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Ethereum Falls 6% as Crypto Market Retraces in Short-Term Correction
Over the past 24 hours, Ethereum recorded a six percent decline against the U.S. dollar, shaking the crypto market.
The minor correction on the Ethereum price was expected after the second most valuable cryptocurrency in the global market demonstrated a strong 11-day rally from December 28, during which it surged by 38 percent from $117 to $162.
Viable Period For Bears to Short
Prior to the short-term drop in the Ethereum price, a cryptocurrency trader with an online alias “The Crypto Dog” said that despite the positive price movement of the asset, the struggle to close above a key resistance level can leave the asset vulnerable to shorts and increasing sell-pressure.
Ethereum performed relatively well against most major crypto assets throughout the past week even at times when the cryptocurrency market demonstrated weakness in volume and overall trading activity.
But, even with a strong short-term performance, it is difficult to break out of the trend of the cryptocurrency market and it is rare to see one or two crypto assets outperform the rest of the market for extended periods of time primarily because most cryptocurrencies tend to be correlated to each other.
“Maybe I’m just seeing what I want to see, but this chart is screaming to me ‘last chance to short ETH,’” said the trader prior to the drop in the price of ETH.
Following the decline in the value of the asset, the trader added:
It makes sense to see some bounce here, given this level on the ratio, so I hesitate to say this is a great entry. …and of course, I’m just thinking out loud, not trying to urge anyone to FOMO into a trade. I shorted ETH at $156 and sitting relatively comfy here.
Since January 2, the cryptocurrency market has added about $13 billion to its valuation as it recovered from $125 billion to $138 billion. However, in the past two days, the cryptocurrency market has started to show early signs of a short-term correction, as over $5 billion were deleted from the market.
Regardless of various catalysts that await in the first quarter of this year, most cryptocurrencies are expected to undergo the last phase of the bear market. Many analysts do not foresee cryptocurrencies recovering by mid-2019 due to the volatility shown by major digital assets in a low price range.
Low Market Cap Assets to Suffer
Many tokens in the likes of Wanchain, Waltonchain, Ontology, Waves, and Chainlink have lost around five to nine percent of their value on the day, struggling to demonstrate any momentum.
If Ethereum begins to initiate a downward movement and the Bitcoin price falls below the $4,000 mark once again, small market cap assets are likely to fall by large margins in the upcoming days, especially if the daily volume of the market continues to drop and sell-pressure on crypto assets intensifies.
Click here for a real-time Ethereum price chart.
Featured Image from Shutterstock. Charts from TradingView.
source: http://bit.ly/2RSEzjq
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BitTorrent Token Airdrop Completes, BTT Jumps 10%, TRX Falls
There is no better way to garner attention for a new crypto token than to give it away. The Team at the Tron Foundation are experts at marketing and have widely promoted the BitTorrent token and a series of airdrops, the first of which has just been completed.
Over 10 Billion Tokens Distributed
Yesterday Justin Sun took to twitter to announce the long awaited airdrop for TRX holders;
“The largest and longest airdrop in the cryptocurrency history will begin shortly. We have taken the snapshot for all #TRON accounts and ideally we will send #BTT to #TRX holders in next 24 hours.”
The official announcement said that TRX held on supporting exchanges and cold wallets would be legible to receive BTT. The ratio of BTT airdropped is 1 TRX = 0.1097681177 BTT, with 1.1% of the total supply to be distributed. A further 990,000,000 BTT will be airdropped on March 11 and an incrementally increasing amount on the eleventh of every month until 2025.
The release also warned about a number of fake social media accounts falsely claiming to be BitTorrent. A few hours later another tweet added that the planned process of 48 hours only took 4 and 10.8 billion tokens had been distributed;
We have sent out 10,856,613,707 #BTT to #TRX holders, which means 99.69% completion rate! We plan to finish the airdrop in 48 hours but it seems we have done it in 4 hours thanks to the fast speed of #TRON blockchain! #BitTorrent #TRON $TRX $BTT https://t.co/Kr5e1yFzJw
— Justin Sun (@justinsuntron) February 11, 2019
This was shortly followed up by another message confirming that the airdrop had been completed;
We have done the airdrop so please check your wallet&account! Really appreciate the support from #TRON and #BitTorrent community! See you in the airdrop next month! The airdrop for next month will soon be released! #TRX $TRX #BTT $BTT https://t.co/Kr5e1yFzJw
— Justin Sun (@justinsuntron) February 12, 2019
At the time of writing however the BTT tokens had yet to display for TRX account holders using Binance which had some technical issues yesterday. The ever alert Sun reassured his hodlers;
The BitTorrent Foundation completed $BTT Airdrop for $TRX holders. If your tokens are on an exchange or a wallet supporting our airdrop program they are on their way. Please be patient, it may take some time given the volume airdropped
— Justin Sun (@justinsuntron) February 12, 2019
BTT and TRX Market Reaction
According to Coinmarketcap BTT has jumped 11% on the day in USD terms and 12% against Bitcoin. It is currently trading at 26 satoshis, 73% higher than what it was at inception. Binance has over 50% of the total trade but Upbit is currently the top fiat exchange with 35% of the daily volume as Koreans load up in KRW.
Tron however has taken the opposite path and fallen back dropping 4.7% on the day as crypto markets pull back from their weekend pump. TRX is currently trading at $0.024 (673 satoshis), which is down 8% on the week but 30% higher than it was at the beginning of the year. Tron has been one of 2019’s top performing crypto assets alongside Litecoin and Binance Coin. It has held on to eighth place with a market cap of $1.6 billion, $400 million behind Tether.
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Part 2: Ripple/XRP: The End Game: Dread it, Run from it, XRP still arrives
Opinion
SBI Holdings has strategically placed itself with partnerships, to stay at the forefront of the crypto/blockchain revolution. The partnerships mainly include companies, Ripple and R3, with the inclusion of Swift in specific situational condition.
This article addresses how XRP will come out on top in every possible scenario due to SBI Holdings’ precise and meticulously planned partnership. The details about SBI’s partnerships with Ripple and R3 are addressed in Part 1 of the opinion article.
Japan’s Payments Industry
Japan, when compared to its neighboring countries like China or India, is lagging when it comes to payment and FinTech technologies, but SBI CEO, Yoshitaka Kitao is planning to level the playing field.
Moreover, less than 70% of Japanese supermarkets prevent using credit cards due to an expensive onboarding process wherein credit card payment terminals cost ¥100,000 [approx. $900] to install, in addition to the monthly fees for their lease. Due to this disparity in FinTech, Japanese authorities have set up a FinTech growth strategy with the ultimate aim of doubling the adoption rate of digital payments [currently at a measly 19%] over the next decade.
In addition to the above, Japan’s Forex Industry is also untapped and ripe for harvesting due to legacy payment solutions being used. A theory by slinuxuzer outlines how Japan’s Forex industry contributes to a whopping $5-6 trillion of the global forex markets and if Ripple with its products taps even 1% of this industry, it could be huge.
Connecting The Dots
The Japan bank consortium, led by SBI Ripple Asia, is comprised of 61 banks covering more than 80% of all banking assets in Japan. MoneyTap has the potential to reap the benefits through Japan bank consortium to have a major reach in all of Japan.
Furthermore, SBI announced in their Financial Results on January 31, 2019, that they are planning to take their R3 and Ripple partnership to another level.
SBI Holdings, through their partnership with R3 and Ripple, plan to take over all of Japan’s industries, some of which include, Trade Finance, Global Cash Management, Remittance, Supply Chain etc. This elaborate and well thought out plan could be achieved with the help of ILP [Interledger Protocol].
Taking over Japan
MoneyTap
Leveraging partnership with Ripple, SBI Holdings, created an application called “MoneyTap” which makes use of Ripple’s blockchain technology – xCurrent. The application has reduced friction and changed how money moves between people and banks.
With the help of MoneyTap, the transfer between banks is now 24x7x365 and unlike other applications and services, MoneyTap doesn’t require fees for facilitating the transaction.
MoneyTap has already gained huge traction as it has captured a majority of the inter-bank transfers and customers and will continue to do so.
Corda
The remaining domestic sectors of Japan like the Financial Industry, Trade Finance, Health Care, Repo Trading, Supply chain will be captured by leveraging the partnership with R3 and making use of its product, Corda.
Corda is a distributed ledger technology that helps communicate and settle transactions between financial and Corporate institutions using distributed ledger technology. With the recent launch of the Corda Network and XRP being the bridge currency, SBI, as per their investor disclosure presentation of 2019, said that they will integrate S Coin platform with Corda.
S Coin
S Coin Platform which makes use of Orb DLT can be used to issue many types of digital currencies, which can then be used for settlement methods, including cryptocurrency or prepaid electronic money.
Source: SBI Holdings Inc Financial Results
The main reason for using S Coin platform by SBI is to reduce settlement cost and the use of cash significantly by providing original settlement coin.
Synergy
SBI Holdings, in all of their Financial Result presentations, have always mentioned achieving “synergy” between different sectors to help increase productivity and take out the competition.
Putting two-and-two together it can be concluded that SBI will bring Corda and S Coin together by using Ripple’s ILP [Interledger Protocol].
ILP connects two different blockchains and provides easy bi-directional movement of information which is a much-needed solution at a time when there are a massive number of blockchains being developed.
With Corda’s privacy and interoperability and ease of settling transactions between financial and corporate institutions and S Coin’s ability to issue new tokens and link it with various cryptocurrencies or Cash or gold provides a very unprecedented incentive and a wide range of application.
Example
Moreover, this plan of SBI will make use of XRP as a settlement or bridge currency to facilitate transaction be, it domestic or international. The domestic transactions will most likely happen with Corda Setter and various CorDapps and the international will transactions, like the remittance and cross-border, will happen with Ripple’s xRapid product.
Considering the global forex market, the Japanese Yen is the third largest currency and it contributes a total of $1 trillion to the global market. Assuming that Corda and XRP will be used due to their ease of installing it with legacy systems and fast settlement times with virtually no or minimal fees. If Corda even achieves to tap 1% into this well of opportunities it could easily push the sentiments of XRP hodlers and price of XRP to a whole other level.
In every scenario, XRP seems to be something that is connecting everything together. Ripple and SBI Holdings are connected through Ripple’s products, xCurrent, xRapid, and xVia; XRP comes into picture for the remittance/cross-border payments.
SBI Holdings and R3 and connected with each other as they plan to make use of Corda which has a high affinity towards XRP.
Ripple and R3 had their dispute but are connected via the use of XRP in their systems.
Furthermore, SBI’s CEO Yoshitaka Kitao has been saying it time and again that XRP will triumph when it comes to payments and has a dream of achieving a superior payment system for Japan utilizing Ripple, R3, and XRP, and he plans to do it before the Osaka Expo 2025.
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Crypto Bear Market is Prime Entry Point For Tech Giants
The yearlong plunge in cryptocurrency markets has resulted in downsizing for many tech startups but for the big players it could provide the perfect entry point.
Big Players Looking Towards Blockchain
Many blockchain projects have faced the squeeze in recent months and been forced to let staff go and downsize operations. The NEM Foundation has been the latest in the growing list of those battered by the bears as it faces a complete restructuring. This could be good news for bigger players looking to scoop up tech talent for their own crypto ambitions.
Facebook has been the latest example as the social media giant recently acquired the team from a small London based blockchain outfit called Chainspace. According to RBC internet analyst Zachary Schwartzman crypto and blockchain could be seen as a huge threat to the likes of Facebook as computing moves to public blockchains in what he described as the “embryonic stages of a potential massive paradigm shift”.
“On the surface, it may appear that Facebook purposefully hired the technical team related to DECODE. But we don’t believe this was the case. Our view is that this was simply an acqui-hire to expand Facebook’s internal crypto team’s expertise,” Schwartzman told CNBC.
The report goes on to note that other tech and finance giants are also keenly eyeing the space which looks far more lucrative today than it did at the height of the hype a year ago. IBM, Amazon, Microsoft and JP Morgan are all venturing into blockchain for its increased security and transparency over existing systems.
Venture capital was on a roll in 2018 as over $2.6 billion was spent on deals for more than 300 companies, according to researchers. This was more than triple the figure for 2017 despite the plunge in prices. The investment environment has cooled off a little since then however as some companies still didn’t have products on the table at the time of their fund raising. EOS has been the prime example here with $4 billion raised, mostly in Ethereum, and no product at the time. EOS has dumped 88% since its all-time high in April last year along with the rest of the cryptocurrencies.
The plunge in Ethereum, which many used to raise funds, has added to the woes of these startups which have flooded the market with it further adding to the bearish overall sentiment. Analysts have predicted a big shakeout whereby those that failed to meet deadlines and keep up with product updates will fall away while those still focusing on building the technology will ultimately survive.
The tech and internet monopolies are definitely paying attention and are circling like sharks in a digital pool that is filling up with fresh talent as the crypto winter continues.
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Bitcoin Price Similarities To 2015 Bottom Is “Unreal,” What Could it Mean?
Bitcoin (BTC) is the next frontier. No technologies have gone where crypto assets and related innovations are heading. Yet, within this space, reoccurring patterns have been observed, even though the movement of industry fundamentals, chart technicals, and social metrics seems sporadic and unpredictable.
This theme was only cemented recently, as a leading cryptocurrency trader divulged that eerie lines can be drawn between 2014/2015’s bear season and the one seen today.
Related Reading: Crypto Trader Adamant That Bitcoin Bear Market “Cannot Last Forever”
Bitcoin Could Rally Into 2020 Halving
The day-to-day valuation of BTC may seem to come straight out of left field. But some would beg to differ. Over Bitcoin’s decade-long history, the asset has gone through a number of so-called “boom and bust cycles.” Although the numbers and timelines involved in these multi-year moves seem entirely non-correlated, with the difference between the peaks of 2014’s and 2017’s parabolic rallies amounting to $19,000, some would argue that this budding market has an extremely slow, yet ever-present heartbeat.
Analyst Filb Filb recently issued a chart on TradingView that revealed “staggering pre-halvening similarities [between] 2015 [and] 2019.”
BTCUSD:- STAGGERING PRE HALVENING SIMILARITIES 2015 VS 2019 – #BLX chart https://t.co/T95q2nKpec
— fil₿fil₿ (@filbfilb) February 10, 2019
The chart in question outlined the U.S. dollar value of BTC from mid-2014 to current, while also doing its best to predict future price action. According to Filb’s drawn lines, BTC may have already established a long-term bottom at $3,150 in mid-December, when the asset briefly moved under its a key moving average. Interestingly, the same series of events occurred when the flagship cryptocurrency bottomed in 2015, a year and a half before 2016’s halving.
And as such, if history rhymes, not repeats, over the next 441 days starting February 18th, Bitcoin may begin to embark on a recovery, potentially reaching $10,000 just before the halving.
Other traders expressed bullishness in response to Filb’s optimistic chart. One trader, the so-called “bag of XMR,” also noted that the convergence and potential subsequent divergences of two moving averages, the overall market structure, and the timing of buy-side and sell-side influxes, could be accentuating impending moves to the upside.
Filb and Bag aren’t the only industry commentators to have observed eerie, even scarily accurate parallels between previous drawdowns in Bitcoin’s history and the current one.
Alex Melen, an American entrepreneur with a budding passion for cryptocurrencies, recently noted that the last time that BTC crossed under its four-day 50 and 200 moving averages, Bitcoin bottomed. And as the same occurred in mid-November, Melen touted confidence.
Trader Jones, a crypto-centric businessman, noted that current Relative Strength Index (RSI) readings and chart structures are similar to those seen in early-2015, echoing the comments made by Filb.
While this is all well and good, some have used historical analysis to tout bearish sentiment. Princeton graduate Murad Mahmudov is the best example. The well-respected crypto trader, who has been dubbed the “Parabolic Trav of the 2018/2019 bear market,” has noted on multiple occasions that past price action may indicate that $1,700 is a near-term possibility for Bitcoin.
As reported by NewsBTC on a previous date, citing historical trends, technical levels, and underlying fundamentals, BTC could enter a period of “hell” in spring 2020. After divulging an array of details, the analyst concluded that he explained that Bitcoin’s “steady support” will be found at an MA300 of around ~$2,400. However, he made it clear that Bitcoin could “wick down” to as low as MA350~400 in the $1,700 range, “due to past patterns and how particularly overstretched the 2017 bubble was.”
Bottom Q2 2019
No Bull Run till Q2 2020
— Murad Mahmudov
(@MustStopMurad) February 10, 2019
The $333,000+ BTC Forecast
Filb’s recent quip comes after he issued an extensive tweet storm about why it isn’t illogical to believe that Bitcoin could eventually surpass $333,000.
After combining data sets and crunching an array of numbers, the analyst deduced that Bitcoin likely processes a minimum of 0.03% of all global financial transactions on any given day. Through the use of regression and statistical analysis, taking the swelling worldwide debt sum of $274 trillion and combining it with BTC’s current level of adoption, Filb determined that a fair valuation for Bitcoin is ~$74 billion.
While this indicates that BTC is currently fairly valued, Filb explained that the crypto asset will continue to see its use swell in the years to come. In fact, harnessing data from the Internet industry’s cycles, it was revealed that if all pans out for Bitcoin, $333,000 could just be in the cards.
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Earn Ethereum Playing These NFT Blockchain Games
A recent blog post from the blockchain software company founded by Ethereum’s Joe Lubin, ConsenSys has listed 16 Ethereum blockchain based games where users are able to earn money whilst playing.
The games listed in the blog post include those that utilise non-fungible tokens which the company claims are changing the online gaming industry as we speak. For those that don’t know, non-fungible tokens (NFTs) are also defined as ERC-721 tokens which are based on the Ethereum blockchain. In addition to this, they differ from ERC-20 tokens in that they haven’t got an equal counterpart with each token being unique in its own way.
ConsenSys has said that even though the rest of the blockchain community is busy in talks regarding scalability, adoption and network upgrades, these blockchain based games are early proof that the technology has the potential to revolutionise an industry.
Blockchain Games Using NFTs
The games are listed in four main categories with the initial category being collectible and trading games. These types of games include CryptoKitties and Etheremon. In CryptoKitties, the user has a chance to buy, breed and sell virtual kittens (hence the name). Etheremon has a similar theme as users are able to find, train and trade unique creatures known as ‘Mons’.
In addition to these two games, PlasmaBears is another game in this category where you can build, trade and sell virtual bears. Last but not least in this category, there is 0x Universe where users can build spaceships and explore different galaxies as they colonise planets and sell resources.
The next category is for battle games like Blockchain Cuties and Axie Infinity. In Blockchain Cuties where users breed, raise and battle digital creatures and in Axie Infinity, users collect, raise and battle unique fantasy creatures in-game. On top of these, there is Chibi Fighters where players are able to collect, trade and battle digital fighters on the battlefield where they are able to gather weapons and other assets available to trade.
In the third category, they are mainly strategy games such as Decentraland, CryptoAssault and CryptoBaseball.
The final category is made up of artwork trading which includes SuperRare and CryptoSketches.
Also in the blog post by ConsenSys, the company claimed one of its members was able to to make more than $600 in around three hours from playing just one these NFTs.
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Analysts Expect Bitcoin (BTC) to Climb Higher Before Hitting Resistance and Dropping
Following the crypto market’s quiet weekend trading session, most cryptocurrencies have continued to trade flat, and have thus far maintained nearly all of their recent price gains that were incurred during Friday’s market surge. Bitcoin (BTC) has found stability in the mid-$3,600 region and appears to be forming $3,700 as a level of resistance.
Multiple analysts now expect Bitcoin to form another upwards leg before hitting a strong resistance level, which is unlikely to be swiftly broken above unless the cryptocurrency’s bulls garner a significant amount of buying pressure.
Bitcoin Stable Around $3,650, Analysts Bearish on Larger Time Frames
At the time of writing, Bitcoin is trading down marginally at its current price of $3,645. Over the weekend, BTC rose to highs of nearly $3,700 before swiftly being pushed down towards its current price levels. This signals that $3,700 may be a level of relative resistance for the cryptocurrency in the short-term.
In a recent tweet from Mayne, a popular cryptocurrency analyst, he explained that he is still bearish on BTC over high time frames despite Friday’s upwards surge that sent it from lows of $3,400 to highs of $3,700.
“$BTC…I’m still leaning bearish on the HTF… I think if we make another leg up we top out in the grey zone… If we make a higher high, great, I’ll be bullish. Don’t let your ego or some neckbeard on CT yelling “REKT” stop you from moving with price… Just focus on the chart,” he explained.
$BTC
I’m still leaning bearish on the HTF.
I think if we make another leg up we top out in the grey zone.
If we make a higher high, great, I’ll be bullish. Don’t let your ego or some neckbeard on CT yelling “REKT” stop you from moving with price.
Just focus on the chart. pic.twitter.com/YhfpN9HSwb
— Mayne (@Tradermayne) February 11, 2019
Nigel Green, the CEO of the UK-based deVere Group, recently shared a similar sentiment to Mayne while speaking to MarketWatch, noting that Bitcoin has still yet to break above its strong resistance level at $4,000.
“It was a relatively sudden jump, and, of course, positive news for those holding bitcoin. However, the price only reached the top of the trading range and investors should not be popping champagne corks just yet,” Green explained.
Although the market’s recent price climb was certainly positive for investors, analysts are still leaning bearish on BTC.
Analyst: Bitcoin Likely to Drop After Climbing Higher
In line with the aforementioned analyst’s bearish assessment of Bitcoin, DonAlt, another popular cryptocurrency trader on Twitter, recently spoke about where he sees Bitcoin heading in the near future, noting that he expects BTC to climb above its previous high in the mid-$3,700 range before dropping further.
“$BTC daily update: Stopped dead in its tracks… I think for a dump to happen we need to take out the previous high first… If that happens and we get a high momentum dump into the breakout I’ll be shorting to the green line… If we break upwards I’ll long the S/R flip at red.”
$BTC daily update:
Stopped dead in its tracks.
I think for a dump to happen we need to take out the previous high first.
If that happens and we get a high momentum dump into the breakout I’ll be shorting to the green line.
If we break upwards I’ll long the S/R flip at red. pic.twitter.com/FwkVKB1ZZc
— DonAlt (@CryptoDonAlt) February 10, 2019
As the week continues on it is likely that the market’s volatility will gradually begin to increase, which will give investors and traders alike greater insight into which direction the markets are heading next.
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Two Remittance Firms Go Live With Ripple-Based Payments to Thailand
Remittance firms UAE Exchange and Unimoni have gone live with blockchain-based payments using Ripple technology.
Finablr, which owns the two brands, announced Sunday that “real-time” cross-border remittances using RippleNet are now live, starting with payments for its international customers to Thailand. Other destination countries are expected to be added going forward.
The service was launched in partnership with Thailand’s Siam Commercial Bank, the firm said.
Finablr director and CEO Promoth Manghat commented:
“The adoption of blockchain opens up considerable potential to streamline remittances and provide a frictionless, fast and secure payments experience.”
Aside from UAE Exchange and Unimoni, Finablr also owns brands such as Travelex, Xpress Money, Remit2India Ditto and Swych, and is looking to deploy blockchain technology across some of their services too, according to the announcement.
UAE Exchange first partnered with Ripple in February 2018, aiming to reduce the costs and frictions associated with cross-border transactions. In December, Manghat revealed that the firm was planning to launch Ripple-based payments to Asia by the first quarter of this year.
At least 200 banks and financial firms around the world have now tapped Ripple for blockchain-based payments.
Back in December, National Bank of Kuwait (NBK) launched a new remittance service, dubbed NBK Direct Remit, using Ripple’s technology. Malaysian banking group CIMB, South Korean crypto exchange Coinone and U.S. banking giant PNC have also joined RippleNet in recent months.
While most clients have opted to use its payments infrastructure without the XRP cryptocurrency that Ripple helped develop, Euro Exim Bank became the first bank to publicly announce it is using XRP for cross-border payments in early January.
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Bitcoin Needs To Reach At Least $7,000 to Save the Mining Industry: Analyst
The economics of Bitcoin (BTC) is a touchy subject. Case in point, debates regarding the subject matter are the catalyst for some of the project’s leading forks. And while discourse regarding the subject has dissipated, especially as Craig Wright and Roger Ver have gone on their merry way, the long-term sustainability of Bitcoin’s consensus mechanism has recently come under fire.
Filb Filb, a leading crypto asset researcher, looked to bring rational thought and numbers to a facet of this non-parley on Sunday, releasing a Twitter thread on mining fees and their role in cryptoeconomics.
Related Reading: Block School: Basic Blockchain Theory and Cryptoeconomics
99% Of Bitcoin Mining Revenue Is Block Rewards
Filb first laid out some ground rules. Citing block explorer information, Filb noted that miners hashing on the Bitcoin network secured approximately $6.37 million, which includes the $70,000 paid in transaction fees, over the past 24 hours. In other words, effectively 99% of miners’ revenues are sourced from coinbase transactions, while what little is left is made up of pure, simple transaction fees.
Re; Bitcoin Mining Fees Debate;
Daily Miner income today of c.$6,37m inclusive of $70k fees can be easily maintained with assumed increase in $BTC unit price.
Mining fees are 1% of the total mining income
Bitcoins revenue is 99% of total mining income pic.twitter.com/Hxey0WHzvG
— fil₿fil₿ (@filbfilb) February 10, 2019
And as the cumulative value of network fees is expected to flatline, even drop, in the coming years due to the Lightning Network’s advent, the value of BTC must head higher to allow miners to keep aggregate revenues consistent. If the Bitcoin price stagnates, even as block reward reductions — so-called “halvenings” or “halvings” — occur, miners may begin to stifle their operations, as the economics of mining become tough on their wallets.
Thus, Filb remarked that BTC must eclipse $7,000 — near-double of today’s price — by 2020’s issuance reduction event, slated to occur in mid-May. By the same token, he claimed that as future halvenings activate, which will cut the amount of BTC issued in half, Bitcoin will need to continue to double every four years to keep the mining sector as is.
Yet, the analyst didn’t count out the chance that BTC could enter a multi-year lull, whereas prices aren’t fluid and don’t match current expectations, putting miners between a rock and a hard place. In fact, if the value of the flagship cryptocurrency remains static heading into 2020’s halvening, a sticky situation may arise.
If worst comes to worst, the current value of daily transaction fees would have to swell by 46 times, from $70,000 to $3.2 million, to keep risk to the status quo of miners’ revenues to a minimum. This, of course, is a worst-case scenario, especially considering the copious number of analysts who believe that the impending shift in issuance will push Bitcoin far beyond where it has traversed before.
As reported by NewsBTC previously, Moon Overlord claims that BTC could begin to rally into the May 2020 halving. Overlord explained:
“Bitcoin has traditionally starting pumping around 1 year on average before it’s halving date… The next halving is estimated to be May 2020, meaning that the uptrend will begin in May of this year.”
He isn’t the only analyst with this thought process. Alistair Milne, a Monaco-based crypto investor that heads the Digital Currency Fund, noted that December’s downward difficulty adjustment, which has historically indicated a bottom, and the nearing halving should be a catalyst for widespread accumulation.
The Case For A Bitcoin Supply Cap Hike
While Filb doesn’t believe that the fleeting block rewards could pose a cardinal risk to Bitcoin’s long-term, multi-decade security, some have begged to differ. In a shadowed conversation at the equally as mysterious Satoshi’s Roundtable, Matt Luongo, the founder of Fold and the product lead at Keep, stated that the Bitcoin’s deflationary model could get unsustainable over time.
Like thinkers such as BlockTower’s Ari Paul, Luongo brought up the idea that as time elapses, more of Bitcoin’s functionality will be seen on second layers, sidechains, and drivechains. Thus, the Bitcoin economy could become “top heavy,” creating an environment where the underlying blockchain is susceptible to block reorganizations, due to the minimal low-cost transactions made on the mainchain and lacking block rewards.
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$3 Trillion Hedge Fund Industry Should Have 1% In Bitcoin (BTC), Claims Novogratz
Although undoubtedly Bitcoin rose to worldwide fame and glory in late-2017, institutions have been slow to make a bonafide foray into this asset class. In fact, effectively zero preeminent Wall Street funds have divulged that they have taken active stakes in cryptocurrencies. Many traditionalists would argue that this is for good reason, but crypto’s enthusiasts have been left asking — what’s the deal?
Novogratz: Where Are Bitcoin Allocations From Wall Street?
In a tweet issued on Saturday, Mike Novogratz, the chief executive of the TSX-listed Galaxy Digital, made a surprising remark that came straight out of left field. The former Fortress Investment and Goldman Sachs executive, who has become a full-on crypto diehard, explained that he doesn’t understand why large macro funds, such as Ray Dalio’s Bridgewater Associates, don’t have a 1% position in Bitcoin (BTC).
Don’t understand why all the big macro funds out there don’t have a 1 percent position in $btc. Just seems logical even if your prone to be a skeptic. @RayDalio #goldproxy #animalspirits #greatriskreward
— Michael Novogratz (@novogratz) February 9, 2019
Backing his comment, Novogratz added that such a move is logical “even if you are prone to be a skeptic,” likely touching on the asymmetric risk-return profile that cryptocurrencies are best known for.
For some perspective, Winton, a British investment management firm, estimates that hedge funds worldwide hold a minimum of $3 trillion in assets. Thus, a ubiquitous 1% allocation would see $30 billion rush into BTC at the bare minimum, which would push the cryptocurrency likely beyond its late-2017 high due to fiat multipliers.
While this would be crazy in and of itself, some argue that this is just the tip of the iceberg. In an installment of Off The Chain, Anthony Pompliano of Morgan Creek Digital Assets claimed that “every pension fund (valued at ~$4.5 trillion) should buy Bitcoin.” Pompliano explained that a potential solution to solve the pension crisis, whereas such funds will likely default on some, if not most of their payments, is to simply buy cryptocurrencies. Bitcoin, for one, is a non-correlated asset, with Pomp even calling it “the holy grail of any portfolio.”
This isn’t even an unproven fact. PlanB, a leading crypto researcher, recently remarked that a 1% BTC and 99% cash portfolio beat the performance of the entire S&P 500 over the last ten years. Although the difference between the two portfolios was marginal, with mere percentage points separating their performance, PlanB claimed that Bitcoin simply has a better risk-to-return profile than U.S. equities.
In response to this, Pompliano remarked that this trend is likely going to continue over the next decade.
Bitcoin Isn’t Only A Diversifier, But A Hedge Against Fiscal Irresponsibility
Not only is Bitcoin likely going to be a great diversifier in the long haul, but many argue that it is a perfect hedge against poor fiscal practices from central banks, like the U.S. Federal Reserve. In a comment given at an alternative investment conference in the Grand Cayman, Travis Kling, the chief investment officer of Ikigai, remarked that the flagship cryptocurrency is the perfect hedge against “fiscal and monetary policy irresponsibility.”
Kling, a former Point72 portfolio manager even likened Bitcoin to a credit default swaps (CDS) against central banks’ enamorment with printing money. The Ikigai head, who made a sudden U-turn at the peak of 2017’s crypto boom, as he downed a red pill to foray into cryptocurrencies, remarked that he’s wary of the build-up of debt on government balance sheets. Kling even stated that the monumental rise of enlisted quantitative easing (QE) strategies is “how you would write the script” for the adoption of cryptocurrencies, especially ones that are fully decentralized, the world over.
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Only Centralized Crypto Networks Immune to 51% Attacks: Litecoin’s Lee
Ethereum Classic (ETC), the smaller spinoff of Ethereum, is still reeling from the 51% attack that was carried out on its blockchain, resulting in the theft of more than $1 million in ETC tokens and an almost 10% erosion of the cryptocurrency’s value.
Reactions to this attack have been pouring in from various quarters, including the temporary ban placed on various activities involving ETC by major cryptocurrency exchange platforms such as Coinbase and Kraken. Industry experts and institutions have also weighed in on the matter, how this incident could affect the public perception and adoption of blockchains, and how incidents like this can be prevented in the future.
Failed Blockchain?
In an email conversation with Bloomberg, venture capitalist Kyle Samani claimed that the success of the attack on the blockchain demonstrates that the Ethereum Classic blockchain has essentially failed at one of its most basic responsibilities as a decentralized cryptocurrency network.
Samani wrote:
I’m surprised that ETC is not down 50 percent or more. The most probable explanation is that the biggest holders store their assets off-exchange, leaving them unable to transfer them back and sell.
However, Charlie Lee — the founder and developer of Litecoin — seems to believe that with this attack, the Ethereum Classic blockchain is only exhibiting one of the inherent characteristics of a blockchain. In a tweet earlier this week, Lee stated that every decentralized cryptocurrency is susceptible to attacks of this nature, and any blockchain that demonstrates an immunity to this kind of attack is essentially centralized and permissionised.
This is a thought-provoking observation.
By definition, a decentralized cryptocurrency must be susceptible to 51% attacks whether by hashrate, stake, and/or other permissionlessly-acquirable resources.
If a crypto can’t be 51% attacked, it is permissioned and centralized. https://t.co/LRCVj5F0O1
— Charlie Lee [LTC
] (@SatoshiLite) January 8, 2019
“By definition, a decentralized cryptocurrency must be susceptible to 51% attacks whether by hash rate, stake, and/or other permissionlessly-acquirable resources,” the Litecoin creator wrote.
Every PoW Crypto is [Technically] Susceptible to 51% Attack
Lee’s sentiment was shared by Donald McIntyre, a member of the ETCDEV development team, which was shut down in December 2018 over lack of funding in the wake of the downturn in the crypto market. In a blog post published on Medium on January 8, McIntyre wrote:
Bear in mind that the current attacks ETC suffered are not a function of flawed internal design or a ‘hack’ to the system. It was a double-spend mining attack and a breach of security which is a formal assumption in its design, which is vulnerable to 51% attacks, as in any other proof of work blockchain, including Bitcoin.
In the post, McIntyre further claimed that the blockchain could be protected from attacks like this in the future through a change in the mining algorithm. At press time, ETC is ranked the 18th largest cryptocurrency by market capitalization and is trading at $5.04.
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Intercontinental Exchange (ICE) Chief Confident About Future for Bakkt and Crypto
The ongoing regulatory delays and hurdles imposed by the US government have not dampened the enthusiasm for crypto related products such as the highly anticipated Bakkt launch.
Bakkt Will be a ‘Moonshot Bet’
The Intercontinental Exchange (ICE) has recently announced its fourth quarter earnings which have beat some Wall Street predictions. Chief executive Jeffrey Sprecher took the opportunity to speak on the sterling performance and shed some light on the Bakkt crypto project. Seeking Alpha ran a full transcript of the conference call in which Sprecher referred to Bakkt as a “moonshot bet”.
Over a billion dollars has been spent on strategic investments in 2018, including the Bakkt crypto futures project, according to CFO Scott Hill. Sprecher added that Bakkt had raised over $180 million from ICE and twelve other investors and partners including Fortress Investment Group and Susquehanna International Group. He said that “as we look to 2019 and beyond we’re excited about the opportunities that lie ahead, not only for our core business but also for newer initiatives,” which includes Bakkt.
The launch delays have been largely the fault of the US government shutdown imposed by president Trump. The highly anticipated product has been seen as a major on-ramp for crypto as it includes some major players. The firm aims to create a crypto ecosystem to bring huge companies such as Starbucks and Microsoft into the crypto industry. Sprecher stated;
“That infrastructure has attracted a lot of very, very interesting companies that have come — some that have invested in Bakkt, some are just working with Bakkt to try to tap into that infrastructure for some new use cases that will involve blockchain and digital assets and other things that we can provide these people. Obviously, we’ve announced the Starbucks — our work with Starbucks and Microsoft. We have very, very large retail franchises global connectivity to end users that we hope will be brought into that ecosystem and could create a very, very valuable company out of that initiative if our business plan plays out.”
Regarding the Bakkt launch date there were no specifics mentioned, only that it is expected ‘later this year’. Last month the company revealed more details about its Bitcoin futures products. The Bakkt BTC (USD) Daily Future will be a 1 BTC contract that will be physically delivered.
Bakkt also announced the acquisition of assets from Rosenthal Collins Group (RCG) last month. The ‘back office’ infrastructure will be needed to develop the crypto ecosystem and ensure full security and a trusted fintech solution for its clients.
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Ripple/XRP: Price indicates an imminent breakout
The current price of XRP at the time of writing was at $0.2970, with a market cap of $12 billion.
The one-hour chart for XRP shows a narrowing of the trend lines which has caused the volatility in the price to seep out.
As the hourly candles keep spawning they are getting bounced off of the trendlines indicating a consolidation of the prices.
Moreover, the prices have broken major short-term support at $0.29668 on February 6, 2019. However, the breach in the support was temporary, as the prices are fighting to get back up and the broken support is now acting as a resistance holding the prices below it.
The breakout from this bear flag/pennant-like formation is imminent and the breakout can happen either to the top or to the bottom.
However, it can be speculated that the prices breaking out to the top is a more probable outcome since the bears have already drained out in the energy in bringing the prices as low of $0.29, but then again, it is not the only outcome.
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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.
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Fundstrat’s Tom Lee: Technical Analysts Becoming Incrementally Bullish On Bitcoin
After Friday’s straight out of left field rally, analysts have begun to express optimism for the first time in a blue moon. In fact, one industry insider claims that technical analysts centered on Bitcoin (BTC) are switching gears from bearish to bullish. But will their forecasts hold up?
Related Reading: Analyst Claims That Bitcoin (BTC) Could Surge to $5,000 in Coming Weeks
Tom Lee Downs The Bitcoin Red Pill Again
It appears that Tom Lee has downed the Bitcoin red pill yet again. After making an appearance on Fox Business, in which he touted his decidedly optimistic sentiment, the Fundstrat Global Advisors co-founder and research head took to Twitter to double-down on a bullish narrative.
Citing, a piece of analysis from the ill-named “Magic Poop Cannon,” a well-followed, yet oddly titled crypto trader, Lee remarked that technical analysts that were bearish in early-2019 are becoming “incrementally bullish” on BTC. But why is that?
CRYPTO: Some TA’s who were bearish in 2019 are becoming incrementally bullish on #BTC $BTC
The one below refers to the 200-week mavg acting as support, something @rsluymer @fundstrat TA also noted as key support for Bitcoin.https://t.co/QOBqcQ83FV
— Thomas Lee (@fundstrat) February 10, 2019
According to the analysis that Lee, a former managing partner at JP Morgan & Chase, cited, the odds are increasing that the “Bitcoin Bear” is dead. Magic, who made a comment that BTC is most likely to bottom at $2,000 earlier this week, remarked that Friday’s jaw-dropping rally presents a positive technical case for the flagship cryptocurrency.
The trader remarked that Friday’s 8% move, which set BTC above $3,700, rallied back into a triangle formation that was important before the late-January sell-off. Magic claims that if BTC can close its daily candle above ~$3,600, “this [will be] very bullish.”
Magic then drew parallels between the 2014/2015 bear season bottom and the price action seen as of late. He concluded that while there are differences, BTC is currently “trending in a similar manner to the way it moved at the exact bottom of the last bear market.”
Yet, it was also explained that the 200-week moving average remains a key line of support for Bitcoin, meaning that a foray under that level, currently situated at $3,300, could reverse this trend.
Fundstrat Is Optimistic On 2019’s Prospects For Crypto
As hinted at earlier, Lee’s recent “hopium” high comes after he made an appearance on American television to talk Bitcoin. He explained on-air that $25,000 is a “fair value” for the leading cryptocurrency, citing the thirst for an uncorrelated digital asset that isn’t only used for speculative purposes, but as a newfangled form of money and store of value too.
This recent comment also comes after Lee’s New York-based investment advisory outfit released its 2019 Crypto Outlook report. As reported by NewsBTC previously, Fundstrat laid out a number normal of macro, technical, fiat-to-crypto inflows, blockchain technology, and equity trends to explain why the outlook for Bitcoin and other cryptocurrencies could improve over 2019.
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Venture Capitalist Loses Bitcoin Bet, But Doubles Down on Crypto
Crypto investors everywhere are betting big on Bitcoin and the like eventually becoming adopted by the mainstream public and put into everyday use. The first-ever cryptocurrency and the technology underpinning it has the potential to disrupt a number of industries, and could eventually become the global currency for the internet.
However, one venture capitalist and early crypto investor Ben Horowitz has lost a bet against financial journalist Felix Salmon over Bitcoin’s current level of adoption. Despite losing the bet, Horowitz is doubling down on crypto and has made a new bet in the public’s eye.
Bitcoin and the Five-Year Losing Bet
On episode 515 of NPR’s Planet Money Podcast, American businessman and venture capitalist Ben Horowitz made a bet against then Reuters finance blogger and crypto naysayer Felix Salmon.
An article that Salmon had written about Bitcoin being a bubble that was set to burst prompted the friendly wager. The terms of the bet covered polling a sample of Americans, asking them if they had made a purchase using Bitcoin during the past month. Horowitz would win should 10 percent or more of the polled American’s had responded saying they did indeed use Bitcoin for buying something.
Related Reading | Strong Fundamentals: Bitcoin Daily Transactions Return to Bull Run Levels
Five years later, only 3 percent of American respondents had said they used the leading crypto by market cap to make a purchase. However, the podcast commentators argues that a review of where the respondents claimed to have used Bitcoin to make a purchase suggests that the percentage was actually far lower.
Salmon’s counter to Horowitz’s vision for Bitcoin adoption was that Bitcoin’s price increase and deflationary design would cause investors in the emerging asset to simply hold the asset long-term, rather than spending it as a transactional currency. The store of value narrative that underscored the 2017 bull run followed his theory.
Salmon, who won the bet, received a pair of alpaca socks – which serve as a sort of mascot for Bitcoin, originating from a 2011 Slashdot article that used the socks as an example on what Bitcoin could be used to purchase.
Doubling Down on Crypto Adoption As a Whole
Ben Horowitz is a staunch believer in Bitcoin and cryptocurrency. His investment firm Andreesen Horowitz – in which Ben partners with Marc Andreesen, Netscape co-founder and co-creator of the first widely used web browser – has made significant investments in the crypto space including industry leader Coinbase.
Despite losing the bet against Salmon, Horowitz is undeterred in his belief that crypto will eventually be widely adopted. The venture capitalist again placed a bet against Salmon, this time saying that in five years, crypto in general would be used by at least 10 percent of people living in Mexico.
Related Reading | Marc Andreesen, Creator of Netscape, Praises Bitcoin in NYT Op-Ed
The duo selected Mexico to avoid the United States’ reliance and comfort using credit and debit cards, which makes crypto usage less necessary than in countries with struggling economies.
This time, the winner will receive 1 ETH, as well as a 100-year old bottle of Madeira wine, which Salmon argues is a better store of value than Bitcoin or crypto.
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Opera Will Take You From ‘Zero To Crypto’ With Ethereum
There are a number of ‘mainstream’ companies that are really trying hard to make Bitcoin adoption ‘ a thing’. Namely Opera, the company behind the Opera web browser, who’s recent moves have been seen as a huge boost to the future of crypto and blockchain technology. Opera is a web browser that is available across numerous platforms. Recently, the team at Opera have made a number of updates that have been designed to make cryptocurrency more mainstream, as a matter of fact, the new Opera for Android browser claims to make you ‘from zero to crypto’. Assuming this is a play on the catchphrase ‘from zero to hero’, we think that Opera want to make you an investment genius.
We should note that this isn’t the first time Opera have made huge moves to totally ‘blockchain-ise’ their web browser, recently the company announced a project designed to make interaction with Ethereum based dApps easier.
According to Cryptoglobe:
“Opera began its crypto experimentation with the introduction of a native cryptocurrency wallet to its Android browser back in July of last year, allowing users to use the new generation of decentralized applications being created on the Ethereum blockchain. The most high profile of these dApps so far has probably been CryptoKitties.”
Charles Hamel, the Product Lead for Crypto at Opera has said:
“We think that the next important phase for crypto will come from usage and that for it to reach wider adoption.”
Okay, the Opera for Android browser isn’t an international project just yet, however the new Web 3-enabled version of Opera for Android, available in Sweden, Norway and Denmark utilises current Android security and payment systems to allow for the easy purchase of Ethereum, as a result of a new partnership with Safello.
This works by utilising a system set up in Sweden, that means all transactions and login functions are banaked by BankID, a Swedish citizens information solution. This allows users to verify themselves before making the purchase of Ethereum.
According to Cryptoglobe:
“This new feature, which presumably is earmarked for a wider rollout beyond the immediate vicinity of the Opera team’s native Norway is a further step in its strategy to simplify the use of cryptocurrency. It will need to rely on different authentication protocols and conform to different laws as it makes its way around the globe, however, making the lead time for roll out unclear.”
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Litecoin (LTC) Price Surges Over 7% to Nearly $47 as it Continues its Upwards Surge
After an incredibly positive week for Litecoin (LTC), it has been able to continue its upwards price surge today and is one of the few major cryptocurrencies that has surged during an overall quiet trading session in the crypto markets.
Today’s upwards move has brought LTC to the top of its resistance region, and a break above this level could lead to a significantly further price surge.
Litecoin Price Surges During Quiet Trading Session
At the time of writing, Litecoin (LTC) is trading up over 7% at its current price of $46.8. LTC is up significantly from its weekly lows of $32, which were set earlier last week before the cryptocurrency began climbing.
Instinct, a popular cryptocurrency trader on Twitter, spoke about LTC’s recent price surge, noting that it is now pushing up against another resistance level.
“$LTC showing no signs of slowing down. Pumping on a Sunday morning straight to the top of this 3D resistance level… Very happy with my long from avg ~.093 on Mex. Want to add but not until I see some type of retest after a S/R flip. Looking quite impulsive now,” he explained.
$LTC showing no signs of slowing down. Pumping on a Sunday morning straight to the top of this 3D resistance level.
Very happy with my long from avg ~.093 on Mex. Want to add but not until I see some type of retest after a S/R flip. Looking quite impulsive now! pic.twitter.com/htqFMBPomH
— Instinct (@instinctxbt) February 10, 2019
Litecoin (LTC) Nears Weekly Resistance Level
Although today’s upwards surge is certainly positive for LTC, it still has a ways to go before it pushes against its major weekly resistance level.
SalsaTekila, another popular cryptocurrency analyst on Twitter, noted that Litecoin’s strong weekly resistance level currently lies around 0.0165 BTC, up slightly from LTC’s current price of 0.0128 BTC.
“$LTC analysis, tapping a fresh daily supply zone. Bottom grey is weekly support, top grey is weekly resistance. Looks to me like a local top.”
/5 $LTC analysis, tapping a fresh daily supply zone. Bottom grey is weekly support, top grey is weekly resistance. Looks to me like a local top. pic.twitter.com/tZZZYzZC5c
— SalsaTekila (JUL) (@SalsaTekila) February 9, 2019
Other Cryptocurrencies Experience Mixed Trading Session
Although LTC is surging today, most cryptocurrencies are trading mixed today.
At the time of writing, Ethereum is trading down marginally at its current price of $118.65. ETH is up significantly from its weekly lows of $103 and has established the low-$100 region as a strong level of support.
XRP has dropped over 1% today and is currently trading at just above $0.30. XRP has historically treated $0.28 as a region of support, which is slightly above its 2018 low of $0.25.
Bitcoin Cash is one of today’s worst performing cryptocurrencies, as it is trading down 2.3% at its current price of $123.86. However, BCH is still up from its weekly lows of $112.
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