The number of crypto owners is growing, bitcoin is falling — Weekly digest, June 11-15 ’18

All in this week’s news digest: EOS still has problems, Tim Draper's predictions, crypto can be a vaporware, Sesame helps kids to learn about blockchain, CFTC is taken to the court, BTC can fall to $3200 & other news.

  • The founder of Wikipedia, Jimmy Wales, gave an interview about his views on crypto. He thinks that cryptocurrencies shouldn’t be banned, but this space definitely needs regulations, as there are too much fraud and scams.
  • Despite the announced launch on June 10th, EOS mainnet is still not working properly. Nobody wants to stake and vote for the delegates as currently, it’s too risky without the proper tools.
  • Tim Draper, as always, elevates his estimates. Now, as bitcoin goes lower, he says that the first cryptocurrency will reach $250,000 by the end of the year 2022. He also added that in the timeframe of 5-7 years cryptocurrencies will replace fiat.
  • The founder of Hotmail Sabeer Bhatia says that cryptocurrencies are a vaporware. He claims that crypto is basically just a bunch of white papers without any product, bashes IOTA for not having any real use cases.
  • Peruvians developed a real use case for IOTA. A dispensing machine that connects to a truck, receives a feeless payment in IOTA and loads it according to the payment amount.
  • Sesame Workshop invests money in helping kids learn blockchain coding. The company affiliated with a famous kids show have partnered with Sesame Ventures providing $28 million to Kano, a company that provides coding kits for children.
  • The US CFTC is taken to the court by a small crypto startup My Big Coin. It’s challenged over the subject of this token not being a commodity. If the CFTC will lose this case, it could create a precedent, thus changing the whole game.
  • David Schwartz from Ripple says that banks aren’t ready yet for blockchain. He admits that the feedback from many banks about their XRP isn’t very positive.
  • CEO of Western Union says they didn’t get any benefits from using xRapid by Ripple. Asheesh Birla from Ripple explains that Western Union could see some cuts in costs if they would move all their transactions on xRapid, but the tests they made are too small to make any conclusions.
  • A study shows that over 4 years the number of crypto owners in Ireland has grown by 300%. The number of Irish crypto holders now is 120,000, and more than 180,000 have tried at least once to buy or use it.
  • Golem has released a new version of their protocol. This new version, labeled 0.16.0, contains a lot of improvements, both in network and in Golem client. Now requestors can define the specifications of the machine they want to assign the task to.
  • New McAfee report states that there’s a lot of phishing in crypto space. Many malware developers switched their focus to crypto mining trojans. McAfee is a security company currently having no connections with famous John McAfee who sold this company two decades ago.  
  • Bitcoin surges again on Google Trends. After a substantial decline in searches caused by a continuous bleeding of the market, in the last days, we see a slight rise in the number of searches related to bitcoin, mainly from South Africa.
  • Professor Dragan Boscovic from Arizona State University calls crypto a valued investment. He says that sooner or later, institutional investors will enter the market, that will encourage retail investors and drive the adoption further. Dragan Boscovic is a computer science research professor and a director of the Blockchain Research Lab.
  • Fundstrat Global Advisors stated that bitcoin could fall to $3200 but still continue its uptrend after that. They agree with analyst Tone Vays that such behavior could reflect the chart of bitcoin from 2014.


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US regulation against Bitcoin could be the catalyst for the next upswing

In a recent briefing held by the U.S. Secretary of the Treasury Steven Mnuchin, the American government revealed its stance on cryptocurrencies and the efforts it will carry upon to regulate Bitcoin because of its use in criminal activity and the threat it poses to the financial system. “This is indeed a national security issue,” Sec. Mnuchin said on the need for more regulation in the crypto space. “We will not allow digital asset service providers to operate in the shadows.” — Bloomberg Crypto (@crypto) July 15, 2019 Yet BTC surged 4.5 percent after the statements were made by the U.S. government official, which according to the head analyst at Fundstrat Global Thomas Lee, could be a sign of confidence about the underlying fundamentals behind BTC that allow it to function in a decentralized way without the need of regulatory oversight. Bitcoin seems comfortable with statements made by #Mnuchin regarding Crypto and KYC/AML. – White House wants fair ground rules but does not seem intent on further action at this time. – $BTC rise shows market comfortable with this Cc: ⁦@stevenmnuchin1⁩ — Thomas Lee (@fundstrat) July 15, 2019 Although the news comes at a time when  Bitcoin has retraced 25 percent from the high of $13,200 on July 10, it could be the catalyst for a further upward advance. Bitcoin Technical Analysis As it was foreseen, the break below the 23.6 percent Fibonacci retracement zone on the 3-day chart led to a drop-down to the 38.2 percent Fibonacci retracement level and the support trendline, which are both acting as barriers containing the price of Bitcoin from continuing depreciating due to the high concentration of demand around this area. Even though these two major support clusters could be able to hold and bounce off BTC’s market valuation back to the 23.6 percent Fibonacci retracement point or higher, moving below them could take this cryptocurrency to the next level of support around $8,500 and $7,240. TradingView: BTC/USD A similar scenario is presented on the 1-day chart where an ascending parallel channel has been developing since mid-December 2018. Now that Bitcoin reached the bottom of the channel, a rebound to the middle or even the top of the channel could be expected. However, due to the longevity of this ascending parallel channel a break below it could accelerate the selling pressure behind BTC significantly dropping its price down to at least the 50 percent Fibonacci retracement level as it can be seen in the 3-day chart. TradingView: BTC/USD Overall Sentiment Despite the sharp downturn that Bitcoin experienced over the last week that took many analysts by surprise including Tone Vays who turned bearish less than 24 hours after becoming bullish, there are multiple signs that could be predicting a rebound to previous or even new highs. Related: Donald Trump: Bitcoin not money, value based on thin air, facilitates unlawful behavior The criticism that Bitcoin has faced in the last few days following President Trump’s derisive tweet about it does not seem to affect the potential this cryptocurrency has and could represent a pivot point since more Americans will become aware of its existence. As it can be seen on the 3-day chart as well as in the 1-day chart everything seems to point out that BTC could soon regain at least 20 percent of its value within the next few days. Regardless, investors must pay close attention to the 38.2 percent Fibonacci retracement level because if it fails to hold the price of this cryptocurrency it may take it back to $8,500 or lower.   It is worth noting that even with the few corrections that Bitcoin has gone through since it started surging in early February, in the long-term this cryptocurrency remains bullish. In the 1-month chart, for instance, the MACD recently had a bullish crossover, the Parabolic SAR positioned itself below the price of BTC, and the TD Sequential Indicator is on a green five out of nine. Thus, traders must be aware that trading against the bigger trend poses an extreme risk. TradingView: BTC/USD The post US regulation against Bitcoin could be the catalyst for the next upswing appeared first on CryptoSlate.

Bitcoin Rise Shows Market is Comfortable with the U.S Stance on Crypto: Tom Lee

Bitcoin has started to rise once again following a massive dip that threatened to drag price below $9,000. The rise seems to coincide with a statement made by the U.S Treasury Secretary Steven Mnuchin that cryptocurrency especially Libra could be taken advantage of by criminals for illicit activities. While this is a rather negative statement that could potentially damage the industry, it obviously did not and Fundstrat’s head of research, Tom Lee believes the fact that Bitcoin is rising despite the statement is proof that the market does not care about the statement. Bitcoin seems comfortable with statements made by #Mnuchin regarding Crypto and KYC/AML. – White House wants fair ground rules but does not seem intent on further action at this time. – $BTC rise shows market comfortable with this Cc: ⁦@stevenmnuchin1⁩ — Thomas Lee (@fundstrat) July 15, 2019 Bitcoin suddenly started to rise as if triggered by Mnuchin’s statement which indicated that the U.S has serious reservations on the cryptocurrency industry and will ensure that the industry does not operate “in the shadows”. This implies the need for KYC for cryptocurrency users around the world which could make the process of buying and selling crypto more difficult especially for those who use exchanges. U.S President Donald Trump also spoke on Bitcoin and cryptocurrency last week. He said Bitcoin and cryptocurrency are not real money and based on thin air. On Libra, he said Facebook would have to comply with all banking regulations if it wants Libra to be recognized as a currency in the U.S. Although he clearly stated his position as an enemy of cryptocurrency, the statement did not seem to have any effect on Bitcoin at the time, at least not a negative one. If anything, Trump’s statement was said to be positive publicity for Bitcoin ad the whole industry as it suggested that the U.S government was aware of the industry’s progress. It seems the publicity actually helped as Bitcoin rose from its 24 hour low of $9,992 to over $10,800 at the time of writing. Lee says Mnuchin’s statement has not affected Bitcoin because of the price, but what if it actually affected the price positively by causing the rise? Libra, on the other hand, could have an uncertain future as Mnuchin says its approval could take longer than expected and the fact that it is coming to compete with existing banking infrastructure could be a reason it would face some tough times with regulators. The post Bitcoin Rise Shows Market is Comfortable with the U.S Stance on Crypto: Tom Lee appeared first on ZyCrypto.

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