Bitcoin and Gold Feeling the Pressure while Stock Market Makes a Fresh Record

Today, the market has hit yet new highs.

The benchmark S&P 500 Index, up 22.7% so far this year, is on track to rise for a fifth week in a row while Nasdaq is eyeing its sixth straight week of gains. The Dow Jones Average that spiked 150 points yearly has its 2019 gains climbing to 18%.

These gains came on the back of the comments from senior officials in Beijing, suggesting that the US and China will cancel planned tariffs on each other’s billions worth of goods in stages, as part of the first trade pact between the world’s two biggest economies that is due to be signed in the next few weeks.

“In the past two weeks, the lead negotiators from both sides have had serious and constructive discussions on resolving various core concerns appropriately,”

Ministry of Commerce spokesman Gao Feng told reporters in Beijing.

“Both sides have agreed to cancel additional tariffs in different phases, as both sides make progress in their negotiations,”

added Gao.

However, strategists are concerned that the market is placing too much emphasis on the “Phase One’ of the trade deal coming to fruition.

Meanwhile, as global stocks extended multi-year and multi-month highs, US equity spiked on the comments as well.

The European market also rallied, with Stoxx 600 benchmark is hitting a four-year high. Global oil prices went up amidst the broad market rally.

While the stock market is surging gold is in the red hitting new daily lows.

Bitcoin has been outperforming gold for the past nine years but today the digital gold is falling the same as gold.

The leading cryptocurrency is trading at $9,199 with 24 hours loss of 1.13%, as per Coincodex while managing the daily trading volume of just about $200 million.

Bitcoin might not be seeing the greens currently but as we reported the market is giving the signs that we are getting ready for an “explosive” move. The low volume, tight range, CME gap being filled and BTC entering the overbought levels are pointing towards this move.

Another positive factor for BTC is the open interest on Bakkt that has doubled to $2 million, as reported by Skew Markets. As Bitcoin Exchange Guide shared, these increasing numbers suggest that new money might be coming into the market.

This current phase, according to prominent analyst Willy Woo is just a “prolonged consolidation inside a macro bull market.”

Many have already called out the bottom of the market and being in the “blow-off” phase, the question remains whether we are taking a detour around $8k first or going straight to a new 2019 high.

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Author: AnTy

Are Chinese Blockchain Venture Capital Firms Back In The Crypto Game?

Most Chinese blockchain-focused venture capital firms deserted the market following the crypto crash of 2018. A large majority are set to return as blockchain adoption in China booms.

Chinese blockchain venture capital firms are set for a resurgence, that will help make up for the tragedies of last year’s crypto crash. This comes after the Chinese government advocated for increased blockchain adoption all over the massive country.

Good results are already being recorded. For instance, in the first half of 2019, Chinese blockchain startups were able to raise no less than $368 million through 71 funding deals. This data comes from 01Caijing, one of the more respected Chinese financial data tracking firms.

Chinese Blockchain Firms Fly High!

Compared to the previous years, Chinese VCs can more easily raise the money needed for their operations and expansion. An example is Kinetic, which began operations in 2016 and is based in Hong Kong. According to reliable reports, it is on track to receive a sum in the 8 figures sometime next month.

Other Chinese crypto firms are also busily expanding and usually getting the funds to do so. The sense of optimism in the Chinese crypto sector is palpable and there is a widespread feeling that right now the only way to go is up. Chinese VC firms are also spreading out and diversifying into areas like bitcoin mining and secondary trading.

A prime example is Fundamental Labs. It boasts an impressive half a billion-dollar blockchain fund that backed the likes of Binance, Coinbase, and Canaan Creative. In May this year, Fundamental Labs plunked down $44 million on bitcoin mining. This amount can potentially boost the total hash rate of the bitcoin network by a minimum of 1,000 peta hashes per second (PH/s).

Not to outdone, Parallel Ventures founded by Yizhou Zhu has poured heavy money into the purchase of bitcoin mining equipment. The amount invested is said to be around $15 million and the purchased equipment is reputed to have a computing power of around 300 PH/s.

The Crash Of 2018

While the new deals and capital inflows/outflows are encouraging, they fail to impress when compared to the deals of 2018. The 71 deals recorded this year represent a 67% drop when measured by dollar value. And what’s more, the number of firms in active operation has dropped and most are cautious about engaging in new investments. The present value of deals has decreased too.

Professionalism By Force

One unintended consequence of the crash is that it forced the surviving firms to be more professional and take proper account of risks. It also compelled them to find a sustainable method of doing business and instilled in them the importance of due diligence in all business transactions.

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Author: Ali Raza

The Ideal Buying Zone Price for Bitcoin is Near the $6,700 Level: Crypto Twitter Analyst

The cryptocurrency market has been making some noise recently thanks to some positive new developments. Last week, China’s Xi Jinping stated that the country should focus on the future of blockchain technology, which bumped the coin up from its sideways movement. And more recently the Ontario Securities Commission (OSC) stated that it would list The Bitcoin Fund on Canada’s stock exchange.

These news stories have breathed life once again into bitcoin and significantly boosted its price. But now analysts are thinking that the coin might be overbought, which could mean that it’s due for a reversal down to more realistic levels.

A popular cryptocurrency analyst on Twitter has revealed what he believes is bitcoin’s ideal price point. The analyst, called Dave the Wave, stated that the ideal buying price for bitcoin is near the $6700 level, which would mean that the coin’s current price of $9200 is considerably overbought.

Dave the Wave notes that the coin is in a downwards trend over the medium term and that the MACD histogram, which measures momentum, is also showing bearish qualities.

Dave the Wave states:

“Is the IDEAL buying price of 6.7K still a real possibility? Yes, but in practical terms I think you’d be buy in tranches/ average in once price hits the ‘buy zone’. Sailing close to the wind now….”

There is some additional evidence to give credence to the analysts claims. By using a volume profile indicator, which shows the level of demand of particular price points, the greatest concentration can be found near the $6500 area.

The logarithmic chart for bitcoin also affirms that bitcoin could be overbought. The chart with curved trendline shows that the support level is at $6300 and is slowly curving upwards. It’s therefore likely that the ideal price point for bitcoin is at or near the $6700 mark.

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Author: Matthew North

XRP Forming a Bullish, Trend Reversal Pattern, Where Does Ripple Coin Price Head Next?

  • The third largest cryptocurrency by market cap is the least gainer among the top cryptocurrencies.

In the past 24 hours, while Bitcoin has surged over 22%, XRP is up only about 3% in the USD market while trading below $0.30 at $0.29, as per Coincodex. XRP is down by more than 14% against BTC.

While the digital asset has seen an increase of nearly 13% in the past one month, it is down by over 35% in the past year. XRP is still down more than 91% from it’s all-time high of $3.40.

But things are looking to finally take a turn for the good.

XRP Chart Forms A “Very Clean Diamond” Pattern

The first bullish even for the digital asset is the technical pattern. Veteran trader Peter Brandt pointed this out on Twitter,

Diamond bottom formation occurs at the end of a downtrend, unlike its counterpart diamond top formations that occur at the end of an uptrend. A diamond bottom is a bullish, trend reversal pattern that is formed by symmetrical triangles, forming a diamond.

The Highly Anticipated Swell Event

Another positive for XRP price is the upcoming Swell event. Hosted by Ripple, Swell will be held on November 7 and 8 that is expected to push XRP price higher.

Analyst and trader Luke Martin shared his expectations for the upcoming Swell driven price surge,

“My outlook remains that we see the full 30% to 4000 sats. Anything past that would be bonus,” he predicted.

As Bitcoin Exchange Guide previously reported, another analyst Galaxy is anticipating a big move from the digital asset as has been seen in the past. In 2017, XRP jumped 115% two weeks before the event while in 2018, the value increased 220%.

Now, with less than two weeks left for the event, it would be insisting to see the hike XRP will take this time.

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Author: AnTy

Thailand Sees The Launch Of Its First Legal ICO Platform via Seamico Securities

Thailand has come a long way in accepting the crypto market. After the initial idea to ban cryptocurrencies back in 2013, the country has now seen the launch of the first legal Initial Coin Offering (ICO) platform.

The announcement was made by Seamico Securities, which affirmed that its subsidiary SE Digital had opened the first ICO portal in the country. The company was able to get permission to launch the first legal ICO ever in the country. SE Digital’s goal is to raise around $66 to $100 million USD with the upcoming token sale.

SE Digital’s CEO Jesadavat Priebjrivat has affirmed that this will open a new page in the history of the country and that Thailand will become one of the first nations in the region to offer digital tokens in a fully legal way, something very important for the international consolidation of the country as a technology hub.

According to Stephen Ng, the Chief Marketing Officer of the company, this market is set to make Thailand much more competitive than it already is in the capital markets. This could create an influx of international capital go to the country, which is why it is so important to innovate.

The company is set to offer several important services related to ICOs, such as advisory, access to secondary markets such as OTC desks, Know Your Customer (KYC) procedures and help with the launch.

Educational programs are also going to be done. Their goal is to make partners and regulators understand as much as possible from the field. ICOs are still new in the country, so not everybody is very exposed to them. This means that this is an important step to achieve better results down the road.

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Author: Gabriel Machado

XRP Leading the Top Cryptocurrencies, Altcoins Jump over 10% As The Market Turns Green

  • The cryptocurrency market has turned green today.

Yesterday, Bitcoin dropped below $8,000 to $7,914 level which Jeff Dorma, the chief investment officer of asset manager Arca said has been

“less about the magnitude and more about the correlation and direction.”

But today, with 24 hours gains of 1.52%, the leading cryptocurrency has gone back above $8k, trading at $8,112, as per Coincodex.

Though low, trading volume has also risen to $266 million, this Dorman said means

“shorts are incentivized to keep pushing prices lower until they hit resistance.”

Commentators, however, are expecting BTC to drop to $6,000 level.

Analyst Benjamin Blunts also notes,

“GBTC already broke down on daily yet spot BTC hasn’t. For the last few months, has GBTC also been leading spot price by about 24 hours or so. This doesn’t look good for btc tbh.”

BTC dominance meanwhile, remains below 70% at 68.31% as altcoins record a higher jump than that of Bitcoin.

According to Joshua Frank, co-founder of TheTIE.io, a cryptocurrency analytics platform, since Bitcoin’s bull run this summer,

“a large decline in retail interest in the cryptocurrency,”

has been seen.

Altcoins, however, are enjoying the gains currently.

Among the top cryptocurrencies, XRP is the winner. The digital asset today touched $0.30, hitting a 7-day high after rising almost 7% in the past 24 hours.

XRP is followed by Stellar (6.20%) and Binance Coin (5.21%).

However, the top mover of today’s market is Basic Attention Token which is up by 11.91, trading at $59.19.

Other coins registering a surge of more than 10% are Monero (10.43%), NEM (10.42%), Dogecoin (10.60%), and Siacoin (11.20%).

While Bitcoin has been trading sideways this month, altcoins like XRP and Link recorded gains. Though a few coins like BNB, Matic, and REN among others are up a whopping more than 400 percent, the alt season hasn’t started yet. But with the positive momentum seen in the last few days, we just might see the top altcoins and a few other selective ones move closer to their all-time highs.

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Author: AnTy

Prediction Market Augur’s Latest Trending Bet Is On President Trump’s 2019 Impeachment

You may have already heard about Augur, the blockchain-based prediction market. The people at the market predicted that the Democrats would win in 2018, that Brett Kavanaugh would go to the Supreme Court and now they are betting on whether Trump will be impeached or not.

Curiously, the network is split down the middle at the moment. While some people believe that Trump will be impeached, others don’t think that is likely to happen.

Augur is a free network in which people can bet on anything they want. As the platform is decentralized, governments have a hard time stopping the users (and most likely are not very concerned).

Because of this, someone created a bet asking “Will Donald Trump be impeached by the end of 2019?” At the moment, each side has about 50% of the votes, something that does not happen too often.

There are several other similar questions, too, which have a lower stake. In some, Trump is impeached, in others, he stays. In the centralized prediction platform PredictIt, however, most people believe that Trump will be impeached.

The only major concern which has already raised by some in Augur, is that it isn’t really clear what this means for Trump to be impeached in some cases. If the Congress votes for it, does it count if the Senate disagrees?

If this happens, the network will have to decide how to move forward. If no consensus is reached, both sides will get their money back, as there will be no way to determine the winners.

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Author: Silvia A

tZero Affiliate BSTX Seeks SEC Permission to Launch Security Token Trading Market Based on ETH

An Overstock’s tZero affiliate is looking for legal jurisdiction to instigate a market where registered security tokens will be traded publicly.

On Friday, the Securities and Exchange Commission unleashed a rule change proposal that will authorize Boston Securities and Token Exchange to come up with an equity trading platform. It will be automated and have its ownership documentation stored on the ethereum platform. BSTX is, however, going to list the securities tokens that are full-fledged.

This is unlike tZERO, which owns 50 percent of the shares. tZERO handles the exempt security tokens from SEC registration requirements, and its trading platform was launched in January. The 129-page rule change proposal by SEC that was unleashed on Friday gives a clue of how this proposed exchange will come to run one day.

The exchange would be based on the ethereum blockchain and would be updating their ownership records every single day after the close of trading activities. The people responsible for approving wallet addresses, wallet managers, would have to cover the gas bill to send their daily dealings to the ethereum blockchain. However, the exchange believes that this amount will not be that significant.

Acknowledged Addresses

Listed tokens on the exchange would have to be in tandem with the ERC-20 standard. They should also have additional security standards in the protocol. The security measures ought to be indicated by three smart contracts to track whitelisted addresses, ownership, and compliance with set rules.

BSTX proposes to be operational for trading between 9:30 am and 4:00 pm eastern, just like the two central stock exchanges NASDAQ and NYSE at Wall Street. The rules proposed for this platform resemble the traditional exchange rules that are already in place. Many people will ask how they will determine who is making trades and whether they are even allowed in the first place.

With the traditional markets, the Financial Industry Regulatory Authority assigns a participant with an ID (MPID). The firm is a self-regulatory organization. But for BSTX, the users will use an authorized wallet address to identify themselves.

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Author: Daniel W

What Will Happen To Bitcoin? Experts Give Their Long-Winded Opinions

Where will Bitcoin go? Will it continue to be strong or eventually lose its space in the market? Gizmodo, a popular tech site that is generally not very favorable of cryptos, recently spoke to several crypto experts in order to determine the future of the network.

Sabrina T. Howell, assistant professor of finances at the New York University, for instance, affirms that the future is uncertain. Bitcoin has a difficult scalability problem to solve, as it can only process seven transactions per second while Visa can do much more than that.

Here is her whole quote:

Bitcoin represents a watershed in the development of digital assets: It was the first decentralized currency that managed to prevent cheating (often called the “double spend” problem), encode rules for creating new currency, and incentivize participants (“miners”) to maintain and secure the historical record of transactions. This is a breakthrough in record keeping that is not about any one currency—and there are now thousands of cryptocurrencies. It’s about the underlying decentralized, tamper-resistant record keeping technology of blockchain.

My answer to “What’s going to happen with Bitcoin?” is that I have no idea. Bitcoin faces many challenges to widespread use, including the fact that it can handle just 7 transactions per second, while Visa can handle 10,000. However, if the main miners adopt a protocol update enabling higher volumes, it’s not impossible that Bitcoin will become much more widely used. Today, it is mostly a speculative asset, a tool for money laundering, and a currency of last resort for people in countries with grossly mismanaged currencies, like Venezuela.

The bigger picture is that blockchain will affect all sectors that rely on secure data transacted among many participants, which is basically all sectors. This fall Walmart’s leafy green suppliers will be required to use the IBM blockchain built for supply chain logistics. This is not an accident, because leafy greens are often the site of food borne illnesses and the cause of expensive recalls. When each package is on the blockchain, managers will be able to source the problem to the farm in seconds rather than weeks, and discard only the packages from the problem farm. I believe that healthcare, financial services, and real estate will also see their data shift to blockchains.

According to her, if the developers come up with a solution for that, the future can be bright. If they can’t, however, Bitcoin will only be able to continue as a speculative asset and will never reach widespread use.

Garrick Hileman, from the blockchain research center of the London School of Economics, is more positive. BTC is only ten years old and already famous and it has come a long way. He bets on the scarcity of the tokens and its anti-inflation measures as powerful tools for the future.

Here is his whole quote:

Bitcoin is only just over 10 years old, but it has already attracted tens of millions of users and is growing faster than both the internet and personal computer. Looking ahead, there are a number of powerful drivers behind the growth of bitcoin and other cryptoassets. Today, owners of stablecoins can earn 10% annual interest on their savings through various Open Finance or DeFi (decentralized finance) platforms. This is far superior to the de minimis or even negative rates offered at many legacy banks. The development of decentralized Web 3.0 technologies, and the work to rearchitect the internet around “can’t be evil” blockchain infrastructure, is another longer-term driver of cryptoasset growth.

In the short run, with our current financial, trade, and political instability, the most powerful catalyst for continued cryptoasset adoption is bitcoin’s role as a scarce, trust minimized ‘hard asset’. Indeed, bitcoin’s inelastic and capped total supply arguably make it the hardest asset in history. This quality has been a major factor in the cryptocurrency’s 3x price appreciation this year in the wake of US-China trade disputes, challenges to central bank independence, Brexit and other European political turmoil, and the return of financial instability to Argentina and other emerging markets.

James Grimmelmn, a law professor from Cornell Tech, affirmed that Bitcoin will fork in the future and that drama will continue. Another cause of hard forks might be local regulations.

Here is the whole context of his theory:

Bitcoin will become Bitcoins, plural. There will be forks and fragmentation. Some of this will come from deep disagreements over technical decisions. Some of it will be drama and politics from inside the community, fueled by accusations of secret mining cartels, secret identities, and secret conspiracies. And some of it be driven by regulatory pressures from governments around the world. Humans have never been great at consensus, not even with the help of cryptography.

The Ecole Polytechnique CREST assistant professor Lunda Schilling, however, is focused on competition. She affirmed that what will define the future of the token is whether Bitcoin can compete with the other altcoins and with national digital currencies, which will definitely be a thing in the future. Other tokens such as Facebook’s Libra are also strong competitors.

Here is the whole statement:

In the short and the long, Bitcoin has to face its competitors. Competition comes from within the group of cryptocurrencies and from national currencies. In the long-run, Bitcoin as a product ultimately has to provide an edge over other existing currencies, some feature that makes it unique. Bitcoin advertises itself as a vehicle to conduct anonymous payments without involving a trusted, third party watching. To pay anonymously via Euro, in contrast, you either need to hand over Euro bills face to face. Alternatively, somebody else needs to do so in your place whom you trust that (s)he does not take your money and run. Interestingly, the popularity of cryptocurrencies has prompted some central banks to restrict further the services provided by their product. The abandonment of cash in return for a central bank digital currency implies that anonymous payments with national currency will become impossible altogether, by this creating another void for cryptocurrencies to jump in. Bitcoins future may, therefore, depend on the people’s valuation of privacy, and Bitcoins capacity to reliably provide anonymous payments on a potentially large scale in a fast and cheap way.

There is no answer for the future. Bitcoin has challenges ahead of itself, but it has the potential to overcome them all.

Then, we go to Cornell researcher Steven Goldfeder, co-founder of Offchain Labs and co-author of the book Bitcoin and Cryptocurrency Technologies, who said this:

Bitcoin’s core technology is revolutionary, and you can expect both Bitcoin and other blockchain projects to be here for the long run. But whether Bitcoin will remain the dominant cryptocurrency of the future or be dethroned by another project depends largely on how its competitors mature, and how the Bitcoin community, in turn, responds.

Despite its many strengths, Bitcoin has several shortcomings, which other cryptocurrencies seek to address. To name a few: the smart contracts of Ethereum greatly expand the possibilities of building powerful decentralized applications. The private transactions of Zcash offer a massive improvement over the fully public nature of Bitcoin’s transaction history. And the 1000+ transactions-per-second claimed by various other projects dwarf Bitcoin’s capacity (which is estimated at less than 10 transactions per second).

Currently, these competing projects are in relatively early stages and have yet to prove that they can deliver their respective visions at scale without compromising on security. But as time goes on, they will no doubt mature. And when that happens, it will be up to the Bitcoin community to adopt these newer technologies within Bitcoin—something that the community has until now been slow or reluctant to do—in order to maintain Bitcoin’s dominance.

While Bitcoin was quite revolutionary in 2009, in 2019 other projects are pushing forward and making innovative improvements over Bitcoin’s original design. And in order for Bitcoin to retain its dominance in 2029, it’s going to need to be open to incorporating some of these newer innovations as they mature.

And lastly, we go to NEC Labs security research group head, Ghassan Karame, who added:

It is clearly hard to predict how the future of Bitcoin will look like. Many tried this exercise for fun (and profit), and their attempts were not necessarily successful. However, any such prediction should consider the following aspects: the increased awareness of users, the plans of regulators, the position of mining pools, and the advances of the consensus technology.

As time passes, more users (that are not miners) seem to be more aware of the underlying concepts/issues in Bitcoin. While the hype did not completely disappear, users seem to realize that (1) the costs of making payments in Bitcoin are not so low after all, (2) the Bitcoin engine (Proof of Work) consumes more energy than expected, (3) their transactions are not so private and could be linked to their profile (network-layer and behavioral-based linking), and (4) it is not as decentralized as desired (few mining pools control the computing power).

In parallel, regulators are also becoming increasingly aware that (1) Bitcoin is not as private as they initially feared and they might effectively use it as a “honeypot” where many criminals leave a trace that is not so easy to erase, and (2) it is not impossible to regulate Bitcoin as originally thought.

Mining pools will continue to push Bitcoin as long as it remains a profitable business. As long as this holds, pools might be willing to resist pressure from regulators, might even cooperate with national tax legislation, and might even agree on a framework that regulates their involvement in Bitcoin.

Finally, the technology itself might mature, and we might see the birth of an eventual consensus technology that does not favor pooling and can efficiently replace Proof of Work. This can only add considerable pressure on mining pools but should not considerably affect the position of users/regulators.

All in all, Bitcoin seems to have passed a tough phase already (adoption/resistance to pressure). There does not seem to be any considerable threats for Bitcoin that would change the current situation in the short term. On the long term, if it keeps resisting any drastic changes in spite of all the aforementioned aspects, it runs the risk of being simply overrun by a younger system that appeals better to the appetite of all involved stakeholders.

What do you guys think of these future of bitcoin predictions? Give us your feedback below regarding the input and insights these six individuals provided Gizmodo and our readers.

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Author: Silvia A

Galaxy Digital and OTC Firm XBTO Conduct First Block Trades On Bakkt

Bakkt was launched recently, but the platform is already carving its niche in the market. This week, the crypto investment fund Galaxy Digital and the over the counter (OTC) desk XBTO were the first companies to conduct a block trade using Bakkt’s BTC futures contracts.

According to the announcement made by Bakkt’s parent Intercontinental Exchange (ICE), the trade was made recently. Its size, however, was not disclosed by ICE.

In case you are not familiar with the term, a block trade is a large kind of transaction that happened in an open market to avoid moving the prices too much to either side.

XBTO also affirmed that it bought its first futures last week, after the launch. The company is engaged with Bakkt since the platform went online.

Bakkt’s Launch Was Not As Successful As Some People Expected

Unfortunately, it seems that the launch of the platform was not as successful as some people wanted it to be. The disappointing launch was the volume of the exchange in around five days be just over $5 million USD. Bakkt was in the making for two whole years, so the expectations for the platform were quite high.

Despite the launch, however, both XBTO and Galaxy Digital believe that the future of the platform holds a lot of promise. According to the companies, cryptos will mature as an asset class soon and the launch of the platform was an important foundation that will help the market to grow.

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Author: Silvia A