So much has happened this week! We saw a capitulation point of bitcoin before bears took over and we saw the selling pressure push Bitcoin down toward the $9000USD mark then move back up above $9100USD So far it has been a stable hold, however we may see some more action within the coming weeks.submitted by IOTAbesomewhere to Gravychain [link] [comments]
Widespread scamming within the Twitter-sphere, Youtube and other platforms as Bitcoin and other cryptocurrencies may seem like fair game. Cryptocurrencies providing big payouts for scammers without the ability for reversals of accounts. Remember if something seems too good to be true, do some research or just plain do not respond/believe it. Stay safe and careful with your funds!
On the brightside, there has been even more adoption of cryptocurrencies as rumours of Paypal utilising cryptocurrency has been confirmed as they are developing crypto capabilities. In addition to this we received exciting news at the start of this week about Binance partnering with Swipe (SXP) and offering a debit card to spend BNB, SXP, BTC and BUSD. ( I will be keeping a swift eye on BNB and Swipe as its utilisation as tokens has just increased 43 fold).
Positive news for the Bitcoin network as its hashrate reaches all time high which helps to secure the network further even though mining profits have dropped by 50% from the recent halving. If you didn't know already the last Bitcoin will be expected to be mined in 2140 with its difficulty ever increasing and each time securing the network further. Processing units will have to become faster, stronger and most importantly more cost effective to continue to entice miners for the block rewards and further renewable energy practices.
Furthermore we can see Central banks and countries discussing and developing Central Bank Digital Currencies (CBDC). Read more about it here https://www.investopedia.com/terms/c/central-bank-digital-currency-cbdc.asp and check out some of the developments in the world above. This shows the popularity and strong nature of cryptocurrencies. As the saying goes "If you cant beat them, JOIN them".
Overall, very solid week full of adoption, animation and anticipation. Another post next week for a weekly round up! See you then but in the mean time join us at our Gravychain Discord.
- DISCORD LINK: https://discord.gg/zxXXyuJ 🍕 Bring some virtual pizza to share 🍕
Come have a chat, stimulate a discussion, ask a question or share some knowledge. We are all friendly crypto enthusiasts up for a chat, supportive and want to help each other with knowledge and investments!
Big thanks to our Telegram and My Crypto HQ for the constant news updates! - The Gravychain Collective: https://t.me/gravychain - My Crypto HQ: https://t.me/My_Crypto_HQ
submitted by GTE_IO to u/GTE_IO [link] [comments]
Article by Coindesk: Omkar Godbole
Bitcoin’s latest bout of consolidation may end up with bullish breakout, as a key metric of miner confidence has hit all-time highs.
The top cryptocurrency by market value has clocked lower daily highs and higher daily lows over the last three days and is currently trading at $10,300 on Bitstamp, little changed on a 24-hour basis.
The cryptocurrency has charted the narrowing price range amid a surge in non-price metrics including a rise in the network’s hash rate — a measure of the computing power dedicated to mining bitcoin.
The two-week average hash rate reached a record high of 85 exahashes per second (EH/s) around 19:00 UTC last Friday. Further, mining difficulty — a measure of how hard it is to create a block of transactions — also jumped to a new all-time of nearly 12 trillion.
The hash rate could be considered a barometer of miner’s confidence in the bitcoin price rally. After all, the miners would be ready to dedicate more resources for mining if they are bullish on price and would want to scale back their operations if a price slide is expected.
Hence, many observers, including the likes of Changpeng Zhao, Founder of Binance, and former Wall Street trader and journalist Max Keiser believe prices follow hash rate.
Zhao tweeted on Friday that, “a rising hash rate means more miners are investing in BTC”, while few other observers stated that sellers should think twice before betting against the most secure blockchain — the higher the hash rate of a cryptocurrency network, the more expensive to 51 percent attack.
Put simply, Zhao is expecting bitcoin’s price to track the hash rate higher. It is worth noting that the market stands divided on the relationship between bitcoin’s price and hash rate.
Some observers believe the hash rate follows price and the metric’s outperformance represents overtly exuberant miners. Hence, reading the rising hash rate as a sign of an impending price rally may prove costly.
That said, the price is likely to follow the hash rate this time, as overexuberance is typically observed at market tops or near record highs. As of now, BTC is down almost $10,000 from the record high of $20,000 reached in December.
Also, the market sentiment is quite bullish with reward halving (supply cut) due in less than a year and the sustained uptick in miners’ confidence is more likely to draw fresh bids, possibly leading to a positive feedback loop.
All-in-all, the narrowing price range established over the last few days is likely to pave the way for a bullish move.
Daily and 4-hour charts
Bitcoin has charted (above left) back-to-back inside bar candlestick pattern over the last three days. The first inside bar appeared on Friday as that day’s high and low fell within Thursday’s trading range.
The second and the third inside bar candle was created on Saturday and Sunday, respectively.
Inside bars indicate consolidation and lack of volatility and often end with an explosive move on either side. A break below the first inside bar’s (Friday) low of $10,154 would imply range breakdown and could yield a stronger sell-off to levels below $9,855 (Sept. 11 low).
A break above Friday’s high of $10,458 would imply range breakout and open the doors to $10,956 (July 20 high).
The falling wedge breakout confirmed on the 4-hour chart (above right) last week is still valid. So, the probability of range breakout is high.
Disclosure: The author holds no cryptocurrency assets at the time of writing.
Bitcoin image via Shutterstock; charts by Trading View
Despite these fluctuations, Bitcoin’s hashrate reached 1 exahash/sec for the first time in December 2015, signaling a very strong interest by miners. Chart 2 - Price of Bitcoin in USD (2016-2019) with major two forks . Source: Binance Research, Bloomberg. While the price of Bitcoin remained around USD 1,000-2,000 until early 2017, the second half of 2017 saw Bitcoin reaching new highs with a ... Bitcoin SV founder Craig Wright recently warned everyone should remove their crypto assets from Binance as soon as possible as another “Mt. Gox “scenario. The Binance CEO has now responded to this. Binance had a busy month and had to fight critics and conspiracy theories about internal problems. However, the scaremongering about the stock ... Since then, however, bitcoin miners have increased in both number and hashpower, as the network has seen a 15-20 exahash per second (EH/s) increase. Moreover, on May 22, there were 17 mining pools ... Bitcoin Difficulty Touches All-Time High, 120 Exahash of Hashpower Remains Strong The network difficulty for the Bitcoin network spiked over 9.8% on Monday bringing the difficulty to its highest ... — CZ Binance (@cz_binance) August 7, 2019. Die weltweit führende Exchange ist allerdings nicht unverwundbar. Im Mai kam es bei Binance zu einem Hack, im Zuge dessen 700 Bitcoin (BTC) im Wert von damals gut 36 Millionen Euro gestohlen wurden. Hältst Du die mutmaßlichen Binance-Kundendaten für echt? Schreib uns Deine Gedanken dazu in die ... For instance, Binance blocks that have been mined say “powered by BCHN” and other mining pools like Btc.top’s coinbase parameter messages say the same statement. Pools that have been signaling BCHN include; Binance, Hashpipe, P2pool, Easy2mine, Huobi, Btc.top, Bitcoin.com, and F2pool. A number of other pools (more than half) have not made ... Laut Binance CEO Changpeng Zhao soll seitens China das Mining stark unterstützt werden: Mining is highly encouraged in China now. They hope to control bitcoin by having all the miners in the country (is, under their control). Bitcoin hash oranında görülen düşüş, geçtiğimiz günlerde Thomas Heller tarafından yorumlanmıştı. Heller, saniyede yaklaşık 22 EH/s (exahash/saniye) düşen hash oranını Çin’de görülen sezon değişikliği nedeniyle olabileceğini söylemişti. Son olarak, Reddit’te farklı bir olası sebep daha öne sürüldü.
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