Thread topics include, but are not limited to:
Thread guidelines:
Other ways to interact:
Bitcoin (BTC) has been on something of a tear as of late. You know that, of course, but the strength of this move shouldn’t be understated. In the past six weeks, the crypto asset has moved from $4,200 to $8,300 — a growth of nearly 100% — while altcoins have also seen lofty gains.
Yet, throughout this entire swing to the upside, there have been analysts incessantly calling for a correction, looking to charts to accentuate that Bitcoin rallying here is uncalled for. The technicals would agree. On-chain data shows, however, that BTC is still looking strong, and could continue even higher, barring a bad news event or another bearish catalyst of a similar caliber.
Related Reading: Study: Despite Perceived Riskiness, Bitcoin Has a Higher Risk-Return Ratio Than Most Traditional Assets
Bitcoin’s monumental surge over the past couple of months has caught traders with their pants down, there’s no doubt about it. Almost no one expected for the asset to pass $6,000, let alone $8,000 in early-2019. Yet here we are, sitting above a level that was a quixotic dream just months ago. Some now claim that it is a perfect time for the asset to retrace, however.
As NewsBTC reported previously, the last time Bitcoin’s chart looked as it did now, a strong pullback ensued. Analyst Josh Rager recently pointed out that during 2015’s recovery out of a brutal bear market, which was much like the one seen in 2018, BTC bottomed around $200, accumulated around $300 for months, went parabolic to tap $500, and then saw a 40% pullback. What’s more, the three-day Super Guppy, a key long-term trend indicator, didn’t signal a “buy” (green) until after the pullback.
$BTC – 3D chart Super Guppy
Amazing similarity between the last bear market prior to uptrend
Bitcoin had a similar parabolic push out of accumulation, followed by a pullback and uptrend
Watching for a potential pullback where I'll add more to the stack pic.twitter.com/JABErMhlMq
— Josh Rager (@Josh_Rager) May 12, 2019
Sound familiar? Well, that’s because Bitcoin is seemingly doing effectively the exact same thing, but in an entirely different price region. If history is followed to an exact tee, BTC may top out around this region, plunge by approximately 40% to the low-$5,000s, and then slowly return to the $6,000 and $7,000 region.
And from there, as trader Horn Hairs points out, the cryptocurrency market should enter a period of consolidation, during which investors will be given a second chance to accumulate Bitcoin.
$BTC The last parabola that broke us out of a bear market resulted in a near 7 month consolidation. With alts at their ATL supports against USD, if this sort of consolidation happens again on BTC after it tops (likely), we could be in for the REAL #altseason. pic.twitter.com/c3WwncLyda
— HornHairs (@CryptoHornHairs) May 11, 2019
This might not happen though. First off, while the crypto market’s nature is one of intense cyclicality — booms and busts, parabolic run-ups and heartbreaking drawdowns — historical price action isn’t indicative of future performance. As Interchange’s Dan Heldrecently pointed out, the dynamics in this market are entirely different than 2013, 2017, or even 2018. Things have changed to put it briefly.
Case in point, the industry has some of the biggest names in finance and technology delving in. Square, through its Cash App and chief executive Jack Dorsey; Fidelity Investments; E*Trade, Bakkt, and ErisX are among the developments in the space that make this rally entirely different than anything before it. Thus, some deem it logical that warnings of a large market correction can be deemed moot.
Related Reading: Why The Next Bitcoin Bull Run Could Eclipse The Last Crypto BubbleOn-chain data may corroborate this. Renato Shirakashi, a lesser-known yet respected Bitcoin analytics guru, notes that the Spent Output Profit Ratio (SOPR), an indicator he recently created to predict local tops and lows, is currently “relatively high”, signaling a local peak. However, Shirakashi notes that this sign, which could mean there is an increase in selling pressure, would “normally push prices down”.
The big correction everyone is waiting for may not come right now. Why?
(thread)
— Renato Shirakashi (@renato_shira) May 15, 2019
But with the market continuing to head higher, he suggests that demand for BTC is increasing, thereby absorbing the increase in market supply. What’s more, the median lifespan of unspent outputs isn’t changing, meaning that “HODLers” continue to “HODL”, and that the only BTC being circulated on exchanges right now are those recently mined. As Shirakashi explains:
“If we take a look at the median lifespan of outputs, we can see it isn’t changing. This means that old coins are not getting into trades. It looks like that long time hodlers aren’t willing to sell. This makes our supply limited to the circulating coins.”
And, most importantly, demand from a retail audience continues to increase, and increase greatly at that. As NewsBTC reported on Wednesday, the terms “Coinbase” and “Blockchain”, likely in reference to the two popular Bitcoin wallets, have begun to trend on Apple’s App Store. Not only is FOMO materializing in downloads for key cryptocurrency applications but clicks to crypto-related sites too. According to Google Trends’ latest data, searches for “Bitcoin” in the U.S. have tripled over the past three weeksThis doesn’t bode well for a correction, as “demand increasing with a limited supply [of coins]” makes such a move near improbable. Featured Image from Shutterstock The post Here’s Why the Bitcoin Price May Not See a Big Correction At All appeared first on NewsBTC.
A three-way partnership saw secondary market trading go live, which participants say marks a world first.
The World Bank and Commonwealth Bank have successfully enabled secondary market trading of a blockchainbond, the institutions confirmed in a press release on May 15.
The bond, known as bond-i, uses the Ethereum (ETH) blockchain and was the first in the world to leverage the technology fully when it debuted in August last year.
Now, a three-way partnership which also included market maker TD Securities delivered what the participants consider a similar first and a further metamorphosis for blockchain bonds.
“Enabling secondary trading recorded on the blockchain is a tremendous step forward towards enabling capital markets to leverage distributed ledger technologies for faster, more efficient, and more secure transactions,” the World Bank’s vice president and treasurer, Jingdong Hua, commented in the press release. He added:
“It speaks to the innovation and commitment of all our partners, including investors, that we were able to achieve this together.”
The achievement comes just weeks after French credit institution Societe Generale launched a €100 million euro ($112 million) bond on Ethereum, while the idea of blockchain bonds continues to extend beyond the banking sector.
As Cointelegraph reported, the governments of three developing economies themselves told the World Bank during one of its hosted events in April that they even wished to issue a bitcoin (BTC) bond.
“Blockchain has the potential to streamline processes for raising capital and trading securities, improve operational efficiencies, and enhance regulatory oversight,” Commonwealth Bank’s head of experimentation & commercialisation, Sophie Gilder, added.
Thread topics include, but are not limited to:
Thread guidelines:
Other ways to interact:
The following post by AutoModerator is being replicated because some comments within the post(but not the post itself) have been silently removed.
The original post can be found(in censored form) at this link:
np.reddit.com/r/ BitcoinMarkets/comments/bp81mj
The original post's content was as follows:
Thread topics include, but are not limited to:
- General discussion related to the day's events
- Technical analysis, trading ideas & strategies
- Quick questions that do not warrant a separate post
Thread guidelines:
- Be excellent to each other.
- Do not make posts outside of the daily thread for the topics mentioned above.
Other ways to interact:
- Get an invite to live chat on our Slack group
- Set your flair to trade pretend money in the Flair Game
- Weekly threads: Newbie Mondays and Fundamentals Fridays
- Altcoins Discussion: Altcoin Discussion
Despite controlling a third of ether’s circulating supply, whales are responsible for just 7% of all transaction activity.
A third of the world’s ether (ETH) is owned by just 376 people, according to Chainalysis research published on May 15.
Despite controlling a large portion of ETH’s circulating supply, the study found these “whales” are responsible for just 7% of all transaction activity.
Chainalysis concluded that while these individuals don’t necessarily have a meaningful impact on ETH’s price, they do contribute to market volatility when big sell-offs are made.
These figures could be seen as an improvement compared with 2016, when whales owned 47% of ETH’s circulating supply.
According to the team’s report, about 60% of whales hold their assets and do not regularly trade with exchanges.
Analysis of activity from 2016 to 2019 also revealed that ether prices tend to follow movements in bitcoin (BTC.) Researchers added:
“On average, a 1% increase in bitcoin prices yesterday leads to a 1.1% increase in ether prices today.”
Overall, the blockchain analytics company believes that concerns about the impact of whales on market prices may have been overstated, but added:
“We cannot rule out the possibility that whales can impact price changes within single days based on outlier events.”
Last month, the company’s research revealed that at least 95% of crypto crimes investigated by law enforcement involve BTC.
Chainalysis also recently expanded its real-time transaction monitoring tools to cover 10 cryptocurrencies in response to demand from law enforcement agencies.
Thread topics include, but are not limited to:
Thread guidelines:
Other ways to interact:
