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At Least BTC 1.5 Million Might be Lost + More Crypto News 101
Source: iStock/Albert_Karimov

Crypto Briefs is your daily, bite-sized digest of cryptocurrency and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.

Bitcoin news

  • At least BTC 1.5 million (USD 12 billion), or c. 8% of the current Bitcoin’s supply, might be assumed to be lost, crypto market analysis firm Coin Metrics said in their latest report today. “The common adage that there will only ever be 21M coins is an optimistic one. Over time, quirks, bugs and other events impact how many Bitcoins actually exist,” they added. (Learn more: How Good Are Bitcoin Recovery Services?)
At Least BTC 1.5 Million Might be Lost + More Crypto News 102
Source: Coin Metrics

Investment news

  • U.S. based cryptocurrency exchange Gemini for undisclosed sum acquired Nifty Gateway, a non-fungible token (NFT) platform. “Over time, we believe that both real world and digital collectibles will migrate onto blockchains in the form of nifties [NFTs],” Tyler Winklevoss, Co-founder and CEO of Gemini, said in a blog post. (Learn more: Non-Fungible Tokens: What Is It and What’s Been Happening in 2019)
  • Radpay, an Arizona-based decentralized global payment processing company, said that it completed a USD 1.2 million series seed round reflecting a 20% oversubscription. The announcement says that the round included participation from Silicon Valley investors such as Phoenix-based investment firms Resiliency Ventures and BlackLaunch, as well as investors from Nebraska and Arizona, adding that the round carried a USD 10.2 million post-money valuation and represents the first outside funding since the company’s founding in July 2018.

Regulation news

  • Ukraine’s parliament is set to debate a bill that will “legalize” cryptocurrencies. As previously reported, a group of some 50 Ukrainian MPs have pledged their support for the bill, which would provide a legal definition for terms like “virtual asset” and “token.” The bill’s co-authors also include a number of blockchain industry professionals and would seek to introduce crypto tax regulations. The Verkhovna Rada, the Ukrainian Parliament, has confirmed that the bill has been successfully registered – although no date has yet been set for the bill’s first reading.
  • The U.S. Securities and Exchange (SEC)’s commissioners say they will review Bitwise’s Bitcoin ETF (exchange-traded fund) proposal, just over a month after the company’s initial proposal was rejected by the American financial regulator. Bitwise filed its original proposal way back in January this year, but was forced to wait some 10 months for the SEC to deliver its negative verdict. However, the SEC’s latest decision will give many companies planning to launch similar offerings hope. Regardless, the SEC’s filing states that its order disapproving the Bitwise proposal will “remain in effect pending the commission’s review.”
  • The governor of the central Bank of Korea (BoK) has talked up the financial importance of facilitating blockchain-powered business development. Per ET News, governor Lee Joo-yeol told central bank employees that turning their back on progress would lead the public to lose trust in the BoK. The bank’s own task force believes that the BoK is “slowing down the rate of growth” for blockchain and other Industry 4.0 innovations, and says that the central bank risks losing its competitive edge if it does not stay ahead of progress.

Cryptocurrency tax news

  • A legal expert has warned that recent U.S. Internal Revenue Service (IRS) statements on cryptocurrency tax are not definitive or binding, and has hinted that many of the tax agency’s statements on cryptocurrency may also be contradictory. In a column, tax lawyer Robert Wood wrote that the IRS has not “killed tax-free cryptocurrency exchanges,” and remarked, “The IRS isn’t even the last word [in crypto tax]. The courts are.”

Adoption news

  • German airline Hahn Air claims it is issuing the world’s first blockchain-powered airline tickets. Hahn Air says it has teamed up with travel distribution firm Winding Tree – and will let customers pay for tickets in Ethereum or the Winding Tree-issued Lif token. The airline says its first three blockchain ticket passengers flew from Dusseldorf to Luxembourg on November 18.
  • The Brooklyn businessman and computer programmer, Maksim Zaslavskiy’s, is sentenced to 18 months in prison, the U.S. Department of Justice said, adding that Zaslavskiy is the first person in the U.S. to receive prison time for running an ICO (initial coin offering) scam. This comes after the SEC charged him with defrauding investors in September 2017.

Tim Alper , 2019-11-19 14:31:23 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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