Could this year’s crypto winter be nearing an end? That’s the opinion of some experts, and while bullish predictions are easy to come by, there are signs that a thaw could be underway. In today’s Bitcoin in Brief, we examine the market forecast for the weeks ahead.
Bears Abate While Bulls Congregate
While market uncertainty has persisted for weeks, a few experts have felt bold enough to pop their heads above the parapet and predict the worst is over. On Monday, Crypto Asset Management’s Timothy Enneking asserted that the bear market has largely run its course. On crypto Twitter, many traders are also cautiously optimistic. For the first time in a long time, they’ve actually begun sharing calls with their followers, something they’d hitherto been hesitant to do.
Bitcoin has scarcely moved in days, but altcoins, including ethereum and NEO, have started to show green shoots, and EOS is positively blossoming, up 27% in 24 hours. That being said, it’s too early for celebrations. As one trader sagely put it, “The markets will bounce when everybody stops celebrating every single green candle and random shitcoin spike.”
Bitfinex Dispels Money Laundering Rumors
No crypto exchange wants to be mentioned in the same breath as “money laundering”, and even if those rumors are false, they need to be addressed. Bitfinex has asserted that there is no connection between it and the shell companies alleged to have been involved in laundering money in South America. Polish media had reported how Polish authorities seized $371 million linked to companies associated with Colombian cartels, and alleged a Bitfinex link, something the exchange has strenuously denied.
Litecoin Is Getting a Debit Card
Crypto debit card Tenx recently integrated litecoin into its wallet, and Charlie Lee now claims a dedicated litecoin debit card will be next, also coming courtesy of Tenx. If so, LTC will be following in the footsteps of BTC and BCH in getting its own crypto card. The news will help atone for the collapse of Litepay, a litecoin payment processor that folded due to impropriety on the part of its CEO.
Asicboost Adoption Receives a Boost
ASIC miners are controversial for a number of reasons, and so is the patented Asicboost technology that a number of mining pools have now adopted. Asicboost can improve mining performance by up to 20%, and there’s now an easy way to track its prevalence among newly mined bitcoin blocks. Asicboost.dance is a block explorer that records instances of the overt “version-rolling” Asicboost in action. In related news, Samsung is reported to be developing 10nm chips for Halong Mining to use in its ASICs. Big if true.
Gavin Andresen and Craig Wright Part Ways
The act of one bitcoiner unfollowing another on Twitter ought not to be news, and yet Gavin Andresen’s decision to unfollow Craig Wright has got people talking. It was Andresen who first met with Wright in 2016 and ”confirmed” that the Australian was Satoshi Nakamoto – a decision Andresen later rescinded and expressed regret over. Andresen’s simple act of unfollowing may indicate their already strained relationship is over.
Bitcoin Is Not a Bubble
December’s insane price run aside, bitcoin has been going steady for some time now. Or at least it has if you remembered to zoom out. Tetras Capital’s Brendan Bernstein just went on a tweetstorm to explain his reasoning why bitcoin is not in a bubble – unlike the government-controlled fiat markets. The entire thread is worth a read, but we’ll leave you with this tweet to ponder:
Do you think the worst of the bear market is now over? Let us know in the comments section below.
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