More Investors Are Holding Bitcoin Ahead of the Halving, Data Suggests – CoinDesk

Investors may be accumulating bitcoin ahead of next month's miner reward halving.

The seven-day moving average of the total number of bitcoin held in exchange addresses fell to 2,214,365 on April 14 the lowest level since last June according to numbers from blockchain intelligence firm Glassnode.

As of Tuesday, the average was down nearly 8 percent from a high of 2,404,786 registered on Jan. 17, 2020.

The decline in exchange balances suggests a shift to longer-term holding strategies, according to Glassnode.

That's because investors usually withdraw coins from the exchanges to hold in their personal wallets when prices are expected to rise. Conversely, they tend to move their balances to exchanges in preparation to sell when a price drop is expected or during a price crash.

For instance, bitcoins price fell by 33 percent in the seven days to March 15. At the time, the seven-day average of coins held on exchanges rose from 2,333,279 on March 11 to 2,350,795 on March 18.

However, the spike was short lived and the downturn in exchange balances resumed from March 19.

The increased levels of holding may be associated with bullish expectations tied to bitcoins mining reward halving, scheduled to take effect in just 27 days. The process, aimed at controlling inflation, will reduce rewards per block mined from 12.5 BTC to 6.25 BTC.

Essentially, miners will be adding fewer coins to the ecosystem following the halving. Some analysts think that would create a supply deficit and push up prices.Once bitcoin has its halving next month, we expect prices to rally, carrying the rest of the market with it, said Richard Rosenblum, head of trading at GSR.

Meanwhile, some stock-to-flow models indicate the halving could send bitcoins price to $100,000, as noted in the cryptocurrency platform Lunos weekly market report.

Further, the coronavirus-induced global economic recession and resulting unprecedented monetary and fiscal stimulus launched by the Federal Reserve and the U.S. government, respectively, are widely expected to boost bitcoins appeal as a safe haven asset and a hedge against inflation.

However, some observers have been skeptical about the bullish narrative surrounding bitcoins halving. Bitcoin halving in May 2020 wont do anything to the price. It will be a non-event, Jason Williams, co-founder of digital asset fund Morgan Creek Digital, tweeted in December.

Meanwhile, the cryptocurrency has so far failed to perform as a safe haven asset and has largely moved in line with the equity markets. Since the beginning of March, bitcoins correlation with the S&P and Dow has been unusually high at approximately 0.82, Nicholas Pelecanos, head of trading at NEM Ventures, told CoinDesk.

If the decline in exchange balances is a guide, though, the investor community looks to have some belief in the bullish halving narrative and the long-term value of the cryptocurrency as an inflation hedge.

From a technical analysis standpoint, the cryptocurrencys recovery rally from the March low of $3,867 looks to have run out of steam.

Weekly chart

Bitcoin has failed three times in the last month to keep gains above the 100-week moving average, currently lined up near $7,060.The repeated failure is suggestive of buyer fatigue.

That, coupled with the rising wedge breakdown seen on the daily chart, suggests scope for a downside break of the recent trading range of $6,600$7,200. A range breakdown, if confirmed, would open the doors to $6,100, as discussed Tuesday.

Bitcoin has enjoyed an over-50-percent rally from its mid-March low. The bulls now must sustain the rally at an equal or greater pace in the short term or the bears might take back some serious ground," said NEM Ventures Pelecanos. "Indicators from one of our momentum-based strategies are beginning to show a serious bearish setup that could lead to a 50-percent sell-off, sending prices into the low $3,000s."

Disclosure:The author currently holds no cryptocurrencies.

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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More Investors Are Holding Bitcoin Ahead of the Halving, Data Suggests - CoinDesk

Bitcoin Will Follow Ethereum And Move to Proof-of-Stake, Says Bitcoin Suisse Founder – Cointelegraph

Niklas Nikolajsen, the founder of Swiss crypto broker Bitcoin Suisse, predicts that Bitcoin (BTC) will move to Proof-of-Stake (PoS) once the Ethereum (ETH) network has proved the algorithms success.

Bitcoins current Proof-of-Work (PoW) consensus algorithm the pioneering concept which in fact pre-existed Bitcoin, but has since come to be indissociable from the cryptocurrency will probably change in the future, Nikolajsen argued.

In outtakes from an interview conducted for a German TV documentary recorded back in October 2019, but uploaded on April 6 Nikolajsen said:

[Bitcoins move to Proof-of-Stake] is not planned, but the second-largest cryptocurrency, Ether, will move to a Proof-of-Stake concept that demands vastly less electricity, already in a few months. Im sure, once the technology is proven, that Bitcoin will adapt to it as well.

Once its proven that Proof-of-Stake works well, its a superior system to Proof-of-Work, he said.

In blockchains that use a PoS system, nodes in the network engage in validating blocks, rather than mining them, as in PoW. For PoS, a deterministic algorithm selects block validators based on the number of tokens a given node has staked in their wallet i.e. deposited as collateral in order to compete to add the next block to the chain.

Nikolajsen's prediction that Bitcoin will eventually migrate to a PoS system was made in the context of a discussion of the notoriously high levels of electricity needed to sustain mining on the current network.

He dismissed claims that mining Bitcoin consumes levels of electricity comparable to small nations and also emphasized that mining's energy-intensity is less of an issue than where that energy is produced and how sustainably it is generated.

Moreover, the energy consumption of producing gold Bitcoins proverbial predecessor must be equally acknowledged, Nikolajsen states, as does that in the existing banking system and tech industry:

Which metropolis in the world doesnt have 100-story-high banking towers, glowing in a million different colors all night, and their financial systems, their computers, server rooms. How much energy does Facebook consume? They have 21 huge data centers worldwide, Id say probably more than Bitcoin. The banking system for sure consumes a lot more energy.

The common perception that high energy consumption is an Achilles Heel for Bitcoin has been critiqued by some proponents of clean energy, who, like Nikolajsen, place an emphasis on the sources of power, rather than levels of consumption.

Beyond the energy problem, the PoS vs. PoW debate engages questions of economic fairness, barriers to entry, network security and decentralization.

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Bitcoin Will Follow Ethereum And Move to Proof-of-Stake, Says Bitcoin Suisse Founder - Cointelegraph

Bitcoin Price Predicted to Go to $50,000 by Trading Guru Peter Brandt (but Don’t Get Too Excited) – U.Today

Alex Dovbnya

$50,000 or Beanie Babies? Here's what the future holds for Bitcoin, according to Peter Brandt

Peter Brandt has shared his latest take on the Bitcoin (BTC) price, predicting that ithas a 50 percent chance of shooting up to as high as $50,000.

However, this price target is not set in stone since there appears to be the same possibility that the orange coin ends up being just 'another pet rock or Beanie Baby.'

Bitcoin has been likened toBeanie Babiesby everyone and their mother -- from permabears in the likes of Peter Schiff to "Last Week Tonight"host John Oliver.

These chictoysare the ultimate fads of the dotcom bubble in the 1990s.During the peak of the craze, some people were willing to fork out their life savings to buy exclusive items that were nothing but stuffed animals. One Beanie Baby was sold for as much as $15,000.

Whether you believe in the future or Bitcoin (BTC) or not, comparing a decentralized cryptocurrency to a toy bubble might be a bit of a stretch. Besides, there are some exclusive Beanie Babies that will now set you back more than $500,000.

As of recently, Brandt has been sending mixed signals about Bitcoin. The prominent chartist who predicted that BTC could conquer $100,000 this year rapidly changed his tune after the March crash.

Following the events of "Black Thursday,"when BTC erased 50 percent of its value, Brandt tweeted that it was more likely to go to zero.

Moreover, he recently argued that the much-anticipated May was highly overrated.

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Bitcoin Price Predicted to Go to $50,000 by Trading Guru Peter Brandt (but Don't Get Too Excited) - U.Today

Are Bitcoin Cash Miners Driving Up the Price of Bitcoin? – Cointelegraph

Bitcoin (BTC) price has been a sight to behold over the last week. After successfully breaking through the resistance of $7,200 on Monday, April 6, all eyes were on the leading digital asset to hold $7K as fresh support, but as soon as the weekend was upon us, the price fell through this floor finding a new temporary bottom of $6,750.

So are these weekend dumps a sign that interest in Bitcoin is waning? Or is this simply whales taking advantage of thinner weekend volume to accumulate before the next big run?

Daily crypto market performance. Source: Coin360.com

BTC USD daily chart. Source: TradingView

Bitcoin keeps finding itself in a descending channel that formed 10 months ago. The last time the king of cryptocurrencies broke out of this channel, it encountered fierce resistance at 5 different levels ranging from $8,750 to $10,500.

Currently, Bitcoin is once more above this channel, with a new ascending channel taking form.From here Bitcoin needs to form support by closing the daily above $7,100 for history to start repeating itself, and this is not the only pattern repeating itself this year.

BTC USD weekly MACD chart Source: TradingView

The Moving Average Divergence Convergence (MACD) indicator on the weekly timeframe looks almost identical to that of Jan. 14, which is when Bitcoin last closed above the descending channel. This resulted in a rally from $9,000 to $10,500.

However, much like the last few days, Bitcoin did fall back into the channel before pushing forward to the yearly high.

At the time this was attributed to the mining difficulty increasing every 2 weeks, a trend that seems to be returning.

BTC mining difficulty. Source: BTC.com

After the Black Thursday event, which saw the price of Bitcoin plummet by 50%, the mining difficulty adjustment dropped by nearly 16%. This was one of the largest drops in a single period that Bitcoin had ever seen.

However, last week saw the difficulty increase by nearly 6% and the next adjustment is already looking to increase by 7%. With only 8 days left to go, its highly probable that this will wipe out the negative adjustment seen this year, so does that mean that price will follow?

If the price action at the beginning of 2020 is anything to go by, it might suggest another big price surge is due over the week ahead.

BCH hashrate chart. Source: BITINFOCHARTS

Last week Bitcoin Cash (BCH) had its halving and this caused a lackluster price spike of about 11% before the digital asset slowly settled back to its pre-halving price. However, as a result of the halving, the hash rate dropped off a cliff as can be seen in the chart above.

The most likely reason for this drop is due to the fact that those mining Bitcoin Cash use exactly the same hardware as Bitcoin miners. So when faced with a 50% reduction in profitability it would make more sense to point your miners to the real Bitcoin.

With more miners heading to the Bitcoin network, it would entirely make sense that the difficulty would start to rise. This is something that I expect to continue happening over the next 30 days ahead of the real Bitcoin halving.

However, this will also lead to the difficulty in mining BCH to plummet, so this little dance is something that will cause some very interesting price action over the coming weeks.

If Bitcoin closes above $7,100 it will be incredibly bullish for the week ahead. Once more $7,200 is the first level of resistance, however, $7,400 and $7,700 are the next two levels holding Bitcoin back from breaking $8,000.

With the growing number of miners driving up the difficulty on the Bitcoin network, a run to $9,200 isnt something that would be unreasonable to expect before the week is over.

It still feels like Bitcoin is recovering too soon and the pullback this weekend doesnt seem like it was enough. Should the weekly candle close below $7,100 I would first be looking at $6,750 and $6,500 as the last levels of support before opening up mid $5k range for buyers to step in.

The views and opinions expressed here are solely those of @officiallykeith and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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Are Bitcoin Cash Miners Driving Up the Price of Bitcoin? - Cointelegraph

Bitcoin Active Supply Touches 3-Year High, But What Does it Imply? – Bitcoinist

When Bitcoins price fell sharply four weeks ago network activity dropped as investors began to put their coins into storage. This trend is reversing as the daily transaction number is once again increasing, and coins are on the move.

Glassnode has posted a chart of active Bitcoins that shows how the number moving across the network began to accelerate rapidly last August, only to level off last month. Now, this number is once again picking up.

Overall network activity is also once again increasing after a sharp drop in March, as seen in this chart from Blockchain.info:

The key takeaway from this information is that the flagship cryptocurrency is once again on the move. The changes in activity on the network may be relatively small, but they still demonstrate a shift away from hodling Bitcoins to using them.

In all likelihood, these increases are due to an uptick in trading, which will no doubt take place as prices rise. Many investors see the market recovery as an opportunity to make a quick profit from what is clearly a growing demand for cryptocurrency.

It is worth noting that the upcoming block halving is also providing a strong incentive to acquire Bitcoin now before the supply drops in mid-May. Also, fear of inflation and a continued global economic slowdown is driving many to put their assets into safe havens, for which Bitcoin and other cryptocurrencies are ideally suited.

Whereas activity volume on the Bitcoin platform ebbs and flows from month to month, it is worth noting that the network continues to work as designed. Fees remain low, and confirmation times are relatively quick.

The network will begin to show signs of congestion at around 400,000 transactions per day, which is substantially more than the present number. This last happened in 2017, resulting in slow transactions and high fees. The Lightning Network now exists to help prevent such problems from ever happening again, yet needs more work to make it reliable and user friendly enough for mass use.

It is reasonable to assume that the number of active Bitcoins will continue to increase along with overall crypto adoption. Activity across the blockchain space is accelerating, much of which is taking place in areas such as decentralized finance and supply chain tracking. Present data clearly indicates that interest in this new asset class continues to grow.

IsBitcoin trading activity up? Share your thoughts in the comments below.

Images via Shutterstock, Glassnode, Blockchain.com

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Bitcoin Active Supply Touches 3-Year High, But What Does it Imply? - Bitcoinist

Another Bitcoin Mining Firm Warns COVID-19 Pandemic May Harm Its Business – CoinDesk

Hut 8 Mining Group, a publicly traded cryptocurrency mining firm, is concerned about coronavirus-related delays of new machine deliveries from potential suppliers such as Bitmain and MicroBT.

During an earnings call last week, CEO Andrew Kiguel said his firm was grappling with a vague timeline for the delivery of crypto mining machines to support its farms, saying that while in February, you thought machines could be delivered between March and April, these timelines have since shifted due to the ongoing pandemic. He did not have a revised timeline either.

His remarks follow guidance from competitor Riot Blockchain, which also warned the novel coronavirus outbreak would impact its business operations.

Three or four weeks ago, nobody thought these things would be an issue, and the world is grappling right now with different supply chain issues like getting ventilators and masks around the world as opposed to bitcoin mining machines, Kiguel said.

Bitmain was one of several Chinese miner manufacturers that warned as far back as January close to eight weeks ago it would be forced to delay deliveries due to the coronavirus outbreak.

Bitmain has since resumed operations, though its delivery timetable is still unclear.

Hut 8 Mining Group, one of the few publicly traded mining firms in the U.S., is also closely watching the upcoming bitcoin halving in hopes of appropriately scaling the size of its mining farm.

The Canadian firm is set to have a higher stake in the bitcoin market after launching its core operation in the middle of 2018 and acquiring facilities to boost its mining power last year. According to its year-end report for 2019, released on Monday, Hut 8 saw $58.6 million in revenue, up by 66 percent from the prior year, thanks to larger capacity and higher bitcoin price.

This places it as one of the productive miners in North America among its competition, including the Colorado-based Riot Blockchain.

Hut8s coronavirus concerns come as the firm prepares for bitcoins hotly anticipated halving, tentatively set to occur in mid-May.

There's a lot of different scenario planning that we've done, Kiguel said.

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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Another Bitcoin Mining Firm Warns COVID-19 Pandemic May Harm Its Business - CoinDesk

Crypto Billionaire Says One Altcoin Reminds Him of Bitcoin and Ethereums Early Days – The Daily Hodl

Tyler Winklevoss, co-founder of New York-based crypto exchange Gemini, is calling out Chainlink (LINK) and its potential to break out as one of the next big altcoins.

The billionaire crypto entrepreneur and early Bitcoin investor says the smart contract project is built with quality technology and supported by a following thats reminiscent of the early BTC and Ethereum evangelists.

I really appreciate the passion of the LINK Marines. Their fervor and dedication reminds me of the early Bitcoin and Ethereum communities. Unlike many other crypto armies, they are dedicated to a project that has real promise and technical merit.

Gemini recently announced the addition of trading and custody services for LINK, as well as Dai and Orchid (OXT). Winklevoss says he doesnt own any Chainlink but thinks its a fantastic project that demonstrates one of the many great promises of crypto.

Chainlinks main goal is to give enterprises a simple and seamless way to take data and place it on the blockchain. The token is designed to reward people who run nodes and power the network.

LINK outperformed Bitcoin in 2019 and was one of the most successful crypto assets of the year, rising from around $0.29 last January to about $1.80 by the end of December, according to CoinMarketCap.

After reaching an all-time high of $4.95 on March 4th, it crashed in mid-March like the rest of the crypto industry. It has bounced back from its March low of $1.64 and is currently trading at $3.47 at the time of writing.

Featured Image: Shutterstock/Liu zishan

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Crypto Billionaire Says One Altcoin Reminds Him of Bitcoin and Ethereums Early Days - The Daily Hodl

Is 1 Bitcoin Enough for You to Retire On? This Analyst Thinks Yes – Bitcoinist

More analysts than ever are encouraging young people to take advantage of the current market dip and begin investing in Bitcoin for retirement. Whereas this idea is nothing new, current forces in the legacy financial space are making it more appealing. At least one analyst asserts that a mere one Bitcoin will provide a vastly better long-term return than traditional savings.

Over the course of the past forty years retirement plans in developed countries have gradually shifted from fixed benefit programs, such as standard pension plans, to defined contribution programs, such as 401ks. Whereas the wisdom of this transition is subject to debate, there is no question that millions now rely on some form of personal savings for most, if not all, of their retirement income.

For those with ample nest eggs, this arrangement has been fine. However, decades of low inflation and brief recessions have played a role in this success. Should the current global financial crisis result in a surge of inflation, retirees could find themselves in serious trouble.

For those still in the workforce, long term devaluation of fiats such as Dollars and Euros could be devastating. Years of prudent investment could disappear as the earning power of retirement savings evaporates. Analyst Davincij15 has pointed this out in a recent tweet:

Simply put, he acknowledges the wisdom of beginning to save while young, yet notes that all may be for naught if inflation becomes a problem. Not surprisingly, he advocates Bitcoin as a possible hedge.

Much has been said of Bitcoin as a potential safe haven during the current economic meltdown. However, the long-term consideration of this idea is far more notable. The fact that crypto ownership skews toward the young is well-known, and more than ever workers under 35 are choosing to add blockchain assets to their retirement portfolios.

Part of this trend is, of course, related to the belief that crypto will continue to vastly outperform traditional investments. However, these young investors may now be making this choice to protect their retirement from inflation or other economic downturns. In other words, crypto is likely to be added to hard assets like gold and treasury bonds as a component of a properly managed portfolio.

There is little doubt that Bitcoin and other cryptocurrencies are a permanent element of the global financial landscape. Now, more than ever, current events are giving legitimacy to this new asset class.

Do you think Bitcoin is the nest retirement investment option available to us? Share what you think in the comments below.

Images via Aaron Burden from Unsplash, Twitter: @Davincij15

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Is 1 Bitcoin Enough for You to Retire On? This Analyst Thinks Yes - Bitcoinist

Ethereum leads the advances as bitcoin moves back above $7k – FXStreet

Yesterday's strong bullish move has paused near the resistance level, as profit-taking has dragged the action following the upward thrust. Still, cryptos are advancing steadily, as Ethereum (+1.45%) continues bullish, and Bitcoin(+0.83%) buyers don't allow drops below $7,000. Among the leading coins, Tezos(+6.01%) us the best performer of the last 24 hours, with a special mention to DigiByte's 17 percent gain. Among the leading Ethereum-based tokens, ChainLink(+3.87%) continues growing, followed by MKR (+2,21%), with special mentions to NEXO(+6%) and WTC(+28.68%).

The Market capitalization of the cryptocurrency sector has moved slightly above the $200 billion, breaking the descending channel.

The volume traded in the last 24 hours is 39 billion, 20 percent less than yesterday's 45.75 billion. Still, Bitcoin dominance stays stable at 64.22%.

Dow Futures sprang up after a study by a Chicago hospital indicated that Gilead's Remdesivir trial sowed rapid recovery from severe symptoms on 125 SARS-CoV.2 patients. Gilead shares surged over 16%.

Binance is going to launch a new Ethereum-compatible blockchain. The blockchain's native token will be BNB in a move qualified as an Ethereum competitor, as it will support smart contracts besides BNB staking.

Bitcoin could be holding up to 5 percent of the BTC current supply, or about 360,000 BTC, according to the data supplied by a crypto blogger.

The Libra Association made new updates to the white paper with amendments to the original concept, including the introduction of stablecoins pegged to different currencies, to avoid interfering with the monetary sovereignty of the countries.

On Thursday's morning, Bitcoin has bounced off the lower side of an ascending linear regression channel, after the corrective action made in the past days. The movement created an engulfing figure in the daily chart and a Morning Star pattern in the 4H chart. The rest of the day and early morning today has been spent consolidating levels around 7,100, after being rejected by the $7,200 level.

The price moved away from overbought levels and is now moving along the +1SD Bollinger line, confirming the upward trend. MACD is also bullish. The price needs to break the $7,200 level soon to continue and test the $7,400 level that many traders eye as the next target.

Support

Pivot Point

Resistance

6,625

7,041

7,330

6,344

7,740

5,934

8,028

Ethereum's reversal action has been quite bullish in the last 24 hours. After a strong Morning Star figure, the price continued moving upwards to challenge the 174 level. After being rejected there, ETH has been moving in a tight range its action approaching the +1SD Bollinger line on decreasing volume. The $174 Breakout will signal its next challenge towards the $180 and 194 targets. $164 may act as support.

Support

Pivot Point

Resistance

142

159

175

125

193

108

209

Ripple has been following the overall crypto market trends, but behaving weaker. XRP is having difficulties to cross the $0.19 level. Nevertheless, the asset has managed to create a new consolidation above the previous one, but limited to the upside by $0.193.

After the bounce to the upper limit of the descending channel, XRP has crossed it and currently moves near the+1SD Bollinger line, as the bands spread and move slightly up, which is my definition of an uptrend. Buyers may consider entering positions on the breakout of the $0.193 level with a potential target at 0.205 level, the last swing high made on April 07.

Support

Pivot Point

Resistance

0.1770

0.1910

0.2030

0.1650

0.2170

0.1500

0.2300

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Ethereum leads the advances as bitcoin moves back above $7k - FXStreet

BTCPay Looks to Anonymize Bitcoin Transactions With PayJoin Integration – CoinDesk

BTCPay, a popular open source tool for accepting bitcoin payments, is turning to PayJoin for preserving the privacy of those transactions.

PayJoin (also called P2EP) is a relatively new way to send private transactions in bitcoin and may offer better privacy than current popular alternatives such as CoinJoin. Having BTCPay on board gives PayJoin a major boost in recognition that could translate into broader use of the privacy technology by other firms.

BTCPay developer Andrew Camilleri told CoinDesk the company plans to release an "initial" version of the P2EP privacy feature built into BTCPay on Thursday. He and BTCPay lead developer Nicholas Dorier have been the main contributors to the code.

Open source BTCPay is used by a range of merchants as a way of accepting bitcoin and lightning payments.

"Our mission is financial sovereignty for everyone and PayJoin is a great tool to help break blockchain analysis heuristics and achieve that. Since BTCPay is so widely used, it should help jumpstart usage," Camilleri told CoinDesk.

The work has been sponsored by Blockstream for the past several months to help Camilleri focus on the PayJoin changes.

"We're hoping to improve the privacy and fungibility of bitcoin by accelerating the adoption of P2EP. If enough wallets and businesses support P2EP, it could provide the critical mass needed to achieve widespread financial privacy," said Blockstream Chief Strategy Officer Samson Mow.

Not as private

CoinJoin is the main privacy tool used these days, in part because it is used by wallets Wasabi and Samourai, making it much easier for people to use.

CoinJoin allows multiple people to mix their bitcoin transactions together, making it less obvious who owns which bitcoin. While it helps users to maintain their privacy, one of the main issues is it's easy to see when a bunch of users have done a CoinJoin simply by looking at the blockchain.

Bitcoin researcher Paul Sztorc likened the technology to "wearing a ski mask to an indoor mall."

The main benefit of PayJoin's ConJoin implementation, on the other hand, is that once done, the transactions look the same as other transactions on the Bitcoin blockchain.

So instead of many senders mixing their transactions, only the sender and receiver mix a transaction.

Ultimately we need to make a choice on what kind of world we want to live in, one where there is financial privacy or one where there isnt.

It "breaks blockchain analysis heuristics," Camilleri said. Blockchain analytics companies are able to glean certain transaction criteria to guess (often correctly) if bitcoins belong to the same owner, or to see if the transaction was a part of a CoinJoin.

"Bitcoin's our chance for a logical and fair form of money. Companies that offer services that enable others to discriminate are essentially destroying that chance," Camilleri said.

One disadvantage, however, is both the sender and receiver have to support PayJoin.

"Merchant payment processor support for P2EP made perfect sense. P2EP requires the sender and receiver to both be online. If you're sending, you're naturally online, and merchants have to be online all the time," Mow said.

What's next

PayJoin has been around since 2018, but not a lot of services have added support for it yet. Both the sender and receiver need to support the standard, but most wallets don't support it right now.

"The current active implementations only allow you to do PayJoins between the same wallets, which is a bit too restrictive for widespread usage. There's nothing stopping any wallet or service from adding support for a universal PayJoin protocol now," Camilleri said.

This is one problem the project Snowball is trying to solve by creating code allowing for PayJoin transactions that can be easily added to any bitcoin wallet. The developers behind it plan to eventually open "pull requests" with suggested code to popular bitcoin wallets, to help get the ball rolling by encouraging them to adopt the privacy feature, and making it as easy as possible to do so.

Blockstream plans to further spur adoption of PayJoin. For now, it is working on adding PayJoin support to the bitcoin wallet Blockstream Green.

"The next interesting step would be for an exchange to support P2EP. Ultimately we need to make a choice on what kind of world we want to live in, one where there is financial privacy or one where there isn't," Mow said.

"Money needs to be private and fungible in order for it to be a 'good' money," he added. "With bitcoin, every transaction is open for anyone to see, so we still have a lot of work to do to get it there. Without privacy and fungibility, money can be used as a tool for oppression or financial surveillance. Bitcoin is the future of money and the future of money shouldnt be Orwellian."

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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BTCPay Looks to Anonymize Bitcoin Transactions With PayJoin Integration - CoinDesk

BTCPay Brings Two-Way Bitcoin Privacy To Thousands of Merchants – Cryptonews

Source: Adobe/promesaartstudio

Bitcoin payment processor BTCPay Server has added support for Pay to Endpoint (P2EP), a result of a workshop organized by Blockstream, a major, Canada-based blockchain company.

As Blockstream explains in their blog post, P2EP, aka PayJoin, is a special type of Coin Join, a method for combining multiple bitcoin (BTC) payments into a single transaction so to further preserve one's privacy. "P2EP transactions are special in that both the sender and the receiver of the payment coordinate to build the bitcoin transaction," says the company. "Unlike a regular bitcoin transaction, where only the sender spends from their wallet, a P2EP transaction packages up inputs from both the sender and the receiver, with the receiver sending extra bitcoins to themselves." It also comes with P2EP-enabled wallets.

Blockstream funded the development of the P2EP feature in BTCPay, saying that tens of thousands of merchants using BTCPay Server have the ability to receive P2EP transactions, giving them privacy as well. The payment processor implemented it as a part of their new version. Users can enable P2EP in the store or use BTCPays internal wallet to pay P2EP-enabled invoices, says BTCPay.

"A lot of time had passed with little progress on P2EP adoption as a common standard," writes Samson Mow, Blockstream's Chief Strategy Officer (CSO), "so we decided to jumpstart it with the BtcpayServer team." Mow's strategy, he writes, was to "create a pool of anchor tenants for BlockstreamGreen & other light wallet users to transact with."

Mow goes on to explain that their goal is to establish P2EP as a common standard across wallets and Bitcoin services. He also suggested not using the name 'Payjoin,' and for P2EP to be presented in simple terms as a technology to protect users' privacy. Lastly, he believes that this tech is "less politically charged," and that Bitcoiners may come in its support as well.

When using this tech, both the sender's and the receiver's wallets must be online, and it also requires a receiver hot wallet. There are, however, no 'fingerprints' left behind and this transaction will look like any ordinary BTC transaction, but with enabled two-way privacy.

Blockstream says it's working on adding support for P2EP in its BTC wallet Blockstream Green, which will likely be available in the coming months, while projects such as Wasabi Wallet and BlueWallet are also possibly looking into supporting P2EP, the company says.

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BTCPay Brings Two-Way Bitcoin Privacy To Thousands of Merchants - Cryptonews

Bitcoin Price Analysis: The Storm Is Here Bitcoin Just Surged $550 In 90 Minutes To Over $7K, Whats Next? – CryptoPotato

That was a crazy day for the price of Bitcoin. Some would say its an ordinary day, but as we wrote here in yesterdays price analysis, after sideways action in a tight range, the primary cryptocurrency had exploded.

After trading for the last few days between $6800 $7000, it first started with a deep below the critical $6600 support, whereas the daily low was around $6472 (Bitstamp), which is the next-mentioned support level we had stated here yesterday.

But it was only a quick glitch below the $6600 because, for the following hours, we saw Bitcoin trading safely above the crucial level.

Over the past two hours, we saw Bitcoin firing up from the $6600 price area to a current high at $7150 (Bitstamp). Thats roughly a $500 gain in just two hours. Business as usual for Bitcoin?

As of now, Bitcoin looks short-term bullish. However, we will have to see how the daily candle closes. Its crucial to see a daily close above the $7000 benchmark, along with the 50-days moving average line.

Looking at the momentum indicator, the RSI is now pointing up, hovering slightly above the 50 mark. Maintaining this level is also crucial for the short-term.

Besides, the daily Stochastic RSI oscillator had made a crossover at the oversold area and about to enter the neutral territory. This aligns with the bullish reversal.

From the bearish side, we will have to see Bitcoin holding this price area. As we learned about the recent era, the Bitcoin price is in correlation with the global stock markets. As of writing these lines, Wall Street futures trading over 1% in the green, which aligns with Bitcoin.

Total Market Cap: $200.5 billion

Bitcoin Market Cap: $128.6 billion

BTC Dominance Index: 64%

*Data by CoinGecko

Support/Resistance levels: Following the breakout of the $7K zone, along with the descending trend-line as can be seen on the following 4-hour chart, Bitcoin is now facing $7150 $7200 resistance as its first mission. Further above is the 10-day high at around $7400 $7500. The latter is the highest-level Bitcoin price had seen since the COVID-19 crisis had begun.

From below, the $7K now becomes the first level of support, together with the 50-days moving average line (marked pink). A little below lies $6800, followed by $6600.

The RSI Indicator: discussed above.

Trading volume: The declining volume had ended as expected with a crazy day like today. It will be interesting to see what the price and the volume level will be at the end of today.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency chartsby TradingView.

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Bitcoin Price Analysis: The Storm Is Here Bitcoin Just Surged $550 In 90 Minutes To Over $7K, Whats Next? - CryptoPotato

With Inflation on the Way, Bitcoin (BTC) Could Soon Stand Out: CryptoCompare – The Daily Hodl

HodlX Guest PostSubmit Your Post

With the S&P 500s volatility growing to level that of Bitcoin, we thought you may be interested in some original data and insights from CryptoCompare showing how digital asset markets are riding out the storm.

Below, were looking into how top cryptocurrencies are performing compared to the US markets benchmark index.

Bitcoins Volatility Declines

We are seeing a flight to safety and the ultimate sanctuary in this climate has been the US dollar drawing capital from emerging market countries with those whose economies are reliant on natural resources left especially vulnerable.

The Fed printing dollars to have a balance sheet of over $6 trillion as well as the IMF offering SDRs means that the dollar supply is going up.

The charts below are showingthat the crypto market is down more than the S&P which is off its peak by 20%. Volatility shows the clustering effect and correlation amongst cryptocurrencies with 7-day volume sharply jumping.

The Bitcoin volume jump is not as bad as the CryptoCompare MVIS 5 index which itself has less volatility than the CryptoCompare MVIS 25 Index.

Inflation Is Coming

When the tide goes out, all boats sink and thats what we have seen in this initial phase of the crisis. Bitcoin and digital currencies have been affected to a similar degree in the short term like traditional equity markets. But in the mid to long term, we might see some shifts when investors start to look at future scenarios as the dust settles. One thing is clear inflation is coming. So TIPs, gold and utilities are the traditional ports of call Bitcoin also fits the mold.

Highly leveraged companies will be in trouble in the short term without the ability to pass through rising costs. So the S&P will be a mixed bag where some companies will be caught with declining margins and others with demand rebounds and the Feds cash injection stimulating demand will have the ability to pass through their costs and increase revenues.

Bitcoin could see some use in cross-border transactions as we start to see emerging market currencies fail. The strong draw to the dollar will see increased restrictions on capital flows that will compel some citizens to look for other routes to preserve and move wealth. Higher sovereign risk premia and ratings downgrades are on the cards.

What Is Money?

This crisis is raising the question of what exactly is money governments are being forced to open the doors to modern monetary theory (MMT) which removes the mirage of fiat. It might be difficult to go back from this unveiling, but what choice do governments have? There are the ghosts of Hayek and Keynes in these arguments.

Under these circumstances, we may see a shift to assets that cannot be perpetually diluted instead of papering over the cracks. For the moment, cash is the only port in the storm but that may prove to be a false hope in the mid to long term.

Its risk-off across the markets. Bitcoin is still novel and is great as a means of transferring value quickly, person to person, but bad at holding value. The theory is that, with time, this will change, but quite clearly, it has nascent, fragmented markets at present and isnt fulfilling the digital gold story.

Charles Hayter, co-founder and CEOCryptocompare.com

Featured Image: Shutterstock/Craig Wactor

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With Inflation on the Way, Bitcoin (BTC) Could Soon Stand Out: CryptoCompare - The Daily Hodl

Blockchain technology: Redefining trust for a global …

a longer version of this blog post is available on the MIT Media Labs Digital Currency Initiative platform

With Google Trends data showing that searches for the word blockchain have exponentially increased, we may be entering the peak of the hype cycle for blockchain and distributed ledger technology.

But heres the thing: the blockchainisa major breakthrough. Thats because its decentralized approach to verifying changes in important information addresses the centuries-old problem oftrust, a social resource that is all too often in short supply, especially amid the current eras rampant concerns over the security of valuable data. It turns out that fixing that can be a boon for financial inclusion and other basic services delivery, helping to achieve the global objectives laid out in the Sustainable Development Goals (SDGs).

Sorting out hype from reality may depend on how well we identify where institutions that have until now played a role in mediating trust between people are falling short, especially in the key area of money. Deploying the blockchain in those settings to generate secure, decentralized trust could achieve great strides in inclusion and innovation.

What do we mean by decentralized trust? The concept is unfamiliar in part because its converse -- centralized trust is something that we often take for granted, at least while its working. But if we look at the history of transactions since the early barter systems to modern-day digital money exchanges, we can see how differenttrust protocolsfor keeping track of our exchanges of value have evolved and how, in each case, centralizing trust within particular institutions has periodically caused problems.As strategies for dealing with this challenge evolved and as the complexity and frequency of transactions grew, differenttrust bearersemerged. We went from relying on the memory and discretion of tribal leaders, to central governments issuing currencies in the form of precious metals, to commercial banks acting astrusted intermediariesand issuing their own bank notes, to central banks managing a hybrid system in which sovereign fiat banknotes circulate alongside a debt/credit form of money managed by regulated banks and internal ledgers.

We are now at another moment when societys trust in the trust bearers is being challenged again. The cause: the 2008 crisis best viewed as a breakdown in publictrustin the banks role as ledger-keepers and the constant reports of hacking attacks at financial institutions. The difference is that this time the entire notion of centralized trust is being questioned.

This is where the blockchain and distributed public ledgers come in. We now have the prospect of supplanting those risk-ladentrust bearerswith a more robust, decentralized model. This kind of ledger, shared among a network of autonomous computers, which confirm and validate its content by following a unique algorithm that compels them to act in the common interest, and secured with powerful cryptography, is essentially tamper-proof. Its the nearest thing weve ever had to an immutable ledger.

Currency exchanges are the first use case for this technology. But the topics discussed at this past weeksBlockchain Summit on Necker Island reveal a dizzying array of non-currency applications as well. The blockchains disintermediating potential is being tried out for securities settlement, property titles, digital rights, trade finance, supply chains, auditing, voting, solar microgrids, notary and legal services, and the big one, digital identity. Much of this has the potential to leapfrog billions of people into a new era in parallel to the way that mobile phones helped them leapfrog over landlines.

As with all early-stage technology, there are challenges. The underlying infrastructure needs to be scalable and more versatile, but achieving consensus to make such changes is difficult in an open-source work environment. Theres a garbage-in risk that inaccurate information gets permanently inserted into a blockchain. Also, the immutability and irreversibility of transactions might make it harder for individuals and firms to arbitrate solutions whenever theres a dispute. Meanwhile, a vivid debate continues over what kind of blockchain communities should use and when: a public, permissionless blockchain like bitcoin, or a private blockchain in which only permissioned actors maintain the ledger, such as those which various banks are developing. Theres a big public interest in answering these questions.

Amid the rapid pace of open-source fintech innovation, its hard to imagine that distributed ledger technology isnt coming, one way or another. When it arrives, the impact on society could be profound. It is therefore critical that governments engage their citizens and each other in serious discussion about the underlying trust infrastructure of 21st century digital society.

Its too early to know the answers. Thats why its incumbent upon all of us to study and understand how to maximize the benefits of this technology to attain better development outcomes and reach the SDGs. The World Bank and MIT Media Lab could help foster this understanding. With serious research, we can discover the best ways to use this technology to lower costs and increase access to financial services while protecting the social capital thats vital for economic development. Within this, we must keep in mind the unprecedented competition and challenges facing incumbent financial institutions and regulators. If we get this transformation right, and do so in a collective, collaborative manner, it could provide a vital building block for achieving the global communitys SDGs.

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Blockchain technology: Redefining trust for a global ...

Cryptocurrency Review: Bitcoin, Ether and ‘Digital Gold’ – CoinDesk

Will bitcoin (BTC) move beyond "digital gold"? Is ether (ETH) viable as money? In 24 charts, CoinDesk Research shows what happened to crypto assets in Q1 2020 and examines what may emerge in the future. Download our Q1 analysis here, and join us on April 15 for a webinar discussing our findings and other relevant cryptocurrency research.

The CoinDesk Quarterly Review provides research-based insights on how the narrative has changed for blue-chips such as bitcoin and ether. We look at which assets outperformed on returns, and how the participants in crypto markets are shifting in the wake of Q1s defining event, the March 12 plunge.

Bitcoins digital gold narrative grew up in a bull market in everything. Bitcoin as gold 2.0, a hedge against inflation and a safe haven in an eventual crash, was a meme investors readily understood.

Now, weve seen an economic crisis cause dislocation in crypto markets and push bitcoins price downward in tandem with stocks. Gold and Treasury bonds appeared to have failed to live up to safe haven expectations. If golds narrative is being debated, do we still know what digital gold means? At the very least, the events of the past month have put to rest the notion that bitcoin today can be a haven.

How March 12 shook crypto markets, and how it didn't

The crash shook participants in crypto markets. Open interest in bitcoin futures and perpetual swaps fell off a cliff in March. These markets are used by traders large and small to speculate on bitcoins price, and as a temporary hedge against positions in the spot market. Futures volume spiked and settled at a higher baseline, as it did in spot markets. The increased activity is taking place in a shrunken market. About $1.6 billion of traders positions were liquidated over two days in March. The sharks are eating each other in a smaller pool, as it were.

At the very least, the events of the past month have put to rest the notion that bitcoin today can be a haven.

Bitcoin's long-term holdings, however, remained unmoved. Hodlwaves use Bitcoin timestamps known as UTXOs to measure how long each bitcoin has been held. Tracking time between transactions is a useful measure of long-term buy-and-hold activity. That activity is consistent with bitcoins use case as digital gold, a putative store-of-value. Note that long-term holdings (180 days or more) did not change perceptibly during the March 12 crash. Balances held between 90 days and 180 days shifted abruptly. Were bitcoin sellers concentrated among three- to six-month holders? Or were exchange balances, which shifted on these dates, concentrated in that band?

Alternative user narratives: Return of payments?

Some of bitcoin's long-term holders are surely hoping in time it will prove itself as a haven or store of value. But events such as the March crash open the door to new narratives. The flagship crypto assets next meme will set the adoption curve for verifiably scarce digital assets. Will payments re-emerge as an avenue to adoption?

Since launch, the number of computers running the Lightning Network has increased on average 53 percent every quarter. Lightning is a layer two payments system built on top of the Bitcoin network. The value held within Lightning payment channels has also increased.

New importance for bitcoin and ethereum technical road maps

It's possible a new user adoption narrative will be something quite different from what long-term investors in bitcoin have contemplated to date. Will Bitcoin developers add capabilities like Schnorr signatures, with their privacy and programmability that lead to its adoption as digital financial infrastructure?

The technical road map emerges from Q1 2020 with increased importance for ethereum, as well. Ether evangelists have spread the meme ETH is money" in the belief that it has potential as the base currency of a decentralized, digital banking system, dubbed decentralized finance" or "DeFi." The failure of flagship DeFi systems during the March 12 crash have raised questions about that narrative. Now more than ever it seems to be dependent on a relatively uncertain road map for ETH 2.0, an improvement designed to allow more transaction throughput.

On March 12, total ETH locked in DeFi applications increased as expected, then crashed amid a crisis in DeFis programmatic governance. If ETH is money," wed expect to see the amount locked in DeFi and the ETH price grow in tandem, long-term. For the near term, a recovery to previous levels would indicate a restoration of confidence in DeFi systems.

The CoinDesk Quarterly Review lays out a Q1 analysis of what happened to crypto assets in the quarter. It begins to examine what will emerge now that the digital gold story has been shaken. Download it here, and join us April 15 for a webinar discussing our findings.

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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Cryptocurrency Review: Bitcoin, Ether and 'Digital Gold' - CoinDesk

Bitcoin’s Bull Case Strengthens After Breaching Price Hurdle at $7.1K – CoinDesk

After multiple failed attempts, bitcoin (BTC) has finally broken above key resistance, bringing a boost to the short-term bullish case.

The top cryptocurrencyby market value closed (UTC) well above $7,100 on Wednesday, marking an upsidebreak of the 200-period moving average on the three-day chart.

The breakout could now invite stronger chart-driven buying, as a move above the long-term technical line is often considered a confirmation of a bearish-to-bullish trend change.

The 200-period average had repeatedly capped upside in the final days of March. Now that the hurdle has been convincingly crossed, buyers who entered the market earlier this month may also be more comfortable in holding their positions. All in all, the move is a good signal for prices.

The risk-on action seen in traditional markets is also supportive of further gains for bitcoin. Major European indices like Germanys DAX and the U.K.'s FTSE are currently reporting slight gains. Asian stocks also rose early on Thursday following an overnight surge on Wall Street.

The sentiment seems to have been buoyed by reports that the U.S. and European nations are discussing plans to reopen their respective economies at the start of May.Most countries imposed lockdowns of varying degrees of severity in March in order to contain the coronavirus outbreak, negatively impacting commerce.

At press time, bitcoin is changing hands near $7,340, representing a 0.80 percent increase on a 24-hour basis., according to CoinDesk's Bitcoin Price Index. That's well above the 200-period average at $7,093.

The cryptocurrency has recovered by more than $3,400 from the low of $3,867 reached during the early Asian trading hours on March 13 and is now just $700 short of levels near $8,000 seen ahead of the price crash seen March 12.

Three-day chart

Bitcoin repeatedly failed to cross the 200-period average hurdle in the three weeks to April 5, weakening the immediate bullish case and raising the odds of a price pullback.

However, the breakout confirmed by the previous green candle, representing price action for April 6-9, indicates that the rally from lows below $4,000 has resumed.

The MACD histogram, an indicator used to identify trend strength and trend changes, has crossed above zero, signaling a bearish-to-bullish trend change. Further, the Chaikin money flow index is hovering above zero a sign buying pressure is outweighing selling pressure.

All in all, there is a strong case to believe bitcoin will test psychological resistance at $8,000 in the short-term.

Daily chart

Bitcoin is trapped in an ascending price channel, as seen above.

Mondays green marubozu candle, which marked a breakout above $7,000, points to bullish market sentiment. The five- and 10-day averages are trending north, indicating strong upward momentum.

The only cause for concern for the bulls is a decline in trading volumes. A low-volume rally often ends with a notable price drop.

That said, the bias will turn bearish only if prices drop below $6,773 (horizontal line). That would invalidate the marubozu candle created on April 6 and open the doors for a pullback to $5,856 (March 30 low).

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's Bull Case Strengthens After Breaching Price Hurdle at $7.1K - CoinDesk

Bitcoin Price Ignores $2.3T Fed Cash as Pundit Warns of Sucker Rally – Cointelegraph

Bitcoin (BTC) braved less volatile but choppy trading on April 9 as the United States Federal Reserve flooded markets with trillions in dollars.

Cryptocurrency market daily overview. Source: Coin360

Data from Coin360 and Cointelegraph Markets showed BTC/USD still keeping within a tight $400 corridor between $7,100 and $7,410 as the week continued.

A sudden dip to $7,110 formed the most volatile feature of the past 24 hours. At press time, Bitcoin traded at around $7,325.

Bitcoin 1-day price chart. Source: Coin360

The largest cryptocurrency appeared broadly unfazed by the announcement of a fresh stimulus package from the Fed worth $2.3 trillion.

In a press release, the central bank said that its aim was to support the economy as the U.S. coronavirus death toll reached 14,800.

Board Chair Jerome H. Powell said:

The Fed's role is to provide as much relief and stability as we can during this period of constrained economic activity, and our actions today will help ensure that the eventual recovery is as vigorous as possible.

The cash injection comes just weeks after a giant $6 trillion liquidity tsunami from the Fed, a sum so large that it equals the entire U.S. GDP from 1990. Earlier on Thursday, Cointelegraph reported that U.S. national debt was at a historic high of $24 trillion.

While markets were also buoyed by the potential for a cut in oil production after Thursdays OPEC+ meeting, among Bitcoin analysts, the mood was overwhelmingly bearish.

Despite rising around 8% in a week, Bitcoin, like traditional markets, was unlikely to sustain its trajectory, Cointelegraph Markets Michal van de Poppe warned.

The price of $BTC is slowly grinding upwards, but volume is decreasing, he wrote in a Twitter post on Thursday.

The $6,900 shorters got stopped out & flipped long, while the $7,700-8,000 shorters are waiting. More and more people turning bullish, giving me indication that liquidity is beneath us. Lets see.

Popular commentator Looposhi was more damning, writing:

I just think it's cute how some of you about to burn their account over some textbook sh*t. Let me be very clear. THIS IS A #Bitcoin SUCKER RALLY!

Meanwhile, U.S. jobless claims totaled over 6 million for a second week, van de Poppe agreeing with the International Monetary Fund, or IMF, that coronavirus would create the worst recession since the Great Depression of the 1930s.

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Bitcoin Price Ignores $2.3T Fed Cash as Pundit Warns of Sucker Rally - Cointelegraph

3 Options for Traders as Bitcoin Price Is on the Verge of a Breakout – Cointelegraph

Bitcoin price (BTC) is currently in a sort of stasis, unexcitedly trading in the expected range and over the past 48-hours dropping to the former rising wedge trendline at $7,150 and again to the $7,200 support before rebounding to the low $7,400 region.

Crypto market daily price chart. Source: Coin360

For the time being, the price is consolidating within the $7,200 to $7,460 range. The next thing bulls will be looking for is for BTC price to push above the recent high to set a higher-high above $7,663 before launching a move toward $7,992, where the 61.8% Fibonacci retracement currently resides.

BTC USDT daily chart. Source: TradingView

Anyone taking a quick glance at crypto Twitter will notice analysts calling for traders to go short from $8,000-$8,100 as the 100 and 200 day-MA are in this zone and expected to function as stiff resistance levels.

This is possibly due to the fact that since March 13 Bitcoin price has gained approximately 95%. But before any of this can be achieved Bitcoin needs to turn the $7,350 to $7,400 region to support.

For the time being, traders continue to buy on the dips and a glance at exchange order books show traders are quite interested in buying at prices below $7,200.

BTC USDT 4-hour chart. Source: TradingView

The 4-hour timeframe shows that while the price consolidates, the volume is tapering off and this is a hint that Bitcoin is beginning to lose momentum. The moving average convergence divergence histogram has also turned negative and the relative strength index has dropped slightly below 60. The ailing volume and sideways price action also increase the chance of BTC/USD falling below the $7,200 support to $6,900, then $6,750.

Bitcoin price is now facing a few outcomes, with the bias currently tilted towards bears. Simply put, an increase in purchasing volume is needed to break through the current range and rise toward the 61.8% Fibonacci retracement at $7,992.

The alternate scenario involves Bitcoin losing the $7,200 support and as the price drops to retest lower supports investors will have no choice but to see if the interest currently represented in the orderbook manifests into buying at key support levels to prevent a drop to $5,800.

3 day BTC USDT MACD chart. Source: TradingView

Taking a look at the higher time frames gives some encouragement. On the 3-day chart, investors will notice that the MACD line is about to pull above the signal line and the histogram is just now printing a green bar above 0.

Weekly BTC USDT MACD chart. Source: TradingView

On the weekly timeframe, the MACD is slowly beginning to curve up toward the signal line and although the histogram remains negative, the color of the candles has shifted from red to pink. The weekly RSI is also rising above 46 but it is not yet in bullish territory.

More importantly, we can see that the price is drawing closer to an important pivot point and the same can be said for $8,100.

BTC USDT 1-week chart. Source: TradingView

In summary, at the moment theres not much chop to trade for day traders as the risk seems greater than the reward right now. Traders will likely wait for one of the following three scenarios:

Another thing worth remembering is that Bitcoins halving is about 35 days away but with the coronavirus pandemic and current state of global economic affairs it's possible that the halving will be something of a disappointment particularly, when it comes to short-term price action just like the Bitcoin Cash halving was on Wednesday.

Whatever trade you choose, be sure to use a stop-loss.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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3 Options for Traders as Bitcoin Price Is on the Verge of a Breakout - Cointelegraph

Former Hedge Fund Billionaire Picks Bitcoin Over Gold, Treasuries And The Dollar – Forbes

Bitcoin and cryptocurrency investors are feeling bullish after a rocky start to the year.

The bitcoin price, trading more-or-less flat for 2020 so far, had rocketed in the first few months of the new decade but its rally was halted in its tracks by the coronavirus crisis.

Now, as bitcoin bulls eye the upcoming bitcoin halvingamong other major developments on the horizonformer hedge fund billionaire-turned crypto investor, Michael Novogratz, has bet that bitcoin will outperform almost every other market over the next few months.

Michael Novogratz, a Wall Street veteran, has become one of bitcoin and cryptocurrency's richest ... [+] people in recent years, making a name for himself as an outspoken bitcoin bull.

"Ill make a bet for dinner anywhere in New York City that bitcoin outperforms both [gold and treasuries] over the next three months," Novogratz said via Twitter, replying to a report that all major currencies are outperforming bitcoin since the stock market peak, with gold and treasury bonds doing even better.

Tech investor and founder of bitcoin and cryptocurrency news and analysis website The Block, Mike Dudas, responded he is on the same side of that bet as Novogratz "with more of [his] net worth than would make any sane person comfortable."

"Give it a few months ... And I like gold," Novogratz added.

Bitcoin has so far failed to act as a so-called safe-haven asset during the coronavirus crisis despite hopes it had begun to do so over the last year.

Traders and investors usually turn to "safe" assets such as gold and the Japanese yen during times of perceived risk.

Last month, Novogratz warned confidence in bitcoin and crypto "evaporated" due to the coronavirus crash, potentially leaving bitcoin and crypto vulnerable.

Earlier this year, Novogratz said he expected the bitcoin price to soar by almost 50-fold over the next ten years, meaning he thought one bitcoin will be worth a staggering $400,000 by 2030and giving bitcoin a market capitalization of around $8 trillion.

Meanwhile, many bitcoin and cryptocurrency supporters have voiced concerns thatthe massive stimulus and quantitative easing unleashed by the U.S. government and the Federal Reserve will weaken the dollar and the U.S. economy.

Extraordinary measures have been put in place by countries around the world to prop up markets and try to spur economic activity as they scramble to contain the coronavirus COVID-19.

The bitcoin price has treaded water for 2020 so far despite swinging wildly along with traditional ... [+] markets due to the coronavirus crisis.

In the aftermath of the coronavirus-induced market crash, some of the biggest bitcoin and cryptocurrency exchanges around the world have reported an uptick in both new users and trading volume.

Some have suggested surging bitcoin demand could result in a bull run to rival bitcoin's epic 2017 rallythat saw the bitcoin price climb from under $1,000 to around $20,000 in less than 12 months.

Ahead of the world going into shutdown to try to contain the coronavirus, bitcoin investors were upbeat at the beginning of the year,a survey of high-level bitcoin and cryptocurrency exchange users showed last month,with most expecting the bitcoin price to soar to over $20,000 per bitcoin in 2020.

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Former Hedge Fund Billionaire Picks Bitcoin Over Gold, Treasuries And The Dollar - Forbes

This Visa Card Gives Bitcoin Rewards on Dollars Spent – CoinDesk

The startup behind the bitcoin-friendly shopping app Fold just joined the Visa Fast Track Program to issue a card that offers bitcoin rewards instead of traditional reward points.

Fold founder Will Reeves said an email poll of roughly 30,000 Fold users revealed 90 percent said they would switch spending away from their existing card for a card with bitcoin (BTC) rewards for dollars spent. The waiting list is now open for the Fold card that starts shipping in July.

You manage everything within [the Fold app], your card details, your rewards, Reeves said in an interview. Were able to send out to your [bitcoin] wallet of choice. You dont have to wait to accrue too much of it [bitcoin].

There are already several companies offering Visa cards so bitcoiners can spend cryptocurrency as dollars, including Coinbase, and options for shopping on desktop with most cards for bitcoin rewards, with the browser-plugin Lolli.

Both Lolli and Fold App have seen a dramatic increase in online shopping for essentials and home equipment since the coronavirus crisis hit the United States. Fold users are buying more gift cards for Amazon and Target, while Lolli shoppers are spending more at Sams Club, Vitacost, Best Buy and Newegg, according to Lollis head of communications, Aubrey Strobel.

Weve seen an uptick in volume the entire month, Reeves said of the 24,000 transactions by Fold users in Q1 2020. That represents a 110 percent increase over Q4 2019, with thousands of new users. Across the board, companies that help retail users accrue bitcoin have generally performed well during the broader market turndown.

The goal of this new card is to meet consumers where theyre at, Reeves said, giving users the ability to accrue and use bitcoin in their daily lives.

Fold investor Meltem Demirors once owned one of the first bitcoin-affiliated cards, a Shift debit card for spending bitcoin. She said Folds new product is unique because the card enables people to earn rather than spend bitcoin.

The capital gains [taxes] for [spending] are just such a pain, Demirors said. Ive been spending [dollars] nonstop with Fold.

Users can already shop directly through the app and earn rewards for using the Lightning Network option, for example, while they wait for the Visa program to roll out later this year. Users can choose to spend bitcoin with this feature, but most seem to prefer spending dollars for bitcoin rewards. The average transaction size in Q1 2020 was $55, according to Reeves.

Fold certainly wont be the last team to explore bitcoin-related credit cards. When asked if the exchange Kraken was exploring a Visa card program like Coinbase or Fold, Kraken bitcoin strategist Pierre Rochard answered, Were always looking to better serve our customers.

NFL player and Fold investor Russell Okung said in a press release the Fold Visa card now represents a significant step towards mainstream adoption of Bitcoin. In the press release, Visa Global Head of Fintech Terry Angelos said Fold joined a program that offers unprecedented access to Visa experts, technology, and resources.

Update (April 9, 15:21 UTC): The new offering from Fold isnt a credit card. Its a debit card but has the rewards levels youd expect from a credit card, Fold CEO Will Reeves said after publication of this article.

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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This Visa Card Gives Bitcoin Rewards on Dollars Spent - CoinDesk