The crypto markets continue to respond to the events happening in the United States-Iran conflict. Any sign of escalating tensions is boosting the crypto markets higher. Google Trends shows that the searches for terms “Bitcoin” and “Bitcoin Iran” have surged in the past few days. This shows that investors are considering Bitcoin as a safe haven asset, similar to gold. A report released by analytics firm SFOX showed that Bitcoin had a very low correlation with traditional assets such as gold and stocks in the second half of 2019. This made it an attractive hedge in a portfolio. The report …

The price of an asset class is determined by its fundamentals and the sentiment towards it. At times of panic or exuberance, fundamentals take a back seat and sentiment dictates the price action. Currently, the US-Iran tension has sent investors scurrying towards safety. This has seen a move away from stocks and into assets that are considered safe havens. However, it is unlikely to be a one-way move. There will be periods of calm that would be followed by statements from both parties that would reignite the conflict. Accordingly, the volatility will remain high as the market participants interpret and …

Coinbase CEO Brian Armstrong believes that rising cryptocurrency prices will generate massive wealth for the crypto investors in the 20s. His friends, Olaf Carlson-Wee and Balaji Srinivasan expect Bitcoin’s price to reach $200,000, due to which more than half of the world's billionaires will be from the crypto space. Armstrong also anticipates that “ a “privacy coin” or blockchain with built-in privacy features” will go mainstream in the 2020s. A Burger King outlet in Venezuela has started accepting Bitcoin and a few other cryptocurrencies. This is likely to expand to about 40 locations this year. While this is a positive …

Bitcoin started the new year on a weak note and looked to be losing ground. However, the news of the killing of Iran’s General Qasem Soleimani, in an airstrike ordered by the US President Donald Trump, caused a reversal in Bitcoin’s price. This shows that the market participants have again turned to cryptocurrencies in times of uncertainty and escalating geopolitical tensions. In other news, Antoni Trenchev, the head of decentralized finance (DeFi) platform Nexo.io, said that Bitcoin is a unique asset which is uncorrelated to the overall market. Trenchev said it is entirely possible that Bitcoin price reaches $50,000 in …

2019 was an eventful year for Bitcoin. In the first six months, it rallied about 310%, from a low of $3,355 on Jan. 29 to a high of $13,973.50 on Jun. 26. That stoked expectations that the leading digital currency might retest its lifetime highs at $19,531.90. However, the second half of the year was a disappointment as the price continued to decline and lost over 50% from its top at $13,973.50. As cryptocurrencies are a new asset class, they are difficult to analyze using traditional tools. Therefore, analysts have been issuing wide-ranging predictions on it. While Bitcoin enthusiasts expect …

As 2019 comes to an end, traders will closely analyze the events scheduled for 2020 that might boost cryptocurrency prices. One of the most talked-about and watched events would be the halving of Bitcoin miner rewards in May 2020. While Bitcoin’s price had surged following the previous two halving events in 2012 and 2016, it is difficult to say with certainty how the crypto markets will react this time. Many analysts are also divided on their expectations about the event. However, as halving nears, we anticipate the chart patterns will provide an insight into the likely reaction to the event. …

Swiss finance minister and outgoing president Ueli Maurer believes that one of the most ambitious crypto projects of 2019, Facebook’s Libra stablecoin, will not be accepted by regulators in its current form. Though Libra has not seen the light of the day, it has forced a number of central banks to take cryptocurrencies seriously. China could be one of the first developed nations to launch a central bank digital currency. Though cryptocurrency trading is banned in China, the regulators are worried about its comeback. The Chinese government wants to ensure that the digital form of yuan, when launched, does not …

South Korea’s central bank plans to recruit additional digital currency experts to build on its existing research into central bank digital currency (CBDC). Along with its own research, the bank also plans to discuss the developments of CBDCs with the Bank of International Settlements and other international organizations. While the larger economies are mulling launching or researching about CBDCs, the Central Bank of the Bahamas is expected to launch its digital currency pilot in one of the districts on Dec. 27. It plans to expand the project to another district in the first-half of 2020. Daily cryptocurrency market performance. Source: …

As the year comes to an end, the focus will shift to the major events that are expected to influence crypto prices next year. China’s launch of a digital yuan is one such event that can influence crypto prices. The People’s Bank of China’s deputy director Mu Changchun said that the digital form of yuan would not have any room to speculate on its value as it would be different from Bitcoin and stablecoins. Though China has been against cryptocurrencies, it has been making major strides in supporting blockchain technology. The Central Bank of China has used blockchain technology to …

Bitcoin is leading the recovery from the front, which is a positive sign. This shows that bulls have used the recent dip to buy. As a result, Bitcoin’s dominance has increased to 68.9%. Former Wall Street trader Tone Vays believes that Bitcoin will increase its dominance further in 2020, perhaps as high as 85%. Although institutional money will enter Bitcoin first, it is unlikely that other altcoins will wither away. After investing in Bitcoin, large investors are likely to diversify into select altcoins. The next bull run is likely to be led by Bitcoin and a handful of altcoins. Hence, …

Though most major cryptocurrencies have broken below their support levels during the most recent fall, Bitcoin, which is inarguably the leader, has held its ground. This is a positive sign as it shows that the stronger hands are not panicking. This week top venture capitalist Tim Draper also reiterated his bullish view on Bitcoin. Draper is confident that the leading currency will hit $250,000 by 2022. Additionally, he believes that if Bitcoin’s price action prior to and after the May 2020 halving resembles the trajectory followed during previous halvings, his target might be achieved by the end of the next …

The motivation driving Bitcoin SV (BSV) miners is non-economic in nature, according to a report released by major cryptocurrency exchange Binance on Dec. 18. Binance Research, the exchange’s research arm, has tried to estimate mining profitability for Bitcoin (BTC), Bitcoin Cash (BCH) and Bitcoin SV. Interestingly, the calculations included in the report suggest that BSV miners incurred significant losses and consequently concluded that the miners are not profit-driven. Per the report, from November 2018 to August this year BSV mining profitability was lower than BTC and BCH mining profitability. According to the researchers, this has clear implications: “In summary, the …