Euro Pacific Capital broker company president Peter Schiff goes on with his criticism against bitcoin. This time the businessman called BTC a financial pyramid whose participants protect the idea of bitcoin because they are personally interested in its efficiency. "The very nature of Bitcoin requires owners to encourage new buyers to enter the market. Without new buyers coming in, there is no way for existing HODLers to get out. As with any pyramid scheme, success is only possible for those who get in early if lots of others get in late", Schiff wrote in his Twitter account. Earlier he had worded the idea that BTC price would drop down to zero.
Weak dollar will strengthen the position of bitcoin and gold
DTAP Capital investment fund co-founder Dan Tapiero thinks. The policy of the US Federal Reserve System will weaken dollar in the nearest future, which will supposedly affect bitcoin, gold and stocks. The analyst's position is based on data from the FRS that they plan to weaken their struggle with inflation in order to support commercial activity. Tapiero points out that if the level of inflation exceeds 2%, the dominating role of dollar in the world economy will be undermined. "Dollar consolidating for one month but now on verge of benign selloff that further supports equity, gold and Bitcoin", the analyst worded his opinion.
The Morgan Creek co-founder urged everyone to move out of dollar
Morgan Creek co-founder Anthony Pompliano thinks that currencies are prone to inflation so it is necessary to move funds to other assets. Central banks regularly print new batches of cash, which will cause an instant spike in inflation at one moment. Pompliano notes that it is especially true for US dollar since the US Federal Reserve System has recently been issuing a large number of new banknotes. "There is a devaluation of currency. The whole secret to building wealth is to get out of cash and get into assets that are denominated in dollars that will continue to go up in value over long periods of time — stocks, real estate, gold, Bitcoin, all this stuff", the expert advised.
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Peter Schiff: bitcoin is a financial pyramid
Euro Pacific Capital broker company president Peter Schiff goes on with his criticism against bitcoin. This time the businessman called BTC a financial pyramid whose participants protect the idea of bitcoin because they are personally interested in its efficiency. "The very nature of Bitcoin requires owners to encourage new buyers to enter the market. Without new buyers coming in, there is no way for existing HODLers to get out. As with any pyramid scheme, success is only possible for those who get in early if lots of others get in late", Schiff wrote in his Twitter account. Earlier he had worded the idea that BTC price would drop down to zero.
Weak dollar will strengthen the position of bitcoin and gold
DTAP Capital investment fund co-founder Dan Tapiero thinks. The policy of the US Federal Reserve System will weaken dollar in the nearest future, which will supposedly affect bitcoin, gold and stocks. The analyst's position is based on data from the FRS that they plan to weaken their struggle with inflation in order to support commercial activity. Tapiero points out that if the level of inflation exceeds 2%, the dominating role of dollar in the world economy will be undermined. "Dollar consolidating for one month but now on verge of benign selloff that further supports equity, gold and Bitcoin", the analyst worded his opinion.
The Morgan Creek co-founder urged everyone to move out of dollar
Morgan Creek co-founder Anthony Pompliano thinks that currencies are prone to inflation so it is necessary to move funds to other assets. Central banks regularly print new batches of cash, which will cause an instant spike in inflation at one moment. Pompliano notes that it is especially true for US dollar since the US Federal Reserve System has recently been issuing a large number of new banknotes. "There is a devaluation of currency. The whole secret to building wealth is to get out of cash and get into assets that are denominated in dollars that will continue to go up in value over long periods of time — stocks, real estate, gold, Bitcoin, all this stuff", the expert advised.
Expert at the Santiment analytical service think. They note that investors have transfered 700,000 ETH to exchanges (more than $182 million) for the last three days. Transfers from addresses in TOP-100 of the largest Ethereum owners have been registered. According to the analysts, it indicates an upcoming pump in the price of the cryptocurrency. “The top 100 holders of Ethereum are once again beginning to accumulate higher percentages of the total token supply, in spite of the ongoing consolidation that has been occurring for the past couple of weeks. Generally, when this kind of accumulation starts to mount, it’s a signal that those who have the most stake in ETH (and other respective tokens) are beginning to have a collective sentiment of the token being undervalued and believe it’s a great mid to long-term hold play”, Santiment experts write.
Opinion: bitcoin will rise up to $10,000
Analyst Benjamin Blunts supposes that the BTC price will go up to $10,200. He says that it will already happen at the beginning of August. The trader notes that the price broke through the trend line upwards, tested it downwards and was in the lateral accumulation zone for some time. Now the bitcoin price is ready to go to the upper border of the lateral range that is located at $10,000-$10,200. Benjamin Blunts points out that it has been squeezed between $8,500–10,200 since the middle of May.
Peter Schiff urged Paul Tudor Jones to sell bitcoins
Euro Pacific Capital head and gold bug Peter Schiff addressed billionaire Paul Tudor Jones. Not long ago the latter said that he had invested 1–2% of his capital in bitcoin. According to Schiff, it was a mistake and the billionaire made a bet on “the slowest horse”. “It looks like Paul Tudor Jones ended up betting on the slowest horse in the race. In fact, Bitcoin will not even finish the race. If Paul really wants to bet on a faster horse than gold he should move his Bitcoin chips over to silver, or try some gold and silver mining stocks”, Schiff wrote in his Twitter account.
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Whales are getting ready for an Ethereum pump
Expert at the Santiment analytical service think. They note that investors have transfered 700,000 ETH to exchanges (more than $182 million) for the last three days. Transfers from addresses in TOP-100 of the largest Ethereum owners have been registered. According to the analysts, it indicates an upcoming pump in the price of the cryptocurrency. “The top 100 holders of Ethereum are once again beginning to accumulate higher percentages of the total token supply, in spite of the ongoing consolidation that has been occurring for the past couple of weeks. Generally, when this kind of accumulation starts to mount, it’s a signal that those who have the most stake in ETH (and other respective tokens) are beginning to have a collective sentiment of the token being undervalued and believe it’s a great mid to long-term hold play”, Santiment experts write.
Opinion: bitcoin will rise up to $10,000
Analyst Benjamin Blunts supposes that the BTC price will go up to $10,200. He says that it will already happen at the beginning of August. The trader notes that the price broke through the trend line upwards, tested it downwards and was in the lateral accumulation zone for some time. Now the bitcoin price is ready to go to the upper border of the lateral range that is located at $10,000-$10,200. Benjamin Blunts points out that it has been squeezed between $8,500–10,200 since the middle of May.
Peter Schiff urged Paul Tudor Jones to sell bitcoins
Euro Pacific Capital head and gold bug Peter Schiff addressed billionaire Paul Tudor Jones. Not long ago the latter said that he had invested 1–2% of his capital in bitcoin. According to Schiff, it was a mistake and the billionaire made a bet on “the slowest horse”. “It looks like Paul Tudor Jones ended up betting on the slowest horse in the race. In fact, Bitcoin will not even finish the race. If Paul really wants to bet on a faster horse than gold he should move his Bitcoin chips over to silver, or try some gold and silver mining stocks”, Schiff wrote in his Twitter account.
Max Keiser: Warren Buffet will buy bitcoin at $50,000
According to Heisenberg Capital founder Max Keiser, Warren Buffet will panic-buy bitcoin at $50,000. The reason for that is that the investor slowly accepts new promising assets. The businessman points out that, for instance, Buffet’s fund lost the opportunity to purchase Apple and Amazon shares in the early days of these companies. “My guess is that Buffett (or whoever takes over after he passes) will start panic-buying Bitcoin at $50,000, just like Peter Schiff will do”, Keiser stated. He added that one of the largest investors Paul Tudor Jones had already invested 1% of his capital in cryptocurrency. Keiser supposed that the investor would increase the share of bitcoin in his portfolio up to 10%.
Why Ethereum continued to grow
Santiment analysts revealed. The ETH price renewed its two-year high rising to the level of $440 — the currency is traded near this point at the moment. According to Santiment experts, the trend for the position of Ethereum to strengthen will continue. One of the reasons for that is the growing number of transactions in the network. Not long ago this indicator reached the point of 1.27 million operations a day, which became the highest level from the beginning of 2018. Another factor is the growing demand for processing transactions. Payments for transactions continue to renew their highs. It shows that users are ready to pay high commission fees for their transactions to be processed faster.
The date when the bitcoin price reaches $100,000 became known
The popular Stock-to-Flow (S2F) model indicates that the BTC price will reach $100,000 on August 16, 2021. The exact date was calculated by analyst Bit Harrington who added that he thought the period was too short. However, he points out that bitcoin always went against bearish sentiment. Marc van der Chijs reposted the message and explained why the prediction looked realistic. “Most people think this is impossible, but I have seen a 1000% increase in less than a year at least twice before in BTC (2013 & 2017). S2F is holding up pretty well after the halving, if FOMO will start again anything is possible”, he wrote.
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Max Keiser: Warren Buffet will buy bitcoin at $50,000
According to Heisenberg Capital founder Max Keiser, Warren Buffet will panic-buy bitcoin at $50,000. The reason for that is that the investor slowly accepts new promising assets. The businessman points out that, for instance, Buffet’s fund lost the opportunity to purchase Apple and Amazon shares in the early days of these companies. “My guess is that Buffett (or whoever takes over after he passes) will start panic-buying Bitcoin at $50,000, just like Peter Schiff will do”, Keiser stated. He added that one of the largest investors Paul Tudor Jones had already invested 1% of his capital in cryptocurrency. Keiser supposed that the investor would increase the share of bitcoin in his portfolio up to 10%.
Why Ethereum continued to grow
Santiment analysts revealed. The ETH price renewed its two-year high rising to the level of $440 — the currency is traded near this point at the moment. According to Santiment experts, the trend for the position of Ethereum to strengthen will continue. One of the reasons for that is the growing number of transactions in the network. Not long ago this indicator reached the point of 1.27 million operations a day, which became the highest level from the beginning of 2018. Another factor is the growing demand for processing transactions. Payments for transactions continue to renew their highs. It shows that users are ready to pay high commission fees for their transactions to be processed faster.
The date when the bitcoin price reaches $100,000 became known
The popular Stock-to-Flow (S2F) model indicates that the BTC price will reach $100,000 on August 16, 2021. The exact date was calculated by analyst Bit Harrington who added that he thought the period was too short. However, he points out that bitcoin always went against bearish sentiment. Marc van der Chijs reposted the message and explained why the prediction looked realistic. “Most people think this is impossible, but I have seen a 1000% increase in less than a year at least twice before in BTC (2013 & 2017). S2F is holding up pretty well after the halving, if FOMO will start again anything is possible”, he wrote.
Cane Island analyst Timothy Peterson thinks that Ethereum will lose at least half its price in the next 12 months. He points out that the price of the cryptocurrency at the moment is about twice as big as its "real" price calculated on the basis of the network value. Judging by this model, the price of Ethereum should rise only 30% per year. The average weighted ETH exchange rate is $406 now, it must go down to the range of $200-250 according to the prognosis.
Tone Vays: the BTC price will not go below $10,000 this year
Well-known crypto enthusiast Tone Vays worded his opinion that the bitcoin price would not get below $10,000 this year. He also added that he expected breaking the level of $20,000 in 2021 although we had doubted that earlier. "In the beginning of the year, I thought that even next year would be a struggle to break $20k. Now I think it's pretty likely that we'll break $20k next year", the analyst said. According to him, the price doubles the target during each next breakthrough. So after breaking through the level of $20,000, the bitcoin price may rise up to $45,000-50,000.
The bitcoin price will fly up to $20,000 in two months
Analyst Bitcoin Jack thinks. He noted an interesting regularity: the bitcoin price follows the moves of the gold price, but with some delay. The analyst points out that at the moment the BTC price is at the same point where gold was in July. If the trend persists, the cryptocurrency price will go up to $17,000-$19,000 in September, then it will get corrected to the zone of $15,000, and after that it will go to the point of $20,000. Bitcoin Jack supposes that, after testing the historic high in October, the price will quickly go down to the levels of $11,000-12,000. The trader emphasizes that the growth should already start in the nearest days.
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ETH is at risk of getting 50% cheaper
Cane Island analyst Timothy Peterson thinks that Ethereum will lose at least half its price in the next 12 months. He points out that the price of the cryptocurrency at the moment is about twice as big as its "real" price calculated on the basis of the network value. Judging by this model, the price of Ethereum should rise only 30% per year. The average weighted ETH exchange rate is $406 now, it must go down to the range of $200-250 according to the prognosis.
Tone Vays: the BTC price will not go below $10,000 this year
Well-known crypto enthusiast Tone Vays worded his opinion that the bitcoin price would not get below $10,000 this year. He also added that he expected breaking the level of $20,000 in 2021 although we had doubted that earlier. "In the beginning of the year, I thought that even next year would be a struggle to break $20k. Now I think it's pretty likely that we'll break $20k next year", the analyst said. According to him, the price doubles the target during each next breakthrough. So after breaking through the level of $20,000, the bitcoin price may rise up to $45,000-50,000.
The bitcoin price will fly up to $20,000 in two months
Analyst Bitcoin Jack thinks. He noted an interesting regularity: the bitcoin price follows the moves of the gold price, but with some delay. The analyst points out that at the moment the BTC price is at the same point where gold was in July. If the trend persists, the cryptocurrency price will go up to $17,000-$19,000 in September, then it will get corrected to the zone of $15,000, and after that it will go to the point of $20,000. Bitcoin Jack supposes that, after testing the historic high in October, the price will quickly go down to the levels of $11,000-12,000. The trader emphasizes that the growth should already start in the nearest days.
Bitcoin will go up to $12,000 within the next few days
Decentrader hub analysts think. They note that the four-hour chart shows the bullish divergence on the volume indicator that predicts the forthcoming turn of the price upwards. According to the traders, the price will be within the range of $11,300-11,500 within the next few days, after which it will go to the trend line in the zone of $12,000-12,100. The analysts think it will already happen by the beginning of September. The key level is $11,500, the strengthening of the price above that will allow for the further growth. The support line is the level of $9,600 where the unclosed price gap of the CME exchange is along with the 20-week moving average. The medium-term target for buyers is the range of $13,000-14,000 — the year's pivot level is there as well as the 61,8% Fibonacci correction level.
Opinion: the BTC exchange rate will go up to $16,000 or fall to $10,500
Byzantine General analyst also notices the exceptional importance of the $11,500 point. If this week's bar closes above the level, the target will be $16,000. The trader thinks that otherwise the price risks going down up to $10,500. The next strong support is the point of $9,600 where the abovementioned CME exchange gap is. Byzantine General adds that there is no large difference whether to buy bitcoin at $11,000, $10,000 or $9,000 if you are going to keep the coins for as long as at least several years.
Glassnode: metrics say that the bitcoin price will go up
The stablecoin supply ratio (SSR) shows the high stablecoin purchasing power as compared to bitcoin. Specialists from the Glassnode analytical service point out that it shows the potential for strengthening of the price of the first cryptocurrency. At the moment, the metric shows thrice as big figures as the last year's ones when the BTC price was at similar levels. Expert add that at the same time the USDT balance got up by 50%, which also proves that bitcoin price is going to rise up.
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Bitcoin will go up to $12,000 within the next few days
Decentrader hub analysts think. They note that the four-hour chart shows the bullish divergence on the volume indicator that predicts the forthcoming turn of the price upwards. According to the traders, the price will be within the range of $11,300-11,500 within the next few days, after which it will go to the trend line in the zone of $12,000-12,100. The analysts think it will already happen by the beginning of September. The key level is $11,500, the strengthening of the price above that will allow for the further growth. The support line is the level of $9,600 where the unclosed price gap of the CME exchange is along with the 20-week moving average. The medium-term target for buyers is the range of $13,000-14,000 — the year's pivot level is there as well as the 61,8% Fibonacci correction level.
Opinion: the BTC exchange rate will go up to $16,000 or fall to $10,500
Byzantine General analyst also notices the exceptional importance of the $11,500 point. If this week's bar closes above the level, the target will be $16,000. The trader thinks that otherwise the price risks going down up to $10,500. The next strong support is the point of $9,600 where the abovementioned CME exchange gap is. Byzantine General adds that there is no large difference whether to buy bitcoin at $11,000, $10,000 or $9,000 if you are going to keep the coins for as long as at least several years.
Glassnode: metrics say that the bitcoin price will go up
The stablecoin supply ratio (SSR) shows the high stablecoin purchasing power as compared to bitcoin. Specialists from the Glassnode analytical service point out that it shows the potential for strengthening of the price of the first cryptocurrency. At the moment, the metric shows thrice as big figures as the last year's ones when the BTC price was at similar levels. Expert add that at the same time the USDT balance got up by 50%, which also proves that bitcoin price is going to rise up.
Analyst Pladizow notices. He points out that the bitcoin monthly chart shows the Cup and Handle reversal pattern. The standard target of the pattern materialization will be the level of $23,000. The pattern will be considered complete when the price will break through the point of $11,000 on its monthly chart. Earlier, the analyst predicted the rise of the BTC price to $12,000 if the Inverse Head and Shoulders pattern will be completely formed on the four-hour chart.
When bitcoin would cost $300,000
Crypto expert WyckoffMode said. He used Fibonacci levels and channels to predict the next bitcoin price high. It turned out that the new cycle’s high would be within the range of $152,000-298,000. The trader points out that it should happen in December, 2021. WyckoffMode supposes that then the price will go down to the range of $50,000-60,000 before January 2023 and the new growth’s high will occur in December, 2025. His speculations are based on the fact that BTC price movement cycles take 4 years because this is the periodicity with which halving occurs. "With the first year being Distribution; the second year being Accumulation and the third and fourth year being multiple bouts of re-accumulation building up to a buying climax before starting over again with the first year of Distribution. One of the main reasons for this natural wave cycle of approximately four years involves the Bitcoin Block Halving", the analyst writes
Opinion: Ethereum may get corrected down $360
Trader Credible Crypto has predicted a grow up to $460 earlier this week. The analyst thinks after that, the ETH price may get corrected down to the point of $360. Credible Crypto thinks that the situation is opposite for bitcoin: until the price does not break through $11,800, the trend remains downward. He supposes that the potential fall target is the range of $10,600–10,900.
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The BTC price is ready to move to $23,000
Analyst Pladizow notices. He points out that the bitcoin monthly chart shows the Cup and Handle reversal pattern. The standard target of the pattern materialization will be the level of $23,000. The pattern will be considered complete when the price will break through the point of $11,000 on its monthly chart. Earlier, the analyst predicted the rise of the BTC price to $12,000 if the Inverse Head and Shoulders pattern will be completely formed on the four-hour chart.
When bitcoin would cost $300,000
Crypto expert WyckoffMode said. He used Fibonacci levels and channels to predict the next bitcoin price high. It turned out that the new cycle’s high would be within the range of $152,000-298,000. The trader points out that it should happen in December, 2021. WyckoffMode supposes that then the price will go down to the range of $50,000-60,000 before January 2023 and the new growth’s high will occur in December, 2025. His speculations are based on the fact that BTC price movement cycles take 4 years because this is the periodicity with which halving occurs. "With the first year being Distribution; the second year being Accumulation and the third and fourth year being multiple bouts of re-accumulation building up to a buying climax before starting over again with the first year of Distribution. One of the main reasons for this natural wave cycle of approximately four years involves the Bitcoin Block Halving", the analyst writes
Opinion: Ethereum may get corrected down $360
Trader Credible Crypto has predicted a grow up to $460 earlier this week. The analyst thinks after that, the ETH price may get corrected down to the point of $360. Credible Crypto thinks that the situation is opposite for bitcoin: until the price does not break through $11,800, the trend remains downward. He supposes that the potential fall target is the range of $10,600–10,900.
Miners may cause the BTC exchange rate to collapse because of competition
Data from CryptoQuant proves that mining pools have transferred large amounts of bitcoin to exchanges. On September 2, the Poolin, Slush and HaoBTC pools moved 1,630 BTC (about $18,5 mln) to exchanges. The indicator is above the average daily value — the transactions started at the moment when the bitcoin price fell below the level of $11,500. CryptoQuant Head Ki Young Joo supposed that miners may push the market through to push out competitors. "I think it's going to be the war of miners between those who want a Bitcoin price rally and those who don't. As I know, some Chinese miners already realize their mining profitability (return on investment), and they might not want new mining competitors joining the industry because of the bull market", — he remarked.
Dollar is getting stronger and keeps putting pressure on bitcoin
Cointelegraph analyst Joseph Young points out that the dollar index has rebounded from its multi-year support zone sending down the exchange rates of bitcoin and gold. Dollar has become stronger since the beginning of September sending bitcoin down from $12,000 to $10,400. The European Central Bank stated this week that it would seek to compensate the growth of euro. Young notes that it will also support the US dollar and undermine the positions of bitcoin and gold even more. "Currency analysts believe the ECB could continue to “dampen” the strength of the euro. In the short term that could cause the dollar to rally, which might place selling pressure on Bitcoin and gold", the expert concludes.
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Miners may cause the BTC exchange rate to collapse because of competition
Data from CryptoQuant proves that mining pools have transferred large amounts of bitcoin to exchanges. On September 2, the Poolin, Slush and HaoBTC pools moved 1,630 BTC (about $18,5 mln) to exchanges. The indicator is above the average daily value — the transactions started at the moment when the bitcoin price fell below the level of $11,500. CryptoQuant Head Ki Young Joo supposed that miners may push the market through to push out competitors. "I think it's going to be the war of miners between those who want a Bitcoin price rally and those who don't. As I know, some Chinese miners already realize their mining profitability (return on investment), and they might not want new mining competitors joining the industry because of the bull market", — he remarked.
Dollar is getting stronger and keeps putting pressure on bitcoin
Cointelegraph analyst Joseph Young points out that the dollar index has rebounded from its multi-year support zone sending down the exchange rates of bitcoin and gold. Dollar has become stronger since the beginning of September sending bitcoin down from $12,000 to $10,400. The European Central Bank stated this week that it would seek to compensate the growth of euro. Young notes that it will also support the US dollar and undermine the positions of bitcoin and gold even more. "Currency analysts believe the ECB could continue to “dampen” the strength of the euro. In the short term that could cause the dollar to rally, which might place selling pressure on Bitcoin and gold", the expert concludes.
Bitcoin and gold will stand in case the stock market falls
10T Holdings and Gold Bullion International co-founder Dan Tapiero thinks. According to him, the stock market is in for a strong correction since the optimism of individual investors regarding S&P 500 index is at its record high. "Unfortunately, most worrying data point have seen in a while for #StockMarket from short term perspective. Certainly an extreme of epic proportions hit on this indicator. Does not seem to be something that can be corrected in just a few days", he said. The businessman thinks that gold and bitcoin "must hold their positions" according to this scenario.
Opinion: the BTC rate will not go lower than $9,700
Amsterdan stock exchange analyst Michaël van de Poppe thinks that the bitcoin price is going to turn back on above the point of $9,700. He says that the price should go up to $10,800 and then go down to its new local lows within the zone of $9,700-9,800. It will stay within this zone untill the end of the month and then it will go above $11,000. To regain the growth, the price should get stable above a very important point of $11,170. The analyst adds that, however, in case the price tests the level of $9,700 real quick, the BTC price may start to strengthen already at the middle of the month.
Why bitcoin is going to get as high as $250,000
Popular analyst filbfilb explained. He drew Fibonacci circles through the highs and lows of the two previous growth/fall bitcoin price cycles. It turned out that the high of the next rally coincided with the circle with the period of 3,618. For instance, the pattern built according to the 2013-2015 year cycle showed a high at about $17,900. The actual high of 2017 was at the point of $19,700. Judging from the new patterns, the next rate high will be around the level of $243,000. Analyst GravityWave notes that the new high is also near the area of $250,000. He put Fibonacci levels through cycle lows and highs — the point of 2,382 showed the high of the next bubble.
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Bitcoin and gold will stand in case the stock market falls
10T Holdings and Gold Bullion International co-founder Dan Tapiero thinks. According to him, the stock market is in for a strong correction since the optimism of individual investors regarding S&P 500 index is at its record high. "Unfortunately, most worrying data point have seen in a while for #StockMarket from short term perspective. Certainly an extreme of epic proportions hit on this indicator. Does not seem to be something that can be corrected in just a few days", he said. The businessman thinks that gold and bitcoin "must hold their positions" according to this scenario.
Opinion: the BTC rate will not go lower than $9,700
Amsterdan stock exchange analyst Michaël van de Poppe thinks that the bitcoin price is going to turn back on above the point of $9,700. He says that the price should go up to $10,800 and then go down to its new local lows within the zone of $9,700-9,800. It will stay within this zone untill the end of the month and then it will go above $11,000. To regain the growth, the price should get stable above a very important point of $11,170. The analyst adds that, however, in case the price tests the level of $9,700 real quick, the BTC price may start to strengthen already at the middle of the month.
Why bitcoin is going to get as high as $250,000
Popular analyst filbfilb explained. He drew Fibonacci circles through the highs and lows of the two previous growth/fall bitcoin price cycles. It turned out that the high of the next rally coincided with the circle with the period of 3,618. For instance, the pattern built according to the 2013-2015 year cycle showed a high at about $17,900. The actual high of 2017 was at the point of $19,700. Judging from the new patterns, the next rate high will be around the level of $243,000. Analyst GravityWave notes that the new high is also near the area of $250,000. He put Fibonacci levels through cycle lows and highs — the point of 2,382 showed the high of the next bubble.
The correlation between gold and bitcoin has been increasing since July amid a weakening US dollar. The loss of the position of the main world currency has a positive effect on "defensive" assets, which include gold and bitcoin. The level of correlation between the two instruments exceeded 0.5, which indicates a high co-directionality of the movement of their rates. A few months ago, the indicator was below 0.1. The correlation index varies from -1 to 1. The -1 mark indicates that the quotes move absolutely independently, with a value of 1 the price charts completely coincide. In addition to gold, the correlation between BTC price and S&P 500 index also increased. On September 7, the indicator reached 0.4905, after which it decreased to 0.36.
ETH Transaction Volume Updated Historical Peak
In August, the monthly volume of ETH transactions set a record, reaching $24 billion, according to DappRadar data. The indicator has been renewing maximums for already three months - back in May it did not exceed $2 billion. The active growth of the level of transferred funds in the network is associated with the development of the decentralized finance market. The volume of transfers of DEX and DeFi applications over the past month increased by $9 billion each. The level of blocked funds in the DeFi-sphere increased by $3.61 billion and reached $7.5 billion by September. At the same time, the number of active ETH addresses in August decreased by 6% - this is due to a record increase in transfer fees.
The first government digital currencies will appear by 2030
Experts from the European Analytical Center believe. In their opinion, at least three central banks will replace their currencies with digital tokens. China, the United States and the European Union will be the first to do so, launching digital versions of the yuan, dollar and euro. According to experts, this will happen by 2030. They also allow for the option of governmental stablecoins being issued by Sweden and the Bahamas. The Swedish regulator recently announced that it is ready to submit the CBDC by 2025. China is already testing the digital yuan, and the European Central Bank is actively exploring this direction.
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Bitcoin and Gold Correlation Set Record
The correlation between gold and bitcoin has been increasing since July amid a weakening US dollar. The loss of the position of the main world currency has a positive effect on "defensive" assets, which include gold and bitcoin. The level of correlation between the two instruments exceeded 0.5, which indicates a high co-directionality of the movement of their rates. A few months ago, the indicator was below 0.1. The correlation index varies from -1 to 1. The -1 mark indicates that the quotes move absolutely independently, with a value of 1 the price charts completely coincide. In addition to gold, the correlation between BTC price and S&P 500 index also increased. On September 7, the indicator reached 0.4905, after which it decreased to 0.36.
ETH Transaction Volume Updated Historical Peak
In August, the monthly volume of ETH transactions set a record, reaching $24 billion, according to DappRadar data. The indicator has been renewing maximums for already three months - back in May it did not exceed $2 billion. The active growth of the level of transferred funds in the network is associated with the development of the decentralized finance market. The volume of transfers of DEX and DeFi applications over the past month increased by $9 billion each. The level of blocked funds in the DeFi-sphere increased by $3.61 billion and reached $7.5 billion by September. At the same time, the number of active ETH addresses in August decreased by 6% - this is due to a record increase in transfer fees.
The first government digital currencies will appear by 2030
Experts from the European Analytical Center believe. In their opinion, at least three central banks will replace their currencies with digital tokens. China, the United States and the European Union will be the first to do so, launching digital versions of the yuan, dollar and euro. According to experts, this will happen by 2030. They also allow for the option of governmental stablecoins being issued by Sweden and the Bahamas. The Swedish regulator recently announced that it is ready to submit the CBDC by 2025. China is already testing the digital yuan, and the European Central Bank is actively exploring this direction.
Raoul Jordan, Prysmatic Labs developer who is involved in testing of Ethereum 2.0, said preparations for the network's launch go as planned. All necessary features will be added by mid-October, he said, allowing developers to focus on improving security and user interface. “If all goes well, November is still looking good for a launch from our perspective, Jordan wrote. Earlier, a representative of the Ethereum development team, Afri Shedon, also announced that the network will begin work in November this year.
Ethereum Miners' Profit surges by 98%
In August, Ethereum miners received $285.1 million in revenue, the highest in two years. Compared to last month, profit increased by 98.2%, the resource The Block notes. This happened amid a record increase in online transfer fees. For more than a month, their average level has been above $2, and in early September it peaked at $15. The reason lies in the growth in the activity of applications from the field of decentralized finance. All transactions made by application participants are recorded on the Ethereum blockchain, which increases the load on the network and creates a queue of transfers. To send their transaction faster, users are willing to pay higher fees.
The digital yuan will become a complete analogue of paper money
The digital yuan is legally fully consistent with fiat currency, says Fan Yifei, deputy chairman of the People's Bank of China. In an article written for Financial News, the official outlined the basic principles for regulating the digital yuan. According to him, digital currency is part of the supply of paper notes and coins, and therefore "must comply with laws and regulations related to money management." Fan emphasized that the digital currency will be accepted throughout the country and "no company or individual can refuse to accept it." The official also added that the digital yuan should be regulated by anti-money laundering and terrorist financing laws.
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Ethereum 2.0 launch dates announced
Raoul Jordan, Prysmatic Labs developer who is involved in testing of Ethereum 2.0, said preparations for the network's launch go as planned. All necessary features will be added by mid-October, he said, allowing developers to focus on improving security and user interface. “If all goes well, November is still looking good for a launch from our perspective, Jordan wrote. Earlier, a representative of the Ethereum development team, Afri Shedon, also announced that the network will begin work in November this year.
Ethereum Miners' Profit surges by 98%
In August, Ethereum miners received $285.1 million in revenue, the highest in two years. Compared to last month, profit increased by 98.2%, the resource The Block notes. This happened amid a record increase in online transfer fees. For more than a month, their average level has been above $2, and in early September it peaked at $15. The reason lies in the growth in the activity of applications from the field of decentralized finance. All transactions made by application participants are recorded on the Ethereum blockchain, which increases the load on the network and creates a queue of transfers. To send their transaction faster, users are willing to pay higher fees.
The digital yuan will become a complete analogue of paper money
The digital yuan is legally fully consistent with fiat currency, says Fan Yifei, deputy chairman of the People's Bank of China. In an article written for Financial News, the official outlined the basic principles for regulating the digital yuan. According to him, digital currency is part of the supply of paper notes and coins, and therefore "must comply with laws and regulations related to money management." Fan emphasized that the digital currency will be accepted throughout the country and "no company or individual can refuse to accept it." The official also added that the digital yuan should be regulated by anti-money laundering and terrorist financing laws.
On the morning of September 16, the price of the first cryptocurrency returned to the $11,000 on a number of exchanges. Over the week, BTC rose in price by 11% - at the beginning of September, the asset rate tested monthly lows at $9,900. The rise in the price of bitcoin is taking place against the backdrop of several fundamental positive factors. Thus, the network hash rate has once again updated its historical maximum, reaching 150 EH/s. The number of coins sent per day, expressed in dollars, broke the annual record of $30.69 billion. At the same time, the dollar index is declining for the fourth day in a row, which also supports the BTC/USD pair.
Draft law on the regulation of cryptocurrency in the EU has been published
Politico has published a preliminary version of the Cryptocurrency Assets Markets Act (MiCA), created by the European Commission. The document proposes to regulate cryptocurrencies, security tokens and stablecoins in the same way as traditional financial instruments, which will ensure their legal purity. The bill gives broad definitions to cryptoassets and also describes a set of rules and requirements for asset issuers and service providers. The former will be obliged to register a legal entity, and service providers will be obliged to establish an official office in a member state of the European Union. Special attention is paid to stablecoins, which are divided into two categories: tokens linked to real assets and digital tokens. It is expected that the bill will be submitted for consideration in September, and will be able to enter into force no earlier than 2022.
Bakkt Exchange Records Record Bitcoin Futures Trading Volume
The Bakkt cryptocurrency platform has reported a new all-time record for daily trading volume in bitcoin futures. On September 15, the indicator reached 15,955 BTC (more than $ 200 million), which is 36% higher than the previous maximum. At the same time, the activity of BTC futures trading on the Chicago Mercantile Exchange (CME) dropped to the lowest levels - about $ 262 million. Unlike CME, Bakkt allows customers to receive instrument settlements in Bitcoin. The site was launched in 2018 by the Intercontinental Exchange (ICE) operator, which owns the New York Stock Exchange.
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Bitcoin has risen in price to $11,000 again
On the morning of September 16, the price of the first cryptocurrency returned to the $11,000 on a number of exchanges. Over the week, BTC rose in price by 11% - at the beginning of September, the asset rate tested monthly lows at $9,900. The rise in the price of bitcoin is taking place against the backdrop of several fundamental positive factors. Thus, the network hash rate has once again updated its historical maximum, reaching 150 EH/s. The number of coins sent per day, expressed in dollars, broke the annual record of $30.69 billion. At the same time, the dollar index is declining for the fourth day in a row, which also supports the BTC/USD pair.
Draft law on the regulation of cryptocurrency in the EU has been published
Politico has published a preliminary version of the Cryptocurrency Assets Markets Act (MiCA), created by the European Commission. The document proposes to regulate cryptocurrencies, security tokens and stablecoins in the same way as traditional financial instruments, which will ensure their legal purity. The bill gives broad definitions to cryptoassets and also describes a set of rules and requirements for asset issuers and service providers. The former will be obliged to register a legal entity, and service providers will be obliged to establish an official office in a member state of the European Union. Special attention is paid to stablecoins, which are divided into two categories: tokens linked to real assets and digital tokens. It is expected that the bill will be submitted for consideration in September, and will be able to enter into force no earlier than 2022.
Bakkt Exchange Records Record Bitcoin Futures Trading Volume
The Bakkt cryptocurrency platform has reported a new all-time record for daily trading volume in bitcoin futures. On September 15, the indicator reached 15,955 BTC (more than $ 200 million), which is 36% higher than the previous maximum. At the same time, the activity of BTC futures trading on the Chicago Mercantile Exchange (CME) dropped to the lowest levels - about $ 262 million. Unlike CME, Bakkt allows customers to receive instrument settlements in Bitcoin. The site was launched in 2018 by the Intercontinental Exchange (ICE) operator, which owns the New York Stock Exchange.
USDT market cap has exceeded $15 billion. As of September 18, capitalization increased by another $200 million and reached $15.284 billion. Over the past 20 days, the indicator has grown by 50%, and since the beginning of the year - by 3.7 times. Analysts attribute this to the rapid rise in popularity of the decentralized financial applications sector. Tether developers have previously noted that many investors enter the crypto market precisely through USDT. For example, Asian traders most often buy bitcoin and altcoins using Tether tokens. Most of the coins ($10 billion) are issued on the Ethereum blockchain, another $4 billion operates on the Tron network.
Police summoned the head of Bithumb for questioning
Seoul police have summoned Lee Jong Hoon, chairman of the South Korean exchange Bithumb, for questioning. A fraud case is pending against him, local media reported. Lee Jong Hoon is accused of manipulating the presale of Bithumb BXA tokens, as a result of which investors lost about $25 million. On the second charge, he did not pay taxes on foreign real estate. Bithumb's offices were searched three times in September. During the latter, law enforcement officers seized shares in Bithumb Holdings owned by the company's director Kim Ben-gen. The bank plans to add new types of cards, improve the loyalty program, and add new functions for businesses and users.
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Tether capitalization reaches $15 billion
USDT market cap has exceeded $15 billion. As of September 18, capitalization increased by another $200 million and reached $15.284 billion. Over the past 20 days, the indicator has grown by 50%, and since the beginning of the year - by 3.7 times. Analysts attribute this to the rapid rise in popularity of the decentralized financial applications sector. Tether developers have previously noted that many investors enter the crypto market precisely through USDT. For example, Asian traders most often buy bitcoin and altcoins using Tether tokens. Most of the coins ($10 billion) are issued on the Ethereum blockchain, another $4 billion operates on the Tron network.
Police summoned the head of Bithumb for questioning
Seoul police have summoned Lee Jong Hoon, chairman of the South Korean exchange Bithumb, for questioning. A fraud case is pending against him, local media reported. Lee Jong Hoon is accused of manipulating the presale of Bithumb BXA tokens, as a result of which investors lost about $25 million. On the second charge, he did not pay taxes on foreign real estate. Bithumb's offices were searched three times in September. During the latter, law enforcement officers seized shares in Bithumb Holdings owned by the company's director Kim Ben-gen. The bank plans to add new types of cards, improve the loyalty program, and add new functions for businesses and users.
As pointed by Delphi Digital analysts. Bitcoin's surge is now more robust than last year, as traders prefer to hold coins rather than speculate on exchanges. The current rise in bitcoin price to $12,500 in August differs from strengthening to $13,800 in 2019. Back then, the wallet balances of crypto exchanges were increasing, and this year they continue to fall, despite the rise in prices. This suggests that the selling pressure is now much lower. “This suggests a more sustainable move upwards for BTC, in comparison to that of 2019 as data indicates a holder base with longer time horizons,” analysts say. The balance of bitcoins on exchanges fell from an all-time high of 2.96 million coins in February to 2.59 million BTC today.
Institutions want to increase Investments in bitcoin
Cryptocurrency insurance company Evertas conducted a survey among institutional investors from the US and the UK, who manage assets totalling $78.4 billion. It turned out that 90% of respondents expect an increase in investments in crypto assets. 64% of those surveyed said they expect a small increase in investment from pension funds, family managers, insurers and sovereign wealth funds. Another 26% of respondents believe that institutions will "dramatically" increase investment in bitcoin and other cryptocurrencies in the next five years. #bestchange #bitcoin #gold #cryptocurrency #blockchain #investing #trading 84% of respondents attributed improved regulation to the reasons, and 80% named liquidity, which will grow along with the expansion of the crypto market.
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BTC price is in a "steady upward trend"
As pointed by Delphi Digital analysts. Bitcoin's surge is now more robust than last year, as traders prefer to hold coins rather than speculate on exchanges. The current rise in bitcoin price to $12,500 in August differs from strengthening to $13,800 in 2019. Back then, the wallet balances of crypto exchanges were increasing, and this year they continue to fall, despite the rise in prices. This suggests that the selling pressure is now much lower. “This suggests a more sustainable move upwards for BTC, in comparison to that of 2019 as data indicates a holder base with longer time horizons,” analysts say. The balance of bitcoins on exchanges fell from an all-time high of 2.96 million coins in February to 2.59 million BTC today.
Institutions want to increase Investments in bitcoin
Cryptocurrency insurance company Evertas conducted a survey among institutional investors from the US and the UK, who manage assets totalling $78.4 billion. It turned out that 90% of respondents expect an increase in investments in crypto assets. 64% of those surveyed said they expect a small increase in investment from pension funds, family managers, insurers and sovereign wealth funds. Another 26% of respondents believe that institutions will "dramatically" increase investment in bitcoin and other cryptocurrencies in the next five years. #bestchange #bitcoin #gold #cryptocurrency #blockchain #investing #trading 84% of respondents attributed improved regulation to the reasons, and 80% named liquidity, which will grow along with the expansion of the crypto market.
MicroStrategy CEO: Companies will soon start investing in bitcoin
The head of MicroStrategy, the first public company to invest in bitcoin, said other firms would soon follow their lead. According to Michael Saylor, this will happen in the next 3-6 months. “It will probably be private companies first, because they don't have as much inertia. The public companies our size, then mid-sized companies.” the businessman said. He added that most of MicroStrategy's shareholders supported the investment in bitcoin. At the same time, Sailor is not an ardent supporter of cryptocurrency. If stock returns rise anytime soon, he will easily ditch bitcoin. The businessman is not concerned that BTC has lost about 6% in value since the company's first investment. “Volatility is not really a selling point. Right now, this is the only thing we can find with real positive returns,”concluded Sailor.
Media: Bithumb Exchange Listed For Sale
Bithumb, the largest crypto exchange in South Korea, is up for sale, according to the local Herald. More than 50% of the country's cryptocurrency trading turnover is realized on Bithumb. With 4.77 million users, the site is considered the main engine of crypto trading in South Korea. According to media reports, Bithumb Holdings is trying to sell its 74% stake in Bithumb Korea. Several buyers have already offered between $430 and $604 million. The new owner will have to solve the company's legal problems. Seoul police are currently investigating exchange chairman Lee Jong Hoon for about $25 million in investor losses and overseas property tax evasion. Police raided the exchange offices three times this month.
Bank of Canada: financially illiterate people buy cryptocurrency more often
According to a 2019 Bank of Canada survey, financial literacy is positively associated with awareness of cryptocurrencies, but negatively with their purchase. The Bank views financial literacy as a basic understanding of investing and saving for retirement. The survey showed that 47% of respondents have high financial literacy, and 18% - low. At the same time, it turned out that Canadians with a lower level of understanding of finance are twice as likely to invest in cryptoassets. “93 percent of Canadians with high financial literacy are aware of cryptocurrencies, as opposed to only 72 percent of those with low financial literacy. Conversely, 8 percent of those with low financial literacy reported they own cryptocurrencies compared with 4 percent of Canadians with high financial literacy.” According to a survey, the bank estimated that approximately 84% of Canadian residents have heard of cryptocurrencies, and 5% own them.
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MicroStrategy CEO: Companies will soon start investing in bitcoin
The head of MicroStrategy, the first public company to invest in bitcoin, said other firms would soon follow their lead. According to Michael Saylor, this will happen in the next 3-6 months. “It will probably be private companies first, because they don't have as much inertia. The public companies our size, then mid-sized companies.” the businessman said. He added that most of MicroStrategy's shareholders supported the investment in bitcoin. At the same time, Sailor is not an ardent supporter of cryptocurrency. If stock returns rise anytime soon, he will easily ditch bitcoin. The businessman is not concerned that BTC has lost about 6% in value since the company's first investment. “Volatility is not really a selling point. Right now, this is the only thing we can find with real positive returns,”concluded Sailor.
Media: Bithumb Exchange Listed For Sale
Bithumb, the largest crypto exchange in South Korea, is up for sale, according to the local Herald. More than 50% of the country's cryptocurrency trading turnover is realized on Bithumb. With 4.77 million users, the site is considered the main engine of crypto trading in South Korea. According to media reports, Bithumb Holdings is trying to sell its 74% stake in Bithumb Korea. Several buyers have already offered between $430 and $604 million. The new owner will have to solve the company's legal problems. Seoul police are currently investigating exchange chairman Lee Jong Hoon for about $25 million in investor losses and overseas property tax evasion. Police raided the exchange offices three times this month.
Bank of Canada: financially illiterate people buy cryptocurrency more often
According to a 2019 Bank of Canada survey, financial literacy is positively associated with awareness of cryptocurrencies, but negatively with their purchase. The Bank views financial literacy as a basic understanding of investing and saving for retirement. The survey showed that 47% of respondents have high financial literacy, and 18% - low. At the same time, it turned out that Canadians with a lower level of understanding of finance are twice as likely to invest in cryptoassets. “93 percent of Canadians with high financial literacy are aware of cryptocurrencies, as opposed to only 72 percent of those with low financial literacy. Conversely, 8 percent of those with low financial literacy reported they own cryptocurrencies compared with 4 percent of Canadians with high financial literacy.” According to a survey, the bank estimated that approximately 84% of Canadian residents have heard of cryptocurrencies, and 5% own them.
On Saturday, September 26, the KuCoin cryptocurrency exchange reported it had been hacked. Attackers stole about $150 million worth of bitcoins, ERC-20 tokens and other crypto assets from hot wallets. Funds in cold wallets are safe, according to KuCoin representatives. They also promised their clients to recover all losses from the insurance fund. The company contacted law enforcement and launched an internal investigation. The site plans to resume deposit and withdrawal of funds within a week, said the head of KuCoin Johnny Liu.
Miners left to mine 2.5 million BTC
At the moment, miners have mined about 18.5 million bitcoins, which is more than 86% of the maximum emission level. There are 2.5 million coins left to mine, and half of them will be mined in the next four years, says an analyst at ChartsBTC. The total number of bitcoins is limited to 21 million coins. The last of them, according to the idea of the creator of the cryptocurrency Satoshi Nakamoto, will be found by 2140. Once every four years, the reward for mining a block is halved, which slows down the issue of new bitcoins. Since the network was established in 2009, there have been three halves. The latter happened in May of this year, as a result of which the block reward decreased from 12.5 BTC to 6.25 BTC.
Bitcoin has set a new record
On Sunday, the price of the first cryptocurrency ended the day at $10,793. Thus, the closing price of the 63-day daily candle was above $10,000. The previous record 62-day streak lasted from December 1, 2017, to January 31, 2018. Then bitcoin rose in price by almost 100% in two weeks and reached a historical maximum at $19,900. This time the BTC rate was less volatile and most of the time it was in the $10,000-12,500 range.
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Hackers Hacked KuCoin Exchange
On Saturday, September 26, the KuCoin cryptocurrency exchange reported it had been hacked. Attackers stole about $150 million worth of bitcoins, ERC-20 tokens and other crypto assets from hot wallets. Funds in cold wallets are safe, according to KuCoin representatives. They also promised their clients to recover all losses from the insurance fund. The company contacted law enforcement and launched an internal investigation. The site plans to resume deposit and withdrawal of funds within a week, said the head of KuCoin Johnny Liu.
Miners left to mine 2.5 million BTC
At the moment, miners have mined about 18.5 million bitcoins, which is more than 86% of the maximum emission level. There are 2.5 million coins left to mine, and half of them will be mined in the next four years, says an analyst at ChartsBTC. The total number of bitcoins is limited to 21 million coins. The last of them, according to the idea of the creator of the cryptocurrency Satoshi Nakamoto, will be found by 2140. Once every four years, the reward for mining a block is halved, which slows down the issue of new bitcoins. Since the network was established in 2009, there have been three halves. The latter happened in May of this year, as a result of which the block reward decreased from 12.5 BTC to 6.25 BTC.
Bitcoin has set a new record
On Sunday, the price of the first cryptocurrency ended the day at $10,793. Thus, the closing price of the 63-day daily candle was above $10,000. The previous record 62-day streak lasted from December 1, 2017, to January 31, 2018. Then bitcoin rose in price by almost 100% in two weeks and reached a historical maximum at $19,900. This time the BTC rate was less volatile and most of the time it was in the $10,000-12,500 range.
On September 29, the developers launched the Spadina test network, which will become a general test before the start of ETH 2.0. Spadina test network will work for three days, with its help the developers will test the depository contract and the process of launching the network. Testnet will work together with the already functioning Medalla network. At the moment, 41% of validators have joined Spadina. 2955 network participants contributed 94,560 test ETH. Earlier, the developers reported that if the Medalla and Spadina testnets work successfully, Ethereum 2.0 will be launched in November.
93% of TOP-250 cryptocurrencies fell in price in September
Over the past few months, DeFi token prices have skyrocketed, sparking talk of a bull market. The boom in decentralized financial projects triggered an increase in the Ethereum price, which rose from $100 in March to $470 in August. However, in recent weeks, the euphoria in the DeFi sphere has faded, and with it the rest of the crypto market has subsided. According to CoinMetrics, 72% of the 250 largest crypto assets have lost in value over the past week, while 93% of top cryptocurrencies have seen a decline over the month. Most DeFi tokens fell by 15-85% in September. However, specialists from the DeFiWorld portal note that corrections are normal in a growing market, and the current year reminds them of 2016. “We move in bubbles and 4-year cycles. While everyone is just thinking about what happens today, this week, or this month, you should zoom out and reflect where we are really heading. The long term trend is clear: It’s upwards,”analysts point out.
Users withdrew $5 billion in bitcoins from exchanges
Over the year, the balance of wallets of crypto-exchange clients decreased by 400 thousand BTC (about $5 billion). In October 2019, the figure was 2.8 million coins, and today it has dropped to 2.4 million. The inflow of bitcoins is considered a bearish signal, as traders bring coins to exchanges for sale. Consequently, the outflow of bitcoins from exchange wallets indicates that investors' appetite for selling is declining, according to Cointelegraph analyst Joseph Young. Another possible reason lies in recent exchange hacks. In September, hackers stole $150 million in cryptocurrency from the KuCoin exchange, and a little earlier - $4 million from the Eterbase platform.
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Ethereum 2.0 final testnet launched
On September 29, the developers launched the Spadina test network, which will become a general test before the start of ETH 2.0. Spadina test network will work for three days, with its help the developers will test the depository contract and the process of launching the network. Testnet will work together with the already functioning Medalla network. At the moment, 41% of validators have joined Spadina. 2955 network participants contributed 94,560 test ETH. Earlier, the developers reported that if the Medalla and Spadina testnets work successfully, Ethereum 2.0 will be launched in November.
93% of TOP-250 cryptocurrencies fell in price in September
Over the past few months, DeFi token prices have skyrocketed, sparking talk of a bull market. The boom in decentralized financial projects triggered an increase in the Ethereum price, which rose from $100 in March to $470 in August. However, in recent weeks, the euphoria in the DeFi sphere has faded, and with it the rest of the crypto market has subsided. According to CoinMetrics, 72% of the 250 largest crypto assets have lost in value over the past week, while 93% of top cryptocurrencies have seen a decline over the month. Most DeFi tokens fell by 15-85% in September. However, specialists from the DeFiWorld portal note that corrections are normal in a growing market, and the current year reminds them of 2016. “We move in bubbles and 4-year cycles. While everyone is just thinking about what happens today, this week, or this month, you should zoom out and reflect where we are really heading. The long term trend is clear: It’s upwards,”analysts point out.
Users withdrew $5 billion in bitcoins from exchanges
Over the year, the balance of wallets of crypto-exchange clients decreased by 400 thousand BTC (about $5 billion). In October 2019, the figure was 2.8 million coins, and today it has dropped to 2.4 million. The inflow of bitcoins is considered a bearish signal, as traders bring coins to exchanges for sale. Consequently, the outflow of bitcoins from exchange wallets indicates that investors' appetite for selling is declining, according to Cointelegraph analyst Joseph Young. Another possible reason lies in recent exchange hacks. In September, hackers stole $150 million in cryptocurrency from the KuCoin exchange, and a little earlier - $4 million from the Eterbase platform.
BTC price will be rising until the end of the year
Analyst Willie Wu thinks. He draws attention to the fact that the number of new participants in the bitcoin network has grown significantly since mid-September, and the cryptocurrency price has not reacted to this. In the last year and a half, the price of bitcoin in all cases has increased following an increase in the characteristic. Therefore, BTC is currently undervalued, the analyst points out. He also notes that in September, market participants accumulated coins while the price moved sideways. This is indicated by the On Balance Volume indicator. Another important metric of the beginning of growth is the ribbons of complexity. The indicator has left the "compression" zone, which previously always indicated an increase in the value of bitcoin. “Overall: bullish the next 3 weeks, also bullish over next 3 months,” concludes Willie Wu.
Bitcoin will rise in price to six-digit numbers
If one condition is met, said Michael van de Poppe, an analyst at the Amsterdam Stock Exchange. He notes that previous bullish runs of the BTC price took place amid a falling dollar index. This was the case in 2014 and 2017. Since March this year, the index has also significantly lost in value, which contributed to the rise in the price of bitcoin to $12,400. The price of BTC may temporarily sink due to the second wave of coronavirus, but in the long term, the cryptocurrency will win as a safe-haven asset. “Of course, a potential drop by 25-35% could occur in the first stage of the crisis just like in March. But Bitcoin and gold would benefit significantly afterwards as safe havens against a weakening dollar, which is precisely what happened in December 2017 as BTC hit its all-time high of nearly $20,000,” writes van de Poppe. If the weakness of the dollar persists in 2021, then bitcoin may rise in price to six-digit numbers, the analyst said.
New US stimulus measures will strengthen bitcoin
The BTC rate will continue to rise this week amid falling dollar index, Cointelegraph analyst William Suberg writes. The index declines for the fourth day in a row as negotiations continue in Washington on new stimulus measures due to the coronavirus epidemic. The amount of support can reach $2.5 trillion. US Treasury Secretary Stephen Mnuchin confirmed that the measures will include a new round of payments in the amount of $1,200 for a number of categories of US citizens. Past payments took place this spring during the first wave of coronavirus. Then the crypto-exchanges recorded a sharp jump in deposits for exactly the amount of incentive checks. Trader Ton Weiss recommends buying bitcoin as he believes the authorities will continue to issue dollars. “No matter who wins they will keep printing, so buy bitcoin,” Weiss wrote during a debate between US presidential candidates Donald Trump and Joe Biden.
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BTC price will be rising until the end of the year
Analyst Willie Wu thinks. He draws attention to the fact that the number of new participants in the bitcoin network has grown significantly since mid-September, and the cryptocurrency price has not reacted to this. In the last year and a half, the price of bitcoin in all cases has increased following an increase in the characteristic. Therefore, BTC is currently undervalued, the analyst points out. He also notes that in September, market participants accumulated coins while the price moved sideways. This is indicated by the On Balance Volume indicator. Another important metric of the beginning of growth is the ribbons of complexity. The indicator has left the "compression" zone, which previously always indicated an increase in the value of bitcoin. “Overall: bullish the next 3 weeks, also bullish over next 3 months,” concludes Willie Wu.
Bitcoin will rise in price to six-digit numbers
If one condition is met, said Michael van de Poppe, an analyst at the Amsterdam Stock Exchange. He notes that previous bullish runs of the BTC price took place amid a falling dollar index. This was the case in 2014 and 2017. Since March this year, the index has also significantly lost in value, which contributed to the rise in the price of bitcoin to $12,400. The price of BTC may temporarily sink due to the second wave of coronavirus, but in the long term, the cryptocurrency will win as a safe-haven asset. “Of course, a potential drop by 25-35% could occur in the first stage of the crisis just like in March. But Bitcoin and gold would benefit significantly afterwards as safe havens against a weakening dollar, which is precisely what happened in December 2017 as BTC hit its all-time high of nearly $20,000,” writes van de Poppe. If the weakness of the dollar persists in 2021, then bitcoin may rise in price to six-digit numbers, the analyst said.
New US stimulus measures will strengthen bitcoin
The BTC rate will continue to rise this week amid falling dollar index, Cointelegraph analyst William Suberg writes. The index declines for the fourth day in a row as negotiations continue in Washington on new stimulus measures due to the coronavirus epidemic. The amount of support can reach $2.5 trillion. US Treasury Secretary Stephen Mnuchin confirmed that the measures will include a new round of payments in the amount of $1,200 for a number of categories of US citizens. Past payments took place this spring during the first wave of coronavirus. Then the crypto-exchanges recorded a sharp jump in deposits for exactly the amount of incentive checks. Trader Ton Weiss recommends buying bitcoin as he believes the authorities will continue to issue dollars. “No matter who wins they will keep printing, so buy bitcoin,” Weiss wrote during a debate between US presidential candidates Donald Trump and Joe Biden.
John McAfee arrested in Spain on tax evasion charges
John McAfee was arrested in Spain on tax evasion charges, according to the US Department of Justice. He will be extradited to the United States. The businessman faces more than five years in prison on the charges brought against him. On the same day that McAfee was detained, the US Securities and Exchange Commission (SEC) sued him for promoting initial coin offerings (ICOs). The businessman allegedly misled investors by not saying that he was receiving money for advertising projects. According to the SEC, McAfee received over $11.6 million worth of BTC and ETH for promoting seven ICOs in 2017 and 2018. He also raised $11.5 million in promotions. John McAfee got a lot of fame in the cryptosphere after promising to "eat his own dick" if bitcoin does not rise to $ 1 million by 2021. Later, the founder of the McAfee antivirus said that "only an idiot would believe" in this prediction. At the moment, McAfee's Twitter has more than 1 million subscribers.
75 crypto exchanges closed in 2020
Analytical portal Cryptowisser reports. Basically, the list includes centralized sites. Compared to last year, the figure is up 56% and "there are no signs of decline." While the crypto industry continues to show impressive growth, the cryptocurrency exchange industry is facing high competition and regulatory requirements, analysts write. According to the report, exchanges are most often closed on their own, due to hacks or at the request of the authorities. The positions of centralized exchangers have also been hit hard by the development of decentralized exchanges. “For a new centralized exchange to flourish, it will likely need to have some form of unique edge that is not already on the market today,” notes Cryptowisser.
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John McAfee arrested in Spain on tax evasion charges
John McAfee was arrested in Spain on tax evasion charges, according to the US Department of Justice. He will be extradited to the United States. The businessman faces more than five years in prison on the charges brought against him. On the same day that McAfee was detained, the US Securities and Exchange Commission (SEC) sued him for promoting initial coin offerings (ICOs). The businessman allegedly misled investors by not saying that he was receiving money for advertising projects. According to the SEC, McAfee received over $11.6 million worth of BTC and ETH for promoting seven ICOs in 2017 and 2018. He also raised $11.5 million in promotions. John McAfee got a lot of fame in the cryptosphere after promising to "eat his own dick" if bitcoin does not rise to $ 1 million by 2021. Later, the founder of the McAfee antivirus said that "only an idiot would believe" in this prediction. At the moment, McAfee's Twitter has more than 1 million subscribers.
75 crypto exchanges closed in 2020
Analytical portal Cryptowisser reports. Basically, the list includes centralized sites. Compared to last year, the figure is up 56% and "there are no signs of decline." While the crypto industry continues to show impressive growth, the cryptocurrency exchange industry is facing high competition and regulatory requirements, analysts write. According to the report, exchanges are most often closed on their own, due to hacks or at the request of the authorities. The positions of centralized exchangers have also been hit hard by the development of decentralized exchanges. “For a new centralized exchange to flourish, it will likely need to have some form of unique edge that is not already on the market today,” notes Cryptowisser.
BitMEX CEO Arthur Hayes steps down after accusations
BitMEX has announced a complete change of leadership. Earlier, the US authorities charged the founders of the exchange with illegal use of an unregistered trading platform and failure to comply with anti-money laundering requirements. BitMEX operator 100x Group announced that exchange co-founders Arthur Hayes, Samuel Reed and Ben Delo will step down from senior positions in the company. Business Development Manager Greg Dwyer is taking a vacation. Vivienne Khu will be the interim CEO. Previously she held the position of Chief Operating Officer of 100x Group. “These changes to our executive leadership mean we can focus on our core business of offering superior trading opportunities for all our clients through the BitMEX platform, whilst maintaining the highest standards of corporate governance,” said David Wong, chairman of 100x Group, in the post,” commented David Wong, Chairman of 100x Group.
The value of tokenized bitcoins WBTC reaches $1 billion
The recent DeFi boom has resulted in a 900% increase in the total locked value (TVL) of tokenized Wrapped BTC. At the moment, the figure exceeds $1 billion. The current TVL of all tokenized bitcoins is almost $1.5 billion, of which one third falls on WBTC. Wrapped Bitcoin is now the fifth-largest DeFi protocol in terms of TVL, accounting for nearly 10% of the sector-wide locked capital. Wrapped Bitcoin allows users to block BTC in exchange for WBTC, an ERC-20 token pegged to Bitcoin. This enables BTC holders to access the Ethereum-based decentralized finance ecosystem, using bitcoins as collateral.
Capitalization of the DeFi sector falls by 25% in a day
The DeFi market experienced a sharp decline: on October 7, the total capitalization of assets fell by 25%. Santiment analysts estimate that daily trading volumes for DeFi tokens fell 30%, while recent market leaders Sushi (SUSHI), Uniswap (UNI) and Yearn Finance (YFI) lost 51%, 38% and 31% in value over the week. respectively. “The crypto market has been engulfed in a sea of red this week, with most DeFi blue chips recording double digit losses over the past 7 days,” analysts wrote. They also noticed that large players began to accumulate some of the assets.alytical portal Cryptowisser reports. Basically, the list includes centralized sites. Compared to last year, the figure is up 56% and "there are no signs of decline." While the crypto industry continues to show impressive growth, the cryptocurrency exchange industry is facing high competition and regulatory requirements, analysts write. According to the report, exchanges are most often closed on their own, due to hacks or at the request of the authorities. The positions of centralized exchangers have also been hit hard by the development of decentralized exchanges. “For a new centralized exchange to flourish, it will likely need to have some form of unique edge that is not already on the market today,” notes Cryptowisser.
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BitMEX CEO Arthur Hayes steps down after accusations
BitMEX has announced a complete change of leadership. Earlier, the US authorities charged the founders of the exchange with illegal use of an unregistered trading platform and failure to comply with anti-money laundering requirements. BitMEX operator 100x Group announced that exchange co-founders Arthur Hayes, Samuel Reed and Ben Delo will step down from senior positions in the company. Business Development Manager Greg Dwyer is taking a vacation. Vivienne Khu will be the interim CEO. Previously she held the position of Chief Operating Officer of 100x Group. “These changes to our executive leadership mean we can focus on our core business of offering superior trading opportunities for all our clients through the BitMEX platform, whilst maintaining the highest standards of corporate governance,” said David Wong, chairman of 100x Group, in the post,” commented David Wong, Chairman of 100x Group.
The value of tokenized bitcoins WBTC reaches $1 billion
The recent DeFi boom has resulted in a 900% increase in the total locked value (TVL) of tokenized Wrapped BTC. At the moment, the figure exceeds $1 billion. The current TVL of all tokenized bitcoins is almost $1.5 billion, of which one third falls on WBTC. Wrapped Bitcoin is now the fifth-largest DeFi protocol in terms of TVL, accounting for nearly 10% of the sector-wide locked capital. Wrapped Bitcoin allows users to block BTC in exchange for WBTC, an ERC-20 token pegged to Bitcoin. This enables BTC holders to access the Ethereum-based decentralized finance ecosystem, using bitcoins as collateral.
Capitalization of the DeFi sector falls by 25% in a day
The DeFi market experienced a sharp decline: on October 7, the total capitalization of assets fell by 25%. Santiment analysts estimate that daily trading volumes for DeFi tokens fell 30%, while recent market leaders Sushi (SUSHI), Uniswap (UNI) and Yearn Finance (YFI) lost 51%, 38% and 31% in value over the week. respectively. “The crypto market has been engulfed in a sea of red this week, with most DeFi blue chips recording double digit losses over the past 7 days,” analysts wrote. They also noticed that large players began to accumulate some of the assets.alytical portal Cryptowisser reports. Basically, the list includes centralized sites. Compared to last year, the figure is up 56% and "there are no signs of decline." While the crypto industry continues to show impressive growth, the cryptocurrency exchange industry is facing high competition and regulatory requirements, analysts write. According to the report, exchanges are most often closed on their own, due to hacks or at the request of the authorities. The positions of centralized exchangers have also been hit hard by the development of decentralized exchanges. “For a new centralized exchange to flourish, it will likely need to have some form of unique edge that is not already on the market today,” notes Cryptowisser.
At the weekend, the price of the first cryptocurrency continued to grow and exceeded the $11'500 mark. Bitcoin was last trading this high on September 2. Sunday was the fifth trading day in a row that BTC closed with a profit. The cryptocurrency has gained 7.3% since last Wednesday. At the same time, bitcoin trading volumes have been falling for the third day in a row - during this time they have decreased by 71% to $19 billion. The cryptocurrency market capitalization is $360 billion.
1,000 BTC moved for the first time since 2010
An unknown sender transferred 1,000 bitcoins, which had not been moved since 2010. The coins were withdrawn to one address and then split into transactions of 10 BTC each, according to the Goldfoundinshit resource. Tracking the history of transactions, the authors of the portal came to the conclusion that all the coins belong to one owner. A similar transfer took place on March 11, right before the collapse of the BTC price from $7,900 to $4,000. Then, too, 1,000 bitcoins, which had been “sleeping” since 2010, came into motion. In both cases, the sender first withdrew the coins to a P2SH address and then split them into multiple bech32 addresses.
Tether will displace Ethereum from the second place in terms of capitalization
According to Bloomberg analysts. Moreover, this will happen next year. Today Ethereum ranks second in the cryptocurrency capitalization rating with $41.48 billion. Tether (USDT) lags almost three times behind with a value of $15.73 billion. Since the end of August, the capitalization of the USDT token has grown by more than 50%, which allowed the stablecoin to displace XRP from the third place. The Bloomberg report notes that if the current trend continues, Tether would be able to bypass ETH as early as 2021. “Increasing adoption of stable coins is likely a precursor for central bank digital currencies and promises to be more enduring than alt-coin speculative excesses. The rapid rise in the market cap of stable coins indicates that central bank digital currencies (CBDCs) are a matter of time, in our view,” analysts say.
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BTC rate sets a maximum of 5 weeks
At the weekend, the price of the first cryptocurrency continued to grow and exceeded the $11'500 mark. Bitcoin was last trading this high on September 2. Sunday was the fifth trading day in a row that BTC closed with a profit. The cryptocurrency has gained 7.3% since last Wednesday. At the same time, bitcoin trading volumes have been falling for the third day in a row - during this time they have decreased by 71% to $19 billion. The cryptocurrency market capitalization is $360 billion.
1,000 BTC moved for the first time since 2010
An unknown sender transferred 1,000 bitcoins, which had not been moved since 2010. The coins were withdrawn to one address and then split into transactions of 10 BTC each, according to the Goldfoundinshit resource. Tracking the history of transactions, the authors of the portal came to the conclusion that all the coins belong to one owner. A similar transfer took place on March 11, right before the collapse of the BTC price from $7,900 to $4,000. Then, too, 1,000 bitcoins, which had been “sleeping” since 2010, came into motion. In both cases, the sender first withdrew the coins to a P2SH address and then split them into multiple bech32 addresses.
Tether will displace Ethereum from the second place in terms of capitalization
According to Bloomberg analysts. Moreover, this will happen next year. Today Ethereum ranks second in the cryptocurrency capitalization rating with $41.48 billion. Tether (USDT) lags almost three times behind with a value of $15.73 billion. Since the end of August, the capitalization of the USDT token has grown by more than 50%, which allowed the stablecoin to displace XRP from the third place. The Bloomberg report notes that if the current trend continues, Tether would be able to bypass ETH as early as 2021. “Increasing adoption of stable coins is likely a precursor for central bank digital currencies and promises to be more enduring than alt-coin speculative excesses. The rapid rise in the market cap of stable coins indicates that central bank digital currencies (CBDCs) are a matter of time, in our view,” analysts say.
Fidelity Investment: BTC capitalization will reach $1 trillion
Fidelity Investment, one of the world's largest asset management companies, has published a report on investments in Bitcoin. It demonstrates how much profit managers could get if they invested part of their portfolio in bitcoin. The company also noted that in the near future, interest from institutional investors could increase the market capitalization of BTC by hundreds of billions of dollars. The bond market is valued at about $50.3 trillion. If bitcoin captures just 1% of this market, its capitalization will grow by $500 billion. The report argues that steadily declining bond yields could prompt financial managers to seek alternative assets. According to the most optimistic forecasts of Fidelity analysts, the capitalization of bitcoin could grow to $2 trillion. With the current supply of 18.5 million coins and an average market price of $11,415, this will send the rate to $108,000.
Binance CEO: Chinese and US Presidents Could Spur Bitcoin Rally
Changpeng Zhao, CEO of the crypto exchange Binance, , commented on the tweet of the US President, in which he hinted at the imminent adoption of stimulus measures to support the economy. According to Zhao, in the coming days this could provoke an increase in the bitcoin price. In addition, Chinese President Xi Jinping may issue a statement on the blockchain on October 14. Last year, this caused the price of BTC to rise by 30% in a day, and a number of altcoins grew in price by 50-100%. “We will likely have two of the world's most powerful presidents pump crypto for us in 2 consecutive days. Rumor has it that a blockchain related announcement is coming out of China tomorrow, ”Zhao said on October 13.
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Fidelity Investment: BTC capitalization will reach $1 trillion
Fidelity Investment, one of the world's largest asset management companies, has published a report on investments in Bitcoin. It demonstrates how much profit managers could get if they invested part of their portfolio in bitcoin. The company also noted that in the near future, interest from institutional investors could increase the market capitalization of BTC by hundreds of billions of dollars. The bond market is valued at about $50.3 trillion. If bitcoin captures just 1% of this market, its capitalization will grow by $500 billion. The report argues that steadily declining bond yields could prompt financial managers to seek alternative assets. According to the most optimistic forecasts of Fidelity analysts, the capitalization of bitcoin could grow to $2 trillion. With the current supply of 18.5 million coins and an average market price of $11,415, this will send the rate to $108,000.
Binance CEO: Chinese and US Presidents Could Spur Bitcoin Rally
Changpeng Zhao, CEO of the crypto exchange Binance, , commented on the tweet of the US President, in which he hinted at the imminent adoption of stimulus measures to support the economy. According to Zhao, in the coming days this could provoke an increase in the bitcoin price. In addition, Chinese President Xi Jinping may issue a statement on the blockchain on October 14. Last year, this caused the price of BTC to rise by 30% in a day, and a number of altcoins grew in price by 50-100%. “We will likely have two of the world's most powerful presidents pump crypto for us in 2 consecutive days. Rumor has it that a blockchain related announcement is coming out of China tomorrow, ”Zhao said on October 13.
OKEx has suspended the withdrawal of cryptocurrencies
OKEx, the world's second largest crypto exchange, has suspended the withdrawal of all cryptocurrencies for an indefinite period. The platform representatives said that one of the private key holders " currently cooperating with a public security bureau in investigations/" OKEx plans to resume withdrawals of digital assets "immediately" as soon as the key holder "can authorize the transaction." OKEx said it decided to suspend withdrawals under the terms of service, but added that these events "will not affect" the security of customers' assets. The head of the exchange, Jay Hao, noted that the cooperation of the key holder with officials is associated with a "personal problem" and the investigation will not affect the business. Chinese media Caixin reported that OKEx co-founder Star Xu was detained by the police at least a week ago and has not been seen since.
Institutions can cause Bitcoin shortages in the market
In recent months, there has been a significant surge in demand for bitcoin from institutional investors. 10T Holdings co-founder Dan Tapiero believes this could lead to a BTC shortage over time. Along with investments in bitcoin from Square, MicroStrategy and Stone Ridge, the investment fund Grayscale reported record inflows. In the third quarter of 2020, the company's bitcoin trust received $1.05 billion in investments. This marked the first quarter with over $1 billion in investments, which indicates record high demand from institutional traders. Based on these data, the fund buys about 77% of all coins mined by miners. “Shortages of Bitcoin possible. Barry's Grayscale Trust is eating up BTC like there is no tomorrow. If 77% of all newly mined turns into 110%, it's lights out. Non-miner supply will get held off market in squeeze. Shorts will be dead. Price can go to any number, ” said the businessman.
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OKEx has suspended the withdrawal of cryptocurrencies
OKEx, the world's second largest crypto exchange, has suspended the withdrawal of all cryptocurrencies for an indefinite period. The platform representatives said that one of the private key holders " currently cooperating with a public security bureau in investigations/" OKEx plans to resume withdrawals of digital assets "immediately" as soon as the key holder "can authorize the transaction." OKEx said it decided to suspend withdrawals under the terms of service, but added that these events "will not affect" the security of customers' assets. The head of the exchange, Jay Hao, noted that the cooperation of the key holder with officials is associated with a "personal problem" and the investigation will not affect the business. Chinese media Caixin reported that OKEx co-founder Star Xu was detained by the police at least a week ago and has not been seen since.
Institutions can cause Bitcoin shortages in the market
In recent months, there has been a significant surge in demand for bitcoin from institutional investors. 10T Holdings co-founder Dan Tapiero believes this could lead to a BTC shortage over time. Along with investments in bitcoin from Square, MicroStrategy and Stone Ridge, the investment fund Grayscale reported record inflows. In the third quarter of 2020, the company's bitcoin trust received $1.05 billion in investments. This marked the first quarter with over $1 billion in investments, which indicates record high demand from institutional traders. Based on these data, the fund buys about 77% of all coins mined by miners. “Shortages of Bitcoin possible. Barry's Grayscale Trust is eating up BTC like there is no tomorrow. If 77% of all newly mined turns into 110%, it's lights out. Non-miner supply will get held off market in squeeze. Shorts will be dead. Price can go to any number, ” said the businessman.
ETH 2.0 deposit contract may be launched this week
ConsenSys developer Ben Edgington announced that the Ethereum 2.0 deposit contract will be launched "in the coming days." It will allow transferring coins between Ethereum and Ethereum 2.0. This is one of the few remaining updates required to launch the second version of the web. Genesis block ETH 2.0 will appear within 6-8 weeks, according to the developer who clarifies that this is "not an official statement." "Meanwhile, be careful out there. Many fake deposit contracts and Launchpad front-ends will erupt in the coming days. Look out for the official announcements: do not send Eth to random contracts; this is not DeFi,” Edgington warned.
The BTC rate has come close to $12,000
On October 20, the bitcoin price rose to $11,930, which became the highest value since the beginning of September. In 24 hours, the first cryptocurrency went up by 2.8%, and in two weeks it added more than 11% in price. The bitcoin dominance index in the cryptocurrency market rose to 59%. Earlier, the BTC hashrate once again updated its historical maximum. In addition, the trading volume of the first cryptocurrency jumped sharply in relation to altcoins - to a three-year peak. At the same time, the altcoin market capitalization decreased by 4.8% over the week.
Large investors withdraw ethereum from exchanges
Santiment analysts noticed that Ethereum whales are withdrawing coins from exchanges. Over the past two months, the amount of ETH on the largest exchangers' wallets has decreased by 20.5%. This indicates "price confidence on the part of leaders," Santiment writes. A similar trend is noted by the Glassnode service, according to which the volume of ethereum on the exchanges fell to a minimum of nine months. At the same time, the number of addresses with a balance of more than 32 ETH has reached a historic peak - this is how many coins are needed for staking on the Ethereum 2.0 network.
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ETH 2.0 deposit contract may be launched this week
ConsenSys developer Ben Edgington announced that the Ethereum 2.0 deposit contract will be launched "in the coming days." It will allow transferring coins between Ethereum and Ethereum 2.0. This is one of the few remaining updates required to launch the second version of the web. Genesis block ETH 2.0 will appear within 6-8 weeks, according to the developer who clarifies that this is "not an official statement." "Meanwhile, be careful out there. Many fake deposit contracts and Launchpad front-ends will erupt in the coming days. Look out for the official announcements: do not send Eth to random contracts; this is not DeFi,” Edgington warned.
The BTC rate has come close to $12,000
On October 20, the bitcoin price rose to $11,930, which became the highest value since the beginning of September. In 24 hours, the first cryptocurrency went up by 2.8%, and in two weeks it added more than 11% in price. The bitcoin dominance index in the cryptocurrency market rose to 59%. Earlier, the BTC hashrate once again updated its historical maximum. In addition, the trading volume of the first cryptocurrency jumped sharply in relation to altcoins - to a three-year peak. At the same time, the altcoin market capitalization decreased by 4.8% over the week.
Large investors withdraw ethereum from exchanges
Santiment analysts noticed that Ethereum whales are withdrawing coins from exchanges. Over the past two months, the amount of ETH on the largest exchangers' wallets has decreased by 20.5%. This indicates "price confidence on the part of leaders," Santiment writes. A similar trend is noted by the Glassnode service, according to which the volume of ethereum on the exchanges fell to a minimum of nine months. At the same time, the number of addresses with a balance of more than 32 ETH has reached a historic peak - this is how many coins are needed for staking on the Ethereum 2.0 network.
On Wednesday night, the first cryptocurrency rose in price to $13,200, which became a record value since July 2019. Over the past 24 hours, bitcoin has gained 5.90% in price, and has strengthened by 14.50% over the week. The active stage of growth began after the announcement that PayPal would support cryptocurrency. The share of bitcoin in the cryptocurrency market has also increased, at the moment reaching 61.67%. At the same time, market capitalization exceeded $394 billion, having updated a maximum of two and a half years.
10% of bitcoins haven't moved in over 10 years
According to the Glassnode service, 1.8 million BTC have not moved in over 10 years. At the moment, the bitcoin supply is about 18.5 million BTC, which makes almost 10% of the mined coins inactive. Today, the total value of sleeping bitcoins exceeds $23 billion. Most of these coins may belong to the creator of the cryptocurrency Satoshi Nakamoto, who has remained silent since 2011. It is estimated that Nakamoto owns 1 million coins that have been inactive since mining. In May, coins minted in February 2009 suddenly began to move. The owner sent 50 BTC to two different addresses without giving any reason.
State Duma representative predicts the timing for testing of the digital rouble
Anatoly Aksakov, head of the Russian State Duma Committee on the financial market, expressed the opinion that testing of the digital rouble will begin next year. “I know that many serious businessmen are preparing to issue digital assets. The Central Bank took a big step forward by announcing that it is starting consultations on digital assets. I am sure that there will be testing of the digital rouble, perhaps as early as next year,” the official said during his speech at the Blockchain Life 2020 forum. He emphasized that he is in dialogue with cryptocurrency companies that offer their solutions in the field of market regulation. According to Aksakov, in power structures "everyone understands how important it is to develop blockchain technology, but there are different points of view."
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Bitcoin price updated a 15-months maximum
On Wednesday night, the first cryptocurrency rose in price to $13,200, which became a record value since July 2019. Over the past 24 hours, bitcoin has gained 5.90% in price, and has strengthened by 14.50% over the week. The active stage of growth began after the announcement that PayPal would support cryptocurrency. The share of bitcoin in the cryptocurrency market has also increased, at the moment reaching 61.67%. At the same time, market capitalization exceeded $394 billion, having updated a maximum of two and a half years.
10% of bitcoins haven't moved in over 10 years
According to the Glassnode service, 1.8 million BTC have not moved in over 10 years. At the moment, the bitcoin supply is about 18.5 million BTC, which makes almost 10% of the mined coins inactive. Today, the total value of sleeping bitcoins exceeds $23 billion. Most of these coins may belong to the creator of the cryptocurrency Satoshi Nakamoto, who has remained silent since 2011. It is estimated that Nakamoto owns 1 million coins that have been inactive since mining. In May, coins minted in February 2009 suddenly began to move. The owner sent 50 BTC to two different addresses without giving any reason.
State Duma representative predicts the timing for testing of the digital rouble
Anatoly Aksakov, head of the Russian State Duma Committee on the financial market, expressed the opinion that testing of the digital rouble will begin next year. “I know that many serious businessmen are preparing to issue digital assets. The Central Bank took a big step forward by announcing that it is starting consultations on digital assets. I am sure that there will be testing of the digital rouble, perhaps as early as next year,” the official said during his speech at the Blockchain Life 2020 forum. He emphasized that he is in dialogue with cryptocurrency companies that offer their solutions in the field of market regulation. According to Aksakov, in power structures "everyone understands how important it is to develop blockchain technology, but there are different points of view."
Bitcoin closed the month above $13,000 for the first time since 2017
The monthly candle on the Bitcoin chart closed above $13,000 for the first time since December 2017. On some exchanges, Bitcoin had the highest monthly closure ever. For example, on Bitfinex, October closed at $13.788, while the last record from December 2017 was at $13,769. Last month, the first cryptocurrency rose 28%, and this became the best result since April this year. At the same time, on October 31, the price of bitcoin rose to a 33-month high at $14'090. At trading on Monday, BTC began to correct and at the moment has fallen in price to $13,350, having lost 2% in price over a day.
ECB to survey Europeans about digital euro
Christine Lagarde, President of the European Central Bank, has announced a public opinion survey on issuing the digital euro. The ECB is considering the possibility of using digital currency, including for payments and transfers between citizens of the European Union. People can take a survey on the Central bank’s website. “We've just launched a public consultation so that consumers and Europeans can actually express their preference and tell us whether they would be happy to use a digital euro just in the way they use a euro coin or a euro banknote knowing that it is central bank money that is available and that they can rely upon,” Lagarde said in the video posted on the ECB's Twitter account.
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Bitcoin closed the month above $13,000 for the first time since 2017
The monthly candle on the Bitcoin chart closed above $13,000 for the first time since December 2017. On some exchanges, Bitcoin had the highest monthly closure ever. For example, on Bitfinex, October closed at $13.788, while the last record from December 2017 was at $13,769. Last month, the first cryptocurrency rose 28%, and this became the best result since April this year. At the same time, on October 31, the price of bitcoin rose to a 33-month high at $14'090. At trading on Monday, BTC began to correct and at the moment has fallen in price to $13,350, having lost 2% in price over a day.
ECB to survey Europeans about digital euro
Christine Lagarde, President of the European Central Bank, has announced a public opinion survey on issuing the digital euro. The ECB is considering the possibility of using digital currency, including for payments and transfers between citizens of the European Union. People can take a survey on the Central bank’s website. “We've just launched a public consultation so that consumers and Europeans can actually express their preference and tell us whether they would be happy to use a digital euro just in the way they use a euro coin or a euro banknote knowing that it is central bank money that is available and that they can rely upon,” Lagarde said in the video posted on the ECB's Twitter account.
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