Earlier this week, Apple co-founder Steve Wozniak reiterated his bullish sentiments towards the flagship cryptocurrency Bitcoin, touting it to have had “massive value creation” against the odds in the face of the current bear market.
In an interview with Bloomberg, Wozniak explained how he owned some Bitcoins as an experiment to determine its barter value around the world and not as an investor, but had to sell most of his holdings during the all-time high of December 2017, in order to reduce his worries about the market’s volatility. He said:
“I don’t want to be one of those people watching the price of Bitcoin, so I sold out.”
However, he still dabbles in Bitcoin-related devices, probably because of the fact that the coins he sold earlier are now worth more than the value he sold for. His overall take on the market dynamics of crypto as he compared it to the stocks market was that of a psychology factor relative to fear as seen in the fear of missing out (FOMO) when prices go up and that of the fear, uncertainty, and doubts (FUD) which triggers massive selling when prices begin a downtrend.
Recently, billionaire Elon Musk praised Bitcoin as having a brilliant structure, and was completely bullish on the cryptocurrency industry, suggesting that it provides a far better method to transfer value than “pieces of paper”, only that he worried that Bitcoin’s computational requirement was energy intensive.
Billionaire Bill Gates had opined back in 2017 that “Bitcoin is better than [fiat] currency” in that it’s more convenient when it comes to large transactions and considerably cheaper. However, in 2018 he told the media that Bitcoin and other cryptocurrencies are “kind of a pure ‘greater fool theory’ type of investment” and that he would short Bitcoin if he could.
Billionaire and business tycoon Warren Buffett has always had a hostile opinion towards bitcoin and recently called it a delusion even though he thought the blockchain is ingenious. Still, it’s an upgrade from his usual accusations of it being “rat poison”.
Tech mogul John McAfee has always been one with probably the most extreme bullish expectations for the crypto industry and recently took to Twitter, setting a hard date on his USD 1 million per Bitcoin prediction.
People are waking up to the fact that Bitcoin will be $1,000 000. But when? "Someday". "Maybe 5 years". "WIthin a decade". I'm the only one giving you a hard date: Dec 31st, 2020.https://t.co/rst3BcypFz"will-be-1-million-someday-says-jesse-lund-vp-of-blokchain-at-ibm.html
— John McAfee (@officialmcafee) February 22, 2019
Mainstream investors and top of the global rich list have taken sides on the future of the cryptocurrency industry, and perhaps, the rationale behind their stance stems from the level of understanding of what the blockchain, and cryptocurrency are all about.
As the industry continues to mature, one possible outcome may include a partial win-over of some of the nay-sayers as has been the case with CEO of JPMorgan Chase Jamie Dimon, who was also one of those who called Bitcoin a fraud. Not exactly a ‘win-over’, as he seems to still maintain his stance, however, the irony of the recent launch of its JPM Coin, possibly inspired by the technology underlying Bitcoin still is puzzling. If Bitcoin is a fraud, the technology behind it should be considered one too.
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Thailand’s Securities and Exchange Commission (SEC) has expanded its list of approved cryptocurrencies for use in initial coin offerings (ICOs) and as base trading pairs, according to an official statement from the SEC today.
These latest updates to the SEC’s approved list include Ethereum Classic (ETC), Litecoin (LTC), and Bitcoin Cash (BCH), joining Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Stellar (XLM) as cryptocurrencies that can be used in compliance with the country’s national regulations. The SEC reiterated that it does not, however, class any of the above as legal tender, as stipulated in its statement.
The decision comes in accordance with the Royal Decree on Digital Asset Business BE 2561 but does not accord either of the currencies a guarantee of any other status.
Thailand is slowly moving its policies in a pro-cryptocurrency direction, last December announcing a public hearing to attempt to remove the obstacles associated with holding ICOs whilst keeping investors protected. The SEC hopes to allow private ICOs to take place without the registration statements and draft prospectus’ that are currently required.
A recent amendment to the Securities and Exchange Act also allows for tokenized securities such as stocks and bonds to be issued via blockchain, effective later this year.
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There have been Facebook coin rumors for months in the crypto community and today, the New York Times stirred them up again. According to the New York Times report, Facebook is currently working on its own digital currency to integrate into its messaging services.
Facebook Coin RumorsA few months ago, Bloomberg released an article about Facebook developing its own stablecoin to be used on its WhatsApp messaging app. This was the start of the rumor mill, although many have discussed in the past the potential of the advertising giant adopting a digital currency.
...
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According to a document published on the Russian President’s official website, Vladimir Putin has ordered the Russian Government to adopt cryptocurrency regulations by July 1st this year. The move will help Russia crypto adoption.
Setting the deadline, the Russian President has ordered the body to enforce crypto-related regulation for the digital assets industry.
Russia Crypto AdoptionThe transcript reads the following:
“Federal laws aimed at the development of the digital economy, including determining the procedure for conducting civil law transactions in electronic form, as well as regulating digital financial assets and attracting ...
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Cryptocurrency regulation in Russia has yet again been given a final deadline as President Vladimir Putin has given instructions to the Federal Assembly to come up with a regulatory framework for the digital asset industry.
The Presidential Address posted on the Kremlin website specifically issued orders to Volodin Vyacheslav Viktorovich and Medvedev Dmitry Anatolyevich to draw up a working legal framework “aimed at the development of the digital economy, including determining the procedure for conducting civil law transactions in electronic form, as well as regulating digital financial assets and attracting financial resources using digital technologies”. The deadline was set at 1 July 2019.
Up until now, a crypto regulation draft had been in the works with several edits and criticism accompany the initial draft. With as much vagueness present from the onset, there still has not been a complete working draft for the government to enforce. A lobby group had also attempted to provide an alternative cryptocurrency legislation bill which it claimed will be more efficient, addressing the contradictions in the initial draft.
In 2018, tendencies had been drawn against Bitcoin. The chairman of the financial market committee in Duma Anatoly Aksakov had said:
“Earlier we had some thoughts on Bitcoins, on their integration into our economic system. But as we decided we don’t need them, these ambiguous Bitcoins.”
Moreover, early developments had included renaming cryptocurrencies to digital rights.
More so, Putin may have been pro-blockchain, suggesting so when he claimed Russia won’t be left behind in the blockchain race, but was certainly doubleminded about crypto such that he had at some point considered a state-backed currency dubbed the cryptoruble, however, the project was later shot down.
Further, there had been rumors that the country was planning a huge investment in Bitcoin, while this was later dismissed as rumors, economist Vladislav Ginko – who originally provided the speculations – stood by his initial claims.
In many parts of the world, cryptocurrency regulations remain important subjects yet have been in the gray areas, perhaps because of the nascent nature of the emerging asset class and its evolving markets.
Recently, India’s Supreme Court had ordered the financial regulatory watchdog to come up with a framework on cryptocurrency in order to proceed with the case involving the Reserve Bank of India and players within the cryptocurrency industry in the country who sought to reverse the bank’s decision on the ban of financial services from commercial banks to crypto-related ventures. Earlier this month, the government was reportedly seeking outside help in regards to formulating a regulatory framework for cryptocurrencies.
In some parts of the United States, crypto regulatory frameworks have progressed positively. The US State of Wyoming recently passed a bill that allows cryptocurrency to be treated as financial assets under existing laws.
In Europe, a bill was passed in Luxembourg to facilitate the development of the blockchain industry as well as the digital asset economy in the country.
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Bitcoin Press Release: On April 23-24 in Singapore, the global forum Blockchain Life 2019 welcomes 5000+ attendees and top companies at its 3d edition.
The global forum 2019 highlights four significant topics: Blockchain, Cryptocurrency, StartUps and Mining. More than 5000 people including industry top speakers, funds and investors, blockchain startups and world companies, crypto traders, developers and miners – all are going to join Blockchain Life 2019 to discuss the latest trends and ways of earning money in the crypto market.
Find out more information and get tickets: http://blockchain-life.com
Among the participating companies: Listing.Help, CoinMarketCap, KuCoin, Cointelegraph, BitForex, Neo, Nem, BitBlock Capital, IvoryBay Capital, Gravitas Holding, InfiniVision, Jets Capital and other famous enterprises from all over the world.
The list of speakers is constantly growing, check it here: http://blockchain-life.com
The previous Blockchain Life forum in November 2018 attracted over 4500 guests and became one of the largest world events in the industry. In 2019 the famous hotel Marina Bay Sands welcomes 5000 participants from 70 countries around the globe in Singapore.
Join world blockchain and cryptocommunity now: http://blockchain-life.com
The global forum is organized by the world listing agency – Listing.Help. The general partner of Blockchain Life 2019 is ELVN – a new, convenient and safe cryptomessenger, that pays its users for activity.
Join us on Social Media:
Twitter: @BlLife_Forum
Facebook: @blockchainlife
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Institutional grade crypto investments have frequented the news of late, and while upcoming crypto derivatives may have been tailored to create a demand in this market niche, there is another set of investors who have been bullish about the industry from the get-go – the retail investors.
Data from crypto analytical provider Diar revealed that Bitcoin holdings of addresses holding 1 – 10 bitcoins before the burst have shown a steady growth of 5% since the last all-time high in December 2017.
The report did note that while 2018 had slightly deterred from 2015 through 2017 year-over-year average increase of 35% in the holdings of popular addresses; registering a mere increase of 0.7%, the year 2019 has picked up pace and is seeing a steady increase of 3% in bitcoin holdings in the 1-10 bitcoin containing addresses.
More so, within the system, there may be a fairly noticeable activity of even distribution of wealth, as addresses holding larger amounts of bitcoins (10 – 1000 BTCs) have followed opposite trends to those of 1 – 10 BTCs.
While this phenomenon could have contrasting interpretations; call it a positive sentiment on the part of retail investors in preparedness for the supposedly long-awaited bull run. On the other hand, according to the source, “it may mean an exodus of larger investors.” Whichever the case, increase in retail buying against the market trends and amassing more Bitcoin could perhaps mean that the true speculative value of Bitcoin lies in the unwavering hopes that Bitcoin could someday revolutionize the barter system.
Recently, the source published a report detailing the healthy state of Bitcoin transactions, describing the fees trend as touching 2014 lows.
While it appears that institutional investors may be sitting on the sidelines, billionaire investor Mike Novogratz had advised that hedge funds should have at least 1% of their holdings in Bitcoin as a safe bet whilst profiting from its volatility.
Retail investors’ holdings are currently estimated to be worth around USD 6 billion and perhaps with such a rise in optimism for the flagship decentralized cryptocurrency, this could grow over time to become a significant stake in Bitcoin’s circulating supply. And maybe by the time institutions finally become fully vested into crypto – Bitcoin most especially – Satoshi’s dream of a decentralized peer-to-peer electronic cash system may have taken full effect.
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HTC blockchain-centric smartphone Exodus has recently revealed its partnership with Opera Browser along with the addition of support for multiple decentralized applications (Dapps) in a series of Tweets.
This collaboration indicates the addition of support for Etheremon and Decentraland Dapps in its ZIONVault integrated cold storage, and additional capacity for a Taiwanese Dapp called Numbers in its smartphone.
Numbers helps the users track their data and allows them to sell it to interested third parties on their own terms in return for cryptocurrency. This implies that the users still retain control of the data and have complete transparency on what part of their information is being used by the companies.
All these new features are in addition to the phone’s previous blockchain-related compatibility that already supported crypto wallet and the CryptoKitties Dapp.
The partnership with Opera browser will allow the users to utilize the browser’s integrated crypto wallet and conduct transactions and micropayments on the supporting websites. According to The Verge, Exodus and Opera only support payments in Ethereum (ETH) for now, but they plan to extend it to Bitcoin (BTC) and Litecoin (LTC) soon.
HTC’s decentralized chief officer, Phil Chen, said in an interview:
“Now you could pay an amount like ETH 0.00002 [equivalent to about USD 0.0027]. And never in the history of micropayments did that make sense. There’d be a transaction fee, or you’d have to share revenue with the app store.”
Chen also noted that they plan to make each phone a “partial node” of a blockchain that will facilitate trading between the phone owners.
Starting in March, the Exodus smartphone can be purchased using fiat currencies, in contrast with how they only accepted crypto in the past.
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Ethereum 2.0 is the potential update to Ethereum to make it faster and better. Potential updates deal with the current scaling issues, issues with mining, to make transactions faster and create a better environment for smart contracts and more. Ethereum’s launch was initially planned to be in four stages back when it launched in 2015. They are:
Now we are on the third stage of Ethereum “Metropolis”. Metropolis consists of two phases, Byzantium and Constantinople. The next system wide upgrade for the Ethereum network called as Constantinople is nearing. The activation of Constantinople is expected to take place at block number #7280000. This upgrade is also known as New Ethereum software version 3.5. The next stage is Serenity also known as Ethereum 2.0.
There are some problems in the current version of Ethereum which is to be solved. Some of the fundamental and current problems with Ethereum are scalability, security, slow mining process and high energy consumption. Ethereum 2.0 “Serenity” plans to overcome these problems through its solutions. Some of them are
Vitalik Buterin, inventor and co-founder of Ethereum admits that Ethereum mining now roughly consumes as much energy as Iceland consumes. Thus, to sustain its competitive advantage, Ethereum is aiming to reduce its energy consumption by scraping its blockchain based on proof-of-work (PoW) and build an entirely new blockchain based on the proof-of-stake (PoS) algorithm. Vitalik also says that Ethereum 2.0 should complete transaction using 1% of energy consumed today when PoW is replaced with PoS.
Ethereum 2.0 will move towards Beacon Chain. One main thing the Beacon Chain was designed is to manage the new feature for Ethereum scaling called “sharding”. Sharding will split the network into independent groups of nodes called shards. As the nodes are split into shards, the nodes only need to handle the fraction of the total system load. This will split the network load so that the main network will not have to bear the load of all transactions. Sharding gives the ability to process thousands of transactions per second rather than the current 15 or so transactions per second. This reduces the transaction time and will speed up the process.
Ethereum 2.0 is also focusing on the security, which means that it will be harder for the attackers to make the network behave in unexpected ways. Ethereum 2.0 will have large number of available validators and this has the following advantages in it. First, a large validation pool allows more opportunity for decentralisation and this makes attack less likely to happen and more difficult. Second, if something that violates the protocol occurs, it means that many validators must have disobeyed the rules. This behaviour is detectable, and the misbehaving group will be penalised by having all their stakes wiped out. And there are some more security aspects too. All these will make Serenity more secure than Ethereum 1.0.
The next system wide upgrade is Ethereum version 3.5 also known as Constantinople. It is expected on the end of February 2019. After this there are two more updates which will happen before Serenity. One is Casper Proof of Stake and Hybrid PoW / PoS. Then comes the Beacon chain and sharding. If the Ethereum project successfully implements these upgrades, then Serenity comes next. Serenity is an upcoming major upgrade that creates a Proof-of-Stake chain that combines many of the above ideas (PoS, sharding, etc) into a new chain that would be fully compatible with the existing Proof-of-Work chain. Serenity will run on a pure Proof of Stake consensus protocol. This scaling and mining solution would not only partly change the way Ethereum is mined but also will make way to allow the network to do faster transactions and thus would create a better environment for smart contracts and Decentralised applications. In theory, Serenity could increase scalability by as much as 1000 times than Ethereum 1.0.
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Apple co-founder Steve Wozniak has spoken out about Bitcoin in a revelation that many would consider bullish in sentiment. Wozniak, in an interview with Bloomberg, has said of the coin that “we’ve seen massive value creation.”
He also puts most of the market volatility down to fear-mongering and psychology.
Apple’s Steve WozniakThe co-founder of Apple has always spoken highly of the coin and once said it would become the world’s single currency.
The interviewer challenged him on this view asking him if he still had the same opinion considering “we’ve seen ...
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While all recent focus in the world of cryptocurrency was on Venezuela and their cryptocurrency Petro, a country to the south has been silently making huge headways and growth. With a bad history of banks offering only limited customer access and their inflation rates booming to 47% in 2018, Argentina’s cryptocurrency market shows no signs of any problems as it has grown from strength to strength at an unprecedented pace.
For instance, in December 2018, usage of the peer-to-peer exchange LocalBitcoins in Argentina registered an all-time high of ARS 9.4 million (Argentine pesos approximately USD 240,000) in weekly volume. And even during the crypto crisis across the globe, the growth of Bitcoin exchange has been consistently increasing since the 2017 token boom, when the peak was a “mere” ARS 5.7 million (USD 150,000). Now, this figure would only represent a slow week in Argentina’s P2P market in 2019.
Although Argentinian companies have also borne the brunt of the recent crypto volatility, surprisingly the local demand has been consistently increasing. This has been bolstered by the recent influx of Venezuelan immigrants which means there are suddenly a massive number of people who require banking services, financial tools, and remittance services.
Santiago Siri, who is the founder of the blockchain startup Democracy Earth Foundation and investor in several Argentinian crypto startups commented on this growth in an interview,
“The sector is growing, it’s growing very well. It’s providing a lot of jobs. People are using these technologies for real survival needs and finding themselves in a better world than if they had to trust the government.”
To illustrate the point of how Argentinian markets have remained largely unaffected by the global dip in cryptocurrency, Bitcoin exchange Bitex’s CMO Manuel Beaudroit revealed how his company has seen an ever-increasing demand for Bitcoin services from Argentinian banks and brokerage firms in 2019. Beaudroit said:
“They are interested in offering their clients the ability to do cross-border payments and remittances with Bitex’s services.”
This surge exhibits Argentina’s unique role in the Latin American economy and commercial landscape, where investors all around the world now recognize the country as a hub for bitcoin-savvy startups with limitless potential for growth.
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JPMorgan Chase held their annual investor day yesterday. The company’s CEO, Jamie Dimon, was involved in a question-and-answer session and answered a few questions about the bank’s latest venture, the JPM Coin. The world’s first bank coin was originally meant for cross-border remittances, but it seems the bank may have other ideas for it down the road.
JPM Coin for Consumer Use?During his Q&A session, Dimon explained that he believes the coin could be used in various sectors of the financial industry. “JP Morgan Coin could be internal, could be commercial, it could one day ...
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London Stock Exchange Group (LSEG) revealed today that it had invested in London-based cryptocurrency startup Nivaura, leading a GBP 15 million (USD 20 million) funding round.
The investment was revealed in a joint statement from the two companies which acknowledged LSEG had paid an undisclosed amount for a minority stake.
Nivaura was the company responsible for the world’s first cryptocurrency-denominated bond issuance back in November 2017, offering clients a platform to manage corporate bonds, loans, and equity, whilst giving the option to settle transactions via digital tokens.
Through the use of tokens, Nivaura says it can provide a solution up to 80% faster than traditional options while proponents have argued the tokenization of debts is far more economical and can give smaller companies greater access to capital markets.
LSEG’s investment indicates the continually growing interest in blockchain and cryptocurrencies from mainstream finance, despite much negative rhetoric that emerges from the very same sector.
Earlier this month JP Morgan announced the launch of its own digital token pegged to USD, targetting institutional clients that are looking to reduce the typical settlement time of transactions. Despite being USD-pegged, the multinational investment bank says it is not a stablecoin, nor should it be considered legal tender.
JP Morgan’s apparent U-turn regarding its attitudes towards cryptocurrencies has been controversial for many in the community, with Jerry Brito – executive director at Coin Center telling Market Watch ”it’s not public, and it’s not permissionless, so it’s not a cryptocurrency”.
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After a sharp fall of the price from 24 February, buyers no longer have the enthusiasm that they displayed earlier about the growth of this coin. Now, their growth attempts are more like a correction. The price stopped in the price zone of $3,840-3,930 and we do not see a strong chance of turnaround from this zone. If we analyze two red candles with the largest volumes, it becomes clear that the current price zone is important:
The second candle has a much smaller size but a fairly large volume. In our opinion, this means that in this price zone, sellers have met with limit orders of buyers who have suspended the fall. It was a good sign for buyers to carry out a counterattack. However, buyers have decided not to use this chance and now we have a non-initiative weak growth, which is more like a correction before continuation of the fall.
If you look at the global timeframe, now the price is in the middle of the consolidation, which began in December 2018:
On a larger timeframe, there is also no hint of growth continuation.
The marginal buyer positions stopped change actively. It confirms the decrease in the activity of buyers and explains the non-initiative growth at the moment:
Globally, sellers are reducing their positions because they do not believe in the continuation of the fall. However, if we look globally on the chart of margin positions of sellers, then we see that they are now at a critical point from which the turnaround has always started (beginning from May 2018):
According to the wave analysis, if buyers continue such a movement without volumes, then the maximum target of such growth in the range of $4,000-4,050:
Also, there is good liquidity, as this price zone has been consolidating throughout the week. After testing this price zone, we expect a continuation of the fall to $3,500-3,550 and at this point, we will analyze the strength of market participants and the probability of a price rebound.
Therefore, while the price continues to drift between two important price zones, it is $3,500-3,550 at the bottom and $4,200-4,300 at the top. And in this 20% range, the price will move until we see confident volumes and the mood of market participants do not have too much effect on the market. Meanwhile, the situation may change in one day. A few days ago, the fear/greed rate was 69:
Today, it moves from 40. During such a rapid change of the mood lies good opportunities for short-term trade. But it is too early to talk about global targets.
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About the Author: Peter Oleshchuk is a trader and technical analyst.
He has spent two years studying and analyzing the crypto market.
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It says a lot for cryptocurrency everywhere that one of the biggest phone brands in the world has added support for digital assets in its latest release. Samsung’s new Galaxy S10 series has done just that, with a built-in wallet function for Bitcoin, Ethereum, and two other altcoins.
Samsung Galaxy S10 Supports CryptoA Samsung official unveiled the phone’s new features at the Mobile World Congress in Barcelona, Spain yesterday.
The phone has been created with “various crypto and blockchain related projects” as standard on the device. It presented COSMEE, a blockchain-based beauty social ...
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