Bitcoin Has Only Traded Above the 2020 High for Just Over 30 Hours, In Its Entire History

Bitcoin is aiming for a new all-time high this weekend.

On Friday, the digital asset went as high as $18,980, making a new 2020 high. Now, we are less than 7.5% away from $20k as we currently trade around $18,680.

Interestingly, there have been only 31 hours that BTC traded above $18,900 in its entire history, at the peak of the 2017 bull run, of course, and at $19k for a mere 24 hours. Also, at that time, BTC has been above $19,800 for less than an hour.

“There is little to suggest this rally has run out of steam, and all signs point to a run at the all-time high in the near future,” said Denis Vinokourov, head of research at Bequant in London.

For Su Zhu, the CEO of 3 Arrows Capital, “the next key price to watch will be $36k,” because “this is the strike with the largest BTC Open Interest on Debit Exchange, the dominant market leader in Bitcoin and Ether-settled options trading.”

For now, it would be interesting to see if breaking the much-coveted $20,000 will trigger a pullback for the prices of the Bitcoin, for which the crypto community has been waiting for a long time. A break above ATH is also expected to capture more of the mainstream attention.

Already it has been pacing in 2020, what with the likes of BlackRock, JPMorgan, Ray Dalio, Maisie Williams, Rapper Logic, who went YOLO, and so many more.

Wider institutional acceptance has been particularly seen after PayPal announced its decision to allow its customers to access cryptos.

“When we think about who we see getting involved in the space and seeing how many more access points are being opened, that can further expand the base of investors participating in this asset class,” said Michael Sonnenshein, managing director at Grayscale Investments. “We’re very, very encouraged by the prospects for this space overall.”

Alex Mashinsky, chief executive officer at Celsius Network, a crypto lending platform, also said that today the flagship cryptocurrency had reached a place where institutional investors, banks, and family offices are “legitimately pondering involvement as a defense against currency devaluation.”

With these latest gains, 17% in just last week and over 150% YTD, Bitcoin has become the 15th largest digital asset by the market capitalization of $347 billion.

Beating Mastercard and Walt Disney, the leading digital asset, is ready to take over JPMorgan at $349 billion, just one step above, which it already did, albeit briefly.

As BTC continues to climb the rank up among the biggest assets by market cap, it has Visa at 12th spot with $397 billion market cap, Tesla at 10th spot with $464 billion, and Warren Buffet’s Berkshire Hathaway at 8th spot with $532 billion market cap in its vicinity to take over.

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Author: AnTy

Verizon to Launch News Verification on Public Blockchain for Complete Transparency

On Friday, Verizon officially unveiled its new open-source newsroom product based on blockchain, designed to set new standards for corporate accountability. The platform itself, aptly named Full Transparency, is dedicated to immutably document the news releases of the company, doing so by way of a public blockchain.

An Age Where Massive Amounts Of Information Can’t Be Trusted

Verizon then proceeded to post its first news story through this platform, according to a Verizon representative. This story made a record of any and every alteration made to the original publication, though a representative from Verizon noted that these only apply to the text changes.

As the years stretched on and connectivity increased, a massive spike in censorship, fact-checking and fake news have only caused grief in both traditional and social media. To highlight this, Verizon mentioned the 2020 Edelman Trust barometer, which stands as an indicator of the public’s trust in media. On the 19th of January, Edelman’s “Trust Barometer” reported that 76% of the world is concerned about how false information can be weaponized, with 57% feeling that they cannot fully trust their media.

The Mandatory Kind Words

Jim Gerace stood as the Chief Communications Officer of Verizon and stated the matter at large. He highlighted how Verizon is eager to bring Full Transparency to the market, seeing a company dedicated to connecting people to information. Gerace stressed how this product could ensure that corporate trust and accountability can be held in its own quiet way.

Alongside this, Gerace openly invited organizations across the globe, at least those prioritizing transparency as much as Verizon does, to adopt these communication practices of blockchain verification.

Setting New Standards For Transparency

Verizon hopes that this platform will set a new standard when it comes to corporate responsibility and transparency. In its statement about the matter, Verizon highlighted that all news releases published to Verizon Newsroom will now be bound and secured through the use of cryptographic principles. Through doing so, subsequent changes can then be tracked and contextualized as well.

This endeavor comes thanks to Verizon and Huge, a marketing company, as well as MadNetwork, a blockchain data storage company, and AdLedger, a nonprofit blockchain application entity.

Verizon has already been exploring blockchain-based solutions for a while. Earlier in 2020, Verizon set its sights on blockchain technology to help enhance security, as well.

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Author: Ali Raza

European Central Bank (ECB) Must be Ready to Issue a Digital Euro, Says Board Members

ECB board member Fabio Panetta said on Friday that the European Central Banks should be preparing to issue a digital euro.

In a study published on Friday, the ECB said a digital euro could help an environment where citizens have abandoned cash, other means of payments became unavailable, or foreign forms of electronics have taken over.

“We should be ready to issue a digital euro if and when developments around us make it necessary,” said Panetta in a post accompanying the study. “This means that we already need to be preparing for it.”

Open for public consultation that will start Oct. 12; the ECB has given itself until the mid of next year to decide whether to go forward with the project, which would start with an “investigation phase.”

“Our role is to secure trust in money,” said ECB President Christine Lagarde. With this, she means making sure “the euro is fit for the digital age,” and should the need arise, be prepared to issue its digital version.

Digital euros will give holders a direct claim on the central bank and could be transferred directly between users — typically an option only for governments and commercial lenders, making them safer than any deposits.

As it has implications for financial stability and monetary policy, the ECB report urged to assess whether a digital euro should be accessible by firms and households directly or indirectly via intermediaries.

The ECB also said deposits in digital euros might be capped and subject to its interest rate on deposits, which is minus 0.5% currently. Instead of just by the ECB, they would also be offered by the private sector, it said in the study.

A digital euro “is becoming an obligation which, indeed, central banks — need to carry out,” said ECB Vice President Luis de Guindos in an online discussion on Friday.

In a sign that ECB is serious about a central bank digital currency, it applied to trademark the term “digital euro” last week.

While the People’s Bank of China is already working on the testing of its CBDC, the US Federal Reserve and the Bank of England are still discussing the possibilities around the digital version of their respective fiat currencies.

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Author: AnTy

Is Bitcoin’s Store of Value Narrative Really in Danger with its Correlation with Stocks on Rise?

While Bitcoin is holding $10,000 firmly, it did slide to nearly $10,400 on Friday following the news of President Donald Trump testing positive for coronavirus.

And so did the stocks by 1%. This has been because of Bitcoin’s correlation with the S&P 500, which is just above +47%.

This, according to some means, BTC is “a mature, highly-correlated asset that does poorly during episodes of political uncertainty.”

While gold did exactly the opposite of Bitcoin’s, uptrending to $1,917 and its one-month correlation with BTC declining to -20% down from the peak of +76.3% on Sept. 19, as per Skew, today, the precious metal moved back under $1,900.

Bitcoin, meanwhile moved above $10,550 today, trading in the green.

Also, as trader Qiao Wang said, “Bitcoin is up 44% in the single most politically uncertain year of my life outperforming virtually every single macro asset class.”

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The markets, in general, are uncertain and directionless ahead of elections in the first week of November, which means October is expected to be choppy.

“We need more clarity on the election cycle and additional stimulus to help get things moving again in equities — and also in Bitcoin,” said Meltem Demirors, chief strategy officer of CoinShares. “Bitcoin has stayed range-bound despite a slew of positive news, largely because there is not enough inflation due to weak aggregate demand. We need Bitcoin’s behavior to match its narrative before we see a breakout.”

For the leading cryptocurrency, in the last few days, several incidents curbed its upside but didn’t drag it on the downside either. The third biggest $281 million KuCoin exchange hack and CFTC bringing criminal charges on popular crypto derivatives platform BitMEX only added pressure to the market sentiments, which have turned to “fear” this month.

In the near term, bitcoin is expected to stay range-bound. But an environment of limited upside for equities and bonds could benefit the digital asset, as per Bloomberg Intelligence analyst, Mike McGlone.

“Bitcoin is unique due to its limited supply, which unlike most assets isn’t influenced by prices, tilting the bias toward appreciation,” said McGlone. Moreover, it “appears as the leader in the early days of a paradigm shift toward digital money and stores of value. It may fail, but we see that as unlikely.”

He further said the coin is “growing up fast,” with many of its adoption indicators positive.

Over the past three months, the long-term supply bands in HODL waves that show BTC supply shift over time have been growing, signaling Bitcoin’s use as a store of value – a positive sign for the long-term health of the network.

The percent of BTC supply held for at least one year also continues to grow, going to its highest level since 2012 at over 63% on Sept. 30th. Additionally, the number of addresses holding at least 0.1 BTC had a noticeable uptick since March, suggesting more users might be joining the largest network.

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Author: AnTy

Alameda Research and Three Arrows Capital Outdoing Each Other to Mint Record WBTC

On Friday, FTX CEO Sam Bankman-Fried’s Almeda Research minted the biggest wrapped Bitcoin (WBTC) ever, as per WBTC Network.

2317 BTC was minted on Sept. 25, breaking the previous single largest WBTC mint record by just one WBTC, which was set by Three Arrows Capital at 2316.5 WBTC just the day before.

Interestingly, the Singapore-based Three Arrows Capital made the now broken record by breaking Almeda Research’s largest mint of 1,999 WBTC, from last week.

Both the mints represent less than 3%, about 2.7%, of the current wrapped bitcoin supply, at 85,473, worth over $915 million.

Out of the total 116,551 BTC (over $1.2 billion) on Ethereum, WBTC accounts for a whopping 73%. In just five months, the total supply of wrapped bitcoin has grown by nearly 7,500% from 1125 WBTC and more than 13,000% from the beginning of the year.

In other news, WBTC is coming to Tron blockchain.

Tron entered a strategic alliance with custodian BitGo to make WBTC a TRC-20 token, a move which, according to Tron founder Justin Sun will help avoid the surging transaction fees on Ethereum.

“Everyone may now use their BTC/ETH to enjoy all the benefits of the Tron DeFi ecosystem without the high gas fees on Ethereum,” said Sun.

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Author: AnTy

China State-Owned Media Covers Crypto as 2020’s Best Performing Assets Driven by DeFi & Weak Dollar

In an unusual coordinated report on Friday, several Chinese state-owned media covered cryptocurrencies, calling them the best-performing assets of 2020.

The country’s top broadcaster, China Central Television (CCTV), ran a three-minute-long news clip, highlighting crypto assets rallying 70% this year.

“Cryptocurrency has undoubtedly become the top-performing investment” among several other global assets, said the report.

The clip also mentions DeFi and the weak dollar as the two reasons for the crypto bull market this year.

“China is just getting started on DeFi…” said a researcher at crypto fund The Spartan Group who noted the retail investors are likely to go for early DeFi projects in China like DODO and MCDex and the blue chips UNI, YFI, COMP, and MKR that also has a Chinese community.

CCTV also covered ETH being the top performer and fear of inflation driving the growth along with the central banks experimenting with CBDCs as a bull case for cryptocurrencies but government regulations being a major uncertainty.

“There is another following coverage today on CCTV2 abt PBOC encouraging accelerating DCEP adoption and enlarging beta test cases. So previously, coverage on ‘cryptoasset’s top performance’ seems to be related to this DCEP bull narrative in general,” noted Dovey Wan of Primitive Crypto.

A Bullish Affair

All of this got the Chinese crypto community’s attention, who shared the clip on WeChat as a bullish signal.

CCTV’s crypto reporting came after state-owned news agency Xinhua which also published an article titled, “Cryptocurrency is this year’s ‘No. 1 asset’” a day before. Prior to its digital version on Xinhua, the same article appeared on one of the longest-running state media, Cankaoxiaoxi, in print form.

Such a rare coordinated effort is at odds with China’s stance on crypto speculation, but trader Qiao Wage said it is a “misconception” that the Chinese government has always been “hostile” towards Bitcoin and crypto.

“If there was a parallel financial system that could rival the dollar-based system, they would love to be part of it. What they are hostile towards is fraud and speculative craze,” he said, adding, “I do agree with the view that they are against capital flight using crypto, which is pretty obvious.”

Yesterday, the South China Morning Post also reported of at least 1 trillion yuan ($145.5 billion) worth of funds moving out of China into gambling activities every year, aggravating the country’s economic and financial security risk, as per Liao Jinrong, the director-general of the International Cooperation Department under the Ministry of Public Security.

“The volume and speed of cross-border capital flows are unprecedented,” Zhu Min, head of the National Institute of Financial Research at Tsinghua University, was quoted by the People’s Daily mouthpiece this week.

“This will not only result in sustained fluctuations in major world currencies, but will also lead to higher volatility in global financial markets. Therefore, we must be prepared for potential risks,” he said.

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Author: AnTy

Putin Approves Cryptocurrency Bill, Stopping Russians From Using Bitcoin for Payments

On Friday, Vladimir Putin, Russia’s president, signed one of the two digital assets bills into law, Russian media outlet RIA reports.

The new law was passed by Russia’s parliament, Duma, last week and states that firms can provide virtual securities on blockchain platforms provided they are well registered with the country’s central bank, Bank of Russia, as issuers as well as meet various provisions.

The new law also states that decentralized cryptos are taken to be a form of property that should be declared by the holders for taxation purposes.

The bill notes that as a property, cryptocurrency cannot be used to pay for goods and services in the country. However, businesses accepting crypto payments have until January next year to adjust to the new development.

According to RIA, the bill seems like a mild version of what was essentially proposed. Russian parliamentarians had developed a new proposal of the bill which would render any entity providing or trading cryptocurrency illegal in the country.

The first draft of the bill highly represented the skeptical stance that has been advanced by the country’s central bank. It led to widespread condemnation from the crypto community as well as from the country’s Ministries of Economic Development and Justice.

The law also states that Russian residents will now have a chance to challenge any transaction involving the digital currencies in a court of law provided the plaintiff has proof of transaction and is a crypto holder.

The Russian parliament is currently working on a more comprehensive digital bill that will touch on various issues regarding digital currencies. The bill is expected to be discussed and passed before the end of the year. However, no specific details on dates have been disclosed to the public.

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Author: Joseph Kibe

Cloudflare Outage Took Down Much of the Internet But Bitcoin Kept Running

Several websites were unavailable Friday after Cloudflare Inc. suffered an outage. The company said the problem had been fixed.

Cloudflare provides services like security, load balancing, video streaming, and domain registration for the internet.

In its official statement, the company said the outage was not the result of an attack, and after addressing the root cause, the incident was resolved.

The outage affected 12 data centers in the US and Europe, affecting several online businesses, including Shopify, Discord, League of Legends, Politico reported disruptions.

In the cryptocurrency space, crypto exchanges, including Bittrex, FTX, and Poloniex, websites like Coinmarketcap, and Crypto.com and uphold wallets were also down.

However, Bitcoin remained unaffected with its 99.98% uptime.

The only time bitcoin network was down was in August 2010 when a block with the largest number of total transaction inputs was mined and broadcasted, but some bitcoin nodes rejected it, causing an unexpected fork of the blockchain.

To restore a canonical chain, Slush and BTCGuild downgraded their nodes so their pools would reject the larger block. As such, the transaction doesn’t exist today, and neither does the bitcoins created by that block.

Bitcoin continues to run interrupted; however, “the Cloudflare DNS outage can be seen reflected in the rate of bitcoin transactions broadcast, presumably because popular web wallets became inaccessible,” said Jameson Lopp, co-founder, and CTO at Casa.

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Author: AnTy

Hope for Bitcoin ETF Approval? SEC Chairman Jay Clayton’s Departing Will Be ‘Massive’ for Crypto

On late Friday night, US President Donald Trump said he will nominate the Securities and Exchange Commission (SEC) Chairman Jay Clayton to serve as the next United States Attorney for the Southern District of New York.

“For the past three years, Jay has been an extraordinarily successful SEC Chairman, overseeing efforts to modernize the regulation of the capital markets, protect Main Street investors, enhance American competitiveness, and address challenges ranging from cybersecurity issues to the COVID-19 pandemic,” said Attorney General William P. Barr

On Clayton’s nomination.

This appointment will be effective on July 3.

Clayton will be replacing Geoffrey Berman as the top federal prosecutor in Manhattan who said he will not resign from his position and will only step down when a successor is confirmed by the Senate.

Berman oversaw several prosecutions of Trump’s top allies including his personal lawyers.

This may, however, turn out to be a good thing for bitcoin.

“The SEC chair is one of the most important U.S. officials for crypto regulation. Chairman Clayton’s replacement will have a massive impact on the industry (for better or worse). Our chance at ETF approval & clarity on a wide range of issues for years to come hangs in the balance,” said Jake Chervinksy, general counsel at Compound Finance.

Under Clayton, all the Bitcoin ETF application has been rejected on the ground of market manipulation. Just this week, a new proposal from WisdomTree is filed for an exchange-traded fund (ETF) with 5% exposure to bitcoin.

A Bitcoin ETF is expected to protect retail investors from paying a drastic premium to get crypto exposure. Grayscale retail investors are currently paying a 20% premium on BTC and a whopping 750% premium on ETH products.

Moreover, it means investors won’t have to get a wallet or go through a miner. An ETF would broaden the scope of potential Bitcoin investors which could serve as a hedge during volatility in the equity market.

“It would broaden the breadth of investors in BTC. This is important because some investors view Bitcoin as a safe haven when equity markets become volatile and/or move into a bear market environment. A Bitcoin ETF would be an easy and inexpensive way to hedge various market conditions,” Richard Keary, the founder of Global ETF Advisors LLC, told OKEx.

Galaxy Digital CEO Mike Novogratz also shared a hope over a possible Bitcoin ETF approval in the future if we get a crypto-friendly chairman or chairwoman.

There is even a possibility that SEC commissioner Hester Peirce aka ‘Crypto Mom’ may also move up the ranks to fill the position. The moniker ‘Crypto Mom’ came after she dissented on the SEC’s decision to reject a Bitcoin ETF application.

Just this month, Peirce was tapped for a second term that will last through 2025. She has been one of the most prominent crypto advocates who proposed a safe harbor for crypto startups looking to issue tokens.

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Author: AnTy

IOHK CEO, Charles Hoskinson, Talks Cardano Market Prospects Following Shelley Launch

  • In an interview on Friday, Charles Hoskinson, Cardano’s founder and CEO of IOHK, spoke on the importance of price in the longevity of blockchain projects highlighting ADA’s 50% move on Shelley’s launch announcement.
  • Can ADA cement its place on the tenth position winning the battle of proof-of-stake (PoS) tokens?

Hoskinson: “Market will basically decide what the standards are”

Price is not always a revered matter in some sections of the blockchain development community, who believe that the benefits of the platform outweigh the speculation in price. However, Charles differed with this opinion stating that the markets have the power to decide the appreciation of a company as they are also customers of the product.

Over the years, the cryptocurrency market has shed off and accepted several currencies in the top ranking lists, Bitcoin (BTC) being the only constant since launch. Some of the projects such as Peercoin, the first blockchain to employ staking mechanism, and Primecoin, an improvement on BTC’s scalability and transaction fees, have faded into oblivion.

Despite the earlier projects offering a tangible solution, the market failure stifled development setting newer projects such as Cardano (ADA) and Tezos (XTZ) to take over the staking market and Bitcoin forks, Bitcoin SV (BSV), and Bitcoin Cash (BCH) to swallow the alternative Bitcoin market. Charles Hoskinson said,

“Ultimately people do what they make money with, the market will basically decide what the standards are.”

Market is king

In an interview with CoinDesk, speaking about Cardano, Hoskinson believes a high price is beneficial to motivate its community on the utility and inherent value of developing the platform. This strengthens the price even further. However, over the years the crypto market has shown its randomness in picking winners and losers and Hoskinson is wary of the fact.

The crypto market field does not reflect the project’s development progress but rather a speculation ring of trades. The growth of Dogecoin, a meme token, to a current market capitalization of $320 million is a clear indication of the “market is king.”

Charles further explained that he didn’t expect Ripple-backed XRP and Tether (USDT) to reach their current multi-billion market capitalization at their launch. He said,

“The things you think may gain traction and become a big deal, they could be yesterday’s news, and other things that you don’t think are going to be a big deal, end up becoming huge.”

Cardano starts the launch of the Shelley upgrade

Less than a month since Charles announced the launch of the Shelley upgrade on Cardano would be deployed in 2020, the process has started with the final upgrade expected to be complete and running on June 30th. In light of the launch, the price of Cardano rose to an 11 month high – a prospect that Charles believes will propel the blockchain to compete with the very best projects in the field. He said,

“There’s a very strong possibility that we will be very competitive price-wise with the rest of the crypto market.”

Over the past 24 hours, Cardano, ticker ADA, and Tezos, ticker XTZ, have exchanged the 10th position on Coinmarketcap multiple times. Cardano currently claims it with a total market cap of $2.21 billion, currently trading at $0.085288 on major exchanges at the time of writing.

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Author: Lujan Odera