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Fundstrat Global Advisers co-founder Thomas Lee said that the recent Bitcoin pullback is healthy. Fundstrat Global Advisers co-founder Thomas Lee wrote that the recent Bitcoin (BTC) pullback is healthy in a tweet on July 14. In his tweet, Lee also addressed concerns over the recent decrease in Google searches for Bitcoin: “As for the search traffic for bitcoin being low, I also think that is a good sign. It means the rise in Bitcoin has not been accompanied by massive hype.” According to search analytics service Google Trends, Google searches for Bitcoin from within the United States have decreased by about 45% since their recent peak at the end of June. Google search data for Bitcoin in the U.S. Source: Google Trends The CEO of major cryptocurrency exchange Binance, Changpeng Zhao, said in an interview with Bloomberg on July 12 that the recent rally has been mostly driven by retail investors, who still account for about 60% of total trading volume. Zhao said: “We have not seen insti..
Ethereum co-founder Vitalik Buterin believes that Bitcoin Cash has the best network to become a temporary scalability solution for Ethereum. Ethereum co-founder Vitalik Buterin has proposed to use the Bitcoin Cash blockchain as a temporary scalability solution for the Ethereum network. The programmer introduced a summary of the idea in a July 13 post on the Ethereum Research. As previously reported, the Ethereum network has experienced some scalability issues, with its native blockchain capable of processing as few as 15 transactions per second (TPS), while its major competitor Ripple is reportedly estimated to have a TPS capacity of 1,500. As such, the Ethereum community has been working on Ethereum 2.0, a major network upgrade that is expected to improve its scalability once ETH shifts from proof-of-work to the proof-of-stake algorithm. While the first stages of the Ethereum 2.0 shift are expected to come in early 2020, Buterin has now suggested deploying other blockchains as a new..
Bitcoin News Today – If you’ve been paying attention, you’d know that the price of Bitcoin and altcoins have taken a hit with the flagship cryptocurrency falling below the $10,600 level and the altcoins bleeding back into 2017 levels. While everyone was expecting that the bleeding will stop this morning, the prices continued to fall against the USD. Short-term traders are selling off to protect their CAPITAL, but a well known cryptocurrency analyst, Josh Rager, has suggested that the falling price of Bitcoin BTC is a good thing for the cryptocurrency market. Bitcoin News Today – Cryptocurrency News Today – Bitcoin’s Downtrend is a Gift Josh Rager, who has over 50k followers on Twitter is well-known for his accurate price predictions and analysis. Taking to Twitter, he said that the fall in the price of Bitcoin back to the $10k levels is a gift to the cryptocurrency market. In his words; “Said it once and will say it again 4 digit Bitcoin is a gift. Whether it hits $9ks or even $8ks.”..
American entrepreneur and vocal crypto advocate John McAfee has doubled down on his $1 million by 2020 price prediction for Bitcoin. American entrepreneur and vocal crypto advocate John McAfee has doubled down on his $1 million by 2020 prediction for Bitcoin (BTC). Taking stock of community sentiment in light of Bitcoin’s recent price fluctuations, McAfee wrote on July 15 that he was “laughing his f------ ass off” at the seemingly overblown negativity: “Bitcoin is at the mid 10's and people worry. LMFAO!! Why do you pay attention to weekly fluctuations? Look at the past few months FFS! It's rising drastically. I'm still positive about my $1 mil BTC price by the end of 2020. Alt coins like MTC and Apollo will rise ten times more.” As of press time, Bitcoin has indeed lost a round 9% on the week — almost 4% on the day — according to Cointelegraph’s Bitcoin Price Index, and is trading just north of $10,300. Yet on the month, the coin’s chart shows a 23% gain — and caps a ..
The average block size suddenly jumped from around 1 megabyte to over 3 megabytes — by far the highest average in Bitcoin’s history. Blockchain validation platform VeriBlock produced almost 25% of on-chain Bitcoin (BTC) transactions in 24 hours July 14, the company confirmed on social media. VeriBlock, which uses its own ‘Proof-of-Proof’ protocol to validate blockchains using Bitcoin’s computing power, launched its mainnet implementation in March. The service allows miners to compete for block rewards on altcoin blockchains, while tapping into Bitcoin’s superior levels of security due to the computing power sustaining its Proof-of-Work algorithm. The roughly one-quarter figure signalled by VeriBlock this weekend equates to around 68,000 transactions. Veriblock had previously generated higher proportions of Bitcoin traffic. According to statistics from monitoring resource and wallet provider Blockchain, however, the more recent figures appeared to coincide with a sharp spike in the ..
Bitcoin Lightning Network nodes have claimed 2.2 BTC in “justice transactions” to deter potential thieves since Dec. 2017, according to BitMEX Research. Bitcoin (BTC) Lightning Network nodes have claimed 2.2 BTC in “justice transactions” to deter potential thieves, a BitMex Research analysis revealed on July 15. A so-dubbed “justice transaction” is a punitive mechanism involving the closure of a lightning channel that is suspected to be attempting theft. As the report outlines: “... by design, when a thief attempts to steal funds on the lightning network, if caught, they do not only lose the money they tried to steal, they lose all the funds in the relevant channel. This “punishment” is expected to act as a deterrent and is sometimes called “justice”. BitMEX researchers claim to have potentially identified 241 justice transactions since the second-layer network’s in December 2017 — all the while noting that there is a possibility the data “includes false positives” and that other, mor..
Even if he crushed exchanges, making Bitcoin illegal would likely see rejection by lawmakers. United States president Donald Trump would cause a Bitcoin (BTC) price crash if he banned it, but the law would likely prevent him, economist and trader Alex Krueger concluded on Twitter July 15. Trump, who announced his distaste for cryptocurrency in general last week, initially failed to impact market sentiment. A subsequent breakdown over the weekend sent Bitcoin below $10,000. Publishing a dedicated thread on the chances of Trump banning the cryptocurrency, Krueger argued he could theoretically have some success. By targeting entry and exit points for retail and institutional investors, the president would turn Bitcoin into an isolated, more illiquid asset as it is used by lay consumers. “Trump could also go after fiat onramps, by simply forbidding banks to service crypto exchanges, or by requiring banks to not service exchanges unless conditions XYZ are fulfilled (and make that practica..
BTC price fell to just $9,912 as traders warned a close below $10,580 could spell the start of a longer bearish downturn. Bitcoin price (BTC) traded above $10,000 July 15 after a weekend of heavy losses spelled disaster for cryptocurrencies across the board. Market visualization courtesy of Coin360 Data from Coin360 showed BTC/USD holding onto support above the key barrier Monday, having temporarily dropped as low as $9,912. The 9.7% daily losses compounded a worrying weekly trend which saw the pair fall rapidly from above $13,000. Bitcoin 7-day price chart. Source: Coin360 Driving the bearish sentiment, analysts broadly claimed, was a mixture of criticism by United States president Donald Trump and overall market fatigue. For many, BTC/USD had long been due a pullback after weeks of successive gains, which culminated in highs of $13,800. “It’s healthy to see (Bitcoin) pullback here,” Tom Lee, head of research at Fundstrat Global Advisors, tweeted Sunday. Lee, a serial Bitcoin b..
Most of the top 20 cryptocurrencies are reporting losses on the day as Bitcoin falls under the $10,400 mark. Sunday, July 14 — Most of the top 20 cryptocurrencies are reporting losses on the day by press time, as Bitcoin (BTC) fell below the $10,400 mark. Market visualization courtesy of Coin360 Bitcoin is currently down by over 9% on the day, trading at around $10,392 at press time, according to Coin360. Looking at its weekly chart, the coin is down by 7.23%. Bitcoin 7-day price chart. Source: Coin360 Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at $24.8 billion. The second-largest altcoin, Ripple’s XRP, has a market cap of $12.8 billion at press time. Coin360 data shows that ETH has seen its value decrease by about 13.8% over the last 24 hours. At press time, ETH is trading around $233. On the week, the coin has also lost about 21% of its value. Ether 7-day price chart. Source: Coin360 As Cointelegraph reported yesterday, ..
Most of the top 20 cryptocurrencies are reporting losses on the day as Bitcoin falls under the $11,450 mark again. Saturday, July 13 — Most of the top 20 cryptocurrencies are reporting losses on the day by press time, as Bitcoin (BTC) fell below the $11,450 mark again. Market visualization courtesy of Coin360 Bitcoin is currently down by over 1% on the day, trading at around $11,430 at press time, according to Coin360. Looking at its weekly chart, the coin is up by almost 3.8%. Bitcoin 7-day price chart. Source: Coin360 As Cointelegraph reported yesterday, the Chairman of the United States Federal Reserve has said that almost nobody uses Bitcoin for payments, and that it is a speculative asset just like gold. Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at $28.7 billion. The second-largest altcoin, Ripple’s XRP, has a market cap of $14 billion at press time. Coin360 data shows that ETH has seen its value decrease by nearly 1% ..