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How to keep safe own financial situation in the middle of a crisis?
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Telegram channel: @cashbackmoneyclub
2020-05-17 18:51:06
Bitcoin Hash Rate Drops 32% In Days As Miners Revenue Halved
Bitcoin’s hash rate has decreased by 32% in the past few days as the revenue generated by miners is also substantially less following the halving. This is one of the biggest corrections in history, and it might pose certain security challenges for the network.
Bitcoin Hash Rate Drops 32%
Bitcoin’s hash rate decreased dramatically in the past five days. Since May 10th, it has dropped by more than 32%, going down from about 136.098 million TH/s to 91.265 TH/s.
The hash rate is a very important security metric. The more computing power the network has, the greater its security is, and the more resistant it is to a potential 51% attack. Naturally, a considerable decline of the kind makes the network more susceptible to security challenges.
As CryptoPotato reported before the halving, this was one of the risks that the event could have brought. Of course, Bitcoin remains the most secure network, but with the drop of the hash rate, it became easier for someone to attack it.
Miners’ Revenue Slashed in Half
Another direct consequence of the halving was the decrease in the revenue that miners generate. Since the block reward was reduced to 6.25 BTC/block from 12.5 BTC/block, their revenue more than halved.
As seen on the chart, the revenue dropped from about 19.253 million on May 10th to 8.245 million on May 14th.
The decrease in the block reward made it more expensive for miners to remain active. The reduced hash rate could be tied to more operations shutting down. However, Bitcoin’s network is designed to adapt and adjust accordingly, which is why a lot of experts believe that the upcoming mining difficulty adjustment will be particularly serious, and it will reduce the difficulty substantially.
With the decreased hash rate, the median confirmation time has also gone up by more than 100% since May 10th.
2020-05-17 18:01:27
Is Bitcoin’s Lightning Network Ready to Replace Altcoin Use Cases?
For many, Bitcoin’s (BTC’s) Lightning Network (LN) is viewed as a way for the world’s most popular cryptocurrency to enable faster, cheaper payments. While many altcoins, such as Bitcoin Cash (BCH) and Litecoin (LTC), have specifically focused on low transaction fees for smaller cryptocurrency payments, the idea with the LN is to enable this functionality for the world’s most widely-used and liquid cryptocurrency— removing the need to create an alternative cryptocurrency network with a new token.
Defining how long the Lightning Network has been around depends on one’s definition of the true launch date of the second-layer payments protocol, but Lightning-enabled bitcoin wallets have been available for a few years now. So, has the LN replaced the need for altcoins focused on lower transaction fees? Let’s take a closer look.
In January 2019, it was reported that Bitrefill, which sells gift cards and mobile prepaid cards as part of its business, had already seen the LN overtake all of the individual altcoins in terms of payments.
Since then, it has mostly been ethereum (ETH), not the Lightning Network, that has seen some growth relative to other payment options on the platform. According to Bitrefill CEO Sergej Kotliar, the cryptocurrency payments breakdown for the online retailer is currently as follows:
80% on-chain BTC,
7.5% ethereum (ETH),
4% Lightning-based BTC,
7.5% other altcoins LTC, dash (DASH), and dogecoin (DOGE)).
It should be noted that this data is in reference to payments made by users that do not have refillable accounts on Bitrefill, where only bitcoin transactions (on chain or Lightning) are accepted.
“We're still optimistic about Lightning, especially as we're seeing usage of everything grow right now, and the possibilities especially of integrations with custodial entities, such as what we've done with Bitfinex,” added Kotliar. “But adoption among exchanges is going slowly. I would have expected more by now. Maybe with more fee pressure it will pressure more of them to add Lightning.”
According to a Bitkong spokesperson, the current usage breakdown of their available payment options is as follows:
88% on-chain BTC,
4% ETH,
3% XRP,
2% BTC via Lightning,
2% DOGE,
1% LTC.
Bitkong will also be removing DASH as a payment option soon, as basically none of their users make their deposits or withdrawals via that cryptocurrency.
“We are trying to educate as many players as we can to switch to Lightning wallets,” said the Bitkong spokesperson. “This [has] huge benefits for both sides, as deposits are instant and secure (unlike most altcoins).”
2020-05-10 20:00:50
Bitcoin Hits $9.3K as S&P 500 Heads for Another Winning Session
Bitcoin topped at $9,300 for the first time in a week on “halving FOMO.”
The cryptocurrency’s upside move surfaced as the S&P 500 index pointed towards new gains at the Wednesday’s open on Wall Street.
The gains across the board came despite concerns about the long-term impact of coronavirus on the global economy.
Bitcoin prices rose on Wednesday, crossing above the $9,000-threshold as traders anticipated bullish outcomes from the upcoming halving event.
The benchmark cryptocurrency topped at $9,300 after logging a 3 percent intraday rally. The move uphill stretched bitcoin’s rebound from March lows to 100 percent. Meanwhile, it further helped the unique asset maintain its year-to-date returns in positive territory, now above 26 percent.
The gains closely followed a surprising ascent in Bitcoin’s on-chain data. The cryptocurrency’s hashrate, a metric that reflects the computation power of the Bitcoin network, surged to its all-time high on Tuesday. The jump pointed at a growing miner’s contribution, with analysts reminding that it was their last chance to accumulate a 12.5 BTC reward ahead of halving.
Bitcoin’s mining reward will go down by half to 6.25 BTC per block effectively from May 12, 2020. Analysts earlier anticipated that the halving would push small miners out of business. But bitcoin’s latest upside push brought its prices way above the perceived breakeven, saving miners from going down.
“I have thought about a miner capitulation occurring at the halving,” said Jason Williams, co-founder & partner at Morgan Creek Digita. “But I am slowly changing my opinion on that point as I am not sure it will have that big an effect on the price. Large miners have already gotten the mines sorted and have the new equipment hashing.”
It is now possible that miners have started holding their bitcoin rewards, creating a supply deficit in spot markets.
Gains in the bitcoin market also surfaced after the S&P 500 index closed Tuesday 1 percent higher. Futures linked to the U.S. benchmark also pointed towards new upsides after the New York opening bell on Wednesday, with investors concentrating squarely on the reopening of the U.S. states following weeks of lockdown.
The correlation between Bitcoin and the S&P 500 grew to record highs against the fast-spreading coronavirus pandemic. They fell and rebounded hand-in-hand from February 2020, showing traders utilized their volatility to extract short-term profits. Bitcoin, with its higher risk-reward, offered more gains than its traditional counterpart.
There are, however, pending concerns. Investors fear that reopening economies when the Coronavirus cases are surging could start a new wave of infections. Meanwhile, Donald Trump has raised the fears of a new trade war after accusing Beijing of leaking coronavirus from a lab in Wuhan.
All of that could add bearish pressure on the S&P 500. Losses in the U.S. benchmark could, in turn, lead investors to liquidate their profitable bitcoin positions.
2020-05-07 20:01:06
There’s a $8 Million Bitcoin Sell Wall That Will Haunt Any Near Term Uptrend
The price action over the past few days has undoubtedly been positive for Bitcoin. Case in point: the cryptocurrency ripped over 20% higher from the mid-$7,000s to a price as high as $9,500 over the course of 48 hours.
Prices have since consolidated at $8,800, with BTC finding itself stuck between support around $8,500 and resistance at the ever-important level of $9,000.
The consolidation, unfortunately, could result in a further sell-off as an analyst has noted that a large Bitcoin sell wall has formed on Binance.
Sell Wall Could Put Stop to Rallies
Although Bitcoin has been making attempts at rallying higher over the past few hours as of this article’s writing, a top analyst observed that a sell wall consisting of 1,000 Bitcoin — worth over $8 million — has just recently appeared on Binance.
Should BTC fail to catch a bid during any attempt at rallying in the coming hours, it could be strongly rejected by the Binance sell wall, which will act as resistance for the cryptocurrency market as long as it is on the order book.
Adding to the threat the sell wall poses to Bitcoin in the near term, Bloomberg also recently observed that the cryptocurrency recently became technically overbought “based on the GTI Global Strength Indicator,” with the momentum oscillator recently crossing above 70.
“With Wednesday’s jump above $8,000, the largest cryptocurrency entered overbought territory based on the GTI Global Strength Indicator. Assets are considered overbought if the reading exceeds 70 and could indicate that it may be difficult for the token to notch additional gains in the short-run,” the outlet wrote.
This confluence corroborates an analysis by a top crypto trader, who identified that Bitcoin is likely to correct towards the low-$8,000s due to the rejection at a key Fibonacci Retracement level. He wrote:
“Bitcoin made 5 waves down on the smaller timeframes, ABC back up and swiftly rejected the 0.618 almost to the $. Now I think we get one more leg down into low $8ks. This will be a buy the dip opportunity in a strong uptrend.”
Bitcoin Still Has a Bullish Trend
Despite the risk of a short-term correction, there is a growing number of prominent investors and traders that believe the crypto market’s medium-term trajectory remains bullish.
Kelvin Koh — a former Goldman Sachs partner and current partner at The Spartan Group — recently wrote in an analysis that the ongoing COVID-19 outbreak is decisively bullish for Bitcoin and other digital assets.
Central banks injecting trillions of dollars worth of stimulus into all facets of the economy while BTC will see its block reward halving, Koh explained, are trends with “uncanny timings” that “dramatically increase the odds that we get another exponential price spike for Bitcoin with spillover effects to other crypto assets.”
In terms of on-chain metrics, data companies in the industry like Glassnode and Coin Metrics have observed that the number of individuals using Bitcoin and other cryptocurrencies is on the rise, only corroborating the idea that a bull rally is brewing.
2020-05-03 20:00:40
Ethereum Has More Whales and Some Of Them Manipulate
There's an influx of new ethereum (ETH) whales, while some of the ETH whales manipulate the market, according to Adam Cochran, Partner at decentralized autonomous organization Metacartel Ventures.
Cochran explains in his first of several announced reports (also 'translated' into a Twitter thread) that he manually audited the top 10,000 Ethereum addresses in order to learn about liquidity, profitability, and market manipulation. Here are some of his findings.
1. There are more new whales in the space, now making c. 6% out of the 10,000 addresses. Among these top wallets, a "significant" number of them had their first transaction associated with fiat onramp exchanges, such as Gemini, Kraken and Coinbase. These new addresses often bought USD 100,000-250,000 worth of ETH, or around USD 100 million in new ETH purchases in the past six months in total. Together with the "old" whales, this number goes up over USD 650 million, Cochran claims. Meanwhile, according to recent multiple reports, based on a Reddit post, Grayscale Ethereum Trust bought around a have of all mined ethers this year.
2. A group of at least 12 whales seem to be manipulating the market, and the author says that this is being done "in coordination" with crypto exchange Bitfinex and possibly BitMEX.
Per the report, there's first an increase in people shorting ETH, commonly starting on BitFinex, then BitMEX, then other exchanges. These whales start sending equal batch transactions over a few days to Bitfinex, Coinbase, Kraken, Bitstamp, and Bitflyer, make repeated small transactions that wouldn't be noticed by systems like WhaleAlerts, and finally "all at once, the market dumps. They profit on their huge shorts and buy back at a lower price." The batch transactions are then back to their addresses.
3. Miners have begun to hoard. In the same time frame, in the past 6 months, miners have accumulated ETH 1.15 million, currently worth around USD 240 million. Only c. 20% of miners are hoarding, but they are doing so "at aggressive levels." What seems likely, however, is that with the Ethereum 2.0 Phase 0 nearing, ETH miners are getting ready to convert mining operations into staking operations, which Cochran says will lower the cost. On the other hand, there are miners who continue to sell heavily, which may mean they won’t be stakers, and it could also mean that some 80% of miners will shift to other Proof-of-Work chains, once Ethereum moves to Proof-of-Stake - and that "could be great for ETH’s little brother ETC." Either way, says Cochran, "profiteering miners are bullish on the future of ETH."
4. Exchange deposits grew c. 5 times from 11,000 a day to >55,000 a day in the last six months. This tends to be the leading early indicator of a bear market or mass sell-off, Cochran writes, as the last three times such a 4-5x rise happened would indicate. However, this time, ETH's price appreciated despite the volume increase. "There is a major positive sentiment being shown in the market right now," he says.
2020-04-30 20:01:03
BTC Miner Manufacturer Ebang Files for U.S. IPO to Raise $100 Million
Ebang, a Chinese Bitcoin ASIC chip manufacturer, is looking to go public with new shares. The company has filed with the U.S. SEC for a $100 million IPO.
Ebang International, one of the world’s largest Bitcoin mining machines producers, announced that it had filed for an initial public offering (IPO) in the U.S.
China-based Ebang is going to raise around $100 million via this IPO. The F-1 form was filed with the U.S. Securities and Exchange Commission (SEC) on Friday, April 24. The company also added it needs to move Class A ordinary shares. The primary value is HK$0.001 (US$ 0.00013) per share.
The shares will be listed either on the New York Stock Exchange (NYSE) or Nasdaq Global Market, under the symbol EBON.
Both Hong Kong-based AMTD Global Markets Limited and U.S.-based Loop Capital Markets LLC are indicated as joint underwriters for Ebang’s IPO.
One of the Leaders in Chip Integration
Let us also add that Ebang is one of the leading ASIC (application-specific integrated circuit) chips designers and actually has made 82% of its 2019 revenue on designing these chips for bitcoin mining.
Ebang’s revenues, on the other hand, slumped very hard last year to $109 million in comparison to $319 million in 2018. The company also had a gross loss of $30.6 million in 2019 as compared to a gross profit of $24.4 million in 2018.
Ebang, the Ebit bitcoin miner maker, made most of its 2019 revenues (over 53%) from selling Ebit E12 Series machines, followed by Ebit E10 Series machines (34%). It is also important to mention that the number of chips and the average price at which Ebang sold its chips, both fell in 2019 in comparison to the previous year. Also, let’s not forget that during 2018, Ebang sold 415,930 mining chips for the approximate price of $737, while in 2019 it sold 289,953 chips at an average price of only $304.
Risk Factors Depend on the BTC Price, Second Ebang IPO Attempt
Ebang explained that its operations are very much connected to the Bitcoin’s price.
The company stated:
“Our results of operations have been and are expected to continue to be significantly impacted by the fluctuation of Bitcoin price, and in particular, significantly and negatively impacted by the sharp Bitcoin price decrease. The price of Bitcoin tends to have a direct impact on the market demand for our Bitcoin mining machines, in terms of both the price and the quantity, and we expect this trend to continue.”
Also, as per the company, the COVID-19 spread has “adversely affected” the price of the biggest cryptocurrency while the lower prices “may continue in the near term and adversely affect our business of operations and financial condition.”
Be it as it may, this is Ebang’s second attempt to proceed with an IPO. In June 2018, the company was going to hold its IPO in Hong Kong, but it failed to take off. At that time, Ebang was looking to raise $1 billion.
2020-04-26 20:01:08
Bitcoin And Altcoins Remain in a Positive Zone
👉Bitcoin price is trading well above USD 7,000, with a positive bias.
👉Ethereum is facing hurdles near USD 185 and XRP could soon test USD 0.200.
👉MAID surged more than 100% and NMR gained nearly 15% today.
This past week, there was a steady increase in bitcoin price above the USD 6,850 resistance area. BTC/USD even surpassed the USD 7,000 level, but it struggled to accelerate above the USD 7,200 resistance area. It is currently (08:30 UTC) consolidating gains and likely preparing for a fresh increase above USD 7,200 and USD 7,250.
Similarly, almost all major altcoins are trading in a positive zone, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is consolidating above the USD 180 support and facing hurdles near USD 185 and USD 188. XRP/USD is showing bullish signs and it might soon test the USD 0.200 resistance area.
Bitcoin price
After a successful close above the USD 7,000 pivot level, bitcoin price extended its rise above the USD 7,150. BTC/USD even climbed above the USD 7,200 resistance, but it struggled to continue higher. It is currently consolidating gains, with an initial support near the USD 7,050 level. The main weekly support is likely forming near the USD 6,850 level.
On the upside, an initial hurdle is near the USD 7,200 and USD 7,250 levels. A clear break above the recent swing high might lead the price towards the USD 7,550 and USD 7,650 levels.
Ethereum price
Ethereum price performed well this past week as it broke the USD 175 resistance. ETH/USD traded close to the USD 190 level and recently corrected lower. The price is again rising towards the USD 185 resistance. The key barrier is near the USD 190 level, above which it could test USD 200.
On the downside, the previous major hurdle near the USD 175 level may perhaps act as a weekly support. A break below USD 175 might lead the price towards USD 165.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price remained well bid above the USD 220 support and it settled above the USD 230 level. On the upside, BCH/USD is facing a lot of hurdles near the USD 240 and USD 250 levels. A clear break above USD 250 is likely to call a move towards the USD 275 resistance zone.
Litecoin is currently consolidating near the USD 42.50 area. On the upside, an initial resistance is near the USD 43.20 level, above which it could test the key USD 45.50 resistance area. On the downside, the first major support is near the USD 41.20 level, followed by the USD 40.50 level. The main support is near USD 40.00.
XRP price is trading above the USD 0.188 resistance area and it is testing the USD 0.192 pivot level. If the bulls gain strength, the price is likely to surpass the USD 0.195 resistance and test the USD 0.200 resistance area. On the downside, the main support is near the USD 0.180 level.
Other altcoins market today
In the past three sessions, a few small-capitalization altcoins declined more than 5%, including MAID, NMR, QNT, XZC, ZEC, SNT, DGB, and THETA. Out of these, MAID rallied more than 100% to move to the top 70 league.
Overall, bitcoin price is trading in a bullish zone above the USD 6,850 and USD 7,050 support levels. To continue higher, BTC/USD must gain strength above USD 7,200 and USD 7,250. The next key target for the bulls could be USD 7,650 or even USD 7,800.
Total market capitalization:
2020-04-20 13:53:34
April Loves Bitcoin, But Watch for Capitulations and COVID-19 - Kraken
While April has historically been the second-best performing month for bitcoin (BTC), investors should watch for the possible miner and/or holdler capitulation and how the world is dealing with the COVID-19 pandemic-triggered economic crisis, according to analysts at major crypto exchange Kraken.
On average, in April, BTC posts a +53% return and has the highest median return at +27%, the exchange said in its monthly volatility report, released this week. Also, this month is on average 48% more volatile than March. As a reminder, this past month, marked with a market crash, was the most volatile March in history and the 8th most volatile month since January 2011.
Meanwhile, Kraken also reminded that higher bitcoin prices are essential in order to keep miners in business and that even “sideways price action” could be all it takes to “squeeze unprofitable miners out of the market” and the players leaving the game might decide to liquidate any bitcoin and other assets they hold. “Bitcoin’s halving in May could exacerbate this dynamic should price fail to trend higher,” the report warned.
Today, BTC dropped below USD 7,000 again. At pixel time (12:48 PM UTC), it trades at c. USD 6,939 and is down by 4% in a day, trimming its weekly gains to 0.5%.
Further, the exchange also noted that 58% of the bitcoin supply hasn't moved in more than a year. Should this number decrease, it might mean that long-term holders "have lost confidence in bitcoin and have exited the market."
Moving over to the current economic climate, Kraken’s researchers said that the COVID-19-triggered economic crisis is not in itself a good thing for bitcoin, and that it could in fact lead investors to sell the asset:
“Growing unemployment, falling asset values, illiquidity, worsening credit conditions, and fear, among all else, could drive cash-strapped market participants to sell bitcoin,” the report said, noting that although stimulus from central banks and governments could “spill over into bitcoin, relief is not guaranteed and would most certainly not be realized overnight.”
2020-04-12 15:35:02
$113 Billion: Norway Wealth Fund Lost Almost The Entire Market Cap Of Bitcoin In Q1
In his usual manner, Morgan Creek Digital partner and Bitcoin bull Anthony Pompliano has once again praised Bitcoin. This time, Pompliano’s support for the king coin comes with a comparison of its current market behavior to the traditional market, as the current coronavirus pandemic continues to bleed the world dry.
Per a Bloomberg report, Norway’s sovereign wealth fund, which is currently the largest in the world, has lost a lot of weight as markets continue to plunge. The report states that the fund shed 1.17 trillion kroner, which is roughly $113 billion.
In a recent tweet, Pompliano compared the loss to Bitcoin’s entire market value. The same tweet also seems to suggest that the fund, or other markets, could quite easily lose a lot more in the near future.
“Bitcoin’s market cap is $124 billion currently. Norway’s sovereign wealth fund lost $113 billion in Q1 of this year. Norway’s sovereign wealth fund lost almost the entire market cap of Bitcoin in 90 days. It is still so early. Be patient.”
Since the pandemic began, the financial markets have had a hard time adjusting, with many of them eventually crashing terribly. For a while, the drop did not affect Bitcoin as it continued trading favorably. However, on March 12, Bitcoin fell to levels around $3,700. That day is being referred to as “Black Thursday”.
The Bitcoin market has now regained a lot of the weight it shed and is now up more than 75% since the Black Thursday. Sadly, other markets are not enjoying that much respite, forcing the U.S. Federal Reserve to print trillions of dollars, just to keep the market from falling over itself.
The Bloomberg report also shows that the Norway fund lost 14.6% in the year’s first quarter. In comparison, even when the recent crash is accounted for, Bitcoin lost less than 11% in the same period.
2020-04-05 15:07:50