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CME CEO: Use Cases Will Drive Bitcoin (BTC) Growth, Not Speculation

What Will Drive Crypto Growth?

Satoshi Nakamoto, the pseudonymous creator of the Bitcoin protocol, always expressed an inkling of mistrust and cynicism towards centralized institutions, including Wall Street and the incumbent government. And for many years, much of the broader crypto community echoed these thoughts. Over the years, however, the underlying value proposition of Bitcoin and other crypto assets have been misconstrued, especially as ‘get rich quick’ schemes have become a sector mainstay.

And this newfound penchant for speculation, which lies dormant in human nature, is what the chief executive of the Chicago Mercantile Exchange (CME) sees as a main detractor for BTC’s growth. In an exclusive interview with Business Insider in Florida, Terry Duffy explained that the crypto community is too focused on prices. Instead, he says, stakeholders should target their efforts at building valuable use cases, as Duffy sees this as a driver for eventual growth. He explained:

Once you get the use of it, the price will take care of itself… But the argument has gone only to the price of say bitcoin or any other cryptocurrency. No one is talking about, ‘How do I use this asset?’

Duffy adds that from his perspective, the most viable cryptocurrencies are stablecoins, as he sees them as the perfect dichotomy between digital money and traditional assets.

Regulators Scared Of Bitcoin Supply Cap

While Duffy seems sure that digital assets have some usability in the real-world, hence why his firm has become the leading regulated Bitcoin futures exchange, he claims that regulators are wary.

In a seeming response to an inquiry about whether organizations like the Securities and Exchange Commission (SEC) are curbing exchange-traded crypto products, like VanEck’s Bitcoin ETF, Duffy explained that organizations like those are wary of crypto’s supply caps. He explains that their limited supply, like Bitcoin’s 21 million cap, is something that governments struggle with, as they constantly run on deficits.

Duffy notes that he doesn’t see a world in which an entity like the U.S. governments drops fiat for crypto, and says “‘Sounds good to me, because I want to be responsible and run everything on even-for-even basis.’” And with that, he concluded that cryptocurrencies need a greenlight from regulatory agencies.

This lines up with a narrative he established earlier this year in a Bloomberg TV interview. In that discussion, Duffy explained that for cryptocurrencies to succeed, industry participants will need to brown-nose (gain approval) governments. In fact, he remarked that this is the “bottom line,” or else it will be “very difficult for the major commercials to come into this space” in a gung-ho fashion.

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Analyst: Bitcoin (BTC) To Soon Retest $3,100 Range

Will Bitcoin Retest Its Lows?

Over recent hours, the crypto market has finally slipped after days of low volatility. As of the time of writing this, Bitcoin (BTC) is still at $3,964 — down 1.6% on the day — as altcoins across the board have experienced similar losses. Ethereum, XRP, and Litecoin are all down by effectively the same as Bitcoin percentage-wise, and those in lower standing are hurting slightly more.

While this move hasn’t entirely shocked traders, some are wary that there is more pain to come. According to a Bloomberg report, which came after BTC slipped at the auspicious $4,000 level, the cryptocurrency is currently leaning overbought, as per the GTI Global Strength Indicator. Last time BTC entered overbought territory, it lost 3% over a two week period.

Although the losses were minimal last time, George McDonaugh of a London-based blockchain investment group argues that the impending collapse will be relatively epic. He argues that Bitcoin and cryptocurrencies en-masse are “due another retest of the lows.” McDonaugh chalked up his call to the fact that markets often retests “the depths of despair” twice, and so far, capitulation has arguably only occurred once during the $6,000 to $3,200 move. And with that, he remarked that Bitcoin could easily fall to that level again.

He didn’t tip his hand to whether BTC will hold a bottom or establish new lows, but a 20% collapse from current levels sure is harrowing.

Optimism Remains In Crypto Markets

While Bloomberg’s sources are a tad wary, Mati Greenspan of eToro has been a tad more optimistic. In a recent segment with CoinTelegraph, eToro’s senior markets analyst explained that he sees a number of reasons why Bitcoin is more bullish than bearish.

First, Greenspan drew attention to the relatively low volatility, remarking that the lack of dramatic price action allows BTC to be actively used as a store of value. He adds such non-movement allows the cryptocurrency market to draw closer to finding a fair valuation, as manipulation and irrational price plays are eliminated.

Second, he draws attention to recent decisions made by the U.S. Federal Reserve. Although many argue that BTC is entirely uncorrelated from traditional markets, Greenspan explains that throughout 2017 and 2018, digital assets, in some way, reflected stocks. And with the Fed looking to support the markets, signaled by a comment from chairman Jerome Powell that his organization will cease quantitative tightening, the prominent crypto analyst argues that Bitcoin could see some recovery.

Lastly, he looks to reports that Bakkt, an ICE-backed crypto startup, was valued at a jaw-dropping $740 million in its January funding round, which saw big names contribute $182.5 million. Greenspan sees this valuation as proof that there is still solid interest in this market, despite the drawdown seen in 2018.


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Bitcoin (BTC) Declines Below $4,000: Altcoins Instant Follow-up

BTC

Despite all the momentum built by various coins during the last few days and the much welcomed gain experienced throughout the market, the crypto-market dropped for $4.0 bln in just a few hours with the beginning of this week.

Source: coinmarketcap

Per time of writing – the pioneer of cryptocurrencies Bitcoin BTC dropped below the major $4,000 as the momentum sprung last week got tired and the bears took over the wheel reaching the $3,945.60 level counting -1.73% in the negative against the US Dollar. The altcoins followed-up speedy and went head first for the beginning of the new week value plunge.

Even that many analysts that last few days became quite cheerful – some have kept a level head. Amarok, a crypto-centric chartist, recently issued a warning to his investors via Twitter about the short-term prospects of Bitcoin. He noted out how during Dec-Jan the #1 coin by market cap changed hands between a $3,564 to $4,241 Fibonacci range. While this isn’t anything notable in and of itself, the asset failed to break above its 0.786 Fibonacci ($4,096) prior to falling dramatically. BTC recently failed to surge past its 0.786 Fibonacci ($4,072). Again, this all has been underscored by somewhat waning trading activity. – Read more on the cover written by Nick Chong

Latest on the second largest coin – Ethereum, Justin Sun the founder of TRON [TRX] highlighted out that when Tron blockchain succeeds, he intends to build a monument of the creator of Ethereum – Vitalik Buterin in memory for the contribution. This came right after Vitalik Buterin said that in case Tron takes over Ethereum’s place he will lose faith in humanity.

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Cardano Run Could Give Bitcoin (BTC) A Helping Hand To $5,000

Cardano 25% Weekly Gain Is More Than Meets The Eye

Over the past week, Cardano (ADA) has absolutely soared. Maybe it was Charles Hoskinson’s rallying cries at a number of events, but more likely than not, it was the project’s recent release of its 1.5 release, the first major update since Ouroboros. ADA is up by 25% in the past week, while Bitcoin and other assets have remained effectively flat.

But interestingly, analyst Credible Crypto claims that ADA’s rally could be the red carpet being rolled out for Bitcoin, so to speak. Credible explained that since the December low, BTC has been a “mirror image of ADA.” As it stands, Cardano is “a few steps ahead,” but if Bitcoin follows the other asset’s lead, Credible expects for $5,000 to be in play.

In a subsequent tweet, the analyst quipped that he is convinced that this theory has some merit, citing a bottoming pattern in a number of altcoin. And with that, he concluded:

This could either be a reversal, or a hell of a bull trap. Regardless, the upside potential here could be massive, so I will definitely keep an open mind and play this move to the upside if I can.

Credible is far from the first to have claimed that Bitcoin could surmount $5,000 in the near future. Popular trader Filb Filb explained that the long-short ratio on Bitfinex’s markets indicates that BTC could very well be in for a 25% gain, thus bringing the cryptocurrency to and beyond $5,000.

Litecoin, Too, Could Be A Precursor To Bitcoin Movements

Interestingly, this comes as similar reports have arisen regarding Litecoin’s seeming correlation with Bitcoin.

In mid-December, LTC was trading at a mere $23. But since that December 14th, which many saw as the bottom for this budding market, the asset, often deemed a silver to Bitcoin’s gold, has decidedly surged to $60 — up 160% off its aforementioned low. While Litecoin has done this all by its lonesome, trader Halo Crypto recently argued that LTC’s move past $60 could set a strong precedent for a Bitcoin run in the near future. He drew attention to the recent performance of the LTC/BTC pair, showing that there are clear similarities in how that chart precedes action in the Bitcoin-to-USD market.

With LTC/BTC recently breaking out drastically to the upside after trending higher for weeks, Halo confirmed that there’s a likelihood that Bitcoin could be in for a bullish reversal too, drawing a cartoon rocket ship to underline his point.

And as Ethereum World News has reported before, Coindesk has spotted this too. The outlet’s technical analysis team claimed that historically, LTC began to rally prior to BTC. But will this be the case this time? And can the same be said with Cardano?

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Crypto Community Roars In Response to China’s Scathing Ranking of Bitcoin

Bitcoin Hammered In CCID Ranking

The China Electronic Information Industry Development (CCID) seems to be back at it again with (yet another) crypto ranking. If it wasn’t bad enough already, it apparently got even worse in the March installment, as the group bashed this industry’s beloved Bitcoin (BTC) with a hammer.

china crypto rankings, bitcoin

Bitcoin plunged from 13th to 15th, as it was smashed in the applicability department. On the other side of the proverbial coin, EOS, Tron, and Ethereum got a nice boost, as their creativity and basic-tech points gave them a hefty tailwind. In the middle lay projects like NEO, Steem, Lisk, Stellar, among others, whose ratings were neither spectacular nor harrowing.

Crypto Community Up In Arms

While some TRX, EOS, and ETH maximalists (of which there are many) were in love with the ratings, some were skeptical. The Block’s Mike Dudas joked that the Chinese government and FlipsideCrypto must be using the same algorithm, drawing attention to a debacle in which the latter entity bashed BTC and praised the smart contracting platforms mentioned above.

Joseph Young, a leading crypto journalist, opined in a recent CCN article that the aforementioned ranking should be a mere reference at best, rather than a “definitive ranking of blockchains.” He adds that the CCID ranking scheme naturally gives more brownie points to DApp chains, as its criteria focused on technology, applicability, and creativity.

As Bitcoin is the world’s first blockchain, with a limited premise and raison d’etre, it’s standings in the aforementioned ranking scheme would be rather low. But, that’s not to say that BTC doesn’t have some semblance of a use case in the real world. Far from. In fact, an argument has been made that the cryptocurrency is the world’s best digital asset, and the only one that is truly needed. Even if it isn’t the end all and be all of blockchain use cases, it would be hard to doubt the traction Bitcoin has gained.

Just look to institutions for some evidence. The few mainstream firms that have looked into this space have focused their efforts on Bitcoin and Ethereum, more the first rather than the latter though. Fidelity Investments, for one, launched its custodial offering and trade execution platform for Bitcoin first, as it weighs the addition of other digital assets.

Bakkt, too, will center its efforts around the flagship crypto. While the ICE-backed platform has been delayed many a time, it has been made clear that a physically-delivered BTC futures vehicle will be the Atlanta-based project’s first venture, as Bitcoin would get the most demand and love from its expansive clientele. It’s a similar sight around the rest of the industry.

Sure, CCID’s rankings may be entirely fair for the list of standards it is enlisting, but it would be hard to deny that BTC is still booming. And at the end of the day, who’s really listening to the Chinese agency’s quips about the cryptocurrency space anyway? The topic is effectively banned in the nation…


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Heads Up, Bitcoin (BTC) Could Plunge If History Rhymes

“Awfully Similar”: Trader Wary Bitcoin Could Plummet

Although analysts have been surprisingly cheery over recent days, some have kept a level head. Amarok, a crypto-centric chartist, recently issued a warning to his investors via Twitter about the short-term prospects of Bitcoin.

He drew attention to BTC’s price action from mid-December to mid-January. During that time, the leading cryptocurrency traded within a $3,564 to $4,241 Fibonacci range. While this isn’t anything notable in and of itself, the asset failed to break above its 0.786 Fibonacci ($4,096) prior to falling dramatically — all on somewhat declining trading activity.

While the current chart is far from identical with zero impurities, BTC recently failed to surge past its 0.786 Fibonacci ($4,072 — see the similarities?). Again, this all has been underscored by somewhat waning trading activity.

Amarok seems to be implying that BTC could soon trade near its 0.0 Fibonacci at $3,640, putting the cryptocurrency below the ever-important $3,900 level of support.

He isn’t the only one keeping his head on a swivel, especially as many are sure that Bitcoin establishing fresh lows is out of the realm of possibility. Crypto Krillin recently explained that there’s a high likelihood that the “moment of truth” for BTC is very near.

To back his idea that the stars are aligning, Krillin looks to a long-term declining trendline drawn from the top of 2017’s bubble, a long-term triangle that squeezed BTC throughout 2018, and a recent ascending pattern spotted by Galaxy. As so many lines are converging, Krillin remarks that there are two possible scenarios: BTC breaks through the Ichimoku Cloud it sits under to $5,500, or it falls to $3,000 as sell-side pressure disallows it from breaking the aforementioned lines.

Buoyant, Cheery, Optimistic

Although the cards are surely on the table for Bitcoin to revisit its 12-month lows, others have been a tad more cheery. BitMEX’s Arthur Hayes, for instance, recently published his latest issue of the profanity-ridden, joke-rife “Trader Digest,” which painted a bullish picture for this nascent market.

Hayes, infamous for calling for Bitcoin hitting $50,000 at one point (no, make that multiple points) in early-2018, explained that BTC is likely to return to its former glory in the coming year. The former Wall Street trader, who was slammed by the 2008 Great Recession, gave his thoughts on Bitcoin’s road to $10k.

As reported by this outlet previously, the BitMEX chief executive, who recently proclaimed that “winter ain’t over yet,” noted that $10,000 by year’s end isn’t unlikely.

He wrote that while the markets will be “intense,” Bitcoin will claw its way back to $10,000 — a “very significant psychological barrier.” Hayes even calls upon CNBC’s Melissa Lee, who has pressured the industry CEO to give predictions multiple times, in a bid to cement the veracity of his statement.

But will it happen? Maybe…


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Once Breakout Is Confirmed, Bitcoin (BTC) Could Rally To $5,500

Bitcoin Could Surge By 35%

Hopium has seemingly started to return to the crypto market en-masse. Sure, Bitcoin (BTC) and other digital assets are trading sideways, but the sentiiment displayed by cryptocurrency investors is buoyant.

GalaxyBTC, a leading analyst and self-proclaimed “accumulation machine,” recently revealed why there’s a likelihood that BTC could easily break to $5,500 in the near future.

He drew attention to a study from Thomas Bulkowski, a leading stock market trader. Galaxy states that more than 60% of ascending triangle patterns that are experiencing declining volume break upward. Each of these breakouts yield an average rally of 35%.

As Bitcoin is currently undergoing this pattern to a tee, with there being a series of lower lows, a number of bearish tests, and slightly declining volumes, Galaxy explained that BTC could hit $5,500 from here.

In response to Galaxy’s simple analysis, commenters expressed optimism. Anton Pagi wrote that it looks as though Bitcoin has entered an “A&E bottom with a handle” pattern, setting a strong precedent that a long-term floor may be in.

It is important to point out, however, that the average pullback if an asset fails to break convincingly above an ascending triangle is 19%, meaning that $3,300 would be the low-end target.

$5,000 May Very Well Be On The Table

Galaxy isn’t the first to have looked to $5,000 for BTC to breach in its next bullish breakout. In a number of recent tweets, pseudonymous British analyst Filb Filb has drawn attention to the aforementioned price point, citing a number of indicators that could push the cryptocurrency to that auspicious level.

As reported by Ethereum World News previously, the ratio between long and short positions on Bitfinex’s BTC market could be signalling an impending surge. Filb explained that when Bitfinex’s BTC long-short (L/S) ratio rose above 1.5, returned to one or below, and then moved back above 1.25 over the past year, the asset moved by higher by approximately 25% to 50%. On the other hand, when the L/S ratio failed to break 1.25 after a move under one, BTC entered “very bearish territory,” resulting in fresh lows for crypto.

Currently, the L/S ratio recently surpassed 1.5, collapsed to one, and could potentially rebound to or well past 1.25. And with that, the trader remarked that Bitcoin is “likely to break higher based on this metric alone,” drawing a hypothetical 25% rally, which would bring BTC up to $5,000, and potentially into a longer-term run.

In another bit of analysis, Filb touched on the 12-hour Moving Average Convergence Divergence, which has begun to trend positive above zero and the Chaikin Money Flow (CMF), which is marking growing levels of buy-side volume. He noted that this could help propel BTC higher in the coming months.

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Crypto Bulls On Alert As Bitcoin (BTC) Flip-Flops Around $4,000

Bitcoin Could Turn Bearish Under $3,900

Ever since Bitcoin (BTC) breached $4,000 a few days back, the market has entered a lull. Cryptocurrencies have held within a tight range, failing to show signs of either a bullish breakout of bearish reversal. Yet, some analysts are starting to fear a short-term collapse, as BTC flip-flops around $4,000 with indecision, a sign to some that a sell-off is in the works.

Luke Martin, better known as Venture Coinist, remarked that if Bitcoin heads higher in medium-term time frames, like the four-hour or one-day, but closes below $3,930, he would start being “bearish short-term.”

Another popular trader going by the moniker “DonAlt” expressed a similar sentiment. He explained that $3,900 is an essential level to watch from his point of view, adding that if it falls under this support, he would expect “$3,500 or even lower.”

Indeed, from a technical point of view, the aforementioned price point seems to have some semblance of importance. Prior to Bitcoin’s most recent move above $4,000, BTC was having trouble breaking past $3,900, holding in that region for nearly around 12 hours. And in a recent rapid sell-off, $3,900 became the level to watch, as the leading cryptocurrency was seemingly on the verge of (yet another) collapse.

Technical indicators around this level have seemingly some level of importance too. CryptoChartsJoe recently stated on Twitter that $3,900 is where the 50 six-hour moving average and uptrend line is currently situated.

While bulls seem to have the upper hand as it stands, some are fearful that BTC breaking under $3,900 is on the horizon, as bulls fail to show signs that $4,400, let alone $4,200 is on the table.

Bullish Outlook On Crypto

Then again, some have kept their heads up high.

Satoshi Flipper, a well-known industry commentator, remarked that over the past few months, BTC has touched a single resistance line ($4,050) six times. Each time it has done this though, it receded quickly, falling by a number of percentage points to return to a mean. But with the cryptocurrency currently slated to be on track for a seventh touch, Satoshi hinted that there’s a chance it could break through, pushing Bitcoin into a rally.

Sentiment-wise, crypto’s prospects are looking bright too. Ryan Selkis, the chief executive of cryptocurrency analytics provider Messari, remarked that he would be “extremely surprised” if Bitcoin hasn’t found a floor in this bear market. Selkis, a hard-line believer that BTC is best used as a digital store of value, explains that for long-term bulls, waiting to catch the final capitulation event is nonsensical, as the five-year expected value of crypto assets is “25 to 50 times” current prices.

And last but not least, fundamentals. Arguably, fundamentals, or industry developments rather, is the best tailwinds that cryptocurrencies have at the moment. Over recent weeks, Samsung, Facebook, Kakao, among countless other institutions have announced forays into this ecosystem. These moves could spark global adoption, subsequently bolstering the value of BTC through simple network effects.

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Bitfinex’s Bitcoin Markets Could Be Signalling a BTC Rally To $5,000

Bitcoin “Likely” To Break Higher

Over recent weeks, the cryptocurrency market has seemingly began to embark on a slow and steady recovery. While the asset class took a slight tumble on Thursday, with Bitcoin (BTC) falling by 1.33%, cryptocurrencies are still nearing their year-to-date highs. The simple fact has led some crypto analysts to begin touting bullish sentiment, as the technical and fundamentals tides have seemingly begun to turn in BTC’s favor.

Prominent trader Filb Filb joined in with his own optimism recently, issuing a number of charts accentuating his/her belief that digital assets, especially Bitcoin, are poised for a rally.

Filb explained that from a 12-month perspective, when Bitfinex’s BTC long-short (L/S) ratio rose above 1.5, returned to one or below, and then moved back above 1.25, Bitcoin moved by higher by approximately 25% to 50%. On the other hand, when the L/S ratio failed to break 1.25 after a move under one, BTC entered “very bearish territory,” resulting in fresh lows for crypto.

Currently, however, the L/S ratio has reached 1.5, fallen to one, and could potentially rebound to or past 1.25. And with that, Filb remarked that Bitcoin is “likely to break higher based on this metric alone,” drawing a hypothetical trading range of a 25% rally, which would bring BTC up to $5,000 for the first time in mid-November.

$5,000 BTC?

This isn’t the analyst’s first time mentioning $5,000, believe it or not. As reported by Ethereum World News previously, Filb remarked that a number of technical measures have started to turn in Bitcoin’s favor. Filb specifically drew attention to the 12-hour Moving Average Convergence Divergence, which has begun to trend positive above zero. The analyst also touched on Chaikin Money Flow (CMF), which measures buying and selling pressure, which has begun to signal that there is underlying buying pressure in BTC markets.

He adds that over recent days, Bitcoin has begun to test a “macro 14-month resistance” downtrend, and could break into higher lows if it surpasses that level, which would then turn into support. A move above this level, which would push BTC into a “huge void” of volume, meaning that rallies and drawdowns could be accentuated with little-to-zero volume, could indicate that Bitcoin could hit $5,000 by May.

In a recent interview with BlockTV, Filb also expressed hope in regards to the crypto market’s short-term prospects. He explained that why he expects for BTC to “certainly rally” in the near future is due to the Bitcoin block reward reduction, adding that the emission reduction will make miners less incentivized to sell, therefore granting this market with a reason to move higher.

Moreover, he drew attention to the Lightning Network, especially in regards to the recent exposure that Jack Dorsey has given the scaling solution. Filb notes that this is a strong fundamental factor that could push Bitcoin higher.

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