The total crypto market cap is currently placed nicely above the $180.0B support area.Bitcoin price surged another 4% and broke the $6,250 and $6,300 resistance levels.EOS price is down 1.5% and it is currently trading above the $4.85 support level.Binance Coin (BNB) declined sharply and tumbled more than 8% below the $20.00 support.Bitcoin cash price is currently holding gains above the $285 and $290 support levels.Tron (TRX) price is down 5% and it recently broke the key $0.0240 support level.The crypto market cap is mostly flat, despite heavy gains in bitcoin (BTC). Most altcoins such as binance coin (BNB), Ethereum (ETH), bitcoin cash, tron (TRX), ripple, litecoin and EOS are currently moving lower.Bitcoin Cash Price AnalysisThere was a decent recovery in bitcoin cash price above the $285 resistance against the US Dollar. The BCH/USD pair even traded above the $290 level and tested $292. At the moment, the price is trading in a range near the $290 support level.If there is a downside break below the $290 support, the price is likely to slide towards the $285 support. On the upside, the main resistances are near $295 and $300. As long as the price is below $300, it may trade in a broad range.Binance Coin (BNB), EOS, Tron (TRX) Price AnalysisEOS price struggled to clear the key $4.95 and $5.00 resistance levels. The price recently broke the $4.90 support level and it seems like it could test the $4.85 support level in the near term. Any further declines may push the price towards the $4.80 level.Tron price trimmed most its gains above the $0.0242 level. TRX price is down more than 5% and it recently broke the $0.0240 support level. It is back in a downtrend and it could extend losses towards the $0.0230 support.Binance coin (BNB) came under a lot of selling pressure and it recently declined below the $21.00 and $20.00 support levels. BNB price is down more than 8% and it seems to be approaching the $18.50 support level.Looking at the total cryptocurrency market cap 4-hours chart, there is a solid bullish bias formed above the $178.0B and $180.00 support levels. The market is also following a strong bullish trend line with current support at $181.0B on the same chart. Therefore, as long as the market cap is above the $180.0B support, it could continue to move higher. On the upside, the main resistances levels are $186.6 and $188.0B. The current trend for bitcoin is super bullish, but most altcoins such as ether, TRX, LTC, EOS, ripple, ADA, XLM, WAN, BCH, and XMR are struggling to follow BTC.
Archives for May 9, 2019
Ripple price remained in a bearish zone and failed to recover above $0.2980 against the US dollar.The price is currently trading near the $0.2910 support and remains at a risk of more losses.This week’s highlighted bearish trend line is still intact with resistance near $0.2950 on the hourly chart of the XRP/USD pair (data source from Kraken).The pair is currently under pressure and it could spike below the $0.2900 support before a fresh increase.Ripple price is struggling to start a rebound against the US Dollar and declined versus bitcoin. XRP must break the $0.2950 and $0.2980 resistance levels to start a strong upward move.Ripple Price AnalysisRecently, there was an upward move from the $0.2910 support area in ripple price against the US Dollar. The XRP/USD pair traded above the $0.2950 and $0.2960 resistance levels. The price even tested the $0.3000 level, but it failed to retain gains. As a result, there was a fresh decline below the $0.2980 level and the 100 hourly simple moving average. There was a clear failed attempt near $0.3000 and the price is currently trading well below the $0.2950 level.It traded to a new weekly low at $0.2901 and it remains at a risk of more losses. Recently, there were a couple of swing moves above the 23.6% Fib retracement level of the last drop from the $0.2996 high to $0.2901 low. However, the broken support near the $0.2950 level acted as a resistance. Besides, the 50% Fib retracement level of the last drop from the $0.2996 high to $0.2901 low capped the upward move. More importantly, this week’s highlighted bearish trend line is still intact with resistance near $0.2950 on the hourly chart of the XRP/USD pair.Therefore, there is a strong resistance formed near the $0.2950 and $0.2960 levels. The next resistance is near the $0.2980 level and the 100 hourly SMA. A successful close above the $0.2980 and $0.3000 levels is must for the bulls to gain traction. Above $0.3000, the main resistance is near the $0.3080 level.Looking at the chart, ripple price is clearly struggling to gain traction above $0.3000 despite strong bullish moves in bitcoin above $6,200. Therefore, there is a risk of more losses below the $0.2910 and $0.2900 support levels in the near term. The next important support for the bulls could be $0.2850 (the previous swing low).Technical IndicatorsHourly MACD – The MACD for XRP/USD is about to move back in the bullish zone.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 50 level, with a bearish bias.Major Support Levels – $0.2910, $0.2900 and $0.2850.Major Resistance Levels – $0.2950, $0.2980 and $0.3000.
“I look for colleagues to join with me in introducing a bill to outlaw cryptocurrency purchases by Americans, so that we nip this in the bud.”
Congressman Sherman, who’s from California, made the remarks May 9 at a meeting of the House Financial Services Committee.
Sherman says the ban is necessary because crypto threatens to undermine the U.S. dollar and is only useful for criminal activities like money-laundering, drug-dealing, and tax evasion.
Sherman: Crypto fans want to supplant US dollar
Moreover, Sherman notes that crypto evangelists have made no secret of their desire to replace fiat currency. And that is unacceptable to him.
“An awful lot of our international power comes from the fact that the U.S. dollar is the standard unit of international finance and transactions. Clearing through the New York Fed is critical for major oil and other transactions.”
“It is the announced purpose of the supporters of cryptocurrency to take that power away from us, to put us in a position where the most significant sanctions we have against Iran, for example, would become irrelevant.”
“So whether it is to disempower our foreign policy, our tax collection enforcement or traditional law enforcement, the advantage of crypto over sovereign currency is solely to aid in the disempowerment of the United States and the rule of law.”
Today in Congress Rep. Sherman called for a bill to ban all cryptocurrencies.
This is why Coin Center is needed in DC now more than ever. pic.twitter.com/jgikm7z8bI
— Coin Center (@coincenter) May 9, 2019
Sherman: Hamas uses bitcoin, case closed
Notably, Congressman Sherman says he’s alarmed by the spike in the use of cryptocurrencies for criminal activity.
He pointed to the example of Palestinian terrorist group Hamas, which has been soliciting bitcoin donations due to the financial isolation it’s suffering as a result of US economic sanctions.
Hamas is a Palestinian Sunni-Islamist network that is largely funded by Iran. However, Iran is in the midst of a financial crisis due to harsh U.S. sanctions that have crippled its economy.
As a result, Iran has begun using cryptocurrencies and even started mining bitcoin to circumvent the sanctions.
To Congressman Brad Sherman, this is a clear-cut example of how crypto is being used by criminals to disempower American foreign policy.
‘Send Bitcoin’: Palestinian Islamist Group Hamas Begs for Crypto Donations Amid Crippling Sanctions https://t.co/xPjVn10Jgf
— CCN.com (@CCNMarkets) January 30, 2019
Sherman: Crypto is mostly used by criminals
Sherman conceded that cryptocurrencies have legitimate purposes, but it “is singularly a benefit for those who wish to commit crime.” This is not the first time that Congressman Sherman has railed against crypto.
On May 3, Sherman slammed Facebook’s foray into crypto. He tweeted:
“Desperate to show it believes in privacy, Facebook will build a cryptocurrency platform to protect the privacy of drug dealers, tax evaders, and terrorists.”
“The worldwide use of the U.S. dollar strengthens the U.S. economy and allows us to sanction rogue nations. Those desperate to weaken the U.S. pray for a crypto-alternative to the U.S. dollar.”
Many Trump officials are pro-crypto
For those who are politically aware, it’s not surprising that Congressman Sherman vehemently opposes cryptocurrencies. Many Democrats are, although there are some that are open-minded.
In contrast, Republicans — who are generally pro-business — are far more open to promoting entrepreneurial ventures. For example, Hester Peirce, one of five SEC commissioners, is so pro-bitcoin that she has been nicknamed “Crypto Mom” (an ironic moniker considering she has no children).
Peirce is a Republican appointed by President Donald Trump. Trump has a number of top aides that are pro-crypto, including acting White House Chief of Staff Mick Mulvaney.
Similarly, CFTC chairman Christopher Giancarlo has earned the title of “Crypto Dad” for his pro-bitcoin positions. Giancarlo is also a Republican.
Unfortunately for crypto fans, he’s retiring soon. But his presumptive replacement, Heath Tarbert, will probably be open-minded about crypto given Trump’s hiring track record.
Bitcoin Hero and CFTC Chair Giancarlo Expects ‘Explosive’ Spike in Crypto Interest https://t.co/sIhNhS9pYT
— CCN.com (@CCNMarkets) May 3, 2019
ETH price remains supported above the $164 level and recently recovered against the US Dollar.The price is still struggling to clear the $172 and $173 resistance levels, despite gains in bitcoin.There was a break above a key bearish trend line with resistance at $168 on the hourly chart of ETH/USD (data feed via Kraken).The pair could trade in a range before it makes an attempt to break the $172 and $175 resistance levels.Ethereum price is trading sideways with positive signs versus the US Dollar, but declined further vs bitcoin. ETH remains supported above $164 and it might soon climb above $172 and $175.Ethereum Price AnalysisIn the past three sessions, there were mostly range moves in Ethereum price above $164 against the US Dollar. The ETH/USD pair slowly moved higher and broke the $168 resistance and the 100 hourly simple moving average. There was also a break above the $170 level, but the price struggled near $173 plus the 50% Fib retracement level of the downside move from the $180 high to $164 low. The price retreated from the $173 swing high and revisited the $165 support area.Recently, it bounced back above $168 and the 100 hourly SMA. Moreover, there was a break above a key bearish trend line with resistance at $168 on the hourly chart of ETH/USD. The pair traded above the 61.8% Fib retracement level of the recent slide from the $173 high to $165 low. However, the bulls seem to be struggling to gain bullish momentum above $172 and $173. ETH price is currently trading in a range and it could even dip a few points towards the $167 or $165 support.To start a solid upward move, the price must clear the $172 and $173 levels. However, the main resistance is near $175, above which the price could trade towards the $180 resistance level. On the downside, an initial support is at $167, below which the price might retest the $165 support level.Looking at the chart, Ethereum price seems to be trading in a range below the $172 resistance area. There could be a couple of swing moves, but considering the recent rally in BTC, ETH could also start a decent upward move above $172 and $175. A successful close above the $175 level is likely to open the gates for a strong push towards the $180 and $185 resistance levels.ETH Technical IndicatorsHourly MACD – The MACD for ETH/USD is mostly flat in the bullish zone.Hourly RSI – The RSI for ETH/USD moved above the 50 level and it is currently near the 54 level.Major Support Level – $165Major Resistance Level – $172
By CCN: In a rare foray into editorial writing, Bitcoin developer Jameson Lopp has dismantled Craig Wright’s Satoshi claims, one by one. “How Many Wrongs Make a Wright?” should be bookmarked in the browser of any cryptocurrency enthusiast. It’s as a master list of reasons not to believe Craig Wright’s claim that he is Satoshi Nakamoto.
Lopp Finally Gives a Peek At Wright Research
Lopp uncharacteristically chose to publish the piece in Bitcoin Magazine, as opposed to his Medium blog. Presumably, the post is partially the result of exhaustive research conducted by Lopp. He’s been teasing the release of such research via Twitter for a couple of weeks. He recently said that after legal review, he wouldn’t be moving forward with the publication of his research just yet. Some of the things written in the post can only have derived from that research.
A year ago I began a new research project; the subject of this research was Craig Steven Wright. I finished my research a while ago but the article has been stuck in legal review by multiple teams of attorneys for over a month. Expecting to publish next week. pic.twitter.com/PzvHPq4McX
— Jameson Lopp (@lopp) April 19, 2019
“From examining the public timestamps on over 100 blog posts by Wright during the 2009 & 2010 time period and comparing them against over 800 public timestamps from emails, forum posts and code commits by Satoshi during the same period, we can gain some insight as to the sleep patterns of each. It’s pretty clear that Wright was generally inactive from 13:00 to 18:00 UTC while Satoshi was inactive from 7:00 to 12:00 UTC. As such, Wright appears to maintain a sleep schedule consistent with someone living in the AEST time zone (Australia) while Satoshi maintains a sleep schedule consistent with the EST time zone (North American east coast and part of South American west coast). While it’s possible that Wright was meticulously maintaining two separate schedules for each identity, Occam’s Razor suggests that the reason for the different patterns is probably because they belong to different people.”
Did Craig Wright Code for the Australian Military?
The lengthy post details the history of Craig Wright and Bitcoin but also dives into Wright’s background.
For example, Lopp reveals that after some back and forth with the Australian government, he was able to obtain substantial information about Wright’s military service. Craig Wright entered a military training program at some point but failed out due to poor grades. Nothing about his military records gives credence to Wright’s claims that he coded for the Aussie military.
“It’s interesting, to say the least, that this man who claims to be a lifelong academic with more than a dozen degrees appears to have failed out of his first semester in the RAAF, according to these public records. […] Is it likely that he was given the responsibility to write code for bomb guidance systems as a first-semester cadet? Did he leave the military due to a “conflict of interest”? Records show he was at the RAAF in 1990, so what about his claim that he was studying at the University of Queensland from 1989 to 1992?”
Under advice of legal counsel my Craig Wright article is being geoblocked for residents of the UK and Australia. But information wants to be free…
— Jameson Lopp (@lopp) May 9, 2019
An oft-forgotten episode with Craig Wright is that time he claimed you could retrieve “burnt” bitcoins. Lopp says:
“He didn’t demonstrate any such thing. Rather, he claimed that Bitmain might have the private key to the burn address. Of course, this is an impossible claim and the math is irrefutable — it would take on the order of 2¹⁶⁰ calculations to brute-force the private key, and there isn’t enough computing power in the world to do that in any reasonable time frame.”
Other examples of Craig Wright’s ego overpowering his actual intellectual abilities are littered throughout the piece.
Why Would You Want to Be Satoshi, Anyway?
At this point, the real question that remains about Craig Wright is why he would want to claim to be Satoshi Nakamoto if he couldn’t prove it. Or why he would want to claim it at all. The mantle of Satoshi Nakamoto is not a fun one to hold. The man who solved the double-spending problem, created Byzantine fault tolerance, and created a liberating financial protocol in the process chose anonymity for a reason. It might never be safe to be the real Satoshi Nakamoto.
Lopp comments on this, as well:
“[…] Wright may be performing a sophisticated form of advance-fee scam or affinity scam, whereby he uses his credibility to convince investors to part with their money for the promise of future returns.”
This summary won’t do Lopp’s masterpiece any justice. This reporter strongly suggests anyone with an interest in the past, present, and future of Craig Wright and his claim to be Satoshi Nakamoto to read the lengthy piece in full.
The last crypto bull run brought Bitcoin into the lime light and public eye, and took the price of the digital asset skyrocketing to its all-time high price of $20,000.Yet somehow, the current Bitcoin rally has caused the MACD histogram to become extended more so than any time during the previous bear and bull cycle, even during Bitcoin’s much publicized ascent during December 2017 – prior to the hype bubble pop that led to an over 85% correction.Bitcoin MACD Histogram Demonstrates Power of BullsFollowing the early April rally that propelled the price of Bitcoin upward nearly $1,000 in an hour above resistance at $4,200, the cryptocurrency has once again gone parabolic, and has even reclaimed the $6,000 price level – a price level much of the market believed would prove to be seemingly unbreakable resistance. The same price level served as support throughout most of 2018 before Bitcoin fell through it in November to its eventual bear market bottom.Related Reading | Bullish: Crypto Community In Shock Over Recent Bitcoin Price ResilienceBut now that most of the crypto market has concluded that the bottom is “in” for Bitcoin, investors and traders are finally starting to shed their disbelief and thus, bullish momentum has only increased despite the leading cryptocurrency by market cap being well overdue for a pullback or at least health consolidation.The bullish momentum can clearly be seen in charts depicting Bitcoin’s long-term MACD, the Moving Average Convergence Divergence indicator – an important trend change indicator used by crypto analysts to detect shifts in momentum.Histogram [MACD extension above the smoothed out signal line] is currently more extended than anytime in the previous cycle…. pic.twitter.com/sI80jY8zqa— dave the wave (@davthewave) May 9, 2019As prominent long-term chartist Dave the Wave points out, the MACD histogram has reached a point of being more extended than any other point during the last bear and bull market cycle, including the parabolic run in December 2017, where Bitcoin spiked from $10,000 to $20,000.Consolidation Expected, Or Will The Rally Retrace When Parabola Breaks?The trader concludes that “consolidation is looming” but has been saying that for weeks now, and is close to abandoning his model as incorrect. He further concludes that either his analysis is either incorrect, or that the current parabola will also be broken much like the December 2017 blow-off top.Parabola it is.One way or the other, this will end in tears – on the inevitable coming back down to earth… or the demise of my model.🧐 pic.twitter.com/4eeBf8F8eY— dave the wave (@davthewave) May 9, 2019Parabolic breaks, as Peter Brandt has pointed out and successfully used to base price predictions on, typically result in an over 85% decline in the asset that saw the parabolic advance. Bitcoin corrected precisely that during the bear market, bringing the price of the cryptocurrency to $3,150.Related Reading | Bitcoin Price Has Gained On Average 77% Post-Consensus, Altcoins 161%While an 85% correction from here is incredibly unlikely, a short pullback and retest of support turned resistance would bring additional confidence to the crypto market, and reignite the next bull run.Featured image from Shutterstock
The crypto community was pleased to find that Bitcoin was able to surge past $6,000 for the first time since the cryptocurrency plunged to its 2018 lows of $3,200 in December.Analysts are now closely watching the $6,400 level to see how the crypto responds to this price, as many analysts believe that there is a significant level of resistance at this price which may lead to a pull back that could offer a good entry point for fresh long positions.Investors Celebrate as Bitcoin (BTC) Breaks Above $6,000 At the time of writing, Bitcoin is trading up 2.6% at its current price of $6,080, up slightly from its daily lows of $5,900 which were set yesterday.Over a one-week period, BTC has been able to surge significantly, climbing from lows of $5,500 to highs around its current price levels, marking a major extension of the upwards momentum that the cryptocurrency incurred in early-April when Bitcoin swiftly surged from the low-$4,000 region and into the $5,000 region.Although the recent series of price surges have been undoubtedly bullish, analysts are still warning traders to express caution before “fomo-ing” into the crypto, as a retrace may be inevitable.Lucid TA, a popular crypto analyst on Twitter, expressed this sentiment in a recent tweet, noting that traders should closely watch for the next retrace, as it may mark a great entry opportunity for fresh long-positions.“A reminder to those feeling fear and FOMO – $BTC always retraces. Major spills are par for the course. Expect them, and don’t be shaken by them. They can provide excellent buying opportunities for those who are able to retain their conviction,” he said, referencing the below chart.A reminder to those feeling fear and FOMO – $BTC always retraces.Major spills are par for the course. Expect them, and don’t be shaken by them. They can provide excellent buying opportunities for those who are able to retain their conviction. pic.twitter.com/PDLcarmHwC— Lucid TA (@Lucid_TA) May 9, 2019A Pullback May Ensue After BTC Hits $6,400As for what price level may spark the next retrace, there is a general consensus amongst analysts that $6,400 will be the next level of strong resistance that BTC faces, which could lead to a drop that elucidates whether or not $6,000 has become a level of support.“$BTC > $6000. Mission accomplished. Next level is $6400, the most traded price of 2018,” Alex Krüger, a popular economist who focuses on cryptocurrencies, explained in a recent tweet.$BTC > $6000. Mission accomplished. Next level is $6400, the most traded price of 2018. pic.twitter.com/zikq5KYomI— Alex Krüger (@krugermacro) May 9, 2019Josh Rager, another popular crypto analyst on Twitter, echoed Krüger’s thoughts, explaining that he believes $6,450 is an “epic” resistance level that, if flipped into a support level, would be “insanely bullish” for the cryptocurrency.“The most epic $BTC resistance awaits. Don’t think BTC blasts through this area easily, this resistance is bearishly strong. A flip to support above $6450 would be insanely bullish, IMO if $BTC closes above, it won’t be closing back under. For now, it is a primetime pullback zone,” he noted.The most epic $BTC resistance awaitsDon’t think BTC blasts through this area easily, this resistance is bearishly strongA flip to support above $6450 would be insanely bullish, IMO if $BTC closes above, it won’t be closing back underFor now, it is a primetime pullback zone pic.twitter.com/mL9P2697RE— Josh Rager 📈 (@Josh_Rager) May 9, 2019As the week drags on, analysts and traders alike will be closely watching to see whether or not Bitcoin is able to find stability above $6,000, which may allow it to surge higher before it hits any region of significant resistance.Featured image from Shutterstock.
By CCN: A company called Lucid Sight announced its partnership with Major League Baseball last year. Now the deal is coming to fruition, with the launch of MLB Champions, a crypto collectibles game that allows you to own a digitized version of baseball cards and play with them.
Did you miss @RandySaaf on @YahooFinance this morning? We got you covered! See what our CEO had to say about @MLBChampions ⚾️@MLB @MLB_PLAYERS #nft #blockchaingaming #eth #baseball #mlb #digitalcollectibles #PlayToOwn #P2O https://t.co/fxRt3GQcoP
— Lucid Sight (@LucidsightInc) May 9, 2019
Genius! Digital Collectibles: Rarity Without Wear and Tear
Digital collectibles are perhaps the only way to reach the next generation, Lucid Sight CEO Randy Saaf told Yahoo Finance.
“Digital natives,” or people who will have had some version of the internet and mobile devices throughout their lives, will gravitate instead toward digitized versions of collectibles. The blockchain and non-fungible tokens make it possible to own these assets in a way that previous virtual trading games couldn’t have enabled.
Like real-world collectibles and baseball cards, the virtual players can be sold and traded on the marketplace. New players can be bought during drafts or in packs from the company. Player stats improve through usage. Saaf said:
“Our game is a fantasy-esque type game, where you buy the collectibles, you buy a Bryce Harper or Mike Trout, you play them in the game, and if Mike Trout hits a home run to win the world series, that generates new rewards that can be kept scarce, powered by blockchain.”
Digital collectibles, at least when tied to the blockchain, are arguably superior to traditional ones. They can’t be counterfeited, for example, and the company can’t just issue more of them.
The Evolution of Collectibles
There’s no need for the Pawn Stars guy to call his friend and have him come down and check out your item. It’s either legitimate or not.
Saaf says the company doesn’t repurchase collectibles from people, but the marketplace works independently of the company. He mentions that some of the collectibles sold in 2018 for $5 are now trading for $20. The laws of supply and demand come into effect.
Like the card companies of days past, the official blessing of Major League Baseball plays an important role in the attractiveness of the digital assets. Memorabilia is massive across sports leagues. Digital memorabilia is a new frontier.
Baseball cards were fun to collect if you were a kid growing up in the 90s, but they weren’t as fun as POGs, for example, which had a game associated with them.
As Saaf points out, kids of the future don’t have much interest in just owning a digitized version of a bobblehead – just as they don’t have much interest in the trinkets themselves. Building on Ethereum enables Lucid Sight to provide all the benefits of owning a rare item with the added benefit of being able to use it.
Unlike collectible trading card games, you don’t risk damaging the item by using it, so one aspect of collectibles – their “condition” – completely goes away.
A congressman with a track record of bashing crypto has come out once again calling for a ban on digital assets. Republican Brad Sherman supposedly raised the idea earlier today in Congress.This is not the first time this week that someone has called for a ban on digital assets. However, without a huge international effort from authorities, the chances of such legislation proving effective are remote.Is the Crypto Narrative Changing from Ridicule to Fear for the Powers that be?According to a video posted to Twitter by crypto education group Coin Center, a congressman with a history of being opposed to digital currencies has once again raised the possibly of a ban on the technology. In the video, Republican Brad Sherman states with surprising candour:“I look for colleagues to join with me in introducing a bill to outlaw cryptocurrency purchases by Americans, so that we nip this in the bud, in part because an awful lot of our international power comes from the fact that the dollar is the standard unit of international finance and transactions.“It is the announced purpose of the supporters of cryptocurrency to take that power away from us, to put us in a position where the most significant sanctions we have on Iran, for example, would become irrelevant.“Whether it is to dis-empower our foreign policy, our tax collection enforcement, or our traditional law enforcement, the purposes of cryptocurrency – the advantage it has over sovereign currency – is solely to aid in the dis-empowerment of the United States and of the rule of law.”https://twitter.com/coincenter/status/1126574631605997569This is not the first time that Sherman has raised the issue of cryptocurrencies. However, it is the first time that he has stated crypto could be a threat to existing power structures. His previous statements, last March and July, regarding the financial technology revolved around tired themes of money laundering and drug dealing.For that outburst, a popular crypto analyst highlighted what some may consider to be touch of hypocrisy from Sherman at the time:.@BradSherman was so concerned about $crypto users using #cryptocurrency for deceptive and illegal financial activity, yet his top campaign donation came from a company that had to forfeit $13.3 million to the US Government for facilitating illegal gambling. pic.twitter.com/mLn0WHU6jR— The Crypto Dog📈 (@TheCryptoDog) July 18, 2018This is the second time this week that NewsBTC has reported on a notable figure calling for a ban on crypto assets. On Monday Nobel Prize-winning economist Joseph Stiglitz proposed we “shutdown the cryptocurrencies”. Unlike Sherman, however, Stiglitz attacked crypto for its apparent anonymity whilst praising the idea of a centrally-managed electronic currency to curb money laundering.Ultimately, however, neither seem to realise how futile efforts to ban or shut down crypto would be. It would probably squeeze at lot of projects from the space and prices would likely plummet on the news, but Bitcoin would not die. Rather, it would be forced underground and become even more difficult to police. Many node operators would likely get busted but there are enough states trying to reduce their dependence on the dollar anyway that would surely welcome miners if there was universal belief that Bitcoin could damage the hegemony of the US. Related Reading: Bitcoin Acceptance: The Changing Face of Mainstream Media CoverageFeatured Image from Shutterstock.
Despite a bout of sideways trading in the crypto markets, Bitcoin has continued to extend its upwards momentum that was first established in early-April, and has now moved above the key $6,000 level that many analysts view as a critical price level for BTC to hold above.Although this upwards momentum is certainly positive, one industry expert believes that it may be another 18 months before the cryptocurrency climbs back above its previously established all-time-highs that were set in late-2017 at roughly $20,000.2021 May Be the Year of Fresh All-Time-Highs for Bitcoin (BTC)At the time of writing, Bitcoin is trading up over 2% at its current price of $6,050, up significantly from its weekly lows of $5,500.Over the past month, BTC has incurred significant upwards momentum that is showing few signs of faltering, as it has continuously been able to climb higher, even in the face of fairly significant developments that would typically be deemed bearish.The upwards momentum first began in early-April when Bitcoin was trading in the low-$4,000 region, before it incurred significant buying pressure that boosted its price up to $5,400, at which point it began trading sideways before breaking above $6,000 late-yesterday.Mike Novogratz, the CEO of Galaxy Digital and a former Goldman Sachs partner, recently spoke to CNN during the SALT conference Las Vegas, explaining that he expects Bitcoin’s price to triple by 2021, which would lead it towards its previously established all-time-highs.Novogratz added that “Out of the rubble, bitcoin has popped back up,” referencing its 2018 lows in the low-$3,000 region, further noting that it would take something like a sudden shift in regulation or a devastating crypto exchange hack to “shatter this newfound confidence.”BTC May Struggle Around $6,000 Before Surging HigherNovogratz recently laid out a slightly more technical case for Bitcoin in an interview with Bloomberg, explaining that he expects BTC to “struggle around $6,000” before surging significantly higher.Although it remains unclear as to whether or not $6,000 will be an easy level to decisively break above, it is important to note that the low-$6,000 region is where BTC traded sideways at for nearly two months before breaking down in mid-November to lows of $3,200.Because BTC has been able to return to this price level, Novogratz explained that he is more confident about the cryptocurrency now than he has ever been in his career.“I feel better about Bitcoin today than I have at any time in my career,” he bullishly said.As Bitcoin’s price action continues to unfold and it grows clearer as to whether or not the crypto is able to decisively form support at the $6,000 level, traders and analysts alike will likely garner greater insight into whether or not the markets are truly able to begin their journey back towards their all-time-highs, or if further consolidation is imminent.Featured image from Shutterstock.