Bitcoin, after a prolonged period of stability, has suddenly leaped higherjumping over the closely-watched $10,000 per bitcoin level for the first time since June and surging toward $12,000.

The bitcoin price has added some 20% over the last seven days, hitting highs of $11,420 on the Luxembourg-based Bitstamp exchange, amid equity market jitters and a rally in the price of gold, considered a safe haven asset.

However, some market watchers have warned the recent bitcoin price gains might not lastwith the options market signalling just a 7% probability of bitcoin returning to its all-time high of around $20,000 before the end of 2020.

The bitcoin price has surged higher, following the price of gold.

"Our view for the balance of 2020 is still high volatility with a year end of around $7,000 [per bitcoin] with a drive higher to new highs in 2021," Gavin Smith, the chief executive of bitcoin and crypto consortium Panxora, said via email following the publication of Finder's latest cryptocurrency prediction report, adding he expects "a short term washout this year before the true rally takes hold."

"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."

In March, the bitcoin price fell sharply, in line with global stocks and other commodities, as the coronavirus pandemic spread around the world and countries went into lockdown to contain it.

The bitcoin price quickly bounced back, boosted by a highly-anticipated supply squeeze and bullish signals including investment giant Paul Tudor Jones revealing he was buying bitcoin as a potential hedge against the inflation unprecedented central bank stimulus measures designed to prop up coronavirus-hit economies could bring.

Smith's warning chimes with comments made by Binance chief executive Changpeng Zhao (CZ) last week, who said bitcoin is still tied to the stock market and a future crash could send the bitcoin price lower.

"People should not take the description of bitcoin as a safe haven asset too literally," CZ told Bloomberg.

The bitcoin price suddenly rallied over the last couple of days after trading sideways since early ... [+] May.

Others have also warned the bitcoin price could be heading lower in the short term.

"There wont be as much money going into bitcoin while people try to survive," Jimmy Song, author of Programming Bitcoin, said in Finder's Cryptocurrency Predictions 2020 report.

"Until the prices rise in the grocery store, bitcoin wont really start taking off. I suspect thatll take another nine months or so."

Finder's report, released last week ahead of bitcoin's surge toward $11,000, revealed half of the 28 bitcoin and crypto experts surveyed thought it was the right time to buy bitcoin, with 32% recommending investors hold and 18% saying it was time to sell.

Another panelist, University of New South Wales associate professor of finance, Elvira Sojli, said she expects the bitcoin price to be under $10,000 by December 31 2020. The panel's consensus was for the bitcoin price to climb to just under $13,000 by the end of the year.

"If anything, the second or third wave of Covid-19 may drive [the bitcoin price] down," Sojli said, pointing to the coronavirus' devastating economic impact.

Meanwhile, as bitcoin began its rally to $12,000, the bitcoin options market was signalling just 7% probability of the price returning to its all-time high of $20,000 per bitcoin, data from crypto derivatives analytics firm Skew revealed, with the market putting the odds of $10,000 per bitcoin by Christmas at around 50%.

"Options market is repricing quickly the probability of [new highs] by the end of the year, from 4% to 7% over the last week," Skew chief executive Emmanuel Goh told bitcoin and crypto news site Coindesk.

Bitcoin options data suggests there's less than a 10% chance the bitcoin price will return to its ... [+] all-time highs this year.

Elsewhere, others are confident the bitcoin price is going to continue to soar.

"There are significant changes since March in the way that institutional investors view bitcoin," Joe DiPasquale, the chief executive of BitBull Capital, said via email.

"Now that institutions have moved into bitcoin in 2020, the price has shown more support over the last couple of months. We will not see a repeat of the March crash, but bitcoin will still remain somewhat more volatile than equities."

"I think the price needs to take a bit of breatherit has moved quite a lot in a short-period of time," Bill Herrmann, the managing partner of hedge fund Wilshire Phoenix, said via email, adding he could see the bitcoin price hit its all-time highs by the end of the year "if we continue to receive regulatory clarity and continued institutional adoption," pointing to last weeks decision by the U.S. Office of the Comptroller of the Currency to allow banks in the country to custody digital assets as triggering the latest rally.

"It is huge for the space and that should serve as a tailwind for quite some time."

Trying to forecast bitcoin price moves has proven difficult, however, and some have warned against trying to predict market moves.

"Predicting the price of bitcoin on an exact timeline is a fools errand," Peter Wall, the CEO of UK-listed crypto miner Argo Blockchain, said via email, though adding he is "very optimistic in the medium to long-term, as we believe bitcoin will again be one of the best performing asset classes in the coming months and years."

More:
Bitcoin Just Suddenly Surged Toward $12,000 But Now Might Not Be The Time To BuyHeres Why - Forbes

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.

Read more from the original source:
TD9 and Exchange Inflows: Reasons for Caution as Bitcoin Hits $10,440 - Cointelegraph

Silvergate Bank continued to add a steady drip of crypto customers in the second quarter of 2020 but its issuance of bitcoin-collateralized loans grew by $10 million, outperforming the growth of its real estate loan book by 10x.

According to its latest earnings report, released Monday morning, the banks traditional loan portfolio a real estateheavy loan book of about $1.1 billion only increased by $1 million from the first quarter. Bitcoin-collateralized loans through the banks SEN Leverage product surged by $10 million in the first quarter.

The uptick from $12.5 million to $22.5 million represents 80% quarter-over-quarter growth for the product, which is part of the Silvergate Exchange Network (SEN).

The publicly traded La Jolla, Calif.-based bank is one of the few U.S. banks willing to openly serve crypto-related businesses and has most of its deposits from the crypto sector. The bank went public on the New York Stock Exchange under the trading symbol SI in November. With $2.34 billion in total assets, Silvergate is less than 1% the size of JPMorgan Chase, a $3.1 trillion behemoth.

Key stats from the earnings report include:

The bank continues to have a steady pipeline of more than 200 customers waiting to be onboarded, Silvergate CEO Alan Lane said in a press release.

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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Silvergate's Bitcoin-Backed Lending Product Grew 80% in the Last Quarter - CoinDesk - CoinDesk

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 jumped above $10,000 for the first time since early June after relatively muted recent price action.

The digital currency was trading at$10,196.27 at around 12:31 p.m. Singapore time, 2.55% higher than 24 hours previously, according to data from Coindesk.

Bitcoin last crossed $10,000 on June 3 and has since seen a steady decline.But over the last 7 days, Bitcoin has risen nearly 11%.

Vijay Ayyar,head of business development at cryptocurrency exchange Luno, told CNBC that large players were debating whether to sell off their bitcoin to smaller entrants in the market which could push the price lower and make it more attractive for the bigger traders to buy more of the digital asset.

"This doesn't seem to have happened," Ayyar said. "What we have unfolding is potentially re-accumulation by big players, joined by smaller traders in an attempt to push BTC higher past 10K and more past 10.5K, which is the big resistance level, where BTC last put in a high."

"We still haven't broken the 10.5K level, if that happens, BTC is probably running to 15K. All signs point to that at this point," he added.

While bitcoin was higher last week, major Wall Street indices including the S&P 500 were lower. Gold, however, continued to rise and hit a record high on Monday. Gold is seen as a so-called safe-haven asset that investors buy in times of uncertainty.

Bitcoin has sometimes been called "digital gold" with advocates saying it could be a good safe-haven investment. However, bitcoin has tended to trade closer to equity markets in recent times and is known for its huge volatility.

Both equity markets and gold have been supported by recent economic stimulus packages from governments and central banks around the world in a bid to help fight the economic fallout from the coronavirus pandemic. For example, the European Union reached a nearly 2 trillion euro recovery plan last week.

In addition, investors are closely watching the numerous coronavirus vaccines being developed around the world. Recently, Oxford University carried out early-stage human trials with pharmaceutical giantAstraZeneca. The drug produced a promising immune response, according todata published in the medical journal The Lancet.

Ayyar said that bitcoin could benefit from these stimulus measures as well as hopes for a vaccine.

"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 on this regard. Added to the fact that a vaccine seems within reach as well now, no reason to be bearish near term," Ayyar said.

Originally posted here:
Bitcoin jumps above $10,000 for the first time since June - CNBC

Bitcoin has at last broken convincingly above the all-important $10,000 mark, but why has it struggled so much in recent months when gold has soared to an all-time high?

Earlier this year, digital-asset investors were aflutter over the trillions of dollars of central bank money injections in response to the coronavirus-induced global recession. The bet was the flood of liquidity would eventually lead to inflation, in turn driving up prices for both gold, historically seen as a hedge against currency debasement, and bitcoin, sometimes referred to as digital gold or Gold 2.0 due to its scarce supply.

Youre readingFirst Mover, CoinDesks daily markets newsletter. Assembled by the CoinDesk Markets Team, First Mover starts your day with the most up-to-date sentiment around crypto markets, which of course never close, putting in context every wild swing in bitcoin and more. We follow the money so you dont have to. You cansubscribe here.

Yet, since the end of April, when the coronavirus-related market gyrations subsided, bitcoin has lagged behind gold, frustrating the cryptocurrencys investment narrative.

Gold prices have surged during the period, last week topping the all-time closing high of $1,891.90 an ounce reached in 2011, and are now trading at a record intraday high of $1,940 per ounce. The previous lifetime high of $1,921 was reached in September 2011.

Bitcoin, meanwhile, has been stuck in a narrow trading range since April and only just last night clambered to $10,200, a level not far off half of its all-time-high of $20,000 reached in 2017.

According to a handful of investors and analysts interviewed by CoinDesk, bitcoin is far less mature than gold and thus may lack a credible history as an inflation hedge. So its struggled to draw hedging bids despite a recent uptick in inflation expectations.

Bitcoins inflation sensitivity hasnt been tested in the last 10 years as there hasnt been a sustained rise in price pressures. Charlie Morris, founder of the investment firm ByteTree Asset Management, said in an audio interview via WhatsApp.

Its a shift in tone from a few months ago, when the bullish hype over bitcoin was so ubiquitous it crowded out any reservations about bitcoins limited trading history or market size. Suddenly, theres no shortage of caveats to explain why bitcoin hasnt reflected the inflation expectations that seem to be buoying gold.

To add insult to injury, other corners of cryptocurrency markets are white-hot: ether, the second-largest cryptocurrency after bitcoin, has gained some 150% this year. Bitcoin is up 42% in 2020.

Bitcoin has its own microeconomics very unique to crypto, including mining difficulty cycles, the changing regulatory environment and other factors that have little to do with inflation, Richard Rosenblum, co-founder of GSR, told First Mover in a Telegram chat.

U.S. inflation expectations, as implied in the market for the U.S. 10-year breakeven inflation rate, have risen to 1.51%, the highest since February. Theyve climbed from 0.5% on March 19, as the Federal Reserves balance sheet expanded by more than $3 trillion.

Bitcoin initially rose alongside the uptick in inflation expectations. The move from $3,867 to $10,000 seen in the two months to mid-May was likely fueled by the bullish narrative surrounding the May 12 halving. Since then, the cryptocurrency was locked in the range of $9,000 to $10,000 up until July 26, while inflation expectations continued to rise.

Gold, however, has drawn a consistent bid over the past four months, given its long history of serving as an inflation hedge, according to Joseph Trevisani, an analyst at FXStreet and former proprietary trader at Credit Suisse.

The yellow metal rose by an average 15% in real or inflation adjusted terms in the eight years between 1974 to 2008 when annual U.S. inflation, as measured by the consumer price index, was above 5%, according to the Journal of Wealth Management. Gold more than doubled to about $1,920 from $850 in the three years following the mid-2008 crash, as the Feds emergency liquidity injections pushed inflation expectations higher.

Golds history as an inflation hedge is well known, Trevisani told First Mover in a Slack chat. Gold is a long-standing hedge against catastrophe. Bitcoin is not, or at least it is unproven.

Indeed, bitcoins entire existence, since it was launched in early 2009, has taken place in a low inflation environment. The 10-year breakeven inflation rate fell from 1.6% to -0.62% in the two years through 2013, and it remained stuck in a range between 0% and 0.8% from 2014 to January 2020. Thats well below the Feds 2% target for annual inflation.

The gold market, at around $10 trillion, has sufficient depth and liquidity to absorb large hedging-related or haven inflows. Bitcoins market capitalization is comparatively paltry, at $189 billion.

Gold is like a tanker, while bitcoin is much more like a speedboat, Gavin Smith, CEO of the cryptocurrency hedge fund Panxora, told First Mover in a telephone interview. However, looking out three to five years, youll see the trajectory of both, and youll say both were an inflation play.

Another factor stopping institutions and other traditional investors from making big portfolio allocations to bitcoin is a belief that its price action and network fundamentals arent as intimately connected as gold to the fate of the global economy.

Bitcoin is interesting but I think that it tells us little about anything in the real world, Marc Chandler, a former chief currency strategist for the giant British bank HSBC, told First Mover in a LinkedIn chat.

Central banks, which dont invest in bitcoin, often buy gold in times of stress, and they were net buyers during the virus-stricken first quarter, according to the data source Gold Hub.

Nothing is up quite as much as gold, Mati Greenspan, founder of the cryptocurrency and foreign-exchange analysis firm Quantum Economics, wrote Friday in an email to subscribers. The absence of a major bitcoin rally is also a bit puzzling, especially as one of the leading narratives for the current action in gold is the lack of confidence in central banks. Possibly it will join in later on. I guess well see.

After bitcoins rise on Sunday, only time will tell if that process has just started.

Tweet of the day

Bitcoin watch

BTC: Price: $10,241 (BPI) | 24-Hr High: $10,334 | 24-Hr Low: $9,829

Trend:Bitcoin may be on the cusp of major bull run, having cleared a major resistance at the weekend, according to one analyst.

The cryptocurrency jumped over 8% in the seven days to July 26, violating a trendline connecting the December 2017 and July 2019 highs. This could be the real deal, we could be on the first serious step towards a bull run of epic magnitude, popular analyst Lark Davis tweeted early on Monday.

Some traders are now betting on a move to $20,000 over the next four months. Indeed, the breakout above the 2.5-year-long falling trendline is a major bullish development. However, BTC is yet to cross above resistance at $10,400 a horizontal resistance line drawn linking the February and June highs.

The cryptocurrency has failed multiple times to keep gains above $10,000 over the last 12 months. As such, the bulls would be better off observing caution as long as prices are held below $10,400.

A break above that level, if confirmed, would open the doors to $11,000. On the other hand, a failure to establish a strong foothold above $10,000 could invite stronger selling pressure.

At press time, bitcoin is changing hands near $10,241, representing a 3% gain on the day.

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.

Read more:
First Mover: Bitcoin at Last Passes $10K, but Why Has It Struggled While Gold Shone? - CoinDesk - CoinDesk

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

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

Payments provider Visa has announced plans to incorporate cryptocurrencies such as Bitcoin (BTC) into its payments network.

With access to over 61 million merchants globally, Visa is one of the largest payment companies to create a roadmap for adopting cryptocurrencies on its platform. Visa acknowledges that the advent of Bitcoin and stablecoins such as Tether are a form of financial innovation that has brought benefits to consumers and merchants. In that sense, they highlight the rapid expansion that cryptocurrencies have reached as a payment method. In May 2020, circulation with cryptocurrencies reached USD 10 billion.

One of the relevant obstacles in Visas roadmap is the position of politicians, regulators, and other government entities. The payment company said it has been working with regulated entities, including Coinbase and Fold, to create a bridge between digital currencies and its payment network. As a result, 25 crypto wallets are linked to the services offered by Visa. This way, users of these services can use their funds in cryptocurrencies to spend them with Visa cards or a prepaid credential, according to crypto-news-flash.com.

Read the rest here:
Visa to offer Bitcoin, Ethereum, and Ripple payments - The Paypers

BOTS, Inc., an emerging innovator of products, technologies, and services for the rapidly growing digital robotic automation and manufacturing industry announced that it is in the process of repurposing and renaming FIRST BITCOIN 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 State of America heralded by former presidential candidate Andrew Yang, however, our 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.

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Bots, Inc. and First Bitcoin Capital 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 August 30, 2020.

This asset isonly 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, a cryptocurrency based on a unique blockchain similar to an improved version of Litecoin.

Additionally BOTS, Inc. in conjunction with First Bitcoin Capital has generated managed units of a newly minted cryptocurrency based on Bitcoins blockchain utilizing the Omni protocols also used by Tether (COIN:USDT) in an effort to alternatively fulfill Yangs vision, defined as follows:

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Universal Basic Income 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.

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 will 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.

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BOTS, Inc. to Repurpose the First Bitcoin Cryptocurrency BIT - AiThority

This is in addition to suffering pricing blows, owing to the economic fallout from the novel coronavirus outbreak. This virtual coin trading platform has been going through its third so-called halving on May 11, that had cut the rewards that were being given to those that have been mining bitcoin to 6.25 coins from 12.5.

Also, the halving has been affecting the supply side of bitcoin and has also increased the time that was being needed for the miners to find their break-even point.

This calls for news, even more, news when popular Indian YouTuber Ajay Nagar, aka CarryMinati, was the latest victim of the ongoing Bitcoin scam on YouTube. As per reports, two bitcoin giveaway scam promotional videos were being reportedly posted on the channel. These videos showed had displayed bitcoin addresses. One of these even featured an image of SpaceX and Tesla CEO Elon Musk supposedly giving away Bitcoin.

However, this isnt really the first time that Bitcoin giveaway scams have made their way on YouTube. Reports also state that fake Bitcoin giveaways from channels that claim to belong to Elon Musk had scammed users out of $150,000. The scammers also recently had attempted to use the double your money cons, specifically to target VET token holders. As of now, YouTubes legal platform said that the platform is immune from liability for cryptocurrency scams that had perpetrated as a part of its video content or its descriptions.

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Gairika Mitra is a Senior Correspondent with Express Computer. She loves accumulating knowledge on the IT-sphere and also distributing the same. She can be reached at [emailprotected]

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Bitcoin Rises More Than $10,000 First Time Since Early June - Express Computer