On-Chain Data Shows Ethereum Usage Has Rocketed, Boosting ETH’s Bull Case

Ethereum is still down by over 80% from its all-time high, but that hasn’t stopped cryptocurrency users from increasingly adopting the asset. Rafael Schultze-Kraft (@n3ocortex on Twitter), the chief technical officer of blockchain analytics firm Glassnode, recently shared the chart below. It shows that the number of new daily Ethereum addresses with more than one transaction has increased dramatically since the start of the year, reaching levels not seen since 2018. “Ethereum has seen a surge in usage in 2020. The number of new addresses involved in more than one…

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‘Bullish’ — Struggling Miners Done Selling Their Bitcoin, Says Analyst

Bitcoin (BTC) miners are setting up a bullish trend despite large sell-offs around the halving, a new data metric suggests.  According to Glassnode’s Miner Outflow Multiple (MOM), outflows from mining pools compared to their one-year moving average are nearing all-time lows. Demeester “bullish” on BTC miner data MOM calculates coins leaving mining pools and compares them to the yearly moving average as a ratio.  As of June 3, that ratio was 0.534 — less than half its value one day before the halving on May 10. By comparison, December 2018…

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Reflections on Bitcoin at the Third Halving – Bitcoin Magazine

For only the third time in history, Bitcoin’s mining subsidy was cut in half this month. It was a moment that garnered attention from around the world, reminded us of the protocol’s programmable scarcity and inherent value proposition and gave some of the space’s technological and cultural principals reason to reflect on the past and future. Further Reading: What Is the Bitcoin Halving? Bitcoin Magazine’s BitcoinHalving.com live stream, held for 21 hours continuously around the third Halving, shared some of these reflections with thousands of viewers and created a broadcast…

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A $20,000 Bitcoin is Possible According to This Bullish Fractal

An accurate bitcoin fractal from 2019 shows its price at or above $20,000 by the end of 2020. The cryptocurrency is forming ascending price channels after each successive upside move, signaling continuation to the upside. Their occurrence alongside other bullish fractals last year shot the price up by more than 150 percent. Bitcoin is going to hit $20,000 by the end of this year, according to a precise technical pattern. The benchmark cryptocurrency is currently trending inside a rising channel, confirmed by the formation of more than two reacting highs…

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Global Macro Investor: Explosive Ethereum Upmove Above $300 Clears Path to $500 ETH

Long positions in the second-largest cryptocurrency by market cap have gone parabolic, alongside the asset’s best use case. Bullish sentiment is picking up, and according to a global macro investor with over 25 years of market experience, Etheruem‘s chart looks to be on the”verge” of an “explosive upmove.” The analyst projects a target of $500 per ETH “minimum” once the asset clears resistance at $300. But what catalysts are ahead that could push the asset through the critical resistance level? Macro Investor: Ethereum on the Verge of Explosive Upmove, But…

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Bittrex and Poloniex Targeted in Class-Action Crypto Manipulation Suit

The plaintiffs behind a class-action alleging that Bittrex and Tether drove the 2017 bull run through market manipulation have requested the issuance of summons to exchanges Bittrex and Poloniex.  The lawsuit, first filed in October 2019, alleges that veteran cryptocurrency exchange Bitfinex and its sister company Tether inflated the supply of Tether’s USDT stablecoin without proper US dollar backing to drive up crypto prices during 2017’s all-time high. The suit is on behalf of investors who purchased crypto assets at what they believe are artificially inflated prices. The Plaintiffs have…

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What’s New – Bitcoin Magazine

Today marks the official release of Bitcoin Core 0.20.0, the 20th major release of Bitcoin’s original software client launched by Satoshi Nakamoto over 11 years ago.  Overseen by Bitcoin Core lead maintainer Wladimir van der Laan, this latest major release was developed by over 100 contributors in a span of about six months. The result of more than 500 merged pull requests, Bitcoin Core 0.20.0 mostly cleans up and hardens the Bitcoin Core codebase, advances hardware wallet integration, improves network reliability and includes several other improvements. Here are some of…

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This Stock Market Analyst Explains Why Bitcoin Will Keep Growing

Bitcoin fell $1,500 in just three minutes in an overnight price crash Monday. But the dip has not deviated the world’s leading cryptocurrency from extending its uptrend. A top stock market analyst noted that risky assets would keep growing in value as long as there is a stimulus. Bitcoin has yet another Black Swan event on Tuesday as its price crashed by $1,500 in just three minutes. XBTUSD crashed $1,500 overnight | Source: TradingView.com, BitMEX Observed noted that a misbalancing in the Bitcoin futures’ funding rate caused the crash. That…

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