The New Binance Australia CEO

Former DigitalX Executive Appointed As The New Binance Australia CEO

By Asada’s Gillani – August 31, 2021 in Cryptocurrency news Reading Time: 2 min read

The former executive of the first blockchain listed publicly is now the current CEO of Binance Australia. The exchange announced Leigh Travers’s appointment. The new CEO was formerly the chief executive of DigitalX, a locally known blockchain technology and payment enterprise.

Leigh Travers served seven years at DigitalX. He also served as a board member in Blockchain Australia, the local leading blockchain sector body. DigitalX broke records as the first publicly-listed blockchain organization in June 2014.

Related Reading | Cryptocurrency Firms In Switzerland To Offer Tokenized Products On Tezos

This announcement was made after the firm completed the reverse takeover of Macro Energy Ltd, an Australian Stock Exchange-listed Firm.

Travers Reaction To The New Office

Leigh Travers disclosed that his priority is to build relationships for Binance Australia with regulators. Also, he emphasized that he aims to grow Australia’s brand.

He stated that the company has a special part to play: to become involved in assisting in structuring the industry’s growth. That is why; they need to prioritize conversations and engagements with regulators and policymakers, says Travers.

In his speech, Travers added that “looking from the industry’s viewpoint, I’m aware that it is essential to continue developing the sector’s relationship with the regulatory bodies. Also, we need to strengthen Binance Australia’s dedication to compliance as well as best practice.

Binance Australia Launch

July 2020 brought the official launching of crypto exchange Australia. Meanwhile, InvestbyBit operates the Australian Binance subsidiary.

InvestbyBit is a locally operating digital asset platform that AUSTRAC (Australian Transaction Reports and Analysis Centre) regulates. The platform went into operations on Sept. 2017.

As we gathered from the Australian Business Register reports, on February 22, 2019, InvestbyBit was rebranded to Binance Pay. Four days later, it changed its brand to Binance Lite. Then, again on August 6, 2020, the company undertook another rebranding to become Binance Australia.

In April, Jeff Yew, the former CEO of Binance Australia, resigned from the company. After leaving Binance Australia in April, Jeff launched Monochrome in May. Monochrome is a unit trust which targets funds as well as high net worth persons.

In his speech at Sydney Morning Herald last May, Leigh Yew expressed that Australia’s policymakers failed in their duty to deliver sufficient regulatory clarity to the digital asset zone.

Related Reading | Cream Finance Loses $25 Million To A Flash Loan Attack

Thus, he calls for higher regulation in crypto trading exchanges. Most especially since many retail investors and institutions now admire digital assets like Ethereum and bitcoin.


The cryptocurrency market is following an uptrend on the daily chart | Source: Crypto Total Market Cap on TradingView.com

Yew acknowledged that Australia is more up-to-date with its regulations as compared to other economies. However, there is the need to work harder on regulation to stop dodgy operators from exploiting everyday investors.

Featured Image From Pixabay, Chart From TradingView.com

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The original article was written by Asada’s Gillani and posted on NewsBTC.com.

Article reposted on Markethive by Jeffrey Sloe

Cardano’s $10K Bug Bounty

Cardano Offers Up To $10,000 For Network Vulnerabilities In Bug Bounty

By Best Owie – August 31, 2021 in Cardano Reading Time: 3min read

Cardano is getting ready for the release of smart contracts capability on September 12th. To this end, the Cardano Foundation is taking steps to make sure that there are no vulnerabilities in the network ahead of launch. A new partnership will help to facilitate this, while also engaging the broader community to take part in making sure that the beloved ecosystem is as safe as possible.

Cardano Foundation, in conjunction with HackerOne, recently released a bug bounty program. This program aims to reward hackers for any vulnerabilities that they may find in the network. Bug bounty programs incentivize hackers to find and report vulnerabilities in a network instead of exploiting them for personal gain.

Related Reading | Cardano (ADA) Getting Ready For A $3 Retest?

Why A Bug Bounty Program Is Important

There is no doubt that for an ecosystem as vast as Cardano, its team alone cannot find out all of the vulnerabilities in the network. This is where bug bounty programs come in. It draws in the wider hacker community to help find as many vulnerabilities as possible. The partnership with HackerOne will draw in its large base of hackers, with over 250,000 vulnerabilities already found and reported by its hackers.

Related Reading | Cardano (ADA) Founder Responds To Criticism Over New Crypto Partnership

Ahead of its biggest project launch yet, the foundation is committed to making sure that the entire network is secure for use once it starts onboarding the general public to the mainnet with smart contracts capability.

“Cardano is a leading blockchain ecosystem that aims to enable integrated blockchain solutions globally. It is our duty to maintain the highest standards and commitment to code transparency and reliability to ensure that the protocol remains viable for mission-critical applications delivered around the world from individuals, start-ups, enterprises, financial institutions, and governments alike.” – Jeremy First, Project Manager, Cardano Foundation.

Keeping Cardano Blockchain Safe

Finding bugs through ethical hackers is one of the most efficient ways for any organization to fish out vulnerabilities in its network. Projects like Cardano will usually use automated scanners to check for vulnerabilities in the networks. But bugs that are ‘chained’ together cannot be detected by these automated scanners. This is where human hackers come in.

Related Reading | Crypto Analyst Lays Out ADA Pathway To $4

Ethical hackers use creative thinking to identify places where these ‘chained’ bugs may reside and then report them to be fixed. So something an automated scanner would not catch, an ethical hacker, through the HackerOne bug bounty program, would find and then report. Increasing the safety of the network.

Rewards for the bug bounty are separated into four different levels; low, medium, high, and critical. The bug bounty is also separated into two groups. Bugs can either be reported in the Cardano Wallet or the Cardano Node. The rewards range from $300 for low priority bugs in the Wallet to as high as $10,000 for the critical level bugs in the Node, which will be paid in its native token ADA.


ADA price continues to trail $2.8 | Source: ADAUSD on TradingView.com

Featured image from The Cryptonomist, chart from TradingView.com

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The original article was written by Best Owie and posted on NewsBTC.com.

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Man Steals $1 Million in Bitcoin

Venezuela Man Fakes His Own Kidnapping, Steals $1 Million in Bitcoin: Police

A 23-year-old financial advisor is on the run with over $1 million in Bitcoin after draining his clients’ funds by faking his own kidnapping, police say.

By Jose Antonio Lanz          2 min read • Aug 30, 2021

Venezuela is a global leader in cryptocurrency adoption, according to recent data—but it may also be a leader in creative criminals looking for ways to steal Bitcoin.

Just days ago, Andres Jesus Dos Santos Hernandez, a 23-year-old financial advisor, allegedly faked his own kidnapping in a ruse to steal more than $1 million in Bitcoin from clients whose funds he controlled. This according to Douglas Rico, head of Venezuela’s Cuerpo de Investigaciones Científicas Penales y Criminalísticas (CICPC)—which is essentially the nation’s equivalent of the FBI in the U.S.

In an Instagram post, Rico published Hernandez’s photo, along with a “wanted” bulletin.

According to Rico’s statement, Hernandez worked as some sort of investment intermediary for several clients. The head of the CICPC claims that Hernandez emptied the wallets of his clients’ Binance accounts to the tune of $1,150,000. Hernandez fraudulently claimed that he had been kidnapped, and that his captors forced him to withdraw the money, according to Rico’s post.

And now Hernandez is on the run, says the CICPC. Decrypt attempted to contact the CICPC to find out whether or not it would issue international alerts. We will update this story if we receive a response.

Hernandez’s case, though unusual, is not isolated—and his claim of having been kidnapped isn’t unheard of either. Bitcoin users in Venezuela, such as Bitcoin miners, have long had to contend with the prying eyes of criminals, given the cryptocurrency’s traceability—and the fact that the asset is priced in dollars.

Just three weeks ago, a Venezuelan businessman named Gustavo Torres Gonzalez was kidnapped and subsequently murdered after failing to pay the 1.5 BTC demanded by his captors.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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Original article posted on the Decrypt.co site, by Jose Antonio Lanz.

Article re-posted on Markethive by Jeffrey Sloe

Will Cryptocurrencies ‘Prove to Be Worthless’

Billionaire Investor John Paulson Says Cryptocurrencies Will ‘Eventually Prove to Be Worthless’

John Paulson, who earned $20 billion by betting against the U.S. housing market a decade ago, is now calling the top on the rest of crypto.

By Liam Frost           3 min read • Aug 30, 2021

In brief

  • Billionaire hedge fund manager John Paulson argued that Bitcoin and other cryptos are “a limited supply of nothing.”
  • According to him, “there’s no intrinsic value to any of the cryptocurrencies except that there’s a limited amount.”

Billionaire John Paulson, who made a fortune by shorting the American real estate market amid the 2008 financial crisis, argued that Bitcoin and other cryptocurrencies are “a limited supply of nothing” and will eventually go to zero.

Speaking with Bloomberg today, Paulson stressed that he is not a believer in crypto and “would say that cryptocurrencies are a bubble.”

“I would describe them as a limited supply of nothing. So to the extent, there’s more demand than the limited supply, the price would go up. But to the extent the demand falls, then the price would go down,” Paulson said. “There’s no intrinsic value to any of the cryptocurrencies except that there’s a limited amount.”

Over a decade ago, his company earned roughly $20 billion by capitalizing on the real estate bubble that resulted in one of the worst financial crises in modern history. Paulson did this by betting that subprime mortgage bonds would go down, also known as shorting.

A subprime mortgage is a loan given to a borrower that bears more default risk than another borrower with a better credit score. The interest rates for these mortgages are also much higher.

Still, cryptocurrencies are too risky from an investment standpoint, Paulson argued.

“In crypto, there’s unlimited downside. So even though I could be right over the long term, in the short term, I’d be wiped out. In the case of Bitcoin, it went from $5,000 to $45,000. It’s just too volatile to short,” he said.

Bitcoin offers too little reward for risk

In part, this is because crypto trading is mostly symmetrical in terms of its risk-to-reward ratio.

Meanwhile, shorting the U.S. housing market was a highly asymmetrical trade, “meaning you could lose a little bit on the downside, but make essentially 100 times on the upside.”

“Most trades are symmetrical. You could make a lot, but you risk a lot. And if you’re wrong, it hurts,” Paulson noted. “Cryptocurrencies, regardless of where they’re trading today, will eventually prove to be worthless. Once the exuberance wears off, or liquidity dries up, they will go to zero. I wouldn’t recommend anyone invest in cryptocurrencies.”

At the same time, Paulson praised gold, arguing that it “does very well in times of inflation” because there is a “very limited” amount of investable gold.

“As inflation picks up, people try and get out of fixed income. They try and get out of cash. And the logical place to go is gold,” he explained. “But because the amount of money trying to move out of cash and fixed income dwarfs the amount of investable gold, the supply and demand imbalance causes gold to rise.”

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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Original article posted on the Decrypt.co site, by Liam Frost.

Article re-posted on Markethive by Jeffrey Sloe

Bitcoin Adoption Rages On

Bitcoin Adoption Rages On As Crypto ATM Machine Hits Central American Country

By Daily Hodl Staff • August 29, 2021 // BITCOIN // ETHEREUM

Global Bitcoin adoption is accelerating as another Central American nation sees the arrival of its first-ever crypto ATM machine.

According to Reuters, local firm TGU Consulting Group installed the machine called “la Bitcoinera” in an office tower in Tegucigalpa, the capital of Honduras.

The machine allows users to purchase Bitcoin (BTC) and Ethereum (ETH) using the lempira, the official currency of Honduras. Users will have to scan their official identification and input their personal data such as a phone number to buy the crypto assets.

TGU’s 28-year-old chief executive, Juan Mayen, says that prior to the installation of the machine, Hondurans had no automated way to buy digital assets.

“You had to do it peer-to-peer, look for someone who … was willing to do it, meet in person and carry X amount of cash, which is very inconvenient and dangerous given the environment in Honduras.”

Mayen also says that many Honduran software developers are receiving their salaries in cryptocurrencies, and notes that digital assets could offer a cost-effective way to send remittances.

The arrival of la Bitcoinera comes amid the growing popularity of cryptocurrencies in the region. Neighboring El Salvador is poised to officially adopt Bitcoin as legal tender in the coming days. El Salvador President Nayib Bukele said that adult citizens in the country will receive $30 worth of Bitcoin for free after setting up their account on the government’s cryptocurrency app.

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The original article written by the Daily Hodl Staff and posted on DailyHodl.com.

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Ethereum Is Ready for a Massive Run

Ethereum Is Ready for a Massive Run, According to Altcoin Daily – Here’s Why

By Daily Hodl Staff • August 29, 2021 // ETHEREUM

Altcoin Daily host Aaron Arnold says he believes Ethereum (ETH) is poised for a massive move up amid exponentially strong fundamental growth.

In a new video, Arnold tells his 952,000 YouTube subscribers that Ethereum is going through a supply shock courtesy of the EIP-1559 update, which permanently removes a certain amount of ETH from the circulating supply each time a transaction is processed.

“The Ethereum block space is getting used and because Ethereum changed its monetary policy, an insane amount of ETH is getting burnt, over 100,000 ETH due to NFTs platform, DEXs (decentralized exchanges), DeFi (decentralized finance), play-to-earn [games], stablecoins.”

At time of writing, Ethereum tracking tool Etherchain shows that over 125,923 ETH have been torched since the update launched earlier this month.

Another reason why Arnold is bullish on Ethereum is due to its low annual inflation rate.

“For the first time, Ethereum’s daily issuance was actually lower than that of Bitcoin. So understand this: ETH’s net inflation was 1.1% annualized and Bitcoin’s net inflation was 1.75% annualized.”

Arnold is also looking at the explosion of the total value locked (TVL) in decentralized finance (DeFi) platforms. According to the Altcoin Daily host, the amount of capital locked in DeFi puts Ethereum in a position to compete as one of the largest banks in the world.

“Ever since the beginning of the year, the total value locked in DeFi, which is primarily Ethereum, has gone exponential. On January 1st, the beginning of the year, total value locked was [a] modest $16 billion. Seemed like a lot at the time. Today, that number is now a staggering $85 billion. This would place ETH as the 20th largest bank in the world by market cap.”

Finally, Arnold highlights that over a quarter of Ethereum’s total supply is locked in smart contracts.

“Ethereum in smart contracts, so this is basically Ethereum that can’t be sold because they are being utilized. They have utility. Due to the outright explosion of DeFi, the amount of Ether placed in smart contracts has similarly gone to all-time highs. In fact, an unbelievable 26% of all ETH is in smart contracts at the moment.

We can only expect this trend to continue.”

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The original article written by the Daily Hodl Staff and posted on DailyHodl.com.

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The State of ADA

Is Cardano Finally Ready To Blast Through $3.00? Analyst Benjamin Cowen Looks at State of ADA

By Daily Hodl Staff • August 29, 2021 // ALTCOINS

Widely followed crypto analyst and trader Benjamin Cowen is weighing in on what could lie ahead for Cardano’s (ADA) bull run.

In a new strategy session, Cowen says Cardano’s near future relies heavily on one simple metric involving Bitcoin. According to the crypto strategist, as long as Bitcoin stays above its 20-week moving average – currently around $42,500 – ADA has more room to run.

“Is ADA likely to hit $3.00? The answer to that question likely is just if Bitcoin stays above the 20-week [moving average], it lies with that answer. If Bitcoin is able to stay above the 20-week for just… a day or two, definitely the next few weeks it seems very likely that ADA is going to blast through the $3.00 milestone. I ultimately do see ADA trending much higher than $3.00 this market cycle but we do have to take it one milestone at a time…

Remember, [Bitcoin] doesn’t even have to hang out at these levels for very long. As long as it just doesn’t go parabolic and as long as it doesn’t go back down below the 20-week moving average, there is a high probability that ADA will cross the $3 milestone relatively soon.”

The analyst says that despite ADA’s parabolic run in recent weeks, it doesn’t necessarily need a pullback before continuing to rally. According to Cowen, $3.00 and $4.00 are still possible in the coming days or weeks even if Bitcoin and the rest of the crypto markets remain stagnant. However, he concedes that for Cardano to run any further than his two price targets, Bitcoin would likely have to give ADA a boost by reaching new highs.

“Does it need to pull back now? Hell no, it doesn’t. $3.00, I think $3.00 is certainly possible as long as Bitcoin holds these levels. Even $4.00 is possible I think, as long as Bitcoin holds these levels. To go much further beyond that, I do believe that Bitcoin would need to probably put in all-time highs, but at this point, I think that a $3.00 ADA is possible, even a $4.00 ADA is possible at this rate, especially if our contention is that it can stay strong for the next two and half weeks.”

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Tipanet

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Cardano’s “Stress-Tested” Blockchain

Cardano Launches Bug Bounty Program On Path To Becoming Most Stress-Tested And Diligently Maintained Blockchain

By Newton Gitonga – August 28, 2021

The recent wave of cyber-attacks seemed to have rattled crypto exchanges’ and blockchain networks’ security outlook as the Cardano Foundation now calls for hackers to take part in a bountiful hackathon.

Unearthing Cardano’s vulnerabilities

In the Thursday announcement, the foundation disclosed that it had partnered with HackerOne, a global hacker community with a physical presence in London, New York City, Singapore, and the Netherlands, describing it as “perhaps the most prominent hacker-powered security partner globally” with an aim to its ethical hackers’ prowess to test for any performance bugs which could present critical vulnerabilities or risk to Cardano’s network.

Hackers who would succeed in finding vulnerabilities and report them for fixing before any serious damage was occasioned would be awarded an unspecified bounty amount.

In confirming the partnership with Cardano foundation, HackerOne’s Account manager Tor Abrams disclosed that his team was continuously testing, finding, and safely reporting real-world security weaknesses for organizations across all industries and attack surfaces.

“No organisation is immune to security vulnerabilities. The only solution is to find and fix them before they are exploited by cybercriminals. Ethical hackers can find vulnerabilities that automated scanners miss, by thinking creatively and identifying places where bugs could be ‘chained’ together to provide an exploit,” he said.

HackerOne which gives organizations access to the largest community of hackers on the planet has carved out a niche for itself as a renowned bug detection and prevention organization of ethical hackers with an attractive track record of helping solve software mysteries in orgs such as Goldman Sachs, the U.S. Department of Defence, Dropbox among others.

Cardano’s project manager, Jeremy Firster also applauded the partnership noting that the step would help Cardano become the most stress-tested and diligently maintained blockchain and it was a clear signal to stakeholders of the values they placed on security and public safety.

Cyber attacks on the rise 

This strategic partnership comes even after a list of exchanges including and blockchain networks such as Poly Network, Binance Smart Chain, Bitfinex, KuCoin Among others have fallen victim to hacks losing billions in customer assets or experiencing network outages. Development teams are increasingly becoming assertive of this danger encouraging hacker communities to attempt hacking into their systems to identify loopholes that could lead to the imminent loss of client assets or funds for perks.

According to stats, about 76% of hackers are motivated by bounties, 85% of them are doing it to learn in expanding their understanding while about 62% do it to progress their careers. Only a handful, about 47% are real white hat attackers aiming at penetrating systems in a bid to find vulnerabilities and protect networks from cyber attacks.

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DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Newton Gitonga and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Bitcoin’s Downward Correction

Bitcoin’s Downward Correction Below $50,000 Shines Light On This Wild Market Scenario

By Olivia Brooke – August 28, 2021

Is Bitcoin’s downward correction below $50,000 nothing to worry about?

Bitcoin’s Downward Correction Below $50,000 Shines Light On One Intense Metric

The primary digital currency Bitcoin has stalled since hitting $50,000 five days ago. Market players were anticipating the breakout to $50,000 and although it was attained, Bitcoin lost momentum shortly after.

Bitcoin fails to sustain gains at $50,000

As of publication, Bitcoin has sustained a loss estimated at 2.7%, as prices are down to $48,499. The cryptocurrency Twitter community has since been expressing their objective thoughts on where they think the market is headed.


BTCUSD Chart By TradingView(Click image for larger view)

So far, the sentiments have been mixed, as some analysts are convinced the market could be entering a bearish state, as others are equally unfazed, and still reckon that an upward correction is in sight.

Recall that Bitcoin investor and critic “CrypoWhale,” had put out a series of tweets asserting that Bitcoin’s rally to $50,000 was only temporary as the rise would turn out to be a “dead cat bounce.”

Similarly, financial analyst John Bollinger has urged Bitcoin holders to be on alert, and take profits ahead of time, and additionally advised aggressive traders to put out some shorts.

Does the dip below $50,000 hint at an incoming bear market?

Despite the above analysts expressing their worries, some of their counterparts are confident the green light will outshine the red.

Popular Economist and Technical analyst Michaël Van De Poppe reminds investors that the dip does not signify a bear market.

“It’s obviously not a bear market, but the overall consensus is that emotions can take over.

Especially, if Bitcoin corrects some more towards $44K or potentially $42K, the topic of ‘long bear cycle’ will start to take over.

Once that’s the central topic -> bottom is near.”

Another widely shared sentiment as voiced by Analyst Adrian Zduńczyk is that the correction is absolutely normal, but FUD is increasing due to Bitcoin’s strong recovery patterns in the past months.

“This correction from shooting straight up to $50k is logical and healthy. Only problem is we been spoiled by such a strong recovery that now people expect only up. Some of y’all forgot this is how we shake the weak hands.”

Lastly, BitcoinMagazine author Dylan LeClair insists that the rally is not a dead cat bounce but is instead the start of another explosive bull run, and has outlined a list of fundamental factors to back up his claims.

“The market looks to be in the disbelief phase.

Funding is moderately positive, but in no way is there as many over-leveraged traders/positions as there were the first time BTC hit 50k.

Spot BTC accumulation is driving this rally.”

He adds that supply held by long-term holders hitting an all-time high, amongst many other factors, are solid reasons why the market is strong enough to recover and sustain gains in the long term.

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The original article written by Olivia Brooke and posted on ZyCrypto.com.

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Bitcoin: ‘next months are key’

Bitcoin could hit $30K or $100K this year as analyst warns ‘next months are key’

Bitcoin price forecasts differ hugely depending on the methodology used, but stock-to-flow creator PlanB favors his $100,000 average target.


Image courtesy of CoinTelegraph

            AUGUST 27, 2021

Bitcoin (BTC) could surge to $100,000 or bottom out at $30,000 by Christmas — but one of its best-known analysts is betting on the moon.

In a Twitter update on Thursday, PlanB, creator of the stock-to-flow family of BTC price models, cast fresh doubt on a Bitcoin bear move.

PlanB focuses on “key” remaining months

With BTC/USD trading at $47,000 this week, PlanB has a lot to be confident about.

His recent prediction of a minimum monthly close for August exactly matches current prices — and if the remaining four are just as accurate, Bitcoin could end 2021 at $135,000.

Stock-to-flow’s first incarnation demands an average BTC price of $100,000 this halving cycle, but May’s about-turn gave its time-tested precision a run for its money.

PlanB has nonetheless stuck by it, arguing that it has not yet been invalidated and that there are no proven better alternatives.

One such alternative model, which now appears unlikely to come true, is the logarithmic “diminishing returns” chart originally produced by Bitcointalk forum user Trololo in 2014.

An adjusted version calculates just $30,000 for BTC/USD at the end of this year, something that PlanB believes is less likely than stock-to-flow’s $100,000.

“Next months will be key,” he added in comments on an accompanying chart contrasting the two models.


BTC/USD price model comparison chart. Source: PlanB/Twitter (Click image for larger view)

When double top?

As Cointelegraph reported, short-term BTC price analysis is erring on the cautious side this week.

Related: More like ‘shock-to-flow’ — BTC price hits bull trigger as mystery buyers scoop up supply

As $50,000 remains out of reach as support, opinions are differing over the potential impact of the United States Federal Reserve’s annual Jackson Hole summit, which is shortly to get underway.

Despite rallying 60% versus recent lows of $29,000, Bitcoin has yet to challenge final resistance to cement $50,000, let alone all-time highs of $64,500 from April.

Zooming out, optimism remains the name of the game, with data hinting at a fresh bullish surge to come before the year is out. This would copy other post-halving bull market years, notably 2013’s double top.

Original article posted on the CoinTelegraph.com site, by William Suberg.

Article re-posted on Markethive by Jeffrey Sloe