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Another week, another round of Crypto Tidbits. Bitcoin (BTC) had a crazy week of price action. On Sunday, just after the release of our latest edition of this weekly update, BTC was $ 8,800, escaping from a triangle formation that caused the bulls to fall for nearly three weeks. Although the upward trend has slowed since since cryptocurrency has fallen to $ 5,550, many are still clearly bullish.
In a recent segment on Bloomberg TV, Jehan Chu of Kenetic Capital explained that BTC could recover by 230% by the end of the year. Chu attributed this prediction to the fact that Silicon Valley and Wall Street are running; the overall reward reduction for Bitcoin is now less than a year; and investors are looking for riskier games, such as digital badets.
Despite the clearly bullish momentum, we have seen some, such as Mike Novogratz, say that Bitcoin is about to be withdrawn or consolidated. According to previous NewsBTC reports, the former Wall Street investor had hinted that BTC should consolidate between "$ 7,000 and $ 10,000" from here, adding that "the trees do not grow until they reach $ 7,000. in the sky "for the obvious purpose of hinting that the crypto market could be overbought.
Price action aside, the industry continued to move forward. This week, however, was a little slower than normal. Anyway, we have still witnessed a number of interesting developments. Let's take a closer look, shall we?
Related Reading: Crypto Tidbits: AT & T Accept Bitcoin, Grayscale Grayscale Publicly Launched, Binance Margin Inbound
Crypto Tidbits
- A Bitcoin mixer bites dust as a result of regulatory concerns: Bitcoin Blender, a cryptocurrency mixer that conceals the recipient and the sender of transactions, has shut down its operations, according to The Bleeping Computer. An announcement was made shortly to give platform users the opportunity to withdraw their funds, but some may not have been able to withdraw their BTC on time. The news comes one week after Blender rivals BestMixer fell victim to a closure of the Dutch Tax Information and Investigation Service (FIOD). According to the Europol press release, "Bestmixer.io was one of the three most important mixing services for cryptocurrencies and offered services to mix bitcoins, cash and encrypted litecoins."
- Forbes: A billionaire seeking to get 25% of all BTCs in circulation: According to a recent report by Forbes, the Dadiani Syndicate, a little-known but essential business in the cryptocurrency market, would apparently have a large demand to fill. The group, which boasts of being an "investment platform for […] maximizing your digital resources ", looks a lot like an OTC office, but probably with a much greater influence. The company's founder, art dealer Eleesa Dadiani, told Forbes that one of her billionaire customers recently said they were interested in "acquiring 25% of all available Bitcoin currencies. ". the crypto bull. It is estimated that this would require the investor / group to invest $ 38 billion in current valuations.
- Large carriers piling cryptocurrencies in the hope of Bull Run: In a series of similar news, the commercial publication Diar recently revealed that "enterprise size" addresses are rapidly accumulating BTC. In fact, they wrote that addresses that hold 1,000 to 10,000 BTC now hold 26% of all coins, compared to 20% in the third quarter of 2018. These addresses, which added 100,000 BTCs to their batteries during the first half of 2019, confirm that "smart money" is accumulating and getting ready for the next bull rally.
- Coinbase plans to negotiate margins in the footsteps of Binance: At the recent edition of The Scoop, a podcast published by The Block's, a Coinbase executive revealed some corporate secrets about his intention to engage in margin trading. Emilie Choi, vice president of business and data at Coinbase, said discussions had begun on the launch of the feature film. Choi elaborated:
"Margin, lending, borrowing will certainly be a big step forward for us, especially for active traders."
However, some margin platforms have been banned in the United States, where Coinbase is based. In fact, BitMEX once suspended US badyst Tone Vays, whose earnings were then somewhat derived from the platform's commission system. A move to this sub-sector may be important for the exchange. According to Block, in early 2019, the turnover of Coinbase could fall as much as 55% compared to 2019, making the new facet of activities almost mandatory. More importantly, the margin has turned out to be very profitable. As Fundstrat's Tom Lee suggested at the end of last year, BitMEX is expected to generate $ 1.2 billion in fiscal 2018, outperforming most startups in the ecosystem of encryption and encryption badets. bitcoins.
- Samsung can integrate support for digital badets and local media According to the report released by Business Korea last week, Samsung may soon be integrating cryptocurrencies into its Pay network, an ecommerce / fintech platform of more than 10 million active users. This would allow the payment ecosystem to remove the middlemen from the equation, thus making payments faster and cheaper. Interestingly, however, the report does not indicate whether Samsung plans to add its own coin or something like Ethereum. Samsung Pay would constitute more than 80% of South Korea's payments market, which would make it a product very similar to the nation's WeChat Pay. The point of sale attributes this postulation to the fact that the Seoul-based company recently allocated resources from its blockchain working group to its services division. This would be huge, as it would standardize the use of digital currencies, which would facilitate consumer access to Bitcoin.
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