Day: May 11, 2018

Of course, news of UpBit involvement in fraud is shocking and more so spells doom for EOS and Tron coin holders. This is because the majority of the exchange’s trading volumes come from the latter’s demand or liquidation. It’s a definite EOS, Tron and Litecoin sell signal visible for everyone here.

However, we cannot attribute this revelation to the current market slide or the $50 billion market cap loss, maybe it’s a coincidence brought in by other unseen market factors.  If it is, the double digit slide we are seeing could usher in more sell pressure. In my view, short selling Litecoin, Stellar and IOTA besides the two can increase our odds of turning in a profit.

Let look at these charts:

EOSUSD (EOS)

EOS Daily Chart by Trading View

There we are back at it guys, a rating company that is trying to influence the natural, market defined trajectory of altcoins trading. While we understand that rating companies are helpful, we don’t need another auction in the market.

Weiss rating is a company that can easily skew investor inclinations if they give a favorable forecast and right now, their eyes are set on high performers, one of them is EOS. Market moving news is that a rumor of UpBit involvement in Fraud. Yes, the main story is they are accused of trading non-existent coins. Remember, EOS and Tron make up the majority of trading volumes in this South Korean exchange.

If you want to check out this double digit price EOS deterioration, then the daily chart provide a better glimpse. First, there is break below the consolidation at $15 and as such, we shall be trading a bear break out with resistances or stops at $16 or there about. Now, because of that bearish engulfing pattern and clear lower lows, it’s apparent that sellers are in charge. Advised by this, our immediate bear targets would be at $12 and $10.

LTCUSD (Litecoin)

Litecoin Daily Chart by Trading View

If you want to watch a Dallas Maverick game, then you can as well pay your ticket using Litecoin. Over time it is obvious that Litecoin adoption is spreading and more merchants are finding value in it as a service.

On the charts, Litecoin is down 10 percent in the last 24 hours and it is likely that that depreciation shall continue now that bears are in control. Evidently, from the daily chart, that break below the middle BB, a minor support line and a point of importance in our analysis no longer hold.

Because of this and the fact that stochastics are bearish, we can align our trades with the existing short term bear trend and aim for $125 and later $110. Otherwise, if there is a brief recovery today, then expect resistance at $150 or there about.

XLMUSD (Stellar Lumens)

Stellar Lumens Daily Chart by Trading View

If anything, Stellar Lumens is one of the biggest losers in the last 24 hours. Yes, bears are in charge but the depreciation on this pair has been astounding and in a matter of hours, Stellar Lumens sellers were testing 30 cents.

Regardless, we expect more erosion today especially say there is a rebound back to 35 cents as price action re-calibrate. As bear momentum is strong, ideal bear targets are at 26 cents and 20 cents. If not, and prices react strongly back above 35 cents, then we remain neutral and wait for thrusts above 40 cents.

TRXUSD (Tron)

Tron Daily Chart by Trading View

As long as Tron’s partnership with Alibaba remains a rumor, Tron prices will have some sort of support. However, considering the current across the board crypto beating, Tron hasn’t been spared from the sword. Tron is down 14 percent in the last 24 hours and likely to end weak as we conclude the week.

In line with yesterday’s forecast, selling Tron with targets at 6.5 cents can turn out to be a good trading strategy. After all, stochastics are bearish and we have those bear soldiers which by the way are trading below 8 cents and the middle BB. If there is a rebound towards 8 cents, then look for shorting opportunities or stochastic sell signals at those levels and aim for 6 cents or lower.

IOTUSD (IOTA)

IOTA Daily Chart by Trading View

Besides Project Q, you cannot mine IOTA coins meaning it is literally immune to mining bans. That’s some of the benefits of owning this coin in the long run. At the moment, speculators can benefit from the up and down movements of this coin.

Like the rest of the market, IOTA is bearish and traders are quickly unloading it. For perspective, IOTA is down 13 percent in the last 24 hours and that’s not all, bears are now trading below $2, the middle BB. Borrowing hints from yesterday’s forecast, we shall continue holding our sells as we aim for $1.5 or even $1 in the course of the month.

The post (UpBit Fraud A Crypto Sell Trigger) IOTA, Stellar Lumens, Tron, Litecoin, EOS: Technical Analysis for May 12, 2018 appeared first on NewsBTC.

IBM is holding a contest in partnership with NGO Global Citizen to create a blockchain platform that accurately and effectively tracks philanthropic donations

Stating that cybercrime is on the rise is rather like saying the world is round. Identifying this well-known fact is no longer any great discovery. But understanding the magnitude of the problem and how it affects us as we use the internet is an important starting point.

Earlier this week, the FBI’s Internet Crime Complaint Center (IC3) released their 2017 Internet Crime Report. More than 300,000 consumers reported that they were victims of malware and cyber-fraud attacks last year (with registered losses of over $1.4 billion combined).

The most common types of crimes were non-payment and non-delivery, phishing scams, and data breaches. The crimes that cost the most in terms of financial loss were compromised email accounts, investment scams, and non-payment/non-delivery. In all, the IC3 received over four million complaints between 2000 and 2017.

The Web of Profit

Advanced malware protection specialists from Bromium, together with Dr. Mike McGuire, Senior Lecturer in Criminology at the University of Surrey, released a report entitled “Web of Profit” last month. The report digs into the dynamics of cybercrime and looks at how new ‘criminality’ platforms are bringing about a booming cybercrime economy, generating at least $1.5 trillion in illicit profits. That’s equal to the GDP of Russia.

In fact, according to their findings, if cybercrime were a country, it would have the 13th highest GDP in the world, comprising illegal online markets, data trading, identity theft, and ransomware.

The CEO of Bromium, Gregory Webb, says, “The platform criminality model is productizing malware and making cybercrime as easy as shopping online… We can’t solve this problem using old thinking or outmoded technology. New approaches to cybersecurity will be required.”

Blockchain and AI

There are many blockchain and AI startups springing up to fight cybercrime using these new technologies. Blockchain, especially at the application layer, is certainly moving in the right direction by removing easily crackable passwords. And if AI can be used to help us predict and prevent cybercrime before it happens, that could be the perfect combination.

Scott Schober, author of Hacked Again and President/CEO of BVS, says, “You’re accomplishing things much quicker when you apply machine learning to cybersecurity. You can anticipate and build up your defenses because we don’t have enough manpower to do it. Using AI and machine learning can do everything much, much quicker.”

But while we can contemplate the uses of new technologies like blockchain and AI to fight cybercrime, when it boils down to it, almost all attacks have a common element: human error.

Schober continues, “I think blockchain applied in the right area is definitely going to help secure things, but you can spend billions of dollars in security, you can implement the latest and greatest blockchain to secure things, but blockchain is fundamentally a layer underneath allowing things to happen; it’s not a magic silver bullet to stop hackers in their tracks.”

The Human Element

Clearly, there are a lot of people making money by preying on unsuspecting internet users. And we all know by now the importance of being careful when we go online. We don’t open links from strangers, we don’t download suspicious attachments, and we don’t respond to messages on Skype asking for our bank details.

Yet most of us have been victims of cybercrime at some point in our lives. It’s not surprising that criminals pick the easiest targets (people over 60, according to the IC3 report). But even the highly technically minded among us can be affected too. Just look at the continued Binance phishing scams that have duped more than one exchange user.

And let’s not even get started on ICOs.

“The biggest problem in cybersecurity today is people,” Schober says. “We continually fall back to choosing convenience over security… We were lazy with creating passwords, and guess what? It really hasn’t changed much today. We don’t take the time to carefully vet what we’re putting out on the internet and then it’s used against us. People are too trusting; we give out information too easily.”

So, it seems that unless we fundamentally change our habits and improve what Schober calls our “cyber hygiene,” all the blockchains in the world won’t be enough to keep our account funds or our identities intact.

Cybercrime is reaching a critical point. Don’t make it any easier for the hackers. 

This article originally appeared on Bitcoin Magazine.

When it comes to Bitcoin, the main barrier to mainstream use is the volatile price. Microsoft started accepting Bitcoin, then stopped, and then welcomed it back. Bitcoin, which was intended to solve the currency inflation problem, has rather turned into a means of storing value. It’s too precious and too unpredictable for real-world usage.

The crypto community has tried to address this problem with stablecoins. Recently, GV (formerly Google Ventures), Bain Capital Ventures, Lightspeed Venture Partners, Andreessen Horowitz, and Sky Capital invested $133 million in Basis, a startup that created a cryptocurrency with a stable, predictable value. Basis tackles the volatility problem by creating more of its currency when demand is high, and reducing the supply when demand falls.

Of course, Basis is not the only stablecoin out there – Basecoin and Seignorage Shares are two others. Stablecoins must determine their own price rather than be priced by supply and demand, and this is a tricky thing to maintain.

However, people want Bitcoin. It’s no secret that Bitcoin was the first generation of blockchain technology, and with solutions such as NEM and Cardano, we are already in the third. Yet people want Bitcoin – it was the riches it brought that made blockchain tech famous in the first place.

What Makes People ‘HODL’?

Tom Lee, the only major Wall Street strategist to issue Bitcoin price targets, has predicted that the cryptocurrency will hit $20,000 by the middle of the year and $25,000 by the end of 2018. Other people, including the CEO of Pantera, a hedge fund, have offered similar estimates.

As this year’s tax day approached, for instance, the price of Bitcoin fell because many people had to cash in their crypto in order to pay their taxes. Regulatory, tax, and legal issues make fiat-based trading onerous and costly for crypto traders, and many crypto exchanges do not even offer the ability to use fiat.

In the US, there is one more reason to hold your crypto: if you hold for at least a year, you can pocket long-term capital gains, which tend to be taxed lower than short-term gains.

The term ‘HODL‘ gained popularity in the Bitcoin community when an apparently inebriated user posted “I AM HODLING” rather than “HOLDING”, and his typo has since become a favorite mantra of Bitcoin investors when talking about holding onto the currency rather than selling it.

What’s The Incentive?

“There was no way to enjoy your crypto wealth without selling it,” says Antoni Trenchev, co-founder of Nexo. “It was a major problem for us. If you want to hold onto your bitcoins, for instance, but need cash, you can get an instant crypto-backed loan from Nexo now, rather than selling.”

Effectively, if a consumer wants to buy something of value and their crypto asset’s value is increasing, they aren’t forced to sell it; they can just get a loan from Nexo. To get a crypto-backed loan, the consumer can transfer their coins to the Nexo Wallet, allowing for calculation of their loan limit. The loan will then be made immediately available by bank transfer, credit card, or even another cryptocurrency. When the client repays the loan and the interest, their loan limit increases and they can also withdraw their crypto from the wallet. In a market where Bitcoin’s price is soaring, this really pays off.

A Strong Foundation

Nexo is not another startup – Credissimo, a leading fintech firm having served millions of customers across Europe for over 10 years, powers it. It’s no wonder that Michael Arrington, founder of TechCrunch and Arrington XRP Capital, is on their board.

Nexo brings two very large innovations to the crypto space. First is the product – it is the world’s first provider of instant crypto-backed loans. Secondly, the NEXO Token is the first SEC-compliant, asset-backed security token that pays out monthly dividends of 30% of profits to token holders.

One of the three largest crypto-related groups on Telegram, Nexo has several thousand followers on Twitter and Facebook.

Its private and public pre-sales were oversubscribed by factors of 5 and 11, respectively, causing the main sale to be canceled. This is a signal of a pressing need in the crypto investment community.

In crypto, the only thing we can be certain of is that nothing is certain. Stablecoins try to minimize volatility, while loans offer a way around the problem by treating cryptos as investments. We have yet to see which solution will go mainstream – maybe both?

A new ecosystem is incentivizing professional crypto traders to use its terminal, allowing newcomers to copy their strategies #SPONSORED

A London-based crypto trading firm has launched the “first regulated” ETH futures, expanding its derivatives offering, which currently includes BTC and XRP futures

There are a ton of cryptocurrencies in the market right now. Website CoinMarketCap.com lists more than 1600 at the moment. With all these numerous digital monies being traded, platforms that specialize in exchange of the said cryptocurrencies are needed.

Like their traditional counterparts, these digital currencies have forex platforms that deal in trade, exchange, buying and selling of them. Global Digital Asset Exchanges (GDAXs) or commonly called crypto exchanges, are what every crypto traders needs.

Paybis, The UK Connection

Paybis is a UK based crypto exchange that has been operating since 2014. The platform allows anyone from around the world to buy, sell or exchange cryptocurrencies and digital money in a quick and a hassle free manner. The platform offers slick interface for easier use and access and extremely low fees. With a wide range of crypto assets to trade in it offers services that are professional and fast.

With advanced completion of KYC procedure, higher level users are granted $20,000 per transaction limit and a $50,000 per month limit, the highest of any exchange at the moment. With that, a 2 hour maximum time consumption for approval requests (but in reality, roughly 15 minutes), the exchange is one of the fastest in user approval in the world.

Discounts, Referrals and Revenue Sharing

Paybis’ core user experience is all about offering services that other cryptocurrency exchanges do not. The latest offering on the table is a discount that increases with an increase in purchase of digital tokens. Users can lay claim to up to 50% discount on the platform fee when transacting with a debit or a credit card. The offer applies on BTC, LTC, BCH, XRP and ETH coins bought with credit or debit cards only.

Another user attractive feature is the referral program, where a user is awarded anywhere from 10% to 20% of profit made by the platform off each transaction made by the referred user. Users also have the option of buying Amazon gift cards directly from the platform

Other Advantages of Paybis

The exchange platform is designed with users in mind and as such, the platform offers other various services that leave other exchanges behind in the dust.

There is a live 24/7 customer support service, that, unlike other platforms’ service, is always available and responds in a timely fashion to all queries and issues. Apart from regular support services, the platform boasts friendly agents that walkthrough new users on how to sign up, get verified and create wallets. The rating of the platform on the website TrustPilot has an average rating of Excellent.

The platform also offers a mastercard enabled card that users can use to withdraw any digital asset or cryptocurrency from the exchange with ease. With its latest move on changing banking partners, the platform has further reduced its SEPA bank fee.

For more information on the UK based exchange, visit their website: https://paybis.com/

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The new landscape of corporate IT involves ever faster adoption of newer technologies, and Blockchain is no different. Companies of all scales are clamoring to see how ledgers, dapps, and Blockchains can give them a competitive edge. But the amount of interest is outstripping the speed of progress in making business-ready crypto-technology solutions: the most exciting solutions are either in the pipeline or unscalable as of yet.

As of now, Blockchain solutions are out of reach for the vast majority of businesses. Development costs and complexity are big barriers to custom solutions development and will remain so for a few years. However, a new Blockchain platform wants to be the middleware layer between businesses (especially eCommerce and ERP systems used) and the wider cryptosphere. Omnitude is currently in development and ramping up for launch.

As the Omnitude team put it in their whitepaper: “Omnitude is a radical concept in blockchain ecosystems. A middleware plug and play blockchain built on Hyperledger Fabric, for use across the whole spectrum of enterprise eCommerce platforms. Utilising Omnitude as an integration layer between existing systems enables rapid deployment of blockchain technology without the need to replace current systems.”

A track record in tracking data

Reassuringly, the team has worked on a range of tech challenges for the past decade, which should mean they have the pieces in place to roll out their roadmap efficiently: “Omnitude is a blockchain project borne out of an existing enterprise eCommerce agency. We’ve spent the best part of the last 10 years putting up with one of the major problems Omnitude will fix, integrations. We’ve spent most of our time integrating and reintegrating systems.

We know this sector inside and out, we have a pool of staff who know this sector very well and more importantly, we have a lot of enterprise customers who cannot wait to get their hands on Omnitude.”

Ecosystem focused

Perhaps learning from the experiences of other Blockchain platforms, Omnitude is targeting partnership early, aiming to have as many partners on board as possible before the launch. Omnitude reached an agreement with one of the world’s leading eCommerce software providers, CS Cart.

CS Cart is one of the world’s leading multi-vendor eCommerce platforms currently being sold in more than 160 countries and powering more than 35 000 stores – this enables Omnitude access to a ready-made base of customers.

They also landed a partnership with one of the leaders of ledger technology in Switzerland to help build the platform with CS Cart. As they put it:

Our collaboration with Swisscom Blockchain AG ensures that the scale of our vision and project is matched by our ability to deliver it…

“If successful, the platform could change e-Commerce as we know it today. With Swisscom Blockchain committing our strength in technical expertise, DLT experience and providing infrastructure strength, Omnitude has chosen one of the strongest technical partners in Switzerland.”

— Waldemar Scherer, Head of Enterprise Blockchain at Swisscom Blockchain AG.

Ramping up for launch

They are currently in the phase of token sale for ECOM, which holds the platform together: “The ECOM token is a utility token launched alongside the Omnitude platform and ecosystem. Merchants, customers, and suppliers will earn and purchase ECOM within the Omnitude ecosystem. The token will serve several primary functions: A native method of settlement between parties to access the system and its resources, an incentive for ecosystem participants to operate and secure the ecosystem, [and] a means to raise funds for the long-term development of Omnitude.” The token sale runs until May 31.

The post Omnitude: Bringing Transparency to Online Marketplaces appeared first on NewsBTC.

We live in a world where everything is data-driven. With the continuous development of information technology and smart life, we have witnessed a tremendous explosion in the growth of data use across the planet.

Sharder is an all-new cross-chain distributed storage protocol that introduces the concept of ‘Watcher and Prover’. The protocol’s own SharderUTXO model is compatible with the UTXO model that is currently employed by the Bitcoin blockchain.

From a technological standpoint, the Sharder Chain provides users with a high degree of:

• Robustness
• Security
• Privacy

Also worth mentioning is Sharder’s use of a sharing economy model wherein the cross-chain distributed storage network is able to provide subscribers with an efficient, permanent storage service. Not only that, the protocol also enables subscribers with redundant storage space to share their extra space in exchange for attractive rewards.

Quite similar to the model used by Airbnb, Sharder Protocol’s multi-chain scheme employs a distributed, secure, convenient and permanent sharing network.

Lastly, Sharder deploys micro node miner (Sharder Hub) and storage mining all-in-one (Sharder Box) units that allow data miners to receive rewards by either contributing computing power or providing storage space to the network.

Overview of the platform

• Sharder Protocol is open-source and free for everyone to use. It can be deployed within any public chain or storage network.
• Independent users and third-party organizations have the ability to use Sharder and develop their DApps on it.
• According to the company roadmap, Sharder will release two additional service modules called Sharder Matrix and Sharder Brain in the near future.
• The network can be used to store a wide array of data including conventional files such as photos and documents as well as niche data such as biological information.
• The Sharder Foundation is in charge of the Sharder protocol’s R&D.

Key Features

For starters, Sharder makes use of a loose network architecture that allows for single node failure as well as some occasional downtime. However, in such cases, the network remains robust, thus providing users with a high degree of reliability and overall usability.

Overview of the Sharder ecosystem

With the Sharder Protocol, all network data is encrypted and private. Data owners have full ownership of their information, and no third-party personnel lacking relevant authorization can gain access. Similarly, all contributions made within the system are quantified, observable, and based on measuring methods such as PoST (Proof of Storage and Time) and PoR (Proof of Replica).

Visual representation of the Sharder Protocol

Lastly, it is worth mentioning that data objects are allowed to remain in various states of operation at different nodes, but at the same time they possess the ability to converge and create a stable consistency within the network. Said objects are closely monitored and could be spontaneously recovered to some extent.

How it all works

The Sharder Protocol constructs a distributed storage network which provides customers with a cost-effective storage space solution. In addition, the protocol also serves as a reliable data storage medium as well as a transparent on-chain information unit.

A simplified representation of how the system works

All of the storage space, stored data and digital assets contained within this network come together to form a free market which is accessible to everyone. In the same vein, the Sharder Network is accessible not only to conventional storage resources, but also to global public chains such as Qtum and Ethereum; storage networks such as IPFS, Aliyun, and Baidu Cloud; and personal storage resources such as spare disks and cloud disks.

The Sharder protocol adopts a data sharding, multi-replica model wherein the security and availability of data is maximized. It helps connect users to various public chains and networks to form a highly complex ecosystem. Moreover, the protocol automatically initializes authorization of Sharder-PAIR and Sharder-UTXO to meet the requirements of audits and supervision of enterprises or regulators.

About the team

Ben Xiong is the CEO and CTO of this project. He possesses over 15 years of experience in the digital domain and has specialized in areas such as data programming and engineering. Ben holds a B.Eng. degree from Shanghai Jiaotong University. His other work credentials include:

• Chief structural architect of Seachange
• Chief Architect of Yiji Pay
• Co-founder and CTO of Taogushen.com
• Founder of Conch Chain

Jeffrey Zhu is the COO of this project. According to his professional bio, Jeffrey possesses eight years of experience in niche areas such as programming, finance, business operations and entrepreneurship. He holds a bachelor’s degree in computer science from Peking University and co-founded both Beiming and Chain Renaissance Capital.

Lastly, Rick Wang is the CMO of the company. In addition to holding six years of experience in marketing, channel development, and entrepreneurship, Rick served as the marketing director of Huangcheng Technology Co., Ltd. and as general manager of Zebra Environment Technology Co., Ltd.

Token Performance Details

Introduced into the market earlier this month, Sharder (SS) coins were initially valued at US$0.08 per token.

SS token lifetime performance chart (courtesy of CoinMarketCap)

While the currency has performed well, due to the newness of its associated product, it is still difficult to assess the true potential of this token.

As of May 9, the price of a single SS token stands at $0.099.

Final Thoughts

Sharder Protocol delivers its customers with a cross-chain distributed storage protocol that can potentially be deployed on various public chains, storage networks, personal nodes, etc.

Owing to its multifaceted nature, it would not be surprising to see this service continue to do well this year.

If you are interested in investing in Sharder, SS trading pairs are currently available on DDEX, IDEX, and OTCBTC.

Bitmain is set to launch its new application-specific integrated circuit (ASIC), the Antminer Z9 mini in June, which will be used for mining cryptocurrencies using the Equihash proof-of-work (PoW) algorithm. The Zcash Foundation was quick to respond, labeling the task of maintaining ASIC resistance an “immediate technical priority”.

Pleased to announce the Antminer Z9 mini, an ASIC miner to mine #Equihash-based cryptocurrencies. To prevent hoarding and to let more individuals worldwide get one, we've set a limit of one miner per user. Order here (https://t.co/LdIbpRrbgI) now while stock lasts!#AntminerZ9 pic.twitter.com/xJD58SKUfy

— BITMAIN (@BITMAINtech) May 3, 2018

Zcash (ZEC) prides itself on being a decentralized cryptocurrency with optional privacy for transactions. Many developers and members of the cryptocurrency community are opposed to ASICs as they feel they are a step towards centralization, which could lead to similar problems of traditional systems. ASICs are highly efficient compared with their GPU counterparts, and there is speculation that Bitmain mines privately in order to gain market dominance.

Effects of ASICs and centralization

If an entity of miners are allowed to establish a majority on the network, it leaves the system more vulnerable to manipulation. Disrupting the flow of hashing power to the network can affect transaction times, leading to higher fees. Centralization can also lead to a concentration of tokens held by a single group, which can then be used for so-called “pump and dump” schemes, further consolidating their share of the market.

Bitmain is already cornering the market with USD 4 billion of profit from its dedicated hardware. This can be re-invested into future ASIC technologies and token holdings, further increasing their edge over competitors and control of the market.

There are growing concerns about centralization and the effect it could have on the industry.

“Bitmain is in a position where the Chinese government can take over their equipment at any time; something they will no doubt do if Bitcoin grows enough to allow them to use their control of the hashrate to push a Chinese geopolitical agenda,” said Cobra, the anonymous owner of bitcoin.org and bitcointalk.org.

Others view the attempt to resist ASIC hardware as delaying the inevitable.

“Even if we manage to neuter a wave of Equihash ASICs, this will not be the end of the discussion. Inevitably, some new ASIC will arise, and we may have to go through this process again,” wrote Josh Cincinnati, executive director of Zcash Foundation.

Image source: https://www.flickr.com/photos/120586634@N05/14673305874/ – Gareth Halfacree

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The post Zcash Responds to ASIC Threat appeared first on BitcoinNews.com.

This article originally appeared on Bitcoin Magazine.

Fundstrat Global, a favorite research firm in the cryptosphere with Wall Street-street cred, is once again providing eye-popping bitcoin (BTC) predictions. This time analysis depends largely on what’s known as the mining economy. Hash power and hardware advancement all combine to show a possible $36,000 BTC price by the end of next year, they claim.

Also read: JP Morgan Chase Eats Humble Pie, Applies for Blockchain Patent

Fundstrat Continues Moon Price Predictions

Fundstrat’s head of data research, Sam Doctor, explained, “The release of the next generation of rig hardware should trigger a new round of capex as well as hash power growth, which could accelerate if BTC price appreciates.”

Capex is short for capital expenditure, and refers here to upgrades in technology such as mining rigs. Hash power growth can be thought of as cryptocurrencies such as bitcoin using proof of work, relying on a unit of measure basically recording power consumed by the network to keep it humming along, in this case, roughly every ten minutes a block is found or generated.

“We believe the current path of hash power growth supports a BTC price of about $36,000 by 2019 year end, with a $20,000-$64,000 range,” Mr. Doctor continued. “The primary net sellers, in our view, are bitcoin miners, and the rest are transactions between investors.”

If a multiple of four from its current price seems ambitious, the actual range from Fundstrat pushes the high to nearly twice even that number. Mr. Doctor uses mining economics to establish a floor support level due to its supposed relative growth going forward. Through next year, researchers believe mining hash power will indeed boom by 350 percent.

A Rosy Immediate Future

Most of the price moon prediction depends upon miners Fundstrat assumes will hold their position through the crypto winter, and then sell once it recovers (and better). Moving variables in the mining economy include rig innovation, electricity cost, and the ability to lower hardware temperatures.

Mr. Doctor further elaborated how “miners verify and process transactions, supporting the network in exchange for mining rewards and transaction fees. We argue that the Price/Miner’s Breakeven Cost multiple has proven a reliable long-term support level, and further, that the likely trajectory of future mining infrastructure growth should underpin Bitcoin price appreciation into year-end 2019.” And harder numbers Fundstrat asserts to be $6K per BTC for Bitmain’s Antminer S7, and just over $2K for its S9 model.

Such rosey price predictions are nothing new for Fundstrat Global. Its very public face, and really only prominent Wall Street analyst to take cryptocurrencies seriously as an asset class, Tom Lee, famously last Summer forecast BTC becoming a store of value on par with gold, reaching a high of as much as $55K by 2022. As more information has come in, Mr. Lee has also said he expects the digital asset could moon to $25K by the end of this year alone.

Still other analysts believe the causal connection between mining activity and speculative price is not well established, leading to perhaps more outlandish price calls as a result. And with other cryptocurrencies battling it out for market share, offering varieties of features not currently found in bitcoin, the BTC price explosion might not be such a given. At press time, BTC price hovered around $8,500, down almost ten percent.

What are your crypto price predictions? Let us know in the comments section below.

Images courtesy of Shutterstock, Fundstrat.

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The post Bitcoin Moons to $36,000 by End of 2019 According to Fundstrat appeared first on Bitcoin News.