Cryptocurrency Weaknesses Exposed With Bitfinex Probe
The recent news cycle has been buzzing with the probe into Bitfinex by the New York Attorney General, and this probe as revealed some weaknesses in the underlying structure of cryptocurrencies. This probe has been likened to an earthquake in the housing sector. Yes, many buildings might fall, but the buildings erected after the fact will be built better and smarter. The same can be said for the entire crypto ecosystem following this probe.

Bitfinex is a leading exchange based on trade volume and is under the same umbrella as the leading stablecoin on the market Tether. The problem was that the payment processor that Bitfinex uses “lost” over $850 million worth of funds sometime last year. This pushed Bitfinex to draw on Tether funds to meet the shortfall and to be able to meet user withdrawals. All this without disclosing what they had done.

There are two underlying problems that this probe is bringing to light, namely that there is a lack of high-level banking services and a poor state of auditing guidelines in the entire cryptocurrency sector.

Banking: Talked About Often, Still A Problem
Many might question why banking is a problem for the largest of exchanges, seeing as they are multi-million dollar companies that obviously have bank accounts. The problem is that these accounts are subject to be closed at a moments notice if the banks think anything even slightly off-putting is detected.

Things like money laundering, jurisdictional issues and even slight concerns over internal procedures at these exchanges can see their accounts closed almost immediately. There are smaller financial operations opening up to service the growing cryptocurrency sector, but these types of operations are hamstrung for very obvious reasons.

They lack the network and large balance sheets of established banks, along with the user base when certain key clients are undergoing a tough period, such as the recent crypto winter. Bitfinex itself has historically had trouble with banks. These have fueled rumors of the company's insolvency when its users have struggled to withdraw funds for weeks on end.

This is starting to be addressed in legislation through, with France leading the way. Recent regulations adopted by France guarantee a bank account to any company that submits to regulation and inspection. This will go a long way to alleviating any issues, particularly if the regulations are adopted by the rest of the European Union.

Auditing: The problem No Seems To Mention
Auditing in the cryptocurrency sphere is total without standards, and this is one reason institutional investors have historically been wary of cryptocurrency startups. Tether has seen its fair share of problems with auditing where very few people truly 100% believe that the coin is backed with enough dollars.

Here, a distinction needs to be made between attestation and an audit. An attestation is a confirmation by an independent body about an assertion at a specific point time. Looking to stablecoins, this could be the question “does X account have Y money that the company says it does?” and that would be confirmed for that particular day/week.

Attestations are an important part of stablecoins and many are requiring more oversight with regards to stablecoins. Gran Thorn, an auditor, confirmed that Circle does indeed have the required amount of backing. However, this needs to be done on a constant basis such as the “continuous attest” that TrueUSD is offering by partnering with an accounting firm in San Francisco.

These two problems need to be sorted out for cryptocurrency to truly be able to hold its own in today's market.

source: https://bitcoinexchangeguide.com/what-will-be-the-major-cryptocurrency-weaknesses-exposed-within-the-bitfinex-and-usdt-probe/

Bitcoin and the aggregated crypto markets have been on an explosive upwards surge over the past several weeks, with BTC surging to fresh year-to-date highs while many altcoins catch the tailwinds of its upwards momentum.

Although many traders are closely watching for another pullback before entering into fresh long positions, one prominent analyst believes that BTC may surge to over $8,000 in the near-future before incurring any significant pullback that constitutes a correction.

Bitcoin Rapidly Approaching $8,000 as Upwards Momentum Continues
At the time of writing, Bitcoin is trading up over 12% at its current price of $7,800, up significantly from its daily lows of $6,900 which were set yesterday after Bitcoin dropped due to facing increased selling pressure around $7,500.

Although yesterday’s drop to below $7,000 led many traders to believe that the cryptocurrency’s upwards momentum was in jeopardy, the drop acted as fuel that allowed the crypto markets to continue surging to set fresh year-to-date highs.

Over a seven-day trading period, BTC is trading up from lows of $5,700, and is currently showing few signs of hitting any significant levels of resistance around its current price levels, which may signal that a further surge is imminent.

Josh Olszewicz, a popular analyst on Twitter, shared his thoughts on BTC’s current price action in a recent tweet, explaining that Bitcoin currently has upside resistance at roughly $10k when looking towards the cryptocurrency’s kijun line.

“1W $BTC kijun didnt hold as resistance. The only upside resistance left is cloud at 10k. Not saying it’ll happen, but probability of a cloud touch increases if kijun is breached. This entire move on the 1W is now much different than 2013/2014/2015,” he explained.

https://twitter.com/CarpeNoctom/status/1127977930443972608

BTC Likely to Continue Surging in Near-Term
Although there will inevitably be pullbacks after large upwards swings like the ones the crypto markets are currently experiencing, Bitcoin may still have some fuel left that will allow it to surge higher before it faces any significant levels of resistance.

Josh Rager, another popular cryptocurrency analyst on Twitter, spoke about this possibility in a recent tweet, noting that the next target of “serious interest” exists at $8,200, with a downside support region existing at roughly $6,400.

“$BTC – The FOMO is real. Bitcoin is currently on a tear & the next target of serious interest is $8200+. High interest remains near $6400 if BTC decides to cool off & pullback. My dream area to buy would be $5500 to $5700 but there’s no promise $BTC will hit that low again,” he explained.

https://twitter.com/Josh_Rager/status/1127983892303106049

As the week continues on and it becomes increasingly clear as to where BTC’s next levels of support and resistance exist, it is likely that analysts and trader alike will gain a better understanding of the current surge’s longevity


source: https://www.newsbtc.com/2019/05/13/analyst-strong-possibility-bitcoin-runs-past-8000-before-a-significant-correction-takes-place/

Market Roars, Bitcoin Touches $7,000

No. Way. Bitcoin (BTC) just hours ago touched the $7,000 price level in a brief spike. While the cryptocurrency has since fallen slightly, returning to $6,800, it remains up by over 7.5% in the past 24 hours and well over 50% in the past month. For now, it seems that bulls are back, and are thirsting for the blood of bears. (It is important to note that altcoins, from a BTC sense, have fallen dramatically, as investors liquidate their non-BTC stashes for the lead asset.)



As you’d expect, analysts have been all over these recent moves, trying to determine what’s going on, what could happen next, and what will drive the moves they foresee.

In a recent Twitter post, analysis “CryptoGainz” explained that there is an array of signs hinting that BTC won’t take a breather here. Firstly, there remains an open interest of $690 million worth of BTC positions on BitMEX, all while position funding has reached -0.09% for shorts. This, as Alistair Milne explained last week, could imply that a short squeeze is on the horizon.

https://twitter.com/CryptoGainz1/status/1127053072977539075

As industry researcher Willy Woo remarks, if a short squeeze comes to life, BTC would see a “blow-off”, whereas prices explode within a short period of time, before a retracement. This is because such squeezes require short-sellers to “buy back at market price,” creating instant buying pressure.

What’s more, the “ask side” is “thin AF”, which means that minimal buying pressure will push the price even higher. And, most importantly, Bitcoin continues to break about key levels of resistance, namely $6,000, $6,400, and potentially $6,700-$6,800 most recently, in a sign that bulls do have both hands on the steering wheel… for now.

Popular analyst Alex Krüger agreed with this sentiment. He explains that BTC has entered “bull market territory”. While he did make it clear that a short-term pullback is likely, as “intraday blow-off top(s)” often result in retracements, he notes that Bitcoin is finally entering key zones for bulls after 2018’s 80% drawdown. Even more importantly, the hourly volume seen on BitMEX earlier today was the “second largest ever after September 5th, 2018,” according to Krüger — a sign that speculative interest is returning en-masse and is likely to cause further volatility.

And as trader RedXBT points out, an indicator he was working on (note: little data could be found about the intricacies of this indicator), which signals tops and bottoms (trend reversals) has yet to print a “sell”, hinting that there is further room for the cryptocurrency to run.
https://twitter.com/redxbt/status/1127086115993686016


source; https://ethereumworldnews.com/bitcoin-flirts-7000-some-crypto-investors-higher/

Crypto markets are surging again and have just hit a new 2019 market capitalization high of over $190 billion. Bitcoin is largely responsible for the momentum which is great news for the crypto industry … unless you are an altcoin holder.

In a scene reminiscent of the big bull run of late 2017, Bitcoin continues to chomp away at altcoins as it surges to new highs not seen for six months. During Asian trading this morning BTC pumped in a further 3.3% on the day to touch $6,290, its highest price since before November’s capitulation.

Daily volume has surged to $18 billion and Bitcoin’s dominance has reached an epic 17 month high of 58%. The last time BTC held so much of the market was during its monumental spike in December 2017 when dominance peaked at 64%.



The move has been at the expense of altcoins, predominantly the higher cap ones. Ethereum market share has dropped to 9.6% and XRP, which has been on a downward spiral all year, is down to 6.6%.

Total market capitalization for all crypto assets has not been over $200 billion since mid-November. Today it has just reached $192 billion which is a new high for 2019. A number of altcoins are dumping heavily though such as Cosmos sliding 9%, Bitcoin Diamond and Binance Coin dumping 7%, and Stellar, Tron and Tezos losing 4%.
Ethereum and Litecoin have had a small boost from their big brother but nothing significant as BTC continues the altcoin assault. Crypto observers and Bitcoin maximalists are already singing the swan song for altcoins but we have all seen this type of market action before so it is nothing new really;

https://twitter.com/Josh_Rager/status/1126674602996969472

Where Next For Bitcoin?
Technical analysts are all eyeing the key $6,400 level which was 2018’s most frequently traded price. Popular twitter commentator and chart guru David Puell added;

“$BTC: Price is not only parabolic, but vertical now. Shorts are still far from getting fully squeezed. $6.4k may activate longs from late trend traders, setting up the perfect blow-off top.”

source: https://ethereumworldnews.com/bitcoin-dominance-at-17-month-high-as-altcoin-assault-continues/

Blockpass To Integrate Its KYC Solution Into The Waves Platform
Waves has announced a partnership with Blockpass to bring KYC compliance to the Waves Platform. Blockpass is a firm that offers KYC and identity management solutions for clients in the blockchain industry.

KYC compliance is to ensuring safety on blockchain-driven platforms. The problem, however, is the expensiveness of KYC procedures, which makes it difficult for smaller projects to adopt. Blockpass uses blockchain technology to develop an affordable and off-the-chain solution that seamlessly integrates with clients’ software.

Sasha Ivanov, the CEO, and founder of Waves said that the company is constantly improving its platform while adding the features requested by users to simplify the development of decentralized apps. She added that KYC compliance is one of the key drivers behind the mass adoption of any blockchain project, which is why they are partnering with Blockpass.

The majority of existing KYC procedures require users to provide their personal data. Such information can potentially get in the hands of hackers. Blockpass, on the other hand, uses a unique approach that gives the user control over their data. The Blockpass mobile app allows users to create and manage a score digital identity. The identity can be used across all ecosystem that works in partnership with Blockpass.

After the successful integration of the Blockpass KYC solution into the Waves platform, every Waves user will get an airdrop containing a special PASS token. The next step will involve downloading the Blockpass mobile app and using it to create the aforementioned digital profiles. The final step will require verified users to scan the QR code on the Waves website to get listed on the platform’s whitelist.

Adam Vaziri, the CEO of Blockpass, said that it was the first time that his company is partnering an institution such as Waves. He lauded the Waves platform for embracing Web 3.0 technologies and added that secure identification procedures will improve decentralization.

source: https://bitcoinexchangeguide.com/blockpass-to-integrate-its-kyc-solution-into-the-waves-blockchain-platform/

The IOTA Foundation is behind a project whose objective is to commandeer the world of Internet of Things (IoT). Even so, the coin that will power that revolutionary hyper-connected world is trading at around 30 cents, with billions in circulation and pre-mined. Regardless of price, it’s the possibilities and low competition that supporters are convinced the next bull wave would see the asset’s price spike to $55 when IOTA has control of 10 percent of the IoT space.

According to a cryptocurrency analyst, Taipei Style, IOTA has the potential to surge 18,333 percent to $55 within a tentative time frame—which maybe years upon the complete roll out of 5G internet. In a tweet, the IoT fanatic and an ardent supporter says IOTA says the progress towards domination would happen in lock steps.

https://twitter.com/change5168/status/1124538188507205632

First, with a one percent control, its market cap would increase to $15 billion in a market which he believes is worth $1.5 trillion. If the participating rate should increase to 10 percent, then IOTA’s market cap would be around $150 billion. At this point, the IOTA price would be $55, and Taipei believes it is feasible.


Note that the last cryptocurrency market Bull Run in 2017, IOTA reached at an all-time high of $5.25 with a market cap of $14.5 billion. If the cryptocurrency attains that price again, then it would account for 1 percent of the transactions on the IoT space as its market cap retest the $15 billion level. However, that is unlikely and should it happen, then there could be a complete shift with IOTA consensus algorithm first of all functioning as designed and coordicide implementation flawless.

His sentiment comes a few days after another supporter argued that all IoT firms planning to be relevant should begin accumulating IOTA coins. The IOTA bull cites ground breaking tech and a multibillion dollar market that companies are beginning to explore. Although critics argue that IOTA platform is not simply a network and not designed to harvest true value in data like what competing centralized companies—like Amazon Web Services, Google and Microsoft are testing and improving on; the vast market is what would pique investor interest.

It is projected that by 2020, more than 30 billion devices will be connected to the internet of things and the sheer amount of data willing customers will be ready to share could be overwhelming. According to a report by Forbes, the IoT market will likely expand to $521 billion in 2021 with a CAGR of more than 50 percent spurred by increasing connection and optimism by enterprises.

Despite supporter’s projection, IOTA is eons from the $55 mark. As we have stated above, the network’s consensus algorithm would have to function flawlessly, without criticism and centralization.

https://twitter.com/tangleblog/status/1123268460417560576

Then again, IOTA must have strong partners within the manufacturing space as they roll out products with IOTA as facilitators. It’s only when there is complete trust that IOTA could expand to above $55.

source: https://ethereumworldnews.com/iota-rallying-by-18300-percent-to-55-is-possible-ardent-bull-confident/

Untuk sementara waktu, Bitcoin tampaknya berada di ambang pelarian bull. Ini telah membuat banyak investor bersemangat untuk melihat yang terjadi saat ini, tetapi beberapa orang memiliki harapan yang berbeda.

MagicPoopCannon adalah seorang analis Twitter tentang segala sesuatu yang berhubungan dengan crypto dan telah memberikan pemikirannya kepada para pengikutnya untuk saat ini.

Menurutnya, Bitcoin tidak ke mana-mana! Ini mungkin sulit didengar oleh banyak dari Anda (termasuk kami) tetapi ini hanya satu pemikiran analis.

Sebelum kita melangkah lebih jauh, ada baiknya mengatakan bahwa kita bukan investor keuangan dan ini bukan nasihat keuangan. Silakan lakukan riset Anda sendiri sebelum memasukkan uang Anda ke dalam cryptocurrency dan selalu ingat untuk melakukan trading dengan aman


untuk membaca  artikle asli  di : https://kabarcoin.com/bull-run-bitcoin-tidak-akan-terjadi/