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Crypto Summer Starting Fresh After BTC Surpasses $10,000

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Crypto Summer Starting

Crypto summer is here after the increased retail adoption led the bitcoin price to surpass the $10,000 price point. In the coming altcoin news below we take a closer look at the price analysis.

On Coinbase for example, where the bigger part of the retail adoption takes place, the price of Bitcoin increased from $9,300 to nearly $10,000 in just a matter of hours. Bitcoin markets started opening around the clock and the price touched $10,000 again on Friday evening.

Bitcoin has not been at this price level in more than a year. Exactly one year ago, Bitcoin traded for about $6,763 on Coinbase and the rate has since declined almost 75 percent from the all-time high of $20,000. Supply and demand have a very important role in the Bitcoin markets since there is an estimated network of 500 million users. Senior analyst Adam Badrawi pointed out:

 “Those without a historical understanding of bitcoin will likely chalk up its recent resurgence to a perfect storm of bullish news – and they might be right. The oft-repeated mantra that ‘institutions are coming’ seems to be coming true, with powerhouses like Facebook, Fidelity, Baakt, and more outlining increasingly definable product entry points into the crypto markets. As many traders and investors see it, even if Facebook’s Libra project does not provide a clear path to onboard new money into bitcoin via direct trading pairs, the fact that millions (perhaps billions) of people will suddenly be exposed to cryptocurrency wallets could result in a spillover effect into the bitcoin markets.”

As noted in the latest cryptocurrency news, with over 55% of long-term holders never selling their coins, the liquidity of the market remains uncertain. The prospect of mass bitcoin adoption is explained if the long-term holders can use their bitcoin in useful ways, for example, paying their bills, many retailers will likely place pressure on the price by massively selling. However, the crypto summer has started no matter what and in most market cycles the money first filters to bitcoin. If we make predictions on the massive adoption brought by other companies, the ease of use and speed will play a very important role in people’s crypto use.

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Altcoin News

Coinbase Amassed 30 Million Users: 5 Million In Last Month

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The San Francisco based cryptocurrency exchange Coinbase amassed 30 million users in its user base, 5 million of which came last month. It is clear that Coinbase is among the leader and is constantly featured in the latest cryptocurrency news - and there is a reason why. What many don't know is the fact that Coinbase is also the most commonly used fiat-to-crypto gateway in the United States - a market which consists of the largest portion of investors from all over the globe. As new data gathered by the renowned Bitcoin entrepreneur and startup investor Alistair Milne shows, Coinbase amassed a massive user base of 30 million with as much as 5 million new users being added over the last ten months as Bitcoin found its bottom and started rising again. After this major milestone which was featured on many best cryptocurrency news sites, many are asking themselves where does the world's most popular crypto exchange go from this point. The fact that Coinbase amassed 30 million users just around the time Bitcoin set an all time high translates to a 15% increase in 10 months. In December 2017 (when Bitcoin was at $20,000) Coinbase topped Apple's App Store as the most popular app in the finance category. This showed the world that crypto was a force to be respected. Ever since then, Bitcoin fell in a bear market - but this did not stop the world leading exchange to ramp up its user base. Coinbase amassed more and more users and the trading volume on its platform was surging, with the interest once again returning to the industry. https://twitter.com/alistairmilne/status/1153312781573218307 The CEO of the exchange, Brian Armstrong, pushed his team to stay strong during the 2018 bear market as well as use the downtrend to build a solid foundation when the bull market resumed. As Bitcoin was rising, the altcoin news also showed increases. In a recent live YouTube AMA, the CEO of Coinbase commented the increase and revealed that he wants to take the firm beyond just crypto trading - and push widespread adoption of cryptocurrencies by 'offering a list of services beyond trading.' Coinbase amassed a lot of users and that's a fact. However, the exchange (just like many others) may be headed into uncharted territory soon, once the regulation hits the industry.
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Bitcoin News

Bitcoin Falls Below $10,000 At The Key Psychological Level For Investors

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Bitcoin falls below the $10,000 price range which is considered as a key psychological level for investors. In less than three weeks the bitcoin price dropped from the previous $13,000 and in the altcoin news analysis below we take a closer look. While the dominant crypto asset started a strong recovery on July 17 from around $9,200 to $10,600, it didn’t manage to climb above the $11,000 and it failed to test the resistance level over the past next days. As it was noted by technical analyst Josh Rager, apart from the short squeezes on margin trading platform such as Bitfinex and BitMEX, the price action of bitcoin in the past two weeks was mainly driven by technical factors. Rager noted that if bitcoin fails to stay strong at the $10,189 support level, there could be a 4-digit drop in the near future:
 “Breaking down to support zone. On 1HR chart showing top of support zone now acting as resistance. Not a great sign for bulls and want to see price break back up in neutral territory Continue to watch this area for a break $10,189 will lead back down to 4-digit BTC.’’
Earlier this week, before bitcoin pulled back from the $10,300, another crypto asset trader noted that the gap in CME’s bitcoin futures contract could be settled at $8,500 indicating that if the bitcoin falls below, there could be a possibility that it will go down even lower than expected. Since the middle of July, Bitcoin showed some incredible movements, one of which led to a 9% rally in a matter of minutes which also led to a liquidation of the most short contracts on the trading platforms. DonAlt, the popular crypto trader and tech analyst noted that the next support for bitcoin can be found at $9,800 saying that a 4-digit drop is likely at the current cincture of the market:
 “If I had to pick two places to close shorts///long it would be the two green areas below. S1: $9800; S2: $8200. Anything else is in no shape or form significant enough to me to buy in a (short-term) bear trend.’’
As noted in the latest cryptocurrency news, the technical indicators show a week hand for bulls but the fundamental factors are boosting the sentiment around the market.
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Altcoin News

Tim Draper Believes Crypto And Libra Are Bridges To A Bitcoin World

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Tim Draper believes
The legendary billionaire and crypto fanatic named Tim Draper is in the latest cryptocurrency news again. His comments this time were geared towards Facebook's stablecoin project (Libra) as well as cryptocurrencies in general. As the news show, the billionaire Tim Draper believes that both of these projects are bridges to a world dominated by Bitcoin. Draper was a guest in an interview with CNBC on July 19, where he voiced his opinions on Libra, crypto and Bitcoin. If you are following our altcoin news, you probably know that Libra is a hot topic everywhere because of the regulatory concerns. Known as a Bitcoin advocate, Tim Draper believes that both Libra and Bitcoin are special and should not be pressured by the governments - especially in the United States. When asked if the world is now in a post-Bitcoin environment, the billionaire investor argued that Bitcoin represented a true innovation from the cryptocurrency world. Tim Draper believes that Bitcoin will also be ultimately the tool that reshaped borders, finance and government power.
“I think all these other cryptos are bridges to where we have a Bitcoin environment,” he said.
Appearing in the unique trademark Bitcoin tie, Tim Draper believes that US regulators were too heavy-handed dealing with innovations like Bitcoin, blockchain and related fields - which is what he told CNBC. He did not say anything about other altcoins which might have been featured in our altcoin news section. When it comes to Libra, he said that there was no need to demand regulatory assurances before the product had even launched.
“We’re putting regulation before the innovation — Facebook’s just announced Libra; they haven’t even been able to ship it yet, and the regulators are all over them,” he continued.
Currently, many best cryptocurrency news sites explore the link between Libra and Bitcoin. At press time, Bitcoin looks stable and is trading more predictably after a turbulent week which saw a lot of price swings as the Congress debated a cryptocurrency policy. Tim Draper believes that there is lack of Bitcoin support against government. He is in a lot of interviews recently, talking about being a Bitcoin bull, his investments in the crypto space as well as his outlook on the future of the crypto space.
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Bitcoin News

BTC Network Is Now 8x More Powerful Than It Was At $20,000

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The network surrounding the most dominant cryptocurrency, Bitcoin, is apparently getting more and more powerful than it was before. The BTC network now has more computing power backing its security than ever before, passing another crucial milestone as the hash rate reaches a new all time high. According to data from the monitoring resource Blockchain, the BTC network is in the latest cryptocurrency news for a new hash rate high of 79 tera hashes per second (TH/s) on July 20. This is a very important milestone for Bitcoin - and a measure that is broadly accepted, referring to the robustness of Bitcoin's transaction security. The hash rate of the BTC network has broken multiple records in the recent weeks and months. As we reported along with many other best cryptocurrency news sites, more recent all time highs were established in June (65 trillion TH/s) as well as the first day of July, when the BTC network hit an all-time high at that point, reaching a rate at 70 trillion TH/s. In the coming altcoin news, we can also see a positive incline because of the BTC network high. However, this record comes at a pause in the gains for the Bitcoin price - when the cryptocurrency is reconsolidating and falling off from the yearly highs at $13,800 weeks ago. Ever since then, it was the regulatory pressure which affected the price of Bitcoin as well as the BTC network in general. The most dominant cryptocurrency dipped to as low as $9,125 and the altcoin news showed bleeding in the other coins, too. The good news is that the decline failed to weigh on the BTC network performance. As we previously reported, the network behind Bitcoin is getting stronger and more powerful and the transaction fees remain low despite the fluctuations in price and volume. Last but not the least is the mining performance, which has turned a corner since the bottom of the Bitcoin bull market during December 2018. As we can see, this performance will now revolve around the May 2020 block reward halving. Analysts predict it to be the strongest at this point. Bitcoin's mining difficulty (which also hit new highs recently) will probably increase in the future too, mostly because of the hash rate getting stronger and expanding.
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