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October 2020

Bitcoin (BTC) Slumps 27% This Month

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Bitcoin

Bitcoin

One of the biggest stories of the year has been the roaring comeback made by Bitcoin after it went through a disappointing year in 2018. Throughout the first half of the year, the cryptocurrency made hefty gains. However, the month of July has been a bit of a bumpy ride for Bitcoin as a range of factors has affected the price.

The past week has been particularly painful for the cryptocurrency. Over the course of the past seven days, the cryptocurrency has slumped by as much as 27%, and now, it has gone below the level of $10,000 as well. On July 10, the token was trading at $13,200.

Multiple Factors

This past week the President of the United States Donald Trump criticized Bitcoin and other cryptocurrencies in a tweet. In his tweet, Trump stated that Bitcoin is responsible for billions of dollars worth of illegal activity, and experts believe that Trump’s claims had a negative impact on the cryptocurrency.

If the most powerful person in the world believes that Bitcoin is a dangerous thing, then it is almost certainly going to have an effect on its price. It is particularly problematic since 2019 was supposed to be the year in which institutional money was to come in and push the price up considerably. As a matter of fact, Fidelity has already launched a Bitcoin fund that is solely meant for its institutional investors.

>> Trump Attacks Bitcoin: Is the Digital Coin Immune to His Influence?

On top of that, the announcement by Facebook about the launch of Libra next year has caused its fair share of disruption as well. Libra has also come in for strong criticism from top policymakers like Jerome Powell, the head of the Federal Reserve. Those comments wrecked the crypto market last week, but the current week could be a crucial one as Facebook goes into Federal hearings about Libra. If it can come out of it unscathed, then there is a possibility of Bitcoin getting a bit of a reprieve.

Featured image: DepositPhotos © spaxiax

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John McAfee Says He Will Reveal Who Satoshi Nakamoto Is

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John McAfee

John McAfee

According to a Bloomberg report, notorious crypto enthusiast and antivirus software maker, John McAfee, claims to have spoken with Bitcoin creator Satoshi Nakamoto. Further, he says he will reveal this person’s identity.

John McAfee Claims to Know Satoshi Nakamoto

When this reveal will be, however, remains unclear, despite McAfee initially telling Bloomberg he would expose Nakamoto “within a week.” McAfee said yesterday that the controversy his announcement would bring could damage his efforts to fight extradition to the US. Saying in a Twitter post:

“Releasing the identity of Satoshi at this time could influence the trial and risk my extradition […] I cannot risk that. I’ll wait.”

But in speaking to Bloomberg, McAfee said the following:

“I’ve spoken with him, and he is not a happy camper about my attempt to out him.”

However, it remains skeptical whether his claim is true—so many others have attempted to track down the Bitcoin pioneer and failed.

Satoshi Nakamoto

Satoshi Nakamoto is the pseudonym given to the person or people who created Bitcoin and spawned an entire currency. There have been multiple theories as to who the creator of the digital coin is, with each one causing hot debate. No one who has come forward with a suggestion has ever been able to prove it and theories are often quickly discredited. The mystery has gone so far as to suggest Tesla CEO Elon Musk is Satoshi Nakamoto—something he himself quickly denied.

Other claimants include Bitcoin SV founder Craig Wright and Ethereum co-founder Vitalik Buterin.

All we know is if McAfee’s claim is true, then Nakamoto is a man living in the US.

>> Bitcoin Price Surges to a New 2019 High: $5,600 and Climbing

Trust McAfee

In speaking to Bloomberg, McAfee reminded people that he has spent a lifetime tracking down hackers, meaning he is well capable of tracking down Nakamoto.

“People forget that I am a technologist […] I am one of the best,” he furthered.

What do you think? Do you believe McAfee?

Featured Image: DepositPhotos © photoagents

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Bitcoin Sinks to Five-Month Low Following Zuckerberg Testimony

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Bitcoin

Bitcoin

Bitcoin has dropped to a five-month low of $7,435 USD following Facebook CEO Mark Zuckerberg’s testimony before Congress in defense of the planned stablecoin Libra.

The world’s largest cryptocurrency fell as much as 9% to its lowest levels since June, as Zuckerberg was grilled by congressional representatives before a sitting of the House Financial Services Committee. Bitcoin has been caught in a range of $8,500 to $7,850 since the end of September; however, analysts were expecting a bullish end to today’s decline as technical charts showed signs of seller exhaustion. This did not come to fruition, however, as a large, long squeeze led to long holders loosening their position.

Today’s drop in value for Bitcoin comes at a time when regulatory scrutiny drags down crypto values across the board. Jeff Dorman, Chief Investment Officer at Arca, described the sell-off as “a continuation of the themes that have been plaguing crypto for the past few months — increased regulatory scrutiny.” He added that the losses were further compounded by “a lack of positive catalysts” along with low trading volumes.

However, Zuckerberg’s appearance in Congress may not be the only factor hurting Bitcoin today. Brian Kelly, CEO of BCKM, believes that hedge funds were buying up BTC as a hedge to Brexit, which was due to take place on October 31, but it now appears that a delay until the new year is the likely outcome. As a result, those funds are now offloading BTC, which is having negative price implications, according to Kelly.

>> Libra Will Not Hit the Market Without US Approval, Says Zuckerberg

Facebook’s move into cryptocurrencies has put digital coins in the spotlight of regulators across the globe. Former Latvian Prime Minister and incumbent Vice President of the European Commission Valdis Dombrovskis said the EU must take a common approach to regulate cryptocurrencies, an approach that will have Libra and Bitcoin at its forefront. He said that it is vital that these regulations address issues such as unfair competition, security, and threats to the economic stability and sovereignty of the EU’s member states.

Featured Image: DepositPhotos © ulchik74

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Slim Chance of Bitcoin (BTC) Hitting $20,000 USD By End of Year

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Bitcoin

Bitcoin

There is only a 7% chance that Bitcoin will surpass the $20,000 USD valuation milestone by the end of 2019, according to data published by Skew.

It’s been a pretty hectic year for BTC, which has seen its value swing from around the $3,800 USD mark at the beginning of the year to as high as nearly $13,000 USD in July. The summer months have seen the wildest fluctuations, with valuation jumping over 20% in the space of a few days. The $10,000 USD mark is seen as a major psychological milestone for the cryptocurrency, as is $20,000 USD, which we may see BTC hit at some point in the near future.

However, October promises to be a watershed moment as the US Securities and Exchanges Commission (SEC) is set to announce its decision on whether or not it has approved three Bitcoin Exchange-Traded Fund applications. Interestingly, Skew’s report is more pessimistic than many others with crypto trader and analyst Murad Mahmudov tweeting ~10K is the new ~6K, but instead of breaking down it will hold and start grinding UP. You heard it here first.” Bitcoin’s market dominance hit new highs last week, so perhaps this optimism is justified.

>> Telegram’s 300 Million Users May Be Able to Trade Cryptocurrency

Another, considerably more bullish outlook for BTC came from Pantera Capital CEO Dan Morehead, who said in July, “[Our forecast] put Bitcoin at $42,000 at the end of 2019, which I know sounds crazy but essentially, we’re halfway back there. It’s right on the trend line, and I think it’s a good shot that by the end of the year, we hit that.” While that does sound like a very optimistic view, and very at odds with Skew’s outlook, BTC value is prone to some big surprises, and so it does not look beyond the realms of possibility.

The closest BTC has come to the $20,000 USD milestone was in December 2017 when it reached $19,345, and we’re all well aware of the crash that followed. While all of these assessments are just essentially well-informed speculation, BTC remains highly susceptible to volatility. Where do you see Bitcoin going by the end of the year?

Featured image: DepositPhotos © spaxiax

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