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Bitcoin Trades Flat, Finds Stability Above $6,200 Support Level as it Celebrates 10th Birthday

Bitcoin, the original cryptocurrency, has had a tough year, and is presently resting on its $6,200 support level as it celebrates its 10th birthday. Despite having a fundamentally successful year filled with countless examples of increasing adoption, the markets are still weak, and have been unable to break through their September highs.

At the time of writing, Bitcoin (BTC) is trading at $6,315 on the aggregated markets according to CoinMarketCap, which is near the bottom of its long-established trading range between $6,200 and $6,800. Despite looking weak, bulls can take solace in the fact that Bitcoin’s price has bounced several times over the past couple of days in the $6,200 region, which shows that bulls may not be willing to risk losing this support level.

The big question that remains is whether or not the latest drop will result in what traders jovially refer to as a “Bart” pattern, which is where Bitcoin drops or rises, trades sideways, and then sharply proceeds back to its previous levels. This type of pattern was most recently seen in mid-October, when Bitcoin fell from $6,600 to $6,300, ranged for a few days, and then rebounded to highs of nearly $7,000.

Bitcoin Celebrates 10th Birthday Amidst Persisting Bear Market

Despite the low market sentiment and persisting bear market, Bitcoin is currently celebrating its 10th birthday, and multiple analysts and industry experts believe that the best is yet to come.

Investors discouraged by the current market conditions would be wise to remember that in a short 10 years, Bitcoin has grown from being a technology recognized by a small community of tech-heads to an internationally recognized asset that could fundamentally change the way the world works.

Jimmy Zhong, the CEO of the enterprise-grade blockchain infrastructure, IOST, recently spoke about Bitcoin’s momentous past and exciting future, and expressed that price is a temporary distraction that shouldn’t concern true believers:

“Since it was first launched, Bitcoin has inspired a ripple effect that has grown exponentially, from a mailing list of cryptography experts to an international market disrupting some of the most entrenched institutions that have ever existed… It has never been a better time for Bitcoin and other blockchains. Price has and always will fluctuate, but what truly matters is that the core of engineers, believers, and dreamers have continued to grow, improving the technology and inspiring new projects to push the boundaries of what can be accomplished!”

Zhong also explained that Bitcoin, and the blockchain technology underpinning it, will likely lead to a more equitable future for all people, adding that “in the next 10 years, the world will change dramatically — and we believe blockchain will make that change more equitable for every person.”

Zhong isn’t alone in his enthusiasm for the future, as Adam Jiwan, the CEO and co-founder of Spring Labs, a blockchain-based data network, recently spoke to MarketWatch about the future of Bitcoin, saying:

“Regardless of how one feels about cryptocurrencies, Bitcoin has ushered in a technological revolution that will have profound implications for how information is shared, consumed, and protected. I’m a big believer in the unstoppable nature of technological revolutions, and we’re only 10 years into the development of distributed ledger technology. Blockchain will be ubiquitous, and the world will have to adjust. The only question is, ‘How soon’?”

Featured image from Shutterstock.

Bitcoin Turns 10: A Brief History of Its First Decade

Bitcoin, the flagship cryptocurrency, has turned ten years old today as back in 2008 Satoshi Nakamoto, its pseudonymous creator, submitted the “Bitcoin: A Peer-to-Peer Electronic Cash System” to a cryptographic mailing list.

The cryptocurrency is seen as the most important innovation to money by its proponents, as it allows for peer-to-peer payments to be processed without the need of a trusted third party. It solves the Byzantine Generals’ Problem, and sparked a revolution that “will not be centralized.”

Currently, there are over 2,000 cryptoassets in the industry, which despite a months-long bear market is still worth over $200 billion. Bitcoin currently accounts for 54.2% of the market. Here’s a brief rundown of the cryptocurrency’s history so far.

Bitcoin’s First Years

Initially few people knew about Bitcoin or what it could become. The first transactions were made between proponents to test out the cryptocurrency, which wasn’t widely available. There weren’t cryptocurrency exchanges; so it didn’t have a quote price either.

The first Bitcoin exchange, BitcoinMarkets, came only in March 2010. At the time it was possible to acquire BTC through faucets – websites that gave bitcoin away to spread the word, as these were mostly worthless.

Similarly, in March 2010, Laszlo Hanyecz created a thread on the popular Bitcointalk forum wondering if anyone would be willing to buy him pizza in exchange for bitcoin. Someone took his offer, and bought 2 pizzas for 10,000 BTC – now worth $63 million.

The Rise of Dark Net Markets

It’s well-known that some of the first bitcoin-related businesses were dark net marketplaces where users could use the cryptocurrency to buy pretty much anything – including illegal drugs, weapons, hacked accounts, and more.

The most popular dark web marketplace is the now-defunct Silk Road. It’s estimated over $1 billion worth of the cryptocurrency went through it before it was shut down by the Federal Bureau of Investigation (FBI) in 2013. The Silk Road’s founder, who worked under the “Dread Pirate Roberts” account, is allegedly Ross Ulbricht.

At the time, Bitcoin became known outside of its proponents’ circles as a currency used only by criminals who wanted to buy illegal goods and services. The cryptocurrency’s price climbed to over $100 at the time, as demand started surging.

In 2013, in fact, Overstock revealed it was going to accept Bitcoin payments in 2014, and the University of Nicosia announced it would accept BTC as payment for tuition fees. Media attention from their moves, coupled with the takedown of the Silk Road, saw BTC climb to over $1,200. Coinbase, a San Francisco-based cryptocurrency exchange, revealed at the time it sold over $1 million worth of BTC in one month.

The Collapse of Mt Gox

While in 2013 the flagship cryptocurrency’s ecosystem was growing at a record pace, things quickly took a turn in 2014. In late 2013 the People’s Bank of China (PBoC), China’s central bank, prohibited Chinese banks from using BTC, which saw some local businesses stop accepting it as a payment method.

Adding to that, the largest cryptocurrency exchange at the time, Mt Gox, suspended deposits and withdrawals over “technical issues.” Soon after, amid claims of insolvency and security breaches, it collapsed. Hundreds of millions of dollars worth of BTC were stolen, which saw the cryptocurrency’s price crash.

Recovery efforts reportedly recovered 200,000 BTC, which were then held by a trustee, Nobuaki Kobayashi. Earlier this year, the Tokyo District court moved Mt Gox’s case from criminal bankruptcy to civil rehabilitation, which means its creditors will be able to be paid in bitcoin, and not the fiat equivalent of Bitcoin’s exchange rate at the time, of about $500 per coin.

The collapse of Mt Gox saw Bitcoin drop from $1,000 at the start of 2014 to about $300. Despite the crash, companies like Dell, Newegg, and Microsoft started accepting bitcoin.

Growing Adoption

In 2015 and 2016 venture capital firms notably started betting on the cryptocurrency ecosystem. At the time Coinbase raised $75 million in what was then the “largest-ever VC round” for a cryptocurrency-related company.

Less than a year after Mt Gox collapsed, UK-based exchange Bitstamp announced it was taking its platform offline while it investigated a security breach that saw hackers take $5 million (19,000 BTC at the time) from its wallets. Bitstamp, as CryptoGlobe covered, was acquired by a European investment firm.

Later on, in 2016, gaming platform Steam started accepting bitcoin payments through Bitpay. During that year, the number of bitcoin ATMs in the world surged to over 700, while the number of merchants accepting cryptocurrencies surpassed 100,000.

Notably, popular cryptocurrency exchange Bitfinex was also hacked that year for 120,000 bitcoin, around $72 million at the time. The incident’s aftermath is still felt today, as critics claim Tether’s USDT stablecoin isn’t backed by any USD and was used to help Bitfinex recover, leading to premiums and arbitrage opportunities.

2017’s Explosive Growth

Bitcoin’s price exploded in 2017. It started the year at about $1,000 after slowly climbing thanks to adoption in 2016. That year, retail investors were attracted to the cryptocurrency ecosystem thanks to the initial coin offering (ICO) boom and the incredible returns some investors were having.

This saw some pour in money over fear of missing out (FOMO), which according to analysts created a speculative bubble. Bitcoin reached its all-time high of about $19,800 in late 2017, before its price started dropping. The CME and CBOE, two leading global exchanges, launched Bitcoin futures at the time.

Notably, 2017 also saw Bitcoin’s blocks become full. This created large transaction backlogs, that forced users to compete to get their transaction in the next block. As a result, transaction fees skyrocketed to over $50 and a debate over how Bitcoin should scale – known as the scaling debate – reached its peak, leading to the creation of Bitcoin Cash (BCH).

While Bitcoin only has 1 MB blocks to keep on being as decentralized as possible, Bitcoin Cash currently has 32 MB blocks. Bitcoin’s notable rise, coupled with its rising transaction fees, saw various businesses stop accepting it as a payment method. These include Steam, which cited the high fees and volatility.

2018’s Market Crash

In 2017, China’s communist government cracked down on cryptocurrencies and banned initial coin offerings (ICOs) from the country, forcing crypto exchanges to abandon it. Despite the crackdown the country has seen numerous developments, including an arbitration court ruling cryptos like bitcoin should be protected as property by law.

This year, most articles about Bitcoin or the cryptocurrency ecosystem have been focusing on the price crash, as some cryptoasset are down over 90% from their all-time highs. Despite the market’s downturn, there have been quite a few developments during the last few months.

Notably, the Lightning Network (LN) was launched and already has a capacity of over $700,000, as well as thousands of open payment channels. Meanwhile, various countries have already revealed they plan on regulating cryptocurrencies and blockchain technology, with Malta being the first to establish a full regulatory framework.

Moreover the Intercontinental Exchange (ICE), owner of the NYSE, is launching a platform called Bakkt that has revealed it’ll offer physically settled daily bitcoin futures contracts this December.

Fidelity Investments, one of the world’s largest financial services providers with over $7.2 trillion in client assets, has announced the launch of a new company called Fidelity Digital Asset Services, which will offer crypto custody and brokerage solutions for institutional investors.

Despite the bear market that took bitcoin down to the $6,300 mark, crypto acquisitions are up over 200% this year. Bitcoin’s volatility, often cited as a reason for merchants to stop accepting it, has now fallen to levels it hadn’t seen since December 2016.

Despite the criticism and being pronounced dead over 300 times by experts throughout the world, Bitcoin has been thriving.

Andreessen Horowitz Partner: ‘Crypto Today’ is Like 1990s Internet With ‘Few Use Cases’, & Many Scams

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Andreessen Horowitz Partner: ‘Crypto Today’ is Like 1990s Internet With ‘Few Use Cases’, & Many Scams

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Benedict Evans, a general partner at venture capital firm, Andreessen Horowitz, told his followers on Twitter that “crypto today” is similar to the internet in 1993 and 1999.

According to Evans, there’s “a lot in common” between the internet in the 90s and the crypto industry today as the internet back then also had “huge potential with few of the use cases invented yet.”

Crypto Like “Pre TCP/IP Prototocol” Internet

As most crypto analysts have pointed out, the digital asset and blockchain industry are in their early stages of development. Dr. Neha Narula, the director of MIT Media Lab’s Digital Currency Initiative, believes crypto-related technology is not even mature enough to be compared to the internet in the 1990s.

Narula thinks that the protocols and distributed ledger technology (DLT) infrastructure that exists today is analogous to the internet’s state of development in the late 1970s. Specifically, the MIT computer science Phd said the cryptocurrency platforms of today are comparable to the how the internet was before the introduction and adoption of the TCP/IP protocol.

Those familiar with how the TCP/IP protocol is defined would know that it provides a set of communication protocols that facilitate “end-to-end data communication.” This was a very important breakthrough for internet-related technology as it allowed different platforms to reliably exchange information with each other.

Blockhain Interoperability

Similarly, there are currently many startup projects focused on facilitating effective communication between structurally different and independent blockchain networks. However, the blockchains of today not only appear to have fairly limited use cases as Evans noted, but they also have scalability and security-related problems.

In addition to technical issues that are holding back their mass adoption, blockchain-based cryptocurrency projects have been associated with a large number of scams and “delusion”, Evans’ tweet mentioned.

Interestingly, there were also many DotCom startups launched before the internet bubble burst that were outright scams. The increasing number of fraudulent activities carried out by internet-related companies during the late 90s and early 2000s discouraged many investors at the time from investing in such businesses.

Keep An Eye Out For Good Projects

Ben Horowitz, the billionaire co-founder of Andreessen Horowitz, said in September that there were many bad internet startups who carried out scams. He explained that what we’ve learned from those experiences is it was “stupid” to give up on the internet because of them.

He added that many legitimate companies such as Facebook, Youtube, and Google were launched because of the dotcom craze. Similarly, there may be bad crypto projects out there, but it would be wise to closely monitor the space as there will likely be some legitimate products that will be launched.

Why Did Bitmain’s Antpool ‘Stop Mining’ SegWit Blocks?

Bitmain mining empty blocks Mining

Why Did Bitmain’s Antpool ‘Stop Mining’ SegWit Blocks?


Antpool, the Bitcoin mining pool owned by hardware manufacturer Bitmain, has stopped mining Segregated Witness (‘SegWit’) blocks.


A Question Of ‘Charity’?

In a move which has sparked suspicion among cryptocurrency figures, data from the past seven days of block mining shows Bitmain mining blocks of under 1 megabyte – smaller than SegWit blocks mined by other pools.

“AntPool no longer includes SegWit txs in Bitcoin (BTC) blocks,” one Twitter account confirmed October 30.

If there are enough non-SW transactions to fill up Core’s 1MB base blocks and they pay higher fees than the SW transactions, why should (it) be charitable?

The curious statistics contrast with Bitmain’s desire to increase the Bitcoin block size limit as an alternative to the off-chain scaling options favored by SegWit proponents.

The apparent conflict was not lost on the industry, the research team of Hong Kong-based trading platform BitMEX also highlighting the sub-megabyte blocks on Twitter.

“Despite Bitmain’s strong support for larger blocks, Antpool has recently been producing smaller blocks (below 1MB), while other pools produce larger blocks,” staff commented.

Worst Of Both Worlds

Reactions to BitMEX included claims Bitmain, through excluding SegWit, could continue to use the highly-controversial Covert ASICBoost mining technique it had previously claimed was “not practical.”

Last month, the company began rolling out Overt ASICBoost for its Antminer hardware family, a move which similarly drew suspicion from commentators.

Bitmain 135 Watt Data Center

In a further nuance meanwhile, Blockstream’s Warren Togami noted that despite non-SegWit blocks ostensibly having a higher fee attached, the blocks Antpool had chosen to mine in fact contained less in fees than the SegWit blocks it was avoiding.

Bitmain continues to hold a monopoly on Bitcoin mining through control of Antpool and BTC.com, the latter regularly mining the most blocks on a given day.

The proportion of transactions using SegWit had continued to climb in recent months, reaching an all-time high of 48 percent in early October before dropping.

What do you think about Antpool’s mining behavior? Let us know in the comments below!


Images courtesy of Shutterstock

A Truly Community Driven Platform! #HODL the EXP Token and Get a Share of the Exchange’s Profits! Here’s How

Cryptocurrencies have changed the face of the modern economy. With rapid expansion of the crypto industry the trading volumes of the cryptocurrencies have also been on an exponential rise. The boom in the crypto industry seemed to have generated considerable interest in the centralised industries as well with many of them issuing tokens on the Ethereum protocol using the ERC20 token standard. Each new blockchain projects ushers in a step closer towards decentralisation and the shift from the Proof of Work (PoW) to Proof of Stake (PoS) consensus algorithm has only expanded the functionalities and possibilities of the blockchain industry.

The prevalent challenges

Though the crypto industry is predicted with a phenomenal growth, persistent issues threaten to derail the same.

  • Low trading volumes as exchanges find it increasingly difficult to add new trading pairs owing to constant increase in the number of new coins.
  • Listing difficulties on exchanges due to high fees.
  • Little or no variety available in the types of digital assets.

EOSex as a solution

EOSex is a global trading platform of quality assets using the new consensus algorithm titled Delegated Proof of Stake. Built on the concept of a distributed government system, the ecosystem is designed to not just provide a robust cryptocurrency trading platform but for a variety of other tokenised derivative financial products. The salient features of the platform are as listed below:

  • High-performance trading– The EOSex blockchain engine ensures trading of high volumes and capability to adjust to sudden changes in large trading volumes. The distributed technology that the engine uses makes certain of uniform workload distribution thus avoiding bottleneck in the process.
  • Secured yet stable– The EOSex platform is designed by a competent team who have ensured faster and secured transactions on the platform with absolute stability at any given time.
  • High Liquidity– The ‘Liquid-Box’ is a component of the platform that’s designed to allow liquidity from all other exchanges to flow into it thereby providing a deep liquidity for all the tokens that are listed on the EOSex exchange. EOSex would also act as a broker for other platform to ensure faster transactions of various crypto assets.
  • Listing Process– EOSex would issue fresh list of potential tokens to be listed on the platform every 15 days. Tokens with the highest proportion of deposits on EOSex relative to the total outstanding tokens would be selected for full listing on the platform.
  • CFD Trading– with this feature the number of various digital assets that can be traded on the platform increases substantially thus rendering increased profits to EOSex. The CFDs would also allow for trading based on the price of underlying assets.
  • On-Chain trading– This model allows users to have full access of the EOS services by depositing minimal amount of EOS.
  • EOSex Proof Tokens (EXP)- These tokens would belong to the entire community and would be used for continuous development of the platform.

A truly community driven platform! #HODL the EXP token and get a share of the exchange's profits! Here's how

Other advantages of trading on the EOSex platform includes availability of 3-100X leverage, deposit USDT to be used as margin and unique diversity in products availability for trading.

EOSex is indeed the next generation cryptocurrency trading platform that’s set to redefine the crypto trade. With the solid foundation of an advanced & seamless technology coupled with the plethora of enhancement rich features, EOSex is on its way to be the leader of the next generation cryptocurrency trading.

 

 

This is a paid press release. BTCManager does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions related to the company. BTCManager is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Litecoin (LTC) Price Analysis – October 31

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Litecoin (LTC) Price Analysis – October 31

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Litecoin, LTCUSD, CryptoCompare chartLitecoin Chart by Trading View

LTCUSD Medium-term Trend: Ranging

Resistance Levels: $65, $67, $69                                                                                                                       

Support Levels: $47, $45, $43      

Yesterday, LTCUSD pair was making a bullish movement after the bearish trend. In the last 24 hours, Litecoin has remained without any significant price movement. In the lower time frame, the LTC price is moving horizontally in a range bound movement at the price of $49. From the daily chart, Doji and indecisive Spinning top candlesticks are forming at a price of $49.

The Doji and the small body candlesticks indicate that the buyers and sellers are undecided about where price will go.  Meanwhile, the Stochastic indicator is changing direction at the oversold area. The Stochastic indicates that the trend has reversed because the blue band is above the red band. What remains is for the bands to be out of the oversold area. The price of Litecoin is likely to be in a bullish trend.

 LTCUSD Short-term Trend: Ranging   

Litecoin, LTCUSD, CryptoCompare chartLitecoin Chart by Trading View
                  

On the short term trend, the price of Litecoin is in a sideways trend. The price action has remained the same in the last 24 hours. The bearish trend of Litecoin has been reversed has confirmed by the Stochastic indicator. The blue and red bands are out of the oversold area.

 

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.           

Move Over Smallville: Drama and Myths of Crypto Come to Life in New Comic Book Series

Move over DC and Marvel: a fledgling company wants to create a comic book universe where crypto and blockchain are at its center – building an immersive experience for readers with a whole new suite of coveted collectibles.

Tokenville says comics offer an exciting format for entertaining crypto enthusiasts, not to mention enlightening those who are new to the community. It also believes that non-fungible tokens and decentralized apps (DApps) mean this medium can become more interactive than ever before – meaning everything from comic book characters to strips (and even the front covers of issues) can become tokenized.

Comic debut unveiled

The business is close to releasing its first effort in infusing comics with blockchain – known as The Crypto Treasures. Designed by the renowned comic book author Vitaly Terletsky, the storyline centers on the so-called “Myths of Crypto.” Set in ancient times, it explores the clashes between Good and Evil as they both pursue a mythical beast known as “Mass Adoption.”

Tokenville’s argument is that, when you think about it, the crypto world has established its own mythology over the past 10 years of existence. The team said: “There is an own genesis with Satoshi as a creator, stories of rise and fall, friendship and betrayal and own heroes and villains contending for a MacGuffin of mass adoption.”

It says that The Crypto Treasures will stand out from other comic books for two main reasons. Firstly, readers will be able to purchase mystic artifacts in the form of non-fungible ERC-721 tokens – and trade them through a marketplace. Collecting special artifacts will also give them the chance to win a jackpot. In order to access the comic, readers pay for a subscription using non-fungible tokens too.

Further titles are already in the works. Tokenville has teamed up with CryptoKitties to develop a new show known as Crypto Detective, as the collectibles brand attempts to expand its so-called “KittyVerse.” The stars of this particular title will include genuine CryptoKitties submitted by their owners for participation.

A bridge from crypto to pop culture

Tokenville says the crypto community has always been closely tied with geek culture – and many industry leaders have long had an affinity for comic art.

The company acknowledges there have been several projects in the past which have sought to inject the crypto universe into comics. They have included Bitcoin: The Hunt For Satoshi Nakamoto – a graphic novel which officially became the very first comic book about Bitcoin. Available in regular bookstores after a successful crowdfunding campaign, the title capitalizes on the mystery surrounding Nakamoto – resulting in a dramatic tale where he is admired and idolized by the public but pursued by the mafia and the National Security Agency.

Crypto-driven comic books have also been able to achieve a different purpose: satire.

A good example has been found on Reddit, where Cryptos decided to create strips which feature digital currencies as the characters – gaining hundreds of thousands of fans in the process. In one example, Bitcoin tries to buy a coffee, only to find out that it will cost $31: $3 for the drink and $28 in transaction fees. Although they reluctantly pay, they then need to wait for the payment to go through – and the scene gradually changes from day to night before they receive the coffee, poking fun at the rather slow transaction times this cryptocurrency has faced.

The TV Token, which fuels the Tokenville ecosystem and provides access to comics for users, is available on the HitBTC exchange.

 

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.