Category Archives: Bitcoin

On September 16, the Bitcoin Unlimited development team launched a new application called Votepeer. The software is powered by the Bitcoin Cash network and allows anyone to set up a transparent two-option voting process.

This week a couple of Bitcoin Unlimited (BU) developers released a new voting protocol called Votepeer. BU software engineers, Dagur and Jrgen Svennevik Notland, revealed the initial version of Votepeer, which can be located at the website voter.cash.

Votepeer is powered by Bitcoin Cash and allows anyone to easily set up a two-option vote using the simple and transparent voting protocol, the project announcement details. Participating, verifying, and tallying can be done through the SPV (Simple Payment Verification) technology in use in most bitcoin cash wallets and therefore does not require a full node.

The announcement published on the bitcoin cash (BCH) powered blogging platform read.cash, explains that the new release concludes the initial phase of BUIP129. During the second phase, BU developers will study more in order to make anonymous voting possible.

The third phase of the project is to build the technology into an easy-to-use app and release it publicly for general use, the announcement notes.

Hopefully, we can make online elections safer, Jrgen Svennevik Notland said. We are currently in research and development mode, open-sourcing our tools and apps as they mature, and a paper. Our current research item is to figure out how to make the election process in the two-option Voterpeer smart-contract anonymous.

The developer also detailed that individuals who are interested in contributing to Votepeer can reach out via Keybase.io. The engineers also said that the team released voter.cash now so the project can locate partners who will benefit from this type of voting technology.

We look forward to all the interesting ways the cryptocurrency community can use this technology to supercharge their governance processes, the BU devs concluded.

On social media and crypto oriented forums, BCH proponents seemed to like the Voterpeer project and the blockchain voting concept. The release comes 47 days prior to the U.S. Presidential election between Donald Trump and Joe Biden on November 3. Already, thanks to the vast number of mail-in ballots this year due to Covid-19, many Americans think the vote will be an utter calamity.

A few members of the BCH community discussed governments leveraging a platform that utilizes blockchain technology. Meanwhile, a few other crypto supporters recommended ideas to the BU team that could allow the protocol to execute building out a multi-choice voting process.

What do you think about the Votepeer project released by BU software developers? Let us know what you think about this subject in the comments below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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Bitcoin Unlimited Launches Two-Option Voting App Powered by Bitcoin Cash | Technology - Bitcoin News

ENCINITAS, Calif., Sept. 16, 2020 /PRNewswire/ --Glen Oaks Escrow, one of Southern California's largest independent escrow companies, recently announced that it closed its second Bitcoin transaction.

The organization shared that the homebuyer contacted the Glen Oaks Escrow office in San Diego to inquire about using Bitcoin after hearing about previous Bitcoin transactions that were administered within the organization.

"We're thrilled that our organization has closed another transaction with Bitcoin. We made the decision in 2018 to start accepting Bitcoin payments, and we are glad that we did, given that consumers see the value and are taking advantage of this payment method. This transaction exemplifies that, while a young technology in our industry, blockchain, and cryptocurrencies have the potential to become a bigger part of real estate transactions. And, given the current economic climate, some experts are predicting that real estate, gold, and Bitcoin will perform strongly over the long-term. We look forward to being there for our clients and are very proud to be at the forefront to enable transactions in this way," shared Joe Curtis, COO of Glen Oaks Escrow.

Glen Oaks Escrow accepts Bitcoin payments through BitPay, which acts as the payment processor in the transaction and is used to verify the funds. The escrow company then sends out an invoice to the buyer, similar to wire instructions in a fiat currency transaction.

The buyer then has a fixed window of time to remit payment using Bitcoin or another accepted cryptocurrency. The funds go to escrow through BitPay, which converts the Bitcoin into cash and wires US Dollars into the escrow account. In summary, BitPay takes the Bitcoin and converts it to cash for the seller, so the seller never actually sees the Bitcoin payment, just the cash.

"While some people and companies are still trying to understand how cryptocurrencies fit into the real estate industry, we continue to see the growth of usage in other markets. From Crypto Startup Schoolsto large banks getting involved with cryptocurrencies, we are confident that this new way of doing business will increase in our industry. We're proud to be paving the way for this technology," explained Curtis.

About Glen Oaks Escrow

Glen Oaks Escrow is part of the Pango Group, a family of companies that include American Trust Escrow, CV Escrow, Escrow Trust Advisors, AV Escrow, VOI Insurance Solutions, and Document Archive Solutions.

Pango Group has been one of the leading independent escrow resources in California for over 20 years with locations from Los Angeles to Orange County to the Coachella Valley and San Diego and owns and manages over 30 offices and 300 employees.

The company's mission of running exceptional real estate service businesses that enhance the lives of the people, partners, and communities we serve has been an integral part of its success. It was recently named one of the Best Places to Work for the 5th year in a row in Los Angeles.

CONTACT:Lucia Asbury(760) 697-9146[emailprotected]

SOURCE Glen Oaks Escrow

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Glen Oaks Escrow Announces It Assisted With Yet Another Bitcoin Transaction - PRNewswire

Despite much anticipation, the Indian cryptocurrency bill is not included in the list of bills to be introduced in the current session of parliament. Meanwhile, a new report of Indias government planning to ban cryptocurrency trading has emerged.

The Indian government has been deliberating on how it will treat cryptocurrencies in the country after a draft crypto bill was submitted by an interministerial committee headed by former Finance Secretary Subhash Chandra Garg last year.

The government originally said that it planned to introduce this bill in the Winter session of parliament last year. When that did not happen, there were reports suggesting that the crypto bill could be introduced in the Monsoon session, which started Monday and will continue through Oct. 1.

Tanvi Ratna, CEO of blockchain policy and regulatory advisory firm Policy 4.0, explained on Twitter Sunday that the Monsoon session of parliament was disrupted due to the covid-19 pandemic, adding:

Cryptocurrency ban legislation does not appear in the list of 45+ bills on the agenda for the 18-day session. This is big news, though this could change & there are other routes for govt.

The Indian government has not made any announcement regarding its plans for cryptocurrency, which has led to rumors and speculation. Several reports indicate that the government is planning to ban cryptocurrencies as outlined in the draft bill submitted by the Garg committee.

The latest crypto ban news was published by Bloomberg on Tuesday. The publication claims that India is planning to introduce law to ban cryptocurrency trading. Citing people familiar with the development who asked not to be identified, citing rules on speaking with the media, the publication wrote:

The bill is expected to be discussed shortly by the federal cabinet before it is sent to parliament.

The federal government will encourage blockchain, the technology underlying cryptocurrencies, but is not keen on cryptocurrency trading, according to two people, the news outlet added.

Since this is not the first time the Indian crypto community has had to deal with ban rumors, many people on Twitter were quick to point out that the sources of the news are anonymous, and previous ban rumors never materialized.

Blockchain lawyer Varun Sethi commented: Words like federal cabinet suggest its inspired from some western country. In India, we generally use central government. Also, no sources or quotes raise doubts.

Furthermore, Crypto Kanoon co-founder Mohammed Danish previously explained that if the Indian government decides to pass a law to ban cryptocurrency in some ways, this law can be challenged by crypto business, traders, or enthusiasts based on various rights available to them under the Constitution.

Despite multiple ban reports, the cryptocurrency community in India firmly believes that the government will not impose a full ban on cryptocurrencies since much has happened since the Garg committees bill was drafted.

Earlier this month, Begin India Think Tank founder Deepak Kapoor explained that bitcoin and other cryptocurrencies could have the same legal status as stocks. In July, Garg himself said that Crypto assets as commodities should be allowed, even though he stood by his recommendation that cryptocurrencies should be outlawed. He has since retired from government service.

Do you think India will ban or regulate cryptocurrency? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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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India's Crypto Bill Omitted From Parliament Agenda While New Ban Report Appears - Bitcoin News

Today we consider bitcoin.

I found myself writing the following phrase to begin this mornings missive.

Bitcoin has been stuck in the $8,000-$12,000 range since May.

Then I thought that, while true, its kind of insane...

Bitcoin has been trading between about $8,000 and $12,000 per coin since May.

Using the mid-price of that range $10,000 as the base price, I am effectively saying that bitcoin has been stuck in a 40% ($4,000) range.

Imagine my saying that gold, or the Dow or the housing market was stuck in a 40% range. It takes several years, a global pandemic and an extraordinary amount of financial intervention to move any of those markets by as much as 40%.

Yet so normalised is bitcoins volatility, that Im now describing the cryptocurrencys 40% range trading as stuck.

Who needs leverage when youve got bitcoin?

In any case, bitcoin is by its own standards if nothing elses quiet at the moment. It began the year at $7,000, enjoyed a great run into February, taking it north of $10,000, collapsed with the coronavirus panic, and lost nearly 50%.

The rebound took it from below around $5,000 in March to north of $12,000 come August, since when the market has pulled back and found support around $10,000.

And this feels like a quiet year.

I guess thats because, for all the volatility, the 200-day moving average is as flat as a pancake, indicating that on this timeframe at least the market is going nowhere. The 50-day moving average is rising.

Quite interesting is that since February, bitcoin has been behaving like its a tech stock listed on the Nasdaq. You could pretty much overlay the bitcoin chart over the Nasdaq and see that whither one, thither the other. Theyve both been going the same way.

On a long- and intermediate-term basis, the Nasdaq is in an uptrend, on a short-term basis the picture is less clear. Its fallen a bit, then rallied.

For all their bubblicious qualities, Id be very careful shorting tech stocks because they have the ability to go so much higher. Its a scalability thing. Anything digital is so much more rapidly scalable than anything analogue. You can design a really good app, stick it in the app store and it can be sold anywhere in the world, pretty much instantly, a billion or more times over.

Lets say on the other hand you design a really good dog lead or a picture frame or a sandwich. To sell a billion units, you have to somehow make and distribute a billion dog leads, picture frames or sandwiches. Its a lot harder.

Im convinced scalability is the reason that so many Nasdaq stocks have been so unstoppable.

The same logic applies to bitcoin. The US dollar or the pound any fiat currency has limited scalability because of national borders. No such limitations affect bitcoin. It was designed to be cash for the internet and the internet is, effectively, borderless.

You can send and receive bitcoin to anyone anywhere as long as you both have an internet connection. As such it has the potential and I dont say this will happen, just that it has the potential to become the default cash system for the internet. The scalability of that is just too great to ignore.

Then, on the other side of the coin, it is almost infinitely divisible, yet in limited supply, so the potential for gains is so enormous that I say you just have to own some whether its having a quiet year or not.

In fact, quiet years in bitcoin are generally a good time to stake a position. Bitcoin has this tendency to go quiet for a couple of years, then go bananas. You want to buy it when its quiet.

As things have evolved, bitcoins purpose as cash for the internet has sort of disappeared. 31% of bitcoins have been inactive for at least three years, says Guy Hirsch, US managing director for multi-asset brokerage eToro. Some of those bitcoins will have been somehow lost, but a large portion will belong to people who do not see them as cash, but more like digital gold as something to hoard. Hodlers, as they are known.

Bitcoin has become the backbone of the cryptoverse, rather like gold was to the monetary system of the 19th century. Most peoples route into the booming and ever-expanding crypto economy from fiat is via bitcoin. It has a sort of portal status.

The latest craze to have gripped the crypto economy is defi decentralised finance. There are now over 100,000 bitcoins, worth over $10bn, locked up in it.

In theory, defi is the self-sovereign future. Its accessible to anyone in the world with a smartphone and internet connection. And you will find every type of financial service available interest-paying savings accounts, lending, trading, insurance, betting, prediction markets, even a lottery. You name it, therell be an app for it. Actually a dapp decentralised app.

You can use some apps in conjunction with each other hence it being called Lego money. For example, you could buy a stablecoin with one app, then lend it on another to earn interest, all using your smartphone.

Its the usual story: rather than being set by institutions, the rules of each dapp are set in code, and the code can be read on the blockchain for you to audit. Assuming you are capable of such a thing, which few are.

Normally the apps are built on the ethereum blockchain which is why the ethereum cryptocurrency has woken up over the last six months as the defi craze has spread. (Though the ethereum platform is notoriously rickety and it is kind of crucial to the whole thing.)

Its a full-time job trying to track and understand the whole sector, and to keep your finger on the pulse. I poke my head in and just feel like grandad.

If you dont have the time or the inclination to get involved, and most of us dont, yet you can sort of feel the whole thing has immense potential and is tremendously scalable the easiest way to get exposure is simply to own bitcoin.

So, theres yet another reason, as if you needed it.

Daylight Robbery How Tax Shaped The Past And Will Change The Future is available at Amazon and all good bookstores with the audiobook, read by Dominic, on Audible and elsewhere.

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Heres why you really should own at least some bitcoin - MoneyWeek

It is a question that many in the crypto community must have asked themselves at least once. The news ofWladimir van der Laan taking a temporary hiatus, prompted us to explore what some might consider to be an improbable, yet highly impactful situation.

A Bitcoin Core developer that is also a maintainer of the project's GitHub account (i.e., someone who can merge code into the master branch)is a rare commodity. To put this in perspective, if a Bitcoin Core developer is a black belt, then someone like van der Laan is a third-degree black belt.

To set the record straight we interviewed the well-known sensei and master of the Blockstream dojo, Adam Back. He said that neither Laans departure, nor the disappearance of all the maintainers in the event of a potential catastrophe, would present a challenge to Bitcoin (BTC):

Back also opined that most in the crypto community do not truly understand the role of Core developers in the ecosystem and tend to overestimate their importance. In his view, the changes that Bitcoin Core developers can introduce are bound by being backward compatible and should not change the key properties of the protocol like finality, censorship resistance, or rate of inflation. He also noted that changes should preserve or improve privacy. Back believes if the developers tried to introduce ideals outside of this paradigm, they would be rejected by the ecosystem:

Back is also against any sort of on-chain governance as he believes that this would lead to the centralized lobbying groups taking control of Bitcoin, noting that this is a problem inherent to proof-of-stake protocols. We parried that with the current system, some believe that organizations like Backs Blockstream, Lightning Labs, Chaincode Labs and others that support Bitcoin Core developers, have a disproportional amount of influence in the ecosystem. Back replied that Blockstream purposefully does not take a position on Bitcoin proposals. At the same time, Core developers under the companys employ can quit Blockstream if they believe they are being pressured to do something bad for Bitcoin and the company would have to pay their salary for another year.

We asked the Hashcash inventor why, if the decision-making process within the Bitcoin ecosystem is so harmonious, do debates sometimes become so heated? It is well known that some have even lead to schisms, like in the case of the block size debate. In his view, this happened because some participants were trying to force their way to a change:

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Would Bitcoin suffer if the lead maintainers were kidnapped by aliens? - Cointelegraph

Aberdeen, Hong Kong, September 16, 2020. More than 10 years after the first cryptocurrency was successfully mined, the mining space is more controversial than ever. The process was created to be democratic; to allow any PC with spare computing resources to contribute the surplus to help maintain the cryptocurrency network and earn rewards in return.

The prospects of the mining prize mentioned here led entrepreneurs to innovate ways to make mining more profitable. In the process, they have fabricated specialized mining devices that do not only do the activity faster, but also improves the profitability of the exercise while at it. The said changes now mean that anyone who wants to earn from Bitcoin and cryptocurrency mining must put in a colossal amount of capital to afford the expensive devices. Besides, the cost of electricity required to sustain the process is extortionate.

The incredible pace of change in the industry, notwithstanding, an innovative entrepreneur and his unique startup are prepping the industry for major changes. The individual, Thomas Norberg, is a Russian-born businessman with a vision to make Bitcoin and cryptocurrency mining more user-friendly and less costly to join.

Thomas was born in Russia. After attaining elementary education in his native country, he set sail for oversees, landing in Sweden where he enrolled for a Masters degree in International Business Management, which he completed successfully.

Upon completing his graduate studies, Thomas joined the corporate world earnestly. It was while here that he stumbled upon the novel blockchain technology. Having been in the industry for more than 8 years, he can now talk authoritatively about the successes of the space as well as the issues and challenges ailing the industry.

Thomas has seen it all, or at least most of it. He started as a crypto trader back when not many people knew about virtual currencies. Between 2016 and 2018, when initial coin offerings (ICOs) were all the rage, Thomas dived in and backed several projects with the proceeds from his trading days.

However, technology is dynamic and there is no space where this statement is truer than the blockchain industry. Watching the comings and goings of the space, it did not take Thomas long to see the folly and lopsided aspect of the industry that crypto mining had become. Baffled by the cost of hardware and the runaway power tariffs, Thomas joined hands with some entrepreneurs he came to know in the industry. Together, they came up with the idea of a cloud mining platform that has a unique yet friendly approach to the undertaking. And, the process gave forth to Miny.cc.

Miny is primarily a cryptocurrency wallet infrastructure. If a user creates an account on the platform, he or she also gets a secure cryptocurrency wallet by default. The multi-coin wallet can store Bitcoin, Ethereum, Litecoin, and MINY tokens.

However, the platforms shining star is its cloud mining plan. The plan is simple and easy to use. All a user needs to do is create an account, deposit crypto into the wallet provided and convert the virtual currency into MINY tokens. Once the platform verifies the deposit, the user will be included in the mining pool where he or she will begin getting a share of the platforms mining proceeds. Overall, the platform pays out between 10% and 19% of the amount a user invests, per month.

Aside from cloud mining, users can make money on the platform through several means. The platforms native token, MINY, for instance, is a revenue earner. The cryptocurrency is made such that for every successful transaction completed on the platform, a portion of it burns. In doing so, the platform ensures that the number of MINY tokens in circulation reduces over time.

Since the demand for the coins is set to increase over time while the amount in circulation reduces, the value of the coin, as such, will appreciate. Users who hold the coins for an extended period can exchange them for other cryptocurrencies or cash them as fiat and enjoy their profits.

Still, users who have extensive following online can cash in on this resource. The platform has an elaborate affiliate program that pays commissions for the referrals a user brings up to the 20th downline.

The above narrative shows that Thomas Norberg is in the game for more than just profits. The Russian entrepreneur and his band of associates want to make Bitcoin mining worth considering again. Besides, they want to see it become an undertaking that is environment friendly and Sustainable. This reason is why Minys mining farm is located in Hong Kong. The regions endeavor to go green makes its power cheap and attractive.

More information about Thomas Norberg and his unique project is available here.

Press Contact Email Addressinfo@miny.cc

Supporting Linkhttps://www.youtube.com/watch?v=zlocB2BEKNg

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not 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 the press release.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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Miny.CC Innovation in the Cryptocurrency Mining Sphere | Press release Bitcoin News - Bitcoin News

Source: Aedka Studio - Shutterstock

Bitcoin was able to continue the upward trend of the last few days and briefly rose to $11,090. Thus, BTC broke through the important $11,000 mark for the first time in 4 weeks. At the time of going to press, the Bitcoin price has stabilized at $10,890 and thus recorded a plus of 0.97 % in the last 24 hours. The market capitalization is still $201 billion and the Bitcoin dominance stands at 57.5 %.

According to the news and media company Bloomberg, Bitcoin shows the first clear buy signal since the start of the corona pandemic in March. This is the conclusion of a new report considering the GTI (Global Strength Indicator). Further indicators also show that Bitcoin could reach a new annual high if it rises above the USD 12,000 mark. Nigel Green, Chief Executive and founder of the deVere Group, states in this sense that Bitcoin lives up to its reputation as digital gold:

It has already earned it the label digital gold and I believe its status in this regard will grow exponentially over the next year or two.

Other price drivers are the entries and developments of institutional investors. For example, in August, financial giant Fidelity Investmens launched its first institutional Bitcoin fund, which has continued to attract other financial heavyweights to date. Steve Ehrlich, Chief Executive Officer and co-founder of Voyager Digital, is also extremely bullish for BTC:

The price of Bitcoin is reflective of the belief that Bitcoin is a hedge against the overall global economy.

Other analysts, including Josh Rager, are bullish about Bitcoin and the further price development. Nevertheless, Bitcoin must close above the $11,000 mark on the daily chart and continue to break through the next resistance along the $11,200 mark. Rager does not rule out a correction below the $10,000 mark. In this case, the remaining CME gap of $9,600 could be closed.

So-called CME gaps occur when Fridays closing price on the Chicago Mercantile Exchange (CME) deviates significantly from Mondays opening price. Since the CME is always closed on weekends, such gaps can occur, which can then be closed by Bitcoin. The last CME gap stands at $9,600 and has not yet been closed. In the community, this technical indicator is regarded as another tool, but is also controversial in terms of its informative value.

Big Chonis Trading states that Bitcoin has been testing the last resistance level of mid-August at $11,100 in the last few hours, but was rejected in the first attempt. In his opinion, Bitcoin will rise above the $11,900 mark in the coming days, laying the foundation for a new Bull Run by the end of the year.

The Bitcoin TraderCRYPTOIRB has shared a chart with his followers that shows that the basic mood is rather bearish. According to current data from the analysis platform Santiment, the community currently expects a significantly lower price in the range of $8,000 to $9,000. However, the analyst also pointed out that this indicator has not always been true in the past.

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Bloomberg: Bitcoin shows first buy-signal since start of Corona - Crypto News Flash

Recently, the price of Bitcoin (BTC) has been showing virtually zero volatility. This volatility decreased particularly as of late while Bitcoin was resting on the crucial support level of $9,000.

But on July 21 Bitcoin finally made a sudden move, as expected in the latest analysis, and the price surged from $9,100 to $9,400. So is volatility back or is this just nothing more than a blip? Lets take a closer look.

Crypto market daily performance. Source: TradingView

The price of Bitcoin held the crucial support at $9,000 and broke upwards. However, the price of BTC is still inside the ascending triangle structure.

This means that the price of the top-ranked cryptocurrency by market capitalization is continuously making higher lows since the March 12 crash. Since then, every previous resistance level got confirmed for support, initiating bullish support/resistance flips and further upwards continuation.

BTC/USDT 1-day chart. Source: TradingView

The crucial area to hold was the range between $8,900-9,000 (on smaller timeframes). The recent low at $8,500-8,800 flipped into support already, after which the same occurred with the $8,900-9,000 range.

Similarly, Bitcoins price is still acting above the 100-day and 200-day moving averages (MAs), which is a bullish signal. As long as Bitcoins price remains above these MAs, the market is in bull territory.

However, a sudden massive surge is unlikely to occur, given that Bitcoins price is still acting inside an enormous range.

BTC/USDT 4-hour chart. Source: TradingView

The likeliness of a $1,000 candle is getting higher once Bitcoin reclaims the untested levels, shown in the chart.

Until then, the likelihood of continued range-bound movements persists. In this case, every previous level is likely to receive a test for confirmation of the breakout, after which the next level will likely get tested.

The yet-untested levels in the previous month are $9,650, $9,800 and $10,100. Once the price of Bitcoin breaks through the $10,100 barrier, massive continuation is likely to occur with a giant surge.

The $9,200 resistance broke earlier today, which immediately led to a surge to the $9,400 resistance zone.

BTC/USDT 4-hour bullish scenario chart. Source: TradingView

The bullish scenario would mean a continuation toward the $9,600 level in one-go or a corrective move before continuation.

In that regard, a retest of the previous level at $9,200 for support is not typical. If such a retest occurs, the next compression and breakout will likely open the door to $9,600 and possibly $9,800.

As the chart shows, these movements are the exact opposite of what the market has witnessed previously. In the past month, the market witnessed an overall slip, though now the opposite is more likely in the coming weeks.

Currently, the crucial support level to hold is $9,200 as this boosts the chances of more upside.

BTC/USDT 4-hour bearish scenario chart. Source: TradingView

The bearish scenario also has the critical pivot at $9,200. In this scenario, the price of Bitcoin cant break $9,400 and immediately loses the $9,200 support level.

If that happens, a further downward drop is likely to be expected as the ascending triangle becomes invalid.

The key levels to watch here include the crucial pivot at $9,200. Losing that level would warrant a test of the $8,400-8,700 area and possible continuation towards the $7,500 region.

Overall, the market should sustain upward momentum as long as $9,200 holds, which also increases the chances of testing new yearly highs.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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Bitcoin Price Holds Key Support and Is on the Verge of Testing $10,000 - Cointelegraph

Volatility Ahead Caution Sign - Blue Sky Background

Since the halving, bitcoins price has traded mostly between $9,000 and $10,000, compared to the red hot DeFi and alt coins that regularly post triple digit returns. In recent weeks, bitcoins range has tightened with many analysts noting a potentially violent price breakout on the horizon. However, there is no consensus on which direction the breakout will assume.

Charles Edwards, Founder of Capriole Investments, suggests bitcoins fundamentals have never looked better. I have a very bullish outlook in the mid to long term. For example, energy value is at all time highs, suggesting BTC is more valuable than ever before. When this is increasing, it is historically very bullish. This longer term indicator may suggest that a breakout leans towards the bulls.

Interestingly, bitcoins tightening volatility is not a new phenomenon, and occurred from late-September to early-November 2018, which ultimately broke out to the downside, falling from $6,500 to $3,400. One quantitative risk indicator value has been dropping quickly coupled with compressing price volatility. The only other time this dynamic unfolded was November 2018, which could suggest that a stark price fall is on the horizon. The caveat is that this signal has only occurred once before, thus suffers from a small sample size.

https://weeklyjab.substack.com/p/weekly-jab-bitcoin-analysis-3

Additionally, the anonymous Founder of Decentrader, Filb, notes derivatives open interest (OI) increasing as we have consolidated through this period by about 45%, is a similar amount seen before the fall in Q3 last year, to around 8k. It appears OI has been net increasing on dumps. This implies that...the market needs a catalyst to clear this OI out.

Tradingview.com, Decentrader.com

Furthermore, Filb adds, alts have continued their downward trajectory over the past few days, which are probably quite important as to what happens next; particularly if they start dumping and the money flowing back into bitcoin isnt doing anything. Something to pay attention to for sure.

Lastly, Bo Collins, CEO of San Juan Mercantile Bank and Trust, notes bitcoin CME futures volume growth from 2019 to 2020 is only approximately +10%, at the time of writing. This number becomes weaker when considering yearly foreign exchange (FX) futures volume growth can regularly eclipse +30%, e.g. 2018. Tepid bitcoin futures growth calls into question the institutional adoption narrative in some respects, and may imply less buying demand than originally suspected.

However, as shown by Glassnode.io, the amount of bitcoin held on centralized exchanges has dropped considerably since March, which seems bullish for bitcoin as spot investors appear to be holding for the long-term rather than short-term trading.

https://glassnode.com/

Furthermore, per Blockchair.com, bitcoin days destroyed supports the aforementioned notion, with 2020 metrics well within the historical average, including far smaller spikes than previous all-time highs, thus bullish.

https://blockchair.com/bitcoin/charts/coindays-destroyed?interval=full

Despite the differing analyses, the only thing that is certain, is that a strong breakout for bitcoin looms. Only time will tell which faction of analysts are proven correct.

Disclosure: The author owns bitcoin and ethereum.

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Bitcoin Interest Wanes As A Violent Breakout Looms - Forbes

The price of Bitcoin (BTC), the top-ranked cryptocurrency by market capitalization, surged past $9,300 on July 21 for the first time in over a week. Following a low-volatility range, traders are seemingly turning cautiously bullish in the near-term.

Since late June, Bitcoin has been stuck in a relatively tight range between $9,000 and $9,250. It struggled to see a major price movement causing the volume to slump. After a quick upsurge from $9,150 to over $9,300, traders predict that a volatility spike is imminent.

The price surge coincided with a U.S. stock market rally, driven by a new round of stimulus. U.S. Treasury Secretary Steven Mnuchin said a $1 trillion stimulus deal is in the works.

The performance of top cryptocurrencies in the last 24 hours. Source: Coin360.io

Some traders say a break to the upside is likely, but declining volume is concerning

Several technical analysts say that the recent rally of Bitcoin could lead to a bigger rally in the short-term. Bitcoin faces key resistance levels at $9,550 and $9,800, and BTC saw steep rejections from both areas previously.

Crypto trader Philip Swift pinpointed that the two-month range of Bitcoin since May occurred above the 200-day moving average (MA), indicating that the uptrend of Bitcoin could be intact.

The trader said:

Promising little pump this morning. I suspect this will be the week we finally break out of the dreaded range.

The range of Bitcoin since May was above the 200-day moving average. Source: Philip Swift

Arthur Hayes, the CEO of BitMEX, also expressed his excitement towards Bitcoins minor rally. Hayes said BTC awoke from thee slumber, referring to its low volatility in the past week.

Arthur Hayes tweets about Bitcoins first breakout in over a week. Source: Arthur Hayes Twitter

Michael van de Poppe, a full-time trader at the Amsterdam Stock Exchange, hinted that Bitcoin is cautiously optimistic. He said:

We've got our breaker and bullish move here, as the market is showing strength. I don't think $BTC will accelerate, as it's just still hopping around.

Binance Futures data shows that the majority of traders on the platform are majority long on Bitcoin and Ether (ETH).

Data from Datamish suggests there are substantially more long contracts than shorts in the entire Bitcoin futures market as well. Longs amount to 22,496 BTC, worth around $209 million. In contrast, shorts stand at a mere 5,555 BTC, worth less than $52 million.

Although the 200-day MA technically suggests an uptrend, historical data shows it could easily break down below it. Previous peaks witnessed in July 2019 and February 2020 both rejected above the 200-day MA.

Data from Santiment also shows that the volume of Bitcoin has declined in recent weeks. When an uptrend coincides with declining volume, it could hint at a fakeout.

Researchers at Santiment wrote:

BTC's overall trading volume continues to slide, and with so much focus on altcoins currently, Bitcoin's trading volume hitting a daily value of $12.25B Saturday marked the lowest single-day value since October 5, 2019 (a 9.5-month low).

The trading volume of Bitcoin continues to decline. Source: Santiment

The market remains mixed as BTC grinds through the new week. Technical indicators and macro fundamental factors, like Bitcoins hash rate and low exchange inflows, suggest an uptrend. But the low volume of BTC throughout the past two months remains a variable.

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Bitcoin Surges to $9.3K for First Time in a Week Is it a Fakeout? - Cointelegraph