First Mover: Bitwise Calls $50K Bitcoin Price When Market Calm Finally Breaks - CoinDesk - CoinDesk

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• First Mover: Bitwise Calls $50K Bitcoin Price When Market Calm Finally Breaks - CoinDesk - CoinDesk
• Bitcoin’s Boring Price Could Be End Of Quarter Lull - Forbes
• Max Keiser: US Hash Rate War With Iran Can Send Bitcoin Price to $500K - Cointelegraph
• Bitcoin Price Dump: Miners Start Selling 9,000 BTC, Possibly Opening Bear Cycle | Markets and Prices - Bitcoin News

First Mover: Bitwise Calls $50K Bitcoin Price When Market Calm Finally Breaks - CoinDesk - CoinDesk Posted: 30 Jun 2020 05:26 AM PDT Bitcoin has traded in an ever-tightening range for two months, and digital-market analysts say a new wave of coronavirus cases and emergency measures could provoke the largest cryptocurrency by market cap out of the doldrums. The backdrop is an anemic economy, with the International Monetary Fund projecting last week that global output will shrink 4.9% this year: worse than its April forecast for 3% contraction. Confirmed deaths from the coronavirus passed half a million on Sunday, and authorities from China to the U.S. states of Florida and Texas enacted new restrictions to curb rising caseloads. The World Health Organization has also warned the worst is yet to come.  You're reading First Mover, CoinDesk's daily markets newsletter. Assembled by the CoinDesk Markets Team, First Mover starts your day with the most up-to-date sentiment around crypto markets, which of course never close, putting in context every wild swing in bitcoin and more. We follow the money so you don't have to. You can subscribe here. Volatility is rising in the U.S. stock market, with the Standard & Poor's 500 Index still just 10% off the record high reached in February. Yet, bitcoin has been stuck between $8,500 and $10,200 since late April, a remarkably placid stretch given the ongoing tribulations.  For bitcoin traders, it might not be the best time to sneak away for vacation.  "With more uncertainty in the stock market again and a monthly close coming up, we may face increased volatility going into July," analysts with the cryptocurrency-analysis firm Arcane Research wrote Friday in a report.    Bitcoin's stretch of calm is evident in price charts focused on a statistical pattern known as Bollinger Bands, which narrow when volatility shrinks. The bandwidth as of Monday had narrowed to 0.09, close to its lowest level in 2020. Bitcoin price chart showing Bollinger Bandwidth Source: TradingView CoinDesk Research Director Noelle Acheson noted on Sunday that bitcoin's shrinking volatility contrasts with the persistent level of price swings in the S&P 500.  Stock traders are struggling to reconcile U.S. Treasury Secretary Steven Mnuchin's predictions of a "spectacular rebound" later this year with Federal Reserve officials' warnings that the timing and strength of the recovery are uncertain.  Chart showing bitcoin's declining volatility, compared with the Standard & Poor's 500 Index of U.S. stocks Source: CoinDesk Research Big cryptocurrency investors including Pantera Capital and Bitwise Asset Management say bitcoin prices could benefit from the next wave of government and central bank stimulus packages, which might be needed to prevent deeper economic fallout. Due to its capped supply of 21 million, bitcoin is often touted as a hedge against inflation, similar to gold.    U.S. President Donald Trump, who is fading in the polls as the November elections approach, has reportedly told aides that he favors sending Americans another round of stimulus checks. And the Federal Reserve saidMonday it would start buying bonds directly from the companies that issue them, effectively becoming the lender of last resort to big corporations; historically, such emergency lending was restricted to financial institutions. "The Fed is buying everything that isn't nailed down," the cryptocurrency investment firm Arca wrote Monday in a weekly newsletter. "Naturally, even the most bullish investors remain somewhat cautious with regard to when all of this unwinds." Based on one popular investment model, known as the "stock-to-flow ratio," bitcoin could rise to $115,000 by August 2021, according to Pantera. On Monday, the cryptocurrency changed hands at $9,151.  The "tsunami of money will have a large impact," Pantera wrote last week in a monthly newsletter. "If there are trillions more paper dollars, the law of supply and demand implies much more paper money to buy the same amount of cryptocurrency."  Matthew Hougan, global head of research at Bitwise, wrote in a monthly investor letter on June 15 that bitcoin could reach $50,000 if its market capitalization reached just 10% of gold's roughly $9 trillion. "It's a matter of when, not if," Hougan told First Mover in a follow-up email.  Analysts with the digital-asset research firm Delphi Digital wrote Friday that "we're rapidly approaching a key inflection point as policymakers debate if and when to deploy their next wave of relief measures." "One could argue the broader macro backdrop has never been more favorable for bitcoin," according to Delphi.  Anything to break up the monotony.  Tweet of the day Bitcoin watch BTC: Price: $9,156 (BPI) | 24-Hr High: $9,224 | 24-Hr Low: $9,032 Trend: Bitcoin's price bounce from the weekend low of $8,830 could well be short-lived, price-volume analysis indicates. The leading cryptocurrency by market value is currently trading near $9,150, representing a 3% decline on a month-to-date basis. Prices clocked a high of $9,233 early Tuesday.  The recovery from sub-$9,000 saved the day for the bulls. After all, acceptance under that level would have marked a downside break of the multi-week long trading range of $9,000 to $10,000 and could have fuelled steeper price declines.  However, the relief could be temporary as the uptick from $8,830 to $9,233 is accompanied by a drop in trading volumes, as seen on the hourly chart. A low-volume bounce is often short-lived.  Also, the price rise seen over the past two days has taken the shape of a bear flag, a bearish continuation pattern. A break below the lower end of the flag, currently at $9,100, if confirmed, would create room for a sell-off to $8,150 (target as per the measured move method).  The bearish pattern would be invalidated if prices rise above the hourly chart resistance at $9,344. That would shift the focus to the highs of $9,800 seen last week.  Sign up to receive First Mover in your inbox, every weekday. Disclosure The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Bitcoin’s Boring Price Could Be End Of Quarter Lull - Forbes Posted: 30 Jun 2020 07:19 AM PDT Emmanuel Goh, head of digital asset data analytics company Skew, explains bitcoin's recent price ... [+] action. Getty Known for its large price swings, bitcoin (BTC) has seen relatively quiet price action the over the last several weeks. The asset's tides could change heading into 2020's third financial quarter, however. "Bitcoin has had a strong Q2 once again, +41% as of the 29th of June, and has recently been trading in a tight range between $9,000 and $10,000," Emmanuel Goh, cofounder and CEO of cryptocurrency data analytics company Skew, told me on June 29 via email. The third quarter "is usually more challenging from a performance perspective if you remove the exceptional 2017 vintage," Goh added, pointing toward historical data aside from crypto's massive 2017 bull run year. [Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.] Bitcoin started 2020 off close to the $7,000 mark, according to TradingView.com price data. By mid-February, the asset found itself up near $10,500 per BTC before taking a massive tumble the following month. In the midst of Covid-19 prevention measures, fear and uncertainty, crypto's largest asset fell below $4,000 by March 13 while the U.S. stock market saw similar downward price action during that same month. Since March, however, bitcoin yielded a stupendous comeback, popping over $10,000 once again by early May, coming just shy of $10,500 by the start of June. Although crypto's pioneer asset showed strong recovery, May and June have largely seen bitcoin trading sideways, primarily between $8,500 and $10,000, accompanied by a number of sizable price swings, as well as several slow price days. "Bitcoin had a record options expiry on the 26th of June with 115,000 bitcoin equivalent options expiring," Goh said. Bitcoin options trading products come with expirations, giving traders a window in which to act before expiration, followed by the beginning of a new time period. On June 26, multiple bitcoin options trading products expired across the market, including products from the Chicago Mercantile Exchange CME and crypto exchange Deribit. "In equity markets, it is not unusual to see markets trading in a tight range into large quarterly expiries and picking up a direction thereafter," Goh said. "We will watch at the start of July if we are seeing the same pattern emerging in cryptocurrency markets." As a borderless digital asset asset built on blockchain technology and run by the people, theoretically away from governmental control, bitcoin's price has not always travelled in line with mainstream markets, or in a similar fashion as those markets. In December 2017, the CME brought cash-settled bitcoin futures trading into the mainstream financial world, allowing traditional investors and traders exposure to the coin's price swings. The CME also launched bitcoin options trading in early 2020, after the Intercontinental Exchange (ICE) opened mainstream bitcoin trading products weeks and months prior. Multiple other outlets, including various crypto exchanges, offer similar bitcoin trading products. Such traditional-type financial products might be in the process of leading bitcoin into similar tendencies as mainstream financial markets. In the past, the asset's price has correlated with other markets at times, while blazing its own trail on separate occasions. As 2020 heads into its third quarter, historical data shows mostly overall losses for the period each year since 2014, according to data provided by Goh. Out of all six periods, only two touted bitcoin exiting the quarter on a positive note. One of those years was 2017, mentioned as an exception by Goh, which hosted an 80.89% gain. The other — 2018, which showed a small gain of 2.92%. The other four years showed red third quarter numbers, including 2019, in which the asset exited the quarter down 21.50%. Disclaimer: I actively trade cryptocurrencies, as well as hold a small amount of BTC, ETH, LTC, XMR, NEO, ZEC, BEAM, BCH, DASH, LINK, XTZ and various insignificant other altcoin positions.

Max Keiser: US Hash Rate War With Iran Can Send Bitcoin Price to $500K - Cointelegraph Posted: 30 Jun 2020 06:40 AM PDT Bitcoin (BTC) will hit $500,000 because the United States will start a giant hash war with Iran and Venezuela — and it's already started. In the latest episode of his "Keiser Report" TV show, Max Keiser predicted that the Iranian and Venezuelan regimes would force the Trump administration to embrace BTC. Keiser: God is looking at us through the Bitcoin protocol Thanks to Tehran potentially controlling 3% of the Bitcoin hash rate already and Venezuela — briefly — accepting BTC payments, the U.S. joining the fight for Bitcoin supremacy is only a matter of time. "Iran has already got 3% of global hash rate, so now I think Venezuela will get 3%–5% pretty quickly," Keiser said. "And then at some point America will say, 'We've got to enter the 21st century space race of mining Bitcoin,' and then they'll try to seek 20% of the hash rate, and then security goes up dramatically, and the price goes to $400,000, $500,000." For Keiser, repeating previous arguments, Bitcoin represents the "reformation of free speech" which governments deny citizens by controlling the currency, and therefore the entirety of their position within the state. "Bitcoin is the Mona Lisa of the 21st century: It's self-aware, it is observing us through the quantum mechanical aspects of technology, and it's channeling the eyes of God," he continued. "So, this is God looking at us through the protocol and trying to figure out, 'How do we fix this human species because they've gone way off track due to central banking?'" "Uncensorable, unconfiscatable, indestructible wealth" The current situation on macro markets versus the suffering of many Americans, exemplified in the Black Lives Matter protests, speaks to Keiser's point. Anger with the government, and the dilution of the U.S. dollar, contrasts with stock markets seeing their best quarter since 2011. At the same time, the Federal Reserve has taken ownership of huge chunks of the equity markets, equal to 30% of U.S. gross domestic product. Last week, Keiser appealed to protesters to abandon their mode of retaliation and simply buy Bitcoin instead. He summarized: "The truth is if you want individual sovereignty, if you want justice, if you want uncensorable, unconfiscatable, indestructible wealth, there's only one way to go — and that's Bitcoin."

Bitcoin Price Dump: Miners Start Selling 9,000 BTC, Possibly Opening Bear Cycle | Markets and Prices - Bitcoin News Posted: 25 Jun 2020 02:33 AM PDT Crypto 101: How to Send and Receive Bitcoin Cash Via the Bitcoin.com Wallet During the last few months in the midst of the coronavirus outbreak and faltering global economy, many individuals have shown an interest in bitcoin and other cryptocurrencies. However, oftentimes people can find the process a bit daunting because they are ... read more. Analysts Say Bitcoin Breakout Imminent: Silver-like Suppression, $5 Trillion in Cash Could Flow Into BTC A number of venture capitalists and macro investors believe bitcoin's price will break out soon following suit with gold's recent climactic rise. Dan Tapeiro, cofounder of Gold Bullion International, thinks that $4.6 trillion in cash sitting on the sidelines right ... read more. Bitcoin's Rise Driven by Institutional Trading, Says Research and Investor Sentiment The cryptocurrency bitcoin is trading at an all-time high relative to its social activity, explains the crypto research firm Tie. The analysts at Tie believe the ratio indicates that bitcoin is being driven by institutional trading. Meanwhile, statistics from Google ... read more. Ernst & Young Launches Application to Help US Crypto Investors With Tax Filings Ernst & Young (EY) has introduced a new application that helps U.S. cryptocurrency traders calculate and file their taxes with ease. The EY Cryptoprep app, a Software as a Service (SaaS) web-based crypto tax engine, helps users calculate crypto-related gains ... read more. Breaking Bitcoin: Crypto Proponents Discuss Honeywell's 6 Qubit Quantum Computer On June 19, 2020, the massive industrial firm Honeywell told the public the company is now running a quantum computer that effectively leverages six effective quantum bits, or qubits. Honeywell's machine is two times more powerful than the quantum computers ... read more. New Zealand Police Seize $91 Million From Russian Bitcoin Exchange Operator Police in New Zealand confiscated NZ$140 million ($91 million) from Russian bitcoin exchange operator Alexander Vinnik. Vinnik is the alleged owner of the collapsed BTC-e exchange. The funds were seized from bank accounts held by Canton Business Corporation, a New ... read more. Hundreds of Sites Now Earn Crypto Trading Fees: Exchange Wordpress Plugin Sees 300 Active Installs A couple of months ago, a new Wordpress (WP) plugin launched that allows anyone to host a digital currency trading platform. With the application, WP website owners can earn fees from various crypto asset trades. The developer of the plugin ... read more. Only 3.5 Million Bitcoin Is Traded Worldwide; Majority of BTC Held Long-Term as Digital Gold Only 3.5 million bitcoin or 19% of total circulating supply is actively traded throughout the world, while the rest is being held long-term by investors, according to a new report by crypto analytics company Chainalysis. Per the report, nearly 18.6 ... read more. Average Price of Bitcoin More Than Quadrupled Between Halvings Investing in bitcoin has been somewhat of a phenomenon, as millions of individuals have invested funds into the crypto-economy since at least 2010. One specific and lucrative method of investment is dollar-cost averaging. If an individual was to invest $10 ... read more. 7-Eleven, CVS, Rite Aid: Libertyx Adds 20,000 Stores to Buy Bitcoin With Cash Libertyx has expanded its network to include 20,000 7-Eleven, CVS, and Rite Aid Pharmacy stores where customers can buy bitcoin with cash. They can also buy bitcoin using debit cards at one of Libertyx's vast network of ATMs, bringing the ... read more. Jim Rogers Discusses Bitcoin as Money and Why Governments Will Stop Crypto Jim Rogers, who cofounded the Quantum Fund with billionaire investor George Soros, has shared his view on bitcoin, its use as money, and governments' response to the growing use of cryptocurrency. He predicts that central banks will not let uncontrolled ... read more. Ethereum Network Fees Jump Above Bitcoin Transaction Fees for Two Weeks Straight This week digital currency enthusiasts have been discussing network fees, specifically transaction fees associated with the Bitcoin and Ethereum blockchains. Last Sunday on June 21, one Ethereum proponent noted that during the last 16 days, Ethereum users have paid more ... read more. Simple Ledger Protocol Universe Is Thriving: Lottery, Mint, ATMs, Over 8,500 SLP Tokens Created It's been close to twelve months since we reported on the vast Simple Ledger Protocol (SLP) universe built on top of the Bitcoin Cash chain. At the time, there were 2,700 unique SLP tokens created, and that's increased by 217% ... read more. Bitcoin Mining Chip Manufacturer Ebang to List on Nasdaq This Week On Friday, June 26, the China-based Zhejiang Ebang Communication, often referred to as Ebang, will be listed on Nasdaq, according to various reports. Ebang's initial public offering (IPO) will be the second U.S.-based IPO for an ASIC mining manufacturer joining ... read more. 6 Privacy-Enhancing Tools That Place Bitcoin Cash Transactions Ahead of the Pack On June 24, a Reddit post had a few Bitcoin Cash proponents discussing a number of privacy enhancements BCH supporters can leverage every time they transact. The Bitcoin Cash enthusiast, Mr. Zwet's r/btc post explained how BCH supporters can use ... read more. KPMG Introduces Cryptocurrency Management Platform KPMG has launched a cryptocurrency management platform designed to accelerate institutional crypto adoption. KPMG's patent-pending tool aims to bridge traditional data and crypto systems, integrating key use cases of cryptocurrency, including custody, wallets, and anti-money laundering (AML) transaction monitoring. KPMG's ... read more. US Senators Introduce 'Lawful Access to Encrypted Data Act' — With Backdoor Mandate US lawmakers have introduced the Lawful Access to Encrypted Data Act to ensure law enforcement can access encrypted information. This bill is "a full-frontal nuclear assault on encryption in the United States," one expert says. It requires manufacturers of encrypted ... read more. Self-Proclaimed Satoshi Claims He's Autistic, Judge Tosses Out Sanctions Against Craig Wright The Kleiman v. Wright case is seemingly headed to trial on July 6, 2020, after Judge Beth Bloom ruled against the Kleiman's attempt to levy sanctions against Craig Wright, the man who claims to be Satoshi Nakamoto. It seems Wright ... read more. Australians Can Now Pay for Bitcoin at 3,500 Australia Post Offices Australian residents can now pay for bitcoin at more than 3,500 national post offices. The new service launched by Bitcoin.com.au is aimed at promoting cryptocurrencies to mainstream audiences, alongside established businesses and organizations. On June 24, 2020, the firm Bitcoin.com.au ... read more. Online Data Analysis Points to Venezuela Accepting BTC for Passports During the last week, a number of bitcoiners have been discussing Venezuela's Administrative Service for Identification, Migration, and Foreigners, also known as SAIME accepting bitcoin payments for passport applications and renewals. A number of crypto journalists couldn't confirm whether or ... read more. US Real Estate Market Crisis: 4.3 Million Mortgage Delinquencies, Commercial Properties Sink in Value The U.S. economy continues to look bleak as the American citizens and small businesses nationwide struggle to keep up with the government's rules toward Covid-19 guidelines. In just 13 weeks, over 45 million Americans filed for unemployment benefits and many ... read more. Popular Analyst Reveals New Bitcoin Pricing Model: Prediction Suggests 'Bullish Run a Month Away' The popular bitcoin analyst Willy Woo told his 132,000 Twitter followers that he's working on a new pricing model that suggests a bull run is imminent. In fact, Woo says the model suggests bitcoin is close to "another bullish run" ... read more. Jim Rogers, Mark Cuban, Peter Schiff Will 'Go All-In' on Bitcoin, Says Max Keiser Max Keiser believes that bitcoin naysayers like Jim Rogers, Mark Cuban, and Peter Schiff will go all-in and invest big in bitcoin when they understand it. He guarantees this to be the case, having predicted that the price of bitcoin ... read more. Final Judgment: Telegram to Pay Crypto Investors Back $1.2 Billion, US Court Orders The dispute between Telegram and the U.S. Securities and Exchange Commission (SEC) is coming to a close as the final judgment has been filed. Telegram has been ordered to pay back $1.2 billion. The company must also pay the SEC ... read more. 'Casino Jack' Abramoff Charged in AML Bitcoin Cryptocurrency Fraud Case, Could Return to Prison Jack Abramoff, the lobbyist behind one of the biggest Washington lobbying scandals as portrayed in the feature film Casino Jack, has been charged in connection with AML bitcoin cryptocurrency. He faces returning to jail after previously serving three and a ... read more. Skeptics Concerned Plustoken Scammers Plan to Dump $187M Worth of Ethereum Crypto market skeptics and speculators are concerned about 789,000 ETH that started moving four days ago last Wednesday. The transaction was recorded by Whale Alert, and the $187 million worth of ether stems from the Plustoken scammers. On Wednesday, June ... read more. Federated Sidechains: $8M in BTC Stuck in Limbo, Analyst Says Action 'Violates Liquid's Security Model' Liquid, the sidechain network developed by the company Blockstream, saw 870 bitcoins ($8 million) frozen in moderation queue due to a seizure from a number of the network's functionaries. The founder of the Summa project, James Prestwich, explained on Twitter ... read more. Bolstering Separation of Money and State Following the 244th Independence Day With the fourth of July approaching, many Americans will have to contemplate whether or not the holiday is an empty affair. After the last thirteen weeks of Covid-19 lockdowns, business shutdowns, and police brutality, the lack of liberty and freedoms ... read more. Lebanon's Financial Meltdown: Currency Plunges 80%, Huge Losses at Central Bank, IMF Bailout Stalled The financial crisis in Lebanon has seen its currency, the Lebanese pound, fall 80%. The International Monetary Fund (IMF) has estimated that the country's central bank has accumulated losses as much as 170 trillion pounds. The disagreement between the Lebanese ... read more. Bitcoin.org Maintainer Calls for the Removal of Cobra, Website Owner Then Fires Him The infamous and controversial owner of the website bitcoin.org, Cobra, is under fire recently and a number of community members have asked to see the website removed from his possession. The initial argument was sparked by the website's maintainer, Will ... read more. 'Sophisticated' Hacker Plunders $450,000 From Defi Protocol Balancer Decentralized finance (Defi) protocol ​Balancer was on Sunday hacked for more than $450,000 worth of cryptocurrency. In two separate transactions, an attacker targeted two pools containing Ethereum-based tokens with transfer fees - or so-called deflationary tokens. Pools with Sta and ... read more. Visualize Crypto Transaction Privacy Scores With Blockchair's 'Privacy-o-Meter' On June 24, the block explorer and blockchain data platform, Blockchair, announced the launch of a new privacy tool called the "Privacy-o-meter." According to Blockchair, the new service combats blockchain surveillance companies by highlighting privacy issues for crypto transactions. This ... read more. Gifts and Remittances: Bitcoin.com's New Tools Allow People to Send BCH via Email This month Bitcoin.com launched two services that help facilitate bitcoin cash adoption and crypto remittance via email. In a recent video on June 5, Bitcoin.com's Roger Ver showcased gifts.bitcoin.com, a new feature that allows individuals to send BCH gift cards ... read more. US Contract Miner Core Scientific Buys 17,600 Bitcoin Miners From Bitmain U.S. contract mining firm Core Scientific has agreed on a deal to buy 17,600 mining rigs from Chinese bitcoin hardware maker Bitmain Technologies Inc. The company is buying Bitmain's next-generation bitcoin (BTC) miner, the Antminer S19, it said in a ... read more. Comprehensive Analysis Predicts Bitcoin Price Near $20K This Year, $398K by 2030 A new, comprehensive analysis has predicted the price of bitcoin to reach almost $20K this year and will keep rising to almost $400K by 2030. The researchers have also predicted the future prices of several other major cryptocurrencies, including bitcoin ... read more.

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