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The U.S. Government Tried To Shut Down Bitcoin

Bitcoin conspiracy theorists have long suspected the U.S. government, among others, would like to shut down bitcoin.

Bitcoin’s first decade has seen its price explode, making early adopters overnight millionaires, and prompting some of the world’s biggest technology companies to create their own versions of bitcoin.

Now, it’s been revealed federal prosecutor-turned bitcoin and cryptocurrency expert Katie Haun was asked to look into “shutting down” bitcoin by her boss at the U.S. attorney’s office in 2012.

“They said ‘we have this perfect assignment for you’–there’s this thing called bitcoin and we need to investigate it,” Haun told CNBC in a wide-ranging interview, adding a colleague asked her to take down bitcoin.

“That was the first time I’d ever heard of bitcoin.”

Over the next few years Haun would go on to sit on the board of U.S. bitcoin and cryptocurrency exchange Coinbase and teach a class on cryptocurrency at Stanford Law School.

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Any serious attempt made by the U.S. Department of Justice to shut down bitcoin inevitably came to naught, with Haun saying, “it would have been akin to saying ‘let’s go prosecute cash.'”

Haun, who is now the first female general partner at U.S. venture capital firm Andreessen Horowitz and co-heads its $350 million cryptocurrency fund, has worked closely with social media giant Facebook in development of its troubled libra cryptocurrency project.

U.S. government opposition to bitcoin and cryptocurrencies has become far more transparent since Donald Trump entered the White House.

Earlier this year, U.S. president Trump sent shockwaves throughout the bitcoin and cryptocurrency industry when he tweeted a vicious attack on Facebook’s bitcoin rival plans, branding it and bitcoin “unregulated crypto assets.”

Others in the U.S. government were quick to tow the line, with U.S. Treasury secretary Steven Mnuchin adding his voice to the assault on bitcoin, Facebook’s planned Libra crypto project, and other cryptocurrencies, warning they pose a “national security” risk to the country.

Elsewhere, Apple chief executive Tim Cook has warned companies against creating their own cryptocurrencies.

“What we heard with libra were the same criticisms [I’d first heard about bitcoin]” Haun said.

“They were just heightened and they got more attention because of the high-profile nature of the project and the fact that Facebook was involved. I think it would be a really dangerous thing, and frankly a dangerous precedent to start shutting down technology before it’s built.”

Facebook’s libra has been under fire over the last week, with internet payments company PayPal, one of the Libra Association’s founding members, suddenly pulling out of the group on Friday.

Mark Zuckerberg, Facebook founder and chief executive, had hoped to work with global regulators to clear libra’s path to launch in June 2020 but appears to have underestimated the level of opposition to the scheme.

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I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com. Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

Source: The U.S. Government Tried To Shut Down Bitcoin

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‘Extreme’ Bitcoin Warning Spooks Crypto Market

Bitcoin and cryptocurrency traders and investors are nervously watching prices after market sentiment appeared to take a turn for a worse, dropping to its lowest level since December 2018.

The bitcoin price has been hovering around $10,000 per bitcoin for a few weeks, with many hoping bitcoin was becoming a safe haven from turbulent markets.

Bitcoin and crypto investors are worried, however, with the Crypto Fear and Greed Index showing “extreme fear,” and earlier this week dropping to a 244-day low last seen when bitcoin crashed to around $3,000.

The fear index hit an all-time high in late June as excitement around Facebook’s plans for its bitcoin rival reached fever pitch but has since dived as regulators signal their dissatisfaction with the social media giant.

“The current regulatory roadblock on Facebook’s plans for its digital token has dimmed down investor sentiment for cryptocurrencies,” said Christel Quek, chief commercial officer at Bolt Global, a cryptocurrency wallet provider and entertainment company.

The fear index is currently showing a reading of 20, but earlier this week dropped as low as 11 after falling sharply throughout August.

Since the index hit its year-to-date lows, the bitcoin price has fallen a further 2%, while the overall cryptocurrency market has seen more than $30 billion wiped from it over the last week.

Meanwhile, the bitcoin price dropped below the psychological $10,000 per bitcoin mark this week, further worrying traders and investors.

Some in the bitcoin and cryptocurrency industry pointed out the wider cryptocurrency market has declined along with the bitcoin price.

“Bitcoin and major cryptocurrencies including litecoin, ethereum and Ripple’s XRP have declined [this week], weighed down by concerns of a slowing economy,” Quek added.

The fear index, created by website and software comparison company Alternative.me, calculates the index’s value daily on a scale of 0 to 100 using volatility, market volume, social media, survey, dominance, and trends. Zero means “extreme fear,” while 100 means “extreme greed.”

Follow me on Twitter.

I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com. Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

Source: ‘Extreme’ Bitcoin Warning Spooks Crypto Market

Here’s The Case For A $100,000 Bitcoin Price By The End Of 2021

The Bitcoin price has been on a tremendous run in 2019, roughly tripling its price in U.S. dollars since the start of the year. That said, Morgan Creek Digital co-founder

Anthony Pompliano thinks the party is just getting started.Pompliano has predicted that the Bitcoin price will reach $100,000 by the end of 2021, and he was recently asked to explain his point of view during an interview with CNN’s Julia Chatterley.

Digital Gold and Loose Monetary Policy

In the past, Pompliano has described the trend towards loose monetary policy combined with Bitcoin’s upcoming halving event as the “perfect storm” for the rise of the digital asset. Pompliano explained this theory during his CNN interview.

“Whenever we get to a recessive period or kind of slowing growth, central banks have kind of two tools: They can cut interest rates, which they did yesterday, and they can print money (quantitative easing). And so, when they do both of those things, it usually takes anywhere between 6 to 18 months to feel the effect of those tools, and what it’s going to do is it’s going to coincide with the Bitcoin halving,” said Pompliano.

A halving event in Bitcoin is when the amount of Bitcoin that are generated by miners every ten minutes is cut in half. Bitcoin’s monetary policy was “set in stone” when the network went live back in 2009, and the scheduled issuance of new Bitcoin is halved roughly every four years.

Originally, 50 Bitcoin were created every ten minutes. Next year, the number of new Bitcoin created in each new block will drop from 12.5 to 6.25.

While gold has historically been viewed as a safe haven asset in times of monetary easing, Pompliano covered a couple of the benefits of Bitcoin over gold during his CNN interview.

“The difference is, between Bitcoin and gold, with Bitcoin, we know exactly how many is getting created, so 1,800 Bitcoin are going to be created today. The second thing is we know the total supply available, which is 21 million. So, it’s not: Hey I wonder how much is in the ground. We know exactly how much it is, and we can actually go and audit or verify the software code of the system,” said Pompliano.

Pompliano is Not Alone

It should be noted that, back in 2017, Pompliano also predicted a $100,000 Bitcoin price by 2019. However, he’s not exactly alone with his latest forecast for 2021.

Pantera CEO Dan Morehead has said there’s a “good shot” the Bitcoin price will hit $42,000 by the end of 2019, and the data used as the basis for his prediction is even more bullish than Pompliano’s $100,000 price point.

Additionally, Tetras Capital’s Brendan Bernstein gave an in-depth presentation on the macroeconomic factors that could lead to a higher Bitcoin price in the coming years at the Bitcoin 2019 conference, and just last week, digital asset research firm Delphi Digital released a report covering Bitcoin’s utility as “digital gold” in the context of more dovish monetary policies from central banks and the possibility of an upcoming recission.

In addition to the macroeconomic trends that could help Bitcoin thrive, some members of the Bitcoin industry have pointed out that Facebook’s Libra cryptocurrency project could benefit Bitcoin in a roundabout way. President Trump has also inadvertently illustrated the utility of a permissionless, apolitical money like Bitcoin.

On top of all that, members of Congress are realizing they wouldn’t be able to ban Bitcoin in a situation where they wanted to implement such a policy.

Follow me on Twitter. Check out my website.

I’m a writer who has been following Bitcoin since 2011. I’ve worked all over the Bitcoin media space — from being editor-in-chief at Inside Bitcoins to contributing to Bitcoin Magazine on a regular basis. My work has also been featured in Business Insider, VICE Motherboard, and many other financial and tech media outlets. I’m mostly interested in the use of Bitcoin for transactions that would be censored by the traditional financial system (think darknet markets and ransomware) in addition to the use of bitcoin as an unseizable, digital store of value. Altcoins, appcoins, and ICOs don’t make much sense to me. Find all of my work at kyletorpey.com. Disclosure: I hold some bitcoin.

Source: Here’s The Case For A $100,000 Bitcoin Price By The End Of 2021

Bitcoin Has ‘No Intrinsic Value,’ As U.K. ‘Moves Towards’ Crypto Ban

Bitcoin and cryptocurrency regulation has been pushed into the limelight over recent weeks, thanks to social media giant Facebook’s high profile plans to launch its own potential rival to bitcoin sometime next year.

The bitcoin price, which had been climbing on rumors that big technology companies were taking an interest in bitcoin and cryptocurrencies, has plateaued at around $10,000 per bitcoin after a number of countries rebuffed Facebook’s plans, unveiled in June.

Now, the U.K.’s financial services watchdog has warned potential investors that bitcoin and cryptocurrencies have “no intrinsic value,” with some taking the caution as a signal the country could be moving towards a bitcoin ban.

“This is a small, complex and evolving market covering a broad range of activities,” said Christopher Woolard, executive director of strategy and competition at the U.K. Financial Conduct Authority (FCA), which oversees London’s huge banking industry.

“Today’s guidance will help clarify which crypto-asset activities fall inside our regulatory perimeter,” Woolard added, with the FCA warning: “Consumers should be cautious when investing in such crypto-assets and should ensure they understand and can bear the risks involved with assets that have no intrinsic value.”

The FCA branding bitcoin and cryptocurrencies as without “intrinsic value” is likely to rile many bitcoin believers who have long argued blockchain technology, which underpins bitcoin and most other cryptocurrencies, gives the digital tokens value.

“It is technically true that cryptocurrencies have no ‘intrinsic value’ when compared to share ownership in actual companies, however there are many examples where a marketplace bestows value on an intangible asset,” Jon Ostler, of comparison site Finder.com, told the U.K.’s Telegraph newspaper. “For example, the brand of ‘bitcoin’ itself has value and although its future place in society is still unclear, it is one of the most likely coins to stay the course.”

The warning from the U.K. comes shortly after U.S. president Donald Trump unleashed a scathing attack on bitcoin and cryptocurrencies, comments that were then echoed by other senior officials in his administration, including Treasury secretary Steven Mnuchin who branded bitcoin and cryptocurrencies a “national security issue.”

It’s thought that Trump’s attacks on bitcoin and crypto were in direct response to Facebook’s libra cryptocurrency project, which, if successful, could undermine the international dominance of the U.S. dollar.

“Although not a ban, [the U.K.’s FCA warning is] a move in that direction,” said Herbert Sim, head of business development from Broctagon Fintech Group. “This lack of enthusiasm is shared by several countries; the U.S. with its scrutiny of libra, and India, who are looking to implement a similar ban on cryptocurrencies which are not state regulated. These movements could end up coming back to bite. The international competition on cryptocurrencies is heating up and there are huge risks in being left behind.”

Meanwhile, the watchdog warned investing in what it called “unregulated crypto-assets” will not be covered by the Financial Services Compensation Scheme, which pays out if the investment collapses.

“It remains possible in the future that if an unregulated token is subject to common acceptance and usage in the U.K. then either the FCA or the Bank of England will reconsider this position in order to ensure that adequate consumer protection exists,” said Tim Dolan, partner at law firm Reed Smith.

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I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk

 

Source: Bitcoin Has ‘No Intrinsic Value,’ As U.K. ‘Moves Towards’ Crypto Ban

Bitcoin Price Crashes $800 in Minutes as Bears Eye $9K Support Next

Bitcoin Price Crashes $800 in Minutes as Bears Eye $9K Support Next

Bitcoin traders eat their wallets

Traders were scratching their heads on social media Saturday in the wake of the sudden losses, with BTC/USD crashing from $10,180 to $9,410.

At press time, the pair had recovered marginally to circle $9,500, while a lack of obvious factors left commentators struggling to understand the market.

As Cointelegraph reported, a return to $10,000 earlier came as a surprise after a similar uptick occurred in a matter of minutes.

Previously, regular commentator Josh Rager had eyed a break below $9,600 as a gateway to lower levels, with the potential for $9,000 to also fall.

Some had anticipated volatility continuing in the short term. On Twitter, the trader known as CryptoCohen sounded the alarm hours before the $800 losses.

“Could be a larger correction in play – could take a lot longer too – longer than many would expect/hope. But good things come to those who wait,” he summarized.

Bitcoin’s move meanwhile had a more predictable effect on altcoin markets, with tokens in the top twenty cryptocurrencies by market cap shedding up to 4.5%.

Monthly, Bitcoin price has lost 20%, Cointelegraph noting that end-of-year and longer-term price forecasts remain bullish.

Source: https://cointelegraph.com/news/bitcoin-price-crashes-800-in-minutes-as-bears-eye-9k-support-next

Bank of China’s New Infographic Shows Why Bitcoin Price Is Going Up

Bank of China’s New Infographic Shows Why Bitcoin Price Is Going Up

A brief story: from Bitcoin to Libra

The infographic illustrates the story of Bitcoin, starting with the publication of its whitepaper in 2008, the mining of the first 50 BTC in 2009, 10,000 BTC having been spent for pizza in 2010, and other major milestones for the system, ending with the announcement of Facebook’s Libra.

“Yesterday the Bank of China posted up an article about Bitcoin,” commented Blockstream CSO, Samson Mow. “They explained how BTC works, why the price is going up, and why it’s valuable. Never thought I’d see that happen. #Bullish”

The factors behind Bitcoin’s rise

Another part of the infographic is dedicated to explaining why Bitcoin’s value is increasing, and it cites limited supply, increased mining difficulty, that it is used as a medium of exchange and anti-inflation safe haven.

This is in line with the remarks recently made by Morgan Creek Digital Assets co-founder Anthony Pompliano, who said that the European Central Bank’s expected dovish turn will provide “rocket fuel” for Bitcoin.

Furthermore, the infographic does also mention the infamous Mt. Gox hack, the risk of speculation, and stories of lost funds. According to the image, Bitcoin’s main use case is international settlements since its fees are low compared to legacy system while transactions are faster.

As Cointelegraph reported yesterday, the CEO of Chinese tech giant Huawei thinks that China can compete with Facebook for market share by issuing its own digital currency.

Earlier this month, Chinese media reported that China’s central bank is developing its own digital currency in response to Facebook’s Libra as the latter could purportedly pose a risk to the country’s financial system.

Pantera CEO: $42,000 Bitcoin Price By The End Of 2019 ‘A Good Shot’

A historical Bitcoin price chart on a logarithmic scale.

A historical Bitcoin price chart on a logarithmic scale.

Coin Metrics

In a recent episode of her Unchained podcast, Laura Shin interviewed Dan Morehead and Joey Krug of Pantera Capital, which is a cryptocurrency and blockchain-focused investment fund that was founded in 2013.

During the interview, Morehead commented on the potential future trajectory of the bitcoin price in response to a question related to where the blockchain and cryptocurrency industry is today in its overall life cycle. In his reply, Morehead pointed to a potential price move to $356,000 within three years based on past trends of Bitcoin’s price movements on a logarithmic scale.

Morehead’s math also indicated that a $42,000 bitcoin price by the end of 2019 is in the cards. It should be noted that crypto prime dealer SFOX also recently released a research note that could indicate a bullish move for Bitcoin during the holiday season later this year. Additionally, digital asset research firm Delphi digital recently released a report that showed how retail investor enthusiasm around Bitcoin has returned in 2019.

Bitcoin’s Neverending Hype Cycles

When asked about the current stage of development for the cryptocurrency space as a whole, Morehead first pointed to the Gartner Hype Cycle, which is a method of interpreting the wide-ranging levels of hype that can occur around new technologies.

“A small kernel of something very important gets people to be crazed about [Bitcoin] and then the trough of disillusionment [occurs]. And we’ve already gone through two of those cycles in the six years that we’ve been investing in it,” said Morehead.

Morehead added that it’s important to remember that, in his view, Bitcoin and the technologies around it are a project that will take two decades to unfold, and we’re only ten years into it at this point.

“We still have another solid ten years to go before this is fully fleshed out,” said Morehead.

Although he doesn’t believe the Bitcoin price is a great proxy for the development of the blockchain technology space as a whole, Morehead did point out that the price always tends to be going up when one zooms out more than a year.

“If you ever go back and zoom out your lens more than a year, Bitcoin as a proxy for the industry is always going up,” said Morehead.

According to Morehead, Pantera’s fund has only had one down year in its six years of existence and there has only been one year where Bitcoin’s annual low was lower than the previous year’s low.

“We’re always trying to look three to five years out and be thinking about where the industry will be then rather than worrying about these kind of manic phases of bubbles and then the crypto winters where everyone thinks it’s never going to work,” added Morehead.

Where Does the Bitcoin Price Go from Here?

When asked where the blockchain and cryptocurrency industry is today in terms of these various hype cycles, Morehead pointed out that the Bitcoin price chart is relatively consistent when graphed on a logarithmic scale. However, price bubbles, such as the ones in 2013 and 2017, are also clearly visible on the chart.

On a logarithmic price chart, price movements are tracked in terms of percentage changes rather than simple, nominal price increases and decreases.

Earlier in the year, when Bitcoin was still near the bottom of its current market cycle, Pantera graphed out what the Bitcoin price may look like if it spent the next twelve months returning to its previous trend line and the continued along that trend line for the next couple of years after that. According to Morehead, that previous trend line indicated a compounded annual growth rate of 235%.

This methodology from Pantera pointed to a $42,000 price by the end of 2019, a $122,000 price by the end of 2020, and a $365,000 price by the end of 2021.

“I know [that] sounds crazy, but essentially, we’re half way back there. It’s right on the trend line, and I think it’s a good shot that by the end of the year we hit that,” said Morehead.

Obviously, it should be mentioned that past trends are not indicative of future results. Although it was on a much shorter time scale, there were many people in various cryptocurrency forums touting the LINK altcoin due to its more than 800% rise against the U.S. dollar earlier this year. Since then, the altcoin has dropped 33% against the dollar.

In terms of what has caused the Bitcoin price to move back in a positive direction this year, theories have ranged from manipulation via the Tether stablecoin, normal activity by a store of value asset, and some indirect help from Facebook’s Libra cryptocurrency project.

Additionally, another report from Delphi Digital earlier in the year pointed to a bottoming out of the Bitcoin price based on blockchain analysis.

“[With] our first research piece that we wrote on Bitcoin, we predicted it would go to $5,000, and when it was at $100 everyone thought that was totally nuts. But these numbers in two or three years, people look back and go, ‘Oh yeah, that makes sense.’” Morehead later added during his interview with Shin.

I’m a writer who has been following Bitcoin since 2011. I’ve worked all over the Bitcoin media space

Source: Pantera CEO: $42,000 Bitcoin Price By The End Of 2019 ‘A Good Shot’

Tim Draper Believes Bitcoin Will Grab 5% of the Earth’s Market Share

While Elon Musk and Jeff Bezos are focused on Mars, billionaire venture capitalist Tim Draper has his feet firmly planted on the ground. Draper might appear to have his head stuck in the clouds with a lofty $250,000 bitcoin price prediction. But from what he tells Fox Business, the early bitcoin investor isn’t stargazing:

“I’m a believer that in four years, something like that, bitcoin will be about a 5% market share of the earth.”

Draper’s Bitcoin War Chest is a Cool $189 Million

He pointed to bitcoin’s best features such as decentralization, transparency, and simply being a better currency than fiat. Draper was an early bitcoin investor, having purchased 30,000 BTC when the price was hovering at $632 per coin. He points out that the investment is worth 10x that amount today, and he’s got no doubt that it’s going much higher.

Draper envisions a future in which bitcoin further disrupts the venture capital business model.

“I eventually want to have a fund where I take in bitcoin and I fund everybody in bitcoin and they pay their employees and suppliers in bitcoin. And then I pay my investors in bitcoin. Because I would then require no acounting, no legal, no bookeeeping, no custody. It would all be done.”

Considering that transactions would be recorded on the blockchain, all relevant participants would be able to see everything. Tim is a big fan of bitcoin but he keeps an open mind about other cryptocurrencies, too. Though he does expect that the number of coins will be whittled down to only the best projects.

Tim Draper has a $250,000 price target on bitcoin. | Source: CoinMarketCap

Tim Draper on Facebook

Everyone knows Facebook is pursuing a $1 billion fund for its new stablecoin, and Draper has been linked to discussions with the company about the initiative. Incidentally, the gloves came off on one of Facebook’s founding members earlier this week, with Chris Hughes calling for the breakup of Mark Zuckerberg’s company. Draper isn’t buying into it.

“If the shareholders will benefit somehow by a breakup, then sure go ahead and do it. But the idea that he has all this centralized power…I think he’s just building a business and it’s a great business. And there are plenty of competitors to him out there. And I’m very pleased that he’s done so well.”

If his tone is any indication, perhaps we will be hearing about a VC investment into Zuckerberg’s new blockchain project.

Meanwhile, the bitcoin price is currently hovering at $6,379. It’s a far cry from Tim Draper’s $250,000 target but if he’s right and it captures 5% of the earth’s market share, the moon will seem a lot closer than it does today.

Source: Tim Draper Believes Bitcoin Will Grab 5% of the Earth’s Market Share

Impressive Bitcoin Price Smashes Through $6,000 as Crypto Stars Align – DailyCryptoTimes

The bulls are back. After a prolonged period in a sideways range, the bitcoin price has finally established a powerful uptrend. As BTC  breaks the $6,000 level, enthusiasm is returning in waves to the cryptocurrency industry. Even the Binance hack has failed to put a dampener on a buoyant BTC/USD.

Bitcoin has broken critical resistance at $6,000. | Source: CoinMarketCap

Bulls Are Unstoppable As BTC/USD Clears $6,000 Hurdle

Why all the enthusiasm about the bitcoin price breaking $6,000? This level has been closely watched for some time. A bounce through this technically significant price point has been long-awaited, and there are several bulls desperate to dive into the marketplace. Speaking to Forbes, Tim Enneking of Digital Capital Management is hugely confident that a clear break will lead to further gains in the original digital currency. He said:

“6k will probably [be] a tough nut to crack, but once it definitively falls, there will almost certainly be a strong surge higher.”

It’s not hard to find analysts who think this rally has legs. Here is TradeBlock’s director of digital currency John Todaro outlining once again how strong the momentum is in bitcoin:

“The market over the past 1-2 months has seen significant upward momentum and has brushed off numerous negative headlines within the space. If we break above the $6,000 level, we could continue to trade higher as momentum builds and negative news reports have a limited downward impact.”

Bitcoin Ignores Binance Hack

Binance is the world’s largest cryptocurrency exchange. Because of this, it seems safe to assume that the recent hack of 7,000 BTC should have been disastrous for the BTC/USD price. So far this has not been the case at all. Bullish trends look their most potent when they ignore headwinds and keep surging. This is precisely the characteristic that bitcoin is displaying as it keeps breaking out to fresh yearly highs.

Novogratz Sees Bitcoin at $20,000 in 18 Monthsf

In an interview on Fox Business, Bitcoin perma-bull Mike Novogratz was spreading his usual brand of positivity. As you can see in the following video, he doesn’t have much time for Warren Buffett’s negativity. Novogratz expects BTC/USD to be back to its historic highs of $20,000 within 18 months.

Whether you look at fundamental or technical analysis, it’s hard to come up with a reason to bet against BTC’s bounce through $6,000. Crypto adoption is picking up pacesearch interest is returning, and the dip buying is back.

The main threat looks to be overbought conditions, but shorting bitcoin when it’s in this kind of mood has historically been like trying to hold back the tide.

Source: Impressive Bitcoin Price Smashes Through $6,000 as Crypto Stars Align – DailyCryptoTimes

Bitcoin Price Rages to New 2019 High Beyond $5,900 with Fuming Bulls Ahead

By CCN.com: Within three hours, the bitcoin price surged from $5,682 to $5,910 on Coinbase, a leading regulated crypto exchange that operates in the U.S. market, reaching a new 2019 high.

In the past week, the bitcoin price has soared by more than 11 percent, allowing the rest of the crypto market to add $20 billion to its market capitalization.

The valuation of the crypto market is up more thn $20 billion in the past week (source: coinmarketcap.com)

In consideration of the recent performance of bitcoin and the projections of industry experts, prominent crypto researcher Willy Woo has said he is 95 percent certain the low $3,000 region was the bottom for bitcoin.

WHAT WOULD IT TAKE TO CONFIRM BITCOIN BULL MARKET?

In November 2018, Woo predicted bitcoin to reach a bottom in the second quarter of 2019 based on an indicator called NVTS, which evaluates fundamental data such as transaction volume among other types of data pertaining to the blockchain to analyze the long-term trend of bitcoin.

At the time, Woo said that all blockchain indicators point toward a bearish trend. Weeks later, the bitcoin price plunged from more than $6,000 ultimately to $3,150, as projected by the researcher.

“This last reading of our blockchain and macro market indicators is still in play. What has changed is that NVTS has now broken its support, typically a sell signal. All our blockchain indicators remain bearish. NVT, NVTS, MVRV, BNM, NVM. They are experimental but have served to make very correct calls to date, even when traditional on-exchange indicators were reading to the contrary,” Woo said last year.

The accurate analysis of the macro trend of bitcoin by Woo can be primarily attributed to his consideration of fundamental factors as well as technical factors to better evaluate market conditions.

On May 7, Woo said that based on the Bitcoin Network Momentum and the 200-day moving average (MA)–a technical indicator typically used to project the long-term trend of an asset–bitcoin likely hit its bottom at $3,150 and is in the process of forming a bull market.Woo explained:

To summarise my view of the market in one spot instead of various webcasts and tweets. I’m 95% certain the market has bottomed, that’s to say we are unlikely to break below past lows.

The bull market (upward and onwards) has not formally confirmed just yet. We need to successfully retest the 200 day MA & Realised Cap (both ~$4,400 right now), or without retest we need to stay above them for a sizeable time, say another month.

Willy Woo@woonomic

The bull market (upward and onwards) has not formally confirmed just yet. We need to successfully retest the 200 day MA & Realised Cap (both ~$4400 right now), or without retest we need to stay above them for a sizeable time, say another month.

View image on Twitter

Willy Woo@woonomic

We also need price to be validated with on-chain volume mooning from here. We’ll likely get that confirmation soon in the next 4-8 wks. (I personally think the April 1st break above $4300 will be remembered years ahead as the start of the 2019 bull market). pic.twitter.com/NzzGkvcT8t

View image on Twitter

In the upcoming weeks, many analysts generally expect bitcoin to undergo a consolidation period, demonstrating stability at the current price level.

While some traders anticipate the dominant cryptocurrency to retest some support levels below $5,000, as long as BTC remains above $4,400, Woo noted that the momentum of the asset can be sustained.

FIDELITY IS COMING

The noticeable increase in the interest in bitcoin, as shown in the surge in the real spot volume of bitcoin which hovers at around $550 million–up nearly two-fold from $270 million in March–comes after Bloomberg reported Fidelity will launch a crypto trading service in weeks.

“We currently have a select set of clients we’re supporting on our platform. We will continue to roll out our services over the coming weeks and months based on our clients’ needs, jurisdictions, and other factors. Currently, our service offering is focused on Bitcoin,” Fidelity spokesperson Arlene Roberts told Bloomberg.

Apart from various technical indicators pointing toward upward momentum for bitcoin, the strengthening of the infrastructure supporting crypto assets may be rekindling the confidence of investors in the asset class, as it would enable investors who were previously unable to commit to the crypto market to reconsider their stance on the market.

Joseph Young

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Source: Bitcoin Price Rages to New 2019 High Beyond $5,900 with Fuming Bulls Ahead

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