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Bitcoin surged to its highest level in more than a month Thursday morning, with market analysts optimistic that its bull run will continue. Futures contracts are trading at a premium compared with spot prices, generally a sign of near-term upside, and prices have doubled since their low point in early March. Other cryptocurrencies enjoyed slight gains late in the week as well.

Source: Messari. Prices as of 4:00 p.m. on April 24, 2020

The Peoples Bank of China released a list of companies that will be test sites for its national digital currency in the near future, and it includes some familiar names. Starbucks SBUX , McDonalds MCD and Subway locations in three large cities will begin offering payment via the digital currency, though its launch date has yet to be determined. Digital payment is already ubiquitous in China with Alibaba BABA s AliPay, and since most of its citizens have bank accounts and smartphones, adoption of a national digital currency could be seamless.

Nigeria-based app Bundle launched this Thursday, aiming to get more people in Africa to exchange money using cryptocurrencies. Funded by Binance, the payments app is similar to Venmo and will allow users to send, receive and spend bitcoin, ether and the Nigerian naira with little more than the recipients phone number. Founder Yele Bademosi dropped out of medical school to try to make global finance more accessible in Africa, where he estimates only 1.4 million of the 1.2 billion people living there already use crypto.

Although most Americans are using their $1,200 stimulus checks from the government on essential expenses like bills, essentials and emergency savings, data from Coinbase shows that some are investing their entire check in bitcoin and other cryptocurrencies. Coinbase CEO Brian Armstrong tweeted that the number of deposits of exactly $1,200 more than tripled on the exchange since the IRS began distributing the cash last week, and CoinDesk reported that Binance was showing similar data.

If stimulus check recipients had invested their $250 stipend during the last recession in 2009 in bitcoin when the cryptocurrency was still in its infancy and almost worthless, that investment would be worth hundreds of millions now. They can only hope that this investment is a fraction as successful.

Markets crashed in March as individuals and institutions scrambled to liquidate their assets, and that often included their cryptocurrency portfolios as prices sharply tumbled. Now, with the Federal Reserve taking drastic measures to revive the economy, stablecoins like Tether the dollar-backed USDC have seen an uptick in volume.

The next few weeks will be pivotal for bitcoin leading up to its halving scheduled for May 12. Bitcoins price rose significantly in the 12 months following its previous halvings, which occur once every four years, though its counterpart litecoin is down 70% since its halving last year after a frenzied run-up leading up to the event.

How a Crypto Guru Shaped Harvards Roadmap for Reopening the US Economy [CoinDesk]

The pandemic was bitcoins chance to shine. It hasnt yet [Wired]

Bitcoin maven Toni Lane Casserly, Joan of Arc of blockchain, dead at 29 [New York Post]

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Bitcoin Hits April High; Crypto Portfolios Get Stimulus Injection - Forbes

Bitcoin price remained relatively stable over the weekend sustaining last weeks accrued gains above $7,500. However, the bullish action rapidly extended upwards with $8,000 in the sight glass but hit a wall at $7,805 (intraday high). Meanwhile, Bitcoin is trading at $7,704 (close to its opening value at $7,704.33. The prevailing trend is bullish while the shrinking volatility suggests that downward movements will not be rapid in the current and coming sessions of the day.

From a technical perspective, Bitcoin is ready for another lift-off above the critical $8,000. It appears that the recent break above the 50-day SMA has been vital to the recovery experienced since BTC/USD surged above $7,000 last week. The MACD displays a positive and strong bullish picture especially with the bullish divergence within the region above the mean line.

It is also important that the bearish pennant pattern resistance and the hurdle at the 200-day SMA are overcome for the much-anticipated gains towards $9,000. As Bitcoin halving draws nigh, volatility is expected to increase due to the speculation among investors. Most investors expect Bitcoin price to rally pre and post halving, with some predicting gains in the excess of $80,000 per BTC by 2022. In the meantime, in the event Bitcoin price reverses the trend, support is expected at $7,700, $7,500, and $7,200.

Read more:Cryptocurrency Market Update: Bitcoin mooning to $5 million in just 5 years

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Bitcoin Price Prediction: BTC/USD paces above $7,800, the focus shifts to $9,000 - FXStreet

Crypto analyst Tone Vays is laying out his predictions for the global economy and Bitcoin in the year ahead.

In a new ask-me-anything hosted by ChainTalk, Vays says governments will take wide-ranging actions to mitigate the damage to economic growth triggered by the coronavirus. He believes lawmakers will raise taxes to make up for lost revenue from businesses that have to close their doors.

In addition, he thinks countries may be forced to stop using the euro as their national currency or decide to abandon it on their own. Vays also expects governments to tighten their grip on the movement of money, as Australias central bank did last year to combat capital flight and rising inflation.

All of this will drive people into Bitcoin. And the halving is coming in a few weeks so once Bitcoins daily supply to the miners gets cut in half, there will be a lot less selling pressure.

In the year ahead, Vays expects an increasing number of investors to view Bitcoin as an alternative, uncorrelated asset that can act as a hedge on the global economy. As for 2020, Vays is bullish, but warns the stock market may limit how far Bitcoins price can move.

I believe that the worst for Bitcoin is over. As for the stock market, Im not so sure. I believe over the 12 months people will start to consider Bitcoin a safe-haven asset that could also bring them a better return

I can see Bitcoin rising to as high as $8,500-9,000 on this run up over the next month or two, after that I think it will pull back down but I dont see Bitcoin falling under $5,000 again. If the economy continues to be poor, Bitcoin will probably not go up much because people will just not risk the money they have left on Bitcoin. As for end of 2020, I think Bitcoin will be around $10,000.

Featured Image: Shutterstock/Tithi Luadthong

Originally posted here:
Analyst Tone Vays Predicts 12-Month Bitcoin (BTC) Trajectory, Says Three Factors Will Drive People Into Crypto - The Daily Hodl

Rumors of the death of North Korean leader Kim Jong-un have triggered a burst of speculation among Bitcoin (BTC) traders.

Data from the United Nations suggests North Korea has stolen approximately $2 billion worth of crypto and fiat currency from exchanges and financial institutions. The country has long been accused of being behind a number of sophisticated online heists in an effort to fund its military operations.

Russian Market, a Russian media blog, told its 159,000 followers on Twitter that reports of Kim Jong-uns ailing health could cause a BTC reversal if a change in command begins and officials decide its time to sell the countrys massive crypto holdings.

Economist Alex Krger says he highly doubts the death of Kim Jong-un is anything investors should worry about.

North Korea possesses uranium mines containing 4 million tons of high-grade uranium ore. North Korea news should trigger big selloff in Uranium (if Kims death confirmed).

As rumors continue to swirl about North Koreas supreme leader, South Korean intelligence says it has confirmedthat Kimis alive and well.

Wherever the truth lies, the Kim dynasty is set to continue. Kim Jong-uns sister, Kim Yo-jong, is next in line and would become the first woman to rule the country.

Featured Image: Shutterstock/Mc_Cloud

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Kim Jong-uns $2,000,000,000 Bitcoin (BTC), Crypto and Fiat Fortune Suddenly in the Spotlight - The Daily Hodl

After a tumultuous two monthsduring the COVID-19 pandemic, the price of bitcoin is starting to return to form as the cryptocurrency sees its highest prices since the second week of March.

During the pandemic and related financial turmoil, bitcoin has been on a rollercoaster ride, dropping briefly below $4,000 March 12, down from more than $10,000 in the middle of February before slowly rising again.

Over the last week, bitcoins price has seen sustained growth, from $6,783.06 April 21 to $7,703.29 as of 10 p.m. EDT. A similar trend can be seen over the last month, bitcoin having dropped to $5878.71 March 30.

In the short term, bitcoin traders are looking to $8,100 as the next resistance point,according to Bitcoinist. Others, such as NewsBTC suggest that bitcoin may be entering a full-blown bull run should history repeat, comparing the current rally to that of February 2019, which saw bitcoins price move from $3,000 to $14,000 in five months.

One factor that may be influencing bitcoins upward movement is the forthcoming halving expected to take place May 12.The halving will cause the supply of new bitcoin available through bitcoin mining to be halved, hence the name. That creates a scarcity of new supply, which in traditional economics causes prices to increase.

A report from Glassnode also noted that many investors are holding their bitcoin during the coronavirus pandemic, indicating that long-term holders are not concerned by the price decline in March. Nearly 43% of circulating bitcoin supply has not moved in the last two years, a 10.4% increase from the same time last year, the report noted.

The unknown factor in looking forward, however, is the broader economy. Although bitcoin has long been pitched as a safe haven during difficult times, that theory fell flat in March as bitcoin declined along with equities markets. How long the pandemic continues, and if and when economies may start to reopen and eventually return to some sense of normalcy, is anyones guess at this stage, although there are some signs that the worst may be over.

Bitcoin may be well-placed to grow in the coming year alongside the recovery of broader markets, but given its history, it could go in either direction.

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Bitcoin returns to form with solid price growth amid the coronavirus pandemic - SiliconANGLE

Since the start of the year, Ethereum investors earned nearly ten times more than Bitcoin hodlers. The second-largest digital asset has gained over 55% in 2020, while Bitcoin is only 6% higher from the first of January 2020. ETH/USD has grown by 4% since the start of the day and become the best-performing crypto asset out of top-10.

At the time of writing, ETH/USD is changing hands at $196.00. It is moving within a short-term bullish trend amid high volatility.

According to the Wale Alert Twitter bot, large cryptocurrency investors known as whales moved over 1.2 million ETH coins in eight transactions worth $241,774,447 in the recent 20 hours. The fee for each transaction did not exceed $1, and all of them were made from unknown wallets to other unknown wallets.

Such whale activity may be a precursor of large market movements.

ETH/USD settled above daily SMA100 (currently at $186.00) and continued gaining ground. Now that psychological $190.00 turned from a resistance to support level, ETH has a chance to retest $200.00 in the nearest sessions. If this critical barrier is broken, the buying pressure will increase with the next upside target as high as SMA200 at $248.00 and $250.00.

On the downside, a sustainable below daily SMA100 will negate the immediate bullish scenario and bring $180.00 back into focus. The critical support is created by the upside trend line from March 13 low (now at $175.00). The long-term recovery remains valid as long as the price stays above this trendline.

Original post:
Ethereum Price Analysis: ETH is ten times more profitable than Bitcoin in 2020 - FXStreet

The United States Federal Reserve fake economy has burst, former presidential candidate Ron Paul has announced as money printing takes its balance sheet to $6.6 trillion.

In a series of tweets on April 24, Paul became the latest critic to launch a scathing on U.S. economic policy present and past.

According to the pro-Bitcoin retired politician, neither coronavirus nor a brief uptick in stocks can hide the impact of the Feds actions. For him, Keynesian ideas such as market interventions and money printing are un-American.

The Fed's fake economy has burst. The stock market, even if it rises, cannot hide the damage that has been done. The virus, now known to be less deadly than the seasonal flu, cannot act as a legitimate excuse either, he wrote.

Another tweet read:

The un-American ideas of government micromanagement and Fed central planning of the economy have failed, and will continue to fail as long as they're clung to. The time to rebuild with the American ideas of liberty and sound money has arrived.

Pauls comments come as the Feds balance sheet reaches record highs of $6.6 trillion, purely due to money printing and associated economic bailout measures.

Federal Reserve balance sheet 14-year chart. Source: Holger Zschaepitz/ Twitter

As Cointelegraph reported, Raoul Pal, CEO of Global Macro Investor, this week released a dedicated 120-page report into the severity of the economic damage sparked by governments reaction to coronavirus.

The Baby Boomers are totally f*cked, a popular soundbite from the report, which champions Bitcoin, summarizes.

Meanwhile, the trader who called Bitcoin (BTC) topping at around $20,000 in 2017 has drawn comparisons to the stock markets of 2020 and 1930 just before the Great Depression hit with full force.

Comparing two Dow Jones charts, Peter Brandt argued that stocks current rise from last months crash merely echoes their behavior after the 1929 Wall Street Crash.

Sleep well tonight. We are all so lucky to be living in an age when Fed will bail us out, he sarcastically added in comments.

Dow Jones charts from 2020 and 1929-30. Source: Peter Brandt/ Twitter

The idea that money printing is ruinous in the long term has formed part of similar Fed criticism for almost a century.

The world is full of so-called economists who in turn are full of schemes for getting something for nothing, Henry Hazlitt wrote in his popular book, Economics in One Lesson, just a year after the Second World War.

They tell us that the government can spend and spend without taxing at all; that it can continue to pile up debt without ever paying it off, because we owe it to ourselves.

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Bitcoin to the Rescue as Ron Paul Says US Fed Fake Economy Has Burst - Cointelegraph

No doubt bitcoin has gone through a rough couple of months this year, but then again, so has every asset.

It seems like everywhere you look whether its Asia, America, Europe, etc. people are dealing with the circumstances surrounding COVID-19. The virus has done harsh damage to the global economy, resulting in several assets and markets falling by thousands of dollars since early March.

However, some analysts believe this wont be bad for bitcoin in the long run. That the situation is likely to present a positive outcome for the worlds number one cryptocurrency by market cap.

Brandon Mintz CEO of the bitcoin ATM provider Bitcoin Depot explained that right now, despite some recent surges, bitcoin is still stagnant compared to where it was in mid-February. The analysis makes sense, in a way. Yes, bitcoin has spiked beyond $7,500 at press time, but it was trading for well over $10,000 two months ago, so if BTC is going to make any serious impression, its still got room to improve itself.

However, Mintz is confident that bitcoin will do so, explaining:

While the price per coin may stagnate during a period of aggressive economic deflation, the inherent buying power of the currency will actually rise, possibly quite significantly.

Monday was harsh for many assets considering the oil market found itself tanking hard. Its unclear how a simple expiring futures contract in oil could do so much damage, but following the drop, stocks also saw themselves taking a tumble, while bitcoin and other major cryptocurrencies also fell.

Holger Zschaepitz a macro analyst tweeted:

The oil price rout will send a deflationary wave through the global economy.

These words, however, may have been uttered too early. After all, at the time bitcoin was trading for about $6,700, but it has since spiked significantly to reach a whopping $7,500 in just a few days. Stocks have also recovered, and oil itself, while not where it was before Mondays slip, has risen by more than 40 percent, and is now trading for more than $17 per barrel.

Still, some believe cash is likely to reign supreme for the next few months given the uncertainty of the entire economy. Erick Pinos ecosystem leader for the Americas at Ontology explained in an interview:

Unlike inflation, when people try to get out of the dollar because its losing value, during deflation people are more comfortable with the dollar because its value is going up.

Marcus Swanepoel chief executive of Luno still has high hopes for bitcoin, explaining:

Over the last five years, bitcoin has consistently outperformed most other major asset classes, so it is highly likely this trend will continue, especially with the increased fragility of the existing financial system weve seen over the past few months.

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The Coronavirus May Have Actually Helped Bitcoin - Live Bitcoin News