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Bitcoin [BTC], Ripple [XRP], Litecoin [LTC] turn bullish – Sentiment Analysis – March 19

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After a bleak weak for the global coin market, contrast volumes in prices are seen to be on a rise.

With the past week filled with events such as Facebook, Google and recently Twitter banning ICOs and cryptocurrency related ads, rumors of Mt. Gox selling off the rest of the Bitcoins, Peter Thiel calling Bitcoin an equivalent of Gold, Litecoin and Cardano upgrade, several tokens getting added on multiple exchange platforms, rumors of Tencent’s investment in Ripple, Reuters announcement to collect Bitcoin-related data feed, the market went through a toll.

Bitcoin [BTC]:

Bitcoin at press time was trading at $8675 with a market cap of $146 billion at press time with a boost of 14.87% in the last 24 hours. According to yesterday’s report, Bitcoin was valued $7300 and has increased more than $1000 when compared to today’s price.

The major headlines regarding Bitcoin for the day are:

  1. Financial Stability Board [FSB] that handles the financial regulation for G20, announced that Bitcoin and other cryptocurrencies do not pose risk to the global financial stability at present.
  2. Mt. Gox trustee, Nobuaki Kobayashi revealed that selling off the $400 million worth Bitcoin did not affect the price drop in the market.

David Ushakov, a technical analyst from Samara says (Paraphrased from Russian),

 “Bitcoin is trying to get free from Mr. Bear and this is a fine example of that. All the investors who HODLd and did not buy the FUD crap which was spreading in the market are probably toasting to their victory right now, like me. So, Cheers guys. Looks like the bulls are back!”

Robin Oliver, a Bitcoin investor from Scotland says,

“Well ain’t this just right. I knew the prices will come up just the way it dropped. What else can you expect from a roller coaster market? HODL no matter what ya”

Karla Maples, an Internal Auditor at the big 4s says,

“I was a 100% sure the price will pump up soon. The FUDders can go to hell with their so-called ‘market speculations’. I honestly think that the main reason its falling is because of the FUD these so-called ‘market speculators’ are spreading. The next 24 hours is critical. The current rise in prices does not feel normal, it definitely feels bullish”

In conclusion, an emphatic 82% of the respondents felt that Bitcoin’s show of force in the past 12 hours is different from the past month. They feel that if this continues on for the next 24 hours then the bullish area is back and Bitcoin could be in for the next all-time high by April or May.

Ripple [XRP]:

Ripple [XRP] at press time was trading at $0.69 with a market cap of $27 billion according to CoinMarketCap with a hike of 19.56% in the past 24 hours.

The major headline regarding Ripple [XRP] for the day are:

  1. Ripple has been listed on BitBay.

Peter Lee, a security advisor at a mining farm at Reykjavik says,

“Don’t care what haters say, I have gained so much from Ripple. Invested when it was at at $0.10. HODLing all the way to the top. We are hitting $6 by September”

Alan Nicolas, an XRP investor and a self-proclaimed devotee from Ypres says,

“Will be epic to see the faces of all those who say XRP is a shit coin. There is a real possibility that we could see XRP in between $4 – $6 by this year end. The next day is going to be critical, the way the markets have come up, it reminds of the start of a bull run that happened in December last year “

Dheeraj Shetty, a blockchain developer from Mangalore says,

“I woke up today and my feed was filled with excited people talking about Ripple and the markets going up. I still stand by what a lot of blockchain fanatics say. Ripple does not have a place in the decentralized future. Why should I make CL rich? There would be a pull back soon”

In conclusion, a majority of respondents believe that there were multiple positives breaking out today and that coupled with a dramatic increase in prices could be the signal for the next bull run.

70% of the Ripple respondents believe that there is still time for the markets to be called bullish but they feel if the same trend continues till tomorrow then Ripple can go back to bigger highs.

Litecoin [LTC]:

Litecoin [LTC] at press time was trading at $156 with a market cap of $8 billion showing a 12% growth in the past 24 hours.

Rangaswamy Kumar, a Litecoin investor from Chennai says,

“People have underestimated Litecoin a lot. Litecoin is a token with a real-world uses. What people say is true, buying coffee, groceries and your daily needs could be supported by Litecoin. Although prices are dependant on Bitcoin right now, I believe, Litecoin is the underrated underdog. Expecting a big upward move soon”

Paul Furbey, a physics professor and a crypto enthusiast from London says,

“I have always believed in the potential of Litecoin but right now there are many tokens very similar to what LTC can do. As for the price I believe we have entered a bullish territory now so can expect some good momentum in the next couple of days”

In conclusion, out of the 22 respondents, a conservative 55% believe that there is a possibility that Litecoin could continue the upward movement while the rest believe that Litecoin currently is following Bitcoin’s path and will be exactly behind Bitcoin in terms of prices.

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Max Keiser: New Bitcoin Network Hash Rate High Suggests Price Is Next

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The Bitcoin (BTC) hash rate has broken yet another new all-time high, according to Aug. 19 data from monitoring resource Blockchain.com.

The top coin’s hash rate has continued to break previous records throughout summer, today hitting an whopping 82.5 TH/s.

Bitcoin network hash rate, 1-year chart

Bitcoin network hash rate, 1-year chart. Source: blockchain.comIn a tweet posted earlier this month, Bitcoin investor Max Keiser reiterated his mantra that:

“Price follows hashrate and hashrate chart continues its 9 yr bull market.”

The argument goes that the higher the Bitcoin hash rate, the more secure the network, the higher the investor confidence will be, driving up demand. Therefore, Keiser argues that price is playing catch up with network fundamentals.

Network Fundamentals

The hash rate of a cryptocurrency — sometimes referred to as hashing or computing power — is a parameter that gives the measure of the number of calculations that a given network can perform each second. A higher hash rate means greater competition among miners to validate new blocks; it also increases the amount of resources needed for performing a 51% attack, making the network more secure.

The string of new records posted throughout summer is a bullish sign, with analysts and traders alike buoyed by signs of the strength and robustness of the network.

Looking ahead

Bitcoin’s halving — a pre-coded 50% reduction of block rewards for miners— remains some time away: May 2020. 

While the event can have bullish implications for a coin’s price (by increasing scarcity), its impact on miners is keenly watched, with some concerned that lower block rewards will deter network participants and adversely impact the network’s hashing power.

This summer, Litecoin (LTC) creator Charlie Lee — who had forecast a post-halving shock to the coin’s mining ecosystem — had his expectations overturned when the network’s post-event hash rate was revealed to be just as robust as ever.

Source:cointelegraph

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World’s Largest Crypto Trading Competition Announces 600,000 USDT Prize

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The Bitcoin (BTC) hash rate has broken yet another new all-time high, according to Aug. 19 data from monitoring resource Blockchain.com.

The top coin’s hash rate has continued to break previous records throughout summer, today hitting an whopping 82.5 TH/s.

Bitcoin network hash rate, 1-year chart

Bitcoin network hash rate, 1-year chart. Source: blockchain.comIn a tweet posted earlier this month, Bitcoin investor Max Keiser reiterated his mantra that:

“PRICE FOLLOWS HASHRATE AND HASHRATE CHART CONTINUES ITS 9 YR BULL MARKET.”

The argument goes that the higher the Bitcoin hash rate, the more secure the network, the higher the investor confidence will be, driving up demand. Therefore, Keiser argues that price is playing catch up with network fundamentals.

Network Fundamentals

The hash rate of a cryptocurrency — sometimes referred to as hashing or computing power — is a parameter that gives the measure of the number of calculations that a given network can perform each second. A higher hash rate means greater competition among miners to validate new blocks; it also increases the amount of resources needed for performing a 51% attack, making the network more secure.

The string of new records posted throughout summer is a bullish sign, with analysts and traders alike buoyed by signs of the strength and robustness of the network.

Looking ahead

Bitcoin’s halving — a pre-coded 50% reduction of block rewards for miners— remains some time away: May 2020. 

While the event can have bullish implications for a coin’s price (by increasing scarcity), its impact on miners is keenly watched, with some concerned that lower block rewards will deter network participants and adversely impact the network’s hashing power.

This summer, Litecoin (LTC) creator Charlie Lee — who had forecast a post-halving shock to the coin’s mining ecosystem — had his expectations overturned when the network’s post-event hash rate was revealed to be just as robust as ever.

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Why Bitcoin Matters: Ghana Finance Crisis Ties Up $1.6 Billion for 70,000

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For the longest time, Bitcoin (BTC) has been viewed as something with no inherent value.

Legendary investor Warren Buffett, for instance, once called the cryptocurrency “rat poison squared”, later explaining that there isn’t much inherent value in the project. Other notable players in finance and politics, including U.S. President Donald Trump, have echoed this analysis, using phrases like “thin air” and “unbacked” to get their point across.

Unlike traditional stocks and assets, Bitcoin doesn’t provide a fixed yield, a dividend, or generate cash flow. And compared to traditional and modern fiat currencies, BTC isn’t backed by the power of a government or the scarcity of an underlying asset.

But, a series of recent macroeconomic and geopolitical events all across the world have begun to prove that Bitcoin is needed, whether governments, Wall Street, Silicon Valley, or central bankers like it or not.

Bitcoin is Needed, Now

According to a recent report from Bloomberg, Ghana is in the midst of a financial crisis. The report, published this weekend, suggests that there are 70,000 Ghanaian investors affected in a “cleanup” of the nation’s banking industry.

The outlet writes that the crackdown, which resulted in many local lenders and savings companies shuttering their businesses, “triggered a run on fund managers”, most of which who weren’t liquid enough to satisfy the demands of their investors.

Due to this, there exist a purported 70,000 Ghanian investors who can’t access $1.6 billion worth of their investments, more than a third of the African country’s private fund sector. Yikes.

According to cryptocurrency commentator Rhythm, Bitcoin “fixes this”. What he/she seems to be referring to is the fact that unlike the traditional fiat system, Bitcoin and other decentralized technologies don’t require middlemen.

Should you be investing in the right products and with the right infrastructure, you should be the only one that can manage your Bitcoin and cryptocurrency investments.

This crisis in Ghana is somewhat reminiscent of what happened in Cyprus around five years ago. For those who missed the memo, the European island nation was required to bail in its commercial banks, resulting in thousands losing their wealth, a run on the banks, and a subsequent spike in local Bitcoin demand.

Of course, Ghana is in a different situation, but the underlying need for Bitcoin then and now is all the same, if not more accentuated. Bitcoin is decentralized, non-sovereign, scarce, immutable, programmable, and unconfiscatable.

World is Screaming for An Alternate Economy

This crisis comes as many other facets of the world are starting to scream for something new, something different.

Just look to Argentina, where the incumbent president lost a recent race to someone who analysts say will plunge the South American economy into yet another bout of chaos. This political result led to a 20% collapse in the Peso against the U.S. Dollar, a 50% collapse in the local stock market, and a slight uptick in Bitcoin volumes and a premium for cryptocurrency.

There’s also a crisis in Hong Kong, where literally millions of locals have been taking to the streets to protest the actions of the local government and the mainland Chinese government, who they say are encroaching on their democratic freedoms. There, too, a premium on the price of Bitcoin has been seen.

Bitcoin, according to a growing number of analysts, is a perfect hedgeagainst macroeconomic turmoil, geopolitical debacles, inflationary monetary policies, irresponsible fiscal policy, and so on and so forth.

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