In the latest cryptocurrency news we have Vinny Lingham who is the chief executive of the blockchain startup Civic and a prominent investor. As of recently, Lingham issued a multi-part thread on the matter and broke down on why he believes that the ongoing Bitcoin Rally might not be sustainable.
What’s also interesting is the fact that Lingham pins his thought process to a single fact – altcoins – or what the blockchain entrepreur labeled as “various crypto assets” which have yet to decouple from the price action of Bitcoin.
Many people believe that the crypto winter is over. Here are some of my unfiltered thoughts on this topic. Charts & technicals aside, I don’t believe this rally is sustainable for one reason: The market has not yet decoupled the various crypto assets from Bitcoin.
— Vinny Lingham (@VinnyLingham) April 10, 2019
According to Lingham’s remarks, if Bitcoin rallies or collapses, so will altcoins. Even though these moves are often on different magnitures, the overall trends are similar.
“This makes no sense. How can we have a situation where the market price of one asset dictates the value ascribed to other unrelated assets ,irrespective of whether or not anything changes in their own separate networks,” Lingham elaborated.
He also concluded that if Bitcoin is to enter a sustainable bull run which is backed by industry developments rather than a hype cycle, other assets will also need todecouple from BTC.
And while Lingham looks hesitant when admitting that bears are done with their bloodshed, the industry insider claimed that Bitcoin moving above $6,200 will put the asset into a “bull run” territory.
Simply put, $6,000 may be a crucial target for Bitcoin because it is also a margin where BTC held for more than two or three months in the middle of last year, making analysts think that it was the bottom and the penultimate level of support.
Right now, the predictions vary from analyst to analyst and until BTC convincingly surpasses $6,000 it would be irrational to determine if the market is in a “bull” or a “bear” state.
For more price predictions, analyses and opinions, keep on reading DC Forecasts and see how we entered the list of best cryptocurrency news sites!
Bitcoin Hash Rate Reaches New High As Price Reclaims $9,000
Bitcoin Just Surpassed 1 Million Daily Active Addresses
"When Bitcoin first broke 1 million active addresses (Nov 27, 2017), 1 BTC was $9,352 and the median tx fee was $3.23. Yesterday 1 BTC was $8,230 and the median tx fee was $1.33."Even though the DAA does not man much in practice, the fact that Bitcoin just surpassed 1 million daily active addresses is an important metric on many altcoin news sites - mostly because it shows actual and unique transfers which are separate from the direct ones to and from bigger exchanges. The fact that there are more than million unique addresses transacting on the blockchain is good for Bitcoin. https://twitter.com/kerooke/status/1139919876838047744 In order to put this number in perspective, however, we can link to Uber and its estimated 14 million rides per day or estimated 798,877 iPhones a day which Apple sold in 2017. While these are comparisons like Apples to oranges, it is definitely interesting to note that Bitcoin is doing the transaction volume of some of the biggest brands in the world. The news that Bitcoin just surpassed an interesting milestone are re-shared on many best cryptocurrency news sites. Curiously, shortly after reaching this milestone, Bitcoin's price started rising going from $8,450 to a $9,300 high. At press time, the Bitcoin price seems to have corrected and is trading a little over $9,100. One of the factors behind the flagship cryptocurrency and its price rise could be Facebook's foray in the crypto space. Still, Bitcoin just surpassed 1 million daily active users and there could be a real possibility that BTC is heading for the $10,000 mark by June 21 because of it. Right now, there are no coming altcoin news or altcoins showing a similar level - or active addresses which surpassed one million. The Bitcoin traders should be proud of that - and proud of a retracement for the Bitcoin blockchain which has not been since two years ago - in November 2017.
Bitcoin Above $9.3k: BTC Price Records A 13-Month High
Coinbase Custody Has $1.3bn In Assets Under Custody
“We have $1.3bn AUC and expect to hit $2bn soon. We have no intention of stopping there. [...] Coinbase Custody services over 90 clients. Of those, approximately 40% are outside of the US.”The tweet also claims that - as cryptocurrencies mature and become an even more popular and dominant asset class- financial hubs such as the city of London are becoming centers for crypto innovation. Another tweet notes:
"1/ Last week Coinbase Custody CEOA month ago, during one on-stage discussion at Consensus, the CEO of Coinbase Brian Armstrong said that its custody service had already raked $1 billion in assets under management (AUM). Having that in mind and the latest cryptocurrency news showing that this number went to $1.3 billion - it is certain that the custodial branch of the exchange is soon going to hit the $2 billion mark. Meanwhile, as we reported in March this year, the US Securities and Exchange Commission (SEC) is soliciting industry input as it potentially reconsiders the existing custody rules in specific cases of digital asset trading as well as settlement. Aside from Coinbase Custody and its London presence, the Hong Kong-based trading and asset management firm BC Group also announced that it is launching an insured custody service for cryptocurrencies.
@sammcingvale and Coinbase CISO @SecurityGuyPhil visited the UK to discuss the institutional cryptoeconomy with a range of prospects and clients."
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