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Can Trump Ban Bitcoin?: Here’s What Analyst Alex Kruger Alludes

On July 11th, the president of the United States went on a Twitter tirade speaking about his distaste for cryptocurrency, bitcoin, and Facebook’s Libra. Following this announcement, bitcoin prices remained unaffected. However, this past weekend has seen a downtrend with bitcoin even trading below $10,000. Crypto veteran analyst and trader Alex Kruger addressed the possibility of Trump banning bitcoin in a series of tweets on July 15th.  Alex noted that Trump could issue an executive order to ban bitcoin and a price crash would emanate if this materialized. He went on to say that Trump has already issued an executive order to ban Venezuela’s Petro. He tweeted, ”Trump could issue an executive order banning US persons from dealing in Bitcoin. He has already done so with the Petro.” Alex also noted that Trump would not be the first president to issue executive orders to ban a financial asset. In 1933, President Roosevelt banned hoarding of gold via the authority of Trading with the Enemy Act of 1917. This Act gives the US president the power to take extreme measures against any financial entity or asset that poses a threat to the US economy. 3 Compelling Reasons That Would Push Trump To Impose A Bitcoin Ban In his twitter thread, Alex elucidates 3 reasons that the president of the United States would present if he was to ban bitcoin. First, Alex notes that crypto poses a major threat to the US banking system. He stated, “Crypto represents a threat to the banking system, which has strong lobbying powers, as evident by the swift attempt to ban Libra.” Secondly, he notes that crypto could weaken Washington’s power to impose economic sanctions, and cited that this is a key foreign policy competitive advantage. He adds that the president is solely responsible for foreign policy and questions whether he would issue a ban order as an act of foreign policy. Finally, Kruger pointed out the cliché that crypto is used to facilitate criminal activities. In his aforementioned tweet, Trump echoed this sentiment that every crypto detractor always brings forward. Kruger opined that the US government could formulate new strict regulations to govern crypto even though the US dollar is also linked to illegal activities. More Gloom Trump would be tasked with convincing Congress that banning bitcoin would be great for the US economy. And even after this, Federal courts can constitutionally overturn an executive order by the president. However, Alex notes that US regulators can target fiat onramps. He said, “For example, US regulators could arguably determine crypto assets are too volatile to be sold to retail (non-accredited) investors and deal a hefty blow to crypto exchanges.  The analyst posited that Trump could prohibit banks from servicing crypto exchanges or he could also put tough conditions that banks would have to meet before they service crypto exchanges. This would ultimately cripple cryptocurrency prices. The Silver Lining Despite noting earlier that a ban could cripple bitcoin prices, Alex Kruger concluded saying that a bitcoin ban would actually cause a price uptick. He said investors would buy the dips while he would be on the selling side of the trade. He remarked, “Sell the news, buy the blood. For every buyer, there is a seller.” The post Can Trump Ban Bitcoin?: Here’s What Analyst Alex Kruger Alludes appeared first on ZyCrypto.

Top Crypto Analyst Alex Kruger: Bitcoin Price All Set to Make the Record, in Accumulation, Bullish Sentiments Incoming

At the time of writing, Bitcoin has been trading at $3,600 with 24-hours gains of 0.42 percent. The $63 billion market cap cryptocurrency has been on a prolonged bear market after hitting $20,000 in December 2017. Bitcoin 3-months price chart, Source: Coinmarketcap Experts and analysts are predicting the leading cryptocurrency to hit the bottom this year. Crypto trader, Moon Overlord recently shared on Twitter that the fact that Bitcoin ETF proposal’s removal by Cboe didn’t affect the market means the bottom is finally in, “ETF withdrawn and we didn't move an inch… hmm. Looks like people don't want to sell at $3500. I'm starting to sense a bottom.” Just a day before this, he also talked about the sideways action in the market that means, a consolidation period is in that will remain most of this year, “The longer this sideways action takes place the more I think the bottom is in. November was one of the worst monthly candles in history. It's very possible that was the last of the major selling and now we'll have a consolidation period that lasts most of 2019.” The longer this sideways action takes place the more I think the bottom is in. November was one of the worst monthly candles in history. It's very possible that was the last of the major selling and now we'll have a consolidation period that lasts most of 2019.#bitcoin | $btc — Moon Overlord (@MoonOverlord) January 22, 2019 Now, Alex Kruger, an economist and crypto trader shared the latest analysis of the Bitcoin market that he says is in an accumulation mode. He further shared, “The Boltzmann Sink-Source metric measures the absolute asset quantity moving into relatively more active wallets.” Kruger further elaborated on the fact that accumulation is a “zero sum game,” which is neither bearish nor bullish but this accumulation means, a dump would be there as well. “For someone to accumulate, someone else has to distribute. It is a zero sum game. Accumulation per se is neither bullish nor bearish. With the current trading volumes, I'd bet on exchanges and miners currently “accumulating”. Eventually, they will likely start dumping again.” The current accumulation phase is occurring after the January 2015, as he explained, “Accumulation happened *as well* from January 2015. Just another accumulation phase.” To this, another crypto enthusiast shared, “Now only time will tell about this accumulation. Last bear run, 2 years of accumulation, btc went 5x by December 2016.” Looks like something is about to happen, as this crypto trader shared, Just recently, Credible Crypto also shared, “Short term bullish till about $3700-$3800 at least. Bulls NEED to take 4.1k and doing so should lead to a larger rally to mid 4k's at least. Bears will try and shut them down before that and a loss of 3.4k will lead to new lows.” Right now, Bitcoin is maintaining stability around $3,550 and it all depends where it moves from here to really identify the bearish or bullish momentum in the short term.
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Crypto Analyst Alex Kruger Thinks Ethereum’s Constantinople Will Hurt The ETH Mining Business

Miners Won’t Be Able To Work For Much Longer With Ethereum, According To A Market Analyst Alex Kruger The bearish market has already brought down faith in Bitcoin for many users, and their mining scene isn’t doing too swell either. Their proof-of-work protocol has already broken even three times, leaving skeptics with plenty of ammunition against them. A perfect example of this problem was featured in an op-ed piece by a MarketWatch contributor, who commented that the hashrate difficulties and more was imposing a slow death on the coin. Even though many crypto enthusiasts have debunked it, there are many that still believe that crypto mining is a problem. Specifically, Ethereum seems to be the subject of plenty of analysts’ predictions, especially considering their transaction processes. Just as Bitcoin had to bite the bullet and take the attack, Ethereum is up next. CNBC gathered data from Susquehanna, a crypto-friendly trading group, which said that small-scale mining operations are unrealistic. The average miner with a graphics card has almost no chance of profiting, even though the high was once $150 in the middle of 2017. Christopher Rolland from the group noted that even the most recent miner launched isn’t providing much of a return on investment. Based on this information, it isn’t that far-fetched to assume that miners associated directly with ETH may not be able to even process blocks soon, unless they are performing big jobs. Tim Copeland, a writer for DeCrypt Media, isn’t going to take these attacks lying down, promptly saying, “Ethereum miners are still running strong.” However, Deutsche journalist Peter Statsenko quickly shot him down, saying that the only way for Ether mining to break even with an electricity rate of $0.15 per KWH. Considering that there are many companies below this figure, miners will most likely continue hashing with their rigs. Most countries find it hard to get cheap electricity and choosing to mine in those areas is hardly worth the cost. Japan’s electricity rate, for instance, is about $0.26 per KWH, which is much higher than the level that miners can profit at. As such, the data on Ethereum’s hash rate on their network has shown that many retail miners have withdrawn. Presently, Ethereum’s mining future isn’t looking grand, and analysts in the market are making it look like the slaughter is just beginning. Alex Kruger, who is generally crypto friendly, noted that the miners left won’t necessarily do well. Explaining through a string of Tweets, Kruger started off by saying, “$ETH mining operational breakeven, paying $0.06 $/kWh for electricity, currently stands around $67 (estimates depend on operational costs other than electricity). For those buying 2nd hand RX580 GPUs and depreciating them in 1 year, breakeven after depreciation stands at $165.” He went on, bringing up the upcoming Ethereum upgrade on January 16th called Constantinople, which would reduce the block rewards, going from 3 to 2. He said, “That would increase a $67 breakeven to $101, sending more marginal miners out of business (which is short term bearish as such miners liquidate inventories in the process).” Continuing, he noted, “The increase in breakevens is not bullish on itself. Price does not follow breakevens, and in crypto breakevens do not represent a floor. However, once mining is past the initial (painful) adjustment period, less mining supply mined by fewer miners will be decidedly bullish.” While investors may be excited about the inflation for Ethereum, miners won’t have the same joy. Right now, the only thing to do is wait for January 16th.
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OKEx’s Token Will See 17x Growth in Price, Blockchain Investment Firm Forecasts

The recent popularity Initial Exchange Offerings (IEO) have been experiencing over the last few months has brought what it appears to be like a new bull run. An incredible example of success is the OKB token issued by OKEx, one of the largest cryptocurrency exchanges by trading volume in the world, which has impressed the market beyond expectations having experienced an increase in the price of 163% since launched. Shinobi Capital, a leading blockchain advisory firm and also an investor in early-stage start-ups, has released its latest evaluation report estimating that the OKB price will grow further to US$30.75, 17 times the current price, by the end of 2020. According to Jason Hill, the founding partner of Shinobi Capital:  Exchanges tokens will be the powerhouse of the development of the digital asset market and even blockchain technology. Following a series of IEOs powered by exchange tokens in H1 2019, the market is marching to the next round of bull run. OKB, as a market leader of exchange tokens, is also welcoming its own uptrend. Backed by a number of use cases and a large user base of OKEx, OKB has demonstrated a huge potential of growth. The established blockchain and cryptocurrency advisory firm is well-known for its extensive experience in start-up investment. In their evaluation report of OKB, Shinobi Capital lays out the two most important factors that will affect OKB’s future trading volume, the development of the OKChain mainnet and the overall the crypto market condition. Furthermore, the report also establishes a comparative evaluation model with other major platform tokens, including Binance Coin (BNB), EOS, and TRON (TRX). This comparative evaluation studies different aspects of each token such as trading volume, price patterns, and usage demand. The latest OKB buy-back & burn program is also taken into account to evaluate the token’s future price trend. It is expected that by the end of 2020, the price of OKB will reach USD30.75 and its market capitalization will be about USD7.068 billion. There is a significant growth lag in OKB at this stage, and the potential of price growth needs to be further released. In the next round of market recovery and boom, OKB is likely to become one of the fastest-growing assets in the market. Disclosure: This is a sponsored press release The post OKEx’s Token Will See 17x Growth in Price, Blockchain Investment Firm Forecasts appeared first on NullTX.

Ethereum Classic presents roadmap to improve DApp development and overall infrastructure

Experts of the cryptospace are making use of DApp services to simplify the entire blockchain process. Along these lines, Ethereum Classic’s [ETC] core development team has put forth an initiative to revamp its existing ecosystem. Moving forward with an aspiration for refinement, ETC’s team is developing fresh features over blockchain technology, a development that will […] The post Ethereum Classic presents roadmap to improve DApp development and overall infrastructure appeared first on AMBCrypto.

David Marcus Grilled During Facebook's Senate Hearing

During the first of two congressional hearings regarding Facebook's Libra cryptocurrency, project lead David Marcus went as far as to say he'd be willing to take his salary in Libra after intense grilling from Senator Sherrod Brown.
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David Marcus Questioned Over Libra by Congress

Facebook is finally facing its reckoning as David Marcus, head of the company’s blockchain division and the leader of Libra, the venture’s new cryptocurrency, was grilled by Senate members who refuse to believe in Facebook’s allegedly noble financial plans. Libra: A Congressional Issue? Many people have a hard time believing in Facebook’s morality following the Cambridge Analytica scandal. Discovered in 2018, Facebook had allegedly been selling users’ private data for years to third parties for advertising purposes. Following Mark Zuckerberg’s Senate hearing last year, trust in Facebook has fallen to an all-time low. In many ways, this new “congressional step” for the social media conglomerate should serve as a huge learning experience. When you’re a company of Facebook’s size and you do anything to compromise the safety or privacy of your customers, you can bet it’s going to take a long time to earn their trust back. Facebook is learning this lesson in spades right now, as several Senators taking part in the hearing commented about the lack of trust they feel towards the company and its executive team. Sherrod Brown, a Democrat from the state of Ohio, commented:  Facebook has demonstrated through scandal after scandal that it doesn’t deserve our trust. We’d be crazy to give them a chance to let them experiment with people’s bank accounts. Senator Martha McSally, a Republican from Arizona, stated that Facebook is simply trying to shift gears and get people to focus on something else entirely, in this case cryptocurrency. Rather than seriously attempt to fix its reputation, it’s working to divert people’s attention with an entirely new product. She says: I don’t trust you guys. Instead of cleaning up your house, you are launching into a new business model. In addition, Facebook is also being criticized for its complete lack of coordination with policymakers. Throughout the early development of Libra, Facebook’s executive team failed to make any contacts with regulators or legal authorities to potentially understand how the cryptocurrency could better satisfy present financial laws and terms.  Trust Takes a Long Time to Build At least David Marcus isn’t lying to himself. He acknowledged during the hearing that it would likely take a while before the company can earn people’s trust well enough that they would provide their banking details. He states:  I want to make it clear that we are only at the beginning of the journey. We expect the review of Libra to be one of the most extensive ever. Facebook will not offer the Libra currency until we have addressed the concerns and receive appropriate approvals… We will not control Libra and will be one of over 100 participants that will govern over the currency. We will have to gain people’s trust if we want people to use our network over the hundreds of competing companies. The post David Marcus Questioned Over Libra by Congress appeared first on Live Bitcoin News.
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Waves CEO Has Sold His Stake At Vostok, A Waves Blockchain Affiliated Project

Alexander Ivanov, the founder, and CEO of Waves has recently decided to fully sell his stake of Vostok, blockchain spin-off of the Waves platform. According to a recent press release, now only the GHP Group, which bought all the stakes, will be the owner of the project. The CEO also affirmed on the press release that […]
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