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Topics - Nostoman

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661

Bitcoin News & Updates / Analyst Predicts Next Bull Run Will Send Bitcoin to $150K and Ether to $9K

« on: June 08, 2020, 06:19:11 PM »

Blockfyre’s co-founder believes a bull market will return, seeing Bitcoin price rise 1,400% to hit $150,000, and Ether and other solid altcoins making even more impressive gains.
The co-founder of cryptocurrency analysis company Blockfyre believes that a bull run will return, propelling Bitcoin (BTC) to a price of $150,000.

In a tweet on June 4, Simon Dedic suggested that these gains will not be reflected across the entire cryptocurrency market, although the more solid altcoins should also see impressive price action.

No return to the crypto-mania of 2017
Bitcoin’s dizzying ascent to its current all-time high of almost $20,000 in December 2017 came complete with a media frenzy around all things crypto.

Coupled with a boom in initial coin offerings, and fuelled by investor FOMO (fear of missing out), money was thrown at literally any project in the hope that it would mirror the gains of Bitcoin.
Source: https://cointelegraph.com/news/analyst-predicts-next-bull-run-will-send-bitcoin-to-150k-and-ether-to-9k

662

Bitcoin News & Updates / Bitcoin Price $75K ‘Within Weeks’? Recovery Mimics 2013 700% Bull Run

« on: June 08, 2020, 05:51:31 PM »

BTC/USD is “perfectly” repeating its run-up to all-time highs in 2013, price analysis reveals, despite mixed feelings about 2020’s outlook.
Bitcoin (BTC) is looking like it will hit $75,000 — and that could happen “within weeks,” one analyst has found.

Uploading a fresh BTC/USD price chart to Twitter on June 7, Cane Island Alternative Advisors’ Timothy Peterson unearthed an uncanny similarity to Bitcoin in 2013.

Peterson eyes “almost perfect” 2013 correlation
Tracking Bitcoin’s price recovery from its lows of $3,600 in mid-March, Peterson noted that its recovery almost exactly tracked price action from seven years ago.

The result, he argued, could keep up the copycat move — BTC topped out at $1,300 in 2013, and a similar 700% bull run at today’s prices would give a target of $75,000.

“The 2020 #bitcoin recovery has tracked the 2013a recovery almost perfectly,” he summarized.
Source: https://cointelegraph.com/news/bitcoin-price-75k-within-weeks-recovery-mimics-2013-700-bull-run

663

Bitcoin News & Updates / As Bitcoiners Eye Inflation Boost, Wall Street Sees Barely Any for Five Years

« on: June 08, 2020, 02:59:39 PM »

There’s a disconnect between crypto markets and Wall Street.

Among bitcoin bulls, a key investment thesis is that the trillions of dollars of money injections by global central banks will usher in an era of inflation, helping to send prices for bitcoin, seen as a hedge against inflation, to the moon.

You’re reading First Mover, CoinDesk’s daily markets newsletter. Assembled by the CoinDesk Markets Team, First Mover starts your day with the most up-to-date sentiment around crypto markets, which of course never close, putting in context every wild swing in bitcoin and more. We follow the money so you don’t have to. You can subscribe here.

But trading in global bond markets shows that traditional investors expect nothing like the hyperinflation episodes witnessed in places like Zimbabwe and Venezuela. Just look at break-even inflation rates – calculated by assessing the difference between yields on inflation-linked notes and regular bonds. It’s a way of gauging traders’ expectations for future inflation, and the current view is that consumer-price increases over the next five years in the U.S. will average levels well below the Federal Reserve’s 2% target.
Souce: https://www.coindesk.com/first-mover-bitcoiners-inflation-wall-street

664

Bitcoin News & Updates / Bitcoin Remains on Hunt for $10K as Holding Sentiment Gains Strength

« on: June 08, 2020, 02:49:36 PM »

Investors remain confident in bitcoin’s long-term prospects despite the cryptocurrency’s struggle to pass $10,000, according to a key on-chain metric.

The seven-day moving average of the total amount of bitcoin held in exchange addresses declined to 2,313,749 on Sunday – the lowest level since December 2018, according to data from blockchain intelligence firm Glassnode.

Exchange balances have declined by nearly 13% over the last four months – a change indicative of a shift to a long-term holding strategy. “This could be related to more investors HODLing [holding], moving their funds to cold storage and/or keys they control themselves,” cryptocurrency exchange Luno noted in a weekly email update.
Read here: https://www.coindesk.com/bitcoin-hunt-10k-price-holding-sentiment-increase

665

Banks & Cryptos / Chinese Police Freezing OTC Traders’ Bank Accounts Over ‘Tainted’ Crypto

« on: June 08, 2020, 01:42:32 PM »

Thousands of cryptocurrency over-the-counter merchants and their clients may have been affected as police in China freeze bank accounts over crypto and fiat assets tainted by illicit activity.

Caught up in a police probe since last Thursday, some Chinese crypto buyers and sellers and OTC market makers have already had accounts frozen because their transactions may have been contaminated by money laundering activities involving cryptocurrencies.

Sun Xiaoxiao, a former staffer at Chinese crypto wallet startup Bixin who now runs an OTC desk, wrote in a Weibo post on Friday that his bank accounts had been frozen and that it was not an individual case. The action, taken by the police in China’s Guangdong province, potentially impacts “several thousand people,” he said.

The affected crypto users aren’t necessarily accused of any wrongdoing, and the incident raises the wider question of the quantity of cash and crypto assets that has been contaminated by illicit activity. It’s a concern because OTC desks are the only fiat currency on-and off-ramps for China-based crypto users who do not have overseas bank accounts.
More information: https://www.coindesk.com/china-police-freeze-otc-traders-bank-accounts-tainted-crypto

666

Binance / CoinMarketCap Metric Overhaul Keeps Owner Binance at the Top

« on: June 08, 2020, 01:34:10 PM »

The most popular cryptocurrency price aggregator site has rolled out a new way of ranking exchanges that keeps owner Binance at the top of the exchange table.

CoinMarketCap came under fire last month after its new web traffic-based ranking system gave Binance – which acquired the aggregator for a rumored $400 million in April – a perfect score. “Six weeks in and Binance’s acquisition of CoinMarketCap [is] already being abused to manipulate the rankings,” tweeted an irate Mati Greenspan, at the time.

Well, the price site has some good news: “We have just implemented a new algorithm to replace the previous default ranking of exchanges by Web Traffic Factor,” reads an upbeat blog post from Thursday.

CoinMarketCap’s new ranking system basically amalgamates all the metrics used to rate an exchange’s individual markets – its bitcoin or ether market, say – into one easy-to-read score
More information: https://www.coindesk.com/coinmarketcap-update-binance-friendly-rankings

667

Bitcoin News & Updates / Bitcoin’s Quiet Progress Is Pointing Toward a Better Future

« on: June 08, 2020, 12:59:36 PM »

The tensions that have spilled over into the streets of U.S. cities this week are a heartbreaking expression of a long-standing problem that has the whole world in its grip.

Inequality is not specific to the U.S. Nor is it limited to a handful of relatively well-off geographies. It stratifies societies within borders, trapping the majority within a narrow income band while markets pour wealth into the accounts of the few. It also divides the haves from the have-nots on a spectacularly global scale, relegating some countries to the back of the hand-out queue while others, blessed by nature and exploited luck, centralize their advantage with technology moats and resource supply chains.
Source: https://www.coindesk.com/bitcoin-satoshi-nakamoto-john-perry-barlow

668

General Discussion / Solutions for Overcoming DeFi Security Breaches

« on: June 07, 2020, 05:03:21 PM »

The DeFi sector can embrace a positive future by following comprehensive security audits and by ensuring best practice in due diligence and quality assurance.
Decentralized finance, commonly referred to as DeFi, has grabbed the attention of mainstream financial and technology audiences alike. While the sector has been applauded for bringing about innovative digital finance solutions from lending to payments, progress has been overshadowed by high profile security breaches. Adhering to these security guidelines will ensure that DeFi solutions will be better equipped to offer users a more instant, safe and secure network than traditional banking services.

New DeFi market opportunities overshadowed by security threats
Read here: https://cointelegraph.com/news/the-code-is-key-solutions-for-overcoming-defi-security-breaches

669

Bitcoin News & Updates / Trump Tweets Crypto Rant — What Is the Bitcoin Reference Really About?

« on: June 07, 2020, 04:52:23 PM »

President Donald Trump’s mention of cryptocurrencies is historic, but the blockchain industry deserves a more serious conversation...
Over the last few years, United States President Donald Trump’s tweetstorms have become a peculiar yet amusing feature of American public life. The president’s off-the-cuff comments have served a wide variety of purposes, from enriching political discourse with the mysterious term covfefe to delivering direct threats — furnished with proper capitalization — to the leadership of the nations deemed U.S. adversaries. The most newsworthy rants almost invariably felt improvised, emotional and reactive. However, the historic series of tweets that constituted the first-ever public comment on cryptocurrencies by a sitting U.S. president didn’t seem to fit the same mold.
Read more information: https://cointelegraph.com/news/trump-tweets-crypto-rant-what-is-the-bitcoin-reference-really-about

670

Blockchain Technology / 40% of New Fintech Firms in Hong Kong Operate With Blockchain

« on: June 07, 2020, 04:44:35 PM »

Nearly 40% of new fintech firms to launch in Hong Kong over the past year are operating in the blockchain sector.
Blockchain firms are increasingly dominating Hong Kong’s financial technology sector, with 39% of new firms launching in the country’s fintech industry last year operating with distributed ledger technology, or DLT.

According to Hong Kong’s Financial Services and Treasury Bureau, DLT represents an increasingly dominant share of the country’s new fintech firms year-over-year, up from 27% as of 2018.

Blockchain drives big businesses in Hong Kong
A June 1 report published by Hong Kong’s treasury department has provided a detailed snapshot of blockchain’s accelerating growth within the territory.

Blockchain comprises the fastest-growing segment of the territory’s fintech industry, with 22 of the 57 fintech firms that have launched in Hong Kong over the past year operating with DLT.

WealthTech comprised the second-fastest-growing sector with 20% of new fintech firms, followed by Payments with 17%, and InsurTech with 9%.

Since April 2019, the report notes that the number of fintech businesses operating in Hong Kong has exceeded 600, including the issuance of eight virtual bank licenses and four virtual insurers.
Read here: https://cointelegraph.com/news/40-of-new-fintech-firms-in-hong-kong-operate-with-blockchain

671

Bitcoin News & Updates / Forget $10K, Bitcoin $12K Breakout Will Catch Everyone Off Guard

« on: June 07, 2020, 04:38:12 PM »

Is Bitcoin allergic to $10,000? Will we see a breakout in 2020 for BTC as this key level keeps being tested each week.
Bitcoin (BTC) price yet again surged past $10K for just a few hours before experiencing a short sharp 10% sell-off last week.

Each time this happens, crypto Twitter brings out the fanfare rejoicing at the fact that we’ve reached this psychological milestone. It's almost becoming too predictable, and that is exactly why the eventual breakout will catch everyone off guard.

So are there any signals that can help us determine when this might be? Let's take a look at the charts for the largest cryptocurrency by market capitalization, BTC.
Read here: https://cointelegraph.com/news/forget-10k-bitcoin-12k-breakout-will-catch-everyone-off-guard

672

Bitcoin News & Updates / How Bitcoin Can Help the African American Community

« on: June 07, 2020, 08:06:27 AM »

According to author Isaiah Jackson, establishing economic strength could help the black community in ways protesting on the street can’t.
If Bitcoin is the “peaceful protest” crypto advocates like Binance CEO Changpeng Zhao and author Isaiah Jackson say it is, then how can the average person use it to help the African American community right now?

According to the Bitcoin & Black America author, who spoke to Cointelegraph on June 4, it starts with buying power, whether that comes from fiat or cryptocurrencies like Bitcoin (BTC).

The disparity of wealth between African Americans and white people in the United States, created by a long history of racist practices including redlining and discrimination at banks, also needs to be addressed if tragedies like the murder of George Floyd are to stop. Jackson highlights the impact not having this kind of power can have in a community:
Source: https://cointelegraph.com/news/how-bitcoin-can-help-the-african-american-community

673

Blockchain Technology / Blockchain to Disrupt Music Industry and Make It Change Tune

« on: June 07, 2020, 07:16:21 AM »

Blockchain technology is tipping the scales of the music industry, shifting the pow
er from intermediaries back to artists.
Blockchain technology has the power to increase financial inclusion and change the lives of many throughout the world, especially in emerging economies where it’s needed the most. While the potential of blockchain technology has been widely recognized, even among the harshest critics of Bitcoin (BTC) itself, the possible use cases for blockchain technology are often thought of as limited only to the financial industry.

While the distributed ledger system created alongside Bitcoin has a powerful use case in the realm of currency and assets, in which value can now be digitally transferred without any middlemen or risk of duplication because ownership is immutable and provable, these same applications can be translated into many other industries beyond finance.
Source: https://cointelegraph.com/news/blockchain-to-disrupt-music-industry-and-make-it-change-tune

674

Bitcoin News & Updates / Why $8.1K Will Be a Key Level for Bitcoin Price for the Next 6 Months

« on: June 07, 2020, 05:55:04 AM »

Bitcoin may not break $10,000 for some time as several metrics point to possible pullbacks to under $9,000.
Bitcoin (BTC) is trading at $9,687 representing a 0.87% loss in value in the last 24 hours and 1 % for today’s session

Looking at performance relative to its peers, Ether (ETH) and XRP are both underperforming versus Bitcoin at the moment. Ether, the second-biggest cryptocurrency by market capitalization, being down 1.29% and XRP 1.22% in the last 24 hours. But both have outperformed Bitcoin this week with ETH up a notable 9% over the last seven days.

Bitcoin dominance remains at 65% and continues to lose ground following a strong couple of weeks for altcoins.
Source and read here: https://cointelegraph.com/news/why-81k-will-be-a-key-level-for-bitcoin-price-for-the-next-6-months

675

Bitcoin News & Updates / 6M Bitcoin Are Secured By Shared Custody

« on: June 07, 2020, 05:40:44 AM »

Almost one-third of the entire Bitcoin supply is secured with a feature that gained adoption after the Mt. Gox heist.
Almost six million Bitcoins (BTC) are stored in multi-signature wallets — nearly one-third of the total supply.

Prevents ‘Exit scams’
Bitcoin is generally secured with a combination of a public and private key. In order to transact on the Bitcoin network, a user needs to sign each transaction with their private key. This works fine in most use cases, but there are situations where this setup is not ideal.

For example, let’s say the founder of a crypto exchange secures all of the firm’s assets with their private key. This may lead to several problematic situations: what happens if a founder suddenly dies, gets hacked, or decides to engage in an ‘exit scam’? In all of those situations, the exchange would go belly up and users would lose their funds.
Source: https://cointelegraph.com/news/6m-bitcoin-are-secured-by-shared-custody