Following the all-time record of 1,179 contracts on October 25, Mike Blandina, Bakkt’s chief product officer, revealed the firm is launching another strategy after announcing its December options launch. Bakkt is releasing a consumer application so retail investors can “unlock the value of digital assets” via consumer payments.
Bakkt Announces a Crypto Consumer App After Its Futures Volume Broke Records
Bakkt’s physically-settled bitcoin futures contracts have been steadily gaining interest as the market has seen a few new records since launching. On October 11, Bakkt revealed it had conducted its first block trade while also seeing a 796% jump in futures trade volume in a one intra-day trading session. A little more than a week later, Bakkt contracts reached another milestone with 640 BTC swapped on October 23.
Both times, the rise in futures interest on Bakkt followed the enormous price drops BTC felt in the last few weeks. Then, after BTC and the rest of the cryptoconomy jumped 20% higher or more the following day, Bakkt again broke records. This time Bakkt volumes saw 1,179 contracts on October 25 and volumes that followed have been much stronger. After Bakkt’s new record, Mike Blandina, Bakkt’s chief product officer, told the public about a new consumer application the firm is releasing in 2020.
“We’ll be launching a consumer app to make it easy for consumers to discover and unlock the value of digital assets, as well as ways in which they can transact or track them. Merchants gain access to a broader set of customers with expanded spending power,” Blandina’s blog post announcement details.
Bakkt’s New App Focuses on Four Key Areas: Infrastructure, Accessibility, Trust, and Ultimate Control for the User
Blandina said that Bakkt wants to strengthen four key areas within the cryptocurrency ecosystem. Frictionless digital asset infrastructure, marketplace accessibility, a trustworthy brand, and a noncustodial solution “with the concept of a consumer-driven platform that offers the ultimate control over their digital assets.”
∙ Today’s volume so far: 376 BTC ∙ Last traded price: $9,487.50 ∙ Trading day progress: 39% ∙ If this continues, 100% would equal to: 965 BTC
Derivatives markets in the crypto space are not the only part of the industry Bakkt wants to tackle, and by 2020 the company hopes to launch the new cryptocurrency-centric consumer app. “Over the last year, we’ve assembled a strong team of payments engineers and are nearing completion of our core payments and compliance platform,” Blandina stressed. Bakkt’s chief product officer added:
We’re now focused on the development of the consumer app and merchant portal, as well as testing with our first launch partner, Starbucks, which we expect in the first half of next year.
The news follows Fidelity Investment’s recent announcement when reporters from the Financial Times (FT) disclosed that “Fidelity has rolled out its cryptocurrency custody business.” The firm’s cryptocurrency unit was revealed in 2018 and according to FT: “[Fidelity Digital Asset Services (FDAS)] is now engaged in a full rollout of its custody and trading services for digital assets.” Bakkt executive Blandina underlined that the “core tenet” of Bakkt’s strategy was similar by “unlocking the value of digital assets” through consumer payments. Blandina concluded by explaining interested parties can sign up now for early access to the Bakkt consumer application.
What do you think about Bakkt announcing a new consumer-driven application dedicated to digital currencies? Let us know what you think about this subject in the comments section below.
Image credits: Shutterstock, Bakkt, Wiki Commons, Fair Use, and Pixabay.
On October 23, Bakkt’s physically-settled bitcoin futures contracts touched an all-time high with 640 BTC ($4.8 million) swapped on the exchange. Coincidentally, the futures action started after BTC prices plummeted to $7,365 across global exchanges. After the record-setting day, Bakkt CEO Kelly Loeffler revealed the trading platform will offer options on bitcoin futures this December.
Bakkt’s Bitcoin Futures See Another Record-Setting Day After BTC Plummets
Digital currency markets saw deep losses on Wednesday when BTC and many other cryptocurrency prices dropped like a rock in less than 15 minutes. In one day, roughly $11 billion was shaved off the market cap of all 2,000+ cryptocurrency markets. There’s been a lot of speculation as to why prices have been so volatile, but significant liquidations on popular leverage markets like Okex, Bitfinex, and Bitmex show traders are being rinsed out like a wet rag. Additionally, people have been focused on Bakkt’s physically-settled bitcoin futures markets, which have spiked considerably during every BTC price dump. The first drop in BTC was on October 10 when prices dipped from $8,600 to $8,200. As it happened, Bakkt’s futures volumes jumped at the same time after a sluggish week. Bakkt saw its first block trade and a 796% rise in trade volume in one day.
Daily summary of Wednesday’s Bakkt Bitcoin Monthly Futures:
💸 Traded contracts: 640 (+653%) (New ATH 🚀) 📈 Day before: 85 🚀 All time high: 640
Speculators believe that Bakkt’s physically-settled bitcoin futures are slowly bringing a new type of price discovery to the crypto market. Bakkt CEO Kelly Loeffler explained after the record volumes on October 10 that “Much like cotton and coffee futures contracts that can go to physical delivery, many of the same processes apply to the Bakkt Bitcoin Futures.” Loeffler believes it is the “dawn of a new asset class” and since then the derivatives products have gained a lot more traction. This week followed the same pattern as crypto enthusiasts and traders witnessed BTC drop in value, losing 7% in a flash. Concurrently on Wednesday, Bakkt’s futures spiked to 640 BTC from a mere 85 BTC the day before. The new action has been growing after Bakkt’s first week was extremely lackluster compared to CME’s cash-settled BTC futures and an hour’s worth of Bitmex volume.
Bakkt to Introduce Bitcoin Options on Futures on December 9
Following the massive spike, Loeffler wrote the public again to say that a new BTC derivatives product is coming at the end of Q4. Bakkt plans to launch the first regulated options contract for bitcoin futures on December 9. “The Bakkt Bitcoin Options contract will be based on the benchmark Bakkt Monthly Bitcoin Futures contract and represents another important step in developing this asset class for institutional investors, their customers, and investors,” Loeffler said. Similarly to CME Group’s recent BTC options announcement, Loeffler detailed that the reason the firm is developing the new product stems from “customer feedback.” “[The Bakkt Bitcoin Options contract] is designed to hedge or gain bitcoin exposure, generate income, and offer cost and capital efficiencies,” she added. Loeffler disclosed that ICE has self-certified the contract with the CFTC and the firm is looking forward to launching the new product.
Loeffler stated that the new options will offer margined contracts, and cross-margining and cash or physical settlement. Bakkt clients will benefit from the European style option, block trades, and options analytics. “Since launching the Bakkt Bitcoin Futures just one month ago, we’ve been working closely with market participants to build liquidity, create market transparency and build open interest,” Loeffler emphasized. The Bakkt executive added:
Bakkt Bitcoin Futures have tight bid-ask spreads throughout U.S., European and Asian trading hours, and we continue to onboard new institutional and retail customers.
What do you think about Bakkt’s recent spike in BTC futures volume and the options product being introduced? Let us know what you think about this subject in the comments section below.
Image credits: Shutterstock, Medium, Bakkt, and Pixabay.
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All eyes are on the German economy which was once perceived as stable and strong. However, the financial state of affairs has been tumultuous and Berlin’s state cabinet recently agreed to a five-year rent freeze to help curb the rising housing costs in the country. Moreover, Bundesbank just published a monthly report that explains how Germany’s economic output is in a deep slump and the country’s monetary system has been beaten by Brexit fears and trade wars.
Many European nations have been focused on the Federal Republic of Germany and its economy. Economists and bankers from the region have been warning that the outlook is looking dreary for the rest of the year and into 2020. According to Germany’s central bank, the German economy has already fallen into the start of a recession. Bundesbank’s monthly report said the “German economic output could have decreased slightly in the third quarter of 2019,” and emphasized that it deflated by 0.1%. The eroding nature of the decline was “mainly due to the fact that the export-oriented industry continued to weaken,” Bundesbank said. The news follows all the warning signs that the next big financial crisis begins in Germany after the greater European Union saw a massive reduction in production. Bundesbank’s recently published report highlights that auto industry revenue in Germany dropped 1.5% between Q2 and Q3.
Now the leftist coalition within Berlin’s government has decided to agree to a five-year rent freeze. Reports claim that the three parties in Germany, the Greens, Social Democrats, and Die Linke, all believe a rent freeze is needed to battle housing costs that have spiked considerably in recent months. So much so that renters have called the rent inflation “rent madness” as rates have risen by 2.8% annually for close to two decades. The rent freeze plan was designed and promoted by the coalition of politicians including Katrin Lompscher of Die Linke. A rent freeze basically entails creating a price ceiling throughout the region and no increases in rent are allowed until the expiry date. Rent price controls are an extremely controversial practice and historically Keynesian economists have pushed the idea for decades. Germany has a long history of rent controls and started a system of “second-generation rent controls” in 1989 and again in 2015. The legislation known as the “Mietpreisbremse” or “rent brake” was supposed to stop rising rents.
A Rebirth of Communist Ideals
A few weeks ago, Leonid Bershidsky said the new rent control plan floating around the coalition of German bureaucrats was a case of “communist amnesia.” Bershidsky asserts that Germany’s capital city regulations “would greatly empower bureaucrats and boost a black market in housing.” Germany’s new rent freeze will ban increases for a five-year period except on housing that is already receiving subsidization and new construction homes. In order to make sure landlords are following procedure, tenants must have the city sign any new rent contracts. Berlin landlords are not too pleased with the socialist government stepping in on rent control and German economists believe landlords will skip much-needed renovation plans. For instance, because landlords won’t be able to raise the rent, most will likely choose to skip improving the property until the rent freeze ends. Moreover, by the end of the expiry date, people think that the rental prices will spike considerably by reflecting actual supply and demand.
Germany’s economy has been an integral part of the EU as a whole and the Eurozone. Watching the German economy can provide a telltale sign that something is wrong and signals from European central banks support this. In the U.S., the doom and gloom economic forecast is the same, where Trump’s trade war has been affecting markets and the Federal Reserve has been participating in overnight repos and slashing interest rates. Extreme economic concepts are now on the table as global financiers are discussing helicopter money, rent control, and basic income. A few analysts believe the warning signals this year have bolstered safe haven assets like precious metals and cryptocurrencies. The start of a slowing German economy a decade after the 2008 crash is a sure sign to some that a financial crisis is looming. Some even believe the days of rotten bureaucrats, filthy fiat, and ‘too big too fail’ central planners are numbered and a new era of financial freedom is upon us.
What do you think about Berlin’s government agreeing on a five-year rent freeze? Do you think cryptocurrency can help? Let us know what you think about this subject in the comments section below.
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According to a blog post published by Circle, the cryptocurrency firm is releasing its subsidiary exchange Poloniex which is now owned by an “Asian investment group.” The trading platform will become an independent company called Polo Digital Assets, Ltd., and after November 1, 2019, U.S. residents will no longer be able to use the platform.
Circle, which specializes in digital assets and over-the-counter swaps, has decided to sell the cryptocurrency exchange Poloniex. The terms of the deal are unknown, but Circle paid roughly $400 million for the trading platform in February 2018. In a message to the public, Circle cofounders Sean Neville and Jeremy Allaire disclosed that the exchange will be its own entity known as Polo Digital Assets, Ltd., and it is now backed by an investment agency located in Asia. Circle’s blog post disclosed that Poloniex will be performing “aggressive hiring” and the new entity will spend $100 million on operations management. On October 21, Polo is offering 0% trading fees until the end of the year but U.S. customers received some bad news.
“This transition will mean some significant changes for existing U.S. customers of Poloniex,” Circle’s blog post underlines. “As detailed in a separate announcement from the Poloniex team, U.S. customers will no longer be able to trade on the exchange starting on November 1, 2019.” Neville and Allaire’s announcement further details:
U.S. customers will continue to be able to access and use their wallets and withdraw funds through wallet and custody services operated by Circle until at least December 15, 2019.
US Regulations Stifle Digital Currency Businesses
The cofounders mentioned that it was “bittersweet” for the company to release the firm, but also highlighted that Circle “faced challenges as a U.S. company growing a competitive international exchange.” On social media and forums, U.S. residents were flabbergasted by Circle’s announcement. One person wrote that he was “getting really sick of losing access to crypto markets due to being a U.S. citizen.” “Someone needs to put up an easy how-to guide on how to set up an offshore corporation U.S. citizens can put their assets into, and then how to use a VPN to access exchanges,” the individual continued on the Reddit forum r/cryptocurrency.
Additionally, the cryptocurrency community discussed the Asian investment group that allegedly purchased Poloniex. Celia Wan and Frank Chaparro from The Block assert “Tron founder Justin Sun is behind Poloniex’s spin-off.” The founder of Digibyte, Jared Tate, remarked that it was “sad to see Poloniex is kicking all U.S. customers off their platform.” Tate added:
One major step backward for crypto in the USA.
U.S. residents have been at a loss when it comes to cryptocurrency exchanges that offer a large assortment of digital currencies. Recently Binance shut down operations in the U.S. for a while and when it returned, the number of tradeable coins was far less. Bitfinex explained that it would “be discontinuing services to our existing U.S. individual customers” in 2017. Last summer Bittrex banned 32 cryptocurrencies from American citizens including QTUM, STORJ, and BCTP.
Poloniex is moving out of the US to focus on international markets.
They won’t even let US customers use their products moving forward.
This will become the norm if the US continues to create an overbearing and/or uncertain regulatory environment.
Since 2017, interest in cryptocurrencies has surged and many U.S. states have implemented regulations toward digital currency trading platforms and money transmitters. There are certain states in the U.S. exchanges won’t go near like New York due to the strict Bitlicense guidelines. New York’s measure of regulations and guidelines consists of a 44-page document and lots of upfront fees. When the Bitlicense was enacted into law, cryptocurrency startups like Shapeshift, Poloniex, and Xapo left the state and never returned.
What do you think about Circle parting ways with Poloniex? What do you think about U.S. residents losing more access to cryptocurrency exchanges? Let us know what you think about this subject in the comments section below.
Image credits: Shutterstock, Twitter, Circle, Poloniex, and Pixabay.
Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.
Ever since governments worldwide started showing adversity toward cryptocurrencies like bitcoin, a few startups have dedicated their business model to blockchain surveillance. Two weeks ago, Chainalysis revealed the company is monitoring 21 different tokens that stem from Ethereum. On Tuesday, the firm Ciphertrace announced that it’s now tracking 700 cryptocurrencies providing “visibility into 87% of the global trading volume.”
Blockchain surveillance teams have been ramping up operations in order to appease governments and law enforcement agencies worldwide. On October 3, blockchain forensics firm Chainalysis told the public that the company was now tracking ERC20 tokens like maker (MKR), dai (DAI), and Basic Attention Token (BAT). Chainalysis’ cofounder Jonathan Levin said that regulators and investigators were interested in monitoring these tokens since they started being used in illicit and fraudulent activities. For instance, in September 2017, the ERC20 exchange Etherdelta was hacked for thousands of dollars when a hacker used a malicious code injection attack and drained ERC20 tokens from people’s wallets. Two years later, burglars robbed the trading platform Cryptopia’s ETH and ERC20 tokens stealing more than $16 million.
Chainalysis stressed that lots of businesses have been showing interest in investigating the ERC20 landscape, so the company built ERC20 support in a “matter of weeks.” The firm detailed that over 130 customers in 35 countries use the company’s system to monitor digital currency transactions. The ERC20 support added 21 well known tokens to the Chainalysis framework. By the end of the year, the company says it will be tracking a total of “39 ERC20 tokens in addition to nine other cryptocurrencies — covering 90% of the market by trading volume.” Chainalysis emphasized that the ERC20 support is also available for Chainalysis Reactor, the company’s investigation product.
“[Chainalysis Reactor] is already being used by law enforcement to investigate hacks and other illicit activity across blockchains,” the firm explained in a blog post.
Ciphertrace Combs 700 Blockchains, Accounting for 87% of the Cryptoconomy’s Global Trade Volume
The blockchain surveillance company, Ciphertrace, has also increased its monitoring and the business now tracks 700 different cryptocurrencies. Ciphertrace believes it is one of the world’s “most comprehensive” cryptocurrency intelligence teams out there and the latest update was considered a “giant leap.” Digital assets being monitored include LTC, USDT, BCH, ETH, BTC, and ERC20 tokens as well. “[The infrastructure] provides visibility into 87% of global trading volume with hundreds of millions of attribution data points,” Ciphertrace disclosed. The company’s announcement added:
The Ciphertrace platform maintains the industry’s most accurate pool of attribution data. This includes 522 million attribution data points — such as account type, account holders, contract types, contract owners and other metadata — on cryptocurrency addresses.
Various government agencies worldwide have been utilizing Blockchain forensics for quite some time and the business model has become very profitable. In the U.S. alone, the IRS, DEA, ICE, FBI, and other three-letter agencies continue to hire firms like Chainalysis, Elliptic, and Ciphertrace. All of these crypto surveillance companies believe the software deployed has powerful de-anonymizing capabilities that can help financial institutions and government agents discover illicit behavior. Ciphertrace divulges that the company leverages monitoring schemes like advanced APIs, interactive visualization, a graph database, and pattern recognition in order to de-anonymize digital currency transactions.
What do you think about Chainalysis tracking ERC20s and Ciphertrace monitoring 700 cryptocurrencies? Let us know what you think about this subject in the comments section below.
Image credits: Shutterstock, Chainalysis, Ciphertrace, Fair Use, and Pixabay.
Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry.
As blockchain surveillance becomes more prevalent, cryptocurrency advocates have created ways to make digital currency transactions more private. Bitcoin Cash (BCH) has an application called Cashshuffle, which allows users to shuffle their BCH with other fractions of BCH to obfuscate the transaction trail. To complete a shuffle, there are a few steps you must take to utilize the Cashshuffle protocol via the Electron Cash lite wallet.
A Guide to Shuffling Bitcoin Cash With Cashshuffle
Keeping your business private is a sovereign right and when it comes to money, people like to keep their spending habits and transactions discreet. Bitcoin Cash (BCH) developers believe in confidential transactions, and last March the Electron Cash wallet saw the first implementation of Cashshuffle added to the client. Cashshuffle is a decentralized coin mixing scheme that shuffles your bitcoin cash with other network participants. The shuffling process makes it difficult for chain analysis entities to follow transactions. Since March 27, millions of dollars have been shuffled and the platform continues to be a top BCH application. To ensure crypto transactions are concealed from onlookers, we’ve drafted a step-by-step Cashshuffle walkthrough so you can keep your bitcoin cash transactions confidential.
The first step is to download the latest Electron Cash wallet which is available for Linux, Windows, Mac OS, and mobile phones as well. However, Cashshuffle only works for the desktop client of EC and the latest EC version is 4.0.8 at the time of publication. The application is a touch less than 60MB and only takes a minute to download depending on your internet speed. After the download completes, you can then open the application and get familiar with the EC wallet’s user interface (UI). First time EC users will have to start a new wallet or import existing BCH into the wallet using a private key. To quickly get started, create a new wallet and write down the new mnemonic phrase. The EC software will ask you to verify the 12-word phrase in order to make sure it was written down correctly.
After the new wallet is created, you can begin shuffling coins with Cashshuffle but you’ll need to send some funds to the newly created wallet. It’s worth noting that the entire process of using the EC wallet’s Cashuffle service can be done over the Tor network for added privacy. Users can connect to a reputable onion node or select a proxy and port while simultaneously running the Tor browser. After opening the newly created wallet, the EC client’s interface has six sections at the top of the window which include history, send, receive, addresses, coins, and a BCH address converter. Press ‘Receive’ so you can send yourself some funds to shuffle as the EC software will provide a QR code you can scan. You can also copy and paste the BCH address and fund the address that way as well. After you send the funds, wait for one confirmation to begin the shuffling process.
By default, Cashshuffle is turned off when you use the Electron Cash wallet for the first time. To turn Cashshuffle on, simply press the orange stack of BCH bills icon next to the padlock icon on the bottom right side of the wallet window. When Cashshuffle was first launched in March, it took a while to connect to peers and shuffle some coins. However, these days there are a bunch of people shuffling and initiating a shuffle took less than a minute. While waiting for the shuffle to happen you can watch the connection in real-time by pressing the coins tab at the top of the window on the left side of the address converter.
To complete the Cashshuffle walkthrough I decided to shuffle 0.01440652 BCH ($5 worth). The coins tab will show that you need to connect with five participants in order to start the process. While it’s waiting to connect, the EC software will tell you how many Cashshuffle players are connected and when it reaches five the shuffling process will start to queue. Shuffling the $5 worth of bitcoin cash was executed simply by funding my wallet, turning on Cashshuffle and waiting for a group of players to join.
As mentioned above, during my test the Cashshuffle process took less than a minute, but if you have to wait a bit longer just leave your computer on while it’s connected to the internet and leave Electron Cash running. You can do other things on your computer while you wait and come back to the wallet when the process is complete. Looking at the coins section in the EC wallet later, you will see that the shuffle status window says “shuffled” when everything is done. In the EC transaction history section, the funds shuffled will indicate the process was completed while also displaying the fee for the shuffling process. The Cashshuffle scheme itself requires onchain confirmations and you will have to wait until your shuffled transaction to confirm to move the funds elsewhere.
Improved Privacy Is Coming to Cashshuffle Which Aims to Wreck Chain Analysis
Cashshuffle is a really nice application to add more privacy to bitcoin cash transactions, but the method is not 100% perfect. Recently Electron Cash and Cashshuffle engineers have been working to strengthen the Cashshuffle process with a scheme called Cashfusion. Speaking with Electron Cash developer Jonald Fyookball on July 25, the programmer detailed that Mark Lundeberg was collaborating with the project and helping the team make it better.
The Cashfusion concept, when introduced, will bring higher levels of privacy to the Cashshuffle process. This is because the new method will allow an arbitrary number of inputs and outputs of non-standard amounts which essentially offers private coordination and zero-knowledge of linkage between Cashshuffle participants. Fyookball said that Cashfusion is still under development but “the badass thing is that [Cashfusion] is going to allow the user to have any inputs and outputs they want.” The developer added:
[Cashfusion] is going to completely wreck chain analysis.
Cashshuffle continues to be used every day and there’s been a total of 22,631 shuffles since March 27. Out of those 22K shuffles, a whopping 127,702 BCH has been shuffled or $43.3 million at today’s prices. Every weekend Cashshufflers gather together on ‘Shuffle Saturdays,’ which usually see a greater number of BCH shuffled than the weekdays. The website Cashshuffle Stats gives people a glimpse of all the shuffling action taking place using the protocol with information like shuffle volume, daily count, weekly count, and shuffle counts by pool. If you want to test the Electron Cash wallet with Cashshuffle you can download the latest version here. Bitcoin.com also offers you the opportunity to purchase bitcoin cash (BCH) and other leading coins if you’d like to obtain some BCH for shuffling.
What do you think about the Cashshuffle process? Have you tried to shuffle some coins using the Cashshuffle protocol? Let us know about your experience and let us know what you think about this subject in the comments section below.
Disclaimer: Readers should do their own due diligence before taking any actions related to the mentioned software. Bitcoin.com or the author 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, software or services mentioned in this article. This editorial review is for informational purposes only.
Image credits: Shutterstock, Electron Cash, Cashshuffle, and Jamie Redman.
A slew of digital currencies have gathered decent gains over the last 48 hours and the entire market capitalization now stands at around $308 billion. Moreover, cryptocurrency trade volumes have kicked up a notch, capturing $66 billion in swaps over the last day. Overall, speculators think the recent spike in crypto prices is due to the overwhelming economic uncertainty worldwide.
Despite Traditional Market Downturn, Crypto Markets See Steady Gains
Cryptocurrency prices have jumped northbound once again as a large number of digital assets have seen gains between 2-15% over the last 24 hours. At the time of publication, the price of bitcoin core (BTC) is hovering just below the $12K mark at $11,757 per coin. BTC is up over 8% in 24 hours and has a market valuation of around $209 billion. The cryptocurrency is up 23% over the last seven days and there’s $23 billion in global BTC trade volume on August 5. Right behind BTC is ETH which is hovering around $231 per coin and is up over 4.9% today.
Ripple (XRP) is up a hair over 2% this Monday and is trading for $0.32 per XRP. In fourth position and the biggest gainer over the last 24 hours is litecoin (LTC) as it jumped 15% after the cryptocurrency’s reward halving took place. LTC dipped a bit afterward but is still up 6% and each LTC is swapping for $99. Lastly, bitcoin cash (BCH) markets are up over 4.5% on Monday as each BCH is trading for $347. BCH is up more than 12.8% for the week and there’s $1.75 billion in global BCH trade volume today.
A Flight-to-Safety Asset
There’s been a whole lot of speculation and analysis with people trying to figure out why digital assets are pumping once again. Many people believe the rise is due to investors looking for a safe haven asset as economic turmoil strikes fear into global leaders. Charles Hayter, the founder of digital currency data website Cryptocompare, believesBTC is being used as a “flight-to-safety.” The crypto price spike started after global stock markets started tumbling when U.S. President Donald Trump told the media he would impose a 10% tariff on Chinese imports.
“Bitcoin has many use cases and one of the most important is as a form of digital gold,” Hayter explained on Monday. “We have seen bitcoin jump before on macro uncertainty as it becomes a conduit and flight-to-safety asset.” Etoro’s Simon Peters thinks tensions between the U.S. and China is a plausible theory as well. “Given that Chinese investors make up a large proportion of crypto investors, there’s a strong possibility some are backing bitcoin’s chances against the yuan,” Peters told investors on August 5.
A Looming No-Deal Brexit
It’s very possible that the world could witness a no-deal Brexit in the near future. A while back when people talked about Brexit it meant that the U.K. would leave the European Union (EU) but there were certain agreements tied to the action. This year, a no-deal Brexit means the two countries will divorce and there will be no deals or agreements made when the two go separate ways. Nicholas Gregory, the CEO of Commerceblock, which builds distributed financial infrastructure, believes a no-deal Brexit could push BTC prices past the $20K all-time high.
“Bitcoin has rediscovered its mojo this year with multiple mini-surges but a no-deal Brexit could see a massive and unprecedented breakout. Not only will a no-deal departure from the EU create turmoil and volatility across two major fiat currencies, but it will also trigger an identity crisis for the global system as the contingency and vulnerability of major global fiat currencies is laid bare,” Gregory wrote to news.Bitcoin.com on Monday. The Commerceblock founder added:
Come 2020, we expect an increasingly populist and politically unstable world to cement the safe-haven status of bitcoin and cryptocurrencies more generally. And if central banks revert to ramping up the money printing all over again, the case for cryptocurrencies like bitcoin whose supply is capped will be further reinforced. Each time a central bank increases the money supply, it’s another nail in the coffin of fiat.
‘Rally Could Have Real Legs’ Says Galaxy Digital Executive Mike Novogratz
After cryptocurrency markets spiked this weekend and into Monday, Galaxy Digital CEO Mike Novogratz tweeted that the 2019 BTC rally could be real. The comment follows Novogratz’s recent interview when he told the public that the digital currency could surpass all-time highs in 2019. He attributed the rise in prices on July 25 to the recent Facebook Libra announcement and mentioned Telegram’s coin launch. On Monday, however, Novogratz blamed the global economic uncertainty and capital flight. “With the yuan over 7.0, an FX war, instability in HKG and the beginnings of capital flight, the BTC rally could have real legs,” Novogratz tweeted.
Trade and Currency Wars
Financial analyst Naeem Aslam detailed on Monday that he also thinks economic uncertainty and Donald Trump’s trade wars are helping bolster the price of BTC. “There is no doubt in mind that the Bitcoin price is going to break this year’s high,” Aslam wrote. The FX, equities, and crypto analyst said that crypto bulls can thank Trump for the spike because “it is completely driven by geopolitical tensions.”
“Donald Trump introduced new tariffs on China last week and I talked about the retaliation action by Beijing. China has unleashed its nuclear weapon on the U.S. This retaliation has come in the form of China introducing the most fearful factor for the markets, a currency war,” Aslam opined. “The Chinese Yuan crossed the level of $7 for the first time and this is only because China clearly wants to devalue its currency.” Aslam further wrote:
We all know what this means for Bitcoin; it is going to explode and continue to move higher.
Bitcoin Cash and Litecoin Markets Spike
BCH has continued to follow the upward trend as the currency has broken a decent path of upward resistance and market analyst John Isige thinks it’s possible BCH could spike to $400 per BCH in the near future. “Glancing ahead, bitcoin cash (BCH) is approaching the rising wedge pattern breakout — Trading above the pattern resistance could boost Bitcoin Cash towards $400,” Isige suggested on Monday. “Moreover, Bitcoin Cash is strongly supported initially by the 50 Simple Moving Average (SMA) 1-hour chart currently at $333.62.”
Litecoin prices jumped during Monday’s early morning trading sessions due to the cryptocurrency’s reward halving. Before LTC’s block height at 1,680,000, miners got a reward of 25 LTC but now only get 12.5 LTC per block. The halving event gave LTC prices a boost and saw the digital asset rise higher than most coins on Monday. The Litecoin network cuts its mining rewards in half every 840,000 blocks. Since the LTC halving, the digital asset is hovering around the $90-110 range.
Recent Federal Reserve Rate Cut Adds Fuel to the Crypto and Precious Metal Market Rallies
Overall, there’s no shortage of digital currency market speculators and pundits giving their two cents on the current crypto rally. A great majority of investors and enthusiasts believe cryptocurrencies are rising because of the world’s economic woes. Alongside cryptocurrencies, the price of gold has reached a six-year high and speculators believe the spike is due to the exact same reasons.
Additionally, last week, digital currency markets witnessed the first Federal Reserve interest rate cut in ten years. The Fed told the public last Wednesday that the bank would cut rates by a quarter point. Many economists believe the rate cut is troubling for the U.S. economy and even two regional Federal Reserve presidents publicly spoke out against the interest rate cut. The financial columnist from Barron’s, Ben Walsh, recently explained the Fed’s rate cut could reinforce bitcoin gains.
“The Federal Reserve has added fuel to the rally as it has shifted from raising interest rates in 2018 to keeping borrowing costs steady to its current strong hints that a reduction is on the way,” the author penned last week. “Easier monetary policy could bring more gains for bitcoin.”
Where do you see the cryptocurrency markets heading from here? Let us know what you think about this subject in the comments section below.
Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.” Cryptocurrency and gold prices referenced in this article were recorded at 11:45 a.m. EST on Monday, August 5, 2019.
Over the last few years, Bitcoin.com has striven to make digital assets more accessible to everyone in the world. In June we launched our peer-to-peer bitcoin cash marketplace Local.Bitcoin.com and this September we’re launching our very own exchange with over 50 trading pairs. Today we’re starting pre-registrations so people can get a head start before we open, and Bitcoin.com is giving away rewards to early registrants.
Bitcoin.com Is Launching an Exchange With 50+ Trading Pairs
In a month’s time Bitcoin.com plans to launch Exchange.Bitcoin.com, a fast and secure cryptocurrency trading platform meant to satisfy digital currency veterans and newcomers alike. The Bitcoin.com Exchange will launch on Sept. 2, 2019, and our developers here have been working hard behind the scenes to wrap up the site’s construction. Leading up to launch day we’re allowing pre-registration so early birds can sign up for exclusive rewards. The Bitcoin.com Exchange will offer traders a reliable and professional trading environment that makes swapping cryptocurrencies a breeze. Our exchange outpaces the competition by providing a robust matching engine, professional charts, and plenty of liquidity for a multitude of digital assets.
With over 50 trading pairs, the Bitcoin.com Exchange will feature bitcoin cash base pairs alongside other denominated pairs from well known assets like tether (USDT), ethereum (ETH), and bitcoin core (BTC). While our company thinks the Bitcoin Cash (BCH) network will be adopted by the masses worldwide, we also think it’s important to promote free markets and choice. The 50+ trading pairs will be popular digital assets that will allow you to choose between a wide variety of coins that offer different functionalities and have interesting use-cases. The slew of cryptocurrencies supported next month is just the start, as we plan to add many more digital assets to the Bitcoin.com Exchange and Simple Ledger Protocol (SLP) tokens as well. We want you to have access to the digitized assets and unique SLP tokens built today that exist on top of the Bitcoin Cash blockchain.
Pre-registered users who sign up before launch will be entered to win a variety of rewards. If you pre-register you will be exclusively added to the prize pool draw, which features prizes worth more than $10,000. You will get VIP trading access which adds a 25% discount on all trading fees for three months with no trade limits. Early-bird signups will be included in our priority mailing service. So the minute the Bitcoin.com Exchange trading engines fire up, you’ll be the first to know. Every week from now until the September 2 exchange launch, Bitcoin.com will announce a new prize from the pool. For starters were giving away $5,000 worth of bitcoin cash to a lucky pre-registered account and $1,000 prizes to an additional five accounts.
Making Digital Currencies More Accessible to Everyone
The passionate team behind Bitcoin.com is thrilled to launch a secure and fast-paced trading platform that allows individuals and businesses to obtain digital assets at any time. Bitcoin.com’s Roger Ver, one of the earliest investors in the cryptocurrency industry is thrilled to provide the community with a powerful trading platform. During the announcement, Ver highlighted that at Bitcoin.com we’re always looking to make Bitcoin Cash accessible to everyone and he recalled the excitement when we launched the peer-to-peer marketplace Local.Bitcoin.com in June. The BCH marketplace allows individuals from any country to swap Bitcoin Cash privately at any time.
“Now, with Exchange.Bitcoin.com, you can diversify your cryptocurrency portfolio, too,” Ver emphasized. The Bitcoin.com executive also mentioned how excited he was to see SLP tokens added to the trading platform.
“We’re on the cusp of something very exciting with SLP tokens — It’s the beginning of a world where we can tokenize anything and, as people realize the potential this holds, they’re going to start demanding a place to trade their tokens,” Ver remarked. “That’s why we’ll be supporting SLP tokens on Exchange.Bitcoin.com,” Ver added:
Bitcoin.com has been around the space for many years now and we hope that the quality products we’ve already built — our wallet, our merchant app, and so on—help to reassure users and remind them that we’re an established brand they can trust.
Digital currencies have made their mark after ten years as the space has matured greatly and we look forward to cushioning the continued growth. At Bitcoin.com we’re proud to offer the quality resources, tools, and services that help people develop a relationship with this innovative technology. Our new Bitcoin.com Exchange will be no different and we look forward to providing the very best when it comes to world-class digital currency trading. Pre-register today at Exchange.Bitcoin.com and you’ll be automatically entered to win some of the top prizes we’re giving away before the launch.
What do you think about Exchange.Bitcoin.com? Will you be using this new, fast and reliable exchange? Let us know in the comments section below.
Image credits: Shutterstock, Bitcoin.com
Are you feeling lucky? Visit our official Bitcoin casino where you can play BCH slots, BCH poker, and many more BCH games. Every game has a progressive Bitcoin Cash jackpot to be won!
Today Bitcoin Cash (BCH) fans from all around the world will be celebrating the 2-year anniversary of the BCH network. The day is a great occasion to commemorate the dedicated BCH software engineers and the passionate community, alongside the number of achievements accomplished since August 1, 2017.
Fervent supporters of the Bitcoin Cash blockchain will be gathering together today to celebrate August 1, 2017, the day the BTC chain split into two. The reason BCH exists is due to the fact that a large group of bitcoiners, crypto company executives, early adopters, and developers believed the Bitcoin Core (BTC) development team strangled scaling. The arguments began years ago when the chain’s block size started to fill up and more users utilized on-chain settlement. Core developers decided to remain stubborn and keep the block size at 1MB and in 2017, the debate escalated when tens of thousands of transactions were congested in the network backlog and transaction fees grew astronomical. Before the implementation of Segregated Witness on the BTC network, pools of SHA-256 miners hard forked at 2:14 p.m. EST on August 1, 2017.
The Bitcoin Cash (BCH) fork was initiated when the mining pool Viabtc mined the first Bitcoin Cash block (478559). The first Bitcoin Cash block was 1915175 Bytes or 1.9 MB in size, holding 6,985 transactions. That Tuesday, the BCH hashrate started out at around 247 petahash per second (PH/s) or 4% of the BTC network’s hashrate. On August 2, BCH captured the third highest valued market valuation, beating out Litecoin in capitalization. Over the course of the first few days, BCH miners processed six ‘big blocks’ (over 1MB) between August 1-4 and two of them were over 4MB. On August 16 at approximately 8 a.m. EST, an 8MB block was mined on the BCH chain at block height 479469, which processed more than 37,000 transactions. Two days later on Friday, August 18, Bitcoin Cash mining was 21 percent more profitable than mining bitcoin core (BTC). After that specific weekend, BCH hashpower was 20% of the BTC chain’s hashrate on August 21, with 2 exahash per second (EH/s) mining the chain. Since then there’s been a total of 25 major Bitcoin Cash development proposals completed or pending activation on the main chain.
Big Blocks and Over 2 Million Transactions in One Day
All of the completed developments over the last two years can be seen at the data analytics site Coin Dance alongside BCH protocols under development and under discussion. Bitcoin Cash developers have delivered a lot of code in two years, and many achievements are very unique to the BCH chain. For instance, when the network started, the BCH chain had an 8MB block size limit which was tested on various occasions. After May 2018, the chain bumped the block size limit up to 32MB and even bigger blocks were tested after the feature was added.
In September, BCH miners processed blocks between 15-23MB in size on the main chain. During the ‘stress-tests’ in September, data had shown that the BCH chain handled more than 2.4 million transactions in a 24-hour period. On November 10, 2018, a few 32MB blocks were mined by the mining operation BMG Pool. Every big block processed on the BCH chain had cleared the mempool (backlog of transactions broadcast to nodes) in one fell swoop. A number of big block tests and further experiments from developers had proved that Bitcoin Cash can scale.
Delivered Code and Protocol Development
Additionally, software developers have added a great number of technical features that have invigorated innovation. Engineers have re-enabled the old Satoshi opcodes, increased the data-carrier-size from 80 bytes to 220, and implemented the Script operation OP_Checkdatasig. These features allow for an inexpensive way to embed arbitrary data into the main chain, give support to smart contract concepts, oracle creation, decision-based transactions, and more decentralized creations. Bitcoin Cash programmers worked together to design Cashshuffle, and the first privacy-centric solution for BCH was born. Cashshuffle has seen millions of dollars worth of BCH shuffled since the project launched on the Electron Cash light wallet. In time, other BCH clients like Bitcoin.com’s Wallet will be integrating the Cashshuffle code, allowing for larger liquidity when it comes to mixing bitcoin cash.
BCH developers have also implemented the basic operations for Schnorr signatures on the main chain. The Schnorr concept was designed by Claus Schnorr and BCH developers added the signature technique to the chain at block height 582680. In the future, Schnorr could enhance scaling and privacy a great deal with further upgrades. For now, Schnorr transactions can still create unique transactions and remove roughly 4% of the current transaction storage. Developers are in the midst of reviewing code that could enable Schnorr signatures with the opcode OP_Checkmultisig. This new feature, which could be added this November, will enhance batch verification and could bolster new Schnorr concepts.
The BCH network also has a very mature token ecosystem thanks to the Simple Ledger Protocol (SLP). The SLP system is a robust token creation platform that allows anyone to issue, store, send and receive SLP-based tokens powered by the BCH chain. Since the protocol launch last year there are thousands of SLP tokens and a slew of them have gained value and utility.
SLP tokens are listed on exchanges like Coinsuper, Coinex, Sideshift.ai, and Altilly, and are traded against other digital assets like USDT, BTC, BCH and fiat currencies as well. There’s now a stablecoin built using the SLP system called Honestcoin (USDH) and tokens issued by governments, like in Dublin, Ohio, and the micronation Liberland. Soon when developers launch a user interface for NFT1 type SLP tokens, BCH users can create non-fungible assets like collectibles and extensible gaming items.
Overwhelming Third-Party Support, Retail Adoption, and Applications
Over the last two years, the Bitcoin Cash network has gathered massive third party infrastructure support that has eclipsed every other BTC fork in existence. Today, out of 2,000+ cryptocurrencies BCH holds the 5th largest market valuation and is supported by nearly every major exchange. This includes support from trading platforms like Coinbase, Kraken, Gemini, Bitstamp, Shapeshift, Huobi, Uphold, Bithumb, Bitflyer, Binance, Etoro, Coinex, Coinone, and Liquid. BCH can be purchased and sold in a peer-to-peer fashion using the local Bitcoin Cash marketplace, Local.Bitcoin.com.
Anyone from anywhere around the world can trade BCH in a safe and noncustodial environment, using the over-the-counter market. Bitcoin Cash is supported by popular wallets like Badger, Electron Cash, Crescent Cash, Bitcoin.com Wallet, Blockchain, Yenom, BRD, Edge, Jaxx, Coinbase Wallet, Bitpay, Copay, and Ifwallet. BCH has derivatives markets and the first BCH-based exchange-traded product (ETP) was launched on the leading Swiss stock exchange Six, on July 5.
There are a ton of BCH services and organizations now like the charity Eatbch, the merchant acceptance directory apps Marco Coino, Acceptbitcoin.cash, Bitpay, and Greenpages.cash. Also the Bitcoin Cash Foundation, a tipping application called Tipprbot, the SMS-service Cointext, and social media apps like Memo.cash and Honest.cash. There are other applications released this year like Memopay, Bchgallery, Fountainhead Cash, Lazyfox, Nakamoto Game, Cinema.cash, and Neutrino. Merchant platforms are available for Bitcoin Cash-accepting retailers like Bitcoin.com’s Bitcoin Cash Register, Bitpay, Anypay, Bchpls.io, and Coinbase Merchant. Moreover, Bitcoin.com launched a whole suite of BCH development services like REST APIs, Bitbox, Cashscript, Badger, and SLP software developer kits (SDK). Over the last few weeks, BCH community members have raised thousands of dollars worth of BCH for protocol development.
In order to reflect upon all of the milestones accomplished over the last two years, BCH supporters are celebrating August 1 at BCH meetups all around the world. There are two-year anniversary parties taking place in Tokyo, San Antonio, Edinburgh, China, London, Houston, Thailand, Germany, Bangkok, and other cities around the globe that host BCH meetups on a regular basis. A decent list of BCH anniversary parties can be found here and here and some festivities will be going all out, with special guests and musical acts. For instance, one of the world’s largest BCH meetups in Tokyo will gather at V2 Tokyo (Roppongi) from 7:00 p.m. – 10:30 p.m. to celebrate on August 1. There’s going to be special performances and a presentation on the Avalanche protocol. Appearances will be made by well known crypto influencers like BRD CEO Adam Traidman, Edge Wallet CEO Paul Puey, and Bitcoin.com’s Roger Ver.
Thursday marks an opportunity for BCH supporters to celebrate the 2-year anniversary of the first BCH block and all the work completed so far. Passionate BCH supporters and software engineers behind the chain see these achievements as proof the cryptocurrency is a strong competitor. The parties worldwide commemorate the peer-to-peer electronic cash system’s adoption rate, network effect, vibrant supporters and continued development to the protocol’s foundations. If you are still out and about today and there are BCH anniversaries in your local area, swing on by to learn or discuss the technological revolution that’s taking place worldwide.
What do you think about the 2-year anniversary of the Bitcoin Cash network? Will you be celebrating at a meetup in your local area? Let us know in the comments section below.
Image credits: Shutterstock, Marco Coino, Jamie Redman, Local.Bitcoin.com, Simpleledger.cash, Cashshuffle, and Pixabay.
Digital currency markets have been meandering sideways for a few days as most of the top crypto prices have been consolidating. Some traders believe there will be a big bullish rise after the current slump, while others think crypto prices may sink even lower. Amidst the crypto market uncertainty, economists worldwide are predicting a great recession looming in the backdrop.
On Sunday, July 28 the entire market capitalization of digital assets is around $263 billion and there’s been $43 billion in 24-hour global trade volume. Digital currency market caps, individual coin prices, and overall global trade volumes have dropped significantly since June. Currently, the price of bitcoin core (BTC) is hovering around $9,500 with around $13 billion in daily trade volume. During the early morning trading sessions on July 28, more than 68% of BTC trades are paired against tether (USDT).
Following BTC’s lead, ethereum (ETH) holds the second largest valuation as each ETH is swapping for $209. Ethereum markets have roughly $5.7 billion worth of Sunday’s overall trade volumes. Ripple (XRP) is still hanging tight in third position and each XRP is swapping for $0.31. At the time of writing, there’s only $841 million in global trade volume for XRP. The fourth largest market valuation belongs to litecoin (LTC), which has seen around $2.3 billion in daily trades. Each LTC is trading for $89 per coin and a market cap of about $5.6 billion. Lastly, bitcoin cash (BCH) is hovering around $307 and there’s been $1.2 billion swapped in the last day. BCH has a market valuation of around $5.4 billion this Sunday.
Mike Novogratz Predicts BTC Prices Could Surpass $20K by the Year’s End
Despite all the recent red within the crypto charts, many enthusiasts are expecting a return to green in the long run. A number of digital asset supporters suspect that institutional interest has entered the crypto scene and Galaxy Digital CEO Mike Novogratz believes BTC will surpass its all-time highs this year.
During his interview with Bloomberg on July 25, Novogratz opined that there’s a good chance that BTC will consolidate for a while but by the end of 2019 he thinks the price could blow past $20,000. The Galaxy Digital CEO said it was also exciting to see the upcoming launch of Facebook’s Libra project and Telegram’s digital currency as well. Novogratz thinks that because these platforms already have a large user base the experiment will be interesting.
“In about two or three months Telegram is launching their blockchain,” Novogratz explained. “Telegram is about 218 million users — So before Facebook launches we are going to have a real view at an experiment called Telegram, where they also have a user base.”
Bitcoin Cash Market Indicators Show a Possible Breakout Imminent
A few crypto traders eyeing the price of bitcoin cash (BCH) believe that there could be a breakout in the near future. A technical analysis published on July 27 insists that the bullish trend is currently “very strong on bitcoin cash.” “As long as the [BCH/USD] price remains above the support at 312.38 USD, you could try to benefit from the boom — The first bullish objective is located at 318.18 USD — The bullish momentum would be boosted by a break in this resistance. Buyers would then use the next resistance located at 325.51 USD as an objective,” the analysis reads. The technical price examination continues:
Crossing it would then enable buyers to target 332.33 USD — Be careful, given the powerful bullish rally underway, excesses could lead to a possible correction in the short term. If this is the case, remember that trading against the trend may be riskier. It would seem more appropriate to wait for a signal indicating a reversal of the trend.
Another BCH/USD price forecast written by Saad Murtaza on the same day shows similar findings. Murtaza’s data shows that the price of BCH is breaking against BTC. Murtaza emphasizes that the recent BCH price increase has taken the price action above the 10-day moving average (MA). But the price fell short when it reached the 20-day MA and it’s been trading sideways ever since. “This has caused the ten-day MA to increase and is possibly going to push the price for a breakthrough above — The same thing is happening to the MACD and supported by the RSI across all short-term charts up till 12-hour frames.” Murtaza’s analysis noted. “A breakout may occur soon; however, the ascending triangle shows strong resistance. If price breaks above, it will demolish the previous resistance as well as it coincides with the triangle’s resistance.”
Grayscale Research Finds 36% of American Investors Consider Buying Bitcoin
Grayscale Investments and Q8 Research released a study this month which surveyed a group of 1,100 U.S. investors. Within this portion of the investment community, the survey found that more than a third (36%) of investors would consider an investment in bitcoin. The study reveals the majority of the investors who participated (83%) were “strongly motivated by the idea that they could invest small amounts in bitcoin today.” “Since its introduction in 2009, bitcoin has steadily grown in popularity and today has expanded its reach to a broad mainstream audience,” the research report explains. The Grayscale and Q8 Research study adds:
Investors are constantly looking for new ways to diversify their portfolios as traditional assets and markets have begun to move more closely in sync with one another. Increasingly, savvy investors recognize that bitcoin and other digital currencies may have unique investment characteristics that provide diversification far beyond the basic 60% stock/40% bond portfolio allocation.
Global Economists Fear Recession Is Looming in the Backdrop
Headlines concerning the world economy continue to hint at an impending recession and economic turmoil. In Hong Kong during the protests, the country’s Finance Secretary Paul Chan told the public this week the protesting has caused unemployment and hurt local businesses. “For foreign tourists and enterprises, the unrest in Hong Kong dampens their appetite for traveling and investment,” Chan’s translated statements detail.
In the U.S., economists fear the American economy is on the brink of recession despite the nation’s gross domestic product increases. This is because economists believe the Federal Reserve is poised to lower interest rates soon. Meanwhile, in the U.K., political economists think a no-deal Brexit is on the horizon according to U.K. Prime Minister Boris Johnson’s statements. Reports state that the region is preparing a no-deal Brexit because the European Union does not plan to renegotiate the prior withdrawal agreement. The looming global recession has fueled the spot gold markets as having consolidated above $1,400 per troy ounce of .999 fine gold.
Similarly, cryptocurrencies touched 2019 all-time highs in June and most have consolidated after a slight correction. Digital asset prices are still far higher than they were in January and many top coins have steadily increased month after month. No one really knows how the predicted global economy’s recession will affect digital currency markets, but typically during these times of hardship, the price benefits. This was the case for bitcoin markets during the crisis in Cyprus, Greece, and the last Brexit. So far, most of the top assets are moving sideways and it’s likely big players are finding new positions. Besides the last few days of sideways action, over the last few weeks, digital asset markets have been awfully volatile, playing out a crypto game of musical chairs. Depending on who you ask, traders predict BTC prices could drop to between $7,000-8,000, while others believe markets will see an upward trajectory toward $14K.
Where do you see the price of bitcoin cash and the rest of the crypto markets heading from here? Let us know what you think about this subject in the comments section below.
Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.” Prices and data were recorded on Sunday, July 28, 2019 at