Ethereum’s Volatility Is at Multi-Year Lows; Is a Massive Movement Imminent?

Ethereum and the aggregated crypto markets have been caught in a firm downtrend since early-November, and dwindling trading volume has resulted in ETH and other cryptocurrencies facing an ongoing period of sideways trading that has been frustrating for investors and traders alike.
This lack of volatility has especially impacted Ethereum, which is currently witnessing the lowest 60-day volatility levels seen since 2016, which may signal that a massive movement is imminent.
Ethereum Enters Tight Trading Range as Volume Dives
At the time of writing, Ethereum is trading down just under 1% at its current price of $144.55, which marks a slight decline from its daily highs of just over $146.
Over the past week, ETH has been ranging within the mid-$140 region, finding strong support at roughly $140 and strong resistance at $150.
This trading range has been growing tighter in recent times, as ETH has been stuck between roughly $142 and $145 for the past few days, and it is currently showing few signs of any major trend shift being imminent in the near-term.
This bout of sideways trading has come about concurrently with a major drop in Ethereum’s 60-day aggregated volatility, which is currently sitting at multi-year lows.
CoinMetrics, a blockchain research firm, spoke about this in a recent tweet, noting that this could mean that a big price movement is imminent.
“With $ETH’s 60d volatility falling to levels not experienced since 2016 are we finally due for some price action? Or just more of the same,” they noted while pointing to the chart seen below.

With $ETH's 60d volatility falling to levels not experienced since 2016 are we finally due for some price action? Or just more of the same… pic.twitter.com/QiViLIDnO6
— CoinMetrics.io (@coinmetrics) December 13, 2019

It is highly probable that any near-term ETH movement will still remain somewhat dependent on Bitcoin, as BTC has been a strong guiding force over major altcoins in recent times.
Will Fundamental Strength Help Push ETH Higher?
Although it remains unclear as to whether or not Ethereum’s low volatility will result in a massive movement, growing fundamental strength could ultimately help propel the cryptocurrency higher.
Joseph Lubin, Ethereum’s co-founder and the founder of ConsenSys, spoke about Ethereum’s strength in a recent tweet, pointing to the massive amount of ETH currently locked DeFi initiatives as one reason why the blockchain is fundamentally strong.
“Over 20M total #Ethereum accounts were created in 2019. Over $650M USD is currently locked in #DeFi. Over 4.5M $ETH was issued this year from block rewards. The @ethereum machine just keeps chugging!” He explained.

Over 20M total #Ethereum accounts were created in 2019.
Over $650M USD is currently locked in #DeFi.
Over 4.5M $ETH was issued this year from block rewards.
The @ethereum machine just keeps chugging! https://t.co/nmu7guIcHS
— Joseph Lubin (@ethereumJoseph) December 13, 2019

While considering Ethereum’s low volatility and bullish fundamentals, it does appear that a bullish trend could be right around the corner.
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Boris, Brexit, and Bitcoin: How the UK’s General Election Might Impact Crypto

In yesterday’s UK General Election, the British people voted for the Conservative Party to take office for another term. The pound responded with a sudden rise in value reminiscent of a Bitcoin move.
However, with the now majority Conservative party campaigning to just “get Brexit done”, the future value of both the pound and euro is anything but certain. Economic uncertainty has long been linked with rising Bitcoin interest, and there is no shortage of that in the UK at the moment.
Does Bitcoin Become More Alluring in Times of Uncertainty?
Last night’s general election in the UK represented a serious upset to political norms of the nation. Several consistently held left wing strong holds fell to the rightist Conservative Party. The result, announced this morning, will see the first majority Conservative government take power since 1992.
The Conservative’s traditional opposition in the essentially two party British system is Labour. Led by Jeremy Corbyn, a very much love him or hate him, old school socialist type, business interests would have certainly been threatened if the UK’s largest left wing party got past the post first. The markets breathed a sigh of relief  as the party of business came out a clear winner in the early hours of this morning.

Pound shoots up like a Bitcoin pump. Up 2.3%. pic.twitter.com/ia3kOh138l
— West 93 (@ViewFromBlock93) December 12, 2019

Despite the sudden gain in the pound’s value, Brexit still looms and the nature of the UK’s now-as-good-as-certain departure from the European Union is anything but clear. Boris Johnson, the previous and continuing Prime Minister, campaigned and won alongside a ruthless media machine with the simple message to “get Brexit done”.
It seems likely that any exit from the European Union will see both the euro and pound devalued, at least in the short term. A particularly abrupt exit without any form of trade deal could leave the pound in a bad way for the foreseeable future. In times of such uncertainty, store of value assets become attractive.
Although Bitcoin has hardly proved itself a store of value yet, the leading digital currency does possess all the qualities of something typically highly valued – it’s finite in issuance and it’s incredibly difficult to create more of. For these reasons, Bitcoin has often been compared to gold. The only thing the digital currency lacks is the historical precedence of gold, which is something it’s working on.
It would be naive to assume that Brexit alone will encourage UK citizens to go out and buy Bitcoin in their droves. However, events like Brexit are clear symptoms of an increasingly fractured world. In a time of widespread distrust, it seems only a matter of time before a system that removes the need to trust a fallible human gains significantly in popularity. Many early Bitcoiners talk about the Greek or Cypriot banking crisis as fuelling their own interest in the digital asset. It, therefore, doesn’t seem like much of a leap to think that the threat of losing savings thanks to a badly handled Brexit will encourage more folks to explore alternatives too.
 
Related Reading: Faced with EU AML Regulations, Bitcoin Social Tipping Platform Terminates Service
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Bitcoin is Entering a Critical Junction; Here’s What Analysts are Saying

Analysts widely anticipated Bitcoin to begin incurring heightened volatility following its recent movement up to $7,500 that was instantly followed by a full retrace. Despite these expectations, BTC has remained stuck within the $7,200 region as it struggles to garner any momentum.
Analysts are now noting that the cryptocurrency may currently be at a critical junction that will determine the direction it trends in the coming weeks and months, which comes as BTC finds itself caught within a tight trading channel.
Bitcoin Caught in Ascending Channel as Analysts Look Towards Next Big Movement
At the time of writing, Bitcoin is trading up just under 1% at its current price of $7,275, which marks an extension of the bout of sideways trading that it has been experiencing over the past week.
Earlier this week, BTC incurred a swift and decisive surge that sent its price all the way up to $7,500 on major trading platforms like BitMEX, although its inability to maintain this momentum led it to fully retrace all of these gains.
The candle wick that resulted from this movement signals that mid-$7,000 region is a strong resistance level for the cryptocurrency and led many analysts to expect further short-term losses for the cryptocurrency.
In spite of this, BTC has been able to hold steady within a tight trading channel, which may continue to hold strong in the near-term.
Scott Melker, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, noting that BTC is “channel surfing” while pointing to the chart below.

$BTC
Channel Surfing. pic.twitter.com/GuMoti07jW
— The Wolf Of All Streets (@scottmelker) December 13, 2019

Analyst: BTC Could Be Nearing a Critical Junction 
As for where this channel could lead Bitcoin’s price, one analyst is noting the where BTC closes in the coming hours could offer significant insight into where it heads next, as it is currently at a “critical juncture.”
“$BTC: Critical juncture here, plays to be made depending on the outcome of the next 1H close. Close above and I’ll look for longs, below and I think we move south. At the moment it is looking like a rejection… let’s see,” HornHairs, a popular cryptocurrency analyst on Twitter, explained.

$BTC
Critical juncture here, plays to be made depending on the outcome of the next 1H close.
Close above and I'll look for longs, below and I think we move south. At the moment it is looking like a rejection… let's see. pic.twitter.com/Qx3QKW5IvR
— HornHairs (@CryptoHornHairs) December 13, 2019

The coming weekend trading period may elucidate whether Bitcoin will be able to gain some upwards momentum and end the year on a high note, or if the ongoing downtrend will extend into the new year.
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Faced with EU AML Regulations, Bitcoin Social Tipping Platform Terminates Service

A popular service for tipping social network users has announced that it will cease functioning on New Year’s Eve. BottlePay links social accounts with Bitcoin wallets to allow users to reward each other for agreeable content.
The news comes in response to EU anti-money laundering regulations. BottlePay has confirmed that users will still be able to withdraw funds up until the end of the year.
Regulations Force Bitcoin Tipping Tool to Call it Quits
According to a press release published earlier today by BottlePay, the social Bitcoin tipping service, will cease to exist at the end of the year. The company cited incoming EU money laundering regulations as the reasoning behind the sudden termination.

To maintain our integrity as service providers, and to protect the interests of our users, we have taken the painful decision to shut Bottle Pay down rather than become subject to the new #5AMLD regulations. Please withdraw funds within the next 2 weeks.https://t.co/dZltbf7vjn
— Bottle Pay (@bottlepay) December 13, 2019

The custodial wallet provider is based in the UK and since the nation is in Europe, for now at least, it would need to comply with new anti-money laundering regulations coming in on January 10, 2020. BottlePay claims that the measures would require it to demand too much information from its users to continue offering a service comparable to that it currently does. Rather than transform it into something barely recognisable, the team has decided to call it quits.
Those behind the service write:
“The amount and type of extra personal information we would be required to collect from our users would alter the current user experience so radically, and so negatively, that we are not willing to force this onto our community.”
BottlePay says it has already terminated all its tipping bots on Twitter, Reddit, Telegram, and Discord. It is also not accepting new signups or deposits as of the time of the announcement. Any funds that have already been sent but not claimed will be returned to the sender within a week.
For those already using the service, withdrawals will remain online until 13:00 GMT on December 31. BottlePay will donate any funds still in wallets after this time to The Human Rights Foundation.
The company assures its existing users that any Bitcoin held in wallets is perfectly safe. It encourages its users to take down any payment page links from social profiles, to withdraw funds, and to uninstall the browser extension.
This is not the first time the evolving regulatory landscape has left cryptocurrency companies in a difficult position. When faced with a similar predicament, the once-anonymity-focused exchange platform ShapeShift alienated many of its users by introducing “know your customer” checks and identification verification.
Evidently, BottlePay is keen to not disappoint its users in such a way. It writes:
“… we feel confident we can close Bottle Pay with our heads held high, knowing that we always acted with the well being of our users foremost in our minds.”
 
Related Reading: Stablecoins Could Be Crypto’s True Killer App
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VeChain Buyback Crypto Wallet Hacked of 1.1 Billion VET

Cybercrime is rife across the crypto industry, ranging from SIM-card swap hacks, phishing attempts, password cracking, and even cryptocurrency mining malware. Today, the altcoin project known as VeChain experienced that first hand.
The project’s buyback wallet containing a substantial amount of VET tokens was hacked, and the VeChain Foundation is now hard at work doing their best possible damage control and trying to lock down the stolen assets.
VET Buyback Wallet Compromised, 1.1 Billion Tokens Stolen
According to the VeChain Foundation, via both Twitter and a detailed Medium post further explaining the incident in full, on December 13 at 8:27PM, the foundation’s buyback wallet was “compromised” with hackers making off with “approximately 1.1 billion VET tokens.”
Related Reading | Bolster Your Personal Opsec With This Crypto Investor Checklist
The hacker transferred the 1.1 billion stolen VET tokens, valued at roughly $6.4 million at current VET prices, to the blockchain address 0xD802A148f38aBa4759879c33E8d04deb00cFB92b. The VeChain Foundation has tagged the address, so that any addresses the hacker attempts to move the funds to can also be traced, in hopes of preventing the hacker from ever cashing out the stolen crypto.
VeChain Foundation Vows To Get To The Bottom Of Hack
The VeChain Foundation has taken a number of steps to prevent further issues from arising from the hack, including immediately coming forward to the community with details as soon as possible after the hack occurred.
In addition, they’re reaching out to all crypto exchanges across the market, asking them to “monitor, blacklist, and freeze any funds coming from the hacker address.” They’ve also launched a full-scale “investigation” into the address to determine “motive, method, and data flow” behind the “malicious act.”
VeChain Foundation has also enlisted a team of blockchain and cybersecurity experts to assist with the research, and are conducting a security check of all other wallets related to the foundation to ensure no other wallets have been compromised. Lastly, the incident was reported to local law enforcement in Singapore, who will also investigate the crime further.
The team plans to issue another update once more information is available and is doing its best to be transparent with holders of VeChain tokens.
VeChain had been climbing in recent weeks on the heels of a mention in a Chinese newspaper but has since collapsed following the hack. VeChain has fallen over 6% in the last hour since the news broke across the internet and crypto Twitter and is down 15% over the last week as the asset’s rally began to cool off.
Related Reading | VeChain Price Surges 120% After Chinese Newspaper Mentions the Crypto
Hackers flock to cryptocurrencies, according to one Google security expert, who says that they can’t resist the layer of psuedo-anonymity they provide and the fact they exist digitally, making it easier for them to access as a result.
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Tezos Taps Crypto Top Ten as Fundamentals Improve

It has been another largely fruitless day for the majority of crypto assets but one is powering ahead regardless. Tezos has just made it into the top ten as the fundamentals for this altcoin keep improving.
All Change in Crypto Top Ten
Tezos is on fire again today with another surge of 18% as it powers into the top ten. From an intraday low of around $1.55 XTZ cranked higher to top out at $1.83 a couple of hours ago before a slight pullback.
Daily volume has pumped from $70 million to $117 million according to Coinmarkercap and again Binance and OKEx are taking the lion’s share of the trading. The move has enabled Tezos to flip Stellar for a top ten position as its market cap reached $1.2 billion.

Stellar has slid out of the top ten as it falls back again today. XLM has been dumping all year and has dropped 54% since the first of January.
Tezos conversely has been one of 2019’s top performing crypto assets with a surge of 280% over the same period. Over the past week alone the crypto asset has surged a whopping 40% while most of those around it have been dumping.
Analyst ‘CryptoFibonacci’ has been eyeing a retrace after such a sterling run.
“Price is outside of the upper Bollinger Band and it is hitting a confluence of resistance. Watching the retrace.”

$XTZ Daily Chart.
Loved it when I did my Livestream a week or so ago, loved it a few days ago. Not so much in love with it now.
Price is outside of the upper Bollinger Band and it is hitting a confluence of resistance. Watching the retrace.#XTZ pic.twitter.com/yzhBk2F7md
— CryptoFibonacci (@CryptoFib) December 13, 2019

Tezos Fundamentals
Another exchange has just joined those offering Tezos staking. Kraken announced that there would be opportunities to earn 6% by staking XTZ on the exchange.

Earn a 6% return staking XTZ, available on Kraken Friday, Dec 13! Details here:https://t.co/UTaEfd9NIk
— Kraken Exchange (@krakenfx) December 11, 2019

Staking opportunities are already available on the world’s two leading crypto exchanges, Coinbase and Binance. Last week Binance announced that it would support zero fee Tezos staking and Coinbase is pushing education on XTZ by giving a little away to those that watch videos on it.
The Bitwise10 large cap crypto index fund has also dumped its XLM holdings in favor of XTZ according to industry insider and Three Arrows Capital CEO Su Zhu.

The Bitwise10 has now sold XLM to buy XTZ.
Quant traders, have you ever studied whether there's momentum (autocorrelation) or reversion when coins enter round cardinalities (top100, top50, top10, top5)? Say price move v BTC 3mo after. Would be interested to see. https://t.co/9V1zj3nu9p
— Su Zhu (@zhusu) December 13, 2019

Earlier this month the fund replaced Dash with Tezos also and others such as the Crypto20 fund are likely to follow suit as the token continues to outperform its brethren.
Proof of stake tokens are likely to grow in popularity as investors will simply hold on to them for staking purposes. Tezos has a delegated staking system whereby holders do not need to have the full amount to become a ‘baker’ and can join staking pools to get their rewards.
Other performers today include Cosmos, VeChain and Qtum.
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This Cryptocurrency is Causing Controversy as Community Calls it a Scam

Cryptocurrency traders and investors are constantly looking out for the next big thing. One thing learned from the 2017 pump is that FOMO can spread like wildfire and a crypto asset can surge for practically no reason. HEX is getting a lot of attention at the moment but all may not be what it seems.
Cryptocurrency Community Vexed by HEX
The project describes itself as a blockchain certificate of deposit (CD), similar to a fixed deposit interest paying service traditionally offered by banks. Outspoken project founder Richard Heart has been extremely vocal lately the platform has generated quite a bit of criticism and controversy.
It has been described as a colossal pyramid scheme with questionable ethics. Essentially token holders will be able to re-stake them for potentially huge returns in terms of interest depending how much of the total supply is staked.
Heart has vehemently defended his baby by attacking the banks and bitcoin alike. HEX went live last week but the majority of transactions on its contract have no monetary value, presumably because the snapshot gave the initial cryptocurrency away for nothing.
Just like a pyramid scheme, HEX has an elaborate referral system which is likely to enrich those at the top, namely the founder. It claims that this will continue for 50 weeks after which all of the tokens ever created will be distributed.
To get HEX, participants can buy it sending Ethereum to a so called the ‘Adoption Amplifier’, which functions as a recurring daily auction. They are effectively trading ETH for HEX though, no matter how it has been worded.
There is another way of getting them and it involves revealing how much bitcoin a participant holds by storing it in a wallet address to receive 10,000 HEX tokens per BTC held.
At the moment there is no price data on the tokens which have only just started circulating.
Enriching The Owner?
Lawyer Stephen Palley has questioned the use of the certificate of deposit to describe the scheme noting that it does not return the ETH investments.

Here's the thing. A CD (which is what Heart says Hex is) is a certificate of DEPOSIT. You get the money back, after interest is paid. This guy is calling something a CD that doesn't give you your ether back. It is a CD only in the sense that it is deposited elsewhere. https://t.co/ai6VLMltGf
— Palley (@stephendpalley) December 10, 2019

In an article on The Block, Palley elaborated with this analogy;
“Imagine a bank CD where you get sand in exchange for dollars, and you can use the sand to get extra sand but you never get your dollars back?”
Fellow attorney David Silver pledged his support to the interviewer Peter McCormack and his questions on the disappearing Ethereum.
A recent medium has also delved into the project revealing more details on how wealthy Richard Heart will become if this token launch is a success. When ETH is sent to purchase HEX it actually goes to something called the ‘origin address’.
In tiny print on the contract document, and hard-coded into the protocol, is a clause which gives the origin address, owned by Heart, a ‘copy’ of all bonus payouts meaning that it will eventually own almost half of the entire supply of HEX.
The report continues to claim that Heart will likely make over $100 million in ETH and control 45% of all HEX after the first year. There are also a number of penalties for not staking or prematurely ending the contract, with 50% of those penalty fees also going into this ‘origin address’.
The bonus and referral schemes seem to have been articulated to obfuscate the premise that the entire platform has been cunningly designed to make one man very wealthy indeed.
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Chainlink (LINK), Tezos (XTZ) Surviving The Crypto Crush, But Why?

It has been another day of declines on crypto markets with total capitalization slipping below $200 billion again. There are very few survivors that are escaping the bears but Chainlink is among them.
Crypto Cap Crushed Again
The selloff that began on Monday has accelerated by mid-week as total market capitalization dumps another $4 billion. Since the weekly high of $206 billion markets have slumped $10 billion as a sea of red envelops the top digital assets today.
Bitcoin has led the declines with a slide of 2.7% to bottom out at $7,150 during late trading yesterday according to Tradingview.com. Things have picked up a little since then but overall the scene is increasingly bearish.
There are very few survivors at the moment but one green beacon of bullishness is blinking on Chainlink at the moment. The token has soared almost 14% over the past day or so.
LINK Lifting Off
LINK has lifted off from a low of just over $2 to top out at $2.30 an hour or so ago making it one of the day’s top performing altcoins. Market cap has surpassed $800 million and volume has soared to $227 million.
Chainlink has now reached sixteenth spot in the crypto market cap charts and has eyes on LEO for the next flippening. The decentralized oracle network token is one of 2019’s top performing digital assets with an epic pump of almost 700% since the beginning of January.
Momentum appears to be driven by an exchange listing which is a surprise since such announcements have had very little impact elsewhere over the past year or so. In a recent medium post Bittrex announced that it would soon be listing Chainlink.

Coming Soon to #Bittrex: Chainlink ($LINK): https://t.co/iucFoFIVnI
— BittrexUS (@BittrexUS) December 10, 2019

Bittrex is not one of the top exchanges but it does have a US platform which is good news for LINK holders today.
Other Movers Today
LINK is not the only token on the move at the moment but it is making the best gains in the top fifty according to Coinmarketcap figures.
Other altcoins staying afloat in the sea of red today include Tezos which has notched up a solid 10% to reach $1.55. The move has been driven by hard wallet maker Ledger which has recently adding support for XTZ and Tezos staking on the latest version of its Ledger Live application.
Gold backed DigixDAO is also on a run at the moment with an impressive 12% run to top out just under $20. Bullish gold markets this year may have been behind the DGD momentum.
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Industry Reacts to Mark Cuban’s ‘No Chance’ for Bitcoin Comments

American businessman and investor Mark Cuban believes that Bitcoin has “no chance” of becoming a reliable currency. Amongst other criticisms, the billionaire believes the digital asset is too difficult to use for the average person.
Naturally, Bitcoin’s staunchest proponents disagree. Some have said that Cuban sounds like a critic of the early internet. Others have offered to educate him on the subject.
Mark Cuban Ruffles Bitcoin Industry’s Feathers Again
Billionaire investor and Dallas Mavericks owner Mark Cuban revealed that he thinks there is no possible scenario that Bitcoin becomes a reliable currency. In a interview, published today in Forbes, Cuban said:
“Not because it can’t work technically, although there are challenges, it could, but rather because it’s too difficult to use, too easy to hack, way too easy to lose, too hard to understand, too hard to assess a value.”
Despite Cuban’s apparent scepticism, the billionaire is no stranger to Bitcoin. The NBA team he owns is one of the few to actually accept the cryptocurrency in some capacity. He’s also been involved in a token launch and invested in blockchain funds.
His latest comments on Bitcoin have caused a stir amongst those involved in the industry. Lots of Twitter responses to the original article accuse Cuban of talking down the asset to create better buying opportunities.
There have also been offers to debate with Cuban about the subject. New York-based Attorney Manny Alicandro (@Manny_Alicandro) joked that he would handicap himself to make the discussion fair. Meanwhile, podcaster and Morgan Creek Digital co-founder Anthony Pompliano offered to fly out to Dallas to talk to Cuban on the former’s “Off The Chain” show.

.⁦@mcuban⁩ let’s debate this. I promise to keep one hand tied behind my back…
Mark Cuban Says ‘No Chance’ For Bitcoin To Become A Reliable Currency https://t.co/U9hsTGWCwl
— Manny Alicandro (@Manny_Alicandro) December 10, 2019

Hey @mcuban I read your recent comments on Bitcoin and think you may be missing some key information.
I’ll fly to Dallas and we can record a podcast episode to discuss why Bitcoin is likely to be the next global reserve currency.
You in??https://t.co/1dSZQNn8Pd
— Pomp (@APompliano) December 10, 2019

Others still called Mark Cuban out for seeming to miss similarities between Bitcoin and the internet. Rhythm (@Rhythmtrader) highlighted the irony of Cuban forgetting that the internet started out facing similar criticisms. The Twitter analysis account posted a clip of US TV presenters having a now hilarious conversion about the world wide web. After revealing that they couldn’t start to get their heads around even the “@” symbol, one says:
“What is internet anyway?… What do you write to it, like mail?”
The presenters struggled to understand anything about the innovation or its implications. The conversation sounds ridiculous now, given how deeply intertwined the internet is with our society today. However, many of the points that people criticised the internet for in its early days – difficulty to understand and use, easy to get scammed – are the very ones Cuban uses to say why Bitcoin won’t succeed as a world payments network.

Mark Cuban on Bitcoin:
"it's too difficult to use, too easy to hack, way too easy to lose, too hard to understand, too hard to assess a value"
Surprising from someone that made a lot of their money from the rise of the internet, facing ironicly similar comments: pic.twitter.com/oDzQBfLSLn
— Rhythm (@Rhythmtrader) December 10, 2019

 
Related Reading: Industry Execs Have Been Calling For $100k Bitcoin, But What’s it Actually Based Off Of?
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Industry Execs Have Been Calling For $100k Bitcoin, But What’s it Actually Based Off Of?

$100,000 has long been a popular Bitcoin (BTC) price target amongst cryptocurrency investors and analysts, but there is much debate as to whether or not this is a realistic target for the cryptocurrency.
Although the calls for an imminent $100k Bitcoin keep pouring in, there is a limited number of events that could catalyze this type of movement, with the most imminent event being BTC’s upcoming mining rewards halving.
But the question remains, will the halving be enough to send the cryptocurrency’s price skyrocketing to fresh all-time highs?
Industry Leaders All Setting $100k Bitcoin Price Targets
2019 has proven to be a rocky year for Bitcoin and the aggregated cryptocurrency markets, with Bitcoin incurring some bullish momentum throughout the first half of 2019 before beginning a multi-month downtrend that has extended throughout the latter part of the year.
In spite of this bearishness, major figures within the cryptocurrency industry are all still setting relatively near-term price targets in the six-figure price region.
Anthony “Pomp” Pompliano, the co-founder of Morgan Creek Digital and a prominent Bitcoin bull, recently noted that he believes BTC will be trading at $100k by December of 2021.
“Bitcoin Price At $100,000 By December 2021: Anthony Pompliano – CRYPTOS | Dec 09, 21:49 GMT,” Jason Williams, the other co-founder of Morgan Creek Digital, noted in a recent tweet.

Bitcoin Price At $100,000 By December 2021: Anthony Pompliano
CRYPTOS | Dec 09, 21:49 GMT
— Jason A. Williams (@JWilliamsFstmed) December 10, 2019

What Could Make This BTC Prediction Come to Fruition? 
Naturally, Pomp is not alone in his bullish price target for the cryptocurrency, as there are other prominent industry leaders – including John McAfee – who have set near-term BTC price targets within the seven figures.
In order for any of these lofty predictions to actually come to fruition, it will likely require some sort of major catalyst – beyond just another cycle of market frenzy – to stimulate this movement.
One potentially bullish event that could spark this type of movement is Bitcoin’s upcoming mining rewards halving, which has historically been a bullish event for the cryptocurrency.
PlanB – a popular cryptocurrency analyst on Twitter – recently shared a chart based on Bitcoin’s “stock to flow” (S2F) model that shows that Bitcoin could end 2019 above $10,000 before climbing up towards $100,000 in the first part of the new year.
“Call me crazy, but it wouldn’t surprise me if BTC closes 2019 at $10k+… opportunities like this (#bitcoin below S2F model value, 6 months before the halving) are rare,” he said while pointing to the S2F model seen below.

Call me crazy, but it wouldn't surprise me if BTC closes 2019 at $10k+ .. opportunities like this (#bitcoin below S2F model value, 6 months before the halving) are rare. pic.twitter.com/ADwqixd9EF
— PlanB (@100trillionUSD) November 25, 2019

It remains unclear, however, if this bullish theory will be invalidated if Bitcoin fails to end the year above $10,000, as the cryptocurrency’s near-term price action remains firmly bearish.
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Crypto, Crypto, Crypto… CEO Says ‘Crypto’ 100K Times For Homeless Charity

The CEO of a digital currency exchange in the UK has set himself an incredibly bizarre challenge. People have been donating to Pete Wood of CoinBurp as he attempts to raise money for a homeless charity by saying the word “crypto” 100,000 times.
Wood is live streaming the challenge via YouTube with public addresses displayed for both Bitcoin and Ethereum donations. The proceeds of the fund raiser will be gifted to the Centrepoint – the UK’s leading youth homelessness charity.
UK Crypto Exchange Working with Homeless Charity to Promote Cryptocurrency Giving
According to the description on the YouTube live stream of the obscure fund raiser, the little-known UK crypto exchange CoinBurp will be working with the UK homeless charity Centrepoint over the course of December to raise money for those sleeping rough over the holiday season. The 100,000 “crypto” challenge is the first of a series of events the two organisations will hold together in the lead up to Christmas.

@pete_coinburp is now live on https://t.co/evj7N28NnG, streaming for charity. Tune in and show your support.#crypto #charity #homelessness pic.twitter.com/pfpYvC8m47
— CoinBurp (@coinburp) December 10, 2019

At the time of writing, Woods has been at the challenge for a total of five and a hour hours and is not even halfway done. At around the 5.5 hour mark, he had said “crypto” just over 46,000 times.
On the live stream, he looks increasingly fed up with his decision to say the word 100,000 times, occasionally entering a trance-like rhythm for a few hundred repetitions before staring longingly into the distance – no doubt thinking of literally any activity he could be spending his entire Tuesday doing instead of saying “crypto”. Face rubs, eye rolls, long breaths, and other telltale signs of an engulfing sense of ennui frequently punctuate his endless chant of “crypto, crypto, crypto”.
Unfortunately, Wood’s more than five hours of effort (that looks like it will end up being more than 12 by the time he has finished) hasn’t prompted any great outpouring of giving just yet. The Bitcoin address featured on the video has received just $90 via a total of eight transactions. Meanwhile, just $12.28 arrived at the Ethereum address. With the one percent boost that the UK-based exchange has promised to apply to any money given to Centrepoint, CoinBurp is looking at a massive donation themselves of just over one whole dollar at the time of writing. There is, however, still plenty of time for this to improve, as Wood is no doubt well aware.
The live stream is reportedly the first of a total of four events that will run during December. The exchange is yet to detail the others or whether they will involve the CEO partaking in any other mind numbingly pointless tasks. According to a blog post to CoinBurp’s website, the collaboration with Centrepoint is not only an effort to encourage people to donate to a worthy cause but to also raise the profile of cryptocurrency use and to encourage more charities to accept donations via digital assets.
 
Related Reading: #BitcoinTuesday: Tax Deductible Crypto Charity on International Day of Giving
Featured Image from Shutterstock.
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Matic Dump Leads To Questions Over IEO Crypto Legitimacy

The crypto community is reeling after Matic dumped 70% of its USD value in an hour. And as a Binance Launchpad project, the circumstances around the event have left many wondering whether IEOs are any different to ICOs.

Matic Crashes Back Down To Earth
Only yesterday, Matic was riding high off the back of strong price performance. This saw an astonishing 220% gain since the tail end of November.
And, when tied in with a solid use case, Ethereum off-chain scaling solution utilizing the Plasma framework, as well as timely roadmap completions, Matic is an unlikely candidate for a pump and dump.
This is especially so, considering that as a Binance IEO, it has the backing of the world’s largest exchange and all of the credibility that comes with that.
And in fairness, others have taken a more rational view of the event. For example, trader, Scott Melker claims illiquidity combined with high leverage trading was responsible for the price dump. Whereby an initial dip set off a domino of drops, as stop-losses triggered on the way down.

The dump we just saw on $MATIC is likely an example of what happens when you allow high leverage trading of illiquid assets. This can cause a cascade of liquidations and stop losses fueling an epic drop.
— The Wolf Of All Streets (@scottmelker) December 10, 2019

However, it’s still unclear what exactly happened. Research from Validity founder, Samuel JJ Gosling shows 1.5 billion Matic left the Matic Foundation’s wallet for Binance in the last 50 days. Naturally, this gives rise to accusations of the Matic team dumping tokens.

Just did some snooping around to find that the #Matic Network Foundation has transferred 1,495,322,715 $MATIC (15% of the supply, approximately $67,314,942 at ATH) in the past 50 days, of which from seems to have been sent for liquidation at #Binance. https://t.co/FLPl4HyfiO pic.twitter.com/dpYG8rMoHX
— Samuel JJ Gosling (@xGozzy) December 10, 2019

But Matic co-founder and COO, Sandeep Nailwal was quick to address these accusations by saying:
“Just woke up to this nightmare due to a distress call by someone It will be clear very shortly that we are not behind this, as some FUD accounts are trying to insinuate We will post a detailed analysis and we will come out stronger than ever from this evident manipulation.”
A Matic blog post in October 2019 mentioned that all unlocked tokens would be used for staking activities.
Are IEOs Worse Than ICOs?
Since ICOs dropped off the face of the Earth, IEOs have stepped in to take their place. And at face value, things look to be a win-win situation for all involved. Investors benefit from potential projects being screened. While projects receive technological assistance and benefit from tapping into the exchange’s existing user base.
However, given the circumstances of what happened to Matic, might IEOs be just as bad as ICOs? CEO and founder of Kick Ecosystem, Anti Danilevski certainly seems to think so.
In a recent Medium post, he calls IEOs a dangerous scam enterprise and instead points to STOs as the way to go. He wrote:
“As a matter of fact, I say IEOs are bad news now, and yet worse news in the days to come. This time everyone will be affected: not only projects and investors will suffer, but also exchanges who sold their reputation for raised fees. IEOs are a bigger and more elaborate scam than ICOs ever were, and they spell an all round disaster.”

Danilewski goes on to predict that the fallout from IEOs will be worse than the collapse of the ICO market. And will be responsible for the next crypto crisis.
“Soon, the IEO deposit periods will end, so will push demand marketing, and the prices of IEO tokens will go down the drain. And this is what will most likely trigger the next crypto crisis.”
With this in mind, all eyes are now on IEOs, in particular, those under the Binance Launchpad network.
 
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Room To Fall: Ethereum May Be Down 90% But ICO Investors Are Still Up Over 400x

The price of the second-largest cryptocurrency by market cap, Ethereum, may be down as much as 90% from its all-time high price of over $1,400, but ICO investors are still up over 400x on their initial investment.
Could this suggest that Ethereum has a lot more room to fall, despite seeing most of its 2017 bull run gains evaporate already?
Early Ethereum Investors Are Still Up Over 400x On Initial Investment
Ethereum today dominates the cryptocurrency market alongside Bitcoin and Ripple. The big three are the first investment choices for those considering exploring the world of crypto assets.
Related Reading | Ethereum Fractal Suggests Altcoins Could Soon Outperform Bitcoin 
But compared to Bitcoin, Ethereum is relatively young, born from an initial coin offering back in 2015. At the time of the altcoin project’s release, it was available to early ICO investors for just 30 cents per ETH.
At today’s prices, as one crypto analyst points out, ICO investors are still up as much as 400x on their initial investment, suggesting that although Ethereum’s price has declined significantly over the last two years, the earliest investors could continue to cash out with extreme gains, bringing the price of the number two crypto asset by market cap even lower and lower.

$ETH is down 90% since it's highs @ $1400 currently sitting at roughly $147.
Which means the ICO investors are still up by 474x#roadtodoubledigits pic.twitter.com/6dHKxT9O8G
— CryptoDude (@cryptodude999) December 10, 2019

ICO Investors Could Still Dump ETH At An Enormous Profit
Ethereum ballooned to an all-time high price of $1,400 at the height of the crypto bubble due to the ICO boom. Ethereum itself was born from an ICO, but later became the de-facto crowdfunding platform for launching new ICOs as ERC-20 tokens.
Ethereum was bought up at any price for investors to quickly trade in exchange for early access to altcoin presales, hoping to get in at the ground floor of the next Bitcoin, and dreaming of striking it rich.
But those dreams quickly turned into nightmares, as ICO investors quickly realized they had bought into a fly-by-night coin offering next to no use case or utility, and whose value had started to decline sharply once interest in the crypto industry waned.
ICO investors began to unload altcoins in droves, driving the price of nearly every altcoin across the market down. Even Ethereum, saw up to 90% of its gains eliminated in the selloff.
Related Reading | The Worst Is Yet To Come For Altcoin Market Cap
Much like those early ICO investors who bought into hyped new coins during the ICO boom of 2017, early Ethereum investors are now left with a decision: continue to hold in hopes that Ethereum’s price reaches another all-time high, or cash out now while there are still gains left to secure.
If Ethereum continues to fall, even the earliest ICO investors may begin to capitulate and take what little profit is left remaining.
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Bitcoin Price: Bear Pennant Targets $4,600, Has The Breakdown Begun?

Bitcoin price has been steadily falling, locked in a downtrend over the course of the last few months, taking the price of the cryptocurrency to roughly 50% of the year’s high of $14,000.
After the latest sustained drop, Bitcoin has been consolidating in what now appears to be a bear pennant chart pattern formation, which suggests that yet another drop is ahead, and could take the price of the leading cryptocurrency by market cap to as low as $4,600 in the days ahead.
Bitcoin Price Forms Bear Pennant At Bottom of Downtrend
Once Bitcoin’s parabolic rally cooled off this summer, the first-ever cryptocurrency began to decline in price and has fallen back into a downtrend. In late October, the tides had appeared to be changing, with the crypto asset setting a historic single-day gain of over 40%.
Related Reading | Eat My Shorts: Everything You Need To Know About The Bitcoin Bart Pattern
But that rally turned out to be little more than a bearish retest of former support turned resistance, that only further cemented Bitcoin’s decline in the days ahead.

Let's keep it simple – as a bear pennant(and a bit crazy as for a target)#NoWayItWillHappen$BTC $BTCUSD #bitcoin pic.twitter.com/NJfFnWU4hx
— CryptoHamster (@CryptoHamsterIO) December 10, 2019

After the burst of buying and FOMO on the heels of China news, the cryptocurrency resumed its downtrend, and the latest fall took the price of the asset from a local high of $10,500 to as low as $6,500 before bouncing and consolidating at current prices around $7,500.
The steep drop resulted in a flag pole for a bear pennant chart formation on Bitcoin price charts. The cryptocurrency has been trading within the structure for nearly three full weeks now, and a break of the pattern could be any day now as the price nears the apex of the triangle-like pattern.

Pennant Targets $4,600, Crypto Asset’s 2019 Rally Almost Entirely Erased
If the pattern is valid, Bitcoin price may have closed a daily candle outside of the pattern, suggesting that a breakdown is imminent. If a breakdown occurs, the bear pennant could have a measured target of as low as $4,600.
Reaching such a low would nearly erase all of Bitcoin’s gains throughout the calendar year thus far, and take the asset back to prices not seen since April of this year.

Time to tether up $BTC #Crypto pic.twitter.com/22GDYPY694
— Livercoin (@livercoin) December 10, 2019

If the pennant breaks up, shocking bears shorting with the current trend, it could push Bitcoin price back up above the $7,000 range, where it would need to reclaim a new high in the $8,000 range, before making any further attempts higher.
Related Reading | Crypto Price Action Sports Uncanny Resemblance to Bitcoin Bear Market Bottom
Pennants, like flags, form when one side of buying and selling is taken by surprise, causing extended buying or selling resulting in a long, flagpole-like candle. Once price begins to consolidate at the bottom or top of the flagpole, a flag or pennant results. Flags are rectangular shaped, and often slope toward the initial breakout, while pennants are triangular-shaped, and typically are more symmetrical in their patterns.
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Matic Crypto Pump and Dump Reminder of How Dreams Can Turn To Nightmares

Last night, the altcoin cryptocurrency known as Matic was the talk of the crypto community, as the asset had spent the week going on a circa-2017 Bitcoin-like parabolic run, only to drop over 70% in less than an hour, destroying investors who got caught up in price action.
This recent pump and dump is a hard-hitting reminder of how even the most incredible dream-like gains in the crypto world, can quickly turn into nightmares for others, just days or even minutes later.
Matic Pumps 180% in Two Weeks, Dumps 70% in One Hour
Matic kicked off 2019 strong. It was among the batch of Binance launchpad initial exchange offering tokens that were privy to extreme hype and early launch pumps. Due to how well-received the altcoin was immediately out the gate, many believed it – along with other IEO coins and a few others – would be among the top-performing assets in the next bull market.
Related Reading | Crypto Analyst: IEO Tokens Matic, Harmony One, More to Bring 1000x Returns to Holders 
But eventually, Bitcoin’s 2019 rally and the unfortunate timing of Binance shunning US investors from its flagship trading platform, it caused many altcoins like Matic to return to a slow simmer.

Crypto. The stuff of dreams and nightmares. $MATIC was up 180% in two weeks before crashing 70% in an hour. pic.twitter.com/zo9LzP80L8
— Alex Krüger (@krugermacro) December 10, 2019

That simmer boiled over this past month, and Matic went on a parabolic rally, resulting in over 180% return for investors in just two week’s time. Irrational exuberance took hold of investors who began to FOMO into the crypto asset, hoping to strike it rich and make up for gains lost during the ongoing crypto winter.
And just like Bitcoin or any asset that gets overheated too fast, a massive, violent sell-off ensued, wiping out as much as 71% of Matic gains in just a couple of hours.
The dump, according to analysts, was a “domino effect” of staggering stop loss orders in a highly volatile and illiquid asset.

No one needs to be behind the $MATIC dump.
People need a villain.
The dump was the perfect example of the domino effect of staggered stop orders.
Liquidity evaporates and this is what you get.
Stock market has flash crashes every so often.
In crypto it’s the norm.
— Cantering Clark (@CanteringClark) December 10, 2019

Crypto Traders Remind Investors Not To FOMO
As many crypto analysts have pointed out, 180% gains in two weeks is the type of dream-come-true investment that could leave someone set for life. However, a 71% drop in minutes could just as easily turn someone’s dreams into a nightmare, losing a fortune at the hands of the ferocious selloff.
Some have taken the opportunity to issue a reminder that its never wise to FOMO into an asset that’s already taken off, as it could leave late buyers burned as early investors begin to take profits, and the market begins to correct.
Related Reading | Accurate Trader Calls For $1K Bitcoin and Destruction of Crypto Industry
Whether this harms the long-term outlook for Matic remains to be seen, but at the very least, investors may be hesitant to FOMO into the asset moving forward, in fear of being sold into the moment the rally peaks.
Featured image from Shutterstock
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