Blockchain Expert Predicts EOY Price For Bitcoin

After experiencing a less than favourable year in 2018, the crypto community is left wondering what 2019 will hold for Bitcoin and the gang. Will they drop further or surge near highs of what we saw in 2017? No one knows for sure but here’s hoping we see some big things this year.
Investors, traders, entrepreneurs all want to know how the crypto prices will act over the course of the next year. The blockchain expert, Julian Hosp recently wrote an article for Hackernoon looking into this topic and said that he asked himself the same questions for the past four years after he entered the blockchain field in 2014.
Let’s take a look at some of the previous years of crypto with how accurate previous predictions were for Bitcoin and altcoins.
Throughout this year, the price was volatile and often shot up and down in a wild fashion with a steady backlash with extreme intraday volatility confused a lot of investors at the time. Hosp said that even though the industry was scared at this time that everything would just crash, he didn’t sell and focused on the long-term gains of what crypto could hold.
In addition to this, he said that at the start of 2016, the sentiment in the market was mixed but a lot of the negative players had cashed out. Nevertheless, not many people players replaced them. Even so, Hosp says that it was clear to him that the positive trend would drive on and continue due to the indicators within the crypto space around progress in technology and firms with Bitcoin adoption suggested this for insiders.
Hosp’s prediction was for the price of Bitcoin to get between $500-$1,000 for the end of 2016. According to CoinMarketCap, Bitcoin was priced at $960 on 31st December so Hosp’s prediction was pretty accurate.
2017 was an interesting year for crypto. The Bitcoin halving in 2016 meant that only half as many new Bitcoins came into creation through the mining reward. In 2016, Bitcoin jumped to just under $1,000 and as Hosp says, his assumptions of the strength and potential in Bitcoin has been more than confirmed. Altcoins like Monero and Ethereum just started up in the crypto ecosystem which seemed to have gone quite well and then Hosp doubled his investment. Things that occurred in 2017 made Hosp’s prediction quite difficult though.

“In 2016 we saw the first ICOs on Ethereum.

The topic of forks became increasingly important.

For the first time since 2014 the press became interested again in Bitcoin.”

Hosp says he had the right tendency and everyone who invested with him them made quite a lot of money but his price target was very wrong. By the end of 2017, instead of doubling, Bitcoin saw a twentyfold increase and was worth $20,000 by the end of the year. Even Ethereum saw a big increase up to $1,000 from just $8.
It seemed like the world was our oyster but in the year that followed, things didn’t exactly go to plan…
The less said about 2018 the better but even so, everyone was saying that Bitcoin would get jacked and reach $100,000 by the end of the year when in reality it was actually closer $1,000.
That’s it, we’d rather not talk about 2018 anymore…
So where do we go from here?
There are numerous ways in which the ecosystem could push Bitcoin down quite significantly from the $4,000 mark until the end of 2019.
If a government declared a ban on cryptocurrency then who knows what would happen. All we do know is that it won’t be good.
If a big country like the USA puts a ban on crypto then this will have a huge negative impact on the crypto sphere. There isn’t much point worrying about this though as it is unlikely, but still possible.
Market crash
Not just in the crypto space but if the economy outside of cryptocurrency crashes, this will have a massive impact on the industry.
This is a controversial issue among experts but as Hosp says “I personally can not imagine that such a volatile asset class as cryptocurrencies could be considered a safe haven during a financial meltdown — rather the opposite.”
Though, we do often wonder if Bitcoin will begin to shine in the wake of a global financial crash.
2019 Prediction
Hosp finished off by giving his end of year price prediction for 2019. The blockchain expert predicts that Bitcoin will be $8,000 by the end of the year. Whereas this isn’t a massively bullish statement it is still a big improvement on what the price of Bitcoin is today.
Not to mention that an end of year price of $8,000 would be great! Much better than the continuous downtrend that we saw in 2018.
Source: Crypto Daily

Ripple (XRP) Breaks Trend Line Support, Very Likely To Form A Death Cross

Ripple (XRP) is about to do something that the rest of the market might take a while to do. That something is the formation of a devastating death cross that could see it decline to new lows in 2019. All hopes of a bullish reversal were shattered when Ripple (XRP) formed a gravestone doji a few days back which led to a sharp decline below the 50 day moving average as shown by the daily chart for XRP/BTC. Ripple (XRP) is at a higher risk of forming a death cross compared to most cryptocurrencies as the 200 day and 50 day moving averages have drawn too close. The price has already broken below a critical trend line support and is now likely to retrace to the 200 day moving average.
If Ripple (XRP) falls below the 200 day moving average against Bitcoin (BTC) which seems very likely, then we might see a continuation of the bear trend which could last the next few months. As we have mentioned in some of our previous analyses, we do not think the bottom is in despite what the mainstream media might have you believe. Just when things are about to take a turn for the worse, a wave of new bullish statements and announcements begins to surface and everybody is talking about what a wonderful invention cryptocurrencies are. Lest we forget, the exact same thing has happened many a time before. We have seen fund managers and tech figures come out in support of cryptocurrencies and the price tanked soon afterwards.

The possibility of the death cross on the daily chart for XRP/BTC is very hard to ignore. If Ripple (XRP) slides below the 200 day moving average, it will be very difficult for it to get back up and the price will see its final drop that would take us towards the bottom. Even if we were to do an Elliot wave analysis of the above chart, it would be clear to see that we are about to enter wave five but we have not entered it yet. That is supposed to be the final wave of correction which would see the price fall to its true bottom. The daily chart for XRP/USD on the other hand points to a very favorable development that could see Ripple (XRP) form a golden cross.
It would appear that the XRP/BTC and XRP/USD charts are giving us the opposite signals as what to expect for Ripple (XRP) in the near future. However, given that Bitcoin (BTC) has topped out short term and it is likely to go down in the days and week ahead, we are inclined to believe that the scenario outlined by XRP/BTC might be more plausible. Even if we were to believe that the golden cross is a plausible scenario at this stage, we would still have to consider why XRP/BTC formed a gravestone doji on the daily chart and why the price broke and closed below the 50 day moving average. All of these developments point to the fact that the bear trend is not over and Ripple (XRP) has yet to bottom.
Source: Crypto Daily

Settlement Accounts Reached By Ripple Partner FairFX

The global payments services provider, FairFX has been up and running since 2007 and they have recently announced that they have been granted access to settlement accounts with the Bank of England. In addition to this, FairFX has become a direct partner of the UK’s Faster Payments Scheme.
Ever since its creation, the UK’s Faster Payment Scheme has been quickly growing because it is the only real time, round the clock service that is seeing a continuous increase in demand with respect to business as well as personal customers. In addition to this, the company’s direct connection to the Faster Payments Scheme has been enabled by the New Access Model that extended access to the RTGS accounts held at the Bank of England.
Ian Strafford-Taylor is the CEO of FairFX who said this on the matter:

“Obtaining direct membership of the Faster Payments Scheme together with settlement accounts at the Bank of England represents a major step in the progression of FairFX Group. This development is in line with the Group’s strategy to streamline the payment supply chain, deliver lower payment processing costs, improve customer experience and facilitate product iteration.”

The growing effort of the FPS is to inject more competition which will help keep growth up in the payments space. Change in this is sector has been overdue for a long time now so this is good news.
In addition to this, FairFX can now directly settle payments with other members of FPS and it is eligible to join other payment schemes in the UK such as CHAPS and BACS. Last year alone, FairFX processed more than a million FPS transactions but after the partnership and its inductance into the FPS which will now be able to process these transactions in real-time.
Last summer FairFX partnered up with Ripple as well as four other big firms from across the globe including, RationalFX, UniPAY, Exchange4Free and MoneyMatch. The blockchain solution xVia, is what these companies would be using.
The API solution enables payment originators to access and experience the benefits of RippleNet. For those that don’t know, the originators are the people that send payments on behalf of a customer or client.
The API solution will mean faster transactions into new markets and lower operational costs. In addition to this, speed is increased and a end to end visibility over a payment’s journey is available.
Source: Crypto Daily

New eToro Survey Shows Millennials Have More Faith In BTC Than Fiat

eToro is a massive social media platform which has just released the results of a market survey which shows that more than 40 percent of online traders who are classed as millennials don’t have as much ‘faith’ in the performance of the traditional stock market in comparison to the crypto market.
Just over 70 percent of the millennials who responded to eToro’s survey said that they would invest “in crypto if it was offered by traditional financial institutions.” Some of the other notable results from the trading firm’s poll included “half of online investors expressing interest in a crypto allocation in their 401k plans.” For those that don’t know, in the United States, a 401k is a retirement savings plan (pension) which is sponsored by an employer. The plan allows employees to “save and invest a piece of their paycheck before taxes are taken out.”
In eToro’s press release, the firm did a countrywide survey of 1,000 online traders and showed that 77 percent of Generation X respondents “trust stock exchanges more” than a crypto asset-related investment of emerging markets or alternative markets.
The managing director at eToro, Guy Hirsch said:

“We’re seeing the beginning of a generational shift in trust from traditional stock exchanges to crypto exchanges. At the heart of this change are the asset classes themselves. Younger investors’ experience with the stock market has seen a great deal of loss of trust, with the fall of Lehman Brothers because of irresponsible practices followed by the worst recession since the Great Depression.”

Hirsch went on to express his confidence in the ‘immutability’ feature of blockchain tech. Explaining, he said that distributed ledger technology-based systems will allow companies to conduct real-time auditing in an effective way, in terms of cost. Hirsch says that this is why Generation X and millennials believe cryptocurrency exchanges are “less likely to be subject to manipulation and less likely to be a place where bad actors get rewarded with taxpayer money.”
In some other research executed by the eToro’s survey suggested that some of the younger investors had more faith in cryptocurrency investments rather than traditional stocks. More notably, eToro’s nationwide poll of US-based investors found “even among millennials that [said they] don’t trade crypto, one-third said they would trust crypto over the stock market.”
Source: Crypto Daily

Musk: “Bitcoin Is Brilliant But Tesla Won’t Be Getting Involved”

There are a lot of faces out there who are getting ready to adopt cryptocurrency. Most recently the CEO of JP Morgan Jamie Dimon has announced that the banking institution is currently designing their own cryptocurrency. Unlike Dimon and JP Morgan, the CEO of Tesla, Elon Musk, isn’t ready to adopt Bitcoin just yet.
Even though Musk has previously tweeted about crypto on his Twitter page it seems that the CEO isn’t getting involved in the space. Musk said that he isn’t going to push his company in the direction of an emerging technology but despite this, he did say that cryptocurrency is the future of finance.
Musk sat down with Cathie Wood and Tasha Keeney of Ark Invest earlier this week and he described Bitcoin as an interesting proposition saying, “Paper money is going away and crypto is a much better value for a transfer of value than pieces of paper but it has its pros and cons. It’s very energy intensive to create bitcoin at this point.”
The Tesla Chief’s comments are similar to that espoused by the Twitter CEO Jack Dorsey who went on the Joe Rogan podcast earlier this month and described Bitcoin as the best candidate for a universal native internet currency.
For Musk though, being borderless and extremely hard to censor is what makes Bitcoin so unique and gives it an advantage. With this, it is possible for the leading cryptocurrency to operate outside the ambit of mainstream currency controls.
Musk acknowledges that Bitcoin and cryptocurrencies have a lot of potentials but despite this, he says that Tesla won’t be involved just yet. He said, “Bitcoin’s structure is brilliant but I don’t think it would be a good use of Tesla’s resources to get involved in crypto.”
A lot of the conversation with Musk primarily focused on the activities of Tesla as a business. Apparently turning the topic to Bitcoin was a ‘curvball question’ for Musk.
Even though Musk’s comments will most likely be a bit of a downer on many enthusiasts, not all hope is lost. In the future, Tesla may very well adopt the leading cryptocurrency which would be a great thing for the firm and an even greater thing for the crypto space.
Source: Crypto Daily

How EOS & LTC Are Spearheading The Market

Following the short bull run that occurred over the past few days, many members of the community expected the markets to once again see losses but instead, they were pleasantly surprised.
Despite all the pessimism, the markets are continuing to see green and it seems that EOS and Litecoin are leading the herd.
In addition to this, the market cap for all cryptocurrencies has reached a six week high of $136 billion as a further $3 billion came flooding into the crypto space over the last 24 hours. The two main cryptocurrencies that are dominating the space is EOS and Litecoin which are currently in fourth and fifth place according to CoinMarketCap, respectively.
EOS has been doing very well recently although it’s hard to pin down what exactly the cause of this other than the fear of missing out. At the current time of writing EOS is worth $3.86 following a 6.65 percent increase and has a market cap of $3,499,453,446.
A number of community and developer events have been keeping things afloat for a while now as well as the increasing number of dApps on the decentralised platform. Even so, the momentum is most likely based on the actions of Bitcoin as it is tantalisingly close to the $4,000 key resistance level.
The fifth largest cryptocurrency in the space is Litecoin which is also keeping its momentum going as this small bull run continues. Over the past 24 hours, Litecoin saw a 5.70 percent increase leaving it with a price of $51.32 and a market cap of $3,197,949,037.
The market gains saw Litecoin’s market cap go over $3 billion which is the first time in over three months and it secured it in fifth place just $400 million behind EOS. Ever since the lows of 2018 where LTC was $23 during December’s ‘big dump’, Litecoin has recovered an impressive 122 percent to its current levels. This has outperformed Bitcoin by a mile and makes LTC one of the top of crypto assets.
So will Litecoin and EOS continue to fly high? Only time will tell however if things keep going the way they are then the crypto space is in for a treat.
Source: Crypto Daily