Category Archives: Bitcoin
Notes From the WEF: Oil-Producing Nations Want Dollar Alternatives, Just Not Bitcoin – Coindesk
DAVOS, Switzerland Most Middle Eastern elites at the World Economic Forum are highly skeptical of bitcoin, but there are whispers about its potential for cross-border settlements in the energy sector.
According to Egyptian businessman M. Shafik Gabr, chairman of the ARTOC Group for Investment & Development, some Middle Eastern nations are already exploring the possibility of settling oil contracts in bitcoin. But he declined to specify which, and most of the leaders gathered in Davos for the annual conference that wrapped up Friday are adamant they see bitcoins post-sovereign nature as anathema.
Fellow Egyptian investor Ahmed Heikal, CEO of Qalaa Holdings, said hes not bullish on bitcoin because it doesnt have the legal framework for such wholesale deals. If nations or energy enterprises are to use bitcoin, he argued, it wont be for at least another decade.
Delegates from Oman to the United Arab Emirates and Saudi Arabia all expressed similarly dismissive views about bitcoin as an asset, often referring to it as a gambling conduit. But when asked if it could still be used to settle oil contracts especially considering the United States aggressive economic pressure on energy exporters Iran and Iraq one Omani politician, who did not want to be identified, teased, It depends on who's asking.
U.S. sanctions are top-of-mind across the region, as when President Donald Trump urged Europe not to trade with unfriendly energy suppliers. Iraqi President Barham Salih pushed back with a speech on Wednesday that asserted it was Iraqs sovereign right to have relations with neighbors on its own terms.
Saudi Arabian businessman Hamza Alkholi, CEO of Al-Kholi Group, dismissed the idea that bitcoin-denominated oil contracts could ever be more than an outlier.
Weve been trying for 30 years, he said, referencing efforts to move beyond the U.S. dollar by settling oil contracts in euros. Until bitcoin is regulated like the stock market, I dont see that happening.
Crescent Enterprises CEO Badr Jafar, who is heavily invested in the oil and gas industry, agreed theres no urgency among most players in his industry to move away from the dollar. Leaders and businessmen still dont trust cryptocurrency, Jafar said, and he expects central banks would push back if bitcoin gained more significant usage.
However, if oil contracts were to be settled in currencies beyond the dollar, Jafar said that might be driven by political factors related to Russia and China.
And soon there will be a digital currency issuer eager to help dollar-weary energy suppliers find alternative settlement systems. Equally concerned about trust, China is hyper-focused on both compliance and global market opportunities.
China's new Silk Road?
Chinese businesspeople see Eurasian crypto ventures as a stepping stone toward addressing more complex commodities markets.
China Blockchain Delegation Chairman Danny Deng said Chinas blockchain-based currency, which he expects the Peoples Bank of China (PBoC) to launch on a limited scale in 2020, could offer a backbone for energy markets.
Bitcoin has a larger and larger ecosystem, but it still cant afford the trading volume of such a commodity, Deng said. The traders of oil and gas are using leverage. That leverage must be backed by financial systems. Regions, like Iran may use bitcoin or other payment systems. But other countries that dont have this problem may play an important role in national [cryptocurrency] settlements.
From his perspective, fiat currency has become too political, rather than a strictly commercial tool. One of Chinas most revered bitcoiners, Wang Wei, a leader of nearly a dozen associations from the Shanghai Stock Exchange Corporate Governance Advisory Committee to the China Mergers and Acquisitions Association, said bitcoin lost its chance to be the dominant currency for settlements and will instead primarily be a store of value.
Several Chinese businessmen who work with the government and PBoC agreed the bank could offer an alternative to dollar settlement systems by 2021. For example, Zhang Shousong, secretary general of the China Blockchain Application Center, said by the next Davos conference PBoCs digital currency will be operational not only in China, but all over the globe.
Given the tenor of public officials statements, Deng said cryptocurrency rails are on a fast track. Shousong added its not like Libra, its certainly going to launch, referring to the Facebook-initiated global currency project whose debut remains uncertain.
In the meantime, Wei has taken Chinese-speaking Kazakhstani entrepreneur Tilektes Adambekov under his wing and helped the latter establish the licensed EBX crypto exchange in Kazakhstan, the worlds 10th-largest oil exporter. Adambekov joined the Chinese delegation for lunch in Davos to discuss the future of global markets over foie gras and fig chutney in a mountaintop restaurant with a panoramic view. Adambekov quoted Mao Zedong in a thank you speech to the delegation, which prompted resounding applause.
From the delegations perspective, Adambekov is a perfect fit for Chinas aspirations. He spent eight years working in China before returning home to focus on serving Russian-speaking crypto markets across borders. Plus, Kazakhstan has an open regulatory framework and is strategically situated along the path of Chinas Belt and Road initiative. Adambekov said his exchange aims to support tokenized oil and gas options, settled in national cryptocurrencies yet offering bitcoin liquidity.
From China to Oman, all businesspeople and diplomats agreed the dollar will remain king in commodities markets for the near future. But alternative options may already be on the horizon.
When asked if such options could usurp the greenback by 2025, Matthew Blake, the World Economic Forum's monetary systems lead, said the dollars role is so pronounced that to displace it in a meaningful way would take longer than four years.
Bitcoin may, or may not, participate in that shift.
Bitcoin has demonstrated some of the qualities that a distributed currency can possess, Blake said. Its also had challenges too. The role of a currency is to have a store-of-value with an inherent level of stability. There needs to be liquidity. In the case of bitcoin, it hasnt had those qualities thus far.
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Notes From the WEF: Oil-Producing Nations Want Dollar Alternatives, Just Not Bitcoin - Coindesk
Renowned analysts comment on Bitcoin, Ethereum, and XRP as the uptrend resumes – CryptoSlate
The cryptocurrency market appears to have started the week on a positive posture as the top cryptos by market cap are already posting significant gains. Now, some of the most prominent technical analysts in the industry have laid out their perspectives about Bitcoin, Ethereum, and XRP. The following technical analysis evaluates what these chartist have to say.
In a recent tweet, 45-year trading veteran Peter Brandt pointed out that there are many reasons to believe that the uptrend Bitcoin entered since the beginning of the year could continue unfolding.
Despite the 10 percent plunge that the flagship cryptocurrency suffered recently, Brandt maintains that there is a significant level of support around $8,400. This price hurdle is defined by the upper boundary of a descending parallel channel, the 18-day moving average, and the 3-day trailing stop rule, according to the analyst.
If this support level fails to contain the price of BTC, then Brandt expects that a more serious correction could take place.
The moving averages on BTCs 1-day chart tell a similar story. Bitcoin is sitting at a pivotal point as it continues to trade within the 200 and 150-day moving averages. The pioneer cryptocurrency has been contained within this trading range since Jan. 13. As a result, it can be considered that a daily candlestick close above or below this area could likely determine where it is heading next.
On the upside, a spike in demand could take Bitcoin to break above the 200-day moving average. Turning this significant resistance level into support could be one of the strongest signals that BTC is about to enter a major bull rally.
Conversely, if the selling pressure increases and BTC breaks below the 150-day moving average it could try to test the next level of support provided by the 50-day moving average. This price barrier sits at $7,750.
Michal van de Poppe, a full time trader based in Amsterdam, believes that an interesting week is coming up for Ethereum. According to the chartist, Ether is looking way better than Bitcoin due to the recent support and resistance flip.
The fact that ETH was able to bounce off the $155 support level strongly, leads Poppe to believe that it could now be heading to the next level of resistance that sits around $194.60.
Such an optimistic scenario, as the one presented by Poppe, seems extremely possible. The recent correction took Ethereum down to test the middle Bollinger band. Since this support level was able to prevent ETH from dropping further, a rebound to the upper Bollinger band could be expected.
Additionally, the TD sequential indicator presented a buy signal the moment the current green two candlestick began trading above the preceding green one candle. This bullish formation could be estimating that the correction is over and now ETH is bound for another upswing. At the moment, the risk like sits at $194, which coincides with Poppes bullish target.
IntoTheBlocks In/Out Money model estimates that if Ethereum indeed continues its uptrend, the next major point of resistance sits at approximately $190. This technical tool considers the distribution of Ether throughout individual wallets based on the current price.
Under this premise, there are 3.43 million addresses with balances between $180 and $205 containing 8.56 million ETH, which could serve as resistance. However, if the bullish impulse is strong enough to break through this barrier, the next significant level of resistance sits around $205 and $253. There are over 4 million addresses carrying nearly 11.7 million ETH around this price level.
On the downside, there is an important level of support between $143.50 and $163.60, since 2.7 million addresses are holding 16.81 million ETH.
CryptoBull maintains that XRP is preparing for a parabolic advance. The analyst explained that the moving average convergence divergence (MACD) is printing the same sequence as it usually does before this crypto enters a bull trend, based on the 1-week chart. Now, he is waiting for the 50 and 100-week moving averages to form a golden cross, which could serve as the last piece of information needed to confirm a potential rally.
Despite CryptoBulls bullish outlook, the TD sequential indicator is currently presenting a sell signal on XRPs 3-day chart. The bearish formation is a green nine candlestick that transitioned into a red one candle. This technical index estimates that a spike in sell orders could trigger a one to four candlestick correction or the beginning of a new bearish countdown.
Due to the ambiguity that XRP presents, the trading range between $0.218 and $0.245 is a reasonable no-trade zone. Breaking above or below this consolidation area could determine where XRP is heading next.
If the buying pressure behind this cryptocurrency increases allowing it to breakout of the no-trade zone in an upward direction, the next significant level of resistance to consider sits at $0.30. Nonetheless, an increase in the selling pressure behind XRP could take it to test the $0.20 support level.
Based on the point of view of the analysts mentioned above, it seems like the top three cryptocurrencies by market cap are about to resume their uptrend. If their respective support levels are able to hold, then they could be about to go through an interesting week as Michal van de Poppe stated. Nevertheless, it remains to be seen whether a spike in volume would allow XRP to invalidate the bearish outlook presented by the TD sequential indicator allowing it to surge as it is expected for the rest of the market.
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Renowned analysts comment on Bitcoin, Ethereum, and XRP as the uptrend resumes - CryptoSlate
HODL Strong: Over Half of The Bitcoin Supply Hasnt Moved in Over a Year – newsBTC
The term HODL is an acronym derived from the phrase hold on for dear life, which became a widely popular recommendation for investors to remain steadfast in when Bitcoins notorious volatility peaks.
It appears that crypto investors are taking note of the tip and holding strong, as more than half of the entire Bitcoin supply has been dormant in over a year.
Bitcoin was designed to offer many unique attributes that are a benefit over the fiat currencies that make the world go round today.
While central reserves such as the Fed can simply print more and more fiat currencies, Bitcoin, however, is digitally hard-capped so that the supply is limited to only 21 million BTC.
Related Reading | Bitcoin Stock-To-Flow Model Updated To Account for Satoshis 1 Million BTC
The scare supply is just one of the many attributes that give Bitcoin its value as a disruptive financial asset.
The idea is that due to the cryptocurrencys limited supply, it becomes easy for the scales to tip in favor of demand, causing the assets value to rise due to simple supply and demand market dynamics.
However, there is an overlooked factor that may be causing Bitcoins supply to function as if it was even more limited: the HOLD effect.
Those who have spent any period of time holding Bitcoin should be well accustomed to the wild volatility the asset is known for, causing massive price fluctuations driven by speculation.
Those who decide to trade Bitcoins peaks and troughs oftentimes get chopped up in the volatility, resulting in massive losses of capital.
But rather than trying to sell tops and buy dips, along the way, crypto investors wised up and realized that simply holding Bitcoin and other crypto-assets oftentimes resulting in a better ROI.
It has resulted in a phrase coined that reminds crypto investors to hold on tight, dubbed HODL, or hold on for dear life.
Crypto investors are, according to new data, taking this tip to heart, and are holding their Bitcoin tight.
So tight, in fact, that over half of the Bitcoin supply has remained dormant for a period of one year or longer. Of Bitcoins limited 21 million BTC supply, over 12.58 million BTC has remained dormant for a period of one year or more.
It also suggests that those who bought Bitcoins current bear market bottom in December 2018 at around $3,100, are likely to remain confident that the bottom is in, and wont be selling the asset anytime soon.
Related Reading | Poll Reveals Majority of Crypto Investors See Bitcoin Price at $100,000 to Millions Long-Term
Bitcoin is expected to reach prices of $100,000 to as much as one million dollars per BTC in the future, prompting many to accumulate the asset for the sake of buying and holding for the long-term.
With a financial opportunity like that in front of investors, its no surprise theyre not seeing and instead are holding strong.
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HODL Strong: Over Half of The Bitcoin Supply Hasnt Moved in Over a Year - newsBTC
Bitcoin, ETH, XRP, And LTC Rally Fades: What’s Next? – Forbes
INDIA - 2020/01/23: In this photo illustration a Cryptocurrency Bitcoin logo seen displayed on a ... [+] smartphone. (Photo Illustration by Avishek Das/SOPA Images/LightRocket via Getty Images)
Fortunes are changing in cryptocurrency markets. A rally that began three weeks ago lost steam last week.
By Saturday evening, Bitcoin was down 6.43%, ETH was down 7.38%, XRP was down 8.44%, and LTC dropped 11.20%. Bitcoin slid back towards the key $8,000-mark.
The retreat was board with only 18 out of the top 100 cryptocurrencies advancing and 82 dropping.
That's a significant change from the previous when 90 cryptocurrencies advanced out of the top 100.
And it came as the spread of coronavirus unsettled financial markets.
That should have come as a surprise to digital asset experts. Bitcoin has emerged as a safe-haven asset in times of global uncertainties, according to some studies. And should have been rallying rather than retreating last week.
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Is Bitcoin's pull-back just the pause of the rally or something more serious?
Christopher Brookins, Founder and CIO at Valiendero Digital Assets, thinks that Bitcoin is re-affirming his previous position that the rally takes a "breather."
"At the time of writing, the Hurst Exponent is still recovering from oversold levels and its recent "breather," with a value of 0.52, he says. The resumption in upward trajectory after its brief consolidation and value still being far from overbought territory bodes well for price in the near to mid-term."
Brookins' estimates apply the Hurst exponent (H) model, which is rooted in mathematics founded by Benoit Mandelbrot, to determine if a financial market is trending or not.
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He's watching the $8400 (short-Kumo Cloud) and $8600 (long-Kumo Cloud), but he remains bullish in the digital currency, in the face of the upcoming halving.
And he sticks in his previous prediction that ETH price increases are unlikely to last for a sustained period, and that will lag behind BTC.
"As stated prior, given the dramatic reversal in Hurst values to overbought, ETH price increases are unlikely to last for a sustained period in 2020," he says. "Furthermore, given the divergence between ETH and BTC Hurst values, we expect BTC to begin demonstrably outperforming ETH over the coming weeks and months."
Screen Shot 2020-01-25 at 7.52.55 PM
He also sticks with his prediction that LTC price increases are unlikely to last for a sustained period. They will also lag behind BTC.
"As stated prior, given the dramatic reversal in Hurst values to overbought, LTC price increases are unlikely to last for a sustained period in 2020," he adds. "Furthermore, given the divergence between LTC and BTC Hurst values, we expect BTC to begin demonstrably outperforming LTC over the coming weeks and months."
Screen Shot 2020-01-25 at 7.58.50 PM
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Bitcoin, ETH, XRP, And LTC Rally Fades: What's Next? - Forbes
The Coronavirus Hedge? Bitcoin And Gold Rising Together As Chinese Lockdown Expands – CryptoPotato
Bitcoins price surged 6% in 48 hours from the $8250 handle to above $8770. The price movements come as the coronavirus continues to spread in China. The Wuhan virus epidemic continues to plague throughout the country and abroad. Medical authorities confirmed a fifth case of the SARS-like virus in the United States. Much broader markets like the U.S. equities have been affected by coronavirus fears. Its quite likely Bitcoin is getting caught up in the turbulence.
On Sunday, the Centers for Disease Control confirmed the fifth case of coronavirus in the United States, this time in Arizona. Authorities have diagnosed U.S. residents infected with the Wuhan virus across the country. They live in Washington state, Chicago, Orange County, and Los Angeles County, California. They all recently visited the Chinese city of Wuhan.
Meanwhile, China has taken drastic measures to respond to the crisis. The urgent response underscores the seriousness of the epidemic. The government has quarantined the city, locking down two other towns as well, and plans to build a hospital in just six days to treat patients.
Markets have taken notice. The New York Stock Exchange nervously retreated for the fourth consecutive day Friday. Over the weekend, Dow Jones Industrial Average futures sank with growing dread over the financial cost of the virus. At Mondays open, the Dow took another plunge. Oil prices are down 10% as the panic continues. But the Bitcoin price and spot gold have surged.
Historically, gold has been a global macro hedge against uncertainty and economic slowdowns. But digital gold has stepped into that role as well. Bitcoin was designed in a way that digitally simulates the properties of gold (scarcity, durability, portability, and fungibility). Studies of its price actions have shown Bitcoin to be every bit as much an uncorrelated asset as gold.
When capital flees from bonds and equities, it usually takes shelter in harder assets like gold and even Bitcoin. Thats ironic. All but the most rabid Bitcoin hodler on the lunatic fringe of crypto adoption would say Bitcoin is very risky.
If the coronavirus spreads throughout China and further, it could wreak economic devastation. Sick people arent very productive people. And they dont make great consumers either. If everyone stays inside, doesnt travel, doesnt work, doesnt shop the economy will slow down. But in the best case scenario, with a perfect Chinese response that contains the epidemic, the containment response itself can disrupt the economy.
The disruptions wont be locally or regionally confined either. Wuhan is an important transportation hub. But its been knocked out of the global network. China is the worlds second-largest economy by GDP. But market analysts say the coronavirus quarantines and travel bans will knock GDP down in the first quarter.
If the crisis worsens, it might be the case that investors will seek protection for their money in assets that are uncorrelated to the traditional financial and stock markets. As stated above, Bitcoin and gold have already displayed those qualities.
Bitcoin is already up more than 2.5% on the day, while gold charts an increase of about 0.5% in the past 24 hours alone.
Disclaimer: This article is the opinion of the author, and does not represent professional financial or investing advice.
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The Coronavirus Hedge? Bitcoin And Gold Rising Together As Chinese Lockdown Expands - CryptoPotato
Sorry Bears, Bitcoin Is Still In Mid-Term Uptrend: Heres Why – newsBTC
Bitcoin started a downside correction from the 2020 high at $9,191 against the US Dollar. However, BTC price is still in an uptrend and it could find buyers near $8,000 or $7,670.
After forming a short term top near the $9,191 level, bitcoin started a downside correction. BTC price broke the $9,000 and $8,800 levels to enter a bearish zone.
The bears were able to push the price below the 23.6% Fib retracement level of the last important rise from the $6,836 low to $9,191 high. Moreover, there was a daily close below the $8,500 support level.
Though, there are many important supports on the downside near the $8,200 and $8,000 levels. The main support is near the $8,000 level since it is close to the 100-day simple moving average.
Besides, the 50% Fib retracement level of the last important rise from the $6,836 low to $9,191 high is also near the $8,000 level. Therefore, dips remain supported on the downside if the price corrects further.
On the upside, the $8,500 zone is a major hurdle for the bulls. There is also a declining channel or bullish flag forming with resistance near $8,500 on the daily chart of the BTC/USD pair.
Bitcoin Price
Therefore, bitcoin needs to climb above the $8,500 and $8,540 resistance levels to start a fresh increase. Furthermore, a successful close above $8,600 might lead the price towards $9,000 and $9,200.
As stated, the $8,000 support is a major buy zone. If there is a downside break below $8,000, the next major support is near the $7,670 area.
The previous breakout zone was near $7,670 and now it coincides with the 61.8% Fib retracement level of the last important rise from the $6,836 low to $9,191 high.
Thus, a successful daily close below $7,670 or $7,600 could negate the current bullish view. In the mentioned case, the price is likely to revisit the $6,500 support area.
Technical indicators:
Daily MACD The MACD is slowly gaining momentum in the bearish zone.
Daily RSI (Relative Strength Index) The RSI for BTC/USD is still above the 50 level.
Major Support Levels $8,200 followed by $8,000.
Major Resistance Levels $8,500, $8,550 and $9,200.
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Sorry Bears, Bitcoin Is Still In Mid-Term Uptrend: Heres Why - newsBTC
Bitcoin Cash Just Broke $350 and $400 Seems Imminent: Heres Why – newsBTC
Bitcoin cash price started a strong rally from $300 and it gained more than 15%, whereas BTC is struggling near $8,700. BCH/USD could continue to rise towards $400 in the near term.
After getting rejected near $405, bitcoin cash price started a strong downside correction. BCH declined nearly $100 before the bulls took a stand near the $300 support.
A swing low is formed near $300 and the price restarted its upward move. It broke a major resistance area near the $320 level and the 100 simple moving average (4-hours) to move into a positive zone.
Moreover, there was a break above a major declining channel with resistance near $324 on the 4-hours chart of the BCH/USD pair. It opened the doors for more gains above the 50% Fib retracement level of the key decline from the $404 high to $299 swing low.
Bitcoin Cash Price
Bitcoin cash price is now above the $350 level, but it is now facing a strong resistance near $365. It represents the 61.8% Fib retracement level of the key decline from the $404 high to $299 swing low.
If there is a successful break above the $365 resistance, the price is likely to continue higher towards the main $400 resistance area in the near term
There are slight chances of a minor correction if BCH bulls struggle to push the price above $365 resistance. In the mentioned case, an initial support is near the $350 level.
If there is an extended downside correction, bitcoin cash price might dive towards the $330 support. The main buy zone for the bulls is near the $320 level and the 100 simple moving average (4-hours).
Technical indicators
Hourly MACD The MACD for BCH/USD is currently gaining strong pace in the bullish zone.
Hourly RSI (Relative Strength Index) The RSI for BCH/USD is now well above the 50 level, with a bullish angle.
Key Support Levels $350 and $330.
Key Resistance Levels $365 and $400.
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Bitcoin Cash Just Broke $350 and $400 Seems Imminent: Heres Why - newsBTC
US Deficit Will Be at Least 6 Times Bitcoin Market Cap Every Year – Cointelegraph
The average budget deficit of the United States will never be less than $1 trillion per year in the future or 4.5% of GDP, worrying data on the fiat economy shows.
Compiled by the U.S. Congressional Budget Office (CBO) and shared by crypto hedge fund manager Travis Kling on Jan. 21, statistics reveal that the annual deficit is set to hit $12.2 trillion for the entire 2020s.
Such deficits would be significantly larger than the 2.9 percent of GDP that deficits averaged over the past 50 years, the CBO itself commented when it released the projections last September.
U.S. average budget deficit 1969-2029. Source: CBO
$1 trillion is more than six times the market cap of Bitcoin (BTC) and four times the market cap of all cryptocurrencies combined.
The data concerned Kling, who like other Bitcoin proponents has drawn clear distinctions between the cryptocurrency and fiat currency.
As Cointelegraph reported, the deficit is not the only worrying aspect of U.S. economic policy to surface in numbers in recent months. Late last year, it emerged that the countrys total debt is now higher than ever at $23 trillion, while the worlds total debt is $255 trillion or $12.1 million for each Bitcoin.
In simple terms, budget deficits occur when the value of a countrys spending exceeds the value of its revenues. As Kling notes, governments can use fiat to plug the difference, allowing them to increase the money supply which they can then direct as desired.
Over the New Year period, the Federal Reserve added $425 billion to the dollar supply.
The process has its roots in Keynesian economics, which calls for states and central banks to manage the money supply instead of allowing the market to decide prices for goods and services.
Such a setup creates a problem known as the Impossible Trinity attempting to achieve free capital flows, a fixed exchange rate between currencies and independent monetary policy.
Imagine the allure as a politician of promising your constituents all the spending they want, w/o ever having to raise taxes. Spend more AND cut taxes! There's no inflation! Kling wrote on Twitter.
He concluded:
This has been tried many times before in monetary history and there is no example where it ended well.
As Saifedean Ammous explains in his book, The Bitcoin Standard, preventing meddling by governments and central banks would reverse the processes which lead to phenomena such as deficits. This is because fiat would cease to be money by decree as its name implies, and would instead operate without a central authority, similar to Bitcoin.
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US Deficit Will Be at Least 6 Times Bitcoin Market Cap Every Year - Cointelegraph
Bitcoin Puzzle Worth 2.1 BTC STILL Unsolved, Find New Clues Here – Bitcoinist
With its 2.1 bitcoin (BTC) puzzle still unsolved, a Phemex co-founder has offered a few clues to help in cracking the code. The crypto derivatives trading platform is one of the new entrants in the market, going live late last year with an operational presence in Singapore.
In a letter published on the Phemex website on Thurday (January 23, 2020), Max Wong, co-founder of the crypto derivatives exchange platform offered a few clues for the 2.1 BTC puzzle put out earlier in the week.
The hints provided by Wong are:
The first 21-digit prime found in consecutive digits of e is: 957496696762772407663
The private key you derive from Satoshis portrait is a big integer, not Wallet Import Format (WIF)
The filename of the picture is irrelevant
The next step involves converting some words from the portrait, without I/O, into a 27-digit number
Go back to step 4) again if you cant figure it out.
Wong also provided further clarification for the bitcoin puzzle. The actual wallet address tied to the puzzle contains 1.1 BTC. The person or persons able to crack the code will receive this prize plus an additional 1 BTC bonus deposited in a Phemex trading account.
The Phemex co-founder also confirmed that participants in the retweet thread that leads to the solving of the puzzle get a $100 trading bonus deposit in a Phemex account. Wongs letter also mentioned the companys wish to reveal either the name or Twitter identity of the eventual winner for the sake of transparency.
As at press time, the bitcoin puzzle remains unsolved. Previous crypto puzzles have taken various time intervals before being cracked.
For Wong, Phemex hopes that participating in solving the bitcoin puzzle will help to foster greater cooperation within the crypto community. As part of the letter, Wong noted that in trying to crack the code, people are exploring fundamental Bitcoin concepts like cryptographic encryption which helps to broaden the appeal of cryptos in general.
Wongs letter also stated that the company hopes that the solver of the puzzle will be open to representing the company as a brand ambassador.
Do you think you have what it takes to crack the Phemex 2.1 BTC puzzle? Let us know in the comments below.
Images via Shutterstock, Phemex.
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Bitcoin Puzzle Worth 2.1 BTC STILL Unsolved, Find New Clues Here - Bitcoinist
Five Years of Bitcoin Trendlines All Lead to This One Point; Fireworks Inbound – newsBTC
Since Bitcoins genesis block was first mined, the cryptocurrency has been caught within a whirlwind that has allowed BTC to post gains that defy historical precedent.
Although the past couple of years have tempered the excitement surrounding the cryptocurrency, it is important to note that multiple bullish factors are fast approaching on the horizon, and the combination of these factors suggest that BTC could be en route to setting fresh all-time highs.
One interesting factor that should be noted is that the convergence of two key trendlines formed over the past five years coincides strikingly close with the cryptocurrencys upcoming mining rewards halving event signaling that fireworks could be imminent.
Over the past few days, Bitcoins price has been oscillating between the lower and upper-$8,000 region, with this ongoing consolidation phase coming at the tail end of its recent multi-week uptrend.
Although the near-term prospects for Bitcoin remain foggy, its mid-term outlook might just be more bullish than ever, as BTC is close to reaching the apex of a massive bull flag comprised of two trendlines that have been formed over a multi-year period.
Interestingly enough, the apex of this pennant coincides precisely with the anticipated date of Bitcoins upcoming mining rewards halving in May, which suggests that this time period could be a historical pivoting point for the cryptocurrency.
5 years of trendlines perfecting coinciding with the most highly anticipated event in BTC history. Fireworks in store! Travis Kling a partner at the Ikigai Fund explained in a tweet while pointing to the below chart.
While BTC remains stuck beneath the coveted five-figure threshold at $10,000, it is difficult to realistically muse the possibility that it will soon be trading at $100,000 or more.
This may not be as farfetched as one would assume, however, as Galaxy, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that a break above the descending resistance formed since the 2017 rally could lead Bitcoin straight to $100k minimum.
Breaking the green line will be what triggers the next parabolic movement that will take us to $100K minimum. Save this picture. You are not late. You are early.
It just so happens that this trendline is the same upper boundary as the one seen on the chart referenced by Kling, which signals that BTC could be just mere months away from an explosive movement to fresh all-time highs.
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Five Years of Bitcoin Trendlines All Lead to This One Point; Fireworks Inbound - newsBTC