Your Cryptocurrency Newsletter for 23 October ,2020

If you are interested in cryptocurrencies, this newsletter is for you. [img]  [Learn more about RevenueStripe...](   [Learn more about RevenueStripe...]( [img]( [FeedBinary Newsletter]( [Bitcoin Market Sentiment and Fundamentals Still Favor BTC Price Bulls]( As Bitcoin briefly surpasses $13,000, its highest price for 2020, market sentiment and fundamentals both favor a prolonged bull market.Bitcoin price has seen a healthy upward tick toward the $13,000 mark in the fourth quarter. At the start of the quarter, Bitcoin (BTC) was in the sub-$11,000 region, and from there, constant rises took the price to the $13,000 mark on Oct. 21 for the first time this year.The price rallied to $13,217, a record high for 2020, before falling to around the $12,750 mark. This upward price movement is certainly indicative of the bullish sentiment held by investors in the current market. Rising hash rate a bullish sign? The Bitcoin hash rate has also been constantly increasing since the end of the second quarter, reaching its all-time high of 157 exahashes per second on Oct. 17, according to data from BitInfoCharts. The metric estimates the number of hashes per second that the Bitcoin network has performed in the past 24 hours. It signifies the speed at which a miner arrives at a certain hash, which is the number of times a hash function can be computed per second. Thus, the more that BTC is mined, the bigger the hash rate increase. Jay Hao, CEO of OKEx a cryptocurrency exchange based in Malta told Cointelegraph that the rising hash rate is good news for the network:“It shows that miners are confident about the future price direction of Bitcoin and are scaling up resources. They are often good at predicting BTC price, although price increases don’t always follow the hash rate increases. There is no established link between the two. It’s possible we see the price rise especially if more miners hold rather than sell their new coins, but it’s not a certainty.” However, the rising hash rate also means that miners will also need computing power to be able to mine profitably, due to the increased competition on the network. Hao further elaborated on these nuances, stating that more competition is likely to emerge in the long run, and those with lots of resources will be more successful: “If Bitcoin’s price increases this will generate more income for miners but if the price fails to rise and the hash rate increases, it will generate more costs for miners.” [bitcoin hash rate] Agreeing with the idea that an increasing hash rate indicates bullish sentiment, Tone Vays, the organizer of the Financial Summit, elaborated on what this might mean for Bitcoin miners, including comparing them with the miners of the Ethereum network: The rise in hashrate during consolidation or a slow uptrend in price is always a positive for more price upside. As price rises, miners that invested in well managed farms will profit nicely. Bitcoin mining will always be more profitable than Ethereum mining long term for the obvious reason that Ethereum’s C-Level management is on a mission to eliminate mining in favor of proof of stake. Bitcoin distribution analysis reveals patterns Because Bitcoin becomes rarer by the day, as there is only a limited amount of coins that can be mined, it’s important to also consider the role that distribution trends among BTC holders play in the sentiment of the market. According to data released by Blockchain Center, cryptocurrency exchanges currently account for 12.62% of the total distribution of BTC, and this figure is decreasing. The two main reasons for this may be that new holders are purchasing Bitcoin from the secondary market and saving it in cold wallets as a store of value, similar to what traditional investors would do with gold, and the DeFi boom, which may lead some investors to tokenize Bitcoin for quick profits in DeFi markets rather than hold it. As this trend increases the circulation cost of Bitcoin, the price of BTC is bound to go up as exchanges’ size in the token pool decreases. The second important figure is the amount of Bitcoin held by institutional investors and whales, which stands at 3.74% and is increasing incrementally. These large institutional investors are increasing the percentage of Bitcoin in their portfolios, as they see it as a store of value and a hedge against the uncertainty in the traditional market. Hao further stated that “With fewer Bitcoin left and more usage emerging, the Bitcoin price trend would certainly seem to be bullish.” According to market sentiment data tracked by IntoTheBlock — which analyzes on-chain data, exchange signals and derivatives information — the market is currently “mostly bearish,” even as Bitcoin touched $12,900. The large-transactions and net-network-growth indicators point toward the market being slightly bearish, as they are contracting in size due to the aforementioned reasons. As noted by crypto analytics firm Skew, the Bitcoin options markets also indicate “volatility on the upside” for their underlying asset. Macroeconomic indicators that are making the markets bullish The current macroeconomic scenario is extremely positive, with United States presidential candidate Joe Biden ahead in the polls and new stimulus check talks resuming. In fact, this has, so far, been the fastest rebound for the U.S. economy in history. Since fears of the pandemic led to market lows in March, U.S. equity stocks have soared, with the Dow Jones Industrial Average gaining more than 59%, the S&P 500 gaining 63%, the small-cap Russell 2000 index gaining 70% and the Nasdaq Composite index gaining 81%. The Nasdaq has even passed the highs it reached before the pandemic. Simultaneously, this has led to the correlation between BTC price and the U.S. equities markets to be higher, along with positive funding rates in the Bitcoin futures market. These are highly encouraging signs for Bitcoin, and the recent BTC purchases by large institutional investors such as Square and MicroStrategy are pushing the short-term bullish sentiment in line with traditional markets through the end of the year. [Read Full News]( The post [Bitcoin Market Sentiment and Fundamentals Still Favor BTC Price Bulls]( first appeared on [Feed Binary](. [Read Full Story]( ------------------ You Might Like     [Learn more about RevenueStripe...]( ------------------ [How Blockchain Will Prompt A New Era Of Commerce]( Justin Banon, CEO and Founder of Boson Protocol, discusses the immense potential blockchain technology can bring to consumer markets, revolutionizing the way we engage in buying and selling The concept of commerce is as old as humankind; however, e-commerce first arose as an idea in the 1980s. In its relatively short lifespan, the concept of buying and selling goods or services online has met significant milestones; from the first e-commerce payment in 1994 to the advent of Amazon and eBay in 1995, to the all-pervasive nature of e-commerce as we know it today. [blockchain commerce] And it’s not slowing down, either; a recent study by IBM found that the Covid-19 pandemic has accelerated the adoption of e-commerce across the globe by five years. With additional lockdowns and restrictive measures being enforced across many countries globally, this rise is likely to continue as shops stay shut. That being said, e-commerce is not without its problems. In incidents of dispute following any given online transaction, costly intermediaries often extract profit margins from producers, while pilfering the time and patience of the customer. Many e-commerce platforms have grown exponentially in recent years, allowing for the creation of monopolistic super-sellers that engage in anti-competitive behavior, siphoning business from individual industries all while harnessing the data of the customers. Will this continue into the future or is there a different, better way of doing business? One solution to these problems lies in blockchain — the nascent technology with the potential to fundamentally change the world of commerce for the better.When there is a dispute involving two or more parties engaged in a trade that functions through e-commerce, intermediaries are required to mediate and settle the dispute. For centralized market intermediaries, the cost of this mediation for both the buyer and seller can negate the effort made, or profit derived, from ever engaging in the transaction in the first place. The management of dispute mediation and reversal is a primary function of market intermediaries. For decentralized market intermediaries, dispute mediation is typically performed by arbitrators and represents a visible and material additional cost. Blockchain has the capacity to allow for the automation of transactions while removing the requirement of human intervention. Due to its peer-to-peer capabilities and it’s highly transparent nature, all parties engaged in a transaction facilitated through blockchain can reach a consensus on any given transaction without requiring a trusted third party, where arbitration is required only in exceptional circumstances. Blockchain allows this to take place through the creation of NFTs, or non-fungible tokens. If a customer has a $10 bill, it’s the same as any other $10 bill. If a customer and supplier swap bills, there is no difference; this is what we refer to as fungible. With other items, this is not the case. For example, if a customer was to swap their Picasso painting with another customer’s Picasso painting, it is completely different as they are two unique pieces of valuable art. An NFT is a blockchain version of this. If I have possession of this NFT, I have possession of something that is one-of-a-kind. As the world becomes increasingly digitalized, NFTs have the potential to become a viable solution for tokenizing everything from real estate and cars to intellectual property, gaming, art, and loyalty programs. This means that if a customer purchases an asset on a decentralized or centralized marketplace, their transaction is guaranteed by pairing it with the verifiable NFT; blockchain allows for the payment and receipt of goods to occur at the same time or not at all, so that buyers can trust that they either receive the goods purchased or their money back, and sellers can trust that they will be paid for the goods they have supplied. The exponential growth of certain centralized e-commerce systems has resulted in monopolistic activity becoming a dominant force in the e-commerce industry. This allows price-setting monopolies to crush competition while eliminating the necessity to specialize. Meanwhile, these monopolies have grown so powerful that they have the ability to abuse customer trust by extracting highly excessive profits and hoarding exponential amounts of customer data. By placing the value of data in the customer’s hands, blockchain allows for data to be pooled and monetized, but in a secure, privacy-preserving, and self-sovereign way. This incentivizes the voluntary sharing of data by allowing for the equitable distribution of the value it creates. [Read Full News]( The post [How Blockchain Will Prompt A New Era Of Commerce]( first appeared on [Feed Binary](. [Read Full Story]( ------------------ You Might Like     [Learn more about RevenueStripe...]( ------------------ [Analyst: Microsoft and Apple will Buy Bitcoin within Next Years]( Analyst Raoul Pal predicts a purchase of Bitcoin from Apple and Microsoft to protect against a drop in the US dollar.The emergence of CBDCs will be a boost for the adoption of Bitcoin as a global reserve asset.In a new edition of the Real Vision program called “The End of Monetary & Fiscal Policy As We Know It,” Raoul Pal predicts an increase in Bitcoin adoption. The analyst and former hedge fund manager for Goldman Sachs, has been bullish about the cryptocurrency, especially after the announcement by PayPal about the introduction of Bitcoin, Litecoin, Bitcoin Cash, and Ethereum to its services. Pal has called Bitcoin the lifeboat that will allow big corporations and individuals to get through the economic crisis caused by the coronavirus pandemic. The analyst believes that the current situation is similar to the crisis of 2008, referring to the policies that the U.S. Federal Reserve has had to implement to stimulate the economy at the expense of the dollar. In the last two months, companies like Square and MicroStrategy have announced large purchases of Bitcoin. Part of a strategy to protect against dollar devaluation, Pal believes the trend will continue. Therefore, he expects to see companies like Microsoft and Apple implement a similar strategy: Nothing is a reserve asset like Bitcoin. Literally nothing. Not even gold. It is truly extraordinary, and it’s so innovative we have no idea where it’s going. And when we talk about Bitcoin, we can also look at the other parts of the digital asset ecosystem. That is not going away. The genie is out of the bottle. Ethereum is not going away. Digital assets, tokenization – it’s all coming, and it’s all going to slot into these new digital currencies brought by the central banks. Pal has been commenting on this in Real Vision and via his Twitter account. One of the catalysts for Bitcoin’s adoption, in conjunction with the crisis, will be the launch of central bank digital currencies (CBDC). Unlike other analysts, Pal believes that the functioning and characteristics of CBDCs will make them lose value against “hard assets”: Fiat globally will be worth less versus hard assets. And that means that gold and in particular Bitcoin will become THE way to circumvent the system of ever lower value. It also creates incentives systems for other nations to opt into a hard currency system to attract capital. Bitcoin, a revolution as big as the Internet In the coming years, Pal predicts that Bitcoin’s holders will benefit from the “money revolution as big as the Internet”. Therefore, changes will occur around Bitcoin that will impact all industries: It’s going to be as big a revolution of money that the internet was from everything to email to video to shopping to commerce. It just changed the world we live in. That’s the size of what this is. And this central bank digital currency is part of that narrative. And it is positive, I think, if you own Bitcoin. The revolution Pal describes will not be stopped, despite the attempts of financial institutions and governments; the incentives to own Bitcoin will be greater, he claims. The real losers in this migration toward a global Bitcoin standard will be the banks. Besides being absorbed, the CBDCs could make them irrelevant: The Wall of Money is coming. Bitcoin is protection as a pristine reserve asset. Bitcoin is freedom. Bitcoin is future value and bitcoin is THE future. Everything is changing and its changing fast. I’m irresponsibly long and its seeming more and more responsible by the day. [Read Full News]( The post [Analyst: Microsoft and Apple will Buy Bitcoin within Next Years]( first appeared on [Feed Binary](. 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