Coinbase Custody Exploring 39 Crypto’s Including DeFi Tokens for Listing

Coinbase continues to take its altcoins and DeFi listing spree one step further every other day. Today, the San Francisco-based exchange announced a slew of other tokens its exploring to add support for.

After adding FTX (FTT) and Serum (SRM), Coinbase Custody that offers features such as staking, governance, and decentralized finance (DeFi) and serves institutional clients across the Asia-Pacific region, announced a total of 39 new digital assets that are up for listing.

Coinbase’s crypto custodian has released the latest list of all the digital assets that it is exploring for listing, including some known DeFi tokens and some unknown ones that are heard for the time here only.

Aave (AAVE), Amp (AMP), Ampleforth (AMPL), Ankr (ANKR), ArCoin (ArCoin), Audius (AUDS), Barnbridge (BOND), BitTorrent Token (BTT), Centrifuge (RAD), Conflux Network (CFX), Curve (CRV), DFI.Money (YFII), Elrond Gold (EGLD), JUST (JST), JUST Stablecoin (USDJ), Meta (MTA), MovieBloc (MBL), mStable (MUSD), Neo (NEO), Nervos (CKB), Nexus Mutual (NXM), NKN (NKN), NuCypher (NU), Ontology (ONT), Paxos Gold (PAXG), Paxos Standard (PAX), Reserve (RSV), Reserve Rights (RSR), Request Network (REQ), Skale (SKL), SUN Token (SUN), tBTC (TBTC), Terra (LUNA), The Graph (GRT), Tron (TRX), VeChain (VET), WING (WING), WINK (WIN), and Wrapped Bitcoin (WBTC).

Some of these tokens like WBTC have already been supported on Coinbase’s other platform Coinbase Pro.

According to Coinbase, support for any digital asset is subject to its “significant technical and compliance review,” which in some cases may also be subject to regulatory approval in some jurisdictions.

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Author: AnTy

YFI Ready to Take Off As The ‘Ultra High Beta’ or About to Get Smoked?

The DeFi market is going through winter right now, as prices of these tokens take a pullback after making all-time highs during August and September.

Since hitting those peaks, some Defi tokens have taken a harsh beating, like CRV, SUSHI, and bZx, which are down over 90%, some like Aave, Maker, and Loopring only went down about 40%. Amidst this, Yearn.Finance’s governance token YFI is somewhere around the middle.

In August, 1 YFI became equal to 1 BTC and then went past Bitcoin’s ATH $20,000 soon after. It was in the mid of September that YFI hit its peak at $43,678, as per CoinGecko.

Making new highs means the digital assets have to get ready for a correction, and that’s exactly what happened as the DeFi sector as a whole went through a winter.

So Much More Affecting YFI

YFI’s losses were exacerbated because of Eminence.Finance, a project by YFI founder Andre Cronje that rug pulled $16 million. Trader and economist Alex Kruger said,

“YFI has been getting Creamed. Recent underperformance relative to other cryptos has been notable. One could argue it is the chart. But it is not. One can find plenty equally poor charts across crypto. This IMO is the marketplace punishing YFI by removing the Cronje premium.”

According to him, although yields matter which has fallen, the blatant negligence around the EMN launch from Yearn and “how poorly the aftermath was handled… many exited/reduced YFI positions because of it.”

At the time of writing, YFI/USD has been trading at just above $18,000.

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Another reason for this poor performance could be the overall drop in activity in the DeFi sector. Jason Choi of crypto fund The Spartan Group said,

“August has been a phenomenal month for DeFi bulls. Now we’re in the hangover phase of the DeFi party.”

Amidst this rout, we are seeing “flight to quality in yield farming,” with Uniswap accounting for 70% of all TVL in yield farms despite its modest returns of 20%-30%. Choi said,

“The shift in sentiment was rapid. Even “degen” farms offering north of 1500% APY are only attracting ~1/10th of the TVL they did just a month ago.”

“drop is risk appetite and collapse in APY is a direct result of -ve price performance of new crop tokens.”

Moreover, with CRV “buckling under continual inflation sell pressure,” it is affecting YFI as well as yCRV APYs on Yearn.Finance accounts for 60% of its activity.

Macro in Focus

While some call for YFI to go down to four digits due to a head and shoulders pattern, trader Josh Rager sees it making new highs as it has found support at a major 0.618 fib level.

Kruger is also still bullish on this DeFi token despite the price of the token crashing 45% in six days as he said,

“The YFI bigger picture bull case remains unchanged. Odds are high this whole ordeal is short term noise.”

The EMN event, however, should remind speculators of YFI’s high ‘founder risk’ as seen in early August when an interview about Cronje “close to quitting DeFi” tanked the price of YFI.

Overall, the trader expects crypto to take off again after the elections and for DeFi to push even further “as the ultra high beta.” Kruger said,

“Macro matters now. So it makes sense to play from the long side. But if crypto crashes, YFI would get smoked, and no fundamental analysis would stop that.”

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Author: AnTy

AVA Labs to Launch Its Avalanche (AVAX) Blockchain Mainnet On September 21st

  • AVA Labs announces the launch of its mainnet Avalanche blockchain will take place on September 21.
  • The mainnet aims to challenge Ethereum 2.0, providing lower latency and higher throughput.
  • Avalanche mainnet targets the surging world of DeFi products.

AVA Labs, a blockchain development firm, announced it would release its Avalanche blockchain mainnet on September 21. Emin Gün Sirer, the founder of AVA Labs and a computer science professor at Cornell, termed the mainnet “a new beginning for blockchains, cryptocurrencies, and decentralized applications.” Adding,

“Monday will mark the beginning of a new era for cryptocurrencies, blockchains, and decentralized applications.”

“Avalanche is the first major breakthrough in our space since Satoshi’s leap forward, and we intend to follow in their footsteps to have the same, defining impact as we stand on the cusp of a new decade.”

According to a statement from the team, Avalanche blockchain mainnet will launch this coming Monday, aiming to provide newly-bred solutions for decentralized finance (DeFi), crypto, and blockchains in general. On the launch of the mainnet, Avalanche’s native token, AVAX, will be distributed to rightful owners, Emin said.

AVAX will be distributed to the early owners of AVA, including those who participated in the private and public sales of the token, developers who were awarded grants from AVA Labs, and those who earned commissions.

Avalanche’s mainnet launch follows 16 months of intense development since the blockchain exited its stealth mode. According to the statement, Avalanche is the first-ever smart contracts platform that delivers sub-second verification and finality of transactions to challenge the upcoming Ethereum 2.0, Ethereum’s forthcoming main update.

Notwithstanding, Avalanche will also support all projects on the Ethereum Virtual Machine (EVM) and provide EVM development kits. This aims to enable “millions of independent validators to participate as full, block-producing nodes,” the statement further reads.

The launch of Avalanche also brings with it solutions to the burgeoning DeFi ecosystem that has been plagued by over-congestion and high fees on ETH. In a statement obtained by BEG, AVA Labs co-founder and chief operating officer, Kevin Sekniqi, said the development team has always looked for solutions to the DeFi ecosystem with Avalanche to solve the scalability problems.

“There’s no known limit to the number of full, block-producing validators who can participate in Avalanche consensus without losing performance. We’ve tested upwards of 2,000 of these full validating nodes without any drop-off in performance or downtime,” Kevin said.

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Author: Lujan Odera

Deregulating Bitcoin may Increase Speculative Trading Instead of Technical Innovation

Ryozo Himino, the new top financial regulator of Japan, wants the country to take caution over promoting digital assets, arguing that instead of promoting technical innovation, it may end up fueling the speculative fire.

“Deregulating bitcoins and other cryptocurrencies may not necessarily promote technical innovation, if doing so simply increases speculative trading,” Himino told Reuters.

“We’re not thinking of taking special steps to promote cryptocurrencies,” he said. Himino became the new commissioner of the Financial Services Agency (FSA) just last month by replacing Toshihide Endo.

Last year, Himino, under Japan’s chair, spearheaded the G20 debate on regulating cryptocurrencies. Himino was in favor of setting strict regulations on the likes of Facebooks’ Libra, warning the global risks cryptocurrencies pose needs to be addressed first.

Focus on CBDC

According to him, Tokyo needs to shift the focus towards issuing a central bank digital currency (CBDC) as the ongoing coronavirus pandemic could help speed up a cashless society.

Japan has already been studying the technical obstacles to issuing a digital yen and conducting research in joint efforts with other central banks as well.

Himino welcomed these efforts and said, “We shouldn’t be worried about various challenges without even trying to design a plan (for issuing CBDCs).”

“In the end, Japan must think hard about whether to issue CBDCs because there are merits and demerits to doing so. What it can do now is to be ready so that when Japan decides to issue CBDCs, it can do so straight away.”

No “One-Size Fits All” Solution for Banks

The coronavirus (COVID-19) has been making things worse for the country’s regional banks, which are already feeling the pain of years of ultra-low interest rates and a sluggish economy.

According to Himino, there is no “one-size fits all” solution for the banks and said regional banks could use the bail-out programs of the government, cut costs, or raise capital from the markets, though the situation hasn’t been that bad, he said.

“At present, there isn’t any regional bank that is facing concerns over its financial health.”

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Author: AnTy

Professional Money Managers Loading Up on Bitcoin Post Halving

After making yet another attempt towards $10,000, Bitcoin failed to take over this important level and is currently trading under $9,500.

Interestingly, the world’s leading cryptocurrency is challenging the downtrend experienced after the 2017 bull run.

But this time a lot of factors are in bitcoin’s favor. For starters, bitcoin looks to be decoupled from the stock market.

Also, this week, the 7-day average “real” trading volume pushed to the highest levels of 2020. This week followed last week’s volatile but solid volume.

The last time bitcoin price was at this level was in July 2019, when the BTC price peaked at $13,900.

CME Captures Market Share

This week, the regulated market CME really shone as well. Over the last month, CME bitcoin futures saw significant growth in terms of open interest. Prior to the March crash, CME accounted for 4%-8% of all the open interest in the bitcoin futures market.

But this crash made a visible trend shift that has CME gaining the market share as it now accounts for 15% of OI. Arcane Research noted,

“This growth may indicate that professional money managers have loaded up on bitcoin following the market crash, seeking to allocate cash into a provably scarce asset class.”

Excluding Paul Tudor Jones’ $75 million worth of OI on CME bitcoin futures, still $400 million is held by other investors.

However, open interest in OKEx bitcoin futures has dropped which means traders are taking profits on their positions. As we reported, the bitcoin options market has surged to an all-time high this week.

Deribit remains the biggest player in the options market with its OI steadily fluctuating between 80% to 90% of the total market. CME that used to play a minor role now accounts for about 1-2% of total OI after recording over an 11% increase on Thursday.

Fast and strong growth

When it comes to the Bitcoin network, the 40% crash in bitcoin hash rate in the days following the halving that reduced mining profitability to half had some miners moving back to bitcoin forks.

Meanwhile, Network Value to Transaction ratio indicated bitcoin price might be about to enter a period of “fast and strong growth.”

Source: ArcaneResearch

NVT ratio measures the BTC price relative to the value transferred over the network. Over the past three years, the ratio exceeding 10 could indicate a fast and strong pace growth as seen in 2017, 2019, and 2020 and above 12, it could be a local top.

Also, network traffic must increase for the price to continue rising and in USD terms, network traffic is rising sharply.

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Author: AnTy

Bitcoin Futures & Options Traders Are Betting on a Big Spike in BTC Price

Another rally seems to be on the way as bitcoin makes yet another attempt to take over $10,000.

Going as high as $9,945, BTC/USD is back at $9,600. This spike in price also resulted in the bitcoin-stocks decoupling.

The thing worth noting here is the Weekly Flag, typically a bullish pattern, which was invalidated by a bearish catalyst in March, now has a bullish catalyst at play.

The “confirmed breakout past the diagonal on the Weekly,” would mean uptrend but price still needs to stay above $9,100 until the end of the week.

“This trendline has been a strong resistance since mid-December 2017. A Weekly candle close would most likely confirm a new era for Bitcoin’s price,” said analyst The Rekt Capital.

BTC, USDT, and ETH Dominate

The “real” volume has also started to catch up with the price. In the past 24 hours, over $2.6 billion worth of bitcoin exchanged hands-on top ten exchanges with real volume, as per Messari.

Interestingly, Bitcoin (BTC), Tether (USDT), and Ethereum (ETH) account for 90% of trading volume on crypto exchanges among the top ten cryptos, up from 75% a year ago.

Messari real volume
Source: MessariCrypto

Since the deep market crash in March, the popular USD-pegged stablecoin has been in great demand as investors flock to the safety of the Tether (USDT) just like the demand for USD soared globally.

“The market cap of USDT used to follow the bitcoin price. Since September 2019, however, the market cap of USDT has ballooned while the price of bitcoin is more or less unchanged,” noted Arcane Research.

ETH-based USDT is found to be more in use during the Asian and European market hours.

“Stablecoins are a crucial part of the crypto ecosystem, and will only keep growing in prominence,” states the Coin Metrics report.

Futures and Options Market

Bitcoin making its way back to $10,000 has the futures and options market alive as well.

When it comes to bitcoin options, the total interest rate has climbed to a new record of over $1.1 billion.

Source: Skew

Interestingly, CME bitcoin options had a third consecutive record volume day with activity in the June calls. Open interest on CME bitcoin options surpassed $100 million for the first time.

Just like Deribit, trading activity here is also focused on calls here, a call option is a bet that prices will rise in the underlying spot market.

Earlier this week, CME bitcoin futures also traded nearly $1 billion in volume but is back below $500 million. Open interest on these contracts has risen to $500 million.

On May 11, CME competitor Bakkt bitcoin futures also had a solid halving session with a record volume in notional value, having crossed $51.8 million. Open interest meanwhile has fallen from $13 million on May 8th to under $9 million.

A heightened interest in bitcoin is surely here which is driven by the central banks printing money, negative interest rates, capital controls, and the fear of inflation and recession.

“We’re seeing a huge increase in interest in Bitcoin, in getting into crypto from high-net-worth individuals, from funds… It feels like a herd is on its way, finally,” said Mike Novogratz, founder and CEO of Galaxy Digital.

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Author: AnTy

Bitcoin’s $10,000 Breakout Backed by Investor Activity, Analyst Says On-Chain Trend ‘Mega Bullish’

  • “So it begins,” as Bitcoin breaches $10k, now “let’s take the staircase up to $20k”
  • As fear over coronavirus perpetuate, stock market dropped after hitting a new high this week while gold has slowed down
  • Bitcoin price meanwhile expected to range till Q2 while the digital asset being digital gold and a store of value narratives gain momentum

For the first time, since October Bitcoin has surged back above $10,000. As we make it to five figures yet again, the community is elated of this important psychological level that the world’s leading cryptocurrency broke last night surging about 40% so far this year.

Currently, we are trading at $10,130 and went as high as $10,178, a level that was last seen in late September.

“So it begins,” reacted popular analyst PlanB overreaching this level while BitMEX CEO Arthur Hayes is now counting down for a new all-time high.

“Nothing can stop me, I’m all the way up! Slow and steady wins the race. Let’s take the staircase up to bitcoin $20k,” said Hayes.

Stock market and gold reacts on coronavirus

The move came amidst the stocks rising to all-time highs on Thursday on strong corporate earnings and solid economic data while concerns over the coronavirus perpetuate.

This led to stocks sliding on Friday but posting their biggest weekly gains in months. But things could go worse in the weeks ahead as shuttered stores and empty streets because of coronavirus takes a toll on global retailers.

“Markets should take a hit when economic data for February start coming out, as numbers undershoot revised consensus forecasts,” says economist and trader Alex Kruger.

Also, Federal Reserve Chairman Jerome Powell will testify before the congressional committees next week.

Gold slid down on positive jobs report reinforcing the optimism over the US economy but the traditional safe haven remains supported by coronavirus fears and a possible global growth slowdown.

“That should keep people using gold as a safe haven,” said Phil Flynn, a senior market analyst at Price Futures Group while Jim Wyckoff, senior technical analyst with Kitco says,

“The gold market has shown keen resilience recently in the face of a rallying competing asset class – equities.”

A close above 10.4k to seal bears fate

Bitcoin’s rally in part could also be because of the optimism on the limited impact of coronavirus creating appeal for risky assets, according to Ed Moya, a senior market analyst at Oanda.

The digital asset is currently looking ahead of a strong week as the digital asset approaches key areas, point of control of the previous range though June to Sept. 2019.

“Needs to break this area with conviction to keep this trend going strong,” said investor and trader Josh Rager. Meanwhile, trader Credible Crypto feels, “A weekly close above 10.4k will seal the bears fate.”

This $10k breakout on-chain analyst Willy Woo says is the real deal because it is backed by the increasing investor velocity, those who buy and hold Bitcoin. The current chart he said is “mega bullish.”

Bitcoin peaked at $20,000 during the last bull run in 2017 only to lose 84% of its value. But in 2019, Bitcoin gained back about 88% of its value and is continuing its winning streak this year.

In the first and second quarter for this year, Rob Slymer of Fundstrat Global Advisors expects BTC to trade in a range of $10,000-$11,000.

Bitcoin’s performance this year also has experts seeing the narrative of bitcoin being digital gold and a store of value increases.

“Similar to gold, positive fundamentals should extend Bitcoin’s price appreciation,” wrote Mike McGlone, an analyst with Bloomberg Intelligence while Michael Sonnenshein, managing director at Grayscale Investments said,

“There’s certainly a narrative in the investment community that Bitcoin is solidifying its place as a store of value, a flight to safety, inflation hedge.”

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Author: AnTy

Will 2020 Bring a Profit to Cryptocurrency Miners?

  • The halving of the Bitcoin mining reward is expected to take place in May 2020.
  • The profitability of the mining process directly correlates to the cost of profitability.

Miners are a critical and essential component of the cryptocurrency industry, especially Bitcoin. The validation of each block on the blockchain relies on these individuals performing their work to solve equations, and they’ve been rewarded from the start of the industry. However, Bitcoin has an algorithm in the network that reduces the reward of miners every four years or so, as the supply of Bitcoin is limited and unchanging.

The first time that the value of Bitcoin’s mining efforts was cut in half – a process that has simply come to be known as the halving or the halvening – was on November 28th, 2012, and the price of Bitcoin was just $12.50. The next event was on July 9, 2016, when the price was $650. The next halving of the reward is expected to happen in May 2020, and there’s already been a lot of discussion over the upcoming value.

Since the last halving, there have been many institutional investors who have entered the market, which makes the halving quite interesting. This will be the third time that the halving has taken place, which will hopefully provide consumers with a confirmation of the correlation between this reward event and the price increases of Bitcoin. However, it may simply show that the halving and the price increases are just a coincidence for each other.

Miners, with this upcoming halving, will see their reward dropped from 12.5 BTC to 6.25 BTC for every block that they mine. As the halving happens, there will be 50% less Bitcoins generated every 10 minutes, which will impact how the new Bitcoins are brought into circulation. The new profitability of these miners will be a topic of discussion at the upcoming World Digital Mining Summit, which is to be held in Frankfurt.

According to data from CoinDesk, there will be over 1,000 attendees at the event, made up of miners, mining farm owners, OTC traders, institutional investors, and blockchain organizations, among others. All of these different parties will have a chance to debate over the reward cut and the impact on mining profitability. Co-founder and former CEO of Bitmain, Jihan Wu, has expressed a pessimistic view about the possibility of a price surge at the halving.

Wu stated, “Maybe people speculate too much before the halving, and then you can’t sell the good news anymore. Maybe, this time a bullish cycle is not coming yet. During the first and second halving, people didn’t know what to expect, and during the second halving, the scaling debate complicated the situation. Now people are expecting it.”

At Ethereum Express, a crypto-community platform, there are analysts that believe that crypto mining will end up becoming profitable again next year. Overall, the global crypto mining market has grown 29.9%, according to researchers who evaluated the compound annual growth rate. In 2016, the market was worth $611 million, followed by a value of $8.9 billion this year. Next year, researchers believe that the market will reach $11.56 billion. By 2025, they are predicting a value of $42.76 billion.

Vlad Miller, the founder of Ethereum Express, was asked about the challenges that are facing the current miners and this profitability concern. He remarked, “Even though the mining industry is investment-attractive and plays an important role in maintaining the health of blockchains, there are still several barriers in this area that cause inconveniences for most ordinary users.” Still, he added that the main motivation for mining is the way it eliminates the possibility of a monopoly by companies that happen to own “massive data processing facilities,” which is why he thinks that profitability is coming back.

The computing power of hash rates have seemingly been left unaffected negatively by the sudden drop that Bitcoin recently faced on the 21st of November. Based on the analysis of hashrate data, allocation of this power actually reached an all-time high for the second time ever.

The halving of block rewards, as a whole, has been one of the important and planned events for miners, and it is likely to come with scrutiny over the profitability of this process. Researchers believe that it won’t be profitable for ASIC owners to mine anymore, especially considering that the CEO of Genesis Mining – Marco Streng – states that the company’s most popular ASIC model has reached its productivity limit. The Antminer S9 model, which is the design that Streng is referring to, is limited now, and he added that “a lot of miners are running on a margin of profit.”

Of all of the equipment presently on the market for mining, the S9 from Genesis Mining and the Avalon A851 series from Canaan Creative have been the most widely used. However, their profit margin is just 50% with the current price of Bitcoin, according to the F2Pool index. The lack of profit generation by the old equipment could push the industry to consolidate even more, if there’s any hope of maintaining profitability. The mining pools that lack the support will likely fade away, especially since these smaller miners only account for about 20% of the mining market for Bitcoin.

The chart below shows the infrastructures that aren’t bringing a profit, which could lead them to shut down their operations, unless their electricity costs are lower.

Still, there’s a chance that new mining equipment on the market – found in the chart below – could increase the profit margins, even with the BTC market unchanged. A more in-depth review of the security, insurance, maintenance costs, and other expenses for individual and small-scale miners will need to be performed to see if this equipment will allow them to be profitable as well.

While there are mining opportunities for tokens of many market capitalization amounts, the most popular mining currencies right now include:

  • Bitcoin
  • Bitcoin Cash
  • Bitcoin Core
  • Bitcoin Satoshi Vision
  • DASH
  • Ethereum
  • Ethereum Classic
  • Decred
  • Verge
  • Horizon
  • Monero
  • SiaCoin
  • Monero
  • Zcash
  • Litecoin
  • NEO

In a recent initial public offering (IPO), Canaan Creative managed to bring in $90 million. By all accounts, this would be a success, but it was actually 75% less than what the Bitcoin mining giant expected. Reports on November 20th by Bloomberg indicated that the firm sold off 10 million shares in their company at just $9 each with this IPO. Canaan Creative is actually the second-larges mining equipment manufacturer for Bitcoin in the whole world, even with negative cash flow since last year. In the first half of 2019 alone, the company recorded a $48.2 million net loss.

The speculation over the reduction in the IPO’s size appears to correlate with their loss of Credit Suisse’s support, which happened last week. The company was unable to get an IPO in Hong Kong in 2018, leading them to focus their fundraising on US investors. However, this sale took place just after the lost support.

Even with the failure of the IPO to meet Canaan’s predictions, the company still stands as the first crypto mining firm to host their own IPO. The results could be a sign that interest in cryptocurrency mining is starting to wind down in general, since Bitmain and Coinshares have also struggled to work with regulators and have had to postpone their own IPOs. Both Bitmain and Coinshares are direct competitors of Canaan.

Bitmain filed an application with the U.S. Securities and Exchange Commission for an IPO recently, though they were met with certain requirements that they must meet. While the projection over what Bitmain hopes to bring in through the US-based IPO has not been disclosed, the SEC has required three rounds of inquiries to take place, and the final of these three rounds will last for about two months. Bitmain had also tried to file an IPO in Hong Kong, like Canaan, for $3 billion.

CoinShares, based in the UK, has been considering the launch of an IPO with London’s stock exchange, but there’s been issues with the financial watchdog in the region. CryptoBriefing reports that the company is worried that a denial may be issued for the application, since retail investors could indirectly be exposed to digital assets with the CoinShares stocks.

The cost of profitability directly correlates with the answer to whether crypto mining is still profitable overall. The massive consolidation on the market appears to be the biggest threat to small and individual mining operations, but crowdsourced mining pools could ultimately start controlling more of the network, putting them in direct competition with bigger mining corporations.

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Author: Krystle M

Analyst: A New 2019 Bitcoin High Not Coming, Here’s the Possible Scenarios for Bitcoiners

  • Next move to take Bitcoin to $9k but not expected to hit $14,000 in 2019
  • Long term scenario: Bitcoin will range above $100k

Bitcoin is continuing its downward momentum that started on Oct. 26 after hitting $10,500 in a sudden burst of gains, driven by Chinese President Xi Jinping publicly promoting blockchain technology.

But looks like a move to $9,000 is coming, according to analyst and trader Bob Loukas.

Currently, Bitcoin is trading at $8,568 with 24 hours gains of 1.03%, as per Coincodex, before dropping to as low as $8,375 today.

Loukas is expecting the next Bitcoin move to take us to $9k. But it isn’t the time to start celebrating yet because it won’t be a sustainable move.

Though the next jump after $9,000 would be above $10,000, Loukas projects the leading cryptocurrency to drop back under $8,400 in mid-December.

And then would be the time for BTC to go on a tear. Once the flagship cryptocurrency hits below $8,400, it would be the time to shoot up. But even then, Bitcoin won’t be able to make a new 2019 high before 2020.

On June 26, Bitcoin made its 2019 high at $13,900 after recording a surge of 160% in Q2 2019.

As we recently reported, a sell signal could be triggered if the BTC price drop below the 200-day moving average. Bloomberg Analyst, Mike McGlone also pointed out that the market is “in no hurry to take out the old highs.”

While trader Josh Rager sees more downside in future if Bitcoin makes a close below $8,235 with every time frame under monthly looking “ugly,” analyst Galaxy sees a drop below $8,200 soon but only after a few fakeouts. Don Alt also sees Bitcoin turning bearish if we close below $8.2-$8.3k.

The on-chain metrics aren’t any good either. As Bitcoin Exchange Guide reported, investors’ sentiments are mixed and retail investor interest has “plateaued.” As such it is “deciding moment” for BTC.

Long Term: Bitcoin Ranges above $100k

In the short term, Bitcoin is struggling to make it way back above $10,000. But what about the long term?

Changpeng Zhao, the co-founder, and CEO of the leading exchange Binance sees the price going higher as the industry gets bigger.

As for what the CT thinks, economist and trader Alex Kruger conducted a poll on Twitter trying to find Bitcoin’s most likely long-term scenario.

The majority of the CT, 46% of 4,105 voters, believes after a few more epic runs, BTC will eventually mature and settles into a wide range. 44% of 3,273 voters see it ranging above $100k and 24% between $30k to $100k.

A higher percentage (20%) of people think Bitcoin will dump into oblivion and Bitcoiners will get REKT than those who see Bitcoin becoming a global reserve currency (17%) with hodlers getting “immensely rich” and for the leading cryptocurrency to continue to outperform as scarcity keeps prices going up “forever” (16%).

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Author: AnTy

Trace Mayer: Remove Bitcoin (BTC) Away From Centralized Exchanges During Proof of Keys 2020

The organizer of Proof of Keys, Trace Mayer, wants you to take your Bitcoin (BTC) away from centralized crypto exchanges and to “take control” of it. On a recent social media post, Mayer affirmed that there are only 60 days before the beginning of the event.

Proof of Keys is an event that defends the idea that the BTC is not really yours if you do not possess the private keys. According to Mayer, exchanges often implode or are hacked. This creates a huge problem for holders, as they may end up losing their money for no fault of their own if someone happens to the company. Most funds are not even provided with insurance.

A promotional video made by the initiative affirms that a lot of people don’t really want to hold their private keys or to participate in the consensus of the network, but they should know that this is important for their security.

What is the event all about, though? Participants are expected to use a handle on Twitter and to withdrawal all of their crypto holdings from centralized wallets on January 3. The idea is to weaken the power of centralized exchanges over the network and to empower the users once more, which is basically the original goal that Satoshi Nakamoto had when creating Bitcoin.

According to the event’s website, companies and exchanges are yet to prove their trustworthiness. Often, new traders don’t know how to hold their keys properly, so they go to centralized solutions, despite how open they are to cyberattacks. Fortunately, there is still time to change that and to decentralize the community even more.

Also, for those of you who are not hip to who bitcoin pioneer Trace Mayer is, you can get a quick understanding and how he operates within the space by taking a listen to any number of interviews, including a recent one just like this:

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Author: Gabriel Machado