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Bitcoin (BTC) Subreddit Surpasses One Million Subscribers

Bitcoin (BTC), Cryptocurrency–While most investors run for cover amidst the falling crypto prices, as the bear market of 2018 extends into the final month of the year, the Reddit based community for the number one cryptocurrency by market capitalization has hit a new milestone.

On Dec. 2, the subreddit for Bitcoin reached 1 million subscribers, marking a historic moment for the community that few other groups on the site have been able to achieve. Amazingly, given that coin price have fallen 70 to 95 percent from their high in January, the community of cryptocurrency has managed to show resiliency that could pay off in the long run.

Bitcoin, in particular, has cultivated a strong a following of investors who are looking for more than just profit. The community formed through Reddit has not only found ways to give back to need-based programs through the significant wealth created in last year’s bull run (such as the Bitcoin Pineapple fund which gave away a whopping $86 million to 60 charities–all from the generosity of one Bitcoin user), to consistently finding ways to form grassroots adoption.

While some have chosen to trade Bitcoin for the price speculation alone, the technology has a struck a chord with the majority of its following which extends beyond just being another appreciable asset. Each user may have their own reason for supporting the currency, ranging from a belief in the technology of blockchain and the superiority of digital currencies over their fiat alternatives, to a politically-oriented ideology that espouses decentralization and more libertarian views. However, the vast number of Reddit users and Bitcoin supporters around the world hold opinions that are a far cry from the one being attributed by mainstream outlets and economists–one that continually seeks to label crypto investors as gamblers, pyramid schemers or the propagators of a malicious virus.

With the subreddit now eclipsing 1 million subscribers, it contributes to the growing paradox of 2018 that was touched upon by Mike Novogratz in a conference call last week. As reported by EWN, the billionaire crypto supporter made no qualms about the state of the industry throughout this year, claiming it has been, “a horrible bear market in tokens,” with “plenty of reason to be depressed.” Despite the plummeting price of Bitcoin, which experienced its worst month of losses in November since August 2011, the support and adoption for the digital currency is on the rise, creating the bedrock for the technology to perform in 2019 and beyond.

While Google searches and general excitement for cryptocurrency has eroded with the market capitalization, down from nearly $900 billion in January, the industry has moved past daily appearances on CNBC and other popular outlets which were fixated on the climbing price and overnight millionaires being created in last year’s bull run. In place of that attention is a recognition that the industry still has yet to grow, with prices outpacing real world use at the start of the year. It’s not enough for Bitcoin to grow from exchange driven, price speculation alone: the currency has to find a footing in both usability and mindset for mainstream consumers before it can hope to match last December pricing.

Until then, the growing community for Bitcoin on sites like Reddit continues to provide a window into the state of crypto adoption, and the willingness for a segment of the population to try the technology that has been hailed as the next greatest innovation since the internet.

The post Bitcoin (BTC) Subreddit Surpasses One Million Subscribers appeared first on Ethereum World News.

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Bitcoin (BTC) Subreddit Surpasses One Million Subscribers

Bitcoin (BTC), Cryptocurrency–While most investors run for cover amidst the falling crypto prices, as the bear market of 2018 extends into the final month of the year, the Reddit based community for the number one cryptocurrency by market capitalization has hit a new milestone.

On Dec. 2, the subreddit for Bitcoin reached 1 million subscribers, marking a historic moment for the community that few other groups on the site have been able to achieve. Amazingly, given that coin price have fallen 70 to 95 percent from their high in January, the community of cryptocurrency has managed to show resiliency that could pay off in the long run.

Bitcoin, in particular, has cultivated a strong a following of investors who are looking for more than just profit. The community formed through Reddit has not only found ways to give back to need-based programs through the significant wealth created in last year’s bull run (such as the Bitcoin Pineapple fund which gave away a whopping $86 million to 60 charities–all from the generosity of one Bitcoin user), to consistently finding ways to form grassroots adoption.

While some have chosen to trade Bitcoin for the price speculation alone, the technology has a struck a chord with the majority of its following which extends beyond just being another appreciable asset. Each user may have their own reason for supporting the currency, ranging from a belief in the technology of blockchain and the superiority of digital currencies over their fiat alternatives, to a politically-oriented ideology that espouses decentralization and more libertarian views. However, the vast number of Reddit users and Bitcoin supporters around the world hold opinions that are a far cry from the one being attributed by mainstream outlets and economists–one that continually seeks to label crypto investors as gamblers, pyramid schemers or the propagators of a malicious virus.

With the subreddit now eclipsing 1 million subscribers, it contributes to the growing paradox of 2018 that was touched upon by Mike Novogratz in a conference call last week. As reported by EWN, the billionaire crypto supporter made no qualms about the state of the industry throughout this year, claiming it has been, “a horrible bear market in tokens,” with “plenty of reason to be depressed.” Despite the plummeting price of Bitcoin, which experienced its worst month of losses in November since August 2011, the support and adoption for the digital currency is on the rise, creating the bedrock for the technology to perform in 2019 and beyond.

While Google searches and general excitement for cryptocurrency has eroded with the market capitalization, down from nearly $900 billion in January, the industry has moved past daily appearances on CNBC and other popular outlets which were fixated on the climbing price and overnight millionaires being created in last year’s bull run. In place of that attention is a recognition that the industry still has yet to grow, with prices outpacing real world use at the start of the year. It’s not enough for Bitcoin to grow from exchange driven, price speculation alone: the currency has to find a footing in both usability and mindset for mainstream consumers before it can hope to match last December pricing.

Until then, the growing community for Bitcoin on sites like Reddit continues to provide a window into the state of crypto adoption, and the willingness for a segment of the population to try the technology that has been hailed as the next greatest innovation since the internet.

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Bitcoin (BTC) Losses in November Worst in 7 Years

Bitcoin (BTC), Cryptocurrency–With Bitcoin again slipping below $4000, the market of cryptocurrency is continuing the bear trend into the final month of the year.

After several months of low price volatility, where the fluctuation in value for the number one cryptocurrency by market cap dropped below that of tech stocks, it appeared that the crypto markets were going to make an eventful upward turn in November. Part of the influx of investment was driven by Bitcoin Cash, as buyers anticipated the minting of new coins following its hard fork on November 15.

However, the opposite occurred, with the coin plummeting in value in the hours leading up to the split and dragging most of the market with it. Instead of providing a resurgence to market prices, the forking of Bitcoin Cash into Bitcoin ABC and SV created a strong degree of investor uncertainty which in turn led to falling prices. The two camps, helmed by crypto figureheads Roger Ver and Craig Wright, created an all out “hash war,” which drew the wrong kind of attention for crypto and led to a general fire sale for the market.

Bitcoin plummeted alongside altcoins, and nearly $100 billion was wiped from the market capitalization in less than two weeks. While BTC watched a steady erosion in price throughout 2018, falling from an all time high of $20,000 at the end of last year to its stable trading point around $6500, the bottom fell out for the currency. Bitcoin dropped further to $3500, with nearly all analysts predicting a bleak outlook for the recovery of cryptocurrency prices that could continue into next year–and possibly beyond.

As reported by Bloomberg, the most recent price fall for Bitcoin was as bleak as it appeared to investors, with November constituting the worst month for BTC in the last seven years. While investors were flush in the midst of a bull run for Bitcoin at this time a year ago, November saw the currency drop 37 percent to a relative low for 2018, which constitutes the biggest loss since August 2011 when BTC fell 39 percent to $8.90. As previously reported by EWN, billionaire investor Mike Novogratz of Galaxy Digital Holdings admitted to the steep drop in valuation for cryptos and his crypto-based fund. Speaking in a conference call on November 30, Novogratz made no attempt to sugar coat the situation,

“It’s been a horrible bear market in tokens.”

However, as prices continue to find shaky ground in their lowest trading range of the year, general enthusiasts for cryptocurrency continue to find developments to be excited for, in addition to the catalyzing work of some development teams. Last week, EWN reported on a commitment by the TRON Foundation, makers of the TRX currency, to pay out $100 million over three years to spur innovation and creation of blockchain gaming for their network.

As token prices continue to cause headaches for long-term investors, adoption and blockchain growth is a positive for cryptocurrency advocates to hang their hat upon. While Novogratz, a long time Bitcoin and crypto bull, admitted defeat in 2018, even he pointed out that bubbling adoption today could lead to big moves–including institutionally backed investments–in 2019 and 2020.

The post Bitcoin (BTC) Losses in November Worst in 7 Years appeared first on Ethereum World News.

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Analysts: Bitcoin (BTC) To Hit $144,000 In 10 Years, Ethereum To Lose Steam

The value of Bitcoin will be the main talk in a decade to come. That’s according to a report by Satis Group. Satis Group is an advisory firm offering services in ICOs and cryptocurrencies. According to this firm, Bitcoin is headed for a major decade-long price upsurge despite the recent setbacks by market corrections.

Bitcoin, Monero, And Dash To Gain Exponential Boom

The report, titled “Cryptoasset Market Coverage: Valuation,” indicates that Bitcoin price is expected to approach $33,000 in 2019 – a cool 400% upscale from the current $7,000 range. At that $33,000 price range, Bitcoin will have surpassed its December 2017 all-time high of $20,000. With that trend, the crypto asset will have achieved about $72,000 in value within the next 3 years.

If this bullish trend holds for 5 years, the coin will be valued at upwards of $96,000 by end of it. The analysts project that by 2028 (That’s 10 years from 2018), Bitcoin’s value could be standing at a mind-blowing $144,000.

Besides Bitcoin’s major bullish run, the analysts also project a huge boost for Monero (XMR). The report indicates that Monero could rise by over 38,000% between now and 2028, meaning that the crypto will have shot from its current stand at $103 to a whooping $39,584 by the end of the 10-year period. The same analysts also put Dash (DASH) on the list of the digital assets predicted to gain value. Currently trading at $188, Dash is seen to rise by 1,459% to achieve $2,927 in value by 2028.

Ethereum On The Losing List

However, the same report by Satis suggests that some other crypto assets like Bitcoin Cash (BCH) won’t be winning in the future. BCH is currently trading at $558, but Satis projects that this momentum will blow out and the cryptocurrency will have dropped down to $180 within the next 10 years. Ripple(XRP), too, won’t be having any smooth rides. According to Satis, the next 10 years will see Ripple dip to $0.004 from the current $0.3 value.

In the case of Ethereum, Satis explains that application-specific blockchain networks don’t hold much value in their present form. In that case, Ethereum (ETH) and EOS (EOS) will likely see a decline as they face hurdles brought about by issues with user interfaces and government regulations. However, since cryptos like Monero, Bitcoin, and Decred are basically crypto assets in a largely viral market, there value is bound to increase by huge margins.

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Bitcoin Price Rally was Due to Chinese Currency Devaluation, Says Expert

Clem Chambers is confident that an influx of Chinese money into the market caused the recent Bitcoin price rally. The ADVFN CEO believes that the present economic tussle between the United States and China will cause the top-ranked cryptocurrency to become the safest bet for wealthy investors to hedge any fallout from the trade war.

An influx of Chinese Money Caused Bitcoin Price Surge

According to Chambers the explanations offered thus far by analysts and experts to explain the current BTC price trend aren’t accurate. The ADVFN chief doesn’t agree with the notions that short squeeze, sudden fear of missing out (FOMO) syndrome or any of the other reasons flying around the news are the real triggers for the price push.

Instead, Chambers identifies the situation in China as the real catalyst for the BTC price surge. Writing for Forbes, Chambers said:

However, what caused the sudden unexplained spike is now clear to me. It is [the] Chinese devaluation, the insider reaction to imminent, planned, significant and perhaps rolling Chinese currency devaluation that set off this rally. It was a group of insiders buying bitcoin for Chinese yuan before the devaluation that took place two days later struck. This devaluation process has been going on for weeks, but it accelerated last week.

Frantic dumping of Chinese fiat currency in the wake of reports of an impending currency devaluation flooded the Bitcoin market with a ton of buy orders. Predictably, the market responded to the increased demand by skyrocketing. Many of these wealthy Chinese probably didn’t care if they were paying a premium for Bitcoin as long as they could hedge their wealth against the coming currency devaluation.

U.S. – China Trade War Will Establish Bitcoin as the New Gold

With the current standoff between the United States and China and the latter’s decision to devalue its currency, Chambers expects BTC to become the de facto haven for wealthy individuals. The ADVFN CEO believes Bitcoin is more convenient for people in comparison with gold.

Chambers believes that if the status quo vis-à-vis the trade disputes continues, BTC would be well on its way to knock gold off its perch saying:

If the trade wars go into meltdown, then bitcoin will ‘moon’ because huge amounts of Chinese currency will be swapped for BTC as the yuan-denominated super-rich move to be hedged from the wealth privations of devaluation. Bitcoin, not gold, is and will be the asset they will run to first.

Based on Chambers’ analysis, it seems the current price rally will last for a little while unless a catastrophic market event like a high-profile hack occurs.

Do you agree with Chambers’ reason for the BTC price surge? Let us know your thoughts in the comment section below.

Image courtesy of Coinmarketcap.

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TechCrunch Founder Michael Arrington Predicts Bitcoin to Reach $25K in 2018

Bitcoin (BTC)–Michael Arrington, the Founder and former co-editor of popular tech site TechCrunch, told CNBC in a Cryptotrader interview that he believes Bitcoin’s price will reach $25,000 before the end of the year.

Speaking at Korea Blockchain Week, Arrington reiterated his bullish stance on Bitcoin, admitting that he was optimistic about the price outlook of the number one cryptocurrency by market capitalization. Since the launch of his $100 million hedge fund last November, tilted Arrington XRP Capital, the founder has been exploring the space of cryptocurrency with the intention of primarily investing in different currencies as well as ICOs.

However, given that the fund is based in the highly liquid, easy to transact XRP, it was a surprise when  Arrington revealed that, at present, the fund holds more Bitcoin than XRP.

While Arrington has been a major supporter of Ripple’s cryptocurrency in the past, he went so far as to create a hedge fund that would be valued in XRP and use the coin as its primary source of liquidity. Despite holding more BTC than XRP, the founder still had praise for his fund’s native currency. Speaking with Cryptotrader host Ran NeurNer, he had this to say on the state of XRP,

“Ripple is a really, really good way to move money. We’ve denominated our fund in XRP because it’s a fantastic way to move money across the border quickly at almost zero cost.”

As to the wave of negative press XRP has received throughout 2018, from the back and forth SEC contention over the coin being classified as a security, to the most recent market fallout over Coinbase being tied to rival currency Stellar Lumens, Michael Arrington placed the blame on toxic tribalism. He lamented the individual factions, much like religious zealots, that have sprung up around various coins, saying that XRP had become the punching bag for an industry that likes to use the label of centralization and corporation in a negative light,

“The one thing they all agree on is they all hate XRP.”

His response to the issue of centralization or XRP being a security?

“None of that’s really true. From a hedge point of view, it’s great to denominate ourselves in XRP.”

In addition, he reiterated his praise for the speed and negligible transaction costs of sending XRP anywhere around the globe. He also shed light on more of the specific makeup of the fund, stating that they are denominated in XRP, but focused on diversifying the underlying assets. Therefore, XRP accounts for only 3-4% of the fund’s holdings, worth around several million dollars. Bitcoin makes up the largest fraction of the fund’s portfolio, with wide ranging investments from U.S. based Mainframe (a decentralized application platform), as well as cryptocurrency exchanges and Dapps.

Both NeurNer and Arrington came to agreement over the $25K figure for Bitcoin to achieve in 2018, stating the emerging presence of Bitcoin ETFs by year’s end as a catalyst for growth.

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