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Litecoin (LTC) Flips Bitcoin Cash (BCH) In Crypto Bear Plunge

The Flappening

During 2018’s earliest months, as Ethereum (ETH) surged above $1,000 in a surprising turn of events, many began to expect for the platform-centric cryptocurrency to overtake Bitcoin (BTC) — crypto’s undoubted leader — in terms of market capitalization. Charlie Lee, creator of Litecoin, a former Coinbase employee, and seeming ETH skeptic, took to his Twitter feed to defend BTC, noting that the aforementioned “will never happen.”

At the same time, Lee added that the cryptocurrency of his own creation, Litecoin (LTC), could overtake Bitcoin Cash (BCH), as many believe that the former accomplishes what the latter has sought to do — a cryptocurrency that closely resembles the “OG” Bitcoin, but with slightly altered characteristics to be classified as “true digital cash.”

In response to Lee’s tweet, the ardent Litecoin community quicked to the industry insider’s side, launching LTC v.s. BCH data aggregator Flappening.watch, whose name is an evident nod to the “flippening” (ETH>BTC) and Lee’s mascot — a chicken clad in armor. For most of the year, the valuation of all BCH stayed far ahead of LTC’s capitalization, moving relatively higher on the back of Bitmain’s stamp of approval and other catalysts.

Yet, with the recent market downturn, coupled with the hard fork of the Bitcoin Cash chain, Charlie Lee’s brainchild has begun to gain on the favorite cryptocurrency of Bitcoin.com CEO Roger Ver, Bitmain, and Jihan Wu.

Litecoin (LTC) Overtakes Bitcoin Cash (BCH) On Crypto Leaderboard

On Friday afternoon, in the midst of a further BTC sell-off to $3,150, BCH began to capitulate hard, falling below key support levels and underperforming the market at large. At the same time, LTC began to undergo a slight recovery, bouncing off its year-to-date lows at ~$22.5, posting the only positive performance in crypto’s top 20.

And as that happened, to the chagrin of Bitcoin Cash’s diehard proponents, who have clung onto the asset for dear life since November 14th’s contentious network upgrade, Lee, who is a brother to BTCC co-founder Bobby Lee, took to Twitter to give an update.

Through the use of three emojis, the likeness of a chicken, a flying dollar bill, and a rocket ship, coupled with a GIF, Lee accentuated the fact that his prediction had come true, tagging the Flappening Twitter in pure ecstasy.

Per data from Flappening.watch, the market capitalization of LTC is $5 billion higher than its rival in BCH. Not only has coblee’s creation ousted the most prominent Bitcoin fork in terms of standing, but Litecoin also touts 384% more active addresses, 340% higher daily transactions, and 288% more in trading volume.

Data gathered from CoinMarketCap also indicates that this pertinent industry event has occurred, with the price tracker making it more than clear that Litecoin has passed Bitcoin Cash on crypto’s long-standing leaderboards — filled to the brim with every brand of cryptocurrency.

It remains to be seen whether LTC will stay on top of its altcoin brethren, but considering the trajectory that BCH is taking, some believe that Litecoin’s relative surge will be a permanent play.

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Bloomberg Editor Critical Of Bitcoin (BTC) — Wants Blockchain, Not Crypto

Bloomberg Former Editor-In-Chief Bashes Bitcoin (BTC)

Amid 2018’s tumult and market downturn, Matt Winkler, the former editor-in-chief at Bloomberg News, recently cut out some time to speak with the outlet’s Emily Chang to discuss cryptocurrencies and Bitcoin (BTC).

Speaking with the outlet’s anchor in a short interview, Winkler, a world-renowned reporter in the business realm, first explained that Dotcom startups were valued by their cash earnings, a questionable indicator in the eyes of fundamentalists. With the essential second coming of the Dotcom Bubble in Bitcoin, the Bloomberg reporter explained that it’s hard to value cryptocurrencies by their “intrinsic worth,” adding that commentators do “mental gymnastics” to come up with target prices for this nascent asset class.

Winkler added that “even Warren Buffet” has lambasted cryptos, like Bitcoin, as assets that do not have actual value — failing to recognize that many believe that cryptocurrencies and related technologies have untapped potential and upside.

When asked about if BTC could see a recovery, Winkler responded with caution, stating:

I’m not clairvoyant and I think that this answer is way above my pay-grade. What I can do as an observer, newsman is to look at this and say what justifies its valuation which we see in the marketplace. And when it’s difficult to find the answers, you ought to be pretty cautious.

In closing, responding how countless centralists have in recent days, the member of Bloomberg top brass noted that while he’s cynical of cryptocurrencies, he sees value and innovation with decentralized ledger technologies.

Bloomberg Bashed As Crypto “FUDders”

And interestingly, Winkler isn’t the only Bloomberg-affiliated journalist or reporter that has been lambasted by crypto’s community. In recent days, there has been an uprising (of sorts) on Crypto Twitter, whereas this nascent industry’s leading participants, including Mike Dudas, pseudonymous analyst “I Am Nomad,” and Armin Van Bitcoin, have bashed the prominent outlet’s coverage of Bitcoin and related technologies.

Notable fintech entrepreneur Mike Dudas, who currently acts as the founder and CEO of The Block, drew attention to Bloomberg’s most recent piece on Bitcoin being a bubble, one of the first in a line of many.

I Am Nomad, known for both his industry skepticism and optimism, exclaimed that the New York-headquartered outlet has been “rifling” out the crypto “op-ed FUD,” questioning if the propagation of such negative press could be done “on purpose.”

Armin Van Bitcoin, a prominent advocate of his nickname-sake from Canada, quipped that Bloomberg journalists essentially believe that global debt isn’t a concern, centralized parties should control monetary supply, “Ethereum is the next Bitcoin,” and we don’t need the flagship crypto asset, as it’s purportedly dead.

The Crypto Fam, who also claimed that the site’s coverage of Bitcoin has been shoddy, noted that employees are paid to “‘move markets’, a practice that lends itself to sensationalism and hyperbole.” The account, which represents a community of crypto enthusiasts, cited a Business Insider expose on Bloomberg’s potentially questionable and immoral practices to back their claim.

Others recently bashed Bloomberg’s anti-crypto ATM piece, with trader “Needacoin” and journalist Joseph Young both noting that automated tellers that “dispense” BTC are far from mediums of money laundering, as there are measures in place (transaction limits, CCTV, etc.) that prevent such heinous acts.

No matter the form that the criticism took, it is becoming apparent that crypto’s most prominent participants have taken issue with Bloomberg, as some fear that the organization is in bed with centralized financial institutions — who would stop at nothing to see Bitcoin fade to dust.

Still, @crypto, as Bloomberg News’ crypto branch goes on Twitter, has seemed hell-bent on pushing on content pertaining to this decade-old asset class. And seeing the influence that media has over society today, some wouldn’t be surprised if criticism continues to fly crypto’s way.

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(Former?) Kid Crypto Millionaire Bashes Bitcoin (BTC), Calls It “Dead”

Erik Finman, The “Teenage Bitcoin Millionaire”

Erik Finman is likely a name you have heard in crypto’s lore. If this name doesn’t ring any bells, here’s some background on this near-mythical figure in Bitcoin’s history.

As revealed in a Buzzfeed News video posted on Youtube, which has garnered 5.94 million views in its one and a half year lifespan, Finman was formerly an average American adolescent with dreams of grandeur, and an unbridled hate for college. Due to his hate for higher education, his parents decided that he wouldn’t have to attend college, only if he was worth $1 million by 18.

So, when $1,000 was given to Finman by his grandmother to start a college fund, the then-tween decided to play his cards in a risky manner. This, of course, was an all-in allocation into Bitcoin (BTC), valued at ~$2.5 a piece at the time of purchase.

Speaking with Buzzfeed, Finman, who currently resides in a lofty New York high tower, divulged the reasoning behind this unique investment. He explained that prior to his grandmother’s gift, his brother, who also saw $1,000 come his way, had begun to dabble in cryptocurrencies. The now-early-stage adopter followed suit, finding interest in cryptocurrencies, and, as is now ingrained into the internet’s immortal stone, purchased 403 BTC.

With the funds he garnered, which reached a maximum valuation of $8 million in late-2017, he has since purchased a flashy apartment block in New York, one of the world’s most expensive housing markets, and funded and participated in a number of innovative startups, including a satellite-centric project most recently.

From what Ethereum World News can gather, Erik has not divulged how much BTC he has sold, at which price, and subsequently, how much he has directly profited from his investment.

Change Of Heart?

Yet, speaking with MarketWatch, the now-millionaire entrepreneur has hinted that he may have liquidated his entire cryptocurrency portfolio into fiat, likely to fund his ambitious ventures. In an interview with the financial outlet, Finman exclaimed that putting too many eggs in one basket, namely cryptocurrencies, could produce dismal results.

He said flat-out that “Bitcoin is dead,” adding that the fragmented nature of the crypto community, as made by apparent by the Bitcoin Cash hard fork, could spell the end for the asset… eventually. Finman noted that while he could see BTC undergoing one more bull run, the asset is likely to fail in the long-term, presumably due to the theory that Bitcoin hasn’t been able to keep up with blockchain’s rapidly expanding value.

Finman then bashed Litecoin, explaining that the project has been “quite dead for a while,” likening the asset to the setting Sun when it’s about to go under the horizon.

In closing, he told MarketWatch that he expects project/platform cryptocurrencies to continue operations in the long haul, drawing attention to Ethereum (ETH) and ZCash (ZEC).

Regardless, his investment in the world’s first cryptocurrency likely changed his life entirely for the better, as Finman has since embarked on a number of ventures, as aforementioned, while catalyzing quite the growth in his social media following.

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XRP Architect, Ripple’s Schwartz Harrowed Over Crypto Adoption

XRP Architect David Schwartz: Crypto Adoption Shouldn’t Get Ahead Of The Tech

In an interview with the Internet History Podcast, David Schwartz, a key player behind XRP and Ripple’s (the company) chief technology officer, painted a mildly harrowing picture for the adoption of cryptocurrencies. As cited by Forbes‘ Billy Bambrough, the supposed multi-millionaire, who is lauded as the creator of much of XRP’s functionality and Ripple’s financial technology products, explained that he doesn’t want “adoption to get ahead of the technology.”

While the San Francisco-based innovator didn’t explicitly state that he sees current crypto-centric tech as antiquated, his aforementioned comment sure alluded to it. Schwartz, who goes by Joel Katz on Twitter, then drew lines between the early days of Dotcom and crypto today, explaining that the Internet itself, widely regarded as humanity’s greatest innovation, took a “long time” to experience an adequate maturity cycle.

The Ripple executive is likely alluding to the sentiment that cryptocurrency infrastructure, specifically wallets, applications, and exchanges, remain largely underused, as such products are often slow, expensive, and hard to interact with. Exchanges, for instance, may be overwhelming for most retail investors, especially those that have not played in financial markets previously.

Crypto Adoption Grows, Even Amid Bear Market

Regardless, in spite of his comments, the adoption of crypto assets, and the growth surrounding this industry is undoubtedly there. Nasdaq, one of the world’s preeminent financial institutions, recently announced that it is slated to foray into the crypto market. According to firm representatives, the New York-based firm has begun to work on “crypto 2.0 futures” with VanEck, the company behind the leading Bitcoin ETF application, and is slated to bring such a vehicle to market by H1 2019.

Other key institutional players also announced similar forays, with Bakkt, backed by the Intercontinental Exchange, Starbucks, and Microsoft, slated to launch its physically-backed BTC futures contract by mid-January.

XRP, Ripple Has Also Seen Growth

XRP And Ripple have also seen their fair share of adoption and real-world use, albeit in (what some would classify as) centralized systems. R3′ Corda, for instance, is an open-source enterprise-focused product based on XRP technology. The program will allow R3 and its users to access a “Settler,” which will act as an intermediary between a wide range of government-issued fiat currencies, crypto assets, and future securities based on blockchain technology.

Even American Express, or at least one of its key employees, recently lauded Ripple’s technology as a way to improve how financial transactions take place across the world. At a conference, Carlos Carriedo of the world-renowned institution explained that not only is blockchain something AMEX is looking at, but that Ripple’s cross-border transaction system was “very transparent and seamless.”

And again, while some of XRP’s skeptics aren’t in line with Ripple’s business practices, the fact of the matter is that crypto-related technologies have seen an uptick in adoption, even while the blockchain-based assets remain depressed in terms of price. This, in and of itself, could be considered a long-term positive signal for this only decade-old industry, which came into being when Satoshi Nakamoto first launched Bitcoin.

XRP Website Image Courtesy of Marco Verch On Flickr

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Bitcoin (BTC) Revisits YTD Low At $3,220, Crypto Fails To Breakout

Bitcoin Revisits YTD Low, Crypto In Turmoil

After holding in the $3,350 to $3,500 for a matter of days, Bitcoin (BTC) faltered on Thursday, tumbling below $3,300 to find itself at its year-to-date low — $3,220. Since Wednesday’s market update from Ethereum World News, the collective market value of all circulating cryptocurrencies has found itself at $107.5 billion, nearing year-to-date low levels, down from the $111.4 billion of yesterday. This difference represents a 3.5% loss in market capitalization, not the most promising sign for blockchain-based assets, such as BTC.

Interestingly, however, volumes began to slightly ramp up to match the market, with 24-hour volume moving to $6.25 billion per data compiled by Live Coin Watch. The same statistic was at relatively mere $5.94 billion yesterday.

Throughout this market tumult, to the chagrin of Bitcoin maximalists and analysts, BTC market dominance has held, barely budging from the 54.5% the figure is situated at now. Yet, some pundits expect for BTC to relatively outperform in the months to come, as ICOs and altcoin projects collapse due to increasing financial and regulatory pressure.

Following a period of range trading that spanned multiple days, Thursday finally saw BTC undergo some notable price action. The asset fell through $3,380 on Thursday morning, finding a short-term base at $3,320 before capitulating even further. After holding $3,260, the prominent crypto asset briefly spiked lower to $3,220, presumably due to a large sell-order. This marks the second, if not third time in two weeks that Bitcoin has visited the low 3200s, where the asset’s year-to-date low lies.

At the time of writing, BTC has found itself at $3,250 on Coinbase (note: global average is $3,330), making the asset down 4.19% in the past day. Intriguingly, BTC actually underperformed altcoins today, not a common sight in a dismal crypto bear market.

XRP, for instance, posted a relatively mere 2.08% loss, while Ethereum (ETH) barely beat BTC, finding itself down 3.76% in the past 24 hours. Yet there were still some assets that suffered, including Stellar’s XLM (-6.72%), Bitcoin Cash (-9.31%), and Bitcoin SV (-10.43%). Most of the altcoins not mentioned in this article matched Bitcoin’s performance.

Analyst: Public Has Written Cryptocurrency Off As A Fad

Issuing a comment to MarketWatch on the current state of crypto, Jani Ziedins, an analyst from CrackedMarkets, noted that Bitcoin’s lack of action and inability to breakout higher should be a concern to investors. He wrote that the longer these depressed price levels are held, the closer that BTC gets to being not undersold, subsequently making it less likely that the cryptocurrency market could pop.

The investor added that the “public has largely written cryptocurrencies off as a fad,” and as such, retail money has been slow to flow — a “big liability” in Ziedins’ eyes. However, some would beg to differ with Ziedins’ statements.

Fervent crypto advocate Tom Lee, head of research at Wall Street’s Fundstrat, recently told his clients in a note, relayed by Bloomberg, that he stills sees BTC as undervalued. Lee claimed that Bitcoin, by its “fair value,” should have a valuation for $13,800 to $14,800 a piece, specifically due to the growing number of active wallet addresses, growing transaction counts, and due to the asset’s nature as a deflationary asset, or store of value.

And Lee isn’t alone, as there are a number of analysts that have maintained their belief in cryptocurrencies, especially from a long-term outlook.

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Bitcoin (BTC) Extortionists Hit U.S., Canada With Bomb Threats

Canada, U.S. Hit With Waves Of Bitcoin Threats

Over the past 24 hours, businesses and institutions across the nations of Canada and the U.S. have been bombarded with bomb threats, from purported terrorists. According to messages distributed to media outlets, the group(s) sending these threats, issued through the medium of email, are looking for Bitcoin (BTC) in exchange for not decimating places of business, public places, and pertinent landmarks.

One email, obtained by KrebsonSecurity, routed through Bloomberg, claimed that its authors were looking for $200,000 in Bitcoin, an approximate 63 BTC. In another email, which the Cedar Rapids Police Department got its hands on, it was claimed that a man had carried explosives into “the building where your business is conducted.” The latter threat mentioned stipulated a $20,000 worth of BTC extortion.

So interestingly, as the extortion requested, Bitcoin addresses specified, message format, and explosive cited (tetryl, trinitrotoluene, and hexogen) differs from email to email, some assume that this is a coordinated attack from a group, rather than the act of a single individual.

While these extortionists are talking up a big game, no reports indicate that explosives have been planted at places targeted, which are situated all across the aforementioned nations. Yet, in an attempt to preserve the safety of the public, a number of firms and agencies have begun to evacuate their places of work.

A number of subway stations in Toronto, Canada’s largest city, purportedly shut down operations due to the attack, but the whole system seems to be up-and-running. A community hospital in Hillsboro also decided to close up shop, evacuating its building on early Thursday afternoon. Per The Verge, Infinity Ward, the development company behind Call of Duty, had also made a conscious decision to flesh out its offices.

However, authorities have maintained that there isn’t a credible threat. The New York Police Department, for instance, posted an urgent message to its Twitter page, telling its jurisdiction that “NO DEVICES have been found” in the gargantuan urban zone. Representatives from the American Federal Bureau of Intelligence tell Reuters that it is actively looking into the situation.

At the time of writing, no reports indicate that explosions have occurred.

Not The First Time This Has Happened

This isn’t the first time that such a debacle has occurred. As reported by Ethereum World News previously, a series of businesses in Amsterdam were emailed by supposed terrorists. The anonymous terror group, which may or may not be legitimate, threatened businesses with hand grenades and mass shootings if a ransom of 50,000 Euros worth of BTC isn’t paid.

These messages have since been obtained by local Dutch authorities, who reportedly researched into this odd matter. Interestingly, the terrorist’s threatening emails, which a local television station has access to, were first sent to at least three cafes and a local club in May 2018.

Although the threat’s author painted a foreboding picture, the coffee shops targeted have seemingly been unfazed. Maurice Veldman, a local lawyer working on this case of alleged terrorism, claimed that the victimized businesses he has contacted were not impressed by the email, elaborating to local media:

These types of threats are not taken seriously. They are very easy to make. But we have to report this, because coffeeshops signed a covenant with the mayor, which states that they are obliged to report everything related to safety.

Like in the U.S. and Canada, no explosions or attacks have been directly linked to these threatening emails. As noted by Tom Scott, a popular educational Youtuber, more likely than not, these threats are nothing more than a cash grab.

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Ethereum (ETH) Futures Rumors Mount, As CBOE’s Bitcoin Foray Turns One

CBOE’s Bitcoin Foray Turns One

As noted by Tom Hearden, a senior trader at Skylands Capital, subsequently relayed through MarketWatch, one year and one day ago, the Chicago Board Options Exchange (CBOE Global Markets) made history, becoming one of the first financial institutions to launch a fully-fledged Bitcoin (BTC) product.

Now that crypto is in the midst of a bear market, might as well look back and reminisce… right?

This instrument was, of course, a BTC-backed futures contract that became an industry hot topic near-instantly. Still, in Ethereum World News’ original report on the matter, which seems decades old now, community members divulged that they were dissatisfied with the product’s launch, as the Chicago-based institution’s webpage crashes just eight minutes after the launch of the first bonafide BTC futures. Yet, during that day in history, December 11th, 2017, BTC purportedly rose from $14,500 to $15,700 in minutes, presumably due to the influx of interest that speculators expected.

In fact, spot and futures BTC rose so fast that CBOE, likely inundated with queries from investors worldwide, had to halt trading on its market… twice. And now, amid the market lull, catalyzed by the absence of Bitcoin bulls, CBOE’s enamorment with halting trade is as apparent as ever. Case in point, the institution had to adjust its “Lower Price Limit” percentage twice, when the futures price hit $3,160, the year-to-date low.

Mati Greenspan spoke to the aforementioned financial media outlet on the matter of the Bitcoin futures, lauding them as a resounding success: He wrote:

They’ve managed to open up the market to users who otherwise wouldn’t have access, so in that regard, I think they have been somewhat of a success. Not only did they allow people to go long, but it opened up short selling to a wider audience.

While the eToro in-house crypto analyst painted the product in a good light, as it broadened Bitcoin’s horizons, MarketWatch noted that CBOE data indicates that the product failed to catalyze an unparalleled influx of institutional money.

Bakkt, Nasdaq, and ErisX To All Launch Bitcoin Futures

Although CBOE’s in-house crypto instrument might not have garnered boatloads of investment interest, there remain a number of firms looking to unveil futures for Bitcoin, and reportedly even Ethereum.

As reported by Ethereum World News previously, Bakkt, a diverse crypto startup partnered with the Intercontinental Exchange, Starbucks, and Microsoft, has the intent to launch a physically-backed Bitcoin futures product by January 24th, 2019, in an industry first.

ErisX, backed by TD Ameritrade, issued a similar announcement, seemingly aiming to undermine its rival in Bakkt. Not much is known about this venture, but many expect that it will offer a product roster that mirrors or somewhat resembles that of Bakkt.

Most recently, Nasdaq, the world-renowned financial institution, divulged that it is working in collaboration with crypto-friendly VanEck, to bring “crypto 2.0 futures” to market, with the firm presumably looking at Ethereum and Bitcoin as supported assets. Bloomberg has revealed that Nasdaq is planning to publicly embark on its first notable crypto foray by Q1 of 2019, pending a green light from the U.S. CFTC.

 

Ethereum Product Rumored

Even with all this hype surrounding Bitcoin-centric futures, a new contender is expected, if not slated to emerge into crypto’s alternative investment vehicle scene. This, if you haven’t guessed already, is Ether (ETH), the native asset of the “world computer” that is the Ethereum Network.

Just recently, the U.S. Commodities Futures Trading Commission (CFTC) hinted that it is looking into ETH. In a statement, the prominent American financial regulator claimed that it was seeking the public’s opinion on digital currencies, most notably Ethereum. In a public release, the somewhat crypto-friendly body wrote:

The RFI [Request For Information] also seeks to understand similarities and distinctions between Ether and bitcoin, as well as Ether-specific opportunities, challenges, and risks.

It is believed that the entity is seeking feedback to precede its ruling on an Ether-backed vehicle, such as purported Ethereum futures contracts backed by CBOE. Yet, a number of crypto commentators recently took to Twitter to allude to the theory that if Ethereum-backed futures, even a non-physical instrument, goes live, the aforementioned blockchain’s native asset may actually fall, due to “rehypothecation” — a common sight in traditional financial industries.

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Forbes Analyst Expects Bitcoin (BTC) At $2,500, Awaits (Another) Awful Crash

Forbes Analyst Touts $2,500 Bitcoin Price Target

Clem Chambers, a markets analyst publishing to Forbes, recently released an article to the outlet’s contributor network, explaining why Bitcoin (BTC) could head lower in due time. Chambers, the CEO of ADVFN and a well-known financial industry journalist, first drew attention to how markets, Bitcoin included, normally react in, during, and after a “crash.”

The reporter, who hasn’t been afraid to comment on crypto historically, explained that market collapses happen in “stages,” as seen by BTC’s drawdown in 2018, which saw the asset fall to key levels at ~$10,000, $6,200, and, most recently, $3,500 for weeks at a time.

Elaborating on why his remark is relevant, Chambers noted that once a market, like crypto, stabilizes or range trades, it is only a matter of time before assets breakout, and “produce a sizeable move.” While Chambers’ comments may make it sound like he aims to be a soothsayer, he added that this isn’t a new phenomenon, nor is it rocket silence.

Applying this theory back to the only-decade-old crypto market, the ADVFN chief noted that these movements are only accentuated and compounded in crypto, as in his eyes, blockchain-based assets exist in a “very immature market” filled with certain shortcomings that may play out negatively from a price action standpoint.

More specifically, he explained that the Bitcoin price will likely “break south” for its next leg, explaining that $2,500 is a viable price point in his eyes, a reportedly key long-term support level in the eyes of some analysts.

For instance, Stephen Innes, Oanda’s head trader of the Pacific-Asia region, recently told Bloomberg that he expects for BTC to collapse to $2,500 by January 2019, due to a diverse set of bearish catalysts, namely the Bitcoin Cash hard fork, regulation, and potential crypto-related hacks. (Note: speaking with NewsBTC, he recently confirmed this sentiment, stating that regulation could weigh down on cryptocurrency market in the near future.)

Chambers, touching on his rationale behind this bearish catalyst, drew attention to the resurgence in crypto volatility, adding that this is an evident sign of “uncertainty,” which may only accentuate that this industry is undergoing a change of guard, so to speak.

At the time of writing, this market’s foremost asset, BTC, has found itself up 1.5% in the past 24 hours, situated at $3,490 a pop.

Crypto Bottom May Not Be In

Chambers’ analysis only confirms the growing sentiment that the cryptocurrency market hasn’t reached a long-term bottom. As reported by Ethereum World News previously, Naeem Aslam, a crypto-friendly contributor to Forbes and the chief market analyst at ThinkMarkets, recently told CoinTelegraph that he expects for BTC to find a floor, adding that sell-side sentiment indicates that a bottom is “close enough.”

Aslam isn’t alone in touting such sentiment, with Michael Bucella, a Goldman Sachs executive turned BlockTower Capital partner, also exclaimed that Bitcoin’s “distress cycle” has nearly run its course.

Although Chambers, the aforementioned Forbes contributor, painted a dismal picture for Bitcoin’s short-term, the reporter, like his industry pundit peers, made it clear that the next “plunge” would likely put BTC at its bonafide bottom. Case in point, the trader explained that if crypto’s collapse continues, the next leg will likely mark the end of Bitcoin’s near-year-long bout of capitulation. In summation, the financial markets savant wrote:

This means we can wait and see. The end of this crash will look awful, the ends of crashes always do. That is yet to come but the next leg could be here.

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Mike Novogratz Adamant That Bitcoin (BTC) Won’t Fall To $0

Bitcoin fanatic and blockchain enthusiast Mike Novogratz, a former Wall Street hotshot, recently doubled-down on his pro-crypto sentiment, even while this infant market continues to fall victim to shortcomings.

Revolutions Don’t Happen Overnight, Crypto Included

In an exclusive interview with Bloomberg, Novogratz, a member of Fortress Financial’s top brass turned crypto-centric merchant bank chief, gave some key insight into his personal outlook for blockchain-based assets and decentralized applications. Surprisingly, the diehard, who reportedly holds upwards of 20% of his personal fortune in cryptocurrencies (like Ethereum’s ETH), maintained his optimistic outlook.

Speaking with the financial media outlet’s Erik Schatzker, Mike “Novo” Novogratz commenced the candid conversation by joking that he’s become the “ugly face” of the Bitcoin industry, a far cry from his months as the poster child (and approachable savant) of cryptocurrencies. Yet, in spite of his newfound classification as an “ugly face” of the industry, he explained that he still believes in the technology underpinning Bitcoin — blockchain — and digital assets themselves.

Still, Novo explained that “revolutions don’t happen overnight,” adding that it became apparent that 2017’s monumental rally was a bubble when “people would come up to me wanting to take selfies,” as by then, it was clear that crypto assets were slated to plateau and pullback.

The industry insider is obviously referencing the sentiment that crypto’s come up won’t be an easy task, as pushback is expected from traditionalists and pro-centralists. Travis Kling, founder and showrunner at crypto hedge fund Ikigai, recently explained to the TD Ameritrade Network that it’s early for the crypto industry, adding that a majority of Bitcoin’s 10-year history was just getting its wings off the ground.

By the same token, the cryptocurrency proponent explained that most of the publicity and development that has fallen on cryptocurrencies, namely Bitcoin, came within the last 18 to 24 months, not during this ecosystem’s come up. As such, Kling explained that the cryptocurrency revolution is a “multi-year, multi-decade” play, rather than a chance at short-term profits.

Bitcoin Will Become Digital Gold

Back to Novogratz, the Galaxy Digital representative then touched on what lies in store for Bitcoin. Echoing comments he made earlier on CNN Money, the industry chief noted that BTC will likely become digital gold, subsequently joking that the asset will become a “legal pyramid scheme.” Giving his rationale behind this claim, Novogratz drew attention to Yale University’s recent foray into cryptocurrencies, adding that some of the smartest people, like Yale’s endowment showrunner, David Swensen, see value in Bitcoin and related innovations.

Interestingly, Kling also touched on this value proposition, pointing out that there’s a non-zero chance that Bitcoin could live up to everyone’s expectations, becoming a globally-secured transaction settlement layer that is immutable, decentralized, censorship-resistant, and cost- and time-effective, while hosting the second coming of gold at the same time. He added that even if BTC only amounts to 10 percent of gold’s market capitalization, there is still nine times growth potential for the popular digital asset.

Yet, some say that the market capitalization of BTC could surpass that of gold itself, as stated by Bobby Lee and Adam Back.

In the end, summarizing his points, Novogratz noted that BTC at $20,000 was a “drug,” but then added that he wouldn’t be caught dead stating that it’s going to zero. Instead, he explained that the current state of the market is just consumers visiting the methadone clinic, rather than the end of Bitcoin as a whole.

Even while he has an apparent vested interest in the future success of this decade-old industry, consumers would be remiss to cast aside Novo’s comments. Still, as is common investor practice, the Galaxy Digital CEO’s remarks should be somewhat taken with a grain of salt.

Regardless, the fact of the matter is that many industry insiders aren’t ready to fold, even while countless startups and ‘fairweather’ investors are nearing collapse.

The post Mike Novogratz Adamant That Bitcoin (BTC) Won’t Fall To $0 appeared first on Ethereum World News.

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Bitcoin (BTC) Falls To $3,400, Crypto Short Sellers On The Rise

Bitcoin Fails To Breakout, BTC Stumbles To $3,400  — Altcoins Follow Suit

After days of unrest in the industry, and the perpetuation of a seemingly endless downtrend, the crypto market at large has failed to undergo a bullish breakout, with Bitcoin (BTC) continuing to falter at $3,400. Since Ethereum World News’ market update posted on Monday, the aggregate value of all cryptocurrencies has fallen to $109 billion, down 1.8% from the day prior. Trading volumes are slightly up over Monday, up by $0.2 billion to $6.9 billion adjusted ($13.2 billion unadjusted) in daily volumes.

The past day has seen BTC undergo a rapid sell-off in the morning, catalyzing a multi-hour lull that saw the asset hang around the $3,400 price level, where it remains at the time of writing.

At the time of press, BTC, down 1.51% in the past 24 hours, has found itself trading at $3,430 a piece, and backed by a relatively mere $4.7 billion in daily volumes.

As is normally the case, altcoins followed suit in this recent sell-off, with prominent crypto assets posting losses in the low-single-digits (percentage-wise). XRP, for instance, is down 0.5% in the past 24 hours, slightly beating the performance of BTC. On the other hand, Stellar Lumens (XLM), Bitcoin Cash (BCH), Litecoin (LTC), and Monero (XMR) have underperformed the foremost asset in this industry, posting losses that range between 2% and 4%.

Crypto Short Sellers Bolster Bearish Positions 

Amid this continued crypto market sell-off, reports have indicated that short sellers, bears, in other words, have begun to bolster their short-side positions. More specifically, according to data compiled by DailyFX, routed by MarketWatch’s Aaron Hankin, cryptocurrency traders have begun to scale back on their open BTC holdings. At the same time, as aforementioned, speculators have accentuated their continual bearish sentiment by keeping their shorts open.

Nancy Pakbaz, an analyst at the Chicago, Illinois-based financial institution was quoted as saying on the matter:

Retail trader data shows 70.1% of traders are net-long with the ratio of traders long to short at 2.35 to 1. The percentage of traders net-long is now its lowest since Nov. 28 when bitcoin traded near $4,200.66.

Although Pakbaz’s comment, which indicates that a multitude of investors are still “net-long” on BTC, isn’t bearish in and of itself, the DailyFX representative added that the “number of traders net-short is 14% in comparison to Monday,” adding that this same statistic is up 21.4% since last week.

This clearly indicates that short-term speculators are bracing for another bout of capitulation — the umpteenth one in a month’s time.

Yet, as seen by the action seen in Bitcoin price throughout its relatively short history, the growing number of shorts could actually be bullish(ish), as a so-called “short squeeze” could occur. Such a move should catalyze a multi-percent move higher for BTC, but it remains to be seen whether a squeeze is in crypto’s cards.

MarketWatch’s in-house crypto reporter also drew attention to an inquiry regarding Ethereum (ETH) from the U.S. Commodities Futures Trading Commission (CFTC). In a statement, the prominent American financial regulator claimed that it was seeking the public’s opinion on digital currencies, most notably Ethereum (ETH). In a public release, the somewhat crypto-friendly body wrote:

The RFI [Request For Information] also seeks to understand similarities and distinctions between Ether and bitcoin, as well as Ether-specific opportunities, challenges, and risks.

It is believed that the entity is seeking feedback to precede its ruling on an Ether-backed vehicle, such as purported Ethereum futures contracts backed by ErisX, CBOE, and potentially Nasdaq, who recently its intention to bring “crypto 2.0 futures” to market. Interestingly, a number of crypto commentators recently took to Twitter to allude to the theory that if Ethereum-backed futures, even a non-physical instrument, goes live, the aforementioned blockchain’s native asset may actually fall, due to “rehypothecation” — a common sight in traditional financial industries.

Title Image Courtesy of Marco Verch Via Flickr

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