Bitcoin SV [BSV] Up 100%; Craig Wright Makes Another Attempt To Cause FOMO?

Craig Wright has filed a copyright registration for the original Bitcoin [BTC] whitepaper. The controversy surrounding Satoshi’s real identity and Craig Wright’s claims had reached its height on Twitter when Binance decided to #delistBSV.
Now, Wright has made another attempt to cause FUD and FOMO in the market by filling a registration with the U.S. Copyright Office supporting his claims of authorship Bitcoin’s whitepaper.
Also Read: Vitalik and Hoskinson Support #DelistBSV, But Concerned About Centralization of Cryptocurrency Exchanges

Craig Wright filed a copyright registration for the Bitcoin whitepaper
— Neeraj K. Agrawal (@NeerajKA) May 21, 2019

The price of Bitcoin SV shot up by more than 100% as the news of the registration was broken earlier on 21st May 2019. The price of Bitcoin Satoshi Vision [BSV] at 13: 45 hours UTC is around $110. It touched a high of $135 a moment ago this time as the registration was being interpreted as confirmation of Craig Wright being Satoshi Nakamoto.
BSV/USD 1-Day Chart on Bitfinex (TradingView)
As noted by Jerry Brito, the Executive director of Coincenter, 
Registering a copyright is just filing a form. The Copyright Office does not investigate the validity of the claim; they just register it. Unfortunately there is no official way to challenge a registration. If there are competing claims, the Office will just register all of them.
Hence, according to the laws of copyright in the US, while the registration has been granted to Wright it does not confirm or guarantee his identity. the Copyright is granted to anyone who files with a claim.
Do you think that Craig Wright’s attempt will be more detrimental to BSV’s prices now? Please share your views with us. 
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Source: CoinGape

Winklevoss Twins Bought 200000 Bitcoins @ $7: Author of Bitcoin Billionaires

The Social Network movie was released in 2010, which told the untold story about the beginning of Facebook. Until that time, Mark Zuckerberg was already a billionaire and was successfully running the largest social media platform in the world.
Out of many others who contributed to Facebook apart from Mark showcased in the movie, the Winklevoss Twins, Cameron and Tyler, were one of them. They had accused Zuckerberg of actually stealing the idea from them and then making it his own.
Also Read: Not Facebook, Cryptocurrency Will be The Strongest Social Network: Cameron Winklevoss
Moreover, the story of the founding of Facebook on which the movie is based was written by Ben Mezrich: The Accidental Billionaires. He has released another book on the identical twins from that story, Bitcoin Billionaires. 
Bitcoin Billionaires is the story of these two brothers after their legal battle with Mark Zuckerberg over Facebook. The American Olympic rowers were apparently always ahead of the innovation curve; first with Facebook and now Bitcoin. 
Reportedly, the brothers received a settlement of about $500 million in stocks and signed a Non-disclosure agreement. Ben Mezrich said that the twins spent just $1.4 million when they bought about 200,000 Bitcoins at $7 each during its early days. He told CNBC in an interview,
“They bought about 1% all of Bitcoins. At $20000, they were worth $4 billion and at $8000 they are worth close to $2 billion.”
On Bitcoin and cryptocurrency, Mezrich has confidence in cryptocurrency due to its viability and innovation. Furthermore, since Bitcoin is the first most popular solution in the space and Winklevoss twins are pioneers of the space. He decided to write a second book on Winklevoss twins after The Accidental Billionaires.
Also Read: ‘Cryptocurrency is not Going Away’: Winklevoss Twins Talk About their Early Days in Bitcoin
According to Mezrich, the duo is absolute ‘believer’ in Bitcoin and they have worked towards building viable solutions for its trading with the Gemini Exchange.
Do you know about other early purchasers of Bitcoin? Please share your story with us. 
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Source: CoinGape

SEC Raises 39 Questions on Bitcoin Markets That Are Potential Deal breakers

The SEC (Securities Exchange Commission) in the US has delayed the VanEck Bitcoin-based ETF approval/disapproval once again. However, a lot of positive outcomes was seen this time around. The Regulators doubts now surround the volume and range of Bitcoin markets, rather than its fundamental nature of being a digital currency.
Also Read: Bitcoin ETF Update: SEC Postpones VanEck ETF But Bitcoin Price Responds Positively
VanEck has moved the ETF proposal as a commodity-based trust share which in this case in Bitcoin. The Commission noted that the decision has been delayed as the regulators are still unsure that the Bitcoin-ETF is
“designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade,” and “to protect investors and the public interest.”
SEC’s Concerns About the ETF
The SEC has laid down an 11 point, 39 questions long concerns that it still thinks can lead to disapproval of the ETF. The primary concerns of SEC included protection against insider trading and manipulation of markets by a single exchange or point in time.
According to the SEC, the Bitcoin market might still be susceptible to manipulation, and it isn’t of a “significant size” yet to deter fraudulent trading activities.
Recently, the Bitcoin Futures contract at Chicago Futures Exchange was discontinued. Moreover, the actual difference in the volume of spot Exchanges and futures contracts and now subsequently, the ETF must be determined as well.
Furthermore, ETF intends to enable trading of actual Bitcoins [BTC], which is significantly different than Bitcoin Futures Contracts. Hence, the effect of each on both is important to understand the underlying price discovery characteristics of Bitcoin.
Let us understand the difference between the types of commodity-based futures to understand SEC’s concerns. Gold and silver are market-based ETFs, i.e., real gold and silver are held in Trusts, and the spot prices determine the ETF price. However, oil-based ETFs rely on the futures market for price determination.
VanEck has proposed that its CboeBZX index will be backed by the OTC markets. According to VanEck,
“the OTC desks have a better measure of the market than any exchange-specific reference price, whether individually or indexed across multiple exchanges.”
Nevertheless, the SEC has doubts over this the OTC markets are small and ‘unidentified.’ They said,
“[OTC] has no formal structure and no open-outcry meeting place? Is the use of a non-public, proprietary index to value holdings based on OTC activity an appropriate means to calculate the NAV of an exchange-traded product (“ETP”)?”
Bitcoin’s market is active 24/7, hence, the SEC also wants to make sure that the network is large enough to deter all manipulative activities even when the ETF markets are closed. The questions on arbitrage included,
“Is the liquidity of the OTC bitcoin market is sufficient to support efficient arbitrage between the price of the Shares and the spot price of bitcoin?”
Last but not least, VanEck has moved the ETF citing its relationship with Gemini Exchange to provide necessary OTC market price. Hence, the SEC is also concerned about the quantum of the volume of trading on Gemini Exchange vs the rest of the world.
The questions are laid down for any interested party who wishes to contribute to clear the concerns. Moreover, it also indicates while Bitcoin is being accepted as an asset, more clarity on the volatility and markets is required for a successful ETF approval.
Do you wish to contribute to the research? Please share your views and findings with us.
The post SEC Raises 39 Questions on Bitcoin Markets That Are Potential Deal breakers appeared first on Coingape.
Source: CoinGape

Bitcoin [BTC] ‘Intrinsic Value’ Suggests it is More Efficient Than Gold

According to a recent report by JPMorgan, Bitcoin’s intrinsic value can be defined using the concept of cost of production. The cost of production in the case of Bitcoin is the mining cost.
If that analogy is used for gold, the cost of production of gold is above $1000 per ounce. Since mining is a large scale business, according to laws of economics, it must come to equilibrium as a zero-sum game. It means that the cost of production must be equal to the value so that the average profitability of the industry is zero.
The demand for gold is primarily been due driven by the jewelry industry and in small amounts in the Technology industry. The other demand for gold is as a reserve currency. The Federal Reserves and Trust agencies around the world secure large amounts of gold and use it to control inflation and act as hedge currency fluctuations.
Bitcoin’s Intrinsic Value
Furthermore, the average mining cost per Bitcoin at the current rates is around $4200. It also explains why Bitcoin was trading around that level for almost two months.
Bitcoin’s Intrinsic Value Vs Market Price
Bitcoin is a growing industry, hence, the growth in the price due to positive speculation would either compel the miners to sell their Bitcoins for a higher profit or to buy more miners. Due to the high profitability, fresh entrants to the mining business is also expected which will drive the cost of miners.
The Bitcoin market is highly competitive in terms of price. In the near future, that will extend to mining as well, while the existing miners can benefit due to the economics of scale. Since the Cost of Production must be Equal to Revenue for Equilibrium in a free market structure. Therefore, the overall average cost of mining will eventually fall to equivalence with the market price.
Economics of Marginal Cost and Revenue
JPMorgan’s intrinsic value argument suggests that speculation is driving the cost of Bitcoin beyond its economic stability into a bubble. Nevertheless, the efficiency and innovation provided by Bitcoin mining could disrupt the large scale and expensive mining business of gold if it continues to being accepted as ‘digital gold.‘
Do you think that a sell-off is the only way to avoid a bubble or we’re heading towards acceptance? Please share your views with us. 
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Source: CoinGape

South Korea Dominating the Bitcoin [BTC] Markets: Analyst

The Bitcoin bulls are more relentless than one might have predicted for the summer of 2019. At the beginning of the year, crypto-winter had bears calling bottom below $3000 and a prolonged crypto-winter in 2019. However, the prices have reversed handsomely to touch $8000 with altcoins gaining from the positive sentiments as well.
The break above $6000 levels was most surprising as bulls stretched the prices till $8000 resistance breaking instrumental Resistance & Support level near $6400 above $7000. These price surges were also triggered primarily during the trading hours of the Eastern Hemisphere. Reportedly, double-digit gains were recorded in cryptocurrencies from 0:00 to 4:00 Hours UTC during the last week.
South Korea Among Top 5 Currencies in FIAT-t0-Crypto Exchange
China was credited for the bull run unprecedented bull run. Analysts say that the traders might be motivated to exchange their Yuan with Bitcoins midst the US-China trade war. The sentiments about Bitcoin are also positive in other Eastern countries.
According to reports from Coinlib, the 24-hour volume from South Korean Markets is about $100 million. The volume from Japan is around $160 million and Chinese are around $321 million. The 24-hour reported volume in the US is around over $1 billion.
Furthermore, the volume of Tether is the highest with more than 60% of the market share. These can be divided arbitrarily between countries in through global exchanges.
Also Read: JP Morgan Confirms Bitcoin Price Surge Mimics 2017 Bull Run
Noticeably, the volume from China and Japan is greater, however, the volume reported for South Korea in the highest ever. Mati Greenspan, a Senior Market Analyst at eToro tweeted,
“South Korea is completely dominating this market.  According to CryptoCompare the SK exchange BithumbOfficial is seeing the highest levels of fiat to crypto volume by far.”
Fiat to Cryptocurrency Volume in Exchange (Tweet)
The total market capitalization of Bitcoin is around $130 billion, which is comparatively less than other globally distributed assets. Therefore, the growing positive belief for Bitcoin around the world is driving prices from all geographical regions.
Do you think Bitcoin will become the global reserve currency? Please share your views with us. 
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Source: CoinGape

Dash More Popular Than Bitcoin and Litecoin in Venezuela: CEO of Dash Core Group

Dash is a privacy-focused cryptocurrency, aimed towards providing low-cost remittances around the world. The Dash Core team under CEO Ryan Taylor, responsible for the development and adoption of Dash has made a lot of progress in Venezuela. They have made it their primary focus as they continue to offer other low-cost solutions to improve the technology infrastructure in Venezuela.
Recently, in an interview with Fred Schebesta of Crypto Finder, Ryan noted that,
“Dash is actually used more often at the point-of-sale in Venezuela than Bitcoin and Litecoin combined… We have two-three thousand merchants in Venezuala acception Dash.”
Dash has also been integrated by MasterCard earlier this year to provide feasible crypto-to-fiat payments. Taylor also talked about Dash integrated cell-phones which have dash wallets in-built in them. According to him, they have shipped a hundred thousand of those phones.
The Dash Core group is also establishing partnerships with existing remittance providers and financial institutions to reduce the overall cost of remittance and decrease the “monopolistic” effect of big firms in the remittance industry.
Price Surged by Almost 40% Over the Week
Dash recorded a price surge of 23% on 19th May 2019, as the price broke above resistance levels. The price of Dash at 5: 00 hours UTC on 20th May 2019 is 166.9. It is trading 10.92% higher on a daily scale.
DASH/USD Daily Chart on TradingView
Dash corrected slightly as it met resistance near $170. On a weekly scale, the price has surged over 38% as it began last week at around $125. The total market capitalization of Dash also touched $1.5 billion as it gained a couple of ranks to cement 13th position w.r.t. Mcap.
DASH/USD 1-Week Chart on TradingView
The All-Time High Price of Dash is above $1400. While it was achieved during the bubble of 2017, Dash has improved its reach and adoption tremendously.
Do you think the bull run on Dash will be back? Please share your fundamental and technical viewpoints with us. 
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Source: CoinGape

SEC Commissioner ‘Optimistic’ About Bitcoin ETF, But Delay of VanEck Proposal Most Likely

A Bitcoin ETF (Exchange Traded Fund) approval would enable the US market to predict and trade on Bitcoin prices without actually having to buy and sell Bitcoin [BTC]. The fund would track the price of the underlying asset, which can be Bitcoin alone or a basket of assets including other cryptocurrencies or other equities, bonds or commodities as well.
The Securities Exchange Commission is the regulatory authority that approves or denies a specific request to launch a new ETF on the market. There are more than nine Bitcoin ETF applications pending with the SEC. Moreover, the SEC also received a new crypto-basked (Bitcoin and Ethereum) based ETF application.
Reportedly, the total capital of the US ETF market is about $5 trillion. Even if 1% of the trading moves to Bitcoin, it will effectively increase the market capitalization of Bitcoin alone by $50 billion.
Industry Experts Weigh SEC Options
Jake Chervinsky, an Attorney at Kobe and Kim LLP. had noted on May 17, 2019, that,
“The SEC delayed the Bitwise bitcoin ETF two days ago but still hasn’t made a decision on VanEck. This is unusual: the SEC would normally handle both ETFs at once. The VanEck deadline is next Tuesday. I still think the delay is overwhelmingly likely, but the timing has me curious.”
Also Read: SEC is not Against Crypto ETF – Bitwise Explains
The comments are likely to get the hopes high for any Bitcoin bull. However, according to the filing dates, the deadline for Bitwise was on 16th May, while the deadline for the re-applied Van Eck proposal in 21st May.
The VanEck proposal was withdrawn and re-submitted by the firm itself on 20 February 2019. The deadline for which was a 45-day period which ends on 21st May 2019.
Furthermore, in a recent interview with Ran Neuner from CNBC fast money, Hector Pirce, the SEC Commissioner hinted at a further delay. She said,
“I am still optimistic. Don’t hold your breath. Market manipulation are issues that get a lots of attention at the SEC.”
Hence, the positive outcome for bulls would be a delay in the approval over a complete rejection.
Jake Chervinsky also predicted that there is a 75% probability that the proposal will be delayed and 0.1% probability of an approval. He said in a recent tweet,
“In the past, the SEC has typically bundled together all of its decisions on pending bitcoin ETFs & announced them on the same day… To be fair, the fact that the SEC delayed Bitwise & stayed silent on VanEck could mean nothing at all. He went on to say that, “Bitcoin has been very volatile recently & investigations related to fraud & manipulation have ramped up (like NYAG & Bitfinex). The SEC has no reason or incentive to come out in favor of bitcoin in this environment.”
Also Read: SEC Delays Bitcoin ETF Yet Again, Will It Hinder the Expected Bull Run?
The Bitcoin ETF proposal has been pending the markets for six years since its first application. The SEC has denied and delayed, and all of them until now. Nevertheless, a denial or delay is unlikely to dampen market spirits.
What are the chances of approval according to you? Please share your views with us. 
The post SEC Commissioner ‘Optimistic’ About Bitcoin ETF, But Delay of VanEck Proposal Most Likely appeared first on Coingape.
Source: CoinGape

Crypto-Market Top Weekly Performers: Bitcoin, Ethereum, XRP, Stellar, Tezos, Binance

Bitcoin bulls have turned out to be more relentless than most traders would have predicted from its historic prices. Moreover, the fundamentals around Bitcoin [BTC] seem to be stronger than ever with the Bitcoin virus spreading to the east now. Mati Greenspan, the senior market analyst at eToro tweeted,
“BTC on the move again… Asian market certainly doing their bit today.”
This is coming after a huge pullback on 17th May 2019. A Bullish Marubuzo with was seen in the 0: 00-4: 00 Hours UTC on 19th May as the market broke above $8000 again. This the second time the market has attempted to break it after a huge correction.
BTC/USD 1-Day Chart on Bitstamp (TradingView)
The other four performing coins
Opening Price: $6968
Closing Price: $8109
The weekly gains: 16.3%
Weekly High/Low: $8390/$6178
Binance [BNB] Coin
Binance [BNB] coin was trading in the red in the last week’s update trading around $20. Nevertheless, the token started picking up value again as normal operations began at Binance Exchange after the hack. This week Binance also initiated the process of burning token from the Ethereum blockchain to process them on the native Binance Blockchain.
BNB/USD 1-Day Chart on TradingView
Opening Price: $20
Closing Price: $29.5
The weekly gains: 47.6%
Weekly High/Low: $32.2/$19.9
Stellar [XLM]
Stellar’s rise was higher than most coins during the week as it held gained 35% on a weekly scale. The Stellar validators were reportedly shut down for two hours on 15th May 2019. As Bitcoin continued to correct and rise, Stellar held it gains above 0.00001750 BTC.
XLM/USD 1-Day Chart on Bitfinex (TradingView)
Opening Price: $0.10
Closing Price: $0.14
The weekly gains: 40%
Weekly High/Low: $0.16/$0.117
Ethereum [ETH]
Ethereum has been the top performer in leading altcoin gains in terms of total market capitalization. The total market capitalization of Ethereum is above $25 billion. It still accounts for more than 10% of the total capitalization of cryptocurrency markets.
Also Read: Ripple’s XRP and Ethereum Fight for 2nd Place Behind Bitcoin In The Wake of a Bull Run
ETH/USD 1-Day Chat on Coinbase (TradingView)
Opening Price: $188
Closing Price: $259
The weekly gains: 38%
Weekly High/Low: $281/$185
Tezos [XTZ]
Tezos [XTZ] has been one of the best performing coins of the year. It has gained more than 100% before the bull run on Bitcoin began. The gain was influenced by the Coinbase allowing Tezos [XTZ] as the first coin which could be staked/forged on the Coinbase Custody platform.
It was on the rise again this week as the market seems to have broken bullish since the beginning of the month. It broke above $1.75 as it set sights on to $2.
XTZ/USD 1-Day Chart on Bitfinex (TradingView)
Opening Price: $1.24
Closing Price: $1.77
The weekly gains: 43.4%
Weekly High/Low: $1.833/$1.23
XRP, Dash, IOTA, and Cosmos [ATOM]
The almost all altcoins were in the green on a weekly scale. While the above-mentioned cryptocurrencies rose higher than the rest, XRP, Dash, IOTA, and Cosmo [ATOM] also registered more than 20% gains.
The gain in XRP was considerable as it broke above the $18 billion market capitalization. Moreover, the weekly rise is about 25%. The dominance of XRP over cryptocurrency market is about 7%. The rise of Dash, IOTA, and ATOM is 21%, 31% and 23$ respectively on a weekly scale.
XRP/USD 1-Day Chart on Bitstamp (TradingView)
*The percentage dominance of cryptocurrencies w.r.t. to the total market capitalization of the market at $0.5 billion is 0.23%. Hence, for Analysis purpose we will only consider cryptocurrencies with a total market capitalization $0.5 billion or more. For future analysis, we’ll try to maintain 0.25% as a standard for the calculation.
**The data is taken at around 11: 00 Hours UTC on 19th May 2019. 
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Source: CoinGape

Did Bitcoin [BTC] Bear and Accumulation Phase Shorten From 2015 by a Year?

Bitcoin has been divided into 4-year cycles, it is an intrinsic property of Bitcoin in which the miner rewards are reduced by half every four years to make Bitcoin deflationary. Currently, the inflation on Bitcoin is above 3.5%.
Since we’re still in the early phases on Bitcoin, only two halving events have been conducted until now, in 2012 and 2016. The current mining reward for validating a Bitcoin is 12.5 BTC. It will be reduced to 6.25 BTC after the halving event coming next year.
Analogy Between the Bear and Bull Cycles of 2014 and 2017
Furthermore, market sentiments have also followed the halving event very closely in the past. The price grew exponentially in 2013. The 2016 halving event was a significant driver of growth in the last bull and bear run of 2013-2015. Nevertheless, post that event there was a 57-week bear market followed by around 65 weeks of accumulation.
Also Read: Bitcoin [BTC] Price Cycles Replicated Until Now, $50000 Target Predicted by Peter Brandt
2014-2016 Bear, Accumulation and Bull Phase in Bitcoin [BTC] (TradingView)The 2017 bull market recorded over 5700% gains from $300 levels to $19500. The bull market ended at the beginning of 2018 in January after the trend reversal started to pull the price downwards. The bottom being identified in a graph suggests the end of a bearish trend. If $3150 if the bottom identified in this cycle, then the bear market was shortened slightly by a couple of weeks; it lasted for 52-weeks.
Nevertheless, as soon the bottom was suggested by the analyst, the accumulation seems to have ended sooner than before. Dovey Won, crypto-analyst and founder of Wheatpond, shared an analogy about the current correction from 2015 which takes us 5 months ahead of accumulation phase in 2015. Furthermore, the previous bull run in 2016 began during the month of May itself.

History doesn't repeat itself but it often …
… Rekt you the same way 😭😭
— Dovey Wan 🗝 🦖 (@DoveyWan) May 17, 2019

Many analysts have confirmed that the bull market might have begun with Bitcoin breaking above two times the bottom value ($6300). It also broke above key resistance at $6400 like putting ‘knife in hot butter.’ Moreover, it also agrees with the market sentiments as the optimism toward Bitcoin is higher this time around.
Furthermore, the uncertainty over the regulatory ban and zero value FUD created during the past are a thing of the past now with Institutions like Fidelity, Bakkt, TA Ameritrade, eTrade and SquareCash stepping in to fill the demand for cryptocurrencies.
Do you think that the bull run has begun as well? Please share your views with us. 
The post Did Bitcoin [BTC] Bear and Accumulation Phase Shorten From 2015 by a Year? appeared first on Coingape.
Source: CoinGape

Facebook Cryptocurrency Project ‘Libra Networks’ Opens Office in Switzerland

Facebook has been highly secretive about its recent endeavor with cryptocurrency and blockchain. A more transparent approach could raise speculations in the market. Moreover, the regulations around cryptocurrency and payments have been unclear as well. Recently, the U.S. Senate Banking Committee sent an open letter to Founder Mark Zuckerberg, demanding the details about its cryptocurrency project: Libra.
Furthermore, according to the press release by Reuters, the chief executives of Facebook’s subsidiaries WhatsApp, Instagram and Messengers have been under regulatory scrutiny over privacy issues.
Reportedly, Facebook has registered the of ‘Libra Networks’ in Geneva, Switzerland. Facebook is the stakeholder of the company which aims to provide financial and technology services and develop related hardware and software, according to Reuters findings. The registration was made on 2nd May 2019 in Geneva. According to the fillings,
“investing, payments, financing, identity management, analytics, big data, blockchain and other technologies.”
Facebook has acquired trademark rights to Libra reportedly and is recruiting dozens of financial firms and online merchants.
Facebook has also been on a hiring spree for its new blockchain team that has more than 40 members from the FinTech industry. It also took a lenient stance on the advertising of cryptocurrency and blockchain projects on its giant social media platform.
Do you think that the move from the US to Europe was due to regulatory pressures? Please share your views with us. 
The post Facebook Cryptocurrency Project ‘Libra Networks’ Opens Office in Switzerland appeared first on Coingape.
Source: CoinGape

Bitcoin [BTC] Regression Model Suggests $4600 Low in 2019, Bullish Above $10000

Bitcoin has baffled many minds as an emerging asset class. The determination of the price of Bitcoin [BTC] doesn’t actually end with the supply and demand curve. Price discovery of BTC has been one of the biggest challenging issues due to round the clock trading, global presence, lack of complete trading data apart from ledger transactions, and it’s growing nature.
Analysts have applied a variety of techniques to find a chart or analysis that explains everything; a unified theory on Bitcoin price, as one could say. The Bitcoin On-Chain transaction volume and NVT analysis are credible unorthodox approaches that have more often than not described the true nature of things.
Also Read: Bitcoin 20% Dip is a Normal Market Correction Not Due to Manipulation- Weiss Ratings
Regression Model by Renato Shirakashi (Source)
Another Regression model on logarithmic graph attempted by Renato Shirkashi seems to be holding since the beginning as well, the non-linear regression model. The graph is plotted on a logarithmic scale w.r.t. time. As Bitcoin is a growing asset with the network effect, it seems to explain the price characteristics better.
Moreover, the chart held true during the bear market of 2014-2015. It also correctly predicted the bottom in time during this bear cycle.
What happens when we extend the graph?
The model suggests that the bottom for Bitcoin [BTC] might actually be in, as it seems unlikely the price would go below the orange line. Theoretically, a break around $4500-$5500 range is the worst possible situation. The lowest bottom level by the end of 2019 is around $6000. Furthermore, from the reference of peaks or resistance, during the year a bottom below $4600 seems highly unlikely.
Also Read: Bitcoin [BTC] Bulls and Bears Both Capitulate Due to High Volatility
Since this bear market was shortened by a lot in time, an accumulation between the mean and lower orange line can be expected.
Bitcoin Regression Model Analysis (TradingView)
Furthermore, the graph is plotted on a logarithmic chart, hence the room to the upside is even bigger in the short term as well. If Bitcoin prices move along the regression model mean or above it, $10000 can be achieved during this year.
Do you agree with the analysis or you find discrepancies in it? Please share your views with us. 
The post Bitcoin [BTC] Regression Model Suggests $4600 Low in 2019, Bullish Above $10000 appeared first on Coingape.
Source: CoinGape

Crypto-Market Update: Bitcoin [BTC] Falls Hard, Tests $6200; Alts ETH, XRP, LTC, BNB Follow Suit

Bitcoin was trading around the $8000 range since 13th May as the bullish momentum on Bitcoin peaked in the next couple of days. The yearly high recorded on Bitcoin [BTC] is $8390-$8410 on 14th May 2019. Nevertheless, like most times, this rise was also followed by a fall. Some traders were apprehensive of Bitcoin another move to $10,000; instead, it broke below $8000.
Bitcoin was trading around $7800-$8000 since yesterday. Bitcoin broke below this level rather hard, the 4-hour candlestick recorded a low of $6178, ove 20% decline. It soon made some recovery as traders rushed to buy the dip. The price of Bitcoin [BTC] at 4: 00 hours UTC on 17th May 2019 is $7348. It is trading 9.33% lower on a daily scale.
Furthermore, the candle-sticks also suggested that a ‘hanging man’ was followed by a huge bearish bottom.
BTC/USD 4-Hour Chart on Coinbase (TradingView)
The altcoins had risen for the past two days after Bitcoin broke away from $8000. The market dominance of Bitcoin of decreased considerably as most altcoins recorded yearly highs on 15-16th May 2019.
Also Read: Bitcoin Pizza Day – ’60 Minutes’ Magazine Interviews Man Who Spent 10000 Bitcoin for Pizza in 2010
Ethereum [ETH], Litecoin [LTC] and Bitcoin Cash [BCH]
The losses on Litecoin [LTC] and Bitcoin Cash [BCH] were around 12% as all altcoin traders seem to be abandoning ship, booking profits from yesterday and due to the FUD (Fear, Uncertainty, and doubt) of a massive impending correction in Bitcoin prices.
Ethereum also broke below $250 as well. The price of Ether [ETH] at 4: 20 hours UTC on 17th May 2019 is $245. It is trading 6.44% lower on a daily scale.
ETH/USD 1-Day Chart on Coinbase (TradingView)
The losses in Tron [TRX], Cardano’s [ADA] and EOS were in double digits as well. TRX losses were highest amongst them at about 16.7%. Nevertheless, the losses on ADA and EOS were 13.5% and 9.3% respectively.
XRP broke Below $0.4; Other Altcoins Drop As Well
The cryptocurrency which initiated the altcoin run this week with massive gains above $0.32 touched $0.48 on 16th May 2019. However, it pulled back along with Bitcoin as price over 15% in the last few trading sessions.
XRP/USD 1-Day Chart on Bitstamp (TradingView)
Stellar [XLM] which was one of the biggest gainers yesterday recorded 13.45% losses at 4: 30 hours UTC on 17th May 2019. The price of XLM broke below $0.13.
The other altcoins apart from a very few plummeted to similar degrees. The average rate of decline in the cryptocurrency market was around 11.5%.
The dominance and total market capitalization of Bitcoin were around $130 billion and 56.2% at press time. The total market capitalization of cryptocurrencies which was above $260 billion yesterday, fell below $230 billion.
Do you think bearish momentum will take over now or traders will fill in to buy the dip? Please share your analysis with us. 
The post Crypto-Market Update: Bitcoin [BTC] Falls Hard, Tests $6200; Alts ETH, XRP, LTC, BNB Follow Suit appeared first on Coingape.
Source: CoinGape

John McAfee Sends Last Tweet on Ethereum Cryptocurrency, Then ‘Goes Dark’

John McAfee is the Founder of McAfee internet security firm, McAfee associates and has also authored a couple of books. He is popularly known for his unabashed honesty on Twitter.  The Crypto-Twitter community pays a lot of heed to McAfee because of his conviction towards Bitcoin and cryptocurrencies.
He is the person who has supported and speculated on Bitcoin and cryptocurrencies for a long time. In 2018, McAfee used to release his ‘coin of the week’; for a starting couple of weeks, those coins saw tremendous growth in price due to speculation.
Moreover, McAfee was highly active on Twitter, sharing things about anything and everything more often than not. However, he has decided to call it quits from the social media platform. 
John McAfee’s Famous Claims on Bitcoin Prices (Tweet)
Recently, he expressed about the distress that he has been facing from the US Government. According to him,
The IRS, using the NSA and the FBI, are harrassing my former employees (Two were given houses), my business contacts (In Mexico no less), my banks, and even my auto mechanics. I will be publishing the full audio of these harrassments soon. I invented the tech they use. I’m McAfee.
The reason for the surveillance has not been mentioned. Moreover, McAfee hasn’t been served any indictment for now that we know off. However, he unexpectedly and rather surprisingly went ‘dark’ without even sending a ‘goodbye tweet.’ The last tweet from his official account reads,
“Developing events have made it necessary for John McAfee to go dark. Please be advised that this account will be operated by staff until further notice. More details will be released in time.”
Nevertheless, his last tweet was on Ethereum, the second largest cryptocurrency by market capitalization. He chose sarcasm and satire for the tone of his tweet. It was rather disingenuous. He said,
“Folks asking my opinion of Ethereum: Well . . .. Frankly, I prefer one syllable coins and am not fond of Ethereum’s spelling. Additionally, many of my friends who hold Ethereum dress oddly. And, of course, Buterin looks underfed to me. But do not take this as investment advice.”
Also Read: John McAfee Offers to Resolve Binance Hack Incident- Will He Win With His Cybersecurity Skills?
Now that the account will be operated by staff, we can only expect official announcements and important updates from that once popular Twitter account. The crypto-twitter community has engaged a lot with him as he made some wild predictions for the crypto-market. Moreover, he also claimed that he knows and would reveal the identity of Satoshi Nakamoto. However, he backed off on that pretty soon.
Do you think McAfee’s ‘go dark’ tweet will create a negative or positive image for cryptocurrencies? Please share your views with us. 

The post John McAfee Sends Last Tweet on Ethereum Cryptocurrency, Then ‘Goes Dark’ appeared first on Coingape.
Source: CoinGape

Not Ethereum Whales But Bitcoin Price Movements Affect Ether [ETH] Prices: Report

A recent report released by Chainalysis has caused a bit of a stir in the cryptocurrency markets. According to their estimate, the ‘whale’ wallets of Bitcoin and Ethereum holds coins worth $35 billion at current prices. The number of whale wallets identified on Bitcoin and Ethereum was 448 and 396 respectively.
No. of Bitcoins held in whale accounts: 3,500,000 (approx.)
No. of Ether [ETH] held in whale accounts: 35,000,000 (Approx.)
Also Read: Bitcoin High Transaction Fees And Inflation Rate Revives the 2017 FUD Again
The numbers are alarming for an average trader as high volume Ether holders currently have 33% of total Ether [ETH] circulating in the market. However, it was observed that large volume ‘hodlers‘ do not move their cryptocurrencies much often. Kim Grauer, a Senior Economist at Chainalysis noted,
“The majority of whales aren’t traders,” she said. “They’re mostly holding.”
Chainalysis report weighing the whale movements over the years
At the New York Consensus Week, one of the biggest crypto-conferences, she addressed the more important questions of how these whales affect the prices. The report suggested that whales are practically harmless because they are mostly ‘Hodlers‘ and their sell-off or addition do not affect the demand and supply curve enough to affect the prices. She said in the interview,
“People tend to be a little spooked by these ‘whales’. However, most of the time it is just exchanges moving their coins. Identifying them was difficult.” She added, “But once we’re able to identify the whales. We didn’t actually find any correlation to price. Whale movement impact the intra-day volatility of cryptocurrencies only. “
Further, on the correlation between price movements, she said that they identified that,
“Bitcoin has a causal effect on the Ethereum prices.” The report found, “On average, a 1% increase in Bitcoin prices yesterday leads to a 1.1% increase in Ether prices today. “
Do you think that the distribution disparity will create any problem in the future? Please share your views with us. 
The post Not Ethereum Whales But Bitcoin Price Movements Affect Ether [ETH] Prices: Report appeared first on Coingape.
Source: CoinGape

Bitcoin High Transaction Fees And Inflation Rate Revives the 2017 FUD Again

Financial Institutions in the world reportedly have started to include Bitcoin. However, the major products being launched, at the moment, are investment and trading related. While this adds credibility and security to the asset, it makes it a speculative asset nonetheless.
Moreover, gold has limited use, but people all around the world still value its lustrous property. Bitcoin is an efficient store of value, but its transaction capabilities restrict it.
Also Read: Bitcoin [BTC] Dominance Drop to 52% Will Maintain the Bullish Move for Altcoins: Analyst
The average fees of each transaction on Bitcoin is again on the rise as the number of transactions is increasing. Marc Bevand, a Twitter user, published his discovery on of the transaction fees problem that has crept us again. He tweeted,
“Bitcoin hit 19 BTC in pending tx fees. It’s an 11-month high, since Jun 20, 2018. Translation: mempool is filling up, tx fees going Average tx fee over the last 6 hours is 3-4 USD. “
Bitcoin Average Transaction Fees (Source)
Vinny Lingham, the trade analyst and Founder of Civikey, also expressed his apprehensions about the transaction capability and inflation in Bitcoin that might restrict the growth in price. He tweeted:
The only major concerns I still have right now are : 1) fee stability/inflation impacting the network, 2) if Satoshi’s coins ever moved
The reward for mining Bitcoin is currently higher than the spending rate or the growth rate of the entire network. Hence, there is considerable inflation, even at $8000 price levels. Nevertheless, with the lightning network in development and Bitcoin halving next year, the current transactions inabilities of Bitcoin will have improved a lot. However, at the current economic levels, it looks like a FOMO buy.
Also Read: Is Bitcoin and Cryptocurrency Being Driven by China, Japan and Korean Markets?
Bitcoin inflation rate chart (Source)
Peter Brandt questioned the market sentiments and the scale of the increase in price recently. While he predicted a parabolic move in bitcoin as well, but it was supposed to be spread out over time, creating higher highs and higher lows. He expressed it through a rhetoric poll in which he asked,
…has there has been enough FOMO by BTC bulls who missed the bottom that a sizable correction can now occur.
The ‘short squeeze on Bitcoin‘ and the associated FOMO from Bitcoin bears are the two good plausible explanations for the extreme surge in price. Another trade and chart analyst pointed out to the peculiarity of the parabolic curve that Bitcoin recorded in terms of price.
Bitcoin Recent Parabolic Move(Source: Tweet)
Will Bitcoin touch $10,000 before sizable correction? Please share your views with us. 
The post Bitcoin High Transaction Fees And Inflation Rate Revives the 2017 FUD Again appeared first on Coingape.
Source: CoinGape