Bullish Case for Bitcoin Grows as BTC Whale Population Tops 3-Year High

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These Macro Factors Show That Bitcoin Bears are Gaining Control of BTC

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These Macro Factors Show That Bitcoin Bears are Gaining Control of BTC


  • Bitcoin’s bulls and bears appear to be locked within an intense battle for control over the cryptocurrency
  • Bears have been gaining the upper hand over the past few weeks, as the crypto has been consistently trending downwards despite being caught within a multi-week consolidation phase
  • Presently, BTC is trading just above a crucial support level that appears to be growing weaker due to it being tested on multiple occasions over the past few days
  • As the benchmark cryptocurrency’s monthly close fast approaches, there are a few macro factors that suggest bears may soon have full control over it

Bitcoin and the aggregated crypto market have not been able to garner any decisive momentum despite the turbulence seen last week.

One trend that does appear to be favoring sellers is the consistent lower highs it has been setting over the past few weeks.

It first started ranging at $9,700, then hovered around $9,400, and is now trading just above its range lows at $9,000.

There are a few other trends that could determine the cryptocurrency’s macro outlook, and they all heavily favor sellers. This comes as Bitcoin’s monthly candle close looms in the coming few hours.

Bitcoin Consolidates at $9,100 Following Last Week’s Volatility 

At the time of writing, Bitcoin is trading down marginally at its current price of $9,140. This is around the price level at which it has been trading over the past couple of days.

Yesterday, the crypto did attempt to climb higher but was met with insurmountable resistance within the $9,200 region.

Last week’s volatility – which sent Bitcoin to highs of $9,800 before it reeled to lows of $8,900 – did little to provide clarity into the cryptocurrency’s short-term trend.

That being said, it did work to confirm a bear-favoring “death cross” pattern that tends to flash before Bitcoin makes sharp downside movements.

One analyst spoke about this occurrence in a recent tweet, noting that it has made the crypto appear to be weak while looking towards its 4-hour chart.

Bitcoin

Image Courtesy of Teddy. Chart via TradingView

This could cause Bitcoin to end its June candle on a low note, potentially giving rise to a downtrend throughout July.

BTC’s Rejections at $10,000 Spell Macro Trouble, Claims Analyst

In addition to forming a “death cross” heading into its monthly candle close, one analyst is also noting that the consecutive rejections posted at $10,000 over the past several weeks seems to spell trouble for what comes next.

This has led him to suspect that a test of $8,600 is imminent, with its reaction to this level providing crucial insights into Bitcoin’s mid-term trend.

“BTC HTF Update: Rejected $10,000 for the second time this year and it seems as though HTF momentum is starting to slow, expecting price just to range here for a while, which is fine as long as buyers continue to support RL… Thinking a retest of RL at $8600 region is likely,” he said.

Image Courtesy of Cactus. Chart via TradingView.

Featured image from Shutterstock.
Charts from TradingView.

Why This Major Crypto Could Soon Crater to Early-2017 Lows

Litecoin is one of many crypto tokens that has been struggling to garner any upwards momentum in recent times.

LTC has formed an incredibly close correlation to Bitcoin as of late, which has caused it to enter a long-held bout of sideways trading. Like BTC, it is currently trading at the lower boundary of this range and is beginning to flash some overt signs of weakness.

Analysts believe that its next big movement could prove to be dire for bulls, as it may plummet to levels not seen since early-2017.

There is one fractal pattern signaling that this next drop could be followed by a significant upside movement.

Its imminent decline, however, may be a symptom of the weakness that the cryptocurrency has seen relative to the rest of the markets in 2020. One trader is pointing out that it has been woefully underperforming many of its peers.

Litecoin Forms Close Correlation to Bitcoin But Severely Underperforms Crypto Market in 2020

At the time of writing, Litecoin is trading down just over 1% at its current price of $41. This is around the price level at which it has been hovering around for the past couple of days.

LTC’s over-month-long trading range has been established between $40 and $50, with the crypto only breaking above and below these boundaries on a few brief occasions.

This trading range has been formed in tandem with Bitcoin forming its range between $9,000 and $10,000.

Because Bitcoin and Litecoin have grown incredibly correlated as of late, it does appear that whether or not LTC breaks below $40 will depend on if the benchmark crypto is able to maintain above $9,000.

From a macro perspective, 2020 hasn’t been too great for Litecoin, as it is trading down nominally from where it started the year.

One analyst spoke about this in a recent tweet, explaining that LTC, Bitcoin Cash, and XRP have all been quite lethargic as of late, being unable to see “V-shaped” recoveries since the mid-March meltdown.

“Now if we look at the performance of the ‘Majors’ we’ve only really had ADA with a stronger return. Huge markup and the only one to have exceeded the Feb high. Weakness in recovery for BCH, LTC and XRP. Reduced % returns, rounding off and a huge distance from the Feb highs.”

Litecoin Crypto

Image Courtesy of Cold Blooded Shiller. Chart via TradingView.

LTC Likely to Decline to Early-2017 Lows Against Bitcoin

One analyst recently explained that he expects this underperformance to continue strong in the weeks ahead, potentially leading the crypto down to BTC price levels not seen since early-2017.

“LTCBTC: Can’t rule out another leg down. Would be a decent area to accumulate from,” he explained.

The same analyst also notes that this could form a similar fractal pattern to one seen a few years ago, signaling that this next decline could be just what is needed to kick off a parabolic uptrend.

Image Courtesy of TraderXO. Chart via TradingView.
Featured image from Shutterstock.
Charts from TradingView.

Allegedly Fraudulent Crypto Exchange Shut Down by UK High Court

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Spanish Police Accuse Illegal Drug Vendor of Laundering $3.3M Haul in Crypto

Spain’s National Police on Sunday arrested 33 people who allegedly sold illegal medications online and laundered at least part of their €3 million ($3.37 million) profit in virtual currency.

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The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Bank of Canada Experts Say CBDC Model Should Be Made Accessible

Bank of Canada Experts Say CBDC Model Should Be Made Accessible

Some analysts from Canada’s central bank, the Bank of Canada (BoC), opined that some of the key characteristics of a proposed central bank digital currency (CBDC) model should be accessibility, efficiency, affordability, and resilience.

Bank of Canada CBDC Could Adopt Cash Characteristics

The Bank of Canada published a new staff analytical note detailing research carried out by the central bank’s experts regarding its proposed CBDC. According to the paper, a digital Canadian dollar like the fiat should be accessible to everyone regardless of their age or financial strength, including people residing in remote areas. 

Proper consultation with communities is essential in introducing a CBDC model tailored to people’s needs. Also, the note stated that the central bank is looking to offer its CBDC via a universal access device (UAD), which will have some characteristics of fiat. The proposed UAD  could be designed to fit into people’s wallets, effectively carry out small transactions, be affordable, and offer maximum inclusion.

Speaking on the proposed plan of the UAD, the paper said:

“The design of a UAD could follow similar principles and incorporate visual and security elements from current banknotes. This would allow Canadians to recognize the device as a Bank of Canada product and adopt it with confidence.”

Apart from having cash-like features, the bank is also looking into designing the UAD in the absence of a centralized network. The access devices could also function over long periods using local power. 

The BoC has been actively researching the development of a CBDC. In addition to this recent note, the Canadian central bank earlier released a publication covering privacy for CBDC. According to that note, experts cautioned that zero-knowledge proofs are still at the early stage with few systems using the technique. Also, complications arise when there is a need to satisfy regulatory requirements, and also maintain privacy.

Central Banks Keeping Their CBDC Projects Afloat

With the various researches carried out by the Bank of Canada, the central bank is, however, in no hurry to issue a CBDC. As reported by BTCManager back in February 2020, a senior executive stated that the BoC will develop a digital Canadian dollar only when it is absolutely necessary

On the other hand, other countries have made considerable progress with their various CBDC projects. Thailand’s central bank recently partnered with SCG to conduct a pilot test for its CBDC. Also, South Korea which earlier introduced a pilot program for its planned CBDC project later set up a legal advisory committee to check any regulatory hurdles.

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Zimbabwe Halts Mobile Transactions as Hyperinflation Spurs Currency Flight

Zimbabwe’s central bank, seeking to block attempts to avoid the country’s hyperinflation, halted all transactions conducted by “mobile money agents” this week, and limited payment sizes through other processors.

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The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

The Man Who Tokenized Himself Gives Holders Power Over His Life

Frenchman Alex Masmej, 23 years old, recently raised $20,000 on Ethereum by tokenizing himself. Now he wants his investors to vote on his life choices. 

His “control my life” experiment challenges token holders to tell him whether to take a run or eat only veggies. That may sound a little self-indulgent, but there is a bigger agenda here. It may even be a startup, according to Masmej. He’s not sure.

Based in Paris during the coronavirus pandemic, Masmej is excited about his plan to move to San Francisco next year to work on several projects, including NFT-DeFi startup Rocket. Our conversation – about self-tokenization and more – has been edited and condensed for clarity.

What motivates you to sell yourself? 

I want to change the world by building a growing, profitable company that has a significant impact. I can provide a great service to the world if I can provide people with the ability to make money. I think the best way to do that is to build a tech startup.

The reason why I chose crypto is that it has a very low barrier to entry, unlike AI or 3D printing startups. I tokenized myself and asked people to vote for my habits to get some attention as I wanted to do something in a light, funny, and innovative way to raise funds. It’s a great way to know your audience, engage them and trigger the discussion. I know this can’t become a $1 billion company, but it was a fun experience, and my token went up.

How do you build an image for selling personal tokens?

The investors of $ALEX token are founders in the crypto industry who already have companies and want to help me out. I have thousands of followers on Twitter, and they like my energy and say I am young and funny. There are almost 30 people who want to invest and think about how I might grow up. My market cap is around $150,000 now. Yes, trust is not in cryptocurrency, but in the personalized token, people have to believe me. 

But there is no legal framework here, no guidelines from the Securities and Exchange Commission?

Yes, but I have always made it clear that it’s not a security, it’s risky and I might not succeed. I don’t think personalized tokens should be related to the SEC as [they are] more like crowdfunding. The amount is small of (sic) $20,000, so I don’t think there is a requirement [to involve] the SEC.

However, if I make a company around [the token], I would be curious to know about the litigation. Maybe in the future I could think of a platform where there is some enforceability of the token mechanics. 

Some people say, ‘Oh, this involves a lot of trust, and this is like a scam.’ But I would say that my reputation is at stake. Some say I control too much, and some say I can’t control at all. It’s not good either way, so I think I need to find a middle ground.

I don’t think I would ever ask investors – should I marry my girlfriend or not. However, they can introduce me to the girls. Haha.

Most people in crypto want more privacy, but you’re opening your personal life to the world. Are you going to ask, “Should I marry my girlfriend?” the way Mike Merrill did?

I am single right now, and even in the future I don’t think I would ever ask investors whether should I marry my girlfriend or not. However, they can introduce me to the girls. Haha.

I am in touch with Mike and he is an interesting character, and even when he asked about his girlfriend, everybody said yes. Let’s assume that if I ask personal questions like this and people disagree, still, I would marry my girlfriend as that’s my decision.

Source: Alex Masmej Facebook page

Do we see social media influencers selling themselves in the coming years?

I think personalized tokens will be vast in the coming years, and it will be common for video streams, music artists and social media influencers to raise funds. Mike Merrill was the first one who publicly traded personalized tokens in 2008, and two years later, in 2010, another token was personalized. There was a token Whale, a collateral of collectibles.

These tokens are either for networking or for income sharing agreement (sic). I am going to build a platform that would give exposure to the fundraiser. The investors would think that since this entrepreneur is on this platform, I can trust him. Coinbase does the same as it selects the tokens, and the investors trust it. I believe there should be safety and rules involved and a way to reimburse the investors. 

How did COVID-19 influence your innovative fundraising method?

COVID-19 is the reason I am raising money like this. I like to explore things and want to do something innovative. On June 15, I decided to personalize tokens again and ask people to vote for my lifestyle, which included questions like, should I jog, should I eat only vegetables, etc. I am saving money so that I can invest it for my new project in San Francisco.

The recent ban on some work visas is counterproductive for the U.S. as new talents arriving made the success of this country.

Since you will be moving to the U.S., what are your thoughts on the presidential election and on the current protests?

I think the recent ban on some work visas is counterproductive for the U.S. as new talents arriving made the country successful and contributes to creating net new jobs, including for locals. I hope the next president will welcome talented immigrants again to contribute to the economy. It does not affect my business, as resourceful entrepreneurs always find a way, but it will undoubtedly harm the country on a global scale if these restrictions were to stay long term.

I am proud to see the protests after George Floyd’s death becoming mainstream, which shows progress has been made. I did not participate in any protest in Paris. I donated cryptocurrencies to organizations, including Black Lives Matter. I weighed in on my social media as much as I could to make people realize the enduring racism that has been holding the world back for way too long on all fronts.

People say that you dream of being a Silicon Valley demi-god. Will you be using Oracle, or are you the oracle?

I always say that I want to build the most significant company ever, but I won’t say I want to become a demi-god. Yes, I will set the price, not Oracle or any third party will check it. People will have to trust me as I will be sharing about my investment and expenses. It will be between my investors and me. 

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Bamboozled: Gavin Andresen Says He Could Have Been Fooled by Craig Wright, BSV Supporters Speak Out

Bamboozled: Gavin Andresen Says He Could Have Been Fooled by Craig Wright, BSV Supporters Speak Out

This week a number of Kleiman v. Wright lawsuit depositions have recently published and are now available for public viewing. One specific deposition with the former Bitcoin Core lead maintainer, Gavin Andresen, casts doubt on the claim that Wright is Satoshi Nakamoto. Moreover, the Bitcoinsv supporter Daniel Krawisz has been speaking out about Wright and mentions there is “plagiarism in several of Craig Wright’s works.”

For well over five years now, Craig Steven Wright, has publicly claimed that he invented Bitcoin and that he is Satoshi Nakamoto. This claim has pushed Wright to court because the family of the now-deceased Dave Kleiman thinks that Wright’s multi-year business relationship with Dave means that they both created Bitcoin. The ostensible story has been debunked so much that the greater crypto community does not believe in any of Wright’s tales.

This week, a number of depositions have been published and one interesting one stems from the former Bitcoin Core lead maintainer Gavin Andresen. In May 2016, Andresen abruptly came out and told the public he believed Wright was Satoshi. However, not too long after that, he explained that he may have been confused. The same day Andresen said he believed Wright was Satoshi, Bitcoin Core developers removed Andresen’s Github commit privileges to the Bitcoin codebase. No one’s really discussed the matter with Andresen until now at least publicly.

Bamboozled: Gavin Andresen Says He Could Have Been Fooled by Craig Wright, BSV Supporters Speak Out
The Australian Craig Steven Wright has claimed he is Satoshi Nakamoto for the last five years, but has yet to prove this to the greater cryptocurrency community.

When asked about that particular moment in time, Andresen said he could have been fooled. “There are places in the private proving session where I could have been fooled, where somebody could have switched out the software that was being used or, perhaps, the laptop that was delivered was not a brand-new laptop, and it had been tampered with in some way. I was also jet-lagged,” Andresen said in the deposition.

He added:

I was not in the headspace of this is going to prove to the world that Craig Wright is Satoshi Nakamoto. I was in the headspace of, you know, this will prove to me beyond a reasonable doubt that Craig Wright is Satoshi Nakamoto. And my doubts arise because the proof that was presented to me is very different from the pseudo proof that was later presented to the world.

The entire deposition is very long and it discusses a variety of different meetings. Overall when he was asked about Wright’s Satoshi story, Andresen said he had “doubts.” “I have many, many doubts in my head about what parts of — What things Craig told me are true and what are not true,” Andresen stated further. The Andresen deposition may be changing the minds of many hardcore followers. Despite the fact that a good number of BSV supporters adore Wright and follow his every move, there are a number of individuals who have denounced him and want to focus on just BSV.

One person who has been vocal about Craig Wright lately is the well known Bitcoin advocate Daniel Krawisz. Krawisz supports Bitcoinsv (BSV) and in the past, he favored Craig Wright. However, more recently Krawisz has been speaking out against Wright and his story. On June 28, Krawisz tweeted:

There’s plagiarism in several of Craig Wright’s works. It’s easy to see if you look. Example. It would be a lot better if people stopped treating him like a hero and just made bitcoin successful on their own.

There have been many responses to Krawisz’s tweets about Craig Wright and even a response tweet from the billionaire gambling mogul Calvin Ayre. Many people thanked Krawisz for being honest, even though they said they didn’t like BSV. Others explained that the only reason why BSV exists is because of Craig Wright. “BSV exists because of Craig Wright, even the claim in its name. You got bamboozled,” one person wrote to Krawisz.

What do you think about the Gavin Andresen deposition and Daniel Krawisz’s recent change of opinion? Let us know what you think about this story in the comments below.

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Investors Defrauded by South Korean Pyramid Scheme

What can I do to prevent this in the future?

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