Central Bank of Russia will Hold Bitcoin [BTC] Reserves Predicts Analyst

Reportedly, Russian lawmakers, the State Duma is expected to finalize a bill on Digital Financial Assets within two weeks. They have already held discussions on the bill once and seem to have received positive votes from the house. Deputy Finance Minister of Russia, Alexei Moiseyev said,
“Now we are looking at the text [of the bill on digital financial assets] and within two weeks, I hope, we will come out for adoption in the second reading,”
As reported earlier on Coingape, the Russia Federation had passed a bill on digital currencies which introduced as a series of norms for the citizens to follow.
Currently, they are working on implementing the complete set of laws around cryptocurrencies and ICOs. Russia might be one of the few nations to allow ICOs under its crowdfunding laws. Moiseyev also added,
“Within the framework of this concept, ICO regulation was approved. second reading, “
Also Read: Report Reveals How Russian Operators Used Bitcoin to Interfere 2016 US Presidential Election
The Regulatory Environment in Russia around cryptocurrencies and Bitcoin has been quite receptive compared to other nations. France also keeps a neutral attitude towards cryptocurrencies and ICOs. US, India, China and many other nations are against ICOs as they are either Ponzi schemes or based on wrong fundamentals of being a security or a cryptocurrency. However, Russia has planned to allow them unobstructedly.
A country which promotes a range of cryptocurrencies and blockchain projects can soon be expected to be inclined to hold Bitcoin [BTC]. Mati Greenspan, the Senior Market Analyst at eToro noted,
“The CBR [Central Bank of Russia] will be holding BTC reserves within 2 years. Mark my words.”
Currently, Russia holds 4554 billion US Dollars in Central Bank Reserve. If Greenspan’s prediction holds true and Russia assigns even 1% of its reserve value to Bitcoin [BTC], it’s market capitalization would increase by $45.5 billion.
Do you agree with Greenspan’s views given the current regulatory environment in Russia? Please share your views with us. 
The post Central Bank of Russia will Hold Bitcoin [BTC] Reserves Predicts Analyst appeared first on Coingape.
Source: CoinGape

Bitcoin [BTC] Traders Turns Bullish as Facebook’s Crypto Plans Threatens the Banks

Bitcoin plunged below $9000 briefly on 18th June 2019; this can be attributed to the extension of consolidation above $9000 as Bitcoin was unable to break above $9400. According to analysts, the $10k mark is expected to attract a flurry of investors due to FOMO.
Facebook announced its plans for cryptocurrency launch in 2020 yesterday which sounded highly ambitious. Facebook plans to implement a plethora of features and utility on its Blockchain with an aim to obliterate the entire cryptocurrency markets. Jason Brown, the CEO of Tally, said that it is “an ambitious project” that challenges banks throughout the world.
Tom Lee, the Head of Research and Partner at Fundstrat told the media,
“The Facebook announcement is a complete validation that the mainstream is now focused on cryptocurrencies… I think it a bullish development for Bitcoin.”
Not a Single Bank Included in Facebook’s Crypto-Consortium
According to Lee, Facebook’s stablecoin will help in creating a new banking system around the world. Moreover, it will complement Bitcoin’s case. CNBC reporter also Seema Mody pointed out the while the list of member of the Libra Association included big companies, it did not include even a single bank.
“An Average bank generates close to a thousand dollars per user. So Facebook has a 20x upside to their customer model if they start doing banking services. So I can think why banks are not really enthusiastic about it”
Also Read: US Congress Calls for Facebook to Halt Cryptocurrency Project, Libra
Hence, according to him, Bitcoin will continue to be the leading reserve cryptocurrency, and the bull market is deep and robust. He said,
“I think Bitcoin is easily going to take down its All-time high ($19750).”
BTC/USD 1-Day Chart on Bitstamp (TradingView)
Bitcoin Futures Traders Bullish As Well
Bitcoin futures trader, Brian Stutland also suggested similar market conditions. Facebook’s Libra creates a lot of opportunity for developing and under-developed countries like Argentina, Venezuela, and Brazil, where their native currency is highly volatile. However, the purpose of Bitcoin as a new age haven remains intact. He said,
“If you want to move away from the central banking FIAT then you’re talking Bitcoin. If you’re against true capitalism, then Bitcoin becomes the medium of Exchange.”
Anthony Grisanti’s trade position on Bitcoin (Source)
Anthony Grisanti was also bullish on Bitcoin. However, he confirmed that below $9500 is a no-trade zone for Bitcoin. The target, according to him, if it breaks $9500 is $10,200.
Leading crypt0-analysts and influencers, Mati Greenspan, Andreas Antonopolous, Anthony Pompliano, Meltem Demirors, Eric Voorhees and many others reiterated the same thought that Facebook’s cryptocurrency is a threat to the banks, not Bitcoin. The five pillars on which Bitcoin continues to the most authentic cryptocurrency are,
Bitcoin is open, borderless, permissionless, censorship-resistant, publicly verifiable and immutable.
Do you think that Bitcoin will break its All-Time Highs soon? Please share your analysis with us. 
The post Bitcoin [BTC] Traders Turns Bullish as Facebook’s Crypto Plans Threatens the Banks appeared first on Coingape.
Source: CoinGape

Bitcoin [BTC] Bears Seem Out-of-Sight as Analysts Predict Targets Above $13000

Bitcoin’s bullish momentum again caught fire as it broke above $9000. Currently, it is testing yearly highs near $9100. The rise comes after a red candle on the weekly scale, which apparently provided the pullback the traders were expecting to confirm sustainability in the surge.
Also Read: Bitcoin Breaks $9000 Value – 2019’s ATH While Market Cap Points $161 Billion
BTC/USD 1-Week Chart on Bitstamp (TradingView)
According to a leading chart analyst, who publishes under pen name MagicPoopCanon said Bitcoin could reach $13500 in a jiffy. He said,
If we don’t surpass 9100, then we obviously aren’t going to 13500. Furthermore, there are several big resistance levels before 13500, and any one of them could act as resistance — particularly up to 10000.
Bitcoin Price Analysis (Source)
The price of Bitcoin at 4: 45 hours UTC on 17th June 2019 is $9200. Earlier, Tom Lee has also mentioned the FOMO that $10,000 Bitcoin might create in the market. The anonymous trader reiterated this face,
With that said, it is extremely likely that if we surpass 10000, BTC is going to absolutely RIP higher. There are virtually no sell orders above 10K. The sky is the limit from there, but I think a rally above 10K will likely be capped off around 13500.
Nevertheless, the volume of Bitcoin trading is currently low. However, bearish market sentiments have subdued considerably. Tone Vays, chart analyst who was expecting a 30-40% pullback from $9400, also confirmed that a break above $9400 now could break bullish towards $13000.
B.Biddles identified a bull flag formation on the hourly chart with targets in the range of $10500-$11,000. He tweeted,
Hey, what’s that word again for a descending channel at the top of a pump? 😎
Bitcoin Price Analysis (Source)
Also Read: Crypto-Market Top Weekly Performers: Bitcoin, Litecoin, Ethereum, NEO and Cardano’s ADA
Hence, the apprehension of a bull trap seems to be weakening massively. Bitcoin also surpassed 1 million active addresses, which, is a significant market indicator of its network’s strength. Nevertheless, the increase in Bitcoin with centralized cryptocurrencies is putting a lot of pressure on altcoins.
Do you think that altcoin markets will be diminished even further or on the contrary alt-season will begin soon? Please share your views with us. 
The post Bitcoin [BTC] Bears Seem Out-of-Sight as Analysts Predict Targets Above $13000 appeared first on Coingape.
Source: CoinGape

Bitcoin Breaks $9000 Value – 2019’s ATH While Market Cap Points $161 Billion

BTC/USD price again impresses its worldwide crypto community. On June 16, 2019, the value of Bitcoin (BTC) is hitting this year’s ATH (All-Time-High) after reaching $9000 figure against USD – in fact, it’s total market cap counts for $160 billion on June 16, 2019.
Bitcoin Breaks $9000
Just to remind, Bitcoin began hitting high trading volume since early days of April – in fact, only in the month of May 2019, Bitcoin’s value spiked from $6000 to $8000 and then began dancing between $8000-$9000 until June 15. This weekend perhaps seems really interesting for bitcoin proponent.
At press time, the value of Bitcoin counts $9062 against US Dollar with the influencing figure 4.47 percent within the past 24 hours. Moreover, it’s trading volume also jumped up higher and presently marked for $160,978,282,622.
Source: coinmarketcap
In addition, such spiking value of Bitcoin is positively influencing the prices of other leading cryptocurrencies – including Ethereum, XRP, Litecoin, Bitcoin Cash and EOS. The value of ETH is soaring with 2.11 percent, XRP with 2.27 percent, LTC with 0.81 percent, BCH with 2.04 percent and EOS with 4.19 percent over the past 24hours.
Also Read: Crypto-Market Top Weekly Performers: Bitcoin, Litecoin, Ethereum, NEO and Cardano’s ADA
Also, recent reports released on June 15 states that there are now over 1 million daily active addresses ( unique sender and receiver addresses). This was quickly gotten the attention of Kevin Rooke who adds following on his Twitter account;
When Bitcoin first broke 1 million active addresses (Nov 27, 2017), 1 BTC was $9,352 and the median tx fee was $3.23.
Yesterday 1 BTC was $8,230 and the median tx fee was $1.33.
Besides this, the other analyst Nunya Bizniz who often known for his accurate analysis points bullish signals on Bitcoin’s price on June 15, he says that;
 A large bearish (engulfing) candle, followed by a reversal and large bullish (engulfing) candle. Rally and new yearly highs ahead?
 

BTC Weekly. This chart is premature but shows the 3 prior instances where price structure was similar to present. A large bearish (engulfing) candle, followed by a reversal and large bullish (engulfing) candle. Rally and new yearly highs ahead? pic.twitter.com/nsgzmhEn53
— Nunya Bizniz (@Pladizow) June 15, 2019

Looking closer at the value of Bitcoin, another trader Credible Crypto also points this week in incredibly bullish moments, he adds;
 

Although last week’s candle was very bearish, this weeks candle retraced the entire thing which is incredibly bullish. Official close is tomorrow, but thus far just looks like a retest of the monthly breakout level. Now targeting the resistance in the red region above us. $BTC pic.twitter.com/kHcX1ZRwPM
— Credible Crypto (@CredibleCrypto) June 16, 2019

So readers, what’s your view on upcoming bitcoin value.? Do you think it will jump over $10000 as well within June 2019.? Let u know in the comment below 
The post Bitcoin Breaks $9000 Value – 2019’s ATH While Market Cap Points $161 Billion appeared first on Coingape.
Source: CoinGape

Crypto-Market Top Weekly Performers: Bitcoin, Litecoin, Ethereum, NEO and Cardano’s ADA

The struggle between the bulls and the bears is apparently behind us as Bitcoin has quickly climbed above $9100 after a pullback. The tussle that the market now faces is between altcoins and Bitcoins. While Facebook’s cryptocurrency launch restores the regulatory faith around cryptocurrencies, the spotlight that Bitcoin has been gaining from institutional investors stands out in the crowd.
Bitcoin [BTC] has risen past $9000 again as the break towards $10000 seems highly probable. At the beginning of last week, its price was looking to break bearish below $7000. However, the asset has continued to rise as institutional interest in Bitcoin has been on the rise.
BTC/USD 1-Day Chart on Bitstamp (TradingView)
Opening Price: $7901
Closing Price: $9083
The weekly Loss: 14.9%
Weekly High/Low: $9388/$7516
Ethereum [ETH]
Ethereum Foundation researcher Justin Drake recently announced a tentative date for the release of the much anticipated Ethereum 2.0 Blockchain platform. According to him, the launch can be expected on January 3, 2020.
ETH/USD 1-Day Chart on Coinbase (TradingView)
Opening Price: $235
Closing Price: $269
The weekly Loss: 14.4%
Weekly High/Low: $278/$227
Litecoin [LTC]
Litecoin gained impressively at the beginning of the week as the speculation before the halving on August 7, 2019, reached its zenith. The price looked to break above $150; however, the profitability of mining suggested that halving is not likely to need the increase in price.
Moreover, the increasing FOMO in Bitcoin has the potential to shadow the gains in the altcoins.
LTC/USD 1-Day Chart on Coinbase (TradingView)
Opening Price: $117
Closing Price: $135
The weekly gains 15.3%:
Weekly High/Low: $144/$112
Cardano’s ADA
Cardano’s traders looked somewhat uncertain this week. Nevertheless, it sought to break above the resistance above $0.1 again.
ADA/USD 1-Day Chart on Coinbase (TradingView)
Opening Price: $0.078
Closing Price: $0.091
The weekly gains 16.6%:
Weekly High/Low: $0.099/$0.077
NEO
NEO looked highly bullish as it broke above the resistance at $13.5. It is one of the more popular platforms for smart contracts and dapps in China than Ethereum.
Also Read: NEO Price Analysis: NEO/USD Bulls Outperform Themselves Setting Grounds for Rally
NEO/USD 1-Day Chart on Coinbase (TradingView)
Opening Price: $11.6
Closing Price: $14.1
The weekly gains 21.5%:
Weekly High/Low: $14.8/$11.2
The increases in Bitcoin [BTC] initially put pressure on altcoins as they lost value in terms of Bitcoin [BTC]. XRP is trading 8% lower concerning Bitcoin since the beginning of the week. The pressure on XRP can also be attributed to Facebook’s cryptocurrency announcement.
Nevertheless, the increasing market capitalization is having a positive effect on the price of altcoins as well. The total market capitalization of cryptocurrency markets is $282 billion. The percentage dominance of Bitcoin increased from 55.3% to 57.2% in the last week.
*The percentage dominance of cryptocurrencies w.r.t. to the total market capitalization of the market at $0.5 billion is 0.23%. Hence, for Analysis purpose, we will only consider cryptocurrencies with a total market capitalization $0.5 billion or more. For future analysis, we’ll try to maintain 0.25% as a standard for the calculation.
**The data is taken at around 11: 00 Hours UTC on 16th June 2019. 
The post Crypto-Market Top Weekly Performers: Bitcoin, Litecoin, Ethereum, NEO and Cardano’s ADA appeared first on Coingape.
Source: CoinGape

Facebook’s Cryptocurrency: A Friendly Bet and Immunization from Privacy Laws

A centralized entity launching a cryptocurrency was a far-reaching dream only a couple of years ago with the crypto-space being usually criticized. Nevertheless, the believers in Bitcoin and the underlying technology had already placed huge bets in the area.
Entrepreneurs and Venture Capitalist went out of their way to help in the growth of the space. The Winklevoss twins, blockchain and cryptocurrency developers, angel investors risked significant capital in the area.
Yoni Assia, the Founder, and CEO of eToro recently tweeted about a repartee bet, as we would like to call it, about the future of cryptocurrencies. Reportedly, the argument was held with Nicola Mendelsohn, the VP of  Europe, the Middle East, and Africa (EMEA) at Facebook. He tweeted,
I made a bet with Facebook executives 3 years ago that they are going to launch a coin, they were laughing back then… $FB coin is going to make #Crypto mass market
He tagged Mendelsohn in the tweet. Moreover, now that a launch is due, the conversation holds a lot of importance because of its implications and effects in the market.
Facebook’s Cryptocurrency is More Than Just a Payment System
According to Meltem Demirors, Research Analyst at Coinshares, Facebook’s cryptocurrency launch might be a calculated move to enrich the ‘data set’ at Facebook.
Facebook is currently facing a lot of criticism and pressure from the Governments due to the flaws in the privacy maintenance of user-data on Facebook. The US Government is expected to enact a new ‘privacy law’ in the States. Hence, the decentralization of data on the payment network would infuse confidence in the system as well. She said,
“…this is less about payments and more about privacy and data gathering 🕵🏽‍♀️ SURVEILLANCE CAPITALISM Y’ALL this is about collecting a big ol’ pooper 💩 scooper full of data – Facebook’s only business model is selling data / ads… a decentralized network with 100 initial “participants” will allow facebook to claim the network is not under its control.”
Also Read: Facebook Cryptocurrency: Visa, Mastercard, PayPal, Uber Among Top Members of Consortium, Report
Reportedly, while the Whitepaper is expected to be announced soon on 18th June, the cryptocurrency will become fully functional by 2020.
Demirors also reiterated that Globalcoin/Libra would have a positive impact on the cryptocurrency markets and Bitcoin as it would “introduce 2.5 billion users to cryptocurrencies.”
Do you think that Facebook payment system will outperform SWIFT? Please share your views with us. 
The post Facebook’s Cryptocurrency: A Friendly Bet and Immunization from Privacy Laws appeared first on Coingape.
Source: CoinGape

“I Believe in Bitcoin”, says Edith Yeung As She Talks About Rising Institutional Interest

Bitcoin [BTC] witnessed robust growth during the past day as it broke above $8700 resistance. The total market dominance of Bitcoin also increased by about a percent as altcoins adjusted to the growth in Bitcoin [BTC]. The total market capitalization of Bitcoin has added about $10 billion in the past two days.
Also Read: Bitcoin [BTC] Logs $8450, Gold Tests 6-Year High at $1350 As Economic Turmoil Increases
Institutional Interest with Increasing Belief in Bitcoin
Edith Yeung, a partner at Proof of Capital, Venture Capitalist and China internet expert, recently took an interview in which she reiterated talked about Bitcoin and the Global Financial instability. She closely related to the analogy of Bitcoin being digital gold looking at its growth in the current economic conditions.
“In Latin America and South America, the FIAT currency is 15 Euro low. There is political instability… Buy Bitcoin just in case if there is anything happening to that country.”
Moreover, she also expressed optimism in the rising interest of Bitcoin in institutional spaces, which is uncorrelated to the turmoil, but due to the increasing interest in the area. She firmly asserted that she believes in Bitcoin.
According to her, Bitcoin is a force that is affecting the markets at large. Facebook is making the most recent development via GlobalCoin/Libra. However, she also noted the products being released by institutions like Fidelity with its custody and trading platform, JP Morgan with JPM Coin, and Goldman Sachs’ investment in BitGo.
Reportedly, a consortium of 14 banks in the US, Europe, and Japan have invested $63.2 million for the development of USC (Utility Settlement Coin). These banks include Barclays and Credit Suisse. She said,
“You know what may be Bitcoin is a thing finally, that we should think about not just on the payment use cases but also think about if different banks and individuals are going to store bitcoin on their own. Maybe bank should also do something about this.”
Also Read: Bitcoin [BTC] Price Prediction: Bulls Awake as BTC/USD zooms above $8,400
Where do you think Bitcoin [BTC] is headed in by the end of this summer? Please share your views with us. 
The post “I Believe in Bitcoin”, says Edith Yeung As She Talks About Rising Institutional Interest appeared first on Coingape.
Source: CoinGape

Bitcoin [BTC] Logs $8450, Gold Tests 6-Year High at $1350 As Economic Turmoil Increases

Bitcoin and Gold are making hefty moves as investments in these safe havens continue to grow. While Gold is testing its 6-year high price near $1350, Bitcoin also moved higher towards $150 billion Mcap.
The rise in price in both these assets can be attributed to the recent economic turmoil that is gripping the economy from the Middle East, Europe, and due to the escalation between US-China trade war. The financial circumstances also point towards a rate cut by the Federal reserves in the US. Ross Norman, chief executive at bullion dealer Sharps Pixley, told the media,
“In people’s minds, there is a sense of a deeply darkening macroeconomic backdrop, in particular, the likelihood that the U.S. will drop interest rates quite soon,”
U.S. gold futures climbed 1% to $1,356.9 an ounce, while the spot price increased by about 0.9% on a weekly scale.
Gold/USD 1-Month Chart on Forex (TradingView)
Bitcoin broke above $8450 which confirmed another solid move above $8000 as Bitcoin was looking to break below $7000 a couple of weeks ago. The most feasible way for institutional investors to invest in Bitcoins is through Futures contracts on regulated Exchanges and Institutional custody platforms.
Also Read: ‘Bitcoin and Gold are Not Even Comparable’: E.B. Tucker on the Future of Store of Wealth
There has been consistent growth in the volume of trades on crypto-based derivates all-around the world. Moreover, the near launch of Bakkt in a couple of months will also act as a significant catalyst for big movements in price.
The price of Bitcoin at 14: 45 hours UTC on 14th June 2019 is $8407. It is trading 3.08% higher on a daily scale.
BTC/USD 4-Hour Chart on Coinbase (TradingView)
‘Correlation does not mean causation,’ a term that reasonably popular among the economic circles. Hence, while most people presumed that for one store of value to rise, the other has to fail drastically. However, both the assets seem to have their specific interest seekers. Meltem Demirors, analyst and Founder of Coinshare Research echoes these sentiments in her tweet,

do bitcoin next https://t.co/omSznaIcaL
— Meltem Demirors (@Melt_Dem) June 14, 2019

Which asset do you think will outperform the other: Gold or Bitcoin? Please share your views with us. 
The post Bitcoin [BTC] Logs $8450, Gold Tests 6-Year High at $1350 As Economic Turmoil Increases appeared first on Coingape.
Source: CoinGape

Crypto-Market Update: Bitcoin [BTC] Tests $8300 As Alts ETH, BCH Break Resistance, BNB new ATH

Bitcoin made a significant move above $8000 late on 12th June 2019. The total market capitalization of Bitcoin [BTC] which broke below $150 billion, is currently testing resistance at $8300. Nevertheless, the break above $8000 also instilled renewed confidence among the bulls.
The price of Bitcoin [BTC] at 5: 00 hours UTC on 14th May 2019 is. It is trading higher on a daily scale.
BTC/USD 4-Hour Chart on Coinbase (TradingView)
Litecoin [LTC], Bitcoin Cash [BCH] and Ethereum [ETH]
The rise in Litecoin [LTC] was the highlight of the cryptocurrency markets this week as the speculation around it began with less than 60 days to halving.
Litecoin [LTC] recorded a new yearly high at $145. The rise was witnessed in the past week as Litecoin broke above $100 and continued gaining with massive momentum. The price has corrected to $test $130 levels for the past two days.
LTC/USD 4-Hour Chart on Coinbase (TradingView)
Interestingly, while most altcoins traded slightly in the red on a daily scale, Bitcoin [BTC] and its two most popular forks showed positive volatility. BCH gained 4.5% late on 13th June to record a weekly high at $425. However, it plummeted in the following trading sessions; the price of BCH at 5: 00 hours UTC on 14th June 2019 is.
BCH/USD 4-Hour Chart on Coinbase (TradingView)
Ethereum also broke bullish above $260; the instantaneous rise was influenced by a hike in Bitcoin [BTC]. However, it too corrected as ETH/BTC traded 3% lower on a daily scale. Furthermore, a slight momentum shift towards Bitcoin from altcoins was also visible in the markets.
Binance [BNB] Coin New All-Time High
Binance reached a new All-Time High as the Exchange backed cryptocurrency has been making huge strides since the beginning of the year near about $6. The price breached the 35 dollar mark to record a near 500% rise since the beginning of the year.
BNB/USD 1-Day Chart on TradingView
Binance has become one of the largest brands of the cryptocurrency markets with CEO, CZ, leading the foundation to new heights. The cryptocurrency which is backed by the Exchange, has subsequently benefited from the growth of the Exchange as well.
Most of the other altcoins including XRP, EOS, Stellar and Tron also traded in the red. It was mostly influenced by Bitcoin’s bullish momentum and the rising uncertainty about the future of cryptocurrencies with Facebook’s cryptocurrency announcement on the horizon.
Nevertheless, Bitcoin Futures market has been flourishing as well in 2019, with CME and BitMEX logging record volumes. The much anticipated Bakkt Launch is also due in a couple of months, which is expected to revive investors spirits.
Do you think that Bitcoin’sDominance will increase significantly? Will the bull action continue? Please share your views with us. 
The post Crypto-Market Update: Bitcoin [BTC] Tests $8300 As Alts ETH, BCH Break Resistance, BNB new ATH appeared first on Coingape.
Source: CoinGape

‘Bitcoin and Gold are Not Even Comparable’: E.B. Tucker on the Future of Store of Wealth

While Gold vs. Bitcoin is one of the hottest debate of the recent time. Its emergence can be attributed to the fact that investors are looking for a safe haven in apprehended tumultuous times in the world economy. While the proponents of Bitcoin hail it as a boon, Gold investors have completely bashed the theory of them being comparable.
E. B. Tucker is a Senior Analyst of Strategic Investor and Strategic Trader at Casey Research, LLC. According to him, Bitcoin and Gold are “not even comparable,” he said in a recent interview,
It’s not even a question. It’s walking versus air travel.
Tuckers’ believe in gold stands is due to its profound history of being a store of value for centuries. He said,
“With Bitcoin people don’t releasie the there is only about $160-$150 billion overall while gold is an 8 trillion dollar market. You see asset managers and people have to move funds in and out of these assets. Bitcoin is not a functional space to store money.”
Also Read: Peter Schiff Bashes Bitcoin [BTC] Again As “Gold is Skyrocketing”
Moreover, he acknowledged the economic crisis that is up in the world. Furthermore, he reasserted his belief in gold based on the very economic uncertainty. He said,
“Something [Gold] that has been around for thousands of years. As we go through the reset that’s coming you’ll see what has staying power.”
Ray Dalio is an American Billionaire investor and the founder of one of the most significant hedge funds in the world, Bridgewater Associates. Reportedly, he has also increased his hedge fund position in gold drastically in Q1.
Also Read: Bitcoin Vs. Gold 2.0: Only Indians and Central Banks Are Buying Gold, Peter Schiff Accepts
The proponents of Gold investors are also comfortable with gold being a comparatively fixed asset. According to Tucker, it’s a store of wealth, and “I would not go around buying sandwiches with it.”
Gold has been bullish in the past couple of weeks as it broke above $1300. The vast market capitalization of Gold makes it an efficient store of value and little effect on the price as people like to hold on it. Nevertheless, similar sentiments can be observed with Bitcoin but, on a much smaller scale.
Do you think that Bitcoin [BTC] will emerge as a powerful uncorrelated global asset in the future? Please share your views with us. 
The post ‘Bitcoin and Gold are Not Even Comparable’: E.B. Tucker on the Future of Store of Wealth appeared first on Coingape.
Source: CoinGape

Bitcoin ’10 Best Days’ Analysis by Tom Lee Suggests Why ‘HODLing’ is the Best Strategy

Bitcoin [BTC] has been one of the best-performing assets of the decade. However, a trader knows best that the volatility in the price hasn’t fared well with everyone. This has often motivated the investors to adopt a ‘HODL’ strategy to earn the most from Bitcoin [BTC] as an asset.
Thomas Lee, Co-Founder of Fundstrat, has backed this strategy by statistical data. The parameter used to explain the price characteristics is ’10 best days.’ It corresponds to the days when Bitcoin [BTC] records a substantial green candle.
The performance of Bitcoin on other days has resulted in losses of on an average of 25% since 2013.
Reminder that BTC generally generates all of its performance within 10D of any year. –ex the top 10 days, BTC is down 25% annually since 2013
Bitcoin Performance in 10 Best day vs. Rest of the Year (Source)
HODLing is the Way to Go
It weighs the performance of Bitcoin on the ten best days vs. the rest of the year. This is essential for traders who short the asset or look for a good entry point. Hence, if a trader happens to miss all those ’10 best days’ of trading, he would incur a loss of 25% on an average. However, if he happens catches all those trades, the average gain since 2013 is 425%.
Bitcoin broke above $8000 on 10th June 2019 gaining by almost 5% from $7700 to $8000. The price corrected to $7900 level after. More importantly, it again came at a time when traders suspected higher percentage of bearish tendencies.
BTC/USD 4-Hour Chart on Bitstamp (TradingView)
Tom Lee tweeted about the rise,
Is today another ‘10 best days’ for $BTC#Bitcoin? Especially given how so many have pointed out ‘bearish’ technical formations over the past few days…
According to our estimate, if the analysis is applied to 2019, we have already had 4-5 ‘best days’ as Bitcoin broke above significant resistance levels at $4200, $6200, $7500, $8000 and $9000.
BTC/USD Best Days on 2019
Nevertheless, the possibility of a ‘bull-trap’ cannot be ruled out as well. If the fall occurs, $6k-$7k has been identified as a right buying level. However, a bullish confirmation could also push the price past $10,000.
Where do you think the market is headed? Please share your analysis with us. 
The post Bitcoin ’10 Best Days’ Analysis by Tom Lee Suggests Why ‘HODLing’ is the Best Strategy appeared first on Coingape.
Source: CoinGape

Bitcoin [BTC] Looks Bearish Below $7500: Analyst; Gold Price Corrects After Surge

Bitcoin [BTC] has been treading on the lower end after an extraordinary month. BTC has been trying to find support at the $7500 level. However, the apprehension towards a downside is proliferating. During the weekend, it dropped by. The price of Bitcoin [BTC] at 4: 30 hours UTC on 10th June 2019 is $7659.
According to most trading analysts, $7500 is an essential level from a couple of perceptions. According to B.Biddles, Bitcoin could plummet a ‘falling knife’ below $7400. He tweeted,
$BTC. Watching this next 7.4 retest closely. If it fails, you never know where a knife may catch, but 6 is a reasonable guess.
Also Read: Week in Review: Cryptocurrency Price Analysis for the Week June 3 to June 9
The falling knife analogy is highly ominous as it implies that $5000 levels are on the cards as well. Nevertheless, according to another leading analyst, alias Sawcruhteez, $6800 would be next support. The $7500 indicator theory, however, remains intact in his analysis as well. He said,
#Bitcoin is testing a crucial area of support from the 200 EMA (4h) & previous horizontal. If we continue to close above $7,615 then we should eventually breakthrough the top of the channel & continue the bull trend. If we break down $7,500 then I’ll be setting bids at $6,800.
Bitcoin Price Prediction (Source) 
The bearish rhetoric was also indicated by early Bitcoin investor and trader, Richard Heart who tweeted,
Here’s how the confirmation candle after the doji closed. Weekly chart. We just got a new weekly candle an hour ago.
BTC/USD 1-Week Chart
The implication of a ‘doji‘ is uncertainty in the markets. Hence, the Bearish Marubuzo (long bearish candle) seems to confirm the negative price sentiments prevailing in the markets currently. The weekly trading will be instrumental in either building support above $7500 or breaking bearish.
Gold Pulled a Step Back and Facebook Globalcoin Announcement Next Week
The essential market indicators for Bitcoin at the moment are global economic issues like the US-China trade war. Moreover, Bitcoin proponents believe that Bitcoin has more utility and potentially will be the new safe haven against the world economy.
Gold was looking to rise to new highs as speculation around Federal ‘interest rate cut’ and escalation of the trade. However, it has also pullback from the week before,
Gold/USD 1-Week Chart on Forex.com (TradingView)
Also Read: Facebook Globalcoin’s Possible Effects on Bitcoin and the World Economy
Facebook’s cryptocurrency announcement is reportedly due next week on the 18th of June 2019. This will form an important market indicator as until now; the Social Media Giant has made no formal statements.
Where do you think the price is headed next? Please share your views with us.
The post Bitcoin [BTC] Looks Bearish Below $7500: Analyst; Gold Price Corrects After Surge appeared first on Coingape.
Source: CoinGape

Facebook Globalcoin’s Possible Effects on Bitcoin and the World Economy

Facebook’s cryptocurrency comes at a time when the blockchain has potentially become the backbone of the FinTech industry. Post the invention of Bitcoin; there have been numerous things built on the blockchain. Nevertheless, the most important of them all is its ability to store and send value.
Earlier in 2008, Bitcoin was built as a cash system that would work independently of the Federal Central Banking Authorities, i.e., it enabled holding value without the need of banks. Facebook has planned something similar with a couple of changes. Reportedly, the Coin will be backed by a backed of currencies to buffer the effects of economic shifts in specific world currency.
Impact on the Financial World
For Bitcoin [BTC] and cryptocurrency investors, this is a marquee moment, Facebook’s stablecoin: Would or wouldn’t Globalcoin/Libra increase the marketability of Bitcoin and other cryptocurrencies. If yes, then how. Mati Greenspan, the Senior Trade Analyst at eToro, is hopeful, he tweeted,
“Facebook coin isn’t a competitor to Bitcoin, it’s a competitor to the Dollar.”
Caitlin Long, Crypto-analyst also weighed six possible effects that Facebook’s Globalcoin could have on Bitcoin. Facebook’s Globalcoin would potentially challenge the current banking system of the world. Banking institutions could start losing the required liquidity to run their entire business.
Moreover, Facebook has planned to raise a $10 billion initially for buying the privilege to set up nodes. This opens up an opportunity for gaining interest from the money. A trust or an independent not-for-profit organization could be employed to manage it. Even banking institutions that are experts at handling FIAT could provide services to them.
While the legal implications and possibilities are many, the most important thing about the cryptocurrency is the fact that would shine a light on so many doubts around Facebook and the cryptocurrency market regulation.
Also Read: GlobalCoin – Facebook Talks With US Top Regulator CFTC Over it’s Stablecoin
Data Privacy and Cryptocurrency Regulations
Privacy and the exploitation of user data have been two of the most daunting questions of the past few years, with evidence of misuse rampant. Furthermore, cryptocurrency requires KYC and AML compliance to avoid money laundering, which is a far greater threat the Facebook coin imposes. Hence, Facebook’s data would now be enriched by a lot, which is highly apprehensive.
It will also clear the cloud on the actual number of users and would help the firm eliminate the garbage that has been filling up space. Facebook might or might not have an estimated 2.3 billion users. Long noted in the blog post,
“Governments everywhere will view Facebook’s cryptocurrency as a huge honeypot of data about how users spend money—with all the privacy and tax reporting implications that data honeypot entails, because every transaction would be traceable by governments.”
Also Read: Facebook’s ‘Globalcoin’ Will Credentialize Bitcoin as a Store of Value: Mike Novogratz
Last but not least, Long also predicted that Facebook’s coin would accentuate the value of Bitcoin. According to her, Bitcoin will remain to be the ultimate store of value. She said,
“Here’s my biggest prediction: Facebook’s foray into cryptocurrency will end up benefiting bitcoin.”
How do you think Facebook will affect the other cryptocurrencies? Please share your views with us. 
The post Facebook Globalcoin’s Possible Effects on Bitcoin and the World Economy appeared first on Coingape.
Source: CoinGape

Crypto-Market Top Weekly Performers: Bitcoin, Litecoin, XRP, Bitcoin SV, ATOM and Binance Coin

Bitcoin [BTC] volatility has increased over the past few weeks. The last 30-Day Estimated of volatility in Bitcoin is around 5.04%.  Moreover, the volatility has usually been inclined towards the positive side.
Nevertheless, the momentum has shifted slightly towards the bearish side as the traders look for a pullback. However, the pullback was limited at around $7500 during the past week. The trading range was usually around $7800-$7900 during the week.
This was also one of the first weeks since February when Bitcoin recorded a significantly long red candle. The total market capitalization of the market has been around $250 billion, with Bitcoins dominance around 55.5%.
Also Read: Bitcoin Mining Report By Coinshares and Fidelity Breaks Rhetoric on Profitability and Geo-fencing
BTC/USD 1-Day Chart on Bitstamp (TradingView)
Opening Price: $8735
Closing Price: $7901
The weekly Loss: 9.61%
Weekly High/Low: $8745/$7432
Litecoin [LTC]
Litecoin has been one of the best performing coins of the week, with an upwards momentum. The market is possibly expecting gains because of the halving event, which is due to occur in less than two months.
The bullish momentum in the cryptocurrency market seems to have cooled down with Bitcoin [BTC] looking down towards a pullback, Litecoin gains have maintained the positive energy in the market.
LTC/USD 1-Day Chart on Bitstamp (TradingView)
Opening Price: $114
Closing Price: $117
The weekly gains 2.6%:
Weekly High/Low: $121/$97.5
XRP
XRP had an exciting week with volatility induced by rumors and speculation. XRP broke above the 0.000054 BTC mark as news of Ripple acquiring MoneyGram started to spread.
Nevertheless, the price held its gains above $0.4. Moreover, the yearly benefits on XRP have been limited this year contrary to its performance and the large community of investors around the world. This has been probably affected by centralized coins being designed by JPMorgan and Facebook.
XRP/USD 1-Day Chart on Bitstamp (TradingView)
Opening Price: $0.44
Closing Price: $0.40
The weekly loss: 9.04%
Weekly High/Low: $0.464/$0.382
Bitcoin SV [BSV]
Bitcoin SV [BSV] continued its gains at the start of the month as it seems to be consolidating at the high above $200. In a week more than a fort-night BSV has gained from $60 to trade above $200. The price was accentuated with another rumor on Satoshi Nakamoto’s identity. While there has been volatility around it, the momentum has been towards the positive.
BSV/USD 1-Day Chart on Bitstamp (TradingView)
Opening Price: $192
Closing Price: $195
The weekly loss: 3.14%
Weekly High/Low: $237/$173
Cosmos (ATOM)
Cosmos has been one of the few cryptocurrencies with limited weekly loss as the positive momentum on it was maintained at the beginning of the month as well.
ATOM/USD 1-Day Chart on Kraken (TradingView)
Opening Price: $6.4
Closing Price: $6.11
The weekly loss: 0.05%
Weekly Low/High: $5.64/$7.2
Binance [BNB] Coin
Binance [BNB] Coin has been trading news the $30 region. The Exchange backed token was one of the best performing coins of the first quarter in 2019, was affected after the Binance Hack. However, the recovery has been consistent as none of the users were affected.
The scale of economy in the cryptocurrency market and the growth of the Exchange has been faring well of Binance coin holders as well.
BNB/USD 1-Day Chart on Bitstamp (TradingView)
Opening Price: $33.1
Closing Price: $31.6
The weekly loss: 4.5%
Weekly High/Low: $33.2/$28
*The percentage dominance of cryptocurrencies w.r.t. to the total market capitalization of the market at $0.5 billion is 0.23%. Hence, for Analysis purpose, we will only consider cryptocurrencies with a total market capitalization $0.5 billion or more. For future analysis, we’ll try to maintain 0.25% as a standard for the calculation.
**The data is taken at around 11: 00 Hours UTC on 9th June 2019. 
The post Crypto-Market Top Weekly Performers: Bitcoin, Litecoin, XRP, Bitcoin SV, ATOM and Binance Coin appeared first on Coingape.
Source: CoinGape

Bitcoin Mining Report By Coinshares and Fidelity Breaks Rhetoric on Profitability and Geo-fencing

CoinShare released its third edition of Bitcoin Mining Report along with Fidelity Center for Applied Technology. It is an expansive piece of research to address one of the most daunting and rather important aspects of Bitcoin, the mining process.
In a game of supply and demand, supply should account for 50% of the price consideration. However, Bitcoin [BTC] is a speculative asset; hence, it’s a little more complicated than that.
Bitcoin Mining is Profitable, and the Network is Growing
The report suggested that the overall hash rate of the network has increased by 25% in 7 months. Hence, the number of nodes and innovation in the space is continually growing. Moreover, this completely contradicts the assumption that Bitcoin mining is a loss-making business. Because if it were, then miners would have been quitting instead of adding to the process.
“Since our last report of November 2018, the hash rate has grown from approximately 40 EH/s to approximately 50 EH/s, an increase of 25%.”
According to the reports, Bitcoin mining with the given hardware and associated cost is still ‘highly profitable.’ The institutes have considered long term cost associated with the mining process by accounting for the depreciation cost of hardware, electricity cost, the marginal cost of production, cooling cost, and other overheads.
The results reveal that the cost of mining 1 Bitcoin in the range of $6800-$5600 approximately with the current miners. It varies for miners around the world, and the miners also switch between new and old machines due to fluctuations in prices, which varies the cost further. Nevertheless, the process was much costlier as projected in the last report in November 2018.
At current Bitcoin prices, it is profitable by 28%. Furthermore, during the quarter of 2019, the process was yielding an equivalent loss as Bitcoin traded in the $4000 range. Hence, while the half-yearly balance seems to have been maintained with the price, the marginal profit is difficult to estimate.
Geographic Statistics
The report suggested that China continues to dominate mining around the world. The percentage dominance of China was estimated at 60%. The mining industry of China is mainly concentrated in the Sichuan region, which provides cheap hydro-electric power and a habitable climate that reduces the cost of cooling.
Geographic Statistics for Mining (Report) 
Also Read: Bitcoin (BTC) Price Analysis June 7: Enjoys A Cluster of Technical Support Levels
Some of the other countries involved in the process are predominantly New York, UK, Canada, Sweden, Quebec, Norway, Iceland, Armenia, New Foundland and Labrador, Georgia and Iran. The report also estimated that the entire process is run predominantly by renewable energy.
Moreover, the miners are running huge farms and are in it for the long haul. The news around the mining ban in China seems to have slight to no effect on the process in China. Moreover, it is generating enormous profits for the local government. Furthermore, mining is spread out across the world. Hence, the chances of the network going down due to a Government crackdown as bleak.
Disclaimer: Neither the report, not this article should be considered as investment advice. Moreover, the story is also not authorized, but an attempt to understand the extensive process. 
Do you think that more countries would start running nodes? Please share your views with us. 
The post Bitcoin Mining Report By Coinshares and Fidelity Breaks Rhetoric on Profitability and Geo-fencing appeared first on Coingape.
Source: CoinGape