PlusToken, which hit a high of near $350 before crashing, has earned the infamous title of being one of the world’s biggest ponzi schemes. While still operational, its Chinese operators received an estimated $3 billion in Bitcoin (BTC) and ETH from unwitting investors purchasing PlusToken coins.
With 2020 just around the corner, the million-dollar question for the crypto community is how Bitcoin is going to perform next year.
The reality is that nobody really knows, but Bloomberg’s strategist Mike McGlone recently added his two cents by saying that the leading cryptocurrency is more likely to trade at $10,000 than $5,000 in 2020.
Bitcoin price may be dropping deeper into a downtrend over the course of the last few months, but the first-ever cryptocurrency is actually much closer now to fair market value than it has been throughout the year.
However, as Bitcoin price falls toward fair valuations, the cost of production rises exponentially, and may be part of the cause of the downtrend itself.
2019 has been a wild ride for the cryptocurrency industry. After going below $6.5k, Bitcoin underwent an aggressive rally on 18 December and surged over $7k, with the king coin continuing to exhibit high volatility. According to a recent report by LongHash, the intra-month volatility of cryptocurrencies and crude oil was found to be much greater than the rest.
The entire digital asset market update earlier yesterday [Wednesday December 18, 2019] reckoned the $20 billion erased from the market in not more than two days. The damages are, as a matter of fact, an extension of the selloff, which happened on December 16. Before the losses, Bitcoin and other cryptocurrencies faced prevalent rally over the past weekend. For instance, Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) were trading above $7,200 ($131.581 bln), $144 ($15.786 bln) and $0.217 ($9.539 bln) respectively. Yesterday’s High / Low for BTC was at $7,324.98 USD /$6,540.05 USD resp.
For all the FUD being thrown around, Bitcoin has not only diffused expectation of an altcoin season but sets the tone for what has been repeatedly said over time. Bitcoin has evolved to be a reliable store of value, less of a medium of exchange or “electronic money” as previously designed by the elusive and anonymous Satoshi Nakamoto. Bitcoin bulls are buoyed and baying for blood after bleeding for the better half of the year.
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Coin Floor – a cryptocurrency exchange licensed by the Financial Conduct Authority (FCA) in the United Kingdom – has announced that it will be turning its back on Ethereum – the world’s second largest cryptocurrency by market cap and the number one competitor to bitcoin – and removing it from its present list of available (and tradeable) cryptocurrencies.
It’s December, and y’all know what that means. It’s a time for reflection, family and holiday cheer. A season of giving and forgiving, of stuffing yourself with holiday treats and comfort food, of uncomfortable conversations with your family members over celebratory dinners.
Maybe that uncomfortable conversation comes in the form of a political squabble, or your Uncle Jim who just won’t STFU about the reptilian people (seriously, Jim, you have to stop). Or maybe that uncomfortable conversation comes from your cousin who believes XRP is the future, or that other cousin who took out a second mortgage to buy bitcoin at $19,000.
In an industry built around digital scarcity, opinions are in plentiful supply. Everyone’s got one, and they’d love to share it with the rest of the cryptosphere. As the decade draws to a close and another prepares to launch, it’s the perfect time to consider what 2020 has in store. Here’s what thought leaders, professionals, and investors have to say about the trends that will define the coming year – starting with the predicted price of BTC.
In a new interview with BlockTV, Draper says his long-term price target could happen as early as November of next year – just six months after Bitcoin’s next halving.
“If you run a technical analysis, it looks like it’ll be something like six months to a year after the halving that we will cross $250,000 per Bitcoin…
I can’t wait, because I’m so frustrated with with the banks just taking 2.5% to 4% every time I swipe my credit card. I’m ready for this new currency that’s frictionless and open and transparent.”
Draper, a longtime Bitcoin bull and early investor, says his worst-case scenario has BTC hitting $250K in early 2023.
The Libra Association has published its second roadmap for Libra Core, the key software that underpins the planned Libra network.
Built on open-source software, Libra’s permissioned blockchain aims to allow developers, companies and consumers to build their own projects through the system.
Announced Thursday in a press release, the addition will utilize Britain’s Faster Payments Service (FPS) to let Blockchain.com’s U.K.-based users buy cryptocurrencies almost instantly.
The company framed its dual announcement as a bet on Britain at a tenuous time. With Prime Minister Boris Johnson’s recent landslide victory all but ensuring Brexit by Jan. 31, the nation is streaming towards an uncertain future.
The noticeable uptick in media attention toward Central Bank Digital Currencies (CBDCs) — especially after Zuckerberg’s testimony on Libra before Congress, and Christine Lagarde’s acknowledgment of the “clear demand” for stablecoins at her first press conference as head of the ECB — seems to have somewhat distorted the public’s perception of the state of play and left many in the crypto community thinking that CBDCs are just around the corner.