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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

High Capital Influx In Crypto Expected This Year Because Of One Factor

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A high capital influx is expected in 2020 in the cryptocurrency market - all because of one significant factor which may boost the prices up. In the cryptonews now, we can see that Bitcoin and other coins are decreasing, but the overall performance this year has been positive. This has led to an increased sense of hope among many active participants.Also, this may be a sign that billions of dollars worth of unannounced capital is close to being injected in the crypto markets with the allocation of this funding potentially allowing for ecological development in 2020.Coupled with the increasing technical strength and the bullish action that many coins initiated, the high capital influx may be enough to give the markets some further momentum throughout the year ahead, the Bitcoin news show.According to Ash Egan who is the head of crypto at Accomplice (a tech-focused venture capital firm), there is currently $2 billion in capital which is being allocated to US-based crypto funds. This capital is being distributed amongst a collection of various sized funds including "mega funds."
“There is ~$2B of unannounced capital being allocated into US-based crypto funds rn. Funds are distributed across 3 mega funds ($300m+), 4 large funds ($100m-$300m), and 4 sub $100m funds. 2020 is gonna be a wild year,” he noted.
https://twitter.com/AshAEgan/status/1220503778878607361Even though Egan did not provide a specific source for this information, the high capital influx has been backed by many other personalities in the industry.Injecting the potential billions of dollars worth of capital in the markets also comes close on the heels of recent comments from other crypto venture capitalists regarding the sense of capitulation amongst major funds.
“Spoke with multiple liquid crypto fund managers this week. They all have investors leaving their funds and leaving crypto altogether. Feels like true capitulation is finally happening,” Avigal Garg noted, known for his role as a co-founder at Electric Capital.
https://twitter.com/avichal/status/1213262413622956034However, Garg's comments came before the 2020 rally kicked off which may be a sign that the high capital influx did not come at that point. Now, the situation is different and if major funds really are on the bring of injecting billions to the markets, it is highly probable that the industry will blossom and potentially catalyze a major rally.
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Bitcoin News

BTC Falls By 6% Due To Coronavirus And Chinese New Year

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The Bitcoin news now show that the major cryptocurrency has visited lows at $8,324 and could extend them if the situation around it strengthens. As BTC falls by 6%, we can see that its market cap is down to $151 billion and this is all due to what is known as a coronavirus in China.For those of you who don't know, coronaviruses are common in species of animals and can evolve and infect humans and then spread between them. In China, the death toll has climbed as infections reached more people and the country even banned travel for 35 million (infected) people.The fact that BTC falls by 6% is in direct correlation with the situation in China. It is needless to mention how big of an impact the Chinese economy ha son cryptocurrencies and as the coronavirus continues to spread, BTC/USD has lost over 6% in seven days due many factors, one of which is the sensitive "virus" factor.Even fifteen more people died in the city of Wuhan (the Hubei provincial capital) which is seen as the epicenter of the outbreak. The new figures show that there is a 60% jump from the previous death toll of 26.Compiled by the trader and analyst Alex Kruger, the figures circulating on Twitter show that in the run-up to the celebrations, Bitcoin returns can often turn out as negative. In 2019, these returns averaged around 0.2% in losses for the week prior, but Kruger seemed unperturbed by the results.Meanwhile, many critics have protested against the theory that the price action of Bitcoin is linked and influenced by geopolitical or other world events. Nonetheless, many issues involving China tend to impact the market conspicuously and against of the backdrop of a blanket crypto trading ban which was imposed by Beijing in 2017. The country still accounts for the majority of the Bitcoin mining activity, which is one more reason why BTC falls by 6% this week due to the news in China.While BTC slumps and is trading at $8,324 at press time, there are a couple of gainers in the altcoin news. The biggest one in the top 10 on the day is EOS which managed to add 2.22% to its price and climb to $3.55.
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Bitcoin News

Halving Is Crucial For The Effect Of CME Futures Options On BTC Price

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The latest cryptocurrencies news showed that on January 14th, CME Group launched new Bitcoin options in a decision which was revealed by the company's global head of equity products, Tim McCourt. Right now, many think that the BTC halving is crucial for the introduction of crypto options and may lift the institutional infrastructure that supports the asset class.In the long run, we can see that many investors anticipate improvements in the infrastructure surrounding Bitcoin (BTC) as ones which would have a positive impact on the crypto market. One of them is the technical analyst Eric Thies who spoke to the media and said that halving is crucial at this point.Thies also noted that the CME options will bring in more stability in the market in the long run. Therefore, the accredited and institutional investors will also have a diverse selection of vehicles to use and enter into the cryptocurrency market. This variety will strengthen the foundation that would take cryptocurrencies from an asset class that is emerging to one that is fully established.
“I’m optimistic it’s bullish for longer-term stability and that it also signals something more significant once you compound it with several other events around the market,” Thies said in the Bitcoin price news.
Up until mid-2019, we saw that hedge funds and institutional investors did not have sufficient infrastructure to invest in Bitcoin as well as other crypto assets. Trusted custodians like Coinbase and Xapo operated with independent custodial services but besides this, services like Bakkt were non-existent.Halving is crucial at this point and may open up a lot of things in this industry. In the long term, Thies is confident that the availability of CME options will synergize with the progress of other key players in the industry, in the likes of the United States-based exchange Gemini.He also explained that such developments are now building up baseline assurances that any hedge fund would need before joining what many know as the volatile space, adding:
“Institutions being handed a key to an on ramping BTC during a halving year sure seems like a good recipe for fireworks for the year or so after the actual event.”
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Bitcoin News

Taproot Upgrade For BTC Just Took A Major Step Forward

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People who are reading the Bitcoin price news daily tend to focus on price and forget many other things happening in the BTC ecosystem. A great example for that is the Taproot upgrade - a privacy and scalability tweak which could turn out to be one of the largest upgrades for the cryptocurrency to date.On Tuesday, we saw Pieter Wuille who is a Bitcoin Core contributor and the mind behind the Taproot upgrade, submitting a work-in-progress code change to the GitHub project in what is known as a "pull request" in which he showed that the code is ready for more developer eyes.
"Merging this is obviously conditional on getting community support for the proposal. It's opened here to demonstrate the code changes that it would imply," he wrote.
What does this all mean?Well, submitting a pull request to the code for Bitcoin Core does not mean that the change is official - but is a key step in the making. Many in the Bitcoin community are now excited about the upgrade, but the process has been mostly happening behind closed curtains. Wuille's recent "pull request" pushes it into the spotlight and signifies that the code is closer to ready.Several Bitcoin developers have already left review comments on the Taproot upgrade and showed their enthusiasm about the new change. A key part of the proposal is Schorr, a cryptographic signature scheme for proving ownership of coins.By using Schorr, the Taproot upgrade adds smart contract capabilities to Bitcoin which would strengthen privacy. For instance, the transactions which are open and the close payment channels on the lighting network allow speedier transfers on small amounts and would not look much different from normal transactions.The cryptonews also show that there is still a lot of work to do and while many scrutinize the code and look for improvements or errors, some developers are debating the best way for the decentralized and global network to adopt the change with as few roadblocks as possible.Today, BTC is trading above $8,490 and showed that it can still rise to new heights, especially with the 1.50% increase on the day. In the altcoin news and updates, we can see that Bitcoin SV (BSV) is leading the way with 6% gains on the day and a new price of $268.58.
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