followed by “further higher lows” are practically 100%. For those who missed Technical Analysis 101, this is a simple sign that a bearish trend has bitten the dust.

The significance of the breakout was not new all time highs tomorrow, but a confirmation of the bottom – a higher high, no doubt to be followed by further higher lows. pic.twitter.com/b2vm0xbWZn
— dave the wave (@davthewave) April 8, 2019

Travis Kling echoed this analysis to a tee in a recent Twitter comment. In response to an inquiry from The Crypto Dog, the former Wall Streeter noted that “in the seven weeks leading up to April 1st,” the chances that BTC would retest the low it established in December at $3,150, “diminished significantly.” He added that the price action experienced in April so far, which catapulted BTC to and well past $5,000 and altcoins to fresh year-to-date highs, is “the (effective) nail in the coffin for new lows.” In other words, put short and sweet by Kling, “a retest is now highly unlikely.”
What’s Next For BTC?
Well sure, the bottom is in, but what’s next for BTC in this market? Answers to this pressing question span the entire spectrum of bulls and bears, but by and large, most prominent traders seem to be leaning somewhat bullish. Here’s why, and here’s what they see.
Short-term, traders are extremely bullish. CryptoHamster, a subscriber to fractal analysis and how that applies to cryptocurrency, recently posted the chart below on Twitter, accentuating the similarities between Bitcoin’s price action on Wednesday and that seen last Wednesday. Barring that the trend shifts, Hamster is hinting that BTC could rally to $5,600 in the coming days.

#bitcoin $BTC $BTCUSD pic.twitter.com/Y27jttyyEN
— CryptoHamster (@CryptoHamsterIO) April 11, 2019

Long-term, analysts are also convinced that bears are in their death throes. The Super Guppy, a measure that weighs support and resistance levels to predict trends and their respective reversals, has flipped bullish on BTC’s one-day chart. The last time the Guppy was green was in early-2018, which was when cryptocurrencies began to unwind from 2017’s bubble-esque activity.
But where does this leave Bitcoin for the long haul? As a recent poll revealed, $100,000 and beyond, that’s where. But as to when BTC will reach that quixotic price target, no one is all too sure.
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What Justin Sun Thinks Will Boost Tron (TRX) Near The Top Of Crypto

As much as crypto stakeholders bash Tron (TRX) for its questionable practices, marketing-centric policies, and its propensity to spark communal discourse, there is no doubt the blockchain project has done its utmost to stay afloat in this Bitcoin bear market.
Whether it be releasing a Tron-based version of Tether’s USDT, running a controversial yet lavish $20 million and Tesla giveaway, buying out BitTorrent to implement blockchain, or an act of a similar sort and caliber, the project has kept its nose to the proverbial grindstone. And this perpetual grind might not be stopping anytime soon.
Related Reading: Exclusive: Why The Hell Is Tron CEO Sun Giving Away $20 Million?
Tron’s Justin Sun is looking to continue this thread of wins with a technological advancement called the Sun Network, named after, well, the cryptocurrency entrepreneur himself.
Meet The Sun Network
Justin Sun recently took to Twitter to cheerily announce the establishment of the Sun Network venture, a second layer solution for the smart contract-centric Tron blockchain. According to the Ripple alumnus, who attended Jack Ma’s Hupan University, the Sun Network solution could allow Tron’s transactional throughput to increase by 100 times.

#TRON will release the detail of #Sun Network soon! #SUNNetwork is our layer 2 solution to achieve 100X scalability. #TRON’s dapp usage is poised to scale from the current millions to hundreds of millions after launch. GO #TRX and #BTT! #BitTorrent #BTT #TRX
— Justin Sun (@justinsuntron) April 3, 2019

This ambition may seem rather quixotic, especially considering Tron’s purportedly already sufficient processing capabilities, but Sun seems entirely serious. In fact, the San Francisco-based Tron Foundation, which Sun heads, just released a one-pager briefly outlining the logistics and technicals of this layer two innovation.
Per the Foundation’s document, the Sun Network isn’t exactly a simple, single-faceted layer two advancement. Instead, this “network” will consist of “DApp sidechains,” cross-chain infrastructures to promote interoperability, and “some other expansion projects.”
The cumulative effect of these innovations will, as per the Tron Foundation, increase the “overall TPS and smart contract efficiency of Tron.” The DApp sidechains themselves will purportedly allow Tron to run smart contracts with “extremely low energy consumption, high security, and efficiency.” Funnily enough, the potential improvements weren’t explicitly quantified, leaving it anyone’s guess as to how the Sun Network will benefit Tron over the long haul.
But, we will soon see how the Sun Network plays out, as Tron intends to launch a test-stage DAppchain by May 30th, a fully-fledged DAppchain by August 10th, and an upgraded version just 40 days later.
Justin Sun Has High Hopes For Tron 
As explained earlier, it is currently anyone’s guess as to how Sun’s latest passion project will aid Tron. Sun himself, though, is absolutely convinced that the Sun Network will have a decidedly positive effect on his brainchild.
In a recent interview with NewsBTC at Hong Kong’s Token2049, Sun remarked that he expects for the Sun Network, the launch of a Tron-based USDT, the growth of DApp use on the platform (Sun predicts 2,000 active application by year’s end), the launch of ZK-snarks, among other advancements to propel TRX to new heights. In fact, Sun overtly claimed that if all pans out, TRX could easily be the fourth most valuable cryptocurrency by the end of 2019, placing it below Bitcoin, Ethereum, and XRP.
For some perspective, the market capitalization of Tron would need to rally by 170% at current levels, barring that its competitors remain flat, to reach that fourth seat.

A Shameless Copy Of Ethereum 2.0?
Considering the timing and speed of this move, some are wondering about Sun’s true intentions. Is Tron trying to get a leg up over Ethereum? Is the Sun Network a ploy to steal attention from the similar Ethereum Serenity or the speed-centric Lightning Network? you may be asking.
If you look at Sun’s recent Twitter quips at Ethereum creator Vitalik Buterin, especially about avocados and Twitter followers, you might think this is the case. But, considering a number of the Tron chief executive’s recent interviews, he may be looking to help join hands with the competing project.
As reported by NewsBTC previously, during a recent episode of TheCryptoChick’s podcast, Sun remarked that he expects for this year to see Tron “officially collaborate” with Ethereum. This, interestingly, enough comes after Sun claimed that he would “immortalize”  Buterin and Ethereum’s crowd after Tron succeeds, and after Buterin joked that he would lose faith in humanity if Tron wins the blockchain game.
Regardless, the Sun Network likely isn’t a copy of Ethereum’s Serenity roadmap or the Bitcoin Lightning Network for that matter. However, with this move, the minds behind Tron are likely trying to take some thunder away from the crypto market’s biggest names, as the project looks to usurp cryptocurrencies like EOS, Stellar Lumens, Cardano, and even Binance Coin, from where they sit now.
But will Justin Sun & Co. succeed? That’s the question that will have to be answered with real products, not just marketing and hype.

LMAO Justin really named the Tron network after himself? https://t.co/oJMRtbn4HE
— Crypto Bobby (@crypto_bobby) April 8, 2019

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HTC’s Blockchain Lead: Bitcoin is to Facebook Coin, JPM Coin as The Internet is to Intranets

Token2049, a recent crypto conference in Hong Kong, saw some of the biggest names in Bitcoin and blockchain congregate. NewsBTC was lucky enough to snag Phil Chen, a world-renowned technologist and the head of HTC’s blockchain division, for a quick interview.
We discussed his team’s phone, the Exodus One, and his thoughts on recent developments in the cryptocurrency space.
What’s Up With HTC Exodus’ Blockchain-Friendly Phone?
NewsBTC: Can you tell the NewsBTC audience about what HTC Exodus is doing?
Phil: The HTC Exodus is one of the first blockchain phones. But, I think it is the only phone that empowers users to own their private keys — which I think is a foundational principle of the decentralized web. If everyone owns their private keys, then you own your Bitcoin. If you don’t, well, you don’t. The Exodus is built on that foundation, as we give users that same architecture to own their digital identity, personal data.
NewsBTC: Is there a thirty-second pitch for why people (common consumers) should own an Exodus over, let’s say, an Apple iPhone or Android?
Phil: People that don’t care about their privacy?
NewsBTC: Yeah, I guess there’s been a surge in people trading in their personal data and rights for convenience.
Phil: If you’re starting from where people don’t care about their privacy, just convenience, I would argue that they would care about it if they knew how their data was being used, and how it was being sold. There’s a very moral movement around this. When you don’t own your crypto assets or data or identity, there is something fundamentally wrong about that. If there’s a sovereign identity that is you — things that you’ve created, attributes or characteristics that describe you —  that you don’t own, there’s something entirely wrong, especially because we are this far into the information age, and there’s no concept of digital property — what is yours, what is mine.
So the way we are trading these small conveniences in exchange for these micro invasions of privacy, and what is your digital property has major ramifications to many things, even to democracy. So there’s no quick answer to this, unfortunately, if you were to not care about privacy. In that case, that wouldn’t be my target audience for the Exodus. My audience would be those who are concerned about this or are concerned about what is being collected, what is sold, and who it is sold to. These people would have likely read the book 1984 to understand the issues with all this.
Related Reading: Why Crypto Is So Important For Privacy With HTC Exodus’ Phil Chen
NewsBTC: How has this so-called “crypto winter” been treating the Exodus team? Has it been hard for your blockchain team to innovate in these conditions?
Phil: It’s actually a lot better, to be honest. There are many facets and reasons why people come to crypto. You, for example, found out about Bitcoin by buying digital goods. And I would say that most people in crypto are interested in speculation in tokens. But there’s another class, which I am in, this being those who are generally interested in the technology and how it will fundamentally rearchitect the internet. From this speculation and token side, it’s a winter. But because of that, I don’t need to answer those questions about the price of this or that coin. To be frank, prices have nothing to do with what we are doing.
NewsBTC: Crypto is all about skin in the game. And when I checked your website (Exodus then only accepted Bitcoin, Litecoin, Ethereum, and Binance Coin) during the December Bitcoin drop, your phones were selling for the equivalent $400. How have those low prices affected your business?
Phil: At $400, everyone was buying these phones. At the end of the day, this is a top of the line HTC smartphone. It’s premium. It has the best specs you would find in any other 2018 model, so at that price, it was selling quickly.

Sooooo…. is anybody going to tell @HTC about how cheap they're selling their Exodus 'blockchain- and crypto-friendly' phones at now? They were listed at a flat rate of 0.15 $BTC and 4.78 $ETH – ~$900 at the time. Now that's a mere $400-500… #justbearmarketthings pic.twitter.com/ChbcZgcl9Z
— Nick (@_Nick_Chong) December 7, 2018

NewsBTC: What is the endgame for the Exodus team? Do you envision a world where blockchain technologies and applications are the norms, or?
Phil: The endgame is to get every person with a smartphone to start owning their identity on their phone, all the data they use on their phone, and empowering them to connect to all the crypto networks.
Bitcoin Adoption In The Mainstream
NewsBTC: What do you think of the whole Samsung S10 “Blockchain Keystore” product?
Phil: First of all, I think that bigger manufacturers coming in[to crypto] is a good thing. To me, it isn’t clear if they’re really empowering the users to own their key. It sounds to me like they aren’t doing that. It sounds to me that they’re more like a custody solution rather than a system that allows people to really own their keys. Then the other surprising fact that I don’t like is that they don’t natively support Bitcoin. I don’t really understand that. I think that the Samsung S10 should be irrelevant for the Bitcoin crowd. But not supporting Bitcoin is a huge statement, it was definitely intentional.
NewsBTC: The weird thing about this is that their marketing material showed images of Bitcoin. So why have that, right?
Phil: It must have been intentional. To me, whether you are a Bitcoin maximalist or not, Bitcoin is so fundamental to this movement. Bitcoin represents being open, censorship-resistant, neutral, what have you. To me, that are the fundamentals of crypto networks. And we pride ourselves with that. One of the Exodus’ wallpapers is a Genesis Block and the Exodus Phone. We definitely see ourselves as an extension of the Bitcoin movement, and that’s why we have many homages to it in our design. I think it is a fundamental part of what we are doing here.
NewsBTC: In the same realm of mainstream adoption, what do you think of the rumors that Starbucks is looking into Bitcoin? And what do you think of the Lightning Network?
Phil: I’m super excited about Lightning. I’m super excited about layer two solutions on Bitcoin. Elizabeth Stark of Lightning Labs is an advisor to Exodus. It’s a hard technology and problem to solve, but we are working to make that a reality. More and more merchants accepting crypto as payment will make this industry much more interesting, and allow it to grow much faster.

NewsBTC: What are your thoughts on centralized, non-blockchain-based cryptocurrencies, like JPM Coin, Facebook Coin? Changpeng Zhao from Binance argues that it will be instrumental in driving adoption, do you agree with that?
Phil: I liken it to intranets. So companies used to have an intranet, which means a surveyed, permissioned, secure internet. That’s how I see these coins. When you issue a private coin, it’s the intranet compared to the internet. Which one is more interesting? So, I’m not too excited about that. We would all agree that in the future, we will move into a world where there is a cashless society, meaning everything becomes digital, crypto, coins. The problem is if you believe the Bitcoin peer-to-peer way of digitizing transactions and money or the centralized version. This will happen. It is already happening in China with WeChat Pay and things of that nature. But we’re going into a digital, cashless payment future, and which route are we going to take? JPMs are one centralized, permissioned way, and Bitcoin and other cryptocurrencies with similar characteristics are the other.
NewsBTC: So there is no room for both types?
Phil: No, there is room for both. But the problem is that these projects are fundamentally surveyed capitalism, and Bitcoin is neutral, borderless, censorship-resistant. These are fundamentally antithetical to each other. But can they both exist at the same time? Probably, and they probably will. But can they exist meshed together? Probably not. But there could be a world in which people pay with privacy coins, like Monero, ZCash, etc., Bitcoin, and centralized assets, like JPM Coin, Facebook Coin. But in the end, they are all antithetical.
NewsBTC: Do you see institutional involvement in this sector as against Bitcoin’s decentralized nature? You have Fidelity with their custody product, do you like that?
Phil: I do like that. I do want to see more and more institutions also have custody solutions like that. Again, it’s fundamentally antithetical to what Exodus stands for though, as we want everybody to hold custody of their own keys, data, and crypto. So if you set it up where institutions are holding custody, I like it right now because it’s better than having corporations that own having our data do that. Fidelity doing custody is good. Telecom operators, yes. But Facebook, no, no.
NewsBTC: What is the primary thing holding back crypto & blockchain adoption right now?
Phil: One is key management — making it simple for people to manage their own keys. If it’s one single thing, it would be key management. But payments is another one, making it easy for payments. There need to be more peer-to-peer apps. There are many infrastructural problems that need to be solved, in that the networks themselves are simply not ready, whether it be consensus or governance issues that haven’t been figured out just yet.
Related Reading: Exclusive: What Litecoin Founder Charlie Lee Thinks Will Drive Crypto Adoption
NewsBTC: What do you think of the statement ‘Long Bitcoin, short the bankers’?
Phil: Long Bitcoin, short the bankers? I believe that. That’s why we are doing this, that’s why I’m building the Exodus, and that’s why we are in this industry. Having the Genesis Block on the Exodus phone is perfect for that statement.
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Chinese Crypto Investors Return Strongly In Bitcoin: Did They Cause BTC Surge?

For much of the history of Bitcoin (BTC), traders from Asia, specifically China and Japan, dominated this embryonic market. China, of course, is the spiritual and actual home of Bitmain, one of the industry’s highest valued startups, and of key crypto asset projects, like NEO and Tron. But, the nation’s bans and restrictions on this market threw many for a loop.
As reported by NewsBTC previously, the Central Bank of China proudly proclaimed its series of stringent regulations, which included bans on foreign crypto exchanges, events, and certain trade publications, a resounding success.
Related Reading: China Banned Everything Bitcoin, Video Games Seem To Be Next
But, somehow, Bitcoin trading interest from Chinese investors has returned. Don’t ask us how, but locals are “FOMOing” in so hard that they’re skirting local regulations to get their hands on BTC. And many sure this influx of buying pressure from our friends across the pond is due to Bitcoin’s rally above $5,000, coupled with the monumental performance of Asian capital markets.
Chinese Investors Catapult Money At Bitcoin
When BTC began to show faint hints of bullish behavior in mid-March, pushing past $4,000 on the back of, well, nothing, investors tried to speculate what exactly was going on. Anton Pagi, a cryptocurrency researcher, revealed that the move was preceded (or caused) an uptick in exchanges known to have played host to a Chinese audience. To further illustrate his point, Pagi draws attention to a chart from data analytics provider CoinLib, which accentuated that there was a larger than normal influx of Chinese fiat into Bitcoin and other cryptocurrencies.
Pressure subsided from this subset of investors in the days that followed the aforementioned move, however. But now, with Bitcoin’s recent foray above $5,000, Chinese investors seem to be back in full force. In fact, over the course of the past week, the search term “Bitcoin” has skyrocketed to the top of Baidu’s trending searches, showing that locals sure are interested.
Per a recent tweet from CnLedger, a local industry insider, over-the-counter (OTC) desks that cater to an Asian audience have begun to show signs of an influx of buy-side orders.

1/ Chinese markets reveal strong buys. OTC (Over-The-Counter) trades, the almost only way to buy bitcoin with fiat in China, showing considerable $ premium (1 USDT = 7 CNY) over the official rate of 1 USD = 6.7 CNY. pic.twitter.com/bd0n0DGFVU
— cnLedger (@cnLedger) April 8, 2019

Huobi’s and OkEX’s individual OTC portals, for instance, are purportedly registering trades of Chinese Yuan-to-Tether (USDT) at a rate of 7.0, rather than the market rate of 6.7 —  a casual premium of 4.4%.
All this has occurred as bitCNY, a stablecoin pegged to the Chinese Yuan based on the Bitshares protocol, has seen its 24-hour volume move higher by ten times since its lows in February.
While this isn’t a definitive sign that investors in the Asian nation are flocking to purchase Bitcoin en-masse, the South China Morning Post (SCMP) once revealed that Chinese traders have expressed a clear propensity to use stablecoins to bypass governmental firewalls. The outlet’s investigation revealed that a local trader’s common practice was to use VPNs, purchase USDT (or a similar token) through fiat portals, then transacting on foreign, presumably non-KYC-enabled platforms.
What’s The Deal? 
Why is this happening? you may ask. According to trader and analyst Light Crypto, China’s newfangled enamorment with Bitcoin and cryptocurrencies has much to do with macroeconomic factors.
The trader recently explained that with the Hang Seng Index rallying 20% since the end of 2018, Chinese investors are looking to park their gains in other assets, like the non-sovereign Bitcoin. Alternatively, traders, with their strong portfolios in their back market, may be looking to add risk to their portfolio, through cryptocurrencies and other alternative asset classes.

/1 We are witnessing a resurgence in Chinese demand for cryptocurrencies. This trend in the making comes after more than a year of relative quiet, a reminder of the time when Chinese volumes were king. pic.twitter.com/5ZOjD4dxbM
— Light (@LightCrypto) April 8, 2019

Tom Lee, Fundstrat’s in-house crypto permabull, recently touch on this factor, too. In a recent Bloomberg Television segment, the cryptocurrency diehard, who has stopped at nothing to get his bullish point across, remarked that growth in emerging markets, like China, will be a clear tailwind for BTC moving forward.
Did China Push The Crypto Market To The Moon?
This may have led some to ask if China in and of itself was behind the recent uptick. The answer: no, likely not. But, the region’s recent influx of interest in Bitcoin has likely played a positive role in BTC’s day-to-day valuation.
Although many common Joes and Jills have come to the conclusion that OTC trades have no effect on the spot price of Bitcoin, this isn’t the case. BTC sourced through such platforms have an origin, whether it be an exchange, flat-out mining, or other deals. Thus, if there is more buying liquidity on OTC desks (as seen with China as of late), suppliers will pick up as much cryptocurrency as they can, thereby propping up the price or decreasing natural selling pressure from mining operations.
It would be near-impossible to gauge how much BTC and other digital assets are transacted through OTC desks, and what effect its plays on the underlying market, but China’s quiet yet triumphant return to Bitcoin likely isn’t a bad sign for cryptocurrency.
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Could The Influx Of Bitcoin Trading Push Crypto Higher?

After months of proverbial CPR, Bitcoin came back to life early last week in a move that came straight out of left field. On Tuesday morning, BTC suddenly rallied, pushing $4,200, $4,400, and $4,800 in rapid succession. Other crypto assets followed close behind the market leader.
Throughout all this, volumes started to surge, as exchanges across the board, whether fraudulent or otherwise, registered trading activity highs. Some see this uptick, which signals an underlying return of interest in cryptocurrencies, as a clear bullish catalyst.
Bitcoin Volumes Boom
In March, Bitwise Asset Management released a scathing report about the state of Bitcoin markets, claiming that 95% of trading activity could be fake. While many saw this as a bearish sign, the firm’s newfangled statistics have allowed traders and investors to gauge conditions with more accuracy.
Bitwise’s Spot Volume Index, which disregards exchanges speculated to be facilitating/taking part in wash trading, in fact, registered a monumental four-hour volume candle on the day it rallied past $4,200. In fact, the candle, which amounted to 154,726 BTC, was the highest since September 15th, 2017. This influx of buying pressure comes, of course, amid a brutal bear market, in which retail investors have all but bitten the dust.

Largest 4H volume candle on the Bitwise Spot Volume Index…
SINCE September 15'th 2017!
It was the bounce candle after CHINA FUD.#Bitcoin pic.twitter.com/9L4N1Gs9Sz
— Bitcoin 𝕵ack (@BTC_JackSparrow) April 7, 2019

Volumes registered on the Chicago Mercantile Exchange (CME)’s Bitcoin futures contract, too, has seen a colossal uptick on the day of the aforementioned rally. According to data from the exchange itself, April 4th’s session saw 22,500 contracts, equivalent to 112,700 (paper) BTC, change hands. This is just under double the previous trading activity record, set on February 19th.

CME Bitcoin futures had a record trading day on April 4, hitting an all-time high volume of over 22.5K contracts (112.7K equivalent bitcoin), surpassing previous record of over 18.3K (64.3K equivalent bitcoin) on February 19. More #Bitcoin futures. $BTC_F https://t.co/kWYK203apA pic.twitter.com/CX5nF8dXyv
— CMEGroup (@CMEGroup) April 5, 2019

These two statistics show that Bitcoin’s recent move, which sparked an influx of mainstream media coverage (both negative and positive), has revived investor interest in this asset class. But can it really be sustained?
Related Reading: CME Bitcoin Futures See Record Volumes, Crucial Signal For Rising Institutional Demand
Bears Still In Control Of Crypto?
While monumental volume readings do pose a potential case for further highs in this rally, some are convinced that bears aren’t done playing with Bitcoin just yet. In fact, a multitude of traders has made it clear that investors would be remiss not to expect BTC to establish a fresh low under $3,000, despite analyses stating otherwise.
Jonathan, a forex and crypto asset trader, recently explained that it would be unfair to assume that the bear market is over. Through the medium of a Twitter post, he seemed to hint that proclaiming a bear trend over is irresponsible.

There's a lot of self-congratulating/circle-jerking that "I"/"we" called the bear-market-over bottom & start of the new bull market. Pretty sure this happened w every $BTC rally since Jan 2018. Most of them made that same call, multiple times, in 2018. Should be the same outcome. pic.twitter.com/wzSzx3Onbc
— Jonathan (@jcho710) April 6, 2019

Jonathan remarks that this same cycle of optimists calling for an end to the bear after a short-term, emotion-inducing spike always ended in disaster, looking to Bitcoin’s inability to not maintain upward price action throughout 2018. Technicals have also not painted the more cheery picture.
Nunya Bizniz recently wrote on Twitter that the last time Bitcoin’s one-week Guppy, a technical indicator that weighs moving averages to predict price trends, looked as it is now, BTC rallied into the top of its range, before falling dramatically. Thus, if history repeats, BTC will move to as high as $5,600 in the coming weeks, prior to a rapid sell-off that brings the asset under $3,000.
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Why Bitcoin Holding $4,950 Readies BTC For A Push To $6,000

Bitcoin (BTC) has continued its bullish assault late into the weekend. After rallying to and past $4,200 on Tuesday, the cryptocurrency continued higher throughout the week, currently sitting at a $5,150 valuation.
While some analysts have been adamant that this is where Bitcoin’s winning streak ends, as what some call “Bloody Monday” approaches, others have made a somewhat convincing case that further highs could be in store.
Related Reading: Analyst: Bitcoin (BTC) May Be Stuck in Accumulation Phase for Several More Months
Bitcoin Push To $6,000 Still In Play
Late last month, NewsBTC reported that Filb Filb, a leading industry researcher, posted two charts in a bid to show that BTC could easily rally to $6,000 by the end of April.
The first was Bitcoin’s price action from July to late-December, but inverted. The second was the asset’s recent price action following December’s downturn, which has been, let’s say, lackluster. Although these two charts may sound nothing alike, Filb depicts eerie similarities both in the structure of moves and the timing, specifically in a bid to show that Bitcoin could see a massive wick to the upside.

Many first cast his call aside, deeming it a mere coincidence that the charts share such similarities. But, with Bitcoin’s recent foray above $5,000, the lines that can be drawn between chart one and two have begun to mount. And as seen below, the structure of the recent move is still resembling that seen following the devastating Bitcoin Cash hard fork.
If this move, which could bring BTC to $6,000, is to play out in full, however, the cryptocurrency trader makes it clear that the Bitcoin price needs to hold above $4,950 in the coming days. If it doesn’t, the inverse fractal pattern is annulled.

Update.
Fascinating to watch the Similarities.
Bulls need to maintain $4950. pic.twitter.com/a5QDxxZLjS
— fil₿fil₿ (@filbfilb) April 6, 2019
Further Crypto Rally Might Not Be Possible
The stage may be set for a further move higher, but some have taken issue with the timing of this ongoing rally. Cryptocurrency advisor Josh Rager recently noted that Bitcoin’s ongoing move, if sustained, would totally destroy the theory that the asset follows set, multi-year trends. Of course, past performance is not indicative of future action, but some are convinced that BTC’s long-term price action can be charted many years in advance.
Another trader going by the moniker “throwaway” also recently made a similar point. He/she drew attention to the fact that Bitcoin has historically followed a logarithmic trendline, depicted in black below, effectively to a tee. But with the recent rally, the asset has moved well away from the “magnet”-esque trendline, meaning that a sell-off may actually be more likely than a rally higher.

The recent breakout if sustained would be one of the largest deviations from long-term trend.
Look to Nov. dump for an example of deviance. That black line is a magnet. @kenoshaking @MustStopMurad @woonomic pic.twitter.com/5RzOmKMJ1s
— throwaway (@throwaway82738) April 6, 2019

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Has The Bitcoin (BTC) Bear Trend Officially Ended?

It isn’t a secret that last week’s price action has some convinced that the year-long crypto bear trend is coming to a head. In fact, Fundstrat’s in-house Bitcoin (BTC) optimist, Tom Lee, recently told Bloomberg that he adamantly believes that the cryptocurrency market can now be classified as a bull market, looking to the 200-day moving average for BTC to back his point.
And interestingly, key technical indicators might agree with this buoyant sentiment.
Related Reading: Notable Bitcoin Bear Flips Bullish, Expects BTC to Go Parabolic in Near-Future
Bitcoin Trend Indicator Flips Green, Upside Could Be In Store
According to analyst Altcoin Pyscho, Guppy, a technical indicator that weighs moving averages to predict price trends, has “flipped green” on the one-day Bitcoin chart on BitMEX.

$BTC
THE GUPPY HAS FLIPPED GREEN
Unless this is a fakeout, which has only happened twice on the bitcoin daily chart, the trend has officially been reversed.
This is where you should start longing every bullish SFP (with stops) pic.twitter.com/aGHoqSl7jT
— Altcoin Psycho (@AltcoinPsycho) April 5, 2019

While there’s a fleeting chance that this shift in the Guppy is a bull trap or “fakeout,” which has purportedly only occurred twice in BTC’s history, Pyscho asserts that the bear trend has likely been reversed. He adds:
“This is where you start longing every bullish swing failure pattern (with stops).”
The popular Twitter pundit is far from the first to have proclaimed an end to bears, accentuating that this subset of traders is likely nearing hibernation.
Earlier this week, Alex Krüger explained that if BTC breaks past $4,200, which it did, it would be fair to say that the previously ongoing downturn had been reversed. Krüger even quipped that he is “going to miss this big fellow.” And more recently, as hinted at earlier, Tom Lee claimed that Bitcoin is officially in a “bull run” state, drawing attention to the fact that it closed above a key moving average, thereby cementing the validity of the recent surge.
Not So Fast, Weekly Guppy Indicates Otherwise
Funnily enough, however, the one-week Guppy is telling an entirely different story. Nunya Bizniz recently wrote on Twitter that the last time Bitcoin’s one-week Guppy looked as it is now, BTC rallied into the top of its range, before a final capitulation event, which brought the cryptocurrency lower than the seeming bottom. Thus, if history repeats, BTC will move to as high as $5,600 in the coming weeks, before a rapid sell-off that brings the asset under $3,000 for mere days.

BTC: Guppy. pic.twitter.com/1PbWKaJNju
— Nunya Bizniz (@Pladizow) April 5, 2019

A trader going by the moniker “Budd” made a similar point, explaining that his analysis of the same weekly indicator shows that there are a “few more months of sideways” before an eventual rally, making it clear that this recent price action doesn’t exactly confirm that BTC hitting all-time highs soon is possible.

Weekly Guppy says we have a few more months of sideways @AltcoinPsycho pic.twitter.com/U0PnfH0aZ6
— ₿udd (@crypto_budd) April 5, 2019
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Why Crypto Is So Important For Privacy With HTC Exodus’ Phil Chen

Believe it or not, privacy has been classified as a fundamental human right by the United Nations. However, with the rise of the Internet, this seeming right has been breached time and time again, as consumers continually trade their precious information for what they see as improvements — however incremental — in their quality of life. Decentralized technologies, whether it be Bitcoin, blockchain-based smart contracts, crypto assets, or otherwise, give users an opportunity to opt-out of Silicon Valley’s and worldwide governments’ ceaseless thirst for copious amounts of data.
Related Reading: Professor and Author Argues That Blockchain Represents a New Kind of Trust
NewsBTC was lucky enough to sit down with Phil Chen, HTC’s Crypto Chief Officer, to talk about privacy in our society, and how his team’s brainchild, the Exodus One smartphone, fits into this whole dilemma. Believe us, it’s quite the dilemma.
Phil Chen — Courtesy of EnGadget
1984 — Not Too Far Off From Reality
In 1949, dystopian sci-fi novelist George Orwell released 1984 — a book that depicts a society predicated on control through authoritarianism and the collection of data, data, and more data. While what Orwell writes about is fantastical and, honestly, scary to imagine, Chen hints that our very world is looking more and more like Oceania, 1984‘s foreboding setting. And the crypto insider isn’t exactly wrong.
Over recent years, Facebook has been absolutely rocked by jaw-droppingly disastrous data scandals, some of which have perpetuated the long-standing “#deletefacebook” movement. In March of 2018, political consulting group Cambridge Analytica was revealed to have tapped into the personal data of millions of consumers’ Facebook accounts. What made this even worse was the fact that Cambridge harvested this data without the explicit consent of their victims.
Little is known about the exact political and societal consequences of the underhanded move, but Facebook claims that the consulting firm managed to glean into the lives of 87 million American profiles. In this case, “big data” really was big. And Chen tells us that this gut-wrenching case of a widespread invasion of privacy could have had severe ramifications, “even to democracy.”
Even if companies do not wish to overtly infringe on consumers’ data privacy, security breaches have become commonplace. While crypto hackers — like North Korea’s Lazarus Group — target value in the form of Bitcoin and other digital assets, other black-hats have begun to set their sights on consumer data. Lots of it. The fact of the matter is, this data is important, thus making it expensive on black markets.
Late last year, a hacker group managed to hack into the servers of Huazhu Hotels Group, an accommodation giant in China with over 3,800 locations across the mainland. The data the attacker managed to garner tallied to a reported 141.5 gigabytes in size, and contained data, including personal ID information, phone numbers, email addresses, birthdays, and home addresses, of 130 million guests.
This fracas, of course, is just the tip of the iceberg though. Across the pond, Equifax, a company whose operations effectively rely only on data security and data processing, saw the personal details (Social Security numbers, addresses, full names, etc.) of approximately 145.5 million of its American, Canadian, and British clients get exposed by hackers.
To be frank, it would be a pain to list debacles of a similar nature and caliber that have occurred over the past ten years — as this issue is omnipresent and harrowing. As HTC’s Phil explains:
“I would argue that [consumers] would care about privacy if they knew how their data was being used, and how it was being sold. There’s a very moral movement around this. When you don’t own your crypto assets or data or identity, there is something fundamentally wrong about that… especially because we are this far into the Information Age.”
A Quiet Revolution. 
There’s hope, however. The Equifax and Cambridge Analytica imbroglios led to a mostly quiet revolution in the realm of privacy and data security, forcing millions to rethink how they act on the internet — what services they use, how they manage privacy settings, and so on and so forth.
Even technology giants have taken steps to mitigate further data breaches. Facebook’s Mark Zuckerberg has recently shared that he is looking to push his purportedly now-crypto-friendly firm to provide users with enhanced security and safety through encrypted services and other privacy-conscious offerings.
PayPal, more recently, made an investment in Cambridge Blockchain (not to be confused with the other Cambridge), a startup centered around facilitating the secure transfer of confidential data through a ledger-based system. Representatives of the fintech firm tell media outlets that it is looking to harness Cambridge’s crypto-esque technology to potentially allow its millions of global users to take control of their own data. And that is exactly what Phil Chen wants to see and is actively pushing for in his day-to-day.
Crypto To Play A Key Role
HTC Exodus is established on the raison d’etre of expanding on the concept of “being your own bank” through Bitcoin through technical architecture, giving users the ability to own their own digital identity.
While the device’s private key system is currently relegated solely to the secure storage of crypto assets, like Bitcoin and Ethereum, Chen envisions a world where you can finally own “a sovereign identity that is you — things that you’ve created, attributes or characteristics that describe you.” This vision sounds a tad nebulous — hard to grasp for common Joes and Jills — but the Exodus team is continually trying its hand at moving closer to this altruistic world, where “digital property — what is yours, what is mine” is a bonafide, respected, and widely-adopted topic. 

At the Mobile World Congress in Barcelona, HTC revealed that Exodus One’s hardware could be used in tandem with the native crypto wallet on the mobile Opera browser. While this venture seems innocuous and simple enough, Chen explains that this partnership is “significant,” in that it allows users to utilize Ethereum decentralized applications with a private key that isn’t owned by a third-party wallet, but by themselves, and by themselves only. Exodus’ partnership with Opera marks the first time that users can sign into a third-party service “using a digital identity that you can own.” Gone are the days that every bit and byte of your data and online identity were out of your control.
This may sound insignificant, but this little-known integration truly exemplifies the importance of crypto assets and blockchain technologies in the push for privacy. There is currently no other innovation or technological advancement in the world that allows users to rapidly take charge of their own finances and data, all within a soon-to-be interoperable ecosystem, created for a global audience.
Unfortunately, development on this front of the crypto industry has been slow, as industry stakeholders have focused their efforts on products meant to satisfy speculators. But, with time, capital, and enough catalysts, data privacy and security could quickly become one of blockchain technology’s most tantalizing real-world use-cases.
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Traders Remain Bullish, But Bitcoin Fundamentals Tell A Bearish Story

After 72 hours of nearly non-stop crypto hype, the market took a proverbial chill pill on Thursday, as buying pressure slightly subsided across the board. As a result of this, Bitcoin (BTC) fell from $5,300 to $4,800 as of the time of writing this, leading to a similar, if not more exaggerated collapse in other cryptocurrencies.
Some analysts are adamant that this move is simply a much-needed act of consolidation after a well-overextended rally, which pushed BTC past $4,200, $4,600, and $5,000 — three key resistances — in rapid recession. But fundamental researchers, who harness blockchain data, claim that a further move lower could be in store for Bitcoin.
Prepare For The Worst? On-Chain Bitcoin Data Signals Pullback
David Puell, the head of research at Murad Mahmudov’s cryptocurrency-focused hedge fund Adaptive Capital, recently unveiled an updated version of NVT Signal (NVTS), which relates network value and the 90-day moving average of daily transactional value to try and call Bitcoin bottoms and tops.
Related Reading: Crypto Professionals Predict $2,400 Bitcoin Bottom, Expect Infrastructure To Spark Bull Run
The indicator, which utilizes data from CoinMetrics, is currently trending higher (and has been since January), underscoring that the Bitcoin blockchain is showing signs of life, even following 2018’s dramatic downturn. But that isn’t the whole story. As Puell depicts, the current action in NVTS resembles that seen in early-2015, which was during a bear market recovery, but prior to Bitcoin’s final act of capitulation in that cycle.

$BTC: NVT Signal with brand new @coinmetrics transaction volume data.
Tells a much clearer picture of the current state of affairs. Loving it.@woonomic, @MustStopMurad, and I have more on this later. pic.twitter.com/8WEt29eSab
— David Puell (@kenoshaking) April 4, 2019

Thus, if history repeats itself, the ongoing uptick in NVTS could be shut down by a dramatic BTC wick below $3,000. As Puell explained in the sub-tweets under his original message, the chart above “implies [that there will be] a pullback before transaction finally spikes, followed by a confirmed bull run.” The Adaptive Capital partner didn’t mention any explicit price forecasts, but considering historical precedent, the final bout of selling pressure could bring Bitcoin well under $3,000.
Through a follow-up tweet, Puell’s partner in crime, Australian crypto researcher Willy Woo, also expressed a slightly wary sentiment towards the current state of the Bitcoin blockchain. Woo, a long-term Bitcoin bull, writes that the Bitcoin Network Momentum (BNM) indicator, a measure similar to NVT in that it weighs BTC’s value to the value of on-chain transactional throughput, recently “painted a very grim picture.”
In fact, as seen below on Woo’s chart, BNM collapsed to levels not seen since 2014’s bear market trough in early-2018, subsequently stagnating for over half a year. While there has been an uptick in this indicator, as the daily transaction count for Bitcoin has been on the rise, it previously signaled that there was “lots more bear to come,” as Woo writes on Twitter.

All charts on my site derive their on-chain volume from @blockchain (BCHAIN), this was our first and most reliable source until recently. It painted a very grim picture of the market… it was saying “lots more bear to come” pic.twitter.com/48YhhjH7Kg
— Willy Woo (@woonomic) April 5, 2019
Technical Analysts Still Bullish On BTC
On-chain data may paint a foreboding picture for the cryptocurrency market, but technical analysts have remained thoroughly enthused, even in the face of Thursday’s sudden 8% correction.
Industry personality Jacob Canfield recently drew out a chart that predicted that BTC would consolidate at and around $4,700, prior to moving higher to its 350-day moving average and two key Fibonacci levels. If this move comes to fruition, Bitcoin could be trading at the $5,700 range in a few weeks’ time, Canfield’s chart depicts.

From my $BTC long earlier, my stop is at 4750. Seeing big buy walls at $4800 and $4750.
Potential final move for #bitcoin before consolidation or moving sideways.
Final target is the 350MA on the daily along with the 1.618 of the 4th wave and 2.618 of the 2nd. pic.twitter.com/1QC796OQ7u
— Jacob Canfield (Official Account) (@JacobCanfield) April 4, 2019

Josh Rager echoed this analysis to a tee. The advisor to both TokenBacon and Blackwave remarked that while BTC isn’t going to see $6,500+ (or fresh lows sub-$3,200 for that matter) anytime soon, he expects for the cryptocurrency to consolidate at $4,670. And if this level, which is currently where Bitcoin’s 200-day moving average is situated, holds, he expects for a bullish continuation, just like Canfield.
Even Fundstrat’s Tom Lee threw his hat into the ring. The New York-based analysis outfit recently told CNBC that Bitcoin’s “fair value” is $14,000 right now, citing the fact that Bitcoin and commodities often do trade at 2.5 times the cost it costs to produce them. And with Fundstrat estimating that the cost to mine one BTC currently sits in the $5,500 region, the aforementioned quintuple digit sum was extrapolated.
He furthered his call that $14,000 could be in store for the leading cryptocurrency in a note to MarketWatch, in which he explained that Bitcoin, on average, moved 193% higher in the six months after it broke its 200-day moving average. Many say that it is unfair that past action is not indicative of future performance, but optimists sure hope that Lee & Co. are correct.
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Crypto Legend Bashes Litecoin After Rally Near $100, Buy Bitcoin Instead

Last year, Charlie Lee, the creator of Litecoin, sold all his LTC holdings in a now-infamous move. While the crypto insider attributed this sudden move, which came as Bitcoin (BTC) effectively peaked, to a bid to avoid conflicts of interest, affirming that he believes in the cryptocurrency of his creation, many called for Litecoin to fail.
And for much of 2018, these critics were seemingly proved right, as LTC fell from a peak of around $350 to a disastrous $22 by mid-December 2018. By then, traders began to write post-mortems for the long-standing digital asset, claiming it was breathing its last breaths. But, LTC began to show signs of life at the 11th hour, and it hasn’t ceased its return to prominence since.

In December 2017, @SatoshiLite told us that $LTC could retrace all the way down to $20.
In December 2018, $LTC bottomed out at $22.
I have yet to see a more accurate prediction about any crypto. This is crazy.
— The Crypto Monk (@TheCryptoMonk) April 3, 2019

Buy Bitcoin, Sell Litecoin
As reported by NewsBTC previously, Litecoin has had a stellar past three months. Prior to Bitcoin’s recent foray above $5,000, the asset was up 160% from its lows from a U.S. dollar standpoint. And following Monday’s rally, LTC continued even higher, as altcoins found legs once again in what some have fittingly dubbed “altseason.” Litecoin sits at $85 (it reached nearly $100 on Wednesday night), as of the time of writing this, and continues to show bullish tendencies as Bitcoin and most other cryptocurrencies have stalled.
Related Reading: Here’s Why Litecoin Price Has Been Surging Since December 2018
While traders have been thoroughly pleased by Litecoin’s monumental price action, Galaxy Digital’s Mike Novogratz recently questioned its fundamentals in a scathing Twitter quip. Novogratz, a proponent for primarily Bitcoin and Ethereum, explained that silver’s $15 billion market capitalization is 0.17% that of gold, which sports a hefty $8.5 trillion valuation. But, LTC — being historically the silver to digital gold Bitcoin — has 6.4% of BTC’s market capitalization.

Gold has an $8.5 trillion dollar market cap. Silver is $15bn That is .17%. $BTC has a $90bn mkt cap. $ltc is $5.7bn which is 6.4% of $BTC. Silver is at least useful for industrial production. $ltc is a glorified test net for $btc. I don't get this rally. Sell $ltc buy $btc.
— Michael Novogratz (@novogratz) April 3, 2019

Although many see this as a non-issue, especially considering the often irrational nature of the cryptocurrency market, Novogratz then had choice words for Litecoin’s unofficial classification as a “glorified testnet for Bitcoin.” In 2017, Segwit, a scaling solution, activated on Bitcoin’s little cousin before Bitcoin itself. Even many times prior to and following that technical implementation, Litecoin was the testing ground for certain protocols meant to launch on Bitcoin.
And with that, Novogratz concluded that he doesn’t comprehend why LTC is rallying, quipping that they should sell that asset and purchase Bitcoin instead.
Litecoin Looks To Separate From The Crowd
While Novogratz seems to be certain that Litecoin has no long-term staying power in its current form, Charlie Lee is trying to make sure that this sentiment isn’t perpetuated. Over recent months, the former Coinbase employee has done his utmost to keep Litecoin’s ecosystem fresh and active through newfangled ventures. One such venture took the form of a push for privacy and fungibility, a much-needed monetary characteristic currently absent from market leaders Bitcoin and Ethereum. As Lee explained to NewsBTC in a recent interview:
“Just recently, we’ve been working hard on trying to add more fungibility into the Litecoin protocol. So what we’re looking at now is doing a MimbleWimble extension block upgrade for Litecoin. So we’re doing a lot of research into that about how we could make such an implementation in a safe way. We want more fungibility and privacy in the ecosystem.”
Related Reading: Exclusive: What Charlie Lee Thinks Will Drive Crypto Adoption
Developments have been slow on this front, but the Litecoin Foundation has made waves in other fields. In late-2018, the official LTC logo appeared on the mat of a UFC event, leading to martial arts legend Ben Askren taking to Twitter to overtly laud cryptocurrencies and LTC, purportedly leading to an influx of exposure, “driving a lot of new people into this space,” as Lee explains. Thus, it could be argued that the continued existence of the cryptocurrency is a net benefit to the broader ecosystem, rather than a detriment.
Even if all these ventures fail, LTC could still rally further from here. As established in an array of other reports, the blockchain’s historical block reward reductions have single-handedly pushed LTC higher by hundreds of percent. And with the next so-called “halving” rapidly approaching, some are adamant that this asset could see further gains, and may potentially even be the spark that kills the Bitcoin bear once and for all.
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