Bitcoin WARNING: Price SKYROCKETS for second day running – but investors say beware – Express
It represents a 24-hour increase of nearly 13 percent, and brings the total value of Bitcoin in circulation to over $200 billion.
This is referred to as the currency’s market capitalisation. There are around 18.4 million Bitcoins currently in circulation.
Pricing graphs show Bitcoin has more than recovered after prices plummeted in March this year.
The impact of the coronavirus pandemic on the US and many other countries that month saw the virtual currency lose 50 percent of its value in a single day at one point.
At one point, prices dipped below $4,000 according to analysts.
Bitcoin has surged in price the past couple of days (Image: Mateusz Slodkowski / SOPA Images / LightRocket / Getty)
By contrast, today’s price surge saw the coin increase its value to numbers not seen since August 2019.
However, some analysts have warned the notoriously fickle prices may not last very long.
Gavin Smith, head of Bitcoin organisation Panxora, expects a price “washout” this year with prices actually falling well below $8000.
He told Forbes: “Our view for the balance of 2020 is still high volatility with a year end of around $7,000 with a drive higher to new highs in 2021.”
READ: Bitcoin prices surge to over $10,000 as investors ditch other cryptocurrencies
Bitcoin prices are affected by the stock exchange, one expert has said (Image: Carl Court / Getty)
He added the “true rally” would not take place until next year, and said the markets are currently experiencing a “massive demand shock” that is potentially lowering prices.
Some analysts have referred to Bitcoin as a “safe haven asset” – an investment people can make at times of economic turbulence or inflation.
However, Changpeng Zhao, chief executive of Bitcoin exchange platform Binance, has warned against this sentiment.
The Bitcoin expert told Bloomberg people should avoid taking this ‘safe haven’ description “too literally”.
Analysts have warned Bitcoin prices may crash again this year (Image: Jakub Porzycki / NurPhoto / Getty)
He said: “There are always multiple factors affecting the price of an asset. If you imagine Bitcoin the same as a float, and there’s a Titanic sinking beside it, then the float will sink down with it.
“The stock market is probably a thousand times bigger than crypto markets. When that goes down, and a lot of people are losing a lot of money, many of those people who have crypto investments will want to convert those investments into cash.
“So it has an effect, when a large asset type or asset category is going down.”
However, he added Bitcoin could become a ‘safe haven’ investment over time.
Bitcoin prices crashed in March as the coronavirus pandemic struck worldwide (Image: Budrul Chukrut / SOPA Images / LightRocket / Getty)
Bitcoin enthusiasts say the price of the coin is driven by supply and demand.
This means the price of the virtual currency will go up when more people are buying it, and will go down when less people want to buy it.
There are other factors at play too, including political action and general confidence in the technology.
Bitcoin prices are driven by supply and demand, analysts say (Image: Artur Widak / NurPhoto / Getty)
Bitcoin.org writes: “Reasons for changes in sentiment may include a loss of confidence in Bitcoin, a large difference between value and price not based on the fundamentals of the Bitcoin economy, increased press coverage stimulating speculative demand, fear of uncertainty, and old-fashioned irrational exuberance and greed.”
Experts have also warned Bitcoin can be used for criminal purposes online. In April, New York-based intelligence firm Chainalysis warned more than $900,000 worth of the currency went towards online child abuse material in 2019.
- Tech Entrepreneur Offers Bitcoin Bounty in Campaign Against Vox
- Market Wrap: Bitcoin Blasts Past $10,000; Ethereum Fees Up 550% in 2020
- Prominent Futures Trader Eyes Crypto, Predicts Bitcoin (BTC) Will Shatter $24,000 in Just Six Months
- Bots, Inc to Repurpose the “first Bitcoin” Cryptocurrency “bit” and Use it to Pay an Income Producing Asset as Dividend to Shareholders
Tech Entrepreneur Offers Bitcoin Bounty in Campaign Against Vox
Balaji Srinivasan has offered $1,000 in Bitcoin (BTC) to the first Twitter user who can get Vox’s technology news website Recode to retract a story about Silicon Valley’s ‘overreaction’ to COVID-19 in February.
The former CTO of Coinbase made the offer on Twitter today. He specifically targeted Kara Swisher, the co-founder and editor-at-large of Recode.
Srinivasan says he will give $1,000 — or 0.11 BTC at the time of writing — to anyone who is able to provide “a timestamped reply from [Recode] agreeing to correct the piece” and a publication of the correction.
Kara Swisher still hasn’t run a formal retraction for Recode’s dangerously false reporting on COVID-19.
Since their business model does not incentivize truth, the public will have to do it.
$1000 #Bitcoin bounty for the first person who can get them to correct the record. https://t.co/nyz2LqiU0f
— Balaji S. Srinivasan (@balajis) July 2, 2020
According to Srinivasan, the article — featuring tweets he wrote regarding fecal transmission of the virus during the Chinese New Year celebrations — was clickbait and conveyed “wrong science.”
The story was released on Feb. 13 and Srinivasan immediately took to Twitter to claim that the article contained “many statements that are false or omit so much context they mislead readers,” including that the risk in transmitting the virus in public settings was low, and that the CDC did not recommend reducing the use of handshakes.
In the piece, reporter Shirin Ghaffary, did seem to be making light of the actions of a partner at Andreessen Horowitz who took precautions like not meeting anyone in person who had traveled to China, and ordering a hazmat suit and respirator for protection.
At the time the piece was written, there were fewer than twenty confirmed COVID-19 cases in the United States, the CDC had only issued a statement confirming the first person-to-person transmission in the country two weeks earlier, and lockdowns were something that only happened in China. It was a simpler time.
Recode did request an interview with Srinivasan for the piece, but rather than respond he reposted her message to his 226,000 followers on Twitter on February 7, saying he would have been “happy to engage if [he] thought it was in good faith” but was not interested.
In the months following this exchange, Srinivasan has continued his campaign against the media, taking swipes at journalists calling them “sociopaths” and “disgraceful.” New York Times reporter Taylor Lorenz claims he constantly ranted about her online, attacking her education, writing, career, “and worse.”
Reactions to the Bitcoin bounty were mixed, with many horrified that a prominent voice on Twitter would use a term like “bounty” to describe an action against journalists.
“Are you inciting people to make threats or something?” user ItIsOurCorn said. Others were more direct:
“What psychopath sits there and puts out a bounty for random strangers (potentially violent or mentally ill) to literally harass people? How do you consider yourself at all ethical?”
A few agreed that while the original article had its faults, a bounty was not the solution. “Agree they should issue an apology and retraction over that article,” said Crypto_JoeRogan. “But this is maybe not the best way to go about it.”
Market Wrap: Bitcoin Blasts Past $10,000; Ethereum Fees Up 550% in 2020
High spot bitcoin volume not seen since June is helping price while Ethereum’s DeFi expansion continues to include costly network fees.
- Bitcoin (BTC) trading around $10,829 as of 20:00 UTC (4 p.m. ET). Gaining 9.7% over the previous 24 hours.
- Bitcoin’s 24-hour range: $9,849-$10,964
- BTC above 10-day and 50-day moving averages, a bullish signal for market technicians.
Bitcoin hit $10,964 on spot exchange Coinbase Monday, a price level not seen since August 2019. “The bitcoin breakout seemed to finally have happened as we lifted off from $9,800,” said Jack Tan, of Taiwan-based quantitative trading firm Kronos Research. “The trend is clear and we are headed higher.”
Related: One Billion, Two Billion, Three Billion, Four? DeFi’s Knocking on TradFi’s Door
Bitcoin trading volume on Coinbase Monday was at $292 million. This was the highest since June 11, when volumes hit $255 million.
Traders have long discussed the $10,500 price range as a level to stay above to fuel a lengthy bull run, said Neil Van Huis, director of institutional trading at Chicago-based crypto liquidity provider Blockfills. “We need to stay over $10,500, so I would probably want to see a sharp interest in demand above that and to stay over it for more than 24 hours to see if the bullishness has legs,” Van Huis said.
Despite the excitement Monday, bitcoin’s jump might compel selling in the alternative cryptocurrency, or altcoin, market, said Kronos’ Tan. “Unfortunately, this might actually suck the energy out of the altcoins and high-flying DeFi tokens.”
One dynamic to watch: The ETH/BTC pair Monday is down 4% on Coinbase as traders are selling ether for bitcoin on the spot market.
Related: Memories of London’s Devcon 1, Ethereum’s ‘Woodstock’ Moment
Regardless of the rebalancing, Chris Thomas, head of digital assets for broker Swissquote, says DeFi is the main reason for the cryptocurrency markets’ move up overall. “It’s purely DeFi driven,” said Chris Thomas. “We will likely see a lot more of this, resulting in ether driving higher and pulling everything else with it.”
Ether (ETH), the second-largest cryptocurrency by market capitalization, was up Monday trading around $323 and climbing 5.6% in 24 hours as of 20:00 UTC (4:00 p.m. ET).
In January, the average fee on the Ethereum network was 0.000542 ETH. So far in July, average fees on Ethereum are at 0.003532 ETH, a 550% increase in the cost to conduct transactions on the second-largest blockchain by market cap, according to data aggregator Blockchair.
“The recent rise of ether’s price could be explained by the fact that large users and investors in the DeFi ecosystem are buying ETH now in order to pay less gas fees for each transaction,” said Jean-Baptiste Pavageau partner at Paris-based quant firm ExoAlpha.
Some traders may be taking advantage of this rise in fees, stockpiling ether as the situation may only exacerbate as 2020 continues. “Speculators are actively monitoring the DeFi ecosystem and are anticipating growth of the Ethereum network over the coming months, increasing the demand in ether to pay for the gas fee of each transaction,” added Pavageau.
- ethereum classic (ETC) + 9.5%
- bitcoin sv (BSV) + 9%
- bitcoin cash (BCH) + 8.9%
Notable losers as of 20:00 UTC (4:00 p.m. ET):
- tezos (XTZ) – 4%
- basic attention token (BAT) – 3.8%
- stellar (XLM) – 3.3%
- The Nikkei 225 in Asia ended the day in the red 0.16% after a four-day weekend, dragged lower by anxiety in U.S.-China relations.
- The FTSE 100 in Europe slipped 0.31% Monday as travel stocks took a beating on fresh quarantine rules in Spain.
- The U.S. S&P 500 index gained 0.60%, with positive sentiment supported by the U.S. government’s $472 million allocation to coronavirus vaccine research.
- Gold is up 2% at $1,938.40 as of press time. The yellow metal’s price hit an all-time high of $1,945.72 Monday. Its previous high of $1,921.18 occurred in 2011.
- Oil is up 0.86%. Price per barrel of West Texas Intermediate crude: $41.60
- U.S. Treasury bonds were mixed Monday. Yields, which move in the opposite direction as price, were up most on the 10-year, in the green 3.2%.
- Market Wrap: Bitcoin Blasts Past $10,000; Ethereum Fees Up 550% in 2020
- Market Wrap: Bitcoin Blasts Past $10,000; Ethereum Fees Up 550% in 2020
Author: Daniel Cawrey
Prominent Futures Trader Eyes Crypto, Predicts Bitcoin (BTC) Will Shatter $24,000 in Just Six Months
Full-time futures trader Adam Mancini is taking note of Bitcoin’s latest exploits. He predicts that BTC will print a new all-time high of $24,000 in only six months.
Mancini tells his nearly 60,000 Twitter followers that the crypto king is poised to end its three-year-long consolidation and follow gold’s lead.
“Bitcoin BTCUSD is setting up for a move – likely to follow in GOLD‘s footsteps. We’re coiling into a multi-year triangle, and these don’t resolve with small moves. Given the trend entering this pattern was up, this should resolve the same way with 15k then 24k targets.”
Mancini’s forecast comes as Bitcoin breaks psychological resistance at $10,000, reaching $10,824 at time of publishing according to CoinMarketCap. While the top cryptocurrency has struggled to take out that level throughout the year, Glassnode suggests that BTC’s latest trip above five figures may be different.
The crypto analytics platform says its coin days destroyed metric, which looks at the value of each Bitcoin transaction while giving weight to the number of days since the coins were last moved, remained flat as BTC rallied above $10,000 over the weekend, indicating that HODLers are not taking the opportunity to sell their crypto.
In contrast to the last two times $BTC hit $10,000 USD, we haven’t seen an increase in #Bitcoin Days Destroyed today.
Live Chart: https://t.co/ev31eVhrKR pic.twitter.com/PdaH6coyOr
— glassnode (@glassnode) July 26, 2020
Another top crypto analyst is more cautious in the short-term.
Dave the Wave expects the dominant cryptocurrency to go through a significant correction and drop all the way down to $6,900 before beginning its next bull cycle.
SAN JUAN, PUERTO RICO, July 27, 2020 (GLOBE NEWSWIRE) — SAN JUAN, PUERTO RICO, July 27, 2020 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — BOTS, Inc. (OTC: BTZI) (EXCHANGE: M06.SG), an emerging innovator of products, technologies, and services for the rapidly growing digital robotic automation and manufacturing industry announced today that it is in the process of repurposing and renaming FIRST BITCOIN (COIN:BIT) into the “Basic Income Token” while retaining “BIT” as the digital currency’s symbol.
There is a growing demand for a socialistic Universal Basic Income scheme in the United States of America heralded by former presidential candidate Andrew Yang, however, our hybrid public benefit/capitalistic concept is to deliver an asset to our shareholders that produces income simply by keeping their wallets opened. The more wallets that remain open, the more secure the cryptocurrency becomes. This “income” will self-generate BITs 24/7 via Proof of Stake Mining (POS) protocol. Once we have hundreds of our 10s of thousands of shareholders keeping their wallets open, the blockchain becomes exceptionally secure while automatically generating BITS via Proof of Stake Mining.
Bots, Inc. and First Bitcoin Capital (OTC:BITCF) are working closely together to ensure a seamless transition of this major asset consisting of billions of BITs. Once the name of BIT is changed to Basic Income Token, Bots Inc. intends to distribute 1 BIT for each share of Bots Inc. to be held on a record date to be set for distribution as soon as August 30, 2020.
This asset is only one cryptocurrency of a larger inventory of more than 100 unique digital cryptocurrencies acquired from and previously owned by First Bitcoin Capital Corp. The most significant of the transferences of these cryptocurrencies to Bots Inc., included, but was not limited to, the majority ownership of First Bitcoin (COIN:BIT), a cryptocurrency based on a unique blockchain similar to an improved version of Litecoin. This unique coin trades on Livecoin.net with BIT included on the premier website for tracking of cryptocurrencies via https://coinmarketcap.com/currencies/first-bitcoin/
Additionally BOTS, Inc. in conjunction with First Bitcoin Capital has generated the interface required to manage issuance of units of a newly minted cryptocurrency based on Bitcoin’s blockchain utilizing the Omni protocols which are also used by Tether (COIN:USDT) in an effort to alternatively fulfill Yang’s vision, defined as follows: “Universal Basic Income (COIN:UBI) commemorates the presidential candidate Andrew Yang’s plan for distributing $1000 per month per citizen so that each world citizen is entitled to 1000 UBI per month upon request from Bots, Inc.”
In a recent article published in nature.com, “Pandemic Speeds Largest Test Yet of Universal Basic Income” Economists welcomed the chance to see whether giving people cash, to spend however they choose, would improve their livelihoods. Spain’s government has started what might just be remembered as the world’s biggest economics experiment. On 15 June, spurred by the coronavirus crisis and its economic fallout, Spain launched a website offering monthly payments of up to €1,015 (US$1,145) to the nation’s poorest families.
The program, which will support 850,000 households, is the largest test yet of an idea called universal basic income (UBI) — in which people are given a cash payment each month to spend however they choose. It has been oft-discussed but never satisfactorily tested, and economists around the world are watching closely to see what the impact of the scheme on livelihoods will be.
The move comes at a time of unprecedented economic turmoil brought on by the coronavirus pandemic. Spain was one of the hardest-hit countries in the early days of the pandemic. The nationwide lockdown curbed the spread of the virus, but came at a staggering financial price. Millions of people lost their jobs as the economy shrank rapidly, putting many of the most vulnerable citizens at risk.
“If there’s ever an opportunity to try to push for some sort of income floor that can be paid out in cash to people, this is the time to do it,” says Damon Jones, an economist at the University of Chicago in Illinois.
Bots, Inc. has become the first publicly traded company to announce the launch of a corporate initiated Universal Basic Income Token (UBI). Interested parties may signup to receive an invite linked here: https://www.bots.bz/ubi
The creation of “UBI” which is under the management of Bots Inc and First Bitcoin Capital can be witnessed here: https://omniexplorer.info/asset/829
About First Bitcoin Capital Corp
First Bitcoin Capital Corp (OTC:BITCF) is the largest shareholder of Bots, Inc. as a result of exchanging the majority of its assets therefor, but began developing digital currencies, proprietary blockchain technologies, and the digital currency exchange – www.CoinQX.com (in Beta) in early 2014. We saw this step as a tremendous opportunity to create further shareholder value by leveraging management’s experience in developing and managing complex blockchain technologies and in developing new types of digital assets. Being the first publicly-traded cryptocurrency and blockchain-centered company, we provide our shareholders with diversified exposure to digital cryptocurrencies and blockchain technologies.
The Company began developing its own blockchain and cryptocurrency called First Bitcoin (COIN:BIT) in 2016. Prior to transferring the majority of this asset to Bots, Inc., the Company updated the BIT wallet and added more functionality. Users are able to generate BIT through the processes of POW and POS mining. The First Bitcoin (COIN:BIT) cryptocurrency has a current supply of 20,707,629,255 BIT. It is currently trading on LIVECOIN.net with its explorer at www.explorer.bitcf.net.
Contact us via: [email protected] or visit www.firstbitcoin.io
follow us on Twitter; @1stBitCapital
follow us on Linkedin: https://www.linkedin.com/company/first-bitcoin-capital-corp/
follow us on FaceBook: https://www.facebook.com/BITCF/
About BOTS, Inc.
Headquartered in San Juan, Puerto Rico, BOTS, Inc. – publicly traded on the OTC Markets under the symbol (BTZI) and on Börse Stuttgart under ticker (M06.SG) – is a diversified company developing and servicing blockchain solutions and robotics for its clientele. The Company is committed to drive the innovations needed to shape the future of digital robotic automation management through digital technology and decentralized blockchain solutions. Management is dedicated to the strong growth of Distributed Asset Technology and Robotic Process Automation (RPA).
Bots, Inc. has been featured in media nationwide, including CNBC, Bloomberg, TheStreet.com. For more information, visit http://www.bots.bz
Visit us on Facebook @ https://www.facebook.com/Bots.Bz/
Follow us on Twitter @Bots_bz
Certain statements contained in this press release may constitute “forward-looking statements.” Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company’s filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company’s views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of the press release. Such forward-looking statements are risks that are detailed in the Company’s website and filings.
Bellevue, Washington, UNITED STATES
Author: Bots, Inc.