Bitcoin Crash Is Coming, But Bull Run Will Survive, Analysts Say – Decrypt

In brief

It's December 2017: Daddy Yankee's Despacito was worming its way into every ear hole on the planet, and Bitcoin hit its all-time high price, peaking at not-quite $20,000before crashing a month later.

Now its almost December 2020, a different global phenomenon has gripped the planet, and here we are again: Bitcoin today broke past its all-time high. So.... when crash?

I think this time round its different, Simon Peters, an analyst at eToro, told Decrypt. It isnt just the average person on the street buying Bitcoin. Larger institutions, such as pension funds and hedge funds, even listed companies are investing in Bitcoin, he said. Many see it as a a hedge against inflation, said Peters.

This summer alone, MicroStrategy invested $450 million in Bitcoin; Grayscale, Square and PayPal snapped up gajillions of Bitcoin and prominent rich men like Paul Tudor Jones and Stanley Druckenmiller sung its praises.

Plus, said Peters, investors now look like theyre holding onto their Bitcoin: We (eToro) have seen a 66% increase of the number of people holding a bitcoin position on eToro today compared with December 2017 when the price last hit the all-time high, he said.

Thus, said Peters, Bitcoin could continue to climb higher this year. If we maintain the current rise, I think we could see $25,000 by the end of the year. Peters predicts that the price could dip when it reaches $20,000, as sellers cash out their funds, but it will break through shortly thereafter.

This is still Bitcoin we're talking about, said Eric Wall, chief investment officer at crypto investment fund Arcane Assets, tempering Peters excitement. Its volatile by nature, and the market is still also crowded with many traders with a short-term mindset, in parallel to the very real serious capital allocation that's going on, he told Decrypt.

So, what now? As we approach the all-time high for a second time, those weak hands are now shaken out. I think it's likely we're going to crush it this time, he said.

Will it crash? Of course. Bitcoin always crashes, he said. Although the bottom will be much higher up this time.

There are more big players with a fundamentally bullish long-term view on Bitcoin, he said.

Rachid Ajaja, CEO and Founder of AllianceBlock, told Decrypt a similar story. He said that another bust is most certainly on the horizon. He warned against speculation, before telling us that he is convinced that Bitcoin will become a good alternative to gold and a hedge against inflation for emerging markets.

Said Wall: We're not going back to $3k now unless something crazy happens. Like, uh, another wave of the coronavirus pandemic that grinds the global economy to a halt.

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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Bitcoin Crash Is Coming, But Bull Run Will Survive, Analysts Say - Decrypt

As Bitcoin hits a historic high, should we be worried about WHY there are no graphics cards? – PC Gamer

Anybody who lived through the great GPU cryptocurrency wars of 2017 through 2018, and into 2019, will understand the horror I felt crawling over my weary post Black Friday form as I noted Bitcoin had just hit a historic high and Etherium was once more creeping up towards its old summit. Certainly Nvidia's current or prospective investors have noted it too and are starting to question whether the current graphics card drought, and the green team's huge leap in gaming revenue posted last quarter, are the result of a mining resurgence.

At a recent virtual appearance at the Credit Suisse Annual Technology Conference (via Seeking Alpha), Nvidia's chief financial officer, Collette Kress, was asked "whether or not we should be concerned that some of the strength in the gaming business was Bitcoin crypto related?"

The person asking the question is John Pitzer, managing director of Credit Suisse and technology analyst. He's been "getting asked, with more frequency than I'd have thought," about cryptocurrency with relation to Nvidia and I expect with graphics card technology.

Nvidia's growth last quarter saw its gaming revenue leap by a staggering 37 percent year-on-year and the same level of growth quarter-on-quarter. It claims that's mostly down to the launch of its RTX 30-series GPUs, and the numbers don't lie. It sold cards, and a lot of them by the looks of things.

And yet the general feeling is that stunningly few people have been able to get cards, and the reality is that nobody who wants one right now can buy one. Which is a whole lot like the bad old days of the cryptocurrency boomNvidia and AMD were making a ton of money out of gaming cards, yet gamers couldn't buy them.

Instead large-scale GPU crypto mining outfits were rocking up at the back doors of graphics card manufacturers in China, handing over bundles of cash and loading pallets of cards into the back of trucks.

That hurt investors because eventually the bottom fell out of the crypto market leaving a bunch of stock no-one wanted, a whole load of needlessly expensive used cards, and Nvidia's share price collapsed.

So you can understand why people wanting to pump money into Nvidia, or who already have portfolios with the company, are starting to grow nervous. The GPU landscape looks a lot like the bad old days, and seemingly out of nowhere Bitcoin has rocketed to almost $20,000 per coin, and marked a historic high.

But Bitcoin hasn't really been anything to do with GPU crypto mining for years, not since the difficulty of solving the complex algorithms became so high that mere graphics cards couldn't cope and became an economically non-viable way of getting hold of the virtual currency. Etherium, however, was the big growth ticket. Similar to Bitcoin, in as much as it's another cryptocurrency, it was far better matched to mining on a GPU given its lower difficulty level.

But Etherium too has spiked in terms of its price, going from below $400 per coin to over $600 in just a month. Is this related to the newer, more powerful graphics cards released by Nvidia? Is the reason we haven't been able to buy an Nvidia RTX 3080 down to those nefarious bots buying them all up for cryptocurrency mining?Are we going to be beaten to the punch grabbing an RTX 3060 Ti by some outfit lining up hordes of GPUs in a thrumming warehouse in Iceland?

No, in fact it's kinda the opposite. Etherium has actually started to gain popularity again because it's moving away from the notion of mining coins. Etherium 2.0 is launching, which moves from a Proof of Work consensus (where you use computing power to solve cryptographic puzzles) to a Proof of Stake version. That's a more energy efficient method of keeping the whole Etherium network secure, and isn't going to eat up a whole bunch of our graphics cards.

So, in answer to John Pitzer's question about whether we should be concerned that Nvidia's gain is on the back of a rise in crypto-mining again, the answer is: Nah. Lots of people are just trying to buy next-gen tech right now 'cos we're all sat inside feeling sad and want to spend money on a new PC, laptop, next-gen console, or a new super-shiny graphics card.

Or, as Collette Kress put it: "We have heard some interest from the channel but nobody is aware of any real demand at this time for crypto."

And, moreover, no-one wants crypto mining back.

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As Bitcoin hits a historic high, should we be worried about WHY there are no graphics cards? - PC Gamer

Bitcoin’s Carnivore Cult Is Both Stupid and Correct – CoinDesk – Coindesk

This entire article is Saifedeans fault.

Saifedean Ammous, author of The Bitcoin Standard, kept heaping steak tartare onto my plate at a Bitcoin meetup back in August 2018, in between jokes about liberal plebs.

As the youngest woman in the room, per usual, I wanted acceptance from the Bitcoin clan. Despite nearly a decade of (fickle) vegetarianism, I accepted the authors meat offerings in exchange for an off-the-record interview. I torpedoed questions his way between bites. Ammous told me last week, via direct message, that he couldnt remember if that was his first public steak dinner. But there would be many that followed.

Long before he became a bitcoiner, Ammous was a carnivore.

I was, independently, into low-carb keto, he said, referring to ketogenic diets. These two things started to merge together more and more as people who were interested in Austrian economics became interested in meat and good food.

Over the past decade, bitcoin-themed steak dinners have become a global ritual, hosted by communities from San Francisco to Tokyo. It was the Kraken exchanges Bitcoin evangelist Pierre Rochard who organized most of Ammous steak-and-bitcoin dinners in New York, inviting friends from the Socratic Seminar meetup. This was all pre-COVID, of course. (These days, there are a few outdoor gatherings at beaches and parks.)

I was traveling to the U.S. and Pierre told me to stop by in New York and hed organize a dinner for me. Then 70 people showed up, Ammous said. After that, everyone on Twitter was constantly asking, and demanding, their own steak dinner in their own hometown.

Becoming a Bitcoin-carnivore evangelist

Since then, Ammous organized Bitcoin-themed dinners in more than a dozen cities, including Hong Kong, Amman, Beirut, London, Madrid and Milan. Meanwhile, hundreds of Bitcoin fans routinely post meaty food porn via Twitter and Telegram groups like Citadel Chefs. Like Ammous, they often profess theynaturally found this a hobbyist combination, rather than following a demographic trend. As Crypto Twitter icon @cryptomedici wrote: I dont follow the chad lifestyle, the chad lifestyle follows me.

Ammous is among the most famous carnivore evangelists tweeting hot pics of fatty steaks, his version of thirst traps. In fact, the prolific economist penned a manifesto for grilling steak to beat fiat food, equating empty carb calories with inflationary government-issued money.

The (tongue-in-cheek) narrative says bitcoiners like Ammous will simply avoid the impending collapse of Western civilization by re-inventing feudalism, as lords of private citadel meat-lockers paid for with the worlds hardest money. Loving meat is a part of some bitcoiners shtick, along with hating journalists and socialism. Memes and jokes abound comparing Soy Boy or vegan token fans to hyper-masculine bitcoiners.

Its very masculine to grill. In the Wild West, the cowboys are always seen having this massive steak, nutritionist Lorraine Kearney said in a phone interview. Especially if theyre trying to lift weights and bulk up, its always about eating more protein.

Back in 2018, I told Ammous Id try carnivory, if only to gloat when my body didnt magically transform into a lean, mean hodling machine. To my great dismay, two weeks of a 90% meat diet left me feeling stronger, more energetic and less emotionally volatile than Id ever been. By the third week I stopped craving sweets and my doctor noticed a significant improvement in my health, compared to my last annual physical.

As it turns out, Im hardly the first liberal woman to fall in love with both bitcoin and grilled flesh. To the contrary, author Amber OHearn was one of the most influential authors in the early days of crypto-carnivory. Shes been writing about her keto diet experiments for nearly a decade.

Im off all medications, OHearn said, describing how this diet helped after her bipolar diagnosis. Ive never had symptoms of the mood disorder again.

Like any crypto trend, believers can seem quite fanatic. Zcash co-founder Zooko Wilcox even tweeted that keto diets can help treat cancer. (Wilcox and OHearn were once married, but have since continued their meat evangelism separately.)

On the other hand, Kearney said high amounts of fat can contribute to issues like heart disease. Bitcoin-carnivores often dismiss this warning as fake news by the media-fiat-food-industrial complex, hell-bent on brainwashing the masses. Of course, every citadel-dwelling hero needs a mainstream elite villain to foil his own righteousness. However, the reality of carnivore diets may be more nuanced.

Plant-eaters clap back

Kearney agreed with OHearn, broadly speaking, that high-protein diets can be very healthy and every persons body is different.

The nutritionist said shes known clients who feel amazing after years of only eating animal protein, while others prefer low-carb diets with diverse plants. She added that grass-fed meat has many more nutrients, so results may depend on the quality of the ingredients.

The carnivore diet has been around for a number of years. But the research will take a decade, if not longer, to provide the benefits of such diets, Kearney said. When people remove inflammatory, highly processed foods and introduce a more natural diet, like with meat, theyll see results like a decrease in weight gain and bloating, less fatigue and better gut health.

There may also be some truth to the bitcoiner mantra that established norms were based on inaccurate science. Kearney said the past four decades saw a massive shift among nutritionists.

Some of the products they used to recommend were processed foods it was all about restricting calories, Kearney said. Now its more about focusing on balance and understanding the psychological aspects as well.

There are also plenty of vegan bitcoiners, from Bitcoin Core developer Matt Corrallo to Lightning Labs CEO Elizabeth Stark.

Bitcoin doesnt care what you eat, Stark said in a direct message.

The steak-loving author of Bitcoin: Sovereignty Through Mathematics, Knut Svanholm, agreed with Stark.

I believe that we should probably leave diets out of any Bitcoin discussion, Svanholm said. It tends to be a bit silly and people are semi-religious when it comes to food preferences.

Thanksgiving feasts

Meanwhile, Wilcox and OHearn are among many bitcoin aficionados who ate a predominately meat dinner for Thanksgiving 2020.

I like fatty steak, roast beef, ground beef and bacon more than turkey. And thats even more true on Thanksgiving, which is a celebration of plentitude and togetherness, Wilcox said in a direct message.

For a festive twist on the holiday classics, OHearn combined turkey with a keto-friendly stuffing.

Sausage stuffing with ground pork and pork rinds, to help absorb the fat the way bread does in a stuffing, OHearn said over the phone, describing the menu. I also eat eggs and dairy without having too much of a problem. So for holidays I might have eggnog.

It was OHearn who convinced me that bitcoiners meat fetish isnt primarily the result of loud mens testosterone-induced, Freudian fixations.

There are these ideals about what a woman should be that dissuade women from taking pleasure in their bodies and being physical. Meat is connected to that, OHearn said, contradicting the diets stereotype. Meat is sexy and carnal plus, one of my primary roles as a mother is to nourish my children, inside my body, next through breast-feeding and then preparing their food and nutrients.

Like so many bitcoiners who ate Thanksgiving dinner with their families, OHearn said she was grateful for her healthy family. As for myself, I ate plenty of plants this holiday, despite knowing lean protein makes me feel better than pecan pie. Rather than travel to family, I joined an outdoor gathering of bitcoiners for turkey, my first friendsgiving as part of the clan. I no longer felt like an outsider, nor was I the sole young woman. But I did bring my own ros, because we all know the bitcoin cowboys will only bring beer and whiskey.

It may be precisely because of our differences, instead of despite them, that we were so grateful to gather with diverse friends contributing, in our own ways, to the first open-source, digital money. Especially during the pandemic, were thankful to be a part of an economic shift that just might manage to outlive our BBQ-slathered grills and little stone castles.

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Bitcoin's Carnivore Cult Is Both Stupid and Correct - CoinDesk - Coindesk

Fighting Definancialization: Cryptologic Methods Like Bitcoin Could Protect Wealth From the Great Reset | Featured – Bitcoin News

The Great Reset agenda is trending once again on social media, numerous news outlets, and a variety of online forums. During the last few months, the Great Reset proposal has been pushed worldwide, as it allegedly seeks to create a sustainable economy following the coronavirus pandemic. Meanwhile, a great number of people are skeptical of the reboot proposal, as detractors believe the Great Reset is an assault against capitalism and basic financial liberties.

A myriad of individuals and news organizations have been discussing the Great Reset, a proposal that was first introduced by the World Economic Forum (WEF) and the and WEF director Klaus Schwab. News.Bitcoin.com has published a few editorials about the subject and some of the events that are seemingly pushing the Great Reset closer toward reality. Moreover, our newsdesk also looked at the pushback against the reset movement and why people believe the proposal is a steadfast plan to usher in a new world order.

The topic is still trending heavily on social media and forums as a great number of skeptics are wary of the reboot concept. It is being said that the Covid-19 pandemic and subsequent lockdowns are all part of the reset plan to keep the populace submissive. Great Reset detractors also believe that the proposal is an attack on free-market enterprise, and it is also leveraging climate change fear to push the agenda.

For instance, Breitbart columnist James Delingpole tweeted about the Great Reset after the former Prime Minister of the United Kingdom, Boris Johnson talked about carbon emissions in Colombia. Delingpole said:

You absolutely disgusting imbecile. We want our jobs, our businesses, our economy back not your Great Reset.

Delingpole is not the only columnist speaking out against the Great Reset agenda. Cindy Simpson from the publication, American Thinker, has also been tweeting about the subject with skepticism. After New Mexicos government shut down groceries stores for two weeks, Simpson said: Step by step, weeks to months, the lockdowns are teaching citizens that theyre really just subjects, totally dependent on the statethe perfect, submissive new normal condition to enable the Great Reset.

Meanwhile across Europe, Britain, Canada, the United States, and many other nations Covid-19 lockdowns are ramping up again. U.S. President-elect Joe Biden has been telling the press that he will mandate masks nationwide and his advisor says he plans to enact a six-week Covid-19 lockdown.

Podcaster Aubrey Huff told his 239,000 Twitter followers that the ultimate plan is to forcefully usher in socialism. The plan with this overblown virus [and] tyrannical lockdowns has always been to make small businesses, [and] middle-class families broke, [and] desperate, Huff tweeted. Why? So that they will have no choice but to accept socialism. In response to Huffs Twitter statement, many of his followers discussed the Great Reset.

Basically, the Great Reset consists of a threefold effort that starts with a stakeholder economy, which aims to circumvent economic inequality. The second component is making sure all investments created in this new economy bolster sustainability and equality. Lastly, the third part of the agenda consists of strengthening the Fourth Industrial Revolution. WEF director Klaus Schwab gives insight into this concept by stating:

The third and final priority of a Great Reset agenda is to harness the innovations of the Fourth Industrial Revolution to support the public good, especially by addressing health and social challenges. During the COVID-19 crisis, companies, universities, and others have joined forces to develop diagnostics, therapeutics, and possible vaccines; establish testing centers; create mechanisms for tracing infections; and deliver telemedicine. Imagine what could be possible if similar concerted efforts were made in every sector.

Of course, anyone who complains that the Great Reset is an assault against the free market and civil liberties is called a conspiracy theorist. For instance, the Wikipedia page that is dedicated to the Great Reset proposal discusses the controversy and immediately calls the theories unfounded.

[The Great Reset] has been criticized for using the pandemic to implement a risky experiment and a petition to stop it gained 80,000 signatures in less than 72 hours, the Wikipedia article says. A baseless conspiracy theory has spread in response, claiming it will be used to bring in socialist and environmental changes and a supposed new world order, the Wikipedia editor adds.

Despite the deflection, many journalists are discussing the theory more regulary and noting that the skeptics conspiracies might be legitimate. For instance, on November 27, the National Review columnist Andrew Stuttaford wrote an editorial about the subject and called it: The Great Reset: If Only It Were Just a Conspiracy.

Stuttaford says that the Great Reset is merely just calling corporatism another name. The author details a great number of corporate partners who are backing the Great Reset proposal such as firms like Deloitte, Apple, Microsoft, Ericsson, Lockheed Martin, IKEA, Facebook, and IBM. Moreover, Stuttaford authored a previous article that describes what corporatism is and how it dodges individualism for the collective.

[Corporatism is a] hydra-headed ideology with origins in the premodern, and a very mixed past sometimes benignly (it influenced the formation of West Germanys social market economy) and sometimes not (it was an important element in pre-war fascist theory), Stuttaford explains. The different forms corporatism has taken make it tricky to define with precision, but they share a common core: the conviction that society should be organized by and for its principal interest groups lets call them stakeholders intermediated by, and ultimately subordinate to, the state. The individual does not get a look in, the National Review contributor added.

Stuttafords column concludes by saying that society has been hearing about this vision for a long time using many variants. Fringes like climate change, stakeholder capitalism, and definancialization have taken the center stage worldwide, and not only in front of the Davos crowd, Stuttaford insists.

Numerous free-market advocates including cryptocurrency proponents believe the Great Reset is an immoral concept and technologies like bitcoin are meant to defend peoples wealth from definancialization. For years now sound economists, libertarians, and free-thinking individuals have warned the masses about the globalist elite pulling dirty tricks.

The original cypherpunks knew, that while the internet was and still is being leveraged for mass surveillance, the world wide web and certain technologies like encryption and digital cash could help bolster privacy and financial liberties. Back in 1988, the software engineer Timothy C. May discussed how technology will help stop totalitarian nation-states and corporate entities from interfering with the sovereign individual. May said:

Just as the technology of printing altered and reduced the power of medieval guilds and the social power structure, so too will cryptologic methods fundamentally alter the nature of corporations and of government interference in economic transactions.

While globalists push their unwanted agendas, in time privacy advocates and crypto-anarchists will create a liquid market for all material, May insisted. And just as a seemingly minor invention like barbed wire made possible the fencing-off of vast ranches and farms, thus altering forever the concepts of land and property rights in the frontier West, May stressed. So too will the seemingly minor discovery out of an arcane branch of mathematics come to be the wire clippers which dismantle the barbed wire around intellectual property.

What do you think about the theories surrounding the Great Reset proposal and the skeptics who are against it? 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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Fighting Definancialization: Cryptologic Methods Like Bitcoin Could Protect Wealth From the Great Reset | Featured - Bitcoin News

Mike Novogratz: Everyone Should Put 2% to 3% of Their Net Worth in Bitcoin | News – Bitcoin News

Bitcoin bull and Galaxy Digital CEO, Mike Novogratz, says bitcoin is for everyone. He argues that those committing 2% to 3% of their net worth to this digital asset today will see substantial gains in five years. Novogratz adds that while bitcoin remains a volatile asset he does not expect its price to drop to levels seen in March when it crashed to under $4,000. Instead, he asserts that bitcoin prices shouldnt fall below $12,000 in this current cycle.

According to a report, the bitcoin bull says unlike 2017, current evidence supporting bitcoin prices is better than its ever been. Novogratz repeats the now widely accepted view that institutional investors are driving the current bull market. Novogratz explains:

This rally is being driven by institutions slowly getting into this space, high net-worth individuals, hedge funds, real institutions. Bitcoins become a macro-asset.

The participation by these players along with increased regulation should smooth out some of bitcoins volatility.

Novogratz also comments on U.S. President-Elect Joe Bidens pick for the Treasury Secretary post, former Federal Reserve Chairperson, Janet Yellen. The former Federal Reserve Chair has previously said she is not a fan of bitcoin and that it is a highly speculative asset.

Although Yellens possible return as the U.S. Treasury boss has rattled some within the crypto space Novogratz is not overly worried because a lot has changed since she made the comments. Instead, the CEO thinks Yellens general dovishness should be good for hard assets like gold and bitcoin.

Novogratz concludes by sharing his thoughts on altcoins saying:

You can lose 60% of your money in a day. And so fair warning, if youre going to play in those things, do it with small size and know what youre doing.

Meanwhile, not everyone agrees with the narrative that the entry of institutional investors into the crypto market is the only significant factor behind the bitcoin bull-run. Marcus Swanepoel, the CEO Luno exchange says retail volumes have increased in the past few months.

In a Twitter post, Swanepoel writes:

This bitcoin bull run is not just from institutions. Our (retail) volumes in South Africa, Malaysia, Nigeria, and Indonesia all trebled over last month and (are) at all-time highs. Emerging market consumers are voting with their money and theyre ready for a better financial system.

Meanwhile, at the time of writing, bitcoin had dropped from over $19,350 reported on many exchanges to just above the $17,000 handle.

What are your thoughts on Novogratzs belief that BTC will not go below $12,000 in this cycle? Share your views 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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Mike Novogratz: Everyone Should Put 2% to 3% of Their Net Worth in Bitcoin | News - Bitcoin News

Bitcoin surges past $15,000, hitting its highest level since January 2018 – CNBC

Bitcoin's price climbed above $15,000 on Thursday, hitting a level not seen since January 2018 amid U.S. presidential election uncertainty.

The world's best-known cryptocurrency was last trading almost 9% higher at a price of $15,233, according to data from industry website CoinDesk.

Bitcoin has been on a tear in 2020, more than doubling in value year-to-date. Its meteoric rise comes on the back of unprecedented stimulus from global governments and central banks during the coronavirus pandemic, which some industry insiders believe has made the virtual currency more attractive than fiat currencies like the dollar.

"Bitcoin's creation was in part due to fears that increased fiscal stimulus is devaluing currencies globally," said Simon Peters, a cryptoasset analyst at investment platform eToro. "As a result, when central banks announce extensive plans to pump money into economies, many investors in the crypto community take this as a major bitcoin buy signal."

Investors are awaiting the latest monetary policy announcement from the Federal Reserve, with the U.S. central bank expected to keep overnight rates close to zero and reiterate the need for more fiscal stimulus.

But lingering uncertainty over the outcome of the 2020 U.S. presidential election means that it's unlikely another coronavirus stimulus package will be agreed upon in the near term.

"With the U.S. election gradually drawing to a close, the detailsof a fiscal stimulus could become clearer. Any such package could see weakening of the U.S. dollar and further increases in the bitcoin price going forward," Peters said.

Meanwhile, analysts have cheered moves from the likes of PayPal and Facebook in the cryptocurrency space lately.

PayPal said it would let its customers buy and sell digital assets like bitcoin and ether through its digital wallet and eventually use them for shopping, while Facebook is developing its libra digital currency with a Switzerland-based consortium called the Libra Association.

Still, regulators continue to scrutinize the cryptocurrency industry. Bitcoin's network doesn't require a central authority to maintain it, and officials have expressed concern with its use in illicit transactions. On Thursday, the U.S. Department of Justice said it had seized $1 billion worth of bitcoin believed to be linked to Silk Road, the now-defunct online black market.

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Bitcoin surges past $15,000, hitting its highest level since January 2018 - CNBC

Bitcoin price hits $15K as daily gains top 9% and Trump Vs. Biden goes on – Cointelegraph

Bitcoin (BTC) hit $15,000 on Nov. 5 as excitement over the U.S. election spilled over from macro markets.

Data from Cointelegraph Markets and TradingView showed BTC/USD tackle the $15,000 barrier repeatedly throughout the day, finally breaking it to post press-time highs of $15,200.

The move seals a hectic day for Bitcoin, which just 24 hours ago traded below $14,000. The last time that BTC/USD saw $15,000 was in early January 2018.

Reacting, many well-known Bitcoin figures noted that it was high time for the largest cryptocurrency to make a decisive move. Macro investor Dan Tapeiro in particular praised the price models of quant analyst PlanB.

Now enterring what is called the moment of realization for #Bitcoin, he tweeted.

As Cointelegraph reported, some expected $15,000 to pose major resistance that would temporarily quash Bitcoins $1,000-plus daily gains.

Others argued that technically, there was very little standing in the way of new all-time highs once Bitcoin overturned resistance at $14,000 and then $14,500.

I have seen this show before, PlanB added, referencing the bull runs of 2013 and 2017.

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Bitcoin price hits $15K as daily gains top 9% and Trump Vs. Biden goes on - Cointelegraph

Update: Bitcoin Aims For $20,000 As Ethereum, Ripples XRP, Chainlink And Litecoin Suddenly Soar – Forbes

Bitcoin has resumed its march higher after seeing some wild swings over the course of the U.S. election, hitting fresh near-three year highs.

[Update: 11:20am EST 11/05/2020] The bitcoin price has smashed through $15,000, up almost 10% in the last 24 hours, climbing to $15,310 per bitcoin on the Luxembourg-based Bitstamp exchange and renewing investor hopes bitcoin could return to its all-time highs of around $20,000, set at the peak of bitcoin-mania in late 2017.

Other top ten cryptocurrencies, including ethereum, Ripple's XRP, chainlink, and litecoin, have also made gains of between 5% and 14%, boosted by bitcoin's strong performance, and adding $125 billion the combined bitcoin and cryptocurrency market capitalization, taking it to over $430 billion.

The bitcoin price has climbed this week, reaching highs not seen since the late 2017 bitcoin bubble ... [+] burst.

"It was important for bitcoin to overcome the resistance area near $12,000," Alex Kuptsikevich, FxPro senior financial analyst, said via email, adding the bitcoin market is now "aiming for $20,000."

"Once it was passed, the coin did not have any significant hurdles to jump to repeat the rally towards $20,000. All obstacles were crushed, and now any news background is perceived as positive for the leading cryptocurrency."

The bitcoin price had fallen sharply as polls closed on Tuesday evening, with early signs showing U.S. president Donald Trump could pull off a polling upset and win the election. Trump is projected to win 23 states, including Texas, Ohio and Florida, outperforming pollsters' predictions.

"Bitcoin has recovered from its post-election drop, crossing the $14,000 level once more," John Kramer, trader at market-maker GSR, said via email, adding that "the U.S. dollar was initially stronger as a Trump victory became a possibility, but has tailed off since then as Bidens numbers improve."

Vote counting is still underway in a handful of key battleground states across the U.S. which will determine the outcome of the electionand the extent of any future stimulus deal.

"We may not know what a post-election stimulus may look like, but investors continue to believe that the U.S. Federal Reserve will keep printing money at a pace that favors bitcoins finite supply," Kramer added.

Bitcoin has a fixed supply of just 21 million bitcoin tokens, something that has put it into sharp contrast with unprecedented government money printing, quantitative easing and stimulus measures launched this year, all designed to offset the economic damage wrought by the coronavirus pandemic.

The bitcoin price has soared toward $15,000, a level not seen since early 2018.

Bitcoin has doubled in price so far this year, finding support from a number of high-profile traditional investors looking to hedge against the inflation they see coming as a result of central bank money printing.

"Bitcoin has proven its extreme resilience during complex geopolitical events and this has come to the fore during the tumultuous U.S. election," Paolo Ardoino, chief technology officer at bitcoin and cryptocurrency exchange Bitfinex, said via email.

"Regardless of the result of the election, it could be said that we are witnessing a growing recognition of bitcoins unique qualities as we adjust to just the sort of challenging times that the worlds biggest cryptocurrency was invented for."

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Update: Bitcoin Aims For $20,000 As Ethereum, Ripples XRP, Chainlink And Litecoin Suddenly Soar - Forbes

5 signs that the real Bitcoin rally may only be just beginning – Cointelegraph

The price of Bitcoin (BTC) has pulled back substantially since its yearly high at $14,149 a few days ago. Yet, there are five signs that the real rally is only just starting.

Rising HODLing activity, record-high fundamentals, low retail interest, higher time frame breakout and technical indicators suggest that a bigger bull run may be brewing.

Bitcoin has dropped over 6% from its local peak at over $14,000, a level it hasnt tested since 2017.

But on the weekly and monthly time frames, it recorded a clear breakout. It saw its weekly and monthly candles close above $13,000 for the first time in nearly three years.

As Cointelegraph previously reported, the monthly chart shows Bitcoin is far above key moving averages. Technically, that means the momentum is still intact, but a healthy pullback could be beneficial.

During the peak of a bull run, Google Trends activity for the keyword Bitcoin skyrockets as retail demand floods in. When market sentiment becomes euphoric, whales tend to take profit, causing the market to decline.

In the past several months, despite the strong rally of Bitcoin, Google Trends activity has been low. This indicates that not a lot of retail investors are searching about the dominant cryptocurrency on Google.

Additionally, according to data from The Tie, the monthly tweet volume of Bitcoin in October only rose 7.8%. The lack of retail interest despite the price being at multiyear highs indicates BTC might be in an early bull market phase.

According to the Mayer Multiple, historical Bitcoin price cycles show the current BTC rally is not overheated.

The Mayer Multiple analyzes the price of Bitcoin based on its 200-day moving average, which evaluates its long-term price trend. If the multiple is above 2.4, it indicates that the rally is likely overheated. In 2017, when BTC hit $20,000, as an example, the multiple rose to around 3.8.

Currently, as of Nov. 2, the Mayer Multiple is hovering at around 1.27. This shows the rally is not overheated or overcrowded, despite BTCs uptrend from $3,600 to $13,350 since March.

During autumn, the northern areas of China undergo the rainy season. Major mining hubs that rely on hydropower can gain access to cheaper electricity, which allows them to mine Bitcoin more efficiently.

When the rainy season came to an end, there was a mass exodus of miners in the Northern area of China. Consequently, the hash rate of Bitcoin fell steeply in a short period.

Yet the 30-day average hash rate over the past year shows that the Bitcoin hash rate is still near its record high. Currently, it is hovering at roughly 132 million terahashes per second. In January, the hash rate was well below 100 million TH/s, by comparison.

Based on HODL waves, which evaluate the trend of long-time Bitcoin holders, more investors are increasingly holding BTC for longer periods.

HODLing activity has increased since March when the price of BTC briefly dropped below $3,600. Since then, investors have been steadily accumulating BTC.

The increasing holding of BTC put together with strong fundamentals, a favorable high time frame technical structure and positive technical indicators have strengthened the overall market sentiment that may eventually trigger an even bigger rally for Bitcoin.

Continued here:
5 signs that the real Bitcoin rally may only be just beginning - Cointelegraph

Is Bitcoin On A Moonshot To Its All Time High? – Forbes

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Ive been talking about bitcoin on its way to $14,000 for some time and now that day has come. To me it is a haven play and gold would be rising a lot if it wasnt for the fact that demand for jewellery has collapsed because of the moribund state of the global economy. Gold will follow in time because folks are buying gold in coin and bar form like crazy but that demand has to rise a lot to suck up the demand losses of the trinket industry.

There are enough problems in the world to stoke bitcoin because as I consistently maintain, if you want to stash cash away from difficultiesinflation, to governmental, to social unrest, to local difficulties the list is a long onethen bitcoin is the easiest and best way to do it if you are techno savvy.

Yet it doesnt take all these emerging problems that plague the world. The trail of history ended by Fukuyama has been kickstarted back into life but this chaos is not necessary for Bitcoin to rise and rise, it is only the catalyst.

Traders see the world through an acute model of they did that, so this follows whereas investors see the world through a chronic vision of tectonic forces grinding away to produce an inevitable outcome. It is tectonic forces driving bitcoin with the acute news driving the volatility that market players love, but ultimately the randomness of noise is washed out by the moving average of the passage of time.

Here is the chart. Its a classic breakout and a classic parabolic move:

The Bitcoin chart - a classic breakout

Now bear in mind I havent been a strong bear on bitcoin all these years without acquiring a decent amount so please feel free to moderate my opinion on the basis I am talking my book.

The following chart is what grabs my attention:

The Bitcoin chart is similar now to the last rise

Self similarity, self affinity is an interesting area of study and Ive written on it for 20 years and its made me money, so I look at this chart and drool. There are many mathematical reasons why patterns repeat at different scales, and work by my old friend the late great Benoit Mandelbrot is worth a deep dive for anyone who takes their technical analysis seriously. In a nutshell you can say that long-term processes, even ones driven by large amounts of randomness from moment to moment, create fractals that repeat their forms due to the configurations of the forces at work. Put simply, if you bash a sheet of iron with a hammer over and over at random you will get a fascinating pattern which looks similar all over its surface. Clouds, coastlines, plants, rocks, stock markets all demonstrate this effect and right now if bitcoin is under the same influence then we are in great shape.

To me $17,000 is close and the top of this move could be very high. You can scale the move yourself if this pattern was to play out to the full. The thing to remember is 2017s $20,000 went back to $3,000, so $40,000 could just as easily go back to $5,000.

In any event we are in for a wild ride and we can be assured of that for years to come.

Clem Chambers is the CEO of private investors websiteADVFN.comand author of 101 Ways to Pick Stock Market Winners andTrading Cryptocurrencies: A Beginners Guide.

Chambers won Journalist of the Year in the Business Market Commentary category in the State Street U.K. Institutional Press Awards in 2018.

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Is Bitcoin On A Moonshot To Its All Time High? - Forbes