TIM DRAPER: Bitcoin (BTC) Is A Superior Currency That Frees People!

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Bitcoin (BTC), XRP, Ethereum (ETH), and the entire Crypto sector has gone through a turbulent year, with significant developments in the background.

Despite the setbacks, there are expectations for significant trends that will shape the moods, attitudes, and decision-making in 2020, which comes with various predictions as the Bitcoin market is about to choose a direction.

Messari has posted a report with 120 trends and opportunities in the Cryptocurrency sector, expected to appear and expand in the coming year.

“This is NOT an objective analysis, but a collection of my / our strong convictions for the decade ahead. It’s based primarily on my nearly seven years studying this industry closely and working in it full time.” – Ryan Selkis

Previous trends in crypto have been altered by Selkis.

He is now especially critical of Ripple XRP, calling it a project that’s “too-big-to-jail”.

At the same time, Tether (USDT) was a surprise, in that it continued to keep its dollar peg, while the project remained solvent.

EOS on the other hand, was deemed as being “broken and ran by a cartel”.

In 2020, BTC will lead again as the best performing asset, while altcoins will only follow if the Bitcoin price remains stable.

Smaller coins and tokens will continue to dump into oblivion, while other underwhelming trends will include tokenized securities, which still lag behind.

On a wider scale, the Crypto sector may give rise to a serious Web 3.0 movement, with decentralized hardware and the willingness to build a new infrastructure less reliant on surveillance and centralization.

In other Bitcoin news today, Crypto-preneur John McAfee says he will stop promoting individual coins to focus on his presidential bid — but already knows he will not win.

In a series of Tweets beginning on Dec. 14, McAfee, who has built a large following among crypto users, claimed that championing individual projects in the space took up too much of his time.

“People ask why I am no longer doing Blockchain promotions. It is very time consuming. My Presidential Campaign will be starting in earnest in January and I cannot do both. I am in no way abandoning crypto; only the task of promoting specific projects.” – John McAfee

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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

Show Notes / Resources:

WOAH (as @APompliano would say)I just published my most ambitious piece in the ~7 years I’ve been studying crypto full-time:”Crypto Theses for 2020″

Over the past eight days, I compiled 120 nuggets of my clearest thoughts into one 70 page report.https://t.co/dMSafdfW5k

— Ryan Selkis (@twobitidiot) December 16, 2019

I’m not backing off from Crypto. I’m backing off from promoting specific coins or projects. It’s the Wild West here in Crypto. Even I cannot properly vet anything in this nuclear explosion of technology, promise and exploitation to the degree that I am comfortable promoting it.

— John McAfee (@officialmcafee) December 14, 2019

Crypto Hot Trends and Opportunities for 2020, Messari Research

https://cointelegraph.com/news/no-chance-john-mcafee-halts-crypto-promo-as-us-2020-elections-near

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The Bitcoin price rose to as high as $10,272 on July 26 in an unexpected weekend rally.

It liquidated $74 million worth of long contracts on BitMEX alone, catching many traders off guard.

There appear to be two main reasons behind the abrupt upsurge of Bitcoin from $9,700 to over $10,200.

They are the liquidation of over-leveraged shorts and traders taking profit from over-extended alternative cryptocurrencies (altcoins).

When the price started to rally, major altcoins, as well as well-performing DeFi tokens, began to slump.

Ethereum declined from $322 to $311, and DeFi tokens, including Aave and YFI, saw steep rejections. 

The simultaneous rejections of major altcoins and the price surge of Bitcoin suggest that traders took profit from recent altcoin rallies.

As traders moved their altcoin gains to Bitcoin, it possibly triggered a BTC uptrend, while altcoins declined.

ETH, as an example, rose from $247 on July 23 to $322 on the day’s peak, recording a 30% gain.

Despite the strong sentiment around altcoins, investors are possibly taking a more cautious approach by hedging their gains.

When Bitcoin initially broke over $10,000, it triggered over-leveraged short contracts to become liquidated.

When BTC reached $10,200, it caused a cascade of liquidations to occur, totaling $74 million.

Bitcoin has seen many phases when more than $50 million worth of short or long contracts gets liquidated.

But for this to occur within a span of a few hours is less typical.

The mass liquidations of long contracts at $10,000 also suggest that the $10,000 to $10,200 remains as a heavy resistance area.

As soon as BTC hit $10,200, the price dropped below $10,000, marking a short-lived rally.

As the price of Bitcoin recovered strongly in recent weeks, some industry executives and investors expressed optimism toward BTC and ETH.

“Are you ready?” Grayscale CEO Barry Silbert tweeted when Ether price broke out of the dreaded $280 resistance level on July 25.

Well-known trader Peter Brandt, meanwhile, expects the price of Bitcoin to hit a new record high and eventually make its way to $50,000. He said:

“That is actually where my head is. Massive symmetrical triangle in $BTC points to ATHs, then $50k.”

In other trending Bitcoin news today:

Everything You Need to Know About Ethereum 2.0

The yearslong upgrade – intended to radically transform the world’s largest smart-contract platform – is inching closer to deployment.

The Ethereum Foundation recently announced “Medalla,” a final testnet before the mainnet launch of the Eth 2.0 beacon chain.

As of July 10, some developers, including Ethereum founder Vitalik Buterin, estimate the oft-delayed Eth 2.0 will launch by the end of this year. 

When phase zero of Eth 2.0 does ship, little about Ethereum will change in the near term for users and dapp developers.

This is because unlike all other system-wide upgrades in Ethereum history, the Eth 2.0 overhaul will primarily be happening on a different blockchain.

The first phase of development for Eth 2.0 is centered around the creation of a separate proof-of-stake blockchain network called the beacon chain.

On this new network, ETH holders with a minimum of 32 ETH can earn rewards in the form of annualized interest on their wealth.

To earn these rewards, ETH holders must have the appropriate hardware and software connecting to the beacon chain and a strong understanding of how the technology works. 

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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

Show Notes / Resources:

#DeFi platforms are red-hot with nearly $1b in collateral pledged. Oracles empower not only DeFi, but just about everything that 2nd & 3rd-generation cryptos do. So, it’s hardly an exaggeration to say that #Chainlink will lie at the heart of the #crypto revolution going forward.

— Weiss Crypto Ratings (@WeissCrypto) July 24, 2020

That is actually where my head is. Massive symmetrical triangle in $BTC points to ATHs, then $50k

— Peter Brandt (@PeterLBrandt) July 25, 2020

https://www.coindesk.com/everything-you-need-to-know-about-ethereum-2-0

https://cointelegraph.com/news/why-bitcoin-suddenly-spiked-to-10-200-liquidating-75m-in-fast-rally

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Following a brief selloff that led the Bitcoin price down to lows of $5,800 overnight, BTC has been able to post a strong and sustainable rebound that has since led it to climb towards $6,500, with bulls currently attempting to reclaim its previous position within the upper-$6,000 region.

It now appears that bulls are in the process of attempting to form an EMA bull cross, which could bolster its price action in the hours ahead.

Furthermore, bulls are also attempting to surmount a key resistance level that was recently established, leading one analyst to note that a weekly close above this level could lead the BTC price to rally up towards $7,700.

As for what could push Bitcoin above this resistance, Big Cheds – a popular cryptocurrency analyst on Twitter – explained in a recent tweet that he believes it is flexing a “potential 8/34 EMA bull cross” on its 4-hour chart.

“Bitcoin 4 hour -Flexing a potential 8/34 EMA bull cross,” he noted while pointing to the chart seen below.

This formation could significantly bolster the crypto’s near-term price action if it is confirmed in the coming several hours.

As for how high a confirmed break of the current resistance that Bitcoin is facing could send it, one analyst is noting that he is eyeing a movement up towards $7,700.

Teddy, another popular cryptocurrency analyst on Twitter, recently shared a chart showing two potential paths for the crypto, noting that it is currently in the process of taking the bullish route.

“Looks like BTC picked the green way,” he said while pointing to the below chart.

The upside target seen on the chart he references exists at roughly $7,700, which would mark a notable climb from where BTC is currently trading at.

Bitcoin Starts Strongest Quarter Q2 With Price Down Just 10% YTD

Bitcoin (BTC) has in total suffered just 10% from the coronavirus outbreak which obliterated stocks and caused the United States to print $6 trillion.

That was according to the latest quarterly price data from monitoring resource Skew.com on March 31, which showed that for Q1 2020, BTC/USD is only down by around 10.7%. 

At press time, the pair remained higher after seeking new support at $6,500 on Monday. 

At those levels, the pair is just $700 lower than its position at the start of 2020, and $3,800 beneath its current year-to-date all-time high of around $10,300. 

Bitcoin has advanced 75% in the two weeks since hitting its quarterly low — in a volatile period, that recovery at one point reached 90% as markets peaked at over $7,000 on some exchanges.

As such, Bitcoin now looks increasingly resilient as an investment option versus traditional markets, which are still trailing much more as a result of coronavirus.

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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

Show Notes / Resources:

https://cointelegraph.com/news/bitcoin-starts-strongest-quarter-q2-with-price-down-just-10-ytd

https://cointelegraph.com/news/bitcoin-stocks-rise-as-us-economy-grinds-to-a-halt-furloughs-soar