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BTCMEX Launches a $100,000 Trading Competition to Celebrate 1 Year Anniversary

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Popular cryptocurrency YouTube content creator DataDash believes that Bitcoin has entered a long-term bull cycle. He based his opinion on several factors, including the famous stock-to-flow model, the increasing hodling mentality from investors, and the issuance of new coins.

Weekly And Monthly Bullish Patterns

According to Nicholas Merten, the person behind the popular DataDash YouTube channel, Bitcoin’s recent performance solidifies an upcoming bull run. He began by examining a nearly three-year-old resistance level that started from the all-time highs in December 2017.

BTC was incapable of closing above it on the weekly chart since then but managed to do so this week. Merten classified it as a “massive moment for Bitcoin. Even on a weekly timeframe, we are flipping on a bullish pattern.”

BTCUSD 1w. Source: TradingView
BTCUSD 1w. Source: TradingView

Merten also observed an even higher timeframe – the monthly chart. He argued that Bitcoin doesn’t move in four-year cycles between each halving as the majority believe. Instead, the asset’s price follows expanding cycles.

The first such cycle took place around 2010 when “we started to get actual price data, actual volume, and the first major exchanges started to list Bitcoin.” It was eleven-month long. However, each cycle that follows adds about a year (11-13 months), making it larger, hence the name – expanding cycles.

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The second one began in October 2011 and finished in November 2013, and the third completed one – ended in December 2017 when BTC reached its all-time high of nearly $20,000. The cycle that Bitcoin is currently in right now started at the end of the bear market in 2019. Its estimated time of completion is “somewhere around November 2022.”

“If we take a look at the logarithmic chart when we have the line resistance that’s curving over time, it’s roughly around a big even of $100,000.” – noted Merten.

Bitcoin Expanding Cycles DataDash. Source: YouTube
Bitcoin Expanding Cycles DataDash. Source: YouTube

S2F Model

Merten also touched upon the famous stock-to-flow model. The stock represents the size of the existing stockpiles (or reserves), whereas the flow is the annual supply of BTC on the market. Since the halving occurring roughly every four years reduces the creation of new bitcoins by half, BTC’s stock-to-flow ratio predicts that the asset price could indeed surge to $100,000 per coin in a few years.

Following the third halving in May, many people began criticizing the model, as BTC’s price didn’t react immediately. However, Merten pointed out that historically, the asset has sometimes jumped months or even years after the event.

“As we look at the previous halving events, we can actually see that we get more and more of a delayed response here. During the previous cycle, it was after November 2017 – one month from the top – when the price finally went above the red line – the fair value of Bitcoin, according to the stock-to-flow model.

Bitcoin S2F Model. Source: LookIntoBitcoin
Bitcoin S2F Model. Source: LookIntoBitcoin

HODLing Helps

The increased HODLing mentality from Bitcoin investors is another indicator that could suggest a BTC price jump. The 1+ year HODL wave that tracks the number of bitcoins that have been stationary for at least one year is at a new all-time high, as the graph below illustrates.

More specifically, 62% of all bitcoins haven’t moved in one year or more. Merten highlighted the importance of this for the price, as it implies that people are more into holding their coins than actually spending or selling them.

“As we get more and more people, for example, players as Grayscale or other different institutional onramps, starting to get more bitcoins, it’s starting to get to the point where there is not much Bitcoin liquidity available on the market.”

1+ Year HODL Wave. Source: LookIntoBitcoin
1+ Year HODL Wave. Source: LookIntoBitcoin

The Puell Multiple

The Puell Multiple metric divides BTC’s daily issuance value in USD (number of freshly minted coins added to the ecosystem by miners) and the 365-moving average of the daily issuance. According to Merten, it predicts price tops and bottoms quite accurately. And, since it’s currently situated in a relatively low position, it could solidify that BTC is undervalued now.

The Puell Multiple. Source: LookIntoBitcoin
The Puell Multiple. Source: LookIntoBitcoin

Ultimately, all of these factors support the narrative that Bitcoin is indeed heading towards a significant bull run, Merten explained.

“When you have a reduction in the available supply of Bitcoin due to the halving event, as well as a pick up in demand as its price continues to reach higher levels, and as more people start to hold on to Bitcoin, you get these very, very powerful cycles where you have massive multiples on BTC’s price.”

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Source: https://platoblockchain.net/2020/07/28/btcmex-launches-a-100000-trading-competition-to-celebrate-1-year-anniversary-2/

Blockchain

A senior BOJ official says the digital yen needs public support for it to become a reality.

According to the Bloomberg report, a senior Bank of Japan’s official said that there is no final decision has been made yet even after the announcement of testing to start next year. The official revealed that a lot depends on the public support for it to go ahead with its central bank-backed digital currency. Kazushige […]

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A senior BOJ official says the digital yen needs public support for it to become a reality. – Coinnounce




























The central bank of Japan’s move to launch a digital currency would be conditional on public support, according to a senior BOJ official.


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Source: https://coinnounce.com/bank-of-japan-official-says-cbdc-needs-public-support/

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Japanese soccer star Keisuke Honda launches his own crypto

Crypto and blockchain matter for the global soccer community.

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A Japanese professional soccer player is launching his own cryptocurrency to boost fan engagement.

Keisuke Honda, former Japan midfielder and currently a captain of the Brazilian professional league team Botafogo, has launched his own token to build new connections with his fans, Cointelegraph Japan reported on Oct. 22.

The so-called “KSK Honda Coin” was launched on Thursday via Rally.io, a blockchain platform for creating video streaming and gaming applications. The new coin is intended to enable fans to interact with Honda.

Holders of KSK Honda token will be able to get exclusive content from Honda as well as interact with the player via private channels on Discord. “We decided to create a social token to build new connections with our most loyal fans,” Honda said.

The world-known soccer player said that the new token will allow him to connect with fans in a more open manner, providing a 100% transparency in knowing who holds coins in the fan community.

The global soccer community is moving deeper into the crypto and blockchain industry in search of new ways of connecting stars with their fans.

On Oct. 15, a top soccer club in Russia’s Premier League — Zenit St. Petersburg — signed on to the blockchain-based gaming platform Sorare to issue collectible and tradeable digital cards. In September 2020, Italian professional sports club SS Lazio signed a multiyear deal with crypto trading platform StormGain, enabling new fan engagement options through crypto.

Source: https://cointelegraph.com/news/japanese-soccer-star-keisuke-honda-launches-his-own-crypto

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Grayscale invests $300m in a day to grow its crypto portfolio

Grayscale Investments continues to grow its cryptocurrency portfolio by adding $300 million in assets…

The post Grayscale invests $300m in a day to grow its crypto portfolio appeared first on Coin Journal.

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Grayscale Investments continues to grow its cryptocurrency portfolio by adding $300 million in assets under management (AUM) in a day

Grayscale Investments revealed that it had added $300 million worth of cryptocurrencies to its digital assets portfolio over the past 24 hours and over $1 billion in the last week. This information was relayed by Grayscale CEO Barry Silbert via a tweet yesterday.

The crypto fund manager noted that it had $6.3 billion in AUM as of October 15. However, it has added $1 billion in cryptocurrencies over the past week, and the company now controls $7.3 billion worth of digital assets.

Silbert stated that the company “Added a cool $300 million in assets under management in one day. The additional sum brings the total assets held under management to $7.3 billion”.

The funds are held in the company’s trust for Bitcoin (BTC) and Ethereum (ETH), in addition to Grayscale’s digital large-cap fund. This latest development comes less than 48 hours after PayPal announced its entry into the cryptocurrency market, with Bitcoin surpassing the $13,000 mark afterwards.

Each Grayscale report is delayed by 24 hours, which means that this data refers to the previous day’s figure.

The cryptocurrency funds manager reported that its Litecoin (LTC) Trust recorded the highest growth since the last report. Grayscale reported that its LTC Trust increased by 7.5%, while their Zcash (ZEC) Trust increased by more than 6% over the past 24 hours. Grayscale also has extensive holdings in other cryptocurrencies such as Ripple (XRP), Ethereum Classic (ETC), Bitcoin Cash (BCH), Horizen (ZEN) and Stellar Lumens (XLM).

Grayscale might be increasing its cryptocurrency holdings after raising massive funds in the third quarter of the year. Grayscale’s financial report for Q3 2020 revealed that it had bought over $1 billion in investment across all its cryptocurrency trusts. This year, Grayscale has raised $2.4 billion, which is more than twice the total amount they obtained for the years 2013 – 2019.

The investment firm revealed that 81% of investment in the third quarter came from institutional investors, while another 57% came from people investing in multiple products.

With the crypto fund manager now holding over $6 billion in AUM, it means that Grayscale controls around 2.5% of the total Bitcoin supply, currently above 18,000 BTC. The Bitcoin supply is capped at 21 million, which means that roughly 2.5 million bitcoins are left to be mined.

Grayscale isn’t the only company that is increasing its stakes in cryptocurrencies at the moment. MicroStrategy recently bought $425 million worth of Bitcoin, and Jack Dorsey’s Square Inc. invested $50 million in Bitcoin.

Source: https://coinjournal.net/news/grayscale-invests-300m-in-a-day-to-grow-its-crypto-portfolio/

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