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Bithumb Coin has been officially launched by Bithumb Global as the native token of the exchange’s custom blockchain dubbed Bithumb Chain.

Premier global digital asset exchange Bithumb global has made public the unique and highly anticipated crypto asset Bithumb Coin (BT) which serves as the native token for the new Bithumb Chain. The Chain is said to be launched in Q1 2020.

Holding the ticker name of BT, the token will be used in many different kinds and types of transactions within a wide variety of utilities and situations. 

What is Bithumb Coin?

Based on open-source code, Bithumb Chain is the framework that serves as the engine for everything within the scope of Bithumbs’ products and services. New features have been added to Bithumb Chain to extend the immense power that the blockchain delivers to many clients which include exchange-as-a-service (EaaS) which enabled distribution of gains via a profit-sharing protocol (PSP).

As such, Bithumb Coin (BT) transfers rewards and improves the computational calculations which enhance the blockchain. The rule that enables BT to allow the smooth flow of gains, profits savings and transfer of value in an inclusive environment for the progress of the members of the Bithumb Family. 

The allocation of tokens has been executed in a unique way. 30% is used for user rewards while 30% is used for trading rewards the criteria of which are yet to be determined. The multi-functional scenarios of utility, handling, and usage together with commissions on turnover and other fees attached to transactions are also included as well. The Bithhumb Chain platform is built in such a way that transactions involving future products fit within the current infrastructural framework. 

Rewards for the lease of tokens is also a future that defines the strategic value of BT as an asset class. Users are also allowed to weight in on the decision making process of Bithumb as an organization creating an egalitarian basis for the operation of the organization and the Bithumb global ecosystem itself. From nomination to project listing and so on, users can track the progress and the impact of their decisions in an open transparent way and manner. 

To enhance the development of the Bithumb Coin and also to improve the features of the Bithumb Chain, 25% of the tokens available are reserved for this.

Token buyback at 50% of revenues is the preferred mechanism of choice for token control with an ultimate target of 150 million Bithumb Coins. This will improve the equilibrium of tokens and maintain the financial space that the Bithumb community occupies strategically. 

Bithumb Global: A brief primer

Bithumb Korea has a 75.7 % in-country trading volume which corresponds with about 15% of the global markets. The ecosystem of 8 million people within the Bithumb community can attest to the huge volumes of liquidity that exist within the system.

As the global platform of Bithumb Korea, Bithumb Global enables users the world over to have access to one of the most prestigious and active cryptocurrency trading platforms globally with average total volumes of over $1 trillion.

Christopher Hamman , 2019-11-12 15:45:02 ,

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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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