Tag Archives: cryptocurrency

Bitcoin Bulls Set To Hit 10000

Bitcoin Bulls Set To Hit $10000

By Joji Xavier | Published: 1/31/2020 9:50 AM ET

As the first month of 2020 is coming to an end on Friday, Bitcoin came closest to the $10000 mark since it started the steady surge at the new year.

$9552 recorded on Thursday was the leading cryptocurrency’s highest price of the month and the best since October 27.

At the time of writing this, Bitcoin is trading at $9228, up by $1000, or more than 10 percent from its value seven days ago.

Bitcoin has been showing signs of resurgence in the New Year after a relatively dull December, with the bulls entering the market.

After dipping below $7000 on January 2, the coin displayed a strong performance by rising steadily overall, and within the next two weeks, crossing $7000 and $8,000 levels. On Monday Bitcoin surged past $9000.

The next day saw the biggest leap of $414 in a span of just six hours. After rising as high as $9552 on Thursday, Bitcoin could not sustain the momentum.

Ether also made substantial gains in the past seven days. From $161 last Friday, the second most popular cryptocurrency rose to $186 Thursday, marking a 15 percent increase in its value. That was Ether’s best price since November 13.

At the time of writing this, Ether was trading at $176.

On Friday, Bitcoin has a market capitalization of $168.69 billion, and a 24 hour trade volume of $33 billion, according to CoinMarketCap.

Ether has a market capitalization of $19.53 billion, and a 24 hour trade volume of $13 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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World Economic Forum Forms Consortium For Digital Currency Governance

World Economic Forum Forms Consortium For Digital Currency Governance

By RTTNews Staff Writer | Published: 1/28/2020 9:31 AM ET

The World Economic Forum (WEF) formed a global consortium to be focused on designing a framework for the governance of digital currencies such as Bitcoin, including stablecoins.

This is the first initiative to bring together leading companies, financial institutions, government representatives, technical experts, academics, international organizations, NGOs and members of the Forum’s communities on a global level.

The consortium will provide solutions for a fragmented regulatory system, with efficiency, speed, inter-operability, inclusivity and transparency to be at the heart of this initiative to form the global framework.

A set of guiding principles will be co-designed to support public and private actors exploring the opportunities that digital currencies present.

The Global Consortium for Digital Currency Governance will aim to increase access to the financial system through innovative policy solutions that are inclusive and inter-operable. WEF said opportunities for financial inclusion will be only unlocked if the space is regulated properly and includes public-private cooperation across developed and high-growth markets.

Governor of the Bank of England, Mark Carney said, “It is critical that any framework on digital currencies ensures security, efficiency and legitimacy of payments while ensuring fair and open competition.”

Last week, the WEF and some of the world’s major central banks had created a central bank digital currency (CBDC) policymaker toolkit. This will enable policy-makers to understand the process of design and deployment of CBDC’s.

The WEF’s Global Technology Governance Summit will take place in San Francisco from April 21 to 22, 2020 where governance of digital currency will be a core pillar.

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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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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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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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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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.

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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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A Top Executive Thinks Bitcoin BTC Can Surge 500 In 12 Months

A Top Executive Thinks Bitcoin (BTC) Can Surge 500% In 12 Months

Bitcoin to Hit $50,000 By EOY?

Speaking with Bloomberg, Antoni Trenchev, head of Bitcoin lending platform Nexo, was quoted as saying that he expects for Bitcoin to “very easily” hit $50,000 — more than 500% above current prices — sometime in 2020. Trenchev didn’t give much reasoning to back this lofty prediction, only stating that he believes BTC is an “incredible” asset that isn’t correlated with any other markets.

Though, Trenchev’s prediction of $50,000 lines up with a price model created by PlanB, a pseudonymous quantitative cryptocurrency analyst working in traditional markets.

His so-called stock-to-flow model, which relates BTC’s price to the scarcity of the asset to a statistical accuracy of a 95% R squared, suggests that after the May 2020 block reward halving, the fair price of the cryptocurrency will rise to at least $55,000.

Although some have laughed at the model, suggesting that it is pure coincidence that Bitcoin’s price moves in tandem with its level of scarcity, the model has been lauded by many cryptocurrency investors as the best way to explain the craziness seen in this nascent market.

Hold Your Horses, Analysts Say

While there is some evidence to suggest Bitcoin will explode that high in the coming months, the consensus is that the following 12 months will be one of steady growth for the cryptocurrency market, not crazy, parabolic growth as Trenchev suggests.

Dave the Wave, a popular cryptocurrency trader, recently noted that Bitcoin may see some bearish price action in the near term, but will soon restart its long-term bull trend that will bring it to $25,000 — 270% higher than current prices — by the start of 2021.

He specifically cited a five-wave Elliot Wave bull run, which will see Bitcoin bottom in the next few weeks before a surge to $25,000, see a brief correction, then finish the bullish run above $100,000 in a few year’s time, not within the coming year.

This was followed by another prediction, in which Dave stated that he expects Bitcoin prices to tighten in the first half of 2020, then break out in the second half of next year to near the $20,000 all-time high. By early-2021, he expects the price of the leading cryptocurrency to have posted “new sustainable all-time highs.”

Also, Mike Novogratz, the former Wall Streeter turned cryptocurrency fund manager and investor, said that he expects Bitcoin to hit $20,000 in 18 months’ time. This would represent a 180% move from current levels if it plays out.

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

Article re-posted on Markethive by Jeffrey Sloe

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