Bitcoin has broken below its recently established trading range between roughly $4,000 and $4,100 that was formed a couple of weeks ago. Although BTC has been somewhat stable as of late, this lack of major volatility should not fool traders as the cryptocurrency typically makes a large price swing after long bouts of sideways trading.
Now, Bitcoin is beginning to push up against a key resistance line that the cryptocurrency has failed to break above on multiple occasions over the past year.
Bitcoin (BTC) Drops Below $4,000 as Key Resistance Level Holds
At the time of writing, Bitcoin is trading down 1.5% at its current price of $3,960 and just recently dropped below its key support level that had been previously established at approximately $4,000.
Over the past week, Bitcoin has been coiling tightly within approximately $4,000 and $4,050 before dropping today. Despite today’s drop being relatively small, the recent lack of volatility will likely be fleeting, as BTC has historically made some of its largest price swings after extended periods of sideways trading.
Tim Kelly, the founder and CEO of cryptocurrency trading platform BitOoda, recently spoke to MarketWatch about where he sees the markets heading next, and importantly noted that he believes BTC will “probe” its previously established resistance level at $4,200.
“BTC’s feel at the very moment is that it wants to probe the recent highs and see how strong the resistance is sitting at the $4,200 level… Unless large buying volumes come into the market, probing is all we shall see at that resistance level. We believe it will take a serious force of buying to take those levels out to the upside,” he explained.
$4,200 was established as a key resistance level in late-February when BTC surged from roughly $3,600 to highs of $4,200, before swiftly spiraling downwards to $3,800.
Bitcoin Rejected at Persisting Resistance Level
Although Bitcoin is somewhat stable at its current price, BTC is now nearing a key resistance level that has persisted for the past year and has never been successfully broken above since the crypto dropped from its highs of nearly $20,000 in late-December of 2017.
GPas, a cryptocurrency analyst on Twitter, pointed to this resistance level in a recent tweet, facetiously saying that “this time will be different.”
Assuming that this resistance level does hold for the foreseeable future, it could lead Bitcoin’s price back towards its 2018 lows of $3,200, which bulls must ardently defend or else significantly further losses could be in store.
As the week continues on and trading volume possibly increases, traders and analysts alike may discover whether or not BTC is able to break above the aforementioned resistance level, which could set the tone for which direction the entire crypto markets are heading next.
Ethereum (ETH) co-founder Vitalik Buterin has argued that the crypto community should evolve beyond the individualism associated with its early cypherpunk days and harness technology to create new, equitable and innovative systems with positive social impact.
Buterin made his comments during a keynote speech at the RadicalxChange conference in Detroit, Michigan on March 24, BreakerMag reported on March 25.
Buterin had jointly initiated RadicalxChange with economist Glen Weyl, co-author of the book “Radical Markets,” which argues in favor of rethinking markets from within an emboldened and radicalized liberal perspective as an antidote to neoreaction, populism and protectionism.
In his speech, Buterin argued that today’s crypto advocates and developers should evolve away from the fierce individualism of the cypherpunk movement and from an excessive focus on maximizing autonomy and privacy.
Money, he argued, is fundamentally and profoundly social, and the potential of cryptocurrencies and blockchain technology is to advance an explicitly political, collective agenda. This, he argued, includes rethinking models of social governance, formalizing identity and community membership, facilitating the equitable funding of public goods, and rehauling ownership structures.
Buterin pitched cryptocurrencies and blockchain — and more fundamentally, the creative and astute use of technology to tackle concrete politico-economic goals — as a way out of the contemporary impasse. Critics of the status quo, he claimed, advocate for either a “1950’s-style centrally planned statism” on the left, or “free-market capitalism with slightly more welfare” among centrists. “Both of these ideas,” he argued, represent “intellectual dead ends.”
Noting that the invention of Bitcoin represents a powerful movement against state and central bank hegemony, he proposed that smart contract platforms such as Ethereum, as well as governance-focused blockchains, can help realize its originary revolutionary impulse to the full.
As Cointelegraph has reported, Satoshi Nakamoto — the much-mythologized, anonymous inventor of Bitcoin — notoriously embedded the coin’s genesis block with a New York Times headline from January 2009 about the United Kingdom bank bailout.
The challenges of creatively expanding Nakomoto’s vision were acknowledged by Buterin in a recent speech, in which he noted that non-financial blockchain applications continue to face more difficulty gaining traction. Among his personal commitments, he said, was redrawing the existing technology and power landscape by creating a decentralized ecosystem that would allow smaller players to compete with incumbent monopolies.
The Premier of Bermuda, David Burt, has argued that a QuadrigaCX-like situation could not have happened in Bermuda because of the country’s existing legislation in regard to cryptocurrencies. Burt made his statements in an interview on Fortune’s “Balancing the Ledger” show on March 25.
Burt delivered his comments following QuadrigaCX’ founder, Gerald Cotten’s sudden death last December, and financial difficulty the exchange subsequently faced. QuadrigaCX has not been able to access its cold wallets where it kept most of its assets, because Cotten was apparently solely responsible for the wallets and corresponding keys.
Burt stated in the interview that QuadrigaCX’s private keys could never have been lost if the exchange were registered in Bermuda, and not Canada. Burt said:
“If Quadriga was licensed under the Bermuda Monetary Authority, what has happened would not have been able to happen, because we have rules regarding the custody of master keys and making sure they’re not held by a particular individual.”
Burt apparently discussed the country’s Digital Asset Business Act 2018, the new regulatory regime that sets visible boundaries for blockchain and cryptocurrency-related businesses and protects the rights of their existing and potential clients:
“It basically states what you have to do with the master keys, how those things have to be handled, and making sure that they cannot be lost, or if they are lost, there’s a way for that recovery to happen.”
Bermuda is known for its blockchain and cryptocurrency-friendly stance. Last year, the country’s governmentannounced plans to make amendments to the Banking Act in order to establish a new class of bank to render services to local fintech and blockchain organizations. Burt said then that individual bank policies not to provide banking services to the new type of companies “cannot be allowed to frustrate the delivery on our promise of economic growth and success for Bermudians.”
Bermuda also implemented new regulations on initial coin offerings (ICOs), that require Bermudian ICO issuers to provide detailed information about “all persons involved with the ICO.”
How Crypto and Blockchain Lobbyists Are Doing Their Bit to Propel the Industry
For every emerging industry to taste mainstream success, support from the existing government regimes is a must. To put weight on this claim, one need not look any further than the Internet during the 90s.
During the last decade of the 20th century, when the Internet was still very much in its infancy, a group of distinguished web activists emerged who actively used the emerging digital media to push for their objectives.
These lobbyists played a critical role in shaping the World Wide Web as we know it today. It was their consistent perseverance and vision for an open internet that has brought the level of democracy it possesses today. Participants of lobby groups have time and again come together for a greater good no matter how heated the business rivalry among some of them might have been.
However, this doesn’t necessarily mean that political and regulatory lobbyists have always done their bit to ensure an equal playing field for people. But in any case, the importance of lobbyists to shape the regulatory skeleton of a business prospect still in its infancy cannot be overstated enough.
In this cryptocyclopedia, BTCManager will shed light on the growing importance of lobbying groups in the nascent blockchain ecosystem. After looking over some of the people sitting at powerful positions in the regulatory ecosystem of the cryptocurrency and blockchain industry, we will discuss how these agents of change, in their own fair capacity, are helping this novel space mature steadily. Ultimately, their project looks to catapult crypto technologies into the mainstream in a manner akin to the Internet towards the turn of the 20th century.
Blockchain Lobbying Groups Occupying the K Steet
A recent report published March 18, 2019, by political news website Politico posits that lobbying on cryptocurrencies and blockchain technology is a niche but a rapidly booming industry on K Street, Washington D.C.
According to the report, the number of entities that are reportedly lobbying on behalf of blockchain technology and digital currencies has almost tripled over the past year. The report states that compared to a dozen entities in Q4 2017, the number of blockchain lobbying entities surged to 33 in the corresponding quarter of 2018.
Against that backdrop, let’s have a look at some of the most prominent blockchain lobbying groups working currently.
Washington D.C.-based Coin Center is one of the leaders in the blockchain lobbying game. The not for profit research and advocacy group aims to bring more light to public policy issues faced by decentralized computing technologies and cryptocurrencies such as ether and bitcoin.
With the surge in general interest in the legal and compliance side of digital assets, Coin Center is more determined than ever to stay at the top of their game and lead the industry into its next phase.
According to Jerry Brito, the executive director at Coin Center, the issue of securities regulation has been largely responsible for driving the recent boom in the growth of lobbying entities. The nonprofit organization has lobbied for digital assets since 2014 with astounding success.
Coin Center is currently working with Representatives Warren Davidson (Ohio) and Darren Soto (Florida) to determine which digital tokens actually fall under the definition of securities as laid down by the U.S. financial watchdog, the Securities and Exchange Commission (SEC).
Soto, the Democratic Representative from Florida, has even gone on record to state that most cryptocurrencies should not be subjected to regulations. Notably, both Representatives are members of the Congressional Blockchain Caucus.
The Congressional Blockchain Caucus
The blockchain lobbying group, the Congressional Blockchain Caucus was founded in the 114th Congress with an aim to understand the utility of blockchain technology in government administrative fields. The group follows what it says a “hands-off regulatory” approach meaning that it believes blockchain technology will evolve in the same manner as the Internet did – entirely on its own.
The group firmly believes that blockchain technology has the potential to significantly disrupt a number of IT-related domains, including identity management, asset tracking and ownership, healthcare records management, and intellectual property rights, among others.
The Blockchain Association
The Blockchain Association was founded on September 11, 2018, as a trade association to look after the interests of the infant cryptocurrency industry.
The lobbying group comprises of several companies in the crypto industry which sets it apart from other groups in that it can address issues that only industry-insiders can understand. These may be issues pertaining to establishing a uniform code of ethics and conducts for professionals working in the crypto and blockchain industry, establishing common industry-wide practices, and others.
According to their website, the group’s primary aim is “to advance trust, transparency, safety, and innovation through distributed technologies and services.”
The group claims to be the unified voice of the crypto industry and lobbies Congress directly.
Kristin McKenzie Smith, an in-house lobbyist at the Blockchain Association, has had a varied career track after having worked as a legislative assistant on Capitol Hill as well as a number of gigs in the DC lobbying world.
Shaping the Industry at an Individual Level
Beyond the various lobbying groups working non-stop for the betterment of the crypto universe, the industry has also provided a hot platform to a number of individual thought-leaders.
While these people champion the cause for cryptocurrencies and relay crypto-related information to the masses, they don’t necessarily have a lot of financial interest in fostering the industry as some larger than life crypto project CEOs might do.
Two such people are SEC Commissioner Hester Peirce and lawyer Jake Chervinsky.
“Crypto Mom” Hester Peirce
SEC Commissioner Hester Peirce is one of the most well-known personalities in the crypto ecosystem. Also known as “crypto mom” because of her pro-crypto stance, Peirce previously served as the director of Financial Markets Working Group at George Mason University.
Peirce has been pretty vocal about her thoughts in an industry which is still finding its voice amid regulatory uncertainty.
The SEC Commissioner earned the nickname “crypto mom” shortly after her famous lambasting of the U.S. SEC after it decided against approving an exchange-traded fund which would give investors exposure to bitcoin.
She has time and again stressed that compromising the decentralization of crypto projects for quick regulations is not the right way to go and has also spoken in favor of self-regulation of digital currencies markets.
Although the SEC might be viewed as the “big evil” within the cryptospace, it can find solace in the fact that at least one of its five Commissioners shares Satoshi Nakamoto’s vision for a decentralized global ecosystem.
Crypto’s Go-to Lawyer: Jake Chervinsky
Jake Chervinsky currently works as a litigator with New York-based Kobre & Kim and has quickly established himself as the go-to Twitter personality to get insights about everything that has to do with the legal side of cryptocurrencies, especially ETFs.
Chervinsky started his law career after graduating from George Washington Law School.
Speaking to another crypto titan, Anthony “Pomp” Pompliano, Chervinsky stated that his interest in the crypto space developed from his anti-money laundering litigation work at his current employer.
He added that it was in June 2018 that he decided to “get active on crypto Twitter” due to the dearth of law professionals who could provide insightful and facts-based commentary on the most recent and pertinent issues facing the crypto industry.
In an effort to promote the widespread adoption of crypto, a team of developers have created a wallet that will allow its users to access digital currency services from within their favourite messaging applications such as WhatsApp. Using the Wuabit service users will soon be able to send, receive, trade, and perform other tasks relating to crypto assets from applications they are already highly familiar with.
Wuabit’s WhatsApp-facing service is currently close to completion, after which the team will look at providing similar functionality for Telegram, Facebook messenger, and Viber.
Wuabit to Start Providing Crypto Services to WhatsApp Users With Bitcoin
According to a report in UK newspaper The Express, Wuabit’s first efforts at integrating Bitcoin support in WhatsApp is almost ready to launch. The service is described by the developers themselves as an AI-powered “software agent”. The aim is to first allow WhatsApp users to send and receive Bitcoin payments using chat commands in the popular messaging application.
A spokesperson for Wuabit told the news publication:
“We are near completing the wallet core service starting with BTC.”
Wuabit intends to launch a public beta test of the service next month. According to a post from the team on Medium, the developers plan to add more services to the software going forward and are hoping to integrate price checking and trading at a later date.
There are also plans to integrate other popular crypto projects with the service. According to Wuabit’s website, these will include Litecoin, Bitcoin Cash, and Ether.
In addition to providing support for other crypto assets, Wuabit are also working towards extending the service to other popular messaging applications such as Telegram, Facebook messenger, and Viber. The hope is that by providing services from within a familiar application, more people will be willing to give crypto a try for themselves. The spokesperson continued:
“Crypto payments via WhatsApp can introduce greater numbers of new users who only know how to chat to this complicated space.”
The Wuabit developers seem driven by similar motives as those behind the Twitter Lightning Network browsing extension, Tippin, reported on by NewsBTC earlier this year. The effort even impressed the CEO of the popular social network platform, Jack Dorsey, enough to Tweet himself about it:
Will Wuabit and Tippin Really Make a Difference to Crypto Adoption?
Whilst furthering crypto adoption is certainly a noble cause for the developers behind both Tippin and Wuabit, it remains to be seen just how much impact they will have. After all, the service requires users to know about it and to take additional steps besides downloading WhatsApp or having a Twitter account to use them.
Much more likely to have an influence on the number of people using digital assets is full integration of digital wallet services into popular existing applications or products. One example that held a lot of promise in this regard was the Samsung S10.
Much was made about the flagship model of one of the largest mobile phone manufacturers on the planet featuring a built-in crypto wallet. However, since its launch, many were disappointed to learn that only a few parts of the world have the wallet service as default. In other areas, the wallet needs to be installed manually and even still, there are reports that it does not support the most popular cryptocurrency, Bitcoin.
Ethereum’s “Cat Herders,” a group of consultants reportedly responsible for “reviewing and finding an independent party” to carry out an audit on programmatic proof-of-work (ProgPoW), a new form of consensus algorithm for the Ethereum blockchain, have revealed how and why their team was assembled.
In a Medium blog post published on March 25 by Jameson Hudson, an Ethereum developer and self-described “communicative programmer,” Ethereum’s Cat Herders explained that “due to the evolution of thinking that resulted in the delay in Ethereum’s move” from proof-of-work (PoW) to proof-of-stake (PoS)-based consensus, there seems to be a growing concern now that Ethereum’s current version of PoW, Ethash, might be “gameable.”
ProgPoW: Reducing ASICs’ “Hash Rate Benefit”
As noted by Hudson, the belief that Ethash “could be gamed” by miners who use expensive ASIC chips stems partially from the assertion that those using computationally powerful hardware equipment can “start to monopolize” the Ethereum network’s hash rate. This, many have argued, could “lead to threats of centralization.”
As Hudson mentions in his blog, “a small community group,” called IfDefElse, had initially proposed that ProgPoW be used and that the Ethereum community consider integrating it in the smart contract platform’s next hard fork.
Ethereum Improvement Proposal 1057: ProgPoW
“Built on top of Ethash it is suggested that” ProgPow could potentially “reduce the hash rate benefit future ASICs would enjoy over GPUs to a maximum of 20%,” Hudson wrote. However, he also clarified that ProgPoW had been designed to “decrease the economic incentive to build an ASIC, not the ability to build one.”
Referred to as Ethereum Improvement Proposal (EIP) 1057, ProgPoW has been developed and promoted constantly by its creators, Hudson claims. According to the developer, the plans to move forward with integrating ProgPoW on Ethereum’s mainnet had been “tentatively approved” by the platform’s core developers in a bi-weekly meeting held on January 4, 2019.
“Gauging Community Sentiment” & Conducting Technical Audits
In a meeting held by Ethereum’s developers in early February, it was reportedly decided that ProgPoW would first be subjected to a review and audit process. Currently, Ethereum Cat Herders have “identified two main tasks around this review/audit of ProgPoW,” Hudson stated. These include “gauging the community sentiment” towards implementing ProgPoW and also conducting a “technical audit” of ProgPoW.
Notably, Hudson revealed that at the time he posted on Medium (about 10 hours from press time), the survey results had been “overwhelmingly in favor” of implementing ProgPoW.
A new report dubbed the “United States Blockchain Business Opportunities and Outlook Databook Series (2016-2025)” forecasts that blockchain spending in the U.S. will report a compound annual growth rate (CAGR) of 44.5 percent, rising from $3.1 million to $41.1 million by 2025. The report was released by market and research data platform Research and Markets.
The report also reveals that during 2018, blockchain spending in the U.S. increased by 110 percent and reached $1.6 billion. To prepare the report, the company reportedly reviewed market opportunities and risks of blockchain in more than 75 areas spanning 11 industries in the U.S.
Earlier in March, market research firm International Data Corporation (IDC) released a report that projects that global blockchain spending will see rapid growth between 2018 and 2022, with a five-year CAGR of 76 percent, amounting to $12.4 billion in 2022.
In geographic terms, the U.S. is set to see the largest blockchain spending of $1.1 billion, followed by Western Europe and China, which are predicted to invest $674 million and $319 million respectively.
Also this month, economist and notorious cryptocurrency critic Nouriel Roubini argued that blockchain has “nothing to do with” the future of financial services. Roubini excluded blockchain tech from the list of major technologies that will lead to a manufacturing or fintech revolution, including artificial intelligence, machine learning, big data, and the Internet of Things.
Meanwhile, U.S. Acting Under Secretary of State for Economic Growth, Energy, and the Environment, Manisha Singh, said that the agency is currently in the research phase, looking to “better understand” blockchain tech. Singh stated that “blockchain technology is becoming a global phenomenon. It is therefore essential that we better understand this cutting-edge technology, as it becomes more widely adopted in our economy.”
Sending bitcoin lightning payments over the web might soon get easier.
That’s because a new bitcoin standard for simplifying lightning payments, the open-source WebLN standard, is gaining traction, now being used by Lightning Joule and Bluewallet, two of the more popular lightning wallets, as well as apps like Lightning Spin, to slim down the number of steps a user needs to make a payment.
This is an important step for lightning, an experimental technology that is still risky to send real money over. Developer warnings aren’t stopping eager users from trying out what they believe to be the future of bitcoin payments, and as they’ve toyed with payments, they’ve bumped into issues trying to send or receive value.
The standard, written by developer William O’Beirne, is inspired by his work contributing to popular ethereum services, MyCrypto and MyEtherWallet, both of which are used for storing ethereum’s native currency, ether. This might seem a bit odd because bitcoin and ethereum users often seem like rivals, battling on Twitter and debating the merits of each cryptocurrency. But O’Beirne doesn’t seem to care about that.
His work on ethereum’s web standard, Web3, led him to what he calls an “a-ha moment,” where he decided lightning opens up opportunities for a similar set of standards for bitcoin that could make interacting with payments on the Web much easier.
“The Web is the most obvious place for micropayments,” O’Beirne argued.
The ultimate goal, as he showed in his presentation of Chrome browser extension Lightning Joule last fall, is to embed payments into the web so that they’re really easy to use.
O’Beirne told CoinDesk:
“I want to make it really easy for new lightning projects to have a great UX for making payments without having to reinvent the wheel of how to display payments to users, or get them to provide invoices.”
He gave an example of a WebLN-enabled site that allowed users to quickly paying a Satoshi (worth about $0.00004) to get rid of advertisements for the day.
That said, while WebLN is inspired by ethereum, O’Beirne says “WebLN is a lot more stripped down than Web3.” After all, lightning is not a “Turing-complete system.” Rather, since bitcoin’s lightning is more focused on payments, that’s where the focus of WebLN lies.
But it’s similar in that it’s a standard that makes app building easier for developers. And in the end, helps to reduce the number of steps users need to take to make a payment.
By example, Bluewallet recently launched a marketplace within its mobile app that lists a bunch of different services which accept lightning transactions, including LN.pizza, Bitrefill, a startup that sells gift cards for bitcoin, and the like.
If a user were to go to, say, the LN pizza website on its own, they would have to grab the invoice by copying it, open their lightning wallet, then stick it in the wallet.
But if you go straight through Bluewallet marketplace, it simplifies the process. It automatically grabs the invoice and copies it into Bluewallet for a user to pay to buy their pizza. “They use WebLN to inject [the invoice] into the page,” O’Beirne said.
“[WebLN] allows us to provide a better user experience – like one-tap payments and withdraws, and facilitates and standardizes “actions” that should be standardized for the sake of the industry moving faster and in the right direction. So we fully support it and try to make other developers to do the same,” BlueWallet product and UX engineer Nuno Coehlo told CoinDesk, adding that it has enabled “thousands” of purchases.
This little marketplace is like a window into how much easier the process could be for lightning micropayments across the World Wide Web, if such a standard gained enough traction and was used everywhere – perhaps the big dream goal – rather than just on a few random apps.
Lightning apps can get this functionality to work for their app if they want. But with a standard like WebLN, the idea is developers don’t need to reinvent the wheel.
Or, O’Beirne added, in the future, he plans to add an experimental technology that allows users to send money directly to a node without generating an invoice.
WebLN has some other features as well that aren’t quite related to payments.
“There’s also an element of identity,” O’Beirne said, where users could use their lightning node’s public key – a string of random letters and numbers showing – to login to a website. It could effectively replace passwords.
“Some of this is still being built out,” he added.
‘Stealth’ projects and beyond
Still, as the project GitHub points out, WebLN is still “early-stage” and “subject to change.”
O’Beirne said that next steps are to improve the developer documentation and draw up some demo videos to make it easier for developers to implement WebLN.
O’Beirne has also been in touch with Casa (a popular lightning service that launched a Chrome extension that looks a lot like his project, Lightning Joule), as well as Bitlum, another browser-based wallet. But while both seem interested in WebLN, neither wallet has “committed” to doing so quite yet.
Other “stealth projects” are interested, too. “I get DMs from people working on stealth projects – asking how the spec works.”
Over the summer, O’Beirne will be working at Chaincode Labs, a research group led by Bitcoin Core contributors Alex Morcos and Suhas Daftuar that funds some of bitcoin’s most active protocol developers. He hopes that this will give him an opportunity to continue working on WebLN, and get more wallets to adopt the standard.
All that said, though, there’s also another standard lightning developers are eyeing right now that has to do with standardizing how lightning is used in the Web: W3C, which is the international organization drawing up rules for the Web for all browsers to follow.
Since some think developers should focus on that set of standards, O’Beirne goes as far as to call it a “spec war.” But so far, there don’t seem to be any implementations of W3C that support lightning.
That said, he sees WebLN gaining traction as he works on it this summer: “At this point, I feel like we’re going to see more adoption. At least for generating lightning invoices, which is a frustrating experience.”
It’s no secret that the past year has been an arduous one for Bitcoin and the entire crypto markets, and despite posting a slight recovery from its 2018 lows, BTC’s current price action is still dismal to say the least, and any talk of an imminent price surge remains nothing more than speculation.
Despite this, Bitcoin’s hash rate has been on that up-and-up as of late and has recovered significantly from its recent lows. This recovery signals that miners are gaining greater confidence in the cryptocurrency, which may signal that a price surge is, in fact, imminent.
Bitcoin (BTC) Price Stable as Hash Rate Climbs
At the time of writing, Bitcoin is trading flat at its current price of $4,020, directly in the middle of its recently established trading range between $4,000 and $4,100 which has persisted for the past couple of weeks.
Although the cryptocurrency’s price has been flat lately and volatility is on the decline, its hash rate has been gradually climbing, which may be a bullish sign.
BTC’s hash rate hit highs of just over 60 million tera hashes per second (TH/s) in late-August of 2018 before plummeting to lows of 30 million TH/s in late-December of last year, which coincided closely to Bitcoin’s plummet from $6,400 to lows of $3,200 in mid-November.
Since then, the cryptocurrency’s hash rate has been climbing, and is currently sitting at just under 50 million TH/s.
Dovey Wan, a popular figure within the cryptocurrency industry and the founding partner at Primitive, recently pointed to the recovering hash rate as a sign of increasing confidence from Bitcoin miners.
“Hashrate for $ETH has dropped 50% since its ATH and sees no recovery. vs $BTC also once saw a drop for 50% but steadily climbed back up now it’s 80% (50E) of ATH (60E)… This is the most direct reflection of confidence from miners based on their expectation of that PoW coin,” she explained.
Could Climbing Hash Rate Signal that a BTC Price Surge is Imminent?
This growing confidence in BTC from its miners may signal that the crypto’s fundamentals are beginning to improve, which could mean that a price surge is on its way.
Moon Overlord, a popular cryptocurrency trader on Twitter, spoke about this possibility in a recent tweet, explaining that there is a parallel between Bitcoin’s current price action and that which was experienced just prior to its parabolic move in late-2017.
As time persists, crypto investors will garner greater insight into both the correlation between Bitcoin’s price action and its hash rate, as well as whether or not BTC’s 2018 lows of roughly $3,200 are, in fact, a long-term bottom.
For many businesses, startups in particular, the introduction of cryptocurrency features into their online platforms can bring tangible benefits. Integrating cryptocurrency payment options and providing market information about digital coins has the potential to attract customers from a community that favors fast and inexpensive electronic payments.
The simplicity and flexibility of WordPress has made it a preferred platform for many young companies looking to build their own websites. Those relying a on crypto income, however, need to install a plugin that supports cryptocurrency payments.
There are many available options, one of which is My Crypto Checkout. The plugin allows online stores to receive direct payments in over 30 cryptocurrencies in peer-to-peer transactions with a zero percent fee. Under a free license, MCC processes up to three sales per month but the paid subscription comes with unlimited transactions for $59 a year.
Once it’s downloaded from the Plugins page in the WordPress dashboard and activated, one or more cryptos have to be set up in the Currencies tab. As the software supports Woocommerce and Easy Digital Downloads, the payment gateway settings for the preferred platform need to be adjusted too.
Other websites may want to keep their users informed about crypto prices. A simple solution is provided by the Cryptocurrency Price Widget, which comes with real-time price updates for over 3,600 coins and 160 fiat currencies. It can be downloaded and installed from Add New in the Plugins page.
Bitcoin.com offers widgets that update website visitors about the price movements of bitcoin cash (BCH). They also enable websites to receive the latest news from the crypto space via a news ticker. Find out how to install them by visiting the Bitcoin Widgets page.
Do you agree that crypto widgets are useful for online businesses? Share your thoughts in the comments section below.
Images courtesy of Shutterstock.
At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen ourTools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.
Lubomir Tassev is a journalist from tech-savvy Bulgaria, which sometimes finds itself at the forefront of advances it cannot easily afford. Quoting Hitchens, he says: ”Being a writer is what I am, rather than what I do.“ International politics and economics are two other sources of inspiration.