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As Expected: Chinas Cryptocurrency Aims To Provide Full Governmental Oversight According To Report – CryptoPotato

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A recent report by Baidu has revealed a lot of details surrounding Chinas cryptocurrency. According to the document, the countrys central bank will be the institution monitoring the digital currency. However, as expected, the ledger used for its creation wont provide any kind of anonymity but rather allow the Government to monitor financial transactions closely.

China has been talking about issuing its own cryptocurrency for some time now. What is more, the Vice-Chairman of Chinas Center for International Economic Exchanges (CCIEE) came out and said that they will be the first to launch it.

A few months later, a Baidu report reveals more information about the initiative, potentially hinting at the fact that they might be closer to its development.

Digging deeper into the report, however, reveals that one of the primary concerns that a lot of community members had, is, in fact, true. The countrys central bank will be able to monitor all financial transactions, while other parties wouldnt.

Unlike Bitcoins complete anonymity, the central bank has the right to know the transaction data within the legal scope, and traceability of digital currency sources can be achieved through big data analysis, while other commercial banks and merchants cannot obtain relevant information. Reads the report.

In other words, no other but the central bank of China would have access to the ledger in a way that permits them to monitor transactions. On the other hand, the institution would be able to see each transaction, while also looking at its amount and exact parties.

Not surprisingly, the report frames it as if its something thats aimed at handling illicit activities.

This mechanism, while protecting data security and citizen privacy, also enables illegal activities such as money laundering to be effectively regulated.

The document outlines that there will be a distributed ledger that will be used to assist in the registration of digital currency rights and the processing will still be completed by it. This should, in theory, increase data security, while also handling the slower transaction times.

Interestingly enough, the cryptocurrency will be distributed by issuing banks, which would have to send a corresponding amount of fiat currency to the central bank, which, in turn, would send over the digital currency.

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As Expected: Chinas Cryptocurrency Aims To Provide Full Governmental Oversight According To Report - CryptoPotato

49,999,995 XRP Sent to Bitstamp Is This Cryptocurrency Giant Behind the Curtain? – The Daily Hodl

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A series of large XRP transfers have crypto traders on alert.

The single biggest transfer sent 49,999,995 XRP worth about $11.6 million to the Luxembourg-based cryptocurrency exchange Bitstamp. The transfer triggered quite a stir, with many traders wondering if the XRP holder is planning to sell.

According to the crypto tracker Whale Alert, the XRP in question was sent from an unknown wallet. However, data from the XRP explorer Bithomp indicates the wallet was activated by the crypto custody giant BitGo.

Bitstamp and BitGo partnered back in October in a move designed to give Bitstamp a safe way to store its customers assets. The fact that the wallet was activated by BitGo suggests the transfer may be a routine shuffle of assets at Bitstamp.

The security of our customers funds is always our highest priority at Bitstamp. With BitGo Custody, Bitstamps assets will be secured on 100% cold storage technology in bank-grade class III vaults and protected by BitGos $100 million (USD) insurance policy.

Meanwhile, the XRP Ledger Monitor is tracking a series of additional million-dollar XRP transfers in the last 24 hours. At time of publishing, the most recent is a movement of 15,000,000 XRP worth $3.5 millionfrom the crypto exchange Binance to another wallet activated by BitGo.

In addition, the South Korean crypto exchange Coinone sent 20,519,000 XRP worth $4.8 million between two internal wallets, and Bitstamp sent 21,990,778 XRP worth $5.2 million between two of its internal wallets.

The payments company Ripple, which holds more than half of the total supply of XRP, recently moved 356,207,423 XRP worth $78.4 million in two separate transactions. Ripple sold significantly less XRP in the fourth quarter of last year, with the purpose of the two transfers in question unknown.

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49,999,995 XRP Sent to Bitstamp Is This Cryptocurrency Giant Behind the Curtain? - The Daily Hodl

Bitcoins System is The Only Way to Build Cryptocurrency: Investment Firm Exec – newsBTC

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Founder of Morgan Creek Capital, Mark Yusko, believes Bitcoins Proof of Work (PoW) consensus is the only viable protocol on which to build a digital asset. In an interview, he discussed why the coin is a beautiful use case of blockchain, and why 99% of other coins will eventually go to zero.

Mark Yusko a longtime Bitcoin bull sung Bitcoins praises on the latest episode of RTs Keiser Report, calling the coin a beautiful use case of blockchain.

He outlined how the leading cryptocurrency, with its Proof of Work (PoW) consensus, is one of about a dozen coins with real world value and application.

Bitcoin aside, Yusko name-dropped Ethereum, Dash, and Monero. Other coins, he said, dont fit into the same category.

While Bitcoin is tried and tested, the majority of the rest are what he calls crowdsourced venture capital, pre-seed and seed stage deals with technology that may not work. 99% of these, Yusko said, may go to zero.

Bitcoin is better, Yusko a true maximalist argued, because of its protocol: decentralized, an increasing hashrate, and a community of miners and users that translate to the coin being a true store of value and medium of exchange.

Mark Yusko on Max Keisers show discussing bitcoin (source: RT Youtube)

Some traditional fund managers still view Bitcoin as some kind of scam, noted Yusko, as opposed to what he says is truly an evolution of technology. With an increasingly digitized world, Bitcoin will continue to play a fundamental role as a base layer blockchain protocol for decades and centuries, he said.

But while both Yusko and Keiser Report host Max Keiser agreed that most cryptocurrencies will fail, Bitcoin and about a dozen other PoW cryptocurrencies look to provide an opportunity thats similar to (but different from) dot-com era tech stocks.

The protocol is the application, said Keiser, comparing it to the opportunity of buying shares in the concept of email in the 1990s.

With Bitcoin, you have that opportunity. Youre owning a piece of the protocol thats dominating, Yusko replied.

Yusko also brought up Berkshire Hathaway vice chairman Charlie Munger, known in the cryptosphere as the person who claimed that Bitcoin trading is like trading in harvested baby brains.

Mungers comments were not particularly a surprise, as Bitcoin is set to have a big impact Mungers bread and butter: 47% of Berkshire Hathaways is in financial services which are being disrupted by these PoW protocols and associated blockchain technology.

Yusko concluded the interview by pointing out that investing in technology and innovation has always been the path to long-term alpha:

Look at the best investors in the world. They overweight innovation and get alpha, he said.

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Bitcoins System is The Only Way to Build Cryptocurrency: Investment Firm Exec - newsBTC

Paris Saint-Germain Teams up With Cryptocurrency Exchange Platform CoinCasso – Bitcoin News

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Paris Saint-Germain Teams up With Cryptocurrency Exchange Platform CoinCasso - Bitcoin News

Heres What To Watch After Bitcoins Breakout – Forbes

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(Photo by INA FASSBENDER / AFP) (Photo by INA FASSBENDER/AFP via Getty Images)

One month ago, I showed how Bitcoin had been trading in a channel pattern for nearly seven months as it lost half its value. I said that If Bitcoin can stage a convincing, high-volume breakout above this channel in 2020, further gains are likely. Since then, Bitcoin has broken out of its channel and is now approaching the key psychological level of $10,000 once again. Convincing, high-volume pushes above the key levels of $10,000, $11,000, $12,000, $13,000, and $14,000 are necessary to confirm the continuation of the cryptocurrencys bullish move.

Bitcoin Daily Chart

The weekly chart makes it easier to visualize Bitcoins channel pattern and recent breakout. If Bitcoin can clear the technical congestion from $9,400 to $14,000, it should open up the opportunity to gun for its late-2017 highs once again.

Bitcoin Weekly Chart

For now, investors and traders should monitor Bitcoins price action and volume as it attempts to push past its overhead resistance/congestion area.

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Heres What To Watch After Bitcoins Breakout - Forbes

Bitcoin Price Drops 3% on Brexit and Coronavirus Case in the UK – Cointelegraph

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Bitcoin price (BTC) has been declining amid the recent coronavirus developments as today media reported that patients in the UK and Russia tested positive for the virus. The declining trend has been followed by major cryptocurrencies.

Cryptocurrency market daily overview. Source: Coin360

In a day that will mark the departure of the United Kingdom (11 p.m. UTC) from the European Union and the confirmation of 2 cases of coronavirus virus infection in the UK, BTC/GBP pair has been declining by more than 3.7% since midnight.

Looking at the 15-minute timeframe, Bitcoin was trading near 7,274 at midnight and started to decline steadily throughout the early morning.

BTC GBP 15-minute chart. Source: TradingView

Since 1:30 p.m., around the time most American and British news outlets reported on the confirmation of coronavirus, Bitcoins intraday price trend has been volatile. The digital asset reached a daily low of 7,015 around 2:30 p.m. with a slight recovery at 7,086 (around 4 p.m.). Shortly thereafter, the digital asset ended up declining again, nearly dropping to a daily low at 4:50 p.m.

BTC GBP 5-minute chart. Source: TradingView

As reported earlier by Cointelegraph, Bitcoin price declined after the coronavirus was confirmed in the U.S. and a similar effect seems to be happening in the BTC/GBP price as the health threat reaches a global presence. On the same page, the S&P 500 and the Dow Jones Industrial Average Indexes are down by more than 1% for the day.

Following the same trend, the FTSE 100, the main stock index for companies in the UK, declined more than 1%. However, the GBP/USD exchange rate was up today, contradicting the global stock market trend and suggesting an opposite behavior to Bitcoin.

The overall cryptocurrency market cap now stands at $255.7 billion and Bitcoins dominance rate is 66.2%. A handful of large-cap altcoins also mirrored Bitcoins losses. Most notably, Bitcoin SV (BSV) is down more than 8% and Bitcoin Cash (BCH) more than 5%. EOS is also down by more than 5%. On the winning side, NEM has gained more than 8% and Ontology (ONT) rallied 6%.

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Bitcoin Price Drops 3% on Brexit and Coronavirus Case in the UK - Cointelegraph

Bitcoin Economy Will Hit $8,000,000,000,000 in the Next Decade, Predicts Wealth Manager Andy Edstrom – The Daily Hodl

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One of the first wealth managers to recognize Bitcoins potential says he believes the top cryptocurrency will likely reach an $8 trillion market cap.

In a new interview on the Citizen Bitcoin podcast, Andy Edstrom of the California-based investment advisory firm WESCAP Group says a long list of factors may boost Bitcoin (BTC) over the next 10 years. These factors include a fear of missing out on the part of speculators, geopolitical events, the devaluation of fiat currency and catalysts from banks and central governments that create a tipping point and a speculative attack on fiat.

When I set the upside case from an investment point of view, I take a 10-year view. And I think the total valuation on 10 years that I use is about $8 trillion and that comes from various buckets, whether its taking share from gold, or taking share from fiat, or taking share from offshore assets, or slightly demonetizing other stores of value like real estate or new uses that we havent thought of or are still under construction.

Whether its micropayments or things enabled by Lightning, or its Abra or similar systems whereby you can get synthetic exposure to any asset in the world just by holding Bitcoin as collateral. So theres all these areas of upside.

Edstrom says the fact that Fidelity and Intercontinental Exchange, the parent company of the New York Stock Exchange, are offering Bitcoin exposure to their institutional clients has legitimized BTC in a way that smaller cryptocurrency companies could never do.

If I step across the table back to the dark side where I came from, from the financial establishment, I could care less whether a company named Xapo or a company named BitGo has qualified custody. I start to care when Fidelity and the New York Stock Exchanges parent company are real. So that is, definitely in my mind, a shift. So thats one thing.

Another factor, of course, is price, as you point out. When we take out the previous all-time high, when were back above $20k, thats going to be a catalyst that some people who arent paying attention now will pay attention to. A decade of the best-performing asset, that came out in 2019, is important. I think the excuses for ignoring it are falling away with time.

When asked how he explains Bitcoin to his clients, Edstrom says he walks them through his vision of what the future looks like if Bitcoin continues to outperform other asset classes and shatters its all-time high.

One thing I sometimes like to do is invert it. I say, look forward into the future. Its 2022 or something. And Bitcoin has already plowed through six figures on price. And Im imagining my conversation with my client and my client is saying, Ok, do we own any Bitcoin? No we dont own any Bitcoin. Oh. So a few years ago it was the best performing asset of the decade right? Ya thats true. And it was uncorrelated to other assets, right? It had less than 0.2 correlation to the US stock market, foreign developed stock markets, emerging markets, bonds as measured by the Barclays index, gold. Ya thats right, it was not correlated. And the total addressable market was in the tens of trillions of dollars, correct? Ya thats correct. And it was investable right? There were instruments in the market that you could buy. You could buy this in my account right? Ya thats true. So what am I paying you for?'

Featured Image: Shutterstock/Patila

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Bitcoin Economy Will Hit $8,000,000,000,000 in the Next Decade, Predicts Wealth Manager Andy Edstrom - The Daily Hodl

Over 75% of Bitcoin in Circulation Are in Profit – Bitcoinist

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Latest figures show that over three quarters of all existing bitcoin (76.05%) are in profit, meaning that the value is currently higher than last time it was moved. While this ratio fluctuates, historically it has remained above 50% for almost the entire history of Bitcoin.

As may be expected, there is a strong correlation between the ratio of bitcoin currently in profit and BTC price. During periods when bitcoin price has been pushing upwards to all-time and local highs then of course, profitability numbers will increase.

Similarly, in the periods when price crashes following price highs, the percentage of bitcoin in profit will go down. Although, notably, rarely to lower than 50%, and never to less than 40%.

Boom and bust cycles saw profitability numbers dip below half of all bitcoin in 2011, 2015 and 2019, towards the very bottom following the crash. However, the lowest ever recorded value was still 40.5%, following the crash from over $1,100 down to $226.

Even then, over 40% of bitcoin held was still in profit, showing both the benefit and popularity of a long-term HODLing strategy.

The steady growth period from the end of 2016 through to the end of 2017 showed the benefit that a prolonged uptrend could provide. The percentage of circulating bitcoin in profit never dropped below 80%.

In fact, on two occasions, in early May and November, profitability numbers reached record levels of over 99%. BTC price at these times was $1575 and $7234 respectively.

The slump through 2018 saw numbers fall to only 41.5% of circulating bitcoin in profit, although 2019s rally brought numbers back up to over 92% in June.

Profitability numbers followed price back down, but only as low as 56%, before recovering to their current level of 76.05%.

Of course, bitcoin price has spent the past week on an upwards trajectory, adding over $1,000 in the course of the past five days. This means that the current profitability percentage is likely to be even higher.

AsBitcoinist reported, bitcoin price has this year bucked the January tradition by having a phenomenal month. As the month draws to a close, bitcoin is up 32%, a feat which, if repeated every month for the rest of the year, would see BTC close out 2020 with a price of over $150k.

HODLing sounds like a better strategy than ever right now.

Whats the longest you have held Bitcoin for? Let us know in the comment section below!

Images via Shutterstock

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Over 75% of Bitcoin in Circulation Are in Profit - Bitcoinist

Litecoin Hits 17-Week High and It Could Be Bullish for Bitcoin – newsBTC

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Litecoin was trending higher on Saturday against an otherwise bearish intraday narrative in the overall cryptocurrency market.

The seventh-largest crypto by market cap closed above its seven-week high to hit $72.72. The strong move upward brought Litecoins intraday rise to more than 6 percent. At the same time, its gains this week notched up to 36.25 percent (data from BitStamp).

Litecoin rate continues to climb despite corrective macro sentiment | Source: TradingView.com, BitStamp

Elsewhere in the cryptocurrency market, coins underwent a mild corrective action. Top assets, including bitcoin, XRP, and ether, were at best stable, showing very mild downside behaviors with their uptrends cooling-off. Meanwhile, Binance Coin and Bitcoin SV fell in the range of 0.5-1.5 percent.

Nevertheless, Litecoins relatively attractive upside came on the backs of nothing. As a blockchain project, the asset lacked fundamentals to justify its short-term bullish prospect. That is also alarming given Litecoins 75.48 percent decline between June and December especially after its halving last year.

But analysts think the jump is more technical. Trader Crypto Dude saw the move as a breaking of a medium-term descending channel, stating that Litecoin is now heading upward to form new peaks.

Even against bitcoin, Litecoin is impressive, said another prominent market analyst Scott Melker after noticing the pair LTC/BTC heading higher by 17.05 percent this week.

Willy Woo, who is partners with US-based Adaptive Capital, said in earlier January that Litecoin is very bullish, explaining that the cryptocurrencys on-chain activity is in a healthier shape.

The popular blockchain analyst added that Litecoins uptrends were leading indicators of bitcoins upcoming bullish momentum. That said, whenever the altcoin undergoes a price rally, it later follows a similar jump in the bitcoin spot and derivatives market. Excerpts:

Using on-chain investor activity, which gives a read of where this may go; LTC is already very bullish, while BTC is still consolidating around an early bullish swing, said Mr. Woo. In a nutshell, Im expecting a bullish run in BTC lead by LTC as a confirmation signal.

Investors activity of bitcoin and litecoin | Source: Willy Woo

Another prominent analyst Loma highlighted bitcoins bull run last year between April and June that came after similar upside moves in the Litecoin market. In the first quarter of 2019, the LTC-to-dollar exchange rate was up by 179 percent.

What if Litecoin is leading Bitcoin again like it did last year, noted Loma.

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Litecoin Hits 17-Week High and It Could Be Bullish for Bitcoin - newsBTC

Will Bitcoin Budge as Brexit Arrives Tomorrow? – Bitcoinist

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After years in the making, Brexit is finally happening tomorrow. The event is expected to cause a major shift in the global economy and could bring about any number of unforeseen consequences. It also begs the question, will this geopolitical occasion have any impact on bitcoin and crypto?

Love it or hate it, Brexit is finally becoming a reality after 4 years of referendums, political arguments, delays, and nonstop negotiations between UK and EU officials on how best to achieve the dissolution of the UKs membership in the EU. The UK is set to roll out a new Brexit coin to commemorate the event, despite Remainers saying they wont accept it.

So, other than a shiny new coin, what else will change with Brexit? Well, for starters all the UK members of the EU parliament will lose their seats. The UKs passports will change colors, from the standard issue burgundy passport to a blue and gold design which hasnt been seen since 1912.

UK citizens will still be able to live and work in EU nations and there is also a planned 11 month transition period for officials to work out a comprehensive free trade deal between the UK and EU. All of this radical change and uncertainty has bitcoin traders asking themselves if its time to load up or cash out of the crypto market.

Popular Twitter trader, Big Cheds, noted that the daily charts for BTC, LTC and BCH all have bearish signs, and the Crypto Dog, pseudonymous trader alsoon Twitter noted a bearish candle on the BTC chart. Despite bitcoins narrative as a newly emerging safe-haven asset, we may see the markets dump due the uncertainty surrounding the transition.

The change tomorrow of the UKs Brexit is more symbolic than anything, so it may not really shake up the markets too much at first. There is an 11 month period for both EU and UK officials to really settle the nitty gritty details about residency, trade, healthcare, pensions, drivers licenses and many other bureaucratic complications that come from a nation leaving an economic union.

Many of the market shaking effects predicted by Remainers, might not actually be seen until the end of the transitionary, period. It all depends on how smoothly the free trade talks go, between the EU and UK.

EU officials have stated that the 11 month transitionary period isnt near enough time to adequately resolve the budgetary issues that will arise from the UK ending its contributions. Your average EU citizen in the UK or UK citizen living abroad probably wont notice much change in their day to day lives, until negotiations have been completed.

One of the primary concerns facing both the EU and UK is the joint resolution on security measures going forward. Terrorism and crime will need to be met on common ground and it remains to be seen what kind of arrangement officials can work out.

Overall, the crypto markets have been bullish for the first month of 2020, so Brexit could be the catalyst to knock the wind out of the sails so to speak and cause a bearish reversal. Earlier this week the crypto markets crossed a psychologically significant barrier of 250 billion USD, ending a 7 month downtrend. The crypto markets currently sit at $262 billion, although Brexit may cause capital to flee to safer assets.

Is Brexit bearish or bullish for crypto? Let us know what you think in the comment section below!

Images via Shutterstock, Twitter @TheCryptoDog @BigCheds

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Will Bitcoin Budge as Brexit Arrives Tomorrow? - Bitcoinist


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