Cryptocurrency News Roundup for July 13, 2020

Cryptocurrency News Roundup for July 13, 2020

Furthermore, the alpha crypto ended the last week in the green following a four-week long losing streak, which was its worst performance on that front since last November. While there’s no sign of an imminent breakout, the technical indicators do currently signal the upper hand for bulls.

The daily chart shows that the price is still trading above the $9,250 support/resistance area, which has been in place since June of last year. While the price initially declined below here on June 25, 2020, it increased back above less than two weeks later, possibly making the previous move a fakeout.

The price is also trading above its 50-day moving average (MA), which has been a very good predictor of the trend up to this point.

  • The Bitcoin price is trading above the $9,250 support area and the 50-day MA.
  • The weekly outlook is bearish.
  • The price is trading inside a short-term parallel ascending channel.
  • Read the Full Analysis

    It looks like all the theories surrounding an inevitable miner capitulation following Bitcoin’s third halving in May 2020 completely backfired. The speculation failed to take into account the internal dynamics of the mining ecosystem.

    Just look at the Bitcoin hash rate – a representation of the total hashingBitcoin BTC Hash RateHashing is creating a sequence of characters (a hash) using a mathematical function. This sequence of characters is extremely secure… More (read: computing) power of the network. It hit a new all-time high on July 13, barely two months after Halving 2020.

    The sudden rebound in hashing power is likely a result of optimism over higher future prices and the arrival of new mining hardware from giants Bitmain and MicroBT in recent months.

    A closer look at the STRAT price movement since the upward move began reveals that the price has possibly finished a five-wave Elliott formation. The price is possibly completing an A-B-C correction, which could end near the 0.5 Fib level at 54,000 satoshis, or slightly lower, at the 0.618 Fib level at 48,500 satoshis.

    Read the Full Analysis

    Foreign investors no longer seem to be interested in purchasing any more of the $2.2 trillion in 10-Year notes issued by the U.S. Treasury Department. This is not surprising due to the poor return prospects as the space continues to decline.

    Fed Bond Money

    U.S. money-market funds have taken their place and are now purchasing the vast majority of new issuance. Amid all this, there are alarming signs that these funds, made up largely of personal pensions, could leave retirees holding the Fed’s stimulus bags.

    Following a bearish winter in 2018 and a sluggish trend during much of 2019, 2020 has seen blockchain adoption ramp up across multiple sectors. Stablecoins, gaming, finance, data sharing, and other industries have led this new wave of adoption.

    In this comprehensive report, BeInCrypto’s Anton Lucian sheds light on some of the most promising adoption stories of 2020 so far and what we can expect in the years ahead.

    Read the Full Report

    Source: beincrypto.com

    Author: Illustrations by A. Gnetova and G. Phan


    UK Court Denies Maduro Access to $1 Billion of Venezuela's Gold | Bitcoin News

    UK Court Denies Maduro Access to $1 Billion of Venezuela's Gold | Bitcoin News

    UK Court Denies Maduro Access to $1 Billion of Venezuela's Gold

    The UK is denying Nicolas Maduro access to Venezuela’s gold worth about $1 billion, stored at the Bank of England. The UK High Court has ruled that the country does not recognize Maduro as president of Venezuela, blocking him from accessing the much-needed gold.

    Nicolas Maduro’s attempt to access his country’s gold stored at the Bank of England has been dealt a blow as the U.K. High Court ruled against him on Thursday, blocking his government’s access to $1 billion in gold reserves.

    The gold has been claimed by both Maduro and his rival, Juan Guaidó, who declared himself acting president of Venezuela last year. The Maduro government said the gold would help Venezuela cope with the coronavirus pandemic. However, Guaido alleges that Maduro would use the gold for corrupt purposes, asking the Bank of England not to hand over the gold to the Maduro government. Venezuela’s central bank, Banco Central de Venezuela (BCV), had sued the Bank of England to gain access to the gold. According to its website, Britain’s central bank holds around 400,000 bars of gold, worth over £200 billion ($249 billion).

    Caught in the middle of two rival claims for the gold, the Bank of England asked the High Court to rule on whom the U.K. government recognizes as the Venezuelan president — Maduro or Guaidó. The court said Thursday that the U.K. had “unequivocally recognised opposition leader Juan Guaidó as president,” the BBC reported and quoted Judge Nigel Teare as saying:

    Her Majesty’s government does recognise Mr Guaidó in the capacity of the constitutional interim president of Venezuela and, it must follow, does not recognise Mr Maduro as the constitutional interim president of Venezuela.

    The judge added that there was “no room for recognition of Mr Guaidó as de jure president and of Mr Maduro as de facto president.”

    A lawyer for the Venezuelan central bank had argued that even though the U.K. government did not approve of the Maduro government, it still recognized it de facto. Lawyer Sarosh Zaiwalla commented, “It is very rare for a case of such international legal importance to be decided by reference to legal questions alone without taking into account the facts on the ground.” The Central Bank of Venezuela tweeted on Thursday:

    The BCV will immediately appeal the absurd and unusual decision of an English court that seeks to deprive the Venezuelan people of the gold so urgently needed to face covid-19.

    What do you think about the UK blocking Maduro’s access to Venezuela’s gold? Let us know in the comments section below.

    Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

    Read disclaimer

    Source: www.americancryptoassociation.com


    UK Court Denies Maduro Access to $1 Billion of Venezuela's Gold | Bitcoin News

    5 Bitcoin Metrics Are Making Highs Says Fund Manager: Could Price Follow?

    Bitcoin has found itself in no man’s land. Take the chart below, which shows that over the past few months, the cryptocurrency has centered around the low-$9,000s,

    Chart of BTC's price action over the past four months. Chart from TradingView.com

    The stagnation in the cryptocurrency market has been further accentuated by volatility indicators.

    Bitcoin’s historical volatility index has fallen under 40 for the first time since the February and March crash. Simultaneously, the width of the one-day Bollinger Bands has become the smallest since just days before Bitcoin plunged 50% in two weeks in November 2018.

    Through this, BTC has become fundamentally stronger than ever.

    Bitcoin’s fundamental strength has been accentuated by Alistair Milne, the CIO of the Altana Digital Currency Fund. Milne divulged five metrics of the leading cryptocurrency making new all-time highs as of July 13th.

    • The percent of all circulating BTC that hasn’t moved in a year has risen to 62%, a new all-time high.
    • There are now a record number of BTC addresses holding over 0.1 coins, according to blockchain analytics firm Glassnode.
    • The seven-day moving average of Bitcoin’s hash rate just set a new high.
    • Following the hash rate, Bitcoin’s mining difficulty will also set a new high.
    • Bitcoin’s order book has a “record bid-side” — a record amount of buy orders, in layman’s terms.

    #Bitcoin is making ATH’s:

    What future awaits cryptocurrencies?
    GOODBAD

    – record HODL’ing (>12 months)
    – record number of addresses with >0.1BTC
    – record mining hashrate
    – record mining difficulty (in ~1 hour)
    – record bid-side orderbook😉

    … price to follow?

    — Alistair Milne (@alistairmilne) July 13, 2020

    In his tweet on this data, Milne asked if Bitcoin will follow its fundamental metrics to the upside.

    According to a number of analyses on two of the metrics he mentioned, it’s likely.

    Philip Swift, an on-chain analyst, shared the chart below in June. It shows BTC’s price in relation to the “one-year HODL Wave,” which tracks the percentage of BTC not moved in a year or more.

    As aforementioned, this metric just reached a new all-time high at 62%, suggesting BTC has more long-term investors than ever before.

    The last time around this portion of the Bitcoin supply was locked up, a bull run began that brought BTC from under $1,000 to $20,000.

    Image

    Chart of BTC's macro price action and the one-year HODL wave from Philip Swift (@PositiveCrypto on Twitter)

    The strength in the hash rate of the network may also indicate the cryptocurrency industry’s macro bear market is on its last legs.

    Charles Edwards in December published a model arguing that BTC’s value is derived from the energy consumption of the Bitcoin network. With an R squared value of 80%, suggesting a statistical correlation, the model says BTC is 28% undervalued after the surge in hash rate.

    Source: www.newsbtc.com

    Author: Nick Chong


    Bitcoin Difficulty Touches All-Time High, 120 Exahash of Hashpower Remains Strong | Mining Bitcoin News

    Bitcoin Difficulty Touches All-Time High, 120 Exahash of Hashpower Remains Strong | Mining Bitcoin News

    Bitcoin Difficulty Touches All-Time High, 120 Exahash of Hashpower Remains Strong

    The network difficulty for the Bitcoin network spiked over 9.8% on Monday bringing the difficulty to its highest point ever. The record high of 17.35 trillion makes it much harder for bitcoin miners to profit. However, the overall Bitcoin network hashrate has remained consistently above the 120 exahash per second (EH/s) zone.

    On July 13, 2020, the Bitcoin (BTC) network saw it’s largest difficulty metric ever, as it touched the 17.35 trillion mark on Monday. Basically, difficulty is the value used to measure how difficult it is to find a hash below a target defined by the Bitcoin network.

    The network has a global block difficulty and validated blocks must have a hash below the given target. Essentially the lower the difficulty, the easier it is to find blocks on the BTC network, and the higher the difficulty means acquiring bitcoins via mining is much harder. The difficulty changes every two weeks depending on hashrate speed or approximately every 2016 blocks.

    The 17.35 trillion is the highest the difficulty has ever been, which means it is the most difficult time ever to mine bitcoins right now. Moreover, it was only just recently on May 11, 2020, when the block reward was cut in half, and miners saw 50% revenue losses overnight.

    Now the upwards spike in difficulty over 9.8% wasn’t as large as the 14.95% jump on June 16, 2020. However, at that time the difficulty was only 15.78 trillion. The second-largest difficulty height happened three days before the grueling March 12 market crisis, otherwise known as ‘Black Thursday.’

    Despite the jump in difficulty to 17.35 trillion, the overall BTC global hashrate has remained high above the 120 EH/s range. There are 16 unique mining pools hashing away at the BTC network and the top mining pool is F2pool.

    This is followed by operations such as Poolin, Btc.com, Antpool, and Huobi respectively. F2pool’s hashpower is roughly 16% of the network while Poolin has a touch over 15%. The latter three pools have around 10% or more of the entire BTC global hashrate.

    The hashrate increase has bitcoiners discussing the mining difficulty situation via social media and crypto forums. Many are conversing about the overall security of the BTC network and whether or not the hashrate will drop or rise from here.

    If the overall BTC hashrate continues to climb higher, then the difficulty will rise again in two weeks’ time. If there is a substantial exodus of miners shutting down machines temporarily, then the difficulty will drop after the next 2016 blocks are consumed.

    What do you think about the Bitcoin network’s difficulty jumping to its highest metric ever? Let us know what you think about this subject in the comments section below.

    Bitcoin, bitcoin difficulty, bitcoin halving, Bitcoin mining, Blocks, BTC, BTC Mining, Cryptocurrency, difficulty, Difficulty Hike, Halving, Hashpower, Hashrate, mining, Pools, Rewards

    Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

    Read disclaimer

    Source: www.americancryptoassociation.com


    Fidelity Acquires 10% Stake in Bitcoin Mining Firm Hut 8

    Fidelity Acquires 10% Stake in Bitcoin Mining Firm Hut 8

    700,000 Expedia Hotels Can Now Be Paid With Cryptocurrencies via Travala

    700,000 Expedia Hotels Can Now Be Paid With Cryptocurrencies via Travala

    The Tokenized Metaverse: Non-Fungible Token Sales to Surpass $100 Million

    Bitcoin Volatility Hits Three-Year Low, Sparking Fears of Massive Sell-Off

    Bitcoin Volatility Hits Three-Year Low, Sparking Fears of Massive Sell-Off

    European Blockchain Ecosystem Needs €350 Million for the Next 18 Months

    European Blockchain Ecosystem Needs €350 Million for the Next 18 Months

    Crypto Derivatives Volumes Crash 36% to $393 Billion in June, a Low for 2020

    Crypto Derivatives Volumes Crash 36% to $393 Billion in June, a Low for 2020

    South African Investors to Lose $13 Million as Bitcoin Scammer Declared Bankrupt

    South African Investors to Lose $13 Million as Bitcoin Scammer Declared Bankrupt

    Encryption Crackdown: Private Phone Network With 60,000 Users Dismantled by Law Enforcement

    Encryption Crackdown: Private Phone Network With 60,000 Users Dismantled by Law Enforcement

    Bitcoin.com Wallet Launches New Portfolio Breakdown and Stablecoin Swap Features

    Bitcoin.com Wallet Launches New Portfolio Breakdown and Stablecoin Swap Features

    Tiktok Ban: US May Join India in Banning Chinese Social Media Apps

    Tiktok Ban: US May Join India in Banning Chinese Social Media Apps

    Escalating Bank Runs Spur Chinese Government to Require Approval for Large Cash Transactions

    Escalating Bank Runs Spur Chinese Government to Require Approval for Large Cash Transactions

    The Popular Stablecoin Tether Is Now Circulating on the Bitcoin Cash Network

    The Popular Stablecoin Tether Is Now Circulating on the Bitcoin Cash Network

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

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

    Renters Threaten US Real Estate Market, 20 Million Americans Face Eviction

    Crypto Facilities Gets FCA Nod to Set up Crypto Futures Venue

    Crypto Facilities Gets FCA Nod to Set up Crypto Futures Venue

    Major Indian Company TCS Launches Cryptocurrency Trading Solution for Banks' Customers

    Major Indian Company TCS Launches Cryptocurrency Trading Solution for Banks’ Customers

    Market Update: Crypto Assets Slowly Gather Gains, Bitcoin Needs Capital Inflow, ADA Jumps 85%

    Market Update: Crypto Assets Slowly Gather Gains, Bitcoin Needs Capital Inflow, ADA Jumps 85%

    About 90% of Bitcoin Investors Worried About Fate of Their Assets After Death: Study

    About 90% of Bitcoin Investors Worried About Fate of Their Assets After Death: Study

    Permissionless Software Foundation Aims to Foster Open-Source Software With Bitcoin Cash

    Permissionless Software Foundation Aims to Foster Open-Source Software With Bitcoin Cash

    John McAfee Launches Ghost Phone Service to Supplement His Cryptocurrency and Exchange

    John McAfee Launches Ghost Phone Service to Supplement His Cryptocurrency

    'Bitcoin Is Not a Privacy Coin' Says Crypto Evangelist Andreas Antonopoulos

    ‘Bitcoin Is Not a Privacy Coin’ Says Crypto Evangelist Andreas Antonopoulos

    Jeffrey Epstein Confidant Ghislaine Maxwell's Last Reddit Post Was About Bitcoin

    Jeffrey Epstein Confidant Ghislaine Maxwell’s Rumored Last Reddit Post Was About Bitcoin

    Famous Malaysian Actor Fined for Stealing $50,000 Worth of Crypto From His Producer

    South African Crypto Investment Company Issued Cease And Desist Order In Texas

    China’s Giant Ride-Hailing Service Didi to Pilot the Central Bank’s Digital Yuan

    Centre Obliges Government Request, Freezes Address With $100,000 USDC

    Centre Obliges Government Request, Freezes Address With $100,000 USDC

    Avalanche Launch Fumbles: 'A Highly-Sophisticated DDoS Attack Derailed Token Sale'

    Avalanche Launch Fumbles: ‘A Highly-Sophisticated DDoS Attack Derailed Token Sale’

    US Dollar Slump Incoming: Bank of America Sees 'Death Cross' as Confidence in Gold Rises

    US Dollar Slump Incoming: Bank of America Sees ‘Death Cross’ as Confidence in Gold Rises

    Venezuela Seizes 315 Bitcoin Mining Rigs: Miners Discuss Illegal Confiscation, Police Extortion

    Venezuela Seizes 315 Bitcoin Mining Rigs: Miners Discuss Illegal Confiscation, Police Extortion

    Malaysian Shariah Council Permits Cryptocurrency Investing and Trading

    Shariah Council Permits Cryptocurrency Investing and Trading

    Romanian Programmer Admits Conspiring to Create $722M Bitclub Ponzi Scheme

    Romanian Programmer Admits Conspiring to Create $722M Bitclub Ponzi Scheme

    Bitcoin Bull Mike Novogratz Says to Hold More Gold Than Bitcoin

    Bitcoin Bull Mike Novogratz Says to Hold More Gold Than Bitcoin

    Bitfinex Must Face New York's Accusations Over the Loss of $850M in Co-Mingled Funds

    Bitfinex Must Face New York’s Accusations Over the Loss of $850M in Co-Mingled Funds

    Zimbabwe’s Battle To Control Currency Inadvertently Boosts Bitcoin Profile

    $424 Million and Numismatic Value: There's Only 20,000 Casascius Physical Bitcoins Left Unspent

    $424 Million and Numismatic Value: There’s Only 20,000 Casascius Physical Bitcoins Left Unspent

    Chinese Authorities Confiscate $15 Million in Cryptocurrencies, Arrest 10 Scammers

    Chinese Authorities Confiscate $15 Million in Cryptocurrencies, Arrest 10 Scammers

    Bitcoin Prize For Winners Of South Africa Mountain Bike Race

    Bitcoin Script and Onchain Contracts: Two High-Level Programming Languages for Bitcoin Cash

    'Fiat and Money Printing' Street Mural Earns $500 in Bitcoin Donations in Five Days

    ‘Fiat and Money Printing’ Street Mural Earns $500 in Bitcoin Donations in Five Days

    Source: bitcoinrecent.com

    Author: by admin


    Cryptocurrency News Roundup for July 13, 2020


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