Říj 13

Sunday Digest: Bitcoin Price Consolidation, And The SEC Spoils The Party

Japan was hit by Typhoon Hagibis this weekend, causing devastation and affecting both the Japanese Grand Prix and Rugby World Cup. So what has been causing devastation and affecting bitcoin and cryptocurrency markets for the past week?


Bitcoin Price: Consolidation Station

So it seems we are back in a consolidation phase, albeit around the lower underlying price point of $8k.

Monday saw a dip down to $7,800, prompting some to herald the long-awaited return of an alt season that some think will never come.

Bitcoin price bounced back up to $8200 on Tuesday, but a whale move of 13,180 BTC on Wednesday sparked fears of another dump.

That dump never materialized, with the price actually pushing higher towards $8600. Although, perhaps a “terminal shakeout”, is what the market really needed to spur another bull-run, suggested one analyst.

Fundstrat’s Tom Lee felt that the next breakout was more reliant on a positive move from the S&P500, however.

Whatever will spur the next breakout, didn’t come this week, as price slipped gradually back to the $8300 level.

Bitcoin Network: Evolution Vs Revolution

The Bitcoin network isn’t perfect (there, I said it). If it was then there would have been no need for the flood of ‘improved’ altcoin clones which we see today. However, there are some interesting updates in the pipeline, including the Schnorr and Taproot soft-fork.

This aims to improve scalability and fungibility, amongst several other updates. So is this going to deal with all of the legacy ‘issues’ with bitcoin scalability and spur a new wave of fans getting on board?

Not according to BitMEX, which doesn’t see network improvements or second-layer solutions like Lightning Network as a magic button with immediate effects. Instead, it says, Bitcoin may slowly improve over the years, rather than gain the sudden technological jump that users want.

Meanwhile, Ethereum’s upcoming upgrade to ETH2.0 has been labeled a “scam” by critics over claims of scalability. But then, by now we all realize that in the crypto-world, haters gonna hate harder.

One DEX Opens, Another One Closes

On Monday, John McAfee launched his Twitter-teased KYC-free decentralized exchange (DEX), McAfeedex. Initially only allowing listings of Ethereum-based coins, it did have the benefit of those listings being completely fee-free.

Then on Tuesday, Aphelion closed down its DEX platform making the native APH token worthless. It is not believed that this was due to the launch of McAfeedex, rather the relative lack of interest in DEX solutions currently.

News In Brief

Binance quietly added WeChat and Alipay onramps to its P2P trading solution for the Chinese market. This move was so quiet however, the WeChat and Alipay weren’t aware of it, and nixed the whole thing as soon as they found out.

Bakkt futures products have been gaining momentum after a slow start, while Grayscale is trying to tempt high-flyers with zero premium on GBTC.

Ripple announced an updated release schedule regarding the 55 billion XRP it holds in escrow. According to the new list, Ripple will be flooding the market with its personal stash for the next 18 years.

Meanwhile, Ripple CEO, Brad Garlinghouse threw shade at Facebook’s Libra, claiming it would not launch in the next three years. At the same time, he made a flawed analogy between XRP and oil, in an attempt to defend against accusations that Ripple sold XRP as an unregistered security.

In more bad news for Libra, Visa, Mastercard, and Stripe followed PayPal out of the Libra Association, following strong warnings from US Senators.

The ‘widow’ of QuadrigaCX CEO, Gerald Cotten, will allegedly handover assets of the exchange still in her possession, along with her husband’s entire estate, and a vast majority of her personal assets, to liquidators for the compensation of the exchange’s customers.

UNICEF is accepting funds in Ether and BTC, and in a surprising move, will not convert these funds into fiat, but distribute and use them in original form.

Ether was ruled to be a commodity by the CFTC, paving the way for ETH derivatives markets.

And Finally…

The SEC was due to give Bitwise Investments a decision on its application for approval for a Bitcoin-ETF by today. On Tuesday, Managing Director, Matt Hougan, said the company was optimistic about approval being given.

Hougan didn’t have to wait until today to find out, as the SEC gave its final decision before the final deadline. Unfortunately, it was bad news for anyone hoping to finally see a regulated Bitcoin-ETF.

The SEC also managed to put the kibosh on Telegram’s planned $1.7 billion planned ICO, at least for the time-being.

What do you make of this week’s bitcoin and crypto news? Let us know your thoughts in the comment section below!


Image via Shutterstock

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Říj 12

Fed’s Hidden QE Becomes Norm; Bitcoin to the Rescue

Yesterday, the Federal Reserve (Fed) said it would restart buying bonds in the open market. Also, it will continue its overnight funding operations until January of next year.


Fed’s Cash Injection Is Already Routine

For the Fed, pouring cash into the markets is already routine. It seems that policymakers are trying to convince the public that there is nothing wrong with their easing measures. However, what we get is cheaper money that devalues at an even faster paste.

Last month, the M2 monetary supply exceeded the $15 trillion mark.

Elsewhere, the M1 money supply – a narrower definition of money that includes its most liquid form – is about to touch the $4 trillion mark soon.

For former congressman Ron Paul, the Fed’s intervention in the market is a form of monetary socialism, as the central bank is trying to plan the value of money through manipulations rather than letting the markets decide it.

On Friday, the Fed announced it would start purchasing about $60 billion in Treasury bonds every month until at least the second quarter of 2020. Also, it will extend the repo operations from the end of November to at least the end of next January. The Fed explained:

“These actions are purely technical measures to support the effective implementation of the FOMC’s monetary policy, and do not represent a change in the stance of monetary policy.”

Bitcoin Is Among Ideal Assets to Preserve Value

The Fed is trying to convince the public that we shouldn’t call its measures quantitative easing and that its last steps are not even part of monetary policy. For the central bank, buying bonds and injecting cash into the repo market are necessary measures to protect the economy and mitigate potential risks, especially amid the Sino-US trade war.

Dallas Fed President Robert Kaplan told the media:

“It is not intended to create more accommodation or create more stimulus. This is not intended to have any impact on monetary policy. It’s not designed that way.”

However, economists argue that this is the purest form of QE and should be treated as such. Usually, QE is the result of a crisis but it seems the Fed doesn’t want the public to realize there is a problem with the economy.

Nevertheless, the figures are insane. On Thursday, the New York Fed added $88.1 billion through the repo market, and another $82.7 billion on Friday.

While the Fed is experimenting, Bitcoin remains an ideal asset to preserve value and stay away from a devaluing currency.

Do you think the Fed is doing too much? Share your thoughts in the comments section!


Images via Bitcoinist Media Library, Fed, CNBC TV

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Říj 11

Bitcoin Miners Drove Price Volatility In 2018 Bear Market, Says New Data

Bitcoin miners are behind spikes in price volatility which saw the largest cryptocurrency hit $3100 in 2018, new data suggests.


Miner Sell-Offs Preceded BTC Price Floor

In fresh analysis uploaded to social media on October 11, on-chain intelligence resource Token Analyst revealed miners selling coins directly influenced the Bitcoin price.

Specifically, large sell-offs coincided with BTC/USD dropping to $3100 late last year. Large chunks of coins moved to exchanges in June and August, which “drove the price down even further.”

“We see miners taking advantage of volatility by sitting on their mined stash and then selling aroung (sic) large price swings,” Token Analyst summarized.

Bitcoin mining chart

Bitcoin mining chart

The data followed up on previous findings by Decentral Park senior research analyst Elias Simos, who in August tracked to which Bitcoin mining rewards went over time. Before the 2016 block reward halving, more independent miners shared the coins.

“70% of the reward went to non-mining pool affiliated entities, in the beginning. This figure is now at ~25%,” Simos found. He described the current mining period as the “professional era.”

Miners And Price Control

Token Analyst’s data adds fuel to mounting theories about the overall role miners play in dictating the Bitcoin price. 

As Bitcoinist reported, well-known commentators are also increasingly aware of the phenomenon. Chief among them is PlanB, whose stock-to-flow Bitcoin price model has demonstrated the importance of miner participation. 

Another well-known hypothesis, championed by Bitcoinist contributor Filb Filb, Cole Garner and others, revolves around miners sustaining minimum BTC prices.

This week, Garner referenced Bitcoin creator Satoshi Nakamoto in endorsing the concept. In 2010, Nakamoto had claimed the price of a commodity “tends to gravitate toward the production cost.” 

“If the price is below cost, then production slows down. If the price is above cost, profit can be made by generating and selling more,” he added.

As such, it is unlikely that miners will sell at levels below around $6400 under current conditions, leading to the conclusion the figure represents a new price floor for Bitcoin. 

For everyone, the next block size halving in May 2020 represents a key moment. As with 2016, overall momentum should start to build for new price highs after the block reward drops to 6.25 BTC per block.

What do you think about Token Analyst’s data? Let us know in the comments below!


Images via Shutterstock, chart by thetokenanalyst

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Říj 10

Skew and CryptoGarage Settle S&P 500 Derivatives on Bitcoin Blockchain

Wall Street is trying to tame Bitcoin (BTC), but two crypto startups are using the Bitcoin blockchain to take on Wall Street.


Settlement Takes Days and Relies on Traditional Intermediaries

Startups skew. and CryptoGarage announced a successful test for settling an S&P 500 derivative over the Bitcoin blockchain, in a transaction completed between September 6 and September 20. The two startups believe blockchain holds the answer for faster, secure settlement, which is otherwise an expensive process run by intermediaries.

The two parties entered a derivative spread contract, then settled it as it expired, using oracle data from ICE Data Services.

Emmanuel Goh, CEO of skew, said,

With its hashrate making regularly new all-time highs this year, the Bitcoin blockchain is arguably the most secure distributed ledger globally — it is the ideal candidate for becoming the settlement ledger of global financial transactions,

Goh joined the crypto space after working as a derivatives trader for J.P. Morgan, hence the idea to handle a known area with novel technology.

Bitcoin Network Safer than Ethereum with Sky-High Hashrate

CryptoGarage, a Japanese startup, took the challenge of turning the investment product into a smart contract running on Bitcoin. The greater security of the network with the highest hashrate made the two companies choose Bitcoin over the Ethereum (ETH) network.

What is even more curious, the S&P 500 derivative was originally denominated in USD. But the contract was settled in BTC, turning the transaction into a so-called quanto option. The two startups believe the use case for the Bitcoin network can open the network to settle contracts that total $400 billion per year, and currently use traditional settlement tools.

The companies warn that the transaction was done solely as a proof of concept, and for now do not intend to offer a settlement or other financial services.

The Bitcoin network poses a challenge for building smart contracts, as it does not offer the Turing-complete solution of Ethereum. However, Ethereum faces significant setbacks to smart contracts, including unpredictable gas fees. The other problem is the ubiquity of smart contracts, which often suffer from logic flaws and facilitate hacks and exploits.

Blockchain has always been offered as a solution to settle transactions in traditional securities. But so far, there is no test on how the system would behave under a greater load. The Bitcoin network is extremely secure when it comes to attempts to change the record. Over the past few days, mining reached peaks above 102 quintillion hashes per second, thus making any transaction very expensive to reverse.

What do you think about using the Bitcoin network for derivative settlement? Share your thoughts in the comments section below!


Images via Shutterstock

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Říj 09

Ethereum 2.0 Critics Call The Entire Network “a Scam”

While the deadline for the gradual launch of Ethereum 2.0 is just around the corner, critics express concerns over potential risks and even call Ethereum a scam.


Skeptics Feel Misled Over Network’s Scalability

Ethereum started as an ambitious idea of a global platform to host decentralized applications (Dapps) and smart contracts. While there are many projects and Dapps on Ethereum, the network might not be capable of supporting potential mainstream Dapps with millions of users.

For example, when the blockchain game CryptoKitties reached its culmination, the transaction fees on Ethereum rose to 0.02 ETH, or $20. Besides the increasing fees, there are concerns that the network wouldn’t provide the same performance during mass adoption of Dapps.

In other words, there is a scalability issue with Ethereum that has to be addressed, and this is exactly what the network’s development team wants to do by switching to Ethereum 2.0 through iteration.

But wait a minute – hasn’t Ethereum been advertised as a scalable blockchain network right from the beginning? This is the critics’ main concern, especially for those from the “Bitcoin” side. Bitcoin core developer Peter Todd went as far as to say that Ethereum has always been a scam.

Todd continued.

The most common type of scam in the crypto space has been claiming that things scale when they don’t, and that things are trustless when they aren’t. ETH 1.0 has done both types of scam. They’re the hardest challenges; fertile ground for lying

His comments attracted supportive remarks from Gabor Gurbacs, digital asset strategist at investment manager VanEck:

For Ethereum Supporters, Iteration is Inherent

On the other side of the line, Ethereum developers and supporters don’t see anything wrong with upgrading to another blockchain. They regard iteration as a natural process that should solve the challenges of the first version of the network. Even those who understood right from the beginning that Ethereum wasn’t scalable don’t consider these marketing statements as false.

Ethereum co-founder Vitalik Buterin claims he has been talking about advancing to a more capable network since 2014.

He added:

You can literally find speeches I made every year since 2014 ranting about how all existing blockchains are inadequate and we need to make them better. And somehow this gets spun as ‘we were making a platform we knew was doomed from the start’

When responding to Dapp developers who expressed concerns of developing on a platform that is about to be depreciated, Buterin tweeted:

All in all, the debate is really fierce, and no-one seems to be backing off.

Do you think Ethereum is a scam? Share your thoughts in the comments section!


Images via Shutterstock, Twitter @VitalikButerin @Peterktodd @Gaborgurbacs

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Říj 08

Bitcoin is Still Best-Performing Asset YTD Despite Bearish Q3

Summing up the returns as at the end of the third quarter, Bitcoin is the best-performing asset year-to-date despite the September crash.


Bitcoin is the Indisputable Winner

On January 1, the oldest cryptocurrency out there started at $3,746, according to Coinmarketcap data. At the time of writing, Bitcoin is trading at around $8,204 as at 01:34 PM UTC. This suggests a 119% year-to-date gain, which makes BTC the best performing asset so far.

The chances are that the cryptocurrency will keep this label till the end of the year.

Bitcoin almost touched the $14,000 level at the end of June. However, the digital currency left the YTD peak to form a descending triangle that was finally broken below in September. In fact, last month Bitcoin had its worst four-weeks since November 2018 and one of its worst quarters ever in terms of percentage performance. Despite that, the king of crypto continues to dominate the space and show higher returns than traded companies, commodities, and other assets.

Interestingly, Bitcoin is still the first violin of the crypto space as the long-awaiting altcoin season hasn’t really started yet.

Major Assets Are Not Even Close

So how does BTC compare to other assets? Well, if you check gold, an asset that shares some similarities with Bitcoin in terms of scarcity and use, you’ll see that it displays a 16% YTD return. The commodity has benefited from the Sino-US trade conflict, Brexit uncertainty, and geopolitical tensions.

Elsewhere, Nickel is the best performer among commodities, gaining over 63% since January 1.

The S&P 500 index has increased by more than 20% since the start of the year. This is an excellent result for the US stock market index, which updated the record high several times but it’s still not enough to compete with Bitcoin. Here is how the cryptocurrency compares to S&P 500, NASDAQ, oil, and gold:

Bitcoin trading chart

BTC’s performance and volatility level prove that it doesn’t correlate with traditional assets, which makes it a great diversification option.

While Bitcoin has shown the best results among major assets, there are some high-risk assets with better returns, such as lesser-known tokens or penny stocks.

Do you think Bitcoin will be the best performing asset in 2020 as well? Share your thoughts in the comments section!


Images via Shutterstock, BTC/USD chart by TradingView

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Říj 07

Twitter Mentions of Bitcoin SV Down 87% Since May Highs

Bitcoin SV, an offshoot blockchain project that self-proclaimed bitcoin inventor Craig Wright supports, is losing touch with its core audience on Twitter. 


Cryptocurrency researchers at the TIE found that Bitcoin SV lately suffered one of its worst ‘Twitter-mentions’ deficit. Tweet volumes on the project dropped by a sheer 87 percent since its May highs, marking an all-time low. The move downhill reflected that social media users are quietly losing interest in Bitcoin SV, which is further visible in the price performance of the project’s native asset, the BSV.

bitcoin sv, bsv price

Bitcoin SV dwindles sharply against the US dollar and Bitcoin | Image credits: TradingView.com

The ninth-largest cryptocurrency by market capitalization slipped by more than 75 percent against the US dollar between June 22 and September 25. Its performance against the benchmark cryptocurrency bitcoin was similar. The BSV/BTC instrument, within the same period, plunged by 76 percent, showing that traders parked their BSV capital to other cryptos and fiat currencies.

What Drove Bitcoin SV Followers/Traders Away?

At the core of Bitcoin SV’s surplus losses is its founder Wright. The self-proclaimed Satoshi Nakamoto lost credibility before its hardcore followers after a Florida court judge savaged him for repeatedly lying under oath.

Judge Bruce Reinhart, who was hearing a case against Wright’s alleged involvement in cheating his deceased partner Dave Kleiman, noted that the Bitcoin SV founder forged documents to steal multimillion dollars worth of bitcoin. He ordered Wright to handle back all the bitcoin, which many believed were mined during the early years of the cryptocurrency, to Dave’s brother Ira Kleiman. A defensive Wright responded that he couldn’t produce bitcoin without Dave’s signatures, clarifying that they remain locked inside a so-called Tulip Trust.

The same bitcoin could prove that Wright is the true inventor of bitcoin.

“Dr. Wright’s demeanor did not impress me as someone who was telling the truth,” Judge Reinhart wrote. “I completely reject Dr. Wright’s testimony about the alleged Tulip Trust, the alleged encrypted file, and his alleged inability to identify his bitcoin holdings […] Dr. Wright’s story not only was not supported by other evidence in the record, it defies common sense and real-life experience.”

Bitcoin SV’s followers supported the project because of the weight Wright – which they believed was the real Satoshi Nakamoto – put behind it. Kleiman’s case against Wright damaged the latter’s reputation, which could have been instrumental in driving its core users away.

What do you think about Bitcoin SV’s diminishing social media popularity? Let us know in the comments below!  


Images via Shutterstock, BSV/USD charts by TradingView, Twitter: @TheTIO

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Říj 06

Bitcoin (BTC) Supply Could ‘Expand Over 21 Million’

The Bitcoin (BTC) maximum supply is capped at 21 million coins, of which more than 18 million are already mined. But the actual supply of coins within the economy may be higher, due to various forms of fractional reserves practices.


Bitcoin Holders May be Tempted to Fractional Reserve Practices

Eric Wall, a cryptocurrency expert, warns that there is nothing to stop bitcoin owners from effectively expanding the supply. This could happen in the manner of banks, which hold onto a portfolio of assets, but can also lend them without losing control.

Wall believes BTC usage may adopt a broad money supply, which is similar to a mix between the activity of central and commercial banks.

Currently, most bitcoin adopters tend to hold coins in their own wallets. But custodial services for crypto assets are expanding. Coinbase already offers multiple custodial wallets. The Bakkt Bitcoin futures exchange also bases its trading on holding BTC on behalf of its clients. Wall warns that this is the first stage of using IOUs instead of BTC directly.

Such usage of bitcoin is comparable to promissory banknotes issued in exchange for actual gold stored in a bank vault. However, proponents of sound money believe that any form of fractional reserve banking would defeat the original purpose of BTC – to allow anyone to control their own wealth.

Exchanges are perhaps the best candidates to inflate the actual BTC supply, social media comments echoed the initial argument. Currently, market operators claim to preserve bitcoin in their custodial cold wallets, while issuing a database entry to traders. Adding lending and margin trading, exchanges manage to increase the impact of the BTC and coins held in custody.

Real, Accessible BTC Are Actually More Scarce

Exchanges trade about 1.5 million BTC each day, representing a small part of the supply. OTC deals are harder to estimate. The bitcoin network carries between $4 billion and $300 million of transactional value per day, still a fraction of the total BTC market cap of $144 billion.

At the same time, the supply of reachable, actual BTC coins, is somewhat diminished. Some of the coins that have never been moved belong to the initial blocks presumed to be mined by Satoshi Nakamoto. Some coins are locked beyond retrieval due to private key losses. Some coins have been seized by states and law enforcement agencies. Newly minted bitcoins may also be held back by miners, to be sold on a specialized OTC market for new coins.

Rough estimates show that 30-50% of bitcoins may be out of circulation for some reason. So far, no one has tried to use the locked coins or claim ownership and issue IOUs. The only exception is Craig Wright, who claims to own the initial Satoshi Nakamoto stash, only without being capable of unlocking the coins himself.

What do you think of the potential for BTC to inflate its supply? Share your thoughts in the comments section below!


Images via Bitcoinist Image Library, Twitter: @ercwl

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Říj 05

Coincheck Rolls Out Bitcoin (BTC) Payment for Gas

Tokyo-based crypto exchange Coincheck has launched a program that will allow users to pay for gas using bitcoin (BTC).


Coincheck Debuts Bitcoin Rebate Promo

The Japanese crypto trading giant announced the move in a press statement issued on Friday (October 4, 2019). The program is a result of a partnership between Coincheck and a couple of gas companies in Tokyo.

Dubbed “Coincheck Gas,” users of the platform can pay their domestic gas bills in bitcoin. According to the press release, BTC payments for gas under the program will attract a 3% discount.

Also, the company says it will gift users 3% of their monthly gas bills in bitcoin sent to their Coincheck wallets. Coincheck Gas is a follow-up to “Coincheck Electricity” which the company rolled out back in 2016.

These services are part of efforts by Monex — Coincheck’s parent company to boost mainstream BTC adoption. The company also has other programs that allow customers to swap loyalty points for cryptocurrencies such as bitcoin.

Monex has also extended its bitcoin utilization drive to shareholders. As previously reported by Bitcoinist, the company says it will award BTC to its shareholders who own more than 100 shares and has a Coincheck wallet.

Monex acquired Coincheck back in 2017 after the exchange suffered a massive crypto heist. The hack saw the platform lose more than $500 million in NEM tokens.

Crypto Rebates Can Boost Adoption

Coincheck is the latest company to roll out a bitcoin rewards program as crypto rebates begin to gain in popularity.

Back in July, Bitcoinist reported that Lolli — a browser extension service, had inked a deal with Hotels.com to offer valuable BTC rebates to customers.

Crypto rebates likely form an avenue to encourage greater cryptocurrency adoption. The method arguably provides greater penetration for virtual currencies in the mainstream retail arena.

Non-crypto owners can easily acquire bitcoin and other digital currencies while shopping on their favorite merchant websites online. Crypto rebates also constitute one of the few cryptocurrency adoption avenues that target consumers instead of retailers.

The expectation is that these new BTC owners that emerge from crypto rebate promos will be incentivized to spend their earnings creating more utility for digital currencies.

Merchants will, in turn, look to accept crypto payments to the benefit of the emerging digital economy.

Should other crypto companies launch similar bitcoin rebate programs to boost overall cryptocurrency adoption? Let us know in the comments below.


Images via Bitcoinist Image Library

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Říj 04

Bitcoin (BTC) Weekend Trading Volumes Down 50% on BitMEX

Bitcoin (BTC) trading activity has dropped off noticeably on weekends, shows recent analysis by Skew Markets. The pattern, sometimes intuitively noticed by traders, shows a clear weekly bias for the crypto markets.


Trading and On-Chain Activity Show Predictable Weekly Bias

BTC trading and even on-chain activity has a strong weekly bias, despite the fact that markets are always open. But weekends show a clear drop in volumes, opening up an opportunity to sway the market price on relatively lower trading activity.

Not only markets, but the Bitcoin network also experiences periods of lowered activity on weekends. The specific pattern reveals markets that are populated by retail investors, taking a break each week.

For BTC, late Sunday was usually a key time, when significant highs have been achieved in the early hours for Asian markets. Afterward, deep sell-offs are noted on Monday or Tuesday, but also mid-week. On certain weekends, BTC also went through a clear trading pattern known as the “Bart Simpson”, when the price climbed on Friday, held high and stable for the weekend, then tanked on Monday.

But now, there are more ominous signs, as a low-volume weekend is no longer enough for the bulls to stage a rally.

BTC Sentiment Remains Shaky

BTC remains highly volatile, with days that log movements of hundreds or even thousands of dollars within days. It is harder to predict the day-to-day movements, while analysts see the week as a sufficient period to establish BTC trends and signals. For that reason, accounting for the weekend bias has been included into price signals and predictions.

The Bitcoin network also indicates its activity by the backlog of pending transactions. On Friday, the count was around 2,400 – a relatively low mempool load. On busier days, there are more than 20,000 transactions waiting to be included in a block. High network activity also precedes days of increased trading and possible price spikes.

BTC is entering a new quarter with a highly uncertain sentiment, and with predictions of corrections toward $6,000. But independent of the price movements, weekly patterns remain persistent, potentially offering another prediction tool.

What do you think about the BTC weekly bias? Share your thoughts in the comments section below!


Images via Shutterstock, Twitter @KyleCryptoLand

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