Day: July 18, 2020

Elon Musk Sees ‘Dogecoin Standard’ Future — DOGE Price Rises 14%

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Elon Musk, the CEO of Tesla and SpaceX, posted a sarcastic tweet about the meme cryptocurrency Dogecoin (DOGE). It is not the first time Musk has trolled the crypto and Bitcoin (BTC) communities with humorous remarks. He tweeted “it’s inevitable,” with an image showing the “dogecoin standard” dwarfing the global financial system. Elon Musk tweets a Dogecoin meme. Source: Elon Musk Twitter Responding to a sarcastic tweet asking Musk for lost Bitcoin, Musk wrote: “Excuse me, I only sell Doge!” The price of DOGE rose by 14% on the day.…

Bitcoin Mining Firm Northern Data Slams ‘Trolls’ After Stock Drops 40%

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European Bitcoin (BTC) mining firm Northern Data has seen its stock fall 40% in days amid claims that it committed fraud. Data from Bloomberg showed the company’s NB2 stock trading at under €47 ($53.70) at the end of July 17, down from €79 ($90.30) on Monday. Northern Data: “We’re as transparent as it gets” Northern Data, the product of a 2019 merger between U.S. company Whinstone and Northern Bitcoin, claimed to offer High Performance Computing/Artificial Intelligence (HPC/AI) solutions. While touting the scale of its computing capacity to investors and analysts,…

Ethereum 2.0 and Polkadot Offer Alternative Solutions to Scaling Issue

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After Ethereum co-founder Gavin Wood left the Ethereum Foundation in 2016, he wrote a white paper for a new kind of blockchain — one that would use an innovative form of sharding and cross-chain communication to achieve the kind of scalability and interoperability that Ethereum 1.0 would never be able to manage. Wood’s new blockchain, called Polkadot, launched its first iteration in May and has recently moved to the second stage of the mainnet.  In the time that Wood has been developing Polkadot, the Ethereum core development team has been…

Crypto Tidbits: Twitter’s “Bitcoin Scam,” Elon Musk & Dogecoin, Institutions Want BTC & ETH

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Another week, another round of Crypto Tidbits. It’s been another boring week for Bitcoin. This may sound like a broken record at this point, but it’s true. As the chart below shows, the leading cryptocurrency has again been stuck in the low-$9,000s for days on end, failing to react to news events and technicals. Chart of BTC’s price action over the past week from TradingView.com With Bitcoin failing to break out in any direction, volatility indicators have begun to tighten even further than they were in June. Brave New Coin analyst…

Institutions are Pouring $57.8M into Bitcoin Each Week, New Report Reveals

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Bitcoin’s price has been stagnant for the past few months, but this hasn’t stopped institutions from pouring money into the benchmark digital asset. According to a new report from Grayscale, the company has been seeing massive institutional inflows into its BTC Trust, averaging at $43.8 million per week throughout the first half of 2020. Surprisingly, most of these inflows came about in the second quarter, despite Bitcoin posting more notable gains in the first few months of 2020. This indicates that global money printing and loose economic policies are driving…

Asked About Bitcoin, Elon Musk Just Joked He “Only Sells Dogecoin”

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It’s been a crazy past few days on Twitter for the Bitcoin and crypto industry. The accounts of Elon Musk, Joe Biden, Kanye West, and other prominent celebrities and names/entites in the cryptocurrency space were hacked to promote a scam involving Bitcoin. For those that don’t remember, the hackers posted tweets from these high-level accounts promising to ‘double’ the deposits of a cryptocurrency to an address. Despite the hackers seemingly still at large, Tesla CEO Musk is making light of the situation through the crypto industry’s meme currency. Elon Musk…

Bitcoin Could Soon Fall to the $7,000s as Price Loses Pivotal Support

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Despite volatility in global stock markets, Bitcoin has remained relatively stagnant over recent days. Case in point: FTX’s BVOL token, which tracks volatility, is reaching all-time lows. Further corroborating this, the Bitcoin Bollinger Bands are at lows not seen since November 2018, just days before the 50% crash to the $3,000s. Yet technicals show that the asset may be primed to see a correction to the $7,000s. Related Reading: PSA: There’s A Crypto Scam on Youtube Misappropriating Cardano Content Bearish Ichimoku Cloud Analyses Predict Bitcoin Will Soon Plunge Bitcoin may be…

BTC Options Traders Are Not Betting on a Short-Term Bitcoin Price Drop

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Bitcoin’s (BTC) consistent failure to break the $9,400 level over the past three weeks has led to some analysts becoming skeptical about the chance of a positive breakout.  Although the $9,000 support has been holding strong for the past 50 days, any slightly negative indicator tends to get more attention from media and pundits.  Recently, crypto media has focused on Bitcoin’s 25 % skew as proof that options traders are turning bearish in the short-term, but in reality there’s more to it than just interpreting signals from one data point. …

How Lengthening Bitcoin Cycles Conflict With Halving Driven Supply Theories

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Bitcoin is at a critical junction. A breakout into a new bull market here backs up the stock-to-flow theory and other halving and supply-driven expectations. Others believe in lengthening cycles between each major peak as adoption takes place and volatility decreases. However, the lengthening cycle theory coming true would essentially put an end to just about all halving-based theories instantly. Here’s why. Cryptocurrency Adoption Curve Could Lead To Longer Market Cycles The leading cryptocurrency by market cap has been consolidating below resistance for months now. The sideways trading range has…

Report Cuts China’s Bitcoin Mining Capacity to 50% of World Total, Raises US’ to 14%

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A new report by crypto research company Bitooda claims that China accounts for only 50% of global Bitcoin mining capacity, and the U.S. 14%. The data is in sharp contrast with earlier findings from the University of Cambridge Centre for Alternative Finance (CCAF), which put China’s share of the world hash rate at 65% and about 7.2% for the U.S. In the July 15 report, produced with support from asset manager Fidelity Investments, Bitooda says it reviewed several public sources, including “confidential conversations” with miners, rig manufacturers and dealers to…