For the fifth straight week, bitcoin is locked in a low-volatility squeeze similar to one seen ahead of a sudden $2,350 rally in October 2019.

While the cryptocurrency has leapt over 4% in the past 24 hours, prices still remain trapped between $9,000 and $10,000. In fact, the top cryptocurrency by market value has spent the better part of the last two months trading in that narrow range, according to CoinDesks Bitcoin Price Index.

Due to the persistent lack of clear directional bias, the Bollinger bandwidth, a price volatility gauge, has declined to 0.08, the lowest level since mid-October 2019.

Bollinger bands are placed two standard deviations above and below the 20-day moving average (MA) of price. Meanwhile, the Bollinger band width is calculated by dividing the spread between the volatility bands by the 20-day MA.

Bitcoin witnessed a bull-bear tug of war in the range of $7,700$8,600 for over three weeks, starting from Sept. 26, 2019 (above right). As volatility fell, the Bollinger bandwidth declined to 0.08 on Oct. 17.

A prolonged period of low-volatility consolidation often paves the way for a big move in either direction, according to technical analysis theory. Thats what happened in four days after Oct. 17. The cryptocurrency suffered a minor drop from $8,000 to $7,300 on Oct 22-23 only to rise sharply to $10,350 by Oct. 26.Essentially, prices rallied by $2,350 in the nine days following the volatility gauges drop to 0.08.

Over the past two years, there have been a number of instances where a below-0.10 reading on the bandwidth indicator marked a sudden explosion in volatility.

The sudden upswings in prices seen in early January 2020 and April 2019 were both preceded by a drop in bandwidth to below 0.10.

Its important to note, of course, that prolonged consolidation only promises big moves, and does imply anything about the ultimate direction of prices. In the past, bouts of low-volatility trading have ended with big price slides, too.

So, if history is a guide bitcoin may well break out of its restricted trading range over the next few days.

In traditional markets, options traders often take straddles in a bid to profit from an impending strong directional move following a dull trading environment. The non-directional strategy comprises buying both calls (bullish bets) and puts (bearish bets). Goldman Sachs, for example, likes straddling when stock volatility is low.

While the future direction of prices is uncertain, with central banks taking unprecedented steps to counter the coronavirus-induced recession with massive stimulus packages, the fundamentals may be aligned in favor of a big bullish move.

Further, investors look to be adding bets to position for a rally in the cryptocurrency, according to options market data.

The Chicago Mercantile Exchange appears to be stepping up its options presence as were seeing some larger orders come into the market with mainly call buying from 11k-13k one to three months forward, said Chris Thomas, head of digital assets at Swissquote Bank.

Disclosure:The author holds no cryptocurrency assetsat the time of writing.

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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The Last Time Volatility Was This Low Bitcoin Went On to Rally By $2K - CoinDesk - CoinDesk

There are 21 million Bitcoin. Thats it. Once theyre all mined, which should occur in around 2140, no new Bitcoin will enter circulation.

The Bitcoin blockchain was designed around the principle of controlled supply, which means only a fixed number of newly minted Bitcoin can be mined each year until a total of 21 million coins have been minted.

Once all 21 million BTC have been mined, the network will largely operate the same as it does now, but with one crucial difference for miners.

Approximately every ten minutes, Bitcoin miners discover a new block, solving a cryptographic puzzle that allows the successful miner to add the newly discovered block to the blockchain. This block is filled with transactions that were previously waiting in the Bitcoin memory pool, usually chosen based on the size of the transaction fee they provide to miners.

In return for discovering a block, the miner receives a fixed Bitcoin block reward. When Bitcoin first launched, the reward was set at 50 BTCbut it halves periodically, after 210,000 new blocks have been discovered. That happens roughly every four years, reducing the reward to 25 BTC, 12.5 BTC, 6.25 BTC, and so on. Three halvings have been completed so far; the most recent Bitcoin halving occurred on May 11, cutting the block reward to 6.25 BTC.

Bitcoin miners will be able to continue earning block rewards until a total of 21 million BTC has been minted, after which no new Bitcoin will enter circulation. Currently, around 18.4 million BTC has been produced, equivalent to minting 87.6% of the maximum supply in just over a decade. But it will take another 120 years before the last Bitcoin ever is minted, due to the gradual reduction that occurs every four years as a result of the halving process.

Once all 21 million Bitcoin have been minted, Bitcoin miners will still be able to participate in the block discovery process, but they wont be incentivized in the form of a Bitcoin block reward. Thats not to say they wont be rewarded at all, though.

As well as block rewards, Bitcoin miners also receive all the fees spent on the transactions included in each newly discovered block. Currently, transaction fees make up a small proportion of a miners revenues, since miners currently mint around 900 BTC (~$8.5 million) a day, but earn between 30 to 50 BTC ($285,000 to $475,000) in transaction fees each day. That means transaction fees currently make up as little as 3.3% of a miners revenuebut in 2140, thatll shoot up to 100%.

"Changes to the Bitcoin ecosystem could drive significant changes in miner adoption even after the block rewards stop"

Simon Kim

Losing the block reward wont disincentivize miners, according to Simon Kim, CEO of VC fund #Hashed. Changes to the Bitcoin ecosystem and its place as a key currency in the virtual world could drive significant changes in miner adoption even after the block rewards stop, Kim told Decrypt.

Its true that switching to a pure transaction fee-based rewards would almost certainly decimate the mining network now, since few Bitcoin miners would be able to profitably mine Bitcoin if they received just 3.3% of their typical rewards. However, if the network were to explode in usage, then competition for block space could increase dramatically, which would likely lead to increased transaction fee rewards for minerssimilar to what was seen during Bitcoin's 2017 bull run.

At its peak in December 2017, the total transaction fees paid per day spiked to 1,495 BTC at a time when Bitcoin was valued at $14,000. As a result, miners earned a total of $21 million in transaction fees that daymore than miners currently earn from the block reward, indicating that something similar could occur in the future.

Another possibility on the cards is that the reward mechanism for Bitcoin could change some time before the final block is mined. Luka Bokin, CMO of crypto trading platform NewsCrypto, argued that as the number of BTC produced through mining decreases, Bitcoin will undergo significant changes to its protocol. That could eventually include a switch to a more environmentally friendly consensus mechanism like Proof of Stake or another successor to Proof of Work, he told Decrypt.

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What will happen to Bitcoin after all 21 million are mined? - Decrypt

Jim Rogers, who cofounded the Quantum Fund with billionaire investor George Soros, has shared his view on bitcoin, its use as money, and governments response to the growing use of cryptocurrency. He predicts that central banks will not let uncontrolled money be used.

Famous investor Jim Rogers shared his prediction about the future bitcoin and cryptocurrency in an interview with Asahi Shimbun Singapore branch manager Koji Nishimura, published on Friday. Rogers cofounded the Quantum Fund in 1973 with billionaire investor George Soros, which was considered one of the most successful hedge funds in its heyday. They earned a 4,200% return over 10 years through 1980 compared to 47% for the S&P 500.

Rogers believes that if cryptocurrency succeeds in being used as money, instead of primarily for speculation, governments will intervene, making it illegal in order to stop its use. For this reason, I believe that the [value of] virtual currencies represented by bitcoin will decline and eventually become zero, he told the publication. It is hard for us to move money without the control of the government, Rogers said, elaborating:

The government wants to know everything. Controllable electronic money will survive, and virtual currencies beyond the influence of the government will be eliminated.

Rogers explained that cryptocurrency markets are volatile, particularly during the global economic crisis. Even though cryptocurrencies did not even exist a few years ago, in the blink of an eye, they become 100 and 1,000 times more valuable This is a clear bubble and I dont know the right price, he opined, emphasizing that cryptocurrency is not an investment but gambling.

He proceeded to talk about electronic money. Governments like electronic money because with electronic money, you can keep track of when, where, who spent and how much. Governments will have more control over people through electronic money, the investing guru described. Electronic money has a low issuing cost. Cash must be printed, carried and counted. It is expensive for the government.

However, cryptocurrencies beyond the control of governments will not be accepted as money, Rogers believes, adding that those who work on cryptocurrencies think they are smarter than the government. However, the government has something that those who work with virtual currencies dont have. Its a gun. For this reason, he said, I believe that virtual currency will disappear eventually.

He believes that governments will never let bitcoin be used as money. Only 100 years ago, we could use whatever we liked as money. You could use coins, gold, silver, or shells. Banks could also print the bills themselves. That was legal, he was quoted as saying. However, in the mid-1930s, the Bank of England declared that using any type of money other than the money it issued was illegal, Rogers pointed out. As a result, no one used money other than that issued by the Bank of England, he described, predicting that the same will happen to cryptocurrency.

While admitting that a society where governments know too much about our actions is unfavorable, he believes that cryptocurrency beyond the control of the government will not be widely distributed as money.

While Rogers is not bullish on cryptocurrency, many institutional investors are increasingly interested in investing in this asset class. Fidelity Digital Assets recently conducted a survey of about 800 institutional investors in Europe and the U.S. and found that 80% of them find cryptocurrency appealing, while 60% feel cryptocurrencies have a place in their portfolios. Grayscale Investments also sees increasing demand for crypto investments.

Well-known hedge fund managers such as Paul Tudor Jones have been growing their bitcoin holdings. Jones said he has about 2% of his assets in bitcoin. Other billionaire investors who are bullish on bitcoin include Virgin Galactic chairman Chamath Palihapitiya and Galaxy Digital CEO Mike Novogratz.

What do you think about Jim Rogers view of bitcoin? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Nikkei Asian Review

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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Jim Rogers Discusses Bitcoin as Money and Why Governments Will Stop Crypto | News - Bitcoin News

This week digital currency enthusiasts have been discussing network fees, specifically transaction fees associated with the Bitcoin and Ethereum blockchains. Last Sunday on June 21, one Ethereum proponent noted that during the last 16 days, Ethereum users have paid more to leverage the network than Bitcoin users.

Digital currencies like bitcoin, ethereum, bitcoin cash, and litecoin all have a network or miner fee associated with sending each and every transaction. This means in order to send a fraction of bitcoin (BTC), there must be enough BTC in the wallet to also cover the sending fee.

At the time of publication, the data site bitinfocharts.com shows the average BTC network fee was $1.14 per transaction on June 22. Ethereum (ETH) network fees show the average fee on that day was around $0.62 per send. Bitcoin cash (BCH) has an average fee of $0.006 per transaction or six-tenths of a U.S. penny. Now not all BTC fee recording websites are exactly the same as there are many different averages depending on the site used.

According to the fee calculation website offered by billfodl.com, the next block fee required to have your transaction mined on the next block (10 minutes) is $0.87 today. Similarly, for June 23, the average fee for getting into the next three blocks is the same price. If an individual paid $0.73 per BTC fee, the transaction would possibly confirm within six blocks (1 hour).

The six-block fee would bring ETH transaction fees much closer to current BTC fees which bitinfocharts.com shows is $0.62. Coin Metrics charts show that ETH transaction fees have been consecutively higher than BTCs fees in June. The well known ETH proponent on Twitter Eric.eth (Eric Conner @econoar) told his 15,000 followers on Sunday:

For 16 straight days, Ethereum users have paid more to use the network than Bitcoin users.

Since the tweet, Ethereum transaction fees have dropped according to Coin Metrics data. The web portal ethgasstation.info, a website that provides ether gas price recommendations, notes that ETH fees are much lower than BTCs average as far as stats on billfodl.com is concerned.

All the fees measured in gwei highlight that the gas amount it takes to send an ETH transaction and ERC20 token as well, is $0.26 for the fastest transaction confirmation time. Every tier lower is only a U.S. penny cheaper for standard and safe but low fee transactions.

Now during the last few years and especially since 2017, we know that when the price of ETH or BTC rises and is used more often, fees grow much larger. At the height of 2017, BTC fees jumped higher than $50 per transaction on December 22, 2017. On that same day, ETH fees were around $1.40 per ETH transaction.

Now, this occurrence doesnt happen with bitcoin cash (BCH) since the block size has increased to 32MB. Before the block size upgrade, on that same day in mid-December 2017, the average BCH fee did rise to $0.31 per transaction. However, during the September 2018 stress tests, after confirming over 2.4 million transactions per day outshining BTCs best day by 5x, the average BCH transaction (txn) fee was $0.003 per txn.

Since then BCH fees have not risen past the $0.008 txn fee naturally and have been consistently under a U.S. penny per transaction for the last two years. According to Coin Dance stats it is currently 815.51x more expensive to transact on Bitcoin (BTC) on June 23, 2020.

Transacting on the Bitcoin Cash chain is also much cheaper than transacting in ETH as it is 8,566.66% more expensive to transact in ETH than it is to leverage bitcoin cash. This data is all publicly available by leveraging sources like ethgasstation.info, bitinfocharts.com, Coin Metrics data, and billfodl.com.

What do you think about the difference in transaction fees between ETH and BTC lately? Let us know what you think in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons, ethgasstation.info, bitinfocharts.com, Coin Metrics data, billfodl.com.

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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Ethereum Network Fees Jump Above Bitcoin Transaction Fees for Two Weeks Straight | Featured - Bitcoin News

Bitcoin has gotten the buzz in the investment world in recent years and more people are willing to take their first giant step into the industry. A study on the issue of competing currencies, using Bitcoin as a case study, shows how Bitcoin has grown to be popular and it benefits many people today. However, this can also be tricky, as it has its risks and if youre not careful, you might end up losing.

If you are a new Bitcoin investor, there are certain things you must know and do before you get started.

Like every other form of investment, it is important that you do some research before investing. The common rule is that you should never invest in what you dont understand. Understand how it works and the possibility of you losing your investment, considering that this is also a risk. There are automated trading tools today to make the process easier, such as the Bitcoin Revolution, explained in detail according to InsideBitcoins. Take your time to learn the basics and gradually work your way up the ladder.

It can get exciting at first when you are just starting to invest. Every beginner looks forward to making money as other people have claimed to. However, you must learn to take baby steps and not rush the process. Bitcoin might have been around for some years now but you should also know that no one is certain about what its future holds. Also, this isnt the time to empty your accounts into Bitcoin investments. Start small and as you learn, you can increase how much you decide to invest.

Dont get too excited about Bitcoin that you end up investing all your money in it. One suggestion to help you make smart investment choices is to not put all your eggs in one basket. If you have chosen to invest in cryptocurrencies, you can invest in other currencies apart from Bitcoin, such as Ripple, Ether, Bitcoin Cash, and Litecoin, to be on the safe side.

Cybercrimes are on the rise and are prominent in the crypto space. One of the ways to keep your Bitcoin safe is by keeping it in a wallet but you must first be sure that the wallet is well secured. Your transactions could get hacked and you lose all your money if you are not careful. There are no refunds in Bitcoin, so you must avoid getting into such a situation.

The Bitcoin market is unpredictable but like most investors would advise, buy your share and hold it or forget about it. Also, master the art of diversifying into other cryptocurrencies, so that the fall of one wont be the end for you. To make the most of the rise and fall in the Bitcoin price, always aim for long-term investments.

Bitcoin investments might be making waves today but you shouldnt get carried away by that and fail to do the right thing. These five tips are what any beginner in Bitcoin investments should hold on to.

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LONDON, June 22, 2020 /PRNewswire/ --To educate Crypto-enthusiasts and prepare them for upcoming market conditions, a group of well-respected crypto experts brought together by Investoo Group has expressed their thoughts on the recent COVID-19 crisis, and its effect on the global crypto markets.

The COVID-19 pandemic has had an unprecedented impact on our daily lives, our ability to interact and our financial structures and security. Blockchain technology has been around for over a decade, and there are now thousands of projects that seek to utilize its limitless potential to solve some of the world's most pressing issues.

Coin Journal has assembled a veteran team of experts in the field of cryptocurrency and financial technology, to gain some valuable insights into what the world may look like after the COVID-19 pandemic has passed. Globally, we can only hope that containment of this danger is now within our grasp, but we can only speculate to the long-term impact that it will leave in its wake.

Heavyweight Opinion

The panel is headed by Yoni Assia, the CEO of the world's largest social investment network, eToro. Yoni also brought his market analyst and renowned crypto expert, Simon Peters to the table. The next to join the team, Ciara Sun, is currently employed as the Head of Global Markets at Huobi Group, a global blockchain financial asset service provider.The panel also has the founder of virtual currency platform, Coincurve, and CEO of Interlapse, Wayne Chen. Finally, the panel would not be complete without the 15-year veteran of Wall Street technology and CEO of BSV blockchain service provider, TAAL; Mr. Jerry Chan.

They discuss the potential effects of unlimited quantitative easing, the need for a Universal Basic Income (UBI), and how blockchain technology can be a tool for research teams to interact with transparency on a global scale. The team reveals evidence that shows how cryptocurrency stands resilient against the economic downturn caused by social distancing measures and the closure of businesses that have succumbed to the strain.

Article Excerpts

Speaking exclusively to Coin Journalon the idea of Bitcoin as a 'safe haven' asset, eToro CEO Yoni Assia noted that crypto and fiat markets moved in tandem at the start of the COVID-19 panic. Market Analyst Simon Peters then noted a shift, which he describes below:

"Interestingly, this is backed-up by eToro's platform data, which shows a 77% increase in new registrants whose first action was to invest in Bitcoin. As the price of Bitcoin is traveling in the same direction as gold, you could argue investors view it as a safe haven asset."

Other areas of the article speak about the survival of market segments, and the implementation of blockchain technology, especially across supply chains. TAAL CEO Jerry Chan had thoughts relating to limiting the spread of COVID-19 using blockchain technology:

"Pharmaceutical companies have realised the potential application of a scalable version of Bitcoin blockchain, which can be used to track COVID-19 testing and vaccination records, cross-state and cross-borders, in a way which could be used to corroborate or validate statistics submitted to global health organisations."

The full interview is exclusive to Coin Journal, and interested readers can find the full article containing the detailed discussion of the expert panel here:https://coinjournal.net/news/how-will-bitcoin-perform-after-the-covid-19-crisis-has-passed

Media Contact Details

Contact Name: Chris Roper,Contact Role: Senior Cryptocurrency Editor,Investoo Group

Investoo Group is the source of this content. This Press Release is for informational purposes only. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all.

About Bitcoin PR Buzz:Bitcoin PR Buzz has been proudly serving the crypto press release distribution needs of blockchain start-ups for over 8 years. Get your Bitcoin Press Release Distributiontoday.

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Crypto Experts Reveal Thoughts: How Will Bitcoin Perform After the COVID-19 Crisis Has Passed? - Yahoo Finance

Bitcoin has failed on successive occassions to break through major resistance at $10,000, but is that about to change?

As the lowered volatility of the past couple of weeks continues, both bears and bulls are contemplating whether a period of relative calm is the compression of the coil that will propel prices markedly lower, or higher.

In that bull-bear battle, both sides can point to encouraging technicals.

But lets look at the case for the upside; and to gather evidence for a prognosis lets look back over the past year.

Since last June we can discern a pattern of lower highs, which we can group into four major episodes, circled in blue in the chart below.

But that pattern of lower highs broke down at the end of last year with sideways traffic that eventually gave way to the rally in the new year, ending with the failure to hold above $10,000 and the crash to $3,000 that badly dented sentiment.

The big question is whether that damage still hangs over the market. Is it the cause of the drag that has prevented the market breaking decisively high over the past couple of months?

Is the climb from the March nadir to again challenge $10,000 a fake that forewarns another test of the March lows to come or instead the consolidation that prefaces a breakout?

Given that the decidedly bearish lower highs seems to have played out and bitcoin has largely hung on to the gains made in April and early May, the battle to retake $10,000 warrants closer consideration by bulls.

Rejection after rejection is admittedly a fairly bearish signal at a major area of resistance but thats not the whole story.

In this near-term set-up we surely have to take account of the fact that the price action shows a pattern of higher lows, and that puts a different complexion on things; bulls have plenty of room for optimism.

But we cant rely on technicals alone, especially at this juncture when the macro picture entails unprecedented risk.

If the rally in stocks has further to go which in itself would be in defiance of economic fundamentals then it could strengthen the argument for a near-term breakout.

Conversely, a breakdown from here could see stocks falling very hard, dragging down other risk assets in their wake in a repeat of the cash is king sell off that saw all asset classes losing value in the descent into the bear market. That would clearly be bearish for bitcoin.

Yet, if equity markets do fall, what are the chances that this time bitcoin does not positively correlate with stocks and instead shows the resilience that its supporters had previously expected when the pandemic-induced collapse into the bear market first began?

With the financial policymakers printing money like its going out of fashion, the case for bitcoin hard money may have firmed, or at least it is now easier to discern for those previously unconvinced.

Thats what lies behind the thinking of ClemChambers, chief executive of stocks, shares and crypto website ADVFN.

I have come to the conclusion that bitcoin is going to $1,000,000. While it has seemed extremely unlikely to me until now, I suddenly see that mirage as being a possibility.

I nowbelievethiscould happennot because the value of bitcoin will go up, though Ithinkit will, but because the value of money is about to fall heavily and quite possibly into the depths of monetary hell.

Add to the hard money narrative a fair wind from central bank digital currency initiatives, an ETF from WisdomTree, with an albeit small bitcoin component, and the latest news (or is it just a rumour?) that PayPal and Venmo will soon be allowing their 300 million customers to buy and sell bitcoin, and the moment may be upon us for the breakout to begin.

Disclaimer:This article is not meant to give financial advice. Any additional opinion herein is purely the authors and does not represent the opinion of EWN or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

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Bitcoin To Reclaim $10,000 As Technicals and Newsflow Lifts Sentiment - Ethereum World News

Bitcoin price managed to return above the 50-day moving average after the sharp gains yesterday enhancing the bullish momentum. Now Bitcoin needs to break above the rising trend line that stared since the March lows and will add extra buying pressure to the number one cryptocurrency.

Bitcoin price helped by rumours that PayPal is planning to integrate cryptocurrencies and let its users to sell and buy digital currencies such as BTC on the platform. The rumours point that the service would become available in the next months. Paypal has declined to confirm the rumours, and in my opinion, it looks challenging for PayPal to enter the cryptocurrency space at least any time soon.

The mood is slightly negative today in the cryptocurrencies world, Ethereum (ETHUSD) is 0.24% lower at $242.74, Litecoin (LTCUSD) is 0.70% lower at $43.95, Lumen (XLMUSD) is 2.40% lower $0.07017, while Ripple (XRPUSD) is 0.38% lower at $0.1887

Bitcoin price is 0.86% lower at $9,598, giving up some of yesterdays gains but keeps the positive momentum above the 50-day moving average. The technical outlook is bullish, and an attempt to $10,000 mark looks possible as long as the price stays above the 50-day SMA.

On the downside, first support stands at $9,571 the daily low. A break below $9,571, might test the 50-day moving average at $9,432. If the bears continue the pressure, then the next target will be met at 49,252 the low from June 22.

On the other side, initial resistance for Bitcoin will be met at $9,725 the daily top. The next hurdle stands at $9,982 the high June 11. If BTCUSD moves higher, then the next target stands at $10,003 the high from June 10.

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Bitcoin Price Retreat But Keeps the Positive Bias Above the 50-Day SMA - InvestingCube