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Blockchain interoperability will be key to successful projects this year – Yahoo Finance

Posted on January 30, 2020 by Danzig

The ability to share information across different blockchain networks is seen as one of the most important steps in the mass adoption and evolution of the blockchain industry.

The term blockchain interoperability has been tossed around for some time now, yet the vast majority of projects are still operating in siloes, thereby preventing the industry from reaching its full potential.

Recently, new organisations have sprung up that aim to facilitate interaction between networks and ensure the concept of decentralisation is fully realised.

What is blockchain interoperability?

Blockchain interoperability means the ability to share, see, and access information across different networks without the need for intermediaries.

Currently, blockchain networks operate independently from one another. The Bitcoin blockchain, for instance, operates entirely separately from the Ethereum network.

There are vast numbers of projects out there, all of which have different characteristics such as the type of transactions, hashing algorithm, or consensus model and which specialise in a particular area. Some networks are designed for specific groups, organisations, or governmental departments.

None of these networks have knowledge of the information contained on other networks, despite operating in the same industry.

ConsenSys has argued that the ecosystem is currently in danger of Balkanisation becoming a series of unconnected systems operating alongside, but siloed from, each other.

Its research paper warned: We would be left with a scattered collection of siloed blockchains, each supported by a weak network of nodes and susceptible to attack, manipulation, and centralisation.

Why is blockchain interoperability important?

The ability of different blockchain networks to interact with each other and share information is regarded as critical to the success of projects and the industry in general.

In fact, interoperability is crucial in any software system it simply wont work to its full potential if it cant work with other software. For example, most mobile apps that allow payments have to interoperate with PayPal.

As IBM fellow and vice president for blockchain technologies Jerry Cuomo recently pointed out: Interoperability in digital systems is important period.Blockchainhappens to be the latest and greatest recent breakthrough in that, so it applies equally as well.

Interoperability is thought to be an important precursor to blockchains mass adoption because it would hopefully enable smooth information sharing, easier execution of smart contracts, a more user-friendly experience, the opportunity to develop partnerships, and the sharing of solutions.

At the same time, removing the need for intermediaries or third parties would push the industry closer to its goal of decentralisation.

The concept of decentralisation and blockchain interoperability are closely related, said Jack Lu, founder and CEO of Wanchain.

Interoperability is the ability to freely share information across all blockchain networks. In a fully interoperable ecosystem, if a user from another blockchain sends you something on your blockchain, you will be able to easily recognise and interact with it.

Blockchain projects that want to implement interoperability into their platform want to create an ecosystem that will enable different blockchains to easily communicate with each another without the need for an intermediary like a centralised exchange.

Projects focusing on blockchain interoperability

Several projects have launched that aim to encourage and facilitate blockchain interoperability.

One of the most well-known is Cosmos, which aims to act as an ecosystem of blockchains that can scale and interoperate with each other.

The end goal is to create an internet of blockchains a network of blockchains that can communicate with one another in a decentralised way.

The companys website states: With Cosmos, blockchains can maintain sovereignty, process transactions quickly, and communicate with other blockchains in the ecosystem, making it optimal for a variety of use cases.

Other well-known projects include Polkadot, which facilitates transactions and data exchange; Aion, which is working towards integrating artificial intelligence in its consensus model; and Ark, which lets users create new blockchains within minutes.

Story continues

Moving forward

Interoperability could be a game changer for the blockchain industry, but there are still lots of hurdles to overcome.

Many blockchains continue to move in different directions, are out to compete with one another and dont have features that would support interconnection.

But as interoperability start-up ventures gain traction, it could help to persuade networks that the seamless exchange of data is crucial to the success of the entire market.

The post Blockchain interoperability will be key to successful projects this year appeared first on Coin Rivet.

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Blockchain interoperability will be key to successful projects this year - Yahoo Finance

Blockchain: the key to unlocking the full potential of ESG initiatives – Supply Chain Digital – The Procurement & Supply Chain Platform

Posted on January 30, 2020 by Danzig

Sustainability has sat at the heart of this years World Economic Forum (WEF) agenda in Davos, with themes including How to save the planet and Better business. Environmental, Social and Governance (ESG) responsibility. Itis viewed in a number of different ways by corporates: some see it as a business strategy, others think of it is as a form of marketing spin and others see it as a self-regulatory initiative. What we can all agree on, however, is that ESG has now become a key business imperative and its here to stay. Despite what the motivations may be, its clear that positive ESG outcomes will have an impact on our society. Key to this is ensuring we have effective means to measure our progress, as this will help us meet sustainability goals and prove weve achieved what we set out to do.

The growing importance of ESG

In 2015, the United Nations (UN) published The 2030 Agenda for Sustainable Development, which perhaps served as an inflexion point in ESG. At its heart are 17 interconnected Sustainable Development Goals (SDGs), which, according to the UN, are the blueprint to achieving a better and more sustainable future for all. In qualitative terms, it is fairly easy to talk about things like Industry, Innovation and Infrastructure (Goal 9) or Responsible Consumption and Production (Goal 12), but if the objective is to unequivocally demonstrate our achievements around SDGs, we must be able to prove our progress with quantitative metrics.

In practice, this means 1) identifying key performance indicators (KPIs); 2) measuring where they are today; 3) defining a target for those KPIs; and 4) creating and implementing a plan that delivers the desired outcome. As that plan is implemented, we must make sure that we continuously measure our KPIs to validate our progress; essentially, we need to create an auditable record of how we come to achieve our goals. In short, this is simply the introduction of traceability into ESG policies.

Authenticating ESG progress

Traceability is critical to the achievement and communication of SDGs, as well as the overall ESG strategy. Companies must be sure that, when communicating their sustainability success stories to the world, they have an indisputable record that authenticates their message. Simply setting goals isnt enough: in a world where ESG efforts are coming under increasing scrutiny, not only by the regulators who have woken up to the challenges we are facing as a society but also by increasingly conscious consumers, its time to show some evidence.

As Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, said last year: We should embrace independent tracking tools for assessing progress under the Paris agreement and the SDGs and implement stakeholder capitalism by introducing an environmental, social, and governance (ESG) scorecard for businesses. This sentiment was reflected at Davos 2020, with the Forum discussing how to create a general framework for companies to demonstrate and verify their long-term sustainability and integrate ESG considerations alongside their financial reporting.

The challenge, however, is introducing traceability into ESG policies, which often involve complex supply chains and industrial processes. The only truly effective way to do this is by embracing the power of technology, which is the key to achieving global goals.

Why blockchain?

The question that then remains is: why, out of the many digital technologies available, should we pay closer attention to blockchain when it comes to sustainability goals?

It all goes back to traceability and those auditable records that prove progress. The principles of transparency and trust enshrined in its foundations, coupled with its immutability and ability to digitally represent assets moving along value and supply chains, make blockchain the clear choice to introduce traceability into industrial processes. Through the adoption of a transparent digital agenda, i.e. deploying blockchain technology to prove transparency in a way that no other digital technology can, businesses will improve their sustainability credentials and make reporting easier.

Blockchain can be the missing link in the supply chain – Construction News

Posted on January 30, 2020 by Danzig

Much has been made of the potential for blockchain to transform processes in the construction industry, with the technology potentially offering greater transparency and oversight across projects and payments. But less attention has been paid to the cultural and behavioural changes it could foster.

Blockchain is a distributed digital ledger, designed to eliminate the need for a trusted third party to audit transactions. The technology stores the details of transactions in real time within logical blocks, which are cryptographically linked together to produce a verified, chronological record of activity that is effectively impossible to tamper with once created.

Any claims or disputes about what was agreed upon by the interested stakeholders can be checked against the information held on each block in the digital chain. This single source of information provides a readily accessible chronology of timestamped data, yielding a clear record of cause, effect and ownership. This process also has the potential to offer a real time audit trail, with improved management of costs.

In the construction industry, trust between parties is often low and legal disputes are all too frequent. How can this burgeoning technology incentivise behavioural change?

Increased accountability for everyone usually leads to better supply chain performance

The use of smart contracts in construction projects is one of the most exciting growth areas in the industry, with the potential to foster positive changes in the client-contractor relationship. Smart contracts can provide automation for the entire breadth of the contracting process from planning and tendering, through creation and negotiation, and in use from commencement to completion.

Taking a simple example outside of the construction sector, consider a smart contract between a YouTube influencer and an advertising agency. The YouTube user might be automatically paid one cent for every view of a video in which a particular product is featured.

The smart contract works by overseeing the contractual mechanism for the agreement between the two parties where code within the contract automatically validates the video. From the moment a new video is uploaded to YouTube, there is no human supervision of the process.

The construction industry is built on personal relationships that resonate throughout the supply chain. But imagine if clients and contractors applied the use of blockchain-based smart contracts to their own operations. This could enhance existing relationships by ensuring that trust commits each signatory to their word.

Beyond payment transparency, the technology can drive greater clarity about roles and responsibilities during the construction process and push project partners from materials suppliers to surveyors to perform better. In my experience, increased accountability for everyone usually leads to better supply chain performance, which has the knock-on effect of boosting project productivity.

In addition, crucial updates about the project such as delivery of materials on-site could be automatically sent to everyone in real time. This would decrease project delays and the need for rework.

Blockchain is not the solution to all of the construction industrys challenges. It cannot, for example, solve inherent issues that might be the cause of a contractors financial instability.But blockchain can drive cultural and behavioural shifts in the sector, from the boardroom to the site, if it is readily adopted by contractors and clients alike. The only barrier is our appetite for change.

Tim Thomas is senior cost manager for infrastructure at Turner & Townsend

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Blockchain can be the missing link in the supply chain - Construction News

The News Provenance Project Wants to Save Journalism Using Blockchain – Adweek

Posted on January 30, 2020 by Danzig

Theres a curious sense of irony that The New York Times R&D Lab is looking at an unrefined, if not undeveloped, technology to fix an industry beset by issues created by, well, technology.

Over the past couple of years, the Times has been working with IBM to create The News Provenance Project, looking to answer a few questions that dance around two main themes: the rise of misinformation and using technology to blunt the spread of that misinformation. This week, the team released its first batch of findings and design principles.

Marc Lavallee, the media companys R&D chief, told Adweek the company is looking at how it can help build an ecosystem of solutions, not just conduct fact checks or have a reporter on the misinformation beat.

Its about finding multiple seeds and starting points of collaboration, Lavallee said. Were trying to do two things: figure out from different angles what different parts of the solution look like, and two, the opportunity to use the name recognition of New York Times to get everyone to work together. Its not just tech companies but other news organizations. Misinformation is an everyone problem.

The idea seems relatively straightforward. In an age when images are manipulated and deepfakesget more sophisticated each day, using blockchain technology to show readers and viewers where and how an image, static or moving, has been changed can be an important way for consumers to understand where the image actually came fromtrusted source or not.

Perhaps at a more foundational level, the main question The News Provenance Project seems to be asking is: Can blockchain save journalism, if not society? Lofty, yes. But what is an R&D Lab if not reaching for the stars.

Using blockchain technology and user research, the skunkworks team of five shared its findings earlier this week about the problem space, user insights and technological solutions, according to Lavallee.

As he wrote on LinkedIn, his team developed a simple perspective about content: Users have a right to know where it came from. That means all the images, text, video and audio in their social media streams and on news websites.

Putting images on the blockchain through the metadata can let readers know those images havent been altered and that they arent fake news, no matter what the memes say.

While internet users can see the view source of a webpage with a right-click, we dont have a mechanism yet to understand how that information ended up there. Or as Lavallee put it, We should also be able to view SOURCESnot just the source code, but also the people that uploaded the content.

For example, one discovery was that people are capable of being discerning, yet rather than ask themselves whether a post is true or not, they are motivated by whether they find a post interesting, Emily Saltz, the UX lead for The Provenance Project, wrote in a Medium post outlining the research.

Project lead Sasha Koren, who is now an editorial consultant, went on to describe in a different post the creation of several design principles for how digital platforms and publishers might better communicate information about photo provenance.

Some of those principles are assessing visuals for source information at the same time a photo is uploaded, using prompts to induce a more critical mindset, and highlighting details that users can understand for themselves.

All of this is in service of the reader, but perhaps more nobly, society. If journalism is to help inform the public and to let society make better decisions based on accurate and truthful information, then we need to establish protocols and systems to let readers understand what theyre seeing. Its no longer putting trust in one person, like the TV anchor or the newspaper columnist. The News Provenance Projects bet is that blockchain is that technology to help us all.

However, blockchain has fallen out of favor among many of its participants. The technology is confusing at best, and to get publishers across the internetmany of whom actually make a pretty penny from peddling Photoshopped imagesto adopt an immutable ledger seems, perhaps, a bit idealistic.

The promise of a technology saving journalism, while not newhello, ad techdoes hold a particular kind of idealism that speaks to the very real, dark timeline the media industry lives in.

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The News Provenance Project Wants to Save Journalism Using Blockchain - Adweek

Bitcoin Aint What It Used To Be, Pioneer Investor Says – Cointelegraph

Posted on January 30, 2020 by Danzig

A millionaire by age 18, early Bitcoin (BTC) investor Erik Finman said the environment around Bitcoin has significantly changed since 2011 and not for the better.

It just aint what it used to be, Finman told Cointelegraph in a message on Jan. 26, 2020.

Recounting the early days, Finman explained:

Bitcoin, when it first came out, was incredible. It wasnt just cutting edge technology - it was bleeding edge! You just felt the energy in the air. That this was the real deal. Everyone felt united in this cause this mission. Those were some of the most beautiful moments of my life.

Finman made headlines over the past several years for his success as a young Bitcoiner. Finman invested $1,000 into BTC in 2011, turning him into a millionaire by the age of 18 due to Bitcoins dramatic price increases, Cointelegraph detailed in June 2017.

In late 2018, however, Finman expressed his thoughts on Bitcoins eventual demise based on several factors, including community infighting, etc.

The atmosphere seen in Bitcoins early days is now gone, Finman told Cointelegraph. Adding to his reminiscence of the assets beginnings, he noted:

[T]hose times of unity & cutting edge technology seem to be left in the past. I really care about Bitcoin - but the community cant seem to get it together in my opinion. Ive tried to get involved within the community to fix it - but it was very hostile. There is still wonderful people in the community and incredibly smart people working on the technology problem.

A popular opinion in the crypto space sees Bitcoin hitting a $100,000 price tag at some point. Finman sees no real chance for a $100,000 or $1 million Bitcoin if the community does not change, barring any drastic global disruptions, he explained.

Even if the world were to destabilize, Bitcoin isnt necessarily THE CRYPTOCURRENCY for people to put their money in, in a time like that, he said, noting Monero and Zcash as potentially better options.

Relating the situation to the death of a popular social media entity, Finman added, Bitcoin is the next MySpace if the community cant make drastic changes.

Finman has been in the Bitcoin game a considerable length of time, so his comments carry weight. Finman first invested in Bitcoin at the age of 12, so his views on the overall situation in 2011 may have differed from adults who bought it at the same time.

Several data points do, however, line up with Finmans comments on community disagreements, including the Bitcoin Cash (BCH) fork in 2017, and the birth of Bitcoin maximalism.

Cardano founder Charles Hoskinson has also expressed issues with Bitcoin. One of the biggest problems with Bitcoin, [...] is that its blind, deaf and dumb and that was by design, Hoskinson said in October 2019 in an interview on Anthony Pomplianos Off the Chain podcast.

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Bitcoin Aint What It Used To Be, Pioneer Investor Says - Cointelegraph

Bitcoin Price Climbs to $9,500 After Third Higher High in One Week – Cointelegraph

Posted on January 30, 2020 by Danzig

For the second time this week, Bitcoin (BTC) bulls have protested against any attempts to push the digital asset below the $9K mark. Earlier today, the price dropped slightly below $9,200 but the pullback stopped right at the Jan. 19 high at $9,198 before reversing to surge higher on a high volume spike.

Bitcoin daily price chart. Source: Coin360

The move to $9,530 set a daily higher high for the third time this week and traders will note that purchasing volume is also rising higher each day which are all signs that the asset is in a strong bullish trend.

BTC USDT 6-hour chart. Source: TradingView

On the shorter time frame, one can see that the pullback to $9,194 led the price to touch the $9,190 support where the price had bounced twice before further continuation to $9,530 occurred.

BTC USDT 1-hour chart. Source: TradingView

The relative strength index (RSI) has popped into overbought territory on the 4-hour and daily timeframe and there is also a tweezer top on the 1-hour chart. This suggests that the price may pull back for a brief consolidation, but there also appears to be plenty of demand and support at $9,366. Furthermore, this week $9,200 has proven to be a decent level of support.

BTC USDT daily chart. Source: TradingView

Meanwhile, on the daily timeframe, the moving average convergence divergence (MACD) histogram shows increasing momentum and the signal line continues to rise, nearly reaching its previous Jan. 18 high at 400.

In the event that $9,200 gives way as support, the price could drop to the 200-daily moving average (DMA) at $8,900, a level that the volume profile visible range (VPVR) also shows as a point of interest to traders.

On the bullish side, if traders can hold the price above $9,500, the VPVR shows a volume gap from $9,418 to $10,166. If buyers step in to provide consistent volume, we could see the price rise to $10,166 over the short term.

Bitcoin daily price chart. Source: Coin360

The overall cryptocurrency market cap now stands at $261.1 billion and Bitcoins dominance rate is 66.1%. A handful of large-cap altcoins also mirrored Bitcoins gains. Most notably, Litecoin (LTC) rallied 12.96% and EOS is up by 6.44%. Tezos (XTZ) also posted an impressive 6.60% gain.

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Bitcoin Price Climbs to $9,500 After Third Higher High in One Week - Cointelegraph

Why Tomorrows Monthly Close In Bitcoin Could Be Its Most Critical Yet – newsBTC

Posted on January 30, 2020 by Danzig

In financial markets, high timeframes are the most important when it comes to technical analysis and influence on the overall trend. The same is true for Bitcoin, and all eyes are on tomorrows January monthly candle close.

Depending on how and at what price point tomorrows candle closes, it could determine Bitcoins trend for the next year or more, suggesting that tomorrow nights daily and monthly close could be the crypto assets most significant yet.

Bitcoin may have bottomed in late December 2019 at a low of $6,400. It started the new year and January 2020 off with another test of $6,800 but has since rallied over 40% to over $9,500 at the current local high.

Related Reading | Bitcoin Price Just Surged Past $9,500 as Traders Predict a Supercharged Rally

However, more upside appears to be ahead, especially if bulls can close tomorrow nights monthly candle above $9,158, according to prominent crypto analysts FilbFilb.

A close above that level would be a new higher high on monthly timeframes, the first box checked that a new uptrend is forming. The second requirement is a higher low, which has yet to be put in yet following a higher high.

But thats not the only bullish factor to consider, according to the analyst.

The MACD is crossing over the zero line suggesting that an uptrend is forming and picking up in strength.

The analyst is among the most respected across the crypto industry, famously calling the price level of Bitcoins bottom based on miner cost of production, and recently called the local bottom at $6,400 based on this same metric.

However, there are even more bullish factors beyond what the analyst is pointing out. In addition to the MACD turning upwards, Stochastic, another trend measuring indicator, is also beginning to turn upward on monthly timeframes, as is the Relative Strenght Index.

Bitcoin is also holding above the mid-Bollinger Band, which could result in a retest of the upper band currently at $11,500.

If Bitcoin closes above even $8,500, it would be a confirmation of a morning star pattern based on Japanese candlestick formations, which is a powerfully bullish reversal structure.

Related Reading | 10 Factors Confirm a New Crypto Bull Market Has Officially Begun

All of these signs suggest that a new bull run is about to begin, but it all hinges on tomorrow nights monthly candle close.

To say that the close is critical is an understatement, as it could be the deciding factor between a new bull market in 2020 or yet another year of bear market.

All eyes will be on Bitcoin price charts tomorrow night. Will the cryptocurrency close above $9,200 and signal a higher high on monthly timeframes? Let us know in the comments below.

Why Tomorrows Monthly Close In Bitcoin Could Be Its Most Critical Yet - newsBTC

This is the right amount of bitcoin to keep in an investment portfolio – CNBC

Posted on January 30, 2020 by Danzig

eclipse_images | E+ | Getty Images

If you can't beat the crypto crowd, it might be time to join them, experts say.

Virtual currency and its underlying technology, blockchain, are here to stay and that means both will play some role in investors' lives.

"It's actually very hard to decouple blockchain and bitcoin," said Sunayna Tuteja, head of digital assets and distributed ledger technology (DLT) at TD Ameritrade.

She spoke at the TD Ameritrade LINC conference in Orlando, Florida, on Wednesday.

"On the one end, how do we commercialize the value of DLT and blockchain to bring more innovation to traditional markets?" Tuteja asked. "On the other end of the spectrum: How do you tap into this nascent asset class?"

Cryptocurrency at least bitcoin has staying power. "Because there's a fixed number of bitcoin, it's inflation-proof and it's virtually instantaneous," said conference speaker Ric Edelman, founder of Edelman Financial Engines.

Even investors in retirement plans are dipping a toe into the asset class.

In the third quarter of 2019, the Grayscale Bitcoin Trust, which tracks the price of the cryptocurrency, was the fifth-largest holding among millennial investors in Charles Schwab's self-directed brokerage accounts.

Self-directed brokerage accounts are sometimes offered within retirement plans and allow investors to select individual stocks, bonds and other assets that aren't on a 401(k) plan's general investment menu.

Luc MacGregor | Bloomberg | Getty Images

The price of bitcoin surged to its zenith on Dec. 15, 2017, when one unit of the virtual currency was valued at $19,650. The price cratered a year later, slumping to $3,183 on Dec. 14, 2018.

As of Jan. 30, one bitcoin is equal to about $9,300.

Volatility notwithstanding, this virtual currency also carries little correlation with other asset classes investors may hold in their portfolio, including stocks and bonds, Edelman said.

A 1% allocation to bitcoin that is, going from 60% in stocks and 40% in bonds to 59% in stocks, 1% in bitcoin and 40% in bonds -- just might be enough to give investors the benefit of diversification without risking the whole portfolio, Edelman said.

"We need to acknowledge that 1% allocation isn't going to materially harm a client," he said. "It isn't going to prevent them from achieving their financial goals, and won't damage their personal finances."

Oliver Furrer | Cultura | Getty Images

Making a tiny allocation toward bitcoin doesn't absolve investors of the need to do their homework before buying, say experts. They should get schooled on digital assets, as well as the underlying blockchain technology, first.

"Don't consider investing unless you understand the technology," said Edelman. "Otherwise, you're not investing; you're spending."

Investors hoping to jump into the crypto pool should approach it with a long-term mentality and prepare to ride out volatile times including the chance of a 100% loss from that digital currency, he said.

More from FA Playbook:Blockchain's potential will continue to spur investmentHow much investors should invest in alternativesAre collectibles good investments or just hobbies?

Finally, don't forget that if investors acquire, sell or exchange cryptocurrency, they'll need to report it to the IRS. The tax agency treats bitcoin holdings as property, the same way it would regard stocks and other investments.

Cryptocurrency exchanges may provide investors with a Form 1099-K detailing capital gains and losses, but there is no guarantee that they'll get one.

That means it's up to bitcoin owners to track their basis their original investment in the virtual currency -- and their transactions for accurate tax reporting.

Still Too Early To Declare Longer-Term Bitcoin Trend Change – Forbes

Posted on January 30, 2020 by Danzig

Bitcoin's price has rallied, posting positive price structure, but it is still too soon to declare a ... [+] longer-term trend change, analyst John Bollinger explained. (Photo by INA FASSBENDER / AFP) (Photo by INA FASSBENDER/AFP via Getty Images)

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

January has yielded several bouts of upward price action for bitcoin as the asset looks back on an overall positive start to 2020. John Bollinger, financial analyst, trader, author and originator of the Bollinger Bands technical chart indicator, said he sees positive structure on bitcoins chart, but its too soon to declare a longer-term bullish trend reversal.

Im very constructive on bitcoins price right now, Bollinger told me in an interview on January 27, 2020 while bitcoins held near $8,800. Weve completed a meaningful bottom formation, he added referring to bitcoins price chart.

We broke out, pulled back from very short term, made a little test of the breakout level and rallied higher, Bollinger continued. Bitcoin then proceeded to fall back to the midline of the Bollinger Band indicator before bouncing and heading higher in price, he added.

After starting 2019 below the $4,000 mark, bitcoin experienced an exuberant price run between April and June 2019, taking the asset up past $13,800 per coin by Junes end, according to Coinbases BTC chart on TradingView.com Bitcoins price fell on difficult times in the latter half of 2019, however, posting successive lower rally attempts until the end of the year, signaling the presence of a downward bearish price trend.

In contrast, 2020 so far has yielded positive price action for cryptos pioneer asset. Bitcoin began the year around the $7,000 mark, posting a seeming bottom-like price formation, as Bollinger mentioned. The asset has since rallied in price from its chart bottom near $7,000.

Most recently, bitcoin rose from approximately $7,700 to almost $9,200 on January 19. The coin then fell down to $8,250 by January 24, finding support in that region before rallying to a press time price of $9,265.

Its a pretty constructive pattern, Bollinger said, adding to his initial comments. The expert noted bitcoin formed its price chart base pattern between November 2019 and early January 2020. So far were progressing pretty well, he said.

Bollinger pointed to a tweet he posted on January 23 which expressed that bitcoins pullback to the middle Bollinger Band near $8,300 made sense as a support level.

I pointed out on Twitter a couple days ago that what bitcoin needed to do was hold support here at the middle Bollinger Band, and thats exactly what its done, Bollinger told me.

It held support. Weve had two days of rally now and I think the price of bitcoin looks higher.

Bitcoins recent rally begs the question has cryptos top asset broken its downtrend that began last summer? I think its a little bit early to be convinced of that, Bollinger said.

We just made an intermediate term bottom and just started up we need some more evidence here in terms of a bigger picture, but I think the outlook is pretty constructive right now.

Crypto trader and Brave New Coin analyst Josh Olszewicz (CarpeNoctom onTwitter) expressed similar sentiment on January 28. Well know how bullish we are in two weeks, Olszewicz told me in a Telegram message. Mentioning multiple charting signals, including the Ichimoku Cloud and a moving average golden cross, the trader added, All trend metrics point bullish soon.

Additionally, Olszewicz said his statement applies to the entire crypto market. This is across the board on everything, not just BTC, he noted.

Despite bitcoins exuberant history and optimistic charts, some folks still remain bearish on the asset as a whole, including Berkshire Hathaway CEO Warren Buffett, who called bitcoin a gambling device in 2019, according to a CNBC report.

Disclaimer: I actively trade cryptocurrencies, as well as hold a small amount of BTC, ETH, LTC, XMR, NEO, ZEC, BEAM, BCH, DASH, LINK, XTZ andvarious insignificant other altcoin positions.

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Still Too Early To Declare Longer-Term Bitcoin Trend Change - Forbes

Bitcoin Rallies to Near $9150 as Stocks Drop Over Coronavirus Fears – Coindesk

Posted on January 30, 2020 by Danzig

Bitcoin is maintaining its upward trajectory as coronavirus-led risk aversion hits the traditional markets.

Thetop cryptocurrency by market value crossed the 200-day moving average at $9,000during Tuesday's Asian trading hours and rose to a high of $9,150, pushing thecumulative month-to-date gains to over 25 percent.

At press time, bitcoin is changing hands at $9,061. Despite the minor pullback from the morning's high, the cryptocurrency is still reporting a 4.8 percent gain on a 24-hour basis, and is up roughly $700 from lows near $8,250 observed over the weekend, according to CoinDesk's Bitcoin Price Index.

While bitcoin has kicked off the week on a positive note, stock markets across the globe are facing selling pressure.

Notably, the Dow Jones Industrial Average fell by more than 450 points on Monday with travel-related shares suffering sharp losses on fears the coronavirus outbreak in China could spread globally, hurting worldwide economic growth.

The virus, which first appeared in the Chinese city of Wuhan, is spreading fast. It has so far claimed more than 100 lives in China and the number of confirmed cases increased to 4,515 on Tuesday from 2,835 on Monday, according to the National Health Commission.

With bitcoin outperforming stocks amid the coronavirus scare, a few experts are convinced the cryptocurrency is drawing haven bids more so, as classic safe-haven asset gold has risen by just 0.65 percent so far this week.

The safe-haven argument, however, is not strong, according to prominent analysts like Alex Kruger. "Keep in mind that until Friday the narrative was 'Coronavirus pushing bitcoin lower'. It now is 'Coronavirus pushing bitcoin higher.' Some people try very hard to create narratives," he tweeted Tuesday.

Moreover, bitcoin picked up a strong bid below $7,000 at least two weeks before Chinese authorities placed Wuhan under quarantine on Jan. 23, sending equity markets into a tailspin, and has extended the rally over the last two days.

In fact, the virus outbreak could ultimately have a negative impact on crypto markets, Jason Wu, CEO and founder of non-custodial crypto lender DeFiner, told CoinDesk earlier this week.

Many Chinese crypto retailers tend to cash in on cryptocurrencies right before the Chinese New Year holiday and reinvest in the market in the next year, Wu said. With the virus outbreak, that money may not return to crypto markets, possibly leading to a price drop.

From a technical perspective, bitcoin is looking heavy and could suffer a minor pullback in the next 24 hours.

Hourly chart

The relative strength index charted a bearish divergence (lower highs) earlier on Tuesday, signaling bullish exhaustion, and dived out of an ascending trendline to indicate an end to the rally from lows near $8,250.

The MACD histogram is printing deeper bars below the zero line, indicating a strengthening of downside momentum.

4-hour chart

The current four-hour candle is flashing red, validating the buyer exhaustion signaled by the preceding inside bar candle, which occurs when the specific period's price action falls within the preceding period's trading range.

The RSI has also rolled over from the overbought (above-70) region, signaling scope for correction.

Both the hourly and four-hour charts are indicating the cryptocurrency could revisit the former resistance-turned-support at $8,793-$8,750 (horizontal lines on the four-hour chart).

A violation there would expose the next support at $8,530. If that level holds, bulls might breathe a sigh of relief and another attempt higher could be initiated targeting resistance at $9,000.

The odds of a pullback to $8,750 would weaken if the cryptocurrency finds acceptance above $9,150 during the U.S. trading hours. In that case, the recent high of $9,188 will likely be scaled.

It's worth noting that longer duration charts are aligned in favor of the bulls. So, pullbacks, if any, could be short-lived.

Disclosure:The author holds no digital assetsat the time of writing.

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 Rallies to Near $9150 as Stocks Drop Over Coronavirus Fears - Coindesk

Do or Die For Bitcoin Bears: Its The Most Critical Period For BTC – newsBTC

Posted on January 30, 2020 by Danzig

Bitcoin corrected lower, but stayed above the $9,150 support against the US Dollar. BTC bears need to push the price below $9,150 or the price could rally above $9,500.

After a strong upward move, bitcoin found resistance near $9,400 against the US Dollar. Recently, BTC corrected lower below the $9,350 and $9,300 levels, but the bears struggled to gain strength.

There was a break below the 23.3% Fib retracement level of the key upward move from the $8,875 low to $9,426 high. The price even spiked below the $9,200 support level.

However, the bulls remained active above the main $9,150 support. It seems like the 50% Fib retracement level of the key upward move from the $8,875 low to $9,426 high acted as a strong support.

More importantly, this weeks important bullish trend line is intact with support near $9,210 on the hourly chart of the BTC/USD pair. Bitcoin price is currently rising and it is trading above the $9,300 level.

Bitcoin Price

The first key resistance is near the $9,420 area. If the bulls manage to surpass the $9,420 level, there are high chances of a clear break above the $9,500 resistance area. In the mentioned case, the price is likely to surge towards the $9,880 and $10,000 levels in the coming sessions.

On the downside, the trend line support near $9,210 is the first important support. The main support is near the $9,150 level.

If bitcoin bears succeed in clearing the $9,150 support, the price is likely to start a larger decline towards the $8,860 support level or the 100 hourly simple moving average. An intermediate support is near $9,000 or the 76.4% Fib retracement level of the key upward move from the $8,875 low to $9,426 high.

Technical indicators:

Hourly MACD The MACD is likely to move back into the bullish zone.

Hourly RSI (Relative Strength Index) The RSI for BTC/USD is currently rising and it is just above the 50 level.

Major Support Levels $9,150 followed by $9,000.

Major Resistance Levels $9,400, $9,425 and $9,500.

Do or Die For Bitcoin Bears: Its The Most Critical Period For BTC - newsBTC

Bitcoin Eyes Best January Close in 7 Years After 30% Price Increase – Coindesk

Posted on January 30, 2020 by Danzig

View

Bitcoin appears set to register its best January price gain in seven years and could soon rise into five figures.

The top cryptocurrency by market cap is currently trading at $9,350 a hefty 30 percent gain from the opening price of $7,160 observed on Jan. 1, according to CoinDesk's Bitcoin Price Index.

If the gain is held through Jan. 31, it would be the best starting month to a year since 2013. Back in January 2013, bitcoin had rallied by 54 percent.

From 2015 to 2019, bitcoin has posted losses in January. The cryptocurrency now looks certain to snap that losing streak. The 30 percent rally is the second-best January performance on record.

Bitcoin picked up a strong bid at lows near $6,850 in the first week of this month and rose past $8,000, exiting a six-month-long downtrend. Notably, the breakout happened as the U.S. and Iran came close to war, forcing the analyst community to take note of the cryptocurrency's strengthening safe-haven appeal.

Since then, we've seen a textbook bull move: a steady uptrend with regular low-volume pullbacks testing dip demand.

The price rise is in line with historical data showing the cryptocurrency hits a new market cycle top (the highest point from the preceding bear market low) in the calendar year of a miner reward halving, but before the event, as discussed earlier this month.

With history looking to repeat itself, a further rise to levels above the June 2019 $13,880 before the May 2020 halving (supply-cutting event) cannot be ruled out.

For now, the technical charts do indicate scope for a move above the psychological resistance of $10,000.

Weekly chart

The falling channel breakout confirmed in the first week of January validated a bullish crossover of the 50- and 100-week moving averages (MAs) and opened the doors for a test of resistance at $10,350 (October high).

Supporting the bullish case are the ascending five- and 10-week MAs.

Additionally, the MACD histogram has crossed above zero, confirming a bearish-to-bullish trend change, while the relative strength index is on an upward trajectory and is reporting bullish conditions with an above-50 reading.

Daily chart

Bitcoin printed a UTC close above $9,188 (Jan. 19 high) on Tuesday, establishing a fresh higher high and signaling a continuation of the rally from the Jan. 3 low of $6,850.

More importantly, the move saw bitcoin cross the 200-day moving average (MA) with a positive "marubozu candle," which comprises of little or no wicks and a strong body.

The candle indicates buyers remained in control during the 24-hour period and the cryptocurrency closed near the high point of the day. While bitcoin did see a minor pullback to $8.870 during the U.S. trading hours, the dip only ended up recharging the bulls for a strong move higher.

The positive marubozu candle indicates that bullish sentiment is strong more so, in this case, as it shows buyers stepped without any hesitation despite prices trading close to 200-day MA, which acted as stiff resistance on Jan. 19.

Some investors may point out that bitcoin's break above the 200-day MA in October turned out to be a bull trap. But back then the overall market sentiment was bearish, with the cryptocurrency trapped in a bearish channel on the weekly chart.

Overall, the broader trend is bullish, as noted. The stage now looks set for a quick move into five figures. Pullbacks cannot be ruled out, though, and the case for a quick rise to $10,000 would weaken if prices fall back below the 200-day MA at $8,894 on the back of a spike in trading volumes.

The weekly chart will continue to paint a bullish picture as long as prices are holding above $8,000.

Disclosure: The author does not currently hold any digital assets.

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Bitcoin Eyes Best January Close in 7 Years After 30% Price Increase - Coindesk

Bitcoin Breaks 7-Month Downtrend But Must Clear These Hurdles to $10K – Cointelegraph

Posted on January 30, 2020 by Danzig

The price of Bitcoin (BTC) found strong support at $8,200 last week, after which it started to rally toward $8,800 earlier today.

Alongside with that, the total market capitalization of crypto found a support at $215 billion and starting to look bullish. Will this mean that the correction is over, and crypto is trending upwards?

Crypto market daily performance. Source: Coin360

Bitcoin is still trending upwards since the low at $6,500, as previous resistance zones have become support. A recent example is showing a bounce on the green area, which is the $8,200 level. This type of bullish support/resistance flips is a common occurrence in an uptrend market.

BTC USDT 1-day chart. Source: TradingView

A break below $8,200 would have demonstrated weakness, as that level would not have provided enough buying pressure and support. Losing such a level would usually have been followed by a continuation downwards. An example is found after the push to $10,000 in November 2019.

The chart is also showing a clear breakout from the 7-month downtrend. A retest was done at $7,600, after which the price of Bitcoin rallied towards $9,200 for temporary resistance.

BTC USDT 4-hour chart. Source: TradingView

The 4-hour chart of Bitcoin is showing a healthy support/resistance flip at $8,200, after which price broke through the $8,500 resistance. Currently, the price of Bitcoin is facing the next resistance at $8,800.

However, its quite unlikely to see an immediate breakthrough at this level as the indicators on smaller time frames show exhaustion of this upwards move.

Additionally, some significant resistances are shown on the chart, i.e. $9,000 and $9,200-9,400, which are two hurdles to overcome if the price of Bitcoin wants to continue moving upwards.

On the support side, a retest of $8,500 looks quite healthy for confirmation of new support. Range-bound movements are now likely to happen if price cant break through $8,800 or drop below $8,500.

Total market capitalization cryptocurrency chart. Source: TradingView

The total market capitalization of cryptocurrencies is showing an essential bounce from the blue zone (level around $217-218 billion). A retest there was quite healthy as anticipated in a recent article.

This retest is now completed and shows intense buying pressure as the total market capitalization has already rallied up to $238 billion. This retest also indicates confirmation of the uptrend with the total market cap breaking the 7-month downtrend as well.

The first hurdle to overcome now is the $247 billion level. If that is broken, continuation towards $270 and $300 billion is likely to occur.

The total market capitalization chart of altcoins is looking healthy The market cap rallied from $52 billion to $80 billion. Only a slight retracement occurred to $71 billion, which means that it is stuck in a narrow range.

Total altcoin market capitalization chart. Source: TradingView

If we check the rest of the chart, we can spot many tests of the $80 billion level in recent months. Around three tests have happened prior to this latest one, which means that the resistance should become weaker.

Remember, the more times a resistance gets tested, the more exhausted sellers will get, and the weaker a resistance becomes. On the other hand, this also happens with support zones. The $6,000 support of Bitcoin in 2018 was tested many times before it broke down.

Given that these tests of the $80 billion level occurred quite frequently, a breakout to the upside is the most likely scenario at this point, meaning that the altcoin market cap could rally towards $120 billion.

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

The most bullish scenario would be a clear breakout of $8,800 and a continuation from there. However, as stated earlier, I find it unlikely to see such a move occur in one go.

A retest and consolidation would be more likely including a likely retest of the $8,500. This is healthy and would be almost required before the price of Bitcoin can continue to face higher resistance levels.

If Bitcoin can hold the $8,500 area for support, I see a breakthrough of the $8,800 and $9,000 as likely, after which $10,000 will become the primary target. Moreover, clearing $10,000 could bring the price of Bitcoin towards $11,000 as well.

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

Typically, the bearish scenario has a similar pattern in the beginning, as BTC needs to be rejected at the $8,800 level. However, the difference is in the subsequent pattern.

If the price of Bitcoin is to make lower highs with weak bounces, the downward trend is likely to resume. If this occurs, Id be aiming for bearish retest (support/resistances flips) of the $8,500 level as a potential short opportunity. The main target would then be the $7,600 area.

But first, the price needs to be rejected at $8,800-9,000 to get these scenarios going. Overall, the $8,100 support/resistance flip doesnt say that were bearish at this point. Especially, since that price has broken at a 7-month downtrend.

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 Breaks 7-Month Downtrend But Must Clear These Hurdles to $10K - Cointelegraph

Theres Something Very Strange Going On With Bitcoin Exchange LocalBitcoins – Forbes

Posted on January 30, 2020 by Danzig

Bitcoin exchange LocalBitcoins, often used as a gauge of bitcoin interest and prices around the world, has suddenly begun suspending long-time users' accounts without warning.

Reports began coming in this week that LocalBitcoins users across Africa, the Middle East, and Asia have had their accounts "deactivated."

Bitcoin users around the world have complained that LocalBitcoins has suddenly suspended their ... [+] accounts without explanation.

Messages seen by this reporter were sent to account holders by LocalBitcoins in countries including Afghanistan, Iraq, Nigeria, Syria, and Pakistan informing them they could "withdraw [their] bitcoins by deleting [their] account," though some users have claimed to be unable to do so.

LocalBitcoin, a peer-to-peer bitcoin exchange which was founded in 2012 and is headquartered in Helsinki, Finland, was unable to be reached for comment.

"One of my customers was due to travel out of the country and had to sell some of his bitcoin to be able to go only to notice on his way to the airport that he cannot even access his funds," said one LocalBitcoins user of three years in Nigeria, who wanted their identity to remain anonymous, adding their account had been suspended on Monday morning with no indication of when it might be reactivated.

According to the message received by users, LocalBitcoins now requires users in some countries to go through an "enhanced due diligence process," though LocalBitcoins has given no indication of what that process is or when details will be made clear.

Some reports have suggested the suspensions are a result of strict new European Union anti-money laundering regulations that came into effect this month, requiring bitcoin and cryptocurrency platforms and wallet providers to identify their customers.

However, LocalBitcoins, which has a reputation as being a relatively anonymous way for bitcoin users around the world to buy and sell bitcoin, claimed to have complied with the new legislation early last year, giving it ample time to verify users' identities ahead of the changes taking effect this month.

The regulatory changes have been blamed for bitcoin trading volumes on LocalBitcoins falling sharply in recent months, with reports suggesting bitcoin volume on the site fell by around 70% between September and November 2019.

In an interview last year, LocalBitcoins chief executive Sebastian Sonntag said the exchange was signing up between 4,000 and 5,000 new users per day but warned "changes" to the site have "had an impact on overall trade volume."

"We expect the situation to become more stable in the following weeks and improvements in the verification flow should also influence positively," Sonntag told finance trade site LearnBonds.

Meanwhile, other major bitcoin and crypto exchanges have been struggling with declining volumes over the last year, sparking fears the market could be on course for a correction.

The bitcoin price has climbed over the last 12-months but declining trade volumes have some worried. ... [+]

Bitcoin and cryptocurrency exchanges around the world have long struggled with hacks, data breaches, and theftswith many millions of dollars worth of bitcoin and other cryptocurrencies lost.

Last year, hackers stole around $28,000 worth of bitcoin from users' LocalBitcoins accounts.

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Theres Something Very Strange Going On With Bitcoin Exchange LocalBitcoins - Forbes

Bitcoin Price Indicator That Called 2019 Bull Run Flashes Green Again – Cointelegraph

Posted on January 30, 2020 by Danzig

Bitcoin (BTC) plans to move higher and further squeeze bears in the short term, several price indicators suggest.

As the week begins, a group of measurements some surprisingly accurate historically are combining to make traders firmly bullish on BTC.

Leading the positive signs is a useful but somewhat forgotten indicator dubbed the Guppy. This is a collection of exponential moving averages which has flashed green on the daily chart for the first time in around 300 days.

The interval is significant the last flip from red to green for Guppy was on April 9, 2019, coinciding with Bitcoins rapid rise to highs of $13,800.

Before that, Guppy also turned bullish on Jan. 14, 2018, when Bitcoin briefly rose above $9,000 on the way down from the all-time high a month earlier.

Bitcoins Guppy indicator bull and bear phases. Source: Hsaka/ Twitter

A second sign that bullish momentum is building for Bitcoin lies in the so-called Puell Multiple.

Used to identify the cryptocurrencys price cycles, the tool allows traders to tell from a miners perspective when the value of newly-mined Bitcoins is historically too high or too low.

Puell spiked during the 2017 highs, bottoming a year later in January 2019 when BTC/USD traded at under $4,000.

At present, the indicator suggests Bitcoin is significantly closer to the too low area than its lifetime highs.

Bitcoin Puell Multiple with peaks and troughs highlighted. Source: Glassnode/ Twitter

Zooming in, steady enthusiasm is already creeping into traders forecasts once again. For regular Cointelegraph contributor Michal van de Poppe, current action means $8,000 has now formed a fresh support level.

BTC/USD has gained around 3.8% since Friday, having bounced off local lows around $8,200.

Nice breakthrough of $8,600 level and we're back in the range. This means that the $8,000-8,100 level has now flipped as support, he summarized in a Twitter update on Jan. 27.

Van de Poppe continued:

Eyeing to see a retest of $8,500. Holding that and we can aim for $8,900.

A classic guidance signal for Bitcoin comes in the form of the Mayer Multiple, which is also firmly supportive of Bitcoin as a buying opportunity this week.

The brainchild of Proof of Keys organizer, Trace Mayer, the Mayer Multiple divines to what extent it is profitable to buy Bitcoin at a particular time.

To arrive at its conclusions, it uses the current Bitcoin price versus its 200-day moving average. When the multiple is below 2.4, Mayer says, long-term Bitcoin buys saw the best long-term results.

The current multiple is 0.97 and has been higher 63% of the time since Bitcoin was created eleven years ago.

Bitcoin Mayer Multiple with 2.4 boundary highlighted. Source: Mayermultiple.info

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Bitcoin Price Indicator That Called 2019 Bull Run Flashes Green Again - Cointelegraph

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

Posted on January 30, 2020 by Danzig

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

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

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

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

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

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

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

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

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

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

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

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

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

Posted on January 30, 2020 by Danzig

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

This article was edited by Sam Bourgi.

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

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

Posted on January 30, 2020 by Danzig

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

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

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

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

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

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

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

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

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

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

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

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

Images via Shutterstock

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

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

Posted on January 30, 2020 by Danzig

Photographer: Akos Stiller/Bloomberg

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

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

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

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

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

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

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

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

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

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

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

Posted on January 30, 2020 by Danzig

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

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

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

When asked if the pump was organic, Wright clarifies,

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

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

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

So no, I dont listen to idiots.

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

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

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

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

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

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

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

Check Latest News HeadlinesDisclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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