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Different Type of Shakeout Trader Says Bitcoin Unlikely to Hit $6K – Cointelegraph

Bitcoin (BTC) hitting $6,000 again is not only unlikely but would be concerning, a well-known commentator has told Cointelegraph.

Speaking in a market discussion with Cointelegraph, EzeeTrader partner Charlie Burton said that should current market behavior continue, those waiting to buy in closer to $6,000 will face disappointment.

...I think well have upside and then well have downside again, just to the point where a number of players will just get bored and move on, he said. Burton continued:

And then therell be a fast move thatll come, and a lot of people will say, Oh my God, why was I not on that move?

BTC/USD was trading at around $8,600 on Monday, having gained almost 4% over the weekend.

As Cointelegraph reported, a number of price indicators are flipping bullish for Bitcoin under current conditions, providing strong suggestions of bullish momentum on both a short and long-term basis.

I think the market has done a good job of shaking out a load of people into 2018 and 2019, but I think its probably a different type of shakeout now, Burton continued.

The comments broadly echoed previous market discussion guest, Peter Brandt, who also argued that buyers planning to enter at $6,000 had already missed their opportunity.

The weak hands are out the strong hands own it, he famously summarized last weekend.

Fellow guest YouTuber and Twitch regular Eric Krown appeared to agree. Based on technical analysis, he suggested that it would be poetic if Bitcoin denied the lower levels demanded by some traders.

Cointelegraph regularly produces Market Discussions, Interviews and Documentaries. To watch more of our videos, subscribe to Cointelegraphs YouTube channel.

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Different Type of Shakeout Trader Says Bitcoin Unlikely to Hit $6K - Cointelegraph

Yang in the Oval Office Is Bitcoins Only Chance of Reaching Critical Mass – CCN.com

For bitcoin and other cryptocurrencies to unlock their full potential, there needs to be a holistic approach to crypto regulation. This is according to the 2020 U.S. presidential hopeful Andrew Yang, who has presented yet another bullish argument in favor of cryptocurrencies.

In a recent interview with Bloomberg, Yang remarked that cryptocurrencies have a high potential for success and that the U.S. should spend more time investing in them.

Regardless of his optimism, Yang caveats that the current hodgepodge of crypto regulationspread as it currently is throughout multiple jurisdictionsis impeding adoption, innovation and investment. Yang says consolidated regulation is the key for mass adoption:

We need to have a uniform set of rules and regulations around cryptocurrency use nationwide. Because right now we are stuck with this hodge-podge of state-by-state treatments and its bad for everybody. Its bad for innovators who want to invest in this space.

For Yang, the lack of allied ordinance stands as the most significant obstruction for cryptocurrencies and excludes America as a competitor in this emergent market.

The Democratic candidate advocates a regulatory approach that transcends jurisdictional restrictions. Not only would a cohesive strategy streamline the work of regulatory agencies, but it would also legitimize the industry furtherstandardizing crypto rules and regulations, and further facilitating investment and adoption.

The U.S. regulatory landscape for cryptocurrencies is particularly uneven. For a country priding itself as a leader in global market integrity, America is practically sitting on the sidelines when it comes to effective crypto legislation.

A vast number of agencies all vying for regulatory dominance has left the market kneecapped, hindering innovation and growth.

For example, while the SEC is concerned about the classification of specific cryptocurrencies, the IRS distinguishes them all as property for U.S. federal tax purposes and the CFTC deems digital assets commodities like gold and silver. This lack of a standard leaves companies blinded, unable to comply.

Whether fair or not, crypto criminality has long stood as a stigma overshadowing the nascent industry. In 2019, multiple reports from various blockchain analytic companies highlighted just how prevalent crime is within the crypto ecosystem. While researchers have observed that nefarious activity is but a drop in the bucket compared to the size of the market, manipulation, fraud and scams still stand as a significant barrier for entry for investors.

In fact, a 2020 report on the state of crypto crimeissued by crypto analytics firm, Chainaylisisfound that bitcoins use by darknet criminals had doubled from 2018 to 2019. Still, this only accounted for 0.08% of total bitcoin transactions last year.

Nevertheless, crypto scams skyrocketed in 2019, threatening to jeopardize consumer protection and consequently adoption.

According to the report, this is an issue that only adequate regulation can resolve:

Cryptocurrency scams represent a significant danger to consumer protection, and the growth of this activity in 2019 calls for increased action from regulators, law enforcement and exchanges alike.

Yang is potentially one of the biggest cryptocurrency and blockchain advocates a U.S. presidential campaign has ever witnessed. The Democratic candidate has actively and unabashedly spoken on the topic on more than one occasion. Rather than shy away from the somewhat divisive subject, Yang has chosen to embrace it.

In his framework for digital asset policy and consumer protection, Yang highlights the importance of uniformity, clarification, and regulatory reform:

Investment in cryptocurrencies and digital assets has far outpaced our regulatory frameworks in the US. We should let investors, companies, and individuals know what the landscape and treatment will be moving forward to support innovation and development. The blockchain has vast potential.

Yangs guidelines suggest creating a clear definition of which federal agencies have regulatory power over the crypto market, illuminating distinct rules under one national framework.

If bitcoin and the broader crypto industry is to truly proliferate, fitting and unified regulation needs to be adopted. Arguably, Yang is the only one capable of bringing about that change.

Disclaimer: The opinions expressed in this article do not necessarily reflect the views of CCN.com.

This article was edited by Sam Bourgi.

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Yang in the Oval Office Is Bitcoins Only Chance of Reaching Critical Mass - CCN.com

3 Reasons Why Bitcoin Price Broke Above $9K Today – Bitcoinist

Bitcoin price broke back above $9,000 this morning, making this the second time this month that has happened. Following last weeks slide down from that level, all losses have been reversed since the weekend. So what could be responsible for bitcoins change in fortunes?

The Lunar New Year always has an effect on bitcoin trading volumes, as Chinese traders take a few days off to celebrate. Despite cryptocurrency trading being technically banned in China, workarounds whereby traders use other Asian markets mean that it is still statistically significant.

BitMEX CEO Arthur Hayes predicted that volatility and trade volume would nose-dive as the New Year approached. Indeed, in the week leading up to the New Year, daily volumes dropped by 50%, as BTC price followed them down from $9150, reaching as low as $8325 on Sunday.

Since Sundays low, volume has already regained almost all of the value previously lost, and prices have risen steadily to reflect that increase. While the Coronavirus may have meant an extended holiday for many Chinese, orders to stay at home dont apply to those working outside of the law.

The past few days have seen gains across the entire cryptocurrency market. With this much fresh money flowing into the market, it is only to be expected that Bitcoin price would also benefit from that.

AsBitcoinist reported yesterday, the total cryptocurrency market cap grew by over $17 billion in just 48 hours. It has continued to grow at a more modest rate since then, but is currently just $1.2 billion short of the psychologically significant $250 billion mark.

The market cap was last at this level in November, during the seven-month bear market when cryptocurrency prices were on the way down from their late-summer 2019 highs.

Regaining this level would be a strong indicator that this trend had reversed, and that a bullish cycle is once again underway.

As February rolls ever closer, the market cannot help but consider historical data, which highlights the month as traditionally one of the more bullish for bitcoin. Of course, this doesnt give any guarantees, and in fact we are closing out January, having bucked its usual trend of being a bearish month.

But of course we also have the ever looming halving event coming up in May of this year. Historical data again suggests that this will have a positive effect on BTC prices. Whether this is already factored in to bitcoins price is hotly debated. However, if prices continue to rise then we may find that FOMO makes it a self-fulfilling prophecy in either case.

For now, price just has to hang onto, and indeed build upon, that $9k.

Do you think Bitcoin will continue its current uptrend? Add your thoughts below!

Images via Shutterstock

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3 Reasons Why Bitcoin Price Broke Above $9K Today - Bitcoinist

No Virus Woes for Bitcoin as It Climbs to Highest Since November – Bloomberg

Photographer: Akos Stiller/Bloomberg

Photographer: Akos Stiller/Bloomberg

Theres one asset escaping the pounding from the spreading coronavirus: Bitcoin.

The largest cryptocurrency rose as high as $9,142.80 on Tuesday, a level last seen early November. Other coins rallied as well, with the Bloomberg Galaxy Crypto Index gaining as much as 1.7% to more than a two-month high.

The increases come after last weeks poor performance in the run up to Lunar New Year celebrations, which some participants expected to trigger a slowdown in trading.

Potential explanations for the rally include Bitcoins potential new safe-haven status amid risk-off moves fueled by the spread of the virus. JPMorgan Chase & Co.s Nikolaos Panigirtzoglou last week said that options on the cryptocurrency are off to a decent start.

Some hedge funds who do not necessarily have a fundamental view on Bitcoin direction could see opportunities in trading volatility, Panigirtzoglou wrote in a note Friday. The CMEs reputation and credibility in U.S. derivatives markets more broadly could be a substantial advantage in attracting those potential market participants.

Read: CME Sees 54 Options on Bitcoin Futures Traded in Debut

Nomura Securities Internationals Charlie McElligott in a note Monday pointed to U.S. five-year real yields at the most negative since April 2017 acting as a major bullish catalyst for gold and Bitcoin.

Of course, Bitcoin is also famously volatile, having gone parabolic in late 2017 to reach about $19,000, before tumbling back over the course of the next year. It had quite a ride even in 2019, having started the year just above $3,000 and spiking to nearly $14,000 in June before ending December at $7,158.

Before it's here, it's on the Bloomberg Terminal.

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No Virus Woes for Bitcoin as It Climbs to Highest Since November - Bloomberg

This Bitcoin Competitor Pumped 272% And a Self-Proclaimed Inventor of BTC Says He Knows Why – The Daily Hodl

Craig Wright, a self-proclaimed inventor of Bitcoin, says he knows what triggered a massive pump in the price of Bitcoin SV, the fifth-largest cryptocurrency by market cap. Bitcoin SV surged from $117 on January 9th to a high of $436 on January 14th a rise of 272%. The coin has since dipped to $303.

In a new interview on BlockTV, Wright says he knows the people behind the pump, but he is unwilling to name names.

I know whats behind it and who and whatever else. I know people who are doing things and none of that is public information, so Im not going to share it.

When asked if the pump was organic, Wright clarifies,

Theres market interest, but Im not saying who is getting behind it.

As for his ongoing legal battle with the estate of his late business partner David Kleiman, Wright says hes not willing to share details about the private keys linked to over 1.1 million Bitcoin (BTC) that he claims he owns.

You have a bunch of morons who have no idea, running around saying that censorship resistance is important and then going, But dont let him talk.

So no, I dont listen to idiots.

Commenting on the lengthy lawsuit, which alleges that Wright still holds all of the Bitcoin that he and his Kleiman mined together, he rebuffs his critics.

A person who is basically a con man wants to falsely prove the partnership that doesnt exist so that he can get access to money he never owned.

When questioned about whether he has access to the private keys associated with the Tulip Trust, a contract that allegedly confirms that 1,100,111 BTC were returned to Wright, the Australian computer scientist says its nobodys business, regardless of the fact that the case is closely followed and is a matter of public domain.

Its none of your goddamn business. Were talking about someones financial privacy, whatever else, and you guys are a bunch of incredibly rude assholes. Theres no other way to put this. You sit there going, How much money do you have?; What bank account do you have?; Where is your money now?. Who cares what?

Theres one answer to this: Screw you. Theres no such thing as privacy coins. Theyre anonymity coins. Theyre seeking to not be private but basically lose all records. Actually, I still have entities I am associated with that have a lot of rights to BTC, so I am not dumb enough to shoot myself in the head.

Responding to a question about whether he should feel obligated to disclose details about his alleged ownership of over 1 million BTC since his holdings could have a significant impact on the crypto space, Wright remarks,

No. It is a question based on, I dont understand what Bitcoin is or how it works. I dont understand law. I think Bitcoin is outside of law. And I think I should have a right to know all about your finances because it might affect my day trading.

Check Latest News HeadlinesDisclaimer: 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/Tithi Luadthong

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This Bitcoin Competitor Pumped 272% And a Self-Proclaimed Inventor of BTC Says He Knows Why - The Daily Hodl

Bitcoin Risk-Return a Different Beast Compared to Amazon: Analyst – Cointelegraph

Bitcoins (BTC) risk-return is a different beast compared to even the darling of the stock market of the 2000s, Amazon.

That was the conclusion drawn by one of the cryptocurrency industrys best-known analysts and the creator of a uniquely accurate Bitcoin price model.

Uploading a chart showing BTC risk-return versus Amazon stocks, U.S. bonds, gold and the S&P 500 on Jan. 24, PlanB showed Bitcoin behaved completely differently as an investment.

Amazons significant losses in the year 2000, combined with its revered recovery ever since still keeps it far below Bitcoins risk-reward ratio.

Bitcoin is a different beast! PlanB summarized, describing Amazons position on the chart as much closer to normal.

Amazons share price appeared to shake off revelations involving Saudi Arabia allegedly hacking CEO Jeff Bezos this week. Both $AMZN and BTC nonetheless fell over the past seven days, with the latter potentially reacting to uncertainty stemming from China.

Bitcoin risk-return vs. major investments. Source: PlanB/ Twitter

The impressive contrast comes days after Cointelegraph reported on Bitcoins risk-adjusted returns outperforming every major investment offering based on a four-year investment.

Then, PlanB appeared to hint that four-year periods the time between each reduction in the new Bitcoin supply could continue to boost performance.

Further, cryptographer Nick Szabo added, the susceptibility of traditional instruments to react to government and central bank meddling in currency markets meant Bitcoin was a natural fit for long-term, or low-time preference, investors.

PlanBs price model, stock-to-flow, has correctly called much of Bitcoins historical behavior and continues to forecast a level of $100,000 for BTC/USD in 2021.

At current levels, markets continue to conform to stock-to-flow, at $8,300 trading just below its suggested range. Before the next halving in May, $8,300 is, in fact, the average price the model says Bitcoin will trade at before moving significantly higher.

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Bitcoin Risk-Return a Different Beast Compared to Amazon: Analyst - Cointelegraph

Bitcoins 15% Weekly Gain Could Send Ethereum Flying: Heres Why – newsBTC

Over the past few days, crypto assets from Bitcoin and Ethereum to Dogecoin and Maker have surged higher.

Since bottoming in the $8,200 range, the leading cryptocurrency BTC has surged as high as $9,425, marking a 15% gain. Although ETH, the second-largest cryptocurrency by market capitalization, has closely trailed Bitcoin, some say that a bigger surge for the altcoin will soon come to fruition.

Indeed, below, you can see Ethereum still trading below last weeks high of $177, despite Bitcoin trading as high as 3% above its previous local high around $9,200.

Cryptocurrency trader Trajan of Split Capital recently noted that Ethereums volatility is currently lagging behind that of BTC. Despite this, he noted that as soon as ETH finds its legs, the price of the leading cryptocurrency can soon see a price of around $200 a further 15% gain from the current price of $175.

He isnt the only one that thinks so.

Cryptocurrency trader Polar Hunt recently noted that ETH has been trading in a descending broadening wedge pattern, an often bullish price pattern, since July of last year. With this in mind, the trader wrote:

Current BTC price action is only here to shake you out of ETH before $238.

Satoshi Flipper, a prominent cryptocurrency trader, recently noted that Ethereums weekly chart is showing relatively bullish signs after bottoming around $120.

He specifically noted that theHeiken Ashi candles, which are a special charting technique used to more easily determine trends, have turned green on the weekly chart,suggesting a medium-term bull trend is forming.

Flipper added that Ethereum has broken out of a falling wedge structure that constrained price action for six months, boding well for bulls.

Not to mention, analysts are currently expecting the leading cryptocurrency Bitcoin to continue to push higher over the coming days, further supporting the bullish case for ETH.

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Bitcoins 15% Weekly Gain Could Send Ethereum Flying: Heres Why - newsBTC

A Massive 500 Bitcoin Sell Order Hits Binance For First Time in a While, Heres What It Means – newsBTC

Bitcoins recent movement up towards its 2020 highs at $9,200 caught some bears by surprise, as it appeared to elucidate a significant amount of strength amongst BTCs bulls.

Bears are currently fighting back, however, as one whale just put up a 500 BTC market sell on cryptocurrency exchange Binance, which could be one of the factors behind the cryptos inability to stabilize above $9,000.

Coupled with this bearish BTC sell order is the fact that Bitcoins open interest is about to hit $1 billion, which is a level that has historically been touched just prior to massive selloffs.

At the time of writing, Bitcoin is trading up 2% at its current price of $8,950, which marks a slight decline from its daily highs of $9,150 that were set yesterday evening when bulls attempted to push the crypto back towards its 2020 highs.

In the near-term, the resistance at this level appears to be growing increasingly strong, and unless bulls generate significant buying pressure, this latest rally could ultimately result in a bearish double top formation.

One factor that has heightened the bearishness of the rejection is the fact that a whale just placed a 500 BTC sell order worth nearly $4.5 million on Binance, creating a sell wall that may prove to be insurmountable for bulls.

Theres something we havent seen in a long while. A 500 BTC sell on [Binance], Hsaka, a popular cryptocurrency analyst on Twitter, explained in a recent tweet.

For as long as this sell wall is in place, all the buy orders around BTCs current price will be absorbed, thus leading it to stagnate or drift lower.

Another factor that could lead Bitcoin to see some further bearishness is the fact that Bitcoins open interest is just a hair beneath $1 billion.

The reason why this is important (and bearish) is because historically BTC has incurred sharp selloffs each time its open interest balloons to this level.

Open interest on #bitcoin is currently at $943 million. Every time weve hit $1 billion weve seen a pretty big sell off. Lets see if this time will be different, Jacob Canfield a prominent crypto analyst on Twitter explained in a tweet.

The coming several hours will likely provide insight into the long-term significance of these recent developments, and will provide clarity as to whether or not the latest rejection at $9,150 will mark another local high.

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A Massive 500 Bitcoin Sell Order Hits Binance For First Time in a While, Heres What It Means - newsBTC

BitMEX Open Interest Hitting $1B Could Be Bullish for Bitcoin This Time – newsBTC

Experts believe bitcoins explosive price rally is about to hit an end as a trend-defining technical indicator screams sell.

Bitcoins Open Interest (OI) is approaching $1 billion on BitMEX. Historically, whenever the total valuation of unsettled contracts touches the said valuation, bitcoins price in spot markets plunge. In September 2019, for instance, the cryptocurrency underwent a significant sell-off, dropping by up to 26.21 percent when the BitMEX OI reached $1.03 billion.

BitMEX OI hitting historically leads to massive bitcoin bearish corrections | Source: TradingView.com, Scalpex

It dipped in a similar manner in August and July 2019, showing a positive correlation between the OI and prices.

Open Interest indicator works in conjunction with two more technical data: Volume and Price. If all the parameters are going up in tandem, then it means the underlying assets uptrend is strong and bullish, and, therefore, should continue to trend higher, as shown in the table below.

Open Interest against Price and Volume | Source: Investopedia

In the current scenario, bitcoins price is rising alongside volume and open interest. That shows a great level of engagement from retail investors, driven by a multitude of fundamental factors, including halving, the Coronavirus outbreak, the Federal Reserves expansionary monetary policies, and booming demand for safe-havens against a potential correction in the global equity markets.

Angel investor Anondran believes that BitMEX OI is not a strong bitcoin price forecaster. In a tweet published today, the full-time crypto trader noted that the $1 billion price ceiling is more psychological than practical, adding that booming interest in bitcoin futures could send the valuation up towards $1.3-1.5 billion as well.

High OI literally means that a lot of longs and shorts are being opened, which indicates interest in Futures trading, he added. The fact that Bitmex has been able to hit this mark despite a ton of new competitors, coupled with dead Spot volumes shows $BTC price is currently priced by Futures.

Bitcoin could undergo an interim bearish correction to the downside to neutralize its overbought scenario. That is visible in the cryptocurrencys daily Relative Strength Indicator (RSI), as shown in the chart below.

Mld price correction awaited as bitcoins uptrend slows down | Source: TradingView.com, Coinbase

The RSI is reversing from 70, hinting a mild downside in the coming daily session. That could push the price to test the blued 200-daily moving average first. If broken, then the price could test the 50 percent Fib support right below at circa $8,499 for the next pullback.

On the other hand, continuation in the uptrend could have traders test the $9,500-10,000 area as the next resistance. If BitMEX OI stabilizes above $1 billion, bitcoin could explode above $10,000.

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BitMEX Open Interest Hitting $1B Could Be Bullish for Bitcoin This Time - newsBTC

Nothing Special Bitcoin Slumps 6% on Coronavirus, Chinese New Year – Cointelegraph

Bitcoin (BTC) has shed 6% in a week thanks mainly to Chinese New Year and uncertainty over coronavirus, commentators are suggesting.

Analyzing Bitcoin price data along with Chinese stocks performance on Jan. 24, social media resource Light said a slump in performance had spread to cryptocurrency.

Cryptocurrency market daily overview. Source: Coin360

Over the past several days, it notes, Bitcoin has in fact broadly correlated with stocks. Such behavior is reminiscent of what many perceived as a reaction to another global event the Iran crisis earlier this month.

China coronavirus-driven risk-off blanketing Chinese equities and Bitcoin. Iran correlation, now Chinese equities, Light commented.

The analysis summarized:

If there was ever a statement to the effect, Bitcoin has now made it to the global stage.

Bitcoin vs. Chinese equities. Source: Light/ Twitter

Coronavirus continues to spread beyond China, despite authorities attempts to contain it by imposing travel bans and boosting healthcare provision.

BTC/USD has lost just over 6% in the past seven days and at press time trading at $8,300. The virus factor comes at a sensitive time historically, data reveals, with Chinese New Year traditionally creating sell pressure for Bitcoin.

Compiled by trader and analyst Alex Krueger, figures circulating on Twitter show that in the run-up to the celebrations, Bitcoin returns often turn out negative.

In 2019, they averaged around -0.2% losses for the week prior, but Krueger himself appeared unperturbed by the results.

Nothing special, he summarized on Jan. 22.

As Cointelegraph reported, critics have protested against the theory that Bitcoin price action is directly influenced by geopolitical or other world events.

Nonetheless, issues involving China tend to impact the market conspicuously, against the backdrop of a blanket crypto trading ban imposed by Beijing in 2017. The country still accounts for the majority of Bitcoin mining activity.

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Nothing Special Bitcoin Slumps 6% on Coronavirus, Chinese New Year - Cointelegraph

Bitcoin, ETH, XRP, And LTC Rally Fades: What’s Next? – Forbes

INDIA - 2020/01/23: In this photo illustration a Cryptocurrency Bitcoin logo seen displayed on a ... [+] smartphone. (Photo Illustration by Avishek Das/SOPA Images/LightRocket via Getty Images)

Fortunes are changing in cryptocurrency markets. A rally that began three weeks ago lost steam last week.

By Saturday evening, Bitcoin was down 6.43%, ETH was down 7.38%, XRP was down 8.44%, and LTC dropped 11.20%. Bitcoin slid back towards the key $8,000-mark.

The retreat was board with only 18 out of the top 100 cryptocurrencies advancing and 82 dropping.

That's a significant change from the previous when 90 cryptocurrencies advanced out of the top 100.

And it came as the spread of coronavirus unsettled financial markets.

That should have come as a surprise to digital asset experts. Bitcoin has emerged as a safe-haven asset in times of global uncertainties, according to some studies. And should have been rallying rather than retreating last week.

koyfin_20200126_081340494

Is Bitcoin's pull-back just the pause of the rally or something more serious?

Christopher Brookins, Founder and CIO at Valiendero Digital Assets, thinks that Bitcoin is re-affirming his previous position that the rally takes a "breather."

"At the time of writing, the Hurst Exponent is still recovering from oversold levels and its recent "breather," with a value of 0.52, he says. The resumption in upward trajectory after its brief consolidation and value still being far from overbought territory bodes well for price in the near to mid-term."

Brookins' estimates apply the Hurst exponent (H) model, which is rooted in mathematics founded by Benoit Mandelbrot, to determine if a financial market is trending or not.

Screen Shot 2020-01-25 at 7.40.21 PM

He's watching the $8400 (short-Kumo Cloud) and $8600 (long-Kumo Cloud), but he remains bullish in the digital currency, in the face of the upcoming halving.

And he sticks in his previous prediction that ETH price increases are unlikely to last for a sustained period, and that will lag behind BTC.

"As stated prior, given the dramatic reversal in Hurst values to overbought, ETH price increases are unlikely to last for a sustained period in 2020," he says. "Furthermore, given the divergence between ETH and BTC Hurst values, we expect BTC to begin demonstrably outperforming ETH over the coming weeks and months."

Screen Shot 2020-01-25 at 7.52.55 PM

He also sticks with his prediction that LTC price increases are unlikely to last for a sustained period. They will also lag behind BTC.

"As stated prior, given the dramatic reversal in Hurst values to overbought, LTC price increases are unlikely to last for a sustained period in 2020," he adds. "Furthermore, given the divergence between LTC and BTC Hurst values, we expect BTC to begin demonstrably outperforming LTC over the coming weeks and months."

Screen Shot 2020-01-25 at 7.58.50 PM

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Bitcoin, ETH, XRP, And LTC Rally Fades: What's Next? - Forbes

Elon Musk Reveals His True Opinion on Bitcoin and Crypto – Cointelegraph

After a long and cryptic series of tweets on Bitcoin (BTC), SpaceX and Tesla CEO Elon Musk elaborated his stance on cryptocurrencies in a Jan. 20 podcast. Noting that hes neither here nor there on Bitcoin, Musk focused on its use for illegal transactions.

The billionaire has recently been in the spotlight for several short and cryptic tweets related to cryptocurrency. On Jan. 10 he published a tweet saying Bitcoin is *not* my safe word.

This follows an equally cryptic tweet from April 2019, saying Cryptocurrency is my safe word.

But while they were generally considered to be jokes, especially in light of previous tweets where he pledged to take Tesla private at $420, Musks early history is deeply tied to the financial technology industry.

In 1999, Elon Musk founded X.com, an online bank that through later mergers became PayPal. He mentioned the company in the podcast, noting:

If PayPal had executed the plan that I wanted to execute on, I think it would probably be the most valuable company in the world.

The interviewers then asked what Musk thought about Bitcoin and cryptocurrencies, given their spiritual similarity to X.com. Musk replied that hes neither here nor there on Bitcoin.

While referring to Satoshis white paper as pretty clever, he prefaced by saying that his stance on cryptocurrencies gets the crypto people angry. He continued:

There are transactions that are not within the bounds of the law there are obviously many laws in different countries and normally cash is used for these transactions. But in order for illegal transactions to occur, the cash must also be used for legal transactions. You need an illegal-to-legal bridge. That's where crypto comes in.

Musk noted that cash is increasingly harder to use, but any alternative would have to be usable for both legal and illegal purposes, as it doesnt count otherwise.

Even though he may not be entirely sold on cryptocurrencies, Musk sees a clear purpose for them:

You must have a legal to illegal bridge. So where I see crypto is effectively as a replacement for cash. I do not see crypto being the primary database [for transactions].

Despite the negative connotation from being used for illegal purposes, he emphasized that hes not being judgmental about crypto. In Musks view, the governments overreach in certain aspects:

I think there's a lot of things that are illegal that shouldn't be illegal. I think that sometimes governments just have too many laws about the missions that they should have, and shouldn't have so many things that are illegal.

While not a full endorsement, Musk is not exactly opposite to cryptocurrencies. In an earlier part of the interview, he said that banks are in trouble though he primarily referred to competitors such as Stripe.

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Elon Musk Reveals His True Opinion on Bitcoin and Crypto - Cointelegraph

Crypto Price Analysis & Overview January 30th: Bitcoin, Ethereum, Ripple, Monero, and IOTA. – CryptoPotato

Bitcoin

Bitcoin saw a further 10% price surge over the past week as the number 1 ranked cryptocurrency breaks above the $9,000 level. It had found major support at $8,255 (short term .382 Fib Retracement), which allowed it to rebound and climb. Bitcoin went on to rise into resistance provided by the November high at $9,430 before stalling.

If the buyers continue to drive Bitcoin higher, the first level of resistance is located at $9,476 (1.618 Fib Extension). Above this, resistance lies at $9,600, $9,800, and $10,000. On the other hand, if the sellers regroup and push BTC lower, initial support is expected at $9,250. Beneath this, support lies at $9,000, $8,700, and $8,250 (200-days EMA).

Ethereum saw an impressive 7.50% price hike this week as it returns to the January highs at $178. It managed to rebound from the support at $158 (.382 Fib Retracement & 100-days EMA), which saw it climbing higher above the 200-days EMA at $173.

Looking ahead, if the bulls continue to bring the coin above the January highs, resistance can be expected at $181. Beyond this, resistance lies at $185 (bearish .618 Fib Retracement), and $193 (1.618 Fib Extension). Alternatively, if the sellers push lower, the first level of support lies at $173 (100-days EMA). Additional support lies at $165, $159 (100-days EMA), and $152.

Against Bitcoin, ETH dropped by a total of 3% before finding support at 0.0185 BTC and rebounding to climb to the current price of 0.0187 BTC. ETH dropped beneath 0.0188 BTC, but the support at 0.0185 BTC has stopped it from slipping further lower this far.

If the buyers can bring ETH above 0.0188 BTC, resistance lies at 0.019 BTC, 0.0191 BTC, and 0.0195 BTC (100-days EMA). On the other hand, if the sellers push beneath 0.0185 BTC, support lies at 0.0181 BTC, 0.018 BTC, and 0.0179 BTC.

XRP saw a somewhat muted 3% price increase this week as it trades at $0.235. It held firmly at the $0.218 support (short term .5 Fib Retracement) but was unable to overcome strong resistance at $0.24. It even briefly spiked higher toward $0.25 but quickly reversed and fell.

Looking ahead, If the buyers hold $0.2345 and push higher, resistance lies at $0.24. Above this, additional resistance lies at $0.245 (bearish .5 Fib Retracement), $0.25, and $0.257. Alternatively, if the sellers push XRP beneath $0.2345, support lies at $0.218, $0.212, and $0.21.

Against BTC, XRP dropped by a total of 5%, causing it to break beneath the strong support at 2600 SAT to reach 2525 SAT. XRP did spike lower today, creating a fresh 2020 low at 2500 SAT, but it quickly rebounded back above 2525 SAT.

Moving forward, if the bulls can rebound from the 2525 SAT support, resistance lies at 2600 SAT. Above this, additional resistance lies at 2710 SAT, 2750 SAT, and 2800 SAT. On the other hand, if the sellers push and close beneath 2525 SAT, support lies at 2500 SAT, 2455 SAT, and 2400 SAT.

Monero saw a sharp 11% price hike over the past week as it performed better than Bitcoin. It had found support at $60 last Friday, which allowed it to rebound higher above the 200-days EMA and back into the January highs at around $70.

Looking ahead, if the bulls can bring XMR above $70, resistance is located at $73.75 (1.618 Fib Extension), $75.77, and $77.85 (long term bearish .618 Fib Retracement). Alternatively, if the sellers cause XMR to turn away from $70, support lies at $64 (200-days EMA) and $60. Beneath $60, support lies at $58 and $54.

Against BTC, XMR pretty much moved sideways with a small 2% price increase on the week. The support at 0.0072 BTC allowed XMR to rebound higher to reach the current level at 0.0074 BTC. However, there is still major indecision within the market as the RSI zig-zags above and below the 50 level.

If the RSI can remain above 50 and push XMR/BTC higher, close resistance is located at 0.0076 BTC. Above this, resistance lies at 0.0077 BTC (200-days EMA) and 0.008 BTC (1.272 Fib Extension). Alternatively, if the sellers push XMR lower, support is expected at 0.0072 BTC (.5 Fib Retracement). Beneath this, additional support lies at 0.00696 BTC, 0.0068 BTC, and 0.00643 BTC.

IOTA saw an extraordinary 31% price explosion this last week, bringing the price for the coin up to $0.297. It had climbed as high as $0.31 but ran into resistance provided by a 1.414 Fib Extension, causing it to roll over and fall slightly. This latest price move brings the total monthly price increase up to 86% for IOTA.

Looking ahead, if the bulls continue to climb higher from $0.297, resistance lies at $0.312 and $0.32. Above this, additional resistance lies at $0.335 (1.618 fib Extension) and $0.362. Alternatively, if the sellers push IOTA beneath $0.296, support lies at $0.27, $0.25 (200-days EMA), and $0.22 (100-days EMA).

Against BTC, IOTA surged into resistance at 3300 SAT breaking above the 200-days EMA where it has currently found support. IOTA has now increased by a total of 43% against BTC in January alone.

Looking ahead, if the bulls bring IOTA above the 3300 SAT level, resistance lies at 3470 SAT, 3564 SAT (bearish .382 Fib Retracement), and 3780 SAT. On the other hand, if the sellers push beneath the 200-days EMA, support lies at 3000 SAT, 2700 SAT (100-days EMA), and 2560 SAT (.618 Fib Retracement).

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Crypto Price Analysis & Overview January 30th: Bitcoin, Ethereum, Ripple, Monero, and IOTA. - CryptoPotato

The Invisible Global Currency Thats 24 Times Bigger Than Bitcoin – Forbes

dpa/picture alliance via Getty Images

How many credit cards do you have? If youre like the average American, you carry four in your wallet.

Chances are your credit cards are from different banks. But if you dumped out your wallet on the table and laid all your cards side by side, youd notice something odd.

While all the cards are from different banksand they all have their own special privileges, prestigious names, and color schemesmost have one thing in common:

Visaor MasterCardstamped on the bottom right.

Visa (V) and Mastercard (MA) Created a Global Currency

It hardly matters what bank you use. At the end of the day, your card likely needs Visa or Mastercards payment network to function.

Over 80 million stores accept Visa or Mastercard. With one of their cards in your wallet, you can buy stuff anywhere in the world.

Visa and Mastercard have effectively created a universally accepted moneya global currency. $13trillionflowed through their networks last year. Thats 24X more than Bitcoin processed in 2019, according to CCN.

They make money by taking a small cut of each transaction, like a tollbooth on a highway. Both Visa and Mastercard are minting record profits, and their stocks have handed investors tremendous gains:

Visa and Mastercard

Heres why this is important for you.

Banks Stranglehold on Money Is Weakening

For many decades, weve had to deal with banks to move money. If you wanted to cash your paycheck, wire money, or get a credit card, you often had to talk to a banker.

These days, you can do all these things without ever stepping foot inside a bank. You can even get a mortgage without ever talking to a human banker!

Sending money no longer means writing a check and waiting three days for it to clear. Now you can send and receive money instantly withPayPals (PYPL)Venmo.

Roughly 50 million Americans use Venmo every month. You can even pay your taxes with PayPal.

Have you ever usedSquares (SQ)little white box that swipes credit cards? It plugs into your smartphone to turn it into a cash register. Over two million small businesses use it to accept cards instead of cash.

And getting a credit card no longer requires filling out piles of paperwork and answering a bankers questions. Smartphone giantApple (AAPL)made a splash when it debuted its shiny new titanium credit card last August.

These disruptors will end banks as we know them. Nobody cares if banks have fancy lobbies with marble floors these days. Most Americans just want a fast and convenient way to manage their money.

I havent stepped foot in a bank in years. And foot traffic into branches has fallen close to 50% in the past decade.

Many folks assume old money companies like Visa and Mastercard are in trouble too. These folks are wrong.

Visa and Mastercard Are Untouchable Stocks

What few people realize isall the "money disruptors I just mentioned are plugged into Visa and Mastercards networks.

Apple designed its titanium card to resemble its sleek products. But did you know it runs on Mastercards network? And credit cards from PayPal, Square, and Stripe all have Visa or Mastercard logos.

These disruptors arent ripping out the pipes of our financial system and trying to cut out Visa and Mastercard. Instead, theyre partnering with them, sending even more money flowing through their networks.

Remember, each time you pay with a card, Visa and Mastercard collect a small fee. In fact, even when you pay with your phone, these giants make money.

Apple Pay, Google Pay, and Amazon Pay, are simply apps built on Visa and Mastercard networks!

Nobody Can Touch These Untouchable Stocks

How we move money around and pay for things has changed for good. Yet these changes have only cemented Visa and Mastercards dominance.

Theyve built payment networks nobody can match. More than 30,000 banks use their credit cards. There are 3.4 billion Visa cards alone in circulation!

And now partnerships with PayPal, Square, and others are injecting a new wave of growth into Visa and Mastercard. Visas sales shot up 11.5% last year to a record $22 billion. And Mastercards revenue jumped 20% to $14.5 billion.

They Are Two of the Most Consistently Impressive Businesses Ive Ever Analyzed

Visas profit margins are 5X better than the average US stock. It turns 52 cents on every dollar into pure profit. Mastercards profit margins are 3X better than the average S&P 500 company. If youre investing for the long haul, you could do a lot worse than owning these two undisruptible tollbooth stocks.

Get my report"The Great Disruptors:3 Breakthrough Stocks Set to Double Your Money".These stocks will hand you 100% gains as they disrupt whole industries.Get your free copy here.

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The Invisible Global Currency Thats 24 Times Bigger Than Bitcoin - Forbes

Is Bitcoin in 2020 Really Like the Early Internet? – CoinDesk

Its a cliche at this point to compare bitcoin to the early days of the internet, since they are both examples of emerging technologies.

But does the cliche actually hold true?

If we work with a vague definition of the World Wide Web going live in 1991, then within the first decade that ecosystem grew faster and had more demand for compliant use cases than bitcoin arguably has today, one decade in.

In 1994, the New York Times reported that companies were rushing to set up shop via the World Wide Web, although the user experience was still slow and crude. Just like blockchain technologists, early internet companies ran into scaling issues. The 1994 Times report described the web as already showing signs of suffering from its own success, as crowds compete for access to popular databases. Yet people were already starting to think about subscription paywalls for content distribution.

Industry insiders were so bullish on the commercial potential that in the December 1995 issue of Wired magazine, Sun Microsystems CEO Scott McNealy predicted the rise of disposable word processors and spreadsheets priced per use and delivered via Java software.

Within the first decade it was clear the internet could be used for commerce, interpersonal communications, marketing and education. There were established companies using it to turn a modest profit.

Blockstream alumnus and founder of the Blockchain Commons, Christopher Allen, said he is concerned about the lack of bitcoin adoption at this stage, which is why he is so optimistic about scaling solutions like the lightning network.

Lightning does have the potential to be where you buy your steak and bread, Allen said. Until you buy your bread or steak with bitcoin, youre going to have to convert to some other currency, no matter how good it is as a censorship-resistant medium.

To be fair, cryptocurrency has already proven its usefulness through cross-border collaboration. For example, the Decred treasury has distributed roughly $3.5 million worth of cryptocurrency to more than 60 contributors, according to the communitys press representative. Roughly 30 percent of these contributors hail from Latin America and 15 percent are from Africa, a more global distribution than comparable Silicon Valley startups.

Even so, such experiments are a far cry from the mainstream adoption many fans predict bitcoin will undergo in becoming a global, self-sustaining currency.

Community roots

Bitcoin may be behind the internets timeline in terms of commercial use cases, but it has already achieved comparable social functions.

By 2001, the New York Times was describing internet services like email as a platform for relationship-building with former coworkers and classmates, while startups pioneered video and music streaming services.

One such Yahoo group reportedly included 600 people exchanging hundreds of messages a month about the bankruptcy proceedings, health insurance and the fate of their retirement plans. This may be comparable to crypto communities today, which rely on forums, GitHub and social networking platforms like Twitter.

According to Allen, who focused earlier in his career on core internet protocols, the internet was also designed to offer more freedom of choice to the users even though, through big-tech consolidation, the industry eventually failed to reach that vision.

Zcash co-creator and Electric Coin Company CEO Zooko Wilcox agreed that the early software projects he worked on were supposed to offer freedom and end wars, because people would just talk things out over the internet.

Wilcox said, looking back at his time in the 90s working on bitcoins predecessor, Digicash, that he idealistically underestimated the importance of economic incentives.

What I would tell myself, if I could use a time machine, it just being compatible [with commercial use] isnt good enough, Wilcox said. This was a fatal flaw in the overall design of the [open software] movement, that is relied on ongoing volunteers or donations. It didnt have a built-in economic feedback loop.

Listen to Leigh's full interview with Zooko Wilcox

In this regard, bitcoin has a great track record during this first decade. Yet it remains to be seen if bitcoins ecosystem provides a self-sustaining model.

Similar risks

Some coders believe early advocacy for strong legal frameworks that protect freedom, coupled with forward-thinking precautions, could help the decentralized Web3 avoid or minimize early mistakes.

Protocols would have a lot of flexibility in terms of what types of security you need, etc., and along the way we ended up creating the central Certificate Authority (CAs) business not quite realizing that 20 years later all the CAs all got consolidated, Allen said. We were supposed to be able to choose which CA we trusted. Centralization crops up in odd ways.

Marco Peereboom, a Dell alumnus and Linux veteran who is also currently the Decred communitys New Systems Development Lead, agreed with Allen that the internet was built by idealistic young men who wanted to uplift humanity. (Not unlike crypto adherents today.)

Im extremely disappointed with where we are today, Peereboom said. The amount of snooping the government is doing, I didnt anticipate. More cryptography early on would have done the internet a lot of good, and more advocacy as well.

Along these lines, Allen is focused on work related to user-friendly-yet-secure key management and blockchain identity standards. Meanwhile, Peereboom is working to refine Decreds open source funding experiments, which is how he earns a salary today.

Much like the altcoin project Dash, Decred pays freelancers through public votes and grants collected from the network itself. Plus, Decred developers can earn money anonymously based on the merits of their contributions.

Until the internet moves away from the ad-sponsored model, it will only get worse, Peereboom said, referring to potential surveillance and corporate dominance via upcoming Web3 models.

I think anonymous payments are a must-have feature for any cryptocurrency to be around, he said. I hope Im not making the same mistake twice. But I really do believe cryptocurrencies have the potential to change the world.

Beyond bitcoin

From the perspective of veteran bitcoiners like Peereboom, many of whom are now focused on altcoin projects, bitcoins weakness is how difficult it is to update the software.

He said there must be a middle ground between constant changes and nearly impossible changes.

Writing bug-free software just doesnt happen, Peereboom said. You need a mechanism to deal with consensus changes.

Plus, bitcoiners like Peereboom and Wilcox are both prioritizing the privacy-enhancing aspects of cryptocurrency. Is it possible for governance mechanisms to resist centralization over several decades? Thats what Wilcox is trying to figure out.

It would be dishonest and overselling to tell people this is inevitable, Wilcox said.

He added Linux failed, in his opinion, because the movement redefined success to match corporate adoption rather than broader social change. As larger institutions profit from or leverage bitcoin, just like with the internet, the risks to users personal freedoms increase.

Theres going to be a lot of challenges along the way, and harm. Id like to mitigate the harm as much as possible, Allen concluded.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Is Bitcoin in 2020 Really Like the Early Internet? - CoinDesk

Analyst Expects Altcoins to Suffer With Launch of Bitcoin Options: Heres Why – newsBTC

At long last, the CME one of the first regulated institutions to offer Bitcoin futures will be launching options for its BTC futures contracts. The launch will be taking place on January 13th (today, as of the time of publishing this).

Due to the fact that the CME has been one of the most influential companies on this nascent market over the past few years, analysts have already begun speculating on what effect the launch of the Bitcoin options will have on the broader crypto market.

Prominent cryptocurrency commentator and analyst Ceteris Paribus recently noted that the impending launch of the options could be bearish for altcoins: If it isnt obvious, the more we see products like this get offered the more bearish it is for the majority of alts, they wrote.

They elaborated on this point by noting that 99% of alts are basically quasi-derivatives of Bitcoin, meaning that the introduction of actual, regulated derivatives for traders may lead to an erosion in the volume figures for altcoins, likely driving price lower with time due to low liquidity and a lack of buying pressure.

Although the launch of these new derivative products from the CME may hurt altcoins, they may only help Bitcoins rise to become a mainstream financial asset.

Per previous reports from NewsBTC, JP Morgan managing director Nikolaos Panigirtzoglou recently observed that there is much anticipation for the options contracts soon to be released:

There has been a step increase in the activity of the underlying CME futures contract This unusually strong activity over the past few days likely reflects the high anticipation among market participants of the option contract.

Panigirtzoglou specifically looked to the fact that open interest in the Bitcoin futures contracts on the regulated exchange has increased 69% from year-end to now, with the number of large open-interest holders swelling.

This anticipation and interest from institutions in Bitcoin is bullish, analysts say. Derivative products introduce Bitcoin to a broader base of investors that hold vastly more wealth than individual or retail investors, as said by Coinbase CEO Brian Armstrong. Also, as Changpeng CZ Zhao said in a recent interview with cryptocurrency research firm Global Coin Research:

We are also seeing an increasing amount of interest from institutional players which also indicates a more bullish market in 2020.

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Analyst Expects Altcoins to Suffer With Launch of Bitcoin Options: Heres Why - newsBTC

Dash Surges by Over 16% as Bitcoin Price Hovers at $8,100 – Cointelegraph

Sunday, Jan. 12 most of the top cryptocurrencies are reporting moderate gains on the day by press time, as Bitcoin (BTC) hovers around the $8,100 mark again.

Market visualization courtesy of Coin360

Among the top cryptocurrencies, the one that has seen the most growth over the last 24 hours is DASH, which was up by around 16.27% at its peak. The coin currently stands at $66.84 with a 13% gain over the past 24 hours. The weekly chart shows a growth of 33.7%.

Dash 7-day price chart. Source:Coin360

Also NEO has seen notable growth, with its current price of $10.35 being exactly 7.45% higher than the same time yesterday. Over the last week, the coin grew by 11.44%.

Neo 7-day price chart. Source:Coin360

Bitcoin price is currently up by 0.48% on the day, trading at around $8,102 at press time, according to Coin360. Looking at its weekly chart, the coin is up by about 8.28%.

Bitcoin 7-day price chart. Source:Coin360

Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at $15.8 billion. The second-largest altcoin, Ripples XRP, has a market cap of $9.3 billion at press time.

Coin360 data shows that ETH has seen its value increase by about 1.37% over the last 24 hours. At press time, ETH is trading around $144. On the week, the coin has also gained about 5.1% in value.

Ether 7-day price chart. Source:Coin360

XRP is up by about 2.04% over the last 24 hours and is currently trading at $0.214. On the week, the coin is up by 10.3%. The coins price is still holding on to a big portion of the gains that it obtained at the beginning of the week.

XRP 7-day price chart. Source:Coin360

At press time, the total market capitalization of all cryptocurrencies is $217 billion, about 8.66% higher than the value it reported a week ago.

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Dash Surges by Over 16% as Bitcoin Price Hovers at $8,100 - Cointelegraph

2019 Bitcoin Transaction Volume Moved Away From US in First Since 2013 – Cointelegraph

For the first time since 2013, the U.S. is no longer the top recipient of Bitcoin (BTC) as valued in USD, as Singapore took the lead over the course of 2019.

As of Dec. 5, 2019, global users sent BTC valued at $8.58 billion to Singapore in 2019, according to analytics site Crystal Blockchain. Users in Singapore received more dollars via Bitcoin last year than anywhere else in the globe.

The U.S. held the top spot from 2014 to 2018 but slipped to 2nd place, receiving $7.46 billion in BTC, per Crystal Blockchains data.

Singapore, however, did not send the most money via Bitcoin last year. Island country and BitMEX host site the Seychelles sent the greatest USD amount of Bitcoin in 2019, valued at $10.07 billion and holding the second spot on the list for overall transaction volume, according to Crystal Blockchains data.

The U.S. came in third overall on the list of Bitcoin transaction volume a tumble for the country considering it previously held the top spot for five consecutive years. In 2013, the United Kingdom saw the most money flowing in and out via Bitcoin.

Many top exchanges in the crypto space have found homes in countries outside the U.S. and the European Union, which host notoriously stringent regulations.

Crypto derivatives giant BitMEX operates its headquarters out of the Seychelles, the site of the most Bitcoin value outflow in 2019. Binance is also located in Malta.

Still, several large exchanges have retained their position on U.S. soil, including Coinbase, Kraken and Gemini, with Binance also setting up a regulation-sensitive branch in the country.

Earlier this month, Singapore-based crypto exchange Bibox announced plans to delist crypto asset XRP from its platform, according to Cointelegraphs reporting.

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2019 Bitcoin Transaction Volume Moved Away From US in First Since 2013 - Cointelegraph

Bitcoin Price Will Be Golden in 2020 Thanks to Limited Supply, Increasing Use: Bloomberg Report – CoinDesk

Increasing global uncertainties and a weak dollar will likely push more investors into bitcoin as it becomes recognized as a store of value. The cryptocurrency's fixed supply will further drive price increases throughout the year, Bloomberg analysts predict.

Bloomberg's 2020 crypto outlook report, published Monday, predicts bitcoin's price could move to the top of its 2019 range and retest the $14,000 high at a time when a weak dollar and stock market volatility continue and geopolitical tensions increase.

"Bitcoin's initial reaction to the [Jan. 3] U.S. airstrike that killed one of Iran's most powerful generals was a good test of our premise that the first-born crypto is maturing toward a digital version of gold," reads the report. Bitcoin jumped to a seven-week high Wednesday as gold rallied to $1,600 for the first time since 2013.

Bitcoin has long been seen as "digital gold," in part because it is a limited asset that cannot be easily increased to meet changing demand, much like the yellow metal. The halving event expected later this year will reduce block rewards from 12.5 to 6.25 BTC, further adding to supply pressures should demand continue to grow.

Bitcoin's supply is projected to grow by about 2.5 percent in 2020, which would be an all-time low. That's partly due to the halving of the block reward from 12.5 to 6.25 BTC. Supply in 2021 could well fall below 2 percent, analysts say.

Increasing investment in bitcoin could take many forms, believe the analysts. The rapidly expanding derivatives market a sign of integration into mainstream markets will better enable institutional investors to gain exposure to the asset class. That could have knock-on effects on price and decreasing volatility, thereby reinforcing bitcoin's status as a store of value.

Not everyone is convinced bitcoin and gold share such a strong bond. Mati Greenspan, founder of Quantum Economics, which specializes in cryptocurrencies and foreign exchange, called such a relationship "weak" and noted the correlation between the two assets was negative until recently.

Bitcoin has also been prone to periods of short, sharp volatility. The asset surged up above $10,000 after President Xi of China called for his country to accelerate its adoption of blockchain technology before retracing its former range weeks later. For some analysts, that volatility fundamentally undermines the case for bitcoin being a stable store of value, at least for the time being.

But while bitcoin may still be too volatile for many people's liking, it appears investors in the asset class are increasingly valuing digital assets that can maintain some sort of stable price. The Bloomberg report predicts that tether's market cap will likely continue expanding this year, with many alternative cryptocurrencies struggling to keep investors as supply outstrips demand.

"Bitcoin should again outshine most crypto assets in 2020 as the unique and appreciating digital version of gold," the report continues. "Bitcoin is winning the adoption race, notably as a store of value in an environment that favors independent quasi-currencies."

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Bitcoin Price Will Be Golden in 2020 Thanks to Limited Supply, Increasing Use: Bloomberg Report - CoinDesk

Bitcoin Rockets Over $8,000 As Ripples XRP, Ethereum, Bitcoin Cash, And Litecoin Suddenly Soar [Updated] – Forbes

Ripple's XRP, currently the world's third-biggest cryptocurrency by market value behind bitcoin and ethereum, has suddenly soaredjumping by around 10% and prompting an uptick in most other major cryptocurrencies.

Ripple's XRP led the market higher today, up around 10%, while bitcoin cash added some 5% and ethereum was up 3%. Bitcoin, usually the main crypto market mover was relatively unchanged, up by some 1% along with its rival litecoinperhaps due to a famous bitcoin bet being revealed as a "ruse."

[Update: 1.34am EST 01/07/2020] Bitcoin joined the rally late in the day, with the bitcoin price rocketing more than $400 in just a few hours to over $8,000, according to prices from the Luxembourg-based Bitstamp exchange, before falling back to trade around $7,850up some 5% over the last 24-hour trading period.

Ripple chief executive Brad Garlinghouse has faced accusations the company is selling off large ... [+] amounts of the XRP token, driving the price lower and upsetting XRP holders.

XRP's sudden surge higher comes after Malta-based bitcoin and cryptocurrency exchange Binance, the world's largest crypto exchange by volume, announced it will be adding Ripple's XRP and the stablecoin tether as a futures trading pair.

The XRP tether contract offers leverage of up to 75 times, according to Binance, and is the exchange's fourth tether-tied futures trading pair, along with bitcoin, bitcoin cash, and ethereum.

Ripple has said it expects to grow its customer base by 30% to 40% this year, from 300 currently, and boasted transaction volume on the Ripple network will rise more than 600%.

The sharp rise in the XRP price comes on the back of comments made by Ripple chief executive Brad Garlinghouse late last year playing down suggestions Ripple is selling off large amounts of XRP and claiming Ripple "cant control XRP price."

"Ripple owns a lot of XRP, were very interested in the success of XRP, but the accusations of us dumping, thats not in our best interests to do that," Garlinghouse told U.S. television network CNN last month, adding "we would never do that and in fact, weve taken steps to lock up most of the XRP we own in escrows so we cant touch it."

Garlinghouse also denied that Ripple, which owns some 60% of XRP tokens, could move the XRP price.

"Ripple cant control the price of XRP any more than the whales can control the price of bitcoin."

The price of Ripple's XRP has been on a long-term downward trend as the company works to sign up ... [+] banks and other financial service companies to its technology.

The price of Ripple's XRP is down some 45% over the last 12 months, with many in the Ripple community decrying the company's practice of selling XRP tokens to boost its financial performance.

Bitcoin has outperformed almost all of its peers over the last year or so. The bitcoin price is around double where it began 2019 while most other major cryptocurrencies, including Ripple's XRP, ethereum, bitcoin cash, and litecoin have struggled to break out of their now two-year long bear market.

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Bitcoin Rockets Over $8,000 As Ripples XRP, Ethereum, Bitcoin Cash, And Litecoin Suddenly Soar [Updated] - Forbes


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