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Could Tesla CEO Elon Musk be Next in Line for Bitcoin’s Lightning Torch?

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From Twitter founder Jack Dorsey to crypto billionaires, the Lightning Network torch remains to be a factor on social media. It maximum not too long ago discovered its method into the palms of Binance CEO Changpeng Zhao. Zhao, like many within the Bitcoin group, want to see Tesla CEO Elon Musk clutch the torch subsequent.

Twitter Wants Elon Musk to Join Bitcoin’s Lightning Experiment

Litecoin writer Charlie Lee sought after it for himself, on the recommendation of Lightning Labs co-founder Elizabeth Stark.

He took the chance to indicate that many of us don’t appear to “want” the torch.

TakeTheTorch.online is regularly creating as a website online and probably a motion. Every time we seek advice from it, the illusion has modified, and the checklist of people that’ve won the torch has grown longer. It now sports activities a meme gallery.

The contemporary Bitcoin price building up moved the worth of the torch (3.21 million satoshis) to about $116.

Will This Bitcoin Torch Be ‘Stolen’ More Often As It Grows in Value?

Binance’s Zhao clearly sees the worth of the Twitter recreation. Demonstrating the microtransactional probabilities of Lightning Network, the scaling answer for Bitcoin has so much to turn out after two forks of Bitcoin have viably created techniques the place the worth of a transaction is way decrease.

Other notable torch-bearers within the week-long experiment come with @Excellion or Samson Mow, the outspoken Blockstream Chief Strategy Officer. Mow as soon as spoke so fervently in prefer of Bitcoin Core that Gavin Andresen labeled both him and Gregory Maxwell “toxic trolls.”

In addition to Samson Mow, @aantonop or Andreas Antonopoulos prior to now took the torch and handed it to pseudonymous Peter Parker.

Interestingly, a couple of transactions within the checklist are marked as “steal,” “dup,” or “return.” Presumably, anyone who receives the torch and assists in keeping it has “stolen” it. If it’s despatched to anyone who has already won it, that’s a “dup” or replica. A “return” is what we may be expecting extra because the experiment grows in price and those who merely don’t have any pastime flip the transaction round.

For his phase, Elon Musk has no longer addressed the handfuls of frantic Lightning Network supporters tagging him on Twitter. As prior to now reported, Musk is deeply thinking about paintings at SpaceX at this time. The corporate is operating laborious to show issues round after large layoffs have been caused by way of a few of its extra “insane” analysis tasks.

Elon Musk Image from Shutterstock

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Bitcoin at $20K in 2019 Could Suggest Previous ATH Wasn’t a Bubble, Tom Lee Says

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Bitcoin marked a decisive leg up throughout the past 7 days, gaining more than 18 percent during the period. More importantly, it broke the important psychological level of $10,000, which caused serious hype throughout the entire cryptocurrency community. With this, the popular commentator and chief analyst at Fundstrat Global Advisors, Tom Lee, says that if Bitcoin breaks its previous ATH, this could suggest that it was never actually a bubble.

Was It Ever a Bubble?

In 2017 Bitcoin went on a parabolic move to hit a whopping price of around $20,000. This undoubtedly pinned all eyes on it. However, what followed was a steep correction where the cryptocurrency lost upwards of 85% of its value to drop to around $3,000 in 2018. The sharp increase, followed by an equally sharp decrease, caused many people to believe that the market behavior looked a lot like a bubble.

However, as it turned out, 2019 has so far been rather good for the market. Bitcoin is up more than 250% since January 1st as it’s currently trading close to $11,000.

Speaking on the matter was popular cryptocurrency commentator and head analyst at Fundstrat Global Advisors, Thomas Lee. He said that if we manage to hit the previous all-time high this year, this would suggest that it only took BTC 18-20 months to do so. He made the point that this could mean that the previous parabolic move wasn’t a bubble, as many considered it to be.

If we follow Lee’s chain of thought that 2017’s ATH might not have been a bubble, the most logical conclusion is that the market saw a serious and prolonged correction.

It Can Get Easier From Here

As we said in the beginning, $10,000 was an important psychological barrier for Bitcoin. Many have already argued that it could propel the price even higher. Tom Lee himself outlined a few days back that FOMO could take the cryptocurrency to $20,000 in months.

And while we have yet to see how the price action will develop, we can take a look at what happened last time Bitcoin was trading at the levels it currently is.

As you can see, the pattern is pretty clear. The cryptocurrency is gaining more steam and hype behind it as it appreciates in price. It took it 9 days to get from $8,000 to $9,000 but only 3 minutes to move from $18,000 to $19,000.

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MIOTA Price Prediction Today: Daily (IOTA) Value Forecast – June 24

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  • On the upside, if the bulls break the upper price range, IOTA market will reach the highs of either $0.55000 or $0.60000 price level.
  • The crypto’s price was fluctuating between the levels of $0.40 and $0.50.

IOTA/USD Medium-term Trend: Ranging

  • Resistance Levels: $0.50, $0.55, $0.60
  • Support Levels: $0.45, $0.35, $0.30

Last week the price of IOTA was in a sideways trend. The 12-day EMA and the 26-day EMA were sloping horizontally. The crypto’s price was fluctuating between the levels of $0.40 and $0.50. On June 22, the IOTA market was resisted as the bulls tested the $0.5000 upper price range.The crypto’s price fell to the support of the 12-day EMA and commenced a range bound move above the EMAs.

Presently, the crypto’s price is above the 12-day EMA and the 26-day EMA which indicates that price is likely to rise. On the upside, if the bulls break the upper price range, IOTA market will reach the highs of either $0.55000 or $0.60000 price level. On the other hand, if the bulls fail to break the upper price range, the crypto’s price will continue its range bound move. Meanwhile, the IOTA market is at the oversold region of the daily stochastic but above the 40% range. This indicates that price is in a bullish momentum and a buy signal.

IOTA/USD Short-term Trend: Bullish

On the 1-hour chart, the price of IOTA is in a bullish trend zone. On June 21, the crypto’s price was making a series of higher highs and higher lows. However, IOTA market was resisted at the $0.4800 price level but the price fell and found support at the low of $0.4400.

The bulls made an upward move to retest the $0.4800 price level. Nevertheless, the IOTA price is in the oversold region of the daily stochastic but above the 40% range. This indicates that price is in a bullish momentum and a buy signal.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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Bitcoin on Track for Best Second Quarter Price Gain on Record

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  • Bitcoin’s 165 percent gain so far this quarter is the best second quarter performance on record and the highest quarterly percentage gain since the end of 2017. The stellar gains have bolstered the long-term bullish technical setup.
  • While the relative strength index is reporting overbought conditions, there are no signs of bullish exhaustion on the daily, 3-day or weekly charts. As a result, the outlook remains bullish with resistances lined up at $11,247 and $11,394, according to Bitstamp data.
  • A minor pullback to $10,000 could be seen if the price again fails to hold onto gains above $11,000, validating a more bearish setup on the 4-hour chart.
  • The bullish outlook would be invalidated if the price finds acceptance below $9,097 (May 30 high).

Bitcoin (BTC) appears to be powering to the best second quarter price gain on record and the best quarterly performance overall since late 2017.

At press time, the 165 percent gain on the April 1 opening price of $4,092 is the biggest percentage rise observed in May to June to date, going by Bitstamp data.

Further, bitcoin’s triple-digit gain so far for Q2 is the best quarterly rise overall since the fourth quarter of 2017. Over that period, the cryptocurrency rose 230 percent, propelling prices to a lifetime high of $20,000 in December.

Monthly chart

  • Bitcoin has rallied 165 percent so far this quarter, surpassing the previous second quarter record gain of 130 percent seen in 2017.
  • Prices jumped a meager 10.9 percent in the first quarter this year.
  • The 626 percent rise seen in the first three months of 2013 is bitcoin’s biggest quarterly gain to date.

With the 165 percent price rise, BTC seems to have left the bear market far behind. In fact, the bearish-to-bullish trend change was confirmed on April 2, when prices rallied $1,000 to levels above $5,000.

The cryptocurrency then rose above $8,000 in the run-up to New York Blockchain Week held from May 10 to May 18 and remained bid after the event to hit highs near $9,100 on May 30.

The two-month double-digit winning streak has now extended into June, with prices briefly hitting 15-month highs above $11,000 over the weekend. The recent leg higher from $7,500 to $10,000 could be associated with Facebook’s foray into cryptocurrencies.

Observers believe that Facebook’s Libra project will not only boost the adoption of cryptocurrencies, but will also strengthen bitcoin’s appeal as an anti-establishment asset.

Further, the leading cryptocurrency by market value is set to undergo a mining reward halving in May next year. Therefore, the long-term price prospects look bright.

In the short run, however, a repeated failure to hold onto gains above $11,000 could yield a correction. As of writing, BTC is changing hands at $10,880, representing 2.4 percent gains on the day.

Weekly, 3-day and daily charts

The RSIs on the weekly, 3-day and daily charts are reporting overbought conditions with above-70 readings.

So far, however, prices aren’t showing any signs of bullish exhaustion. The bullish structure of higher lows and higher highs is intact and the 5-and 10-candle moving averages (MA) on all three charts continue to trend north.

The overbought readings on the RSIs would gain credence only if signs of bull exhaustion emerge in the form of candlestick patterns such as doji, bearish engulfing, hanging man, etc.

The bullish outlook would be invalidated only if and when prices drop below $9,097 (May 30 high), invalidating the bullish higher lows and higher highs pattern.

On the higher side, resistance is seen at $11,247 (Sunday’s high) and $11,394 (50 percent Fibonacci retracement of the bear market drop).

4-hour chart

BTC has failed twice over the weekend to hold onto gains above $10,000 with the RSI charting lower highs (bearish divergence).

That RSI pattern would gain credence if the cryptocurrency again fades a break above $10,000, leading to a drop toward $10,000 – the support of the ascending trendline.

BTC was expected to put on a good show in the three months to June 30 this year, as a number of technical indicators had turned bullish in February and March.

Disclosure: The author holds no cryptocurrency at the time of writing

Bitcoin image via CoinDesk archives; charts by TradingView

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Google Searches for ‘Bitcoin’ Starting to Catch Up With $10K Euphoria

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Data from Google Trends’ search analytics resource indicates that internet googling of ‘bitcoin’ (BTC) is approaching a monthly high as of today, June 24.

According to the data, searches for bitcoin are continuing their ascent in the week after the unveiling of Facebook’s new cryptocurrency and blockchain-powered financial infrastructure project, Libra, even as searches for Libra itself have tapered off since June 18 — the date the white paper for the forthcoming token was published.

Google trends data for search terms ‘bitcoin’ vs. ‘libra.’ As of June 24 2019

As Cointelegraph noted yesterday, from a wider perspective, the number of Google searches for “bitcoin” remain only around 10% of what they were in 2017 — the year of the top coin’s historic bull run, which peaked at $20,000 in December of that year.

The resurgent public interest is seemingly correlated with the renewed bull market, with bitcoin is currently trading at $10,881, up almost 35% on the month, according to coin360 data.

By country, the top five nations currently googling bitcoin are Nigeria, South Africa, Austria, Switzerland and Ghana — as compared with Uruguay, Dominican Republic, Nicaragua, Albania and Panama for Libra.

As Cointelegraph noted yesterday, the fact that Google trends data for bitcoin remains well below its former peak apparently suggests that retail FOMO has not yet become a major driver of the coin’s renewed price momentum. Instead, several parameters indicate that institutional demand for bitcoin is increasing in lockstep, and that network fundamentals are hitting all-time-highs.

While high-profile industry figures such as Ethereum co-founder Joe Lubin have critiqued Libra over its lack of decentralization, researchers at top crypto exchange Binance, have proposed that the social media giant’s token could spark additional volume in the cryptocurrency space.

At press time, BTC/USD is consolidating under the $11,000 mark — up over 3% over the past 24 hours, according to Cointelegraph’s bitcoin price index.

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CryptoBridge DEX app launches new mobile-friendly user interface

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The team of CryptoBridge, a decentralized crypto trading gateway, has successfully launched a new mobile-friendly user interface (UI) for users. Now, users will be able to access the trading platform from any device, while taking advantage of more advanced features.

What is new?

The interface itself is cleaner, more modern and overall more attractive, combined with simpler use of functions such as trading, deposits, and withdrawals. Alongside the “Buy” and “Sell” button, now there is quick access deposit function, in case users run out of assets to complete their desired trade.

At CryptoBridge there are few options for diversified income which are now all accessible directly in the UI itself, under the “Earn” tab. Important information regarding the referral program, BridgeCoin staking, and Trading Competitions, are one click away without the need to leave the trading platform.

Further, to help users understand the full functionalities of the new trading interface there is an icon in the lower right corner where they can quickly access guidance through the currently opened page.

cryptobridgenewui
The CryptoBridge team notes that if coming across any bugs or issues with client functionalities, there is a “Report” button that will open a ticket so developers can check and fix the issue.

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