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Tom Lee Acknowledges the Bitcoin Price Won’t Hit $40,000 Soon

Tom Lee Acknowledges the Bitcoin Price Won’t Hit $40,000 Soon

The Bitcoin price action throughout 2019 has not inspired that much market confidence. Even Tom Lee, a notorious Bitcoin bull, has grown concerned as to where this currency is headed next. 

It is not uncommon for financial experts to weigh in on how markets might evolve in the coming years. Price prediction is not an accurate science by any means, but it can certainly lead to interesting discussions. 

The Bitcoin Price Action isn’t Too Exciting

Tom Lee, an analyst for Fundstrat, has built up quite the reputation when it comes to Bitcoin price predictions.

Although Lee had high hopes for Bitcoin this year and in 2020, he too has to revise those initial expectations.

In his recent update, Tom Lee confirms the Bitcoin price will not reach his predicted target in the allotted timeline.

Instead, he decided to drop his prediction to $25,000 per BTC by 2022, rather than $40,000 by late 2019. A very bearish, yet still bullish outlook for the world’s leading cryptocurrency. 

This news comes at a time during which the Bitcoin price has shown more signs of weakness. 

Despite hitting $10,000 earlier this year, the Bitcoin price remains on very wobbly legs.

Now that one of the biggest bulls is also lowering expectations, a further downward market spiral may very well occur during the remainder of 2019.

It is not the first time Lee decides to put his own Bitcoin price prediction in check as the year progresses.

Throughout the years, he has been wrong about the value of Bitcoin more often than not. 

That is in line with most other experts weighing in on this matter, as volatile markets are impossible to predict. 

Image(s): Shutterstock.com

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Ethereum Touches Freshly Formed Resistance Level as Analysts Eye Further Downside

Ethereum Touches Freshly Formed Resistance Level as Analysts Eye Further Downside

Ethereum’s price action has been closely mirroring that of Bitcoin’s in recent times, which has made it prone to seeing heightened levels of selling pressure in spite of ETH’s multiple recent attempts to break above its long-established resistance level at $190.This selling pressure has sent ETH down to the lower-$180 region while also causing it to form some fresh resistance levels directly above its current price, which could send it reeling lower in the near-term.Ethereum Finds Support Around $180 as Bitcoin Begins Consolidating At the time of writing, Ethereum is trading up over 2% at its current price of $183, which marks a slight climb from its recent lows of under $180 that were set yesterday.Ethereum’s ability to post a strong and swift bound after its brief drop below $180 signals that this is a strong short-term support level that will likely continue to hold so long as Bitcoin doesn’t incur any significant selling pressure in the near-term.Ethereum’s price action has been strikingly similar to Bitcoin’s over the past couple of days, and BTC is currently consolidating around $8,500, which appears to be its current support level that bulls are attempting to defend.Ethereum’s ability to stabilize within the lower-$180 region comes as it faces increasing on-chain volume, which surged over 30% in the past 24-hours.“24H #ETH Network Stats: Price: $181.76 (-1.9%) $ETH On-Chain Volume: $324M (+32.3%) Active Senders: 209K (-6.1%) Active Recipients: 94K (-0.4%),” TokenAnalyst, a popular analytics group, explained in a recent tweet.📢 24H #ETH Network Stats:💲 Price: $181.76 (-1.9%)
💵 $ETH On-Chain Volume: $324M (+32.3%)
👈 Active Senders: 209K (-6.1%)
👉 Active Recipients: 94K (-0.4%)
Visit https://t.co/u90eafzR5J for more info— TokenAnalyst (@thetokenanalyst) November 16, 2019Near-Term Resistance Likely to Catalyze Further ETH LossesHornHairs, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that Ethereum is currently pushing up against a fresh supply region that may force ETH back down to its support around $180.“$ETH short idea. 2H SFP in the making at a fresh level of supply. This level also lines up with the monthly open. Targeting the most recent swing low for now,” he said while pointing to the chart seen below.$ETH short idea2H SFP in the making at a fresh level of supply. This level also lines up with the monthly open.Targeting the most recent swing low for now. pic.twitter.com/Dz9VJJDOjI— HornHairs 🌊 (@CryptoHornHairs) November 16, 2019In the near-term it is imperative that Bitcoin holds steady if ETH is to see any upside, as its close correlation with BTC could prove to be a bearish thing if the support that exists around $8,500 begins to fade as bears ramp up their selling pressure.Featured image from Shutterstock.Source

Blockchain.com Launches Crypto Lending Services for Institutions

Blockchain.com Launches Crypto Lending Services for Institutions

Crypto platform Blockchain.com on Thursday unveiled its crypto lending business which was brewing behind the curtains for months.

The platform launched the new service in August for a handful of its clients and it is targeted only to the institutions. Per the announcement, institutional clients of the platform have “lent, traded, or borrowed over $1.6B in cryptocurrencies,” and the loan writing amount touched $120 million for this month.

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“Institutions’ needs are evolving so fast that they’ve outgrown standard borrowing agreements,” the announcement added. “They need a partner who can lend at large scale and is willing to customize agreements that prioritize risk above revenue.”

Founded in 2011, Blockchain.com is one of the oldest companies in the crypto arena and is known for it’s free to use Bitcoin wallet. According to its website, it runs over 43 million wallets, which have transacted over $200 billion with “the lowest fees in the industry.”

Despite the impressive numbers and popularity of the platform, the company faced harsh criticism due to chaos in its management. The company laid off dozens of its employees amid crypto winter and also faced the departure of several reputed executives within months of their joining.

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Many former employees also questioned the management style of its CEO and complained about the lack of vision which kept the firm away from registering any profits yet.

Per the announcement, the company will issue loans in the “top 20 cryptocurrencies,” along with Tether and USD.

Another bubble in the crypto sector?

The jump of the wallet and data platform into the digital asset lending business is reasonable, given the massive demand for such services in the industry. According to Bloomberg, the crypto lending industry significantly surged in the last couple of years, touching $5 billion.

Blockchain.com will now directly compete with firms like Genesis Global Trading and BlockFi.

Meanwhile, the company also jumped into the crypto trading business in July by launching an exchange in an over-crowded market.

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Latest Bitcoin Cash Upgrade Addresses Malleability and Expands Schnorr Support

Latest Bitcoin Cash Upgrade Addresses Malleability and Expands Schnorr Support

The Bitcoin Cash network has received some major upgrades. These upgrades were introduced as part of the ongoing roadmap which seeks to make this forked version of Bitcoin more scalable.

In the new update, a few interesting tidbits stand out.

A Solid Bitcoin Cash Network Upgrade

First of all, the developers have finally removed the BIP62 malleability that has been lingering in the code for some time now. 

It is a crucial fix, as no one wants to see another cryptocurrency network fall victim to malleability attacks.

It is important to note that this fix will only address “most” network transactions. 

While the chance of a Bitcoin Cash malleability attack is nearly zero, it remains to be seen if the network can remain safe from harm. 

Secondly, the block size has been increased to 32MB through the Satoshi opcodes. 

This is in line with the plans to keep scaling BCH to new levels in the years to come. 

The developers also opted to extend the support for Schnorr signatures. 

In the new upgrade, this will result in all signature checking operations supporting this standard. 

It makes the verification more efficient and also allows for batching, further speeding up the network. 

So far, there have been no significant issues with this new upgrade, which is always reassuring.

Users who have not upgraded their wallets or nodes as of yet are advised to take care of these steps as quickly as possible. 

The next Bitcoin Cash upgrade should occur in roughly six months from now. Which changes are on the table at that time, has yet to be determined. 

Image(s): Shutterstock.com

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Analyst Wants to Buy Every Ethereum Dip as Istanbul Hard Fork Nears

Analyst Wants to Buy Every Ethereum Dip as Istanbul Hard Fork Nears

Ethereum’s price action has been closely tracking that of Bitcoin’s in recent times, which has led it to experience some bearishness overnight as the crypto now nears the lower-$180 region – a consistent level of support for ETH.This near-term bearishness may be short lived, however, as analysts are now noting that each price dip is worthy of being bought, which comes about as ETH’s Istanbul hard fork quickly approaches.Ethereum Nears Lower-$180 Region as Bitcoin Faces Influx of Selling PressureAt the time of writing, Ethereum is trading down roughly 2% at its current price of $183, which marks a notable retrace from its daily highs of $187 that were set yesterday morning.ETH’s slight sell-off has come about as Bitcoin faces an increasing amount of selling pressure around its current support level of $8,700, which was briefly lost overnight as BTC plunged to under $8,600 before bulls fought back and helped the crypto reclaim $8,700 as support.Over the past several days and weeks, the lower-$180 region has proven to be a support region for Ethereum, although the crypto currently is close to breaching below this support, which could occur in the near-term if BTC faces any further selling pressure.This price action also comes concurrently with Ethereum’s upcoming Istanbul hard fork – set to take place on December 4th – which is the next step on ETH’s journey to being upgraded to Ethereum 2.0.Traders Look to Buy All ETH Dips TraderXO, a popular crypto analyst on Twitter, explained in a recent tweet that he will be buying ETH price dips in the near-term, as long as the crypto continues holding above the key support region that he highlights in the chart seen below.“ETHUSD – Any substantial dip is a buy for me. Nothing macro bearish here until price closes below the range lows,” he said.ETHUSD – Any substantial dip is a buy for meNothing macro bearish here until price closes below the range lows pic.twitter.com/IHiW7kM66K— TraderX0 (@TraderX0X0) November 14, 2019Galaxy, another popular analyst, pointed out in a tweet that this time of the year is typically a volatile one for Ethereum and other cryptos, and he seems to believe that this volatility will favor Ethereum’s bulls.“That time of the year when $ETH pumps so hard people thinking is going to take over BTC is coming again,” he explained while pointing to the chart seen below.That time of the year when $ETH pumps so hard people thinking is going to take over BTC is coming again. pic.twitter.com/ckmRZfdxSe— Galaxy (@galaxyBTC) November 14, 2019The coming few hours and days may play a large role in determining the cryptocurrency’s future trend, as any sustained bullishness in the near-term could help spark the next major uptrend.Featured image from Shutterstock.Source

BRICS Nations Starts To Consider Crypto For Their Payment Settlements

BRICS Nations Starts To Consider Crypto For Their Payment Settlements

Last Updated on November 15, 2019

The BRICS group, an association of Brazil, Russia, India, China, and South Africa, has recently started to propose the idea of providing a cryptocurrency in order to settle payment transactions between the five countries.

RDIF Planning Crypto

The Russian Direct Investment Fund’s (RDIF) CEO, Kirill Dmitriev, has recently informed the public about the plans of the BRICS group to start developing a unified payment system. The wealth fund, totaling in $10 billion, planned on creating the system to facilitate payments between the various countries. The news reported through the RBC Group news outlet stated that Dmitriev floated the idea to the BRICS Business Council who then supported the proposal.

Supporting this, Dmitriev explained that an effective BRICS payment system would encourage settlements through national currencies and guarantee settlement and investment stability between the BRICS countries. Dmitriev said that these payments formed 20% of foreign direct investment’s global influx. Dmitriev himself is a member of the Business Council that supported the idea.

Less USD, More Local Currencies

A matter of note is that the BRICS nations are taking strides to reduce the number of settlements done in USD. Dmitriev noted that the share of foreign trade settlements done in USD has gone down from 92% to 50% over the past five years.

A member of Russia’s State Duma expert council, Nikita Kulikov, explained to RBC that creating a cryptocurrency isn’t difficult in this day and age. However, he stipulated that understanding how the various countries will be ready in its use is paramount. He went further and stated that cryptocurrencies serve as a convenient solution for supranational structures like BRICS. These structures desire an effective way to facilitate settlements between countries.

Linking Up

Three of the five nations within the BRICS group, namely Russia, China, and India, are reportedly searching for an alternative solution to the US-dominated Society for Worldwide Interbank Financial Telecommunication (SWIFT) payment system. These measures are taken in an attempt to smooth out trade between countries in the midst of US sanctions.

China and Russia are already working to link their respective payment systems together, with Russia’s SPFS expected to be connected with the Chinese CIPS in due time. India is making plans to link the Central Bank of Russia’s payment platform with a payment service that is still in development. The new payment system is apparently intended to act as a “gateway” model. Payment messages would be transcoded according to a specific financial system.

What this means for the future is unknown at the time. Should the BRICS group prove successful in their venture, it would mean that they would take a good deal of financial clout away from the so-called Dollar Domination. The US would suffer through the lack of money working through USD, but that’s only if it works.

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