Monthly Archives: July 2020

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

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

The price of Bitcoin (BTC), the top-ranked cryptocurrency by market capitalization, surged past $9,300 on July 21 for the first time in over a week. Following a low-volatility range, traders are seemingly turning cautiously bullish in the near-term.

Since late June, Bitcoin has been stuck in a relatively tight range between $9,000 and $9,250. It struggled to see a major price movement causing the volume to slump. After a quick upsurge from $9,150 to over $9,300, traders predict that a volatility spike is imminent.

The price surge coincided with a U.S. stock market rally, driven by a new round of stimulus. U.S. Treasury Secretary Steven Mnuchin said a $1 trillion stimulus deal is in the works.

The performance of top cryptocurrencies in the last 24 hours. Source: Coin360.io

Some traders say a break to the upside is likely, but declining volume is concerning

Several technical analysts say that the recent rally of Bitcoin could lead to a bigger rally in the short-term. Bitcoin faces key resistance levels at $9,550 and $9,800, and BTC saw steep rejections from both areas previously.

Crypto trader Philip Swift pinpointed that the two-month range of Bitcoin since May occurred above the 200-day moving average (MA), indicating that the uptrend of Bitcoin could be intact.

The trader said:

Promising little pump this morning. I suspect this will be the week we finally break out of the dreaded range.

The range of Bitcoin since May was above the 200-day moving average. Source: Philip Swift

Arthur Hayes, the CEO of BitMEX, also expressed his excitement towards Bitcoins minor rally. Hayes said BTC awoke from thee slumber, referring to its low volatility in the past week.

Arthur Hayes tweets about Bitcoins first breakout in over a week. Source: Arthur Hayes Twitter

Michael van de Poppe, a full-time trader at the Amsterdam Stock Exchange, hinted that Bitcoin is cautiously optimistic. He said:

We've got our breaker and bullish move here, as the market is showing strength. I don't think $BTC will accelerate, as it's just still hopping around.

Binance Futures data shows that the majority of traders on the platform are majority long on Bitcoin and Ether (ETH).

Data from Datamish suggests there are substantially more long contracts than shorts in the entire Bitcoin futures market as well. Longs amount to 22,496 BTC, worth around $209 million. In contrast, shorts stand at a mere 5,555 BTC, worth less than $52 million.

Although the 200-day MA technically suggests an uptrend, historical data shows it could easily break down below it. Previous peaks witnessed in July 2019 and February 2020 both rejected above the 200-day MA.

Data from Santiment also shows that the volume of Bitcoin has declined in recent weeks. When an uptrend coincides with declining volume, it could hint at a fakeout.

Researchers at Santiment wrote:

BTC's overall trading volume continues to slide, and with so much focus on altcoins currently, Bitcoin's trading volume hitting a daily value of $12.25B Saturday marked the lowest single-day value since October 5, 2019 (a 9.5-month low).

The trading volume of Bitcoin continues to decline. Source: Santiment

The market remains mixed as BTC grinds through the new week. Technical indicators and macro fundamental factors, like Bitcoins hash rate and low exchange inflows, suggest an uptrend. But the low volume of BTC throughout the past two months remains a variable.

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Bitcoin Surges to $9.3K for First Time in a Week Is it a Fakeout? - Cointelegraph

A recent report by blockchain tracking and analytics provider, Whale Alert, revealed that the miner known as Patoshi mined over $10.9 billion or 1,125,150 BTC during Bitcoins infancy in order to protect the network from a 51% attack.

Patoshi has been confirmed to be the anonymous Bitcoin creator known as Satoshi and the early blocks mined by Patoshi also include the first BTC transaction to Hall Finney, a well known developer and early Bitcoin contributor.

Whale Alert was able to come to this conclusion by reviewing previous research conducted by independent researcher and cryptographer Sergio Lerner. Lerner coined the term Patoshi miner back when a cryptographic pattern that revealed most of the early Bitcoin mining was done by one individual with access to modified mining software.

The Patoshi Pattern. Source: Whale Alert

In the chart above, the Patoshi pattern is visualized and it reveals that the straight lines are using the standard Bitcoin mining software and the saw-like lines are attributed to Patoshi.

This same pattern allowed Whale Alert to discover that the Patoshi miner adjusted its speed between blocks in order to keep the average block time at 0.6 blocks per 10 minutes.

Based on the patterns left by the miner on some of the code that is stored in each Bitcoin block, Whale Alert also concluded that this early Bitcoin mining operation was composed of up to 48 computers and one of them was responsible for coordination.

According to Whale Alert, there are two reasons for adjusting the speed, to either keep the block time near the 10 minute mark or to protect the network from a 51% attack.

Satoshi kept his share of the hashrate at a steady 60% as the network grew and a 51% attack was a major threat for Bitcoin at that time, as it has been for newer cryptocurrencies in recent times.

It seems likely that Satoshi was trying to protect the Bitcoin network but as it became less prone to malicious attacks he reduced Patoshis block creation rate to 1 block per 10 minutes.

Blocks mined per 10 minutes per Patoshi chain. Source: Whale Alert

Many analysts believe Satoshi stopped mining at block 54,316 once he deemed the network sufficiently decentralized. However, there have been some irregularities in later blocks that span up until May 2010 or block 112,500, but currently these cannot be confirmed as Patoshi or Satoshi.

The actions of the Patoshi miner appear to be meticulously calculated and geared towards the protection of the network as the global Bitcoin hashrate increased and mining picked up. It seems unlikely that this same entity would want to sell some of the Bitcoin supply and this would have a deteriorating effect for the BTC network. Whale Alert concludes as much by saying:

The timing of the shutdown, the mining behavior, the systematic decrease in mining speed and the lack of spending strongly suggest that Satoshi was only interested in growing and protecting the young network. The bitcoin mined by Patoshi were possibly a mere byproduct of these efforts and it is unlikely that the remainder will ever be spent, although the question remains why Satoshi didnt simply burn them in this case.

According to an early Bitcoin developer, Satoshi feared a 51% attack so much that he even had a GPU ready to defend the network, although it was not used to keep mining somewhat balanced.

Lerner also believes that the Patoshi miners actions were not motivated by financial gain and according to Lerner, Satoshi won't use his coins ever.

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$10.9 Billion Bitcoin Stash Proves Satoshi Is Still the Biggest Whale - Cointelegraph

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.

View original post here:
Bitcoin And Other Crypto-Assets Excluded From Central Bank Experiments - Forbes

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

Bitcoin prices on Wednesday evening were virtually unchanged, even as unknown hackers were perpetuating a massive scam to lure bitcoins away from owners.

Scammers were engaged in a sprawling hack that compromised the Twitter Inc. TWTR, +0.54% accounts of a parade of high-profile individuals and entities, including Tesla Inc.s TSLA, -1.87% CEO Elon Musk and Berkshire Hathaway BRK.A, +1.35% BRK.B, +1.37% billionaire Warren Buffett. Hackers used the accounts to solicit bitcoins from individuals by promising to double the amount sent to a bitcoin wallet address. Former President Barack Obamas Twitter account also was hacking, underscoring the breadth and sophistication of the hacking (see an attached screenshot of the tweet).

Bitcoin BTCUSD, +1.99%, however, was seeing little in the way of significant movement, with the value of the worlds most popular digital currency off 0.4% at $9,209.77, and futures for bitcoin trading on the CME Group were up slightly, around 0.5%, in electronic trade, after the June contract settled at $9,190, according to FactSet data.

In a stated via its platform, Twitter said that it was aware of a security incident on its platform. We are investigating and taking steps to fix it. We will update everyone shortly.

Bitcoin has a long history of hacking by perpetrators looking to abscond with other peoples digital currencies. The cryptographic asset also has a history of individuals hacking bitcoin exchanges.

Last year, popular exchange platform Binance said it discovered that hackers stole 7,000 Bitcoins from a single digital wallet, totaling some $40 million, according to a report from the Wall Street Journal.

Hacks have been a primary reason that many have been circumspect about the future of the cryptocurrency, which introduced the world to blockchain technology. According to WSJ, more than $1.7 billion in bitcoin has been publicly reported stolen, since the inception of the coin back in 2009, including the historic Mt. Gox hack.

It isnt clear if any coins have been lost in this episode, but some have speculated that the perpetrator of this Twitter attack may have gotten some $100,000 in coins sent to their account.

Meanwhile, other cryptos that also tout the blockchain ledger technology, the signature element of bitcoins, also were seeing little price movement.

Prices of Ether, the currency that runs atop the Ethereum ETHUSD, +3.00% platform, were off 1% at $238.07, those for XRP XRPUSD, +1.63%, the currency pegged to Ripple, were down 0.5%, trading at 19.7 cents.

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Bitcoin prices unfazed as major Twitter hijacking ripples through social media and digital currency community - MarketWatch

In the race to become the dominant cryptocurrency platform, Ethereum is gaining on Bitcoin.

Take a look at the market capitalization of ether, the native token of the Ethereum blockchain. Currently, the value stands at about $26 billion. But that figure doesnt include all of the digital assets built atop the Ethereum blockchain, including some of this years hottest tokens:stablecoinslike tether and USDC and altcoins likeCrypto.coms CRO, Chainlinks LINK, CompoundsCOMPand KybersKNC.

Youre readingFirst Mover, CoinDesks daily markets newsletter. Assembled by the CoinDesk Markets Team, First Mover starts your day with the most up-to-date sentiment around crypto markets, which of course never close, putting in context every wild swing in bitcoin and more. We follow the money so you dont have to. You cansubscribe here.

Related: Bitcoin Rises With Stocks as EU Agrees 750B in Coronavirus Stimulus

The combined value of those ERC-20-standard tokens is alsoaround $26 billion, according to the data provider Messari. That puts the market capitalization of the Ethereum ecosystem at more than $50 billion closer to bitcoins $170 billion than if ether were considered alone.

The comparison shows how the rapid pace of development this year on Ethereum has brought the blockchains ecosystem closer to challenging Bitcoin. The value gap narrowed overthe past month as bitcoins price stagnated,while demand for stablecoins and a flurry of activity in decentralized finance, known as DeFi, has ignited the value of Ethereum and the tokens that depend on it.

DeFi tokens continue their bull run, cryptocurrency analysis firm TradeBlock wrote Monday in aweekly commentary.

Messari, a digital-asset data firm, said in a report thatthe Ethereum blockchains daily settlement value recently surged to about $2.5 billion, surpassing Bitcoins for the first time since at least early 2019.

Related: Market Wrap: Bitcoin Clings to $9,200 While Ethereum Transactions Soar

Ethereum has blown past Bitcoin, Ryan Watkins, a Messari analyst, wrote in the post on Monday. With the increasing amount of economic activity taking place on Ethereum, this trend is unlikely to reverse anytime soon, if ever.

Its the latest chapter in the competition among projects to attain critical mass in the cryptocurrency industry. For entrepreneurs and investors in the space, the goal is to establish networks and projects with enough name recognition, credibility and functionality to scale quickly if and when mass adoption comes.

Bitcoin, the oldest and largest cryptocurrency, attracted most of the hype early in 2020 as some analysts predicted a once-every-four-years event known as the blockchains halving could send prices to $90,000. Bitcoin got another bluster of endorsements as the spreading coronavirus slammed the global economy, sending traditional markets plunging and prompting the Federal Reserve and other big central banks to createtrillions of dollars of freshmoney.

Many investors predicted that the money injections would debase the dollars purchasing power, driving up theprice of bitcoin. Yet over the past couple months, bitcoins price has stagnated below $10,000, and even its notoriousvolatility has withered prompting fickle crypto traders to seek faster-moving action.

Bitcoin has been stuck in a tight trading range for weeks, boring for a market that used to be known for itsthrills. However, there are signs Tuesday that an expected big move may be building.

Still, Ethers price is up 81% in 2020 to $237, almost three times bitcoins 30% year-to-date gain.

Steve Ehrlich, CEO of publicly traded cryptocurrency brokerage firm Voyager Digital, says bitcoin has accounted for about 15%oftrading volumes so far in July, down from about 60% prior to the May halving.

Weve seen a tremendous change in our retail customerbehaviors, Ehrlich said Monday in a phone interview. Whenbitcoin is extremely flat in the marketplace, people are looking at other tokens.

In terms of name recognition and popularity outside of the crypto industry, Bitcoin still dominates. According to a report last week from the trading platform eToro and data provider The TIE, only four stories about DeFiappeared in June in non-crypto news sources, versus some 200 about bitcoin.

Story continues

There is a growing realization though that the 2020 DeFi hype may be overdone, Mati Greenspan, founder of the cryptocurrency and foreign-exchange analysis firmQuantum Economics, wrote Monday in an e-mail to subscribers.

Denis Vinokourov, head of research at the London-based cryptocurrency prime brokerBequant, said that ethereum risks becoming a victim of its own success, activity inthe tokens built atop the blockchain are driving up transaction fees.

This resurgence in the network performance has come with a raft of undesired consequences, Vinokourov wrote in emailed remarks.

And Jimmy Song, a well-known bitcoin developer and promoter, told the website CoinMarketCap in aninterview published last weekthat he thinks many DeFi projects will fail to live up to their decentralized billing because they almost always have to have some sort of back doorin case something goes wrong.

Its really just a form of gambling with limited upside for people that arent in control of the protocol, Song said.

For now, though, the Ethereum ecosystem is edging closer.

Jack Tan, of Taiwan-based quantitative firm Kronos Research, told CoinDesks Daniel Cawrey that he seesether hitting $500 by the end of this year. That would more than double ethers market capitalization, to say nothing of any potential increases in the value of ERC-20 tokens.

Ethereum the platform has done its job, the cryptocurrency investment firm Arca wrote Monday in a weeklyblog post.

Traders are apparently doing their jobs too following the action.

BTC: Price: $9,347 (BPI) | 24-Hr High: $9,363 | 24-Hr Low: $9,152

Trend:Bitcoin is showing signs of life on Tuesday with prices trading above $9,340 at press time, representing a 1.9% gain on the day. Notably, the cryptocurrency hasnt witnessed an over 1% move since July 9.

The 4-hour chart shows the cryptocurrency has broken higher from the four-week-long narrowing price range. The breakout is backed by an above-50 or bullish reading on the relative strength index. Meanwhile, the MACD histogram is printing higher bars above the zero line, a sign the upward move may gather pace.

The immediate resistance at $9,480 a lower high created on July 9 could be put to test over the next few hours.

Acceptance above that level would confirm a Bollinger band (volatility indicator) breakout on the daily chart and may yield a rally to $10,000.

The bias would turn bearish if the cryptocurrency finds acceptance under $9,000. However, sellers have failed multiple times in the last two months to establish a foothold below that psychological support.

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First Mover: Bitcoin Shows Signs of Life But Ether (And Crew) Steal the Limelight - Yahoo Finance

About 60% of bitcoin investors are willing to hold their coins until they die if the price fails to breach the key $10,000 level.

Now thats according to a Twitter poll by Peter Schiff. The gold-bug asked bitcoin hodlers: How much longer does the price of #Bitcoin have to stay below $10,000 before you will throw in the towel and sell?

With about 7 hours left for the poll to expire (at Press time), nearly 26,000 people have responded. At least 58% said they will hold the top crypto for as long as it matters, even if that means taking it to their graves.

Another 15%, or 3,900 people, said it will be a year before they decide to sell. Around 14% of the respondents said they will hodl for another three years and 13% for the next decade before opting to exit their positions.

It seems unfathomable that anyone would willingly die holding onto dear bitcoin because the price stagnated below the psychological $10,000 threshold. Rather, it is more plausible that Schiffs poll result illustrates the faith with which investors hold in regard to BTC, even as the price struggles.

Bitcoin bulls have struggled to gain momentum since the Bitcoin network scheduled supply cut of May 11 the event looked upon by many as a potential turning point for a bullish breakout. Previous such events have led to a major rally. Twice the price of BTC broke above $10,000 and twice it was rejected, at one point to as low as $8,600.

Today, BTC is trading at $9,248, down 0.9% over the last 24 hours, according to markets.Bitcoin.com data. The immediate target is to break above $10,000 and stay there. Analysts consider this level as important for sparking BTCs long-awaited price rally.

According to Chainlysis, a crypto data analytics company, most BTC investors do not want sell their assets because they regard it as digital gold. Of the 18.6 million BTC mined as of June 2020, around 60% is held by entities either people or businesses that have never sold more than 25% of the bitcoin theyve ever received.

The firm says only 3.5 million bitcoin or 19% of total circulating supply is actively traded throughout the world. Another 20% of the existing bitcoin supply has not moved from its current set of addresses in five years or longer what Chainalysis called lost bitcoin.

What do you think about the result of Peter Schiffs poll? 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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Survey: 60% of Bitcoin Investors Will Die With Their BTC If Price Stays Below $10,000 | News - Bitcoin News