Data Shows Bitcoin Price Poised for Gargantuan Move; Analysts Push BTC Bull Thesis

In June, Bitcoin (BTC) had hit its stride once again, seeing +5% days on top of +5% days.
At the time, many traders thought this sort of price action would continue. And could you blame them?
After 2018’s brutal bear market collapse, traders were thirsty to see green in their portfolios, even craving said green like a drug. So funnily enough, the strong move higher in the Bitcoin price observed from April to June was exactly what they needed.
However, this ended late that month when the cryptocurrency topped out at $14,000 and proceeded to collapse. Since then, Bitcoin has entered a drawn-out lull, with there being a clearly tightening trade range that has resulted in Bitcoin’s realized volatility falling into a range that precedes gargantuan moves.

Bitcoin realized volatility back at year lows – moved on average 1.2% over the last ten days pic.twitter.com/3tFqBsbHNB
— skew (@skew_markets) September 19, 2019

Not only is volatility decreasing but so are volumes. Skew pointed out that CME’s Bitcoin futures saw their lowest volumes in four months, implying indirection in this market.

CME this week – lowest volumes in 4 months pic.twitter.com/wgtfJqCbhC
— skew (@skew_markets) September 19, 2019

This declining volume in the CME Bitcoin futures market has been echoed over in the spot market.
According to CoinMarketCap, cryptocurrency exchanges in aggregate have processed $51 billion worth of trades over the past 24 hours, which is a far cry from the $120+ billion seen during late-June and early-July of this very year. Sure, the data site is known not to be 100% accurate, but the decline in registered crypto volume accentuates the consolidatory period that Bitcoin is in.
Related Reading: Next Bitcoin Bull Market Could Take Years, So How Long To Next Peak?
A big move is clearly coming, by simply logic of market consolidation. But in which direction will Bitcoin head next?
Bitcoin Price to Resolve Higher, Analysts Say
Analysts are currently leaning for an upward breakout due to a number of factors.
Analyst Crypto Welson noted that Bitcoin is currently testing the bottom band of a long-term channel on BTC’s logarithmic chart that stretches back at least three years. In 2016/2017’s macro bull trend, BTC bounced off the lower band of this channel on multiple occasions, never breaking under it. The cryptocurrency is likely to bounce if historical price action is of any current relevance.

#Bitcoin's logarithmic charts show that we're currently at support.
Each chance we're below 10K is a great buying opportunity for everyone looking to ride the next pump to new yearly highs this October!
October is very bullish. Lots of positive news… pic.twitter.com/PJk0q8ilKT
— Crypto Welson (@CryptoWelson) September 21, 2019

Also, Crypto Hamster has noted that per his analysis of Bitcoin’s one-day Stochastic RSI, the leading cryptocurrency is poised to enter a phase where it will likely see limited price appreciation.

$BTC, 1D, Stochastic RSI.Blue – major pump and dump.Green – temporal recovery.Pink – second dump.See the Stochastic RSI confluence.At least a temporal rise could be expected soon. And the next blue period could lead to a new high above 14k.#bitcoin $BTCUSD pic.twitter.com/ji6wUHLbWA
— CryptoHamster (@CryptoHamsterIO) September 22, 2019

Technicals aren’t the only thing implying that Bitcoin will resolve higher.
Per previous reports from NewsBTC, consumer traders themselves believe that the BTC price has a higher chance of heading higher than lower. In a poll conducted by prominent analyst Josh Rager, which surveyed some 5,000 Crypto Twitter users, a majority believe that Bitcoin’s descending triangle consolidation pattern will end with BTC entering another uptrend.
Related Reading: On-Chain Metrics May Point to Underlying Bullishness for Bitcoin
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Former Overstock CEO Patrick Byrne Just Sold All His Equity Holdings to Buy Crypto and Gold

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Former Overstock CEO Patrick Byrne Just Sold All His Equity Holdings to Buy Crypto and Gold
In recent news, Patrick Byrne, the former CEO of Overstock, has sold all his Overstock equity holdings worth about $90 million to shift his investments to different assets like precious metals and cryptocurrencies.
Former Overstock CEO Patrick Byrne Just Sold All His Equity Holdings to Buy Crypto and Gold

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Iran takes another step towards embracing cryptocurrencies after draft proposal introduces licensing

It is a well-known fact that over the last three months, the Iranian government is trying to authorize cryptocurrency mining in order to boost the financial status of the nation, while also evading U.S sanctions. The popularity of crypto-mining in Iran due to low electricity costs has been evident for a while and now, the […]
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Marcus Defends Libra Cryptocurrency in Latest Bid to Woo Central Banks

Facebook executive David Marcus defended the Libra cryptocurrency ahead of his meeting with the representatives of global bankers in Basel on Monday.
The co-creator said Libra is not going to challenge or undermine the sovereignty enjoyed by nations, adding that the cryptocurrency merely wants to become a “better payment network” and deliver meaningful financial services to people around the world.
Marcus explained that Libra wants to engage with regulators and respond to all their major and minor concerns about their cryptocurrency project. He specifically highlighted one of such issues in his tweet: that of Facebook’s ability to issue new money and, in turn, destabilize the global financial order. Stating that a pool of global currencies will back Libra one-to-one, Marcus said their cryptocurrency would remain within the scope of sovereign nations.

4/ Libra will be backed 1:1 by a basket of strong currencies. This means that for any unit of Libra to exist, there must be the equivalent value in its reserve.
— David Marcus (@davidmarcus) September 16, 2019

“We also believe strong regulatory oversight preventing the Libra Association from deviating from it’s full 1:1 backing commitment is desirable,” Marcus tweeted. We will continue to engage with central Banks, regulators, and lawmakers to ensure we address their concerns through Libra’s design and operations.”
Marcus’ comments appeared after three months of constant setbacks for Libra and its spinoff wallet project Calibra. Shortly after Facebook announced it, Libra came under the scrutiny of governments, regulators, and media. Skeptics looked at it as a corporation’s attempt to become a proxy for central banks.
Facebook’s dented image as a social media giant that invaded users’ privacy to manipulate election results in the US also raised eyebrows. To lawmakers, Libra would have harmed users similarly, by gaining insights into their private financial data. Yves Mersch, an executive board member of the European Central Bank (ECB, went ahead and called Libra “a cartel-like” cryptocurrency.
Another Libra Grilling
Marcus and other representatives of Libra are now to sit before a body of central banks’ representatives, including the Federal Reserve and the ECB. French economist and ECB official Benoît Coeuré, who will head the said meeting, warned that the bar for regulating the Facebook cryptocurrency would be “very high,” repeating “concerns” of global regulators that the cryptocurrency is out to destabilize the financial ecosystem.
The meeting would see Marcus and associates explaining the design and implementation of Libra to central banks’ officials. A hopeful Marcus believes the cryptocurrency’ charter would be cleared following constant engagements with regulators. Excerpts from his statement:
“I’m looking forward to the Libra Association taking on full leadership of the project soon after its charter has been ratified so I can focus on building Calibra.”
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Crypto Entrepreneur Pledges Match of Presidential Candidate’s Universal Basic Income Scheme

Justin Sun, the founder of the crypto asset network TRON and CEO of BitTorrent, has just announced that he intends to match a presidential candidate’s unorthodox campaign strategy. The crypto-friendly democratic candidate, Andrew Yang, has stated that he plans to use campaign funds to extend universal basic income of $1,000 per month to 10 people for the next year.
In a move clearly supportive of the candidate, Sun has pledged to give $1,000 of his own money to 100 people each month for the next year. The crypto entrepreneur has also offered a seat at his lunch date with legendary investor Warren Buffet.
Justin Sun Backs Pro-Crypto Candidate with UBI Match
Earlier today, The New York Times reported on democratic presidential candidate Andrew Yang’s announcement that he planned to award 10 people $1,000 per month for a year. The move would be a much scaled down version of the universal basic income package he plans for US citizens should they elect him president in 2020.
The legality of Yang’s “freedom dividends” have been called into question since he plans to finance them using campaign funds. However, Yang argues that the payments are not against federal law since they would not exist if it were not for the campaign.
Crypto entrepreneur Justin Sun today pledged to match Yang’s UBI experiment by extending the monthly $1,000 to another “100 ppl”. He gave scant few other details of his plans via Twitter:

Yang’s initiative to UBI $1k to 10 ppl per mth for 1 yr, I'll pledge UBI $1k to 100 ppl per mth in 2020! I'll pick 1 to attend lunch w/ me & @WarrenBuffett 2020! I'll let Yang assist me in picking the lucky 100! Join us! #YANG2020 @AndrewYang https://t.co/YQFnXwXtuf
— Justin Sun (@justinsuntron) September 13, 2019

Sun does not tell followers if they need to register interest in the competition, if it will be exclusive to US citizens, or if all entries must be a Tron holder. He also does not state if he will be paying the UBI in the crypto asset he founded, TRON.
He does, however, extend an invitation for one of the 100 recipients to join him at his lunch date with Warren Buffet. Yang will reportedly help him select who to bring along. The entrepreneur won a charity auction for the opportunity for him and a handful of others to have lunch with the legendary investor and cryptocurrency naysayer. He paid $4.6 million for the opportunity to turn Buffet around to his way of thinking. The lunch has already been postponed once due to apparent health concerns of Sun.
Already known to be joining Sun at the dinner is Jeremy Allaire, the CEO of Circle; eToro founder, Yoni Assia; Livio Weng, of Huobi; Charlie Lee, the founder of Litecoin; and a representative of exchange giant Binance. Each gave their agreement to attend the lunch prior to the now postponed date.
Presuming that those five names are still interested, that leaves two of the seven places yet to fill. With one going to the winner of the crypto entrepreneur’s UBI pledge competition, and President Trump looking increasingly like he snubbed his own invitation, it’s unclear who will fill out the table when the lunch is finally rescheduled.

Mr. President, you are misled by fake news. #Bitcoin & #Blockchain happens to be the best chance for US! I'd love to invite you to have lunch with crypto leaders along with @WarrenBuffett on July 25. I guarantee you after this lunch, nobody will know crypto more than you!
— Justin Sun (@justinsuntron) July 12, 2019

 
Related Reading: Crypto Crisis: Pro Trader Compares Altcoins To Crushing Student Debt
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Cryptocurrency Used to Fund North Korean Weapons Program, Says US Treasury

The US Treasury Department has just announced new sanctions against online criminal groups based in North Korea. The groups have reportedly conducted cryptocurrency ransomware attacks and other cyber crimes aimed at subverting international sanctions against the state.
The US Treasury believes these attacks are directly funding the North Korean missile programme. This presents those companies affected by ransomware with a tough choice – lose access to crucial data for good or fund a potentially dangerous nation’s military preparations.
North Korean Hackers Use Cryptocurrency to Fund Government Missile Programme
According to a press release published earlier today by the US Department of the Treasury, there are to be new sanctions against North Korean hackers groups believed to be funding the nation’s missile programme using various criminals means. This has included hacking of cryptocurrency exchanges and ransomware attacks.
The release names three such groups explicitly: “Lazarus Group,” “Bluenoroff,” and “Andariel”. It goes on to state that the agency believes these groups to be directly linked to the North Korean government.
From today, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has officially banned dealings of US citizens or financial institutions with the groups mentioned.
Sigal Mandelker, Treasury Under Secretary for Terrorism and Financial Intelligence, stated the following of the sanctions:
“Treasury is taking action against North Korean hacking groups that have been perpetrating cyber attacks to support illicit weapon and missile programs… We will continue to enforce existing U.S. and UN sanctions against North Korea and work with the international community to improve cybersecurity of financial networks.”
Of the groups mentioned, the Lazarus Group are perhaps most well known. Lazarus is thought to have gone after high profile institutional targets. These include government, military, and financial institutions, as well as other large companies involved with shipping, critical infrastructure, and publishing.
Lazarus is believed to have been created by the North Korean government in 2007. It was involved in the massive ransomware attack known as WannaCry 2.0. The hugely destructive attack saw hundreds of thousands of computer systems frozen in exchange for cryptocurrency ransom payments.
The other two groups are believed to be offshoots of the Lazarus Group. The release states that Bluenoroff specialises in backdoor intrusions and phishing attacks. It was first noticed in 2014. It has since attempted to steal more than $1.1 billion from various financial institutions, including cryptocurrency exchanges.
According to the release, the second splinter group, Andariel, focuses more on malicious cyber activity against other businesses and government agencies. The group has been linked with hacking poker and gambling sites, as well as ATMs to help North Korea subvert sanctions against it. It is also known to target South Korean government and military personnel to gather intelligence.
 
Related Reading: Central Bankers Ready to Boost Bitcoin Price Sky-High; Here’s Why
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Cryptocurrency Market in Uncertain Times, Claims Report

A monthly report published by exchange platform SFOX (San Francisco Open Exchange) identifies an air of uncertainty within the industry about cryptocurrency’s place in the future of finance. With both bullish and bearish news events occurring over the last month, the price still appears to be in limbo around the $10,000 mark.
Conflicting Signals Leave Cryptocurrency Market Directionless
The report, published today by SFOX, focuses on various market and sentiment indicators observed over the last month. These include volatility indices, prices, trade volume data, as well as more fundamental developments surrounding the industry.
BTC is not sure whether to break up or down.
The picture the report paints is one of uncertainty. Despite cryptocurrency becoming more attractive to institutional interests – Bakkt launch and CME Group expanding crypto products, there doesn’t seem to be any fresh money flooding into the industry yet.
Even though it identifies an uncertain market, an in-house indicator, the SFOX Multi-Factor Market Index, did flip to “mildly bullish” this month. Previously, the indicator, which looks at market sentiment, price momentum, and developments within the sector, read “neutral”.
However, SFOX points out the following about the reading, which they describe as bullish:
“… while BTC and other cryptocurrencies are seeing sustained development and investor interest, there appears to be a new sentimental wave of uncertainty as the market remains unsure of precisely how crypto will fit into the broader global financial landscape of 2020 and beyond.”
The report identifies multiple news events during the month of August that have contributed to the uncertainty in the market. These include Vitalek Buterin saying that Ethereum was full and the alternative.me Crypto Greed and Fear Index switching to “extreme fear” on August 17.
Additionally, the report shows that inconsistencies with Bitcoin price rallies in connection with Chinese currency moves versus the dollar cast doubt over the utility citizens in the nation are finding in Bitcoin as a safe-haven asset.
Potentially creating more uncertainty around cryptocurrency’s place in the future financial system are the efforts of major companies to create their own digital currencies. Despite bringing greater attention to the space, there is no telling whether true cryptos, like Bitcoin, will ever be anything but a fringe interest alongside a fully-digitised economy of these company-backed currencies. The report identifies MasterCard’s recently advertising a job with the company’s blockchain division and Allianz Insurance developing a blockchain-based payment system of its own as developments that could impact crypto’s utility going forward.
That said, other massive names, Bakkt and the CME Group are in the process of expanding options for institutional investors to allow them greater exposure to the space. The long-awaited Bakkt platform will offer physically-backed Bitcoin futures contracts. By carefully ensuring regulatory compliance, it also hopes to bring transparency to the process of Bitcoin price discovery – something it believes will bring greater legitimacy to the industry.
Finally, the report identifies a few key dates to watch out for during the rest of September. These are the proposed date for the Ethereum Classic hard fork to Atlantis on September 13, the launch of Bakkt (September 23), and September 27 since it’s the last-trade day of both BTC futures and BitMEX futures. The researchers muse that this latter event might invite greater volatility than usual since it will be the quarterly close of these products.
 
Related Reading: Bitcoin to Boom As Macroeconomic Backdrop Worsens; Here’s Why
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Can Bitcoin Bulls Fend Off a BTC Drop to $6,000? Yes, and Here’s Why

Sorry bulls, the Bitcoin price is slipping once again. Over the past day, the cryptocurrency has trended lower, falling to $10,050 as of the time of writing this. At 2.5% down on the day, BTC isn’t looking bearish per se.
Yet, with volumes decreasing and Bitcoin being caught in a descending triangle chart pattern, which analysts say implies a further price collapse, bearish traders have started to see their theories gain credence.
Related Reading: Will More Bitcoin Futures Be Big For Markets, or Are They Bad News?
Popular analyst Dave the Wave recently noted that if you were to compare Bitcoin’s current price development to early 2017, a move to “the 7k range is within striking distance”, citing a potential fractal.

If you're wanting to compare current price development to early 2017 then at least the 7K range is within striking distance…. pic.twitter.com/DtQfo6C2eR
— dave the wave (@davthewave) September 11, 2019

Jonny Moe has echoed this short-term bearish line. In the tweet below, he pointed out that Bitcoin’s recent price action has resembled the 2017 rally and the 2018 collapse, implying that history repeating may seen BTC plunge, potentially back to the $6,000 or $5,000 region.

Amended. $BTC pic.twitter.com/jS5sFpzIEh
— Jonny Moe (@JonnyMoeTrades) September 10, 2019

Yet, an eerily accurate technical indicator is purportedly showing that bulls in this market will be able to fend off a collapse to $6,000.
Bitcoin Price Ready to Bounce
Over the cryptocurrency market’s relatively short history, recurring motifs have been established. One of these motifs is BTC bouncing off its 20/21-week moving average in bull markets to confirm the uptrend.
In 2017’s historical bull run, Bitcoin flirted with that level some five times, each time closing above that key moving average, then surging to fresh all-time highs in the weeks that followed. As prominent analyst Josh Rager has remarked, BTC’s recent lull is bringing it to this key moving average (currently around ~$9,500), leaving him wondering why everyone is “so bearish”.

$BTC – Why so bearish? pic.twitter.com/Mu2IMnJcC2
— Josh Rager (@Josh_Rager) September 10, 2019

Indeed, should history repeat itself, Bitcoin will only strengthen after encountering this key support, not weaken to collapse to $6,000.
Another trader, Mr. Anderson, has echoed this. He explained that while the cryptocurrency trading under $10,200 should be a cause for concern, Bitcoin has never failed to hold the support of key daily moving averages (which act much like the 20/21-week) in its “first test exiting a bear market”.

$BTC Daily$BTC has certainly had the bearish bouncing ball look to it. Moreover, sub 10.2 prices are more susceptible to dumps
However, $BTC has some Dynamic friends that have always SPRUNG it in Macro Bull markets & have always SPRUNG on 1st test exiting the BULL
See charts pic.twitter.com/JznEO3xXbr
— Mr. Anderson (@TrueCrypto28) September 10, 2019

Bitcoin losing the support of these key moving averages would be a sign that the macro trend for the cryptocurrency markets are not as bullish as some have explained.
Related Reading: Once Bitcoin Price Closes Month Above $14,000, BTC May “Never Look Back”
Strong Backdrop for Crypto’s Growth
While there is a chance that Bitcoin manages to lose support of the historical support, and instead falls through the aforementioned lines, the fundamentals seem to imply increased demand for BTC is well on its way.
Bakkt, the de-facto cryptocurrency branch of the Intercontinental Exchange, recently unveiled its Bitcoin custody product, which comes two weeks prior to the launch of physically-backed Bitcoin futures. Analysts say that Bakkt has a “critical mass” of adopters ready to use the platform, implying that once the futures gates open, BTC may see large inflows.
Also, the world’s macro backdrop has continued to grow ever tumultuous.
Traditional recession indicators have started to flash: the U.S. Treasury curve for the two-year and 10-year bonds has inverted, which last occurred in 2007; gold has started to rally as stocks have started to top out; global PMI readings have started to fall below 50, implying a recession; among many other indicators.
Related Reading: Never Disclose Crypto Holdings: Bitcoin Millionaire Has Run in With Shotgun
What’s harrowing is that this comes as many regions of the world have devolved into chaos — the U.S.-China trade war, Hong Kong protests, hyperinflation in Venezuela, an economic collapse in Argentina, and Brexit being the best examples of this harrowing trend.
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Crypto Research Group Advocate Federal Digital Asset Regulation

Researchers at CoinCenter are in favour of a federal level regulatory framework to overlook intermediaries doing business with crypto assets in the United States. The non-profit organisation argues that the existing state-by-state regulations are a mess and that differing approaches in different jurisdictions limit the innovative potential of the industry.
CoinCenter proposes an optional federal licence issued by the Commodities Futures Trading Commission. This would allow for greater oversight to prevent against manipulation and fraud.
CoinCenter: Greater Regulatory Clarity Needed for Crypto
The CoinCenter cryptocurrency research organisation has published recommendations that it believes would make for a fair regulatory framework to govern intermediaries dealing with digital assets at the federal level. In the post, CoinCenter writes that the current state-by-state approach to regulation does not fit the cryptocurrency market:
“… the lack of uniformity amongst state licensing laws, coupled with confusing language drafted long before cryptocurrency technologies existed, presents a real barrier to innovation.”
Other nations, like Malta, for example, have been proactive in creating crypto asset-specific regulations and have benefited from an influx of digital currency startups setting up shop there. These have included the exchange giant Binance, for example.
There are fears that the US risks driving innovation overseas if it does not come up with a system that promotes the kind of regulatory clarity cryptocurrency startups crave. For this reason, CoinCenter are in favour of federal-level regulation to provide greater clarity to firms doing business in the industry. The organisation also offers its services in helping lawmakers draw up the kind of legislation that would allow the United States to become a crypto industry leader.
According to CoinCenter, such a regulatory framework should firmly define the role of regulatory agencies in relation to cryptocurrency. Under the proposals made by the researchers, the Securities and Exchange Commission (SEC), for example, would only have jurisdiction in cases involving new cryptocurrencies marketed as investment vehicles (ICOs). Meanwhile, the CFTC would be responsible for issuing optional federal licences.
CoinCenter describes the potential benefits of such a federal licencing system running alongside existing state-level regulations:
“This federal license should subject licensed entities to sensible spot market oversight for anti-manipulation, anti-fraud, consumer disclosure, and prudential (licensing, minimum-capitalization, etc.) regulations.”
Cryptocurrency was recently catapulted to the forefront of global lawmakers’ minds. The social media giant Facebook detailed its plans to launch its own digital currency called Libra in June. The company’s announcement ruffled regulators’ feathers around the world and many of their responses to the plans mentioned Bitcoin and other cryptocurrencies as well as just Facebook’s intentions.
 
Related Reading: Expert Claims Cryptocurrency Mining Requires Regulation To Stop Human Trafficking
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Crypto Tidbits: PWC Branch Accepts Bitcoin, Ethereum Istanbul Pushed, Apple Talks Cryptocurrency

Another week, another of Crypto Tidbits. At long last, the Bitcoin price saw some bullish action this week, gaining some 10% over the past seven days according to Coin360.io. While BTC is trading 4% lower from its weekly highs, analysts are starting to believe that the trend for the cryptocurrency market is finally pointing upward again, with the 35% correction seen in July and August seemingly having ended.
The fundamentals support the idea that the “bull is back on”, with there being a smattering of positive crypto and blockchain developments observed over the past week. They, along with some not so positive news events, are as follows.

Related Reading: Crypto Tidbits: Bakkt Bitcoin Custody, China’s Cryptocurrency On the Horizon, XRP In Hot Water
Bitcoin & Crypto Tidbits

Bakkt Starts to Custody Bitcoin Ahead of Futures Launch: This week, Bakkt finally launched its Bitcoin custody product, giving institutions a way to securely store their BTC via the new platform. “Today our Warehouse opens for customer bitcoin deposits and withdrawals as we prepare for the Bakkt Bitcoin Daily & Monthly Futures, launching September 23. The availability of physical delivery brings more flexibility in managing bitcoin exposure,” the platform announced in a recent tweet.
Ethereum Istanbul Testnet Integration Pushed Back: Sorry Ethereum fans, Istanbul hasn’t happened yet. The upgrade (or at least the testnet iteration), which is expected to bring the popular blockchain a number of improvements and changes, was recently pushed back by the core developer team. According to CoinDesk, Hudson Jameson, a community manager at the Ethereum Foundation, told developers in a call on Friday that Istanbul’s testnet activation date will be pushed to October 2nd from the original tentative September 4th date. According to the developers, the later date is due to an influx of Ethereum Improvement Protocols submitted for review for the upgrade.
Federal Reserve Chairman Jerome Powell Drops Comment on Crypto: In a meeting in Switzerland sponsored by the Swiss Institute of International Studies, Federal Reserve Chair Jerome Powell touched on the topic of cryptocurrency. He stated, presumably in response to moves from China to launch a digital currency of its own, that his organization is not “actively considering” its own cryptocurrency. Powell then touched on Libra, remarking that the Facebook-backed project has the ability to become “systematically important very quickly.” Powell didn’t touch on the regulation of Bitcoin.
VanEck Launches Institutional-Centric Bitcoin Product: On Tuesday, VanEck Securities Corp. and SolidX Management LLC, two pro-crypto firms that are behind a leading Bitcoin exchange-traded fund (ETF) application, revealed that they were going to be proactive, launching a workaround product. According to Bloomberg, they said that by utilizing a certain rule of a historical securities act, the duo would be able to issue shares in the VanEck SolidX Bitcoin Trust to qualified institutional investors. VanEck’s head of ETF product, Ed Lopez, is hopeful that institutional demand for Bitcoin will materialize in demand for this new “clear” product.
China Confirms ‘Deets’ About Centralized Crypto: Speaking of central banks, an official of the People’s Bank of China purportedly stated that the new centralized crypto will be supported across major e-payments platforms, including WeChat Pay and Alipay. Mu Changchun added that the tokens are effectively digital versions of the yuan.
Social Media Giant Telegram Continues Blockchain Launch: Social media giant Telegram continues to roll out its own blockchain. The firm recently released the code for running a node for the blockchain, dubbed the Telegram Open Network (TON). Developers can begin launching full nodes, validator nodes, and blockchain explorers for the product, according to a report from CoinDesk.
Samsung Launches a Crypto-Centric Iteration of Galaxy Note 10: According to a Wall Street Journal Article published Thursday, South Korean technology behemoth Samsung is launching an iteration of its flagship smartphone — the Galaxy Note 10 — centered around crypto and blockchain. Dubbed the “KlaytnPhone”, a name attributed to the device in reference to social media firm Kakao’s blockchain, the Samsung phone will purportedly only be sold in South Korea. It, the report states, is effectively identical to the stock Note 10. But, it will sport a pre-installed crypto wallet and certain blockchain applications. Also, owners of the device will purportedly be sent some of the Klay cryptocurrency (too bad it’s not Bitcoin, eh?), the currency of Klaytn.
Binance Launches USD-Backed Stablecoin: This week, Binance revealed that it would be launching its own flagship stablecoin, Binance USD (BUSD), which is slated to be pegged 1:1 to the U.S. dollar. For now, the stablecoin will be built on Ethereum and will be created by Binance in collaboration with Paxos. The duo claims that they have received approval from the New York State Department of Financial Services (NYDFS), making BUSD available for New York investors.

Apple Sees Potential in Cryptocurrency, Yet Unlikely to Take the Plunge Yet: Speaking to CNN, Apple finds cryptocurrency “interesting” — whatever that means. Jennifer Bailey, vice president at Apple Pay, explained in an interview that the topic has “interesting long-term potential”, but added that right now, Apple’s digital payments ecosystem is only focused on “what consumers are using today”. While this statement was short and seemingly forcefully nebulous, Bailey seems to be hinting that should digital assets gain enough traction, Apple may delve into the crypto game.
PWC’s Luxembourg Branch Now Accepts BTC: On Monday, PricewaterhouseCoopers (PWC) — one of the “Big Four” companies — revealed that one of its regional divisions, Luxembourg, will be accepting payments made in Bitcoin, marking a small yet positive step forward in the adoption cycle of cryptocurrency.

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Why Videogames Don’t Let Crypto Be a Payment Alternative Yet?

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Why Videogames Don’t Let Crypto Be a Payment Alternative Yet?
Quite apart from the banking industry which was obviously going to be the first to have major changes in the aspect of payments, one of the best conditions that it has to adopt cryptocurrencies is the videogame industry. Why? Check out below.
Why Videogames Don’t Let Crypto Be a Payment Alternative Yet?

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Bitcoin Bullish Bias Intact despite $950 Drop – Here’s Why

Bitcoin has dropped towards the $9,300 level for the first time in the last 30 days as investors continue to explore traditionally perceived safe-haven assets against global market risks.
The benchmark cryptocurrency plunged by $950 within a matter of a few hours. The move downhill coincided with the expiration of CME bitcoin futures contract, which typically sends the bitcoin prices lowers across the top spot exchanges. It also occurred at the time when bitcoin’s rival assets, including gold, traded near their record highs. Euro Pacific Capital CEO Peter Schiff used the opportunity to portray bitcoin as a bad hedging asset.

Bitcoin has again failed the safe haven test. On Friday, as escalating trade tensions sent global stock markets plunging, investors sought refuge in monetary safe havens. The Japanese yen, Swiss franc, and especially gold all moved higher. Yet Bitcoin plunged by more than stocks!
— Peter Schiff (@PeterSchiff) August 28, 2019

“Since last Thursday Bitcoin has lost more value than any of the major stock market indexes, while gold and silver have gone up,” he tweeted. “You can keep looking in the rearview mirror while ignoring what’s happening right in front of you.”
Galaxy Digital Founder Michael Novogratz believed otherwise. He told Bloomberg that bitcoin is bullish despite the short-term setbacks, recalling the cryptocurrency’s explosive upside price rally in 2019. Soon after establishing its bottom near the $3,100 level, bitcoin rebounded by more than 200 percent. It is still trading more than three times higher than its cycle low.
“It has had a huge run, and so I think this is a bit of consolidation.”
Corrections are Normal
Famous market analyst Josh Rager compared bitcoin’s latest downside action to a string of similar movements in the past. The cryptocurrency trader studied bitcoin’s 2017 bull run and found that the asset slipped many times on weekly timeframes. Nevertheless, its monthly bias remained bullish. As of now, the price appears to have been repeating the same behavior.
“Last uptrend Bitcoin has multiple months [with] at least three down weeks in a row,” said Rager. “Price is near weekly support, and on a weekly perspective, I want to see BTC close above $9,533 Sunday or it would form a lower-low.”
Bitcoin price is slipping consecutively from last three weeks | Image credits: Josh Rager
Fundamentally Bullish Bitcoin
All eyes are now on a string of bullish events that promise to at least support bitcoin from falling below crucial support levels. Bakkt, a digital asset platform backed by Intercontinental Exchange, announced on Wednesday that it would launch its bitcoin custodian services on September 6. The deployment would soon follow the introduction of Bakkt’s daily and monthly bitcoin futures contracts on September 21.
“Remember, the hype is bakkt with substance,” said Rhythm Trader, a cryptocurrency commentator on Twitter. “Unlike other futures exchanges, this is settled in bitcoin. Actual bitcoin is paid out, not just the fiat equivalent to the price of bitcoin. The result is better price discovery and liquidity for bitcoin and everyone in the space.”
Bitcoin is also set to cut its mining rewards by half by next May, an event many believe would make the cryptocurrency scarcer and – with growing demand – more expensive.
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South Korea Regulator to Support Proposed Crypto Exchange Regulation

The chairperson of the South Korean Financial Services Commission (FSC) has stated that he is in favour of a proposed reporting system for crypto exchanges operating in the nation. The regulations may serve to make digital currency trading platforms more transparent, as well as helping to protect against money laundering and other financial crimes.
The proposal is up for discussion tomorrow in South Korea’s National Assembly. The newly-appointed chairperson says that such regulatory moves are necessary given that he sees it as an inevitability that cryptocurrency will be widely used in the future.
Crypto Adoption Inevitable, Says South Korean Regulator
According to a report in TheNews.Asia, Sungsoo Eun, the newly-appointed Financial Services Commission chairperson,  is in support of a proposed reporting system for Korea’s crypto exchanges. The regulator believes that such an obligation will bring greater transparency to the industry. This may in turn attract greater numbers of institutional investors to cryptocurrency.
Sungsoo Eun is a recent appointee to the position of FSC chair. He took over following the former chair’s stepping down in July.
Despite Bitcoin being the most transparent system of accounting invented to date, the industry still has something of a bad reputation, particularly amongst regulators. Many fear that crypto assets are only good to disguise financial crimes. Greater transparency in the cryptocurrency exchange industry, according to the FSC chair, will reduce the likelihood of money laundering enabled by cryptocurrency to take place.
Eun made his remarks in a report sent to the National Assembly. The legislative body of South Korea is due to hold a hearing about proposed amendments to the Special Financial Information Act tomorrow.
The amendment, if approved, would require crypto exchanges and other businesses handling digital assets to make reports about their business operations, along with any suspicious activity that the companies might observe.
The report in TheNews.Asia states that Eun has previously mentioned concerns about cryptocurrency being used to enable money laundering and other financial crimes. He has also been critical of the levels of speculation surrounding the industry.
That said, Eun does seem to believe that crypto is the future and, therefore, it is important to prepare for its growing usage. He wrote in the report:
“It is true that there are active discussions about the possibility of virtual currency and blockchain utilization as a means of payment.”
South Korea is one of the fastest growing cryptocurrency markets in the world. Such enthusiasm for the financial technology is highlighted by the large price premiums often observed at the nation’s digital asset trading platforms.
 
Related Reading: Bitcoin Bull Run “Guaranteed”: Federal Reserve Expected to Cut Rates Into 2020
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HODL: 79% of Bitcoin Addresses Are in Profit, Will They Sell?

Bitcoin has undoubtedly had a stellar 2019 so far. Year to date, the cryptocurrency has gained some 200%, rallying from around $3,500 to $10,000.
Related Reading: Bitcoin: Crypto-Like Global Monetary System To Be a Boon For BTC
While this market’s whales have undoubtedly benefited from this performance, data suggests that a good majority of BTC users are actually profitable.
Thousands of Bitcoin Users Are Profitable
According to Into The Block, a machine learning-enhanced blockchain analytics firm, 79% of all Bitcoin addresses with a positive balance are in profit.

For any address with a positive balance, @intotheblock identifies avg price at which tokens were acquired, indicating if the address is at profit or loss.
Addresses at profit:$BTC 79%$LINK 56%
Addresses at loss:$ETH 74%$ADA 75%$ICX 94%$FET 93%$ZEC 95%
h/t @mbeaudroit pic.twitter.com/4kOlhFui4i
— Alex Krüger (@krugermacro) August 24, 2019

Their data, which was cited by pro-crypto economist Alex Krüger, suggested that some 21.36 million BTC addresses are “in the money”. Into The Block’s data suggests that most of the addresses in the money, accumulated Bitcoin at $850 to $3,900.
The reason why so many Bitcoin holders are in profit is due to the fact that the cryptocurrency has only traded in a five-digit region for a small percentage of its lifetime.
In fact, for around 99% of the cryptocurrency’s life, it has traded under $10,000, where BTC is trading at today.
Why BTC Owners Are HODLing On
While it would make sense for this vast majority of Bitcoin investors to liquidate their positions to lock in gains, CoinMetrics data is suggesting that there are now more HODLers of the cryptocurrency than ever before.
On all time frames that CoinMetrics analyzed — 180 days (half year), one year, two years, and five years — the untouched supply of Bitcoin has been on the rise, growing since the bull run of 2017 and early-2018.
Related Reading: Crypto Tidbits: Bitcoin Hash Rate High, Square Crypto Bags Hire, Libra in Turmoil
In fact, the number of BTC that hasn’t been touched for at least one year has grown to ten million — an all-time high. This means that over half of the Bitcoin currently mined and just under half of all of BTC’s fully-diluted supply have not been transferred in over 12 months.
The copious number of long-term-minded cryptocurrency investors is likely a byproduct of the growing number of theses and models that predict Bitcoin still has massive upside potential.
Altcoin Bagholders Suffering
While most Bitcoiners are in the money, Into The Block’s data shows that altcoin holders haven’t been doing too well. In fact, 74% of Ethereum addresses are at a loss, with many holding ETH bags from $260 to $315.
Cardano, ICX, Fetch, and ZCash are among the altcoins that have also seen a majority of their owners suffer massive losses. In fact, the firm’s data suggests that 95% of ZCash addresses — there may be some shielded transactions — are out of the money.
This implies that many altcoin holders held their cryptocurrencies from 2017’s mania until now, without selling.
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Model: Bitcoin (BTC) Price to Surge 100% to $20,000 by May

In just around nine months, Bitcoin (BTC) will see its next block reward reduction — dubbed “halving”. Despite this rapidly approaching bullish event, however, the cryptocurrency market has stagnated, establishing a trading range.
Related Reading: Bitcoin: Crypto-Like Global Monetary System To Be a Boon For BTC
But a model from PlanB suggests that should history repeat itself, the Bitcoin price has lots of room to rally ahead of the halving. In fact, the statistician’s chart hints that BTC will be up 100% by May next year.
$20,000 Bitcoin in Due Time
The Bitcoin halving is now nine months away. In May 2020, the number of BTC issued each block will get cut in half, resulting in a positive supply shock.
A chart from PlanB, a prominent industry analyst who claims to be followed by mainstream investors, can be extrapolated to reveal that by May, BTC will be trading at $20,000 — some 100% higher than current levels.

#bitcoin halving chart update: 9 months to go!
2012 halving: t-9 BTC $5 -> t=0 $122016 halving: t-9 BTC $314 -> t=0 $6272020 halving: t-9 BTC $10,100 -> t=0 $… pic.twitter.com/E1LKwAk4hE
— PlanB (@100trillionUSD) August 24, 2019

You see, Bitcoin went into halvings at around double the price it was nine months out from the halving. More specifically, nine months prior to 2012’s halving, BTC traded at $5; during the halving, it was at $12. It was much of the same for 2016’s halving.
While this may seem irrational, there are analysts currently eyeing $20,000.
Tom Lee of Fundstrat recently made an appearance on Fox Business to talk about his $20,000 price prediction. He claimed that as the cryptocurrency is a safe haven, which is a narrative supported by the fact that BC is trading at a premium in markets like Hong Kong and Argentina.
With this in mind, Lee concluded by stating that Bitcoin is likely to end the year a lot higher than it is now, potentially at its all-time high of $20,000 or at a fresh high.
Related Reading: Bitcoin Bottomed at $9,080, BTC to Rally Into End of 2019
The Fundstrat analyst has previously mentioned factors that may be a boon for Bitcoin. These include the unveiling of Libra, which he believes will bring attention to the cryptocurrency space; the impassioned anti-crypto tweet thread from Donald Trump; and macroeconomic turmoil.
Also, Murad Mahmudov suggested that Bitcoin is most likely to test $9,750 — the 0.618 Fibonacci Retracement of this whole cycle — in the following month in a bout of sideways price action, then “continue steadily upwards” to $20,000 and fresh highs over the following year.
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