Bitcoin hasn’t had the past ten days. Since the Sunday before last, the price of the cryptocurrency has shed some 15%, leaving many traders stumped as to what in the world took place to send digital assets plummeting.Cynics of the Bitcoin market have suggested that the rally to $14,000 and the subsequent dump was “one final pump and dump” enacted by whales. Gold proponent Peter Schiff, for instance, claimed that this move is a precursor to a plunge to $4,000, potentially lower.But, data has shown that it isn’t these whales causing Bitcoin’s recent volatility, it’s the short-term traders presumably looking to make a quick buck.Bitcoin Drop Led by TradersCoinmetrics recently published to Twitter a chart that tracked the “change in the number of Bitcoin by price at time of last on-chain movement” for September 20th to 29th.As seen below, the industry analytics startup found that during the recent price decline, “there was activity from Bitcoin that last moved when prices were between $13,000 and $20,000”, implying that capitulation for those in the red “is complete”.There were other optimistic signs. Two, in fact.Firstly, quite heavy selling from Bitcoin last moved in the $10,000 to $12,000 range hints that the sell-off was a byproduct of “short-term traders that have weak long-term conviction”.And secondly, as there was little profit-taking from long-term holders that accumulated under $8,000, meaning that this subset’s “bull market psychology remains unchanged.” Cryptocurrency analytics firm Glassnode has corroborated this analysis. They found that the average age of moved coins over recent days “is between 20-30 days”, while the CoinDays Destroyed metric “hasn’t deviated significantly”.This data can be interpreted as a sign that the “[price drop] was likely due to short-term holders,” which is partially proven by the massive volumes seen on BitMEX and other high time preference exchanges during this move lower.According to #onchain metrics, #Bitcoin‘s recent drop to $8k doesn’t seem to have been caused by long term holders.The average age of moved coins is between 20-30 days & CDD hasn’t deviated significantly.This was likely due to short term $BTC holders.https://t.co/GyiQGuZUJY pic.twitter.com/cjix8bOiBM— glassnode (@glassnode) September 27, 2019
Related Reading: Bitcoin Falls Below Stock-to-Flow Model, Will The Halving Be Front Run By Bulls?The Accumulation GameShort-term traders may have run for the hills, but HODLers, on the other hand, have been sticking to their guns.According to an analysis completed by Twitter account “BitcoinEconomics.io”, accumulation by addresses it deems “companies”, “retail holders”, and “big holders” has been on a steady uptrend, even throughout the recent bout of volatility. They claim that this is a sign that the “outlook for Bitcoin looks great”.The outlook for Bitcoin looks great:Steady retail adoption. Companies and big holders accumulating more. 45% retired hodlers inbetween that do not accumulate anymore but only sold 5%.Note the extreme 500k BTC pump and dump from April to August 2019. pic.twitter.com/CTbg43qQHn— BitcoinEconomics.io (@BitcoinEcon) October 1, 2019
What all these investors seem to be waiting for is Bitcoin’s next block reward reduction — known as a “halving” or “halvening”. You see, in May 2020, the issuance (inflation) of BTC will be cut in half as a result of baked-in facets of the Bitcoin protocol. Analysts say that this halving event, which equates to a negative supply shock, will boost BTC to fresh heights.Due to this potential for upside, or at least the hype surrounding this narrative, investors are believed to be stacking satoshis (as they fondly call the game of Bitcoin accumulation) in anticipation of price upside.Whether or not that upside comes to fruition, however, remains to be seen. But many sure seem to be betting on it.Related Reading: Rejected? Bitcoin Price Attempts to Break Back Above Vital Moving AverageFeatured Image from Shutterstock
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Author: Nick Chong
Crypto wallet and data provider Blockchain has picked up a veteran in the traditional finance space.
Howard Surloff has joined the crypto firm as the first general counsel to join Blockchain’s executive team. Also on the executive team is the company’s president and chief legal officer, Marco Santori.
Surloff comes with a combined 25 years of executive experience at BlackRock and Goldman Sachs, according to a Blockchain press release.
While Surloff has spent his entire life in traditional finance, he believes he’s equipped to help blaze a trail in the crypto-regulatory frontier. “The verticals I worked in were essentially startups with each organization,” Surloff told CoinDesk in an email.
Surloff had held positions like deputy general counsel and global chief operating officer at BlackRock’s ETF arm, iShares. He also served on several of the firm’s key committees and helped navigate BlackRock through 13 acquisitions.
Before BlackRock, he oversaw the legal strategy and structure of more than 1,000 investment products as managing director and general counsel for Goldman Sachs. These included U.S. mutual funds, hedge funds, private equity funds, derivatives and money market funds, among others.
Blockchain serves individuals and institutions and recently launched a crypto exchange with microsecond trading, called The PIT. The company raised more than $70 million from investors like Lightspeed Venture Partners and Google Ventures. Late last year it hired Springleaf Holding’s Macrina Kgil as chief financial officer.
Surloff said that there is more real-world utility to crypto than being a new investment vehicle:
“Whether it’s a little thing like paying back a friend or transferring money across the world without intermediaries, the applications are massive.”
CEO Peter Smith and General Counsel Howard Surloff image via Blockchain
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Author: Nathan DiCamillo
Ripple price failed to break the $0.2620 resistance and declined recently against the US dollar.The price is currently trading near the $0.2450 support and is struggling to bounce back.There is a short term bearish trend line forming with resistance near $0.2510 on the hourly chart of the XRP/USD pair (data source from Kraken).The price is likely to extend its decline and it could revisit the $0.2350 support area in the near term.Ripple price is trimming yesterday’s gains against the US Dollar and Looking at the chart, ripple price is clearly trimming gains and is struggling to hold the $0.2450 support. Therefore, there are chances of more downsides towards the $0.2350 support area. If the bulls fail to defend the $0.2350 support, there could be a sharp dip to $0.2150.Technical IndicatorsHourly MACD – The MACD for XRP/USD is currently gaining strength in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is sliding and is well below the 50 level.Major Support Levels – $0.2450, $0.2410 and $0.2350.Major Resistance Levels – $0.2510, $0.2600 and $0.2620.
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Author: Aayush Jindal
ETH price started an upside correction and tested the $185 resistance against the US Dollar.The price is currently correcting lower, but it remains supported near $175 and $172.There is a new connecting bullish trend line forming with support near $171 on the hourly chart of ETH/USD (data feed via Kraken).The price remains well supported on dips near the $172 and $170 levels in the near term.Ethereum price is showing positive signs above versus the US Dollar, while consolidating vs Looking at the chart, Ethereum price is currently correcting the recent upward move from $165. However, there are key supports near $172 and $170. As long as there is no close below $170, the price is likely to climb higher. A clear break above $185 is needed for a solid run towards the $200 level.ETH Technical IndicatorsHourly MACD – The MACD for ETH/USD is likely to move back into the bullish zone.Hourly RSI – The RSI for ETH/USD is currently just below the 50 level.Major Support Level – $172Major Resistance Level – $185
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Author: Aayush Jindal
A car crashes at 70 miles-per-hour. Upon impact electrical components get jarred loose, creating a spark that comes into contact with a fuel leak from the gas tank. The vehicle erupts into flames.
Clearly, this is a worst-case-scenario. It’s also a rare occurrence. According to the National Fire Protection Association, only about three percent of auto fires are caused by a collision. And only 0.09 percent of collisions result in a fire.
For an electric vehicle (EV), the risks are a bit different. There’s still a chance of fire, of course. But the biggest concern isn’t that of fire, but a powerful electric shock caused by the vehicle’s sizable batteries.
To combat this, all EVs have a failsafe process that cuts power to the electrical system in the event of an accident. In a fraction of a second, the vehicle sends a signal to an onboard computer, and stops the spread of power throughout its electrical system. But damaged wiring, caused by the crash itself, could stop the signal, thus thwarting the vehicle’s ability to cut the power — thus making it unsafe for rescuers and those trapped inside.
Bosch recently developed a small device that triggers a series of small, controlled explosion in an effort to stop power from traveling from the battery to the car’s electrical systems. The system ensures that no matter what happens, there’s always a physical wedge between the battery and the electrical components, thus removing the risk of electrical shock.
And while explosions may sound like an extreme solution, let’s not forget that this is exactly the way that airbags work. A controlled explosion deploys the bag, filling it with air, in the split second after the accident and, hopefully, before your head or neck make contact with the vehicle itself.
Then again, there’s always the risk of physical damage to the battery, which could lead to a catastrophic explosion. Bosch’s solution doesn’t solve all of the potential dangers of EVs, but it would certainly minimize the potential for electric shock in a rather specific use case.
Explosions that save lives on Bosch
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Author: Team E-crypto News