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According to Fundstrat analyst Sam Doctor, it appears Bitcoin Core (BTC) hashpower has doubled since just before the start of summer. That figure is impressive considering the lingering and deep bear market. “Even with upgrades to existing equipment, implies almost 1GW of new power consumption vs 5.2GW in May ’18m” Mr. Doctor tweeted. “Breakeven now $7,300 ($5,300 cash BE) vs. $6,000 in May.” An exchange report confirms miners might also be accepting lower shorter term gains in favor of market position.

BTC Hashpower Doubles Since May in Bear Market

As indicators go, increases in the BTC difficulty and hashrate are considered pluses, potentially adding robustness and resilience to the network. That miners might be continuing to plod along in a bear market, and in the face of huge price drops and their own profits, could signal better days for all, concerned proponents are concluding.

One theory about why this might be occurring comes from crypto exchange Bitmex. They claim powerhouse mining operations such as Bitmain have welcomed market prices bottoming out, as it pushes out weaker hands and helps increase its relative position. “These low prices are likely to be a deliberate strategy by Bitmain,” the exchange explains, “to squeeze out their competition by causing them to experience lower sales and therefore financial difficulties. In our view, herein lies the key to one of the main driving forces behind the decision to IPO. A successful IPO may increase the firepower available to continue this strategy and eliminate an advantage rivals could have by doing their IPOs first.”

Two major South Korean cryptocurrency exchanges have announced that they will no longer allow unverified users to make withdrawals in Korean won. Starting next month, users of Bithumb and Coinone must have verified real-name accounts in order to deposit and withdraw the fiat currency.

After a brief slum in its value in June, Bitcoin price is on a rise so as its dominance in the cryptocurrency world, leaving little room for Altcoins and their market capitalization. Currently, Bitcoin is maneuvering the digital currency regime, setting its conditions, determining the pace and leading the way. Bitcoin’s monopoly is not letting smaller coins take control of their destiny in their own hands and therefore their markets are in limbo.

Altcoins are deemed as immature by Michael J. Casey, Chairman of the advisory board at Coindesk, because of lack of consumers’ trust in them. He argues that the digital currency’s industry should now proceed to adulthood and take the mainstream stage. The main reason behind lack of trust on Altcoins is that they are loaded with scams, but if they want to compete with cryptocurrency giants like Bitcoin and etherum then they should seek some maturity; get out of their underground abodes and try to be more mainstream and in reach of the general population.

According to Casey, there are two major stumbling blocks in way of a booming cryptocurrency market; the first one is the insufficient knowledge of policymakers and second is the poor understanding of the general population. People are scared of the digital currency as everything is in the virtual world and they don’t get hands on it. They need to be educated about cryptocurrency and how it works, otherwise, altcoins will never thrive.

Casey put forward recommendations for boosting public confidence in cryptocurrency; he said that the policymakers should develop standards of reputation, certification, accountability, and attestation which fall within the legal framework. These will help in enhancing the trust of the general public in the latest technology and the structured system will aid the startups.

Casey raised some significant points in light of the faltering presence of altcoins and rightfully said that if the crypto community would like to prosper and build trust with populace then the industry needs to make swift changes in its policies. If the industry won’t sharpen up, then the Bitcoin might leave others far behind and in that case, thousands of altcoins will be left under Bitcoin shadow forever.

The below chart shows the weekly Bitcoin price action on the left and the daily Bitcoin price action on the right. A bearish engulfing occurred in the weekly candle from last week. A bearish engulfing typically occurs after some upward movements, and reverses all of the previous candle’s upward movement, engulfing the candle. This is a strong bearish sign, however, we have failed to see a strong continuation this week, with the price of Bitcoin trading tightly around $6300 to $6400. A brief drop occurred, and the price hit $6100 but the quick recovery showed that investors are not yet ready to accept such a low valuation.

The daily chart shows the descending triangle pattern which has been in play since January. The pattern has been respected multiple times since it started forming in January, giving it increased legitimacy. The pattern would indicate price is set to return to sub $6,000 levels and undergo a sharp drop below this mark. In the nearer term, we may see another move upward to touch the downward trendline forming the pattern. An upward move is likely to meet extreme levels of resistance around the $6800 to $7000 marks.

The basic thought about the Blockchain technology is that it only offers the digital currencies. The technology is however very versatile and advanced, with the capacity of fitting into any business models and providing resolutions to existing problems.

Storing and Tracking of Assets
Currently, there is a huge and heated debate as to whether a Blockchain is independent of virtual currencies are of any value. Current events seem to favour the affirmative side of this debate. It is interesting to note that basically, any business can thrive on Blockchain. Take for instance EverLedger, a company that is currently brilliantly using Blockchain to have a trace in the background of luxury goods. This helps reduce the prominent scams that plague this industry.

Baffled cryptographic money aficionados have battled with the most ideal approach to put securely and gainfully in the computerized resources. Presently an amazing digital currency speculator and designer shared the essential insider facts to profit in this space.

In recent months, Bitcoin (BTC) price has been dangling around USD 6,000 and USD 7,000. As it is, everyone but bullish whales are getting used to it. Well, it’s quite understandable given that the whales want to see BTC spike astronomically. That way, they can go smiling to the bank. Indeed, theirs is no wishful thinking. That’s because there could be some serious running around the corner.