Personal finance expert and best-selling author Dave Ramsey says he agrees with Berkshire Hathaway CEO Warren Buffett regarding bitcoin. Viewing the crypto as a currency whose value is based on “thin air,” Ramsey stressed: “I wouldn’t wish bitcoin investments on somebody I really dislike.” Dave Ramsey on Bitcoin: ‘It’s Still Thin Air’ Personal finance guru […]
Bitcoin News
Australian Court Sides With ASIC in a Case Pitting the Regulator Against a Crypto Startup
The Australian Securities and Investments Commission (ASIC) recently prevailed in its case against Block Earner after a court ruled that the crypto startup’s product offering violated the country’s Corporations Act. The judge ruled that the ASIC had “succeeded in establishing contraventions of s 601ED and 911A of the Act in relation to the Earner product.” […]
Bitcoin News
Analyst Hints Huge Chances For Ethereum Killers To Surge, Sides With Solana And AVAX
Two Ethereum killers are on the brink of price rallies; they include Avalanche (AVAX) and Solana (SOL).
Pentoshi’s Stand On Solana And Avax
Pentoshi, a pseudonymous crypto pundit and analyst, took to Twitter to say that he presumes Solana (SOL) is about to change momentum towards a bullish one.
Related Reading | Negative Sentiment Deepens In Crypto, Why Recovery May Not Last
The Solana crypto project traded at a crucial support level following the massive sell momentum last week. Currently, the SOL token is trading at .89, a 4% growth from the 24-hour circle. Also, last week, the coin dipped to about .33
Solana Set Recover Previous Losses | Source: TradingView.com
Avalanche (AVAX) is the next coin Pentoshi believes worthy of discussion. The analyst suggests that the coin’s ability to sustain just above its support level boosts its chances of rallying to hit the level. Currently, the AVAX token is trading at .63, a 5% growth from the 24-hour price. Also, last week, the coin dipped to about .13.
AVAX soon to hit | Source: TradingView.com
Pentoshi also explains a strong possibility for the crypto market to rally back. Therefore, he believes that once sentiments change momentum, the market will swing from outright bearishness to utmost bullishness.
Pentoshi predicts that traders and investors will soon see a turnaround in their trades sooner than later. Thus, they’ll move from exclaiming it’s a dead bear market to screaming and rejoicing for alt season. However, the pundit also predicts that most altcoins may never hit their record-breaking prices again.
SOL And Avax Blockchains
Solana provides users with high-end digital and financial solutions. Being the ‘new kid on the block,’ Solana introduced attractive solutions like low transaction costs, swift transactions, and others for users to maximize their opportunities. Solana blockchain utilizes the SOL native token for utility, governance, and facilitating payments.
Although it still has a long way, Solana is considered one of Ethereum’s ‘killers,’ as it even ranks among the top 10 blockchains by market capitalization.
Related Reading | Polkadot (DOT) Trades Beneath ; How Soon Will It Target ?
On the other hand of the spectrum is the Avalanche cryptocurrency project. Avalanche is a multi-chain smart contract network created to host decentralized applications (or dApps). Avalanche is one of the known contenders for Ethereum, the second-largest blockchain worldwide.
However, the avalanche is known to be more compatible than Ethereum and provides better support for other applications and projects.
Within the past two weeks, Solana and Avalanche were among the coins leading the crypto bear market, showing a red flag to traders who went long on the coins. Even many predicted that Solana and Avalanche would be among the coins that won’t survive if Bitcoin took another dip. But, this new week records a difference for the coins.
Featured image from Pexels, chart from TradingView.com
NewsBTC
Ripple Sides With US Regulators on Crypto Controversy and Facebook Libra
Crypto was designed to eventually serve as a complete replacement for fiat currencies like the US dollar as the entire world moves into a fully digital age, so money itself can more easily and quickly be managed without the requirement of a third-party intermediary.
But it wasn’t until Facebook, one of the largest and most powerful corporations in the entire world, announced their plans to launch a crypto asset called Libra that was designed as a 1:1 replacement for the dollar and other fiat currencies that US regulators began to take a defensive and potentially reactive stance against crypto, Bitcoin, and Facebook Libra itself. And now, as that controversy heats up, Ripple is siding with US regulators, saying that a “new fiat currency” isn’t needed and that the dollar is perfectly suitable – an even makes negative comments towards Bitcoin and Ethereum in an attempt to distance his company from the rest of the crypto space and divert the attention towards the competition.
Ripple CEO Makes Splash Condemning Crypto Competitors, Saves Face with Regulators
Following weeks of controversy surrounding Facebook Libra, fears over the corporation becoming too powerful when privacy is an issue, and concerns over what it could mean for the US dollar, the once bullish crypto market has begun to take caution that stiff regulation may be ahead.
Related Reading | The United States’ Distrust in Facebook Libra Is Spilling Into Crypto
During a recent conversation on Bloomberg TV regarding the much-discussed, hot-button financial and technology topic, Ripple CEO Brad Garlinghouse lashed out at Facebook Libra, Bitcoin, and Ethereum, and took every step possible to align with chief financial regulators in the US and divert negative attention away from his company’s native crypto token, XRP.
"I think the U.S. dollar works pretty well. We don't need a new fiat currency"– Ripple CEO Brad Garlinghouse on why he thinks Facebook took an arrogant approach with Librahttps://t.co/faVtrXTMej pic.twitter.com/aAs8YyyiEU
— Bloomberg TV (@BloombergTV) July 29, 2019
Garlinghouse first claims that while Facebook’s efforts are “ambitious,” but also “arrogant” for trying to replace fiat currency. “We don’t need a new fiat currency,” he added.
“Financial regulation matters. Know your customer and anti-money laundering, and anti-terrorist financing… these are important foundational pieces of our financial system, and we need to make sure that the future constructs keep that in mind,” Garlinghouse told Bloomberg.
He worries that “legitimate projects working on taking advantage of crypto to solve real problems get caught in the” US government versus Facebook crossfire, and says President Donald Trump’s blanket statement that all cryptocurrencies are bad is akin to not liking an internet company in 1997, suggesting that the industry is young, will mature and change, and many of the early, hype-driven projects will fizzle out long before crypto is widely adopted.
Garlinghouse hoping to play nice with financial regulators in their home country of the United States, makes perfect sense, especially in response to Libra being major competition for the brand. The segment host even comments on how Facebook’s Libra crypto asset is in opposition to XRP, Ripple’s native token.
Related Reading | SWIFT Approaching Ripple (XRP) Speeds In Latest Cross-Border Payment Trial
Rather than stopping with Libra, the Ripple CEO also took jabs at Bitcoin and Ethereum, and strategically pushing buttons of US regulators that may be watching. He says that Ripple is working “with banks, with regulators,” unlike Bitcoin and Ethereum that are “controlled by Chinese miners.”
In the end, the CEO is protecting his brand, product, and investors by attacking Bitcoin and Ethereum, and fueling additional concerns around Libra, Garlinghouse will need to be careful not to drag the entire crypto industry through the mud while he does so, or risk tarnishing his own brand in the process.
The post Ripple Sides With US Regulators on Crypto Controversy and Facebook Libra appeared first on NewsBTC.
Prominent Analysts Divided Over Bitcoin Bottom: Let’s Look At The Two Sides
I’m sure you’ve heard the popular adage: “great minds think alike.” While this seems true in scientific contexts, in the case of finance, even cryptocurrencies, this is far from the case. Some of the greatest minds in Bitcoin (BTC) analysis recently convened in a Skype room to discuss if the bottom is truly in.
Over eight attended the six-hour call, which was live-streamed to Tone Vays’ Youtube channel, and there were two clear narratives: on-chain fundamentals show that Bitcoin found a bottom at ,150, and historical technicals show that BTC will establish lower lows in this cycle. Let’s take a closer look at their theories.
Is the bottom in, final figures…
% probability Bitcoin has bottomed:
BULLS@MustStopMurad 75% @kenoshaking 80%@woonomic 95%
BEARS@ToneVays 40%@venzen 39%@LucidInvestment 20%https://t.co/k77hCnGAuR https://t.co/97O1eeixq7
— Willy Woo (@woonomic) April 20, 2019
The Fundamental Bitcoin Bulls
First, the bulls, who primarily based their conjecture off data from the Bitcoin Blockchain, rather than technicals on a chart. This side consisted of Adaptive Capital’s Murad Mahmudov (75% sure bottom is in) and David Puell (80%), independent researcher Willy Woo (95%), and Tuur Demeester (80%), who recently a report claiming that BTC is looking amazing fundamentally.
Related Reading: Whales Are Scooping Up Bitcoin As Crypto Seemingly Bottoms, Report Shows
As explained in a recent tweetstorm, blockchain models, which included fees, Network Value to Transactions (NVT), among other factors, are leaning bullish across the board.
Balanced Price from Adaptive Capital’s Puell, for instance, resembled the signal’s action as the 2015 – 2016 bear market came to a close. NVT Signal’s recent action resembles that seen in early-2015, which came after BTC established a long-term floor.
Woo’s very own Cumulative Value Days Destroyed indicator, which has historically caught bottoms to near a tee, showed that Bitcoin recently broke out of an upper accumulation band following a strong, convincing bounce off the lower band. And three key iterations of NVT have begun to converge, looking much like they did at 2015’s bottom.
New updates to the Woobull pricing model chart. pic.twitter.com/0g193OXVpe
— Willy Woo (@woonomic) April 9, 2019
Demeester’s assertions were slightly different. He did acknowledge the importance of the aforementioned factors, but instead looked to the fact that the Bitcoin Unrealized Profit/Loss (BUPL) indicator has entered a stage of “hope,” whales are accumulating, and market volatility is low to come to the conclusion that BTC is likely ready to soon enter a bullish state.
The Technical Bitcoin Bears
Second, but equally as important, the bears. This subset of traders claimed that per longer-term technical trends, price action seen in historical bubbles, Tyler Jenks/Lucid Investments’ Hyperwave Theory, and some industry developments, BTC could easily fall further than ,000. This side consisted of former institutional investor Tone Vays (40% sure bottom is in), Venzen Khaosan (39%), Tyler Jenks (20%), and Leah Wald.
The group’s primary point was that if Jenks’ proprietary Hyperwave form of analysis continues to play out, Bitcoin’s drawdown to ,150 was only part of the leg down, not it in its entirety.
For those who missed the memo, a Hyperwave is a parabolic trend and a massive drawdown pattern that asset classes/markets with the potential to catalyze large macroeconomic shifts tend to experience at one point or another. Jenks has applied Hyperwave to the Dotcom boom and bust, the growth of Japan’s economy in the 70s and 80s, and, of course, cryptocurrencies.
If Bitcoin finishes its ongoing Hyperwave, which predicted the rally to ,000 and subsequent drawdown, BTC could fall to as low as the ,000s. In fact, Lead Wald, a subscriber/student of Jenks’ theories, and Jenks himself recently bet analyst Filb Filb that Bitcoin will hit ,500 before ,500.
Venzen agreed but used his own analysis to back his claim that a move to ,500 isn’t off the table. He claimed that industry fundamentals, like Bakkt or Fidelity running to set up a crypto shop, won’t drive prices, adding that what he calls a “Pi Cycle” predicts BTC will capitulate to ,000 to ,500 before rallying into the 2020 halving.
Only time will tell which faction will be right in their analysis.
Featured Image from Shutterstock
The post Prominent Analysts Divided Over Bitcoin Bottom: Let’s Look At The Two Sides appeared first on NewsBTC.
You Are My Enemy Bitcoin Cash Sides Clash as Hard Fork Looms
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FUD From All Sides: In Defense of CME’s Bitcoin Futures Plan
The CME’s plan to offer bitcoin futures will benefit the futures trading and bitcoin communities alike – notwithstanding hand-wringing in both worlds.
CoinDesk
FUD From All Sides: In Defense of CME’s Bitcoin Futures Plan
The CME’s plan to offer bitcoin futures will benefit the futures trading and bitcoin communities alike – notwithstanding hand-wringing in both worlds.
BitNewz.net