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Bitcoin Heading to $100,000 as FOMO Yet to Start at $11,000

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As Bitcoin breaches $10,000 and crosses straight to $11,000, analysts anticipated a major FOMO that would create panic and thus attract more buyers. However, there seems to be no reaction from the public on Bitcoin’s triumph on the long-awaited $10,000. This has left the cryptocurrency community wondering what is going on. Well, The Crypto King has an answer.

In a tweet earlier today, the blockchain entrepreneur said Bitcoin will be moving straight to $100k because if at the current price no FOMO has started then the asset has a long way to go. Also, the fact that no extreme media announcements and headlines on the price are an indication that it has not been noticed yet and could be going much higher

According to The Crypto King, this is good for Bitcoin as it leaves more room for additional development, adoption, regulations and institutional money to flow into the market while it grows to $100k. Interestingly, he is not the only one having this conviction on the future of Bitcoin in 2019.

Veteran trader Peter Brandt is also convinced that Bitcoin is going to $100,000. Also in a tweet, Brandt said Bitcoin is experiencing its fourth phase since 2010, saying only Bitcoin has gone parabolic on a log chart in this manner in his trading career. As far as he is concerned, Bitcoin is the best market ever.

Keiser Report host Max Keiser has also been confident that Bitcoin would go to $100,000. He predicted this price in 2011 and has not gone back on his word since then despite the rough ride Bitcoin has been through. It seems Keiser finally has witnesses in the house who see things as he does.

If Bitcoin is actually going to $100k then only 10% of the journey has been covered and there is a long way to go for those who haven’t gotten in the train to do so. It is currently on a slight pullback but a trader says it is normal and expected so there is no cause for alarm.

Bitcoin

Bitcoin Consumes More Power Annually Than Switzerland, A Study At Cambridge University Reveals

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Bitcoin Consumes More Power Annually Than Switzerland, A Study At Cambridge University Reveals

The recent price upheaval seen in cryptocurrencies has been the hot topic in the cryptocurrency community. Crypto traders and investors have had a rough couple of days as this volatile market keeps shifting by the day.

At press time though, most cryptocurrencies, led by bitcoin seem to have struck a purple patch as they are recording small gains over the last 24 hours.

However, at the University of Cambridge, a certain group of researchers have been busy developing an index that computes the amount of electricity used by the bitcoin network.

This online tool indicates that the bitcoin network consumes more electricity than Switzerland. This revelation has left many in shock. 

It is not the first time we’ve heard bitcoin and Switzerland in the same sentence. Not so long ago, a lot of conversations have sprung up concerning the correlation between the price of bitcoin and Swiss franc, Switzerland’s fiat currency. Now with the ongoing economic uncertainties, bitcoin has been recognized as a safe haven by investors alongside Swiss franc.

Bitcoin’s Energy Consumption Exceeds That of An Entire Nation

This time around, the conversation is centered on bitcoin’s electricity consumption. This research was prompted by concerns over the impact of bitcoin mining on the environment.

Cambridge Centre for Alternative Finance at the University of Cambridge developed an index known as Cambridge Bitcoin Electricity Consumption Index (CBECI) to calculate the amount of electricity that powers bitcoin in real-time then calculating annual power usage.

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The Crypto Whale that Triggered an 8.5% Dip in Bitcoin (BTC) Prices

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A Bitfinex investor staked a 20,000 bitcoins short order and gambled that BTC prices would slide in the near term. Within a fortnight, the BTC price dropped to $10, 765 from a whopping $11,900. After a span of a few hours, the valuation of the crypto market fell by over $20 billion.

Market experts have been wondering whether a quick upward recovery is even possible. Some analysts, like the incredible – Josh Rager were quite skeptical if the price of BTC went below $11, 500. Below this point could prompt even a further drop from $10, 000.

Whale movements seem to be key influencers in the price movements of crypto markets. Where the effect on the market is not rapid sales of crypto assets (Let’s say BTC); the trivial effect is maybe a dip in the prices and market capitalization.

Minor corrections of Bitcoin markets has resulted in the declining power of top crypto assets against the pair of BTC/USD. Litecoin had recorded a 5% rise against the U.S dollar during the weekend but has dropped by 5%. Other crypto assets that have slid by an average of more than 5% include, Ethereum, EOS, Bitcoin cash, and Binance Coin.

Experts predict the 8.5% BTC drop was a result of technical factors. The large short contract created panic among many retail investors. As a result, they end up selling their assets and pulling down the market. It was such an abrupt drop, however, experts believe a bullish fundamental catalyst still exists around the market. This bullish expectation, they predict could improve sentiments within crypto markets. 

Analysts identified  a generally positive trend for BTC from factors such as; 

  • Opening of trading venues such as Bakkt and Fidelity in the second quarter of 2019
  • The gradual increase in retail investment
  • Rising institutional interest

Short term traders are however skeptical and remain wary of the declining trend of bitcoin prices. An extended correction of market insights forecast that crypto assets tend to follow the bitcoin movement. Therefore, illustrating intensified markets moving both to the upside and the downside.

However, some traders are very optimistic and have spotted positive medium-term indicators in the monthly BTC trend. Despite the fact, investors did not expect an abrupt pullback in the magnitude of 8.5%. Investors have faith that pullbacks are quite necessary for the stabilizing of crypto market foundations.

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