Privacy Crypto Dev Attempts to Expose Self-Proclaimed Bitcoin Creator

Anonymity and privacy are extremely important in the crypto industry. The original crypto that the entire industry is based on was created by the pseudonym Satoshi Nakamoto, and to this day no identifying details are truly known about the person who designed Bitcoin.
However, recently, someone has come forth claiming to be Satoshi Nakamoto, and promises they will reveal their full identity in the coming days. But before the final reveal could happen, the lead developer for the most privacy-centric crypto project in the market is oddly working to expose the person behind the Satoshi Nakamoto reveal – who could potentially be the person who created Bitcoin and in turn sparked the creation of the entire crypto industry.
Monero Dev Exposes Self-Proclaimed Satoshi Nakamoto, Creator of Bitcoin
Over the weekend, a blog post was published from a PR firm representing someone who claims to be the person behind the Satoshi Nakamoto pseudonym and is responsible for creating Bitcoin.
As soon as the blog post was revealed, the entire crypto community took to arms, going through every word in the text with a fine-tooth comb and analyzing every reference to see if there’s any fact or if its pure fiction.
Related Reading | Bitcoin Becomes “Money,” One Satoshi Now More Valuable Than Some National Currencies 
The seemingly believable story was met – rightfully – with much criticism and skepticism, and many are working hard to disprove any theories and call attention to any pitfalls in the story. Others are even pointing at the poor “Geocities” quality website as a reason why the story cannot possibly be legitimate, due to the creator of the most powerful financial technology ever clearly being able to afford a better quality website given their ownership of over 980,000 BTC that the self-proclaimed Satoshi says he still holds.
Even the lead dev of Monero, Riccardo Spagni has joined in on the search and whose sleuthing has turned up important information tied to the reveal conspiracy. Spagni has discovered through a public WHOIS domain registration search, that the person who owned the website the self-proclaimed Satoshi claimed to have owned, that the person’s name is Bilal Khalid, and says this person is “not Satoshi Nakamoto.”

For those following along at home, here's the public WHOIS info from thebcci<dot>net in 2008.
— Riccardo Spagni (@fluffypony) August 18, 2019

Spagni connected the dots leading back to Khalid’s real name through the WHOIS data from – the website for Bank of Credit and Commerce International, which the person behind the Satoshi reveal claims is how Bitcoin got its name.
While Khalid or whoever is behind the Satoshi reveal has brought this attention unto themselves, its surprising to see the lead developer behind a crypto project focused on privacy, working so hard to expose the identity of someone – regardless of who they are.
Related Reading | Tools of the Trade: Monero and Privacy Coins Are Creating More Efficient Criminals
Spagni is the lead developer for Monero (XRM), a privacy-focused crypto that’s come under much scrutiny itself as global regulators fear its anonymity and potential for illicit use such as money laundering.  But before the pitchforks come out, Spagni’s intentions were noble, and is hoping to prevent the rest of the crypto community and Bitcoin believers from falling victim to what many are calling an elaborate PR stunt, a scam, or worse.
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Can Ancient Math Predict the Next Bitcoin Top at $220K?

Bitcoin was built using mathematical code, and nearly all aspects of it, from its hard-capped supply to its price, and everything in between is deeply steeped in math.
Ancient mathematics first popularized in the middle-ages may hold the key to predicting Bitcoin tops and bottoms with chilling accuracy. And according to how the number sequence has followed thus far, one crypto analyst believes it would put the top of the next Bitcoin rally at $220,000 per BTC.
Fibonacci Sequence Could Be Magical Tool For Predicting Bitcoin Tops and Bottoms
Mathematics is the study of quantity, structure, space, and change. Each of these key attributes is central to Bitcoin in some way. Quantity, would represent how many Bitcoin’s have been hard-coded to exist; structure would represent Bitcoin’s code and blockchain, space could theoretically represent chart patterns such as the symmetrical triangle the crypto asset recently broke down from; and change would be represented by price action and change in value, or potentially through Bitcoin’s regularly planned halvings.
Related Reading | Historical Data Shows Bitcoin Price Correction Could Last 5 More Months
With math so important to Bitcoin, could it also hold the key to unlocking the ability to accurately predict price tops and bottoms using a number sequence developed by a renowned mathematician from the middle-ages? One crypto analyst believes so and suggests the next target for Bitcoin’s top would be $220,000 per BTC if the sequence continues to be followed.

is #BiTcoin following a #magic mathemaTic path ..?
it seems that $BTC is ruled by #fibonacci numbers..
if that repeats for the 4th time, the next cycle will bring us:
TOP ~220K BTM ~36K
canT waiT legghoooo
— paTo.. (@crypToBanger) August 14, 2019

The analyst says that Bitcoin is “ruled by Fibonacci numbers,” and follows a “magic mathematic path.” Using Fibonacci sequence – a series of numbers where the next number can be found by adding up the two numbers before it – the analyst claims each previous cycle top and bottom has been predictable, and if the same pattern is followed, the next logical top for BTC would be at $220,000.
As for when that target is reached, the analyst doesn’t say, but does also offer up a bottom Bitcoin will reach after the top target has been reached and momentum begins to reverse. According to the theory, the next Bitcoin bottom would be at $36,000.
Fib Tools and Math Are a Crypto Trader’s Best Friend
Fibonacci sequence was popularized by and eventually named after Leonardo Bonacci, considered the “the most talented Western mathematician of the Middle Ages” and better known as Fibonacci. His work is commonly found even today, especially when it comes to Bitcoin, crypto, and financial markets.
Related Reading | Gann Theory Suggests Bitcoin Price at “Do or Die” Moment, Important Pivot Ahead
Using fib ratios, fib retracement levels, fib spirals, and other Fibonacci-based tools applied to price charts of various assets, important price levels, and trend turning points can be predicted with a high degree of accuracy. Traders use these tools in conjunction with other forms of mathematics, such as geometrical shapes such as triangles, squares, and circles to help, and indicators to conduct technical analysis that can help improve success rates when trading.

Given the weight that mathematics holds with Bitcoin, and how deeply rooted the first-ever crypto asset is in math, the analyst’s predictions could be proven true. But only time will tell if Bitcoin continues to follow Fibonacci sequence.
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Ripple Joins Bitcoin and Ethereum In Gaining Regulatory Clarity in the UK

While regulatory uncertainty permeates the crypto industry currently due to the United States suddenly taking an aggressive and negative stance against the digital asset class, in the UK, Ripple (XRP) has gained sudden clarity alongside Bitcoin and Ethereum.
According to new classifications revealed by the Financial Conduct Authority, Ripple joins the other two most dominant crypto assets on the market, in being classified as an exchange or utility token instead of the more damning security token classification.
XRP Classified As Exchange or Utility Token By Financial Conduct Authority
Ripple’s Global Head of Government Relations Michelle Bond recently revealed news that the UK’s financial market conduct regulator the Financial Conduct Authority, has classified Ripple as an exchange or utility token in its latest report, removing the possibility of being labeled a security token. Being labeled a security token could come with additional scrutiny.
Related Reading | United States Regulators Begin Crack Down on Crypto and Bitcoin Crime 
The report compares Ripple to Ethereum most closely, saying that “XRP has similar features,” such as being used as a “means of ‘payment’ (exchange token)” or to “run applications (utility token).” Bitcoin is an example of another crypto asset that the FCA classifies as an exchange or utility token, providing investors with regulatory clarity.

.@TheFCA now lists XRP in the company of BTC and ETH, both of which were previously classified as exchange and/or utility tokens (and not a security token). This is exactly the kind of regulatory clarity the industry needs.
— Michelle Bond (@michellebond111) August 12, 2019

The Financial Conduct Authority is a financial market regulator first established in 2013 that operates independently from the UK government and is instead funded by the fees generated from the some 58,000 financial firms it regulates. The regulatory entity’s purview covers creating the guidelines that financial markets and firms operate under, overseeing the consumer credit industry, and the firm has the been granted the power to freeze assets of any financial market participants it investigates, even before they are found guilty.

Ripple Is the Crypto Asset For Banks and Financial Regulators
While Bitcoin and Ethereum are decentralized crypto assets that were created on the idea that government control is bad for financial markets, and that people should be in charge of their own assets.
XRP, on the other hand, was created by Ripple, a financial firm seeking to disrupt the cross-border settlement market. XRP is the native crypto token for the Ripple protocol. And while it’s being classified under the FCA as being an exchange or utility token similar to Bitcoin and Ethereum, the crypto community see Ripple’s control over XRP similar to the control current financial market organizations have over money and assets, making it a poor choice given the original cryptocurrency ethos.
Related Reading | Ripple Sides With US Regulators on Crypto Controversy and Facebook Libra 
But it’s because Ripple does have a corporation behind it, and a Global Head of Government Relations to help ensure they comply with important financial market regulators like the FCA. In the United States, Ripple’s close ties to the banking industry here in the have helped it stay in favor over other crypto assets like Bitcoin and Ethereum in terms of getting the world of traditional finance to welcome crypto with open arms.
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Safe Haven? Bitcoin Price Falls Below $11,000 Alongside Gold Bull Rejection

Bitcoin price has been rallying throughout 2019, and most believe that the crypto asset is about to embark on its greatest bull run yet. As global economic tensions and uncertainty rise, so does the price of gold and its digital counterpart Bitcoin. The rise has only further driven Bitcoin’s safe-haven asset narrative, suggesting it’s the best store of value during times of economic collapse.
Before the economy can collapse, the price of both Bitcoin and gold have begun to pull back, showing a continued correlation between the two safe-haven assets. Given gold’s longevity, it’ll always be favored as an economic hedge, but will this latest drop start to cause investors to question Bitcoin’s safe haven narrative or does the continued correlation only further solidify that the narrative has legitimacy?
Continued Correlation Between Gold and Bitcoin Price Movements Only Further Cements Safe Haven Narrative
Throughout much of 2019, Bitcoin price has grown substantially, making it the best performing asset of the year thus far. In recent weeks, as a trade war brewing between the United States and China heats up, gold – the long lauded safe-haven asset investors move capital into during economic downturns – has started to rise ahead of a potential economic collapse. The crypto asset skyrocketing alongside gold has only further driven the recent narrative surrounding Bitcoin as a safe-haven asset itself, due to its hard-coded digital scarcity.
Related Reading | Prominent Investor: Mainstream Finance Is Now Considering Bitcoin As a Safe Haven Asset 
The positive sentiment and interest from institutional investors as a safe-haven asset has helped Bitcoin price climb as high as $13,800 before it was rejected. Over the last few weeks, the crypto asset has maintained much of its bullish momentum and made another attempt at retesting the former high.

Gold, on the other hand, had a bull flag breakout, which has now been rejected back down to levels below where the breakout occurred. With Bitcoin price following gold with such parity, it’s not too surprising to see that BTC value has also fallen further, and has dipped below $11,000 on some exchanges. Price action has bulls trying to push the price of the leading crypto asset back above the important psychological price level.
Gold, which rallied over $100 since the start of the month, saw a rejection that retraced roughly 50% of the gains. Since August 1, Bitcoin price rose from around $10,000 to $12,000 where it topped out, making the current price level a 50% retracement that is right in line with gold’s drop.

The two assets have been tightly correlated for some time, and the more they show correlation the stronger Bitcoin’s safe-haven asset narrative becomes. Bitcoin, along with gold, has recently joined the same conversation as other safe-haven assets such as the Japanese yen and Swiss franc, all sought for their long-term relative stability, sans Bitcoin – known for its notorious volatility.
Related Reading | Bitcoin Store of Value Narrative Turning Toward Safe Haven Asset 
The increase comes from both institutional investors warming up to Bitcoin as they consider gold, and crypto investors taking an increased interest in gold as the global economy reaches the bring of potential destruction. The increased demand has caused more crypto exchanges, such as eToro and PrimeXBT, to offer gold prominently alongside Bitcoin to crypto traders.
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Crypto Analyst: Bitcoin Price Could Be Trapped in Tight Range Until Halving

Bitcoin price action has turned bullish in anticipation of its upcoming halving since the start of 2019, and the leading crypto asset by market cap has only recently started to take a pause to consolidate on weekly price charts.
Weekly resistance at $11,500 continues to play an important price level to beat, while bears have been unable to push below the mid-$9,000 range. One crypto analysts believe that the two price levels will act as a tight trading range on weekly price charts for the rest of the year and may not be broken until Bitcoin’s halving in May 2020.
Bitcoin Price Could Be Locked In $2,000 Range For Rest of 2019
In recent weeks, Bitcoin price was rejected at $13,800 after a three-month-long parabolic rally, and since then it has been ranging and consolidating. The market has, again and again, tried to choose a direction but indecision has kept Bitcoin price ranging between recent local highs and lows.
Related Reading | Bitcoin Price Weekly Close Above $11,500 Would Be First in Nearly 18 Months
It’s something that crypto investors and traders may want to get used to, as it could last the rest of the year, and extend into 2020 until Bitcoin’s halving in May of next year.
According to a weekly Bitcoin price chart shared by a prominent crypto analyst, the first-ever cryptocurrency could be trapped in a tight trading range between weekly resistance at $11,500 and weekly support at $9,500. The chart suggests that BTC could be locked in the range until Bitcoin’s halving. Others believe that Bitcoin price could be as much as $55,000 by that time.

BTC Weekly:
Range bound until the halving?
— Nunya Bizniz (@Pladizow) August 10, 2019

The theory would fall in line with Bitcoin entering a reaccumulation phase and natural profit-taking, following post-accumulation markup selling, but before the real bull run begins.
Alternative BTC Range With Wider Weekly Resistance and Support
BTC and other crypto-assets are highly volatile and often see massive, few-hundred and even few-thousand dollar price movements. By raising weekly resistance to the next logical level, and doing the same for support, a more realistic and less restrictive trading range is demonstrated.

Both charts would still have Bitcoin price trading in a range for the remainder of the year through halving, but would also allow for a deeper correction and touch of a trend line extending back to Bitcoin’s bottom trading range below $4,000.
At those lows, Bitcoin price was trading in a $1,000 trading range, but at that point represented over 25% of its price. At current prices, 25% of its price would be roughly $2,750 adding further credence to the tight trading range in the first chart as the market continues to show indecision.
Related Reading | CNBC Host Pushes Bitcoin, Cites Halving and Scarcity As Catalyst for $55K BTC 
If either of the major weekly supports or resistances are broken with a weekly candle close, the wider range could be in play. Or, none of this happens and Bitcoin price reaches $55,000 according to other widely adopted models in circulation.
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Continued Bitcoin Correction Could Cause Lead to Altcoin Market Double Bottom

The start of 2019 saw Bitcoin, altcoins, and the total crypto market cap all reaching their “bottom,” and have all since risen USD in value by 100% or more.  But at the start of April, Bitcoin continued to rally while altcoins have only bled out and capitulated, falling most sharply in their ratios against Bitcoin.
Bitcoin has now begun to correct, yet altcoins haven’t regained any lost ground and instead have only fallen further. One crypto analyst believes that sustained correction in Bitcoin could cause the altcoin market to double-bottom, suggesting altcoins will retest previous lows not seen since the start of the year.
Altcoin Double-Bottom Ahead if Bitcoin Correction Continues
Ever since Bitcoin reached $13,800 it has been struggling to regain the bullish momentum that caused a parabolic rally out of bear market lows. The leading crypto asset by market cap has been on a strong climb since early April, that’s devoured all of the capital in the crypto market, causing crypto investors to dump their alt holdings into Bitcoin in fear of missing out on the bull run ahead.
Related Reading | Altcoins May Never Again Reach All-Time High, Even if Bitcoin Hits $100K 
But since it started correcting, altcoins have failed to recapture any lost value, and are only dropping further. Crypto analyst Dave the Wave, in his latest analysis, has shared a chart comparing Bitcoin price action alongside the altcoin market cap.

If BTC continued to correct, alts could easily double bottom.
— dave the wave (@davthewave) August 9, 2019

The two price lines show a clear divergence in momentum, with the altcoin market cap beginning to tilt downward, while Bitcoin points upward and is starting to show some indecision.
If momentum and sell pressure continues to push altcoins to the downside, the analyst says that “alts could easily double bottom.”
Alt Gains Now At Parity With BTC, Total Market Cap to Correct
Making matters worse, the total crypto market cap which includes both Bitcoin and altcoins, appears to be forming a head and shoulders top – a bearish reversal pattern which if confirmed would also confirm the analyst’s theory of a double bottom.
Related Reading | Crypto Analyst: Potential 50% Drop Could Put Altcoins on Flash Sale 
Considering the sentiment around altcoins versus Bitcoin, the alternative digital assets would be the likeliest candidate to suffer the most additional correction. This would also fall in line with other analyst theories, such as the long-term altcoin market cap “channel” showing another 50% drop ahead, before any chance of an “alt season” occurring.

After a massive run up, possible H&S forming on Total Market Cap….
— dave the wave (@davthewave) August 8, 2019

Many altcoins are still down 90% or more from their previous all-time highs, and may never reach another all-time high even if Bitcoin reaches $100,000. Dave the Wave also shared another chart, depicting how the crypto hype bubble finally inflating has brought Bitcoin and altcoins back to “parity” in terms of returns, with each market reaching over 1000x in gains.

Since April 2017 [when the spike in Crypto really got going], BTC has come back to 'parity' with the alts. BTC and the alt market cap are both showing gains of just over 1000%.
— dave the wave (@davthewave) August 9, 2019

When considering the fundamental value of Bitcoin, versus a market of crypto assets that have little-to-no use case, are 90% below their all-time highs, and the sentiment is in the gutter, further drop from “parity” with Bitcoin doesn’t seem surprising.
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Global System to Combat Crypto-Driven Money Laundering in Development

Regulators across the globe and in the United States are taking a tougher stance on Bitcoin and other cryptocurrencies ever since the news broke that Facebook would be launching a crypto asset of their own, sparking widespread outrage and concern.
While power and privacy are the main concerns over Facebook’s libra crypto token, Bitcoin and the rest of the crypto market is being given a bad rap for its involvement in illicit crimes, such as ransomware, tax evasion, and money laundering. To further combat money laundering facilitated through crypto assets, 15 different countries have come together to create a crypto monitoring system.
FATF to Manage New Global Crypto System To Combat Money Laundering
Fifteen total countries, including G7 members, have pledged their support in creating a new system to combat crypto-based money laundering across the globe. The system is still quite a ways off and scheduled to roll out “a few years later” after “measures” are detailed by 2020, suggesting that the system won’t see the light of day until earliest 2023 – barring any major setbacks along the way.
Related Reading | North Korea’s Cryptocurrency Cyber Attacks May Further Fuel US Fear of Bitcoin 
The system would collect and analyze transactional data from individuals who use crypto assets to move funds around the world, and would be managed by the Financial Action Task Force (FATF).
The Financial Action Task Force is an intergovernmental organization founded in 1989 aimed at thwarting international money laundering and terrorism financing. As technologies advance, such is the case with crypto and blockchain, the systems FATF uses to prevent the crimes from occurring or gather evidence after the fact must improve as well.
Earlier in the year, FATF issued a controversial requirement that all “virtual asset service providers,” namely crypto exchanges and other crypto-buying and selling platforms, must pass along private customer data involving crypto transactions. The data required includes sender, beneficiary, account numbers, and other transactional data.

US To Support Initiative, Says Bitcoin Is Worse Than Cash For Money Laundering
Following additional meetings with G7 representatives this past month, United States Secretary of Treasury Steven Mnuchin used the shared concerns his peers had at a recent summit set to discuss crypto-based money laundering, to further bash Bitcoin and cryptocurrencies. The Secretary also made some stark warnings to crypto exchanges that don’t comply with the rules defined by FATF.
Related Reading | The United States’ Distrust in Facebook Libra Is Spilling Into Cryptocurrency
Mnuchin plans on holding crypto exchanges as accountable for following regulatory guidelines, much as traditional finance and banks are.

“We’re going to make sure that bitcoin doesn’t become the equivalent of Swiss-numbered bank accounts, which were obviously a risk to the financial system,” he said.

Mnuchin is hell-bent on blindly attacking crypto, as is evident by his refusal to entertain that US dollars – cold, hard cash – are used for money laundering as much or more than cryptocurrencies over the years.
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Bitcoin Price Previous Bear Trend Could Predict Potential Price Action Ahead

Bitcoin is at an interesting price point in its decade or so on the market. The first-ever crypto-asset designed by Satoshi Nakamoto is no longer in a bear market, but not yet in a bull market, as it has yet to set a new all-time high or break past the remaining bear market resistance.
That same bear market may help predict future price action, as a similar trend line has appeared at the top of the current rally that looks eerily similar to a trend line that kept Bitcoin from ever revisiting $20,000.
Bearish Trend Line Hasn’t Been Broken, But Bulls Are Ready For Action
Most crypto analysts, investors, and traders believe that Bitcoin has already started its next bull run. But bears have still managed to keep their presence known, and Bitcoin was rejected at $13,800 as a result. Since then, the leading crypto asset by market cap has struggled to retest previous local highs – the only remaining obstacle before the asset’s previous all-time high is retested next.
Related Reading | Bitcoin NVT Ratio: Top Predicting Signal Hits Highest Peak, Is a 50% Drop Ahead? 
The rejection and flash crash at $13,800 stopped Bitcoin just before it broke out of its bear market resistance, and has caused it to be restricted to a downtrend line that it is now brushing up against once again. 

A closer look. Previous parabola observed this line….
— dave the wave (@davthewave) August 5, 2019

As noted by crypto analyst Dave the Wave, the current bearish downtrend line that Bitcoin can’t seem to get through appears to follow a path similar to the downtrend line following Bitcoin’s rejection at $20,000. 
Bitcoin Price Fractal Fails, But Trend Line Still Intact
The two parabolic rallies and tops have played out similarly, albeit with different price action despite similar downtrend lines. Bitcoin had been following a fractal of the 2018 bear market closely until bulls buying the dip stopped the price of BTC from falling further. In late 2017 into early 2018 downtrend, Bitcoin price formed an M-shaped double-top before an Adam and Eve bottom pattern ultimately failed. This time around, an Adam and Eve bottom is in the process of confirming but still needs to break past the aforementioned down trend line.

Same sideways movement seen before the second big dip….
— dave the wave (@davthewave) July 30, 2019

If Bitcoin breaks through the down trend line here, bullish continuation and a retest of $13,000 is almost a given. Bitcoin will need to break through that resistance in order to have a clear runway for $20,000. Beyond that, a new all-time high and a bull market is in the cards.
Related Reading | “Golden” Bullish Bitcoin Price Signal: Are 5000% BTC Gains Ahead?
If Bitcoin is rejected here, it’ll fall back deep below the down trend line and could possibly retest lows below the $9,000 range it failed to break below the last time it visited. Further downside could jeopardize Bitcoin’s bull run foundation, and possibly cause an extended correction now that the parabolic rally has been broken.
Featured image from Shutterstock
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Bitcoin Store of Value Narrative Turning Toward Safe Haven Asset

Bitcoin’s narrative is ever-changing. It started out with more of a focus on its use as a payment currency, or “peer-to-peer electronic cash system,” then the focus shifted to “store of value” once more investors began thinking long-term with cryptocurrency.
The latest twist to the Bitcoin narrative has turned it toward a safe haven asset in the face of growing economic turmoil, and even CEO of Circle Jeremy Allaire agrees that Bitcoin is a “very attractive asset in that context.”
Global Economic Turmoil Changing the Narrative Around Crypto
Bitcoin started out itself life as a “peer-to-peer electronic cash system,” or in other words, a way to transfer value across the internet without the need for a third-party to keep the network safe, or secure.
Later, the narrative surrounding the first-ever cryptocurrency turned to the “store of value” due to the “HODL” effect, or a phenomenon where a large number of investors holding BTC for the long-term, store value in the asset due to the belief that this value will grow in the future.
The two narratives combined – the decentralized or “non-sovereign” transactional and transferability aspects, along with the store of value narrative – have resulted in a new narrative forming: Bitcoin as a safe haven asset.
Related Reading | Prominent Investor: Mainstream Finance Is Now Considering Bitcoin As a Safe Haven Asset
Much like Bitcoin as designed to be a system for transferring value, and a way to store value, additional unique attributes were hard-coded into its network to solve other problems Bitcoin’s creator Satoshi Nakamoto saw in current fiat-based monetary systems.
The biggest issue Satoshi set out to solve was the ongoing inflation in fiat currencies at the hands of governments being irresponsible with decisions governing other people’s money. Bitcoin is hard-capped at 21 million BTC and features a unique system called a “halving” that further reduces the supply of bitcoins trickling back into the market. This ensures as Bitcoin’s network grows, so does its value, and more BTC can never be issued.
All of this combined has also made Bitcoin a safe haven asset, even despite its notorious volatility and ability to wipe out as much as 90% of its gains from a previous rally.  Through it all, Bitcoin has proven it cannot be stopped, cannot be controlled, and given the fact, only 3 or 4 months buying BTC has ever led to long-term losses, its store of value narrative has been repeatedly been proven.
Circle CEO Believes in Bitcoin as a Safe Haven Asset
As CEO of the Goldman Sachs-backed Circle Jeremy Allaire points out, “humanity has now created a non-sovereign, highly secure mechanism to store value that can exist anywhere that the internet exists.”

"Humanity has now created a non sovereign, highly secure mechanism to store value that can exist anywhere that the internet exists," says @jerallaire on #btc surge amid #TradeWar
— Squawk Box (@SquawkCNBC) August 5, 2019

The CEO says that while looking at the risk associated with assets, the fact Bitcoin is uncensorable and unseizable makes it among the most “attractive” safe haven assets when considering overall global economic risk. Allaire made the comments while speaking on CNBC’s Squawk Box in a recent segment. Since the recent Facebook Libra controversy, crypto has been a common theme across the show.
The safe-haven discussion in recent weeks has heated up significantly, with both BTC and gold rallying and a strong performance by the Swiss franc and Japanese yen in the face of growing economic concerns. The demand for this asset has only grown in the crypto space, with crypto exchanges like eToro and PrimeXBT offering access to these safe-haven assets alongside Bitcoin.
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Bitcoin Price Forming Descending Triangle, Market Showing Consumption of Demand

As Bitcoin price struggles to maintain strength above $10,000 but is unable to push below $9,200, the crypto asset’s price chart has formed what appears to be a descending triangle – a bearish continuation pattern, that does have potential to break to the upside.
The formation shows many similarities to a descending triangle that formed during the 2018 bear market, that eventually sent Bitcoin plummeting to its bottom around $3,200. One analyst believes that although the market is showing demand for Bitcoin, that demand is being consumed ferociously and once that demand begins to fizzle, the selling pressure may finally get the best of bulls buying the dip.
Bitcoin Price Forms Descending Triangle, Target is $7,500, But $6,000 is Possible
Bitcoin price has stagnated in recent days, unable to choose a clear direction. The leading crypto asset has been locked in an increasingly tightening range and has not had the bullish momentum to break above $10,200, yet bearish sell pressure hasn’t been enough to break below $9,200. The bouncing back and forth between peaks and troughs has caused Bitcoin price to form a descending triangle, a chart pattern that could have a target of $7,500 if confirmed.
Related Reading | Bitcoin Price Rejected From $10K, Or the Start of a Bullish Reversal? 
Crypto analyst Dave the Wave – known for his long-term trend analysis using moving averages, the MACD, and most importantly an emphasis on Bitcoin’s logarithmic growth curve – is long-term bullish on Bitcoin, but in the “medium-term” expects Bitcoin price to fall out of the descending triangle formation to around $7,500 where a bounce could happen.

The dreaded descending triangle….
— dave the wave (@davthewave) July 31, 2019

In the past, the analyst perfectly called a bounce off the 200-week moving average. Here he expects the bounce at $7,500 to be nothing more than that – a bounce. After that, another “further drop at a later date” could bring the entire correction total to 50%, or as much as 61%.
The analyst advocates averaging in around the 50% point being a wise strategy. A total 61.8% drop – a common Fibonacci retracement level – would take Bitcoin price to $5,200 as the final bottom. A 50% drop from the rally high of $13,800 would be $6,900. Neither drop would put Bitcoin’s previous bear market bottom in jeopardy.
Analyst: Supply Consuming BTC Demand, What Happens If Demand Runs Out?
Adding further credence to the descending triangle playing out similarly to the formation that occurred during the 2018 bear market that caused Bitcoin price to break below what was believed to be the bottom at the time at $6,000, falling to its eventual bottom at $3,200.

My current higher timeframe view on Bitcoin
— Mr. TA (@Trader_M4tt) August 1, 2019

Another analyst, says that although Bitcoin has bounced off the “daily demand” it has done so “ not very convincingly” and current price action appears to be “consumption of demand.” The analysts compares the current price action consuming the demand to the same price action around $6,000 – also where that demand eventually ran out in 2018, causing Bitcoin to experience a massive drop.
Should that demand be overcome by supply, the same scenario could play out. However, that $6,000 price level is now acting as support once again, and is likely to stay that way indefinitely.
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Bitcoin NVT Ratio: Top Predicting Signal Hits Highest Peak, Is a 50% Drop Ahead?

Bitcoin price is at a critical junction, with either a major bull run ahead or a deeper correction that could mean the bear market hasn’t yet ended. A powerful indicator called the NVT ratio – designed by one of the crypto community’s best and brightest – has been used to time the tops and bottoms of Bitcoin bubbles, and is currently showing that Bitcoin has fallen from the highest levels it’s ever reached.
The last three times Bitcoin reached such high NVT levels, it feel on average 50%. Could a similar drop be ahead? The signal also never signalled a bottom was in back in December, which could suggest that if Bitcoin does drop it could fall further than many are expecting.
Bull Market? Using NVT Ratio and Signal to Determine if Bitcoin Has Topped
Bitcoin is a powerful financial technology. So powerful, it often borders on religion, and many evangelists work tirelessly to spread the word about the first-ever crypto asset to the masses. Others contribute in other ways, dedicating research, analysis or some other kind of educational contribution, but still work toward the same goal of Bitcoin understanding and awareness.
Few have contributed as much to the crypto community as analyst Willy Woo, who created the Bitcoin NVT Ratio, or the ratio of the value of Bitcoin’s network compared to the value of the transactions being broadcasted across the network. Woo’s description of the NVT ratio as the “Bitcoin-land” equivalent to the “price-earnings ratio” in stock markets. But since Bitcoin is not a company, and doesn’t have earnings, NVT ratio can be used as a “proxy” to company earnings.
Related Reading | Why The Next Bitcoin Bull Run Could Eclipse The Last Crypto Bubble
The indicator successfully signaled the top of the 2017 rally, then almost immediately after signaled the sharp V-bottom structure in February 2018. The drop from peak to bottom was a nearly 70% drop, and ultimately, was not Bitcoin’s final bottom.
Later in 2018, NVT peaked again in July, resulting in a quick 27% fall that was quickly bought back up during the height of the ETF-approval speculation. Shortly after, NVT peaked again in August and stayed elevated until mid-November when Bitcoin plummeted to its eventual bear market “bottom.”
The drop in November to the December “bottom,” was a 58% fall. Averaging out the three major NVT ratio peaks to their eventual “bottoms” suggests that a nearly 52% drop could be in the cards for Bitcoin.

Chart created with TradingView
Bear Market? Indicator Never Signalled a Bottom Was In
It’s worth noting a few other factors that make the theory supporting NVT ratio as the best spot of tops and bottoms inconclusive.
For now, the indicator never signaled a bottom was in back in December 2018 the same way it did in February 2018. Either this means the indicator simply missed didn’t pick it up, or could mean that a bottom hasn’t actually been set.
Related Reading | Bubble Hasn’t Begun: Google Trends Shows Little Interest in $10,000 Bitcoin
Many analysts have used the NVT ratio in their trading strategies with great success. The eccentric and outspoken top TradingView author MagicPoopCannon has repeatedly cited NVT as an important indicator he uses for Bitcoin price action and setting targets.

Bitcoin's 50 day EMA is right at 10k. If we break below that, we could see a major fall. Also, the NVT is finally flashing a sell signal again. The 50 EMA is very important right now. I'm expecting it to act as tremendous initial support, but soemtimes BTC DGAF.
— MAGIC (@MagicPoopCannon) July 14, 2019

Currently, MagicPoopCannon is expecting more downside in Bitcoin’s future based on the NVT indicator, however, the creator of the indicator himself remains bullish. The signal’s creator, Willy Woo says that “stage 1” of Bitcoin’s bull run has laid the foundation for the full bull run to begin. This suggests that while the creator of the NVT signal expects a pullback, he isn’t putting any additional faith in its ability to stop tops and bottoms.

Stage 1 of the bull market is completing, once we bottom stage 2 begins promising the long sustainable bull drive that takes us through all of 2020 (if BTC continues its personality). Stage 1 was trader driven dominance squeezing us up and driving fomo. Fomo complete, stage set.
— Willy Woo (@woonomic) July 28, 2019

However, tops and bottoms are only that in hindsight, until enough time has passed, it’s difficult to say with any certainty that a bottom has been set. The perfect example of this was throughout the 2018 bear market when most analysts expected support at $6,000 to hold. For now, it’s advisable to consider that neither a top nor a bottom may be in for Bitcoin and to proceed with caution.
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Bitcoin Price Rejected From $10K, Or the Start of a Bullish Reversal?

This morning, July 31, 2019 Bitcoin price soared from lows around $9,500 to a local high of $10K before the leading crypto asset by market cap took a short pause.
Bears have been in control ever since Bitcoin price was rejected from $13,800, and has struggled to maintain the bullish momentum it has had behind it since the early April rally first began. But Bitcoin price is also not going down without a fight from bulls, who may now be turning the tide if the push above $10K can be maintained.
Bitcoin Price at $10K: Bearish Continuation or Bullish Reversal?
Over the month of July, Bitcoin price has fallen steadily from its June highs near $14K. After a powerfully violent rejection that resulted in a flash crash that knocked out most exchanges, Bitcoin has struggled to revisit highs and continues to set higher lows and lower highs – the exact definition of a downtrend.
Related Reading | Bitcoin Historical Monthly Performance Could Shed Light on What’s Next for Crypto 
But as the first-ever crypto-asset appears to be on the ropes and flirting with further downside, bulls have begun to show signs of strength once again, and the push to $10K may be the beginning of a full-blown bullish reversal.
Weekly support at $9,400 may have proven too strong for bears to break through, and have given bulls the slight upper hand in recent days. However, Bitcoin will need to break and close above weekly resistance around $10,200 in order for the reversal to have the momentum that bulls will need to set a higher high and resume Bitcoin’s uptrend.

Pivotal Moment for The Short-Term Future of BTC and Crypto
Bitcoin price is clearly at a pivotal point. During the last bull market, corrections rarely exceeded a 30% drop, and each 30% drop resulted in roughly a 150% increase from each correction. With the current correction slightly over 30%, if Bitcoin sets a new high from here, it’s almost certain that a new bull run is confirmed and the price per BTC could reach a new all-time high in a matter of weeks to months.
The bearish scenario would have seen this small rejection at $10K to be the final blow to bulls who are floundering from the recent downtrend and sell pressure.
Related Reading | United States Regulators Begin Crack Down on Crypto and Bitcoin Crime 
Sell pressure has only picked up in recent days, following the massive rejection at $13,800. Since then, the United States government has come out in full force, making threats, negative statements, and rolling out stiff regulation across the crypto industry. The fear, uncertainty, and doubt have caused altcoins to capitulate, Bitcoin price to drop, and the entire market to come to a standstill as can be seen in trading volume dwindling.
Where Bitcoin price goes in the next week or so could define its trend for the remainder of the year. Will we see a new all-time high after the important FOMO trigger at $10K is breached again, or is that FOMO trigger now resistance and this was the last stand for worn-out bulls? only time will tell.
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United States Regulators Begin Crack Down on Crypto and Bitcoin Crime

Following the announcement of Facebook Libra – a crypto project aimed to replace the US dollar and other fiat currencies, the United States has been up in arms regarding Libra, Bitcoin, and the rest of the cryptocurrency landscape.
The US is finally ready to begin regulating this portion of the financial sector and has begun a widespread crypto crackdown that’s only increased in recent weeks.
Crypto Criminals Fall Like Dominoes Following US Regulatory Push
Suspicions began to arise that heavy-handed regulation from the United States might be on the way the moment crypto exchange Binance announced it would be barring US-based crypto investors from using its flagship website in favor of ushering them to a US-based platform sans many of the altcoins that makes Binance attractive, in partnership with a yet-t0-be-named partner.
US investors make up the largest chunk of crypto investors, and fears that the asset they could be holding may soon be outlawed has caused bearish sell pressure across the space.
And while Bitcoin price is falling, so too are criminals who use Bitcoin and crypto assets in their illicit transactions, one-by-one like dominoes, now that the United States has begun what appears to be a major crackdown on the asset class.

I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….
— Donald J. Trump (@realDonaldTrump) July 12, 2019

Following some scathing tweets by United States President Donald Trump about crypto and Bitcoin being used for criminal activities like cybercrime, drug dealing, human trafficking, and money laundering, and negative comments by Trump-appointed Secretary of Treasury Steven Mnuchin, a number of Bitcoin-using criminals have become targets.
Related Reading | Alleged Silk Road Drug Dealer Arrested For Using Bitcoin For Money Laundering 
It started last week when a Silk Road drug dealer was arrested for allegedly using Bitcoin to launder the money he earned from drug deals over the dark web marketplace. After that, another drug dealer has been arrested for his connection to a crime related to Bitcoin, opiates, and unexplainable Zimbabwean currency stockpiles.
Next, the United States Department of Justice filed a civil lawsuit against “Mr. Bitcoin” Alexander Vinnick, founder and CEO of Russian crypto exchange BTC-e, which has been called a “hotbed” for money laundering and other crime. Even BitMEX, a leader in the space, is being investigated by the CFTC for unlawfully serving US citizens knowingly.

But Bitcoin Holders Fear Being Treated Like Criminals
While these instances are criminals having their crimes catch up with them now that government agencies have caught up with the times and technology associated with crypto. However, the real fear is that the US government begins to start turning their crypto crackdown towards regular US citizens just for holding Bitcoin and altcoins.
Related Reading | The United States’ Distrust in Facebook Libra Is Spilling Into Crypto
An outright ban is possible but unlikely, but at the very least the Internal Revenue Service aims to make crypto investors life that much more difficult, and have issued a threatening letter to 10,000 holders of cryptocurrencies. The letter reminds taxpayers to report crypto-related taxes which in the past the agency has admitted to lacking clarity.
It’s the lack of clarity around both taxes, and the upcoming regulation in the United States that is causing fear, uncertainty, and doubt across the market and has turned the bullish sentiment bearish in a matter of weeks. The days ahead are important for Bitcoin and the rest of the market, especially for US investors and traders.
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Bitcoin Historical Monthly Performance Could Shed Light on What’s Next for Crypto

Everyone has heard that history often repeats itself, and learning from the past is among the best ways to prepare for the future. The same goes for Bitcoin and crypto, and analysts often look at past bear and bull cycles to gain insight into how future price action may unfold.
According to historical Bitcoin monthly performance, and general market sentiment, the first-ever crypto is at a critical crossroads, and depending on how August performs, it could set the stage for the greatest bull run the world has ever seen, or it could send Bitcoin back down to the depths of the bear market once again.
August Will Confirm BTC Bull Market or Bear Trend Change
According to Wikipedia, the concept of “eternal recurrence” is the “idea that with infinite time and a finite number of events, events will recur again and again infinitely.” It was popularized by philosopher Friedrich Nietzsche who promoted the belief that accepting these recurrences, or “fate” was the key to happiness.
Throughout history, this belief that history repeats itself is present in everything from economic crashes, market cycles, and more. This is why even crypto analysts and Bitcoin investors often look at past market cycles to help predict the price action in future market cycles. Patterns are visible in all things and can help indicate subtle changes to a trend.
Related Reading | Daily Activities Like Grocery Shopping May Hold the Key to Crypto Adoption 
New data provided by a prominent crypto analyst outlining Bitcoin’s historical monthly performance could provide clues to where Bitcoin may go next, however, the like the market sentiment currently, the data appears to be torn, and shows that even the historical data seems to suggest that Bitcoin is at an impasse, or critical junction in its lifecycle and August may be the deciding factor if the next bull run begins, or if Bitcoin retests bear market lows – or something in between.
Crypto at a Critical Crossroads, Shows Bitcoin Historical Monthly Performance
According to the data, August is the third-worst performing month for Bitcoin in its history, behind only December and January where the repetition of December tops leading to the following month wiping out much of the previous month’s gains skews things.

Ever wondered how $BTC performs during a certain months? Here is the historical monthly performance since 2012.
Lowest returning month: Jan. at -0.18% on average with 3 green & 5 red months.
Highest returning month: Nov. at 75.58% on average with 6 green & 1 red month.
— ₿itDealer (@Bitdealer_) July 25, 2019

Interestingly, Bitcoin’s recent bull rally to $13,800 saw four green monthly closes in a row. The last time this occurred, was during April through August 2017. After that Bitcoin took a short pause and reached a new all-time high in the months that came after. The only other times Bitcoin had more than four monthly consecutive green closes, was during 2012 and 2013, when the crypto asset was still relatively worthless and unknown by today’s standards.
Out of seven Augusts recorded in the data, Bitcoin saw 3 green months, and 4 red. Should August close red it could mean two things: Bitcoin’s bull run is taking a short pause before reaching an all-time high, just like it did in 2017, or it could take on the performance after the most recent August close in 2018.
Related Reading | Bitcoin Price at $10,000 is in Danger As Bulls Begin to Lose Support 
In 2018, after a green July, August closed red and was the start of six consecutive red monthly closes, the longest stretch of red in Bitcoin’s history. Bitcoin also wasn’t facing regulatory pressure and such criticism from the United States at that time.
Regardless of what happens next, Bitcoin is at an important moment in its history, and this month might indicate the trend for the remainder of the year, possibly beyond.
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Altcoins May Never Again Reach All-Time High, Even if Bitcoin Hits $100K

With so much negativity suddenly in the crypto market following increased regulatory concerns surrounding Bitcoin, Facebook Libra, and the rest of the asset class, the sell pressure and fear has caused altcoins to capitulate and even Bitcoin to begin to crash.
Altcoins are not only dropping to new lows in USD value, but their BTC ratios are at extreme lows. So low, that it if these ratios were maintained all the way to the top of the next Bitcoin bull run, even $100K BTC wouldn’t let most altcoins reach a new all-time high in USD value
If Altcoins Maintain BTC Ratio, $100K Bitcoin Won’t Take Them to New ATH
At the start of 2019, altcoins had outperformed Bitcoin, with many doubling in value in USD and in BTC ratio. Litecoin is a great example of this, and it stopped its rally after a 600% increase.
But since April, the once-correlated altcoins diverged from Bitcoin significantly, and have since gone on to reach new lows. Investors are capitulating, and much of it is being driven by fears of coming regulation, which has already caused a large portion of the market to be cut off from Binance, the leading crypto exchange.
Related Reading | The United States’ Distrust in Facebook Libra Is Spilling Into Crypto 
Still, most crypto investors are holding out hope for the promise of an “alt season” – a period at which selling in the asset class is fully exhausted, and the low liquidity combined with FOMO drives up the price of each altcoin significantly in no time. Such an occurrence brought many insane returns at the height of the Bitcoin bull run.
Anyone late to alt season got left stuck holding some expensive bags. Expensive bags that may never again return to their previous all-time high.

$BTC needs ~10x (930%) to hit $100K. If $ALT's keep their ratio to $BTC during this time, 130/165 (79%) will still be below their all-time high reached during the last cycle.
The top 30 by mcap, and the % they would *still* be down from their high, are in the chart below.
— Ceteris Paribus (@ceterispar1bus) July 24, 2019

According to a report from Messari shared by fundamental crypto analyst Ceteris Paribus, if altcoins maintain their ratio to BTC, even if Bitcoin reaches $100,000 – representing a 930% gain in the crypto asset – they “will still be below their all-time high reached during the last cycle.”
Related Reading | US Treasury Increases Regulatory Pressure on Crypto, Warns of Its Unlawful Uses 
During the peak of the crypto bubble, top altcoin Ethereum reached a high of over $1,400, with Ripple and Litecoin reaching $3.84 and well above $370 respectively. The analyst suggests that these altcoins would only possibly reach 79% of their all-time high values, which would put their long-term highs at or around $1,100, $3, and $292 for Etheruem, Ripple, and Litecoin – three of the most well-known altcoins with the most longevity, trust, and usages in the space.
Altcoins and alt season may have presented a once-in-a-lifetime opportunity for investors – an opportunity that is now in the past, and something investors still holding bags may have difficulty coming to terms with.
Featured Image From Shutterstock
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