ICE’s Bakkt Seeking for NYDFS in a Bid to Finally Get Regulatory Approval

ICE’s Bakkt Seeking for NYDFS in a Bid to Finally Get Regulatory Approval
Bakkt’s application with the NYDFS is seen as a possible gateway to get regulatory approval from the CFTC.
ICE’s Bakkt Seeking for NYDFS in a Bid to Finally Get Regulatory Approval

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Source: CoinSpeaker

Whales Are Scooping Up Bitcoin As Crypto Seemingly Bottoms, Report Shows

While traders and chartists have quipped back and forth about the short-term prospects of crypto assets— if Bitcoin (BTC) will rally past $5,500 or fall through $4,800 — some have taken a step back, addressing this market at large. A recent report doing just this, published by cryptocurrency fund Adamant Capital, revealed that there is a multitude of reasons to be bullish on BTC.
Adamant’s established partners, all veterans of this industry’s historical harrowing sell-offs, also opined that more likely than not, this cycle has bottomed out at last. Bulls, you can rejoice at last!
Related Reading: Analyst: Bottomed Bitcoin Will Rally To $8,000, Not Collapse To $3,000
Crypto In The Midst Of Accumulation, Market Has Likely Hit A Floor
Hope. That’s the word that Adamant’s researchers and partners used to describe the Bitcoin market in its current state. Here’s why.
It was explained that the Bitcoin Unrealized Profit/Loss (BUPL) indicator, which aims to estimate how much BTC holders’ are cumulatively profiting or losing, is reading at $13 billion in the positive. If the indicator is adjusted for the approximate number of lost coins, however, BUPL currently reads at $3 billion — 3% — of unrealized losses.
While this doesn’t sound all too important, as the measure is lesser-known, as Adamant explains, the recent BUPL movements confirms that Bitcoin has exited a “capitulation” phase, entering into a stage of “hope” (and fear). It is important to note that when BTC exited the “capitulation” phase during 2014 to 2016’s cycle, there was strong BUPL uptick, as we are experiencing now due to Bitcoin’s recent rally past $5,000.
Courtesy of Adamant
All this comes as some of Bitcoin’s whales, or bigwig investors as they are formally classified, are purportedly loading their bags for the long haul. Adamant’s partners claim that as a result of the “disposition effect,” which explains that investors have a propensity to hold on to assets that have collapsed, BTC is being accumulated rapidly after a large sell-off in late-2018, triggered by the collapse to $3,150.
Per the fund’s Bitcoin HODLer Net Position Change chart, over 100,000 BTC has entered HODLers’ wallets over the past two months (February and March), indicating that investors are likely stashing coins for the long haul. This corroborates a similar noticing made by Diar weeks ago, which revealed that cryptocurrency investors had begun to stock up on BTC.
The reason why accumulation is occurring: the bottom might just be in, and investors are trying to establish a fair cost basis before the crypto market inevitably goes haywire… again. Adamant’s team, which consists of long-time Bitcoiner Tuur Demeester, Michiel Lescrauwaet, advisor Adam Back, among others, explain that the lack of volatility indicates that cryptocurrencies are bottoming. The 60-day volatility chart for BTC is currently sitting at 5%, a level not seen since late-2016, and even fell as low as 2% in early-November 2018.
As NewsBTC hinted at during a similar report, in which short-term bear Murad Mahmudov claimed that low volatility has historically preceded jaw-dropping Bitcoin rallies, a lack of staggering price action suggests that “fast-money speculators” have been shaken out, meaning that only holders (and upside) are left.
Adamant’s recent comments come just a week after Binance’s research division proclaimed:
“Having emerged from a period of the highest internal correlations in crypto history, the data may support the notion that the crypto market has already bottomed out.”
Bitcoin Fundamentals Look Stronger Than Ever
Well if cryptocurrencies have really bottomed, what is next?
Adamant was unable to provide an explicit prediction, but it did mention that Bitcoin’s fundamentals are looking stronger than ever, setting a precedent for a hefty recovery in the years to come. The fund classified fundamentals into three categories: scaling, financialization, and the rise of millennials and how that relates to BTC in particular.
Firstly, the merchant-friendly Lightning Network has seen monumental growth over recent months, with its channel capacity rising parabolically, as sidechains and improvement protocols have started to come to life. This, in the eyes of Adamant, confirms that BTC is far from dead in the water, as the network’s underlying development has continued amid a nasty collapse.
Secondly, Adamant claimed that if financialization, effectively the arrival of institutions, isn’t already here, it is well on its way with upcoming vehicles like Nasdaq’s Bitcoin futures, Bakkt’s physical-backed crypto contracts, and Fidelity Investments’ trade execution platform. This side of the equation may help Bitcoin “disrupt the $100 trillion investment vertical of Liquid Store of Value, and become a globally used digital gold and reserve asset.”
And lastly, as Messari’s Ryan Selkis indicated in a recent tweet, the rise of the millennial demographic and their wealth will likely entice a capital flight from traditional assets to digital ones, as this generation is dispositioned to take a liking to anything Internet-related.
Featured Image from Shutterstock
The post Whales Are Scooping Up Bitcoin As Crypto Seemingly Bottoms, Report Shows appeared first on NewsBTC.
Source: New

Bitcoin [BTC]: Andreas Antonopoulos breaks down life cycle of a transaction on the BTC blockchain

Bitcoin [BTC] and its intricacies have been a concept that many users in the cryptoverse have been trying to understand since its inception. In his latest video, Andreas Antonopoulos, a major Bitcoin bull and the author of Mastering Bitcoin, elucidated on the life cycle of a wallet transaction from start to finish.
Antonopoulos stated that from the point someone sends a transaction from a wallet to its confirmation on the Bitcoin blockchain, the wallet constructs a transaction by accumulating the BTC in the user’s wallet and assigning the addresses. The user’s wallet then transmits the transaction’s information to one of the many nodes it is connected to, from where it can be sent to ‘1, 2 or even 8 other nodes’. He added:
“The transaction is then transmitted to other nodes, which can be mining nodes, e-commerce payment gateways, and many such options. Each of those nodes will receive the transaction from your node and each of those, in turn, will validate every single transaction. When the nodes receive the transactions, they don’t’ know whether it was created by you or was forwarded and hence each of these transactions need to be validated individually.”
Antonopoulos went on to state that if all the nodes are validated, ie. if the payment details are correct and if it is confirmed that no double spend has occurred on the blockchain, then eventually through the process of ‘flood propagation’, the transaction information will be sent to every other node, out of which some may be mining nodes. In his words:
“Once the transaction reaches the mining pool, it maintains a pool of unconfirmed transactions, like a bucket where all this unconfirmed data is stored. This is the pool known as the mempool. Also, know that there isn’t THE mempool rather there is ‘A’ mempool. Information in separate mempools can be in a 99 percent overlap but there will never be a case where it will completely similar.”
According to the author, the mempool also serves the purpose of providing transaction for a miner to add a new block after which ‘the race is on’ for the next block. Miners usually have to construct a block and then solve the Proof of Work on it to eventually make it a confirmed block. Antonopoulos claimed that once the block is made, the information will be sent to the mining equipment to solve the PoW on that particular block and probably after a “billion hashes” the miners will find the block. The Bitcoin bull elucidated on the information transfer back by saying:
“Once the PoW is solved, the mining node will propagate the node back the same way as it received. The nodes validate the block on the way back and once all the nodes confirm its validity, then the user’s wallet will know that there is a confirmation on the transaction. That is the entire life cycle of a transaction.”
The post Bitcoin [BTC]: Andreas Antonopoulos breaks down life cycle of a transaction on the BTC blockchain appeared first on AMBCrypto.
Source: AMB Crypto

Nearly All American Seniors Don’t Know or Want Bitcoin: But It’s Not a Concern

It isn’t a secret that Bitcoin (BTC) doesn’t really tick with the elderly population. Warren Buffett and Nouriel Roubini are the perfect examples of that demographic’s aversion to crypto assets, backed by a technology that most can’t explain, or conceptually comprehend for that matter.
Mere weeks ago, Buffett, who claimed that BTC was “rat poison squared” in 2018, doubled down. He remarked, as NewsBTC covered, that the cryptocurrency is a delusion, in that it is not backed by anything tangible or an asset of value, and that it doesn’t produce profits for ‘shareholders’. Buffett, of course, is assessing Bitcoin as if it is a stock, which it evidently is far from.
While Buffett’s crypto literacy is already questionable enough, you bet it’s somehow even worse for the majority of those his age. And as a recent survey revealed, this lack of education and understanding hasn’t helped cryptocurrency’s prospects in that arena.
Seniors Don’t Really Like BTC
According to a recent survey of 1,000 retirees in America conducted by Gold IRA Guide, a finance magazine, Bitcoin isn’t all too popular with seniors. In fact, one-third of the respondents didn’t even know of BTC, in spite of the fact that it plagued mainstream television stations and media outlets throughout 2017 and early-2018.
What’s worse, however, is the fact that 56.7% of those surveyed stated they knew of Bitcoin, but were hesitant to own any. These “no-coiners” chalked up their decision to the fact that they believe that cryptocurrencies are “completely imaginary constructs” and susceptible to jaw-dropping bubbles. Any risk obviously deters risk-averse retirees. As Gold IRA’s head editor, Mark Turner, stated:
“Taking into account this most popular survey response, Bitcoin must do a better job of educating and explaining the many benefits its underlying blockchain technology offers businesses and industries to this audience. It also must dispel the myth that it is a completely imaginary construct with no real life value – something that tends to scare away older investors who remember bubbles all too well.”
It is important to note that 2.7% of respondents did claim that they owned Bitcoin, but this is far from anything to write home about.
But Buying Bitcoin Makes Sense
Retirees may be vehemently against Bitcoin, but some are sure that if you care about your financial future, owning BTC only makes sense. In an essay-esque post published to crypto hedge fund Ikigai’s blog, Wences Casares, a long-time Bitcoin believer, claimed that he’s more than 50% sure that BTC will succeed, eyeing a $1 million target by ~2030 for BTC as a result. To back his cheery sentiment, he looks to the fact that BTC has existed for 10 years with (basically) zero interruption/immutability concerns, and that Bitcoin has a rapidly growing user base and an active transactional use case.
As BTC is currently only trading at $5,250, if the asset succeeds, even a small allocation (sub-1%) purchased now would net an investor large sums. As Anthony Pompliano likes to say, the risk on BTC is asymmetric, meaning that if it fails, you lose little if you manage risk correctly, but if it succeeds, your puny investment swells into unimaginable success. And thus, many pundits have advised investors of all shapes and sizes to purchase BTC.
Crypto’s Future is Millennial (And Under)
Even if these retirees don’t go ahead with purchasing cryptocurrencies in bulk, some pundits don’t see this as much of an issue. As at the end of the day, this movement, or revolution if you want to call it that, is inherently targeted at younger generations.
Sure, there has been some older folk, like Bitcoin bull Tim Draper and chartist Tyler Jenks, that have taken a liking to BTC, but by and large, many baby boomers and beyond have trouble understanding the nuances of cryptocurrencies. The fact of the matter is, those born before 1960 likely didn’t grow up with access to computing, and in their work life, they likely never stumbled across financial technologies and similar innovations, making it hard for them to wrap their mind around “magical internet money.”
Related Reading: Tim Draper Paid $18 Million For His First Bitcoin Batch, What’s it Worth Now?
Millennials and younger generations, on the other hand, have grown up their entire lives with the Internet, digital items, and gaming — all industries that tie directly into the raison d’etre of cryptocurrencies and Bitcoin, obviously.
While retirees are scared of BTC, there has been a copious amount of overlap between the Millennials and crypto assets. So much so that Ryan Selkis, the chief executive of Messari, remarked that as millennials en-masse inherit $30 trillion from their parents (the same ones avoiding digital assets like the plague) over the coming decades, much of this money could find its way into digital assets, meant for the Information Age that society currently resides in.

There's a $30 trillion "great wealth transfer" expected in the next 20+ years (millennials inheriting money from their parents).
If 1% of that goes into cryptocurrencies, crypto will be a multi-trillion dollar asset class.
That's the conservative case for $50k+ bitcoin.
— Ryan Selkis (@twobitidiot) March 28, 2019

Messari’s chief writes that if even 1% of the $30 trillion floods into crypto, which equates to about $300 billion, BTC could find itself conservatively at $50,000. This doesn’t exactly add up, but the call does make sense.
Related Reading: Analyst Predicts $55,000 Bitcoin After Halving: Why Is Ethereum’s Vitalik Worried?
Featured Image from Shutterstock
The post Nearly All American Seniors Don’t Know or Want Bitcoin: But It’s Not a Concern appeared first on NewsBTC.
Source: New

Why The Next Crypto Bull Run Will be Several Magnitudes Bigger

The general market sentiment around cryptocurrencies is far more positive now than it was the same time last year. A pullback was expected but very few in the industry predicted things would drop so low and virtually all gains would be wiped out. As markets appear to be coming off the bottom, crypto traders, analysts, holders and investors start looking towards the next big bull run and it could be a monster.
Crypto Goes Mainstream
Back in early 2017 very few people knew what cryptocurrency was. A few had heard of Bitcoin but it was still something that computer geeks dabbled with their garages. Ethereum was trading at $15 and the rest of the altcoins were blips on the horizon. Total market capitalization back then was around $20 billion or around ten percent of what it is today.
Then came the bull run which saw prices explode and charts go parabolic. Things really started to ramp up in May 2017 when market cap quadrupled from January’s levels. The momentum carried on until the end of the year despite a lot of negative news and clampdowns in Asia.
As chief investment officer at Ikigai Asset Management and crypto pundit, Travis Kling, points out;
“In late 16 the vast majority of the world had no idea what any of this was or what its potential is. This time is different. Awareness is massively higher. That’s going to make reflexivity act that much crazier.”

The last bull market was crypto’s first time on the global stage.
In late 16 the vast majority of the world had no idea what any of this was or what its potential is.
This time is different. Awareness is massively higher. That’s going to make reflexivity act that much crazier
— Travis Kling (@Travis_Kling) April 18, 2019

Mainstream media has got hold of Bitcoin and it is now reported on regularly, though not always in a good light. TV slots on finance shows are now dedicated to crypto and the top assets have now become household names. There was even a movie released about crypto this week.
In addition to the massive increase in public awareness has been the institutional interest where the whales lurk. This is where the big money is and they are likely to be the catalyst for the next major bull run. Once it is initiated, which could still be several months away, the retail investors will return.
At the moment we are still in the accumulation phase which could last for a while yet. As some analysts have pointed out;
“The longer $BTC ranges between $5,000 to $5,200, the stronger support it becomes after the next push up. Though this equally becomes a stronger resistance if a breakdown occurs,”
Either way anyone that has had their eye on the space for the past year or two is likely to be quietly accumulating now in anticipation of a big surge that will dwarf what happened in 2017. To put some perspective on things this chart shows a compressed view of the past decade;

"Bitcoin is always going down"
Here is some perspective in the form of a yearly chart for you folks.
— DonAlt (@CryptoDonAlt) April 18, 2019

There have been no end of price predictions for the next market peak, and very few of them are lower than the last. Buckle up, it is going to be one helluva ride!
Image from Shutterstock
The post Why The Next Crypto Bull Run Will be Several Magnitudes Bigger appeared first on NewsBTC.
Source: New

Bitcoin [BTC]: John McAfee reveals he received many emails from people claiming to be ‘Satoshi’

The ‘who is the real Satoshi Nakamoto’ drama in the world of cryptocurrencies has been ongoing ever since the name of the elusive Bitcoin [BTC] creator was made public. Fast forward ten years after the inception of BTC and the comments around that topics have reached new heights.
As part of a follow up to his many and consistent tweets, John McAfee twitter post said:
“I have received today dozens of communications from people and groups claiming to be Satoshi. Below is an example email and my responses. So people, please – i do know who Satoshi is. Don’t make yourself look foolish by pretending.”
His follow-up tweet said:
“Again people, don’t make yourselves look foolish by contacting me and claiming to be Satoshi. If you need to contact me to reveal yourself then you are not him.”
McAfee’s tweet came in the wake of several e-mails that were sent to him by people claiming to be the actual creator of Bitcoin. One such email even claimed that Nakamoto was not a person but rather a group of people working in unison and was in hiding. A part of the email content read:
“We are in hiding and we just don’t do emails. Mainstream media has a time block on us which is okay, they would rather choose to give airtime to imbeciles.”
The rise in the ‘Satoshi claims’ can be attributed to McAfee recent tweet of claiming to know a dozen people who know the real identity of Satoshi. He had also added that he would start a process of narrowing down the suspects to finally reveal the actual creator of Bitcoin.
The post Bitcoin [BTC]: John McAfee reveals he received many emails from people claiming to be ‘Satoshi’ appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin [BTC] Price Analysis: Turns a New Bullish Leaf Since 2018

A break above the trendline in March 2019, launched Bitcoin into its current upward trajectory.
BTC/USD dips are well supported above $5,200 in the short-term.

Several experts in the cryptocurrency market including Tom Lee, Tim Draper and Forbes contributor Chambers have come out to say that Bitcoin has finally bottomed. This follows a trend reversal from the lows in 2018 roughly at $3,143. A break above the trendline in March 2019, launched Bitcoin into its current upward trajectory. There was struggled at $4,000 but Bitcoin finally made above the former resistance at $4,200. A breakout from this level zoomed past the 200-day moving average exponential (EMA).
SourcE: TradingView
Further correction extended the gains past $5,000. Similarly, BTC/USD formed a monthly high on Coinbase at $5,502.19 before revisiting the region slightly below $5,000. This week support has been formed around $4,900 giving way to a retracement above $5,200. Meanwhile, Bitcoin is still trading in the green at $5,240.54 amid a building momentum likely to touch $5,300 in the coming sessions on Thursday. Any movement above this level will catapult BTC/USD towards $5,400 while the bulls still eye the highs around $5,500.
Source: TradingView
The hourly chart, on the other hand, shows Bitcoin above the 100 simple moving average (SMA). The sideways trading means that there is indecision on the market. Short-Term support at $5,200 will work to stop declines could test $5,000 (key support area). Still, in the same 1-hour range, the RSI is trending upwards at 55.2139. The correction in the direction comes after the indicator failed to break into the overbought resulting in a slide. The MACD is sitting well inside the positive region while ranging to confirm the prevailing sideways trend.
Prediction: BTC/USD dips are well supported above $5,200 in the short-term. Sideways trading to prevail in coming sessions as consolidation continues around $5,250. Further retracement to find support in a positive zone we explored yesterday at $5,120 – $5,160.
Bitcoin Price Key Technical Indicators:
200-day EMA: 4,733.57
MACD daily chart: +308.07
RSI daily chart: 70.4548 (holds on to the overbought region).
Initial support zone: $5,120 – $5,160
Support 2: 100 SMA 1-hour
Support 3: $5,000
Resistance 1: $5,300
Resistance: $5,400
Resistance 3: $5,500
The post Bitcoin [BTC] Price Analysis: Turns a New Bullish Leaf Since 2018 appeared first on Coingape.
Source: CoinGape

Crypto Analytics Firm: Single Strategic Actor Responsible for Bitcoin Price Surge

The Bitcoin rally heard ‘round the world that began on April 2, 2019 painted the first higher high on Bitcoin price charts since the price of the leading cryptocurrency by market cap reached its all-time high back in December 2017. The powerful surge many believe could have signaled the end of the bear market and confirmed that a new uptrend has begun.
The over $1,000 rally may have also been the work of a single, calculated and strategic actor, who may have precisely executed a plan that drove the price up as much as possible.
CoinMetrics: Committed Actor Executed Trades At Key Times to Maximize Price Impact
The massive green candle that occurred on Bitcoin price charts on April 2 had everyone talking, from brokers, to bankers, and everyone in between. The powerfully bullish movement may have been the final blow to bears that signaled the end of the crypto winter that’s plagued the asset class throughout 2018 and 2019 thus up until now.
Related Reading | Crypto Analyst: Bitcoin Price Chart Shows Textbook Bump and Run Reversal Bottom 
The move, according to crypto research firm CoinMetrics, was orchestrated across multiple exchanges, at very specific times where liquidity is the lowest, in order to “maximize price impact while trading,” the firm said. More interesting is their theory that the entire thing was executed by one, single “committed actor.”

Our theory is that a single committed actor went long and traded in a manner that maximized price impact. The movement in price started at 04:30 UTC time, the point in the day where global liquidity is at a minimum.
— (@coinmetrics) April 17, 2019

CoinMetrics reveals that the price movement started at approximately at 04:30 UTC time, which the firm says it the “point in the day where global liquidity is at a minimum.”

“Although this cannot be known for sure, such trades would have been designed to trigger stop losses and force a short squeeze through liquidations of margin positions and short futures positions,” they added.

The large price movement on April 2, 2019 occurred during the window of lowest global liquidity. It began at 04:30 UTC and lasted until 05:30 UTC. This time may have been deliberately chosen so that a committed actor could maximize price impact when trading.
— (@coinmetrics) April 17, 2019

The entire move lasted about one hour, ending at about 05:30 UTC. CoinMetrics further suggests that the time was “deliberately chosen” in order to create the most price movement possible in the shortest amount of time, maximizing “price impact.”

Here's a closer look at our three exchanges of interest
— (@coinmetrics) April 17, 2019

While conflicting reports across the web from various experts have suggested the move originated across three exchanges, Coinbase, Kraken, and Bitstamp, CoinMetrics instead claims the move began at HitBTC where roughly 500,000 Tether were traded for Bitcoin, then was followed by simultaneous buy orders executing on Coinbase and Bitfinex.
Related Reading | Bitcoin and Ethereum Trading Volume Reaches Crypto Bull Run Peak Levels
Other theories crypto analysts have offered have pointed to mistaken programmatic buying following an elaborate April fools prank. Bots did appear to influence the move, but only because the initial actor planned it that way, and took out stop loss orders that further caused a cascading effect, sending the price higher and higher. As the whale had planned, the trades had a significant impact – enough to potentially end the bear market and ignite a new crypto bull run.
Featured image from Shutterstock
The post Crypto Analytics Firm: Single Strategic Actor Responsible for Bitcoin Price Surge appeared first on NewsBTC.
Source: New

Anxious Traders Beware: Bitcoin (BTC) May Range Sideways for Weeks to Come

Despite losing the majority of its upwards momentum over the past week, Bitcoin has been able to continue climbing higher and is now approaching the $5,300 level. BTC’s ability to continue climbing higher despite the lack of major buying volume has been technically positive, but traders are still laying out potential bear scenarios that could lead Bitcoin back down towards $4,000.
One prominent cryptocurrency analyst recently explained that he expects Bitcoin to get caught in a sideways trading range for the weeks to come, which may be disappointing to traders who are anxiously awaiting a big price swing.
Bitcoin (BTC) Tepidly Climbs Towards $5,300
At the time of writing, Bitcoin is trading up less than 1% at its current price of $5,275 and is up slightly from daily lows of $5,230. BTC is currently nearing its highest price level over the past seven days and has firmly established $5,000 as a strong level of support.
It is important to note that the cryptocurrency is currently just a hair below a key resistance level at $5,400 that has held strong ever since BTC first surged earlier this month. On April 10th, Bitcoin incurred a sudden influx of buying pressure that allowed it to surge to just above the aforementioned resistance level before facing strong selling pressure that pushed it to lows of $5,000.
This price action appears to have led to the creation of a fresh trading range between roughly $5,000 and $5,400, which may continue to hold strong for the foreseeable future.
Josh Rager, a popular cryptocurrency analyst on Twitter, spoke about this possibility in a recent tweet, explaining that he expects BTC to stay caught in a relatively tight trading range for “weeks to come.”
“The longer $BTC ranges between $5,000 to $5,200, the stronger support it becomes after the next push up. Though this equally becomes a stronger resistance if a breakdown occurs. IMO, Bitcoin likely stays in the price range of this chart for weeks to come,” he explained.

The longer $BTC ranges between $5,000 to $5,200, the stronger support it becomes after the next push up
Though this equally becomes a stronger resistance if a breakdown occurs
IMO, Bitcoin likely stays in the price range of this chart for weeks to come
— Josh Rager (@Josh_Rager) April 18, 2019

This bout of sideways trading may ultimately prove to be overwhelmingly positive for individual cryptocurrencies, as many have already been able to surge despite BTC’s current lull.
Analyst: Bear Scenario Could Bring Bitcoin Down Towards $4,000
Although Bitcoin may presently look strong, if the crypto’s bears are able to push it below $5,000, it may continue dropping until it reached the low-$4,000 region.
Bagsy, another popular cryptocurrency trader on Twitter, pointed towards a Wyckoff Distribution pattern to illustrate the possible bear scenario for Bitcoin, noting that a drop below $5,000 could bring the cryptocurrency back down towards $4,000 – erasing virtually all the gains it has incurred over the past few weeks.
“$BTC Wyckoff Distribution: Warning, the following image contains graphic content. This is something I spotted, doesn’t mean it’s going to happen for those getting nervous, but it was worth pointing out,” he explained.

$BTC Wyckoff Distribution:
Warning, the following image contains graphic content. This is something I spotted, doesn't mean it's going to happen for those getting nervous, but it was worth pointing out. Big thanks to @walter_wyckoff for helping me iron out the structure.
— Bagsy (@imBagsy) April 17, 2019

Only time will tell as to whether or not BTC will get caught in a trading range for the next few weeks, but in the meanwhile, traders will likely turn to various altcoins in order to maximize their profitability.
Featured image from Shutterstock.
The post Anxious Traders Beware: Bitcoin (BTC) May Range Sideways for Weeks to Come appeared first on NewsBTC.
Source: New

Bitcoin [BTC] value has actually improved since JPM coin because of its decentralized nature, claims Tim Draper

Tim Draper, Venture Capitalist and Bitcoin Bull, recently claimed that Bitcoin [BTC] had the potential to majorly transform how the world operates and not just the financial ecosystem.
In a recent episode of The Crypto Chick with Rachel Wolfson, Draper said that the importance of Bitcoin [BTC] as a medium of currency would not be diminished in the forthcoming period. He explained that Bitcoin [BTC] had transcended the concept of decentralization and enabled the mass to think in a decentralized manner rather than backing a “political currency which is tied to a bureaucracy.”
During the interview, Tim Draper was asked to comment on the current market scenario of Bitcoin and where it was headed in terms of valuation. He explained that new technologies usually undergo a period of hype where people give attention to a new and intriguing trend.
He stated,
“The excitement will never be that hiked as it was the first time around but the value would grow sustainably over a long period.”
He believed that the recent hike had occurred in discreet movements and the trade volume was still not significant enough. He also said that the use of open node and Lightning Network might have solved a lot of people’s problems in terms of scalability.
Additionally, Tim Draper indicated that JP Morgan’s introduction of the JPM coin actually helped Bitcoin’s case in terms of popularity. He said that people were smart enough to understand the value of Bitcoin now and that it had more value than JPM coin which was centralized in nature.
Tim Draper stood by his prediction he had made earlier that Bitcoin [BTC] would hit $250,000 valuation by the year 2022 or 2023.
He mentioned,
“There is no question in my mind that Bitcoin would have a 5 percent market share which is all it requires in order to hit $250,000. There is $90 trillion dollars worth currency in the world. The number would probably increase because of crypto and as people evolve and see the opportunity and security behind cryptocurrency, they would start bringing it into their lives.”
The post Bitcoin [BTC] value has actually improved since JPM coin because of its decentralized nature, claims Tim Draper appeared first on AMBCrypto.
Source: AMB Crypto

Craig Wright’s ‘harassment and libel’ campaign might have hit a roadblock

Craig Wright’s “harassment and libel” lawsuit campaign has been extensively covered across different media platforms. His campaign might have come to a pause or possible end, as a Twitter user pointed out that Wright may have submitted a “provably fake email in court for the Kleiman case”.
Dr. Funkenstein, a Twitter user had tweeted:

Craig Wright just submitted a provably fake email in court for the Kleiman case. @PeterMcCormack and @adam3us, you may find this interesting!
— Dr. Funkenstein (@DrFunkenstein6) April 16, 2019

The letter is an email from David Kleiman, which will act as proof to Craig’s claims about him being Satoshi Nakamoto, the creator of Bitcoin. According to Craig Wright, the email was sent by David Kleiman in 2012 and this letter/email was submitted by Wright in the court of law as proof.
According to Dr. Funkenstein, the letter contained a hex coded time stamp, which after decoding yielded the actual date, i.e., March 12, 2014, which is contradictory to Wright’s claims.
Dr. Funkenstein also tweeted:
“I should have mentioned, Dave died in 2013, so unless he rose from the dead, this email wasn’t from him.”
If what Dr. Funkenstein claims, is true, then Craig Wright’s claims of being Satoshi Nakamoto would be discredited. This would imply other cases that Craig Wright has been filing against several people in the crypto community like Peter McCormack, Adam Back, etc would come to naught, unless Wright has more proof to his claims.
Monero’s fluffypony commented on the matter as he tweeted:
“From: Dave Klieman”
So the court is expected to believe that Dave Kleiman couldn’t even spell his own name correctly when setting up his email client? That seems…unlikely.
Craig Wright is a fraud. Sorry for your loss, @CalvinAyre.”
Wright and Ayre’s relentless campaigns have pushed the coin, Bitcoin SV to the edge as exchanges like Binance, Shapeshift and others have delisted it.
The post Craig Wright’s ‘harassment and libel’ campaign might have hit a roadblock appeared first on AMBCrypto.
Source: AMB Crypto

Congress Slams IRS Over Bitcoin Tax Law; Here’s the Major Loophole for Crypto Investors

The United States tax deadline has came and went, and thanks to overwhelmingly confusing tax laws, crypto and Bitcoin investors are left scratching their heads, with many outright refusing to report their crypto earnings and losses on their annual tax filing.
It’s not U.S. taxpayers who are alone in feeling confused by the complex tax laws and lack of clear guidance. Congress has issued a scathing letter to the Internal Revenue Service (IRS) asking for clarity on how U.S. residents should go about paying their taxes on Bitcoin and other cryptocurrencies. The letter itself, suggests a leading tax attorney with experience in advising crypto clients, creates a major loophole for crypto investors who are at risk to become audited or worse.
Congress Issues Letter to IRS Requesting Bitcoin Tax Clarity
Tax day in the United States was this past Monday – a day many U.S. taxpayers dread. Tax laws in the country are already complicated, and confusing, requiring many taxpayers to either invest in software or pay a tax advisor to help guide them through the process and ensure all gains and losses are accurately reported.
Related Reading | Overwhelming Majority of Bitcoin and Crypto Investors Refuse to Report Taxes
The confusion is significantly amplified when you take into account an emerging asset class that is not fully understood, is unregulated, and has a multitude of potential use cases that walk the line of different classifications. Making matters worse, the IRS has only issued one public notice back in 2014 on how to pay taxes on cryptocurrencies such as Bitcoin since its inception, yet carries fines of up to $500,000 and up to five years in prison if taxes aren’t reported properly.
The glaring issue has prompted Congress to issue a letter to the IRS, demanding answers for U.S. taxpayers who are lost on how to report crypto-related transactions on their taxes.
“Taxpayers deserve clarity on several basic unanswered questions regarding federal taxation of these emerging exchanges of value,” the letter read. “Guidance is long overdue and essential to proper reporting of these emerging assets. The bipartisan support this letter has received should send a clear message to the IRS that clear guidelines for reporting virtual currency are necessary,” added Minnesota Congressman Tom Emmer.

Letter Inadvertently Provides Major Loophole for Crypto Investors
The letter itself Congress sent to the IRS, may further complicate things for the U.S. government, according to San Francisco-based tax lawyer Alex Kugelman who is familiar with advising cryptocurrency clients. Kugelman says that the letter could act as a sort of protection for any crypto investors that may have been targeted by the IRS’s crackdown on crypto tax evaders.
Related Reading | Confusing U.S. Tax Laws Lead to $5 Billion In Unrealized Crypto Losses
Kugelman explained that “if any of my clients are audited, I am going to present this to auditors – how can the IRS take enforcement action against taxpayers when there is such an obvious lack of guidance?”
With fines as steep as $500,000 and charges that could lead to up to five years in prison, having this added layer of protection on what is a complex and confusing situation, can be an ace up the sleeve for crypto investors or traders who find themselves in a precarious situation with the IRS.
Disclaimer: This information should not be taken as tax advice. Seek a certified public accountant for any crypto tax related questions.
Featured image from Shutterstock
The post Congress Slams IRS Over Bitcoin Tax Law; Here’s the Major Loophole for Crypto Investors appeared first on NewsBTC.
Source: New

$20k by 2041 False Even if Bitcoin (BTC) Is Maturing With Deep Liquidity

Bitcoin (BTC) trend is bullish but below Apr-11 highs
Analyst says Bitcoin (BTC) may take 22 years to re-test 2017 highs

Accompanying firm upsides is shifting sentiment and recovering prices. At spot rates, Bitcoin (BTC) gains are low, but even so, it is volatile enough and attractive for risk-off traders. Our immediate targets remain at $5,800 and $6,000.
The community is haggling over price and for good reasons. Bitcoin, as we know, is the primary driver of the crypto asset space and therefore, where it stands is quite essential. Presently, the fact that prices are trending above $5,200 is super bullish from a technical candlestick arrangement point of view.
At $5,000, bulls are steady, and the path of least resistance is up thanks to efforts of early April as well as optimistic analysts churning encouraging predictions. However, the exact timing of when prices will soar and blast past 2017 peaks is tentative. However, one Bitcoin holder is optimistic that next year’s halving and the flow of institutional money in the state of hyperbitcoinalization will see the asset test $98 million in two decades.
On the other hand, Hayes of BitMex is quite conservative projecting $50,000 while Lee of Fundstrat sees the asset clearing the $10k mark by the close of the year. Bears, on the other hand, expect Bitcoin (BTC) to re-test $20k in 2041. That is 22 years from now and at that rate, it means traditional asset prices like stocks or indices, for example, will be better investments than Bitcoin.
Here is what UBS’ Kevin Dennean says:
“We’re struck by how long it took other asset bubbles to recover their peak levels (as long as 22 years for the Dow Jones Industrials) and how pedestrian the annualized returns from trough to the recovery often are.”
Candlestick Arrangements

At spot rates, Bitcoin (BTC) performance is solid, but movement suppressed. After Apr-16 reversal of Apr-11 losses, upside pressures are low but defined.
For this reason, our last BTC/USD trade plan is valid and firmly bullish. Because of bullish expectations and the fact that prices are above $4,500, every low, like in our emphasis, is another buying opportunity with the first target at $5,500—our minor buy trigger line, with goals at $6,000.
Even so, we adopt a cautious approach aware that surges like of those of Apr-2 are often time accompanied by periods of stagnation the anchor bar high-low.
Technical Indicators
Since our trend is clear, our anchor bar is Apr-11 bear bar. It is wide-ranging with high volumes reversing losses of Apr-7-10. Therefore, for buyers to be back allowing risk-averse traders to initiate longs, then volumes must be high exceeding 19k.
Chart courtesy of Trading View
The post $20k by 2041 False Even if Bitcoin (BTC) Is Maturing With Deep Liquidity appeared first on NewsBTC.
Source: New

Bitcoin [BTC] proponent Adam Draper: There will be more digital currencies than fiat in 10 years

The proponents in the cryptoverse have played a major role in controlling market sentiment and its updates and developments. In his latest podcast, Anthony Pompliano, the Founder of Morgan Creek Digitial Captial sat down with Adam Draper, the Founder of BoostVC and Bitcoin [BTC] supporter to discuss the state of the cryptocurrency market right now.
Pompliano claimed that the market right now is “awesome” and that he hasn’t been this excited about the market for a long time. He added that he was a big believer in Bitcoin and its future applications. He said:
“I think the impossible can happen in the space and I stand by it. I think Bitcoin could be disrupted and that there could be two predictions. In my opinion, in the next 10 years there will be more digital currencies than fiat currencies and probably in the next 25 years BTC may become a global currency. Bitcoin works like the internet, no one really talks about the internet right but rather the products built on it.”
The BoostVC official added that in the future, there will be different protocols for different things that will enable a better financial structure. Draper also touched on the predicted success of the Lightning Network and how it will benefit users in the space. Speaking on why it will become a hit, Draper stated:
“I think the lightning network will work for the same reason why BTC could work, just a bunch of smart people producing some really smart things. It’s right up there with Binance in terms of user applicability.”
Draper further supported the case of non-fungible tokens and how they are extremely undervalued in today’s day and age.  He was also in the news earlier when he talked about his investment in Coinbase and its impacts on the cryptocurrency market. He had said:
“I will be very honest with you, before Coinbase happened I had no experience in crypto at all. What happened was I got sent a list of companies for investments and out of that one said ‘marketplace of digital currencies’ and I had no idea what that was. After this, I wrote a mail to Brian sounding better than I was.”
The post Bitcoin [BTC] proponent Adam Draper: There will be more digital currencies than fiat in 10 years appeared first on AMBCrypto.
Source: AMB Crypto

SegWit and CoinDeal: Lower Fees on Bitcoin Transactions

SegWit and CoinDeal: Lower Fees on Bitcoin Transactions
To allow its clients to pay less for Bitcoin transactions, CoinDeal offers them to use Bech32 (SegWit Native) addresses.
SegWit and CoinDeal: Lower Fees on Bitcoin Transactions

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Source: CoinSpeaker