Major Bitcoin Milestone: Only 3 Million BTC Left To Mine

Each and every day, miners unlock more and more Bitcoin – as much as 1,800 BTC per day – into the circulating supply of the cryptocurrency.
Today marks a major milestone for the cryptocurrency, as the 18 millionth Bitcoin is mined, leaving only 3 million BTC remaining out of the hard-capped 21 million BTC supply.
Today, The 18 Millionth Bitcoin Will Be Mined, Leaving Only #3MillionLeft
Before Bitcoin, numerous attempts were made at creating a form of digital cash. Nick Szabo, who had been thought to be the cryptocurrency’s creator – Satoshi Nakamoto – first created the proof-of-work system that cryptocurrencies use today, but his Bit Gold invention failed to become widely used. After Szabo, Adam Back invented HashCash, yet another proof-of-work system. Today, Back is among the top Bitcoin developers and the CEO of Blockstream.
Satoshi Nakamoto eventually launched Bitcoin at the end of the global recession in 2009, solving many of the issues that prevented these predecessor technologies from getting off the ground. But the first-ever cryptocurrency retains the proof-of-work system, through a process called mining.
Related Reading | Everything You Need to Know About BTC Mining
Bitcoin miners use expensive, energy-gluttonous, specially designed computers to compete with one another to solve mathematical equations that validate each block, adding it to the blockchain forever. But miners require an incentive to continue to confirm transactions broadcasted across the network, and this reward is provided in the form of BTC.
Currently, for each block validated, a miner will receive 12.5 BTC, or roughly $100,000 USD at today’s prices. That reward will soon be cut in half in May 2020, at an event called a “halving.”

Today, marks a major milestone for Bitcoin, as the 18 millionth Bitcoin will be mined, leaving only 3 million left available for miners to unlock and release into the circulating supply. Bitcoin is hard-capped at 21 million BTC, giving it attributes such as scarcity that can cause the price of the asset to increase sharply when demand rises.
At the time of this writing, there are 17,999,000 BTC currently circulating, and at a rate of 1,800 new BTC mined per day, before the clock strikes midnight on October 18, 2019, the 18 millionth Bitcoin will be mined.

This Friday the 18th million Bitcoin will be mined
There are only #3MillionLeft
Our mission is to make it easy for everyone to be a part of this once in a species revolution
— farbood (@farbood) October 16, 2019

To celebrate the monumental event, people across crypto Twitter are using the #3MillionLeft hashtag, promoting the concept of Bitcoin’s built-in, hard-coded digital scarcity.
Eventually, when the entire Bitcoin supply is unlocked by miners, the way miners will be rewarded for continuing to secure and validate the network, will be provided by the way of fees associated with sending the crypto asset.
Related Reading | Experts Weigh In On The Future of Bitcoin and Blockchain 
While minor at today’s prices, if Bitcoin can truly reach prices of $100,000 to $1M USD per BTC, then fees may ultimately be enough to keep the network operation in full capacity.
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Buy High and Sell Low? Circle Dumps Poloniex As Crypto Market Interest Wanes

Today, Circle, a US-based finance firm, has revealed that it is “spinning out” crypto trading platform Poloniex into its own independent company, in “an effort to create a competitive internationally-focused cryptocurrency exchange.”
Circle first acquired the crypto exchange back in February 2018, around peak interest in the crypto market. Does the company switching gears signal that interest has left the crypto market? Or are there additional implications for the US-based company around the regulation potentially coming to the space?
Poloniex to ‘Spin-Out’ Into Own Independent International Crypto Brand
Back in February 2018, before the bear market and dreaded crypto winter got fully underway, Goldman Sachs-backed finance firm Circle, acquired cryptocurrency exchange Poloniex for $400 million. Even major finance brands were FOMOing into the emerging market.
Circle failed to elevate the status of the crypto platform, and it fell far behind Coinbase, Binance, and other industry leaders, prompting Circle to “spin out” the crypto platform into its own independent firm, called Polo Digital Assets, Ltd.

1/5: We are spinning Poloniex out from Circle into a new company with backing by an investment group that plans to spend more than $100M developing the exchange to offer new features, services and assets to global customers.
— Poloniex Exchange (@Poloniex) October 18, 2019

Circle says that they faced “challenges as a US company growing a competitive international exchange,” but didn’t disclose what those challenges may be, however, the exchange taking a stance similar to Binance by barring US-based investors could be evidence of something more going on behind the scenes.
Backed by an “Asian investment group,” the new Poloniex will close trading to US crypto investors as of November 1st, potentially signaling that pressure from financial regulators in the United States may have prompted Circle to dump Poloniex.
Related Reading | Steven Mnuchin Hints at New Crypto Assets Regulations in the United States 
The United States has recently taken an opposing stance against Bitcoin and cryptocurrencies, and it’s a shockwave that’s been felt across the industry.
Poloniex says the investment group plans to spend more than $100 million to “develop and expand” the platform – and says that the “cryptocurrency revolution has just begun,” and that they are in it for the “long haul.”
Circle Doubling Down on USDC Stablecoin, Sets Sights on Tether
As for Circle, a lack of interest in the crypto market compared to when the firm first picked up Poloniex may be to blame for the exchange’s spin-out.

So Circle bought #Poloniex at the top and is now selling at the bottom.
Welcome to crypto, hope you enjoyed your stay
— Birch (@BitcoinBirch) October 18, 2019

But Circle isn’t exiting the crypto space entirely. The firm plans to “double down” and shift its focus entirely on building a “more open, global and accessible financial system,” through its USDC stablecoin.
Related Reading | New “Trustworthy” Stablecoin Could Be the Tether Killer
Recently, the arms race to become the top stablecoin has heated up after the announcement of Facebook’s Libra. USDC is growing in market share, making it the 24th largest crypto asset by market cap, valued at just under half a billion. However, Tether is currently the dominant stablecoin, and its $4 billion market cap demonstrates why companies would seek a piece of the young market. 
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Source: New

Bitcoin Testing Weekly Moving Average That Sparked Last Crypto Bull Market

Now that Bitcoin has broken down from the triangle formation it was trading in, putting an end to months of consolidation, crypto analysts are sifting through Bitcoin price charts hoping to find clues as to what might happen next.
One crypto analyst may have found some evidence that Bitcoin’s bull run isn’t actually over, and is simply resting an important long-term moving average that following the last bear market, once it was retested, the true bull market began that resulted with Bitcoin reaching $20,000 per BTC.
100-Week Moving Average Retest Ignited Bitcoin Bull Run
At the end of 2015 – just as the 2014-2015 bear market came to a close, Bitcoin broke up above the 100-week moving average, later retesting it as support in early 2016, before going full parabolic and setting a new all-time high at $20,000.
When Bitcoin broke down from $6,000 to its bear market low last November, the leading crypto asset by market cap fell below the 100-week moving average for the first time since 2016.
Related Reading | Bye-Bye Bull Run: Bitcoin Price Daily Closes Under Vital Moving Average 
In April 2019, Bitcoin once again broke back above the 100-week moving average it had finally fallen below in November. Now, after the triangle breakdown, Bitcoin is once again retesting the 100-week moving average as support, and if history repeats – and if often does – Bitcoin could once again be supported by the moving average, and the next true bull run may begin soon after.

Yes, No, Maybe So?
— Nunya Bizniz (@Pladizow) October 17, 2019

Will History Repeat Itself, Or Will Another Moving Average Fall to Crypto Bears?
According to a chart shared by a prominent crypto analyst, it demonstrates how the 100-week moving average acted as resistance turned support in early 2016, ultimately leading to the crypto bubble that put Bitcoin on the map and made it a household name.
A closer look at the weekly chart shows that Bitcoin had two weekly candles bounce off the moving average, giving bulls a glimmer of hope that the bull market isn’t over before it really got started.
Bears, however, can take solace in the fact that other crypto analysts had repeatedly cited other moving averages, such as the 200-day moving average, acting as support throughout the last bull market. Bitcoin has now closed many consecutive candles under the 200-day moving average and was unable to reclaim it as support even after several attempts.
Related Reading | Bitcoin Price: Reclaiming Important Moving Average Could Lead to Retest of Highs
Technical analysts often look for theories and stick with them until they are invalidated. The idea that the 100-week moving average could act as support is currently still valid, however, a break below $7,700 on the weekly and a full candle close below it, the theory can go out the window along with the 200-day moving average propping Bitcoin up enough for a new bull run.
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Source: New

Coinbase, Cash App, Remain Top Rated Places To Easily Buy Bitcoin

Cryptocurrencies like Bitcoin or Ethereum are new, emerging financial technologies and assets. The unfamiliarity with the new technology can make getting started in crypto seem like a daunting process.
A handful of companies, however, provide easy access to buy Bitcoin and gain exposure to the crypto market. Of those, the two most popular of those easy-to-use fiat on-ramps remain relatively unchallenged, and according to a new poll, are unlikely to lose their leadership positions.
Coinbase and Cash App Top Crypto Market Poll
Buying Bitcoin is a very easy process, and anyone can do so in just a few steps. Simply sign up to Coinbase or Cash App, add your personal details and bank, debit, or credit card information, potentially upload some documents depending on how much you are looking to buy, and in just a few clicks and no time at all anyone can load up on the first-ever cryptocurrency.
Related Reading | Square Cash App “Absorbing” 10% of Bitcoin Supply Daily, 200% Projected By 2020
The two brands provide quick and painless access to the crypto market, so it is no surprise that they received the most votes as the crypto community’s favorite places to buy Bitcoin.

Where is your favorite place to buy $BTC?
— Hashoshi from Crypto YouTube (@hashoshi4) October 16, 2019

The votes were tallied as part of a Twitter poll created by cryptocurrency-focused YouTube personality, Hashoshi. The poll revealed San Francisco crypto exchange Coinbase as the clear leader, followed by the Cash App, and “Other.” was also mentioned but received the smallest amount of votes.
Anyone voting with “Other” was asked to reveal which platforms they use to buy Bitcoin. Common responses included the Voyager app, Level, LocalBitcoins, and the Winklevoss-owned Gemini.
Investors Prefer to Buy Bitcoin on Coinbase or Cash App
It’s certainly not shocking to see Coinbase top the list. It’s easily among the most popular platforms in the United States, where the largest portion of crypto investors reside. At the height of the crypto bubble, Coinbase topped the Apple App Store list of popularly downloaded apps making it a household name alongside Bitcoin.

Where did you buy your first bitcoin? And where do you buy bitcoins now?
I’ll start: @coinbase, @cashapp
— Zack Voell (@zackvoell) October 16, 2019

Cash App, nearly missed out on the crypto bubble entirely, only first debuting Bitcoin buying to a small subset of users just as the bubble began to pop, and rolled it out to the masses later in 2018.
Related Reading | Steep Fee Hike as Crypto Clamoring for a Coinbase Killer
But the late start didn’t hurt Cash App, which is said to be absorbing as much as 10% of the freshly mined Bitcoin supply each and every day. This number is expected to increase to 200% by next year if the company’s growth projections stay on target.
It’s not all roses for the market leaders, though. Earlier this month, Coinbase raised its fees on its Coinbase Pro platform, causing upset across the industry. However, regardless of the fees, it seems that Coinbase will likely remain the market leader in the days ahead until either Cash App can entirely unseat them from the throne, or until a new leader emerges.
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Source: New

Bitcoin Made Busting Dark Child Porn Ring Easy For US Justice Department

Bitcoin is a potentially world-changing financial technology, designed by the mysterious Satoshi Nakamoto. But Bitcoin also brought with it the birth of blockchain – distributed ledger technology that may not be world-changing, but certainly can redefine and improve upon certain industries.
The technology makes tracing transactions especially simple, but cryptography keeps the account owner’s personal identity private. But thanks to crypto exchanges being required to follow global regulations around know your customer and anti-money laundering policies, combining the traceability of Bitcoin transactions with the KYC at a crypto exchange helped the United States Department of Justice take down one of the dark web’s most extensive child porn rings.
United States Department of Justice Takes Down Dark Web Child Porn Site
This week, the United States Department of Justice announced the seizure of a dark web platform for child pornography called Welcome to Video. Over 337 alleged suspects from 38 different countries have been arrested, charged with their involvement in the ring. The sting also resulted in 23 children from being rescued in relation to the website.
Related Reading | United States Regulators Begin Crack Down on Crypto and Bitcoin Crime
The site was in operation from mid-2015 to late 2018 when it was seized by law enforcement. It had featured well over a quarter of a million videos depicting explicit situations with underage individuals, and the DoJ said that users of the platform had downloaded over 8 terabytes worth of child pornography.
The site included a message warning users to under no circumstances “upload adult porn” and charged users as much as $350 in Bitcoin – or roughly 0.044 BTC at today’s prices.
Bitcoin and Crypto Exchanges Assist Law Enforcement With Tracking Down Criminals
But it was that same Bitcoin used to subscribe that led investigators to the website’s administrator. The DoJ claims that since Bitcoin obfuscates personal details behind cryptographic addresses, Bitcoin itself didn’t lead them to the suspect. Instead, the DoJ worked with Chainalysis to tie the Bitcoin transactions via its blockchain ledger back to a wallet owned by Jong Woo Son that was hosted at a US-based cryptocurrency exchange.
The DoJ was able to glean information from the crypto exchange and tracked the funds the admin had cashed out to their bank account, solidifying the lead. In all, the website received over $353,000 worth of Bitcoin, according to a press release from the DoJ.
Related Reading | Former DoJ Prosecutor Turned Crypto VC: Bitcoin Helped Fight Crime
Bitcoin is often demonized due to its involvement in criminal activities, but very often Bitcoin and the blockchain technology it is built on has helped to solve the crimes these criminals are committing using the cryptocurrency. Even a former DoJ prosecutor turned venture capitalist has spoken out on how Bitcoin has been helpful in tracking down criminals – not in creating them.
Regardless of Bitcoin’s involvement, as US Attorney Jessie K. Liu puts it, “children around the world are safe because of the actions taken by the US and foreign law enforcement to prosecute this case.”
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Bitcoin Price Breaks Below $8,000, Is $7,000 or $9,000 Next?

This morning, Bitcoin price briefly broke back below $8,000 and is currently teetering on the support line – which could possibly be the last stand for bulls in this range before new lows are reached.
But all is not lost for bulls, and if Bitcoin buyers can push the price of the leading crypto asset up past a key resistance level, the bull market could be back on. If not, falling even deeper to find new support will be the end result.
Bitcoin Price: Bear Flag Could Bring Crypto Asset to $7,000 Unless Bulls Reclaim $9,000
Following Bitcoin’s bear market bottom, FOMO helped carry the price of Bitcoin to $14,000 bringing investors at the high an up to 350% gain. But once the leading crypto by market cap got there and couldn’t push through to a new all-time high, the buying momentum fizzled out, and interest has all but faded from the crypto market.
Related Reading | Bitcoin Bear Flag Could Cause Crypto Asset To Retest February 2018 Lows 
This can be seen by significant declines in trading volume, and through falling asset prices. After making a rally towards $9,000, Bitcoin price was stopped short and rejected hard at roughly $8,800, which sent the price of the first-ever cryptocurrency plummeting back down toward $8,000.
This morning, Bitcoin momentarily broke below $8,000 and is now trading at the critical support level. If breached, bears could push the price of Bitcoin down to support levels below.
Bitcoin appears to be consolidating within a bear flag on its daily price charts, and if confirmed, could spell disaster for bullish crypto investors. Downside targets below current prices range from $6,800 to $7,400 as the next zone where a bounce most likely could occur and a new trading range be established. If not, the February 2018 low of $5,800 could be tested.
In the chart below, the bearish scenario shows Bitcoin falling from the bear flag formation to the aforementioned support levels.

Also depicted, is a bullish scenario, where if bulls can reclaim the powerful support turned resistance level between $9,000 and $9,600, a return to the bull run before the end of the year is possible. Any upward movement would be the result of one of two remaining diagonal trendlines drawn from Bitcoin’s bear market bottom holding as support.
Related Reading | More Whales Are Hoarding Bitcoin After Accumulating During Bear Market 
The bearish scenario has Bitcoin breaking below the higher of the two trendlines, and if that occurs, bulls will need to hope that the final diagonal support remains unbroken or the crypto asset could return to its bear market bottom, or potentially even set a new, lower low.
For now, Bitcoin price continues to trade at roughly $8,000, and how it reacts to either $7,000 below or $9,000 above will hold the key to the future of the cryptocurrency.
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Source: New

Wyckoff Logic Suggests Bitcoin Markdown Has Only Just Begun

At the end of September 2019, Bitcoin broke down from a triangle pattern that it had been trading in throughout the summer months, putting an end to a rally that first began in the Spring.
The entire cycle from Bitcoin’s bear market bottom all the way to the recent top, appear to follow Wyckoff’s distribution model. And if that’s what is playing out in Bitcoin markets, the markdown phase of the first-ever crypto asset may have only just gotten started, and much lower prices may be ahead.
Bitcoin in 2019: The Perfect Example of the Wyckoff Method?
Richard Wyckoff was a world-renowned stock trader and author of a number of famous trading books. His success was based on the principle that markets were cyclical and went through four distinct phases at different times.
The four different phases according to the Wyckoff method, are accumulation, markup, distribution, and markdown.
Related Reading | More Whales Are Hoarding Bitcoin After Accumulating During Bear Market
Accumulation phases are periods of time when an asset’s price is at a low following a bear market or downtrend, and smart money begins buying up the asset at the low prices. After the investors have sufficiently accumulated a large position of the asset, the markup phase begins, driving up the price of the asset to later be sold at a higher price.
The accumulation phase took place while Bitcoin was trading in the low $3,000 and $4,000 range, at the end of 2018 and into early 2019. The markup phase was the subsequent rally from those lows to a local high of $14,000.
At the recent peak from the bottom, would have represented over 350% gains for investors who bought Bitcoin at its bear market low and then sold the June top.
Markdown Phase Could Take Price of Leading Crypto To New Lows
After accumulation and markup, comes distribution and markdown.
Once Bitcoin reached $14,000 distribution began, and Bitcoin began to consolidate as the initial supply being sold was met with continued demand. Eventually, the distribution caused supply to outweigh demand, and prices began to fall.

Here is another Wyckoff Logic
— Moe (@Moe_mentum_) October 12, 2019

According to Wyckoff method, after distribution comes the markdown phase, when the price of the asset begins to decline and bears regain control over the market.
Related Reading | Crypto Analyst: Bitcoin Continues To Follow Bear Market Bottom Fractal 
If the leading crypto asset by market cap is indeed in a markdown phase, as the chart structure appears to suggest, the price of Bitcoin could continue to be pushed down further and further until the price is sufficiently suppressed enough for high wealth investors to begin accumulating once again, restarting the entire process.
And if Bitcoin has entered a markdown phase, 2019 serves as a near-flawless example of a full cycle according to the Wyckoff method playing out in a market.
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Is Bitcoin Becoming A Leading Indicator For Gold?

Throughout 2019, Bitcoin and gold became highly correlated, rising and falling in value at or around the same time, and further fueling the Bitcoin as a safe haven narrative.
Even now, the two assets are showing similarities in their price charts that suggests they are still correlated in some way, and gold could soon be following Bitcoin and making a “deep cycle low,” much like the leading crypto by market cap did last month.
Is The Precious Metal Ready To Set a Cycle Low in December?
As tensions between the US and China were heating up and fears of a looming recession mounted, 2019 has thus far been the year of the safe haven asset – namely, the precious metal gold and its digital gold counterpart, Bitcoin.
Related Reading | Bitcoin Could Follow Gold Fractal With 44% Drop to Under $7,000
The two assets rose and fell hand-in-hand as investors fled stocks and other traditional investments. Eventually, though, just as Bakkt launched in late September, Bitcoin diverged and dropped over $2,000 in less than 72 hours, erasing over 20% of its 2019 rally.
With the assets showing such similar performance, could Bitcoin somehow be a leading indicator for gold? Just before Bitcoin broke down, it had been consolidating at the top of its rally and trading inside a triangle pattern before its big fall.

Gold is very cyclical and is due a deep cycle low in Dec. working towards that.
— Bob Loukas (@BobLoukas) October 13, 2019

According to gold charts, the precious metal is trading inside a very similar pattern and could be at risk for a deeper drop ahead.
Career trader and investor Bob Loukas backs up the theory, suggesting that gold is ready for a correction much like Bitcoin’s, and could put in a “cycle low” in December.
Investors Seeking Safe Haven Assets Driving Both Bitcoin and Gold
Although Bitcoin may appear to be acting as a leading indicator for gold currently – given the shape of the pattern gold is now trading in looking eerily similar to the formation Bitcoin just broke down from – the leading crypto by market cap has been following a fractal from gold’s price charts.
Even Bitcoin’s recent triangle pattern and drop were first seen on gold price charts, and if the fractal continues to be followed, it suggests a very long, drawn-out consolidation phase where Bitcoin trades mostly sideways – the epitome of max pain for those accustomed to the wild price swings and volatility in crypto markets.
Related Reading | Gold Fractal Predicted Bitcoin Distribution, Up Next Is Two Years of Sideways 
The truth is, neither asset is likely to be following or leading the other, but due to their like-attributes they behave similarly. Markets and price fluctuations are driven by the emotional state of investors. And with each asset being attractive to the same sub-set of investors, the emotions driving each market are bound to be similar as well.
Feature image from Shutterstock
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Source: New

More Whales Are Hoarding Bitcoin After Accumulating During Bear Market

A new data set has emerged that shows the growth in Bitcoin addresses holding more than 1000 BTC, and it is currently experiencing a new high following the bear market.
But what does this information mean? Was smart money buying up Bitcoin from retail investors dumping their crypto at a loss? Or is the HODL effect spreading like wildfire, and more and more crypto investors are buying up as much of the limited Bitcoin supply ahead of the halving?
Number of Addresses HODLing More Than 1000 BTC Spikes Amidst Bear Market
Holding through bear markets may be painful and even frightening for bullish investors who bought high, but don’t want to sell low. But for others, it can be an opportunity of a lifetime to accumulate an asset at its lowest possible price for the greatest financial reward.
And that’s exactly what had happened during the 2018 crypto winter, as can be seen by the growth of Bitcoin addresses containing more than 1000 BTC.
Related Reading | Send Bitcoin and Other Crypto To Uncensorable, Personalized Domain Addresses 
After Bitcoin hit its peak in 2017 of $20,000, there was an abrupt decline in the number of addresses holding more than 1000 BTC. The number mostly flatlined throughout most of 2019, but just ahead of the deep November drop – the drop that pushed Bitcoin below support at $6,000 and sent it to its bear market bottom – the number of addresses holding more than 1000 BTC rose by nearly 20%.
As soon as Bitcoin reached its bottom at roughly $3,150, the number of addresses containing 1000 BTC or more spiked yet again. Just ahead of the April 2019 rally that sent the asset parabolic, yet another spike happened, taking the number from a bear market low around 1500 addresses with 1000 BTC or more, to 2000 – or a 25% total rise.

Number of #Bitcoin addresses holding more than 1000 $BTC
— glassnode (@glassnode) October 11, 2019

Bitcoin addresses holding more than 1000 BTC seems to rise just ahead of any major drops, and the metric did once again just ahead of the September 24 drop that sent Bitcoin below $10,000 to its current trading range.
It’s now at a five-year high, according to a chart shared by Glassnode – a crypto market analysis and data intelligence firm.
Are Whales and Smart Money Accumulating Bitcoin Ahead of the Halving?
But what exactly does this mean? For one, it could mean that smart money or whales had been accumulating Bitcoin at the lowest prices possible after the massive retail selloff following the 2017 bubble.
According to Wyckoff’s accumulation model, the best investors load up on an asset at its bottom and then drive up the prices in a markup phase. This appears to be exactly what happened, suggesting that Bitcoin was accumulated heavily, and this is just the start of the markup phase.
Related Reading | Experts Weigh In On The Future of Bitcoin and Blockchain 
Alternatively, the store of value narrative and digital scarcity of Bitcoin could have caused the HODL effect to spread, and crypto investors to try and buy up as much of Bitcoin’s incredibly scarce supply ahead of an upcoming supply reduction in May 2020.
There are only 21 million BTC that will ever exist, and although 1000 BTC is only just 0.004% of the supply, the number is quite significant when considering the world’s population and the cryptocurrencies use case of potentially replacing money as we know it.
And while 0.004% of the BTC total supply may seem insignificant, this amounts to over $8 million USD at current prices. 
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Source: New

Crypto Analyst: Bitcoin Continues To Follow Bear Market Bottom Fractal

After Bitcoin price broke down from its multi-month triangle formation, the entire crypto market is watching, waiting, and wondering where the bottom of the current downtrend is.
But according to a fractal that appears shockingly similar to Bitcoin’s bear market bottom, the crypto asset has already bottomed and is about to explode back up to retest – and potentially break above – former highs.
Bitcoin Bear Market Fractal Is Too Compelling To Ignore
Fractals are among the most contested chart patterns of the crypto analyst community. Some believe that fractals can be like roadmaps for predicting price movements in assets like Bitcoin and other crypto assets, while others think that they’re not only worthless, but adhering to them can cloud judgment, cause bias to occur, and lead to poor trading results.
Related Reading | Bitcoin Price Fractal Suggests Repeat of September Drop, Is $7K Next? 
However, oftentimes, these fractals can be so compelling by comparison to past price movements, they become difficult to ignore. Such is the case with the current price action playing out in Bitcoin markets following the deep September drop.
After Bitcoin’s triangle broke down, it resulted in a powerful $2,000 drop to from $10,000 to $8,000, and leading crypto asset by market cap has struggled to even make an attempt at getting back over $9,000 so far. But if this fractal plays out not only will $9,000 be broken, but $10,000 will be reclaimed, and Bitcoin will go on to set a new all-time high.
The idea is all based on a fractal that matches up almost perfectly with Bitcoin’s bear market bottom. According to a crypto analyst, the similarities are starting to “get weird” they’re so chillingly accurate.

It's pretty crazy.
$10k $BTC next week?
— John Smith (@johnsmith3264) October 11, 2019

According to the fractal, the rejection overnight last night that sent Bitcoin price from $8,800 to $8,300 in minutes, mimics the rejection at $4,100 midway through March 2019 – just a couple weeks before Bitcoin broke up out of that trading range and went on a seemingly unstoppable parabolic rally, and generated over 350% ROI for investors who bought the bottom.
Could $10,000 Level Be Reclaimed As Early As Next Week?
Other analysts chimed in on the conversation and added that if the previous lows aren’t broken, Bitcoin price could retest $10,000 as soon as next week. If Bitcoin price can reclaim $10,000 so quickly after a drop, the market will likely view that as extremely bullish, and could result in the first-ever crypto asset continuing on what most believed to be its next bull run.
Related Reading | NVT: Top and Bottom Indicator Signals Time To Buy Bitcoin 
After Bitcoin reclaims $10,000, it will still need to also take back price levels at $11,000, $12,000, $13,000, and break the local high of $14,000 to put an attempt of the previous all-time high of $20,000 on the table.
Featured image from Shutterstock
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Source: New

Send Bitcoin and Other Crypto To Uncensorable, Personalized Domain Addresses

Cryptography consists of studying, developing, and practicing techniques for securing data from third-parties. The practice led to Bitcoin and other crypto addresses being difficult to remember strings of letters and numbers, as a way to keep them secure and prevent unwanted access.
But now there’s a way to create vanity addresses for Bitcoin and other cryptocurrencies, using new blockchain domain names, making remembering addresses easier, and reducing the risk of sending funds to the wrong crypto address.
Receive Bitcoin and More New .Crypto Blockchain Domain Addresses
A Bitcoin address is a cryptographic string of between 26 and 35 alphanumeric characters. These addresses are often case-sensitive, confusing, and difficult to remember, creating a host of problems for novice users of the emerging technology.
Related Reading | Experts Weigh In On The Future of Bitcoin and Blockchain 
It’s not uncommon for crypto investors to inadvertently send funds to an incorrect address after having mistyped only one digit. Those funds are considered lost forever, as blockchain transactions are irreversible.
These pitfalls are among the few limitations to widespread pubic adoption that will eventually be addressed in the future, but for now, a new solution has emerged through crypto and blockchain domain names.
A new set of .zil, and .crypto domain names are being offered by Unstoppable Domains, and these domain names can be used to set up a vanity address for receiving cryptocurrencies. Rather than relying on a cryptographic string of numbers, users will be able to type in their name, their business, their crypto of choice, or whatever they name their domain to receive cryptocurrencies like Bitcoin.
Interesting, the domain is stored inside a blockchain wallet, just like a cryptocurrency, and no one can move it around other than the owner. This makes any websites built on these new domains uncensorable, and unable to be taken down or seized by a third-party.
These new crypto-focused blockchain domains aren’t part of the normal Domain Name System and are called alternate roots, according the the Unstoppable Domains website. Owners are able to hide their identity or opt to provide whois data like a normal web domain.
If these new blockchain domains are scooped up as fast as the early .com domains were for the web, then it might be wise to ensure you act fast and snag your name of choice. In the early days of the internet, creative, forward-thinking investors bought up a bevy of useful domain names and parked them until a buyer came along, earning them a fortune.
Related Reading | 50% of Population To Use Bitcoin By 2043 If Crypto Follows Internet Adoption 
While Unstoppable Domains does note that trademark holders may claim ownership of a specific domain that coincides with the trademark, non-trademarked names are likely to run out fast. Such was the case with .com domains, leading to the emergence of .net, .tv, and many other common URL extensions that are used widely today. Some day, your .crypto domain could be as rare as a four-letter .com domain is today.
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Source: New

Bullish Cross on Daily MACD Points to $12K Bitcoin in November

Following a continued downtrend and recent lows around $7,700 being defended by bulls, Bitcoin price is currently trading at $8,300 after a surge to $8,800 overnight last night was rejected with force by bears.
However, according to a bullish crossover on the already oversold daily MACD, Bitcoin price could be targeting the previous high of $12,000 as early as November if bulls can build on the momentum that is mounting.
Daily MACD Signals Bullish Momentum is Building
Bitcoin price has been struggling to find support and regain the bullish momentum it had throughout 2019. But an important momentum indicator, may be suggesting that bulls are building momentum at the current price range, and could push the price of the leading crypto asset by market cap higher.
Related Reading | Bitcoin Price: Reclaiming Important Moving Average Could Lead to Retest of Highs 
According to a prominent crypto analyst, the daily MACD – the moving average convergence divergence indicator – has recently made a bull cross, and it could result in Bitcoin prices retesting former highs.

Daily MACD bullish crosses always were followed by the price rise. We had another one just recently. And at that time MACD is also very low (oversold condition).$12k as a target until November? $BTC $BTCUSD #bitcoin
— CryptoHamster (@CryptoHamsterIO) October 11, 2019

The analyst has shared a price chart that points out a significant price rise each time the daily MACD indicator crossed bullish. And with this current bullish cross occurring with Bitcoin far below the zero line on the MACD, it indicates that this is the most oversold the crypto asset has been since it started its parabolic rally in April 2019.
Bitcoin Price Could Reach $12,000 if Momentum is Sustained
If the bull cross on the MACD can sustain, and bulls are able to continue the momentum they’re building, the analyst says that a retest of $12,000 could be in the cards. Bitcoin price hasn’t traded at $12,000 since the start of August, and after it failed to break above that level, it’s been in a downtrend ever since.
The MACD is often considered a lagging indicator, which could suggest that the bullish price action has already played out, and the MACD could begin rolling back downward now that Bitcoin price is once again falling.
A powerful bull flag from lows around $7,800 started a $1,000 rally that may have topped out last night at $8,800. However, if the analyst’s MACD-based prediction plays out, the rejection last night could have been a retest of support that has now been confirmed, and the rally could continue from here, taking Bitcoin price all the way to the $12,000 price level the analyst is targeting.
Related Reading | Bitcoin Correction Bottom Target Is $6,000, Coincides With Production Cost 
If Bitcoin price cannot make it past current levels, the analyst’s idea will be invalidated and levels below recent local lows would become realistic targets in the days, weeks, and months ahead before the first-ever cryptocurrencty finally turns around and continues on its bull run.
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A United Nations Agency Has Launched a Crypto Fund

The adoption and widespread use by the mainstream public are vital for crypto and Bitcoin to eventually reach its full potential. Acceptance from global government entities is nearly as important, as they wield the power to prevent the asset class from developing further.
However, a recent nod of support has arrived from the United Nations, with one agency under the multinational body launching its very own cryptocurrency fund.
UNICEF Becomes First UN Organization To Launch Crypto Fund
The United Nations International Children’s Emergency Fund (UNICEF) has revealed that is has become the first United Nations organization to both hold crypto and conduct transactions in the digital asset class.
Their mission is to provide emergency food, medical supplies, and even education to children who are unable to fend for themselves due to economic conditions, war, and other atrocities.
Related Reading | UNICEF Adds Six Blockchain Startups From Developing Nations to its Innovation Fund
Appropriately dubbed the UNICEF Cryptocurrency Fund, it allows the UN agency to “receive, hold, and disburse donations” of Ethereum and Bitcoin. The firm says that they will use crypto to fund a variety of open source technologies that will benefit kids in need across the globe.
Any cryptocurrencies donated to the fund will be held in the same crypto that was contributed and will be granted out in that same cryptocurrency. The first contribution was made by The Ethereum Foundation, and the grant will benefit three grantees from the UNICEF Innovation Fund – Prescrypto, Atix Labs, and Utopixar – as well as a “project coordinated by the GIGA initiative to connect schools across the world to the internet.”
UNICEF says that the launch is part of “ongoing work with blockchain technology,” and that the agency is part of the UN Innovation Network – responsible for “researching the potential and pitfalls of blockchain and other emerging technologies.”
Aya Miyaguchi, Executive Director of the Ethereum Foundation said that the UNICEF Cryptocurrency Fund would “improve access to basic needs, rights, and resources” and that crypto as a technology would “better countless lives and industries in the years to come.”
Related Reading | Unicef Australia Creates In-Browser Crypto Mining Website
This isn’t the first time UNICEF has shown interest in cryptocurrencies and how they may help children in need. Last year, UNICEF launched The Hope Page – a website interested philanthropic individuals can go to, and allow browser-based cryptocurrency mining software to utilize computer resources to mine for crypto that is then donated to UNICEF Australia.
The agency says that it “works in some of the world’s toughest places,” and crypto makes it easier and faster to send funds to regions without technological infrastructure. UNICEF’s stamp of approval and support of cryptocurrencies is great for the general acceptance of the emerging asset class, and even better, it demonstrates how the technology can benefit third-world countries that lack infrastructure or a thriving economy.
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Bitcoin Correlated With Avocado Toast, Is Crypto Another Millennial Luxury?

Bitcoin is lauded as an “uncorrelated asset” in terms of how it performs compared to popular stock indices like the S&P 500 and other traditional financial markets.
Recently, Bitcoin had shown some correlation with gold, strengthening the safe haven narrative that has been at the forefront of 2019. But Bitcoin has also shown correlation with another hot commodity adored by millennials: avocados.
Bitcoin and Haas Avocados Show Correlated Price Movements
How Bitcoin correlates to other markets is among one of the asset’s biggest selling points with institutional investors. The mostly uncorrelated asset is the perfect way to derisk a portfolio steeped in traditional assets like stocks, forex, or commodities, even despite all the risk associated with the asset class’s notoriously wild price volatility.
Related Reading | Venture Capitalist: Bitcoin is the Single Best Hedge Against Traditional Finance 
Bitcoin has surprisingly recently started to show an unusual correlation with one particular commodity loved by millennials. Bloomberg financial journalist Tracy Alloway shared a chart comparing the price of Haas Avocados, side-by-side with Bitcoin’s chart.

My proprietary avocado-based quant model says Bitcoin has further to fall.
— Tracy Alloway (@tracyalloway) October 10, 2019

Both appear to have dragged along a bottom in early 2019, only to skyrocket in value starting in early April. The price of each asset rose steadily in the second quarter of 2019, but topped out in late June and early July, and has since started to decline back to previous lows.
If there really is a true direct correlation to be made, another sharp drop on avocado’s charts suggests that Bitcoin has much further to fall.
Are Millennials Behind the Unusual Commodity Correlation?
The value of Bitcoin, commodities like avocados and gold, or any financial asset for that matter, are driven primarily by supply and demand. Bitcoin’s scarce supply and an increased demand in early 2019 helped drive up the price of the asset to recent highs around $14,000 before it was rejected.
Avocados, however, had a tough growing season, and the supply diminished as a result over the summer. Restaurants raised prices on guacamole, and memes of millennials hoarding avocado toast spread across the internet with light speed.
Related Reading | Bitcoin and Crypto Has Introduced Millennials to Investing in Markets, Despite Fears
Could the correlation between avocado and Bitcoin actually be driven by millennials’ spending habits? Avocados are among millennials’ favorite food choices, due to the healthy fats, fiber, and nutrients the fruit provides, and Bitcoin is the millennial and Gen Z investor’s asset class of choice for many reasons.
It’s extremely unlikely that the two assets are actually correlated, but it’s interesting to see the connection between two things that millennials are particularly infatuated with – avocados, and crypto. Now if Netflix subscriptions, vapes, and smartphones begin to trend alongside Bitcoin and avocados, millennials may truly be to blame.
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NVT: Top and Bottom Indicator Signals Time To Buy Bitcoin

Bitcoin’s network to transactions ratio, or NVT for short, is an indicator developed by crypto analyst Willy Woo as a signal for deterring tops and bottoms of Bitcoin cycles.
A tweaked version of the indicator, one that was designed to filter out private transactions, is now signaling that Bitcoin is in a buy zone – an ideal time for buying Bitcoin at the point of greatest potential financial return.
Indicator That Called Bitcoin’s Recent Top Is Now Signaling Buy
Few crypto analysts have contributed to the overall Bitcoin community as much as Willy Woo. Woo has conducted extensive analysis and has even designed his own indicator for spotting the tops and bottoms of Bitcoin cycles, by looking at the network’s total value to transaction ratio.
The theory is that when Bitcoin’s total network value outpaces the ratio of transactions across the network, the price of the asset has risen past its fair market value, and is due for a correction.
Related Reading | Experts Weigh In On The Future of Bitcoin and Blockchain
The NVT indicator reached its highest peak of the last few years when Bitcoin reached its recent local top of $14,000 – a peak that was higher than even Bitcoin’s $20,000 all-time high.
However, even though the indicator work like a charm, predicting a nearly 50% fall from that top to under $8,000, Woo says that the indicator has become less reliable due to private transactions clouding the clarity of the results.

I quite like this dynamic ranging NVTS. I did something similar with NVT and quietly updated the chart last month.
— Willy Woo (@woonomic) October 10, 2019

But another crypto analyst has further honed the helpful top and bottom-calling tool, and created a version of the NVT signal that tracks the signal against a “dynamic” two-year, “long-term range.”
This new version of the indicator shows that Bitcoin’s NVT ratio has reached an ideal buy zone – typically acting as the bottom of a local cycle and providing the greatest financial opportunity in terms of eventual return on investment.
Previous Version Still Accurate, Predicted September Drop to $8,000
At the end of July, almost two full months ahead of the actual drop following the disappointing launch of Bakkt, the NVT signal had predicted that Bitcoin had topped out, and was due for a correction.
Each time the asset’s NVT signal peaked, on average the asset dropped over 50%. Bitcoin’s recent local top was $14,000, and fell just shy of reaching a full 50% retracement. However, the correction may not be over, and a full 50% or greater drop isn’t off the table just yet.
Related Reading | Bitcoin NVT Ratio: Top Predicting Signal Hits Highest Peak, Is a 50% Drop Ahead?
With the regular unfiltered version of the NVT signal being so accurate in calling tops, could this new, modified version of the indicator be even more accurate at calling bottoms – just as it is doing so now?
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