Category Archives: Bitcoin
Bitcoin-Friendly Top US Banking Regulator Aims to Solve Banks’ Problems With Decentralization | News – Bitcoin News
The new top banking regulator for the Trump administration sees huge and great promise in cryptocurrency. Focusing on decentralized networks, bitcoin, and rewriting existing regulations, he shares his views on cryptocurrency and the creation of the digital dollar.
Brian Brooks recently became the new acting Comptroller of the Currency, the top banking regulator for the Trump administration. The 51-year-old has experience in crypto, having previously served as general counsel to bitcoin exchange Coinbase. Discussing his views on cryptocurrency, regulation, and technology, Brooks told Forbes:
There is huge and great promise in blockchain and crypto.
He elaborated: Blockchain has potential to connect up, in a decentralized network, all kinds of data It has the ability to create large, friction-free, decentralized networks of people. Brooks believes that blockchain is the solution to our problems, Forbes conveyed. Im very bullish on technology Things like AI, things like blockchain have a better ability to leverage the wisdom of crowds, he was quoted as saying.
As acting Comptroller of the Currency, Brooks is the administrator of the federal banking system and chief officer of the Office of the Comptroller of the Currency (OCC). The OCC supervises nearly 1,200 national banks, federal savings associations, and federal branches and agencies of foreign banks that conduct approximately 70% of all banking business in the U.S. The Comptroller also serves as a director of the Federal Deposit Insurance Corporation (FDIC).
A lawyer by trade, Brooks joined the OCC in March as chief operating officer, appointed by Secretary of the Treasury Steven Mnuchin. The former banker was previously executive vice president and general counsel at Fannie Mae. He, Mnuchin, and former Comptroller Joseph Otting worked together at Onewest Bank in Pasadena, California, which was heavily criticized for its foreclosure practices in the years after the financial crisis.
Discussing his views on cryptocurrencies, Brooks told the publication that he is looking for decentralized networks in general he cited bitcoin, ether and XRP in particular to solve many of the problems hindering more than one-thousand financial institutions under his purview, Forbes contributor Cory Johnson detailed.
The new acting comptroller also revealed that he is focusing on rewriting existing regulation on bank digital activities. Citing banks antiquated money transfer methods, he said that it takes three days to transfer money from the U.S. to Europe on the SWIFT network. Not only is peoples money at risk during that time, but they also incur foreign exchange fees, he noted, adding that these problems can be eliminated using digital assets.
Moreover, Brooks sees a threat in other countries modernizing their payment systems, leaving the U.S. lagging behind. Criticizing the Feds version of faster payments, he revealed: There are certain O.C.C. regulations that require that certain things be transmitted by fax and require banks maintain a fax number. Those were written at a time when faxes were a cool technology. Now theyre mandates.
Regarding the digital dollar, Brooks is skeptical about the federal government issuing one. He opined:
Im not in favor of a government-created token I just dont think thats the role of government, quite honestly. But I think that the Fed and the SEC need to be putting up frameworks of what that digital currency needs to be.
Meanwhile, the most crypto-friendly commissioner with the U.S. Securities and Exchange Commission (SEC) is set to serve another term. Commissioner Hester Peirce, often known in the crypto community as crypto-mom, has been nominated for another term as an SEC commissioner. Her existing term expires this month but commissioners may serve up to 18 months beyond the expiration of their terms. Peirces nomination needs to be confirmed by the Senate.
A strong advocate of the SEC approving bitcoin exchange-traded funds (ETF), she introduced the Token Safe Harbor Proposal in February to fill the gap between regulation and decentralization, proposing a grace period of three years for tokens. The commissioner recently said that there is an increasing demand for cryptocurrency, particularly from institutional investors.
What do you think about the U.S. having a crypto-friendly top banking regulator? Let us know in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, OCC
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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Developer Activity Surrounding Eos, Tron, and Bitcoin Cash Plummets – Cointelegraph
A report published by blockchain and AI investment firm Outlier Ventures has found a decline in developer activity of roughly 20% on average across 12 leading blockchain and cryptocurrency projects.
In Outlier Ventures Blockchain Developer Report for the second quarter of 2020, the firm notes that development fell by half for top markets Bitcoin Cash (BCH), Eos (EOS), and Tron Tron (TRX).
Despite the retraction in building, the firm notes that some signs of strong developer activity surrounding various crypto projects, with Theta (THETA) and Cardano (ADA) seeing increases in core code updates of 931% and 580% respectively.
Eos saw the fastest drop in development, with the projects mainnet launch in June year precipitating an 86% fall in building taking place.
Bitcoin Cash saw the second-largest decline in activity, with development falling by 63%. Outlier Ventures attributes much of the drop to the Bitcoin SV (BSV) fork that took place in November 2018.
Tron also saw a heavy retracement in development, with a 53% drop in activity.
Monthly active development on Tron, Eos, and Bitcoin Cash: Outlier Ventures
Cardano, Bitcoin (BTC), Ethereum (ETH), and Corda all saw activity fall by nearly 20%, while Ripple (XRP), Hyperledger, and Stellar (XLM) also saw development declines year-over-year.
Polkadot and Cosmos (ATOM) were the only projects to exhibit an increase in total development, increasing by 15% and 44% respectively.
The report also measured the number of weekly commits and code updates for the top 30 open-source protocols by market cap, plus Corda and Hyperledger.
Weekly code updates for Eos, Tron, and MakerDAO (MKR) saw huge update decreases of 94%, 96%, and 98% respectively, with VeChain (VET), Stellar, BSV, Neo (NEO), Crypto.com (CRO), Cosmos, IOTA (MIOTA), and Polkadot also posting declines overall.
However, more than 50% of the projects examined saw a significant increase in code updates, including Ethereum Classic (ETC), Chainlink (LINK), and Bitcoin.
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Developer Activity Surrounding Eos, Tron, and Bitcoin Cash Plummets - Cointelegraph
CryptoMixer.bz: Bitcoin Mixer for your anonymity in the Crypto World – Yahoo Finance
NEW YORK, NY / ACCESSWIRE / June 14, 2020 / The concept of blockchain and thus, Bitcoin, came riding on the advantage of the anonymity of transactions, defiance to authority, lack of centralization and overseer authority among other advantages. Cryptocurrencies became popular because their programmers touted them as anonymous. It has, however, emerged that they are not and that transactions undertaken using altcoins can be traced.
Over time with the increased government scrutiny and unwanted invasion by phishers, users now realize that the cryptocurrency world is not as anonymous as most of them were led to believe.
A tech startup called, CryptoMixer is changing all this and giving back cryptocurrency enthusiasts their security and privacy. The start-up provides a cryptocurrency mixing platform that obscures your cryptocurrency transactions, making it hard for anyone to trace your dealings. CryptoMixer reintroduces anonymity by allowing online shoppers that pay using cryptocurrency through addresses that remain anonymous when the user is completing transactions. The shoppers, as such, cannot be associated with the various addresses they use.
How Does Coin Mixing Work?
Coin mixers work by essentially collecting cryptocurrency from the people using cryptocurrency, mixing it with a giant pile of other cryptocurrencies, and then sending them smaller units of cryptocurrency to an address of their preference, with total the amount that you put in minus 1-3%. The 1-3 % is generally taken as a profit by the coin mixing company. This is how they make money.
A cryptocurrency mixer (also known as a blender) allows you to spend, store and share cryptocurrencies, without your transactional data becoming public. In short, it makes your financial transactions anonymous in the true sense. It is done by mixing your transactional data with a pool of Bitcoin data. This ensures your data is secure, you have control over your privacy, and no data can be traced back to you, as the link between the sender and the receiver is broken.
Crypto Mixer: The crypto mixing solution
CryptoMixer is a unique cryptocurrency mixer/blender that ensures your cryptocurrency becomes untraceable, and no link exists between the stakeholders. They have designed different pools of cryptocurrencies based on their sources, with variable fee percentages. This segmentation and differentiation ensure the clean mixing of the currency. The three pools include Standard Pool, Smart Pool, and Stealth Pool. It uses a 'smart code' to avoid the same currencies from reaching a user on multiple occasions.
Features of Smart Mixer Platform
Zero Post-Transaction Logs - CryptoMixer platform keeps transaction logs for only as long as it needs them. The longest period that these logs can remain is 24 hours, otherwise, the platform keeps them only for as long as is necessary to complete a transaction.
Full Anonymity - The need for complete anonymity is greater in the online space, and it is only second to the information online prowlers seek. Users that mix cryptocurrency on the platform do not even need to input their information. Instead, only the recipient altcoin address is necessary.
Customizable Process - Users can set various parameters as they so choose. You, for instance, can choose the amount of cryptocurrency to mix, the commission to pay for the mixing, and the delay period you prefer.
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CryptoMixer.bz: Bitcoin Mixer for your anonymity in the Crypto World - Yahoo Finance
Facebooks Libra Stablecoin Project, Ethereum (ETH), Near, Bitcoin Cash are Currently Most Active Development Projects: Report – Crowdfund Insider
The controversial Facebook-led Libra project is reportedly the most active project in terms of developer activity, according to CoinCodeCap data.
There are 41 active developers working on Libra, meanwhile, Ethereum (ETH), the worlds largest smart contract platform, has 36 active developers, the data site reveals.
Other active open-source protocols include Near (NEAR), Bitcoin Cash (BCH), CELO, and IOTA even though it recently experienced serious issues including a million dollar hack.
Filecoin (FIL), a highly-anticipated blockchain project that has been aggressively rolling out updates, is the 7th most active project right now in terms of developer activity.
Insolar (XNS), a Swiss enterprise blockchain development firm that counts Microsoft, Oracle and AT Kearney amongst its business partners and clients, has also consistently been in the top 10 in terms of having the most active development.
As confirmed in a separate report by Outlier Ventures, blockchain interoperability project Cosmos (ATOM) has seen many developers contribute to the ongoing development of its protocol.
Meanwhile, Bitcoin (BTC) development has remained steady due to the significant amount of support it receives in terms of grants to developers, and also international support from established organizations like the Human Rights Foundation.
Development for stablecoin Dai, Decred (DCR), Stellar (XLM), Algorand (ALGO), Waves, Lisk (LSK), and Cardano (ADA) has remained fairly steady despite the COVID-19 outbreak and resulting economic uncertainty.
Despite being a fairly new player in the competitive DLT space, Libra has managed to attract 176 active authors in the past year which is a lot more than any other project.
This has all been going on while Facebook had to make significant changes to it development roadmap for Libra, after regulators heavily scrutinized the initiative citing concerns about the social media giants issues related to privacy and many lawmakers being against Big Tech moving into finance.
As reported, Facebooks Libra may serve as signal that Fintech firms like Visa, Paypal, Booking.com have been eager to explore stablecoins, one of the fastest-growing sectors in decentralized finance (DeFi) and the blockchain space, in general.
Lex Sokolin, the Global Fintech Co-Head and CMO at ConsenSys, a leading Ethereum (ETH) development studio based in New York, told CI in recent interview:
I think Libra will be very impactful, no matter what form it takes. If it just takes the form of a payment rail for CBDCs, that already is massively important. The existence of such a regulated blockchain rail, being private and closely regulated, will by definition take market share away from other types of permissionless open blockchain rails.
Is Bitcoin on the brink of a breakthrough? Or a crash? Same writer offers up two scenarios – Straight.com
As of this writing, one Bitcoin equals $12,793.57 in Canadian currency, or US$9,413.
Apart from a brief and intense plunge in mid-March, Bitcoin hasn't seen the types of extreme gyrations over the past year that it experienced from late 2017 to early 2019.
However, there was a plunge in Coindesk's Bitcoin Price Index near the end of the week, with the value falling nearly US$600 on June 11.
In spite of this, Hong Kongbased crypto and blockchain analyst Joseph Young is wondering if Bitcoin could be poised for a breakout.
Writing on Forbes.com, Young pointed out that the "number of long-term Bitcoin holders has been increasing rapidly since October 2019".
"There are two possible reasons investors are increasingly investing in Bitcoin with a strong long-term outlook: the activation of the third block reward halving and improving mainstream perception of cryptocurrencies," Young noted.
Halvings of Bitcoin have been followed by price rises in the ensuing years, he stated.
But in another article earlier this week for Cointelegraph.com, Young cited experts who felt that Bitcoin's price could crash if there's a steep drop in the equities markets.
That's because when the S&P 500 took a nosedive this spring, that was followed by similar plunge in the price of a Bitcoin.
One of the pessimists quoted in the article was Yoni Assia, founder and CEO of the social-investment network eToro.
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Is Bitcoin on the brink of a breakthrough? Or a crash? Same writer offers up two scenarios - Straight.com
Bitcoin Price Drop to Key $9K Support Could Place the Uptrend in Peril – Cointelegraph
The price of Bitcoin (BTC) was unable to break through the resistance zone at $10,000 and corrected nearly 10% in a day. The drop down occurred on the same day that U.S. equity markets saw a substantial retracement.
These moves automatically made investors and traders fearful of further continuation of this correlation. However, is the fear that Bitcoin price will continue to drop if stocks correct further warranted, or was the BTC correction overdue after multiple rejections at $10,000?
Crypto market daily performance. Source: Coin360
BTC USD 1-day chart. Source: TradingView
The BTC-USD daily chart is showing a clear rejection at the $10,000 resistance, after which a substantial drop occurred.
However, the primary trend is still valid and it can be classified as an uptrend. The simple reasoning is that Bitcoin has been making higher lows since the heavy crash to $3,700 on March 12th.
Such an uptrend is signaled through higher lows and support/resistance flips. In this case, the most recent higher low is the level at $8,600. In order for the market to hold its essential to keep the upward momentum going through another higher low above $8,600.
In this scenario, the primary area to hold is the $9,050-$9,300 area as it has already provided support after the most recent drop.
This is significant because its a crucial area with many pivotal tests in the previous year. For example, the $9,050-$9,300 area provided support throughout the summer of 2019.
XBT USD 1-day chart. Source: TradingView
In that sense, the green zone between $9,050-$9,300 can be marked as crucial for direction. If Bitcoin price drops below the green zone and confirms it as resistance (through a bearish rejection), the market is likely in for a more protracted retracement towards the mid $7,000s.
However, if the price sustains this area as support, its likely to see bullish continuation.
BTC USD 4-hour chart. Source: TradingView
The 4-hour chart clearly shows what occurred during the previous drop. The price of Bitcoin was acting inside a very narrow range, through which such compression usually ends with volatility.
Typically, when the compression period ends a fake-out takes place before the real move occurs.
The 4-hour chart shows that Bitcoin tried to break above $9,850, but instantly got rejected at $10,000, which caused the price to drop.
The price dropped below $9,850 and more importantly, the recent support at $9,700. Long traders had positioned their stop-loss below the previous support and as the stops were hit the downwards move started to accelerate through a chain reaction in which only the first major support level can only stop the price from falling as this is the level traders are watching to step back in.
In the case of this downward fall, the area around $9,050-9,150 was the primary zone to hold.
Total market capitalization cryptocurrency 1-day chart. Source: TradingView
The crypto total market capitalization is still acting inside an uptrend and more importantly, moving above the 100 and 200-day moving average.
Preferably, the green zone has to remain a support, however, a wick towards $240 billion is possible. As long as the $240-$245 billion zone remains support, further upside can be expected and the next resistance zone is targeted at $310-$325 billion.
If the $240 billion support is lost a crucial test of the $220-$225 billion area could occur. In that scenario, the lender of last resort would be to see the 100-day and 200-day MA serve as support.
BTC USD 4-hour bullish scenario. Source: TradingView
The 4-hour chart shows a clear structure for bullish momentum. The support at $9,050-$9,200 has to hold and even though a potential wick to $8,850-$8,900 could occur, a daily close above $9,050-$9,200 is preferred.
In that regard, a renewed test of the lows can occur to create bullish divergences or a double bottom. After that, reclaiming $9,300 is pivotal for further momentum.
Finally, a break of the $9,500-$9,550 area is the last crucial part. If the price of Bitcoin can break above that resistance its likely to start a renewed test of the $10,000-$10,500 zones.
This resistance has been tested many times and its even more likely to see continuation towards $12,000 once the resistance is broken.
BTC USD 4-hour bearish scenario. Source: TradingView
The bearish scenario is clean and straightforward. The primary pivot for this scenario is the $9,050-$9,300 area and losing that zone could indicate further downwards momentum.
However, what should traders look for in the bearish scenario? First of all, a rejection at the $9,600-$9,700 area could indicate a downwards test of the support zones at $9,050-$9,200.
The more often the support at $9,050-$9,200 is tested, the weaker it becomes as buyers become exhausted.
Through that, if the price of Bitcoin rejects at $9,600-$9,700 and loses $9,050-$9,200 as support, every bearish retest and rejection could be a signal for a potential short opportunity and further downwards momentum.
In that regard, losing $9,050-$9,200 could mark a more significant correction for the crypto markets in which the $7,500-$7,800 areas are the first massive support zones to be tested.
This does not mean that investors should expect continuation of the crypto bear market and we should remember that the price of Bitcoin has rallied massively since the March 12 crash.
A correction of 25-30 percent is healthy and not unnatural in a market that trends upward.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
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Bitcoin Price Drop to Key $9K Support Could Place the Uptrend in Peril - Cointelegraph
Last Time This Key Statistic Hit All-Time High, Bitcoin Saw A 3900% Parabolic Rally – Forbes
PARIS, FRANCE - FEBRUARY 12: In this photo illustration, a visual representation of the digital ... [+] Cryptocurrency, Bitcoin is displayed in front of the Bitcoin course's graph on February 12, 2020 in Paris, France. The price of Bitcoin is rising and has once again passed above the very symbolic bar of 10,000 US dollars. (Photo by Chesnot/Getty Images)
The number of long-term Bitcoin holders has been increasing rapidly since October 2019. The last time the level of HODLing rose this high, the price of BTC surged from $500 to $20,000.
The term HODLing refers to investing in Bitcoin with less intent of selling it in the near-term.
Investors who hold BTC for long periods of time mainly believe that Bitcoin could evolve into an established store of value over the next decade like gold.
The level of HODLing increased in the last two months to figures unseen since 2015 to 2016, when the price of Bitcoin was ranging in between merely $200 to $500.
Alistair Milne, chief investment officer at Altana Digital Currency Fund, said:
What if I told you that the amount of Bitcoin held without moving for >12 months is on course to make new ATHs (>61%) and barely changed in the March COVID panic ... These levels of HODL'ing were last seen when the price was $200-500 back in 2015/16.
The number of long-term Bitcoin holders has been increasing since late 2019.
There are two possible reasons investors are increasingly investing in Bitcoin with a strong long-term outlook: the activation of the third block reward halving and improving mainstream perception of cryptocurrencies.
On May 11, 2020, the Bitcoin blockchain network saw its third halving in history.
Historically, halvings led the price of Bitcoin to see extended upsurges over a multi-year period.
The first and second halving of Bitcoin occurred in November 2012 and July 2016. At the time, Bitcoin was valued at $11 and $800 respectively.
The price of Bitcoin increased by around 6800% from 2012 to 2016 and 2000% from 2016 to 2020, over the next four years that followed the two halvings.
The historical significance of a Bitcoin halving coincides with a record high inflow of capital from institutional investors into the Bitcoin market in recent months.
In April 2020, the price of Bitcoin rebounded from $3,600 to over $9,000 within 45 days.
Subsequent to the recovery, Grayscale CEO Barry Silbert said the Grayscale Bitcoin Trusts assets under management surpassed $3 billion.
The Grayscale Bitcoin Trust is a popular investment vehicle among institutions to gain exposure to Bitcoin without directly holding BTC, as an alternative to an exchange-traded fund (ETF).
In the first quarter of 2020, Grayscale saw around 88% of its investments come from institutional investors.
Whether Bitcoin will see a similar rally as seen in 2012 or 2016 in the next four years remains uncertain. There are variables that may affect the trend of BTC in the short-term such as geopolitical risks and volatility in the equities market.
But, historical data dating back to 2012 suggests Bitcoins long-term trajectory remains highly optimistic and investors anticipate a strong performance over the next five to ten years.
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Last Time This Key Statistic Hit All-Time High, Bitcoin Saw A 3900% Parabolic Rally - Forbes
Bitcoin Realized Cap Hits $106B Record as Fear Returns to BTC Index – Cointelegraph
Bitcoin (BTC) set a new all-time high this week as bearish market sentiment failed to dent one metrics march to $106 billion.
Data from on-chain monitoring resource Coin Metrics shows that as of June 11, Bitcoins realized cap stands at a record $106.26 billion.
Realized cap is a different way of calculating Bitcoins value, an alternative to conventional market cap.
The number is computed by taking the price at which each Bitcoin last traded and the size of each trade, then multiplying them together.
Originally formulated by Coin Metrics, the indicator has grown in popularity among analysts and well-known cryptocurrency figures. Responding to the latest highs, the Bitcoin Twitter account describedthe progress as simply good for Bitcoin.
Realized cap fell just slightly following the March crash, shedding a maximum of around $1 billion before continuing its upward trajectory.
This highlights its structure in real terms, Bitcoin shed 60% of its price at the time, while overall, as Cointelegraph reported, more than 60% of the supply has not moved in over a year.
Bitcoin broke the $100 billion realized cap mark for the first time in August 2019.
Bitcoin realized cap historical chart. Source: Coin Metrics
Realized cap provides a noticeable contrast to the overall market mood this week. On Thursday, bearish signs culminated in a wave of exchange selling pressure thattook 8% off BTC/USD in hours.
The move took its toll on the crypto fear andgreed index, a dedicated measurement of trader attitudes.
Having lingered in neutral territory with a score of 53/100, the index suddenly fell 15 points to 38/100, marking a return to the fear zone.
Crypto fear andgreed index one-month chart. Source: Alternative.me
Theoretically, the closer the index moves to zero, the more it suggests that traders are disproportionately bearish.
Earlier this year saw a record seven consecutive weeks spent in the lowest extreme fear category.
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Bitcoin Realized Cap Hits $106B Record as Fear Returns to BTC Index - Cointelegraph
Bitcoin’s March to $100K: A Number of Crypto Experts Who Believe the Price per BTC Touches Six-Digits | Market Updates – Bitcoin News
A number of analysts believe that at some point in the future, Bitcoin prices will touch the six-digit zone or $100,000 or more per unit. This price point has been predicted by a variety of experts and analysts including the stock-to-flow (S2F) proponent Plan B, financial analyst Peter Brandt, the popular crypto trader Theta Seek, Blockfyres Simon Dedic, and Morgan Creek CEO Mark Yusko.
There are a number of industry insiders, experts, and analysts who think the price of bitcoin (BTC) could easily reach $100,000 or more per coin. On June 4, 2020, Simon Dedic, the cofounder of crypto-analysis firm Blockfyre estimates that BTC will touch a high of $150K.
Dedics tweet forecasts a number of price predictions including BTC ($150K), ETH ($9K), LINK ($200), BNB ($500), VET ($1) and XTZ ($200). The Blockfyre cofounder is not the only crypto industry executive who thinks BTC will reach the six-digit price range at some point in the future.
On June 5, the popular trader Theta Seek told his 5,528 Twitter followers that BTC could touch $100K, but there needs to be $90M in investments per day. At 100K per BTC, the market has to absorb a miner supply of $90 Million USD daily, Theta Seek explained in his tweet.
Assuming that there are 10 million people worldwide buying BTC on a regular basis. It would cost them each $9 daily to sustain those price levels. Ive met people who spend more than $9 on coffee, the trader added. Further, one person replied to Theta Seek and said: When the price gets high there is a lot more supply than just miners. The traders responded by stating:
Data suggests otherwise though, HODL-ers throughout the past 3 ATHs have not been selling in significant portions. 60% of BTC has not moved for more than 2 years. Even if that were to be true, the long term supply of BTC will eventually be equal to the mining (new) supply.
There have been many others who claim that it is possible BTC could touch $100K per coin. During a May 6, 2020 interview, the CEO of capital management giant Morgan Creek, Mark Yusko, explained that BTC could easily reach $100K in 2021 or 2022. During the discussion, Yusko also said BTC could reach $400 to $500K as well. Yusko stated at the time:
If we come to gold equivalence, meaning the market cap of Bitcoin equals the market cap of gold, which I think is perfectly logical, you could easily see that $400,000 to $500,000 price [at] some [point in time].
Even though the analyst and popular financial trader, Peter Brandt, recently tweeted that the Bitcoin halving was grossly over-rated, he has stated that BTC could touch six-digits as well. This was mentioned during Peter Brandts Crypto Update on December 5, 2019.
In the video update, Brandt said that at some point BTC will march toward the $100K region, but the crypto assets market cycle would be bearish first. Brandt noted that BTC was at a crossroads and said that by July, in 30-days, the price could bottom out. However, Brandts prediction was well before the Covid-19 outbreak and the Black Thursday event on March 12, 2020.
There are so many people that believe BTC could very well touch the six-digit range at some point including Morgan Creeks executive Anthony Pomp Pompliano, Plan B (@100trillionUSD), Pantera Capital, crypto analyst Nicholas Merten, venture capitalist Tim Draper, and RT host Max Keiser.
Moreover, the question of whether or not BTC could reach $100K per unit has been asked for many years now. It seems that many crypto-asset investors and old school bitcoiners do believe that at some point in time, BTC will be priced at $100,000 per coin.
At the time of publication, BTC is trading between $9,600 to just above the $9,700 per coin zone and the crypto economy is worth $275 billion on Monday. Most crypto assets on Monday are up between 1-4% depending on the coin. 24-hour global trade volumes have dipped over 4% but theres still around $18.1 billion in global crypto swaps today according to market stats.
Do you think BTC will reach $100k per coin? Let us know in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Peter Brandt Video December 2019
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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Bitcoin's March to $100K: A Number of Crypto Experts Who Believe the Price per BTC Touches Six-Digits | Market Updates - Bitcoin News
Analyst predicts major correction in price of Bitcoin – Yahoo Finance
Bitcoin looks like it may suffer a gruelling correction in the coming weeks, according to eToro analyst Simon Peters.
The entire cryptocurrency market experienced a notable pullback yesterday with Bitcoin falling to as low as $9,000 before finding a bounce.
The move to the downside was replicated in traditional markets, with the S&P500 suffering a 6.77% plunge.
The recent cryptoasset pullback coincides with a similar retraction in global equity markets. Peters said. It appears the narrative in markets has somewhat changed from potential recovery and reopening of economies post-lockdown, to a potential second COVID-19 wave, especially after several US states have reported a spike in coronavirus cases since reopening their local economies.
Optimism has dissipated and realism has set in, in both the cryptoasset market and global stock markets. If we begin to see widespread second spikes of COVID-19, then it would probably cause another sell off across all markets. If the price drops below the $8,500 level, investors should be worried.
He goes on to say that while a short-term Bitcoin correction may be difficult, it will be the beginning of a new bottom formation that will act as a platform for a rally into the second half of the year.
He continued: With bitcoin there is always the possibility for a further drop, but its my view that we are seeing a new bottom begin to form. Fundamentals remain positive for the asset, especially given the recent Fed meeting and indication of continued economic stimulus and consistently close to zero interest rates.
At the time of writing Bitcoin is trading at $9,453 with notable levels of support at both $9,000 and $8,830. Breaking below those levels would indicate a change in market sentiment with potential downside targets emerging as low as $7,100 while there is also a chance of a bounce at $7,800.
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Analyst predicts major correction in price of Bitcoin - Yahoo Finance