The swing trade took one month to play out and we had to sit through a lot of noise, but the price structure never turned bearish, even though it appeared questionable at times.

The question everyone is asking: now a good time to buy? And in terms of our long-only swing trade strategy, the answer is NO. Why not? It looks strong now? The risk of retrace after such a move is very high. This is NOT a location that offers attractive reward/risk, even though price appears to be pushing higher.

Now that we are out of our position, we WAIT for the next long setup and this begins with first anticipating an inflection point. At the moment, that point is the 10,400 area. This is the previous range resistance, which is now likely to act as a new support. IF price can retrace to this area, and produce a setup, we will be prompted to share a new swing trade idea. It may find support sooner, but only price action can provide the evidence and there is nothing at the moment except for vertical candles.

This is the herd mentality in action. No one was excited about Bitcoin at 9200, or 9K but now it looks strong again. Markets are irrational and driven by the forces of greed and fear which often lead to the wrong timing. The effective thing to do in such a situation is lock in profits while the buyers are plentiful, even if it is just a portion of the position. Effective behavior and following a set of rules are what produce results, NOT chasing a market after it has made a significant move. Want to learn more? Visit the link to my website which you can find on my profile page.

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Is it a Good Time to Buy Bitcoin? - FX Empire

U.S. investment bank Oppenheimers analyst says gold is extended and has run up a bit, bringing attention to bitcoin instead. He sees the cryptocurrency reversing its downtrend from the $20K peak, benefiting from the dollars weakness.

Ari Wald, head of technical analysis at Oppenheimer, a major American investment bank and financial services company, highlighted bitcoin this week on CNBCs program Trading Nation entitled Gold vs. Bitcoin.

He explained: Weve been recommending gold as a way to play the expansion of the Feds balance sheet Its actually the high momentum commodity, it ranks highest above all commodities out there in terms of momentum. While pointing out that gold is extended and has run up a bit, the analyst affirmed, We do recommend sticking with it. Nonetheless, he added:

I think its worthwhile to highlight bitcoin instead which isnt as extended Bitcoin is reversing its downtrend dating back to its 2017 peak. If you are a long-term holder, this is the type of action youd like to see.

Bitcoin is currently trading at about $10,970, having risen 17% this week and 54% this year. Its price is still well below its December 2017 peak of nearly $20,000. Wald noted that the cryptocurrencys recent breakout is setting up for more gains ahead and bitcoins long-term trendline suggests it has plenty of room to run. Meanwhile, the price of gold has hit record highs this week, rallying 8% this month and 28% this year.

Both gold and bitcoin are benefiting from the weakness of the U.S. dollar, Wald continued. Michael Binger, president of Gradient Investments, concurred with Wald about the dollar but he favors gold over bitcoin.

Binger opined: Between the two I would really lean on the gold side here. When you think about it, it is really a Goldilocks environment for gold investors right now. I mean, you have a weak U.S. dollar, you have negative real interest rates. All of this is based on the prospect of rising inflation. While agreeing with the Oppenheimer analyst that bitcoin is a momentum play, Binger still believes that it is not a valid currency yet.

What do you think about the Oppenheimer analysts view? Let us know 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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Major Investment Bank Oppenheimer Bullish on Bitcoin, Highlights Instead of Gold | News - Bitcoin News

ZUG, Switzerland, July 30, 2020 /PRNewswire/ -- Bitcoin Association, the Switzerland-based global industry organization that advances Bitcoin Satoshi Vision (BSV), has named Patrick Prinz, CFA as its new Europe & Operations Manager. Working out of the Association's headquarters in "Crypto Valley" Zug, Switzerland, Prinz will serve two roles advance the business growth ofBitcoin SV throughout Europe and support the operational needs of the organization globally.

Bitcoin Association supports Bitcoin SV because it is the only blockchain protocol adhering to Bitcoin creator Satoshi Nakamoto's original design and vision for Bitcoin to become a peer-to-peer electronic cash system and global data ledger for enterprise.The Bitcoin SV ecosystem has rapidly grown to over 428 known Bitcoin SV projects and venturesworldwide.Developers and businesses are discovering the value of the Bitcoin blockchain when it massively scales a public ledger capable of huge transaction volumes, micropayments, greater data capacity, smart contracts, tokenization, and many advanced applications.

A true believer in this Satoshi Vision for Bitcoin, Prinz has a strong background in financial services and strategy consulting.Most recently, he worked as a senior investment advisor for a global asset management group.Prinz advised on emerging technologies, and discovered the benefits of having a single, massively scalable, public, auditable ledger for storing any type of data and allowing value transfer at a micropayment level only possible using the Bitcoin SV blockchain.

Previously, Prinz was a consultant at a leading strategy consulting firm acting as advisor to international banks on how to incorporate complex regulatory requirements and adapt business models to industry paradigm shifts.He began his career in corporate and investment banking, working at Deutsche Bank and Citi. Prinz holds a Master of Science degree in Banking and Finance and a Bachelor of Science degree in International Business Administration.

Speaking on his appointment, Prinz said: "Bitcoin SV is finally fulfilling the potential that initially excited me about Bitcoin many years ago to achieve efficiencies as the single public data ledger and micropayment system for the world. As I was puzzled by the fact that innovation and development were not happening on BTC, I did my own extensive research and realized that Satoshi Nakamoto's original design and the Bitcoin white paper always had the answers to achieve a massively scalable global public blockchain. With scaling comes efficiency, and with efficiency come innovation and entrepreneurship which is all happening on Bitcoin SV with the emergence of completely new business models powered by microtransactions and the immutable public ledger that Bitcoin is. I am thrilled to join Bitcoin Association to work with businesses and entrepreneurs to educate them on the transformative power which Bitcoin SV brings to the world."

Jimmy Nguyen, Founding President of Bitcoin Association, commented: "With Patrick's addition, we welcome to our team another high-caliber professional with international business experience. Patrick will play a vital role in operational management as we grow our headquarters in Zug, Switzerland.He will also be a strong business voice for Bitcoin SV across Europe with his financial services knowledge, effective communication skills, and passionate belief in Bitcoin's true power."

Patrick's hire is the latest step in the global expansion of Bitcoin Association.He joins two other regional business managers - Lise Li (China) and Ella Qiang (Southeast Asia, based in Singapore) - all with considerable experience in both Bitcoin and business. Additional team members come from the United States, United Kingdom, Australia, China, and New Zealand.The staff is further supported by Bitcoin Association Global Ambassadors in Argentina, Australia, Brazil, China, Germany, Israel, Japan, Netherlands, Panama, Russia and CIS region, the Scandinavia region, Slovenia, South Africa, South Korea, Spain, and the United States.

About Bitcoin Association

Bitcoin Associationis the Switzerland-based global industry organization which advances the Bitcoin SV digital currency and blockchain. Trading as BSV, Bitcoin SV (Satoshi Vision) is the original Bitcoin protocol created by Dr. Craig S. Wright. The Association brings together enterprises, start-up ventures, developers, merchants, exchanges, service providers, blockchain transaction processors (miners), and others in the Bitcoin SV ecosystem to advance the growth of Bitcoin commerce. The Association seeks to build a regulation-friendly ecosystem that fosters lawful conduct while encouraging technology innovation.

To hear from Bitcoin SV industry leaders, attend or watch the CoinGeek Liveconference September 30-October 2, 2020. It will be a hybrid live + virtual event, with live venues in New York, USA and London, UK.

SOURCE Bitcoin Association

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Bitcoin Association hires Patrick Prinz as Europe & Operations Manager to further advance Bitcoin SV - PRNewswire

Cameron Winklevoss, the billionaire founder of cryptocurrency exchange Gemini, believes the next Bitcoin (BTC) bull run will be much different. When compared to previous bull markets, Winklevoss noted that there is substantially more capital, infrastructure, and better projects.

Winklevoss said:

The next Bitcoin bull run will be dramatically different. Today, theres exponentially more capital, human capital, infrastructure, and high-quality projects than in 2017. Not to mention the very real specter of inflation that all fiat regimes face going forward. Buckle up!

Various data points hint at a significant increase in the amount of capital held by investors in the cryptocurrency market. Major cryptocurrency exchanges have also received more regulatory clarity, improving the infrastructure of the market.

Two metrics primarily show that more money could be involved in the latest Bitcoin rally. First, the market capitalization of Tether (USDT) has surpassed $10 billion. Second, the assets under management (AUM) by Grayscale Investments recently achieved a new high.

Tether (USDT) market capitalization hits $10 billion. Source: CoinMarketCap

To date, Tether is the biggest stablecoin in the cryptocurrency market. Investors, especially in countries with regulatory uncertainty, rely on the stablecoin to trade crypto assets. A rapid rise in the market cap of Tether could indicate more money is waiting to deploy on crypto exchanges.

Grayscales crypto-asset trusts are arguably the most widely-utilized investment vehicles by institutions to gain exposure to cryptocurrencies. Within the last quarter, the assets under management in Grayscales suite of products hit an all-time high at $5.1 billion.

Grayscale AUM reached $5.1 billion. Source: Grayscale

Grayscale CEO Barry Silbert said:

In 2013, everybody thought we were crazy for launching a Bitcoin investment fund. Well, look at us now

The confluence of Tethers market cap and Grayscales ballooning assets under management shows that capital held by institutions and retail traders continues to increase substantially.

In 2020, exchanges and banks in the U.S. primarily saw regulatory clarity regarding cryptocurrencies.

The Office of the Comptroller of the Currency of the U.S. (OCC) allows banks to provide and operate crypto custodial solutions. It is essentially a green light for financial institutions in the U.S. to get involved in the cryptocurrency market.

JPMorgan is also reported to have accepted Gemini and Coinbase, two of the largest spot exchanges in the U.S., as clients. Through this, the fear of strained banking relationships affecting exchanges and users has subsided.

Clarity around cryptocurrencies by major U.S. regulators and banks could improve the perception of the asset class by the mainstream. This means if Bitcoin approaches a new bull market, the improved sentiment around the entire industry could benefit BTC adoption and its value.

Overall, projects and companies in both the Bitcoin and crypto markets are seemingly increasing in quality. This is partially due to increased regulatory clarity and the fact that more traditional firms are willing to collaborate with crypto firms.

As an example, Bitcoin Lightning startup Zap is working with Visa and has participated in its Fintech Fast Track Program. This allows Zap to launch Visa cards as a part of the partnership.

Zap CEO Jack Mallers said:

We're contractually obligated to launch one in the next 12 months and we plan on launching one in the next few months.

Better projects, increased capital, and improving infrastructure are resulting in boosted confidence levels among Bitcoin investors and this is raising sentiment across the entire sector. In the medium-term, high-profile investors are hopeful BTC would reflect these factors.

Also, dont miss our upcoming conference Cointelegraph Crypto Traders Live.

More than 30 star speakers including Raoul Pal, John Bollinger, Mike Novogratz, DataDash and Jon Najarian will gather on July 30th to discuss the challenges of crypto trading. Join the show for over 9 hours of crypto trading content!

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Winklevoss Twin: Next Bitcoin Bull Run Will Be Dramatically Different - Cointelegraph

One key metric suggests that Ethereum (ETH) has enjoyed a much faster rate of adoption and growth in the first five years of existence than Bitcoin (BTC).

Comparing the total number of addresses after n days for both Bitcoin and Ethereum. Source: Cointelegraph, Glassnode, Etherscan.

We compared the total number of addresses created in the first five years on both major blockchain networks. While the number of addresses could be a good gauge of the rate adoption, it may not be perfect for various reasons. One reason is that the accounting systems in the two networks are different.

Total number of addresses in the first five years of existence Ethereum versus Bitcoin. Source: Cointelegraph, Glassnode, Etherscan.

In the first 600 days, the growth rate for both networks is quite similar. By mid-2017, however, Ethereums curve became much steeper. The most obvious explanation is the ICO boom. The creation of thousands of ERC20 tokens and their subsequent distribution and trading led to a much greater rate of Ethereum address creation.

Another advantage that Ethereum had from the beginning is that it was standing on the shoulders of Bitcoin and other cryptocurrencies; whereas Bitcoin was the worlds first decentralized electronic currency. Bitcoins adoption was slow and gradual. The slope of its curve never had an uplift similar to the ICO boom.

In another five years, a similar comparison will hopefully still remain relevant.

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Ethereums Adoption Rate After 5 Years Far Exceeds Bitcoins - Cointelegraph

A new study from Bitcoin startup Veriphi finds companies and users sending bitcoin transactions could have saved more than half a billion dollars in fees if all companies, including wallets and exchanges, had used the most up-to-date technology.

Each bitcoin transaction has an optional fee tacked on. Users have the ability to choose the amount of this fee. If the Bitcoin blockchain is particularly busy, seeing too many transactions at once, a higher fee will ensure a transaction gets picked up by miners and goes through faster.

Bitcoin fees cost an average of about $3 per transaction, according to Bitcoin statistic site bitinfocharts. Fees rise with demand. There have been times in Bitcoins history, particularly in 2017, when fees exploded due to increasing demand. Bitcoin has limited space for transactions, so users had to pay higher fees if they wanted their transaction to go through faster.

These fees are a pain, so bitcoin developers have spent a lot of energy on carving out more Bitcoin block space to make room for new users and their transactions while keeping within the actual block-size constraint of 1 MB.

Transaction batching and SegWit

Veriphis report concludes companies could have saved 21,131.97 BTC in fees (worth $195 million) if all transactions from January 2012 to June 2020 had used a technique called transaction batching.

Transaction batching is a way of sending multiple transactions at once in order to cut down on paying for each individual transaction. This option is more likely to be used by companies, like exchanges Coinbase and Kraken, which send several transactions at once, rather than singular users.

Plus, users could have saved 36,685.72 BTC in fees (worth $339 million) if SegWit had been used on all transactions from August 2017 to June 2020. That adds up to a total of 57,817.69 BTC, worth more than $534 million at the time the report was released.

SegWit, officially added to Bitcoin in 2017, is a technology that allows for more space for transactions per block.

Even though SegWit was activated nearly three years ago, each individual wallet and bitcoin service needs to individually add support for these types of transactions. In some cases, individual users still need to opt in to using SegWit-enabled addresses for their transactions.

As can be expected, wallets and other bitcoin services have so far adopted SegWit at their own pace. Adding a new way to send transactions isnt a trivial task and requires engineering bandwidth; as such, some companies have not prioritized making the necessary infrastructure changes to their platforms.

If average fees grow higher than users would like, however, users who want to save on fees may jump from these slow-to-act platforms over to a bitcoin wallet or exchange thats adopted SegWit.

Bitcoin fees and the next bull run

That said, Gustavo J. Flores, Veriphi head of product and research argued that both SegWit and transaction batching have been around for years. And users of these wallets and services could have saved a lot of money if these technologies had been used for that entire time.

I saw the news a couple of months ago of Coinbase integrating transaction batching into their system and I thought how late that was, given that batching has been around since 2011 or 2012. We were wondering, how big was the impact of all these companies and users that hadnt adopted batching and Segwit? And it turned out to be a pretty substantial number: half a billion dollars, Flores told CoinDesk.

Now that bitcoins price has jumped to more than $11,000, perhaps signalling the start of the next bull run, its time to consider a scenario where fees might be on the rise again.

In the report, Veriphi encourages any person or entity responsible for sending many transactions to think about best practices for saving money on fees.

The savings potential presented is significant and those conducting large amounts of transactions should seriously consider employing these tools in order to remain competitive and save money.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Bitcoin Scaling Tech Could Have Saved Companies and Users $500M in Fees: Report - CoinDesk - CoinDesk

Bitcoin prices surged past the $11,000 level on Tuesday, marking a steep recovery from its recent lows of around $5,000 in March 2020. The cryptocurrency was trading at around $10,972 at the time of writing this report on Wednesday.

The covid-19 crisis had battered financial assets across the world in March, including cryptocurrencies. Along with the rebound in prices, interest in cryptocurrency in India has also staged a recovery, say experts. A Supreme Court of India ruling in March, striking down the Reserve Bank of Indias (RBI) ban on crypto payments imposed in 2018 has also acted as a tailwind for the cryptocurrency investment.

There is a huge positive sentiment around Bitcoin right now. With its prices going up, a lot of dormant holders are coming back and traders are trading more to book profits. Bitcoins price rally is also causing other altcoin prices to increase. As a result, were seeing a big jump in our trading volume. It will be exciting to see where Bitcoin price lands next," said Nischal Shetty, founder and CEO, WazirX, a cryptocurrency exchange in India.

Altcoins are other cryptocurrencies that were launched after the success of Bitcoin.

Sumit Gupta, co-founder and CEO, CoinDCX, another cryptocurrency exchange, outlined two reasons for the rebound. The surge in bitcoin prices comes amid a rush for safe-haven assets that are considered alternatives to cash and stocks. It has been fueled by the covid-19 pandemic that has driven the global economy into a recession," he said. Theres also the decreased supply of available bitcoin, attributed to the halving of coins in circulation that happened earlier this year," he added.

An inbuilt feature of bitcoin mining is the halving of rewards given to bitcoin miners for mining the cryptocurrency periodically (usually every four years). This tends to cut in half, the new bitcoin that is released into circulation.

Ajeet Khurana, member, Blockchain and Cryptocurrency Committee of the Internet and Mobile Association of India (IAMAI) and former CEO of Zebpay focused more on the participants in the crypto market to explain the surge in bitcoin prices.

The common investor in any asset class is primarily driven by asset price inflation. The trader in an asset class is driven by volatility, and expects to make money on price movements in both directions. For both of these, bitcoin has been a delight in the recent past," he explained.

Khurana also believes that crypto investors do not invest in other asset classes and hence the rise in bitcoin prices could fuel a surge in crypto market participants, both investors and traders. In other words, the cult-like following of cryptocurrency gets strengthened when there is a rally in its prices.

Despite the Supreme Court ruling on RBIs payments ban, cryptocurrency still does not have a regulatory framework in India. Moreover, a draft government bill may criminalize the mere possession of cryptocurrency in its current form as we reported here.

Investors should take this into account while evaluating the cryptocurrency market.

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As Bitcoin tops $11,000 level, investor interest in India on the rise - Livemint

Bitcoin's price may be soaring, but so are transaction fees. In the past month, the average cost of sending Bitcoin has risen by more than 525%.

Per data from Bitinfocharts, Bitcoin's transaction fees currently average $5.80 a pop. The vast majority of the spike was realized in the last three days, coinciding with Bitcoin surpassing $11,000. Fees have doubled in just the last three days.

Fees typically spike with higher network usage and given Bitcoin's recent rally above $11,000 as well as the added demand it's generatedits not a big surprise.

The high fees correspond with the jamming of Bitcoin's transaction queue, known as the mempool. Mempool data peaked on July 24, with around 80 megabytes worth of transactions waiting to be processed on the network. When theres a backlog, those wanting to send Bitcoin raise fees so that theyre processed quicker (because miners are more likely to process transactions with higher fees).

The last time Bitcoin transaction fees rose this high was back in May. After Bitcoin's quadrennial halving, the average Bitcoin fee observed a two-year high of around $6.60. It dropped back down afterwards, which should happen this time around too.

Network fees on Bitcoin's closest rival Ethereum are also spiking, up 180% this month, and hitting $1.4 on average. And its having a knock-on effect on the decentralized finance (DeFi) industry. With higher transaction fees, DeFi apps, such as Compound and Uniswap, end up becoming much more costly to use.

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Bitcoin fees have spiked 500% this month - Decrypt

Onchain data shows that bitcoins breakout above $11,000 puts 93% of the circulating supply in a state of profit. Additionally, seven-day metrics show that bitcoins realized price has recovered from the low that took place on March 12.

The research and analysis firm Glassnode revealed that when the price of bitcoin (BTC) is over the $11,000 range, 93% of bitcoin in circulation becomes profitable. At the time of publication, BTC has been struggling to hold that momentum as the price has shifted below the $11k range a couple of times on Tuesday.

The spike on Tuesday led to a decent jump in onchain profits Glassnode detailed on Twitter.

BTCs break above $11,000 has led to a sharp increase in the onchain supply in profit. Currently, almost 93% of the circulating bitcoin supply is in a state of profit the highest level in over a year, the analytics firm tweeted.

Moreover, BTC has recovered from the March 12 (Black Thursday) market rout. Data shows that the crypto assets realized price has turned Black Thursdays trend upside down. Glassnodes charts set for seven-day statistics also indicate that realized price has doubled.

To add to those stats, bitcoin (BTC) charts show that long term holding has touched a new high. 62% of Bitcoin supply (11,400,000 BTC) has not moved in at least a year, the bitcoiner Kevin Rooke told his 11,000 Twitter followers on Monday.

Furthermore, BTC profitible days stats from the web portal Lookintobitcoin shows that the crypto asset has been profitable over 97% of its lifespan.

The current optimism in the world of cryptocurrencies has been quite different this time around as the world is dealing with the reaction to Covid-19 and the faltering economy.

During the last few days, the USD and U.S. bonds have weakened considerably and many economists think the central bank will suppress benchmark interest rates this week. Vijay Ayyar, head of business development at Luno believes that central banks will keep bolstering crypto assets like BTC.

My view is that with the major governments declaring unprecedented stimulus packages we will see continued bullish momentum across markets. So that includes equities and gold as well. And BTC and crypto will follow in this regard. Added to the fact that a vaccine seems within reach as well now, no reason to be bearish near term, Ayyar said.

With a lifespan of 97% profitability and 93% when the price is over $11,000 is a good sign crypto proponents. However, bitcoin mining operations need another $1,500 more for miners to start prospering, as they did before the May 11 halving.

A report from the blockchain analytics provider Tradeblock shows that $12,525 per BTC would bring miners over the edge and $15,062 per coin would improve profits a great deal.

What do you think about BTC profitability after bitcoins recent runup? Let us know what you think in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Glassnode, Lookintobitcoin,

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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93% of Bitcoin's Supply Profitable at $11K, 'Realized Price' Recovers from Black Thursday - Bitcoin News

The Tether Treasury has minted $540 million of its US dollar-backed stablecoin in the last three days, as Bitcoins price rallied above $11,000.

According to Whale Alert, $300 million was created today on the Tron network, after two previous mints of $120 million on Ethereum in the past three days.

Crypto exchange Bitfinex and Tether CTO Paolo Ardoino explained on Twitter that the transactions were to replenish the inventory, in preparation for more demand.

Note this is a (sic) authorized but not issued transaction, meaning that this amount will be used as inventory for next period issuance requests, he said.

Tether is the most commonly used stablecoin with a market cap of $10 billion. Its value is pegged to the US dollar, enabling it to avoid the price fluctuations typical of most cryptocurrencies.

As Decrypt reported, Bitcoin broke the $10,000 and $11,000 marks on July 2627, driving the crypto market into a strong rally. As a result, trading volumes have doubled and Bitcoin is being pumped back into exchanges. It's no wonder that demand for Tether is on the rise.

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Tether mints $540 million during Bitcoin price rally - Decrypt