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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

Bitcoin

Is Bex500 an alternative to BitMEX?

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An all around review of Bex500

Bex500 is a young but rapid-growing exchange, less adversarial than BitMEX, but with higher leverage than Binance, Bex500 has enough strings to attract many crypto traders. 

Those dissatisfied with the old exchange, may find Bex500 exchange with a stable system with no manipulation or “overload”, pleasant UX, user-friendly tool kits, and around-clock customer service.

Bex500 says they are making crypto margin trading “easier” and giving you a better return. 

Can they really achieve that? We conduct a comprehensive review as below to see if it is a trustworthy exchange

Question 1. What features does Bex500 have?

Bex500 offers perpetual BTC futures as well as three other cryptos including ETH, XRP and LTC, all paired against USDT. You may find Bex500 doing a good job aggregating most important features traders need for a robust trading experience with better return.

-A fair trade with no overload

Many traders are familiar with “overload” problem, which disables placing orders in peak trading times. It is suspected to be insider manipulations by exchanges which can cost users entire portfolios.

Bex500, with its unmatched TPS (claimed to be over 10,000 orders per second), ensures that the trading…

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How Bitcoin Has Changed Online Gaming

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We always hear how Bitcoin is great for the financial industry, how it can remove the middleman and help you save money while you spend money. How it can provide fast transactions at any time to any place, even when you wish to send money to someone on the other side of the world.

While all of that is true, it is important to remember that Bitcoin’s impact does not end there. The coin has already changed countless other industries, but one of the first ones that have accepted it with open arms — and therefore one that was changed the most — is the online gaming industry.

Bitcoin’s impact on online gaming

The first thing to note here is that digital currencies have found their use in online gaming thanks to microtransactions. However, it goes far beyond simply purchasing an in-game item from another player. Bitcoin’s biggest impact, without a doubt, concerns online gambling, sports betting, and similar activities.

Bitcoin brings security and anonymity

Bitcoin casino has become one of the new most popular places for an online gambler to visit, and for numerous reasons. Bitcoin brought increased security — to the financial industry, as well as online games. This is important because security is crucial for anyone who enjoys online gambling. It…

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The Crucial Role of Cryptocurrencies & Blockchain in Modernising The Telco Industry

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Blockchain has caused quite a stir in recent years. In fact, there’s a school of thought that firmly believes the digital ledger technology will prove to be the 21st Century’s biggest innovation

There are a great many industries braced for the disruptive force of blockchain, and the sweeping benefits it can bring to telecommunications can’t be underestimated. 

A blockchain is a decentralised, distributed, public digital ledger that’s fundamentally used to record transactions online. Every transaction that takes place is recorded across an extensive array of computers in a way that ensures that any individual record within the chain can’t be tampered with or retroactively modified. 

Because of the virtually impregnable security associated with blockchain and the efficiency that comes with a fully decentralised ledger, there’s plenty of potential for the technology within the telco industry in particular – especially given the financial flexibility that comes with cryptocurrency transactions beyond borders. 

Let’s take a deeper look at the important role that both blockchain and its associated cryptocurrencies can play in modernising and securing the telco industry:

Unprecedented security

The arrival of blockchain is causing a stir at Deloitte. The professional services giant has contributed tens of thousands of words on blockchain within its ‘insights’ network, and there are…

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