It seems like there is never enough predictions in the world of cryptocurrencies. Obviously, the most viral topic in these predictions is usually the Bitcoin price, which according to the BitMEX CEO, is going to skyrocket to $50,000 this year.
Currently, Bitcoin is near the $8,500 margin. However, many people are confident that the cryptocurrency will rise. Arthur Hayes, the co-founder, and CEO of Seychelles-based exchange BitMEX is one of them. His bullish prediction comes from the massive potential of the leading cryptocurrency.
The Fundstrat market strategists have also been among “the wise people” saying that the Bitcoin price tends to unfold over just a handful of days each year. The Asia-focused BitMEX, meanwhile, aims at retail investors and features a palette of advanced tools that anyone might expect to see on an institutional trading platform (derivatives, margin trading, up to 100x leverage). The exchange also supports short trading in perpetual contracts which is why it is popular for many traders.
Aside from his bullish prediction, Hayes also addressed the numerous cultural differences that affect the market dynamics in the Western world as well as Asia. As he stated:
“I think Asia dominates crypto because they’re very used to trading digital assets. There’s really not too much institutional presence right now in crypto. It is a retail phenomenon.”
Hayes is popular in the Twitter circles and is seen as one of the viral faces attending this year’s Consensus 2018.
— Arthur Hayes (@CryptoHayes) May 14, 2018
If his predictions turn out to be true at a later point, though, we believe that his popularity will spike even more.
Bitcoin Price Stabilizes At $6,500, Tokens Record 50% Gains
The price of Bitcoin is again swiveling around the $6,500 which is not necessarily a bad thing – especially not after the recent market downturn. Over the past 24 hours, it seems like the BTC price is quite stable.
In other news, tokens such as VeChain, Ontology, and PundiX all recorded 50% gains which made them one-day winners as the crypto market recovered and Bitcoin showed some decent stability.
The biggest surge was recorded by VeChain, which spiked by over 50% against the US dollar and became the best performing digital asset during the week. This is mainly due to investors and their reallocation of the funds from major digital assets like Bitcoin and Ethereum to tokens like Ontology, VeChain, ICON, Pundi X, Nano, and Waltonchain, all in order to push the market valuation up.
The large spike in the price of tokens is definitely a sign of confidence of investors in the market. On the other hand, the positive developments in the crypto sector such as the introduction of the Tracker One Bitcoin ETN to US markets, the high probability of the approval of the CBOE Bitcoin ETF as well as the creation of BAKKT by ICE, New York Stock Exchange, Microsoft and Starbucks all seem to have an impact on the market.
Right now, the ideal scenario is for Bitcoin to remain stable in the $6,000 region. As such, it would establish a solid foundation for a big rally in the short-term.
New Patent By Coinbase Aims On Making BTC Payments More Secure
The major crypto exchange Coinbase filed for a new patent. On August 14th, the exchange filed for a patent that will enable online users to make Bitcoin payments more secure – directly from their Bitcoin wallets.
As the patent reads, the main issue right now is customers being required to compromise on the security of their own private keys, saying:
“Existing systems do not provide a solution for maintaining security over private keys while still allowing the users to checkout on a merchant page and making payments using their wallets.”
Therefore, the new system is designed to enable users to pay directly in a “key ceremony” which will encrypt private user passphrases into a masterkey during checkout in order to reduce the risk of the keys being stolen. Here, the masterkey serves the function of encrypting the private keys and signing the transaction – after which it is deleted.
The system also has a “freeze logic” which is essentially a process where the administrators can freeze all processes – for example, if a user reports that they are being hacked or their identity is being assumed.
“At any point in time after the master key is loaded, the system can be frozen. The system can be unfrozen after it has been frozen using keys from the key ceremony. The checkout process can be carried out when the system is frozen and when the system is unfrozen. The payment process can only be carried out when the system is unfrozen.”
Aside from this, the patent will also feature an API generation service that will enable the payment system to be used by other websites and services – implementing extra security with matching API keys stored.
Meanwhile, Coinbase has applied for many Bitcoin-related patents in the past. As the CEO of the company stated in a Medium blog post, “the goal is to keep the technology out of the hands of patent trolls who would patent services and hold them for ransom.”
‘Toshi’ Becomes ‘Coinbase Wallet’: Coinbase Changes The Name Of Its Wallet
The open source DApp browser and wallet which has been designed by Coinbase is now officially changing its name. From now on, the old ‘Toshi’ will be known as ‘Coinbase Wallet’.
The company announced the news in a Medium post this Wednesday. In it, Coinbase said that the name change will align with the branding of the company – but also will build authority and push more investments that may shape the future of the decentralized web.
The wallet which was launched last year and inspired by mobile money apps like WeChat is also getting a new user interface.
According to the Product Lead at (former) Toshi, Siddharth Coelho-Prabhu, the Toshi app would “upgrade to Coinbase Wallet” shortly and users can look forward at the “same product” with a new and enhanced look.
There will be some upgrades made to the app – in which Coinbase Wallet is expected to serve as a home for “exploring the decentralized web” and all the possibilities coming along with it. Aside from managing Ethereum and ERC-20 tokens (which was possible on Toshi), the new Coinbase Wallet will also support Bitcoin, Bitcoin Cash as well as Litecoin.
Users on the Coinbase Wallet will be able to receive ICO tokens, airdrops and access leading exchanges directly from it – or store their crypto collectibles. When it comes to security, Coinbase said that the new wallet will be equipped with the “best-in-class secure storage” which will secure private keys using the “Secure Enclave of each device and biometric authentication technology”.
In the end, Coinbase’s plans are to make the new Coinbase Wallet an all-around wallet so that users can be confident in storing their crypto and “explore the universe of third-party dApps”. It will make everything possible – from taking out loans to completing tasks – all in exchange for crypto payments.
Analysis: Bitcoin And Ethereum Record New Gains After Mid-Week Drops
The past 12 hours have been positive for both Bitcoin and Ethereum. The two largest cryptocurrencies by market cap have risen more than 6% in value. Still, some analysts think that this is still not a confirmation that a positive short-term trend is coming.
The quick recovery was actually a correction which made the Bitcoin price climb to $6,445 and the price of Ether, the native cryptocurrency of Ethereum, to reach $295 (at press time).
Ether, which plunged by nearly 20% two days ago, has been in a stronger movement than Bitcoin and increased from $250 to $295 in less than 24 hours. Investors think that moving above $300 is the crucial level that ETH needs to secure right now. For Bitcoin, they believe that going anywhere near $6,700 will be a confirmation that a positive short-term trend is on its way.
Willy Woo is one of the investors and analysts who were right about the price of Bitcoin dropping below the $6,000 mark since May this year. As he recently stated, the market will likely experience another drop before the next mid-term rally.
Woo said that Bitcoin will test the $6,000 support level in the near future, even if it recovers beyond the $7,000 mark. As he stated:
“Leveraged short positions now near all time high. Anyone got a spare $35m in their trade account? Should be enough to trigger all those stops for a payday.”
Based on Woo’s analysis, a new drop would be a likely scenario for Bitcoin and the entire crypto market, before a proper rally comes on the way. This is mainly due to the lack of momentum, volume, and stability in the market.
Arthur Hayes, the CEO of BitMEX, has expressed his thoughts on the future of Ethereum, naming it a “sh*tcoin” and predicting “double-digit price levels” soon – mostly because of the market and its inability to support a huge spike with the current price trends.
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- 4 Important Things You Need To Know Before Investing In A Blockchain Startup
- Bitcoin Price Stabilizes At $6,500, Tokens Record 50% Gains
- New Patent By Coinbase Aims On Making BTC Payments More Secure
- VeChain (VET) Rises By 30% In A New Widespread Market Recovery
- ‘Toshi’ Becomes ‘Coinbase Wallet’: Coinbase Changes The Name Of Its Wallet
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