Ethereum Breaks Recent Downtrend Resistance Line as Buyers Step Up

Ethereum’s price action has been closely tracking that of Bitcoin over the past several days, and ETH has been able to post a strong recovery from its recent drop to below $185.
Analysts are now noting that Ethereum’s ability to break above the key resistance level of $200 may be emblematic of a shifting short-term trend, which may mean that it will be able to continue climbing higher in the coming days and weeks.
Ethereum Reclaims Position Above $200 After Finding Strong Support at $185 
At the time of writing, Ethereum is trading up over 2% at its current price of $200.85, which marks a significant increase from its recent lows of $180 that were set at the time when Bitcoin faced a sharp sell-off that sent it reeling to lows of $9,500.
After tapping $180 last Wednesday, however, ETH was able to swiftly recover to $185, which persisted as a strong level of support until yesterday, which is when the crypto began incurring some upwards momentum that has led it towards its current price levels.
Today’s upwards momentum came about as the aggregated crypto market posted a strong recovery, with Bitcoin climbing towards the upper-$10,000 region while many other cryptos were able to climb 2-3%.
Another bullish piece of news that may have helped ETH climb today is that Japanese e-commerce giant Rakuten is launching a cryptocurrency exchange that supports Bitcoin, Ethereum, and Bitcoin Cash.
“BREAKING: Rakuten publicly launches crypto exchange; currently supports BTC, ETH and BCH,” Mia Tam noted in a recent tweet.

BREAKING: Rakuten publicly launches crypto exchange; currently supports BTC, ETH and BCH.
— Mia Tam (@_blockandchain_) August 19, 2019

Will ETH Continue Climbing Higher in Week Ahead?
Ethereum’s ability to surge to $200 today may be emblematic of improving technical conditions for the cryptocurrency, as Jacob Canfield – a popular crypto analyst on Twitter – explained in a recent tweet that it marked an upwards break of a downwards trend line on a short time frame.
“A lot of people are asking me about ETHBTC. #ETH / #Ethereum / $ETH Daily – Broke downtrend resistance yesterday. Hasn’t made a higher high. Below. Key S/R level at .025 that needs to be reclaimed. Weekly – Very narrow range back to 2016 levels that needs to hold,” he explained while referring to the below charts.

A lot of people are asking me about ETHBTC.#ETH / #Ethereum / $ETH
Daily – Broke downtrend resistance yesterday. Hasn't made a higher high. Below.
Key S/R level at .025 that needs to be reclaimed.
Weekly – Very narrow range back to 2016 levels that needs to hold. pic.twitter.com/m0Ig6jx6xZ
— Jacob Canfield (@JacobCanfield) August 19, 2019

Although in the short-term it does seem as though ETH may incur some further bullishness, it is important to note that its mid and long-term price action does appear to remain somewhat bearish, and a failure to follow through and extend today’s upwards momentum could lead to further losses.
Featured image from Shutterstock.
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Privacy Crypto Dev Attempts to Expose Self-Proclaimed Bitcoin Creator

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

For those following along at home, here's the public WHOIS info from thebcci<dot>net in 2008. pic.twitter.com/dyVlzdgB2Q
— Riccardo Spagni (@fluffypony) August 18, 2019

Spagni connected the dots leading back to Khalid’s real name through the WHOIS data from thebcci.net – the website for Bank of Credit and Commerce International, which the person behind the Satoshi reveal claims is how Bitcoin got its name.
While Khalid or whoever is behind the Satoshi reveal has brought this attention unto themselves, its surprising to see the lead developer behind a crypto project focused on privacy, working so hard to expose the identity of someone – regardless of who they are.
Related Reading | Tools of the Trade: Monero and Privacy Coins Are Creating More Efficient Criminals
Spagni is the lead developer for Monero (XRM), a privacy-focused crypto that’s come under much scrutiny itself as global regulators fear its anonymity and potential for illicit use such as money laundering.  But before the pitchforks come out, Spagni’s intentions were noble, and is hoping to prevent the rest of the crypto community and Bitcoin believers from falling victim to what many are calling an elaborate PR stunt, a scam, or worse.
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No Demand for “Highly Speculative” Altcoins: Analyst

Thousands of spinoffs of the world’s leading cryptocurrency Bitcoin are expanding into the void, according to market analyst Josh Rager.
The Bloockroots.com co-founder on Sunday said the demand for “highly speculative” alternative cryptocurrencies, or altcoins, is falling. The analyst noted that institutional investors now look at bitcoin, the first cryptocurrency, as their preferred choice of investment. At the same time, altcoins receive attention typically from highly-active traders within the entire cryptocurrency market.
“Outside of trading majority of altcoins aren’t worth holding,” Rager said on his Telegram channel. “More and more come out into this already illiquid market every week.”
He added that, for large investors, an altcoin equipped with higher-grade technology, team, and even community remains unattractive. Excerpts from his statement:
“There is no demand [for] highly speculative assets such as the majority of altcoins. Regardless of how awesome the tech, team, community, if large players and institutions aren’t interested in an asset it’s not a good sign.”
Altcoins Dip
Altcoin projects typically attempt to solve the underlying problems of Bitcoin. Litecoin, one of the first known cryptocurrency projects, did it by twisting the bitcoin’s code to introduce faster transaction processing. At the same time, Ethereum became an entirely different blockchain by facilitating peer-to-peer contracts and applications via its currency Ether. Bitcoin, on the other hand, started as a peer-to-peer payment system supported by a token of the same name.

Choose your altcoins wisely
The tech can be awesomeThe team can be the top of classThe community can be an army
But in the end…
The market decides the monetary value of your altcoin assets
Not the tech, team, or community https://t.co/tyPYI598LL
— Josh Rager (@Josh_Rager) August 18, 2019

Investors who missed the Bitcoin’s supersonic price rallies during the first six years of its existence looked at altcoin projects for its similar opportunities. While some did return massive profits, a majority of them – more than 90 percent – turned out to be either failures or frauds. The growing mistrust in the new altcoin projects diverged investors’ interest into a handful of altcoin projects.
But given a recent boom in the popularity of bitcoin, even excellent altcoin projects are finding it hard to impress investors outside the cryptocurrency space.
Fleeing to Safety
MVDALC, an index which tracks the performance of top hundred cryptocurrencies by market cap, noted that bitcoin and other ninety-nine projects registered about 114 percent in year-to-date gains as of the press time. Meanwhile, the mid-cap and small-cap coin posted a dwarfed 7 percent and 18 percent YTD profits.
Large Cap Cryptocurrencies Returning Better Profits than that by Mid- and Small-Cap | Image Credits: MVIS
“If 98 percent of [altcoins] went to crap, the 2 percent would leave around 50 to go on to [actually] be the outliers that end up returning,” said noted trader Cantering Clark. “Since this day last year – Total Alts in circulation increased by 65 percent [and] Total Alt-Market Capitalization dropped by 22 percent.”
Rager supported Clark’s analyst and recommended investors to choose their altcoins wisely.
Bitcoin’s cryptocurrency market dominance surged to its YTD high of circa 70 percent this July. At it’s yearly worst, it was close to 50, according to data provided by CoinMarketCap.com
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Bitcoin Rises as Investors Anticipate Economic Stimulus

Bitcoin was trading higher on Monday morning as investors digested the possibility of new economic stimulus announcements later this week.
The benchmark cryptocurrency rose by more than 4.5 percent to $10,753.30 on San Francisco-based Coinbase exchange. The move brought its local bottom-rebound to a slightly above 13 percent, explicitly driven by Bakkt. The Intercontinental Exchange arm announced on Thursday that it would launch its custody and physically-delivered daily and monthly bitcoin futures contracts on September 23.

We have some news https://t.co/ykUvQ31cGz
— Bakkt (@Bakkt) August 16, 2019

Bitcoin has surged by more than $1,000 after Bakkt’s announcement on Friday. That helped push the cryptocurrency’s interim bias into a bullish territory, where it would now be retesting psychological resistances towards $11,000, $12,000, and whatnot.
Bitcoin Flips Technical Narrative to Favor Bulls | Image Credits: TradingView.com
Intraday Booms
The bitcoin price surge also coincided with the possibilities of new economic stimulus programs. Investors anticipated a fresh wave of money-printing actions as a measure to tackle the worsening financial growth across the world. Central bankers will meet on Thursday at their annual Jackson Hole meeting in Wyoming. They would discuss the warning signals of a recession and how their measures could support the global economy.
Asian markets trended upward on such hopes, with Japan’s Nikkei and Kora’s Kospi rising by 0.7 percent and Australia’s S&P/ASX 200 gaining 1 percent at the same time. Meanwhile, riot-hit Hong Kong and Chinese stocks also rallied on Monday after the People’s Bank of China announced that it would replace the current benchmark lending rate with a market-friendly one.
Shanghai Composite Index (SHCOMP) Trends Higher on Stimulus News | Image Credits: TradingView.com
Stimulus hints also drove European stocks up, with Frankfurt leading with a recovery from its six-month low established last week. The pan-European STOXX 600 index was trading 0.9 percent higher ahead of the market open. European banks also registered intraday profits, with a starkly-hit Deutsche Bank went up with a relieving 3 percent. HSBC, meanwhile, surged by 1 percent.

World markets start the week off strong with stimulus chatter $SPY $QQQ $DIA pic.twitter.com/RV9JoLiyL7
— HWB (@HWBTrader) August 19, 2019

Investors looked confident across the Atlantic Ocean as well. US stock futures also began the week on a higher note after President Donald Trump and team issued encouraging comments on trade talks.
Dow Jones Industrial Average futures rose 1.2 percent, or 305 points, to 26,212, while S&P 500 futures gained 1.2 percent, or 34 points, to 2,925.50, and Nasdaq-100 futures added 1.4 percent, or 105.25 points, to 7,716.50.
Bitcoin This Week
The bitcoin price lately formed an interim positive correlation with the global stock markets, while its behavior with similar, perceived safe-haven assets flipped entirely.
“People thought at certain points in the last year or so that cryptocurrencies would become the flight to safety trade,” Matt Maley, an equity strategist at Miller Tabak, told Bloomberg. “The cryptocurrency is losing some of that luster of being considered a safe asset.”
According to Scott Melker, a renowned cryptocurrency market analyst, bitcoin is more reactive to its technical confines. He noted the cryptocurrency is currently trending inside a massive bull flag on weekly charts. He tweeted:

$BTC Weekly
Still a massive bull flag. Price still trading above the EQ of the flag. A second potential hidden bull div after the first one was confirmed weeks ago. Requires a weekly close next Sunday with a definitive elbow up on RSI. Still looks bullish. pic.twitter.com/kHnIgmUwRw
— The Wolf Of All Streets (@scottmelker) August 19, 2019

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Ripple (XRP) May Face Grim Future Despite Today’s Bounce

Earlier this past week Ripple (XRP) along with the aggregated crypto markets faced an incredibly sharp sell-off that sent XRP reeling down to lows of $0.25, which marked a significant pullback from the mid-$0.30 region where it has previously found stability.
Although the crypto was able to post a small bounce today, analysts are still noting that XRP broke below its 2018 support level, which could mean that significantly further losses are imminent.
Ripple (XRP) Finds Support Around $0.25 
At the time of writing, Ripple is trading up just over 1% at its current price of $0.265, which marks a slight increase from its daily lows of just below $0.26.
This past Wednesday, XRP incurred a significant influx of selling pressure that sent its price reeling down from over $0.30 to lows of roughly $0.25, at which point it found some strong support that allowed it to climb slightly higher.
It now appears that the $0.25 region is a strong level of support, as it has bounced each time that it has visited this region.
Importantly, unlike many other major altcoins, XRP is currently trading below its 2018 lows, and has now set a fresh low since it first began its downwards ascent from highs of nearly $4.00 in early-January of 2018.
Will XRP Drop Further in Near-Future?
Although analysts are not sure what has been the root cause behind Ripple’s lackluster price action throughout 2019, some investors have pinned it on regulatory concerns regarding its potential status as a securities product, which others have linked it to Ripple – the FinTech company closely associated with XRP – offloading massive amount of XRP onto the markets each quarter.
Regardless of what the cause might be, The Cryptomist, a popular cryptocurrency analyst on Twitter, noted in a recent tweet that the recent drop marked a break below its 2018 support level, which could mean further losses are imminent.
“$XRP: Relieved I sold last week! Support from August 2018 has now broken. However, I am adding some here as we potentially have a falling wedge here. Breakout would test previous support,” she explained while referencing the below chart.

$Xrp
Relieved I sold last week! Support from August 2018 has now broken
However, I am adding some here as we potentially have a falling wedge here. Breakout would test previous support pic.twitter.com/80nxtEntUY
— The Cryptomist (@TheCryptomist) August 16, 2019

As the week wraps up, it is unclear as to whether or not Bitcoin’s price action will guide that of Ripple’s, or if the crypto will operate on an individual basis as it continues to face intense selling pressure.
Featured image from Shutterstock.
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Will Growing Interest from China Propel Bitcoin’s Price Higher?

Bitcoin (BTC) has incurred a significant amount of volatility as of late. This tumult was perpetuated yesterday due to news regarding the release of Bakkt’s physically-settled Bitcoin futures product, which many investors view as a bullish development for the broader cryptocurrency market.
In addition to this, growing interest from China may help the Bitcoin price climb higher in the coming months.
Bitcoin Stabilizes Above $10,300 After Recent Recovery
At the time of writing, Bitcoin is trading up over 1% at its current price of $10,330, which marks a significant recovery from its recent lows of roughly $9,500 that was set earlier this past week.
Despite the strong recovery from the bout of capitulation that sent BTC to its weekly lows, a number of analysts still believe Bitcoin’s technical formations point to further downside in the near future.
This theory may be supported by a gap in the CME Bitcoin futures chart, which currently sits at $8,500.
Related Reading: Bitcoin Space Reacts to Bakkt’s September Launch Date Reveal
Despite this, Alex Krüger, an economist who focuses primarily on cryptocurrencies, explained in a recent thread of tweets that there is no guarantee that the gap will ever be filled.
“Even though gaps often fill, gaps are not meant to be filled. Gap filling is a combination of random variations (price moves), self-fulfilled prophecy (traders assign value to gaps), and lack of support/resistance within gaps (i.e. no trades inside),” he explained.

3/ Even though gaps often fill, gaps are not meant to be filled. Gap filling is a combination of random variations (price moves), self-fulfilled prophecy (traders assign value to gaps), and lack of support/resistance within gaps (i.e. no trades inside).https://t.co/NvE3JDTZQv
— Alex Krüger (@krugermacro) August 17, 2019

Will Positive Factors Help BTC Buck Recent Downtrend?
Assuming that a drop to $8,500 is not imminent, it is important to note that the markets have incurred robust fundamental developments as of late, which may help it reverse its recent downtrend and begin climbing higher.
Krüger further noted that there have been multiple bullish developments as of late that could help Bitcoin reverse its recent downtrend.
“Positive factors: Bakkt coming online Sep/23. Fidelity, Ameritrade, ETrade (awaiting news), HNWI & Macro traders interest. Macro narratives (false, but who cares). Retail interest trending (though still low). (Chinese interest in particular tripled in 2019, see,” he explained while referencing the below chart.

15/ Positive factors
Bakkt coming online Sep/23Fidelity, Ameritrade, ETrade (awaiting news)HNWI & Macro traders interest Macro narratives (false, but who cares)Retail interest trending (though still low)
(Chinese interest in particular tripled in 2019, see ) pic.twitter.com/KJ6NlfkG3F
— Alex Krüger (@krugermacro) August 17, 2019

Assuming that the aforementioned fundamental factors, in combination with growing interest from China, helps Bitcoin reverse its recent downtrend, it is likely that $12,000 will be the next major level of resistance.
Featured image from Shutterstock.
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Bitcoin Space Reacts to Bakkt’s September Launch Date Reveal

The long-awaited Bakkt platform has finally been given an official launch date. The regulated Bitcoin futures platform will go live on September 23, 2019.
Naturally, the Bitcoin and wider cryptocurrency community has greeted the news with optimism. The price of Bitcoin has responded favourably in the short time since Bakkt made the announcement too.
Wait, Weren’t There Bitcoin Bears Here Yesterday?
You probably know all about Bakkt by now. The cryptocurrency and mainstream news has reported on every little announcement made surrounding the launch of the new Bitcoin trading platform.
For those that don’t know what today’s hype is all about, the Intercontinental Exchange (the owners of the New York Stock Exchange) set out to create the world’s first institutional grade trading venue with regulated price discovery. Last year, when first announced, the plans attracted attention because of the company behind the venture, as well as high profile interest from the likes of Microsoft and Starbucks.
Since then, the platform has been teased in drips and drabs creating more excitement for what many see as the real institutionalisation of Bitcoin. Regulatory concerns delaying work on the project caused people to doubt whether it would ever even launch.
However, according to a post from Bakkt itself earlier today, the launch date is now set for September and it has received all the necessary approvals from relevant regulators. It will launch not only a physically-delivered daily and monthly Bitcoin futures contracts, an institutional grade custody solution, and regulated price discovery for the digital asset.
Naturally, Bitcoin-focused social media circles are elated by the announcement. Finding anything but bullish optimism amongst the many comments relating to Bakkt is nigh on impossible.
From early responses to the news, there seems to be a widespread feeling that Bitcoin is beginning a new chapter in its story.
Explaining just why Bakkt is being received as a big deal is @Rhythmtrader. The cryptocurrency analysis Twitter account states that the physical settling of real Bitcoin makes it different from similar futures markets. This allows for “better price discovery”:

BREAKING: Bakkt with launch Sept. 23.
The hype is bakkt with substance.
Unlike other futures exchanges, this is settled in bitcoin. Hard, actual bitcoin is paid out, not fiat equivalent to the price of bitcoin.
The result is better price discovery and liquidity for bitcoin.
— Rhythm (@Rhythmtrader) August 16, 2019

Arguing along similar lines is widely-followed trader Scott Melker. He describes the development as “the most bullish event for institutional investors in the history of bitcoin” and it as a sign of a “maturing” market:

The @Bakkt news is arguably the most bullish event for institutional investors in the history of bitcoin. PHYSICALLY delivered futures (require the holder to either produce actual bitcoin or take delivery from the exchange) backed by the New York Stock Exchange. We are maturing.
— The Wolf Of All Streets (@scottmelker) August 16, 2019

Popular cryptocurrency reporter and analyst Joseph Young describes the immediate impact the September launch announcement has had on Bitcoin prices. He claims there is now no possibility of a “short term bear trend”, adding that the price is up considerably over the past two days:

Bakkt launch announcement in September almost instantly reverses the possibility of a short term bear trend of bitcoin after dipping below $9,500 on August 15.
Bitcoin is up nearly $1,000 since then within 48 hours.
— Joseph Young (@iamjosephyoung) August 16, 2019

Drawing attention to the disparity between the approaches taken by different regulators around the world, developer and CEO of Indian crypto exchange WazirX, Nischal Shetty, commented on the fact that his nation’s regulators were still deciding whether people should be thrown in jail for their interest in innovative technology:

Amazing! Congrats @Bakkt
Great news for entire Crypto ecosystem. Great validation for Crypto Assets going mainstream
While large US companies are going full Crypto, India is still debating 10 year jail term for Crypto innovators#IndiaWantsCryptohttps://t.co/rDcIRiLrTC
— Nischal (WazirX) (@NischalShetty) August 16, 2019

Finally, since an image is worth a thousand words, Twitter user @codeyisfun posted comment on the overall industry reaction to Bakkt:

EVERYONES FEELINGS ABOUT BAKKT LAUNCHING SEPT 23rd pic.twitter.com/W4MR2x1GLw
— codey (@codeyisfun) August 16, 2019

 
Related Reading: Bitcoin Price Spikes Nearly $500 in Minutes on Bakkt News
Featured Image from Shutterstock.
 
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Scammers Move Hundreds of Bitcoin to Exchanges; Is a Dump Inbound?

Over the past couple of days, investors have grown fearful regarding the possibility of a massive Chinese Ponzi scam dumping the significant amount of Bitcoin (BTC) that they hold in wallets onto the markets, which may have contributed to the recent downwards pressure experienced by the entire crypto markets.
Now, new data suggests that a small portion of the scammer’s Bitcoin has already been moved to exchanges, which may signal that a massive influx of selling pressure is imminent.
Chinese Ponzi Scammers Wield Significant Power Over the Markets With Massive Bitcoin Holdings
Earlier this week, investors were thrown into a slight panic after Dovey Wan, a founding partner at PrimitiveCrypto, elucidated the fact that one of the largest Chinese Ponzi schemes – which has resulted in multiple arrests – has led to a handful of scammers holding a total of 70,000 Bitcoin and 800,000 Ethereum in their wallets.
“JUST IN as per sir @loomdart‘s request, this thread is abt the on-going sells off made by PLUS Token, the biggest Chinese PONZI which scammed ~70K $BTC + ~ 800K $ETH,” she explained.

JUST IN
as per sir @loomdart ‘s request, this thread is abt the on-going sells off made by PLUS Token, the biggest Chinese PONZI which scammed ~70K $BTC + ~ 800K $ETH
I mentioned it briefly in my last Coindesk oped but worth additional attention as it may cause further sells pic.twitter.com/uIjgrzwHET
— Dovey Wan (@DoveyWan) August 14, 2019

Importantly, the core members of this scam have been caught and arrested by the police, but the cryptocurrency that they stole from unsuspecting investors has not been recovered by police forces.
Importantly, a recent report from Bloomberg elucidated that, according to research from TokenAnalyst, it doesn’t appear that any of their addresses are exchange owned.
“It doesn’t look like any of these addresses are exchange owned. We’ll keep an eye on this to see if they do move the 100s of millions into exchanges at some point,” Sid Shekhar, the co-founder of TokenAnalyst, explained to Bloomberg.
Are Ponzi Scheme’s BTC Beginning to Move to Exchanges?
Despite the aforementioned data regarding the PlusToken group’s Bitcoin not having been moved to any exchanges, Dovey Wan noted in a tweet from earlier today that it now appears that 663 BTC have been moved to a Houbi Exchange wallet, while an additional 540 Bitcoin has been moved to a Bittrex Exchange wallet.
“PlusToken fund flow by @peckshield so far 540 $BTC has gone into @BittrexExchange and 663 $BTC has gone into @HuobiGlobal,” she noted while referencing the below graphic.

PlusToken fund flow by @peckshield so far 540 $BTC has gone into @BittrexExchange and 663 $BTC has gone into @HuobiGlobal
Huge shout out to the team at PeckShield doing this research for free with their engineering cycle pic.twitter.com/gK2XwTn619
— Dovey Wan (@DoveyWan) August 16, 2019

Although it remains unclear as to whether or not this Bitcoin will soon be dumped onto the markets, it is certainly a risk that investors should monitor closely, as it could lead to a significant sell-off in the future.
Featured image from Shutterstock.
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Analyst Claims Almost 3,500 Successful Hacks on Non-Crypto Companies in 2019

Popular digital currency industry analysis Twitter account @Rhythmtrader states that almost 3,500 non-crypto companies have had their security breached so far this year. Well over a billion user accounts have been impacted by hackers.
Although difficult to verify (RhythmTrader rarely cites where the figures quoted are from), some of the biggest examples have impacted hundreds of millions of users. The ease with which even massive mainstream companies have been hacked should serve as a stark warning for all those choosing to store crypto via centralised methods.
Crypto Exchanges Aren’t the Only Ones that get Hacked, You Know?
Apart from volatility, one of the main fixations of the mainstream media with regards crypto assets has traditionally been exchange security compromises. There have been many huge examples of hackers making off with millions of dollars in the past. Even the biggest names eventually have their security breached and on many occasions users have been left out of pocket or the venues themselves have had to fork out to save face.
Such attacks have brought a lot of negative attention to the Bitcoin and wider crypto asset industry over the years. However, they are not unique to digital asset exchanges. One Twitter-based cryptocurrency analyst has argued that there are have been 3,494 security compromises against non-crypto “financial institutions” this year alone.
@Rhythmtrader’s Tweet below unfortunately does not say where it has sourced its data from. We therefore cannot be sure of the exact figure of successful cyber attacks this year.

There's been 3,494 successful cyberattacks against financial institutions this year alone.
Users affected in 2019:Capital One – 100 millionFirst American – 885 millionAMCA – 12 millionFacebook – 100+ millionAscension – 24 million
Anything centralized will be hacked.
— Rhythm (@Rhythmtrader) August 16, 2019

However, the six successful attacks mentioned account for well over a billion users across the different companies that fell victim to the security breaches. This has prompted @Rhythmtrader to conclude:
“Anything centralized will be hacked.”
Such a statement applies to centralised crypto asset exchanges as much as it does to financial institutions, social network providers, or any other company storing data about users on centralised servers. It should also serve as a reminder about the importance of secure private key management for crypto users.
Many popular Bitcoin proponents stress the importance of preserving your own monetary sovereignty by learning how to correctly use cold storage techniques. This might help reduce the number of exchange hacks. If there was considerably less cryptocurrency to steal, there would be much less incentive to launch an attack in the first place.
It’s not just security concerns that should make learning about private key management a priority for newcomers to crypto assets. The most innovative and potentially world-changing aspects of Bitcoin and other public blockchains can only be realised when users control their own private keys.
If your crypto assets are stored using a service that holds your private key for you, that service must submit any transaction to the network on your behalf. You can no longer transact without their permission. For many, being forced to request permission to transact would strip Bitcoin of all its revolutionary potential, rendering it a little more than a hellishly inefficient version of one of the many existing permissioned payment networks that have existed for decades now.
 
Related Reading: Scammer Demands 300 Bitcoin From Binance in KYC Data Ransom
Featured Image from Shutterstock.
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Have No Doubt, Bitcoin & Crypto Are Now Institutional Plays

Last year, the “institutions are coming” narrative became heavily cited in the Bitcoin and crypto space. You see, back then, investors were grasping for straws, trying to find some glimmers of hope in a roaring bear market.
Related Reading: New BBC Language Lesson Focuses on Crypto, is it Good?
Unfortunately, the narrative wasn’t entirely accurate.
While Fidelity Investments did launch a cryptocurrency division, CME Bitcoin futures volumes accelerated upwards, and Bakkt unveiled its intent to launch Bitcoin futures, there was little evidence to suggest that institutions were making this industry their stamping ground.
But this is changing in 2019. There is now actual evidence that institutions are starting to make splashes in the cryptocurrency market.
Institutions Are Going Crypto
For most of its history, Bitcoin has been a retail trend. The cryptocurrency is inherently grassroots — seemingly no company or government is behind the project, it is developed by individuals across the world, and it is currently an asset for the oppressed.
But, as aforementioned, this is changing. While this does go somewhat against the ethos of the Bitcoin vision set in stone by this industry’s in-house philosophers, it is likely a necessary step for adoption and growth.

Whether institutions were going to adopt crypto or not was an open question about 12 months ago. I think it’s safe to say we now know the answer. We’re seeing $200-400M a week in new crypto deposits come in from institutional customers.
— Brian Armstrong (@brian_armstrong) August 16, 2019
According to a recent tweet from Brian Armstrong, the chief executive of Coinbase, there is no question that institutions are starting to make bonafide forays into “crypto”.
Citing data from his firm’s deposits, there is around $200 million to $400 million worth of cryptocurrencies deposited into Coinbase’s coffers each week from “institutional customers”. It isn’t clear of this means deposits to Coinbase’s exchanges, wallets, or custody vaults.
Related Reading: Bitcoin Plunges Back Down to $9,600 After Rising Above $12,000
But, considering the context, Armstrong’s statistic is likely in reference likely means deposits to exchanges and custody.
Considering that data from Bitcoin analytics company TokenAnalyst suggests that an exchange of Coinbase’s caliber receives around $30 to $60 million worth of Bitcoin inflows each day, Armstrong may be implying that most of his firm’s volumes are institutionally-sourced.

24H BTC exchange on-chain flows:#binance: $74M in | $66M out#bitstamp: $69M in | $57M out#bittrex: $4M in | $5M out#poloniex: $2M in | $5M out#bitmex: $25M in | $40M out
See more at https://t.co/6AFFM1luEP
— TokenAnalyst (@thetokenanalyst) August 16, 2019

Getting Into the Bitcoin Game
This isn’t the only sign that institutions are getting their toes wet in the Bitcoin waters.
As reported by NewsBTC previously, Bakkt, the New York Stock Exchange-backed crypto initiative, is expected to fully launch its cryptocurrency futures contracts in the coming months.
What’s interesting about this is that while the hype has somewhat faded, Fundstrat Global Advisors claims that there is “institutional anticipation” for the product.
Sam Doctor of the research firm wrote that there “appears to be a critical mass of adopters ready to come on board on Day 1 of the Bakkt launch”, noting that the firm’s sales team is starting to ramp up discussions with everyone from brokers and market makers.
Also, the recent correlations between macroeconomic and geopolitical turmoil and the value of Bitcoin, according to some analysts, is also a sign of hedge funds and other institutions entering the crypto market.
You see, despite how much credit retail investors give to themselves, they likely aren’t considering macroeconomic trends when trading cryptocurrency.
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Future Appreciation Rates of Gold and Bitcoin Could be Similar

Bitcoin has often been compared to gold for its properties as a store of value. Just like gold, BTC is not tied to any central controlling entity and serves as a hedge against state manipulation of fiat currencies. Unlike gold, however, Bitcoin is still very volatile but that could all change in the future.
Steady Appreciation for Bitcoin and Gold
BTC, or digital gold as it is often termed, has been anything but steady over the past few years. In 2018 it dumped over 80% while in 2019 so far, Bitcoin has gained over 160%. Extrapolating the all-time chart for Bitcoin’s decade long history shows a parabolic curve of its price taking into account these large market cycles.
The golden commodity price chart displays a similar but far shallower curve as its price has steadily increased since the 1970s. Crypto trader ‘dave the wave’ has overlaid the two parabolas which reveal an interesting pattern to come if the scenarios both play out and the curves continue on their current paths.

Give it a few years, and gold and BTC might be appreciating at the same rate. pic.twitter.com/KEbO5vENkE
— dave the wave (@davthewave) August 16, 2019

Both gold and Bitcoin are expected to significantly increase in value with one accelerating and the other decreasing in gains over time. After the intersection of the two parabolic lines, which occurred about 18 months ago according to that chart, the two appear to increase at similar rates.
From around 2025 to around 2040 the two assets could be appreciating at a very similar rate with a possibility of Bitcoin prices being fixed to gold. This is of course assuming that there has been enough BTC adoption and usage for its volatility to decrease, while investment into gold continues to increase over time. The representation that followed was with gold prices multiplied by 400.
“This represents a bar of gold which puts gold on an equal footing with BTC in terms of scarcity. And this ratio would also roughly hold in terms of overall market cap. Doubt that BTC will reach gold’s market cap.”
More pertinently, he added;
“I think the main driver of price is the *capitalization* of something that is perceived as scarce.”
Currently Bitcoin is outperforming nearly all traditional assets, gold included. This year alone gold has increased by 18 percent from $41,100/kg to $48,546/kg at today’s prices according to goldprice.org. Bitcoin conversely has surged 166 percent from $3,750 to $10,000 over the same period.
Both are being accumulated on the perception of scarcity and both are being held for similar motives. There is no reason that this is likely to change in the future as economic tensions escalate while the world’s superpowers keep devaluing their currencies in order to ‘out trade’ each other.
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Bitcoin May Be Primed for a Bounce Despite Recent Selloff

Bitcoin (BTC) has been facing a steep sell-off over the past few days that has sent the cryptocurrency into the $10,000 region, which has led many analysts and investors alike to fear the possibility that Bitcoin revisits the four-figure price region in the near-future.
Now, analysts are explaining that Bitcoin may soon incur a decent sized relief rally despite its consistent losses over the past few days, which may allow BTC to find some stability at a slightly higher price region.
Bitcoin Plummets Towards Lower-$10,000 Region as Selling Pressure Ramps Up 
At the time of writing, Bitcoin is trading down nearly 5% at its current price of $10,350 and is trading down significantly from its daily highs of nearly $11,000 that were set yesterday.
Importantly, this latest bout of downwards pressure marks an extension of the selling pressure that was incurred when BTC attempted to break above $12,000 on multiple occasions but faced a swift and violent rejection with each attempt.
These rejections have signaled that Bitcoin’s bulls do not currently have significant strength, despite their ability to push BTC from the lower-$3,000 region to highs of $13,800.
DonAlt, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that BTC’s next major level of support exists at $9,800, and a break below this could spell trouble for the crypto’s bulls.
“$BTC daily update: Currently at support. Bulls need to hold 10600 or at the very least 9800 on a closing basis. If those fail I expect a range breakdown into a sustained move to the downside. Starting to get interesting here,” he explained in a recent tweet.

$BTC daily update:
Currently at support.Bulls need to hold 10600 or at the very least 9800 on a closing basis.If those fail I expect a range breakdown into a sustained move to the downside.Starting to get interesting here. pic.twitter.com/HTNAOsFIi4
— DonAlt (@CryptoDonAlt) August 14, 2019

Will BTC Soon See a Relief Rally? 
Although the latest downwards pressure signals that sellers are currently in full control, it also means that the crypto is likely to soon experience a relief rally that could be the result of a short squeeze.
In order for this possibility to be confirmed however, Bitcoin may have to rise towards $10,800 in the near-term.
“$BTC – Currently testing HTF Support. Good place for a bounce. The reaction at $10.8k – $11k on LTF will be important for my arguments. I believe this is a bear trap and late shorts are going to get squeezed as they often have. A Daily Close above 10.8k would be ideal,” UB, another popular cryptocurrency analyst on Twitter, explained in a recent tweet.

$BTC – Currently testing HTF Support. Good place for a bounce.
The reaction at $10.8k – $11k on LTF will be important for my arguments.
I believe this is a bear trap and late shorts are going to get squeezed as they often have.
A Daily Close above 10.8k would be ideal.#BTC pic.twitter.com/mP0TiPnoTK
— UB (@CryptoUB) August 14, 2019

As the day wraps up it is highly likely that analysts will garner greater insight into which direction BTC is heading next based on how it responds to its current position within the low-$10,000 region.
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Investment Analyst: “Bitcoin has Become the Standard of All Crypto” and a “Convenient Safe-Haven”

According to the co-founder of DataTrek Research, current global instability is making Bitcoin a popular choice of safe-haven asset. Nicolas Colas believes that the leading crypto asset’s price swings can be used as an indicator for other markets and global events.
He also argues that Bitcoin’s relative immaturity compared with traditional asset classes will mean that the volatility that has become synonymous with crypto assets looks set to continue.
Cole: Bitcoin’s Rising Dominance  Makes it the “Standard of All Crypto”
Appearing in a CNBC interview earlier today, the co-founder of financial research and analysis firm DataTrek Research states that Bitcoin is serving as a convenient vehicle for capital flight out of turbulent economies.
Nicolas Cole argues that the current global economic picture is starting to resemble that of 2008-09 when Bitcoin was created. It was born in “turmoil”, he reasons.
The researcher goes on to comment on the global nature of the crypto asset and that its convenience may make it a more attractive safe-haven than other options.
Turning his attention to rising Bitcoin dominance versus the rest of the crypto market, Cole states:
“Over the last year or year-and-a-half Bitcoin has become the standard of all crypto.”
The leading digital asset has steadily been climbing in relation to other cryptocurrencies since it reached a market dominance low in 2018. From just one-third of the total market at the start of last year, Bitcoin now represents 67 percent of the all crypto coins’ market capitalisation combined.
Bitcoin dominance has been steadily climbing in recent years.
Cole speculates as to why this might be the case:
“A lot of scammy coins have died and Bitcoin has been left standing.”
In response to a question about whether Bitcoin and other crypto assets could be used as an indicator for shifts in other markets, the research specialist replied:
“We are definitely seeing that and it really perked up around the Hong Kong protests and some of the currency flights that happened out of Hong Kong and the mainland.”
Cole claims that Bitcoin was one of the few assets that “predicted that ahead of time”:
“Nothing else was really moving but Bitcoin was.”
He also states that similar crashes to that which shocks many newcomers to the industry in early 2018 definitely will happen again and that there is no way to avoid them. The relative immaturity of the market versus other asset classes makes it unreasonable to expect the price to behave in any other way at this point:
“It’s important to understand in all cryptocurrencies… they are always going to be very volatile. It’s still a very young technology, a very young safe-haven. It’s not going to be as stable as gold or bonds.”
 
Related Reading: Safe Haven? Bitcoin Price Falls Below $11,000 Alongside Gold Bull Rejection
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Will Investors Flee to Bitcoin as Recession Looms?

The global economy has been facing increasing downwards pressure as of late that has sparked significant fear amongst traditional investors, and now one historically accurate indicator is flashing warning signs of an imminent recession, which could prove to be a positive thing for Bitcoin (BTC).
Importantly, analysts are also noting that the sheer amount of global bonds that are currently trading at a negative interest rate is also reason enough for investors to ditch the traditional economic system in favor for Bitcoin and decentralized options.
Global Economy Faces Downwards Pressure, But So Does Bitcoin 
Throughout the course of 2019, the equities markets have been facing significant pressure due to political turmoil in the U.K. surrounding Brexit and trade tensions between the U.S. and China due to the ongoing trade war.
In the meanwhile, Bitcoin has seen a meteoric rise throughout the first half of 2019, rising sharply from the lower-$3,000 region to highs of $13,800.
Despite this, Bitcoin’s rally fizzled out in late-June and the cryptocurrency has been facing increased selling pressure in the time since, which has led many analysts and investors to grow increasingly bearish on BTC in the near-term.
Although Bitcoin’s bearish price action as of late has certainly thrown a wet towel over the narrative regarding BTC being inversely correlated with the traditional markets, its status as a “digital safe haven” may soon be tested, as one indicator signals that the US may be nearing a recession.
“Uh oh. The spread on the 2 year / 10 year US bonds just inverted for the first time since 2007. Really hope we aren’t headed towards a recession, but every day that is looking more likely,” Pomp, a popular cryptocurrency analyst, explained in a recent tweet.

Uh oh.
The spread on the 2 year / 10 year US bonds just inverted for the first time since 2007.
Really hope we aren’t headed towards a recession, but every day that is looking more likely…
— Pomp (@APompliano) August 14, 2019

Will Widespread Negative Bond Rates Lead Investors Towards BTC?
Although it does remain unclear as to whether or not investors would treat Bitcoin like Gold during any significant economic turbulence, some analysts are noting that the sheer amount of bonds offering negative interest rates is reason enough for investors to convert to a decentralized option like Bitcoin.
Gabor Gurbacs, the director and digital asset strategist at VanEck, explained in a recent tweet that 27% of the bonds in the world offer investors a negative interest rate, which may elucidate the fact that a paradigm shift towards Bitcoin is needed.
“According to Deutsche Bank, 27% of bonds in the world trade at a negative interest rate with a total market value of ~$15 trillion or 75x #bitcoin’s market cap. It’s time for Plan ₿!”

According to Deutsche Bank, 27% of bonds in the world trade at a negative interest rate with a total market value of ~$15 trillion or 75x #bitcoin’s market cap. It’s time for Plan ₿! pic.twitter.com/KrZbR4ocxl
— Gabor Gurbacs (@gaborgurbacs) August 14, 2019

As the situation regarding the global economy continues to unfold and as investors watch to see how Bitcoin’s price reacts to the prospect of a global recession, it is possible that investors will gain insight into whether or not BTC will see widespread adoption as a safe haven asset.
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Massive UK Newspaper Heralds Bitcoin and the “Golden Age of Cryptocurrency”

The United Kingdom’s widely circulated Metro news publication has published a surprisingly bullish article explaining Bitcoin for its millions of readers. The article is scant in its detail but does feature a full Bitcoin explanation video.
The overall tone of the clip is incredibly optimistic for Bitcoin’s long term. Rather than caution against its use, it seems to encourage it, explaining in the simplest possible terms and providing information on how to buy the crypto asset.
Metro Newspaper Shows Bitcoin’s Qualities to Millions
We love seeing the mainstream media approach Bitcoin with an open mind. Earlier this year, much of the industry celebrated as it made a convert of CNBC anchor Joe “Squawk”Kernan. Elsewhere, other non-crypto publications have been providing a much more balanced view of the industry as it continues to mature.
Nothing thus far in mainstream media appears to have championed Bitcoin quite as heavily to the general public as UK newspaper the Metro. Circulated on almost every bus and train in the nation, the paper is a favourite of many since it offers a simplistic take on events with less political bias than other widely read publications.
Today, the online version of the publication featured a story introducing Bitcoin to its readership. The article is loosely based on the Hong Kong riots – there are two sentences that can be surmised as: “Hong Kong is rioting” and “people are buying Bitcoin there as a means of capital flight.”
The Hong Kong subject of the article appears to have been used as a flimsy excuse to put out some “bullish-on-Bitcoin” content the paper has been sitting on. The article goes on to briefly explain what Bitcoin is.
It is basic in its detail but one of the most notable things about it is that there is no mention whatsoever of Bitcoin being used as a means for drug dealing on the Dark Web, or as a tool to enable international money laundering. This is a complete anomaly for a mainstream media article attempting to explain what Bitcoin is.
The pro-Bitcoin coverage continues during a four minute explanation video. It begins with an incredibly brief history of money, stating that an early system of barter was replaced by one of “gold, government, and greed.” The next sentence, however, really sets the tone of the rest of the piece:
“Now a new way of exchange is breaking out as we enter the golden age of cryptocurrency.”
The video primarily focuses on Bitcoin, on the grounds that it was the first and “the one making all the headlines.” Viewers are introduced early to one of the main arguments against fiat currency forwarded by Bitcoin proponents:
“The currency we use today, like sterling, euro, dollar isn’t worth anything in itself but it is representative of a gold or Federal Reserve.”
Unfortunately, the presenter didn’t cut off that sentence before the word “but” or at least provide explanation of how fractional reserve banking works and the fact that there is no gold. However, we do applaud the effort to highlight that fiat currency isn’t backed by anything other than faith.
Elsewhere in the video, there is mention of Bitcoin’s decentralised nature versus central banking, a brief introduction to mining the cryptocurrency, and how to buy Bitcoins. This process is described as being “just like you buy anything on the internet.”
Although the dark web is mentioned during the four minutes, it is only in passing and it is strongly implied that this was just a brief period in the Bitcoin story. There is also no mention of money laundering or other financial crimes often cited by regulators and lawmakers as a concern about the technology.
The piece concludes by hammering home its overarching message of optimism for Bitcoin’s future. Its presenter states:
“We are on the cusp of an era where people actually come around to the idea of using Bitcoins instead of the money we ordinarily use… If you think about it what’s the difference between the money you don’t see in your bank and the Bitcoins you don’t see in your Bitcoin wallet.”
To this final point, we offer polite rebuttal. There are vast differences between the money in your bank and Bitcoin. However, we love the attempt to relate the innovation to something the masses already rightfully or wrongfully trust.
 
Related Reading: Bitcoin Craters to $10,500, Sentiment Hits December Lows: Can BTC Bounce?
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