Tag: Bitcoin (BTC)

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Bitcoin (BTC) Set For Another Price Breakout, According To “Wall Street’s Crypto King”

For the third consecutive day, Bitcoin (BTC) is still trading under the $8,000 level it reached in late-July 2018. A series of events that commenced with the SEC’s denial of Winklevoss twins’ Bitcoin ETF has resulted in a significant drop in the BTC value against the US Dollar. But a pair of market analysts thinks that a further breakout of its price is imminent.

Bitcoin (BTC) must have higher highs and lows, says “Wall Street’s Crypto King”

Bart Smith, Susquehanna’s manager of digital assets, also known as “Wall Street’s Crypto King,” stated to CNBC that Bitcoin (BTC) requires higher highs and lows. Smith said $6,800 is most likely the lowest value of BTC and that price has to be higher to provide a greater upward rebound for the leading cryptocurrency.

Many traders see that the $6,800 level is something they need to break. We have lower and lower ups and downs, and we have to get out of it. You are looking forward to a new bitcoin ETF, and there is a lot of enthusiasm. The price is as high as $8,400. The ETF is rejected and falls back. We need to see higher and lower ups and downs, so keep moving forward and stay at $7,500 and bounce higher.

Bart Smith, Susquehanna

He also discussed the next phase in the development of the Bitcoin (BTC) market. Susquehanna’s head added that the major brands must step into the market to encourage even more institutional investors to put capital into BTC futures.

Substantial achievements during Q4 2018 might lead to a Bitcoin (BTC) surge

For BKCM LLC’s Brian Kelly, the Q4 2018 might be an exhilarating occasion for the leading cryptocurrency, the Bitcoin (BTC). The advent of solid custody tools for cryptocurrency is most likely only four to six months apart, Kelly believes.

We are in an environment where there is a lot of regulation, and this is the best chance to get something new. The iron is hot, it’s time to strike. You have to remember, Bitcoin (BTC) can move five percent any day. While it may seem crazy to the legacy market, in the Bitcoin world, this is just a normal correction.

Brian Kelly, BKCM LLC

At the moment of this writing, Bitcoin (BTC) trades at $7,544, dropping about 1% in the last 24 hours.

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Crypto News

Yesterday, Bitcoin Cash (BCH) Community Celebrated 1 Year Of Coin’s Existence

Yesterday, on August 1st, we marked one year since the launch of the User-Activated Soft Fork (UASF) that made it possible to activate Segregated Witness (SegWit), a solution to the problems of scalability and information management in the Bitcoin (BTC) blockchain. During that time, Bitcoin Cash (BCH) emerged.

As a result of this community decision, Bitcoin (BTC) main network was the scene of a fork from which the Bitcoin Cash (BCH) broke off, a token whose promoters wanted to position as the “real” Bitcoin. The disagreement over the size of the blocks generated was the primary trigger for this proposal.

It has been described as Independence Day, as the users of the leading cryptocurrency in the market imposed their criteria to the attempt to stop this improvement by the promoters of the increase in the size of the blocks.

From the beginning, the developers of the protocol advocated the application of SegWit via UASF, while the promoters of Bitcoin Cash (BCH) and, among them Jihan Wu, CEO of the mining equipment manufacturing company, Bitmain, bet on the application of a hard-fork where the capacity of the blocks would be considerably increased.

Yesterday we marked one year since the User-Activated Soft Fork (UASF) that gave birth to SegWit and Bitcoin Cash (BCH)

Pieter Wuille presented this scalability solution during the Scaling Bitcoin conference in Hong Kong in 2016. The update was received with reluctance, but when the implementation and signaling of SegWit became more evident, the proposal was accepted.

The great debate over the size of the blocks as a potential solution to scalability caused the community to split up. The leading promoters of the hard-fork signed an agreement in New York, with which they signed the need for the modification to take place.

Additionally to Bitmain and Roger Ver, other actors such as Huobi, BTCCPool, Bitmain, F2Pool, BTCTop, ViaBTC, BiXin, BW, 1Hash, Canoe, BATPool, and Bitkan had signed this document, despite the fact that the group opposing the proposal was much larger.

One of the main turning points is that this modification followed a mandatory scheme to change the node’s software, overriding the blocks generated before its activation. However, the Bitcoin (BTC) community decided to give in to SegWit and its User-Activated Soft Fork (UASF) scheme.

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Latin American Countries Increased Their Bitcoin (BTC) Trading Volumes In July

In July, Argentina recorded the highest volume of Bitcoin (BTC) transactions in its market at LocalBitcoins, reaching the equivalent of $220,000 in Argentine pesos for the week of July 7th. Also, the Colombian and Mexican Bitcoin markets showed increases in the same month, maintaining them until the end of July.

In the specific case of Argentina, according to data from Coin Dance, LocalBitcoins reported an abrupt increase in person-to-person transactions in the first week of July, trading a total of 31 BTC under the volume of 6,047,934 Argentine pesos.

Also, throughout July the Argentine market of LocalBitcoins had a slight decrease in the volume of transactions but remained constant between 4 and 5 million Argentine pesos. That is to say, between $100,000 and $180,000, numbers that precede the market increase that the country experienced last June.

On the other hand, Colombia kept its volume rising steadily throughout July, which has been increasing since May 2018, reaching 4,400,000 Colombian pesos in purchase and sale transactions, about 2,000 dollars, for the exchange of a total of 199 BTC.

Mexico also experienced increases in its domestic market, but the volume fluctuated from week to week, ending with the best values of the month with a total of 6,600,000 Mexican pesos for the exchange of 42 BTC. That is a total of $354,627 for the week of July 28th.

Latin American countries increased their Bitcoin (BTC) trading volumes

Latin American countries have generally and consistently maintained the growth of their Bitcoin (BTC) trading volumes for this time of year. For example, in the case of Venezuela, the market volume skyrocketed due to the country’s economic situation, reaching 14 trillion bolivars for a total of 604 BTC for the week of July 21st.

Brazil, which recorded a decline in trade in June, recovered in July with a peak of BTC transactions that reached the volume of 3,201,000 rials, or 128 BTC. That is approximately over $800,000.

In the specific case of Peru, the country had a decrease Bitcoin (BTC) trading volumes in the first week of July, but rebounded in the following weeks, reaching the maximum of transactions for the week of July 21st with more than 3 million soles, about $900,000.

Today, the LocalBitcoins platform has become a tool to calculate the growth of the Bitcoin (BTC) market in Latin America, proving on more than one occasion that the Latin American region is more and more related with the cryptocurrency market.

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Paul Krugman, Nobel Prize Winner And Economist, Stated That Cryptocurrencies Are Useless

Nobel Prize winner Paul Krugman expressed skepticism towards cryptocurrency. Nobel laureate and economist Paul Krugman has voiced his skepticism regarding the value of cryptocurrencies in a comment issued in the New York Times on July 31st.

Krugman, who was awarded the Nobel Prize in Economics in 2008, strengthened his position as a “crypto-skeptic” by highlighting the high transaction fees and “lack of tethering” in the context of cryptocurrencies.

Krugman illustrates how the history of money has gradually moved from gold and silver coins, with an intrinsic value, to banknotes, and lately to credit cards and various other “digital methods,” all of which aimed at cheapening up purchases.

For Krugman, “those who celebrate the cryptocurrency effectively honor the use of advanced modern technology to reverse the currency system by 300 years.”

“Why would you do that? What problem does it solve? I still don’t have a clear answer to that question,” he added.

Paul Krugman challenges crypto enthusiasts to prove his crypto-skepticism wrong

Concerning the lack of crypto “tethering,” Krugman states that “total collapse is a real possibility.”

“If speculators were to have a collective moment of doubt, they suddenly feared that Bitcoin (BTC) was worthless, well, Bitcoin (BTC) would become worthless,” said Krugman.

The economist also observes that while there could be a “potential balance” in the future, only Bitcoin (BTC), out from all cryptocurrencies, simply for “black market transactions and tax evasion,” will most likely survive the collapse.

Krugman finishes by declaring that he may be wrong and then adds a call to all crypto enthusiasts to demonstrate that his crypto-skepticism is erroneous.

But if you want to argue that I am wrong, please answer the question – What problem does the cryptocurrency solve? Don’t try to silence the skeptics with a mixture of technobabble and libertarian derp, concluded Paul Krugman, former Nobel Prize winner for economics in 2008.

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Bank Of Canada Study Reveals That Bitcoin (BTC) Awareness Increased Among Canadians

Canadian citizens used Bitcoin (BTC) primarily for investment purposes in 2017, according to a recent study by the Bank of Canada (BoC) published on July 23rd. The study is an update of the results of the Bitcoin Omnibus Survey conducted by the Central Bank of Canada in a short period between December 12th and 15th 2017, just days before Bitcoin (BTC) reached its record high of $20,000 on December 17th.

According to the survey results, Canadians have mainly used the leading cryptocurrency in the world for investment purposes in 2017, rather than for transactions, which had previously been cited as the main reason for dealing with Bitcoin (BTC) in 2016.

While 58 percent of respondents said the primary motivation was “like an investment,” 12 percent of Canadian Bitcoin (BTC) holders allegedly used BTC because “My friends own Bitcoin,” 7 percent because of their interest in new technologies, while 6 percent to buy goods and services on the Internet.

Among non-transactors, those who used Bitcoin (BTC) did that “once or twice, but not regularly,” while the vast majority of them, 77 percent, responded that they invested in Bitcoin (BTC).

Bitcoin (BTC) awareness increased among Canadian in 2017, in comparison to 2016

Residents of British Columbia presented the highest level of knowledge about Bitcoin (BTC), with reported growth from 77 percent in 2016 to 93 percent in 2017. The prairies ranked second in the Canadian provinces regarding BTC awareness, while Ontario residents came third.

Canada’s provincial financial regulator, the Ontario Securities Commission (OSC), had published a report in late June concluding that only three percent of Ontario residents had completed a brief test on the basics of Bitcoin (BTC), while 34 percent demonstrated common knowledge.

In early June, the Bank of Canada ‘s executive, James Chapman, said that cryptocurrencies pose no risk to the fiat money system, saying the only thing that can be a threat in a case of hyperinflation. Ontario in third place, according to the study.

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