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Bitcoin (BTC) Has Died 328 Times to Date and Counting

Ever since the Bitcoin (BTC) Ledger was launched in 2009 by Satoshi Nakamoti, the cryptocurrency has been declared dead a shocking 328 times. This is according to an ‘Orbituary Tracker’ on 99bitcoins.com.

The most recent eulogy was by Paul Donovan from UBS who stated that his chief goal was to bury Bitcoin and not to praise it. Paul Donovan made the comments to CNBC’s Fast Money. His exact words were as follows:

These things were never going to be currencies. They’re not going to be currencies at any point in the future. They’re fatally flawed.

Right from the start of the hike in late last year, it was fairly obvious that this was going to end badly, unfortunately, for some of the people who weren’t protected by any kind of regulation and got sucked into the process.

Bitcoin Has Crashed 3 Times Before And Will Recover

Going back in time and observing the times BTC has crashed, we find that the 2017 – 2018 bear market is the 4th time the King of Crypto has lost over 80% of its value after an impressive Bull Run. The first time BTC crashed was in 2011; the second was in 2013; and the third was a stretch of time from late 2013 to mid 2015. This explains why Bitcoin has had over 300 obituaries accompanied by never-ending predictions of its doom.

The following infographic gives a clearer picture of the past market crashes of BTC.

Binance CEO Shares His 2015 Experience With BTC Crashing

On the 20th of November, the CEO of Binance, Changpeng Zhao, shared his experience with BTC crashing back in 2015. Mr. Zhao had just sold his house during during the third major BTC crash. He had used the funds to buy in on Bitcoin. His exact words and full tweet can be found below.

I wish I could tell you my lame story from 2015, when the $btc price “crashed” to below $200, and I just sold my house and bought in at $600 a few months earlier… Well, I am still here.

Bitcoin Is Not Dead and Will Recover

It is with the past market crashes of Bitcoin that we can conclude that the current bear market will also end. BTC will once again WOW us in the markets but the exact timing of the next Bull Run cannot be narrowed down given the current market conditions and institutional investors showing reluctance to invest in crypto before Bakkt and an ETF. But the bottom line is, Bitcoin is not dead. It will recover once again.

What are your thoughts on the 328 obituaries of Bitcoin? Do you think they are accurate? Please let us know in the comment section below. 

[Image courtesy of AltcoinToday.com]

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

The post Bitcoin (BTC) Has Died 328 Times to Date and Counting appeared first on Ethereum World News.

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Here Is How Bitcoin (BTC) Has Survived Worse, Including the Mt. Gox Saga of 2013/2014

The crypto-markets have continued to decline into the weekend due to the delay of the Bitcoin ETF by the SEC. The total market capitalization is threatening on getting to levels below $200 Billion. Current levels are at $209 Billion.

A quick analysis of Bitcoin (BTC) shows that the King of Crypto has been falling in value from mid December and from peak levels of $20,000. It then touched a new low on June 29th when it was valued at around $5,880. This marked 6 months since BTC started free-falling in the markets with a decline of 70.6% in the same time period. The current value of BTC at $6,145 indicates that we could witness levels below $6k once again. This possibility has caused panic in the crypto-verse but Bitcoin has survived worse periods of turmoil and come out victorious as shall be elaborated.

November 2013 – August 2015

Zooming back in time to November 2013, BTC had experienced a massive bull-run to new highs of $1,149. The King of Crypto would then start declining due to the prolonged Mt. Gox saga that was slowly unfolding in the background. BTC would not show signs of recovery up until August 2015 and at levels of $203. Doing the math, that was a drop of 82.3% in a period of 21 months.

BTC Decline from November 2013 to August 2015. Source, coinmarketcap.com

From August 2015, BTC would gradually increase to the levels we witnessed last December. This was a period of 28 months of constant gains in the markets. Therefore, we can use the past to sort of have a general feel of what is happening and what we are patiently waiting for.

A Brief Summary of the Mt. Gox Saga

Mt. Gox exchange was launched on July 18th 2010 by Jed McCaleb (founder of Ripple and Stellar). Mt. Gox was short for  “Magic: The Gathering Online eXchange”. By March 2011 it had been purchased by French developer and BTC enthusiast Mark Karpelès.

On June 19th, 2011, the first security breach happened. This breach caused the price of BTC to fraudulently drop to $0.01 after a hacker used credentials from a Mt. Gox auditor’s compromised computer to transfer a large number of bitcoins illegally to himself. Consequently accounts worth approximately $8,750,000 in BTC were affected. Mt. Gox managed to ‘fix’ the issue.

By April 2013 to early 2014, the exchange was processing 70% of all BTC trades online. On 2nd May 2013, CoinLab filed a $75 million lawsuit against Mt. Gox, alleging a breach of contract. The companies had formed a partnership in February 2013 which would soon turn sour. 

On an unrelated issue, Mt. Gox suspended withdrawal in US Dollars on June 20th, 2013. On August 5th, 2013, the exchange announced that it was incurring losses due to crediting deposits which had not fully cleared, and that new deposits would no longer be credited until the funds transfer was fully completed.

In November 2013, Wired Magazine reported that customers were experiencing delays of weeks to months in withdrawing cash from their accounts. The article said that the company had “effectively been frozen out of the U.S. banking system because of its regulatory problems”. This was the beginning of the end of Mt. Gox.

Disclaimer: This article is not meant to give financial advice. Any opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.

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Did We Reach Bottom? Bitcoin (BTC) up 8.24% and Trading at $6,412

Something good happened to Bitcoin (BTC) at around 10.30 UTC. The value of the King of Crypto started gaining from levels of $5,940 to current levels of $6,412 at the moment of writing this. This means that BTC has gained 8.24% in the last 24 hours.

Current BTC performance. Source, coinmarketcap.com

Observing the total market-capitalization of the crypto markets, we find that the markets have gained $20 Billion in the same time period that BTC gained 8.24%. The total market cap went from levels around $236 Billion to current levels of $256.8 Billion. This is some good news as there was some eerie sense that we could be headed for a further market decline.

But are we out of the woods yet?

It is still too early to tell with some analysts claiming that there is a 16% chance of a Bull market. But for that to happen, BTC has to reach values of $7,400. There is also the constant reminder that miners might switch off their machines if Bitcoin mining is no longer profitable. The average cost of mining one BTC has been estimated as being between $6,000 and $8,000. Fundstrat’s Thomas Lee has put this number at $8,038. This means that miners are currently incurring losses in a hope that the price of BTC will go up.

One factor that might help the price of BTC is that BTC futures expire every last Friday of every month. This means that the said futures expired yesterday, June 29th. July being a fresh month, there is a good 4 weeks of probable bullish trends as Futures contract are not a major factor again for 2 to 3 weeks.

Also to remember, are the regulatory announcements across the globe in the past few days. Regulatory fears have sort of relaxed a bit with more and more countries giving some direction forward. The country of Malta recently passed 3 crypto and blockchain bills aimed at promoting the country as a ‘Blockchain Island’. We have also seen the worst of Japanese regulators cracking the whip with Huobi Pro having to suspend operations in the country. Observing South Korea, the country has stated that it wants to start regulating crypto exchanges the same way it regulates commercial banks.

There is also the Thai SEC that has issued concrete directions towards cryptocurrencies, their exchanges and ICOs in its jurisdicitons. The American SEC has so far issued direction on the cryptocurrencies of BTC and ETH. With these two major cryptocurrencies cleared by the SEC, this means any crypto with similar technology is also not a security. This includes BCH, LTC and ETC.

In conclusion, the second half of 2018 will be an interesting one with respect to the direction Bitcoin and the general cryptocurrency markets take. The general feel and mood is that we at the trough of the wave and that there will be a new peak with a BTC rally coming soon.

Disclaimer: This article is not meant to give financial advice. It is an opinion piece. The opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.

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Binance Announces A Second System Upgrade in 24 Hours and its Extension

Popular cryptocurrency exchange, Binance, has announced a second system upgrade only one day after completing one. In the announcement that was made 2 hours ago and at the moment of writing this, the new systems upgrade was scheduled to last only 30 minutes.

Fellow Binancians,

Binance will perform a scheduled system upgrade shortly after 2018/06/27 1:00 PM (UTC). The upgrade will take approximately 30 minutes. Binance will suspend withdrawals and trading during this period. We apologize for any inconvenience caused, and thank you for your patience.

Thank you for your support.

Binance Team

However, the team at Binance has since issued another announcement indicating that the ongoing upgrade will be extended. The team stated the following in the announcement:

Fellow Binancians,

Binance’s ongoing system upgrade will be extended. Our team is working hard to complete the upgrade as quickly as possible.

Another announcement will be made once the upgrade is complete. Users will be given approximately 30 minutes to cancel existing orders, deposit, withdraw and use other account functions before trading resumes. Please stay tuned for further information.

We apologize for any inconvenience caused, and thank you for your patience.

Thank you for your support.

Binance Team

The team at Binance has promised to to give a 30 minute window for traders to cancel existing orders before complete restoration of trading, deposits and withdrawals on the platform. Yesterdays scheduled 4 hour upgrade would eventually last a total of 10 hours due to similar extensions with withdrawals resuming only 1 or 2 hours later.

The exchange has since updated traders that trading will resume at 2:45 PM, UTC through the most recent announcement that stated the following:

Fellow Binancians,

Binance has completed its system upgrade and we will resume all trading activity at 2:45 PM (UTC).

From now until the commencement of trading, users will be able to cancel orders, process deposits, withdrawals, and use all other account related functions.

Thanks for your support!

Binance Team

This means that traders can now cancel orders at the moment of writing this, as well as prepare for a resumption of regular trading on the platform in the next 15 minutes or so.

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Crypto Markets Lose $8 Billion in a Day, Bitcoin Slides to $6,100 Levels

The cryptocurrency markets are once again treading on shaky volumes as the total market capitalization has dropped to $245.9 Billion at the moment of writing this. The current value is approximately $8 Billion shy of the market capitalization levels 24 hours ago. This drop in value has also seen the King of Crypto, Bitcoin (BTC), trading at the current levels of $6,115 and down 1.42% in the last 24 hours.

June 26th Total market cap levels of $253.7 Billion. Source, coinmarketcap.com

Bitcoin (BTC) had been enjoying comfortable levels above $6,200 only yesterday, June 26th. The chart below illustrates the tumultuous market activity of BTC in the last 7 Days with yesterday’s levels being highlighted.

7 Day market performance of BTC. Source, coinmarketcap.com

Many crypto-traders and enthusiasts had expected the news of Facebook easing down on its earlier total ban of crypto related ads on the platform, to increase investor confidence and further upward movement in the values of all digital assets. Facebook has reinstated particular ads on its social media platform. The platform has introduced an application process for any firm wishing to run crypto ads. This way, crypto projects and companies can prove their legitimacy including any licenses they have obtained, trading information and other relevant information that might be required.

However, ads promoting binary options and ICOs are still banned on the platform.

The Facebook online application clearly states that:

Please note, we reserve the right to deny any application or withdraw eligibility at any time without notice. Eligibility may be subject to such conditions and restrictions as Facebook may decide. Advertising must comply fully with all applicable terms and policies, including the Facebook Advertising Policies. Facebook may review and reject ads in its sole discretion.

Another reason for the decline in the crypto-markets could be that we are yet to reach a bottom with BTC. Analysis by veteran digital asset analyst, Willy Woo, had indicated that the price of Bitcoin (BTC) would test levels below $6,000 before any signs of recovery can be seen in the markets. In particular, Mr. Woo had highlighted the levels between $5,500 and $5,700. BTC recently reached levels of $5,800 on Sunday the 24th of June.

This then implies that we could be headed towards a few more days or even weeks of crypto market uncertainty with bouts of sporadic decline. But one thing is common with all the analysis being put forth in the crypto-verse: that a market recovery is eminent this year.

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Bitcoin (BTC) Drops To $5,800, Crypto Markets Lose Another $19 Billion

Any seasoned crypto trader will inform you that trading on a Sunday is riskier than swimming in an ocean known to be infested with sharks. The last Coinrail hack wiped off a cool $47 Billion from the crypto markets in a matter of 48 hours and beginning on a Sunday. The same can be said about today for the markets have witnessed a further decline of $19 Billion in a span of 6 or so hours.

Early Sunday morning found the total market capitalization at $257 Billion. This figure would drop to recent lows of $238 Billion in the aforementioned time period. This is a drop of 7.4%. The market cap has since stabilized at current levels of $241 Billion.

Total market cap at $257 Billion and its decline. Source, coinmarketcap.com

Bitcoin (BTC) has also suffered a similar fate. Early Sunday found the King of Crypto trading at comfortable levels of around $6,150. BTC would soon drop to $5,860 in a time period close to 6 hours. This was a decline of 4.7%.

Lower levels were experienced in several exchanges with Binance seeing BTC valued at $5,777.

BTC at $5,777. Source, Binance.com

All other cryptocurrencies were also not spared by the decline in values this morning. Ethereum (ETH) is currently trading at $445 and down 4.53% in the last 24 hours. Ripple is also down 5% and currently trading at $0.46. Bitcoin Cash (BCH) has also experienced a decline of 8% and is currently trading at $691 at the moment of writing this.

Back in late May, veteran digital asset analyst, Willy Woo, had predicted that Bitcoin would test $5,500 to $5,700 levels before there would be any signs of recovery in the crypto markets. In his analysis, Mr. Woo was quoted as saying:

I think we are gonna go to $5500-5700 next, I can’t see $7000 holding. Most likely we’ll balance a bit, then we’ll slide through. Long timeframes here, looking into June for rough timing of this to play out at a best guess.

He outlined four reasons why this was the case.

  1. The NVT signal is still too high for BTC. The market needs more blockchain transactional activity to justify the current price or the price to drop to reconcile the difference. The said transactional activity is highly unlikely in a bear market. Therefore, there will be further decline in BTC
  2. The volatility is still too high
  3. The standard NVT is high and more time will be needed to bring it down
  4. A Volume profile cliff below $6,800

Standard NVT Ratio is simply the Network Valuation divided by the Transaction Value flowing through the blockchain and then smoothed using a moving average. NVT Signal then applies the moving average to only the transaction value. The signal is the work of Willy Woo and Dimitry Kalichki.

In conclusion, Mr. Woo was correct in predicting the current levels of BTC that we are experiencing. However, the feel and mood in the crypto-markets is that we are not out of the woods yet and that a $2,500 level of Bitcoin is highly probable.

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Binance To Support the ICON (ICX) Token Swap and USDT Pairing, Clearing Confusion By HODLers

The Icon (ICX) MainNet 1.0 was launched back on January 24th after successful maintenance checks by the team at ICON were completed. The team had been testing the platform from the previous month of December. The Genesis block was then generated on the 24th of January at 18:25 UTC and all ICX coins needed on the new blockchain were minted.

The team had promised further communication during the MainNet launch on how the token swap will be carried out, but this did not happen for quite some time. The team would delay further communication about the token swap up until the 4th of April.

In the announcement via medium, the team apologized for their silence in the matter. They offered two methods of going about the token swap. The first was through the ICONex wallet and the second through yet to be announced exchanges.

The delay in communicating led many ICX HODLers to turn to Reddit to express their concerns. One Reddit user, Bentcan had this to say:

I bought ICX in January as a long term Hold and just checked in and am confused by all of this token swap/ airdrop talk.. Do I need to swap my ERC20 tokens ASAP or do I risk losing them?

It is with this background that Binance has announced that it will be supporting the ICX token migration. In the announcement, the team at Binance had this to say:

Fellow Binancians,

Binance will support the ICON (ICX) Mainnet Token Swap and will suspend deposits and withdrawals for ICON (ICX) starting from 2018/06/20 0:00 AM (UTC). Binance will handle all technical requirements involved for all users holding ICX.

We will open ICX deposits and withdrawals again once we deem the ICX mainnet to be stable.

Binance will also open trading for the ICX/USDT trading pair at 2018/06/13 8:00 AM (UTC).

Therefore, and following the instructions by Binance, all an ICX HODLer needs to do, is to transfer their tokens to the exchange before the 20th of this month. The exchange will do the back-end technical requirements for all the users. Deposits and withdrawals will resume once the MainNet is stable.

In the meantime, traders can enjoy ICX/USDT pairing beginning today, 13th June, 8:00 UTC. The token is currently valued at $1.89 at the moment of writing this and down 10% in the last 24 hours.

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‘Bitcoin (BTC) Crash Not Due To CoinRail Hack, But A Technical Correction’, Says Analyst

Although our favorite top cryptocurrencies are glowing green, there is still some eerie uneasiness in the cryptocurrency markets with respect to the next course of direction after the event people have described as a Bloody Sunday. The reason to declare the recent Cryptocurrency flash crash a bloody Sunday are two. The first being obvious: that it happened on a Sunday.

The second reason is that the Crypto-markets were affected by 2 events on the same day that many traders assumed were the causes of the flash crash. The first one was the confirmed hack of the South Korean exchange known as Coinrail which was the victim of $40 Million cyber heist. The heist caused panic in the crypto markets. What then happened is a drop of $20 Billion in total market capitaliztion. Then more news came in the form of an investigation of 4 exchanges by US Regulatory Authorities. This was another blow that plunged the crypto markets to a recent low in total market capitalization of $291 Billion.

However, one Analyst seems to differ with the above accepted reasons of the current market decline.

Mati Greenspan, a Senior Analyst at eToro, claims that what happened was simply a Technical Correction.

Writing in a market commentary that was made available to CCN.com, Greenspan was quoted as saying the following:

There is absolutely no reason why this smash and grab job at a local boutique [Coinrail] should have sent bitcoin down by $1,000.

In the report, Greenspan noted that the biggest decline happened 15 hours after the hack. The scale of the new wave of decline was disproportionate to both the size of the hack and Coinrail’s significance in the cryptocurrency ecosystem. He argued it was a technical correction and added the following.

Though the CoinRail hack may have set us off-track, I don’t think that this will have very significant ramifications in the long run. The industry has certainly seen much bigger hacks before and other than a technical price level, this doesn’t change much for the path of the industry over the next five years.

Greenspan was quick to propose that the price of Bitcoin will certainly be higher in the future as institutional investors start taking an interest in the industry. Similar sentiments were shared by Fundstrat CEO, Thomas Lee, when he was interviewed by CNBC.

Mr. Lee said that:

I think institutional investors have gained a lot of interest, and they haven’t really come into crypto yet because there is still some regulatory uncertainty.

The regulatory uncertainty mentioned by Mr. Lee might not be around for too long as news reaching Ethereum World News, indicate that South Korean officials have issued the first guidelines of treating cryptocurrency exchanges as Commercial banks.

What then can be concluded from both Mr. Greenspan and Mr. Lee’s comments and observations, is that there is no need to panic as the crypto-markets have seen worse days. A market recovery is imminent with time.

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South Korea: Cryptocurrency Exchanges To Be Regulated As Commercial Banks, Boosting Global Legitimacy

Cryptocurrency traders, in not only South Korea, but the entire world can now relax a bit with the current news of South Korea announcing that the country will be regulating cryptocurrency exchanges in the same manner they regulate commercial banks The regulation shall be carried out by the Korea Financial Intelligence Unit (KFIU) in collaboration with other local financial regulators.

The Director of KFIU, Kim Geun-ik led a meeting that discussed on the existing regulations in the country that provide strict measures against money laundering and terrorist financing in the country. His sentiments echoed  the policy guidelines issued by the same government entity back in February when it was cracking down on cryptocurrency exchanges and ICOs in the country. Mr. Geun-ik also proposed stricter policies to both commercial banks as well as independent financial service providers.

In the meeting, the KFIU decided to include cryptocurrencies in its Anti-Money Laundering and Know Your Customer (KYC) initiative. What would then proceed the meeting, is the drafting and proposing of a bill in the South Korean Congress that would give local financial authorities the mandate to monitor traditional bank account and cryptocurrency users within their jurisdictions and in a transparent manner within the law.

A Spokesperson of KFIC had this to say with respect to the current development in the country:

Under current regulations, there are clear limitations in preventing money laundering on crypto exchanges because the only way authorities can spot suspicious transactions is through banks. If the bill of lawmaker Jae Yoon-kyung from the Democratic Party of Korea passes, local authorities will be able to impose identical regulations on crypto exchanges that are implemented on commercial banks.

The impact of this decision might be what South Korean traders have been waiting for in terms of having cryptocurrencies recognized by their country’s officials as a legal form of investing as well as being mediums of facilitating payments of goods and services. By encompassing Cryptocurrency exchanges in the country’s anti money laundering efforts as well as implementing KYC procedures, the industry will gain legitimacy in not only South Korea, but the entire world.

By doing this, South Korea will set precedence for any other nation in the process of coming up with some type of regulation towards the Cryptocurrency and ICO sectors of this new industry. One country that is probably watching on how South Korea handles its regulation, is the United States. The country is yet to give any clear direction, through its SEC, on how to handle cryptocurrencies, ICOs and exchanges within its jurisdictions.

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Zilliqa (ZIL) Up 12.8%, Nears $1 Billion Market Cap

In the midst of current news of a slight crypto-market recovery, lies the gem that is known as Zilliqa (ZIL). The project and token that packs a punch in terms of what it aims to do in the crypto-verse, has left many fans and HODLers continually excited since inception of the concept.

Current market analysis indicate that the token is currently valued at $0.13 and up 12.8% in 24 hours. Further analyzing its levels on Tuesday, 29th of May, when the entire crypto-market was almost below $300 Billion in market capitalization, we find ZIL was valued at $0.098. This means ZIL has improved by 32.7% since then and in a period that is less than a week.

Further analyzing the token’s market capitalization, we see that it is currently valued at $956.11 Million and $43.89 Million shy from the $1 Billion market capitalization mark. The last time Zilliqa managed to reach these levels, was on the 10th of May when the total marketcap of the token reached $1.68 Billion. The token was in turn valued at $0.22.

The question now in all the crypto-traders’ minds is as to whether ZIL will maintain these new heights as the project plans on releasing the MainNet version of the platform in the third quarter of this year. The Testnet is currently live for developers to download.

Zilliqa has been on the spotlight since it announced plans on revolutionizing the smart contracts aspect of blockchain technology by introducing a new programming language of Scilla and by introducing mining through Sharding.

The platform is designed to scale in transaction rates as the number of Shards increases. Sharding is defined as dividing the mining network into smaller shards (mining units) each capable of processing transactions in parallel. This then solves the issues of Network congestion experienced on the Ethereum platform whenever an animal based Decentralized Application is launched and becomes a hit on the platform.

On the other hand, the Scilla programming language is meant to be developer friendly and allows the testing of smart contracts before launching. This then avoids situations where live smart contracts are later found to have security vulnerabilities as was the case with the Parity incident on the Ethereum platform.

In conclusion, the Zilliqa project and token, is one to watch out for as we roll down the third quarter of 2018.