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Bitcoin and Cardanos ADA Weekly Technical Analysis July 27th, 2020 – Yahoo Finance

Bitcoin

Bitcoin rose by 7.77% in the week ending 26th July. Reversing a 0.95% decline from the previous week, Bitcoin ended the week at $9,948.4.

It was another bearish start to the week. Bitcoin fell to a Monday intraweek low $9,154.5 before making a move.

Steering clear of the first major support level at $9,055, Bitcoin rallied to a Sunday intraweek high $10,190.

Bitcoin broke through the weeks major resistance levels before falling back to sub-$9,900 levels.

Finding support at the third major resistance level at $9,849, Bitcoin wrapped up the week at $9,900 levels.

5 days in the green that included 2.43% rally on Monday and 2.40% gain on Friday delivered the upside for the week.

Bitcoin would need to avoid a fall through $9,764 pivot to bring the first major resistance level at $10,374 into play.

Support from the broader market would be needed for Bitcoin to break out from last weeks high $10,190.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of a breakout, Bitcoin could take a run at the second major resistance level sits at $10,800.

Failure to avoid a fall through the $9,764 pivot would bring support levels into play.

A pullback through to sub-$9,500 levels would bring the first major support level at $9,339 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer well clear of sub-$9,000 levels.

At the time of writing, Bitcoin was up by 1.36% to $10,084. A bullish start to the week saw Bitcoin rise from an early morning low $9,944.9 to a high $10,095 on Monday.

Bitcoin left the major support and resistance levels untested at the start of the week.

Cardanos ADA jumped by 19.80% in the week ending 26th July. Reversing a 2.23% loss from the previous week, Cardanos ADA ended the week at $0.1487.

It was a bearish start to the week. Cardanos ADA fell to a Monday intraweek low $0.11492 before finding support.

Finding support at the first major support level at $0.11503, Cardanos ADA rallied to a Sunday intraweek high $0.162496.

Cardanos ADA broke through the first major resistance level at $0.13503 and the second major resistance level at $0.14596.

Coming within range of the third major resistance level at $0.16596 and 38.2% FIB of $0.1652, Cardanos ADA slid back to sub-$0.14 levels.

The pullback saw Cardanos ADA fall back through the third major resistance level at $0.16596 and second major resistance level at $0.14596.

Finding late support, however, Cardanos ADA revisited $0.15 levels before easing back. The second major resistance level pinned Cardanos ADA back on Sunday.

5-days in the green that included a 17.60% rally on Saturday delivered the upside for the week.

Cardanos ADA would need to avoid a fall through the $0.1420 pivot to support a run at 38.2% FIB of $0.1652 and the first major resistance level at $0.1691.

Support from the broader market would be needed, however, for Cardanos ADA to break back through to $0.16 levels.

Barring another extended crypto rally, the first major resistance level and 38.2% FIB would likely cap any upside.

In the event of another breakout, the second major resistance level at $0.1896 and $0.20 levels could come into play.

Failure to avoid a fall through the $0.1420 pivot would bring the first major support level at $0.1216 into play.

Story continues

Barring an extended broader-market sell-off, however, Cardanos ADA should steer of sub-$0.12 levels and the 23.6% FIB of $0.1125.

At the time of writing, Cardanos ADA was down by 1.91% to $0.14583. A bearish start to the week saw Cardanos ADA fall from an early Monday high $0.15248 to a low $0.14285.

Cardanos ADA left the major support and resistance levels untested at the start of the week.

This article was originally posted on FX Empire

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Bitcoin and Cardanos ADA Weekly Technical Analysis July 27th, 2020 - Yahoo Finance

LocalBitcoins aims to root out illicit use of its Bitcoin exchange – Decrypt

In brief

Anyone looking to conduct any shady business on peer-to-peer Bitcoin exchange LocalBitcoins will now have a more difficult time doing so.

The exchange today announced that it has teamed up with Elliptica crypto tracing firm that provides asset risk management solutions. LocalBitcoins plans to use Elliptic's transaction monitoring software to prevent the illegal use of the Bitcoin exchanges services.

LocalBitcoins has long been criticized for being one of the top destinations for dirty Bitcoins around the world. According to a report from blockchain analytics firm CipherTrace, the Finnish platform ended 2019 by earning the dubious distinction of having received the most illicit crypto assets throughout the year. Its been a recurrent pattern since 2017, according to the firm.

The report claimed that Finnish exchanges received 12.01% of all crypto funds associated with criminal activity, and LocalBitcoins alone accounted for more than 99% of all such funds.

LocalBitcoins partnering with Elliptic appears to be an attempt to confront this problem head on.

"We are pleased to be partnering with the global leader in blockchain monitoring," said Sebastian Sonntag, CEO of LocalBitcoins, in a statement. "Elliptic will enable us to achieve the highest levels of compliance while increasing operational efficiency and reducing costs. We will continue to invest heavily in AML and KYC to maintain a secure and trusted platform for our valued customers.

But in solving one problem, the exchange may be creating a new one for its business.

The recent KYC and anti-money laundering (AML) policies implemented by the LocalBitcoins team have caused some privacy-loving purists to jump ship, including traders who may be operating in countries that are sanctioned by the United States.

This may be one of reasons that LocalBitcoins has lost market share to its competitors, such as Hodl Hodl, which have taken the opportunity to grab users in regions like Latin America and Africa, offering the privacy, diversity of services, and ease of use that LocalBitcoins can no longer provide.

For LocalBitcoins, though, that tradeoff appears to be worth it.

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LocalBitcoins aims to root out illicit use of its Bitcoin exchange - Decrypt

Veteran Analyst Peter Brandt Scorns ‘XRP’s Bag Holder,’ Compares Ripple to the Fed | Altcoins – Bitcoin News

Veteran trader Peter Brandt knocked the digital currency XRP on Thursday and compared the crypto token company Ripple to the U.S. Federal Reserve. Brandt said he believes the company behind the coin will double the token supply, and he doesnt understand why otherwise smart people have drank the XRP-Kool-aide.

A number of digital currency investors believe in XRP, the fourth largest crypto asset by market capitalization, is going to be the bridge between banks and cryptocurrency. A number of other crypto enthusiasts despise XRP and think that the distributed ledger is extremely centralized.

Despite the technicals, XRP has a circulating supply of 44 billion tokens each worth $0.20. The tokens value is much higher than the first five years of its existence, when it traded for less than a U.S. penny during much of that period.

On July 23, the veteran trader Peter Brandt discussed XRP with a number of digital currency enthusiasts. Brandt is a well known trader who shares financial analysis and charts on Twitter regularly. Hes made a number of predictions and the analyst has over 364,000 Twitter followers today.

Many crypto enthusiasts follow Brandt because hes bullish about ethereum (ETH) and bitcoin (BTC) and on July 8, the veteran trader said there was a significant breakout in ETH-BTC. Brandt further noted that most alts should gain on bitcoin in [the] near future. Even the founder of Adamant Capital, Tuur Demeester seemed to agree with Brandts assessment.

The discussion that took place Thursday on Twitter was in regard to the crypto asset XRP, as a person was conversing about the XRP Army shills and certain trading techniques. Brandt joined the conversation and his commentary about XRP likened the crypto-asset with the U.S. dollar, and compared the firm Ripple to the U.S. Federal Reserve.

XRP can be compared to the USD, Brandt tweeted. The Fed is the USDs bag holder they can double the supply if they want. The financial analyst further wrote:

Ripple is XRPs bag holder and it WILL double the supply. I cannot believe the number of otherwise smart ppl who have drank XRP Kool-aide.

Of course, members of the XRP Army didnt care for Brandts commentary after he knocked the crypto asset and the company Ripple. One person claimed that Brandts lack of coding knowledge meant that his opinion should be dismissed.

Do you know anything about code? asked a Twitter account clearly upset about Brandts XRP commentary. Its simply not possible. Such a shame that a clueless person has so many followers.

After being harassed by the XRP Army about his recent statements, Brandt further criticized the crypto coins followers. Some things never change I remember the wrath I received when I said beanie babies, hula hoops, and pet rocks would not become a global asset class. Some neighbors did not speak to me for years, Brandt responded. The financial analyst continued by tweeting:

They get so riled up because deep down inside they know I am right. They are the most rabbis of all cultists.

At the time of writing, XRP is swapping for $0.203 per coin and its down 1.3% during the last 24 hours of trading. The last 30 days show XRP is up 11.42%, 90 days the token is up 8.6%, but for the year the coin is down 34%.

Not too long ago XRP was a strong crypto contender, but ever since tether (USDT) started to shine brightly, the token has lost significant momentum. Tether has surpassed XRP by the size of its market cap and it USDT sees a hell of a lot more settlement these days.

What do you think about Peter Brandt comparing XRP to the U.S. dollar and the Fed? Let us know what you think about this subject in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Veteran Analyst Peter Brandt Scorns 'XRP's Bag Holder,' Compares Ripple to the Fed | Altcoins - Bitcoin News

TD9 and Exchange Inflows: Reasons for Caution as Bitcoin Hits $10,440 – Cointelegraph

The price of Bitcoin hit $10,463 on BitMEX, slightly below the previous peak in June. But two indicators are signaling a BTC cool-off: TD9 and exchange inflows.

The price of Bitcoin tests a crucial resistance level. Source: Raoul Pal

The TD9 is a trend-reversal indicator that is a part of the TD sequential system. It typically indicates if a rally or a correction is over-extended.

Similarly, exchange inflows, especially among whales, often suggest that the ongoing rally could be overcrowded.

A TD9 sell signal triggers essentially when the price of Bitcoin rises for nine consecutive days without a major pullback. If nine candles all stay above the close of the four candles prior, then a TD9 lights up.

Since July 19, the price of Bitcoin has increased from $9,219 to $10,463. The four candles prior to the most recent nine daily candles closed at $9,150, making a TD9.

The TD9 in itself could be unreliable. It does not take into account the fundamentals or technicals of an asset. But when BTC rallies for nine straight days, and it coincides with other factors, it might hint at a pullback.

Apart from the TD9, analysts are exploring exchange inflows of BTC. According to CryptoQuant CEO Ki Young-Ju, exchange inflows spiked upon Bitcoins latest rally. He suggested that some whales could be getting cautious. He said:

BTC price went up too fast. Seems like other whales think so too.

Bitcoin exchange inflows spike as BTC surges. Source: CryptoQuant

The funding rates of perpetual futures contracts across major exchanges, like BitMEX and Binance Futures, are also surging.

Perpetual futures contracts do not have any expiration dates, unlike conventional futures contracts. As such, exchanges use a mechanism called funding to incentivize users that bet against the majority of the market.

For example, if the Bitcoin futures market has more than 60% of longs, the funding rate would increase and incentivize short holders.

Currently, the funding rates on BitMEX and Binance Futures are 0.072% and 0.054%, respectively. Usually, the funding rate of BTC perpetual contracts hovers at around 0.01%. It indicates that the majority of the market are longing, which might leave BTC vulnerable to a long squeeze.

Meanwhile, some other traders and technical analysts believe that Bitcoin may continue to rally without major pullbacks.

Zoran Kole, a cryptocurrency trader, said he expects Bitcoin to stabilize at the $10,000 to $10,100 support range, before moving upwards. Based on market structure, the trader explained that BTC could surge to as high as $11,500. He wrote:

Looking to long range high retest/DBS Zone. Invalidation below weekly open/9900 sweep. Targeting 11.5-11.6 weekly kumo top.

Raoul Pal, the CEO of Real Vision Group, said that the real rally of Bitcoin starts when BTC crosses $10,500. Whether it corrects before hitting the crucial resistance level is an uncertainty, Pal said. But he noted that he expects the momentum to continue. He said:

The real game in bitcoin begins over $10,500. Maybe it corrects first, maybe not but I'm hodling.

Simon Peters, a cryptoasset analyst at global investment platform eToro, shared his comments, saying:

Bitcoins network metrics are also looking pretty healthy. Glassnodes Reserve Risk metric is currently signaling an attractive risk-to-reward level, indicating that confidence is high and the price is low.

While several fundamental indicators point toward a minor short-term pullback, some traders believe the momentum of BTC is too strong for a deep correction.

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TD9 and Exchange Inflows: Reasons for Caution as Bitcoin Hits $10,440 - Cointelegraph

Global uncertainty appears to benefit gold, bitcoin and gold-backed stablecoins – Yahoo Finance

Rallies in gold and bitcoin continued into Monday's morning trading session, a development underpinned by uncertainty around the global economy and a weakening U.S. dollar.

Bullion soared to record highs above $1,900 per once while bitcoin topped $10,300, its highest level since February. Meanwhile, the benchmark S&P 500 Index has shed more than 1% over the last five days.

As reported by The Financial Times, this year's gold rally has made it one of the best-performing assets against a backdrop of economic uncertainty tied to COVID-19 and possible inflation stemming from the subsequent fiscal and monetary measures. Meanwhile, the dollar has taken a hit, falling to a nearly two-year low relative to the euro, as reported by CNBC.

In a research note to clients, Goldman Sachs noted that it sees a strong case for "structural dollar weakness."

"Gold stands out as the clearest outperformer, exceeding its already-high beta to real yields. The dollar has also slightly underperformed as many pro-risk and Euro-centric currencies have seen even stronger-than-expected returns," the bank said.

Macquarie Group's Gareth Berry said during an interview with CNBC that the U.S. dollar would continue to weaken heading into the November presidential election.

"We are quite bearish on the U.S. dollar, not massively so ... but we do see scope for broad-based U.S. dollar weakness into the U.S. presidential elections in November," Berry said.

Demand for gold in this environment appears to have spilled over to the stablecoin gold world as well.

In an email to The Block, Tether said it saw a 60x increase in 24-hour trading volumes in its Tether Gold product, increasing from $67,000 to $677,000.

"While no one could of course have anticipated the severe challenges that we've all had to adapt to in 2020, it is clear that in times of uncertainty people like having accessibility to gold," Tether CTO Paolo Ardoino said in a statement.

2020The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Global uncertainty appears to benefit gold, bitcoin and gold-backed stablecoins - Yahoo Finance

Bitcoin Daily Transaction Value Is Set to Fall Below Tethers – Bloomberg

Bitcoin was supposed to be the cryptocurrency for the masses. Instead, a different type of digital token has emerged as the blockchain worlds dominant force.

The aggregate daily dollar value of transactions made in stablecoins --essentially, digital assets such as Tether and USD coin that are pegged to world currencies like the greenback -- surpassed that of Bitcoins for the first time on June 29, according to researcher Coin Metrics. Tether is poised to surpass Bitcoin by itself, according to researcher Messari.

At this pace it looks like Tether alone will catch Bitcoin within a month or two, said Nic Carter, co-founder of Coin Metrics, whose data Messari used.

In U.S. dollars

Source: Coin Metrics

Tether, the dominant stablecoin, has also been the most controversial since its debut in 2015. The entities that control the coin are currently embroiled in a dispute with New Yorks attorney general over alleged misuse of client funds, claim the company has denied.

Tether and other stablecoins are often used by people operating outside banking and government controls such as for settlement by Asian export and import businesses, and in various lending and borrowing apps that have sprung up.

Most users do not want to transact in volatile cryptocurrencies like Bitcoin or Ether, preferring to hold them instead, so stablecoins are a great complement, said Ryan Watkins, research analyst at Messari.

The daily amount doesnt include transactions that occur within crypto exchanges, where Tether often serves as a conduit to conduct trading between different coins.

This doesnt mean there isnt a role for native cryptocurrencies to play, but it does mean that they have surrendered a fraction of their touted utility to the more convenient stablecoins, Carter said.

Read More: Tether, Not Bitcoin, Likely the Worlds Most Used Cryptocurrency

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Bitcoin Daily Transaction Value Is Set to Fall Below Tethers - Bloomberg

Bitcoin Interest Wanes As A Violent Breakout Looms – Forbes

Volatility Ahead Caution Sign - Blue Sky Background

Since the halving, bitcoins price has traded mostly between $9,000 and $10,000, compared to the red hot DeFi and alt coins that regularly post triple digit returns. In recent weeks, bitcoins range has tightened with many analysts noting a potentially violent price breakout on the horizon. However, there is no consensus on which direction the breakout will assume.

Charles Edwards, Founder of Capriole Investments, suggests bitcoins fundamentals have never looked better. I have a very bullish outlook in the mid to long term. For example, energy value is at all time highs, suggesting BTC is more valuable than ever before. When this is increasing, it is historically very bullish. This longer term indicator may suggest that a breakout leans towards the bulls.

Interestingly, bitcoins tightening volatility is not a new phenomenon, and occurred from late-September to early-November 2018, which ultimately broke out to the downside, falling from $6,500 to $3,400. One quantitative risk indicator value has been dropping quickly coupled with compressing price volatility. The only other time this dynamic unfolded was November 2018, which could suggest that a stark price fall is on the horizon. The caveat is that this signal has only occurred once before, thus suffers from a small sample size.

https://weeklyjab.substack.com/p/weekly-jab-bitcoin-analysis-3

Additionally, the anonymous Founder of Decentrader, Filb, notes derivatives open interest (OI) increasing as we have consolidated through this period by about 45%, is a similar amount seen before the fall in Q3 last year, to around 8k. It appears OI has been net increasing on dumps. This implies that...the market needs a catalyst to clear this OI out.

Tradingview.com, Decentrader.com

Furthermore, Filb adds, alts have continued their downward trajectory over the past few days, which are probably quite important as to what happens next; particularly if they start dumping and the money flowing back into bitcoin isnt doing anything. Something to pay attention to for sure.

Lastly, Bo Collins, CEO of San Juan Mercantile Bank and Trust, notes bitcoin CME futures volume growth from 2019 to 2020 is only approximately +10%, at the time of writing. This number becomes weaker when considering yearly foreign exchange (FX) futures volume growth can regularly eclipse +30%, e.g. 2018. Tepid bitcoin futures growth calls into question the institutional adoption narrative in some respects, and may imply less buying demand than originally suspected.

However, as shown by Glassnode.io, the amount of bitcoin held on centralized exchanges has dropped considerably since March, which seems bullish for bitcoin as spot investors appear to be holding for the long-term rather than short-term trading.

https://glassnode.com/

Furthermore, per Blockchair.com, bitcoin days destroyed supports the aforementioned notion, with 2020 metrics well within the historical average, including far smaller spikes than previous all-time highs, thus bullish.

https://blockchair.com/bitcoin/charts/coindays-destroyed?interval=full

Despite the differing analyses, the only thing that is certain, is that a strong breakout for bitcoin looms. Only time will tell which faction of analysts are proven correct.

Disclosure: The author owns bitcoin and ethereum.

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Bitcoin Interest Wanes As A Violent Breakout Looms - Forbes

Coinbase says it halted more than $280,000 in bitcoin transactions during Twitter hack – The Verge

The cryptocurrency exchange Coinbase said that it stopped around 1,100 customers from sending bitcoin to hackers who gained access to high-profile Twitter accounts last week.

Last Wednesday, over 100 Twitter accounts, some belonging to major companies like Apple and high-profile people like Vice President Joe Biden and Bill Gates, were hacked as part of a massive coordinated bitcoin scam. According to Twitter, the hackers were able to convince some of the companys employees to use internal systems and tools to access the accounts and help the hackers defraud users into sending them bitcoin.

According to Forbes, Coinbase and other cryptocurrency exchanges were able to stop some customers from sending bitcoin to the hackers by blacklisting the hackers wallet address. Specifically, Coinbase says it prevented just over 1,000 customers from sending around $280,000 worth of bitcoin during last Wednesdays attack. Roughly 14 Coinbase users sent around $3,000 worth of bitcoin to the scams bitcoin address before the company moved to blacklist it, the company said.

We noticed the scam and began blocking transactions within a couple of minutes of the initial wave of scam posts, a Coinbase spokesperson told The Verge on Monday.

Twitter accounts belonging to cryptocurrency exchanges including Binance and Gemini were also targeted during Wednesdays attack. Coinbases chief information officer told Forbes on Sunday that it learned of the scam shortly after tweets were posted from fellow exchanges accounts.

As of Monday, Twitter is still investigating Wednesdays attack. On Friday, the company put out a blog post confirming that 130 accounts were targeted and the hackers were able to initiative a password reset, log in to the account, and send tweets for 45 of those accounts. Twitter also said that the hackers were able to download account data belonging to eight unverified users.

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Coinbase says it halted more than $280,000 in bitcoin transactions during Twitter hack - The Verge

Bitcoins price will more than double following the OCC decision – Crypto News Flash

Source: R.Danyliuk - Shutterstock

The past few weeks have seen perhaps the biggest news of the year for the crypto space. As CNF reported, the US Office of the Comptroller of the Currency (OCC) published a letter clarifying that all licensed banks in the US are allowed to offer cryptocurrency custody services. Specifically, the U.S. authority stated that every bank in the country may store and manage cryptographic keys for its customers.

Even if Bitcoin reacted with a slight upward movement the BTC price is close to USD 9,600 at the time of writing the long-term effects could be massive. In a series of tweets, the founder of Capriole Investments, Charles Edwards, described why the OCCs decision is so important. As Edwards explained, the decision will trigger a domino effect:

US financial institutions drive much of global financial actions. This will be a global domino effect, and enable:

Increased public awareness & trust in Bitcoin

Multiple new demand and on-boarding streams

Furthermore, Edwards also pointed out that it is now clear that Bitcoin and cryptocurrencies can no longer be banned.

Exhibit: legalisation in Germany, India, Korea earlier in 2020now USA. This cant be stopped.

Edwards also said that the Bitcoin price could explode quickly if banks put only 1% in the market. According to the Digital Asset Manager of Capriole Investments, Bitcoin could more than double under the above condition. To substantiate this, Edwards referred to a diagram of the Federal Reserve, which shows that US commercial banks have assets of 20 trillion US dollars:

Just 1 NASDAQ stock (Grayscale) already owns 2% of circulating Bitcoin supply today.

Its not hard to see where this is going.

Source: https://twitter.com/caprioleio/status/1286237259658919936

Already last month, Messari researcher Ryan Watkins explained that an institutional allocation of a total of 1% for Bitcoin could slightly increase the total value of Bitcoin to over $1 trillion (1,000 billion) USD. Watkins called it a perfect storm that could drive the Bitcoin price above $50,000 USD. According to the report, the storm would be driven by a phenomenon Messari describes as a Fiat amplifier:

Flows in and out of an asset do not necessarily cause one-to-one movements in the price of the asset and can be amplified to much larger price movements.

If foundations, family offices, sovereign wealth funds, pension funds, and mutual funds were to invest only a small amount of between $20 and $480, depending on the institution, the investment could double up to 22 times, as the table below shows, due to the higher liquidity and reflexivity.

Source: https://twitter.com/RyanWatkins_/status/1275426694237741057/photo/1

OCCs decision could thus lay the foundation for a massive bull run for Bitcoin.

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Bitcoins price will more than double following the OCC decision - Crypto News Flash

Bitcoin is above $10000! Here’s why I’d ignore the hype and buy cheap FTSE 100 shares instead – Yahoo Finance UK

A depiction of the cryptocurrency Bitcoin

I think nows a great time to buy cheap FTSE 100 shares. But plenty of people disagree and are rushing into crypto-currency Bitcoin instead. The price has just topped $10,000, sparking a rash of publicity, as it always does when it smashes through some symbolic number.

The FTSE 100 is flirting with its own symbolic number, hovering just above 6,000. If it falls through that, we can expect yet another rash of gloomy headlines. In both cases, you need to look beyond the short-term hype, and consider the long-term advantages of investing in these two very different asset classes.

The FTSE 100 looks cheap right now, trading almost 20% below its January high of 7,674. Theres a reason for that. The UKs GDP plummeted by an unthinkable 20.4% during Aprils lockdown, the largest fall since monthly records began 23 years ago. The recovery has begun, but itll be slow, amid nervousness and confusion about social distancing rules.

Dozens of companies on the index have cut or suspended their dividends. Profits have plunged. Certain sectors, notably travel and entertainment, face an existential crisis. Yet history shows its at times like these investors enjoy the greatest opportunities.

In a crash, financially sound companies get sold off along with the strugglers. There are cheap FTSE 100 shares all over the place. Some of these companies may take a short-term hit, but their long-term future is solid.

Top UK blue-chips such as AstraZeneca, Diageo, GlaxoSmithKline, National Grid, Phoenix Group Holdings, Prudential, Rio Tinto, Unilever and United Utilities Groupare just a few that spring to mind. There are plenty more out there.

Many of these continue to pay dividends. Thats not to be sniffed at, given todays near-zero interest rates. Especially when these FTSE 100 shares are so cheap. Better still, theyre plugged into the real-world economy, and will benefit when the pandemic eases and activity picks up.

Story continues

I still see little connection between Bitcoin and the real world. Has anyone yet found a unique practical use for this crypto yet? I havent seen it. This is a radical innovation, with no USP. It doesnt even fill a gap in the market.

Bitcoin is purely a play on its own volatility. A traders toy. Price movements are driven almost entirely by sentiment. The only use I can see is getting your money out of an embattled country before authorities impose capital controls, or the economy goes into meltdown.

So the news that its climbed above $10,000 is neither here nor there. It did the same in June last year. Everyone got excited too. I cant, not any longer.

Im so over Bitcoin. I prefer to buy the shares FTSE 100 companies that offer products or services real people want to buy today. Particularly when those shares are cheap, as now. This is how I plan to build my wealth for the future.

Not by gambling on Bitcoin.

The post Bitcoin is above $10,000! Heres why Id ignore the hype and buy cheap FTSE 100 shares instead appeared first on The Motley Fool UK.

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Harvey Jones has no position in any of the shares mentioned. The Motley Fool UK has recommended Diageo, GlaxoSmithKline, Prudential, and Unilever. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.

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Bitcoin is above $10000! Here's why I'd ignore the hype and buy cheap FTSE 100 shares instead - Yahoo Finance UK

Bots, Inc to Repurpose the first Bitcoin Cryptocurrency bit and Use it to Pay an Income Producing Asset as Dividend to Shareholders – GlobeNewswire

SAN JUAN, PUERTO RICO, July 27, 2020 (GLOBE NEWSWIRE) -- SAN JUAN, PUERTO RICO, July 27, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- BOTS, Inc. (OTC: BTZI) (EXCHANGE: M06.SG), an emerging innovator of products, technologies, and services for the rapidly growing digital robotic automation and manufacturing industry announced today that it is in the process of repurposing and renaming FIRST BITCOIN (COIN:BIT) into the Basic Income Token while retaining BIT as the digital currencys symbol.

There is a growing demand for a socialistic Universal Basic Income scheme in the United States of America heralded by former presidential candidate Andrew Yang, however, our hybrid public benefit/capitalistic concept is to deliver an asset to our shareholders that produces income simply by keeping their wallets opened. The more wallets that remain open, the more secure the cryptocurrency becomes. This income will self-generate BITs 24/7 via Proof of Stake Mining (POS) protocol. Once we have hundreds of our 10s of thousands of shareholders keeping their wallets open, the blockchain becomes exceptionally secure while automatically generating BITS via Proof of Stake Mining.

Bots, Inc. and First Bitcoin Capital (OTC:BITCF) are working closely together to ensure a seamless transition of this major asset consisting of billions of BITs. Once the name of BIT is changed to Basic Income Token, Bots Inc. intends to distribute 1 BIT for each share of Bots Inc. to be held on a record date to be set for distribution as soon as August30, 2020.

This asset is only one cryptocurrency of a larger inventory of more than 100 unique digital cryptocurrencies acquired from and previously owned by First Bitcoin Capital Corp. The most significant of the transferences of these cryptocurrencies to Bots Inc., included, but was not limited to, the majority ownership of First Bitcoin (COIN:BIT), a cryptocurrency based on a unique blockchain similar to an improved version of Litecoin. This unique coin trades onLivecoin.netwith BIT included on the premier website for tracking of cryptocurrencies viahttps://coinmarketcap.com/currencies/first-bitcoin/

Additionally BOTS, Inc. in conjunction with First Bitcoin Capital has generated the interface required to manage issuance of units of a newly minted cryptocurrency based on Bitcoins blockchain utilizing the Omni protocols which are also used by Tether (COIN:USDT) in an effort to alternatively fulfill Yangs vision, defined as follows: Universal Basic Income (COIN:UBI) commemorates the presidential candidate Andrew Yangs plan for distributing $1000 per month per citizen so that each world citizen is entitled to 1000 UBI per month upon request from Bots, Inc.

In a recent article published in nature.com, Pandemic Speeds Largest Test Yet of Universal Basic Income Economists welcomed the chance to see whether giving people cash, to spend however they choose, would improve their livelihoods. Spains government has started what might just be remembered as the worlds biggest economics experiment. On 15 June, spurred by the coronavirus crisis and its economic fallout, Spain launched a website offering monthly payments of up to 1,015 (US$1,145) to the nations poorest families.

The program, which will support 850,000 households, is the largest test yet of an idea called universal basic income (UBI) in which people are given a cash payment each month to spend however they choose. It has been oft-discussed but never satisfactorily tested, and economists around the world are watching closely to see what the impact of the scheme on livelihoods will be.

The move comes at a time of unprecedented economic turmoil brought on by the coronavirus pandemic. Spain was one of the hardest-hit countries in the early days of the pandemic. The nationwide lockdown curbed the spread of the virus, but came at a staggering financial price. Millions of people lost their jobs as the economy shrank rapidly, putting many of the most vulnerable citizens at risk.

If theres ever an opportunity to try to push for some sort of income floor that can be paid out in cash to people, this is the time to do it, says Damon Jones, an economist at the University of Chicago in Illinois.

Bots, Inc. has become the first publicly traded company to announce the launch of a corporate initiated Universal Basic Income Token (UBI). Interested parties may signup to receive an invite linked here: https://www.bots.bz/ubi

Those whom request this monthly UBI distribution will be required to cover Bots nominal Bitcoin transference costs and both Bots and First Bitcoin Capital will share in a 1% transference fee to be earned in kind. We will develop unique bots that are equipped to handle the inclusion of each requesting world- citizen wishing to use our automation in order to handle the sign ups and transfers stated newly elected Company Chairman, Simon Rubin.

The creation of UBI which is under the management of Bots Inc and First Bitcoin Capital can be witnessed here: https://omniexplorer.info/asset/829

About First Bitcoin Capital Corp

First Bitcoin Capital Corp (OTC:BITCF) is the largest shareholder of Bots, Inc. as a result of exchanging the majority of its assets therefor, but began developing digital currencies, proprietary blockchain technologies, and the digital currency exchange -www.CoinQX.com(in Beta) in early 2014. We saw this step as a tremendous opportunity to create further shareholder value by leveraging management's experience in developing and managing complex blockchain technologies and in developing new types of digital assets. Being the first publicly-traded cryptocurrency and blockchain-centered company, we provide our shareholders with diversified exposure to digital cryptocurrencies and blockchain technologies.

The Company began developing its own blockchain and cryptocurrency called First Bitcoin (COIN:BIT) in 2016. Prior to transferring the majority of this asset to Bots, Inc., the Company updated the BIT wallet and added more functionality. Users are able to generate BIT through the processes of POW and POS mining. The First Bitcoin (COIN:BIT) cryptocurrency has a current supply of 20,707,629,255 BIT. It is currently trading onLIVECOIN.netwith its explorer atwww.explorer.bitcf.net.See: https://coinmarketcap.com/currencies/first-bitcoin/Contact us via:info@firstbitcoin.ioor visitwww.firstbitcoin.iofollow us on Twitter; @1stBitCapitalfollow us on Linkedin:https://www.linkedin.com/company/first-bitcoin-capital-corp/follow us on FaceBook:https://www.facebook.com/BITCF/

About BOTS, Inc.

Headquartered in San Juan, Puerto Rico, BOTS, Inc. - publicly traded on the OTC Markets under the symbol (BTZI) and on Brse Stuttgart under ticker (M06.SG) - is a diversified company developing and servicing blockchain solutions and robotics for its clientele. The Company is committed to drive the innovations needed to shape the future of digital robotic automation management through digital technology and decentralized blockchain solutions. Management is dedicated to the strong growth of Distributed Asset Technology and Robotic Process Automation (RPA).Bots, Inc. has been featured in media nationwide, including CNBC, Bloomberg,TheStreet.com. For more information, visithttp://www.bots.bzVisit us on Facebook @https://www.facebook.com/Bots.Bz/Follow us on Twitter @Bots_bz

Forward-Looking Statements

Certain statements contained in this press release may constitute "forward-looking statements." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company's filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release. Such forward-looking statements are risks that are detailed in the Company's website and filings.Contact:Paul RosenbergCEOpaul@bots.bz

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Bots, Inc to Repurpose the first Bitcoin Cryptocurrency bit and Use it to Pay an Income Producing Asset as Dividend to Shareholders - GlobeNewswire

Bitcoin Breakout on July 22? 5 Things to Watch for BTC Price This Week – Cointelegraph

The price of Bitcoin(BTC) begins a new week, ranging north of $9,000 as it awaits cues from macro markets.What could be in store for the coming days?

Cointelegraph takes a look at the major factors that could impact BTC's price this week.

Equities led a somewhat uneventful start to the weeks trading, with major stocks' futures slightly down on the day by a maximum of 0.6% at press time.

Bitcoin likewise had a quiet weekend, with volatility remaining negligible and a narrow trading corridor continuing to characterize price performance.

On Monday, BTC/USD hovered at around $9,180, having hit local highs of $9,226 earlier its highest since July 15.

As has become standard in recent weeks, coronavirus sentiment and reactions to associated remedial measures from governments and central banks dictate macro action, and Bitcoin remains susceptible to copycat moves.

With calm reigning prior to the opening bell on Wall Street, room for maneuver appeared limited, given the compression in BTC/USD over the past several weeks.

A cycle of higher lows and lower highs, the current compression cycle showed little sign of breaking this month. As Cointelegraph reported, however, the status quo is ripe for change and that should happen this week, say analysts.

This feels like a little World Cup of sorts. #bitcoin could break out on or about the 22nd, Jason Williams, co-founder of crypto hedge fund Morgan Creek Digital, tweeted on Sunday.

Investors should not treat Bitcoin as a safe haven too literally within the current market, says the CEO of cryptocurrency exchange Binance.

Speaking to Bloomberg on July 20, Changpeng Zhao, known as CZ in cryptocurrency circles, cautioned against considering BTC/USD as having a particular relationship to stocks.

I think people should not take that meaning of 'safe haven assets'too literally there are always multiple factors affecting the price of an asset, he told the network.

If you imagine Bitcoin as the same as a float and theres the Titanic sinking beside it, if theres a rope tying the float to the Titanic, then the float will sink down with the Titanic, even though the float does have floating properties its just not able to sustain that kind of load.

As Cointelegraph reported, quant analysis has suggested that Bitcoin is 95% correlated to the S&P 500.

CZ added, however, that fiat inflation and its impact on investor holdings would ultimately increase Bitcoins safe haven profile over time.

On the topic of safe havens, attention stayed focused on gold over the weekend. Similarly, as a result of coronavirus fallout, the precious metal is now up 19% year to date.

Even in the eyes of mainstream media, appetite exists among investors for an exit from fiat, which has been tarnished by central bank money printing and lower interest rates.

According to Bank of America Securitiescommodities strategist, Michael Widmer, gold may have even more room for growth than its current nine-year highs.

We need a little bit more visibility before gold prices start peaking, he told CNBC.

Data from on-chain monitoring resource Skew, meanwhile, confirms that Bitcoin has firmly beaten golds year-to-date gains:27.7% versus 18.4%.

Bitcoin versus gold 1-year chart. Source: Skew

Binance further reported significant growth in its futures products focused on altcoins, contrasting with a tailing off in activity for Bitcoin.

In July alone, the exchanges altcoin perpetual futures volume grew 150% to $5.1 billion from $2 billion, while daily volume on altcoin futures hit $2 billion.

This, it said in an accompanying blog post, underscores investor attention concentrating on altcoin markets in the wake of uninspiring Bitcoin price action.

The unusual stagnation in Bitcoins price has shifted investors appetite towards altcoins as prices surged to new all-time highs, the blog post stated.

This explosion in Altcoin demand has ushered in an altcoin season, as seen by Bitcoins declining market capitalization dominance.

Bitcoin futures aggregated daily volumes 1-month chart. Source: Skew

Which direction a Bitcoin price breakout could take is open to debate, however. Analysis suggests a pullback of 11%, in line with support as part of the current descending price channel.

At the same time, Bitcoin network fundamentals and miner sentiment remain conspicuously strong. Difficulty is forecast for another 6.3% rise in seven days time, which will constitute its highest level ever. Likewise, the average hash rate remains near its historical all-time highs.

Bitcoin difficulty 2-month average chart. Source: Blockchain

Difficulty refers to the effort required to solve equations on the Bitcoin blockchain, while hash rate is a rough measure of the computing power dedicated to mining.

While both metrics only give an impression of network health, consistent upward growth has previously resulted in a knock-on effect for price action.

Chief among the proponents of the theory that price follows hash rate is Max Keiser, the RT host who continues to be highly bullish on BTC/USD, forecasting a $500,000 price target.

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Bitcoin Breakout on July 22? 5 Things to Watch for BTC Price This Week - Cointelegraph

Bitcoin And Other Crypto Assets Excluded From Central Bank Experiments – Forbes

A picture taken on January 15, 2020 shows the facade of the Banque de France building in Paris. The ... [+] bank is working with the European Central Bank to re-imagine how new technologies can change the way money works.

The central bank of France is on the verge of conducting a series of sweeping experiments whose lessons could be used to change the way money works. Cryptocurrency wont be included. In a statement from the Banque de France, the nations central bank, which works together with the European Central Bank to determine the monetary policy of the continent, the institution today released the names of eight participants in the experiments and the scope of the work.

Participants are consulting giant Accenture ACN , settlement giant Euroclear, the HSBC bank, French firm, Iznes, etheruem platform LiquidShare, little-known startup, ProsperUS, crypto bank Seba, and Forge, Societe Generales digital capital markets spinoff. The broad parameters of the experiments include everything from testing regulation using digital currency to improve cross-border payments, an analysis of how a central bank digital currency should be made available, and importantly, to explore new methods of exchanging financial instruments (excluding crypto-assets) for central bank money.

The statement from one of the words leading central banks shows how the vaunted institutions are scrambling to learn the best that cryptocurrency, and its underlying blockchain technology have to offer, but only within limits. Neither blockchainthe shared ledger that lets bitcoin existnor the more sanitized word to describe the larger group of technologiesdistributed ledger technology were mentioned by name in the statement. As such, the work also helps define the limits of what any actual adoption of the technology might look like.

The strong mobilization around this call for candidates testifies to the interest of the actors of finance and technology for this approach aiming to explore the potential contributions of a digital money issued by the central bank to improve the functioning of financial markets, in particular interbank regulations, according to a Google GOOGL translation of the statement. A representative of the Banque de France declined to share any additional context.

Over the coming days, the Banque de France will begin conducting experiments with each of the candidates, according to the statement, with some of the projects expected to take as long as multiple months. Candidates were asked to respond to the banks call for applications for CBDC experiments by May 15. The experiments could have far-reaching implications to the decision-making processes for the central bank, which in addition to helping define Europes monetary policy and implement it in France, regulates Frances banks and insurance companies and ensures risk management.

Beyond the confines of France though, lessons learned from the central bank digital currency experiments will be contributed to the international work being led by the Eurosystem, the monetary authority of the European Union. Earlier this month, the bank joined Germanys central bank, the Deutsche Bundesbank, and the European Central Bank in co-hosting a new innovation center in Europe within the framework of the Innovation Hub of the Bank for International Settlements.

In May, European Central Bank executive board member, Yves Mersch, confirmed in a speech at industry conference Consensus, that the European Central Bank was one of at least 66 central banks exploring how lessons learned from blockchain could change the very fabric of what we consider money.

For example, Chinas central bank, the Peoples Bank of China, has taken a giant first-mover advantage in the space, starting its CBDC experiments years ago, and currently testing a working implementation. If successful, one side-effect of CBDCs could be borderless transactions, possibly giving people the choice to store Chinese Renminbi in addition to, or instead of dollars, as a global reserve currency,

Based on what we know of the nearly pervasive experiments around the world looking into the nature of CBDCs, some of the other possible changes to the way money works could include giving citizens accounts at central banks, allowing them to occasionally bypass commercial banks and receive direct access to stimulus checks and more. Another possible, but controversial side-effect of central bank digital currencies could enable online payments while maintaining the privacy citizens have historically enjoyed with cash.

Skeptics of the CBDC concept argue that so long as central banks continue to have the authority to print or issue nearly unlimited amounts of the currency the underlying problems of inflation will continue to drive people to more distributed, deflationary alternatives such as bitcoin, which has a set amount. Other skeptics point to the unlikelihood that central banks will ever actually allow citizens the same privacy they have in the real world, online, and could use the technology as a way to track their own citizens spending habits.

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Bitcoin And Other Crypto Assets Excluded From Central Bank Experiments - Forbes

FINRA Approves Names For Grayscales Bitcoin Cash And Litecoin Trusts – Forbes

KATWIJK, NETHERLANDS - JULY 7: In this photo illustration, visual representations of the digital ... [+] Cryptocurrency, Bitcoin, Etheream and Litecoin, are placed with a gold chain necklace and silver coins atop Euro banknotes on July 7, 2020 in Katwijk, Netherlands. (Photo by Yuriko Nakao/Getty Images)

Grayscale announced yesterday that shares of their digital asset funds, Bitcoin Cash Trust and Litecoin Trust, have FINRA approval for public quotation under BCHG and LTCN.They will be the first digital asset-based funds to be publicly quoted in the U.S. market.

These funds will be open-ended trusts sponsored by Grayscale and are intended to enable exposure to the price movement of the trusts underlying assets through a traditional investment vehicle. The idea is to provide an accredited investor the opportunity to invest in digital assets while avoiding buying, storing, and safekeeping digital Bitcoin or Litecoin directly.

The trusts are not yet DTC eligible. Grayscale said in its press releases, There will be no trading volume in the Shares public quotations until the respective Shares are DTC eligible, which BCHG and LTCN are expected to receive soon.The company continued, The Trusts are not registered with the Securities and Exchange Commission and are not subject to disclosure and certain other requirements mandated byU.S.securities laws.

Cryptocurrency exchanges, in general, are not yet fully regulated by FINRA and the SEC. The result has been limited adoption by large institutional investors and hedge funds.

But Grayscales achievement by moving in that direction signals that regulatory barriers can be resolved.Digital assets may become more commonplace in funds seeking alpha value opportunities and diversification.

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FINRA Approves Names For Grayscales Bitcoin Cash And Litecoin Trusts - Forbes

Why BitMEX Just Invested In This South African Bitcoin Exchange – Forbes

The parent company of BitMEX invested in South Africa's largest Bitcoin exchange.

100x Ventures, the venture arm of the parent company of BitMEX, invested in South Africa's largest Bitcoin exchange, VALR.

Two factors likely propelled 100x Ventures to invest in the exchange. First, it positions the company for additional growth in overseas markets. Second, it allows the firm to meet the demand for regional exchanges and trading services.

The Series A funding round led by 100x Ventures raised $3.4 million for the exchange. VALR says it has 40,000 users and has processed 13,000 BTC in the past month.

Reasons the Investment Could Have Been Compelling For the BitMEX Parent Company

100x Venture's investment in VALR directly positions itself to gain exposure to a developing crypto market in South Africa.

BitMEX has remained a dominant force in the futures market for several years. But, regional investments allow BitMEX and 100x Group to diversify its business further.

According to data from Skew.com, BitMEX remains as the most dominant Bitcoin futures exchange in the global market. It has an open interest of $1.02 billion, more than double its competitors, like Binance and Bybit.

The open interest of Bitcoin futures exchanges.

Another reason for the investment could have been the rapidly expanding regional peer-to-peer Bitcoin markets. In many countries outside of major cryptocurrency markets, there is a shortage of well-regulated and transparent Bitcoin exchanges.

Consequently, the volume of peer-to-peer exchanges that allow users to trade directly with one another began to surge.

Technology researcher Kevin Rooke found that peer-to-peer Bitcoin volumes recently hit record highs in India, Ghana, the Philippines, and Mexico.

Peer-to-peer trading is typically an alternative to exchanges in regions or markets that lack a proper exchange infrastructure.

Given the evident increase in demand for regional exchanges, the investment of 100x Venture fills a gap between major and relatively small crypto markets.

Arthur Hayes, the CEO and co-founder of 100x Group, said:

"South Africa has an incredibly exciting and fast-growing cryptocurrency ecosystem, and we believe VALR is well-placed to capitalize on future growth of bitcoin trading. In VALR we're backing not only a successful early-stage business, but a management team with the ability to scale operations significantly."

The Timing of the Investment Coincides With Positive Market Sentiment

After the highly-anticipated block reward halving in May, the hash rate of the Bitcoin blockchain network soared to record highs.

It shows that the mining sector is healthy, despite the abrupt decline in a large portion of their revenues.

A stable mining industry could cause selling pressure on the cryptocurrency exchange market to gradually decline in the medium-term.

The investment comes during a period when the sentiment is largely positive. The price of Bitcoin has tended to rally following every block reward halving, and some investors foresee a prolonged uptrend.

Jason Williams, the co-founder and partner at Morgan Creek Digital,saidhe expects a new all-time high for Bitcoin in 2020.

A confluence of the growing demand for regional exchanges, the need to diversify 100x Group's portfolio, and positive market sentiment appear to have led to the investment in VALR.

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Why BitMEX Just Invested In This South African Bitcoin Exchange - Forbes

Russia Shelves Plans to Criminalize Bitcoin Transactions – For Now | Regulation – Bitcoin News

Russia has dropped plans to criminalize bitcoin transactions for now, according to local media reports.

The Digital Financial Assets Bill (DFA), due to be read for the second time in the Russian parliament or State Duma on July 21, has removed references to administrative and criminal liability for dealing in bitcoin (BTC). A third and final reading will establish it as law.

There will be no liability in this bill, Anatoly Aksakov, head of the parliaments financial markets committee, told local news agency Ria Novosti. Aksakov, who is sponsoring the draft law, said the idea to penalize BTC investors with fines and jail terms had been set aside for the time being.

Theyve removed everything, theres only a link that the regulation of digital currency will be determined in another law, he stated.

An earlier version of the DFA bill proposed to levy fines of up to $7,000 or seven years in jail for individuals buying bitcoin with cash. It also planned to punish companies that issue or operate virtual currencies without approval from the Russian central bank, with fines of up to two million rubles or about $28,000.

Under the original bill, companies would have to pay the equivalent of one million rubles ($13,900) and individuals at least 200,000 rubles ($2,800) for violation of the rules for transactions with cryptocurrencies, if they are used as payment for goods or services.

According to Aksakov, the revised draft law, in its current format, now deals with issues around the definition of digital financial assets and establishes requirements for blockchain operations, among other matters.

He expects the proposed law to enter into force on January 1, 2021, once it is adopted in the second and third readings, in the spring session. The State Duma spring session ends July 23, Ria Novosti reported.

However, Russian lawmakers are planning another special law on crypto regulation that might reintroduce severe penalties for dealing in BTC, as originally proposed.

There will be a special law on digital currency, which can be adopted in the autumn session, Aksakov was quoted as saying. The autumn session ends in December.

Cryptocurrencies remain a grey area in Russia, with the legal status of smart contracts, initial coin offerings and mining not clearly defined despite a raft of proposals brought to parliament for this purpose.

What do you think about the Russias proposed crypto law? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Russia Shelves Plans to Criminalize Bitcoin Transactions - For Now | Regulation - Bitcoin News

Market Wrap: Bitcoin Near $9,600 as Gold Hits High, Uniswap Liquidity Over $100m – CoinDesk – CoinDesk

As bitcoin closes in on $9,600, gold surpasses $1,900 and DeFi liquidity steadily grows.

Gold is on the brink of an all-time high, up 0.80% Friday, at $1,901 per ounce. Sweden-based over-the-counter bitcoin trader Henrik Kugelberg sees gold nearing its all-time high as a positive for the worlds oldest cryptocurrency. Bitcoin will pass $20,000 in a surge. I suspect a new normal discounted bitcoin price will be around $15,000 in 2021, like it has been around $9,000 in 2020.

Bullish bitcoin traders love to talk about gold, since they see similarities between the yellow metal and the cryptocurrency. I think we are just a couple weeks or months out from a strong continuation on bitcoin as gold reaches $1,900 today, said William Purdy, a New York-based equity options and crypto trader.

Indeed, golds jump this week occurred as bitcoin eked gains and the S&P 500 U.S. stock index performance was back to being flat for 2020.

Kugelberg is pessimistic on stocks for the balance of 2020. I believe there will be at least a 30% drop in stocks on average at the latest in Q4. So where to go? To real assets with lasting value, said Kugelberg. He mentioned gold, bitcoin and property as real assets.

Bitcoin bulls have momentum on their side for now, said Alessandro Andreotti, an Italy-based over-the-counter bitcoin trader. The crypto market is likely to be heading towards a bullish continuation from here.

Within crypto, ether is doing even better than bitcoin this week. ETH/BTC, that is, ether priced in bitcoin, has seen a jump in the past few days.

Ether prices have increased almost 12% against bitcoin, said Aaron Suduiko, a research analyst for cryptocurrency exchange OKCoin. It will be interesting to see whether any trends develop in the event that more DeFi projects continue to grow.

Uniswap crosses $100 million in liquidity

The second-largest cryptocurrency by market capitalization, ether (ETH), was up Friday trading around $283 and climbing 3.6% in 24 hours as of 20:00 UTC (4:00 p.m. EDT).

The recent gains in ether are due to the on-going thematic chatter on social media around new DeFi projects that have been showing considerable strength, said Purdy, the equity options and crypto trader. Indeed, Uniswap, a decentralized exchange (DEX), for trading various DeFi project tokens, surpassed $100 million in liquidity Friday.

Instead of order books, Uniswap uses liquidity pools that investors can stake cryptocurrency into and profit or yield from trading fees on the DEX. This liquidity is what enables Uniswap traders to quickly exchange between ether and various Ethereum-based ERC-20 tokens, with total daily volume reaching $71 million per day, according to data aggregator Dune Analytics.

Other markets

Digital assets on the CoinDesk 20 are mostly red Friday. Notable winners as of 20:00 UTC (4:00 p.m. EDT):

Notable losers as of 20:00 UTC (4:00 p.m. EDT):

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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Market Wrap: Bitcoin Near $9,600 as Gold Hits High, Uniswap Liquidity Over $100m - CoinDesk - CoinDesk

Bitcoin Price Holds Key Support and Is on the Verge of Testing $10,000 – Cointelegraph

Recently, the price of Bitcoin (BTC) has been showing virtually zero volatility. This volatility decreased particularly as of late while Bitcoin was resting on the crucial support level of $9,000.

But on July 21 Bitcoin finally made a sudden move, as expected in the latest analysis, and the price surged from $9,100 to $9,400. So is volatility back or is this just nothing more than a blip? Lets take a closer look.

Crypto market daily performance. Source: TradingView

The price of Bitcoin held the crucial support at $9,000 and broke upwards. However, the price of BTC is still inside the ascending triangle structure.

This means that the price of the top-ranked cryptocurrency by market capitalization is continuously making higher lows since the March 12 crash. Since then, every previous resistance level got confirmed for support, initiating bullish support/resistance flips and further upwards continuation.

BTC/USDT 1-day chart. Source: TradingView

The crucial area to hold was the range between $8,900-9,000 (on smaller timeframes). The recent low at $8,500-8,800 flipped into support already, after which the same occurred with the $8,900-9,000 range.

Similarly, Bitcoins price is still acting above the 100-day and 200-day moving averages (MAs), which is a bullish signal. As long as Bitcoins price remains above these MAs, the market is in bull territory.

However, a sudden massive surge is unlikely to occur, given that Bitcoins price is still acting inside an enormous range.

BTC/USDT 4-hour chart. Source: TradingView

The likeliness of a $1,000 candle is getting higher once Bitcoin reclaims the untested levels, shown in the chart.

Until then, the likelihood of continued range-bound movements persists. In this case, every previous level is likely to receive a test for confirmation of the breakout, after which the next level will likely get tested.

The yet-untested levels in the previous month are $9,650, $9,800 and $10,100. Once the price of Bitcoin breaks through the $10,100 barrier, massive continuation is likely to occur with a giant surge.

The $9,200 resistance broke earlier today, which immediately led to a surge to the $9,400 resistance zone.

BTC/USDT 4-hour bullish scenario chart. Source: TradingView

The bullish scenario would mean a continuation toward the $9,600 level in one-go or a corrective move before continuation.

In that regard, a retest of the previous level at $9,200 for support is not typical. If such a retest occurs, the next compression and breakout will likely open the door to $9,600 and possibly $9,800.

As the chart shows, these movements are the exact opposite of what the market has witnessed previously. In the past month, the market witnessed an overall slip, though now the opposite is more likely in the coming weeks.

Currently, the crucial support level to hold is $9,200 as this boosts the chances of more upside.

BTC/USDT 4-hour bearish scenario chart. Source: TradingView

The bearish scenario also has the critical pivot at $9,200. In this scenario, the price of Bitcoin cant break $9,400 and immediately loses the $9,200 support level.

If that happens, a further downward drop is likely to be expected as the ascending triangle becomes invalid.

The key levels to watch here include the crucial pivot at $9,200. Losing that level would warrant a test of the $8,400-8,700 area and possible continuation towards the $7,500 region.

Overall, the market should sustain upward momentum as long as $9,200 holds, which also increases the chances of testing new yearly highs.

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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Bitcoin Price Holds Key Support and Is on the Verge of Testing $10,000 - Cointelegraph

Here’s How to Check If a Bitcoin Address Is a Scam – Bitcoin News

With the rapid rise in the number of bitcoin scams, there are easy ways to check if a bitcoin address has been reported as being used by scammers, such as in fake bitcoin giveaways. You can also easily report any bitcoin address associated with a scam.

The number of bitcoin scams has been rapidly rising. Many of them ask people to send bitcoin to the addresses they provide, such as bitcoin giveaway scams that promise to double the amount of bitcoin you send. The great Twitter hack last week, for example, had many high-profile accounts tweet about fake bitcoin giveaways.

Before sending your bitcoin to an address, you can check to see if that address has been reported as one being used in a scam. Bitcoin Abuse is a popular website with a public database of bitcoin addresses used by hackers and criminals. You can look up a bitcoin address, report a scam address, and monitor addresses reported by others.

If the bitcoin address you are searching on the site has been reported by others, the site will display information, such as the number of times the address has been reported, the last report date and time, the total amount of bitcoin it has received, and the number of transactions. There will also be a link to Blockchain.info for you to track the transactions for the address. The site will also display all the reports filed on the address.

The Bitcoin Abuse website also provides some statistics on the number of bitcoin scams reported. At press time, there have been 156 reports in the last day, 989 in the last week, and 4,112 in the last month.

Another website where you can easily look up a bitcoin address is Scam Alert, a recently-launched platform created by blockchain tracking and analytics provider Whale Alert. The site explains that its mission is to make blockchain safer to use for everyone by exposing scammers and other criminals who abuse it. Users are encouraged to Report scams, thefts and fraudulent websites involving any blockchain or cryptocurrency.

When inputting an address that has been reported as one used by scammers, the site will immediately pop up a message that reads: Confirmed scam This address has been confirmed by Scam Alert as a scam. Do not send any payments to this address.

You can also view the scam report on the address that shows information such as a description of the scam, any associated websites, the number of times it has been reported, and the lifetime earnings of the address in U.S. dollars.

The Scam Alert website also provides some useful information about different types of crypto scams, such as sextortion, ransomware, Ponzi schemes, giveaways, dark web, and theft. It offers some basic scam prevention advice, such as dont trust anyone and verify. The sites list of the top 10 scam addresses shows that the most successful scams based on funds received are Ponzi schemes, fake exchanges, and fake bitcoin giveaways.

Youtube also has plenty of bitcoin scams, particularly fake giveaways, both in videos and ads. Scammers would claim that famous people are giving away bitcoin, such as Spacex and Tesla CEO Elon Musk, Microsoft founder Bill Gates, Virgin Galactic chairman Chamath Palihapitiya, and Amazon CEO Jeff Bezos. The fake Elon Musk BTC giveaway is one of the most successful bitcoin scams, having raked in millions of dollars.

Before last weeks Twitter hack, Whale Alert reported on July 10 that is had been able to confirm 38 million US dollar in bitcoin alone stolen by scammers over the past 4 years (excluding Ponzi schemes, which are a billion-dollar industry on their own), 24 million of which during the first 6 months of 2020.

There are many other schemes aimed at tricking you to send them your bitcoin. As news.Bitcoin.com previously reported, they include Bitcoin Trader, Bitcoin Revolution, Bitcoin Evolution, Moon Bitcoin Live, Bitcoin Loophole, Bitcoin Superstar, and Bitcoin Era. There are also plenty of bitcoin email scams. Many of them may even look legit, well-ranked by Google, with paid reviews on legitimate websites, such as the Associated Press. However, you are not likely to see any bitcoin returned if you send them your coins. One scam even leaked personal data of 250,00 people from 20 countries. Take caution and do your research before sending bitcoin to anyone.

What do you think about all these scams? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Bitcoin Abuse, Whale Alert, Scam Alert

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Bitcoin Created The Future Of Money, But Needs To Work With Incumbents Like PayPal – Forbes

Developments like those at PayPal PYPL and other intermediaries like Mastercard MA are great news for the crypto space; blockchain and crypto organizations should continue to collaborate with incumbents.

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Much has been made written and spoken about the recent foray by PayPal and others into the cryptocurrency space, but that is just the tip of the iceberg in terms of blockchain and cryptoasset development. Adding 300 million customers who will be able to transact with crypto, and do so on a peer-to-peer basis, is good news for the ecosystem at large. Such developments might seem antithetical to the original idea and concept of bitcoin, but are key to the continued expansion and development of cryptoassets.

Bitcoin was an ideal, and while that ideal has not exactly worked out as planned, there are several developments that continue to accelerate blockchain and crypto adoption. Intermediaries and third parties might have been the players that crypto was designed to disrupt, but in order to actually get cryptocurrencies to be used as legitimate fiat alternatives there does seem to be a need for these intermediaries to be involved. Stablecoins and CBDCs are simply symptoms of a much broader trend toward more semi-centralized and centralized blockchain and cryptoasset options.

Lets take a look at just why the blockchain and crypto space needs, and will benefit from, the involvement of third parties and intermediaries.

Stability. Engaging third parties will help encourage broader usage of cryptocurrencies as fiat alternatives, and not just as investment options. Price stability has long been an issue for truly decentralized cryptocurrencies, but by involving some of the major payment processors, price volatility will hopefully become less of an issue. By working with, as opposed to against, incumbent financial institutions and third parties, cryptoassets will gain greater stability and greater utilization.

Prices for specific crypto can be higher or lower than others, but having the backing and infrastructure of well known payment processors can help reduce some of the more stomach churning price volatility.

Functionality. Crypto was designed to be a legitimate alternative to current fiat currencies, but in order for that to actually come to fruition these options need to be as convenient and as simple to use as current options. Linking in third parties, payment processors, banking institutions, or some other sort of institution will help make this possible. In the aftermath of the bitcoin price bubble of 2017, multiple peer-to-peer services and platforms have emerged, so in order to achieve mainstream adoption, crypto options will need to be as customer friendly as these current tools.

Venmo, Zelle, and Cash App should be leveraged to help make conducting crypto transactions, including being able to reverse or edit crypto transactions. Mistakes happen, and consumers need the confidence to ensure they can undo these mistakes.

Regulatory clarity. The rise of stablecoins, asset backed coins, or other forms of central bank digital currencies might strike many as the antithesis of the idea of cryptocurrency. As appealing a slogan as that might be, that is only a partial view of the situation; to get cryptocurrencies and blockchain at large to go mainstream, there is going to be a need for increased regulatory clarity. By working with established payment processors and financial institutions, all of whom already have experience dealing with the numerous compliance and regulatory rules, the pace at which crypto regulations are resolved will only accelerate.

Depending on which counterparty, individual, or institution is asked, the bringing together of blockchain and crypto organizations with established incumbents can be seen as good or bad news. Bucketing these developments into one single category, however, represents an incomplete view of the marketplace as well as one that will hamper the continued growth of the ecosystem.

Cryptocurrencies and digital money at large are the future of money, that much is clear, but in order for cryptocurrencies to fully generate and create the promised benefits it is increasingly clear that incumbent institutions must be brought into the conversation. Regulatory experience, price stability, and the increased clarity with which crypto can be treated and reported are simply a few of the benefits that can be derived from such an arrangement.

Blockchain and crypto are the future, and in order for that future to play out as promised, there needs to be partnership between crypto and incumbent financial institutions. This collaboration should be celebrated, encouraged, and accelerated if crypto ever hopes to achieve the widespread utilization that much of this promise is based on.

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Bitcoin Created The Future Of Money, But Needs To Work With Incumbents Like PayPal - Forbes


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