What Death Spiral? Bitcoin Hash Rate Surges to Fresh All-Time High

After the block reward halving, many analysts in the Bitcoin space expected a “death spiral.” The term is one created by a professor who, in 2018 speculated that BTC could fall to $0 due to a collapse in miners. A “death spiral,” per the journalist, takes place when Bitcoin miners leave the network, resulting in slow/no transactions, making BTC intrinsically worthless. “As I argued, once Bitcoin’s price falls below its cost of mining, the incentive to mine will deteriorate, thrusting bitcoin into a death spiral. That is, without the mining…

Former Official Says China Needs to Reform Crypto Laws

Xiao Gang, former chair of the China Securities Regulatory Commission, said the country is facing a digital economy transformation and needs to embrace the right regulations for the fast growing crypto market.  Xiao was speaking at the 19th Pushan Lectures of China Finance 40 Forum, or CF40, which was held online on July 7. The event saw a number of officials discussing the lessons learned from the 30-year development of China’s capital market.  According to local news reports, Xiao said there was an urgent need to embrace digital reform: “The…

Bitcoin Price Poised for ‘Imminent’ Breakout As Network Hashrate Hits Record Highs

The price of bitcoin could see an ‘imminent’ breakout, according to the latest Glassnode data. The data firm says bitcoin (BTC) has been flashing bullish for the past six weeks amid positive onchain activity. Meanwhile, the BTC network hashrate has continued to grow, with the seven-day average reaching 123.4 exahash per second (EH/s) on Monday. In a report published July 6, the Glassnode Network Index (GNI), which measures the overall state of the Bitcoin network, rose by one point week-on-week, to a value of 56 points. At the same time,…

CFTC Is Waiting on SEC to Allow Futures Trading of More Digital Assets, Says CFTC Chairman

In a July 7 interview with predecessor Jim Newsome, current Chairman of the Commodity Futures Trading Commission (CFTC) Heath Tarbert ran down a list of pending concerns standing between cryptocurrencies and the long-awaited promised land of regulatory clarity. Securities regulation and the CFTC’s purview Tarbert was careful to outline the distinction between the work of the CFTC and its elder brother regulator, the Securities and Exchange Commission, or SEC.  The determination of whether a digital asset is a security is “the sole province of the SEC,” Tarbert explained. “If their…

Future Bleak for Private Stablecoins, SFB Economist Says

SFB Technologies’ chief economist sees a future for central bank digital currencies, or CBDCs, but not for privately issued stablecoins. Speaking on a Unitize digital conference panel, Peter Dittus, chief economist for SFB Technologies, said he does see a place for privately-issued stablecoins.  “I don’t see a great future,” Dittus said of stablecoins on the June 7 panel, live streamed by Cointelegraph.  Two stablecoin classifications exist Stablecoins exist in two categories — privately issued and CBDCs, according to Dittus. Issued by governments, CBDCs essentially turn paper cash digital, with each…

Cardano’s ADA is Either #6 or 7 By Market Capitalization — Depending on Who Counts

Cardano’s ADA recently overtook Litecoin (LTC) in market capitalization. Now it may have passed Bitcoin Satoshi Vision (BSV) as well, depending on how the metric is calculated. BCH, BSV, ADA & LTC. Source: CoinMarketCap. How many ADAs out there? At the time of this writing, CoinMarketCap, or CMC, shows ADA in seventh spot, while Nomics has it at sixth —- just ahead of BSV. The controversy stems from the circulating supply —- CMC reports 25,927,070,538, while Nomics has the figure at 31,112,484,646. This represents a five billion ADA discrepancy. Blockchair,…

Bitcoin Futures Premium Shows That Institutions are Bullish on BTC

Bitcoin futures have seen a rising premium over spot BTC in recent months, which seems to indicate that traders are bullish on the benchmark cryptocurrency. This premium is particularly clear while looking towards the CME – which seems to indicate that professional traders and institutions are particularly bullish on BTC at the present moment. This comes as Bitcoin and the entire cryptocurrency market faces an intense bout of abnormally low volatility, which has caused liquidity to dry up. Periods of low volatility coupled with limited liquidity are typically followed by…

This Unique Perspective on Bitcoin Charting Makes Bull Breakout Clear As Day

Switching Bitcoin price charts from one type to another gives a clear as day look at what appears to be a full-blown breakout into a bull market. Better yet, the price action also shows a retest of downtrend resistance turned support, which could act as a launchpad for the cryptocurrency. Understanding Technical Analysis, Trend Lines, Subjectivity, and Bias Reading through Bitcoin-related subreddits or glancing through crypto Twitter comments reveals a strong disbelief in technical analysis. Some argue that drawing lines on charts is a senseless practice, and price action will…

COVID-19 Could Accelerate Crypto Adoption

During a Unitize panel on Monday, Balaji S. Srinivasan commented that COVID-19 has changed everything — and it could ultimately end up accelerating Blockchain adoption.  Srinivasan is known for numerous roles in the crypto space. He’s an angel investor, an entrepreneur, the former CTO of Coinbase, and a General Partner at Andreessen Horowitz. He believes COVID-19 has made centralized governments more powerful than ever before, and feels that government overstepping is causing people to seek new ways to maintain their fundamental rights. He speculates that this is where crypto and…

Market Wrap: With Low Volatility, Traders Seem to Like $9,000 Bitcoin

Over the past month, while market action has been relatively quiet, crypto traders have punched the buy button when bitcoin’s price drops below $9,000. Bitcoin (BTC) trading around $9,208 as of 20:00 UTC (4 p.m. ET), slipping 0.80% over the previous 24 hours. Bitcoin’s 24-hour range: $9,201-$9,379 BTC above 10-day and 50-day moving average, a bullish signal for market technicians, although trading volumes on Tuesday are lower than Monday. Bitcoin trading on Coinbase since July 5.Source: TradingView “Bitcoin managed to approach the level of $9,300, after which immediately rolled back…