Recently it was announced that Bitcoin has become the 11th largest monetary supply in the world as tweeted by the trader and analyst Rhythm. In today’s altcoin news we take a closer look at the analysis about the 10-year-old cryptocurrency.
The mathematically limited supply of Bitcoin is now increasingly used as a store of value and it was also associated with the increase in supply. Regarding the market cap, Bitcoin beats the national currencies of Brazil, Australia, South Korea, Mexico, and Canada. The value of all bitcoin tokens created is now over $0.21 trillion which is short of the global supply of the Russian rubles.
Bitcoin still remains the hardest money ever created and it seems like there is some more scalps insight. The bitcoin market cap would have to topple the largest supply of India when Russia is despatched since there are more than $0.4 trillion worth of rupees in circulation. Another similar increase would have to happen in order to overtake Switzerland’s $0.6 trillion. The United Kingdom would also fall with about $0.7 Trillion worth of sterling in circulation.
It is considered that a further jump could happen in the current currency supply of the United States ($3.3 trillion) and Eurozone ($3.6 trillion). Even if this happens, we will still have China with $4.6 trillion and Japan $4.9 trillion to surpass before reaching a bigger prize. Of course, don’t forget about gold since it has by far the largest supply of base money with an estimated $8.4 trillion worth. While all this could look like fantasy, models like stock-to-flow are suggesting that Bitcoin’s reducing supply of new coins could propel the market cap to $100 trillion.
The biggest factor that brought up for bitcoin to be the 11th largest monetary supply is the bitcoin price. During the 2017 highs, bitcoin was already the 10th largest money. This also doesn’t affect the circulating supply since many of the existing coins are lost or unusable. However, this does increase their rarity which could further increase the price as we read in the latest cryptocurrency news. It is a nice thing to reflect on the people who put their faith in Bitcoin and as Rhythm suggests, ‘’it should blow your mind.’’
Bitcoin Lost $700 In Minutes, Failing To Break Through $11,000
“Currently bouncing off long term trend line and wanting to watch a close above $10,200,” the popular analyst Josh Rager summarized in his fresh analysis on Wednesday.Despite trading at around $9,300 since mid June, the sentiment around BTC has dramatically changed in the recent days as metrics show. Now that Bitcoin lost $700, the Fear & Greed Index is among the most interesting ones right now, tracking price moves based on whether investors are too eager to buy or sell. On a scale of 1 to 100, right now the index is at 11 which indicates extreme fear and suggests that the markets are oversold. Bitcoin lost $700 and could recover soon. However, if the dominant cryptocurrency drops to four figures once more, the longer term predictions will diverge in their optimism. According to some figures from crypto research firm Digital Asset Research, the Bitcoin block reward halving scheduled for May 2020 will see the BTC/USD pair balloon to over $60,000. For the time being, however, it is the altcoin investors who are feeling the worst pain because of Bitcoin's drop. The worst performance still belongs to Bitcoin SV (BSV) which is down by around 7% at a current price of $133.
Kraken OTC Desk Confirms 2,000% Increase In Trading Volume (Since 2018)
“I don’t see demand for this asset going down. But I do know that supply is gonna get cut in half, some time May 2019. And I think another thing I know about Bitcoin is that higher price is the best marketing tool we have,” the head of the Kraken OTC desk said.What's interesting is that in April this year, the altcoin news featured a lawsuit by a former Kraken employee named Jonathan Silverman, who sued the platform for more than $900,000. According to the ex-Kraken employee's claims, he was not compensated in accordance with an oral agreement with the founder (Jesse Powell) for managing Kraken's trading desk. Silverman also said that Kraken was lying about not operating in New York. As his lawsuit stated:
“Misrepresenting to the public and government regulators that it was not operating in New York; when in reality, Kraken’s OTC practice, and OTC trading (including logging into the Kraken exchange and negotiating wire transfers) occurred almost exclusively in New York.”A spokesperson for Kraken named Christina Vee later retorted and said that Silverman was "both lying and in breach of his confidentiality agreement." Besides this lawsuit and the new announcement by the Kraken OTC desk, the latest cryptocurrency news showed that Kraken has recently seen some troubles with its website as well as its application programming interface (API). On August 13, Kraken announced that it was receiving reports of connection issues for its API as well as its website performance.
Facebook Owned WhatsApp Wants To Digitize Payments In Indonesia
“WhatsApp is in conversations with financial partners in Indonesia about payments, however the discussions are in early stages and we do not have anything further to share at this stage.”The sources, however, say that Facebook has a deal with three payment firms which is going to be finalized imminently. The launch of these services, as many best cryptocurrency news sites reported, is not expected until 2020. This is why WhatsApp is looking to launch in India at the same time or sooner. According to the report, Facebook is still waiting on regulatory approval from India before the Facebook owned WhatsApp payments can be finalized and announced via the messaging app. On the other hand, we have Libra in WeChat - which is also part of Facebook's plan. As reports show, the giant wants to integrate its crypto wallet service, Calibra, into WhatsApp and all of its platforms.
“The libra blockchain will be global, but it will be up to custodial wallet providers to determine where they will and will not operate. Calibra won’t be available in U.S.-sanctioned countries or countries that ban cryptocurrencies,” a Calibra spokesperson confirmed in April.
Hong Kong Demonstrations Strengthen Bitcoin’s Safe-Haven Status
‘’Last week was a significant risk off week for equities. There were a lot of holders of digital assets whose portfolios were taking a hit and if they had gains, Bitcoin is up over 100%, almost 200% over the past 9 months, it was a place to take some gains.’’The correction, however, does not affect bitcoin’s appeal as a method of preserving value. Bitcoin’s price has previously been pushed by multiple economic and geopolitical factors including the Hong Kong demonstrations and the China-US trade war. The heads of the G7 countries will soon meet in France and will talk about bitcoin and the entire crypto space according to Allaire. It is unlikely that there will be a crypto-related policy as he pointed out:
‘’I don’t know that we’re going to see specific policy but certainly we’re going to hear some perspective out of there.’’As it turns out, most of the investor’s don’t recommend investing in bitcoin or even consider it as a safe haven asset but gold, for example, might not be the best investment choice despite the uncertainty in the global markets. The portfolio manager of Valley Forge Capital Management stated in an interview as well as we read in the altcoin news previously:
‘’They [Bitcoin and gold] are collectibles. You are actually not buying any protection, you’re simply speculating. To me, it’s no different than any other speculative activity in your life.’’
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- Bitcoin Lost $700 In Minutes, Failing To Break Through $11,000
- ICO Rating Charged For $268,998 Following Violation Of Anti-Touting Provisions
- Kraken OTC Desk Confirms 2,000% Increase In Trading Volume (Since 2018)
- Facebook Owned WhatsApp Wants To Digitize Payments In Indonesia
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