The decline in the production rate of BTC makes it more scarce and raises its value. Bullish crypto-analyst estimates Bitcoin could reach $ 25,000 before 2020. Binance and Coinbase traffic reach a 14-month high. Weiss Crypto Ratings downgrades EOS. The G20 finance ministers and central bank governors have asked the Financial Stability Board (FSB) and global standard-setting organizations to monitor risks around crypto assets.
Markets and Trends
The decline in the production rate of BTC decreases the supply of the asset in the global exchange and over-the-counter (OTC) market, raising its value. As crypto-asset technical analyst Josh Rager said in late May: Bitcoin had eight 30%+ pullbacks since the last market uptrend, but the average time between each pullback was 98 days. BTC had a serious 26.3% pullback on May 17th, which means the next major retrace could be a couple months away.
Bitcoin's (BTC) trading volume on Coinbase recently hit its highest level since Feb. 4 of last year, which shows that the price is rising higher backed by strong demand. The BSV/USD pair has formed an inside week candlestick pattern and is finding support close to a 38.2% Fibonacci retracement of the recent rally, while it is facing resistance near the high of $ 254.
Crypto Analyst Warns 2019 Bitcoin Rally Set to ‘Blow Off’ – Plus Ethereum, Ripple and XRP, Litecoin, Stellar, TronThe Daily Hodl
A prominent crypto analyst warns the 2019 Bitcoin rally is an "exchange driven pump" that's due for a significant pullback. "I'm awaiting this exchange driven pump to blow off, a proper retrace, and only then do I think real investor flows will come in and drive the true organic bull market." Ethereum Ernst & Young's global blockchain leader, Paul Brody, says blockchain is poised to trigger a fundamental transformation of how enterprises do business.
The bitcoin price could break above its all-time high by year-end 2019, according to Oliver Isaacs. The millionaire cryptocurrency analyst and trader told The Independent that more investors are viewing bitcoin as a safe-haven asset in the wake of growing macroeconomic tensions.
Weiss Crypto Ratings on Friday announced that it is downgrading the technology score of EOS, a blockchain protocol developed and distributed by Block. The US-based economic research agency said EOS has "serious problems with centralization," three months after it put the project among the top three blockchains alongside Ripple and Bitcoin. The favorable rating came despite multiple reports/complaints finding the centralized nature of the EOS blockchain. Los Angeles-based Whiteblock, for instance, called EOS a glorified cloud computing service that lacked blockchain's most essential features, like immutability. Viktor Bunin, a protocol specialist at Bison Trails, believes no one should trust Weiss ratings on cryptocurrencies and blockchain projects because of it's broken and opaque "proprietary" methodology.
In Colombia, for example, bitcoin volumes reached an all-time high in the peer to peer exchange Localbitcoin. In Peru too, which neighbors Colombia, but not Venezuela, bitcoin volumes reached an all time high of 303 BTC again in February. There was some tension in Venezuela as US tried to get through aid with bitcoin volumes there reaching all time high.
One of bitcoin's youngest millionaires, Erik Finman, made a major declaration on Friday. Crypto adopters will get fabulously wealthy over the next decade, he claimed recently. And now, he says, those fortunes could be made with the WHEN token. He believes it will be the next huge thing in crypto. The WHEN token, for those unfamiliar, is backed by WhenHub, a company founded by Dilbert creator Scott Adams.
Bitcoin trading volumes on Binance and Coinbase hit a 14-month high. Coinbase Bitcoin trading volumes spiked In May 2019 most likely because of President Donald Trump's trade wars, Brexit turmoil, and the specter of a looming world recession are propelling excitement in the cryptocurrency market.
What is a DEX? A decentralized exchange, commonly known as a DEX, is a cryptocurrency trading platform that operates without a central authority where users trade directly with one another on a peer-to-peer basis. The majority of decentralized exchanges leverage smart contracts to enable investors to trade with each other directly on the blockchain while being able to hold onto their funds themselves.
Government Projects and Attitudes Toward Crypto
Jair Bolsonaro, the new president of Brazil who took power this January, has stated in an interview with the popular talk show host Carlos Roberto Massa, known as Ratinho (mouse), that he doesn't know what bitcoin is. They were speaking within the context of the previous government's planned experimentation for an indigenous local cryptocurrency which was to be developed by the National Indian Foundation (Funai) and the Federal University Fluminense (UFF) at a cost of about $11 million. Within days of taking office, however, the project was scrapped. The previous government was presumably planning to experiment with a local cryptocurrency to see if it might boost the indigenous economy, but the new Brazilian president thinks indigenous people and lands should be integrated into the larger Brazilian society.
Deutsche Bundesbank president Jens Weidmann has added a dampener to discussions on central bank digital currencies (CBDC), claiming they would destabilize financial systems and worsen bank runs. The president of Germany's central bank said, in a speech in Frankfurt, Germany, that widespread use of digital central bank money could have "serious consequences.
G20 finance ministers and central bank governors have asked the Financial Stability Board (FSB) and global standard-setting organizations to monitor risks around crypto assets. The leaders that cosigned the document state that they urge relevant institutions to give greater consideration to crypto assets and consider appropriate action. The joint statement also points out that "technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy." This exact sentence was also included in the document released after the G20 summit held in July last year in Buenos Aires.
One of the main themes to be discussed at the G-20 Financial Ministers and Central Governors Meeting this weekend has to do with money laundering and cryptocurrency. It is similar to how cash works today – private people do not need to report cash transactions, but businesses do." Although it is possible that the regulators could make it difficult to convert fully anonymous coins to fiat, Zaidelson argues that privacy coins' opt-in compliance can deal with that case.
Security & Ransomware
When hackers paralyzed the city of Baltimore with a ransomware attack last month, the focus became not the theft itself, but a $76,000 Bitcoin ransom. The ransomware attack in Baltimore in May was actually empowered by the use of a stolen National Security Agency (NSA) cyberweapon called EternalBlue. The matter came to light after discovery by each of the four contractors hired to investigate the attack and fix the city's network. According to investigators, a popular hacking technique called 'pass-the-hash' helped spread the ransomware and lately EternalBlue has acted as a tool to launch attacks against local and municipal governments in the United States.
FinalMessage is a crypto messaging service which sends a message to your trusted friend or partner in case something happens to you, and you stop engaging with the switch. As explained on the project's website, the service sends 1 of 3 Bitcoin multisignature keys to your recipient in the event of an emergency.
News from the Field
When AT&T became the first major mobile provider to accept bitcoin for bill payments through the AT&T website and the myAT&T mobile app, 150 million AT&T customers received the opportunity to pay their cell phone bill using cryptocurrency. Most people don't realize how complicated a process it really is for a Fortune 500 company like AT&T to pull the trigger on bitcoin payments. AT&T is not holding bitcoin but they cash out immediately for fiat currency so to minimize risks.
Youri Bebic, MoneyGram's global head of product and innovation, believes it's "highly probable" cryptocurrencies represent the future of how people will shift money across borders. MoneyGram announced a partnership with Ripple in 2018 to test the digital asset's ability to lower the cost and increase the speed of payments. Bebic says the worst kept secret about international remittances is that value isn't really moving across borders when someone sends money overseas. Instead, companies pre-fund bank accounts in countries around the world to be able to power the global remittance industry. If I you send money from the US to Mexico and literally, physically move the money at that time, it would take a lot of time." Cryptocurrencies could change the status quo, by making it truly possible to send value across borders in an instant, without needing to utilize pre-funded bank accounts.
The satoshi is the smallest unit that is recorded on the bitcoin blockchains: One satoshi represents a decimal, seven zeros and a 1, followed by any of the bitcoin tickers — i. e., bitcoin (BTC), bitcoin SV (BSV) or bitcoin cash (BCH). In other words, 0.00000001 or 1.0 *108, in scientific notation. It all began on Nov. 15, 2010, when BitcoinTalk user Ribuck proposed that 1/100 of a bitcoin (0.01 BTC) — the smallest unit that could be displayed on the interface, at the time — be called a satoshi.