‘Bitcoin Thursday’ Logs Both $9600 and $10,380 – Here’s Why Next Week will be Decisive

Bitcoin [BTC] traders witnessed one of the most exciting days in terms of price action on Thursday. Yesterday can be divided into two parts – a bearish and bullish both respectively extreme.
At around 3: 00 hours on 19th September Bitcoin tested laws at $9600. As the day progressed, the price stayed below $10,000 around $9850. However, towards the end of the day, the price rose staggeringly by above $400 to record high at $10,380.
BTC/USD 4-Hour Chart on Bitstamp (TradingView)
Trading Analyst, Josh Rager noted that $9400 are the stable support levels that BTC failed to break. Hence, there is a higher possibility of an upside. He also tweeted about the intersection of the 20 Day Moving Average on the weekly with the price at $9800. He tweeted,
$BTC dose of hopium
20 MA on weekly held as support entire last uptrend w/ no significant-close underneath
20 MA currently at $9800 just in time for next major move
Currently, the price seems to be narrowing between the break-out range. Of the descending triangle. Moreover, the levels of break-out above the triangle is closing near $10,500.
BTC/USD 1-Day Chart on Bitstamp (TradingView)
While the hammer/hanging man formation on the daily does not define any pattern here. The violent price action might look like a weakening case of the bears. Crypto Fibonacci, a crypto trader, suggested in a tweet,
And here we are. Things getting active just as we approach that downtrend line. Next day or 2 should tell us a lot. If that last wick down was all the Bears could do, then God help them.
Bitcoin [BTC] Price Analysis (Source: Twitter)The price is leaning bullish with a lot of bullish divergences.
Nevertheless, it is still in the no-trade zone between break-out levels. The volume on Bitcoin is also considerably low. Hence, any decisive action could lead to the formation of a large candle on the daily.
The price of Bitcoin at 3: 45 hours UTC on 20th September is $10,215.
Two Important Events Next Week
The Technical Analysis of Bitcoin [BTC] is not yielding to either the bulls or bears. Hence, the traders will look forward to fundamental indicators in Bitcoin. While on-chain indicators are bullish, the regulatory environment and volume will see massive announcements next week.
The U.S. House, Financial Services Committee, is set to meet with the SEC (Securities Exchange Commission) chairman Jay Clayton on 24th September. The Senate will discuss matters regarding crypto regulations. They will also talk about the Libra project initiated by Facebook.
This coincides with the Bakkt launch on 23rd September which has also created much hype over the years. The result of these events will likely provide a decisive direction to the market.
Where do you think the price is headed next? Please share your views with us. 
The post ‘Bitcoin Thursday’ Logs Both $9600 and $10,380 – Here’s Why Next Week will be Decisive appeared first on Coingape.
Source: CoinGape

Ethereum [ETH] Tests $200 on BitPay Addition – Analysts Extend Bullish Targets

BitPay Adds support for Ethereum
Analysts Suggest Ether [ETH] could lead the alt-season again, as it looks to break above $200.

Ethereum [ETH] gained 1.81% on Monday as the altcoin broke above 0.019 resistance level on Bitcoin [BTC] scale. The price of ETH at 3:30 hours UTC on 17th Sept. 2019 is $196.14.
ETH/USD 4-Hour Chart on Bitstamp (TradingView)
The rise has been supported by both technical and fundamental positive news for the cryptocurrency last day.
BitPay, a blockchain-based payments provider, announced support for Ethereum. Currently, it only facilitates Bitcoin and stablecoin payments only. Stephen Pair, CEO of BitPay told the media,
“As one of the largest crypto currencies by market cap and one used by thousands of companies, Ethereum is the next logical choice.”
BitPay’s existing merchants include Microsoft, Newegg, Dish Networks, FanDuel and Avnet. Vitalik Buterin, the co-founder of Ethereum, said that the move would increase the real-world use-cases of Ethereum. The payments processing is expected to go live by next week.
Bulls Vs. Bear
Crypto traders on twitter are turning favorable to Ethereum and other altcoins. According to Escobar, it is indicative of the beginning of the altseason. He tweeted,
$ETH 1D TF- ETH leading Alts to glory in September begins. See you at FourFiddy
However, Bitcoin coder and maximalist, Udi Wertheimer, believes that it is a fake bounce. He entered into a $1000 bet with another trader, Crypto Loomdart that the price will go below $0.016 BTC in 2019. Udi also reiterated that the margin trading feature on Binance would assist his cause.
Nevertheless, Loomdart is highly confident about his analysis. Ethereum [BTC] broke above his designated buying levels and resistances.
ETH/BTC Buying Level and break-out (Analysis Source: Twitter)
Co-incidentally, Escobar suggested that it is highly unlikely that ETH breaks below $150. It falls in line with the 0.016 BTC approximation at current Bitcoin prices. Escobar’s optimistic targets are near $480.
Furthermore, Zhoran trader who has set up swing targets at $220 tweeted,
$ETH Update: Swing 1 complete. E2E completed with a kumo breakout. Tagged $200 on the money. Took Profit. Asks set from 200-202 until further notice. #crypto
ETH/USD Swing Trade Prediction (Source: Tweet)
According to him, a correction below $190 is viable, but, the trend is positive.
The Ethereum protocol is awaiting its revamp in 2020 with its 2.0 version. The crypto is currently getting 20% of its is transaction volume from Tether and is aiming to grow Dapp adoption. Nevertheless, while Ether is leading in terms of MCap, there is stiff competition in the smart contracts market.
Do you think that Ethereum will be to initiate the alt-season again? Please share your views with us. 
The post Ethereum [ETH] Tests $200 on BitPay Addition – Analysts Extend Bullish Targets appeared first on Coingape.
Source: CoinGape

Canadian Bitcoin Company Joins Inter-Exchange Network of 2 Minute BTC Transactions

Canadian Bitcoin Exchange, Bitcoin bull, has decided to join Blockstreams‘ Liquid Network. The Liquid Network is a second layer of built on Bitcoin which aims to establish interconnectivity between crypto exchanges.
Francis Pouliot, the Founder, and CEO of Bitcoin Bull tweeted,
We decided to become a Liquid federation member to facilitate integration of @Blockstream. Elements Sidechain platform via @Cyphernode_io
– accept L-BTC payments
– sell L-BTC for CAD directly
– perform L-BTC peg-outs
– issue L-CAD Bull Bitcoin vouchers
The Liquid Network already has 30 members, including BitMEX, Bitfinex, and other leading exchanges. Bitcoin Bull will provide direct FIAT payments for L-BTC in Canada. Francis reiterated that the move is expected to aid positions traders in Canada on BitMEX and Bitfinex.
Liquid Network is a blockchain network for ‘crypto exchanges and market makers.’ The network will allow Bitcoin transactions to be completed in 2 minutes using a second layer of confirmation. While adopting a second layer, it aims to improve the custody of Bitcoin. Through the Liquid Network, the corresponding amount of BTC is locked on the chain. Francis told the media,
“We’re making sure we have this backup layer. We want to make sure bitcoin succeeds, and this is our way to participate in strengthening the network,”
Moreover, it also provides for independent issuance of tokens on the network. Apart from implementing L-BTC, the Canadian Exchange also plans to issue CAD backed stablecoins on the system. This is aimed to improve the market adaptability for Canadian traders.
Nevertheless, the Liquid network is still in its early stages. Samson Mow, the CSO of Blockstream told the media, that currently, the volume on the network is less than $1 million. Even Pouliot reaffirmed that they are doing this “to experiment” and for “market discovery.”
Do you think that a blockchain network exclusively for crypto exchanges would benefit the industry? Please share your views with us. 
The post Canadian Bitcoin Company Joins Inter-Exchange Network of 2 Minute BTC Transactions appeared first on Coingape.
Source: CoinGape

Ethereum [ETH] Gains 8% Over the Weekend – Analysts Look for Bullish Reversal

Bitcoin [BTC] price traded around the $10,300 range as we came to an end of 9th consecutive week of indecision. The fear of the break of the descending triangle is making traders apprehensive. However, as the price extends inside the triangle, the probability of bulls and bears is getting even as well.
The price of Bitcoin as 3: 00 hours UTC on 16th September 2019 is $10,358. It is trading at par on a daily scale.
Ethereum [ETH] gained about 8.33% over the weekend as it recorded a high at $195. The price of Ethereum at 3: 15 hours UTC on 16th September 2019 is $194.8. It is trading 2.9% higher on a daily scale.
According to leading analysts, there could be indications of reversal in Ethereum. While the entire crypto-market seem inclined towards Bitcoin at the moment, traders like Josh Rager are turning their attention back to Ether. Rager tweeted,
…good news is that ETH/BTC price has finally moved and closed above the daily 20MA This has been a major indicator that has confirmed the downtrend for months We could be up for a nice reversal confirmation after price breaks the resistance cluster overhead
ETH/BTC 1-Day Chart on Bitfinex (TradingView)
Moreover, the altcoins have had subsequent bearish days over the past three months. Another trader, Zoran Kole, had predicted such a reversal on the daily timescale on USD in May. Kole’s buying range is between $188-$194. According to him, the target is $220. He recently updated,
$ETH Update: Moving along nicely through H6 kumo. Seems to have s/r flipped 187 for now. ETH/BTC chart supports the USD growth narrative. Sitting comfy long
ETH/USD 1-Day Analysis (Source: Twitter)
Nevertheless, the volume and sentiments around altcoins trading continue to trade lower. The traders will be looking forward to the current week for decisive price action in ETH.
Some of the other altcoins which have performed well over last week are EOS and Cosmos [ATOM]. EOS is gained 8% on a weekly scale, while ATOM closed about 30% higher.
EOS/USD 1-Day chart on Bitfinex (TradingView)
Currently, EOS shares a similar chart pattern to that of Ethereum over the last quarter. Moreover, the price has also moved above the 50-Day Moving.
Furthermore, a decisive reversal in the top altcoins like Ether could pan well for the entire crypto markets.
Do you think that altcoins will continue to find a correlation in their movements or there will be isolated gains? Please share your views with us. 
The post Ethereum [ETH] Gains 8% Over the Weekend – Analysts Look for Bullish Reversal appeared first on Coingape.
Source: CoinGape

Bitcoin [BTC] Turns Bearish at $10,000, Analysts Chalk Down Resistance Levels

Bitcoin [BTC] tested lows near $9900 last day before it briefly climbed back above $10,000. The price of BTC at 4: 15 hours UTC on 11th September 2019 is $10060. It is trading 2.06% lower on a daily scale.
The 4-hour chart witnessed an attempt to pump off of an ‘important Fibonacci retracement cluster.’ However, the attempt above $10,100 was rejected.
BTC/USD 4-Hour Chart on Bitstamp (TradingView)
On a weekly scale, traders Josh Rager and Escobar suggested that a retest of the 21 EMA is very likely. The 21-EMA on weekly is currently at $9,208. Rager also tweeted,
Bitcoin price breaks through current support area on the daily and through the 20MA
If buyers don’t step in the next couple days, we’ll see Bitcoin retest the previous support in the low $9ks. A break from there likely leads to $8k
The volume of trading has also been significantly low in the past few days.
However, as Bitcoin is testing the 20 MA with a 50% probability of a break-out, Rager is leaning bullish, looking for a break above $12k.
Moreover, on the daily Bitcoin closed below 2% lower than the previous days. According to Sawcruhteez, it sets up for a bearish trend on the sequential. The 50 EMA at $10,315 is currently acting as resistance to Bitcoin in the short term. He also cited the death cross between short term medium term moving averages also indicate a downward movement.
BTC/USD 1-Day chart on Bitstamp (TradingView)
Furthermore, the fear of the break below the descending triangle is growing significantly. Mati Greenspan, the Senior Market Analyst at eToro, also reiterated similar concerns of a break. His bearish targets are somewhere around $7,500-$7,700.
Nevertheless, the increasing hash rate and various other market sentiments are pointing towards an upside. B. Biddles shared a rare instance of a descending triangle breakout. While a break-out in the negative direction occurred, it only lasted for three days. Hence, there was no bearish trend per se. He tweeted,

$btc Descending Triangle at the peak of a bull run, 01 June 2017 – 30 July 2017 (59 days).
Not hopium, just showing that it's foolish imo to think anyone has a clear sense of what happens next (very short-term movements aside) pic.twitter.com/m8TgrDfd61
— B.Biddles (@thalamu_) September 10, 2019

Do you think that a break-out for the descending triangle is imminent? Please share your views with us. 
The post Bitcoin [BTC] Turns Bearish at $10,000, Analysts Chalk Down Resistance Levels appeared first on Coingape.
Source: CoinGape

Top Performing Cryptocurrency of 2019 Suspected of Market Manipulation: Report

Chainlink [LINK], one of the best performing cryptocurrencies of 2019 has been alleged of “pump and dump” trading by Blockchain research firm AnChain. According to their report, a small number of addresses conducted vast volumes of trading. Moreover, there were attempts to hide the identity of the traders as well. 
Victor Fang, CEO of AnChain.ai told the media,
“We are confident that our research is illustrative of artificial market manipulation as it involves a small number of addresses accounting for a hugely disproportionate transaction volume over a short period of time, and that these transactions were subject to various forms of obfuscation and concealment atypical of legitimate market activity,”
The price of LINK rose from about $0.5 to reach an All-Time High of $4.54. The bullish move was a rare instance among altcoins.
Chainlink Daily Price in 2019 (CoinMarketCap)
According to Anchain, the parabolic move was a classic pump and dump scheme initiated on 28th June. After that, when the price was high enough, the large addresses began unloading their holdings. The report sites that “One address sold 4.2 million tokens from July 2 to July 15.”
Link Token is trading 50% lower from the levels attained during early July when the suspected sell-off began.
Furthermore, after attempted to conceal the identity using ‘jump addresses,’ the tokens were transferred to Binance for trading.
On Coinbase Effect
As reported on 29th June on Coingape, the token gained about 58% apparently due to Coinbase listing. The media also questioned Anchain, as ‘coinbase effect’ has influenced in the past as well. It was also evident with Tezos [XTZ] this year.
However, according to them, “the pump-and-dump data appears to precede the CoinBase debut of the Link token.” The whale buys and sell orders with concealment suspects clearly of a ‘pump and dump’ scheme.
Market manipulation like these come under micro frauds conducted by high volume traders which affect low Mcap assets. On Monday, the Chairman of the SEC in the US had raised concern on this issue affecting the entire industry. Crypto ETFs and other products have been delayed due to market manipulation and security issues.
Therefore, measures to control fraudulent activities in the crypto markets should be one of the primary targets of the community as well.
Do you think that Coinbase timing accentuated the pump and dump scheme? Please share your views with us. 
The post Top Performing Cryptocurrency of 2019 Suspected of Market Manipulation: Report appeared first on Coingape.
Source: CoinGape

Analyst Predicts 60% Drop in Altcoins Relative to Bitcoin [BTC] MCap

Bitcoin [BTC] closed  6.5% higher at $10,400 on a weekly scale. The week saw another altcoin dumping as Bitcoins dominance crossed above 70%. Nevertheless, the alts have made a brief comeback during the weekend. While the gains are slight, this is one of the very few instances of altcoin rise relative to BTC this year.
Crypto analyst Willy Woo, however, suggests that this rise has could be temporary. He said in a tweet,
Though locally oversold and may see some bounce in coming weeks, longer term, into 2020, I can’t see these levels holding (relative to Bitcoin).
Currently, altcoins are testing their three-year support w.r.t BTC. The weekly RSI of altcoins with respect to Bitcoin’s Market capitalization is currently oversold. This could be a level of reversal. However, Woo suggested that room to grow is not very large. According to him, the next rise could be one of the last attempts for altcoin revival.
ETH/BTC 1-Week Chart on Bittrex (TradingView)
Moreover, while Bitcoin is finding utility as a store of value, the fundamentals and regulation around altcoins have been weak post the ICO bubble of 2017.
Cryptocurrency MarketCap Relative to Bitcoin (Source: Tweet)
According to him, the parity between Bitcoin and crypto market was close before 2016. However, due to the ICO scams and fraudulent investment schemes, the price blew-up in a bubble.
Here’s the same data visualised on the price domain. Total crypto cap priced in BTC supply.
The 2017 gap that opened up was made of ponzi fluff, ERC20 ICOs investing in other ERC20 ICOs blowing up their combined caps like a fiat money printing machine.
Furthermore, while the rise in Bitcoin was tremendous as well during the 2017 bubble. The rise in altcoins was astronomic. Ripple, for instance, recorded yearly gains near 19000% through 2017. Hence, he feels that the correction to those levels hasn’t occurred yet. The current sentiments are nowhere near hyped value.
Altcoin MCap/BTC MCap Analysis (Source: Twitter)
According to Woo, altcoins will continue losing value w.r.t to Bitcoin. Therefore, the only chance of a rise in value is if the Bitcoin price continues to grow upwards. He says as they are testing the lows on the trendline with Bitcoin, this level could be the last area of support. He tweeted,
If this level fails, I’d expect roughly a 60% drop relative to Bitcoin’s cap before we some the next area of support.
Willy Woo is also a Bitcoin bull. Hence, this time if Bitcoin reaches $20,000, the dominance of bitcoin over the crypto-market could be bear near 83%. Coincidentally, it also aligns with the psychological levels in the market established by Max Keizer’s similar prediction. During the 2017 run, it was less than 50%.
Do you have any additions or comments on Woo’s analysis? Please share your views with us. 
The post Analyst Predicts 60% Drop in Altcoins Relative to Bitcoin [BTC] MCap appeared first on Coingape.
Source: CoinGape

Bitcoin [BTC]: Why Bakkt Launch Could be a “Buy the Rumor, Sell the News” Event

Bitcoin [BTC] recorded a flash drop yesterday of over $500 (about 4.75%) in less than an hour. Before that, Bitcoin had gained about $300 on the daily scale. A good volume even accentuated the bullish momentum. However, towards the end of the day, it dropped vertically.
The price of BTC at 4: 30 hours UTC on 7th September 2019 is $10,340. It is trading 2.9% lower on a daily scale.
BTC/USD 4-Hour Chart on Bitstamp (TradingView)
Since 30th August, Bitcoin [BTC] recorded five consecutive bullish days; the rise was attributed to its use as a safe haven. Moreover, one of the most robust catalyst during the time was the ‘Bakkt Launch.’ The much-anticipated bitcoin settled futures contracts backed by the NYSE is scheduled for launch on 23rd September.
Yesterday, it initiated the Bakkt Warehouse – the custody arrangement for Bitcoin. According to their update on Twitter,
Bakkt Warehouse custody is live.
Now accepting customer bitcoin deposits and withdrawals. Only 17 days until the Bakkt Daily and Monthly Futures contracts launch on Sep 23.
Bakkt is a Speculative Vehicle
While Bakkt brings a lot of innovation to the table, it is still purely a trading platform. The custody arrangement and Bitcoin settled contracts are upping the game for Bitcoin.
However, there are several institutional-grade custodians and trust firms like Gemini, Coinbase, Grayscale, and the recent addition of VanEck-SolidX trust fund.
Furthermore, CME and other regulated and unregulated platforms like Six Exchange and BitMEX offer futures trading of Bitcoin as well. The leverage provided on BitMEX is up to 100x, which makes it highly lucrative for traders. Hence, including trading platforms, there are similar products and services to Bakkt are already in place.
The current bull market in Bitcoin reached a high of $13,800 on 26th August. Since then, it the investors and traders have been uncertain of its direction.
Historic Reference
The 2017 bull market in Bitcoin ended with a high on 17th December. Bitcoin recorded an All-Time High of $20,000. Despite, the bubble characteristics and ICO hype, there was one other thing driving Bitcoin prices at the time – The CME Bitcoin Futures launch.
However, the launch on 18th December, the price of Bitcoin plummeted for four days straight by about $5000.
BTC/USD 1-Day Chart on Bitstamp (TradingView)
Nevertheless, Past performance is no guarantee of future results. This time around the launch could actually bring in a flurry of fresh institutional investors.
Do you think Bakkt launch will have a positive or negative effect on the market? Please share your views us. 
The post Bitcoin [BTC]: Why Bakkt Launch Could be a “Buy the Rumor, Sell the News” Event appeared first on Coingape.
Source: CoinGape

Crypto Scam: Formula One Team Sponsorer Vanishes After Lying for a Year

Financial.org, an unregulated financial advisory firm, shut down operations. The British firm blocked and converted users funds to a cryptocurrency, FOIN. It was a lead sponsor-er of Formula F1 team Williams Martini Racing. 
Financial.org was under regulatory oversight from eight nations – Britain, Indonesia, Laos, the Philippines, Thailand, and the UAE. Reportedly, the firm primarily conducted its operations in Asia. In 2018, it converted users investments into FOIN cryptocurrency. The announcement was made on Facebook. While the crypto was assigned to investors last year, its withdrawal was blocked for a year.
CEO of Financialorg, Arnaud Georges said in notice during that time,
“These decisions made are final and non-reversible, Just wait for one short year to realize your massive profits.
Georges added, “unhappy investors/members have been rumored to be considering legal actions”, adding that “legal litigation will definitely take years with no assurance of success and you may lose the opportunity to cash out/realize your profits during the whole litigation period”.
The date for the withdrawal of the cryptocurrency was pushed until July 2019, 31. Reportedly, the firm has now ended all operations and shut down its website. There is no way to contact the firm as there is no ‘contact’ page or details available. Therefore, the apprehensions of the investors have come true.
Message Displayed on Financial.org
The firm had set up offices in London and Abu Dhabi. Since 2018, the offices did not respond to any of the letters of inquiry from authorities. The deal with Williams was till 2018. Hence, while the firm had still blocked the investments, the sponsorship on F1 team continued to create a facade.
CoinMarketCap Data of FOIN
The cryptocurrency was even listed on CoinMarketCap following the data provided on their website – foin.io. The amount of the scam is unaccounted could be in hundreds of thousands or even more.
The police authorities have tried to get in touch with the offices in London’s Canary Wharf financial district and Abu Dhabi. However, the reception and facilities staff have said that they moved out a year ago.
Furthermore, while classified as a crypto scam, the company converted the funds into crypto without users consent. It wasn’t even the investors choice to invest in the crypto in the first place. The firm used cryptocurrency hype and Formula 1 to fool the investors for more than a year.
How much money do you think the firm would have scammed given its advert on an F1 car? Please share your views with us. 
The post Crypto Scam: Formula One Team Sponsorer Vanishes After Lying for a Year appeared first on Coingape.
Source: CoinGape

6000 Bitcoins [BTC] Lost Forever? Indian Police Unfolds Story on Crypto Scammers

In a shocking revelation yesterday, the Indian police unfolded the horrid story that befell on a group of crypto scammers. Mastermind’s behind a $62 million Bitcoin scam was dumped by five men in a hospital in Dehradun, India, who was found dead.
Abdul Shakoor, 35, a resident of Kerala had duped investors in Manjeri, Pandikkad and Malappuram city in Kerala off of an amount totaling more than $62 million. After deceiving the people, Shakoor fled the scene with one of his partners and was on the run.
The five men from the hospital have been arrested and identified as his associates. According to the police, his associates had beaten Shakoor to death. The five men who have been identified as Faris Mamnoon, Arvind C, Asif Ali, Sufail Mukhtar, and Aftab have been charged with the murder.
After interrogating the accused, police found that the Shakoor had made the team to sell Bitcoins in the three Indian cities mentioned. Many close associates of the investors also became a part of the scam. In total, they scammed the investors of 425 crores.
After the duping the customers, Shakoor fled the scene with one of his associates, Aashiq. They arrived in Dehradun on 12th August looking for a house. On 20th, they moved to the outskirts, where later they were joined by other associates.
Apparently, Shakoor told his associate that he had lost the password to all the Bitcoins. He said that he would pay them back by releasing his cryptocurrency. However, they did not believe him and started torturing him to attain the password. The SSP of police, Arun Mohan Joshi told the media,
“Crypto-currency worth hundreds of crores led to the murder of Abdul Shakoor. The accused, who are all members of Shakoor’s business team, tortured him brutally at a house in Prem Nagar (on the outskirts of Dehradun) that led to his death.”
On the day of his death, August 26, Shakoor became unconscious from their physical abuse. When they took him to the hospital, he declared dead by the doctors. Then they brought him to another hospital and fled the scene. SSP Joshi noted,
All of them escaped from the hospital leaving their vehicle in front of the emergency ward
Five other members of the team are on the run, they have been identified as Aashiq, Arshad, Yasin, Rehaab, and Muneef.
6000 Bitcoins Lost?
Numerous reports have cited that millions of Bitcoins (up to 3.75 million) are lost due to multiple accidents over the years. They involved fire, deaths, or just due to a careless mistake of the owners.
If the story is true, then it seems that the attackers were not able to extract the password from Shakoor. Hence, if he was the sole owner of the password, we can assume that more than 6000 BTC have been lost forever as well.
Do you think that the optimism around Bitcoin is also creating unwarranted greed for it? Please share your views with us. 
The post 6000 Bitcoins [BTC] Lost Forever? Indian Police Unfolds Story on Crypto Scammers appeared first on Coingape.
Source: CoinGape

Analyst Says, ‘Bitcoin is Getting Ready for Leg-up’, Here’s What he Predicts for Altcoins

Mike Novogratz noted in a recent interview that the next Bitcoin [BTC] price rally is going to be “much quicker.”
Despite the bearish tidings, he continues to be optimistic about Bitcoin.
However, he believes that the entire ecosystem could take 5-6 years to build

Bitcoin [BTC] and the crypto markets have been reeling under bearish pressures for the past two days. The entire ‘safe haven’ analogy with gold is also losing correlation. Moreover, there is no real utility of these assets seen until now.
However, Novogratz believes that “Bitcoin is already a finished product as digital gold.” Hence, there is not much utility required. Moreover, on the price movements, he noted, “Well, put in perspective it is up 200% odd percent already.” He said,
I sense it’s getting ready for the next leg up. I am not sure where that is, I think it is when institutions start coming in. There is a lot of front running of the hope that institutions would come in. They just take a longer than people think.
Nevertheless, on institutional investment, he added that Bitcoin is leading the race and can expect another leg up. He said,
 “Most of the big endowments in the US have already made their first bet in Bitcoin… The Yale, Harward, Stanford… So unsually they are leaders and we’re gonna see pension funds next.”
Businesses Take Time to Build
Mike noted that people have been highly misled by the 2017 rally in crypto markets. Businesses usually do not grow over-night. He classified the rest of the crypto into utility tokens and collectibles (Non-Fungible Tokens) and such. Both these use cases are still in the building phase and are not near the mainstream. He said,
Those aren’t ready for prime time yet. They are in the test case…. There is a little bit of patience needed to see that revolution really happen.
The institutions and entrepreneurs are working on it. However, the rate of adoption of web3 services and other applications is considerably slow at the time. He said,
We’re 5-6 years away from it really impacting the everyday life… Gotta give them runway before we can give them a thumbs up or down.
Nevertheless, he envisions that the blockchain revolution is a strong possibility for the future. Moreover, he believes that Bitcoin is already a finished product with improvements in custody. Hence, the US regulators must go-ahead with products like Bitcoin ETF and mutual funds. Since Canada is ‘contemplating on the issue’, he said,
If Canada goes first, they’re gonna do a lot of business.
Last but not the least, on Galaxy Digital’s trading strategy he suggested that “we buy on dips” and sell during extreme bullish movements.
How do you manage your crypto portfolio? Please share your views with us. 
The post Analyst Says, ‘Bitcoin is Getting Ready for Leg-up’, Here’s What he Predicts for Altcoins appeared first on Coingape.
Source: CoinGape

Vitalik Buterin Documents List of Fake Claims Made by Craig Wright with Proof

Vitalik Buterin, the co-founder of Ethereum, is not afraid of ‘calling out frauds.’ Earlier in an open conference, Buterin had called Craig a fraud, which sparked a lot of controversies. Now, he has published a fork on Github titled cult of CSW.
In the report, he has compiled a list of proof of fake claims, including the findings by other people. The report also includes details of a deleted Linkedin account which throws light on Craig’s past involvements compared to his statements.
In one of the links, Andrew O’Hagan, London Review of Books editor, cites how, when, and why the claims started. He writes about “writes about how Craig Wright was paid $15M to claim he was Satoshi to escape financial difficulties.”
Craig’s Bizarre Dilemma
The Judge of the Federal Court found Wright to be ‘serial forger’ in a recent case. Many of his submissions were found to be false. Hence, the judge decided against his and granted damages to the plaintiff.
The result of the case between self-acclaimed Satoshi, Craig Wright, and Dave Klieman sought to put an end to the debate. However, it apparently put Wright in a bizarre situation.
He now has to pay half of his Bitcoin holdings and Intellectual Property to the Klieman estate. Satoshi had mined 1 million Bitcoins. Hence, if Craig’s claims are valid, he had to share the fortune with Dave Klieman, whom he now recognizes as part of Satoshi. 500k Bitcoins amount to about $5 billion at current prices.
Nevertheless, Wright has claimed that the funds are locked until 2020 by some kind of timed encryption. Moreover, crypto-twitter is overwhelmed by the coup Craig has put himself into. Some suggest that Craig will have to pay $6 billion from his own wealth unrelated to Satoshi’s Bitcoins just to keep his claims alive.
In the past, to gain attention from media, Wright has also lied about owning MtGox Bitcoins. Craig Wright seems to have surrounded himself by controversies all around. While he still claims, that “it is not ever yet,” a mountain of proofs and testimonies leaves very little room for doubt.
Do you think that the ‘faketoshi’ claims will come to an end after this? Please share your views with us. 
The post Vitalik Buterin Documents List of Fake Claims Made by Craig Wright with Proof appeared first on Coingape.
Source: CoinGape

Bakkt Announces Launch Date of Bitcoin Custody for Institutional Clients

Bakkt has announced the launch date of its’ custody, termed as Warehouse. The update on twitter noted,
On Sept 6, our Warehouse will begin offering secure storage of customer bitcoin to prepare for the launch of Bakkt Bitcoin Daily & Monthly Futures when they launch on Sept 23
Bakkt was recently cleared for launch by the authorities in the US. These contracts will enable physical delivery of bitcoin with end-to-end regulated markets and ‘custody.’
Kelly Loeffler, the CEO of Bakkt, announced a launch date for its futures trading as early as 23rd September 2019. It is a milestone for Bitcoin for two reasons, the parent company of NYSE (New York Stock Exchange) backs it, and it offered a physically settled futures contract.
Why Is Custody as important as the platform itself?
Bakkt’s Warehouse is a regulated custodian for digital assets. It is similar to Coinbase custody and to some extent, Grayscale Trust. These institutions provide for secure storage of Bitcoin for its clients. Bakkt will begin its custody for ‘sophisticated institutional clients.’
In April, Bakkt acquired the Digital Asset Custody Company (DACC). DACC provides native support for 12 blockchain projects. While Bakkt is beginning its custody with Bitcoin, it is planning to expand its services to include other digital assets as well.
Also Read: 5 Reasons Why Bakkt’s Launch is BIG News for the Crypto Community
Since the Warehouse is insured and provides an institutional guarantee with trading, many hedge fund managers and brokers will look to join the program.
Do you think increased custody or institutional ‘hodling’ with affect Bitcoin’s price? Please share your views with us. 
The post Bakkt Announces Launch Date of Bitcoin Custody for Institutional Clients appeared first on Coingape.
Source: CoinGape

Analysts Suggest Why Bitcoin is a More Cost Effective Store of value than Gold

Bitcoin [BTC] is an emerging asset class. While crypto-enthusiasts continue to criticize its technical prowess compared to the newer cryptocurrencies, Bitcoin is highly efficient to Gold – the number one ‘safe haven.‘
Both Bitcoin and gold make a good store of value due to their limited supply. While Gold has 1000 years of history behind it, Bitcoin has also gained importance its alternative in the past ten years.
Moreover, due to the digital nature of Bitcoin, it is far more convenient and cost-efficient. Recently. Nic Carter and Willy Woo estimated one aspect of Bitcoin’s intrinsic value debate – the cost of production and verifications. According to Woo’s estimate based on Coinmetrics data, the average fees paid for Bitcoin transactions over the years is just 0.0005%.
According to Coinmetrics data, the total amount of value moved in Bitcoin has surpassed $2 trillion. Furthermore, the cost of mining (electricity, equipment, maintenance, etc.) is around $14 billion. Willy Woo, crypto-analyst and trader, tweeted,
Economic metrics of Bitcoin, paraphrased:
– The current valuation of all coins: $182b
– Amount paid by the current holders: $100b
– Cost to bring these coins into existence: $14b
– Fees paid to move coins between holders: $1b
– Value transmitted by the network between holders: $2.0T
The estimates also suggest that the average investor has made about 82% profit on Bitcoin in the past ten years. Nevertheless, the volatility in the price over the years would find a varying response to that estimate.
Moreover, it also counters the criticism around Bitcoin’s intrinsic value. The economics of Bitcoin indicates that Bitcoin is indeed backed in the same way gold is. Moreover, Bitcoin is one step ahead of gold due to its low transaction fees. Nic Carter, the co-founder of Coinmetrics noted,
The high cost of verification leads to emergent outcomes, like gold being circulated in walled gardens (like the LBMA) or gold being easy to confiscate (exec. order 6102), or gold ending up in central banks. Cost of verification is everything.
On the other hand, the reduced cost of verification with Bitcoin makes it a useful ‘individual’ store of value. Gold is a long history and geopolitical existence; gold mines exist in specific areas only. Its density is also significant, which makes it difficult to carry in large amounts. Hence, it needs a lot of security, and large institutions end up managing it.
Moreover, with Bitcoin, a full node can be maintained for about $10/month. This contributes to the verification of the integrity of the transactions. Carter noted that “Gold is far costlier and more cumbersome to verify.”
Do you think Bitcoin is a better store of value that Gold? Please share your views with us. 
The post Analysts Suggest Why Bitcoin is a More Cost Effective Store of value than Gold appeared first on Coingape.
Source: CoinGape

Vitalik Buterin Trolls Bitcoin Maximalist for Anti-Shilling Ethereum

Samson Mow, the CSO of Blockstream recently tweeted in Ethereum’s opposition. He attacked Ethereum’s scalability issue and proposed its ‘slow death’. Vitalik responded to the Mow sarcastically for proposing the Liquid Network in place of Ethereum.
Recently, Vitalik Buterin, the Co-Founder of Ethereum, had himself accepted that Ethereum network is getting clogged up. Soon the fees for transactions might become higher, and the block confirmations could take longer.
Numerous blockchains are running on Ethereum. Tether is one of the tokens, and due to its large market capitalization, and transaction volume is evidently increasing the network load. Hence, some experts are proposing a delay in development on Dapps on Ethereum. To this, Vitalik told the media
“The Ethereum blockchain has been ‘almost full for years, I think it’s still good to develop apps, but anything substantial should be developed with scalability techniques in mind…”
Ethereum is due for a significant update – Serenity, in 2020. While the exact timeline on the transition to Ethereum 2.0 is still not clear. The new protocol for Ethereum is expected to fix all scalability issues.
However, Samson Mow suggested otherwise. According to him, it is a “technological dead end.” He also proposed a shift for USDT to the Liquid Network being developed by Blockstream. Blockstream is one of the largest crypto research firms and contributors to the Bitcoin core developing group.
Liquid Network is an inter-exchange settlement platform allowing for a new way to operate financial exchanges. It is expected to comply with the new FATF travel rule.

Also Read: Telegram Picks Liquid.com For the Exclusive Token Sale of its Native Token, Gram
Vitalik’s Response
However, Vitalik did not take like the interpretation that Mow took from his statements. He refuted Mow’s claims by attacking his stand on ‘Bitcoin maximalism.’ Since Bitcoin is also facing scalability issues at the moment, Vitalik said,

You do realize that Bitcoin is also “almost full” in exactly the same way ethereum is, right?

Furthermore, on Liquid Network, Vitalik noted that it is nothing but a centralized blockchain. He trolled the project by referring to the marketing head of Clearmatics, Tim Swanson. He replied,

I’m sure @ofnumbers will be glad to hear about your support of permissioned consortium chains!
Clearmatics is working on the similar proposed design of Liquid Network since 2015. It provides for blockchain-based architecture for member-owned and governed networks to exchange value.
Public, permissionless blockchain networks are supposed to run like an open-source program. Vitalik also seemed to take a jibe on the fact that the ‘consortium’ would not adhere to the spirit of decentralized control.
Moreover, Mow has been criticized in the past for investing in an ERC-20 token. Hence, the whole issue raises more questions on his stand on Ethereum.
Furthermore, both Bitcoin and Ethereum are expecting an up-gradation in the future. The success and failure of these projects will depend a lot of their adoption. While Blockstream is a leading Research firm that is transforming the crypto space with Bitcoin at its helm, Ethereum intends to maintain its position as well.
Do you think that Ethereum would eventually give up dominance on Dapps and smart contracts to new projects? Please share your views with us. 
The post Vitalik Buterin Trolls Bitcoin Maximalist for Anti-Shilling Ethereum appeared first on Coingape.
Source: CoinGape