What Happened To Bitcoin’s Promised Influx Of Institutional Investors?

The next big bitcoin bull-run was supposed to be led by an incoming swathe of institutional money. Lured in by potential profits unheard of in traditional investment products, and reassured by trusted brands offering institutional-grade custodial solutions. So what happened?

Patience Is A Virtue

According to Bloomberg, the biggest investors are still on the sidelines biding their time, while crypto-based hedge-funds are closing in droves. Almost 70 have closed this year, which mostly catered to pensions, family offices and wealthy individuals. The number of new funds launching in 2019 was less than half that of last year.

Of course, we are also still waiting for the US Securities and Exchange Commission (SEC), to pull its finger out and finally approve a Bitcoin ETF. It has spent the entire year delaying decisions on two such applications, before finally running out of postponement options and rejecting them.

This was in spite of the fact that SEC Commissioner Robert J. Jackson Jr stated back in February that a Bitcoin ETF was inevitable.

Inroads Have Been Made

That is not to say that we haven’t seen any institutional investment so far. Analytics provider, Skew, posted a tweet-thread in response to the Bloomberg piece.

It noted that institutional foreign exchange powerhouse, LMAX, had been consistently gaining market share in the bitcoin spot market with its digital arm. It has overtaken Kraken and Bitstamp, and now processes similar volumes to Coinbase.

The Chicago Mercantile Exchange (CME) had two consecutive $1.5 billion sessions on its bitcoin futures in June, where open interest reached approximately 35% that of Bitmex. Given the differences in maximum leverage, this likely represented more collateral committed to the trades than that of the majority of high-leverage derivatives platforms.

Bakkt’s physically settled futures products also continue to gain momentum, and both Bakkt and CME will be introducing options products within the next month.

Year-End Bitcoin Blues

However, in another tweet, Skew noted that open interest on CME futures is at an over-6-month low, prompting speculation that traders were shutting down books for the end of the year.

So although it seems that institutional interest is slowly trickling upwards, we are still waiting for the promised deluge. Will 2020 be the year that we finally see a serious inflow of institutional money (and perhaps even that legendary Bitcoin ETF)?

Watch this space.

When do you think institutional investors will show up to the party? Add your thoughts below!

Images via Shutterstock, Twitter @skewdotcom

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Source: Bitcoininst

Ethereum Price Analysis: ETH Claims $150 But Can It Go Any Higher?

  • Ethereum finally broke above the $150 level but now struggles at the resistance at $152.
  • ETH broke beneath the lower boundary of the symmetrical triangle as expected.
  • The bulls are attempting to gain control over the momentum but have failed to break above the 50 level on the RSI so far.

Key Support & Resistance Levels


Support:  $145, $138.80, $133.50

Resistance: $152, $158.60, $165, $170.


Support: 0.0196 BTC, 0.019 BTC, 0.0185 BTC

Resistance: 0.020 BTC, 0.021 BTC, 0.0215 BTC, 0.0223 BTC

ETH/USD: Ethereum Fails To Go Past $152  


Since our last analysis, Ethereum continued to rise higher above the $150 level but has struggled to make any ground above the resistance at $152.40. The bulls attempted to break above the 50 level on the RSI but started to point downward as it reached 50. Furthermore, the Stochastic RSI has also reached overbought conditions and is primed for a bearish crossover signal that will send the market lower.

Ethereum Short Term Price Prediction

The sentiment for ETH could be classified as bearish. For it to continue it has to drop beneath the $133.50 support. To turn bullish in the short term, a break above $158 could see ETH reaching the $170 level.

For Ethereum to continue higher, ETH needs to break above the resistance at $152. For this to happen, we must see the volume begin to increase as it has been very low during the entire period of December 2019. Above $152, resistance is located at $158, $165, and at $170 (upper boundary of long term descending price channel). Alternatively, if the sellers step back in, we can expect immediate support at $145. Beneath this, support lies at $138.80, $133.50 (November lows), and $130 (lower boundary of price channel).

ETH/BTC: Ethereum Breaks Below The Symmetrical Triangle


Against Bitcoin, Ethereum broke beneath the 2-month old symmetrical triangle that we have been tracking. After that, it managed to find support at the 0.01966 BTC level where the cryptocurrency bounced slightly higher into the 0.02 BTC level.

The RSI remains in the favor of the bears, however, the Stochastic RSI has recently produced a strong bullish crossover signal which could be the initial sign of an incoming bullish press higher.

Ethereum Short Term Price Prediction

Ethereum still remains in a neutral market against Bitcoin. For it to turn bearish, we would need to see it dropping beneath 0.019 BTC. To turn bullish, ETH must break above the November highs.

If the bulls can continue higher from the 0.02 BTC level we can expect immediate resistance to be located at 0.0204 BTC and 0.021 BTC (100-days EMA). Higher resistance then lies at 0.0218 BTC (November highs). On the other hand, if the sellers regroup and pressure the market lower, we can expect immediate support at 0.01966 BTC. Added support is then found at 0.019 BTC (.618 Fib retracement) and 0.01847 BTC.

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Millennials Trust Bitcoin-Based Equities Over Microsoft, Disney Stock

Bitcoin-based investment has made its way into the portfolios of the youngest investors, as millennials allocate a part of their retirement to Bitcoin-based stock.

Millennials Allocate Funds to Different Asset Mix

Analysis of self-directed brokerage accounts show a generational divide in selecting assets. Older GenX investors have no exposure to Bitcoin (BTC) through financial instruments, but millennials have bought into the Grayscale Bitcoin Trust.

The analysis in the latest Schwab report reveals that the newest generation of investors allocates around 1.84 of its portfolio to GBTC stock, more than is allocated for blue chip companies Walt Disney, Microsoft, and the Berkshire Hathaway fund. Millennials, unfortunately, held brokerage balances of about $68,756, about five times lower in comparison to the size of boomer portfolios. But with one of the greatest wealth transfers in history, more funds can move into a new type of portfolio, with a spot for bitcoin investments.

Earlier investors have put Apple, Amazon and Berkshire Hathaway at the top of their portfolio. But millennials trust Tesla for their top 3 pick, with Amazon and Apple still at the top.

Bitcoin is seen as one of the outliers of the last decade, establishing a new asset class that may have built wealth already for multiple generational cohorts. Once seen as a Ponzi scheme, BTC established itself beyond a mere speculative asset.

Grayscale Price Points to Growing Interest in Bitcoin

The Grayscale fund was recently open to retail investors. For months, the instrument revealed the sentiment of institutional investors, as some were ready to pay hefty premiums to the spot bitcoin price. The overall investment in GBTC is now slightly lower at $2 billion, in comparison to $2.7 billion flowing in during the summer peak of BTC prices.

Currently, each GBTC share once again trades at a premium at $8.01, corresponding to spot prices above $8,000. Bitcoin itself traded around $7,409.

Grayscale remains confident on increased investment interest, as a recent study revealed 36% of investor respondents were interested in a bitcoin-based product.

The research, however, does not account for anyone buying bitcoin outright. Currently, most BTC coins exhibit “hodling” behavior, as they are stashed in cold wallets or kept in custody. Bitcoin products offer immediate gains for price speculation, but owning actual BTC is also a hedge against future instability.

Bitcoin has established a global network that so far shows no signs of censorship. With more than 9,300 nodes and no downtime, the network is capable of carrying vast transactional value, while bypassing banking fees or limitations.

What do you think about millennials’ investment strategies? Share your thoughts in the comments section below!

Images via Shutterstock, Twitter @Grayscaleinvest

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Source: Bitcoininst

You Can Now Send Ethereum Anonymously For Under $1

The EY Blockchain team published the open-source code for its latest addition to the Nightfall project, which brings the potential for batching anonymous transactions on the Ethereum (ETH) network.

Ethereum Transaction Batching Brings Gas Cost Down

The Nightfall project brings usage of ZK-Snarks, the Ethereum-compatible technology for transaction veiling. Additionally, the team has worked on transaction batching, to allow the lowest gas cost possible.

In a Reddit update, EY announced,

Doing the full 20 transactions available in this version drops your gas cost to approximately $0.24. This includes both batching and a new tool for reducing Merkle tree updates called (appropriately) Timber developed by the EY Blockchain research team

Paul Brody, the Global Blockchain Leader at EY, introduced the updated repository, promising more updates to optimize the usage of the Ethereum blockchain.

The achievement of the EY team brings a form of scaling to Ethereum, with more efficiency from transaction batching. The technology is aiming to improve the use of tokens, by also veiling some of the interactions with smart contracts.

The Ethereum network still has busy days, though utilization has fallen to about 80-89%. Any form of gas-optimization may be useful to end users. Currently, a handful of smart contracts constantly burn most of the gas, and may remain fixtures on the network.

EY Team Show Risks of Private Blockchains

The EY team are one of the firms that have decided to tie working, business-ready blockchain solutions on one of the biggest public blockchain. The creation of a private blockchain is relatively straight forward, but businesses may not want to be locked out or face technical difficulties from their competitors. Using a public blockchain and open-source code may help spot problems and optimize blockchain usage.

The EY technology offers a form of tokenization for business processes, generating a non-fungible token to represent a payment obligation, and using fungible tokens to fill that obligation. The process is similar to private blockchains using secondary types of payment settlement, thus avoiding legacy systems and middlemen.

While Ethereum does not scale as expected, the chain has still offered valuable services. On a regular day, transaction cost remains at most $0.031, with some irregular spikes. The Ethereum network carries around 600,000 transactions per day, based on Blocktivity data.

ETH traded at $148.90, finding a new stability ledge after crashing from the $180 level.

What do you think of the new possibilities for ETH and token users? Share your thoughts in the comments section below!

Images via Shutterstock, Twitter @pbrody

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Source: Bitcoininst

Ethereum Price Analysis: Can ETH Finally Break Above $150?

  • Ethereum saw a small increase of 1% as it attempted to regain ground back above $150.
  • ETH is poised to break beneath the 2-month long symmetrical triangle.
  • The bulls must break above $158 to start a short term bull run.

Key Support & Resistance Levels


Support:  $145, $140, $133.50

Resistance: $158.60, $165, $175, $185.


Support: 0.01966 BTC, 0.019 BTC, 0.01850 BTC

Resistance: 0.020 BTC, 0.021 BTC, 0.0215 BTC, 0.0223 BTC

ETH/USD: The Downtrend Seems To Continue 


Since our last analysis, Ethereum started to decrease but managed to find support around the $145 area. The cryptocurrency has now bounced higher, largely due to Bitcoin’s recent price hike, as it now attempts to break back above the $150 level.

ETH has been trapped within a descending price channel for a few months and will need to break above this channel for a bullish run to begin. If it can rise above $158, this will be a good sign that a short term bull run is in motion.

Ethereum Short Term Price Prediction

If the buyers start to drive ETH above $150, we can expect immediate resistance to be located at $158 and $165. The $165 level had provided strong support for the market during August and September and is expected to provide an equal level of resistance moving forward. Above this, resistance is located at the upper boundary of the channel at around $175.

Alternatively, immediate support toward the downside lies at $145 and $140. Beneath this, support lies at $133.50 and 4130.

The RSI is rising toward the 50 level which shows that the previous selling pressure may be fading. However, we would need to see the RSI break above 50 if we would like to see ETH breaking above $160.

ETH/BTC: Ethereum Seems Primed For More Pain


Against Bitcoin, ETH has returned to the lower boundary of the symmetrical triangle as it looks to break beneath. It has been trading within this triangle for over a month now and a breakout was expected to dictate the direction of the next trend. Unfortunately for the bulls, it seems that ETH would like to travel lower against BTC if it breaks beneath that boundary.

Ethereum Short Term Price Prediction

If it drops beneath the boundary, immediate support is located at 0.01966 BTC and 0.019 BTC (.618 Fib Retracement). Beneath this, added support is found at 0.0175 BTC and 0.017 BTC.

Alternatively, if the buyers can hold above the lower boundary of the triangle and bounce higher, we can expect immediate resistance at 0.02 BTC. Higher resistance lies at 0.021 BTC (100-days EMA) and the upper boundary of the triangle (around 0.02140 BTC).

The RSI is trending lower which shows that the sellers are increasing their momentum within the market. The Stochastic RSI is poised for a bullish crossover signal, however, we must be patient for this signal to develop before making any decisions!

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Source: Crypto Potato

Bitcoin Breaks Records: $8.9 Billion Processed In An Hour

While many continue to focus on Bitcoin’s price, its network has set a new record in its hourly USD transaction volume, recent data reveals

For the first time in history, the network processed a total of $8.9 billion in on-chain transactions in a single hour on Dec 4th, a sign of a significant improvement of the blockchain.


In the last two years, Bitcoin’s daily transaction volumes have seen massive growth, increasing from a mere $200 million in 2017 to more than five times the number at the beginning of this year. 

Although the new record does not seem to have any significant effect on the current price action and the market in general, it clearly shows how well the network has performed so far with more transactions being proceeded every day. 

What Caused The Spike?

According to Glassnode, an on-chain market intelligence monitor for digital assets, the $8.9 billion USD hourly transaction volume on the bitcoin network was as a result of the several large transactions made by Bittrex exchange within an hour. 

This $8.9 billion spike in on–chain volume was caused by @BittrexExchange moving a large amount of #bitcoin several times – a series of 21 transactions within one hour, each moving ~56,000 $BTC. 

Large Transactions, Minimal Fees

Not only is there an increased transaction volume, but the transaction fees on the bitcoin network remain impressively low. 

For instance, data revealed that three large bitcoin transactions from the last couple of days – 46,000 BTC ($337 million), 43,500 BTC ($313 million), 57,000 BTC ($415 million) were proceed with incredibly low fees of $0.40, $1,00, $5,00 respectively. In other words – a total of $1.07 billion was transferred with a fee of just $6. Needless to say, this is extremely low compared to what it would have been if the transactions were done in fiat currencies. 

In any case, all of the above goes on to display some of the benefits of Bitcoin, which differ from its price and its role as a store of value. It shows that its network is capable of handling large transactional volumes and that it has only been improving as time goes by.

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Source: Crypto Potato

Analyst Who Perfectly Called Bitcoin Price Sees Bright Future Ahead

Cane Island Analyst Timothy Peterson maybe one of the only analysts to have accurately predicted the end of year bitcoin price . His analysis back in March this year, stated that the leading cryptoasset would price in at $7,800 by the end of December. If bitcoin continues to track as Peterson’s predicts,  BTC should close above it’s all-time high by the end of 2021.

Climbing Higher At a Slower Pace

In December 2019, the market price of BTC will hover near $7,800, predicted analyst Timothy Peterson. He was close enough in his range of predictions, as BTC trades at $7,513.32, after an unexpected spike on Wednesday.

Bitcoin price started the month at around $7,300, with spikes to $7,400 and drops closer to $7,000. But the long-term prediction for the coin remains bullish, with the hope of $1 million prices still envisioned by Peterson and a number of other predictive models. Some of the BTC long-term predictions still invite criticism, as price volatility, washed trading volumes and derivative market pressure creates uncertainty.

BTC is constantly rediscovering its price through new mechanisms, including spot and futures markets. The Peterson prediction may just be a “stopped clock” moment, which matches the current rate of bitcoin.

But Bitcoin price is also capable of following models and predictions based on a self-fulfilling prophecy. Peterson believes BTC prices follow Metcalfe’s law of time and growth, also potentially reaching a much higher valuation.

The model proposed has excluded the biggest BTC rallies, as Peterson believes those were caused by manipulation on specific exchanges. A curve based on days traded, and the price moves within the normal low-volatility range, sees bitcoin price making a gradual, rather than parabolic, trek to higher prices.

If true, bitcoin price is yet to revisit $10,000, while also going through anomalies with higher volatility. So far, most BTC models are true in hindsight, but prices remain unpredictable. There are repeating observations, however, in that BTC makes its gains in a relatively short time span, then either remains stagnant or slides.

Bitcoin Price Remains Volatile Short-Term

Once again, the hike to $7,400-$7,500 made BTC avoid an immediate bearish scenario. But bitcoin price also face short-term fluctuations, with the potential of returning to a lower range.

Bitcoin price fluctuations are also happening on gradually declining volumes of around $18 billion in 24 hours. Lowered volumes may also lead to short-term volatility.

What do you think of Timothy Peterson’s Bitcoin price predictions? Share your thoughts in the comments section below!

Images via Shutterstock, Twitter @nsquaredcrypto @philosof80

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Source: Bitcoininst

Will Crypto Save Iran from a Financial Crisis?

Iran is inching closer towards the financial crisis due to sanctions, but the country might still turn to cryptocurrencies for help.

Iran is in a bad place right now, as the US officials state that the country’s finances might be in a worse situation than they believed. The country’s damaged economy has been sparking protests for a while now, and Iran is moving closer and closer to a financial crisis.

After the sanctions put a stop to Tehran’s oil exports, some major losses were felt throughout Iran. Since then, the country tried to evade the sanctions, which softened the blow somewhat, although it did not do it much good in the long run. Right now, Iran’s government is using the last of its foreign-exchange reserves, indicating that any control that the government might have over importing supplies and equipment might soon be lost.

Soon enough, Iran is likely to find itself in a more dire situation than it was six years ago, when President Hassan Rouhani and his government were pressured into nuclear negotiations.

For now, it is difficult to predict what might happen to Iran’s economy in the future, as there are many unknown factors that could still change. Further, some intelligence that the US has received from its allies suggests that Iran might have some off-book income that could help it through difficult periods such as this.

Alternatively, the country could simply turn to smuggle its oil and bring in supplies, although US officials doubt that the effect of the sanctions can be offset by smuggling. As this is likely correct, another option for Iran is to turn to cryptocurrencies for help.

Iran might find a way out through crypto

Cryptocurrencies such as Bitcoin are known for a number of qualities, such as their borderless nature, achieved through decentralization. This form of digital money is not under anyone’s control, meaning that the US cannot do much to stop Iran from using Bitcoin and other coins and tokens.

Several days ago, Bloomberg reported that Iran plans to manufacture $11 billion worth of various products in the next two years, in order to replace imports and find a way to deal with US-led sanctions.

On the other hand, The Wall Street Journal recently reported that US officials believe Iran to be in a state of panicked aggression. This statement refers to several reports of assault against energy supplies, which Iran denied. Still, the problem lies with money, as the currency reserves of Iran are estimated to be at $86 million- 20% below the level reported in 2013. With a situation like that, US officials believe that Iran will either have to return to the negotiating table or burn through even more of its reserves.

Despite this, a Bitcoinist report from earlier this year believes that Iranian companies could exploit the anonymity of cryptocurrency and bypass the American restrictions. In fact, threats of US sanctions was historically more than enough to control Iran, until anonymous payments in digital currencies became a possibility.

The US Treasury seems to be well aware of this, as it warned digital marketplaces against trading Bitcoin with Iran-based firms and individuals. Some trading sites even started blocking buyers that were confirmed to be from Iran, while some even went as far as to confiscate Iranian clients’ funds.

However, these are believed to be isolated incidents, as cryptocurrencies’ very nature makes them extremely difficult to control, or even monitor. There is simply no way to duplicate banking sanctions when it comes to crypto, which is why the Iranian government might come to rely on digital assets to bypass the current restrictions and find a way to survive US sanctions.

What do you think about Iran’s chances to bypass sanctions with Bitcoin? Let us know in the comments below.

Images via Shutterstock

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Source: Bitcoininst

Ripple Price Analysis: XRP Struggling To Stay Above $0.2, What’s Next?


  • XRP suffered a rough week as the price dropped by 12%. During the past 24 hours, however, it marked a slight increase of almost 2% and reached its current level at $0.222.
  • The cryptocurrency has been trapped within a wide range between 3324 SAT and 3000 SAT against BTC in November 2019.
  • It may be able to climb higher as the technical indicators start to flatten out in oversold conditions.

Key Support & Resistance Levels


Support:  $0.215, $0.200, $0.185

Resistance: $0.2345, $0.252, $0.270


Support: 3000 SAT, 2900 SAT, 2853 SAT

Resistance: 3200 SAT, 3325 SAT, 3500 SAT

XRP/USD: XRP Attempts To Rebound From $0.215 Support


The daily chart above shows XRP bouncing from the strong support at $0.215 over the past three days. Like the majority of the altcoin market, XRP had suffered heavily in November after dropping by a total of 25% to create a multi-year low, not seen since December 2017.

Nevertheless, the support at $0.215 looks to be strong, and we wait to see if XRP will start to rebound higher from here.

XRP Short Term Price Prediction

If the bulls do start to push higher, an initial resistance is expected at the $0.2345 level, which had provided strong support for the market during September 2019. Above this, resistance lies at $0.252, which is the September 2018 price low. Beyond $0.252, resistance can be found at $0.281, where lies the 100-days EMA.

Alternatively, if the sellers regroup and push lower, we can expect immediate strong support at $0.215. Beneath this, support lies at $0.200 and $0.185.

The RSI has recently turned upward, which is a sign that the selling momentum may be starting to fade. Furthermore, the Stochastic RSI has been in extremely oversold conditions for the entire period of November. It is beginning to shape up for a bullish crossover signal, which should certainly help this coin rebound higher.

XRP/BTC: XRP Holding Strong At 3000 SAT


Against BTC, XRP did fall lower after our last analysis. However, strong support was found at the expected level of 2852 SAT. This allowed XRP to rebound sharply and rise back above the 3000 SAT support level. 

XRP Short Term Price Prediction

If the sellers start to pressure the market beneath the 3000 SAT support level, we can expect immediate support toward the downside to be located at 2900 SAT (.618 Fib Retracement). Beneath this, support is expected at 2853 SAT and 2752 SAT.

Alternatively, if the buyers can start pushing higher above the support at 3000 SAT, we can expect immediate resistance to be located at 3200 SAT and 3325 SAT. Beyond 3325 SAT, resistance is located at 3500 SAT.

The Stochastic RSI has recently produced a bullish crossover signal, which could result in XRP rising higher against BTC if the moving averages for the indicator can start to expand away from each other.

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Source: Crypto Potato

Bitcoin to Drop Below Central Bank Inflation Rate at Halving, Will Prices Surge?

The halving narrative appears to be the only thing left to look forward to for bitcoin in the short term. At the moment there is little else driving BTC fundamentally, and sentiment has turned bearish again as the asset starts to slide. Simple economic models and mathematics show that it could all change in six months’ time.

Bitcoin Inflation Below 2%

All hopes of a ‘Santa rally’ appear to be diminishing as BTC prices continue to slide and sentiment grows increasingly bearish. New options contracts from Bakkt and CME a month later are not bullish as they provide institutional investors with the ability to short the asset further.

The only thing that could drive sentiment and bitcoin prices in the next six months is the halving. According to the countdown, this is likely to occur on or around May 15 when block rewards are reduced from 12.5 to 6.25 BTC. Fewer coins will be added to the total supply which increases the notion of scarcity.

At the moment, there are about 295,000 bitcoins to be mined before the next halving. At today’s prices, that equates to around $2.15 billion, or just 1.6% of its market capitalization.

A more pertinent concept is that its inflationary rate will fall below that currently used by central banks. At the moment, BTC has a 3.7% inflation rate per annum. After the halving, this will drop to 1.8% which is below the 2% target rate set by the US Federal Reserve.

Industry observer ‘Rhythm Trader’ noted the significance of the halving;

Even if it doesn’t move the price, it’s a historic event in money. Bitcoin will drop below gold’s ~2% yearly supply rate increase and below the target inflation rate of central banks.

Stock to Flow Model

Stock to flow is defined as a relationship between production and current stock that is out there. After the halving, this will double which is very important for investors in terms of unforgeable scarcity and an inability to inflate stock;

Analyst ‘PlanB’ has refuted that the current situation in the run-up to Bitcoin halving is bearish adding;

IMO the run-up is not bearish at all, we are close to the S2F model value, like last 2 halvings. The only thing that surprises me is why we don’t see front running.

With less than six months to go there could well be a final shake out to around $6k before any pre-halving momentum. The long term charts for the next decade, which include another halving in 2024, are all extremely bullish regardless of what is happening today.

Day traders will always be looking for short term gains but anyone in crypto for the long run would do well to forget about the micro pumps and dumps and focus on the macro situation.

Will bitcoin surge before May 2020? Add your thoughts below.

Images via Shutterstock, Twitter @100TrillionUSD @RhythmTrader

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Source: Bitcoininst