“This is a Bear Market,” says Economist Warning “High odds halving won’t be bullish”

  • Extremely bearish analyst predicts “an epic meltdown into halving that nobody expects”
  • Though bearish, the majority of CT does not expect $3,000. Trader sees $14k once this correction completes
  • More pain ahead if hash rate growth continues unabated as many miners will capitulate

The cryptocurrency market is slowly turning green after seeing the bloodbath for the last two days. As Bitcoin hovers above $7,000, a few altcoins have started rising. Maker is leading the pack with over 19% gains followed by Matic (18%), Tezos (10.20%), BAT (8%), Augur (7.40%), Stellar (4.32%), Cardano (3.60%), and IOTA (2.79%).

Bitcoin holding the ground at $7,000

Bitcoin holding the ground at $7,000

Bitcoin holding the ground at $7,000

Source: Coin360

After losing 21% of its value and crashing to the six-month low this week, Bitcoin is currently trading at $7,200 thought it turned out to be good for Bakkt which made another ATH at 2728 BTC.

$6,400 is the Level to Watch

This crash in BTC price has turned some analysts extremely bearish who are now calling for a drop to $3,000. Analyst Magic might be projecting “an epic meltdown into halving that nobody expects,” but the majority of the Crypto Twitter (CT) is not expecting such a big drop despite turning bearish.

Trader Credible Crypto says while we are still going down, it won’t be as low as $3,000. Once Bitcoin completes this correction, which will happen before $3k, the next stop would be $14,000.

$6,400 is actually the level analyst and traders are expecting Bitcoin to reach. Market analyst Benjamin Blunt says, “evidently max pain was straight down,” but we can still move to another leg lower. Though we can still make a new low, it all depends on the $6,400 level that needs to be watched.

More pain ahead if hash rate “growth continues unabated”

The world’s leading cryptocurrency might be down more than 48% from its 2019 high of $13,900 but we are still up 90% YTD.

However, earlier this month prominent analyst Willy Woo shared that Bitcoin is in a “blow-off phase” — a prolonged consolidation inside a macro bull market. The BTC rocket ship, he said will take time to take off.

The second phase of the bull market, he had said will start when Bitcoin takes over 2019 high that won’t be happening until 2020. In the short term, meanwhile, Bitcoin is “bearish.”

This sentiment is shared by economist and trader Alex Kruger who says the price action states, “this is a bear market” but as he mentions, “a bull/bear market is like a breakout”

Yesterday, the price set a local bottom at $6,785 but more pain could be on the way as Kruger says “many miners will capitulate if hash growth continues unabated.”

The hash rate of the Bitcoin network is currently down about 25.5% at 85 Th/s from the all-time high at 114.3 Th/s set on Oct. 23. However, prominent analyst shared on Twitter on Nov 23 that the hash rate is back above 100E.

https://twitter.com/100trillionUSD/status/1198161702367498240

https://twitter.com/100trillionUSD/status/1198161702367498240

https://twitter.com/100trillionUSD/status/1198161702367498240

This bearish momentum has the economist not expecting much from the halving as well. From the supply perspective, Bitcoin reward halving is a bullish event but it can have a “very negative short term impact” on the BTC price as this may increase the miner flows.

Also, “Massively high expectations around it makes it thus bearish,” and Woo has already warned not to expect the price to repeat past halvenings.

“High odds halving won’t be bullish,” Kruger said.

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Author: AnTy

Morocco Deploys the Blockchain Technology To Improve Its Financing Sector

Morocco is planning to boost its financial sector in the country through the deployment of blockchain technology. The Governor of the Central Bank of Morocco, Abdellatif Jouahri, announced during the Africa Blockchain Summit in Rabat that the country is in the process of applying technology to improve financial services. The implementation of this fintech project targets the underserved Moroccans as part of Morocco’s financial inclusion policy.

The blockchain tech, being the most influential tech currently, will help reach the underprivileged citizens in the financing sector. According to Jouahri, the adoption of fintech, including the blockchain tech will help the country offer “all businesses and individuals equal access to financial services and products in a bid to endorse social and economic inclusion,” says Jouahri.

The country’s central bank is already building low-cost business models that will see underserved Moroccans get access to financial services under friendly conditions for cashless transactions.

Recently, Morocco has been making strides in blockchain and cryptocurrency development. The country is also interested in decentralized ledger tech and has been making trials in the space. Morocco has partnered with international companies to use Quartz blockchain to make one-of-a-kind securities settlement between different central depositories. This project will be the first cross-border settlement in the world.

It was reported in September 2019 that Morocco had partnered with Soluna, an American bitcoin mining firm, to develop a 36-Megawatt cryptocurrency mining company. The investment project was a power purchasing agreement that would help the company establish itself in the region and expand its sales offshores in the next couple of years.

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Author: Denis Miriti

Tezos Partners With Government of Singapore’s Platform To Create Blockchain Project For Training Program

Tezos has recently started a new partnership with Tribe, a platform backed by the government of Singapore. The goal of this new joint effort is to launch a training program focused on developers that will be created on top of the Tezos blockchain and help them to understand more about the technology. The programs are set to start by the first quarter of 2020.

According to Tezos Southeast Asia (TSA), the nonprofit arm of the company in the continent, the team wants to attract more devs to use Tezos-based solutions in their projects, which is a key strategy for the company in raising the awareness around its product.

Caleb Kow, the president of TSA, affirmed that the upcoming platform will enable developers with some knowledge of the Tezos ecosystem to amplify their abilities to help them in their jobs. After participating in the program, they will be able to deliver even better solutions for their clients.

This is part of the company’s larger plan to broaden its community of developers. Some months ago, the company distributed 14 grants to clients in order to help them to create more tools that could be used in the ecosystem. The companies that received the grants were working in several projects such as smart contracts, block explorers and tools.

This is not the only initiative set to make the blockchain more popular in Asia. Last month, for instance, the government of Guangzhou, in China, announced a subsidy fund of $140 million USD that would be used to fund new blockchain programs in the region.

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Author: Gabriel Machado

Alibaba Pictures To Deploy Blockchain Technology in The Film Industry Through Tokenization of Distribution Rights

Alibaba Pictures, the filmmaker arm of their Groups, made public its plan to tokenize distribution rights for their latest movie, ‘Striding into the Wind’. The company wants to distribute the movie using blockchain technology across the universe. Alibaba Pictures has put its name to a arrangement with Breaker, a blockchain-powered entertainment platform based in New York for that purpose.

The news of the tokenization film distribution was signed during a film festival, China Golden Rooster & Hundred Flowers by Alibaba Pictures Vice president, Li Jie on November 20. The new film will be released through Breaker’s Ethereum-powered EtherVision. The new film will be the first Chinese mainland movie project to be picked by SingularDTV. The blockchain tech is significantly gaining acceptance in the film industry, and Alibaba Pictures is destined to apply Blockchain technology.

The application of the blockchain technology in the film space includes tokenizing movie ownership and will significantly boost the high costs of producing according to a report recently released by Cointelegraph. Currently, the financing end of it is usually constrained to a minute group of investors that are wealthy, but with blockchain tech, even small investors can participate in the financing of films and benefit from the success of the industry.

The crypto industry is already intertwined with the film industry in other parts of the world, such as Brazil, where a national bank is financing a documentary film using an Ether-powered cryptocurrency, BNDES.

Overstock’s crypto firm tZERO announced in July this year that it would tokenize the upcoming film Atari: Fistful of Quarter. The company is using the blockchain tech to finance the film and has partnered with its producers to build a token named Bushnell to be sold by Vision Tree, a movie financing and production company.

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Author: Denis Miriti

Is CFTC Tarbert Becoming Crypto Step-Dad? Saying Derivatives Need More Principles Not Rules

Heath Tarbet, the chairman of the U. S. Commodity Futures Trading Commission (CFTC), has recently talked about the regulation of the crypto market. According to Tarbet, who has recently assumed the position at the CFTC, the goal is not to snuff out innovation in the crypto world, but to help it grow in an organized way.

The best way to regulate this kind of asset is by observing a lot before jumping to conclusions and adopting targeted rules for the industry. Tarbert emphasized that regulation based on “principles” does not mean that the measures taken will be too light, only that more detailed rules should give space to more flexible ones.

One of the main points that Tarbert talked about was that if you create too many regulations, people will simply lose respect for the law and stop following it. According to the chairman of the CFTC, regulators need to understand this risk and to avoid taking a heavy hand when regulating this nascent industry.

Given how quick the blockchain market is changing, a principles-based approach should be more effective as a way to properly regulate it without damaging innovation too much, Tarbert believes. The previous chairman, Christopher Giancarlo, was also pro-crypto and believed that the industry should have a “do no harm” approach.

The chairman explained, however, that anyone who presents fraudulent behavior or poses risks for financial stability and other people will not be exempt from regulation.

Right now, the CFTC is considering how to take this approach moving forward, especially concerning crypto exchanges and similar businesses.

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Author: Gabriel Machado

Is Bakkt CEO Being Snubbed As Georgia Senator Due To President Trump’s Anti-Bitcoin Stance?

The Atlanta Journal-Constitution reports that President Trump wants Brian Kemp, Georgia’s governor, to appoint US House Representative Doug Colling as Senator. While Loeffler already filed her application to become Georgia’s Republican Senator on Monday, it’s believed that Kemp is the one who has to make the decision on who’s going to fill in the position. Senator Johnny Isakson needs to step down in December for health reasons.

Bitcoin More Embraced by Institutions

Loeffler is interested in becoming Georgia’s Senator while Bakkt is making incredible progress. Only earlier this month, it has broken down its own record when it comes to the number of traded contracts. On November 8th, there were 1,756 Bitcoin (BTC) futures contracts traded, while in late October, the number of contracts was 1,183. In the event in which Kemp doesn’t allow President Trump to pressure him and decides to appoint Loeffler, she will no longer be Bakkt’s CEO. Her latest achievement with the company is unveiling the “first regulated options contract for bitcoin futures”, which will happen next month. The users will be able to take a cash settlement or physical delivery with the Bakkt Bitcoin Options contract.

Bakkt Will be Present in Asia

Earlier in November, Bakkt offered its services for Bitcoin custody to all institutions under the Bakkt Warehouse service that was previously available to clients already trading Bakkt Bitcoin Futures contracts. This week, Intercontinental Exchange, which is the parent company of Bakkt, said it will launch Bitcoin futures contracts that can be settled in cash, in Asia. The product is called Bakkt Bitcoin Cash Settled Monthly Futures and is going to be ICE Futures Singapore listed.

The US Congress Needs a Crypto Advocate

The crypto world will surely welcome Loeffler’s appointment as a US Senator because this would mean the number of lawmakers who are pro-Bitcoin would increase and there would be the possibility for more friendly crypto legislation. Maybe she will convince some other members of Congress to no longer be so against Bitcoin. President Trump himself has said the crypto world is funding criminal activities, so things aren’t looking very promising at the moment. More than this, another House Representative, Brad Sherman, has called for the crypto environment to be banned. Loeffler could change minds if she’s being given the chance to hold the power.

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Author: Oana Ularu

NEM Ventures Invests in Cyclebit PoS Software To Help Facilitate Payments Using Crypto

NEM Ventures, a subsidiary of NEM blockchain tech, enters into a partnership with Cyclebit, a leading global provider of a platform for retailers and businesses to accept payments in fiat and cryptocurrencies for all sorts of purchases. Cyclebit has been providing its users with an opportunity to make purchases of goods and services using NEM Ventures’ Cryptocurrency XEM since last year. NEM Ventures is set out to launch its Catapult technology in 2020. The Investment project between the two giant companies will see Cyclebit help NEM Ventures grow its Catapult tech in Northern America.

Cyclebit is already a well-established firm in the fiat and crypto payment space. It is globally popular which NEM Ventures can ride on to accomplish its vision of aligning itself with mainstream crypto and enhancing its mass adoption of the crypto tech.

Cyclebit partners with retailers across the world and install Points of Sale (Pos) in different regions allowing consumers to pay for goods and services using the digital assets. This is a transition from the traditional way of payments to the adoption of the digital currencies for payments.

Canadians can pay their taxes using cryptocurrencies and fiat courtesy of Cyclebit. Statistically, with over 200,000 points of sales currently, the company facilitates millions of transactions every month.

Cyclebit has partnered with Tangem, the developer of the pioneer banknote for cryptocurrencies, to launch its digital wallet Cyclebit Wallet early next year. This wallet will facilitate fiat and crypto payments globally. Consumers will also be able to load credit cards with digital assets and to manage their assets from one secure wallet.

The company creates a global community by linking Exchanges, retailers, and consumers. The Canadian company is gradually expanding into new regions and markets. It is planning to launch in Italy, Japan, Germany, the UAE, and Korea from next month.

According to Sameer Pirani, the CEO at Cyclebit, the launch of Catapult tech by NEM Ventures will be a significant move for the industry. The partnership will aid in expanding Cyclebit’s Points of Sale terminals in the world.

NEM Ventures will use the investment to boost the growth of the NEM blockchain tech ecosystem.

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Author: Denis Miriti

Bakkt Breaks Yet Another ATH by Smashing through 2000 BTC Volume while Bitcoin Price Crashes

  • Bitcoin price drops to 5-month low at $6,785
  • Bakkt makes a new record of more than 2000 BTC in trading volume

It’s been two months now that Bakkt has been launched. The opening month left a lot to be desired after it registered extremely low volume. On the first day of its launch, Bakkt recorded a volume of just 72 BTC. But the second month has been seeing a lot of progress, making a new record every other day.

Today, Bakkt broke another all-time high (ATH).

On Nov. 8, Bakkt physically delivered monthly bitcoin futures contracts peaked at 1756 BTC volume equivalent of $15.6 million. That day BTC price dropped from around $9,200 to $8,650 level.

Today, Bitcoin crashed to 5 month low, going as low as $6,785. This week, BTC has lost more than 21% of its value. And just like Bakkt has done on previous occasions, a decline in BTC price has led to the platform hitting a new record.

At the time of writing, 2003 BTC has changed hands, as per the ICE website. However, because of the fall in BTC price, the value in USD terms is much lower than the previous high, at just about $14 million.

On Nov 18, Bakkt also breached a $100 million mark in monthly aggregated volume for the very first time in its less than 2 month-long journey.

Bakkt recently announced the launch of cash-settled Bitcoin futures contracts on the Monetary Authority of Singapore (MAS) regulated ICE Futures Singapore platform on December 9.

Currently, Bitcoin price is trading around $7,100 while managing the daily trading volume of $847.6 million on top ten spot exchanges with real volume, as per Messari.

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Author: AnTy

European Union Launches New Blockchain and AI Fund To Avoid Falling Behind US And China

The European Union (EU) and its commission have set up a new fund that will be dedicated to providing capital for artificial intelligence (AI) and blockchain projects in the region.

According to the reports, the EU donated around $100 million EUR to the fund and private investors are expected to bring up at least $300 million EUR. National banks will be able to invest in the fund, too. Some reports indicate that, in the future, the venture capital initiative could raise up to $2 billion EUR using the InvestEU Programme.

One of the main goals of the new project is to address something that is considered a flaw in the EU. While a lot of money was used in projects, large scale projects simply did not receive enough attention in the region.

Right now, the EU is already spending a lot on blockchain technology. During the year, the union spent around $674 million USD, mostly on proof of concept projects. The United States, however, is the biggest spender in the area, with over $1.1 million USD spent on the technology. China is the second-largest spender, with $319 million USD. No country in the EU has overcome that mark.

The European Investment Fund, the organization behind the venture capital project, has affirmed that the creation of the fund will certainly help the investor community in the EU. According to them, innovative technologies such as blockchain and AI are great investments and now, with the involvement of national banks, the investments in the area can be even bigger.

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Author: Gabriel Machado

Algorand Is Now Supporting Smart Contracts that Are Non-Turing-Complete

On Thursday, the Algorand Foundation has launched an update for its blockchain protocol.

Algorand has added features for decentralized finance (DeFi) and smart contracts to its Algorand 2.0. This is the largest expansion for the network, after its June 2019 launch. The company’s CEO Steve Kokinos said about the release:

“With this release, new features and simple developer resources enable new use cases and broader adoption of blockchain overall.”

Algorand Employees Were Talking about the Development for Months

The company’s employees have been sending hints about the new development for months. This is the first time Algorand is supporting smart contracts, which are contracts driven by code that tracks and executes the formal agreements’ terms over time. The ASC smart contracts from Algorand are different from the ones powered by other blockchains. This is due to the fact that Algorand has an in-house programming language that’s non-Turing-complete. The language is called Transaction Execution Approval Language or TEAL.

Algorand’s Technology is Quite Unique

Turing completeness is measuring how able a programming language is to simulate another language and to manipulate its instructions. While all programming languages are Turing-complete, Algorand’s isn’t. What makes TEAL different is a feature and not a bug, as it makes the contracts developed on it safer to execute and to write. However, it’s quite limited when it comes to functionality because it doesn’t support recursive logic.

On the other hand, this means increased security and a more direct path to make sure that ASC contract coders are not inadvertently losing assets. According to Hacker Noon, a smart contract can be more easily and rapidly checked for errors when it’s written in a programming language not based on recursive logic.

Additional Upgrades to Algorand 2.0

Algorand has also introduced a function for standard asset issuance (ASA), which brings more various tokenization features and is a powerful DeFi tool. On the foundation’s developer page, it’s being claimed that any asset can be stored on-chain and digitized with ASA. The company has also introduced the Atomic Transfers feature for batch transactions. This new tool allows users to perform the most complex token transfers, including account settlements and circular trades, with only one transaction.

It was mentioned that Algorand 2.0 doesn’t interfere with the company’s sharia compliance certification because its key features haven’t changed. The market cap of Algorand is $108 million, ranking the foundation on the 48th position in the largest blockchains list.

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Author: Oana Ularu