21,6% of Bitcoin Supply Hasn’t Been Moved For More Than 5 Years

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Recently, Matt Odell from the Tales Of The Crypt podcast shared an interesting tweet. He says that the amount of Bitcoin supply which hasn’t been moved or touched, has reached an all-time high of 21,6%.

It is 3,847,859 Bitcoins. Matt Odell left a reference to a Coinmetrics research where they elaborate on this special occasion.As Matt and Coinmetrics explain, this is a potential sign that Bitcoin is actually becoming a store of value, not a medium of exchange. Additionally, Coinmetrics shared the method on how they calculate this statistic. They calculate the total untouched supply by looking at the total active supply which they define as the amount of unique supply that got transacted for a minimum of one time in a specific time period.

Also, they found out that the untouched supply movements can be a sort of indicator for Bitcoin price movements. The untouched supply becomes larger towards a lower price correlation, and the other way around, respectively. This could mean that we are near the end of the correction and possibly are aiming for a new bull run.

However, this occasion has also raised slightly different concerns. Willy Woo, an on-chain analyzer tweeted a graph of Gold price movements over the span of 100 years. It actually looks like an altcoin chart, but only for altcoins it would a weeks time frame. He asks – why, and answers to his own question:

“Hmmm…. I think I know the answer, it’s a controlled market with a few hands holding a concentrated supply.”

Nevertheless, he elaborated on the issue of Bitcoin being exposed to the risk of coin concentration to a few hands. He says, “they will be the new bankers”. It is actually a well known fact that the large wallet holders are only accumulating more and more Bitcoin over the years. There are massive addresses that hasn’t sold a single Satoshi, but only bought more.

Are we looking at an incoming Altseason?

Mati Greenspan tweeted on his twitter account that he thinks that alt season is behind the corner. In short, he believes that this is another finished cycle in the crypto markets. Meaning that when Bitcoin has had a legit run up and a correction afterward, people want to speculate more and possibly get into an altcoin position.

Additionally, many of the top altcoins have nearly doubled in Bitcoin value, he explains. While Bitcoin hasn’t been the best performer in the past week or so, many traders would want to see the ever-waiting altcoin season. But will it ever come? Some believe that such an altcoin rally like we saw in 2017 might never come. No one actually knows, because such hype with the help of ICOs definitely won’t be reached. But whether the community comes up with a new type of hype-machine, is only a matter of time. We still are very, very early. 

The FBI is looking for investors who suffered from the BitConnect scam!

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The FBI is asking investors to assist in the investigation of the financial pyramid BitConnect. It was one of the most talked about investment schemes of the recent Bull-market of 2017. Eventually, it led investors to lose billions when the company exit-scammed in January 2018.

The financial pyramid that collapsed

According to the FBI, BitConnect Coin launched in 2016. One year after the ICO was in progress, the cryptocurrency value was over $2.5 billion. Also, the law enforcers report that BitConnect guaranteed investors up to 10% return of their investments, on a month-to-month basis.

In January 2018, the BitConnect Coin market collapsed. Regulators sent letters to investors warning of participation in the project, stating that it was a financial pyramid. Soon the company stopped operating, and investors remained in the hands of a “virtually useless” cryptocurrency.

One of the BitConnect promoters is already behind bars

By previous reports, one of the main BitConnect promoters – Divyesh Darji, is already behind bars in the city Gujarat. As he was returning from Dubai, the Gujarat Criminal Investigation Department arrested him.

“Darji was living in Dubai. He was under a look-out circular. The Immigration Department alerted us when he was on the way from Dubai to Ahmedabad, after which he was arrested today evening. The company came into existence in 2016, and in 2017, it launched the BitConnect coin. It remained active till January this year […] The accused held seminars, events in India and other countries promising high interest — daily interest rate of 1 percent — on investment in BitConnect coins. The cost of one BitConnect coin on January 16, 2018, when the company shut down, was $362”, said the inspector P G Narwade of Criminal Investigation Department (CID-Crime) of Gujarat police.

Fill out a brief questionnaire if you suffered from BCC

However, the law enforcers did not simply establish contacts with investors who became victims of the scheme. According to FBI estimates, investors lost a total of between $2.5 and $3.5 billion. The Specialist Service appealed to citizens with a request for assistance in investigations:

“If you invested in BitConnect, please complete this brief questionnaire. Your responses are voluntary but would be useful in the federal assessment of this matter and to identify you as a BCC investor and/or potential victim. Based on the responses provided, you may be contacted by the FBI and asked to provide additional information.”.

Source:

https://www.fbi.gov/resources/victim-services/seeking-victim-information/seeking-victims-in-bitconnect-investigation

Image from flickr.com

Bitcoin will sky-rocket by 90% in 2019, can it happen?

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Many leading economists, crypto enthusiasts, and thought leaders have expressed their opinion on whether we will see a Bitcoin price increase in 2019. We compiled some of the loudest and justified comments on the price of Bitcoin from 2019 to 2020. Some say Bitcoin will be $60,000, some that it could soar to such levels as $200,000.

Saxo Bank

They think Bitcoin will increase a lot this year. The Bank says that the Bitcoin price will rise above $60,000 in 2019! However, they also predict that the price of Bitcoin will first crash and lose more than 98% of its value!

“Bitcoin will continue to rise – and rise high – during most of 2019 but Russia and China will together engineer a crash,” Two Saxo Bank analysts say. They think it’ll crash because of new cryptocurrency regulations/laws from governments.

Mihail Lala, the founder, and CEO of Wawllet

He has a Bitcoin price prediction for 2020. Mihail thinks that Bitcoin will get to over $100,000 by 2020.

“The increase will not be proportional, as nowadays the ratio between Bitcoin, ETH and altcoins is not natural. By balancing the ratio, Bitcoin will lose a little bit of ground to ETH and altcoins, but will keep its lead on the market up to a cliff of 50,000 USD, which will be very fast pulled back, probably until the beginning of 2019. As more and more entities are building channels for regular customers, the late majority will enter the stage during the second half of 2019, which will push Bitcoin to 6 digits in 2020.”

Mihail Lala

David Garrity, the CEO at GVA Research

In a Bloomberg interview, he told that Bitcoin is going to crash as low as $5,000 this year. To say nothing of his opinion, the Bitcoin price at the moment is lower than that resting at $3,417 at the time of writing. He got that wrong, but the fact that the price saw a correction was right.

However, he believes that by the end of 2019, it will increase. He says Bitcoin will get to almost $20,000, just like we saw at the end of 2017.

John McAfee

There are also eccentric people like John McAfee (the founder of McAfee Security). He predicts that the Bitcoin price will keep increasing this year. He also said it’ll be $500,000 by 2020. However, later he came out with a tweet saying that when he first predicted the price of BTC, he used a different model, which predicted a $5,000 Bitcoin in 2017. “BTC has accelerated much faster than my model assumptions. I now predict Bircoin at $1 million by the end of 2020. I will still eat my d*ck if wrong,” he says in a tweet. That’s a harsh bet, but our prediction about McAfee’s prediction is that if Bitcoin doesn’t reach $1 million, of course, he will never eat his own genetelia. However, he will refer to the actual quote, where he has never stated that BiTcoin will reach the price of one million dollars, but instead, he said BiRcoin. That would be one way how he could get out of the harsh bet.

Sonny Singh, Chief Commercial Officer of Bitpay

Sonny Singh predicts Bitcoin at $20,000 by the end of 2019
Singh agrees with Novogratz that $20,000 is a reasonable price target for Bitcoin by the end of 2019. Interestingly enough, he predicts that BTC will climb to $20,000 and will never drop below $15,000 anymore after that. 
He thinks that a new bull run will be because of the launch of products by institutional companies such as Fidelity, Bakkt, Square and BlackRock. In an interview with Bloomberg in November 2018, he said: “Next year will see new players and miners emerge in the industry. We will not see any rapid shift but by the end of Q1 or Q2, Bitcoin will emerge as a viable commodity.”

Anthony Pompliano, founder of Morgan Creek Digital Assets


His first prediction didn’t come through as he said that Bitcoin will hit $50,000 by the end of 2018. Of course, he needed to admit that his prediction was wrong. Pomp thinks we might see BTC drop to $3000 first, and says it might take until Q3 of 2019 before we see a positive trend again in the market. While this is playing out right, some believe that Bitcoin might drop even lower that that.

In a blog post, Pompliano states: “Bear markets continue to last longer — each bear market is measured from peak to trough during a prolonged drawdown period. The first bear market lasted ~160 days (2011) and the second bear market lasted ~400 days (2013-2014). The current bear market, if it follows the historical trend, is likely to continue for 650 days. If this comes to fruition, the crypto markets won’t begin recovering from the recent negative price movements until Q3 of 2019.”

Sam Doctor from Fundstrat

In 2018, two analysts from Fundstrat predicted Bitcoin to reach $36,000 by the end of 2019. They based the opinion on the growth of the mining infrastructure. Sam Doctor, Quant Strategist at Fundstrat, said that based on expected computing hash-power and breakeven cost growth of miners, Bitcoin could hit $36,000 by the end of 2019, with an upper end of $64,000 and a lower end of $20,000.

Ronnie Moas

Ronnie Moas is a cryptocurrency analyst and he predicted that Bitcoin will reach $28,000 in 2019. According to Moas, ‘institutions & the top 1% are buying as they did in the 2008 stock market crash’. In September 2018, he warned smaller investors that ‘you caught the move from $600 to $6,000… You will miss the move from $6000 to $60,000’.

Moas added that it is “sad to watch the top 1% scare the crap out of you, separating you from your BTC”. The increasing demand for and the decreasing supply of Bitcoin will cause the price of BTC to rise in 2019.

Fran Strajnar, CEO of Brave New Coin


Strajnar also expects an increase in the price of Bitcoin. He predicts it to hit $200,000 until January 1, 2020. In an interview with Inverse in 2018, he stated that “the adoption rates are continuing to be quite steady, and adoption rates heavily correlate to the price, so therefore, unless for some reason people just simply stop continuing to adopt Bitcoin, we should see $200,000 per Bitcoin by 1st January 2020 at the latest.”

Source:

https://altcointoday.com/9-industry-experts-share-future-bitcoin-price-predictions/
https://www.inverse.com/article/44619-bitcoin-price-fran-strajnar
https://www.bitdegree.org/tutorials/bitcoin-price-prediction/#Saxo_Banks_Bitcoin_Price_Prediction_The_Future_Of_Bitcoin

Photo by André François McKenzie on Unsplash

Kraken acquires London based Crypto Facilities

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On February 4th, Kraken, one of the most popular and secure exchanges in the crypto market, announced that they acquired Crypto Facilities. In a deal worth about nine-figures, Crypto Facilities is a London based regulated crypto trading platform which provides spot and futures trading. 

A pioneer in the industry meets a professional team

Crypto Facilities

Founded in 2014, Crypto Facilities is registered with the U.K. Financial Conduct Authority (FCA), and the deal was approved by the regulator. Crypto Facilities offer individuals and institutions transparent and secure 24/7 trading on a range of crypto derivatives. The service allows to operate with Bitcoin, Bitcoin Cash, Ethereum, Ripple and Litecoin. Crypto Facilities also is the number one cryptocurrency index provider. It calculates the CME CF Bitcoin reference Rate for CME Group’s Bitcoin futures.

Kraken

Founded in 2011, it is a European based exchange, with headquarters in San Francisco, that offers multiple fiat-to-crypto pairs. It is the largest Bitcoin in euro volume and liquidity. Margin trading is also available for specific trading pairs Kraken also requires users to create two factor authentication and PGP/GPG signing encryption for advanced security. Trusted by more than 4 million clients in over 190 countries, including professionals, institutions and authorities, Kraken delivers seamless trading in 20 digital assets and 70+ currency pairs, and offers the industry’s most popular advanced charting, trading and portfolio tracking tools through Cryptowatch.

The deal allows Kraken to offer Futures market within Europe.

“We are excited to introduce eligible clients to these industry leading futures and index products. Over the coming months, our teams will continue to enhance and expand these offerings. We’ve got great stuff in store for traders and institutional clients in 2019,”

says Kraken CEO Jesse Powell.


Additionaly, the acquisition of Crypto Facilities reinforces Kraken’s commitment to meeting client demand for innovative products and services. Eligible Kraken clients will gain access to futures on six cryptocurrency pairs, providing a highly efficient way to trade and hedge cryptocurrency in any market environment.

This huge deal has been the largest deal Kraken has had, not to mention the cryptocurrency space as a whole. This could be the largest deal ever made. Also, their developer count increased massively, says Jesse Powel: “The deal brings our total developer team to over 100, and will accelerate Crypto Facilities by enabling us to add more assets. We plan to launch more contracts in the medium-term and Kraken also has plans to launch more assets.”

Also, since February 4th, Kraken daily volume has increased by approximately $11 million, going from $32 million to $43 million. 

Source:

https://www.coingecko.com/en/exchanges/kraken
https://www.coindesk.com/crypto-kraken-acquires-crypto-facilities
https://blog.kraken.com/post/2089/kraken-acquires-crypto-derivatives-trading-platform-and-index-provider-crypto-facilities-in-nine-figure-deal-official-press-release/