Genesis Global Capital has settled with the U.S. Securities and Exchange Commission (SEC) and agreed to pay a million civil penalty. The SEC further disclosed that the regulator will “not receive any portion of the penalty until after payment of all other allowed claims by the bankruptcy court, including claims by retail investors in […]
Bitcoin News
Mt Gox Repayment Delayed Again: Creditors Await BTC, BCH, and Yen Payments Until 2024
According to a new update from the Mt Gox trustee, Nobuaki Kobayashi, the repayment deadline for creditors has been pushed to next year. Kobayashi said discussions with banks, fund transfer service providers and designated cryptocurrency exchanges have caused delays, making it impossible to meet the original repayment deadline.
Mt Gox Trustee Delays Payments
Nobuaki Kobayashi, the Mt Gox trustee in charge of the funds owed to the exchange’s creditors, updated the public on September 21, 2023. According to the trustee, because of lengthy discussions with specific payment providers, Kobayashi could not make the October 31, 2023 deadline. Because of this reason, the repayments will start next year.
“Therefore, with the permission of the Tokyo District Court, the rehabilitation trustee has changed the deadline of the base repayment, the early lump-sum repayment, and the intermediate repayment from October 31, 2023 (Japan Time) to October 31, 2024 (Japan Time), respectively,” the letter from Kobayashi details.
Mt Gox creditors have waited nine years for payments. Currently, they are owed 141,686 BTC, 142,846 BCH, and 69,776,002,441 yen. Though the delay has been extended, creditors who have completed their claims might receive a payment by year’s end.
“Rehabilitation creditors who have provided the necessary information to the rehabilitation trustee will see repayments made in sequence as early as the end of this year,” the letter stated. However, this schedule could change. Kobayashi also said that due to a “high volume of inquiries” regarding the process, the rehabilitation team might not respond promptly.
What do you think about the Mt Gox trustee delaying payments once again? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin Unveiled Trail: Q4 Tumble, ETF Battles, Mt. Gox Drama, And Economic Shivers Await
In a recent legal win for Grayscale against the US Securities and Exchange Commission (SEC), Bitcoin (BTC) soared to ,000. However, the bullish sentiment seems to have waned as the cryptocurrency has retraced to ,000.
QCP Capital, a cryptocurrency analysis firm, has provided valuable insights into the implications of this ruling and the overall market outlook.
BTC’s Short-Term Challenges Persist
According to QCP, while the ruling is a positive outcome for the industry, the firm notes that its near-term impact on spot prices is “inconsequential.”
The firm cautions against getting caught up in the short-term “knee-jerk pump” in spot prices and volatility, suggesting it may present an opportunity to fade such fluctuations.
It is important to note that the ruling does not equate to approval of Grayscale’s application nor guarantees approval for the refilling of GBTC. The SEC still holds the authority to reject the refilling on new grounds.
However, QCP Capital believes that the ruling solidifies the likelihood of an eventual approval for a Bitcoin spot exchange-traded Fund (ETF) while increasing the probability that the SEC will defer the decision to the March 2023 final deadline.
What’s concerning, is that QCP Capital’s wave count analysis, previously shared in their update two weeks ago, suggests that a final push higher to conclude the B wave correction is probable in the coming weeks.
This, coupled with positive developments in the Artificial Intelligence (AI) sector led by companies like NVIDIA and recent strength in traditional proxies such as Gold and Rates, creates a more favorable environment for cryptocurrencies.
Despite these positive factors, QCP Capital anticipates a potential Q4 2023 start near the market lows. They attribute this to fading optimism surrounding the spot ETF due to SEC delays and a perceived lack of innovation within the cryptocurrency sector compared to other technology sectors.
Additionally, the upcoming Mt. Gox payout is expected to exert short-term bearish pressure on the market.
However, QCP Capital remains optimistic about a significant rally in Q1 of 2024. They anticipate the likely approval of the ETF in March, coinciding with the upcoming Bitcoin halving in April, and a potential US economic slowdown in Q2.
To capitalize on this outlook, the firm suggests considering a topside end March 2024 option structure, which offers limited loss and the potential for a substantial payout if the bullish scenario unfolds.
Bitcoin Faces Downside Pressure
According to Material Indicators, a prominent analysis firm’s algorithmic models, called Trend Precognition, indicate a downside trend on multiple timeframes for Bitcoin (BTC).
The Daily chart, which closes in less than 9 hours, the Weekly chart, which closes in 3 days, and the Monthly chart, which closes in less than 9 hours, all point towards a potential test of support shortly.
Per the firm’s analysis, the Weekly signal would be invalidated if BTC’s price moves and holds below the ,350 level. However, if support holds above the lower low (LL) at ,750, it would provide a solid foundation for a potential rally and a retest of resistance.
Overall, both QCP Capital and Material Indicators concur that the analysis points towards continuing Bitcoin’s current downtrend in the short term.
Presently, Bitcoin is trading at ,100, reflecting a 3% decline over the past 24 hours. The upcoming days will reveal whether these projected scenarios materialize or if the cryptocurrency manages to consolidate at its current level, resulting in sideways price action.
Featured image from iStock, chart from TradingView.com
Bitcoin, Ethereum Technical Analysis: BTC, ETH Drop to 5-Day Lows, as Traders Await Fed’s Jackson Hole Symposium
Bitcoin continued to sit firmly below the ,000 level on Wednesday, after breaking out of a key price floor. The world’s largest cryptocurrency by market cap has mostly consolidated in recent days, as traders await Federal Reserve Chair Jerome Powell’s speech at Jackson Hole this Friday.
Bitcoin
Bitcoin moved below a key price floor late on Tuesday, as the cryptocurrency extended its streak of consolidation.
Following an earlier high of ,160.78, BTC/USD dropped to an intraday low of ,520.73 late during yesterday’s session.
This resulted in price diving to a five-day low, and below a recent support point at the ,600 level.
As of writing, bitcoin has since rebounded and is currently trading at ,870.08, with the relative strength index (RSI) hovering around a floor of its own at 20.00.
Price strength now sits at 19.82, which remains in the depths of a bear zone, however, it also acts as a positive for longer-term bulls, as sentiment appears to have already found a bottom.
Friday’s Jackson Hole Symposium could provide a spark that markets have been missing in recent days.
Ethereum
Ethereum (ETH) briefly fell under the ,600 level yesterday. However, price has gone on to recover in today’s session.
ETH/USD bottomed out at ,596.38 on Tuesday, following a peak of ,662.88 earlier in the day.
Similar to bitcoin, this drop pushed ethereum to its lowest point since last Thursday, which is when markets reacted to the Spacex news.
ETH is now trading at ,637, and comes as the RSI bounced from a support level of 22.00, and has now moved to 23.19.
The 27.00 mark remains the target for bulls currently in the market, with a collision likely to result in ETH rising above ,700.
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Can ethereum hit ,700 this week? Leave your thoughts in the comments below.
Bitcoin Fees Decrease, But Over 257,000 Pending Transactions Await Confirmation
Although the Bitcoin blockchain’s average transaction fees have decreased since surpassing per transfer on May 8, there are still over 257,000 pending transactions awaiting confirmation. Furthermore, from May 1 onwards, the network has successfully verified anywhere from 355,000 to over 682,000 transactions per day. Presently, approximately 188 blocks or 0.343 gigabytes must be mined by bitcoin miners to resolve the backlog of unconfirmed transactions.
Bitcoin’s Consistent Backlog: 188 Blocks to Clear Pending Transactions
At the time of writing, there remains a significant backlog of pending bitcoin transfers awaiting confirmation. With the average block interval set at ten minutes per block, it would require approximately 1.30 days to clear this backlog. However, a substantial portion of the backlog has been resolved since May 7 and 8, 2023, when the number of unconfirmed bitcoin transactions exceeded 500,000.
On May 8, according to data from bitinfocharts.com, the average transaction fee skyrocketed to per transaction. As of June 4, 2023, the average transaction fee stands at 0.00012 BTC or .15. The same website displays a median-sized transaction fee of 0.000053 BTC or .44 per transaction. As of 3:51 p.m. Eastern Time (ET) on June 4, 2023, according to mempool.space statistics, there are approximately 257,141 pending transactions awaiting confirmation.
To address a significant portion of this backlog, approximately 188 blocks must be successfully mined. Mempool.space provides fee data categorized into four tiers, including a “no priority” transfer costing .31 per transaction, a “low priority” transfer at .69 per transaction, a “medium priority” transaction priced at .84, and a high priority transfer for .99. At the same time, a significant portion of the blame for the high throughput and the backlog can be attributed to the nearing 11 million milestone reached by Ordinal inscriptions.
When comparing average transfer fees, Bitcoin outperforms Ethereum’s network fees, with data revealing that the average ETH transfer fee amounts to 0.0029 ETH or .46 per transaction. The median-sized network fee on Ethereum is 0.0012 ETH or .30 per transaction. Interestingly, Etherscan’s gas tracker, similar to mempool.space, displays lower fees for ether transfers compared to the figures shown on bitinfocharts.com.
For instance, at 3:51 p.m. (ET) on Sunday, a high-priority ETH transaction only incurs a fee of .84 per transfer. While Bitcoin established a record of 682,000+ transactions per day on May 1, Ethereum surpasses this by clearing anywhere between 930,000 to 1 million transactions daily.
What are your thoughts on the current state of Bitcoin transactions? Are the decreasing fees and ongoing backlog a cause for concern or a temporary challenge? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin Transaction Backlog Shrinks, but Over 289,000 Still Await Confirmation
Although Bitcoin’s network transaction fees have decreased and a portion of the unconfirmed transfer backlog has diminished, the protocol still grapples with over 289,000 transactions awaiting confirmation. As of this writing, more than 218 blocks must be processed to fully alleviate this congestion.
Bitcoin’s Lingering Transaction Backlog
Data collected on May 20, 2023, at 1:35 p.m. Eastern Time reveals approximately 289,385 unconfirmed BTC transactions lingering in the backlog. This is slightly lower than the figure recorded nine days earlier on May 11, when just over 300,000 transactions were pending miner confirmation. However, fees have fallen since then; at that time, a high-priority fee was per transaction.
Currently, mempool.space statistics indicate that a high-priority fee stands at .81 per transaction, while a medium-priority fee costs .62. A low-priority transfer, according to the site’s data, will amount to .47 per transaction on Saturday afternoon. Meanwhile, metrics from bitinfocharts.com show the average BTC transaction fee as 0.00023 BTC per transaction, or .07. Concerning median-sized transaction fees on the Bitcoin network, bitinfocharts.com reports a fee of around 0.00013 BTC or .55 per transfer.
The persistence of Bitcoin’s unconfirmed transfer backlog has led some to speculate that demand may eventually wane. Yet others argue that demand could endure for an extended period owing to Ordinal inscriptions and BRC20 tokens‘ existence. Presently, about 8,128,158 inscriptions can be found on the Bitcoin blockchain. Moreover, the current value of the 24,677 BRC20 tokens in existence is an estimated 2 million.
Despite the ongoing inscription and token trend occurring on Litecoin and Dogecoin blockchains as well, minting and transactions linked to inscriptions and BRC20s have not decelerated on the Bitcoin network. Furthermore, the Lightning Network (LN) capacity has consistently declined since our last report on the issue, which indicated the LN held 5,415 BTC on May 14. That figure has since contracted to 5,367 BTC.
What are your thoughts on Bitcoin’s ongoing transaction backlog and its potential impact on the network’s scalability? Share your insights and opinions in the comments section below.
Analyst: There Are 4 Long Term Scenarios For Bitcoin, Does a Bullish Trend Await?
Bitcoin trends at the moment appear to be building bearish momentum as the asset failed to reclaim ,000 over the weekend. The down trend seems to have resumed so analysts are now turning their attention to long term scenarios and four have emerged.
4 Bitcoin Price Scenarios
Aside from day traders seeking quick profits most people would get into Bitcoin for the long term potential. It is still a very high risk asset but if those risks pay off then the rewards could be immense. If BTC fulfills its destiny as a global currency of major store of wealth just holding a little bit of it could be life changing.
Trader and analyst Alex Krüger has been looking at possible scenarios for the future of Bitcoin prices and its role in the global financial system.
The first scenario is that BTC becomes a global reserve currency and hodlers today get immensely rich. This is pretty unlikely however due to its inherent lack of stability and the fact that there are a few whales that control an unhealthy proportion of the supply.
The second is on the same lines with Bitcoin scarcity continuing to push prices higher as it keeps outperforming with investors doing very well.
Thirdly is a scenario whereby BTC settles into a wide range as most commodities do after a few major rallies. While the fourth scenario is the nightmare one in which Bitcoin dumps back to near zero making the asset worthless.
Four long-term bitcoin scenarios
#1 Bitcoin becomes a global reserve currency. Current hodlers, all proven to be early, get immensely rich.
#2 Scarcity keeps price going up forever. Bitcoin continues to outperform. Investors do extraordinarily well.
— Alex Krüger (@krugermacro) November 16, 2019
The poll that followed resulted in 47% of over 4,500 respondents picking scenario three as the most likely in their opinion.
“Almost half are voting “settle into a wide range”. For those voting #3, time for some crystal-balling: where do you see $BTC most likely settling in?”
From this 45% saw a range above 0k as entirely plausible but it is likely to take a few years to get there.
Some of the respondents questioned the threat of quantum computing to Bitcoin but it has been largely accepted that cryptographic algorithms would also evolve to keep up with the technological advances.
There were also a couple of bleak scenarios proposed such as the entire network becoming unsustainable.
“The future halvings are unsustainable as miners have to keep cashing out fiat to pay electricity bills to secure the network. When there’s no one else left to buy those bags it all ends. BTC has failed as a payments network and now there’s a hollow shell of “store of value”.”
This would be an extreme long term view as the supply approaches its maximum limit. The halvings happen every four years so this scenario could play out if pressure is put on power generation.
The general consensus of opinion though is bullish for the foreseeable future as Bitcoin continues on the path it began a decade ago.
Image from Shutterstock
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Bitcoin (BTC) Breaks Past $10,000, Analysts Await Mass FOMO
That’s right, at long last, Bitcoin (BTC) has reached five digits in the ongoing bull run, according to TradingView.com. The last time the cryptocurrency was in this price range was a year ago. With this strong swing to the upside, which comes just weeks after analysts en-masse were calling for a “strong correction”, many are sure that so-called “FOMO” from a retail audience will soon grace this market.
Bingo
— Barry Silbert (@barrysilbert) June 21, 2019
Bitcoin Surges Past ,000
The past week or two have been absolutely stellar for the cryptocurrency market. Ever since retracing to ,450, Bitcoin has been on an absolute tear, ripping past key resistances like they were nothing more than soggy pieces of parchment paper.
Just now, we saw Bitcoin surmount ,000, seen as many as one of the most important psychological, sentimental, and technical levels in cryptocurrency. Right now, the proverbial seems to be in the court of bulls, as BTC looks poised to break past ,200 on some exchanges.
This may just be the start of a strong move higher, however.
More specifically, many see a move past ,000 as a validation of Bitcoin’s revival, especially after the 80%+ seen during yesterday. Or as Fundstrat Global Advisors’ Thomas Lee explained in a tweet, “[,000] will see FOMO from those who gloated about the 90% crash in BTC […] and those who saw Bitcoin dead as forever.”
Indeed, during 2017’s rally, all prominent traders and mainstream news outlet alike asserted that ,000 was the level to keep an eye on. More importantly, ,000 also acted as a key level of resistance and support during 2018’s tumult.
The importance of a five-figure Bitcoin has led many to claim that once BTC breaches ,000, all proverbial hell may break loose. In a recent tweet, Tyler Winklevoss, the (purported) Facebook pioneer turned Gemini chief, claimed that once the digital asset surmounts the key level, “you can bet it’s going to break ,000.”
Related Reading: Crypto Exchange Gemini On the Rise After CBS Airs Bitcoin Feature
,000 — just under 50% higher than current levels — may just be the tip of the iceberg though. According to Lee, once Bitcoin reaches ,000, “Level 10” FOMO will grace this market, which last occurred when BTC blipped above ,500 in late-2017. If history is any guide, the cryptocurrency market will shoot even higher once ,000 is breached.
In a recent podcast with Binance’s chief financial officer, Wei Zhou, Lee surprisingly opined that there will be a “fast and furious” move to ,000 following a break and close above ,000. And from there, Bitcoin will double in the next five months, reaching ,000 in a jaw-dropping move.
It remains to be seen whether this will occur though, as BTC presumably needs to close a weekly candle above five figures as bullish confirmation.
Featured Image from Shutterstock
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Bitcoin Has Little Resistance Until $10K: Does a Big Bull Market Await?
It’s now abundantly clear that Bitcoin and the aggregated crypto markets are in a firm uptrend, with BTC and other major cryptos posting consistent gains on a weekly basis, with each minor pullback only acting as fuel for further gains.
Bitcoin has further established that it is in a firm uptrend this past weekend when it surged to highs of nearly ,000 before settling slightly to its current price levels. According to one prominent analyst, it now appears that BTC doesn’t have any significant resistance until the coveted ,000 region, which may signal that significantly further gains are imminent.
Bitcoin Finds Support Around ,700 After Surging This Past Sunday
At the time of writing, Bitcoin is trading down marginally at its current price of ,730, down slightly from its daily highs of over ,800.
Over a one-week period, BTC has surged significantly from lows of ,500, and is showing few signs of any weakness at its current price levels.
It is important to note that although Bitcoin is currently showing a significant amount of strength at its current price levels, it has not been able to break into the ,000 region yet, which may signal that the cryptocurrency is going to require a significant influx of buying pressure in order for it to extend its upwards momentum.
While looking at the cryptocurrency over a weekly period, it is clear that bulls are currently in full control of Bitcoin, which may mean that a move up to ,000 is imminent.
Don Alt, a popular cryptocurrency analyst on Twitter, discussed this possibility in a recent tweet, further noting that BTC may drop towards ,200 before it continues surging higher.
“$BTC weekly: One after the other resistances fall. Two remain 10.000 and 11.500. Once those are cleared, clear skies await. I’ll be looking for leveraged buys in the 8200-8400 area this week. Bulls clearly in control, not trying to fight the trend,” he explained.
$BTC weekly:
One after the other resistances fall.
Two remain 10.000 and 11.500.
Once those are cleared, clear skies await.
I'll be looking for leveraged buys in the 8200-8400 area this week.Bulls clearly in control, not trying to fight the trend. pic.twitter.com/OeTUHYCa0K
— DonAlt (@CryptoDonAlt) May 27, 2019
Analyst: ,200 is BTC’s Main Near-Term Support Level
DonAlt is not alone in his assessment of ,200 being a key support level that Bitcoin must hold above, as Cred, another popular crypto analyst, also noted that a break below ,200 would likely lead the cryptocurrency to fall towards its range low that currently exists in the lower-,200 region.
“$BTC High Time Frame Analysis: Broke through resistance with no pullback to the level. 00 area is technically support now. Losing that level would indicate a short-term top & almost certainly take us to the range low. Overall bias: buying HTF dips unless below red level,” Cred said.
$BTC High Time Frame Analysis
Broke through resistance with no pullback to the level.
00 area is technically support now. Losing that level would indicate a short-term top & almost certainly take us to the range low.
Overall bias: buying HTF dips unless below red level. pic.twitter.com/rOAHfs1HOv
— Cred (@CryptoCred) May 27, 2019
As the week continues on it is likely that analysts will gain greater insight into whether or not Bitcoin will be able to continue consolidating around its current price levels and climb higher, or if further losses are inbound.
Featured image from Shutterstock.
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Bitcoin Surges Higher To Flirt With $8,600, Analysts Await $10,000
Bitcoin (BTC) has just broken out of a short-term consolidation pattern, moving past key short-term resistance at ,300 to ,400. As of the time of writing this piece, BTC sits at ,540 after touching ,580 just minutes earlier. Many are sure that this is a sign of continued bullish momentum, meaning that a continuation to the upside may just be possible.
Bitcoin Closing Above ,400
According to a number of analysts, Bitcoin closing above and around ,400 on the daily or weekly resolution would be absolutely monumental for bulls. Josh Rager, a team member at Level and a popular analyst, recently noted that if Bitcoin closes above ,300 in the coming hours, he would fully expect for a move to ,600 to come to fruition. And interestingly, he isn’t the only one in this boat.
In a recent tweet, prolific analyst Crypto Rand remarked that he sees a clear pattern playing out for Bitcoin. As depicted below, Rand expects for the leading cryptocurrency to trade within a triangle for the coming month, then break to the upside to potentially push the auspicious ,000 level. As shown below, the only key resistance holding BTC back from accomplishing such a feat is the ,300 to ,400 band.
#Bitcoin heating up for K pic.twitter.com/34jIuCocJY
— Crypto Rand (@crypto_rand) May 19, 2019
Even a key industry executive has joined in on calling for Bitcoin to hit ,000.
Speaking to industry publication CryptoBriefing, Alex Mashinsky, an early developer of Voice Over Internet Protocol and founder of the cryptocurrency startup Celsius Network, divulged that he expects for BTC to soon tap ,000. He looked to the fact that the long-to-short ratio on certain platforms is still short-heavy, meaning that there are those on the short-side that have yet to cover their positions. Thus, he concluded:
“So I think we’re going to go above ten thousand before we see a correction. Because these guys are going to be squeezed out. We haven’t seen the pain yet. We have not seen them cover. They have to cover, and when they cover, they buy bitcoin.”
Bitcoin’s upward momentum on the very short term has begun to slow, but we have to wait for the daily and weekly close in the coming hours to determine the momentum of this market.
Featured Image from Shutterstock
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