Crypto Currency

Crypto miners based in the United States will greatly benefit from the falling electricity prices worldwide, says Andreas Antonopoulos. Bitcoin educator Andreas Antonopoulos sees the recent downturn in oil prices as a net positive for crypto miners worldwide, particularly those at the Bitmain mining facility in Texas. In a video he posted to his YouTube channel on May 27 titled “Down the Rabbit Hole”, Antonopoulos said the falling oil prices will benefit crypto miners by providing cheaper electricity worldwide, but “not equally worldwide.”  Miners based in the United States — which gets 36% of its energy from petroleum — and Texas in particular will reap the rewards of these cheaper costs. One of the biggest new mining operations opened in the United States in the state of Texas and I can’t imagine that that is a coincidence… it probably had a lot to do with the fact that the U.S. had 12,000 barrels per day. It is the largest oil producer in the world because of fracking. ...

Yasuo Matsuda of FXCoin sees the economic sanctions on Chinese traders in the midst of the pandemic as more likely to drive them to Bitcoin. Japanese crypto firm FXCoin’s senior strategist thinks a depreciation of the Chinese yuan may lead more traders to Bitcoin in 2020.  FXCoin’s Yasuo Matsuda spoke to Cointelegraph Japan , saying Bitcoin ( BTC ) would likely be more popular among Chinese nationals facing economic sanctions due to national security laws as part of the government’s response to the COVID-19 pandemic.  The strategist said people in China would be “frustrated with the recession of the domestic economy” and looking for an escape: China’s strong position on legislation like the enactment of the Hong Kong national security law has been conspicuous, but the impact of the coronavirus has caused the domestic economy to fall into a recession. The incentive to move assets abroad is high, and if the legislation leads to economic sanctions from the United States, B...

Updating its popular BTC price model, crypto analyst PlanB predicts the cryptocurrency could see a rally to $100K by 2021. Crypto analyst PlanB released a key indicator for its stock-to-flow price prediction model which could signal a Bitcoin bull run to $100,000 by 2021 has just begun. PlanB confirmed on Twitter on May 31 that the red dot — indicating a price increase — was now present in its stock-to-flow (S2F) model, a price prediction model for Bitcoin ( BTC ). #Bitcoin S2F chart update .. RED DOT RELEASED!!! pic.twitter.com/iNTjbf9b9K — PlanB (@100trillionUSD) May 31, 2020 The S2F model treats BTC as a commodity like gold or silver, evaluating the existing supply of the cryptocurrency against the amount mined.  Though many have predicted BTC bullish behavior in the wake of the May 11 rewards halving , PlanB’s model marks when a run would occur with a red dot. Under this model, the chart shows a BTC price of $100,000 by the end of 2021.  Stock-to-flow model Coi...

Goldman Sachs attacks crypto, why Bitcoin may be wandering into a bull trap, and how Libra is going to make money. Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week Goldman Sachs butts heads with Bloomberg over Bitcoin One of the world’s biggest investment banks caused a stink this week when it declared cryptocurrencies are not an asset class. In a leaked PowerPoint presentation, Goldman Sachs warned Bitcoin doesn’t provide diversification benefits, dampen volatility in a portfolio or show evidence of hedging inflation. One damning line read: “We believe that a security whose appreciation is primarily dependent on whether someone else is willing to pay a higher price for it is not a suitable investment for our clients.” Goldman’s view is directly at ...

A growing number of crypto exchanges are offering futures trading for Bitcoin and altcoins, can retail investors capitalize on this powerful instrument? There’s an increasing number of exchanges offering futures contracts trading. So far there’s Binance, FTX, Bitfinex, Bybit, and Kraken, to name just a few. Volumes are also picking up across the board and it appears that retail traders are growing more interested in experimenting with these complex instruments.  As recently reported by Cointelegraph, there are multiple benefits to using futures trading . Traders using them can hedge and maintain peace of mind during periods of high volatility. Futures contracts can be used to reduce risk and leverage bets when the appropriate strategies are deployed. Professional traders frequently utilize futures contracts for better positioning on both sides of the market. In this article we will introduce the basic mechanics behind the instrument, their hidden costs, and some of the trading ...

The art of enacting legislation in a timely fashion requires strong cooperation between regulators and industry officials. “Coming together is a beginning, staying together is progress, and working together is success” — the words of Henry Ford give expression to the spirit of collaboration that defines human progress. His ethos around unity extends to many societal strands, including endeavors of profit, community initiatives and far-reaching government policies. When navigating uncharted territory, such as the handling of technological innovation from a regulatory perspective, different stakeholder groups must resist the urge to remain siloed in their strategies and lean into Ford’s vision for shared success. The art of enacting legislation requires strong cooperation and delicate management of stakeholder interests, with external forces invariably impacting implementation efforts. We must prioritize substance over speed, as opposed to rushed policy action that doesn’t thoroughly ...

The altcoin market capitalization has steadily risen over the past few days, suggesting that the short-term price action has shifted away from Bitcoin. Although the Bitcoin ( BTC ) halving generated a lot of interest proceeding the event, it has failed to kickstart a trending move after completion of the event. This suggests in hindsight that the event was priced in.  However, the top-ranked cryptocurrency on CoinMarketCap has not given up much ground following the event, which suggests that traders who purchased before halving are confident that the path of least resistance is to the upside. Crypto market data daily view. Source: Coin360 While Bitcoin has been consolidating in the past few days, the action has shifted to altcoins whose market capitalization has risen from about $77 billion on May 11 to $94 billion at press time.  Investors are now wondering if altcoins can continue their strong run while Bitcoin takes a breather, or will the action again shift back to...

John McAfee dismissed his earlier prediction of future Bitcoin price, telling people to "wake up." John McAfee, an eccentric cryptocurrency advocate and British-American entrepreneur, in a tweet called his own previous prediction of Bitcoin price hitting $1 million a total “nonsense” adding that people who believed his “absurd” forecast should “wake up”.  McAfee used the whole North America continent GDP as a comparison reference to explain why his call was just a joke, stating that:  “If Bitcoin ever hit $1 mil, it's market cap would be greater than the GDP of the entire North American Continent.” McAfee moved on from Bitcoin  In his recent tweet, McAfee labeled Bitcoin as “the most crippled” crypto technology. This is not his first time to diminish the first cryptocurrency. Earlier this year, he described Bitcoin as “ancient” tech and his prediction on the price going to $1 million was simply his trick to lure new users into the space. McAfee recently introd...

The crypto industry has the best historical moment to change the discourse about crypto and its reputation into a successful innovative tech sector. Blockchains reached a feverish level of hype following the ICO mania of 2017 . Peddled as the panacea to the world’s ills, many of such promises ill-intentioned, initial coin offerings raised enormous sums of funds within minutes as the public’s focus shifted to the wild world of cryptocurrencies. Once the hype faded, the emerging narrative surrounded enterprise blockchains and the vast potential of the nascent technology to lead businesses into the next generation of the internet. However, much of the original vision of blockchain technology and crypto was lost amid the hysteria. Consortium-backed chains, enterprise blockchain research projects and delegated proof-of-stake networks were supposed to be ushered in as “next-generation platforms,” but they stumbled — and in Steem’s case, an ugly fallout is ongoing . 2020 appeared like i...

Grayscale Investments has been gobbling up Bitcoin in recent months, and most of its investors are institutions — but other funds are doing it, too. While the theater world has Waiting for Godot, the crypto sphere has its own drama: Waiting for the Institutional Investor. Recently, there have been some promising sightings. Grayscale Investments has been buying up Bitcoin ( BTC ) at a great rate in recent months.  Indeed, since the May 11–12 rewards halving event , the fund has been accumulating BTC at a rate equivalent to 150% of all the new Bitcoin mined , Cointelegraph reported on Thursday. The firm now has $3.2 billion in assets under management, or AUM, in its Grayscale Bitcoin Trust. Significantly, more than 90% of new inflows are from institutional players, according to the company . Grayscale may not be alone in attracting institutional attention. Eric Ervin, the president and CEO of Blockforce Capital, an asset management firm that operates in the crypto space, told Co...

As decentralized finance becomes a principal focus for both investors and companies alike, custodians will ease their entry, making DeFi the future of finance. The future of finance is decentralized. Striving to facilitate that prognosis, decentralized finance — or DeFi — is quickly shaping into an alluring prospect for investors and companies alike. Looking to harness this decentralized ideal, rivals to the Ethereum-centric sector are feeling the fear of missing out and leveraging their own blockchains in order to gain dominance. Reaching an early climax this year, DeFi breached $1 billion in locked assets. For the Ethereum ecosystem, this stood as a significant boon, drastically increasing its value proposition — and leading competitors to turn their heads. With the Ethereum ecosystem intrinsically linked to DeFi, it has become the number one pit stop for developers of decentralized apps . As such, Ethereum boasts some of the best and brightest. Spotting this success, Ethereum’s...