Bitcoin’s Bullish Battle, Ethereum 2.0, BCH “slow death”: Hodler’s Digest
Top stories this week
Bitcoin struggles with $10,000 – two scenarios for the coming week
The bears got their pound of meat this week when Bitcoin prices dropped $800 within an hour. The crash also resulted in significant losses for most of the Altcoins. Looking ahead to the coming days, Keith Wareing of Cointelegraph says BTC is in the early stages of a downward channel that could bring digital assets down to $7,500 in the next two to three weeks if it fails to get $9,500 in support. This could trigger the resumption of an uptrend, with $10,300 as the main resistance and breakout resistance above $11,085. Earlier this week, fund partner James Torado released historical data indicating that BTC prices will continue to rise for another 19 months. His figures showed that 2020 is the best year ever for Bitcoin, measured by volume-weighted average price.
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Bitcoin Cash is facing slow death after an alleged $30 million hack
A major investor in Bitcoin Cash claimed to have lost a total of $45 million in a wallet hack this week – two-thirds of it in BCH. In a now-deleted Reddit post, DreamHost founder Josh Jones seemed to suggest that his SIM card had been compromised – and he promised big rewards if the miners prevented validation of the transactions. Dovey Wan, founding partner at Primitive Ventures, described the attack as “really brutal” and criticized Jones for storing millions of dollars in crypto on his smartphone. She warned that this incident, along with a rumor of a dispute between Bitmain Executive Director Jihan Wu and Bitcoin.com founder Roger Ver, meant a “slow death” for BCH.
Vitalik Buterin unveils the Ethereum 2.0 timetable on the Cointelegraph
The world has learned a little more about Ethereum 2.0 this week. What, you might ask? In an exclusive interview Vitalik Buterin gave to the Cointelegraph. At the Stanford Blockchain conference, the co-founder of Ethereum revealed that the most important development this year will be the start of Phase 0, with a proof-of-sake network to go online later in 2020. From here, Ethereum 2.0 will start as a stand-alone PoS network to demonstrate its capabilities over time. “Ethereum 2.0 will start without applications and will have a small number of validators,” said Buterin. It is hoped that the subsequent phases will help solve scalability issues. Buterin added that Ethereum 1.0 will not move to the 2.0 system until the network is fully robust.
Binance CEO Changpeng Zhao says the halving of Bitcoin has not yet been priced in.
Has the price of Bitcoin to the upcoming block reward already halved? No, according to Changpeng Zhao. The founder and CEO of Binance has predicted that there will be more upward movement at BTC in the future. Although he admitted that historical events are not always an accurate indicator, Zhao pointed out that the miners will soon have to spend almost twice as much to mine a single coin. Despite his optimistic outlook, CZ still expects resistance in the short term. He added: “There are psychological barriers around nice round numbers. The price will fluctuate a little bit around them”.
HSBC to cut 35,000 jobs and invest in digital finance
After annual profits have fallen by a third, HSBC has announced radical job cuts as part of its drive for digital transformation. An astounding 35,000 jobs will be cut over the next two years – and the number of retail outlets will be significantly reduced as the banking giant seeks to simplify its operations by investing in technology. We already know that HSBC should launch a $20 billion block chain-based custody platform called Digital Vault by March. The company hopes to digitise paper-based records of private placements to increase standardisation and speed up processes.
Winners and Losers
At the end of the week, Bitcoin is at $9,856, ether at $270 and XRP at $0.28. The total market capitalization is $286,623,961,082.
Among the 100 largest crypto currencies, the week’s three largest old coin winners are DxChain Token, Kyber Network and Algorand. This week’s three biggest old coin losers are Lisk, WAX and Swipe.
Forecast of the week
Bitcoin will rise to 400,000 dollars – Max Keiser quadruples the BTC forecast
Although Max Keiser’s prediction was made eight years ago, the forecast that the BTC will reach $100,000 has never been achieved. Nevertheless, the TV presenter considers this estimate too conservative – he has therefore quadrupled it to $400,000. Unimpressed by the short-term volatility, Keiser told Alex Jones of Infowars: “The good news… is that at $10,000 or $9,300, Bitcoin is as attractive as it was at $100.” While he didn’t give a specific timeframe for achieving this goal, his prediction of up to 40 times the yield makes Keiser more bullish than even the most prominent crypto proponents. Hell, even John McAfee did not meet his forecast that BTC would reach $1 million by 2021.
FUD of the week
Irish drug dealer informs police that the keys to $56 million of confiscated BTC have been lost
A court in Ireland suffered a setback when it tried to seize $56 million worth of Bitcoin from a man who had recently been arrested for drug trafficking. Clifton Collins of Dublin says the private keys to the crypto assets are gone. According to reports, Collins allegedly spread his 6,000 BTC over 12 wallets – he printed the keys on a piece of paper that was kept in his fishing rod case. After his arrest in 2017, the landlord of his rental apartment in County Galway ordered an eviction – and it appears that the fishing rod was thrown away. Collins seems to have taken the news of the loss with great haste, calling it punishment for his own stupidity.
Ripple CEO Brad Garlinghouse tells the banks that “crypto is not a bad word”.
Brad Garlinghouse has revealed that he is on a mission to explain to bankers how cryptography can solve real-world problems while remaining compliant. Ripple’s CEO says someone told him recently at the World Economic Forum in Davos that “crypto is still a bad word” – but the entrepreneur says regulators “will be disarmed very quickly” when they realize that assets are not being used to circumvent existing frameworks.
Gemcoin founder admits fraud in $147 million program
The mastermind behind the Gemcoin cryptocurrency scheme has admitted in a memorandum of understanding to slander and tax evasion. Steve Chen agreed that he and other co-conspirators fraudulently promoted Gemcoin to 70,000 victims – and fleeced them of $147 million. The 62-year-old known as “Boss” seems to have used his illegal profits to buy land and finance gambling. The virtual coins he mined were allegedly deposited with gems from the mine owned by U.S. Fine Investment Arts, Inc. But in reality, the company did not own or operate any gemstone mines. U.S. Attorney Nick Hanna said: “Mr. Chen’s promises to investors were as worthless as his non-existent mines and his counterfeit digital currency.
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