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Bitcoin Will Hit $20,000 In 2018, According To Tom Lee

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One of the biggest ‘bulls of Bitcoin’ as he is described by analysts, Tom Lee, recently made a new statement in which he again pinpointed another optimistic price target for the most dominant cryptocurrency out there, Bitcoin (BTC).

In his new prediction, while talking to CNBC, Lee stated that Bitcoin has the potential to reach $20,000 this year – despite the struggle of the emerging markets in which BTC (and the other altcoins) are. He also discussed the emerging markets and ETFs like the iShares MSCI Emerging Markets Index ETF which enables investors to allocate funds into the diverse portfolio of assets and stocks in developing markets and regions.

According to Lee:

“Both really essentially peaked early this year, and they both have been in a downward trend. Until emerging markets begin to turn, I think in some ways that correlation is going to hold and tell us that sort of the risk on mentality is those buyers aren’t buying bitcoin,”

Tom Lee has been known to the crypto market for his optimistic price predictions. Previously, he stated that Bitcoin will reach $25,000 in 2019, after which he corrected the number to $20,000 about a month ago. His company named Fundstrat, on the other hand, issued a report which indicates that Bitcoin could rise to $64,000 next year.

However, he is now confident that the strong performance of assets and ETFs will lead to an increase in the price of BTC, given the correlation between the two especially during 2017, stating:

“So why do we think they’re connected? Well, there is two factors. The first is hedge funds — see hedge funds typically rent emerging market stocks. So they do risk-on, risk-off. So when they’re risk-off, Bitcoin also suffers because they are risk off. The second reason has to do with wealth effect. Wealth effect means that if you are living in an emerging market, and you see your stock market fall hugely, that you will have a lot less money to buy Bitcoin.”

Despite the weak performance of emerging markets like ETFs, Lee expects that the price of Bitcoin will surpass $20,000 by the end of 2018, expecting a massive surge before the year ends – just like the record price movement of BTC in December 2017.

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Analysis

High Bitcoin Volatility Expected Soon: Price Analysis

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High bitcoin volatility is expected soon according to price analysts since, over the last 48 hours, the largest cryptocurrency managed to break the upside as the bulls attempted to regain control of the price so in today’s altcoin news we take a closer look at the price analysis. On the 4 hour charts, we can see that the downtrend over the past nine days and it formed a descending trend that was broken to the upside in less than two days ago. Since then, the Bitcoin price levels reached $10,120 whilst the POC moves up to $10,560 around the current price which shows there is a good amount of support in the current market price. The 200EMA is running through the same channels and both moving averages are the closest they have even been to each other in more than a month. When both moving averages are close to each other after a high bitcoin volatility period, it’s a sign there will be more volatility in the future. This could be started with a massive move in any direction as the bullish trend is still present so Bitcoin will be holding above the key support at $8,000. On the hourly charts we can see that the breakout price levels have been trading close to the points of control at $10,600 and the retest of the 50MA highlighted on the chart that shows a strong wick that is usually a sign that bulls are in control and the Bitcoin price levels will move up further during the intra-day trading session. As the latest cryptocurrency news show, the 200EMA and 50MA are in a sandwich price action as it looks as the 4-hour analysis above which shows there is a strong sign of suppression that can be noticed on the short-headed candles with large wicks. This also means that the whales are fighting for the price levels to try and maintain the tight trading range in the short-term. In the further BTC upside in the coming days and weeks, the key resistance levels are looking to reach the $10,600 and $11,900 and even the $13,270.
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Bitcoin News

Bitcoin Is Not Banned In India: Finance Minister

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The union finance minister of India, Anurag Singh Thakur is in the latest cryptocurrency news for a statement in which he said that holding or trading cryptocurrencies like Bitcoin is not banned in the country.

As Thakur told the upper house of the Indian parliament, the issues of permitting the trading of/in cryptocurrencies remains under full examination of a government-appointed interministerial committee.

Thakur also stressed that the Reserve Bank of India and the Ministry of Finance had issued a string of circulars and notices regarding the use of Bitcoin and other similar coins. Nonetheless, only a final report from the committee could shed light on the final status of such nascent asset class.

His statement showing that Bitcoin is not banned in India was all over the altcoin news too and read:

“Presently, there is no separate law for dealing with issues relating to cryptocurrencies. Hence, all concerned Departments and law enforcement agencies, such as RBI, Enforcement Directorate and Income Tax authorities, etc. take action as per the relevant existing laws.”

The response also followed Bloomberg Quint’s coverage which was based on an alleged crypto ban draft which mentioned that the government of India would sentence crypto traders with a ten year jail time. However, the Finance Minister Thakur said that Bitcoin is not banned in the country. Also, a New Delhi-based lawyer named Varun Sethi this week shared a leaked page from the same draft which clarified that the Indian government was planning a crackdown on crypto traders.

“It is difficult to state a specific timeline to come up with clear recommendations. The Inter-Ministerial Committee (IMC) under the Chairmanship of Secretary, Department of Economic Affairs is examining all issues, including the pros and cons of the introduction of an official digital currency in India. No decision on licensing and authorising any entity or company to operate such schemes or deal with Bitcoins or any virtual currency has been made as yet,” he said in the document which was shared on many best cryptocurrency news sites.

The reply about the question of whether Bitcoin s banned or Bitcoin is not banned comes ahead of the next Supreme Court hearing of the so-called Crypto vs. RBI on July 23.

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Bitcoin News

Dr. Doom Writes That Bitcoin Bears Are ‘Poised’ At This Point

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One of the most followed cryptocurrency critics in the space, Nouriel Roubini with an alias 'Dr. Doom' has called out for attention, noting that the bears are poised. It seems like the sentiment around the market is divided as some are arguing that Bitcoin will rise to new highs and others think that the correction is not over. The Bitcoin price, known for its extreme volatility, is the new topic of discussion for Dr. Doom. In times when a lot of best cryptocurrency news sites are reporting that there are wild swings on the crypto markets as evidence of price manipulation, analysts confirmed that Bitcoin lost more than 25% in a single week. A few have been as outspoken against Bitcoin and cryptocurrencies in general. Obviously, one of them is Dr. Doom or Nouriel Roubini, a professor of economics at the New York University Stern School of Business. Because of his pessimistic outlook, he is known as 'Dr. Doom'. Recently, Roubini has stepped up his feud with the Bitcoin and crypto exchange BitMEX, suggesting that it and other major exchanges are involved in "systematic illegality."
"BitMEX insiders revealed to me that this exchange is also used daily for money laundering on a massive scale by terrorists and other criminals from Russia, Iran, and elsewhere," Roubini wrote in a blog post. "The exchange does nothing to stop this, as it profits from these transactions."
Roubini (Dr. Doom) also clashed with the chief executive of BitMEX, Arthur Hayes, at the Asia Blockchain Summit earlier this month. At the time, he branded Bitcoin "overhyped" and a "cesspool."
"Some of the biggest crypto players may be openly involved in systematic illegality," Roubini wrote, adding: "BitMEX [is] an unregulated trillion-dollar exchange of crypto derivatives that is domiciled in the Seychelles but active globally ... involves peddling to 'degenerate gamblers' (meaning clueless retail investors) crypto derivatives with 100-to-one leverage."
On the topic of margin trading which is hot in the latest cryptocurrency news, Dr. Doom is again pessimistic. However, there are many other analysts which are optimistic on crypto. One of them is Simon Peters, analyst at eToro. As Peters said:
“Crypto bears are poised to pounce, after several high-profile U.S. government officials took aim at bitcoin and Facebook's Libra this week."
Currently, Bitcoin is eyeing $10,000 in a new upward run which stabilized the market overnight.
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Altcoin News

Coinbase Is Rolling Out New Data Tools For ‘First Time’ Crypto Investors

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One of the largest cryptocurrency exchanges in the world, Coinbase, is apparently launching new tools that will help entry-level crypto users to understand what seasoned traders do. Coinbase is rolling out the new data tools now - in a suite of signaling tools which broadcast the activity of the platform's top traders. The news are all over many best cryptocurrency news sites.
“The top holder activity signal is the percentage of Coinbase customers with large balances of an asset (top 10%) who have net increased (bought) or decreased (sold) their positions in that asset through trading over the last 24 hours,” Coinbase explained in a blog post which went viral in the altcoin news. “This is updated approximately every 2 hours.”
Speaking to CoinDesk, one Coinbase spokesperson further noted that top holder activity would be aggregated from all of the individual Coinbase accounts across the exchange - excluding the ones set up by institutions. Beyond the sharing metrics on Coinbase power users, the fact that Coinbase is rolling out their data tools will apparently help retail users make more informed decisions. The Coinbase customers will also be able to see the median number of days an asset is held by traders on the exchange before it is sold or moved to another address, the latest cryptocurrency news show. Another tool which Coinbase is rolling out will gauge the popularity of assets on Coinbase as well as their relative price correlations to other crypto assets. All of the "exclusive" data tools are available to any user for free starting from today.
“For individual investors, especially those new to crypto, we hope these new signals will encourage more informed management of a diversified crypto portfolio. We want trading signals to help first-time investors build the right portfolio to suit their investment goals,” a spokesperson from Coinbase noted.
Now that Coinbase is rolling out these data tools, a senior engineer from the company named Will Drevo says that the platform's top crypto accounts have a tendency to buy rather than sell their portfolio positions.
“Historically, when top holders are either unusually bullish or bearish this has been indicative of changing market conditions, but not always," Drevo wrote in another post.
Founded in 2012, Coinbase has snagged a $8 billion valuation this year.
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