Bitcoins price blew past $11,000 Monday for the first time since 2019, signaling the end of a multi-year downtrend and pointing to further gains over the horizon.

The bitcoin price peaked at $11,417.11 Monday evening, up more than $1,500 on the day. At the time of writing, the digital asset was sitting on a gain of 13% at $11,233, according to TradingView.

From a technical standpoint, bitcoins price far exceeds the 50-period and 200-period moving averages. The relative strength index on the hourly chart points to overbought conditions.

A similar observation is made on the daily chart:

At its current price point, bitcoin has a total market cap of nearly $205.2 billion. That accounts for 63.1% of the overall crypto market, which is presently worth almost $327 billion.

The rally caught the attention of mainstream media and casual traders who have grown accustomed to seeing bitcoin rejected in and around the $10,500 mark. After months of lateral moves, the largest cryptocurrency by market capitalization is finally breaking out.

Bitcoin is surging at a time when goldthe worlds most trusted haven asset is trading at all-time highs against the U.S. dollar.

In both cases, investors appear to be hedging their bets against a shaky economic recoveryone that could dismantle the stock-market rally over the medium term.

While bitcoin still has a long way to go to prove its an established store of value like bullion, the digital currency continues to defy the odds with jaw-dropping returns.

Despite being written off in mainstream circles due to its volatility and regulatory scrutiny, bitcoin is up nearly 60% year-to-date. It remains the best-performing asset of the past decade.

If bitcoins proponents are correct, the digital currency is about to enter another bullish cycleone that could end with 10x returns by the end of 2021. For that to happen, adoption will have to keep growing in the face of record central-bank stimulus, ballooning budget deficits, and worsening economic conditions.

Although central banks like to pretend inflation doesnt exist, investors flocking bitcoin and gold are preparing for an alternate scenario where the value of their local currency depreciates rapidly.

The inflation story has a lot of merits, according to Gavin Smith, the chief executive of crypto consortium Panxora.

In an email interview with Billy Bambrough of Forbes, Smith said:

Our view is that we still believe the markets are pulled on the one hand by the inflation hedge story driving bitcoin higher

But thats only one part of the story. Smith added:

while at the same time the global economy is suffering a massive demand shock with the potential to drive bitcoin lower.

He believes bitcoin will end the year sharply lower before resuming its uptrend next year. Smiths view still lines up with the four-year-cycle theorists (video above) who believe we will see a new, parabolic high by the end of 2021.

Disclaimer: This article represents the authors opinion and should not be considered investment or trading advice from CCN.com. The author owns bitcoin and other cryptocurrencies.

Last modified: July 28, 2020 12:50 AM UTC

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$11,000 Bitcoin Just Happened: Whats Fueling the Massive Pump? - CCN.com

Bitcoin has rocketed higher over the last few days, breaking months of inaction and sparking excitement among bitcoin investors.

The bitcoin price, still about half its all-time high set in late 2017, rallied almost 20% in less than a weekpeaking at just over $11,400 per bitcoin on Monday evening before falling back.

Now, former hedge fund billionaire-turned crypto investor, Michael Novogratz, has said he expects the bitcoin price to hit $20,000 by the end of the yearfueled by a global "liquidity pump" and an influx of retail investors.

Michael Novogratz, a Wall Street veteran, has become one of bitcoin and cryptocurrency's richest ... [+] investors in recent years, making a name for himself as a bitcoin bull.

"The liquidity story isn't going to go away. We're going to get a big stimulus," Novogratz, the founder and chief executive of bitcoin and crypto merchant bank Galaxy Digital, told CNBC, adding, "it doesn't look like the Federal Reserve is going to raise rates."

U.S. Republican lawmakers unveiled plans for a $1 trillion stimulus package on Monday that includes another round of $1,200 payments and additional funds for small-business loans. However, U.S. investors sent stocks lower as markets braced for a prolonged period of negotiation between Democrats and Republicans.

Meanwhile, the gold price, which Novogratz also sees climbing in coming months, lost momentum after coming within touching distance of $2,000 for the first time.

"Yesterday, you saw a lot of money shift back over to gold and bitcoin," Novogratz said, pointing to "a lot of retail interest in [bitcoin]."

Retail traders switching from stocks to bitcoin amid fresh government stimulus could send the bitcoin price to $14,000 within the next three months and as high as $20,000 by the end of the year, according to Novogratz.

Novogratz also said he's beginning to see institutional investors move into bitcoin but warned Wall Street investors may face a learning curve compared to gold.

"Gold has been around for 3,000 years. It's pretty easy to buy," he said. "There's an adoption game in bitcoin that you don't have in gold."

The bitcoin price broke months of stagnation over the last few days, soaring above $11,000 per ... [+] bitcoin for the first time this year.

Novogratz's prediction is somewhat supported by reports coming out of bitcoin and cryptocurrency exchanges.

"As bitcoin and other digital currencies are easier to access than ever before, were seeing a surge in bitcoin interest as the market anticipates that second stimulus bill," Catherine Coley, CEO of BinanceUS, said via email.

BinanceUS saw bitcoin trading volumes hit an all-time high on its platform as the price surged on Monday, according to Coley.

However, despite the latest bitcoin price surge, the bitcoin options market is signalling just an 8.5% probability of bitcoin at over $20,000 at the end of the year, data from crypto derivatives analytics firm Skew showed, up from 7% on Monday morning.

Read the rest here:

Former Hedge Fund Billionaire Makes The Case For $20,000 Bitcoin Price By The End Of 2020 - Forbes

The price of Bitcoin passed $11,000 on Monday, the highest it has reached in almost a year, and according to experts, there are more gains to come.

Reaching $1,268.19, a one-day rise of 12.73%, the Bitcoin price has now dropped slightly to $11,041.50 at the time of writing.

It follows the much anticipated Bitcoin halving event it May, where the amount generated from mining work was cut by half. However, the halving is unlikely to be the sole cause.

Bitcoin has followed a similar cycle for many years, [and] many believe this is the start of the next multi-year bull market, says Richard Simpson, chief business development officer at tap Global.

The halving event in May reduced the daily new supply by half. A more short-term general rotation away from Alt coins and into BTC provided the fuel for the short-term spike.

For many experts, this surge has been long expected.

The break-out has been long coming, after months of bumbling along in mid $9,000s, for Bitcoin investors, has been akin to watching paint dry, explains Katharine Wooller, managing director, Dacxi, UK and Eire.

In particular, cryptocurrency has seen greater institutional support than ever before, which has undoubtedly helped the rising price.

It has been a phenomenal year so far for crypto, building upwards pressure from unrelentingly good news; for example; Paypals announcement they will provide crypto services to their 325 million users, solid progress on Eth 2.0, and in the US the Office of the Comptroller of the Currency softening their position on crypto, says Wooller.

However, despite the surging Bitcoin price, there is reason for caution.

Bitcoinhas been a beneficiary of increased adoption and more acceptance on the regulatory side, particularly out of the US. At the same time, while recent gains have been impressive, withBitcoinpushing back above $10k, its important to recognise where were at technically and fundamentally, says Joel Kruger, currency strategist at LMAX Group.

Bitcoinis now overextended against the US Dollar, into a critical resistance zone ahead of its 2019 high. This comes at a time when the global outlook is increasingly uncertain and the prospect for another big downturn in stocks, much like was seen back in March, is very real.

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For some, the economic uncertainty is set to spark further growth in Bitcoin, as investors increasingly look to the cryptoasset as a safe haven from more exposed investments.

Bitcoin is currently realising its reputation as a form of digital gold. Up to now, gold has been known as the ultimate safe-haven asset, but Bitcoin which shares its key characteristics of being a store of value and scarcity could potentially knock gold from its long-held position in the future as the world becomes ever-more tech-driven, says Nigel Green, CEO of deVere Group.

Geopolitical issues, such as the US-China spat, will prompt many savvy investors to increase exposure to decentralised, non-sovereign, secure digital currencies, including Bitcoin, to shield them from the turbulence taking place in traditional markets.

This is a view echoed by Dacxis Wooller, who also sees comparisons to the 2017 Bitcoin market, shortly before its all-time-high surge.

As we get a real sense of just how bad the post-coronavirus economic reality looks, I expect to see retail and institutional investor alike jumping ship from traditional assets to reputable crypto, she says.

Certainly, recent announcements from the likes of JPMorgan and Standard Chartered suggest institutional interest in crypto is no passing fad.

But while many see the economic situation potentially buoying Bitcoin, others believe it could pose a risk to the cryptocurrencys price.

Our view is that we still believe the markets are pulled on the one hand by the inflation hedge story driving Bitcoin higher while at the same time the global economy is suffering a massive demand shock with the potential to drive Bitcoin lower, says Gavin Smith, CEO of Panxora.

However, the general sense is that there is a change in the wind, with a bull market rising to dominate over the coming months and potentially years.

Short term, we could continue pushing higher quickly, or just as easily pull back to recent support, either scenario can be bullish. But really its anyones guess, says tap Globals Simpson.

Medium term, many well-regarded models point to this being the start of a multi-year bull run, possibly concluding in around 18 months. Long term Bitcoin has and probably will continue to outperform every other asset class.

The surge has now led some to predict Bitcoin could climb as high at $20,000 by the end of the year, although not all agree with this sentiment.

Simpson, for example believes that while we certainly could see it hitting these giddy heights in 2020, we could easily not.

I would probably guess at highs this year below $20k, but with something much higher at some point next year, he says.

This perception is echoed by Panxoras Smith, who sees 2020 has still having high volatility with a year-end of around $7,000, with a drive higher to new highs in 2021.

We also believe that the inflation story will drive the longer-term dynamic for Bitcoin, so wouldnt short this market, even while we believe there will be a short-term washout this year before the true rally takes hold, he adds.

However, while LMAX Groups Kruger also sees volatility being present, he sees a higher 2020 peak than Smith.

We dont believe Bitcoin is ready just yet to be fully appreciated as a store of value asset, which means that in the short term, Bitcoin will still be exposed to periods of risk off in traditional markets, he says.

At the same time, we believe any setbacks will continue to be very well supported on dips, with medium and longer-term players happy to step in and build exposure in anticipation of Bitcoin realising its potential as a store of value asset.

This could set the stage for another healthy pullback over the coming months, before Bitcoin is bid back up and looks to close out the year on a strong note with a push towards $20k.

For Wooller and many others meanwhile, all metaphorical bets are off.

Personally, I am cautiously optimistic. 2020 has been a wrecking ball to economic theory we have no precedent for a global pandemic in modern times and are thus are in unchartered territory, says Wooller.

At a very basic level, Bitcoin has never been harder to extract, and the total addressable market is ever growing. Nothing is impossible in crypto it adapts and advances at breakneck speed the industry sometimes feels like has its own time zone; and a bit like converting dog years, that a month in crypto is a like a year in any other.

I have a sneaking suspicion that 2020 will be year that Bitcoin, as a concept, is validated.

Read more: Bitcoin can protect investors against inflation

Read more from the original source:

Bitcoin price hits $11000, raising possibility of multi-year bull run - Verdict

This is a promoted article provided by CoinFlip.

There are now many ways to obtain bitcoin and join the growing revolution in sovereign digital wealth. Among them, you can mine bitcoin, you can earn bitcoin in exchange for goods or services and you can buy bitcoin for fiat currency through a credit card or bank account on an online exchange.

But perhaps no other vehicle for gaining bitcoin is as frictionless for the underbanked and unbanked around the world than Bitcoin ATMs.

As their name implies, Bitcoin ATMs are automatic teller machines that are quite similar to traditional ATMs, except that they allow users to buy and sell bitcoin, rather than withdraw fiat currency from their bank accounts. They serve those around the world who want to onboard to Bitcoin a system designed to remove the financial gatekeepers that create inequality in the traditional economic system by providing all of the interfacing needed to convert cash in hand into the worlds preeminent digital currency.

CoinFlip, which operates 750 Bitcoin ATMs across the United States as the highest-volume provider in the space, maintains some of the lowest barriers to buying bitcoin for those who could use it most.

In addition to a bitcoin wallet and any fiat cash they are hoping to convert, users can begin buying bitcoin at a CoinFlip ATM with as little as a mobile phone number and a name.

Bitcoin ATMs are general tools for banking the unbanked because unlike other cryptocurrency onramps, people are able to get access to bitcoin with cash and do not require a bank account, Dustin Wei, CoinFlips head of business development, said. While many other cryptocurrency onramps claim they want to foster the idea of banking the unbanked, an unbanked customer would not actually be able to use their services.

CoinFlip has found that a significant portion of its Bitcoin ATM user base is comprised of underbanked and low-income individuals who want to transact primarily in cash. By accessing bitcoin, they have a brand new avenue for paying bills, transferring money seamlessly around the world, investing in a new asset, and more.

There is no other way to buy cryptocurrency thats nearly as inclusive and straightforward as a Bitcoin ATM, Wei explained. CoinFlip provides financial access to those who have been failed by traditional banks and also features 24/7 customer service to make the process less daunting. Satoshi would be proud.

Ultimately, its this type of grassroots effort making bitcoin accessible where its needed the most with as little barrier to entry as possible that will help CoinFlip push bitcoin adoption far and wide. More so than with any other portal to bitcoin, this propulsion is the real narrative of Bitcoin ATMs.

CoinFlip recognizes bitcoin as a tool thats increasingly helping people around the world send funds to their relatives overseas, which can be accomplished in minutes through its machines. To build on this, CoinFlip operates a trading desk (called CoinFlip Preferred) that can process wire transfers for cryptocurrency and handle credit card transfers on its website.

CoinFlip hopes to create a global ecosystem of kiosks in order to push adoption, said Wei. CoinFlip also hopes to continue its mission to get crypto into as many peoples hands as possible. We are fast becoming a crypto conglomerate.

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With Bitcoin ATMs, CoinFlip Is Banking The Unbanked - Bitcoin Magazine

Coinfloor, the U.K.s longest-running bitcoin exchange, is working to convert a decidedly non-digital audience into the latest batch of hardcore HODLers: Boomers.

The exchange is capitalizing on what it sees as a growing trend among this generation, which may be just as disheartened by the rampant stimulus action from the worlds ingrained economies as younger people.

Baby Boomers now make up more than a fifth of all people who hold bitcoin, the exchange noted in a release shared with Bitcoin Magazine. Many have turned to bitcoin in frustration over record low interest rates, stock market volatility and the fear of inflation that must follow the massive quantitative easing programs of recent times all of which threaten to erode their hard-earned savings.

In addition to this growing bullish trend in Boomers, Coinfloor noted that those over 65 years old hold more than a third of household wealth in the U.K., making them a particularly attractive consumer base for the exchange. To draw in some of this disposable income, Coinfloor has doubled down on features that it believes will appeal to Baby Boomers, including an autobuy service, educational content and a customer support team reflecting Baby Boomers preference for human interaction over self-service/chat support.

Coinfloor also shared a customer testimonial from a 60-something retired teacher, Angela Ilievski of Bournemouth, England, who highlighted the appeals of bitcoin investing for someone of her generation.

This April, [I] began to feel that now was the time to save in crypto rather than invest in cash a reversal of perspective brought about by a combination of factors, including zero percent interest rates/negative interest rates imminent; the examples of Cyprus, Greece, India and the Lebanon bail-in seizure of bank deposits/limits on cash withdrawals and transfers; [and] the (equally scary) prospects of either staglflation or deflation on the horizon, Ilievski said, per the testimonial. The coincidence of the latest Bitcoin halving at the same time as the Fed was accelerating money printing to address liquidity issues in the market (triggered, not caused, by Covid) was a powerful metaphor for me. This was a kind of lightbulb moment: the realization that bitcoin was becoming hard money whereas fiat currency was being softened by incessant money printing.

Of course, there is a significant difference between convincing Boomers to autobuy bitcoin on an exchange and seeing them manage their own private keys, run their own nodes or engage in the otherwise technologically-intimidating best practices for Bitcoin custody and sovereignty.

But, as the old saying goes, youve got to start somewhere.

Peter Chawaga is a senior editor at Bitcoin Magazine. He HODLs BTC.

See the original post here:

Coinfloor Is Onboarding Baby Boomers To Bitcoin - Bitcoin Magazine

Bitcoin

Bitcoin rose by 7.77% in the week ending 26th July. Reversing a 0.95% decline from the previous week, Bitcoin ended the week at $9,948.4.

It was another bearish start to the week. Bitcoin fell to a Monday intraweek low $9,154.5 before making a move.

Steering clear of the first major support level at $9,055, Bitcoin rallied to a Sunday intraweek high $10,190.

Bitcoin broke through the weeks major resistance levels before falling back to sub-$9,900 levels.

Finding support at the third major resistance level at $9,849, Bitcoin wrapped up the week at $9,900 levels.

5 days in the green that included 2.43% rally on Monday and 2.40% gain on Friday delivered the upside for the week.

Bitcoin would need to avoid a fall through $9,764 pivot to bring the first major resistance level at $10,374 into play.

Support from the broader market would be needed for Bitcoin to break out from last weeks high $10,190.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of a breakout, Bitcoin could take a run at the second major resistance level sits at $10,800.

Failure to avoid a fall through the $9,764 pivot would bring support levels into play.

A pullback through to sub-$9,500 levels would bring the first major support level at $9,339 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer well clear of sub-$9,000 levels.

At the time of writing, Bitcoin was up by 1.36% to $10,084. A bullish start to the week saw Bitcoin rise from an early morning low $9,944.9 to a high $10,095 on Monday.

Bitcoin left the major support and resistance levels untested at the start of the week.

Cardanos ADA jumped by 19.80% in the week ending 26th July. Reversing a 2.23% loss from the previous week, Cardanos ADA ended the week at $0.1487.

It was a bearish start to the week. Cardanos ADA fell to a Monday intraweek low $0.11492 before finding support.

Finding support at the first major support level at $0.11503, Cardanos ADA rallied to a Sunday intraweek high $0.162496.

Cardanos ADA broke through the first major resistance level at $0.13503 and the second major resistance level at $0.14596.

Coming within range of the third major resistance level at $0.16596 and 38.2% FIB of $0.1652, Cardanos ADA slid back to sub-$0.14 levels.

The pullback saw Cardanos ADA fall back through the third major resistance level at $0.16596 and second major resistance level at $0.14596.

Finding late support, however, Cardanos ADA revisited $0.15 levels before easing back. The second major resistance level pinned Cardanos ADA back on Sunday.

5-days in the green that included a 17.60% rally on Saturday delivered the upside for the week.

Cardanos ADA would need to avoid a fall through the $0.1420 pivot to support a run at 38.2% FIB of $0.1652 and the first major resistance level at $0.1691.

Support from the broader market would be needed, however, for Cardanos ADA to break back through to $0.16 levels.

Barring another extended crypto rally, the first major resistance level and 38.2% FIB would likely cap any upside.

In the event of another breakout, the second major resistance level at $0.1896 and $0.20 levels could come into play.

Failure to avoid a fall through the $0.1420 pivot would bring the first major support level at $0.1216 into play.

Story continues

Barring an extended broader-market sell-off, however, Cardanos ADA should steer of sub-$0.12 levels and the 23.6% FIB of $0.1125.

At the time of writing, Cardanos ADA was down by 1.91% to $0.14583. A bearish start to the week saw Cardanos ADA fall from an early Monday high $0.15248 to a low $0.14285.

Cardanos ADA left the major support and resistance levels untested at the start of the week.

This article was originally posted on FX Empire

Continued here:

Bitcoin and Cardanos ADA Weekly Technical Analysis July 27th, 2020 - Yahoo Finance

In brief

Anyone looking to conduct any shady business on peer-to-peer Bitcoin exchange LocalBitcoins will now have a more difficult time doing so.

The exchange today announced that it has teamed up with Elliptica crypto tracing firm that provides asset risk management solutions. LocalBitcoins plans to use Elliptic's transaction monitoring software to prevent the illegal use of the Bitcoin exchanges services.

LocalBitcoins has long been criticized for being one of the top destinations for dirty Bitcoins around the world. According to a report from blockchain analytics firm CipherTrace, the Finnish platform ended 2019 by earning the dubious distinction of having received the most illicit crypto assets throughout the year. Its been a recurrent pattern since 2017, according to the firm.

The report claimed that Finnish exchanges received 12.01% of all crypto funds associated with criminal activity, and LocalBitcoins alone accounted for more than 99% of all such funds.

LocalBitcoins partnering with Elliptic appears to be an attempt to confront this problem head on.

"We are pleased to be partnering with the global leader in blockchain monitoring," said Sebastian Sonntag, CEO of LocalBitcoins, in a statement. "Elliptic will enable us to achieve the highest levels of compliance while increasing operational efficiency and reducing costs. We will continue to invest heavily in AML and KYC to maintain a secure and trusted platform for our valued customers.

But in solving one problem, the exchange may be creating a new one for its business.

The recent KYC and anti-money laundering (AML) policies implemented by the LocalBitcoins team have caused some privacy-loving purists to jump ship, including traders who may be operating in countries that are sanctioned by the United States.

This may be one of reasons that LocalBitcoins has lost market share to its competitors, such as Hodl Hodl, which have taken the opportunity to grab users in regions like Latin America and Africa, offering the privacy, diversity of services, and ease of use that LocalBitcoins can no longer provide.

For LocalBitcoins, though, that tradeoff appears to be worth it.

Original post:

LocalBitcoins aims to root out illicit use of its Bitcoin exchange - Decrypt

Veteran trader Peter Brandt knocked the digital currency XRP on Thursday and compared the crypto token company Ripple to the U.S. Federal Reserve. Brandt said he believes the company behind the coin will double the token supply, and he doesnt understand why otherwise smart people have drank the XRP-Kool-aide.

A number of digital currency investors believe in XRP, the fourth largest crypto asset by market capitalization, is going to be the bridge between banks and cryptocurrency. A number of other crypto enthusiasts despise XRP and think that the distributed ledger is extremely centralized.

Despite the technicals, XRP has a circulating supply of 44 billion tokens each worth $0.20. The tokens value is much higher than the first five years of its existence, when it traded for less than a U.S. penny during much of that period.

On July 23, the veteran trader Peter Brandt discussed XRP with a number of digital currency enthusiasts. Brandt is a well known trader who shares financial analysis and charts on Twitter regularly. Hes made a number of predictions and the analyst has over 364,000 Twitter followers today.

Many crypto enthusiasts follow Brandt because hes bullish about ethereum (ETH) and bitcoin (BTC) and on July 8, the veteran trader said there was a significant breakout in ETH-BTC. Brandt further noted that most alts should gain on bitcoin in [the] near future. Even the founder of Adamant Capital, Tuur Demeester seemed to agree with Brandts assessment.

The discussion that took place Thursday on Twitter was in regard to the crypto asset XRP, as a person was conversing about the XRP Army shills and certain trading techniques. Brandt joined the conversation and his commentary about XRP likened the crypto-asset with the U.S. dollar, and compared the firm Ripple to the U.S. Federal Reserve.

XRP can be compared to the USD, Brandt tweeted. The Fed is the USDs bag holder they can double the supply if they want. The financial analyst further wrote:

Ripple is XRPs bag holder and it WILL double the supply. I cannot believe the number of otherwise smart ppl who have drank XRP Kool-aide.

Of course, members of the XRP Army didnt care for Brandts commentary after he knocked the crypto asset and the company Ripple. One person claimed that Brandts lack of coding knowledge meant that his opinion should be dismissed.

Do you know anything about code? asked a Twitter account clearly upset about Brandts XRP commentary. Its simply not possible. Such a shame that a clueless person has so many followers.

After being harassed by the XRP Army about his recent statements, Brandt further criticized the crypto coins followers. Some things never change I remember the wrath I received when I said beanie babies, hula hoops, and pet rocks would not become a global asset class. Some neighbors did not speak to me for years, Brandt responded. The financial analyst continued by tweeting:

They get so riled up because deep down inside they know I am right. They are the most rabbis of all cultists.

At the time of writing, XRP is swapping for $0.203 per coin and its down 1.3% during the last 24 hours of trading. The last 30 days show XRP is up 11.42%, 90 days the token is up 8.6%, but for the year the coin is down 34%.

Not too long ago XRP was a strong crypto contender, but ever since tether (USDT) started to shine brightly, the token has lost significant momentum. Tether has surpassed XRP by the size of its market cap and it USDT sees a hell of a lot more settlement these days.

What do you think about Peter Brandt comparing XRP to the U.S. dollar and the Fed? Let us know what you think about this subject in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Veteran Analyst Peter Brandt Scorns 'XRP's Bag Holder,' Compares Ripple to the Fed | Altcoins - Bitcoin News

The price of Bitcoin hit $10,463 on BitMEX, slightly below the previous peak in June. But two indicators are signaling a BTC cool-off: TD9 and exchange inflows.

The price of Bitcoin tests a crucial resistance level. Source: Raoul Pal

The TD9 is a trend-reversal indicator that is a part of the TD sequential system. It typically indicates if a rally or a correction is over-extended.

Similarly, exchange inflows, especially among whales, often suggest that the ongoing rally could be overcrowded.

A TD9 sell signal triggers essentially when the price of Bitcoin rises for nine consecutive days without a major pullback. If nine candles all stay above the close of the four candles prior, then a TD9 lights up.

Since July 19, the price of Bitcoin has increased from $9,219 to $10,463. The four candles prior to the most recent nine daily candles closed at $9,150, making a TD9.

The TD9 in itself could be unreliable. It does not take into account the fundamentals or technicals of an asset. But when BTC rallies for nine straight days, and it coincides with other factors, it might hint at a pullback.

Apart from the TD9, analysts are exploring exchange inflows of BTC. According to CryptoQuant CEO Ki Young-Ju, exchange inflows spiked upon Bitcoins latest rally. He suggested that some whales could be getting cautious. He said:

BTC price went up too fast. Seems like other whales think so too.

Bitcoin exchange inflows spike as BTC surges. Source: CryptoQuant

The funding rates of perpetual futures contracts across major exchanges, like BitMEX and Binance Futures, are also surging.

Perpetual futures contracts do not have any expiration dates, unlike conventional futures contracts. As such, exchanges use a mechanism called funding to incentivize users that bet against the majority of the market.

For example, if the Bitcoin futures market has more than 60% of longs, the funding rate would increase and incentivize short holders.

Currently, the funding rates on BitMEX and Binance Futures are 0.072% and 0.054%, respectively. Usually, the funding rate of BTC perpetual contracts hovers at around 0.01%. It indicates that the majority of the market are longing, which might leave BTC vulnerable to a long squeeze.

Meanwhile, some other traders and technical analysts believe that Bitcoin may continue to rally without major pullbacks.

Zoran Kole, a cryptocurrency trader, said he expects Bitcoin to stabilize at the $10,000 to $10,100 support range, before moving upwards. Based on market structure, the trader explained that BTC could surge to as high as $11,500. He wrote:

Looking to long range high retest/DBS Zone. Invalidation below weekly open/9900 sweep. Targeting 11.5-11.6 weekly kumo top.

Raoul Pal, the CEO of Real Vision Group, said that the real rally of Bitcoin starts when BTC crosses $10,500. Whether it corrects before hitting the crucial resistance level is an uncertainty, Pal said. But he noted that he expects the momentum to continue. He said:

The real game in bitcoin begins over $10,500. Maybe it corrects first, maybe not but I'm hodling.

Simon Peters, a cryptoasset analyst at global investment platform eToro, shared his comments, saying:

Bitcoins network metrics are also looking pretty healthy. Glassnodes Reserve Risk metric is currently signaling an attractive risk-to-reward level, indicating that confidence is high and the price is low.

While several fundamental indicators point toward a minor short-term pullback, some traders believe the momentum of BTC is too strong for a deep correction.

View post:

TD9 and Exchange Inflows: Reasons for Caution as Bitcoin Hits $10,440 - Cointelegraph

Rallies in gold and bitcoin continued into Monday's morning trading session, a development underpinned by uncertainty around the global economy and a weakening U.S. dollar.

Bullion soared to record highs above $1,900 per once while bitcoin topped $10,300, its highest level since February. Meanwhile, the benchmark S&P 500 Index has shed more than 1% over the last five days.

As reported by The Financial Times, this year's gold rally has made it one of the best-performing assets against a backdrop of economic uncertainty tied to COVID-19 and possible inflation stemming from the subsequent fiscal and monetary measures. Meanwhile, the dollar has taken a hit, falling to a nearly two-year low relative to the euro, as reported by CNBC.

In a research note to clients, Goldman Sachs noted that it sees a strong case for "structural dollar weakness."

"Gold stands out as the clearest outperformer, exceeding its already-high beta to real yields. The dollar has also slightly underperformed as many pro-risk and Euro-centric currencies have seen even stronger-than-expected returns," the bank said.

Macquarie Group's Gareth Berry said during an interview with CNBC that the U.S. dollar would continue to weaken heading into the November presidential election.

"We are quite bearish on the U.S. dollar, not massively so ... but we do see scope for broad-based U.S. dollar weakness into the U.S. presidential elections in November," Berry said.

Demand for gold in this environment appears to have spilled over to the stablecoin gold world as well.

In an email to The Block, Tether said it saw a 60x increase in 24-hour trading volumes in its Tether Gold product, increasing from $67,000 to $677,000.

"While no one could of course have anticipated the severe challenges that we've all had to adapt to in 2020, it is clear that in times of uncertainty people like having accessibility to gold," Tether CTO Paolo Ardoino said in a statement.

2020The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Global uncertainty appears to benefit gold, bitcoin and gold-backed stablecoins - Yahoo Finance

Bitcoin was supposed to be the cryptocurrency for the masses. Instead, a different type of digital token has emerged as the blockchain worlds dominant force.

The aggregate daily dollar value of transactions made in stablecoins --essentially, digital assets such as Tether and USD coin that are pegged to world currencies like the greenback -- surpassed that of Bitcoins for the first time on June 29, according to researcher Coin Metrics. Tether is poised to surpass Bitcoin by itself, according to researcher Messari.

At this pace it looks like Tether alone will catch Bitcoin within a month or two, said Nic Carter, co-founder of Coin Metrics, whose data Messari used.

In U.S. dollars

Source: Coin Metrics

Tether, the dominant stablecoin, has also been the most controversial since its debut in 2015. The entities that control the coin are currently embroiled in a dispute with New Yorks attorney general over alleged misuse of client funds, claim the company has denied.

Tether and other stablecoins are often used by people operating outside banking and government controls such as for settlement by Asian export and import businesses, and in various lending and borrowing apps that have sprung up.

Most users do not want to transact in volatile cryptocurrencies like Bitcoin or Ether, preferring to hold them instead, so stablecoins are a great complement, said Ryan Watkins, research analyst at Messari.

The daily amount doesnt include transactions that occur within crypto exchanges, where Tether often serves as a conduit to conduct trading between different coins.

This doesnt mean there isnt a role for native cryptocurrencies to play, but it does mean that they have surrendered a fraction of their touted utility to the more convenient stablecoins, Carter said.

Read More: Tether, Not Bitcoin, Likely the Worlds Most Used Cryptocurrency

Before it's here, it's on the Bloomberg Terminal.

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Bitcoin Daily Transaction Value Is Set to Fall Below Tethers - Bloomberg

Volatility Ahead Caution Sign - Blue Sky Background

Since the halving, bitcoins price has traded mostly between $9,000 and $10,000, compared to the red hot DeFi and alt coins that regularly post triple digit returns. In recent weeks, bitcoins range has tightened with many analysts noting a potentially violent price breakout on the horizon. However, there is no consensus on which direction the breakout will assume.

Charles Edwards, Founder of Capriole Investments, suggests bitcoins fundamentals have never looked better. I have a very bullish outlook in the mid to long term. For example, energy value is at all time highs, suggesting BTC is more valuable than ever before. When this is increasing, it is historically very bullish. This longer term indicator may suggest that a breakout leans towards the bulls.

Interestingly, bitcoins tightening volatility is not a new phenomenon, and occurred from late-September to early-November 2018, which ultimately broke out to the downside, falling from $6,500 to $3,400. One quantitative risk indicator value has been dropping quickly coupled with compressing price volatility. The only other time this dynamic unfolded was November 2018, which could suggest that a stark price fall is on the horizon. The caveat is that this signal has only occurred once before, thus suffers from a small sample size.

https://weeklyjab.substack.com/p/weekly-jab-bitcoin-analysis-3

Additionally, the anonymous Founder of Decentrader, Filb, notes derivatives open interest (OI) increasing as we have consolidated through this period by about 45%, is a similar amount seen before the fall in Q3 last year, to around 8k. It appears OI has been net increasing on dumps. This implies that...the market needs a catalyst to clear this OI out.

Tradingview.com, Decentrader.com

Furthermore, Filb adds, alts have continued their downward trajectory over the past few days, which are probably quite important as to what happens next; particularly if they start dumping and the money flowing back into bitcoin isnt doing anything. Something to pay attention to for sure.

Lastly, Bo Collins, CEO of San Juan Mercantile Bank and Trust, notes bitcoin CME futures volume growth from 2019 to 2020 is only approximately +10%, at the time of writing. This number becomes weaker when considering yearly foreign exchange (FX) futures volume growth can regularly eclipse +30%, e.g. 2018. Tepid bitcoin futures growth calls into question the institutional adoption narrative in some respects, and may imply less buying demand than originally suspected.

However, as shown by Glassnode.io, the amount of bitcoin held on centralized exchanges has dropped considerably since March, which seems bullish for bitcoin as spot investors appear to be holding for the long-term rather than short-term trading.

https://glassnode.com/

Furthermore, per Blockchair.com, bitcoin days destroyed supports the aforementioned notion, with 2020 metrics well within the historical average, including far smaller spikes than previous all-time highs, thus bullish.

https://blockchair.com/bitcoin/charts/coindays-destroyed?interval=full

Despite the differing analyses, the only thing that is certain, is that a strong breakout for bitcoin looms. Only time will tell which faction of analysts are proven correct.

Disclosure: The author owns bitcoin and ethereum.

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Bitcoin Interest Wanes As A Violent Breakout Looms - Forbes

The cryptocurrency exchange Coinbase said that it stopped around 1,100 customers from sending bitcoin to hackers who gained access to high-profile Twitter accounts last week.

Last Wednesday, over 100 Twitter accounts, some belonging to major companies like Apple and high-profile people like Vice President Joe Biden and Bill Gates, were hacked as part of a massive coordinated bitcoin scam. According to Twitter, the hackers were able to convince some of the companys employees to use internal systems and tools to access the accounts and help the hackers defraud users into sending them bitcoin.

According to Forbes, Coinbase and other cryptocurrency exchanges were able to stop some customers from sending bitcoin to the hackers by blacklisting the hackers wallet address. Specifically, Coinbase says it prevented just over 1,000 customers from sending around $280,000 worth of bitcoin during last Wednesdays attack. Roughly 14 Coinbase users sent around $3,000 worth of bitcoin to the scams bitcoin address before the company moved to blacklist it, the company said.

We noticed the scam and began blocking transactions within a couple of minutes of the initial wave of scam posts, a Coinbase spokesperson told The Verge on Monday.

Twitter accounts belonging to cryptocurrency exchanges including Binance and Gemini were also targeted during Wednesdays attack. Coinbases chief information officer told Forbes on Sunday that it learned of the scam shortly after tweets were posted from fellow exchanges accounts.

As of Monday, Twitter is still investigating Wednesdays attack. On Friday, the company put out a blog post confirming that 130 accounts were targeted and the hackers were able to initiative a password reset, log in to the account, and send tweets for 45 of those accounts. Twitter also said that the hackers were able to download account data belonging to eight unverified users.

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Coinbase says it halted more than $280,000 in bitcoin transactions during Twitter hack - The Verge

Source: R.Danyliuk - Shutterstock

The past few weeks have seen perhaps the biggest news of the year for the crypto space. As CNF reported, the US Office of the Comptroller of the Currency (OCC) published a letter clarifying that all licensed banks in the US are allowed to offer cryptocurrency custody services. Specifically, the U.S. authority stated that every bank in the country may store and manage cryptographic keys for its customers.

Even if Bitcoin reacted with a slight upward movement the BTC price is close to USD 9,600 at the time of writing the long-term effects could be massive. In a series of tweets, the founder of Capriole Investments, Charles Edwards, described why the OCCs decision is so important. As Edwards explained, the decision will trigger a domino effect:

US financial institutions drive much of global financial actions. This will be a global domino effect, and enable:

Increased public awareness & trust in Bitcoin

Multiple new demand and on-boarding streams

Furthermore, Edwards also pointed out that it is now clear that Bitcoin and cryptocurrencies can no longer be banned.

Exhibit: legalisation in Germany, India, Korea earlier in 2020now USA. This cant be stopped.

Edwards also said that the Bitcoin price could explode quickly if banks put only 1% in the market. According to the Digital Asset Manager of Capriole Investments, Bitcoin could more than double under the above condition. To substantiate this, Edwards referred to a diagram of the Federal Reserve, which shows that US commercial banks have assets of 20 trillion US dollars:

Just 1 NASDAQ stock (Grayscale) already owns 2% of circulating Bitcoin supply today.

Its not hard to see where this is going.

Source: https://twitter.com/caprioleio/status/1286237259658919936

Already last month, Messari researcher Ryan Watkins explained that an institutional allocation of a total of 1% for Bitcoin could slightly increase the total value of Bitcoin to over $1 trillion (1,000 billion) USD. Watkins called it a perfect storm that could drive the Bitcoin price above $50,000 USD. According to the report, the storm would be driven by a phenomenon Messari describes as a Fiat amplifier:

Flows in and out of an asset do not necessarily cause one-to-one movements in the price of the asset and can be amplified to much larger price movements.

If foundations, family offices, sovereign wealth funds, pension funds, and mutual funds were to invest only a small amount of between $20 and $480, depending on the institution, the investment could double up to 22 times, as the table below shows, due to the higher liquidity and reflexivity.

Source: https://twitter.com/RyanWatkins_/status/1275426694237741057/photo/1

OCCs decision could thus lay the foundation for a massive bull run for Bitcoin.

The rest is here:

Bitcoins price will more than double following the OCC decision - Crypto News Flash

A depiction of the cryptocurrency Bitcoin

I think nows a great time to buy cheap FTSE 100 shares. But plenty of people disagree and are rushing into crypto-currency Bitcoin instead. The price has just topped $10,000, sparking a rash of publicity, as it always does when it smashes through some symbolic number.

The FTSE 100 is flirting with its own symbolic number, hovering just above 6,000. If it falls through that, we can expect yet another rash of gloomy headlines. In both cases, you need to look beyond the short-term hype, and consider the long-term advantages of investing in these two very different asset classes.

The FTSE 100 looks cheap right now, trading almost 20% below its January high of 7,674. Theres a reason for that. The UKs GDP plummeted by an unthinkable 20.4% during Aprils lockdown, the largest fall since monthly records began 23 years ago. The recovery has begun, but itll be slow, amid nervousness and confusion about social distancing rules.

Dozens of companies on the index have cut or suspended their dividends. Profits have plunged. Certain sectors, notably travel and entertainment, face an existential crisis. Yet history shows its at times like these investors enjoy the greatest opportunities.

In a crash, financially sound companies get sold off along with the strugglers. There are cheap FTSE 100 shares all over the place. Some of these companies may take a short-term hit, but their long-term future is solid.

Top UK blue-chips such as AstraZeneca, Diageo, GlaxoSmithKline, National Grid, Phoenix Group Holdings, Prudential, Rio Tinto, Unilever and United Utilities Groupare just a few that spring to mind. There are plenty more out there.

Many of these continue to pay dividends. Thats not to be sniffed at, given todays near-zero interest rates. Especially when these FTSE 100 shares are so cheap. Better still, theyre plugged into the real-world economy, and will benefit when the pandemic eases and activity picks up.

Story continues

I still see little connection between Bitcoin and the real world. Has anyone yet found a unique practical use for this crypto yet? I havent seen it. This is a radical innovation, with no USP. It doesnt even fill a gap in the market.

Bitcoin is purely a play on its own volatility. A traders toy. Price movements are driven almost entirely by sentiment. The only use I can see is getting your money out of an embattled country before authorities impose capital controls, or the economy goes into meltdown.

So the news that its climbed above $10,000 is neither here nor there. It did the same in June last year. Everyone got excited too. I cant, not any longer.

Im so over Bitcoin. I prefer to buy the shares FTSE 100 companies that offer products or services real people want to buy today. Particularly when those shares are cheap, as now. This is how I plan to build my wealth for the future.

Not by gambling on Bitcoin.

The post Bitcoin is above $10,000! Heres why Id ignore the hype and buy cheap FTSE 100 shares instead appeared first on The Motley Fool UK.

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Harvey Jones has no position in any of the shares mentioned. The Motley Fool UK has recommended Diageo, GlaxoSmithKline, Prudential, and Unilever. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.

Motley Fool UK 2020

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Bitcoin is above $10000! Here's why I'd ignore the hype and buy cheap FTSE 100 shares instead - Yahoo Finance UK

SAN JUAN, PUERTO RICO, July 27, 2020 (GLOBE NEWSWIRE) -- SAN JUAN, PUERTO RICO, July 27, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- BOTS, Inc. (OTC: BTZI) (EXCHANGE: M06.SG), an emerging innovator of products, technologies, and services for the rapidly growing digital robotic automation and manufacturing industry announced today that it is in the process of repurposing and renaming FIRST BITCOIN (COIN:BIT) into the Basic Income Token while retaining BIT as the digital currencys symbol.

There is a growing demand for a socialistic Universal Basic Income scheme in the United States of America heralded by former presidential candidate Andrew Yang, however, our hybrid public benefit/capitalistic concept is to deliver an asset to our shareholders that produces income simply by keeping their wallets opened. The more wallets that remain open, the more secure the cryptocurrency becomes. This income will self-generate BITs 24/7 via Proof of Stake Mining (POS) protocol. Once we have hundreds of our 10s of thousands of shareholders keeping their wallets open, the blockchain becomes exceptionally secure while automatically generating BITS via Proof of Stake Mining.

Bots, Inc. and First Bitcoin Capital (OTC:BITCF) are working closely together to ensure a seamless transition of this major asset consisting of billions of BITs. Once the name of BIT is changed to Basic Income Token, Bots Inc. intends to distribute 1 BIT for each share of Bots Inc. to be held on a record date to be set for distribution as soon as August30, 2020.

This asset is only one cryptocurrency of a larger inventory of more than 100 unique digital cryptocurrencies acquired from and previously owned by First Bitcoin Capital Corp. The most significant of the transferences of these cryptocurrencies to Bots Inc., included, but was not limited to, the majority ownership of First Bitcoin (COIN:BIT), a cryptocurrency based on a unique blockchain similar to an improved version of Litecoin. This unique coin trades onLivecoin.netwith BIT included on the premier website for tracking of cryptocurrencies viahttps://coinmarketcap.com/currencies/first-bitcoin/

Additionally BOTS, Inc. in conjunction with First Bitcoin Capital has generated the interface required to manage issuance of units of a newly minted cryptocurrency based on Bitcoins blockchain utilizing the Omni protocols which are also used by Tether (COIN:USDT) in an effort to alternatively fulfill Yangs vision, defined as follows: Universal Basic Income (COIN:UBI) commemorates the presidential candidate Andrew Yangs plan for distributing $1000 per month per citizen so that each world citizen is entitled to 1000 UBI per month upon request from Bots, Inc.

In a recent article published in nature.com, Pandemic Speeds Largest Test Yet of Universal Basic Income Economists welcomed the chance to see whether giving people cash, to spend however they choose, would improve their livelihoods. Spains government has started what might just be remembered as the worlds biggest economics experiment. On 15 June, spurred by the coronavirus crisis and its economic fallout, Spain launched a website offering monthly payments of up to 1,015 (US$1,145) to the nations poorest families.

The program, which will support 850,000 households, is the largest test yet of an idea called universal basic income (UBI) in which people are given a cash payment each month to spend however they choose. It has been oft-discussed but never satisfactorily tested, and economists around the world are watching closely to see what the impact of the scheme on livelihoods will be.

The move comes at a time of unprecedented economic turmoil brought on by the coronavirus pandemic. Spain was one of the hardest-hit countries in the early days of the pandemic. The nationwide lockdown curbed the spread of the virus, but came at a staggering financial price. Millions of people lost their jobs as the economy shrank rapidly, putting many of the most vulnerable citizens at risk.

If theres ever an opportunity to try to push for some sort of income floor that can be paid out in cash to people, this is the time to do it, says Damon Jones, an economist at the University of Chicago in Illinois.

Bots, Inc. has become the first publicly traded company to announce the launch of a corporate initiated Universal Basic Income Token (UBI). Interested parties may signup to receive an invite linked here: https://www.bots.bz/ubi

Those whom request this monthly UBI distribution will be required to cover Bots nominal Bitcoin transference costs and both Bots and First Bitcoin Capital will share in a 1% transference fee to be earned in kind. We will develop unique bots that are equipped to handle the inclusion of each requesting world- citizen wishing to use our automation in order to handle the sign ups and transfers stated newly elected Company Chairman, Simon Rubin.

The creation of UBI which is under the management of Bots Inc and First Bitcoin Capital can be witnessed here: https://omniexplorer.info/asset/829

About First Bitcoin Capital Corp

First Bitcoin Capital Corp (OTC:BITCF) is the largest shareholder of Bots, Inc. as a result of exchanging the majority of its assets therefor, but began developing digital currencies, proprietary blockchain technologies, and the digital currency exchange -www.CoinQX.com(in Beta) in early 2014. We saw this step as a tremendous opportunity to create further shareholder value by leveraging management's experience in developing and managing complex blockchain technologies and in developing new types of digital assets. Being the first publicly-traded cryptocurrency and blockchain-centered company, we provide our shareholders with diversified exposure to digital cryptocurrencies and blockchain technologies.

The Company began developing its own blockchain and cryptocurrency called First Bitcoin (COIN:BIT) in 2016. Prior to transferring the majority of this asset to Bots, Inc., the Company updated the BIT wallet and added more functionality. Users are able to generate BIT through the processes of POW and POS mining. The First Bitcoin (COIN:BIT) cryptocurrency has a current supply of 20,707,629,255 BIT. It is currently trading onLIVECOIN.netwith its explorer atwww.explorer.bitcf.net.See: https://coinmarketcap.com/currencies/first-bitcoin/Contact us via:info@firstbitcoin.ioor visitwww.firstbitcoin.iofollow us on Twitter; @1stBitCapitalfollow us on Linkedin:https://www.linkedin.com/company/first-bitcoin-capital-corp/follow us on FaceBook:https://www.facebook.com/BITCF/

About BOTS, Inc.

Headquartered in San Juan, Puerto Rico, BOTS, Inc. - publicly traded on the OTC Markets under the symbol (BTZI) and on Brse Stuttgart under ticker (M06.SG) - is a diversified company developing and servicing blockchain solutions and robotics for its clientele. The Company is committed to drive the innovations needed to shape the future of digital robotic automation management through digital technology and decentralized blockchain solutions. Management is dedicated to the strong growth of Distributed Asset Technology and Robotic Process Automation (RPA).Bots, Inc. has been featured in media nationwide, including CNBC, Bloomberg,TheStreet.com. For more information, visithttp://www.bots.bzVisit us on Facebook @https://www.facebook.com/Bots.Bz/Follow us on Twitter @Bots_bz

Forward-Looking Statements

Certain statements contained in this press release may constitute "forward-looking statements." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company's filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release. Such forward-looking statements are risks that are detailed in the Company's website and filings.Contact:Paul RosenbergCEOpaul@bots.bz

Originally posted here:

Bots, Inc to Repurpose the first Bitcoin Cryptocurrency bit and Use it to Pay an Income Producing Asset as Dividend to Shareholders - GlobeNewswire

The price of Bitcoin(BTC) begins a new week, ranging north of $9,000 as it awaits cues from macro markets.What could be in store for the coming days?

Cointelegraph takes a look at the major factors that could impact BTC's price this week.

Equities led a somewhat uneventful start to the weeks trading, with major stocks' futures slightly down on the day by a maximum of 0.6% at press time.

Bitcoin likewise had a quiet weekend, with volatility remaining negligible and a narrow trading corridor continuing to characterize price performance.

On Monday, BTC/USD hovered at around $9,180, having hit local highs of $9,226 earlier its highest since July 15.

As has become standard in recent weeks, coronavirus sentiment and reactions to associated remedial measures from governments and central banks dictate macro action, and Bitcoin remains susceptible to copycat moves.

With calm reigning prior to the opening bell on Wall Street, room for maneuver appeared limited, given the compression in BTC/USD over the past several weeks.

A cycle of higher lows and lower highs, the current compression cycle showed little sign of breaking this month. As Cointelegraph reported, however, the status quo is ripe for change and that should happen this week, say analysts.

This feels like a little World Cup of sorts. #bitcoin could break out on or about the 22nd, Jason Williams, co-founder of crypto hedge fund Morgan Creek Digital, tweeted on Sunday.

Investors should not treat Bitcoin as a safe haven too literally within the current market, says the CEO of cryptocurrency exchange Binance.

Speaking to Bloomberg on July 20, Changpeng Zhao, known as CZ in cryptocurrency circles, cautioned against considering BTC/USD as having a particular relationship to stocks.

I think people should not take that meaning of 'safe haven assets'too literally there are always multiple factors affecting the price of an asset, he told the network.

If you imagine Bitcoin as the same as a float and theres the Titanic sinking beside it, if theres a rope tying the float to the Titanic, then the float will sink down with the Titanic, even though the float does have floating properties its just not able to sustain that kind of load.

As Cointelegraph reported, quant analysis has suggested that Bitcoin is 95% correlated to the S&P 500.

CZ added, however, that fiat inflation and its impact on investor holdings would ultimately increase Bitcoins safe haven profile over time.

On the topic of safe havens, attention stayed focused on gold over the weekend. Similarly, as a result of coronavirus fallout, the precious metal is now up 19% year to date.

Even in the eyes of mainstream media, appetite exists among investors for an exit from fiat, which has been tarnished by central bank money printing and lower interest rates.

According to Bank of America Securitiescommodities strategist, Michael Widmer, gold may have even more room for growth than its current nine-year highs.

We need a little bit more visibility before gold prices start peaking, he told CNBC.

Data from on-chain monitoring resource Skew, meanwhile, confirms that Bitcoin has firmly beaten golds year-to-date gains:27.7% versus 18.4%.

Bitcoin versus gold 1-year chart. Source: Skew

Binance further reported significant growth in its futures products focused on altcoins, contrasting with a tailing off in activity for Bitcoin.

In July alone, the exchanges altcoin perpetual futures volume grew 150% to $5.1 billion from $2 billion, while daily volume on altcoin futures hit $2 billion.

This, it said in an accompanying blog post, underscores investor attention concentrating on altcoin markets in the wake of uninspiring Bitcoin price action.

The unusual stagnation in Bitcoins price has shifted investors appetite towards altcoins as prices surged to new all-time highs, the blog post stated.

This explosion in Altcoin demand has ushered in an altcoin season, as seen by Bitcoins declining market capitalization dominance.

Bitcoin futures aggregated daily volumes 1-month chart. Source: Skew

Which direction a Bitcoin price breakout could take is open to debate, however. Analysis suggests a pullback of 11%, in line with support as part of the current descending price channel.

At the same time, Bitcoin network fundamentals and miner sentiment remain conspicuously strong. Difficulty is forecast for another 6.3% rise in seven days time, which will constitute its highest level ever. Likewise, the average hash rate remains near its historical all-time highs.

Bitcoin difficulty 2-month average chart. Source: Blockchain

Difficulty refers to the effort required to solve equations on the Bitcoin blockchain, while hash rate is a rough measure of the computing power dedicated to mining.

While both metrics only give an impression of network health, consistent upward growth has previously resulted in a knock-on effect for price action.

Chief among the proponents of the theory that price follows hash rate is Max Keiser, the RT host who continues to be highly bullish on BTC/USD, forecasting a $500,000 price target.

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Bitcoin Breakout on July 22? 5 Things to Watch for BTC Price This Week - Cointelegraph

A picture taken on January 15, 2020 shows the facade of the Banque de France building in Paris. The ... [+] bank is working with the European Central Bank to re-imagine how new technologies can change the way money works.

The central bank of France is on the verge of conducting a series of sweeping experiments whose lessons could be used to change the way money works. Cryptocurrency wont be included. In a statement from the Banque de France, the nations central bank, which works together with the European Central Bank to determine the monetary policy of the continent, the institution today released the names of eight participants in the experiments and the scope of the work.

Participants are consulting giant Accenture ACN , settlement giant Euroclear, the HSBC bank, French firm, Iznes, etheruem platform LiquidShare, little-known startup, ProsperUS, crypto bank Seba, and Forge, Societe Generales digital capital markets spinoff. The broad parameters of the experiments include everything from testing regulation using digital currency to improve cross-border payments, an analysis of how a central bank digital currency should be made available, and importantly, to explore new methods of exchanging financial instruments (excluding crypto-assets) for central bank money.

The statement from one of the words leading central banks shows how the vaunted institutions are scrambling to learn the best that cryptocurrency, and its underlying blockchain technology have to offer, but only within limits. Neither blockchainthe shared ledger that lets bitcoin existnor the more sanitized word to describe the larger group of technologiesdistributed ledger technology were mentioned by name in the statement. As such, the work also helps define the limits of what any actual adoption of the technology might look like.

The strong mobilization around this call for candidates testifies to the interest of the actors of finance and technology for this approach aiming to explore the potential contributions of a digital money issued by the central bank to improve the functioning of financial markets, in particular interbank regulations, according to a Google GOOGL translation of the statement. A representative of the Banque de France declined to share any additional context.

Over the coming days, the Banque de France will begin conducting experiments with each of the candidates, according to the statement, with some of the projects expected to take as long as multiple months. Candidates were asked to respond to the banks call for applications for CBDC experiments by May 15. The experiments could have far-reaching implications to the decision-making processes for the central bank, which in addition to helping define Europes monetary policy and implement it in France, regulates Frances banks and insurance companies and ensures risk management.

Beyond the confines of France though, lessons learned from the central bank digital currency experiments will be contributed to the international work being led by the Eurosystem, the monetary authority of the European Union. Earlier this month, the bank joined Germanys central bank, the Deutsche Bundesbank, and the European Central Bank in co-hosting a new innovation center in Europe within the framework of the Innovation Hub of the Bank for International Settlements.

In May, European Central Bank executive board member, Yves Mersch, confirmed in a speech at industry conference Consensus, that the European Central Bank was one of at least 66 central banks exploring how lessons learned from blockchain could change the very fabric of what we consider money.

For example, Chinas central bank, the Peoples Bank of China, has taken a giant first-mover advantage in the space, starting its CBDC experiments years ago, and currently testing a working implementation. If successful, one side-effect of CBDCs could be borderless transactions, possibly giving people the choice to store Chinese Renminbi in addition to, or instead of dollars, as a global reserve currency,

Based on what we know of the nearly pervasive experiments around the world looking into the nature of CBDCs, some of the other possible changes to the way money works could include giving citizens accounts at central banks, allowing them to occasionally bypass commercial banks and receive direct access to stimulus checks and more. Another possible, but controversial side-effect of central bank digital currencies could enable online payments while maintaining the privacy citizens have historically enjoyed with cash.

Skeptics of the CBDC concept argue that so long as central banks continue to have the authority to print or issue nearly unlimited amounts of the currency the underlying problems of inflation will continue to drive people to more distributed, deflationary alternatives such as bitcoin, which has a set amount. Other skeptics point to the unlikelihood that central banks will ever actually allow citizens the same privacy they have in the real world, online, and could use the technology as a way to track their own citizens spending habits.

Read more here:

Bitcoin And Other Crypto Assets Excluded From Central Bank Experiments - Forbes

KATWIJK, NETHERLANDS - JULY 7: In this photo illustration, visual representations of the digital ... [+] Cryptocurrency, Bitcoin, Etheream and Litecoin, are placed with a gold chain necklace and silver coins atop Euro banknotes on July 7, 2020 in Katwijk, Netherlands. (Photo by Yuriko Nakao/Getty Images)

Grayscale announced yesterday that shares of their digital asset funds, Bitcoin Cash Trust and Litecoin Trust, have FINRA approval for public quotation under BCHG and LTCN.They will be the first digital asset-based funds to be publicly quoted in the U.S. market.

These funds will be open-ended trusts sponsored by Grayscale and are intended to enable exposure to the price movement of the trusts underlying assets through a traditional investment vehicle. The idea is to provide an accredited investor the opportunity to invest in digital assets while avoiding buying, storing, and safekeeping digital Bitcoin or Litecoin directly.

The trusts are not yet DTC eligible. Grayscale said in its press releases, There will be no trading volume in the Shares public quotations until the respective Shares are DTC eligible, which BCHG and LTCN are expected to receive soon.The company continued, The Trusts are not registered with the Securities and Exchange Commission and are not subject to disclosure and certain other requirements mandated byU.S.securities laws.

Cryptocurrency exchanges, in general, are not yet fully regulated by FINRA and the SEC. The result has been limited adoption by large institutional investors and hedge funds.

But Grayscales achievement by moving in that direction signals that regulatory barriers can be resolved.Digital assets may become more commonplace in funds seeking alpha value opportunities and diversification.

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FINRA Approves Names For Grayscales Bitcoin Cash And Litecoin Trusts - Forbes

The parent company of BitMEX invested in South Africa's largest Bitcoin exchange.

100x Ventures, the venture arm of the parent company of BitMEX, invested in South Africa's largest Bitcoin exchange, VALR.

Two factors likely propelled 100x Ventures to invest in the exchange. First, it positions the company for additional growth in overseas markets. Second, it allows the firm to meet the demand for regional exchanges and trading services.

The Series A funding round led by 100x Ventures raised $3.4 million for the exchange. VALR says it has 40,000 users and has processed 13,000 BTC in the past month.

Reasons the Investment Could Have Been Compelling For the BitMEX Parent Company

100x Venture's investment in VALR directly positions itself to gain exposure to a developing crypto market in South Africa.

BitMEX has remained a dominant force in the futures market for several years. But, regional investments allow BitMEX and 100x Group to diversify its business further.

According to data from Skew.com, BitMEX remains as the most dominant Bitcoin futures exchange in the global market. It has an open interest of $1.02 billion, more than double its competitors, like Binance and Bybit.

The open interest of Bitcoin futures exchanges.

Another reason for the investment could have been the rapidly expanding regional peer-to-peer Bitcoin markets. In many countries outside of major cryptocurrency markets, there is a shortage of well-regulated and transparent Bitcoin exchanges.

Consequently, the volume of peer-to-peer exchanges that allow users to trade directly with one another began to surge.

Technology researcher Kevin Rooke found that peer-to-peer Bitcoin volumes recently hit record highs in India, Ghana, the Philippines, and Mexico.

Peer-to-peer trading is typically an alternative to exchanges in regions or markets that lack a proper exchange infrastructure.

Given the evident increase in demand for regional exchanges, the investment of 100x Venture fills a gap between major and relatively small crypto markets.

Arthur Hayes, the CEO and co-founder of 100x Group, said:

"South Africa has an incredibly exciting and fast-growing cryptocurrency ecosystem, and we believe VALR is well-placed to capitalize on future growth of bitcoin trading. In VALR we're backing not only a successful early-stage business, but a management team with the ability to scale operations significantly."

The Timing of the Investment Coincides With Positive Market Sentiment

After the highly-anticipated block reward halving in May, the hash rate of the Bitcoin blockchain network soared to record highs.

It shows that the mining sector is healthy, despite the abrupt decline in a large portion of their revenues.

A stable mining industry could cause selling pressure on the cryptocurrency exchange market to gradually decline in the medium-term.

The investment comes during a period when the sentiment is largely positive. The price of Bitcoin has tended to rally following every block reward halving, and some investors foresee a prolonged uptrend.

Jason Williams, the co-founder and partner at Morgan Creek Digital,saidhe expects a new all-time high for Bitcoin in 2020.

A confluence of the growing demand for regional exchanges, the need to diversify 100x Group's portfolio, and positive market sentiment appear to have led to the investment in VALR.

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Why BitMEX Just Invested In This South African Bitcoin Exchange - Forbes