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Why Bitcoin Price Still Has Surge Potential After Impressive 43 Monthly Gain

Why Bitcoin Price Still Has Surge Potential After Impressive 43% Monthly Gain

Bitcoin has been on an absolute tear over the past month or so. Since hitting $6,400, seemingly establishing a bottom, the leading cryptocurrency BTC has surged by 43%, recently hitting a price as high as $9,175 as reported by Ethereum World News earlier today.

This already makes BTC one of the best-performing assets of 2020 and the new decade, only being outpaced by a select few stocks and other digital assets such as the hardfork Bitcoin Satoshi's Vision, which has exploded higher off news that Craig S. Wright may be moving closer to a cryptocurrency stash he purports to have, and Ethereum Classic.

With the digital asset market already surging so far higher to start 2020, analysts have been wondering if more gains are possible.

Interestingly, the consensus is that BTC will continue higher into the block reward reduction for BTC, which will most likely activate in May of this year.

Why Bitcoin Price Still Has Upside

Analysts across the board are convinced BTC’s uptrend is not done yet.

Fundstrat Global Advisors, a top market strategy and sector research company based in New York, recently released its 2020 Crypto Outlook to its clients. The firm identified three factors that will give BTC a “strong probability” of gaining over 100% in 2020, meaning a year-end price of over $15,000, due to a confluence of three primary factors:

  1. The Bitcoin halving: The crypto-friendly firm first looked to the May 2020 so-called “halving” or “halvening,” when the block reward of Bitcoin gets cut in half, effectively resulting in a 50% decrease in the inflation rate of the leading cryptocurrency. Analysts say that this should cause a supply crunch in the cryptocurrency market that could push prices dramatically higher.
  2. Geopolitical risk: Fundstrat next looked at potential geopolitical risks. With the ongoing conflicts between the U.S. and China, the U.S. and Iran, and other spats taking place across the globe, BTC may begin to prove itself as a digital, non-sovereign store of value in these trying times.
  3. 2020's presidential election: Lastly, the firm looked to the 2020 elections. This point was not expanded upon in a sneak peek of the report, though there are notable a few candidates who are more crypto-friendly than others, such as Andrew Yang, and some uncertainty around the election that could push capital towards safe havens.

On the technical side of things, pseudonymous trader Dave the Wave, who called BTC's decline from prices above $10,000 to $6,400, said that he expects for BTC to hit $11,500 by the middle of February.

Backing this prediction, Dave looked to a confluence of factors:

  1. Bitcoin recently broke above a descending channel that has constrained price action for more than six months, marking a large win for bulls.
  2. The weekly Moving Average Convergence Divergence (MACD) is starting to trend higher once again, which was a signal seen in 2015/2016 as BTC moved from a bear market to bull.

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

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CHO Group To Use IBM Blockchain For Traceability Of Olive Oil

CHO Group To Use IBM Blockchain For Traceability Of Olive Oil

By RTTNews Staff Writer | Published: 1/15/2020 9:22 AM ET

Tunisian olive oil producer CHO Group teamed up with IBM Blockchain to apply blockchain technology to provide consumers traceability for its 'Terra Delyssa extra virgin olive oil' from the olive orchards to the consumers.

Terra Delyssa extra virgin olive oil will be tracked using the blockchain-based Cloud network IBM Food Trust solution, which is based on Blockchain Hyperledger technology.

Terra Delyssa, which is claimed to be grown in CHO's pesticide-free orchards with 320 days of sun, is first cold pressed under the highest standards for quality and is made entirely from a single source.

CHO has already begun using IBM Food Trust network to manage and record traceability data for its extra virgin line, the highest grade of olive oil as classified by the International Olive Oil Council and the USDA.

Customers of Terra Delyssa global retailers will be able to scan a QR-code on each label using a smartphone to view a provenance record, starting with its most recent harvest in November last year that is now being bottled. All data about Terra Delyssa lots are being uploaded to the distributed ledger.

Consumers can track the product across eight quality assurance checkpoints, including the orchard where the olives were grown, the mill where olives were crushed, and the facilities where the oil was filtered, bottled, distributed, and more.

Terra Delyssa's fully traceable extra virgin olive oil is currently being bottled and expected to reach store shelves at major retailers in the U.S., Canada, France, Germany, Denmark and Japan by March.

Media coverage of olive oil mislabeling and illicit counterfeit olive oil operations had caused general confusion about how olive oils are blended, and was driving consumer distrust.

The use of blockchain for food provenance will help reduce food fraud, including mislabeled, diluted or substituted foodstuffs.

A recent IBM Institute for Business Value study found that 73% of consumers will pay a premium for full transparency into the products they buy.

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IBM Food Trust network connects growers, processors, distributors, shippers, retailers, regulators, and consumers through a permissioned, permanent and shared record of food system data. This will enable them to work together to trace and authenticate products or optimize supply chain processes.

CHO is the latest major food provider to join IBM Food Trust. Other firms include Carrefour, Topco Associates, Wakefern, BeefChain, Dennick Fruit Source, Scoular, and Smithfield as well as other multinational companies such as Nestlé, Kroger, Tyson Foods, and Unilever.

For comments and feedback contact: editorial@rttnews.com

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 Leaps Towards 9000 As Bulls Make Solid Move

Bitcoin Leaps Towards $9000 As Bulls Make Solid Move

By Joji Xavier | Published: 1/17/2020 9:53 AM ET

Bitcoin continued its rally towards the $10000 mark this week, reaching as high as $8950 on Friday. It was the best price recorded in 67 days, and in 2020.

That was more than $1100 higher than the price recorded last Friday.

In the last seven days, the most popular cryptocurrency improved its value by more than 12 percent.

At the time of writing this, Bitcoin was trading at $8825.

Bitcoin has been showing signs of resurgence in the New Year after a relatively dull December.

After dipping below $7000 on January 2, the coin displayed a strong performance by rising steadily overall, and within the next two weeks, it crossed the $7000 and $8,000 resistance levels, and headed towards the key resistance level of $9000.

Bitcoin's bulls have been making a solid move in the past three days. The current trend gives a strong indication that Bitcoin is entering into bullish territory.

Ether also made substantial gains in the past seven days. From $140 last Friday, the second most popular cryptocurrency rose to $168 today, marking a 20 percent increase. That was Ether's best price since November 20.

As of Friday, Bitcoin has a market capitalization of $160.7 billion, and a 24 hour trade volume of $34 billion, according to CoinMarketCap.

Ether has a market capitalization of $18.45 billion, and a 24-hour trade volume of $14 billion.

For comments and feedback contact: editorial@rttnews.com

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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US Congress Looks at Role of Crypto and Internet in Funding Hate Crimes

US Congress Looks at Role of Crypto and Internet in Funding Hate Crimes


Image courtesy of CoinTelegraph

                       JAN 15, 2020

The House Financial Services Committee has raised concerns over the use of cryptocurrencies to fund domestic terrorism in the United States.

In a Jan. 15 hearing, the FSC Subcommittee on National Security, International Development and Monetary Policy has examined how U.S. financial institutions can combat domestic terrorism, extremism and acts of hate.

Titled “A Persistent and Evolving Threat: An Examination of the Financing of Domestic Terrorism and Extremism,” the hearing featured five witnesses reporting on various fundraising methods used by organized domestic extremists. Particularly, the officials and executives have outlined crypto as an important fundraising tool for hate crimes, emphasizing that criminal funding is often distributed via popular social media platforms like Facebook and Telegram.

Facebook and Telegram help domestic extremists get funding through Bitcoin

Jared Maples, Director of the New Jersey Office of Homeland Security and Preparedness, the first witness to address the matter in the hearing, stressed that the U.S. authorities should be closely looking to the use of crypto in funding acts of domestic extremism. Noting that foreign terrorist organizations have used Telegram and Facebook to solicit funding through Bitcoin (BTC) the official listed a number of incidents that involved the cryptocurrency.

Projecting that organized domestic extremists will continue to fund their activities via crypto alongside selling counterfeit goods, drug and weapon trafficking, cigarette smuggling, Maples called Congress to not ignore the industry as a source of funding hate crimes in the U.S.:

“We cannot discount the future role of cryptocurrencies in funding acts of domestic extremism, both within New Jersey and across the United States.”

Supremacy groups turning to Bitcoin as they are cut off from traditional payment processors

Rena Miller, specialist in financial economics at the Congressional Research Service, pointed out that combating the financing of extremist groups in the U.S. poses some new challenges due to the emergence of newer online methods of fundraising. In this regard, the executive cited a 2017 study by the Anti Defamation League (ADL) that claims that supremacy groups in the U.S. tend to be decentralized rather than highly organized, often relying on crypto.

 

As the study also outlined the role of social media and crypto for these domestic extremists, Miller suggested that the U.S. government should be collecting and analyzing financial data more extensively. As part of the effort, authorities should have access to data provided on social media and payment processors. She said:

“Cross-cutting issues that span different areas of congressional oversight may become more important; for example, access to data provided on social media sites and payment platforms.”

ADL exec stresses that Bitcoin is still transparent despite its anonymity

George Selim, senior vice president of programs at the Anti-Defamation League, emphasized that transactions on the Bitcoin blockchain are still transparent and can be tracked despite its anonymous character. In this context, Selim mentioned Neonazi BTC Tracker, a Twitter bot that posts information related to certain identified Bitcoin wallets. Specifically, Selim noted that Stormfront, the oldest and largest white supremacist website on the Internet, received about $30,000 in Bitcoin prior to October 2017, while white supremacist hacker Andrew Auernheimer received more than a million dollars in the cryptocurrency.

The executive concluded that Congress should fund a significant study into how crypto is used in funding domestic hate crimes. Selim also suggested that the U.S. should create a certain framework that allows platforms that enables crypto-related platforms track online transactions and prevent the potential for exploitation of their services. He noted:

“New forms of financial products and services, including cryptocurrencies, should be addressed. Analysis should cover challenges as well as opportunities inherent in these new financial products and services for those endeavoring to stop the funding of hate and violence.”

While the U.S. is trying to address all possible terrorist financing loopholes against the backdrop of disturbing rise of domestic terrorism and hate crimes, some experts claim that crypto is “poor form of money” for terrorists. Back in 2018, U.S. Congress concluded that terrorist groups that attempted to raise funds via crypto have not had great success. Similarly, U.S. nonprofit think tank RAND Corporation said that crypto is not well-suited for the needs of terrorist groups.

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Meanwhile, the European Union has recently enforced another important anti-money laundering law that aims to bring more transparency to financial transactions for combating money laundering and terrorist financing. Came into effect on Jan. 10, the European Union’s 5th Anti-Money Laundering Directive has apparently forced some crypto firms in Europe to shut down their businesses, partly due to requirements to disclose too much information about their clients.

Original article posted on the CoinTelegraph.com site, by Helen Partz.

Article re-posted on Markethive by Jeffrey Sloe

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If Bitcoin’s Price Holds This Level 9000 Can Come Quick

If Bitcoin's Price Holds This Level, $9,000 Can Come Quick

Bitcoin (BTC) bulls don’t seem to be letting up the pressure. Over the past few hours, the price of the leading cryptocurrency has rocketed higher again, just tapping $8,800 just a few dozen minutes ago as of the time of writing this article. With this latest move, BTC is now up 30% from the latest lows around $6,800 and up 35% from the seeming macro lows of $6,400.

While the bullish pressure has left off slightly, with Bitcoin falling 2% or 3% from the local high of $8,880, analysts are still optimistic that a push higher into the $9,000 range can be had, if this one level is held anyway.

Bitcoin Needs to Hold $8,750

As of the time of writing this, BTC is trading at $8,729. According to prominent cryptocurrency trader Josh Rager, if “BTC can hold above $8750, we should see it push up to $9000 – $9100.” This would represent around a 4% move higher and may set the cryptocurrency up for even more gains in the future.

The technical indicators corroborate the idea that Bitcoin will soon continue to press higher.

Firstly, Mohit Sorout, a partner at Bitazu Capital, noted that with BTC’s latest spike higher, it has broken above two key downtrend resistances that have constrained price action for the past seven months. Not to mention, the one-day Relative Strength Index (RSI) and On-Balance Volume (OBV) indicators have broken past similar downtrends, suggesting more upside is imminent.

Notably, the RSI metric is not yet above 70, meaning that the price of BTC is currently not overextended, implying the price has room to run.

Also, Financial Survivalism, a pseudonymous cryptocurrency trader that called BTC’s ongoing price explosion when Bitcoin was in the low-$7,000s, pointed out that the Ichimoku Cloud — a sort of all-in-one indicator showing key price points and trends — is “fully bullish,” with the indicator printing three distinct signals that suggest prices will appreciate.

Not to mention, altcoins have absolutely exploded higher, with the prices of Ethereum, XRP, Bitcoin Satoshi Vision, and just about everything else in this market seeing gains exceeding that of BTC. The leading cryptocurrency may follow these altcoins higher in the coming days.

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

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Samsung And Syniverse To Simplify Mobile Payment System

Samsung And Syniverse To Simplify Mobile Payment System

By RTTNews Staff Writer | Published: 1/10/2020 9:02 AM ET

Samsung SDS America, the IT arm of South Korean conglomerate Samsung, and U.S.-based Syniverse are combining their mobile and blockchain technologies to develop a common payment platform that makes the users' mobile phone the easiest payment means. A memorandum of understanding to this effect was signed at the 2020 International CES.

Under the partnership, Samsung SDS's Nexledger Universal blockchain platform will be integrated with Syniverse's industry-leading blockchain solution, Universal Commerce, and market-aware Mobile Engagement platform.

This will enable development of a mobile payment platform for cross-region transactions, and that comply with regulations. This will particularly help mobile operators and companies dealing in logistics, financial, travel and hospitality, media and entertainment, and retail.

The use of blockchain along with the scalability and flexibility of Nexledger Universal, and Syniverse's decades of payment and settlement experience, is expected to deliver a frictionless phone-to-phone or phone-to-merchant payment engine for secure, simple exchange of value. It will also addressing the ever-increasing regulatory requirements.

The common payment platform will work with any mobile operator and allow any mobile user to send money, loyalty points, or other digital currencies to other mobile users or merchants across the globe.

The Nexledger platform allows enterprises to take control of distributed transactions, securely and conveniently. It also offers a flexible application programming interface that can be applied to different blockchains like Ethereum, Hyperledger Fabric and Samsung's own Nexledger Consensus Algorithm.

Meanwhile, Syniverse's mobile technology products and services provide a secure instant-access platform for seamless, customizable multi-channel messaging and connectivity. The platform connects more than 7 billion mobile devices in 158 countries and annually processes more than $35 billion in transactions for mobile operators and enterprises.

Syniverse's Universal Commerce blockchain service simplifies, accelerates, and secures multiparty agreements by replacing manual processes with smart contracts, unifying data records, and providing encryption.

For comments and feedback contact: editorial@rttnews.com

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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Analyst: Bitcoin to Target 9500 Due to A Few Key Factors

Analyst: Bitcoin to Target $9,500 Due to A Few Key Factors

Bitcoin has been hovering within the $8,100 region for the past couple of days, with each attempt to break above and below this region quickly resulting in sharp rejections that lead BTC back into this consolidatory range.

Analysts are noting, however, that they anticipate this bout of sideways trading to result in a major bull favoring movement, which could lead it to surge up towards the coveted five figure price region in the coming several days and weeks.

Here Are the Factors Analysts Are Watching That Could Spark the Next Massive Bitcoin Rally

Currently, Bitcoin is trading sideways at its current price of $8,150, struggling to garner any momentum in one direction or another.

It is important to note that bulls did attempt to spark a rally yesterday, which ultimately resulted in a strong and swift rejection at $8,300 that sent the cryptocurrency reeling down to below $8,000.

It does appear that this level has become strong support, as the brief dip to lows of $7,950 was quickly reversed by buyers, who were able to push it back up to its current price levels.

In the near-term, UB – a popular cryptocurrency analyst on Twitter – believes that Bitcoin will soon incur a massive amount of momentum that allows it to surge past all its key resistance levels, which could lead it as high as $9,500 before it finds enough resistance to halt the rally.

“$BTC – I believe it’s more than likely we see continuation to the upside over the next few weeks with a target of ~$9.5k. *A Weekly Close below $7,460 would completely invalidate this argument* Dips are for buying,” he explained, pointing to the chart seen below.

As for what technical factors could help catalyze and sustain this rally, it appears that the crypto recently broke above a key multi-year resistance level.

FlibFlib, another prominent crypto analyst, discussed Bitcoin’s break above this level in a tweet, telling his followers that it makes him feel overall bullish on the cryptocurrency in the near-to-mid-term.

 

“In my humble opinion, Bitcoin has already broken out on the CME and on Spot exchanges with confirmation on the OBV & now just waiting on a higher high on Macro TFs. Maybe some chop sideways and a bit of a backtest but everything is there to make me overall bullish,” he explained.

If this trendline break is sustained by bulls, it could mean that the crypto’s recent lows will mark a long-term bottom.

Original article posted on the EthereumWorldNews.com site, by Cole Petersen.

Article re-posted on Markethive by Jeffrey Sloe

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Bitcoin Shines This Week

Bitcoin Shines This Week

By Joji Xavier | Published: 1/10/2020 9:46 AM ET

The past week has been generally good for Bitcoin. In the last seven days the most popular cryptocurrency improved its value by more than $500, or 7 percent.

As of this writing, Bitcoin is trading at $7864.

The virtual currency showed signs of resurgence in the New Year after a relatively dull December.

After dipping below $7000 on January 2, the currency managed to rise from its slumber.

On Tuesday Bitcoin crossed $8000, for the first time since November 20. $8438 was the highest recorded in 48 days, and also of the year.

The 7-day period starting January 2 has been an unprecedented dream-run for Bitcoin, which saw a steep rise of $1338, or more than 20 percent in its value.

However, those gains fizzled in the latter half of the week with price falling back to the $7,000-$8,000 range.

As of today, Bitcoin has a market capitalization of $142.89 billion, and a 24-hour trade volume of $24 billion, according to CoinMarketCap.

For comments and feedback contact: editorial@rttnews.com

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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Will Google’s Quantum Supremacy Break Bitcoin in 2020?

Will Google's Quantum Supremacy Break Bitcoin in 2020?


Image courtesy of CoinTelegraph

            JAN 09, 2020

The topic of quantum computing has been steadily gaining interest within the cryptosphere, particularly so over the past 12 months. Given the heightened curiosity and concern, it is worth resolving some open questions around quantum supremacy for the crypto community, as there is a tremendous amount of misinformation circulating online.

Will our Bitcoin be stolen?

Many people harbor the fear that Sycamore, Google’s 54-qubit quantum processor, could outsmart the system and steal everyone’s Bitcoin. If there were to be no changes to the current implementation of the Bitcoin network, this would most likely become a reality within five to 10 years. So, while there is currently no need for users to worry, developers are well advised to commence preparations.

What’s truly alarming is that “quantum deniers” refute the reality of the problem and insist that concern should be curbed. Sadly, the exact opposite is true. We must place a collective focus on solving the issue, as complex distributed systems (does blockchain ring a bell?) are anything but easy to upgrade to a whole new crypto stack. Having spent a decade or two maturing, the ecosystem could be massively undermined if quantum computing advances to the expected degree.

Certainty about this stems from the fact that current encryption schemes (including those used by Bitcoin and Ethereum) have already proven vulnerable to signature forgery executable by quantum computers.

Asymmetric cryptography relies on keypairs (namely a private and public key), where the public could be calculated from its private counterpart but not the other way around. This is due to the impossibility of certain mathematical problems like factoring a number that’s a product of large primes or calculating the multiplicand of the generator that resulted in a public key, which most blockchains and cryptographic systems use.

If the calculation could be done the other way around (i.e., calculating a private key from a public key), the whole scheme breaks. All we need is more qubits and stability in these systems for such attacks to become executable.

Will Google mine away all the remaining Bitcoin?

This is another often-asked question but in reality, quantum computers are far less efficient at symmetric crypto-related computations than asymmetric crypto-related ones. As for the numbers, it takes 2^128 operations on a mainstream computer to locate a BTC private key of a given BTC public key, whereas it only takes 128^3 operations on a quantum computer to achieve the same feat.

For hashing, the difference — while still enormous — is a lot less. In essence, we need to worry more about people with quantum computers spending/stealing our money rather than fretting about Google mining the remaining Bitcoin. Even if that were the case, after successfully mining 2016 blocks, it would set the difficulty to “quantum level” — meaning that Bitcoin would only be mineable by quantum computers.

The tricky question here is that the difficulty is hitting such levels already that miners need to wait to be able to readjust the timestamp field of given blocks because they already ran through all possible nonces for a given block without finding a result below the difficulty target. In light of this, I would venture to say that this mining-related problem is more theoretical than practical. We have already noted that time can be the limiting factor in finding a correct solution for a block, not performance, even without quantum computing-based mining.

The one thing that everyone should focus on

Should Bitcoin holders be concerned about the quantum problem in 2020? No, but there is a caveat: Cryptocurrencies (meaning their developer communities) and enterprises should focus on the issue.

What if there are quantum computers already built that are much more capable than Google’s Sycamore and we are just not allowed to know about them?

We should seek and upgrade to a quantum-resistant crypto stack in blockchain implementations and all other systems that depend on asymmetric crypto (e.g., banks, governments, etc.) as soon as possible. Quantum supremacy is inevitable — it’s just a case of when.

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.

Original article posted on the CoinTelegraph.com site, by Johann Polecsak.

Article re-posted on Markethive by Jeffrey Sloe

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Bulls Roar As Bitcoin Price Surge to 8100 Reversing Bearish Trend

Bulls Roar As Bitcoin Price Surge to $8,100, Reversing Bearish Trend

It appears that Bitcoin bears might finally be dead. For the fourth or the fifth day in a row, the leading cryptocurrency has rocketed higher, recently surging as high as $8,120 — the highest price the cryptocurrency has seen in just around 50 days due to a tight bottoming pattern that formed over the course of the holiday season.

Right now, BTC has stalled around $8,000, finding some resistance at these levels due to historically-relevant horizontal resistance regions.

Despite this, investors are becoming convinced that Bitcoin’s momentum for (at least the next couple of days) is in the upward direction.

Bitcoin Bulls Convinced Uptrend In Works

Adaptive Capital’s new analyst, CL, recently noted that Bitcoin’s four-hour chart is showing clear signs of a reversal on a medium-term basis.

The trader and chartist specifically looked to the Bollinger Bands indicator, which he claims shows a bullish trend is currently emerging:

“When price starts deviating away from the 4hr 200MA, out of the bands, especially after consolidation, and a BB squeeze, a new trend usually emerges. There is not much more to say, I will be buying dips. Send it.”

Indeed, as he notes in the collection of charts below, every time Bitcoin and Bollinger Bands acted as they just did, a breakout emerged.

That’s far from the end of it. Trader Byzantine General noted that while BTC is currently encountering some resistance around the $8,000 region, the four-hour chart just printed a 50 exponential moving average and 200 exponential moving average bull cross, suggesting bulls are decisively in control.

Hold Your Horses

While the bulls seem to be in control, there are a few hurdles for Bitcoin and its ilk to mount before all is well on a medium-term basis.

Trader Big Chonis noted that Bitcoin is currently encountering a declining resistance line that has constricted the cryptocurrency’s price action for the past six or seven months. The cryptocurrency will need to see a key daily candle close above that level for it to be invalidated, for it has resisted BTC multiple times over the past few months.

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

Article re-posted on Markethive by Jeffrey Sloe

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