Day: August 4, 2020

Bitcoin Futures Data Shows Market Favors Bulls Despite $1.5K Flash Crash

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The sudden $1,500 drop in Bitcoin (BTC) price on August 2 caused over $1 billion worth of liquidations on futures contracts and also led to a sharp decline in the price of many top altcoins.  This massive figure represents 18% of the total $5.6 billion open interest and undoubtedly caused the exaggerated move down to $10,560. Interestingly, futures open interest recovered half of this loss in less than 48 hours, and currently sits at $5.2 billion. Meanwhile, derivatives indicators like contango (basis), funding rate, options 25% delta skew, and the…

U.S. Congressman Emmer Says Bitcoin Better than Centralized Fiat Monies 

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Tom Emmer, a U.S. Representative for Minnesota’s sixth congressional district, has said during the August 3, 2020 episode of Anthony Pompliano’s “Pomp Podcast”,  that Bitcoin has come to stay, as its decentralized nature gives it a significant edge over fiat currencies including the USD. Emmer says the ravaging coronavirus pandemic, plus the recent crypto custody rights given to U.S lenders, will make bitcoin (BTC) stronger and indestructible in the long run. Bitcoin Not Going Away Satoshi Nakamoto created Bitcoin during the aftermath of the global financial crisis of 2008, to…

Market Wrap: Bitcoin Flat at $11.2K; DeFi Has Highest Volume Month Ever

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Bitcoin trading is weak Tuesday while volumes on DeFi are as high as they have ever been. After wild Sunday action that saw the price of the world’s oldest cryptocurrency fall as low as $10,050 on spot exchanges like Coinbase, bitcoin is trading relatively flat, at around $11,200 Tuesday. “The asset is trading in a narrow range of $11,080 to $11,220,” said Constantine Kogan, a partner at crypto fund of funds BitBull Capital. “To continue last week’s rally, bitcoin needs to overcome the resistance level, which is in the $11,300-…

Huobi’s COO Thinks Blockchain Regulation Needs to be Better Defined

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Robin Zhu, Huobi Global Group’s COO, told Cointelegraph at a China Great Bay Area International Blockchain Week pre-event interview on August 3 that lack of defined regulations and infrastructure services are preventing the mass adoption of blockchain and crypto. Defined regulation and mass adoption  Zhu explained that, in addition to concerns about hacking, users are put off by the lack of defined regulations, infrastructure services, and user-friendly asset management systems. He continued that:  “Security has always been on the top of the list. Lack of defined regulations and infrastructure services…

Bitcoin Hater Peter Schiff Says Dollar Approaching ‘Wile E. Coyote Moment’

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Today the price of gold hit a new record-high at $2,008 and the asset is now in the price discovery phase.  The precious metal appears to be rallying due to the declining U.S. dollar and this could also positively affect Bitcoin (BTC) in the medium-term due to the correlation between the two assets. Bitcoin vs Gold price movements. Source: Skew.com In trading, the term price discovery refers to when an asset’s price surpasses its previous all-time high. Given that gold is now seeking a new peak, and its momentum remains…

South African Bitcoin Investment Company Faces Fresh Scam Allegations

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FX Choice, a forex and crypto trading company, is making new allegations that South African bitcoin investment company, Mirror Trading International (MTI) is a multi-level marketing scam. The company says it uncovered this after researching into MTI, a firm that claims to have “118,027 members in 192 countries” and ostensibly sees “12,879.70 Bitcoin in trade daily.” The recent findings prompted FX Choice to take action one month before the Texas State Securities Board (TSSB) issued a cease and desist order. TSSB issued its cease and desist order in July. In…

Bitcoin Is Bullish, But A Breakout Won’t Arrive Until 2021: Here’s Why

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After months of consolidation, Bitcoin broke free from a tight, boring trading range and continued the uptrend that began in early April. Despite the cryptocurrency turning from bearish to bullish, a full break out into a new bull market won’t arrive until 2021. Here’s what past Bitcoin cycle data predicts for when the asset may retest its former all-time high, and embark on a new bull run. Bitcoin Turns Bullish After Break Above $10,000, But Bull Market Isn’t Ready Yet The leading cryptocurrency by market cap last week followed gold’s…

Congresspeople Call on IRS to Take It Easy on Taxing Staking Rewards

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On Aug. 4, four U.S. congressional representatives wrote to the Internal Revenue Service (IRS) asking the tax authority not to overtax rewards from Proof-of-Stake blockchains.  Explaining the difference in energy consumption between PoS and Proof-of-Work blockchains like Bitcoin’s, Representatives Tom Emmer (R-MN), Darren Soto (D-FL), David Schweikert (R-AZ) and Bill Foster (D-IL) wrote that the IRS may be overestimating gains: “We believe that taxpayers’ true gains from these tokens should indeed be taxed. However, it is possible the taxation of ‘staking’ rewards as income may overstate taxpayers’ actual gains from…

‘Rat Poison Squared on Steroids’: What’s New in Bitcoin’s Latest Lightning Release

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All eyes are on bitcoin‘s bullish price at the moment. Behind the scenes, however, developers are tinkering to build the infrastructure that many hope could make the Bitcoin system more accessible to more people. Last week, Bitcoin tech startup Blockstream released its latest major version of c-lightning, its implementation of the Lightning Network. The release is dubbed “Rat Poison Squared on Steroids,” facetiously referencing Warren Buffet’s comment that Bitcoin is “rat poison squared” and, in his opinion, investors will get burned if they put their money into it. Of course,…

Do You Know The Most Valuable Blockchain Companies?

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Research firm Hurun published a list of global unicorns, or companies worth more than a billion dollars, in 2020. This ranking features all billion-dollar tech startups founded in the 21st century that are not listed yet listed on public exchanges. The report, named “Hurun Global Unicorn Index 2020,” shows that there are a total of 586 unicorns globally — up from 494 companies listed in the 2019 ranking. The blockchain industry represents 2% of the list. Ripple takes the top spot as the company with the highest valuation in the…