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Bitcoin, Stocks Fall Again as Risk-Off Sentiment Hits Market

Source: Adobe/AlekseyIvanov After the first wave of selling hit both bitcoin (BTC) and the stock markets before the weekend, round two for the bears may be about to kick in as the new week begins in the red for both markets again. As of press time on Monday morning (09:19 UTC), bitcoin was down by 3% over the past 24 hours, as well as 6% in a week, trading at USD 9,127 - but after dipping briefly below the USD 9,000 mark in early Monday trading. The bearish move for bitcoin largely followed the stock market, with US S&P 500 index futures pointing to an opening on Wall Street about 2.04% lower than Friday’s close. Similarly, stock traders also remained bearish across Asia on Monday, with major indices in Japan, Hong Kong, and Australia all pointing lower. Today’s drop lower follows another bitcoin and stock market sell-off last Thursday, which sent the price of bitcoin down by almost USD 1,000 in a single day, from just under USD 10,000 to just above USD 9,000. Not surprisingly, the latest market action has led to an increase in correlations between stocks and bitcoin, leading some crypto traders to keep a close eye on what happens in the traditional financial markets. Sunday headlines pretty dismal, think we are slated for a red equity futures open. May result in pressure on BTC. pic.twitter.com/B20s5P4Yu8 — light (@LightCrypto) June 14, 2020 Rapidly approaching the bull's last line of defense. #bitcoinnews Read the full article

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Pentagon Doomsday Scenario Involved Bitcoin-powered Anarchy

Source: Adobe/stokkete The American Department of Defense played out a wargame scenario that saw Generation Zers try to overthrow the powers-that-be, using bitcoin (BTC) and hacking skills to fund an ambitious anarchist coup. Per media outlet The Intercept, Pentagon documents show that defense chiefs decided to test out American preparedness in the event of a Gen Z (people born between the mid-1990s and the early 2010s)-led assault on Washington’s power base. The Intercept says it obtained the documents via a Freedom of Information Act request and show that Pentagon’s war game, presumably played out in 2018, was called the 2018 Joint Land, Air and Sea Strategic Special Program. The wargame saw tech-savvy Gen Z activists launch a series of cyberattacks using “sophisticated malware” in a bid “to siphon funds from corporations, financial institutions and nonprofits that support ‘the establishment.’” These funds would then be taken off the grid and converted to bitcoin. In true Robin Hood style, the attackers would choose not to hold onto their tokens – instead distributing them to “worthy recipients” true to their cause. The Gen Z raiders would be part of a wider movement, rather unimaginatively named Zbellion. Zbellion begins as a United States-only protest movement in 2025, but by the late 2020s, its influence has spread “across Europe and cities throughout Africa, Asia, and the Middle East,” including Kenya, Vietnam and Jordan. Read the full article

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ALL IN: CoinDesk Sponsors ​Crypto vs COVID Charity Poker Tournament

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China Passes Law Protecting Cryptocurrency Inheritance

China has passed the country’s long-awaited civil code which expands the scope of inheritance rights to include cryptocurrency, such as bitcoin. Inherited cryptocurrencies will be protected under the new law. Meanwhile, several Chinese courts have recently ruled that bitcoin and ethereum are properties protected by law.

Inherited Cryptocurrencies Protected by Law

The third session of the 13th National People’s Congress (NPC), China’s top legislature, voted on and passed the “Civil Code of the People’s Republic of China” on Thursday. In addition to general and supplementary provisions, the civil code ”includes six parts on real rights, contracts, personality rights, marriage and family, inheritance, and tort liabilities,” Xinhua News Agency reported.Noting that the decision to draft a civil code was announced in October 2014 and the legislative process started in June 2016, the news outlet detailed: states that the property rights of individuals are equally safeguarded to those of the State and collective, and online virtual assets are protected, too.

Chinese President Xi Jinping at the third session of the 13th National People’s Congress where the country’s long-awaited civil code, which addresses crypto inheritance, was voted on and passed.Wang Chen, vice chairman of the Standing Committee of the National People’s Congress, told the session that “The compilation of the civil code is an important component of the plans of the Communist Party of China (CPC) Central Committee with Comrade Xi Jinping at the core for developing the rule of law,” the publication conveyed. This new civil code will enter into force on Jan. 1, 2021.The scope of inheritance has been expanded from the existing law. Under the new civil code, “virtual assets, such as bitcoins, be inherited,” as are all property legally acquired by a natural person, the news outlet emphasized.Wang Liming, executive vice president of the Renmin University of China and a law professor, was quoted as saying: “The civil code is the first law to carry the title ‘code’ for the People’s Republic of China. It lays down the fundamental principles and regulations regarding civil activities and relations. It reflects the will of the people and protects their rights and interests.”

Several Chinese courts have also ruled that cryptocurrencies are property that should be protected by law. For example, the Shanghai No.1 Intermediate People’s Court ruled that bitcoin is an asset protected by law while the Shenzhen Futian District People’s Court ruled that ethereum is legal property with economic value.Meanwhile, China is working on issuing its own central bank digital currency but there is currently no timetable for the launch, Yi Gang, governor of the People’s Bank of China (PBOC), told reporters this week. Internal pilot tests have been conducted in various cities “to check the theoretical reliability, system stability, conveniency, applicability and risk controllability of the digital currency,” the governor confirmed.What do you think about China’s new civil code protecting inherited cryptocurrency? Let us know in the comments section below.Use Bitcoin and Bitcoin Cash to play online casino games here. Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerOlder Posts Read the full article

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WALL STREET CAN'T STOP BUYING BITCOIN - INSANE DEMAND IN 2020 - You Won't Believe This

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Visa Files Patent for Cryptocurrency System to Replace Cash

Visa International has filed for a cryptocurrency system patent that is meant to replace physical currency. The system, which utilizes both central banks and commercial banks, leverages a private blockchain to improve the payment ecosystem.

Visa’s Cryptocurrency Patent Filing

The United States Patent and Trademark Office (USPTO) published on Thursday a patent application entitled “digital fiat currency,” filed by Visa International Service Association on Nov. 8, 2019.

The USPTO published Visa’s patent application for “digital fiat currency” on May 14; it was filed on Nov. 8, 2019. Source: Visa’s crypto patent filing with the USPTO.The filing is for a fiat-linked cryptocurrency system using “a private permissioned distributed ledger platform.” It describes a central computer, its responsibilities, and key roles of the system: central entities, validating entities, redeeming entities, and users. “A central entity may be a central bank, which regulates a monetary supply,” the document details. Validating entities “are blockchain nodes, which may be peers such as banks.” Redeeming entities “may accept physical currency for exchange for digital fiat currency,” such as an ATM or a bank branch location.The central entity computer generates the digital currency that is recorded on a blockchain and “may determine that a particular digital currency unit should be added to or removed from the blockchain.” According to the filing’s abstract:The central entity computer causes removal of the physical currency from circulation in a fiat currency system.The filing further explains that the payment ecosystem may become 100% digital and “cash may be removed from the markets in a frictionless manner” to improve the payment ecosystem. “Users may hold digital currency with the same denomination as the local physical currency.”It also notes that once the digital fiat currency is issued, “A user or bank may transfer the digital currency from wallet to wallet or store the digital currency on a smart card and transfer the smart card to another entity.”

An illustration of the cryptocurrency system Visa is trying to patent. Source: Visa’s crypto patent filing with the USPTO.A consensus mechanism has not been chosen for the system’s blockchain. “The consensus mechanism may vary depending on the protocol implemented. Some example consensus mechanisms … are proof of stake, Byzantine fault-tolerant algorithms, and crash-fault tolerant algorithms,” the filing details. Other mechanisms explored include a copy of Ethereum, Hyperledger Fabric, and zero-knowledge proofs. The full filing can be found here.A Visa spokesperson was quoted by Forbes on Thursday as saying: “Each year we seek patents for hundreds of new ideas … While not all patents will result in new products or features, Visa respects intellectual property and we are actively working to protect our ecosystem, our innovations and the Visa brand.” Commenting on Visa’s cryptocurrency patent filing, lawyer Jake Chervinsky tweeted:You can’t patent something you didn’t invent or that isn’t new, so Visa’s patent application has to be so narrow that even if it issues, it won’t be much use even if it was enforceable. Finance incumbents won’t be able to use patent law to stop the crypto industry.Other companies have tried to patent various cryptocurrency systems. For example, Microsoft was recently granted an international patent by the World Intellectual Property Organization for a cryptocurrency system using body activity data.What do you think about Visa’s crypto patent filing? Let us know in the comments section below.Use Bitcoin and Bitcoin Cash to play online casino games here. Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerOlder Posts Read the full article

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Vitalik Buterin: Ethereum 2.0 Will Drop ETH’s Inflation By Over 50%

Ethereum 2.0 is expected to be one of the most important technical upgrades in the blockchain space ever. Speaking to Token2049’s 2019 iteration in front of a crowd of thousands, Vitalik Buterin — founder of the blockchain — said that he expects the upgrade to turn Ethereum into a “next-generation blockchain” that will be hundreds of times faster and more functional than the current iteration. Exciting, for sure, but what many fail to forget is that the blockchain upgrade will also irreparably change Ethereum’s monetary policy, which has long been scrutinized as the black sheep of crypto monetary policies. According to Buterin, who spoke on the matter in a recent interview, the inflation rate of Ether could fall by upwards 50% as the upgrade rolls out.

Ethereum’s Inflation Could Plunge After 2.0 Rollout

For the longest time, Bitcoin maximalists have lambasted the Ethereum community for ETH’s variable and relatively easy monetary policy. Unlike BTC, whose monetary base is controlled by a public formula integrated by Satoshi Nakamoto, the inflation rate of ETH has long been somewhat variable, changing over the months in no predictable fashion due to “difficulty bombs” and changing block rewards. The introduction of the staking consensus mechanism through Ethereum 2.0 will ensure that while the inflation rate of the cryptocurrency’s supply will remain somewhat variable, it will be much lower than it is now. In an episode of POV Crypto Podcast titled “Internet Money,” Buterin explained: “One of the reasons why we’re doing Proof of Stake is because we want to greatly reduce the issuance. So in the specs for ETH 2.0 I think we have put out a calculation that the theoretical maximum issuance would be something like 2 million a year if literally everyone participates.” For some context, two million coins minted per year will result in a more than 50% drop in the inflation rate of Ether, and that’s the “worst-case scenario.” There’s a good chance that staking will issue less than one million coins per year, slowing the growth of the cryptocurrency’s supply dramatically. For those unaware, Ethereum 2.0 staking is the process that will replace the mining of ETH blocks. Staking requires dedicated users to commit their coins (at least 32) to the staking process, for which they will receive slight rewards (expected to around 4-5%) for their commitment.

Could Boost Ether Prices In Long Run

Considering the strong reduction that will come to Ether’s monetary base once Ethereum 2.0 is rolled out, many have started to speculate as to the effects the upgrade will have on the price of the cryptocurrency. According to Adam Cochran, a partner at MetaCartel Ventures, the introduction of staking will see investors rush to buy 32 Ether to earn a return on their holdings. He estimated that 10 to 30 million Ether could be taken off the open market, resulting in a dramatic supply shock that will likely drive prices higher, he explained. Cochran added that with the technical benefits making Ethereum much more usable, demand for the cryptocurrency should increase, creating a positive demand shock that will add to the effects of the supply shock. Ethereum 2.0, at least its first phase (called phase zero), is currently a few months away. Justin Drake, an individual leading much of the development on this upgrade, mentioned June 30th as a possible date for the rollout of the first phase. With Prysmatic Labs rolling out the “Topaz” testnet to much adoption and accolades from the Ethereum community, this launch date seems plausible. The post Vitalik Buterin: Ethereum 2.0 Will Drop ETH’s Inflation By Over 50% appeared first on Blockonomi.Original Article - Blockonomi.com Read the full article

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It’s Time to Pay Attention to Bitcoin as Macroeconomic Crisis Worsens

To most, Bitcoin’s value is hard to explain. After all, BTC is a digital coin not tied to any fiat currency or commodity that was just 10 years ago given away for free through “faucets.” But analysts have said it’s prime time to pay attention to Bitcoin and the broader cryptocurrency space as the world goes through what the International Monetary Fund expects to be the worst recession since the Great Depression.

Central Banks Are More Aggressive Than Ever

Despite the roaring recovery in the S&P 500 (and Bitcoin for that matter), many facets of the global economy remain in recession, with dozens of millions unemployed, consumer spending down, and a global supply chain that has come to a screeching halt. It’s an unfortunate fact that has not been reflected in the financial markets, for some reason or another, though it is being reflected in the fiscal and capital situations of the world’s governments, firms, and individuals. With cashflows going negative around the world, meaning firms are at risk of going bankrupt and millions more are at risk of losing their jobs, central banks and governments have sprung into action to provide lines of liquidity to businesses across the globe. No central bank has done this better than the Federal Reserve, the U.S. central bank, which has inflated its balance sheet by over $2.2 trillion in the past two months, a jump of over 50%. The monetary institution has done this through quantitative easing, the act of purchasing assets on the open market as a means to inject liquidity and maintain prices. This QE has resulted in an exponential explosion in the money supply, though inflation has yet to follow.

It’s Time to Pay Attention to Bitcoin: Grayscale

In a research report published on April 30th, Phil Bonello, head of Grayscale Investments’ research division, explained that this backdrop of aggressive monetary and fiscal stimulus is perfect for Bitcoin to shine: Today’s macroeconomic environment continues to reinforce that a scarce, digital, non-sovereign form of money may be an attractive place to store value and may serve as a hedge against unrestrained money printing. Bonello contrasted central banks’ QE with Bitcoin’s block reward halving, which has recently been dubbed quantitative tightening due to the fact that the event drops the issuance rate of the cryptocurrency, instead of increasing issuance as QE and extremely low interest rates do to fiat. It’s a perfect storm that could catalyze growth in BTC’s price. Indeed, Teddy Vallee — founder and CEO of Pervalle Global, a global macro hedge fund — found that Bitcoin’s logarithmic chart has a potential correlation with the total amount of assets the world’s central banks hold. Highest conviction view over the next 1-3 yrs is that CB balance sheets are going in one direction – up. Given this premise, it seems the best form of expression is via $BTCUSD. While the chart below will need to prove itself, it holds weight both empirically and intuitively. pic.twitter.com/GIjOa15hJ4 — Teddy Vallee (@TeddyVallee) April 23, 2020 It isn’t a perfect correlation, but it is clear that there is some relationship forming. Central banks printing trillions as they have pledged to over the past few weeks, the chart suggests, means Bitcoin will soon rally past its $20,000 all-time high to new heights as the cryptocurrency’s value becomes comprehended by more and more investors. As Bonello wrote to conclude his report on how the current macroeconomic outlook should impact Bitcoin: Bitcoin is showing signs of becoming a safe haven while maintaining an asymmetric return profile. And while the world is seemingly challenging every notion of what is possible, it’s time to challenge another one — that fiat currencies will retain their value. It’s time to pay attention to Bitcoin. The post It’s Time to Pay Attention to Bitcoin as Macroeconomic Crisis Worsens appeared first on Blockonomi. Original Article - Blockonomi.com Read the full article

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Digital Yuan to Fuel China’s Economic Reign – McDonald’s, Starbucks, Subway Test PBoC’s Cryptocurrency

China’s economy is the second-largest in the world and economists believe the country may someday bring a new global order and end the Western hemisphere’s financial rule. In 2020, various reports show that China’s central bank will soon release a cryptocurrency that represents a digital yuan. This week, regional reports show that 19 well known restaurants including Starbucks, Subway, and McDonald’s will be testing the bank’s virtual currency.

China’s Digital Yuan Is Becoming a Reality

Reports this week detail that the People’s Bank of China is making headway with its digital yuan testing. Rumors of China creating a digital yuan or a central bank digital currency (CBDC) have been happening since 2013. Four days ago, the PBoC confirmed the existence of a CBDC after a number of photos went viral on social media. The PBoC made a statement about the screenshots and explained that the bank was testing. “The rumored information on the internet is part of the test in our research and development process and it does not mean the digital yuan has been launched officially,” the PBoC said.

Now regional reports indicate that 19 popular restaurants and retail establishments will be testing the digital yuan. The financial news columnist noted that Tencent and Ant Financial participated as well as JD Supermarkets, Starbucks, Subway, and McDonald’s. Various Chinese lawmakers are experimenting with the test and there is testing happening in Suzhou and the country’s Xiong’An new district. In Suzhou, it is rumored that Chinese government employees may soon be paid using the PBoC’s CBDC.

Martin Jacques Novel ‘When China Rules the World’ Predicts the Rise of the East and the End of the West

With the petro-dollar on its last leg, many economists think that China will be the world’s economic superpower with very little peers. Market strategists think Russia will be involved with China’s rise as both countries have been participating in backroom deals to trade oil for other currencies and commodities. Moreover, economists believe the digital yuan will be an integral part of China’s role in developing economic superiority. British journalist and scholar Martin Jacques believes that “China’s future economic strength will heavily alter the political and cultural landscape of the future world.” The digital yuan will be called the “DC/EP” which stands for “Digital Currency Electronic Payment.”

“Today, China is the second economy in the world and the least dependent on oil prices,” explains the columnist Sergey Baloyan “While there’s no doubt that the dollar reigns supreme today, the digital yuan is China’s best chance to compete with the dollar on the global scale in the years ahead.” What do you think about China’s DC/EP? Let us know in the comments below. The post Digital Yuan to Fuel China’s Economic Reign – McDonald’s, Starbucks, Subway Test PBoC’s Cryptocurrency appeared first on Bitcoin News.Original Article - Bitcoin.com Read the full article

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Ethereum 2.0 Testnet Picks Up Steam: Vitalik Buterin Say It’s “Huge Progress”

For months, even years, members of the Ethereum community have been waiting for the 2.0 iteration of the blockchain. While the current version of Ethereum — the one that now houses 33 of the top 33 tokens in the cryptocurrency industry, as observed by Justin Drake — has been successful, the upgrade is believed to have potential. So much potential that some believe Ethereum will reach a point where no other smart contract platforms will be able to hold a candle to it. Last year, at Token2049 in March, Buterin told an audience in Hong Kong that once the upgrade is fully rolled out, Ethereum will be a “next-generation blockchain” that is hundreds of times faster and more scalable than the current iteration. And at long last, it’s finally drawing near.

Ethereum 2.0 Testnet Gets Nearly 20,000 Validators In Days’ Time

Over the past few days, blockchain development team Prysmatic Labs rolled out its latest project, the “Topaz” testnet for Ethereum 2.0 software, whose earliest phase (phase 0) has recently been audited. Topaz is now the leading testnet for Ethereum. The testnet’s launch has gone unnoticed. According to Etherscan data as of April 20th, there are already 18,667 active validators on the network, with nearly 1,000 more vying for a spot. Validators replace miners in Ethereum 2.0, and are required to stake a minimum of 32 Ether to verify transactions and receive rewards as a result. The Ethereum community has been, let’s say, over the moon about the launch of the testnet. Vitalk Buterin, the creator of Ethereum, explained that he thinks that while he doesn’t think that that the Topaz configuration is “THE Multiclient Testnet

,” he sees its launch as “huge progress” and “excellent work” by the team behind it. Mainnet-configuration eth2 testnet. Note that this is likely not quite yet "THE Multiclient Testnet

", as we are likely going to do one or two restarts soon to have more chances to test the genesis mechanism. But still, huge progress and excellent work by @prylabs https://t.co/EmUNnOoL6Q — vitalik.eth (@VitalikButerin) April 14, 2020 Others, too, have expressed their excitement, sharing images of their systems running the validator software of the Topaz testnet, with others simply remarking they’re extremely happy about this news. Should all go well, it is expected for Ethereum 2.0 to be rolled out in the coming three months or so.

Launch of Ethereum 2.0 Will Create “The Largest Economic Shift In Society”

Although Ethereum 2.0 is not even launched, analysts have already tried to speculate as to the effect of the upgrade on the price of Ether. Partner at Metacartel Ventures, Adam Cochran, came out with a 50-part Twitter thread about how a full roll-out of the upgrade could dramatically increase Ether’s price. Although a long-winded answer, to say the least, his Ethereum bull case boiled down to four core ideas: Ethereum validators to cause a supply shock: With the introduction of validators, many investors will rush to buy 32 Ether to stake their assets to earn a return on their holdings. Cochran estimated that 10 to 30 million Ether could be taken off the open market, resulting in a dramatic supply shock. Retail investors will flood into the market: Due to this supply shock, retail investors, which are what primarily drove up the crypto market in 2017, are likely to start investing as well, creating an even greater supply shock. Fundamental demand for Ether will increase: To add to this, due to the fundamental improvements that Ethereum 2.0 will roll out, Cochran expects the market to start to scoop up lots of Ether for fundamental reasons, like to work with contracts, to use in decentralized finance, etc. Ether could be burned: Finally, there’s a proposal that Ether should be burned when transactions take place, which would only exacerbate the supply-demand dynamics in favor of bulls. All these trends working in tandem will result in the “blue diamond going up,” as Cochran fittingly put it, referencing the Bitcoin community’s joke of “orange coin goes up.” 1/50 ETH 2.0 is only a few months away, and could prove to be the largest economic shift in society for a few key reasons. Here is my 7 economic cases for how ETH will preform with the ETH 2.0 rollout. pic.twitter.com/fxIqu07xAb — Adam Cochran (@AdamScochran) April 17, 2020 The post Ethereum 2.0 Testnet Picks Up Steam: Vitalik Buterin Say It’s “Huge Progress” appeared first on Blockonomi.Original Article - Blockonomi.com Read the full article

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Data Suggests Some Americans May Be Buying Crypto With Stimulus Check

A chart published by Brian Armstrong, CEO of United States crypto exchange, Coinbase, suggests that a small portion of the American population may be using their coronavirus stimulus checks to purchase cryptocurrency.A tweet, published by Armstrong on April 17, shows that the percentage of deposits and buys worth $1,200 — the exact value of the stimulus check — recently increased over four times. While the tweet does not explicitly state so, Armstrong’s position at Coinbase may suggest that this is the exchange where the data comes from.Percentage of buys and deposits worth $1,200 each day. Source: TwitterCoinbase did not answer Cointelegraph's request for more information by press time.

Financial aid for a pandemic-struck economy

The upsurge in the amount of $1,200 deposits and buys coincides with when residents began receiving stimulus checks, making the stimulus appear to be the most likely source of those funds. The stimulus checks are meant to ease the economic hardship suffered by many U.S. residents who lost their jobs or are seeing much lower income amid the pandemic. Many production activities, especially customer-facing social activities such as restaurants or cinemas, closed worldwide to help stop the spread of the coronavirus. These closures have left many without a source of income. As the Washington Post recently reported, even low-income Americans who do not file tax returns have the right to receive the package. Parents are entitled to an additional $500 per child.As Cointelegraph previously reported, the demand for the stimulus checks is so great that the servers of some banks were unable to manage the request and failed to work properly. About 80 million U.S. residents have access to aid.Wayne Chen — CEO of Interlapse and founder of virtual currency platform Coincurve — recently told Cointelegraph that the stimulus package may push the Bitcoin (BTC) market upwards.Original Article - CoinTelegraph.com Read the full article

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Bitcoin Price Fighting to Close Week Above Key $7,200 Resistance Level

On Saturday Bitcoin (BTC) price punched a hole through the $7,200 resistance, rallying all the way to $7,293 to briefly escape the resistance cluster the price has been trapped within since April 6. As the Bitcoin price surged on Saturday, altcoins also added commendable gains. Ether (ETH) rallied to $189.60 before pulling back to trade at $182.50. Chainlink (LINK) pushed to $3.82 and at the time of writing trades for $3.70 while Tezos (XTZ) surged to 12% to $2.37 before dropping to $2.23 in the last hour. The overall cryptocurrency market cap now stands at $208.4 billion and Bitcoin’s dominance rate is 63.4%. Crypto market daily performance. Source: Coin360Bullish traders are now focused on pushing the price above the $7,258 resistance in order to target $8,000. $7,400 is the next important level and as shown by the volume profile visible range, above $7,433 there is a volume gap to $8,550 but as discussed in a previous analysis, the 100 and 200-day moving averages (both closely near the 61.8 Fibonacci retracement level) have been forecast as levels of resistance.

BTC USDT daily chart. Source: TradingViewFor weeks now, traders on crypto Twitter have expressed their desire to open short positions from $8,000-$8,500 but only time will tell as Bitcoin has an uncanny tendency to chart its own path against the groupthink of many traders. Some traders, such as Cointelegraph contributor Michaël van de Poppe, have even suggested that this weekend’s exciting price action is nothing more than a bull trap. Van de Poppe points out that the price is currently battling to overcome the zone surrounding the yearly open. He also concedes that a move about this level strengthens the possibility of the price rallying to $8,000 the trader also reminds crypto investors that: “Traders should also take into account that movements during the weekends are usually a lower volume and often “traps.” These are movements in one direction to take liquidity (which is lower during the weekend), which immediately reverse the other way around.”

BTC USDT 4-hour chart. Source: TradingViewWhile the price was successful in closing above $7,200, the weekly close approaches and a series of rejections at $7,253 could lead to the price pulling back below $7,000. In the event of a reversal, Bitcoin has soft support at $7,121 and below this level at $6,850-$6600, and $6,400-$6,300. Going off the long-term descending trendline from the Feb. 13 high at $10,508, the $6,900-$6,750 area is especially important as a close below the trendline $6,715 would suggest that bears are on the verge of pulling off a trend change. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Original Article - CoinTelegraph.com Read the full article

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Here’s How the Fed Could Push Bitcoin Towards All-Time Highs in 2021

The U.S. Federal Reserve could be the surprising suspect that gives Bitcoin a serious price boost in the months and years ahead. Although the central bank may not directly help the benchmark cryptocurrency, their actions to save the U.S. equities market from seeing a full meltdown appear to be working, leading some analysts to note that a rebound to fresh highs could come as soon as 2021. If the benchmark indices do recapture their previously established all-time highs next year, this would be a highly bullish occurrence for Bitcoin due to its firm status as a risk-on asset. U.S. Equities Market Shows Subtle Signs of Strength Despite Economic Turbulence The stock market is holding up fairly well – considering that the Coronavirus pandemic has brought the global economy to a virtual standstill. Currently, the S&P 500 is trading down just under 12% from where it began the year, with it posting a notable 10% rebound throughout the past month. The S&P 500’s strength is emblematic of that of the entire market and has even led smaller outlier markets like crypto to rebound as well, with Bitcoin climbing from its mid-March lows of $3,800 to highs of $7,500. Amazon – one of the largest companies in the world – has even been able to rally to fresh all-time highs today. This performance in the face of unprecedented unemployment has shocked some investors, but one economist noted in a recent tweet that it is important to separate unemployment – which marks a single point in time – from the financial markets, which attempt to price in present and future events. “Unemployment numbers describe a single point in time, while financial markets are discounting mechanisms that attempt to price in *present and future events*. Unemployment numbers are data, while prices are driven by emotions, perceptions and other variables,” he explained. Bitcoin Could be Boosted by Fed’s Attempts to Bolster Markets This strength may also stem in part from the massive liquidity injections the Fed has undertaken to boost the economy. These actions have led one popular analyst to note that the stock market could set fresh all-time highs as soon as 2021. “I would be surprised at this point, given all the FED is doing, if we break market structure majorly again. Do I think we V shape? No, but my thoughts don’t move markets. I think we are looking at something more like this with new ATH in 2021,” he said while pointing to the below chart. Image Courtesy of Cantering Clark This possibility – should it play out – would be highly bullish for Bitcoin, as the crypto has established a striking correlation to the traditional markets throughout the past couple of months. Featured image from Unsplash.Original Article - Bitcoinist.com Read the full article

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Why Searches for “Bitcoin Halving” Setting a New High Could Boost Prices

One of the most important crypto events of the year, the 2020 Bitcoin block reward halving, is rapidly approaching. Estimates derived from blockchain data, in fact, suggest that the key occurrence will come to pass in just under 30 days — a month. With this, the number of BTC coins issued per block will be sliced in half — hence the moniker of “halving” — resulting in an instant 50% drop in the inflation rate of the leading cryptocurrency. The imminent arrival of the halving hasn’t gone unnoticed, with data from Google Trends indicating that interest in the term “Bitcoin halving” is shooting to fresh all-time highs. Bitcoin Halving Hype is Hitting All-Time Highs According to Google Trends data as of April 14th, American Google users last month searched the term “Bitcoin halving” more than ever before as the event nears, presumably to find out more about the event. Google projects that the upcoming month will see demand for the search term double from the current numbers. The data for global Google users shows a similar trend, with it also indicating that interest in “Bitcoin halving” is about to hit an all-time high. Google Trends finds interest in a term by scoring search volumes of said term on a scale from zero to 100, with 100 being the highest amount of interest in a term for the given region and time span. Thus, the chart above indicates that there is now three times more demand for the term “Bitcoin halving” then there was in 2016. As a note, the interest in the term “halving” has also experienced a similar interest, but as this a normal word in the public’s vernacular, it doesn’t lend its hand to data around the Bitcoin halving as well. How It Could Boost the Crypto Market Although the correlation has been muddied by the “Black Thursday” crash seen in March, there has been a slight correlation between the performance of Bitcoin and Google Trends’ score for the term. Namely, interest in the term began to rally on the week of December 8th, when BTC was bottoming at $6,400, then found a local top on the week of February 15, very close to the $10,500 top. Furthermore, since the “Black Thursday” crash on March 12th, interest in the halving has doubled, which has coincided with a 100% rally in the price of Bitcoin and other cryptocurrencies. Below is a chart that displays this potential correlation, with the red dots indicating bottoms in the price of Bitcoin. Interest in the event continuing to grow, coupled with the persistence of this correlation, would indicate Bitcoin is ready to rally even higher over the next couple of weeks. Furthermore, the halving is unexpected to boost Bitcoin’s value proposition from a fundamental standpoint, with the econometric model from crypto analyst PlanB indicating that the fair value of BTC will rise to $50,000 to $100,000 after the event. Featured Image from Pexels.comOriginal Article - Bitcoinist.com Read the full article

[cryptocoingrowth]

Binance Coin (BNB) Monthly Gain Exceeds 151% as Cartesi IEO Approaches

Market Analysis Since dropping to a 2020 low at $6.34 on March 13, Binance Coin (BNB) has been on an absolute tear, gaining 151.48% to reach a 4-week high at $15.93. Unlike Chainlink (LINK), the recovery has been slow and steady as BNB flipped systematically flipped multiple resistance levels to support. Aside from the strong oversold bounce that saw many cryptocurrencies snatch back the majority of their March 13 losses, news that Binance exchange will host an IEO for Cartesi starting April 21 could be partially responsible for the most recent leg of the pump to $15.93. Many Binance IEOs require investors to use BNB to participate so this along with the hype building up around the event could be fueling BNB purchases.

Crypto market daily performance. Source: Coin360On the daily timeframe, one can see that the current progression took place on multiple days of strong buy volume. Currently the relative strength index is at 60, projecting higher into bullish territory, and the Chaikin Money Flow shows buyers remain interested in BNB.

BNB USDT daily chart. Source: TradingViewThe price found resistance at the 61.8% Fibonacci retracement level ($15.87) which is to be expected after such an impressive run but there is also support at $15.33 where there is a high volume VPVR node. Below this level there is also support at $15 and if a deeper pullback ensued traders will look to $14.06, a point which is aligned with the 50% Fibonacci retracement level. A drop below the 50% Fib level would also break through the rising wedge support but the VPVR shows buying interest at $12.23. One could also argue that on the daily timeframe BNB is trading within a rising wedge with a target at $19.45 and $22. Given that the 61.8% Fib level is acting as resistance, a likely short-term scenario is a retest of $14.50, followed by a successful push above $15.87 (61.8%) to $17.22 then a breakout to the targets mentioned earlier. Basically, all the supports are lined up with the Fib levels so traders should mind trading volume and the pattern of higher lows.

BNB/BTC

BTC BTC daily chart. Source: TradingViewIn its Bitcoin (BTC) pair, BNB has rallied 35.88% off its March 13 bottom at 0.0016671 Satoshis and currently the set up looks appetizing. After reaching a 4-week high at 0.0023029 sats BNB pulled back to the 61.8% Fib level at 0.0022557 sats, but surging buy volume suggests bulls have little intention of slowing down. The daily timeframe shows a strong surge in momentum on the MACD histogram and the relative strength index is steadily pushing above 70. Should BNB price push above 0.0023289 sats then 0.0026273 sats is the next target.

BTC BTC 4-hour chart. Source: TradingViewWhile the BNB/BTC pair looks tasty on the daily timeframe, there are a few notes of caution presented by the 4-hour chart. Should BNB lose the 61.8% Fib level as support and fall below 0.0022328 sats, there is a volume gap on the VPVR from 0.0022328 sats to 0.0020809 sats a 6.63% drop. Given that the 4-hour RSI is overbought and the MACD is at its highest level since February, a pullback to the 50% Fib level and possibly the 0.0020642 sats support at the ascending trendline could occur over the short term. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Original Article - CoinTelegraph.com Read the full article

[cryptocoingrowth]

Chinese City Signs Deal With Huawei to Strengthen Blockchain Adoption

News The government of the Nanshan District of Shenzhen, China has announced an agreement with the multinational telecommunications and consumer electronics giant Huawei to boost the adoption of blockchain, among other technologies, in the region.According to an April 13 report from local newspaper The Global Times, the Nanshan government and Huawei will work together to establish the Kunpeng industrial demonstration zone, to accelerate the application of blockchain, artificial intelligence, big data and 5G.Both parties agree that the move should turn the city into a model zone for the chip industry and other cutting-edge technologies.

Shenzhen as a pivotal city for China’s blockchain development

The announcement of the strengthening of Shenzhen as a blockchain-friendly city in the country, considered as the commercial connection point between Hong Kong and China, realizes the importance it has for the national government in the development of such technology.As Cointelegraph reported last year, Huawei signed a strategic cooperation agreement with the People's Bank of China (PBoC). Although limited details were made public, the telecommunications giant has been developing measures to strengthen the adoption of blockchain in the country.In April 2018, Huawei launched its Hyperledger-based blockchain-as-a-service platform, Blockchain Service.

Chinese government and Huawei partnerships in the past

Also, the PBoC announced in September that it had started testing its digital currency in Shenzhen, in conjunction with Huawei and some of the biggest commercial banks in China.As of press time, Huawei has not released a statement formalizing the announcement of the agreement with the Nanshan government of Shenzhen, nor has it issued additional comments on the matter.Original Article - CoinTelegraph.com Read the full article

[cryptocoingrowth]

Ethereum at Risk or Losing Macro Uptrend Following Dire Price Decline

Ethereum has seen some notable overnight losses that have slightly outpaced those posted by Bitcoin and many other major altcoins, with ETH erasing a portion of the gains that were incurred as a result of its recent rally. This downturn has led the crypto to decline beneath a key bullish trendline that had been previously supporting its price action, with this potentially proving to be a dire sign of what’s to come next. This also comes as multiple traders note that they are targeting further short-term downside for the cryptocurrency. Ethereum Reels Towards $150 as Analysts Flip Short At the time of writing, Ethereum is trading down over 4% at its current price of $153, which marks a notable decline from daily highs of $165 that were set at the peak of the crypto’s rebound seen yesterday afternoon. This rally came about in tandem with that seen by Bitcoin and proved to be highly fleeting, with ETH and most other cryptocurrencies plummeting after BTC faced a strong rejection at $7,200. Over a one-week period, Ethereum is trading down from highs of $175, and just set fresh lows at $152 earlier this morning. Prior to today’s drop, the crypto had found significant support at $155, although bull’s inability to hold it above this level seems to point to some underlying weakness amongst buyers. This has led one popular pseudonymous trader on Twitter to note that he is currently shorting the second largest cryptocurrency, with a near-term downside target set at $145. Image Courtesy of Calmly It is highly probable that Ethereum will continue closely tracking Bitcoin in the hours and days ahead, which means that this potential drop could hinge on BTC breaking below the support it is currently finding around $6,600. ETH Breaks Below Key Ascending Trendline One grim byproduct of this recent selloff is that Ethereum has declined beneath a critical ascending trendline that had been guiding it higher in the time following its capitulatory plunge to the sub-$100 region on March 12th. Another popular trader on Twitter spoke about this trendline in a recent tweet, offering a chart showing that a sustained bout of trading below this level could lead it to drop another 10% before it finds some slight support. “We might need a pump here to reclaim uptrend – would be a pity to retrace 10% to retest support,” he noted. Image Courtesy of Teddy This 10% near-term downside target highlighted on the above chart coincides closely with the target offered by the first aforementioned trader, indicating that a movement to this level could be imminent in the days and weeks ahead. Featured image from Unsplash.Original Article - Bitcoinist.com Read the full article