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This post is part of CoinDesk’s 2019 Year in Review, a collection of 100+ op-eds, interviews and takes on the state of blockchain and the world. Scott Army is the founder and CEO of digital asset manager Vision Hill Group. The following is a summary of the report: “An Institutional Take on the 2019/2020 Digital Asset Market”.
A drop to these levels would likely push the market cap below the realized value and the Z-score and NVT signal into oversold territory. If past performance can in any way be interpreted as precedent, one would then surmise that this event would precede the commencement of a trend reversal and a new strong market rally.
Of course, all of this can be averted and the entire bearish analysis nullified if Bitcoin can sustain above $7,600 and eventually break above the $7,800 to $8,000 range to pull off a trend reversal.
According to Crypto Birb, this move moves BTC above the key mid-range zone of the trading range for the past five weeks — the range being $6,400 to $7,900. This, the analyst wrote, implies that the cryptocurrency is on its way to the range highs of $7,900 — 8% above current price levels — in coming trading sessions, meaning the next days or maybe weeks.
The price broke above resistance around $7400 in the parallel chain. Currently, it is facing resistance from the 50-day Exponential Moving Average at $7675. Moreover, it is also facing resistance from the long-term descending trend-line. A break above $7800 could finally end the bearish trend in the short to medium term. Nevertheless, a break to a downside could reach new lows.
The cryptocurrency market is showing signs of slight growth during the last days of December. While not all of the top 10 coins are in the green, Bitcoin SV (BSV) and Tezos (XTZ) are the exceptions to the rule. In terms of a short-term price scenario, traders are likely to see signs of short-term growth as Bitcoin has already had a correction after a sharp increase to $7,400.
Cryptocurrency is not a new term in the gaming industry as it has been there for some time. It has gained popularity in recent years since its existence. Not many people understand how this digital financial system works. We need to understand what it is all about before we even discuss cryptocurrency in betting.
- Bitcoin Price: And… Relax
- Ether And Other Altcoins Also Hit
- Bitcoin Predictions As We Head Towards Halving
- News In Brief
- And Finally…
A six-year-old girl in London found that somebody had already written a message in one of a box of charity Christmas cards. It had apparently been written by a foreigner detained in a Shanghai prison and forced to work in the factory where the cards are produced. The prisoner should be thankful that he wasn’t forced into hard labor in the Chinese Bitcoin mines!
It appears that more educational efforts regarding blockchain will need to take place to change the narrative a bit. Until that situation changes, the number of blockchain jobs on the market will remain fairly low. It is still crucial for aspiring DLT developers to keep honing their skills and build projects on their own accord. Without a portfolio to showcase one’s efforts, landing blockchain jobs becomes a lot more difficult. It remains a very intriguing industry to keep an eye.
There will, according to Bitwise, always be arbitrage opportunities for users to take advantage of. The company is also no big fan of surveillance sharing, albeit it may be a necessary evil. The current agreement between NYSE Arca and CME should be sufficient to approve its Bitcoin ETF filing. For now, it remains to be seen if and how the SEC responds to this letter. If previous iterations are an indication, the outcome will remain fairly negative.
As the end of 2019 approaches, it means there will be one year left for John McAfee’s infamous wager that said the price per bitcoin would “reach $1,000,000 before the end of 2020.” If the forecast doesn’t come to fruition, he said that he would eat his family jewels on television. At the moment, the price of BTC is 95% below McAfee’s prediction.
In a new episode of Fast Money, journalist Kate Rooney confirms the big number, and outlines 2019’s journey for both Ripple and XRP in 2019.
“Brian, you’re reading it right. So Ripple announced a $200,000,000 funding round, and that money is not in cryptocurrency. The new cash injection brings Ripple’s valuation to $10 billion, making it one of the most valuable private startups in Silicon Valley.
On the surface, this might repel potential newcomers who are asking the question if it’s not more profitable just to invest in the largest crypto and wait for it to grow over the years. Yet, the growth is not guaranteed; however, by mining, people not only receive BTC as rewards but also keep the network safe and validate the transactions, making them one of the most critical pieces of the Bitcoin puzzle.
Bitcoin ransomware attackers are reportedly publicly shaming and threatening to expose victims who won’t pay the ransom price. According to a report by KrebsOnSecurity, at least one popular crypto ransomware group has created a public website identifying companies that chose to rebuild their web operation following an attack, rather than paying the ransom.
However, Libra has taken a lot of flack given that it stems from Facebook, which has been laden with scandals for the past several years. The biggest one that comes to mind is Cambridge Analytica, which arose in 2018. The company had been selling users’ private information to third parties for several years without their consent or knowledge, and Mark Zuckerberg was stuck explaining himself on live television before a Senate committee.
We’re still way off from a big altcoin bubble, Cowen stated, keeping in mind Bitcoin would continue to lead the market. He warned that this is not a piece of direct investment advice, but just a suggestion of the probable developments in the interplay between BTC and altcoins. Timing the bottom is impossible, but a historical bet can bring significant returns for most assets, and specifically for Bitcoin. Separate altcoins, however, may pose a much higher risk in comparison to BTC.