Bitcoin Price Has Set $8.2K Floor, $100K Coming Before 2022 Analyst – Cointelegraph

Bitcoin (BTC) may dip below its 200-week moving average price but will stay above $8,200, one of the industrys most respected analysts has said.

In a series of tweets on Feb. 10, PlanB, creator of the stock-to-flow Bitcoin price forecasting tool, also predicts BTC/USD would trade above $10,000 by May.

This is around the date of Bitcoins block reward halving, which would kick off the bull run sending the cryptocurrency to $100,000 before December 2021.

PlanB released the predictions describing them as his 2 sats on Bitcoin price. In a previous update in January 2019, he claimed BTC/USD would stay above its 200-week moving average (200WMA), which historically had always grown.

As Cointelegraph reported, that 200WMA growth rate was 3% in December last year, while now, it has increased to around 4%.

Bitcoin price stock-to-flow forecast as of January 2019. Source: PlanB/ Twitter

At present, Bitcoin hovering at just below $10,000 means it is around 14% higher than the $8,600 level that stock-to-flow dictates.

Bitcoin price stock-to-flow multiple as of Feb. 10. Source: S2F Multiple/ Twitter

This month, traders continue to air concerns about a price correction to $6,000 or even lower. Others rebutted the idea, with veteran market participant Peter Brandt likewise arguing BTC/USD was not destined to drop significantly.

Stock-to-flow uses two indicators to chart Bitcoins price trajectory: the number of Bitcoins already available versus the number of new Bitcoins added to circulation.

Historically highly accurate, the model puts Bitcoin on par with gold in terms of its status as hard money with a supply that is virtually impossible to manipulate, unlike fiat currency.

In the long term, PlanB expects BTC/USD to trade at an average of $100,000 between 2021 and 2024. After that, however, fiat weakness may reach such an extent that Bitcoin appreciates to a factor of $100,000, at which point stock-to-flow would ironically become less useful.

In the meantime, PlanB disputed criticism about the impact of Mays block reward halving on price. Responding to a debate which included analyst and researcher, Nic Carter, he argued that the relationship between stock-to-flow and price was verifiable by anyone.

The effect of a certain cause can be lagged. It is unscientific to claim that the halving effect must occur in 1 day, he explained.

It is simple: S2F (and thus halving) and price are correlated. And this correlation is not spurious because cointegrated. Anyone can verify this.

Continue reading here:
Bitcoin Price Has Set $8.2K Floor, $100K Coming Before 2022 Analyst - Cointelegraph

Bitcoin Is Roaring Toward $10,000 But Its Being Wrecked By These Other Cryptos – Forbes

Bitcoin has come to within touching distance of $10,000 this week, reaching its highest since October last year, but has failed to step over the key threshold.

The bitcoin price has climbed by almost 40% so far this year, reaching $9,780 per bitcoin on the Luxembourg-based exchange Bitstamp yesterday, as traders and investors eagerly look towards May's upcoming halving eventamongst other developments.

However, the bitcoin price is being handily outpaced by almost every other major cryptocurrency so far this yearwith some clocking three-digit percentage gains in the first few weeks of 2020.

Bitcoin and cryptocurrency traders and investors have had the best start to a new year since 2013, ... [+] but many remain nervous the latest rally could come to an abrupt end.

Among the top ten biggest cryptocurrencies by value, bitcoin SV, an offshoot of bitcoin cash, which is itself an offshoot of the original bitcoin, has recorded the sharpest rise so far this year, rising 209%.

Bitcoin SV, which broke away from bitcoin cash in 2018 and is controlled by the controversial Australian computer scientist Craig Wright, rocketed higher last month following reports Wright has acquired documents that might help prove he had a hand in bitcoin's creation a little over 10 years ago.

The claim has been widely ridiculed by the bitcoin and cryptocurrency community and Wright has so far failed to backup his claims.

Bitcoin cash is, meanwhile, up 113%.

"While prices appear to be increasing and substantial growth is happening in terms of institutional product offerings and regulatory clarity, there are still significant unknowns hovering over the market at large," researchers at bitcoin and crypto trading platform SFOX said this week, leaving their market outlook at "neutral."

Bitcoin remains the prime cryptocurrency market mover, however, with its dominance, a measure of bitcoin's value compared to the wider crypto market, at 64.2%up from just over 50% in February 2019.

"Its not clear whether bitcoin will function as a safe haven in coming geopolitical turmoil; its not clear how much institutional appetite is actually there for all the institutional crypto offerings being launched; and its not clear what impact the upcoming bitcoin block reward halving, just four months away, will have on the price of bitcoin," SFOX analysts added.

All other top ten cryptocurrencies, excluding stablecoin tether, have also risen even further than bitcoin so far this year.

The second most valuable cryptocurrency, ethereum, is up 60%, while the third, Ripple's XRP, is up 47%.

Ripple's chief executive Brad Garlinghouse marked XRP's year-to-date performance, tweeting his annoyance at former billionaire hedge fund manager-turned-bitcoin and crypto investor Mike Novogratz's suggestion XRP will have another lackluster year in 2020, asking for a "factcheck."

Ripple's XRP lost 46% of its value last year.

Despite bitcoin's recent rally, the price has a long way to go to reach last year's high of around ... [+] $14,000 per bitcoin.

Elsewhere, litecoin, known as the silver to bitcoin's gold, is up 78%, with ethereum-rival EOS adding 77% so far in 2020.

Rounding out the top ten, binance coin, cardano, and tezos are up 43%, 87%, and 62% respectively.

Further down the rankings, top 20 cryptocurrency dash, which has found a niche as a payments alternative in South America, has climbed 195%.

Stellar, up 56%, tron, up 53%, monero, up 77%, chainlink, 61%, iota, up 113%, and neo, up 50%, have also all outperformed bitcoin this year.

Here is the original post:
Bitcoin Is Roaring Toward $10,000 But Its Being Wrecked By These Other Cryptos - Forbes

A major crypto scams Bitcoin is moving and if history repeats, it may start a correction – CryptoSlate

A Chinese multi-billion dollar scam known as PlusToken is moving their holdings of Bitcoin once again. In 2019, when the price of BTC dropped to the $6,000s, analysts attributed the fall to the dumping of funds by the fraud.

Throughout 2019, venture capital investor Dovey Wan said that the Chinese scam had a significant impact on the Bitcoin price. She argued that it could have been the main catalyst for both the bull and the bear market that occurred during the year.

The amount of Bitcoin that is allegedly being moved by the individuals behind the scam amount to about $117 million.

For a market that processes billions of dollars in daily trading volume, even if the fraudsters dumped the entire 10,000 Bitcoin stack onto the market, it should not have a severe impact on prices. The problem is that most of the volume of Bitcoin on paper are highly leveraged and are derived from major margin trading platforms like BitMEX.

Whales, who have control of large amounts of bitcoin, criticized the recent upsurge of bitcoin from the $8,000s to $10,000, describing it as manipulated.

If the entire rally was based on highly leveraged buy orders and spoof orders, the upside movement is likely still treading on a weak footing. In such an environment, an abrupt dump of over $100+ million in Bitcoin could have a severe impact on the market.

A major whale on Bitfinex that trades tens of millions of dollars in volume wrote:

OTC, I have fairly good visibility into. Many of them Asian/Chinese as most Chinese trading is OTC nowadays. There was some pick-up in inflows before Chinese New Year but not enough to justify the latest PA. Yes, the move is driven by Chinese players. Their motives are murky atm.

Simply put, a market sell of $117 million is not enough to singlehandedly trigger a steep pullback in the Bitcoin market. However, when it is combined with the fact that the recent upsurge has seen a lack of fiat inflow in both spot and over-the-counter (OTC) markets, it could cause an issue for the market.

Currently, on higher time frames like the 3-day chart, the bitcoin price is under a heavy level of resistance at $9,975.

The $9,975 level has also been a level of multi-year resistance dating back to 2018, leaving some traders cautious for a major pullback in the short-term. With Bitcoin having traded above $10,000 for only about 24 hours in total this year, it remains to be seen where the price of Bitcoin will go in the short-term.

The Bitcoin reward halving in May is still considered to be a key variable for the dominant cryptocurrency, and there are hopes that it would act as a much-needed catalyst to help BTC breakthrough major resistances at $9,975 and $10,500.

Bitcoin, currently ranked #1 by market cap, is down 0.26% over the past 24 hours. BTC has a market cap of $178.31B with a 24 hour volume of $34.24B.

Chart by CryptoCompare

Bitcoin is down 0.26% over the past 24 hours.

Original post:
A major crypto scams Bitcoin is moving and if history repeats, it may start a correction - CryptoSlate

Where to Buy the Dip in Bitcoin [BTC] below $10k? Price Analysts Suggest – Coingape

Bitcoin [BTC] price drops by $500 from the its highs as the bullish run cools-off. At 5: 00 hours UTC on 11th February is trading at $9740.Nevertheless, as the trend remains bullish traders are looking to buy the dip.

On the 4-hour chart, the 50-EMA (Exponential Moving Average) is acting as support at the moment.

The funding rate rose to highs around 6% (daily) on BitMEX with rising long interest. However, the drop in the last few hours has brought it back to levels around 1.2%. The interest to buy a lower dip and short orders are beginning to rise.

The bullish senitments is, however, still active.As reported yesterday on CoinGape, traders continue to look around the $9,400-9,600 area to buy. Prominent derivatives and crypto trader, SC, tweeted on similar lines,

Looking for some bids in the red if we get it. $BTC

Another prominent trader, Zoran Kole suggested similar levels for buy orders based on the CME Bitcoin futures chart. He tweeted,

$BTC Update: 1d CME e2e completed on the money. Already filled the gap down to 95xx. I believe this is foreshadowing for spot. I like 94-95xx for re-entry with stops below 9050. #crypto

The weekend bullish cap around $9500 was filled quickly with Mondays correction. The stop equivalent of 94-95xx entry on CME will be around $92-93xx.

In the recent update on planning swing trades, chart analyst, Sawcruhteez looks for ultimate support around the 200-Day EMA ($8300) where he looks to go All-in longs. Nevertheless, outlines the second approach to see this dip reverse from above $9k. He tweeted,

There are two separate approaches and the first one outlines exactly why I am layering bids from $9,200 $9,600. $BTCtradingview.com/chart/BTCUSD/a

Do you think Bitcoin could could go back to $8k levels? Please share your views with us.

Summary

Article Name

Where to 'Buy the Dip' in Bitcoin [BTC] below $10k? Price Analysts Suggest

Description

Bitcoin [BTC] price drops by $500 from the its' highs as the bullish run cools-off. Nevertheless, as the trend remains bullish traders are looking to 'buy the dip'.

Author

Nivesh Rustgi

Publisher Name

CoinGape

Publisher Logo

Share on Facebook

Share on Twitter

Share on Linkedin

Share on Telegram

Read more:
Where to Buy the Dip in Bitcoin [BTC] below $10k? Price Analysts Suggest - Coingape

For the Tony Hawk Foundation, Bitcoin Is Radical. And Thats the Point – Nasdaq

At first glance, bitcoin and skateboarding might have as little in common as those rare Buffalo nickels your one unmarried uncle collects and any other extreme sport, like snowboarding.

But the two have more in kind than you might think. Both highly stigmatized during their formative years (and even still), both intuitive approaches to old ways of doing things, bitcoin and skateboarding are both equal parts radical and disruptive. In 1950, skateboarding pioneers in Hawaii and California gave birth to the sport by screwing wheels onto the underside of their surfboards during the off-season, when the oceans swell was too calm to surf.

These asphalt surfers or sidewalk surfers paved the way for what would become modern skateboarding. It was a novel and controversial approach to an ancient sport in surfing; in a similar vein, Bitcoin is a modern approach to the ancient practice of money management.

Its at this intersection of the radical and progressive promises of both skateboarding and bitcoin that the Tony Hawk Foundation (THF) finds itself. Founded in 2002, the nonprofit's mission is simple: Build skateparks for the American youth. Over the past two decades, the THF has built some 620 skateparks in a bid to foster thriving skating communities in places that are often wanting for dedicated sites where skaters can hone their craft and share their hobby with others. These skateparks have become a refuge for some 6 million visitors annually, per THF.

The Tony Hawk Foundation also began accepting bitcoin in June 2019, and Tony Hawk, the legendary skateboarding pioneer who founded the organization, has been personally riding the wave since 2013. Bitcoin was a good fit for the foundation for the reasons we examined above. And it has even exceeded the groups expectations as a medium for raising funds.

Were excited to have Bitcoin donations as an option for our supporters, Miki Vuckovich, the executive director of the Tony Hawk Foundation, told Bitcoin Magazine. As I said, we try to come to them as much as we can, and we know more and more of our supporters are using Bitcoin, so we want to stay ahead of the curve. Frankly, we didnt expect to see any Bitcoin donations for a long time, and they started coming in within days of launching the option in June 2019.

Vuckovich grew up skating with Hawk before launching his own career as a photographer for Thrasher and TransWorld SKATEboarding, which was followed by a traveling stint that expanded his subject matter as far as the architecture of the Soviet Union and the natural settings of Eastern Asia.

Hes also been skateboarding for 40 years, which puts him in the company of an old guard of skateboarders like Hawk who are living testaments that experience and zeal can compensate for advancing age.

Bitcoin Magazine sat down for a conversation with Vuckovich to talk about the origins of THF, where bitcoin fits into the mix and why the worlds first cryptocurrency is so damn appealing for the skating lifestyle.

What need is THF filling and what inspired Tony to establish the nonprofit?

Back in the 70s when skateboarding was gaining traction, you had a wave of the first skateparks and they were all privately-owned and insured. They werent very good. Theyd have these monster bowls that new skaters would drop into and hurt themselves. In the late 70s, the insurance agencies all but gave up and raised rates and these parks started closing down. The last one in California closed in 1986.

Id go to that skatepark after school and meet up with my friends, among them was Tony. Then we went our separate ways he ended up touring professionally and I went to college to go on and work in skateboarding media. Through the years, I worked with a number of cities that were interested in getting skateparks built but there was no process for doing it.

It wasnt until 1988 that California put skateboarding on a list on known hazardous activities that people participated in on public land (like football, hang gliding, cycling), and what this did was put responsibility on the user to do these things safely and on public land. That allowed cities to start building public skateparks. Early ones were Palo Alto, San Diego, Los Angeles. It took a few years, but people saw that there wasnt this wave of lawsuits or fears of these parks injuring people like the old parks back in the 70s, because skateboarding was different. Everything was better built.

As Tony toured around in 2001, he saw that many of these parks were built in wealthy suburban areas, and he realized that there were kids in more urban and challenged areas that didnt have access to these parks. So he established the foundation in 2002 with the goal of creating more public skateparks, which was still a new idea at the time and trying to get them built where kids literally have nothing else to do.

Having both grown up with skateparks that helped us form lifelong friendships, we saw the value in recreating that sense of community. Weve been working since 2002 and have built over 600 skateparks.

How does the grant process work? How do you select new locations to build?

Local communities of skaters will apply for individual grants. There are two grant cycles each year, with between 10 and 20 grants each.

Were creating a model that allows the skaters themselves to be involved in the entire process, from fundraising to design, so that the skaters really have a sense of ownership and skin in the game. There are obviously adults involved, but we like to get the kids involved as much as possible.

Demographically, what does the donor base look like?

Its all across the board. Id say the middle of the bell curve are your mid-20s to late-40s, young parents, sometimes, who have younger kids who skate. Usually creative people in creative industries. A lot of support from tech industries, like in the Bay Area. Were finding more and more of them coming from finance and banking the Wall Street crew.

Some skateboarders from the 80s and 90s are finding themselves in interesting places, both in business and government (there was actually a former skateboarder in the Obama admistrations: Bob Pribble). And weve seen a broadening of that donor base, young and progressive-minded parents with kids who skateboard.

What was the thought process behind integrating bitcoin into the donations scheme?

The skateparks that we promote and our communities are pretty progressive spaces where kids can come, share ideas, connect. Theyre as much social spaces as they are active recreational spaces. Its still kind of a new idea even though weve been doing this for 20 years. Its not as simple as just putting in a facility.

They really are these community centers where ideas are shared and theres this sense of openness about it and I think that that progressiveness has an interesting parallel to bitcoin as a progressive currency and a new idea in how to exchange. Obviously, Tony is involved. We have a number of board members from the Bay Area who are plugged into it. So, once we were able to access donation tools through OpenNode and BitPay, we were able to open a portal for Bitcoin people to support what were doing.

Are people using bitcoin for donations often? How often?

We launched the option in June 2019 and, at this point, have received several donations and its been ramping up. I think we peaked in the late fall. Its becoming a more significant percentage of our donations.

We try to give people more options than just cash you know, people can donate their cars or sell items on eBay. Bitcoin is another new option for donors because we know that the people who intuitively understand our work are much more likely to be using Bitcoin. We try to stay aware of where our supporters are and be aware of the methods of payments they plan to use.

So do you think theres a fair degree of overlap between the Bitcoin and skateboarding cultures? There seems to be a lot of parallels: Theyre both countercultures and there's an air of freedom and in some sense recklessness as well.

Yeah, I think that skateboarding is pretty disruptive. Public spaces are made for pedestrians and cars, but skaters come around and reinterpret those spaces. Theres a certain disruption that occurs with skateboarding. The skateparks are a reaction to that in a way. In some communities, the administrations see skateparks as a place where they can sequester skaters and relegate them to it. But the parks that we promote dont involve fences and blend with the natural environment. We promote a model that doesnt create the penitentiary feel. For us, its another option, because we know skaters will be out there skating in the natural world.

In the same way, governments and regulators dont know what to do with Bitcoin. It has a similar ethos and reputation, so I think there are a lot of parallels in the nature of both.

For you personally, what would you like to see from the foundation going forward and is there anything you have in store for the future that excites you?

Were about powering communities and helping to transform them so that they can respond to the needs of their youth, particularly skaters. Were just working hard to promote that program and approach and reach more communities. Were looking for progressive minds to help us on that path and help kids transform their communities and be leaders in shaping their own futures.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Visit link:
For the Tony Hawk Foundation, Bitcoin Is Radical. And Thats the Point - Nasdaq

Bitcoin Price Analysis: BTC Drops Below $10,000, But If It Holds Here New 2020 Highs Might Come Very Soon – CryptoPotato

Good things dont come up so quickly. This is what happened with Bitcoin, following the first time in four months that the coin had crossed the $10,000 mark.

Two days ago, following the 10K break, we saw it rising a bit more but getting rejected before the next critical resistance price level at $10,300 $10,400.

The positive is that everything is healthy so far. Looking at the following daily chart since the beginning of 2020, you can see three mini-rallies (including the most recent one from Sunday, all marked by green arrows), where Bitcoin had corrected back to the 38.2% Fib retracement level.

As of writing these lines, Bitcoin is testing the $9750 horizontal support, and guess what? This is accurately where the 38.2% Fib level of the most recent surge is at.

Besides, its not a surprise that the momentum indicator, the RSI, is also testing the mid-term trend-line at the same time which, so far, is a decent higher-highs trend-line.

Total Market Cap: $281 billion

Bitcoin Market Cap: $178 billion

BTC Dominance Index: 63.3%

*Data by CoinGecko

Support/Resistance levels: As mentioned above, if Bitcoin finds support around the current price levels (38.2% Fib retracement), then this can easily become the ground for a new 2020 all-time high very soon.

In case this level, together with the RSI, breaks down, then the next possible support might be $9500, which is the Golden Fib of 61.8% correction. Further below lies the $9400 support.

From above, after getting rejected, the first level of resistance is now around $9900, along with the middle-marked ascending trend-line on the 4-hour chart. As we can see on the following chart, Bitcoin broke down that line, and then confirmed it as new resistance by touching it and getting rejected at $9900.

The next significant resistance is the $10,200 area, which is the 2020 high that was reached during Sunday.

Further above lies $10,300 $10,400. This old resistance contains the high that was reached during the Chinese pump on October 26 ($10,350), along with past horizontal resistance and the long-term ascending line as can be seen on both the following charts- 4-hour and daily.

The RSI Indicator: Discussed above.

We can also mention here that the Stochastic RSI oscillator is under correction and points down (support the idea that there is more room to go down).

Trading volume: We can see that yesterdays drop carried a higher volume candle than Sundays candle following the price surge to $10,200. This might be a little bit tricky and not a positive sign for the bulls. However, both trading days volume candles arent very significant, and Sundays volume can be explained because of the weekend.

Enjoy reading? Please share:

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency chartsby TradingView.

See original here:
Bitcoin Price Analysis: BTC Drops Below $10,000, But If It Holds Here New 2020 Highs Might Come Very Soon - CryptoPotato

Bitcoin (BTC) and Crypto Paranoia: The Neurosis of Private Key Safekeeping And Why We Need a New Paradigm – The Daily Hodl

HodlX Guest PostSubmit Your Post

Imagine this. You have just bought the house of your dreams. Before the sales agent hands over the keys he tells you he has two pieces of very important advice.

First of all, he warns you that although you can make as many copies of the keys as you like, if ever all the keys are lost, you will never be able to enter the house again ever. In fact, no one will ever be able to enter the house. It will be empty for eternity.

You have lost your house.

Just as you are pondering which members of your friends and family you should leave spare keys with, he relates his second piece of advice.

If any copy of your keys are stolen or fall into the hands of an unscrupulous person, they can obviously gain access to your house. But worse than that, they would be able to change all the locks and prevent you from ever entering your house again ever.

Furthermore, you will have no recourse. The scoundrel will be able to sleep in your bed and drink champagne in your jacuzzi, and there is absolutely nothing you can do about it.

You have lost your house.

This may seem far-fetched and ridiculous but it is exactly the situation regarding cryptocurrency and private keys. Here we have the twin issues of the neurotic fear of losing your private keys contrasted with the paranoia of someone gaining access to them through malicious intent.

If you are naturally forgetful and neurotic about losing your keys, you may distribute them among various, supposedly trustworthy people and store them in various secret places. Unfortunately, this just makes it easier for someone to find them or use them for their own benefit. So one day, as you are idly daydreaming about which model of Range Rover you will buy with your enormous crypto profits, you discover that your uncle Bill has run off to Puerto Rico with the maid, accompanied by all your crypto. Your aunt Grace is distraught but she will get over it: she has already sold his golf clubs. But for you, your dreams are over, and its a few more years in the battered old Ford.

Or, you have a paranoid bent. You bury your hardware wallet in the garden and hide a copy of the seed phrase in the roof lining of your car. Then the day comes when the dog digs up the wallet and chews it into a hundred pieces and your car is stolen and the thief drives it into the river.

Luckily, you remember you gave another copy of the seed phrase to your sister, so you frantically call her to discover she had hidden the note in the sugar bowl. Unfortunately, she had forgotten about it and the paper had not survived the full dishwasher cycle at 50C. You should have laminated the note but you didnt, did you? Your sister is very apologetic, but for you, your dreams are over.

Its a few more years in the battered old Ford.

The main crypto exchanges are holding a huge amount of customers cryptocurrency in their custodial wallets. Why is this, I wonder, when all the advice is to get any assets off exchanges as soon as possible after any transacting and secure them with non-custodial wallets.

Could it be that many of us dont want to be our own bank? We dont want the responsibility and are averse to suffering the neurosis and paranoia of securing our private keys. We are happier to trust Coinbase, Kraken etc. with our crypto assets as we have previously trusted our banks.

It is true how many of us in the West have lost money that was held in major banks? Not many. And exchanges are just like banks, arent they?

However, the history of crypto exchanges is not so rosy as we mistakenly imagine our banks history to be. The Altsbit exchange was hacked only a few days ago and although the losses suffered were far smaller than the fortune spirited away in the Mt. Gox scandal, it simply shows that exchanges are low-lying fruit for hackers and remain vulnerable.

In order to encourage mass adoption of cryptocurrencies, a solution must be found which is user-friendly and provides secure management of private keys without trusting third parties. In this modern age, if the best we have is to etch seed phrases onto hardened steel plates and hide them in the basement, we have a long way to go.

Featured Image: Shutterstock/TheVisualsYouNeed

Read more here:
Bitcoin (BTC) and Crypto Paranoia: The Neurosis of Private Key Safekeeping And Why We Need a New Paradigm - The Daily Hodl

Bitmain, Ebang, Canaan, and MicroBT to Cement Control over Bitcoin Mining Market in… – Coinspeaker

Four firms are controlling the Bitcoin mining rigs production industry. The biggest gainer? Obviously Bitmain, but who else is in charge of the chip production?

TokenInsight has prepared a report saying that by the end of 2020, these four firms will take complete control over the Bitcoin mining market. Those are the Bitmain, Ebang, Canaan, and MicroBT. During 2020, the companies will eat out 3 percent more from the mining markets cake. Now, they cumulatively control more than 95% of the network. By the end of 2020, 98% of the market will lie under the firms.

What will the miners do in such circumstances? They typically worry about centralization in the production of area-specific equipment (and code).

According to Johnson Xu, TokenInsight analyst, we can blame the network effect:

The top four companies consistently have had strong market power in the past; going into the future, this strong market power will translate into the dominant positions of the top four companies.

Considering that they already have 95% under control, the total power seizure is probably only a matter of time. Johnson Xu sees no possibility that some other companies will enter the field to compete. Cryptocurrencies have many underwater rocks and bugs that can jump out of the blue. Indeed, you can lose all the money or business thanks to a single weak line of code.

TokenInsight predicts that Bitmain will control 63% of the market, while now they have 55-58%. Canaans share will increase to 18%, while now they control 10-15%. Bitmain receives such high marks because they have recently withdrawn from the AI development. Xu notes that Bitmain considers AI as a high cost and low profitability venture. Once they finish restructuring business and assets, the market share will grow bigger because they have established names.

Also, Xu thinks Canaans market share is about to increase thanks to the IPO that the firm held back in 2019. As for MicroBT, they now have 20-25% of the market, but TokenInsight predicts that theyll lose positions down to having only around 10%. The issue is in the recent arrest of the companys founder. As for Ebang, they will keep control over the current 7% that they have.

When you try to sell mining rigs, you have to find special clients worldwide, convince them that youre not a scammer, and establish relationships with them. It is a very hard task and people will have to put a ton of time into logistics and marketing and a support department to power up sales. Bitmain already has all that, including the strong leader who can aim the companys ship in different directions, not only follow the iceberg-magnetic market trends.

Back in the old days, there were only Bitmain (and probably Bitfury) on the market. They were offering chips that exist. Since then, many of the firms took some of the Bitmains mining market share. However, Bitmain developed into the leading company in the industry, providing the best solutions for the best prices to people.

There are thousands of miners worldwide who wait, prey on and order equipment from China every time the company makes sell off party. However, the coronavirus effect may play bad jokes with Bitmain this year, as some of the key parts of the country locked down on quarantine.

Jeff Fawkes is a seasoned investment professional and a crypto analyst covering the blockchain space. He has a dual degree in Business Administration and Creative Writing and is passionate when it comes to how technology impacts our society.

You have successfully joined our subscriber list.

Read more:
Bitmain, Ebang, Canaan, and MicroBT to Cement Control over Bitcoin Mining Market in... - Coinspeaker

Bitcoin and Altcoins Continue Post-Rally Correction – Cryptonews

After trading to a new 2020 high near USD 10,200, bitcoin price started a corrective decrease. BTC/USD traded below the USD 10,000 level and even broke the USD 9,850 support area. The price is now approaching the USD 9,650 and USD 9,550 support levels, where the bulls are likely to emerge.

Similarly, there was a corrective decrease in most major altcoins, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD traded below the USD 222 and USD 220 support levels. XRP/USD traded below USD 0.275 and it seems like it could retest the USD 0.262 support.

Total market capitalization

After a close below USD 10,000, bitcoin price failed to stay above the key USD 9,850 support area. BTC/USD is now (09:00 UTC) trading near the USD 9,700 area, with an immediate support near the USD 9,650 level. The main support on the downside is near the USD 9,550 level, below which there is a risk of a larger decline.On the upside, the USD 9,850 level is likely to act as a hurdle for the bulls. To start a fresh increase, the bulls need to gain traction above USD 9,850 and lead the price above the USD 10,000 handle.

Ethereum price started a steady corrective decrease and broke the USD 222 and USD 220 support levels. ETH/USD is now trading below USD 220 and it seems like the bears are aiming a test of the USD 215 support or the USD 212 pivot level.On the upside, a clear break above the USD 225 level is needed for a fresh increase. In the mentioned case, the price is likely to climb above the USD 230 swing high.

Bitcoin cash price started consolidating gains after it was rejected below the USD 460 level. BCH/USD is now trading above the USD 440 level, below which there is a risk of a large correction towards the USD 420 support. On the upside, the USD 455 and USD 460 levels are important hurdles.Litecoin is correcting lower below the USD 75.00 level. LTC/USD broke the USD 73.80 support and it could soon test the USD 72.50 support area. The main support is still near the USD 70.50 and USD 70.00 levels. On the upside, the price is facing a strong resistance near USD 76.50 and USD 78.00 levelsXRP price topped near the USD 0.288 resistance area and recently declined below the USD 0.280 level. The price is now trading near the USD 0.270 level and it could continue to move down towards the USD 0.262 support area. On the upside, there are resistances near USD 0.275 and USD 0.278.

In the past three sessions, a few small-capitalization altcoins gained more than 5%, including WAVES, HPT, XVG, SNX, DX, BAT, ALGO, QNT, KMD, HT, and OKB. On the other hand, KICK, LSK, AION, and MOF are down more than 10%.

To sum up, bitcoin price is correcting gains from well above USD 10,000. BTC/USD might even test the USD 9,550 support level in the near term._____

Original post:
Bitcoin and Altcoins Continue Post-Rally Correction - Cryptonews

The code breakers: This vault is ground zero for law enforcement’s battle to unlock encrypted smartphones – USA TODAY

Apple has reopened a privacy battle with the FBI after refusing to unlock the iPhones of the Saudi pilot who opened fire at Naval Air Station Pensacola Buzz60

NEW YORK Inside a steel-encased vault in lower Manhattan, investigators are bombarding an Apple iPhone 7 with ajumble of numerical codes generated by nearby computers.

The grinding exercise has continued for the past 21 months with a singular aim: Crack the phone's passcode so police can extract potentialevidence in an aging attempted murder investigation.

Despite the formidable resources ofa $10 million cyber laboperated by the Manhattan District Attorneys Officeincluding costly assistance provided by privatesleuthsso far the phone has won.

Last month, Attorney General William Barr revived the titanic struggle betweenlaw enforcement and Big Techwhen he disclosedthat the FBI couldn'tunlock two iPhones used by a Saudi officer who opened fireat a Navy base in Florida in December.

Yet the breadth of the ground war wagedagainst encrypted phones, tablets and other devices seized in criminal inquiries is perhaps best appreciated withinthe securedoors of this Manhattanlaboratory.

Steven Moran, director of the High Technology Analysis Unit at the Manhattan District Attorneys Office, describes how investigators try to crack encrypted smartphones in a special steel-encased vault. It was built to block outside radio frequencies, preventing suspects from remotely erasing their devices.(Photo: Kevin Johnson, USA TODAY)

More than 8,000 devices have poured into the facility since 2014.Each year, more of them are locked, rising from 24% in 2014 to 64%last year. For Apple devices, it's gone from 60% to 82%.

Nearly 2,500 of the locked devices remain inaccessible to investigators, hindering investigations into child exploitation, financial crimes, theft, violence and other crimes.

The numbers illustrate afrustration shared by law enforcement agencies across the country.

"I don't think there is an awareness of the scope of the problem," Manhattan District Attorney Cyrus Vance said.

Duffie Stone, president of the National District Attorneys Association, describedthe challenge as a technological tidal wave overwhelming agencies across the country, particularly smaller oneswithout Manhattan's considerable resources.

However, it's been difficult to measurehow much of a problem locked devices are for law enforcement. There is no national data repository tracking how often investigators areblockedby phones "going dark," as they say.

In 2018, the FBI estimated federal authorities had recovered nearly 8,000 locked phones for analysis. Butthe bureau acknowledged that figure was overstated.The FBI has not publicly updated the data since, leaving Vance as law enforcements most vocal authority in the struggle between law enforcement and privacy interests.

Tech giant Apple is law enforcement's favorite target because of its commercial popularity and its efforts to bolster user privacy.In the past six years, law enforcement officials maintain, Apple and other companies have made their devices virtually warrant-proofby enabling encryption by default and moving fromfour-digit passcodes to six.

Law enforcement vs. consumer privacy: Should Apple help DOJ unlock terrorist's iPhones?

"We have always maintained there is no such thing as a backdoor just for the good guys," Apple said last month, responding to Barr's claims that the company had not helped unlock the two iPhones recovered from the Pensacola shooter.

"Today, law enforcement has access to more data than ever before in history, so Americans do not have to choose between weakening encryption and solving investigations," Apple said. "We feel stronglyencryption is vital to protecting our country and our users' data."

Steven Moran, director of the High Technology Analysis Unit at the Manhattan District Attorneys Office, stands outside the vault where computers bombard seized smartphones with codes in order to guess the passcodes and enable investigators to access their data. New batches of phones are moved into the chamber like unbaked cookies and others are moved out before they're done.(Photo: Kevin Johnson, USA TODAY)

It looks like a bomb shelter. In a sense, it is.

Just off the main corridor of the Manhattan cyber laboratory, protected by a heavy steel door, is a small chamber where some of the lab's most consequential work is carried out in isolation.

About 100 locked cell phones,seized in various criminal investigations, arestacked neatly on two shelves. Nearby,computerssilently batter the devices with spurts of numerals as they attempt toguess thepasscodes.

Only when the lights are offis the workvisible, in flashes of blinking lights.

Success can come in minutes, hours, days ormonths. Or not at all.

Of the 1,035 devices that were locked on arrival at the lab last year, 405 remain inaccessible, according to lab records. The year before, 666 of the 1,047 locked phones could not be opened.

New batches of phones are moved into the chamber like unbaked cookies. Others are moved out before they're done.

"We might need more shelving," said Steven Moran, director of the High Technology Analysis Unit.

The room's heavy drape of security, Moran said, is not for show. It was built to block outside radio frequencies, preventingsuspects from remotely erasing their devices before examiners can break the locks.

"It is a real concern," Moran said, adding that some suspects released on bond have sought to do just that.

In particularlyurgent cases, or when devices prove especially resistant, they are hand-delivered to private contractors who subject the phones tonew types of hacking.

From 2014 to 2019, Vance said,his office paid those contractors $1.5 million for software and assistance.

New York District Attorney Cyrus Vance arrived in October for a federal court hearing on his efforts to get several years of tax returns from President Donald Trump's longtime accounting firm.(Photo: ANGELA WEISS, AFP via Getty Images)

Their help has become critical not only in Manhattan but in places like South Carolina's 14th Judicial Circuit, a five-county area in the state's low countrywhere Duffie Stone is the local prosecutor.

"The use of technology by criminals is probably the biggest change in the criminal justice system," Stone said. "We are confronting this kind oftechnology, and the challenge of penetrating it, in virtually every case we are prosecuting."

Stone credits Vance with helping other prosecutors take on the new investigative burdens.

"The value of digital evidence is not limited to proving a defendant's guilt," Vance told a Senate panel in December. "In some instances, evidence recovered from devices mitigates the culpability of an accused or exonerates a defendant entirely."

In 2018, Vance said, an internal survey revealed 17 casesin which his office "reduced or dismissed charges because of evidence recovered from a smartphone."

Ordinarily, few would confuse William Barr with Cyrus Vance.

As Donald Trump's attorney general, Barr has shielded his boss from Vance's subpoenas and document requests. Their fight over the president's tax records is now before the Supreme Court.

On the issue of encryption, however, they have found common ground.

Last month, Barr rekindled a longstanding dispute between the Justice Department and Apple when he accused the company of failing to provide "substantive assistance" in unlocking two iPhones used by the Saudi attacker who killed three people atNaval Air Station Pensacola in December.

Airman Mohammed Hathaim, Ensign Joshua Watson and Airman Apprentice Cameron Walters were killed in the shooting at Naval Air Station Pensacola. USA TODAY

One of the devices was believed to have been damaged by a bullet fired by the gunman in an attempt to destroy anyevidence it contained.

The attorney general said investigators rebuilt both phones, but they had not been able to bypass the passcodes to gain access to the data.

"This situation perfectly illustrates why itis critical that investigators be able to get access to digital evidence once they have obtained a court order based on probable cause," Barr said then.

Apple rejected Barr's rebuke, saying it had responded quickly to investigators' many requests. The company said itlearned only a week earlier that the Justice Department needed help unlocking the phones.

Barr's criticismmirrored a standoff between the FBI and Apple over an iPhone recovered after a 2015 mass shooting in San Bernardino, California, that left 14 people dead.

In that case, the FBI went to federal court todemand Apple assist investigators in accessing the device recovered from terrorist Syed Farook, who was killed withhis wife, Tashfeen Malik, in a shootout with authorities following the attack.

The FBI's effort was led by then-director James Comey, whomaintained the bureau wanted accessonly in that case. Apple and other tech companies feared granting access to Farook's phone would ultimately require them to build so-called backdoors that would allowlaw enforcement around the country to access their devices.

Nothing to see here: FBI blacks out most details on hack of terrorist's iPhone

Law enforcement officers search for the suspects of a mass shooting Dec. 2, 2015 in San Bernardino, Calif. A man and a woman suspected of carrying out a deadly shooting at a center for the disabled were killed in a shootout with police, while a third person was detained, police said. (Photo: Patrick T. Fallon, AFP via Getty Images)

The FBI dropped its challenge after it secured the assistance of an outside contractor that successfully bypassed the iPhone's passcode.

Vance, who supported Comey's efforts at the time, said theSan Bernardino caseraised public awareness of the problem. But itultimately "deflated because there was mutual finger-pointing."

If Barr were to challengeApple again, Vance said he probably would support it. Yet the district attorney said courts won't offer a long-term solution.

"Nothing really has changed" since San Bernardino,Vance said.

"Companies are not going to redesign their devices to open for search warrants," he said. "The only way to move forward is the threat of federal legislation."

Read or Share this story: https://www.usatoday.com/story/news/politics/2020/02/11/manhattan-vault-investigators-try-unlock-encrypted-iphones/4670518002/

Follow this link:
The code breakers: This vault is ground zero for law enforcement's battle to unlock encrypted smartphones - USA TODAY