Bitcoin 08/22/2019

MORE PAIN PREDICTED AS BITCOIN FALLS BELOW $10,000 AGAIN [bitcoinist.com]

Looking at the current market momentum, the next move should be a fall to support around the $9,500 area. If there are still plenty of buyers lurking there bitcoin will be back in five figures by the weekend. If they run out of impetus there could be a new lower low on the cards which could result in a dip into the $8,000s.

Bitcoin Price Struggles With Support at $10,000, What’s Next for Crypto Markets? [newsbtc.com]

bitcoin-price-chart-1-860x551

There’s little doubt that Bitcoin’s bear market bottom has been set, so even a breakdown from here is likely to be nothing more than a correction before the true bull run begins. Downside targets for where a reversal may occur, exist around $8,500 where an oft-cited CME Futures gap resides, as well as the symmetrical triangle target at around $7,500, and finally, $6,000 – the support that acted as such throughout most of the 2018 bear market, before finally broke down and another 44% drop occurred.

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Bitcoin Price ‘Not at the Top’ of New Bull Cycle Yet, Data Shows [blockmedia]

In a tweet accompanied by a corresponding chart, Hauge wrote: “Bitcoin bubble tops are clearly identified with a dark red cluster of Adjusted Binary BDD.” He added:

“Until that happens, we’re not at the top. Public opinion is key here because that red cluster is caused by the assumption of the crowd and is self-fulfilling (reflexivity).”

Bitcoin Price Analysis: BTC ‘Buying The Dip’ Zone Is $8,900-9,100 [coingape.com]

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BTC/USD 4-Hour price chart by Tradingview

On the contrary, the Relative Strength Index shows that the prevailing bullish momentum is backed by some solidly growing strength. For instance, from levels close to 30, the RSI is gradually slopping upwards above 40. If the correction continues above the average, Bitcoin is likely to break above $10,100 and allow the bulls to focus on $10,200.

Bitcoin Avoids Bigger Selloff as Price Claws Back Above $10,000 [hacked.com]

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Bitcoin (BTC/USD) struggles to hold $10,000. | Source: CoinMarketCap.

For all the talk of bitcoin being too volatile, the price has actually been much more predictable over the past month. Bitcoin’s 30-day volatility index, which tracks how much the asset fluctuates over that period, recently hit three-and-a-half month lows. The 30-day volatility index is currently valued at 3.56%, according to bitvol.info. It peaked near 7% last month.

Bitcoin (BTC) Dominates 90% of Adjusted Market Capitalization [cryptovest.com]

Based on a study by Arcane Research, the adjusted BTC market cap dominance is closer to 90%. The reason for the adjustment is the potentially low volume for newly created altcoins. Despite the creation of multiple new projects, most of them go through significant slippage and price corrections, if traders attempt to sell a larger amount of coins.

Market capitalization is also a static measure, as multiple $1 billion coins only see a small fraction of the assets moved.

Three Reasons Why Bitcoin Price is Back Under $10K… Again [thebitcoinnews.com]

bitcoin-price-21082019-1-980x505
Bitcoin breaks down from a rising wedge pattern | Image Credits: TradingView.com

Arguable yet highly likely, the latest bitcoin price drop could have been driven by whales – a slang for investors holding a larger quantity of bitcoins. The early week saw the cryptocurrency rising by more than $800, or circa 8.5 percent, in the wake of Bakkt announcement. It appears that big traders led the price rally, and drove small investors in the ride to the upside. Nevertheless, they exited their long positions right upon entering their target price area. In the entire process, no outside money entered the bitcoin market.

Blockstream Releases New c-lightning Software Update to Help Scale Bitcoin’s Lightning Network [bitcoinexchangeguide.com]

Bitcoin developers and engineers are continually making improvements to solve critical issues such as scalability and transaction costs. As a result of that, innovations such as SegWit, Lightning Network, and Atomic Multi-Path Payments over Lightning are already in place.

However, even these have to go through multiple iterations to keep up with the everchanging world of crypto. Basically, C-lightning is one of the implementations of Lightning Network.

Brave Adds Reddit and Vimeo Tipping [cryptobriefing.com]

As of today, 3390 Reddit users and 550 Vimeo users have signed up for rewards, according to BATGrowth. This accounts for about 1.5% of Brave’s 239,500 registered publishers. For comparison, the vast majority of Brave publishers – over 70% – are located on YouTube. The remainder are located on private websites like Twitch, Twitter and Github.

Flexa App Plans to Bring Bitcoin Payments to Other Apps by Staking Flexacoin [coinspeaker.com]

Flexa plans to implement this project by staking its native cryptocurrency Flexacoin (FXC). Flexa also says that by staking the FXC tokens, any application can provide merchant services. However, the most common use-case would be wallets. Thus, applications which can hold crypto for the users could stake FXC tokens and further enable direct-to-merchant payments.

Besides, Flexa will ensure a robust infrastructure in place which can allow apps to seamlessly send payments without any interference of malicious apps to reverse the transactions. In addition to the apps themselves staking Flexacoin, users can also contribute to the stake. The benefit of this is all stakers can share the fees charged upon using Flexa’s payment rails.

Crypto forefather David Chaum issues new digital currency, intended as a paradigm shift from bitcoin [theblockcrypto.com]

David Chaum, the inventor of Ecash, is launching a new digital currency
The famed cryptocurrency forerunner is disappointed in current blockchain development, believing it is trapped in the trilemma of blockchains where scalability, decentralization, and security cannot be achieved all at once
The new cryptocurrency, Praxxis, is built on Chaum’s Elixxir blockchain platform and will be mainly used for payments

DOW CREEPS HIGHER BUT BEIJING UNLOADS ON TRUMP’S ‘ROUGHSHOD’ STRATEGY [ccn.com]

dow-jones-august22-recovery
The Dow has a chance to complete the long climb back from last week’s 800 point plunge. | Source: Yahoo Finance

The Dow continued to grind higher on Thursday ahead of the Federal Reserve’s highly-anticipated Jackson Hole Summit. However, another barrage of trade war attacks threatens to bleed the optimism out of this latest stock market recovery.

Bitcoin Allows 50% of Global Population to Avoid Negative Effects of Inflation, Says Crypto Expert Anthony Pompliano [u.today]

In his recent tweet, the co-founder of the Morgan Creek Digital VC fund and the author of a crypto podcast Anthony Pompliano stated that Bitcoin allows half of the world’s population to avoid wealth inequality which follows inflation of fiat currencies in each particular country or when it comes to the USD.
The latter is currently the reserve currency for countries other than the USA and is often used as a store of value by those who are familiar with only the very basics of investment.

Institutional Adoption: The First-Ever Multi Instrument Block Trading Solution Announced by Deribit Exchange [cryptopotato.com]

With this newly announced partnership, both companies present a more proper execution, and the risks are efficiently eliminated as the public tape is shown as block trades.

“This solution allows you to negotiate deals privately on Paradigm and have them centrally cleared on Deribit, eliminating execution risks like front running. It’s a crucial step in onboarding institutional traders in the world of crypto.” Marius Jansen, COO and Co-Founder of Deribit told CryptoPotato.

Bitcoin Is Starting to Behave Like a Store of Value, Report Suggests [cryptoglobe.com]

It reportedly digs into why the price of bitcoin has seen a significant slump this week and is currently trading below the $10,000 mark, while the S&P 500 is up around 1.8% over the last five days. Similarly the Dow Jones Industrial Average (DJIA) rose about 1.7% in said period.

Digital Asset Data’s report focused on the price of BTC against the US dollar, and compared it to the SPDR S&P 500 ETF Trust (SPY) and to the SPDR Gold Shares ETF (GLD). While bitcoin’s performance this week has been less-than-stellar, over the report’s period the cryptocurrency, just like gold, outperformed the S&P 500.

Here’s what bitcoin’s relationship with the stock market and gold looks like over the past 90 days [Marketwatch Report]

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Ripple Beats Swift, Offers Cheapest Cross-Border Payment Solution, According to a New Report [coindoo.com]

Ripple, a payment infrastructure and blockchain technology solutions provider, offers cheaper payment services and is alleged to be more convenient than Swift, according to a new report from DBS, an Asian bank headquartered in Singapore.

Out of the top 3 methods of transferring cash locally and abroad, the report ranked Swift (the Society for Worldwide Interbank Financial Telecommunications) as the most expensive way to send money overseas, followed by ACH. It ranked Ripple as the cheapest way to transfer funds abroad.

Another Remittance Provider Begins Using RippleNet for Faster Transactions [nulltx.com]

Ripple continues to build its ecosystem whenever possible. Particularly its RippleNet solution is of great interest to remittance providers. Numerous companies are already embracing this technology today. It now seems another name can be added to that list in the form of Xendpay. This further validates the technology stack on a global scale.

Samsung-Backed Blockchain Startup Raises $7.5M from Shinhan Bank [cointelegraph.com]

Backed by South Korea’s tech giant Samsung, Blockco announced the investment in a blog post on Aug. 22.
The funding round involved South Korea’s oldest bank Shinhan Bank and South Korea’s largest foreign exchange bank, Korea Exchange Bank, also known as KEB Hana Bank.
Additionally, the new investment was also supported by healthcare-focused venture capital firm LB investment and the venture arm of Seoul-based entertainment startup Dadam Game.


[Event]

부산에서 FATF와 리브라 이후 암호화폐 세상의 새 질서를 논의한다 [coindeskkorea]
daxpo2019venue

코인데스크코리아와 부산광역시는 오는 9월3일 해운대 파크 하얏트 호텔에서 디지털 자산 거래소 박람회 ‘DAXPO2019’를 연다. 각 분야 전문가들을 초청해 다양한 관점에서 디지털 자산 생태계가 맞이한 새로운 국면을 진단할 예정이다.


국내 첫 미디어 연합 블록체인 컨퍼런스 ‘KBW 2019’ 열린다 [blockpost]
kbw2019_website_10p-640x311

블록체인 기술과 산업에 전문성을 인정받는 미디어 5사가 공동으로 아시아 최대 규모 블록체인 컨퍼런스 ‘코리아블록체인위크 2019(KBW2019)’를 오는 9월 27일부터 10월 4일까지 개최한다.


국내 최대 블록체인 행사 ‘디파인’ 열린다…디센터 등 5개 미디어 주관 [decenter]
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9월30일부터 10월1일 양일간 그랜드 인터컨티넨탈 서울 퍄르나스에서 팩트블록의 ‘코리아블록체인위크(KBW) 2019’ 주간(9월27일~10월4일) 중 메인 행사로 열리는 디파인 컨퍼런스에는 국내외 주요 기업들과 블록체인 프로젝트들이 대거 참여할 예정이다.


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