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Is Bitcoin (BTC) Ready for Another Surge?

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It is no secret that Bitcoin (BTC) has had a rough 2018. The coin has dropped by over 80% from its all-time high in a matter of months, it experienced two market crashes, a constantly bearish market, and even troubles within its own ecosystem. Crypto investors spent the entire year hoping for a surge that never arrived, and since BTC is the most influential coin within the crypto space, its behavior usually dictates the pace for other coins as well.

Then, the year finally ended, and investors believed they could finally start anew, hoping to see BTC perform better in 2019. While Bitcoin is certainly performing better than in 2018, the current state of things is still far away from a rally. However, there is a possibility that this might change in the future.

Projects that could have sparked the next rally

As mentioned, crypto investors around the world were hoping to see a new price surge with the arrival of the new year. So far, this has not happened, and while there were several events believed to be able to boost BTC value, several complications prevent them from occurring.

One of them is the launch of the Bakkt Bitcoin Futures Exchange, which was scheduled to happen on January 24th. However, due to the long-lasting US government shutdown, the exchange failed to receive the green light from US regulators. As a result, they were forced to postpone the launch yet again, until the government issues can be resolved.

Another event that the crypto community was looking forward to was the potential approval of Bitcoin ETFs by the SEC. However, the same problem with the US government prevents the SEC from operating, which eventually led to the withdrawal of the Bitcoin ETF application. Without the SEC to accept or reject the application, under the current laws, the application will have been approved by default. As it was unlikely that the regulators would allow this to occur, Van Eck, SolidX, and CBOE decided that it would be better to withdraw the application and re-submit it under different circumstances.

While this is not the end in the of the struggle to receive permission to launch Bitcoin ETFs — as there are other applications, and there will likely be even more in the future — it is a missed opportunity for Bitcoin to get a boost in value.

Furthermore, many expected that this might damage the price of BTC, which did not happen. BTC drop that followed was barely noticeable.

New developments that might impact Bitcoin price

Despite the two large opportunities that end up receiving another delay, there are still other developments that are expected to occur in the future and help BTC grow in value. One of them happened today, January 30th. This was the launch of Wrapped Bitcoin (WBTC), an ERC-20 token pegged to Bitcoin itself. The token is expected to bring liquidity to the ETH network and at the same time, allow new use cases to BTC, such as access to dApps, DEXes, smart contracts, and alike.

The supply of WBTC will depend on how much BTC is being held by a custody service, and the result is a stablecoin-type token which will make ethereum network become a two-coin network.

Next, there is also a possibility that Bitcoin Lightning Network might go live at some point in 2019, which would have a massive impact on the speed and cost of transactions in the BTC ecosystem. The LN would provide an additional layer to Bitcoin’s blockchain, where traders would be able to establish a network of tunnels. The tunnels would allow traders to send BTC payments which do not have to be recorded on the blockchain, as long as the tunnel is active.

With these projects, BTC will be on the road of receiving additional use cases, achieving better performance, and likely seeing more activity, which is expected to help its price grow.

Will BTC surge on its own?

Finally, there is a possibility that BTC will reach a rally without outside influence, as analysts believe that BTC follows a circular pattern which leads the coin from bearish to bullish period on an endless repeat. While 2017 was in the bullish part of the circle, 2018 was certainly in the bearish one. The next step is expected to be a return to the bullish trend, during which BTC may surge even higher than in 2017.

This theory has seen a lot of support, although it might not occur in this exact way. It should be noted that 2017 was also a year when cryptocurrencies received more exposure than ever before, so a large part of the following surge was pure hype. 2018 was merely a correction that followed after the hype died down. If the new bullish period does arrive, it is possible that the rally will be better-controlled, as the market appears to be more mature now than it was two years ago.

Whatever the case may be, investors around the world are still hoping to see the crypto market shake off the bearish grip and become more profitable for the traders and investors. While this will almost certainly happen at some point, it is unclear when to expect such development.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of melfoody via Flickr

Charts courtesy of TradingView

Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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The rise of the crypto casinos

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In the hyper-competitive world of online casinos, operators are always looking for ways to stand out from the crowd. The most usual methods include using distinctive branding, offering generous bonuses and making sure that they are on all of the major so-called affiliate sites where players can compare and contrast casinos’ different offerings.

But now a whole new generation of casinos are starting to emerge – ones whose key difference isn’t what and how you play, but more in how you pay.

The rise and rise of the cryptocurrency casino is seen by many as the next logical step in a world that is slowly but surely starting to accept that Bitcoin, Ethereum, Ripple, et al. are certainly here to stay.

Of course, it’s the first of these cryptocurrencies that has really grabbed the headlines and led the way with its meteoric performance in 2017 when it seemed like its $20,000 value was just the start of the story. Admittedly, this was short-lived and the value quickly fell back to a more sustainable level but, if it achieved one thing, it was to cement this exciting new kind of currency in the consciousness of the general public.

Why Bitcoin and online casinos are the perfect partners

In many ways, it’s the perfect partnership between Bitcoin and online casinos with multiple benefits for both.

The first of…

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