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Bitcoin analyst: The fall below 7k is the perfect time to ‘buy the dip’

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Bitcoin’s price crunch has been the major highlight of 2019, and the bullish expectations that people had seen to have dimmed down. Many proponents who started the year by claiming Bitcoin will hit all-time highs have switched their opinions and have asked people to ‘buy the dip.’ Tone Vays, one of the popular cryptocurrency proponents in the space recently tweeted:

“No need to assume, I’ll just say it –> Bear!, $7k should break down, saying it now cause it might do it while I’m asleep, if you prepared for this $BTC low, it should be the best time to “Buy the Dip” for years to come.”

The dip comes at a time when some other cryptocurrencies have started their climb up towards mainstream partnerships and tie-ups. Despite the slow interest from regulatory bodies, many had hoped that 2019 would be the turning point for the world’s largest cryptocurrency.

At press time, Bitcoin was trading for $7056.35, with a total market cap of $128.381 billion. The cryptocurrency held a 24-hour market volume of $17.076 billion after a 0.95 percent fall in prices during the 24-hour spectrum.

Earlier, data from Coin360 showed that Bitcoin had traded up for just 1.2 percent, where the price touched the $7265 mark. Some proponents of the coin even added that the current market atmosphere is boring and fragile, coupled with warnings for users who wanted to excite the industry for no reason. The concept of buying the dip has been prevalent in the industry, a phenomenon popularized by supporters who made money off the following peak.

Analysts across the board have made similar opinions to that of Vays, with Josh Olszewicz, an industry research analyst at Brave New Coin pointing to a bear market too. According to him, the last time the one-day Bollinger bands on the Bitcoin chart were as close as they are right now, the prices went up later. The upper Bollinger band and the lower Bollinger band were both parallel to each other, a sign of the sustained bear trend in the market.

The Relative Strength Index was also bearish. On the RSI reader, the graph was near the oversold zone, which meant that the selling pressure for the cryptocurrency was much higher than the buying pressure. Although the call was positive, the upswing is expected to hit only after a couple of weeks.

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Crypto enthusiast points out significant factors in Bitcoin’s ecosystem

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The world’s largest cryptocurrency has dominated the news coverage in the digital assets space, and that has been with good reason. Individual factors of Bitcoin has contributed to the growth of the cryptocurrency, along with renewed interest from institutional organizations.

Bitcoin’s prowess in the cryptocurrency space has been unquestionable because of the impact it had on several industries across the spectrum. The world’s largest cryptocurrency, which at the moment is going through a price crunch, has been the stalwart of the digital asset space, and proponents have come forward to support it.

In a recent tweet, Rhythmtrader, a famous crypto enthusiast, talked about Bitcoin’s various features and how it has changed over the decade. Since its inception in 2009, Bitcoin has had approximately 600,000 blocks mined with the next halving set to occur in May 2020.

A block records some or all of the most recent Bitcoin transactions that have not yet entered any prior blocks. The latest block on the Bitcoin blockchain was 608492 with a hash of 0000000000000000000fdcf6268b0ba843221f0a50421d81934fc36724a894c5.

The past couple of months has seen significant growth in the Bitcoin ecosystem, which has directly resulted in more than 480 million transactions. The number of transactions has been on a steady incline recently, and December 16 witnessed 327,085 of those occurring on a single day. The Bitcoin hash rate has also been lauded for being effective across the transactional area. Since the beginning, the Bitcoin ecosystem had produced ten hashes p/s with a total capital absorption of $130 billion in value.

This comes at a time when Bitcoin had fallen below the $7000 mark and was trading for $6937.17. The world’s largest cryptocurrency held a market cap of $125.61 billion, with a 24-hour market volume of $20.49 billion. This comes after a 2.29 percent fall over 24-hours. Many proponents of the space have claimed that approximately 10,000 nodes were secured throughout Bitcoin’s lifetime.

Many traders in the industry believe that the recent Bitcoin and Ethereum price fall was due to the fears emanating from a report about the alleged Plus Token Ponzi scheme. A new Chainalysis report talked about PlusToken scammers who stole almost $2 billion worth of cryptocurrencies. The report said:

“While we tracked $2 billion worth of various cryptocurrencies that victims sent to the PlusToken scammers, some of that money was paid out to early investors, presumably to maintain the illusion of high returns while PlusToken presented itself as a legitimate company.

The report further noted,

In many cases, it’s difficult to tell whether transfers made by the PlusToken scammers were going to those early investors or to addresses under their own control. Nonetheless, we’ve tracked roughly 800,000 ETH and 45,000 BTC we can definitively say the scammers transferred to their own addresses to launder.”

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Bitcoin boasts unlimited growth potential against fiat, affirms Binance CEO

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Tweeting on Monday, December 16, Binance boss Changpeng Zhao (CZ) recalled a user’s comment from his old tweet and affirmed that the largest cryptocurrency, Bitcoin has unlimited growth potential against fiat.

Further conversation on CZ’s Twitter wall revealed the actual comment which CZ was referencing. It was commented by Syed Raza Shah, who is by his Twitter profile, also known as “Crypto Doctor.” He had commented on CZ’s old tweet; “the world has an unlimited supply of fiat to buy a limited supply of Bitcoin! Let that sink in”.

https://twitter.com/cz_binance/status/1206416065095299073

When bitcoin was created, its creator Satoshi Nakamoto in a whitepaper revealed various details about how this digital form of money will be a unique currency in the world and how people across the globe can use this. However, one of the unique characteristics that Bitcoin holds is “its limited supply.”

Unlike fiat, which has an unlimited supply, there will only be 21 million Bitcoins in circulation for life, which keeps the BTC interest ratio on a higher graph.

Although this digital cash is highly volatile, Bitcoin has unlimited growth potential against fiat, according to Binance CEO. He says that the fact is proved by the mathematical calculation of the limited supply of Bitcoin.

In actual sense, the central banks have the authority to print national currencies at a whim, which likely disturbs the flow of funds and economic conditions within the country. However, a total of 20,999,999,9769 BTCs will be created in supply, of which over 80% of bitcoins are already in circulation.

Commenting with a similar view, Nischal Shetty, the CEO of WazirX, Binance’s newly acquired Indian exchange thumbed up and added: “It’s like Bitcoin doesn’t have to work too hard, Fiat is doing all the work to push it higher.”

Although Bitcoin holds the crown, the trading value kept on a dryer mark on the graph of coinmarketcap. Nonetheless, the entire crypto community remained to see the bash of Bitcoin price again. At the time of reporting this, Bitcoin is valued at $7106 against USD, counting the market capitalization of $128,649,929,303.

Moreover, CZ’s view on Bitcoin’s limited supply as the potential aspect of Bitcoin was criticized by a few members of the crypto community. One such user disagreed with CZ, adding, “Limited supply is irrelevant if there is no real demand.”

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Deribit BTC options trade shows changes in usual patterns

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Bitcoin trading volume and exchange rates have been useful metrics in determining the market’s capacity for growth, and the latest numbers on popular cryptocurrency exchanges showed a new turn of events. On December 16, Skew pointed out that there was an unusual proportion of puts trading over the weekend on Deribit.

The general trend on Deribit usually leans towards more call trades, which conveys a sense of trust in the market. Since the 14th of December, the put calls increased to 73 percent while the calls reduced to the corresponding 27 percent. Just a day before, the call was at 72.5 percent, while the put calls were at 27.5 percent. The sudden flippening caught the eye of investors and users alike because it bucked the trend of the past month and a half.

The minimum calls were at 27.8 percent, with the maximum at 69.8 percent. At the same time, the puts rate was at 30.2 percent, while the maximum was a whopping 72.2 percent. The switch on Deribit came at a time when Bitcoin was trading for $7118 with a total market cap of $128.88 billion.

The 24-hour market volume of the world’s largest cryptocurrency was $17.19 billion after a 5.16 percent fall during the past seven days. The fall in the value came after investors claimed the Bitcoin market was not ready for a full-time investment, but rather, it was still in its nascent stages a decade after its inception.

Fear and Greed Index for Bitcoin

The community was hit again when the Bitcoin fear and greed index was at a factor of 21. The turn towards the red side on the index indicated ‘extreme fear.’

Deribit was also in the news recently when it partnered with Y-Combinator backed company to automate trading strategies for retail users. The tie-up was aimed to provide investors with trading algorithms developed by professional traders. The organization had also claimed reimbursements in November after admitting that abnormal trades might not be the best idea. An excerpt from the official Deribit blog stated:

“In the future, there may be more reasons for unexpected trade abnormalities, and their causes might not be directly the fault of an exchange. Therefore, reimbursement might not be the best course of action. Due to this, exchanges have to advance their risk management and have multiple tools to deal with these uncertainties in a way that is the most efficient and in the best interests of their clients.”

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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XRP continues to grow as MXN pair liquidity index crosses 10 million mark

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XRP, the third-largest cryptocurrency on the charts, is considered as the asset that will revolutionize the cross-border transaction industry. Apart from being adopted by several companies, XRP pairs have also gone ahead and performed well as trading pairs in many regions across the globe.

The most popular XRP trading pair in Mexico is the XRP/MXN pair, which has been going from strength to strength in the country for some time now. The pair got another boost recently when the liquidity index for XRP/MXN went over 10 million. This comes after steady growth over the past few weeks, where the liquidity index climbed from 5 million to the current hold above 10 million in a concise period.

XRP/MXN pair breaks its very own record

The record was created on December 16 when the ‘current index’ was at 8.319 million. The climb on the liquidity index reset the all-time high to 10.031 million, a far cry from the hold below the 2.5 million mark just two months back. Looking at the charts, it is pretty evident that the increase in the liquidity index front occurred rapidly since the start of October.

On October 1, the XRP/MXN liquidity index was near the 1.8 million mark. From that point onwards, there was an unprecedented increase till the 17th of November, after which there was a temporary slowdown. The trading pair picked up the pace again on the 5th of December, after which there was no looking back.

Ripple’s XRP army remains optimistic

The XRP community or ‘army’ was already in the midst of celebrating the metric’s jump above the million mark when the latest milestone was created. Users are still speculating about the sudden influx of capital and interest, with many stating that it may be due to XRP being mentioned in a recent CFPB document.

The Consumer Financial Protection Bureau proposed the idea of increasing the safe harbor in its capital remittance rule, which would, in turn, reduce company compliance costs. The official document had given recognition to both XRP and Ripple and once clause added:

“…the continued growth and expanding partnerships of virtual currency companies, such as Ripple, which offer both a payments messaging platform to support crossborder money transfers as well as a proprietary virtual currency, XRP, which can be used to effect settlement of those transfers.”

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Jack Dorsey’s Upcoming Decentralized Social Network Project Receives Huge Request

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Recently unveiled by Twitter CEO Jack Dorsey, Twitter is on a mission to build a new decentralized social media protocol called “Bluesky.” This new initiative on Twitter reportedly received several hiring applications within a couple of hours of the announcement.

Essentially, Jack Dorsey has always been an adherent of Bitcoin and the decentralized ecosystem. This time, Jack is funding a small team of researchers with a vision to build an “open and decentralized standard for social media.” By doing so, he intends to make Twitter as a client for that standard. This process isn’t undoubtedly quick and easy. Instead, it could take years to get into the process. As tweeted by Jack, the project is called “Bluesky,” and currently, the project is simply a name. However, Twitter CTO Parag Agarwal is tasked to spearhead the hiring process for the project.

As per the series of tweets, Parag Agarwal will initially hire the lead for the project, who will then be responsible for building a team of five people. Consequently, Bluesky tweeted that there are several DMs they’ve received, which require some time to get through them all. The tweet reads as follows;

Thanks all for the warm welcome! Overwhelmed with the number of DMs we’ve received! Going to take us some time to get through them all. Our first goal is to find a lead for the project who will then build the team and set the strategy. It will likely take a few months.

Twitter CEO further asserts that it was their call to make Twitter increasingly centralized for several reasons. Still, for many other reasons, it is now required to take a new path to make Twitter a decentralized social media. He elaborated a few reasons behind his vision to build a new standard for new decentralized social media protocol;

  • Centralized enforcement of the global policy to address abuse and misleading information is unlikely to scale over the long-term without placing far too much burden on people.

  • Second, the value of social media is shifting away from content hosting and removal, and towards recommendation algorithms directing one’s attention.

  • Third, existing social media incentives frequently lead to attention being focused on content and conversation that sparks controversy and outrage, rather than a conversation that informs and promotes health.

  • Finally, new technologies (Blockchain) have emerged to make a decentralized approach more viable.

Over the past few years, twitter conversation has become a centre point for people to familiar with what’s happening around the world. Besides, few media publications prefer tweets as the base for their further research, which eventually engaged their audience with the conversation happening around that particular tweet.

More so, Jack mentioned that his idea to transform social media from a centralized version to a more decentralized version was partly inspired by Mike Masnick, founder of Techdirt. Notably, Mike believed in protocols, not platforms for the internet.

As for now, Twitter’s new open-source, decentralized protocol, Bluesky, is still an idea and is unique to the world. Moreover, it has yet to announce the head and other team members who will be managing it.

Stay tuned with Tron Weekly Journal to know more…

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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BitMex sued by initial investor for $300 million share settlement

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Cryptocurrency exchanges have had their fair share of controversies in the past months, and the latest platform, tog et hit by one is BitMex. Being one of the largest and more popular exchanges on the planet, the company, as well as its founder, Arthur Hayes, have been subjects of scrutiny multiple times. This time around, BitMex and Hayes were sued for $300 million by one of its initial investors, Frank Amato and RGB Coin Ltd.

Amato revealed that he was one of the first believers of BitMex and had given seed money for its conception in 2015. The total investment of $30,000 was then supposed to be converted to equity within BitMex, a process that would place the value of the stocks at $50 million today. Amato and his partners added that Hayes did not provide any equity and gave out only false information to them. The filing submitted by Amato in the Superior Court of the State of California in San Francisco stated:

“Through this action, Plaintiffs seek damages representing the value of their equity interest in BitMEX, which is conservatively estimated to exceed $50,000,000, together with punitive damages of $250,000,000. Plaintiffs also seek injunctive relief and other remedies, together with their attorneys’ fees and costs.”

According to the case file, Hayes had repeatedly pitched Amato to invest in BitMex’s nascent and struggling cryptocurrency exchange platform. The cryptocurrency exchange needed the money to pay engineers, procure equipment, develop the necessary algorithms, and to help promote the platform.

The claims made by the plaintiff also addressed concerns about how BitMex was not able to raise money through traditional methods and was at risk of failing. The suit filed by Amato talked about how the defendants mislead the plaintiff, a move that came right after a $30,000 investment at a $600,000 valuation. This investment was made from SOSV, a startup accelerator, and a multi-stage venture capital investor with offices in San Francisco.

The latest lawsuit comes a month after BitMex witnessed a significant data leak within their system. The event caused several email addresses of users being sent across servers en masse. Viven Khoo, BitMex’s deputy chief operating officer, had then said:

“We are deeply sorry for the concern this has caused to our users. The issue was caused by an error in the software used to send emails. As soon as we were made aware of the issue, we immediately prevented further emails from being sent and have since addressed the issue to ensure this does not happen again.”

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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ING decides to solidify stance in crypto, plans to launch native digital asset custody service

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The increasing acceptance of blockchain technology by mainstream companies has been seen as a metric for its rapid adoption rate. Dutch banking giant ING is the latest member of the commercial space to rock the blockchain world as it plans to release its own digital assets custody technology.

The bank claimed that client safety is of paramount importance, and the blockchain-based technology will help holders to store their digital assets safely. Although complete details about the service have not been disclosed yet, sources close to the organization have stated that it will take some time before it is released. Revelations about the development set Twitter alight as cryptocurrency enthusiasts as Rhythm tweeted:

“ING, one of the largest banks in the world, is working to store their client’s bitcoin in a ‘complient way’. They have $1.1 trillion of assets and 38 million clients. First they ignore you, then they laugh at you, then they fight you, then they just help buy and store bitcoin.”

The bank noted that the financial atmosphere is changing and that institutions need to find ways to keep up with the times. They also recognized the growing potential and opportunities associated with the field of digital assets as well as native security tokens. The bank has not yet confirmed whether they have any plans of launching their own token, but one thing is for sure, they want to provide their clients a streamlined and safe way to enter the emerging market.

The team that will test out the technology initially is based in Amsterdam and will add to several other blockchain projects that the company has taken upon itself. ING had first begun working on client safety when it decided to bring Bitcoin ‘Bulletproofs’ to private blockchains.

These bulletproof were first conceptualized to hide the amount of Bitcoin being transferred during transactions. One of the fundamental ways this got conducted was by using zero-knowledge proofs, a way of proving possession pf something without revealing what it is.

ING’s journey into the blockchain world was also given a boost when it partnered with R3 this January. The five-year partnership allows ING to use the Corda Enterprise platform to build out its enterprise clientele on the blockchain. ING is not the first commercial bank to enter the digital assets custody world as Fidelity had decided to do the same earlier.

Back in 2018, the Boston based investment manager had launched its own custody service, which was given a New York regulators license just last month. Apart from the United States, other countries in Asia have also been active in the institutional/blockchain world. Banks in Japan have gained a head start in building blockchain solutions for clients by integration them seamlessly into already running operations.

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Bitcoin didn’t need permission to innovate, Anthony Pompliano to IMF’s Christine Lagarde

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The European Central Bank (ECB) President Christine Lagarde believes that there is a high demand for digital currencies out there and urges ECB to get ahead of the curve on stablecoins.

Speaking during her debut press conference on Thursday, Lagarde stressed about countries considering launching their own stablecoins due to escalating interest received by their respective central banks in the digital currency space. She highlights that ECB should lead the wave of the decentralized domestic currency. However, according to her statements, ECB might propose clear objectives for its upcoming stablecoin by mid next year.

My personal conviction is that give the developments we are seeing, not so much in the bitcoin segment, but in the stable coins projects and we only know of one at the moment but others are being explored and underway at the moment. We’d better be ahead of the curve if that happens because there is clearly a demand out there that we have to respond to.

While she seems adamant about stablecoin, she sidelines Bitcoin – interestingly, the co-founder of Morgan Creek Digital, Anthony Pompliano caught up Legarde’s statement and retorts “Bitcoin didn’t need permission to innovate”.

No amount of committees, press conferences, or business plans is going to help those that are set to be disrupted, tweeted Pomp.

Undoubtedly, the year 2019 witnessed hype on stablecoins. However, China has become quite an active player in adopting the nascent blockchain technology and announcing a few features about its forthcoming digital currency. It’s worth noting that, ECB has previously been questioned if it’s considering the launch of digital currency – but there is no definite response observed so far.

Nevertheless, her latest remark about digital currency certainly reveals ECB’s attempt on accelerating the effort to enter into digital space. In fact, she seeks ECB should be ahead of the curve with digital currency as she sees an upward interest graph received by Canadian and British counterparts.

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Ripple gets multiple mentions for the first time in latest CFPB circular

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The remittance market has been considered as one of the fastest-growing entities in the financial industry and the world of digital assets has provided some major bigwigs in that area. Ripple, the Brad Garlinhouse led cryptocurrency organization has been working on several developments to better the cross-border transaction department. Ripple’s reach was recently demonstrated when it was mentioned in a release by the Bureau of Financial Protection.

The release covered the amendments to the Electronic Fund Transfer Act [EFTA] as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The amendments were made to mitigate the effects of the expiration of a statutory exception that allows insured institutions to disclose estimates instead of exact amounts to consumers.

With regard to this, the circular also mentioned the major areas of the remittance market that they will keep a close watch on, Ripple being an example. The Bureau said:

“The Bureau has continued to monitor the remittance transfer market since the publication of the Assessment Report and observes that most of these developments continue to progress. Examples include the continued growth and expanding partnerships of virtual currency companies, such as Ripple, which offer both a payment messaging platform to support cross-border money transfers as well as a proprietary virtual currency, XRP, which can be used to effect the settlement of those transfers.”

According to the regulatory body, the multitude of developments in the space can provide ways in which banks could reduce their dependency on estimates in the future. The fact that a blockchain company was mentioned goes to show how far the industry has come in terms of mass-market adoption.

Earlier, mainstream companies used to consider only SWIFT as a legitimate mode of capital transfer but with the advent of Ripple and XRP, that has changed.

The statements from the Bureau further confirmed this notion. In the latest release, it was mentioned that Ripple’s suite of products could allow banks and credit unions to know the exact final amount that recipients of remittance transfers get. XRP enthusiasts or the ‘XRP Army’ have rejoiced at the fact that Ripple was mentioned in such close contact with important rule changes in the remittances market.

The CFPB is responsible for protecting consumers in the financial market and the latest proceedings to increase the safe harbor have garnered support from a lot of quarters. Despite Ripple’s mention in the release, sources claim that it will still be some time before the current banking system is revamped.

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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