Daily Discussion – June 28, 2020 (GMT+0)

Daily Discussion - June 28, 2020 (GMT+0)

Welcome to the Daily Discussion. Please read the disclaimer, guidelines, and rules before participating.

Disclaimer:

Though karma rules still apply, moderation is less stringent on this thread than on the rest of the sub. Therefore, consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could be an attempt to manipulate new readers by known “pump and dump (PnD) groups” for their own profit. BEWARE of such practices and exercise utmost caution before acting on any trade tip mentioned here.

Rules:

  • All sub rules apply in this thread. The prior exemption for karma and age requirements is no longer in effect.
  • Discussion topics must be related to cryptocurrency.
  • Comments will be sorted by newest first.

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Source: www.coinsnews.com

Author: https://CoinsNews.com


An Infamous Bitcoin Whale Just Resurfaced — and He's Got a Bone to Pick

An Infamous Bitcoin Whale Just Resurfaced — and He’s Got a Bone to Pick

In May, after building a following of tens of thousands by making millions trading Bitcoin, “Joe007” threw in the towel. At the time, the pseudonymous trader cited his inability to “afford Twitter.”

“Trading is a dangerous, adversarial, high-stakes info game. It’s played against best-in-class, looking for any advantage. Your trade results and views being public gives them too much advantage over you,” the “whale” wrote, discussing how the information he gave on Twitter could affect his profitability. 

So he left, and that was that. Until it wasn’t.

On June 28th, the Bitcoin trader returned. And he’s already begun to pick fights with some segments of the cryptocurrency community.

Ah, what the hell. Let’s have some more fun.

— ʲᵒᵉ007 (@J0E007) June 28, 2020

The allure of Crypto Twitter was too strong for even a dedicated trader like Joe007. The trader, who makes dozens of millions per month as per Bitfinex’s leaderboard, returned after 50 days away.

And he isn’t pulling any of his punches.

His first task was to call out “degenerate crypto-gamblers and S2F cultists.” The stock-to-flow (S2F) model is an econometric analysis by a pseudonymous analyst predicting Bitcoin will hit $100,000 by 2021, then one million heading in the second half of this decade.

Joe007 went on to call out the “idiocy of the Brrr meme.” The “brrr” meme is a narrative in the cryptocurrency and financial markets that the Federal Reserve’s monetary policies will boost Bitcoin.

The idiocy of Brrr meme explained in terms that even S2F cultists can understand. Amazing! https://t.co/oVGhB8EvYQ

— ʲᵒᵉ007 (@J0E007) June 28, 2020

And lastly, he discussed the “fairy tale narrative” that is “GBTC [is] buying more BTC than miners produce.”

“Arbitrageurs are playing GBTC premium by BORROWING BTC and converting them into GBTC shares. Direct GBTC market buys were less than 10% of miner emission in 2020. Don’t trust, verify,” Joe007 wrote.

Seeing that Joe007 has returned to Twitter for all of six hours, there’s likely a lot more he has to say. But what that will be remains to be seen.

One of the most poignant comments Joe007 made before his initial departure was that a massive economic shock is coming.

Echoing the fears of many Wall Street analysts and economists, he wrote:

“It is going to be the biggest economic shock of our generation. It will unfold in waves and over time, giving false hopes and then crushing them. The focus of the crisis will be shifting through different areas. Attempts to alleviate and solve one crisis will lead to more mess.”

The Bitcoin trader also shared a paper indicating that it may be a “tough 20 years going forward.”

He did not tie this sentiment to Bitcoin, though there are some saying that a extraneous macro shock will aid cryptocurrencies.

Source: www.newsbtc.com

Author: Nick Chong


Crypto Research Report Predicts $397K Bitcoin Price by 2030

Crypto Research Report Predicts $397K Bitcoin Price by 2030

A new report from a crypto research group suggests that the price of Bitcoin could approach $400,000 in the next ten years, with altcoins following its bullish example.

According to the June 2020 edition of the Crypto Research Report, researchers predicted the price of Bitcoin (BTC) and other altcoins — Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), and Stellar (XLM) — would get a huge surge before 2025, which may continue for at least five years.  

“We believe that Bitcoin is still at the very start of its adoption curve,” the report states. “The price of $7,200 at the end of 2019 suggests that Bitcoin has penetrated less than 0.44% of its total addressable markets [worth $212 trillion]. If this penetration manages to reach 10%, its non-discounted utility price should reach nearly $400,000.”

Source: Crypto Research Report

Source: Crypto Research Report

That would mean a price increase of more than 4,000% for BTC by 2030, but ETH, LTC, and BCH are also looking bullish in this scenario, with surges of roughly 1,600%, 5,000%, and 5,400%, respectively. However, XLM would see the largest increase: more than 11,000% from $0.07 to $7.81.

‏‏The ‎Liechtenstein-based research group analyzed cryptocurrencies based on their target addressable market (TAM), a metric used “to estimate a cryptoasset’s implied future price.”  According to the report, TAMs for cryptocurrencies include remittance, tax evasion, offshore accounts, store of value, online transactions, micropayments, crypto trading, gaming, online gambling, consumer loans, reserve currency, and others.

The report also observed on- and off-chain velocity metrics for altcoins and concluded that the “growth in the number of speculative transactions on exchanges is faster than growth of utility transactions to buy goods and services.”

“On-chain velocity” is a metric measured by transactions on a blockchain, while “off-chain velocity” is determined by trading activity on crypto exchanges. When analyzing Bitcoin, the researchers noted the price of the cryptocurrency and its activity on exchanges both increased at roughly the same time:

Source: Crypto Research Report

Source: Crypto Research Report

“If cryptocurrencies gain adoption for long-term hoarding purposes or for short-term spending on speculation or coffees, the price of crypto assets will go up,” the Crypto Research Report stated. “High velocity on-chain and low velocity off-chain suggests that crypto assets are becoming increasingly used for speculation and not for store of value.”

The September edition of the Crypto Research Report will be distributed on Cointelegraph.

Source: techheading.com


Crypto Research Report Predicts $397K Bitcoin Price by 2030

Crypto Research Report Predicts $397K Bitcoin Price by 2030

A new report from a crypto research group suggests that the price of Bitcoin could approach $400,000 in the next ten years, with altcoins following its bullish example.

According to the June 2020 edition of the Crypto Research Report, researchers predicted the price of Bitcoin (BTC) and other altcoins — Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), and Stellar (XLM) — would get a huge surge before 2025, which may continue for at least five years.  

“We believe that Bitcoin is still at the very start of its adoption curve,” the report states. “The price of $7,200 at the end of 2019 suggests that Bitcoin has penetrated less than 0.44% of its total addressable markets [worth $212 trillion]. If this penetration manages to reach 10%, its non-discounted utility price should reach nearly $400,000.”

Source: Crypto Research Report

That would mean a price increase of more than 4,000% for BTC by 2030, but ETH, LTC, and BCH are also looking bullish in this scenario, with surges of roughly 1,600%, 5,000%, and 5,400%, respectively. However, XLM would see the largest increase: more than 11,000% from $0.07 to $7.81.

‏‏The ‎Liechtenstein-based research group analyzed cryptocurrencies based on their target addressable market (TAM), a metric used “to estimate a cryptoasset’s implied future price.”  According to the report, TAMs for cryptocurrencies include remittance, tax evasion, offshore accounts, store of value, online transactions, micropayments, crypto trading, gaming, online gambling, consumer loans, reserve currency, and others.

The report also observed on- and off-chain velocity metrics for altcoins and concluded that the “growth in the number of speculative transactions on exchanges is faster than growth of utility transactions to buy goods and services.”

“On-chain velocity” is a metric measured by transactions on a blockchain, while “off-chain velocity” is determined by trading activity on crypto exchanges. When analyzing Bitcoin, the researchers noted the price of the cryptocurrency and its activity on exchanges both increased at roughly the same time:

Source: Crypto Research Report

Source: Crypto Research Report

“If cryptocurrencies gain adoption for long-term hoarding purposes or for short-term spending on speculation or coffees, the price of crypto assets will go up,” the Crypto Research Report stated. “High velocity on-chain and low velocity off-chain suggests that crypto assets are becoming increasingly used for speculation and not for store of value.”

The September edition of the Crypto Research Report will be distributed on Cointelegraph.

Source: www.cryptobitnews.co.uk


Bitcoin, Ether, and XRP Weekly Market Update June 29, 2020

Bitcoin, Ether, and XRP Weekly Market Update June 29, 2020

The total crypto market cap lost $8.3 billion from its value for the last seven days and now stands at $259 billion. The top 10 currencies were mostly in red for the same period with Cardano (ADA) as the only exception with 4.3 percent of increase. Bitcoin SV (BSV) was the worst performer with 6.6 percent loss. By the time of writing Bitcoin (BTC) is trading at $9,086 while Ether (ETH) moved down to $223. Ripple’s XRP reached $0.176.

Bitcoin formed a red candle to $9,277 on Sunday, June 21, and erased all of its gains from the previous day ending the seven days below the 50-day EMA. Still, it remained flat for the week.

The BTC/USD pair opened the new trading period by jumping all the way up to $9,700. It successfully surpassed both the horizontal resistance at $9,500 and the diagonal downtrend visible on lower timeframe charts. It also added 4.5 percent to its value in its best session since June 1.

On Tuesday, June 23, the leading cryptocurrency was rejected around the already-mentioned level and made a short pullback down to $9,630, still keeping the price above the support areas.

The mid-week session on Wednesday was a bad one for bulls. The declining volumes on a 24-hour basis, which were close to $16 billion compared to $20-$22 as an average for the previous two weeks, in combination with a bearish divergence visible on the relative strength index (RSI), resulted in a drop to $9,300 or a 3.6 percent correction.

On Thursday, June 25, BTC fell below the psychological level of $9,000 in the early hours of the session but managed to recover in the evening and closed with a small loss to $9,230.

Friday was no different on the markets and the most popular cryptocurrency continued to move South, this time to $9,150. This level was seen by many analysts as stable temporary support before the already-mentioned major S/R line.

The first day of the weekend came with a fifth consecutive red candle on the daily chart. The price of bitcoin finally tested $9k as the immense pressure from bears was starting to influence the long-term perspectives on the coin. The level provided the required stability, but we witnessed a temporary break of the long-term downtrend line (located at $8,830 at that time).

On Sunday, June 28, the coin closed with a big green candle to $9,117.

The Ethereum Project token ETH continued to slide on Sunday, June 21, and ended the week at $227 with a 1.7 percent loss on a seven-day basis.

The ether started trading on Monday by making a huge green candle to $243. The move resulted in a 7 percent increase and bulls were even able to push the price up to $247 during intraday – above both the horizontal resistance and the mid-term downtrend line.

On Tuesday, June 23, the ETH/USD pair remained relatively stable, registering a small decline to $242.

On the third trading day of the workweek however, the leading altcoin started to lose positions. It fell down to $234 and erased 3.3 percent of its value in a very volatile session during which it was moving in the $250-$230 range. Still, buyers managed to find stability near the $230 support line and avoided further decrease.

The Thursday session on June 25 found ETH below that level early into the trading day when it briefly touched $227. Bulls avoided a deeper correction and closed with a small loss to $232.

On Friday, a third-straight red day resulted in a drop to $229 as the horizontal support was finally surpassed.

The ether followed the example of Bitcoin and on Saturday, June 27, made a sharp drop to $220 hitting the upper end of the next support zone and losing 4 percent of its value.

The last day of the week brought some relief for buyers and their favorite altcoin rebounded from the current low, reaching $225 at the end of the week.

The Ripple company token XRP failed to extend its good performance into the Sunday session on June 21 and fell down to $0.185, closing the week with a 2 percent loss.

The XRP/USD pair opened the new trading period on Monday by jumping back up to $0.189. The coin regained 2.1 percent and moved closer to the mid-term downtrend line.

On Tuesday, June 23 bulls were rejected at $0.190, which was the meeting point of the horizontal and diagonal resistances. The move resulted in a small correction to $0.188

The “ripple” continued to slide during the mid-week session on Wednesday and fell further to $0.183 erasing another 2.3 percent.

On Thursday, June 25, the XRP dropped as low as $0.178 during intraday, breaking the horizontal support at $018. Buyers, however, initiated a recovery in the later hours of trading and push the price up to $0.181, still closing the session with a loss.

The last day of the workweek came with a volatile trading. The major altcoin was moving in the $0.178-$0.187 range before closing with a short green candle to $0.182.

The weekend of June 27-28 started with a big drop on Saturday as the XRP/USD pair reached $0.175 for the first time since April. Then on Sunday, June 28 it found its local bottom and partially recovered from the losses by making a green candle to $177.

Our Altcoin of the week is Bitcoin Diamond (BCD). This cryptocurrency is basically an improved version of the Bitcoin Core protocol mainly in terms of capacity and network transaction capability.

BCD added 17 percent to its value for the last seven days and is 20 percent up for the two-week period. The coin peaked at $0.754 on Wednesday, June 24, and is now situated at #59 on CoinGecko’s Top 100 list with a market capitalization of approximately $137 million.

Just like Bitcoin, his Diamond work is scheduled to halve this year, which might be the reason for the current surge. The event is expected to happen at block 630,000 around the 29th of July.

As of the time of writing, Bitcoin Diamond is trading at 0.00008181 against BTC on the Binance platform.

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Source: btcmanager.com

Author: Georgi Hristov


Bitcoin, Ether, and XRP Weekly Market Update June 29, 2020 | BTCMANAGER

Bitcoin, Ether, and XRP Weekly Market Update June 29, 2020 | BTCMANAGER

The total crypto market cap lost $8.3 billion from its value for the last seven days and now stands at $259 billion. The top 10 currencies were mostly in red for the same period with Cardano (ADA) as the only exception with 4.3 percent of increase. Bitcoin SV (BSV) was the worst performer with 6.6 percent loss. By the time of writing Bitcoin (BTC) is trading at $9,086 while Ether (ETH) moved down to $223. Ripple’s XRP reached $0.176.

Bitcoin formed a red candle to $9,277 on Sunday, June 21, and erased all of its gains from the previous day ending the seven days below the 50-day EMA. Still, it remained flat for the week.

The BTC/USD pair opened the new trading period by jumping all the way up to $9,700. It successfully surpassed both the horizontal resistance at $9,500 and the diagonal downtrend visible on lower timeframe charts. It also added 4.5 percent to its value in its best session since June 1.

On Tuesday, June 23, the leading cryptocurrency was rejected around the already-mentioned level and made a short pullback down to $9,630, still keeping the price above the support areas.

The mid-week session on Wednesday was a bad one for bulls. The declining volumes on a 24-hour basis, which were close to $16 billion compared to $20-$22 as an average for the previous two weeks, in combination with a bearish divergence visible on the relative strength index (RSI), resulted in a drop to $9,300 or a 3.6 percent correction.

On Thursday, June 25, BTC fell below the psychological level of $9,000 in the early hours of the session but managed to recover in the evening and closed with a small loss to $9,230.

Friday was no different on the markets and the most popular cryptocurrency continued to move South, this time to $9,150. This level was seen by many analysts as stable temporary support before the already-mentioned major S/R line.

The first day of the weekend came with a fifth consecutive red candle on the daily chart. The price of bitcoin finally tested $9k as the immense pressure from bears was starting to influence the long-term perspectives on the coin. The level provided the required stability, but we witnessed a temporary break of the long-term downtrend line (located at $8,830 at that time).

On Sunday, June 28, the coin closed with a big green candle to $9,117.

The Ethereum Project token ETH continued to slide on Sunday, June 21, and ended the week at $227 with a 1.7 percent loss on a seven-day basis.

The ether started trading on Monday by making a huge green candle to $243. The move resulted in a 7 percent increase and bulls were even able to push the price up to $247 during intraday – above both the horizontal resistance and the mid-term downtrend line.

On Tuesday, June 23, the ETH/USD pair remained relatively stable, registering a small decline to $242.

On the third trading day of the workweek however, the leading altcoin started to lose positions. It fell down to $234 and erased 3.3 percent of its value in a very volatile session during which it was moving in the $250-$230 range. Still, buyers managed to find stability near the $230 support line and avoided further decrease.

The Thursday session on June 25 found ETH below that level early into the trading day when it briefly touched $227. Bulls avoided a deeper correction and closed with a small loss to $232.

On Friday, a third-straight red day resulted in a drop to $229 as the horizontal support was finally surpassed.

The ether followed the example of Bitcoin and on Saturday, June 27, made a sharp drop to $220 hitting the upper end of the next support zone and losing 4 percent of its value.

The last day of the week brought some relief for buyers and their favorite altcoin rebounded from the current low, reaching $225 at the end of the week.

The Ripple company token XRP failed to extend its good performance into the Sunday session on June 21 and fell down to $0.185, closing the week with a 2 percent loss.

The XRP/USD pair opened the new trading period on Monday by jumping back up to $0.189. The coin regained 2.1 percent and moved closer to the mid-term downtrend line.

On Tuesday, June 23 bulls were rejected at $0.190, which was the meeting point of the horizontal and diagonal resistances. The move resulted in a small correction to $0.188

The “ripple” continued to slide during the mid-week session on Wednesday and fell further to $0.183 erasing another 2.3 percent.

On Thursday, June 25, the XRP dropped as low as $0.178 during intraday, breaking the horizontal support at $018. Buyers, however, initiated a recovery in the later hours of trading and push the price up to $0.181, still closing the session with a loss.

The last day of the workweek came with a volatile trading. The major altcoin was moving in the $0.178-$0.187 range before closing with a short green candle to $0.182.

The weekend of June 27-28 started with a big drop on Saturday as the XRP/USD pair reached $0.175 for the first time since April. Then on Sunday, June 28 it found its local bottom and partially recovered from the losses by making a green candle to $177.

Our Altcoin of the week is Bitcoin Diamond (BCD). This cryptocurrency is basically an improved version of the Bitcoin Core protocol mainly in terms of capacity and network transaction capability.

BCD added 17 percent to its value for the last seven days and is 20 percent up for the two-week period. The coin peaked at $0.754 on Wednesday, June 24, and is now situated at #59 on CoinGecko’s Top 100 list with a market capitalization of approximately $137 million.

Just like Bitcoin, his Diamond work is scheduled to halve this year, which might be the reason for the current surge. The event is expected to happen at block 630,000 around the 29th of July.

As of the time of writing, Bitcoin Diamond is trading at 0.00008181 against BTC on the Binance platform.

Source: newsaltcoins.com


Daily Discussion - June 28, 2020 (GMT+0)


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