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Bitcoin BTC amp Crypto Briefly Knocked Down by New COVID19 Cases

Bitcoin (BTC) & Crypto Briefly Knocked Down by New COVID19 Cases

John P. Njui   •   BITCOIN (BTC) NEWS   •   July 10, 2020

In brief:

  • In the last 48 hours, Bitcoin, Ethereum, XRP and all the major cryptocurrencies, have suffered a pullback as data suggests that COVID19 is still spreading.
  • The spread of the Coronavirus has also affected the stock markets.
  • BTC and the entire crypto market is highly correlated to the traditional financial markets.
  • The crypto markets might never decouple from the influence of COVID19 stats.

In the last 48 hours, Bitcoin (BTC) and the entire spectrum of digital assets have suffered a setback in the crypto markets as new statistics indicate that global COVDI19 infections are continuing to increase. At the time of writing this, the global confirmed cases of the Coronavirus now stands at 12.2 million.

Yesterday, the U.S set a one-day record with over 60,000 confirmed new cases. Furthermore, the rise in infections has had an impact on the stock market on fears of new lockdowns to curb the spread of the pandemic.

Bitcoin, Ethereum, XRP and other Cryptocurrencies Suffer a Pullback

Checking the charts, the S&P 500 and the Dow Jones Industrial average were hard hit by the news of new infections. As a result, Bitcoin, Ethereum, XRP and the entire cryptocurrency spectrum were also briefly knocked down in the markets by the news.

Since the news broke, Bitcoin’s journey above $9,500 was halted and the King of Crypto dropped to the $9,150 support area and is currently trading at $9,133. Additionally, Ethereum’s attempt at breaking $250 was cut short by the news and dropped to the $232 support area. ETH is now trading at $238.


(Click image for larger view)

In the case of XRP, the remittance coin has had to halt its mission of reclaiming the number 2 spot from Tether on Coinmarketcap. XRP is battling to maintain the familiar $0.20 support zone and is trading at $0.197.

Bitcoin and Crypto Will Continue Being Affected by the Global Spread of COVID19

It is clear that Bitcoin and the entire crypto market is highly correlated to the global spread of the Coronavirus as well as its effects on the traditional markets.

Therefore, it might be prudent to conclude that Bitcoin, Ethereum, XRP and the crypto markets, are still very much tied to the progress made in combating the spread of the Coronavirus. As a result, if the numbers keep increasing, all digital assets will continue being affected by the statistics related to COVID19.

However, there is a glimmer of hope as 145 vaccines against COVID19 are currently in development with 22 of them already in human trials. This means that the world could be a few months away from a working vaccine, and with it, relief for Bitcoin and all digital assets.

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of EWN or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

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Galaxy Digital’s Mike Novogratz Urges Investors To Buy More Gold Than Bitcoin Here’s Why

Galaxy Digital’s Mike Novogratz Urges Investors To Buy More Gold Than Bitcoin — Here’s Why

By Brenda Ngari – July 9, 2020

Gold is aiming for a new all-time high after zooming past $1,800. The last time the precious alloy breached this level was back in September 2011. Following this impressive rally, gold is now approximately 6% shy of its lifetime high.

Bitcoin, by contrast, is still struggling to get a foothold above $10K. Even so, Galaxy Digital founder and chief executive, Mike Novogratz, believes the top cryptocurrency will outperform gold in the future. He, however, cautions investors against putting a majority of their wealth in bitcoin instead of gold due to the crypto’s extreme volatility.

Have More Gold Than BTC: Novogratz

Multi-millionaire and ex-Goldman Sachs partner Mike Novogratz is a well-known bitcoin bull. Earlier this year, he predicted that the flagship crypto will reach an all-time high by the end of the year. He even posited that he would give up on Bitcoin if it didn’t. In a recent interview with CNBC’s Fast Money, Novogratz has reaffirmed his bullishness for the cryptocurrency.

He noted that bitcoin will outshine gold in the future because we are still in the early stages of the adoption curve. The bitcoin advocate acknowledges that it is still quite hard for most people to buy the cryptocurrency. But there are several experts currently working on making it easier, and when this finally happens, BTC will be the crème de la crème.

Regardless, the Wall Street veteran thinks investors should buy more gold and less bitcoin because of the level of risk associated with the big price swings in crypto:

“And so my sense is bitcoin way outperforms it [gold], but I will tell people to have a lot less Bitcoin than they do gold, just because of the volatility.”

Bitcoin’s Future Looks Green

Bitcoin rallied from a shade under $4,000 to $10,400 in just two months right before the block halving in May. But since then, the strong momentum has faltered and BTC has on several instances failed to keep its head above $10,000. Moreover, the cryptocurrency’s correlation with the S&P 500 index has grown stronger — tainting its image as a digital safe-haven asset.

Nonetheless, bitcoin’s perception by the traditional finance class is improving. In other words, traditional investors are growing increasingly confident about the asset’s potential in the long-term. For instance, Wall Street hedge fund manager Paul Tudor Jones allocated 1%-2% of his portfolio to BTC just a couple months ago as a hedge against inflation.

In his interview, Novogratz pointed out that the current economic climate where central banks across the globe are printing insane amounts of money is perfect for assets like gold. It’s for this exact same reason that the bullish prognosticator loves bitcoin. 

And, perhaps more importantly, bitcoin has noticeably outperformed gold in terms of year-to-date gains. What could possibly stop it from continuing its great ride in the coming months or years?

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Visit MarketHive to learn more: http://markethive.com/jeffreysloe

Most Crypto Investors Worry What Happens To Their Assets After They Die: Study

Most Crypto Investors Worry What Happens To Their Assets After They Die: Study

By RTTNews Staff Writer | Published: 7/8/2020 11:11 AM ET

Most cryptocurrency investors are found to be worried about what will happen to their digital assets after they die, according to a new research conducted by The Cremation Institute.

They are worried that their digital assets will simply disappear after they pass away and not passed on to their loved ones.

89 percent of crypto-asset investors worry about losing their digital assets after they die. Despite this worry, only 23 percent of the investors have a documented plan.

The overall planning disorganization is attributed to the combined issues of lacking crypto estate services and government regulation covering estate planning & crypto assets. Complacency is also seen as a large factor.

The study says younger generations are 10 times more likely not to have a plan in comparison to older generations. 59 percent of youngsters between the ages of 18 to 25 years have no plan, while 35 percent of Millennials reported no plan.

The results analysed by The Cremation Institute also showed that 39 percent of women are significantly more likely than men to have some sort of cryptocurrency contingency plan if they were to pass away.

If a user dies, the program will transfer the contents of his/her cryptocurrency wallets to a specific account, which had been set up and prepared beforehand.

The online survey was conducted between October 20, 2019 and June 3, 2020. In total, there were 1,150 participants between the ages 19 to 73 years. The margin of error for the total survey sample size was recorded at 3.5 percent.

According to Coinmetrics.io, there are currently 12,000 Bitcoin millionaires in the world. There are also many of them who have passed away and their families are unable to access their funds. It is estimated that around 4 million Bitcoin, valued at about $40 billion, has been forever lost due to death, according to Coincover.

For comments and feedback contact: editorial@rttnews.com

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe

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Bitcoin BTC Fell 52 The Last Time Its Volatility Was This Low

Bitcoin (BTC) Fell 52% The Last Time Its Volatility Was This Low

John P. Njui   •   BITCOIN (BTC) NEWS   •   July 06, 2020

Quick take:

  • Bitcoin has once again regained a sense of bullishness with a quick move above $9,300.
  • Only time will tell if this move will lead to a retest of $10,000.
  • Bitcoin’s volatility is still low and the last time it was at this level, was November 2018.
  • Back then BTC fell from $6,600 to $3,150: a dip of 52%.

Earlier this morning, and around the weekly close, Bitcoin dipped to $8,890 before bouncing hard to a 24-hour high of $9,350. Today’s Bitcoin action has left many traders excited as the King of Crypto recovered from what looked like a sure dump after a resolution of the Bollinger Band squeeze on the daily chart. This 5% move by Bitcoin, has reignited confidence in the King of Crypto. Bitcoin could be headed back to bullish levels and perhaps a retest of the psychological price of $10,000 in 49 days as earlier predicted.

Bitcoin’s Volatility is Still Low

However, the excitement for Bitcoin bulls might be temporary as the current low volatility of BTC could point to more losses in the crypto markets. According to a recent analysis by Skew, the ten-day realized volatility of Bitcoin currently stands at 20%. The last time it was at this value, was November 2018. Back then, Bitcoin fell from $6,600 to the famous December 2018 bottom of $3,150. The team at Skew highlighted this fact via the following tweet.

A clearer version of the chart by Skew can be found below.


(Click on image for larger view)

Bitcoin’s fall in November 2018 was a 52% Drop

Doing the math, the fall by Bitcoin in November of 2018 was a loss of 52% in a span of a month. Doing a similar projection of Bitcoin using BTC’s current value of $9,313, Bitcoin could fall as low as $4,470 if history repeats itself.

This estimate might not be too far fetched given the fact that Bitcoin has just recovered from the Coronavirus crash of mid-March. During the crypto market panic earlier this year due to COVID19, Bitcoin fell from stable levels of $9,000 to what many believe is the 2020 bottom for Bitcoin at $3,700. This dip is a 54% drop and higher than what might be in store for Bitcoin if there is indeed another crash.

As with all analyses of Bitcoin, traders and investors are advised to do their own analysis as well as use risk management techniques such as stop losses. Additionally, the use of low leverage on Bitcoin futures platforms is advisable during uncertain times such as now.

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of EWN or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

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Bitcoin On The Cusp Of A Breakout After Its Energy Value Hits An All-Time High

Bitcoin On The Cusp Of A Breakout After Its Energy Value Hits An All-Time High

By Erie Maxwell – July 6, 2020

Bitcoin is finally seeing a glimpse of hope today with a decent 3% price increase climbing above $9,240 and eyes $9,292, the last daily high. Bulls are also facing some resistance at $9,260, the daily 26-EMA. If Bitcoin can see a clear break above $9,300 and close, the daily uptrend will be confirmed.


(Click on image for larger view)

The daily MACD is also extremely close to a bull cross, almost inevitable as long as Bitcoin stays above $9,200 today. The RSI is only at 50 points, which means it will have no impact in the short-term, and EMAs are getting closer to each other, hinting at a possible bull cross within the next week if bullish action continues.

What is Bitcoin’s Energy Level Metric and How Does it Affect Its Price?

Bitcoin, as other Proof of Work (PoW) cryptocurrencies, consumes a lot of electricity around the world. People mining Bitcoin need to use electricity to run their hardware in order to mine Bitcoin.

The idea behind Bitcoin’s Energy-Value equivalence is that one can use energy or Joules to estimate the fair value of Bitcoin. If the energy input is higher, the value of Bitcoin should increase.

The logic behind this metric is that energy consumption basically translates into an intrinsic value for Bitcoin. Back in December 2019, the Energy Value formula calculated that the fair value of Bitcoin was around $11,500.

The energy value has increased significantly from December 2019, however, the price hasn’t. Unfortunately, it’s not clear if there is really any correlation between the Expected Value and the actual price as the value of Bitcoin will still be based on demand more than anything else.

Regardless of predictions, the increase in Energy Value shows that people are still interested in Bitcoin, in fact, more interested than before even though its price has been 50% lower than the ATH for the past two years. In a way, this translates into more demand which should push its price higher.

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Erie Maxwell and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Visit MarketHive to learn more: http://markethive.com/jeffreysloe

The Most Famous Financial Pyramids in the Crypto World

The Most Famous Financial Pyramids in the Crypto World

Crypto itself has only been around for a decade, and the space has already gained its top Ponzi scheme actors. Here are three of them.


Image courtesy of CoinTelegraph

            JUL 04, 2020

In addition to the obvious advantages in the form of anonymity, accessibility, ease of use and low cost of transactions, cryptocurrencies have some serious drawbacks that impede their global adoption. The main one is the connection between crypto and crime. Everyone who has studied this topic even superficially knows that Bitcoin (BTC) still remains a popular payment method among scammers and criminals on the darknet. Cryptocurrencies are very convenient tools for money laundering, evading taxes and cheating investors.

Today, I will talk about the most famous cryptocurrency pyramids, from which millions of investors suffered and whose activities amounted to billions of dollars in losses. These companies worked on Ponzi schemes, named after an Italian fraudster of the early 20th century. These pyramids do not produce goods and do not provide services — all they do is network marketing, where each member of the pyramid invites several new ones that invite the next ones and so on.

The only people involved who manage to earn in such a system are the organizers and some early investors who managed to withdraw their money in time. The remaining participants in the pyramid are left without money, with debts, or in the case of cryptocurrency pyramids, with no valuable tokens.

OneCoin

OneCoin is considered one of the largest cryptocurrency pyramids, which functioned from 2014 to 2017, deceiving about three million people and defrauding investors of around $5 billion in total. The founder of One Coin is the Bulgarian fraudster Ruzha Ignatova. The pyramid worked according to the classical Ponzi scheme, in which participants receive a reward for each new person invited.

The scammer convinced her audience that OneCoin would soon become the most influential cryptocurrency in the world. There were even promises to “kill Bitcoin.” It is worth noting that her coin did not even have its own blockchain and was accepted only on sites associated with the pyramid.

For the first time, the Bulgarian government spoke about the threat from fraudsters by publishing a message about the risks of participating in OneCoin, since the project is not a financial instrument and is not controlled by regulators. This caused the pyramid to “leave” the country and refuse to work with Bulgarian banks.

But soon, criticism and warnings about participating in the scheme came from the United Kingdom, Austria and Thailand. Italy and Germany even banned the activities of OneCoin in the countries and blocked their accounts. Ignatova simply did not attend the next announced meeting with investors in Lisbon, and was never seen again. There is no information on her whereabouts.

The United States government has charged Ruzha Ignatova with fraud and money laundering. While she faces 25 years of imprisonment, law enforcement officers still managed to arrest some of her accomplices, among whom include her lawyer, brother and former business partner.

BitConnect

Another major crypto pyramid functioned from 2016 to 2018: BitConnect. It was created by unknown developers and led by a man named Satao Nakamoto.

Participants had to buy BCC tokens and lock them on a special platform, and the trading bot had to earn profit automatically. Members of the pyramid were promised 40% in profit per month. According to the organizers of BitConnect, from an initial investment of $1,000, investors could expect to withdraw $50 million in three years’ time.

The first critic of the pyramid was Vitalik Buterin, who drew attention to the fact that the promise of 1% profit per day is a classic Ponzi scheme. After some time, Mike Novogratz and Litecoin (LTC) creator Charlie Lee agreed with the opinion of the founder of Ethereum. At the same time, questions for the organizers of BitConnect came from the United Kingdom government, which demanded the company to reveal its business model. Yet, this did not prevent fraudsters from participating in crypto events and attracting new investors.

The U.S. authorities helped to end this story, calling BitConnect a financial pyramid and demanding that it cease operations. After that, the BCC token fell by 90%, investors were left with a total loss of $3.5 billion, and one of the organizers of the pyramid was behind bars. Divayesh Darji, the head of the Indian branch of BitConnect, did, however, come out on bail in 2019.

Related: From Bitconnect to SIM-Swap Swindling: 2018's Biggest Scams

PlusToken

The youngest and largest financial pyramid in recent years. Founded in 2018, the pyramid was advertised in Chinese WeChat with promises of 10%–30% of return on investment per month. Around four million people became participants in the PlusToken ponzi scheme. Fraudsters allegedly advocated financial literacy and trained people to use cryptocurrencies, but ultimately aimed to convert them to Plus tokens.

In this case, justice still overtook the organizers of the scheme, and a year ago, six of them were arrested at the request of Chinese authorities. However, the $3 billion lost by investors could not be returned, and remains with the PlusToken team members. More recently, on June 22, all EOS was withdrawn from the pyramid’s wallets, and soon enough, this was repeated with all ETH tokens.

Despite the fact that these pyramids have practically ceased their activity, their various “reincarnations” constantly appear, attracting inexperienced investors. The government cannot forever protect citizens from such schemes, since prohibition requires proof of a crime. In this case, the best defense is knowledge. If everyone could recognize the huge profit margins promised by companies in exchange for investment as a red flag rather than a gold mine, there would be significantly fewer fraudsters.

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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Original article posted on the CoinTelegraph.com site, by Nick Bel.

Article re-posted on Markethive by Jeffrey Sloe

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European Innovation Council Awards 5 Mln Euros To Six Blockchain Start-ups

European Innovation Council Awards 5 Mln Euros To Six Blockchain Start-ups

By RTTNews Staff Writer | Published: 7/2/2020 10:13 AM ET

The European Commission's European Innovation Council (EIC) has awarded 5 million euros or about $5.6 million, to six wining start-ups providing innovative blockchain solutions for social good.

The "Blockchains for Social Good" award recognizes and supports the efforts made by developers and civil society in exploring the applications of blockchain in the area of social innovation to create positive social change.

The proposed solutions covered six different social innovation areas such as traceability and fair trade, financial inclusion, decentralised circular economy, transparency of public processes, participation in democratic decision-making, and management of public records.

The winners were selected in a call to identify scalable, deployable and high-impact blockchain solutions for societal challenges.

The winning blockchain applications were WordProof by Dutch SME WordProof B.V., PPP by UK social enterprise Project Provenance Ltd., GMeRitS by Finnish university Aalto, PROSUME by Italian Prosume srl, CKH2020 by French cooperative Kleros, and UnBlocked Cash Project OXBBU by Irish Oxfam and French startup Sempo.

The competition sought to award 1 million euros each to the five innovators that come up with the most promising Blockchain solutions in five different social innovation areas. The requirement of the competition was to submit solutions developed in Open Source.

Finally, the first four solutions were awarded 1 million euros each and the fifth prize was shared between two solutions as they were a combined fifth.

The six winners were selected from 176 applications from 43 countries that showed the potential to address local and global challenges with blockchain technology that offers decentralised, trusted and transparent solutions. They addressed fairly well all the six areas, and 13 additional areas proposed by the applicants themselves.

While the revolutionary potential of blockchains has been tested in the financial domain in particular, its possible applications in social domains and to address sustainability challenges have been explored far less.

For comments and feedback contact: editorial@rttnews.com

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe

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Bitcoin BTC Could Reclaim 10k in 49 Days Crypto Analyst

Bitcoin (BTC) Could Reclaim $10k in 49 Days – Crypto Analyst

John P. Njui   •   BITCOIN (BTC) NEWS   •   JULY 2, 2020

In brief:

  • Top crypto analyst, Timothy Peterson, has initiated a Twitter countdown for Bitcoin retesting $10,ooo.
  • His prediction using Metcalfe’s law sees BTC hitting $10,000 in 49 days.
  • Bitcoin is once again struggling to maintain the $9,000 support zone.

In a recent tweet, Timothy Peterson has predicted that Bitcoin’s price will once again revisit the $10,000 level in 49 days. Mr. Peterson is an Investment Manager at Cane Island Alternative Advisors and his prediction is linked to Tone Vays analysis that Bitcoin will continue to oscillate between $6,000 and $10,000 for the rest of the year. Additionally, his price prediction of Bitcoin is based on Metcalfe’s law. Mr. Peterson made the prediction of a $10,000 Bitcoin via the following tweet.

What is Metcalfe’s Law?

Metcalfe’s law is commonly used in the telecommunication industry and states that the effect of a telecoms network is proportional to the square of the number of connected users of the system.

However, the law has since found additional use in analyzing Bitcoin through its BTC network. In this case, Metcalfe’s law is adjusted for the creation/mining of new BTC over time and uses three datasets: wallets, number of BTC mined and Bitcoin price.

Timothy Peterson has further expanded on the use of Metcalfe’s law to analyze Bitcoin through a research paper titled ‘Metcalfe’s law as a Model for Bitcoin’s Value’.

Bitcoin is Once Again Struggling to Maintain the $9,000 Support Zone

At the time of writing this, Bitcoin has experienced a significant drop in value from around $9,260 to $9,024 in approximately one hour. The King of Crypto is once again testing the crucial support zone of $9,050 – $9,000. Checking the daily BTC/USDT chart once again, Bitcoin is still providing a mixed bag of signals and is still in a no-trade zone


(Click image for larger view)

Taking a closer look at the daily BTC/USDT chart, the following can be observed.

  • Bitcoin’s current price at $9,060 is below the 50-day moving average and below the 100-day and 200-day moving averages.
  • This points to an earlier predicted scenario where the latter two MAs provide adequate support at $8,600 and $8,300 respectively.
  • Trade volume is reducing pointing to a possible continuation of the dip that started a few moments ago from $9,260.
  • MACD and MFI are in neutral territory thus it might be wise to take a ‘wait and see’ approach with Bitcoin right now.

Conclusion

In conclusion, Timothy Peterson has predicted that Bitcoin will retest $10,000 in the next 49 days. His prediction uses Metcalfe’s law and means that BTC has until the 20th of August to return to bullish territory. Furthermore, his analysis is inspired by Tone Vays’ view that Bitcoin will remain under $10,000 for the rest of 2020.

At the time of writing this, Bitcoin has experienced a $200 drop and is relying heavily on the $9,000 support zone to avoid further losses.

As with all analyses of Bitcoin, traders and investors are advised to do their own research as well as use risk management techniques which include stop losses and low leverage during uncertain times. Alternatively, taking a ‘wait and see’ approach might also be beneficial given Bitcoin’s current unclear price movement.

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Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of EWN or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

Visit MarketHive to learn more: http://markethive.com/jeffreysloe

B21 Launches Cryptocurrency App In India

B21 Launches Cryptocurrency App In India

By RTTNews Staff Writer | Published: 7/1/2020 2:27 PM ET

Digital asset investing company B21 Wednesday announced the launch of its B21 Invest app in India.

B21 Invest allows customers to easily purchase and manage cryptocurrencies including Bitcoin, Ethereum, and EOS straight from a mobile phone. The launch of the app in the country was made possible by with the help of a recent decision by the Supreme Court of India to reverse a circular that previously prohibited banks from providing services to crypto traders, exchanges and other businesses dealing in cryptocurrencies.

B21 Invest app supports investment for as little as INR 2,000 or $25 per transaction. Users in India can invest using local fiat currency and local payment methods including Unified Payments Interface, debit cards and bank transfers.

B21 Invest is available free of charge on the App Store and Google Play.

"India is fast becoming a major market for digital asset investing as the use of mob ile technology expands alongside interest in alternative asset classes," said Nitin Agarwal, Founder and Director B21.

The virtual currency market in India has improved since March when the Supreme Court lifted the Reserve Bank of India's ban on the trade of the cryptocurrency. The Reserve Bank of India had prohibited the use of the banking system for crypto-related payments in early 2018

Last month, cryptocurrency exchange, CoinDCX, launched an online platform and subsidiary, DCX Learn, to provide educational content for cryptocurrency and blockchain in the country.

CoinSwitch also launched an Indian rupee cryptocurrency exchange mobile application named Kuber last month. Kuber supports over 100 cryptocurrencies for users to buy, sell, and trade digital assets with the INR

For comments and feedback contact: editorial@rttnews.com

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe

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Second Red Dot Flashes On The Bitcoin Stock-to-Flow Model Confirming 100K Bull Rally By Year-End

Second Red Dot Flashes On The Bitcoin Stock-to-Flow Model, Confirming $100K Bull Rally By Year-End

By Brenda Ngari – July 1, 2020

The stock-to-flow model designed by pseudonymous Dutch quantitative analyst PlanB has become widely accepted by the crypto community as an accurate model to project the price of BTC. The analyst has released a new update to the S2F flow which suggests that bitcoin is still on track for a mega rally to $100k by the end of this year.

Despite BTC’s Extended Consolidation, It’s Still On Course For $100K

June was a rather uninteresting month for the bitcoin price. The benchmark cryptocurrency hovered between $9,000 and $10,000, with a move either above or below these regions being short-lived.

PlanB recently shared the latest update of his stock-to-flow model which shows that the month of July has started exactly as expected for a massive bull market to commence.

In a tweet on July 1, he confirmed that the second red dot  – indicative of a bull run – is now present on the stock-to-flow cross-asset (S2FX) model. Worth noting that PlanB’s model uses colored dots to map BTC’s price until the next block reward halving. The red dots, in particular, have historically preceded an exponential growth in the price of bitcoin. 

Based on the model, the next insane rally is on the horizon and should put BTC at $100,000 before the end of this year. Between 2020 and the next halving in 2024, BTC should be valued at an average of $288,000 per coin.

According to PlanB, the first red dot is June’s closing price. The second one is today’s price and is bound to change and be fixed at July’s closing price.

Is The Stock-to-Flow Model Fatally Flawed?

Notably, the model has quickly gained acceptance from crypto enthusiasts including Blockstream CEO Adam Back who said back in February:

“Well, it’s just a backtested curve fit to historic data, affirmed by co-integration stats test. What's not to believe? More interesting is interpreting why, given good fit. It does seem logical that rate of supply halving, other things being equal, would tend to drive up price.”

Nonetheless, the model still has its detractors including Ethereum co-founder Vitalik Buterin. The latest market expert to show their disdain for the stock-to-flow model is the CIO and fund manager at Strix Levitan, Nico Cordeiro.

Cordeiro published a detailed post on June 30 entitled “A Chameleon Model – Why Bitcoin’s Stock-to-Flow Model Is Fatally Flawed”. He points out that gold’s stock to flow ratio over the past 100+ years has had no direct relationship with the price of the precious alloy.

The fund manager also argues that the fact that the S2F flow model forecasts $235 million per BTC by 2045 makes it irrational and reduces it to a “marketing piece in which the author is trying to convince readers that bitcoin is going to be worth a lot more tomorrow.”

In a different tweet today, PlanB has told his followers to look out for S2F critics who will try to discredit the model by claiming that it is “fatally flawed”, intended “to induce FOMO”, or that it has created a “cult”. He has previously coyly alluded that those criticizing the quantitative model should first disprove it.  

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Visit MarketHive to learn more: http://markethive.com/jeffreysloe