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BITCOIN HAS BEEN PROFITABLE FOR 98.66% OF ITS HISTORY

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Bitcoin holders have made easier profits than traders who buys and sells it consecutively, according to data provided by Rhythm Trader.

BITCOIN HAS BEEN PROFITABLE FOR 98.66% OF ITS HISTORY

Bitcoin holders have made easier profits than traders who buys and sells it consecutively, according to data provided by Rhythm Trader.


The prominent cryptocurrency analyst found that bitcoin has been profitable for 3,817 days out of 3,869 days of its existence. That makes 98.66 percent of its history. He added that the only people who lost money in the bitcoin market are the ones who exited during downtrends. On the other hand, the ones who kept holding the cryptocurrency regardless of bias pressure made the maximum profits.

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Green shows where buying bitcoin has been profitable | Image Credits: Rhythm Trader

TO HOLD BITCOIN OR NOT

The revelation came amidst an ongoing discussion about whether or not bitcoin is an ideal store of value asset. Those who support the narrative believes bitcoin is no less than gold, i.e., it exhibits a similar scarcity as the yellow metal but excels when it comes to storing and transacting it without permission. Those who are against the narrative believes bitcoin’s underlying price volatility makes it a poor store of value asset.

Between the two narratives are traders who treat bitcoin as a pure speculative vehicle. Their day job is to make money off the cryptocurrency’s intraday price fluctuations. If they are whales, they could move the market exponentially to either direction. And if they are small fishes, they could merely tail the bias until it stops making a profit for them.

The volatility tends to go down if speculators either turns into a believer, i.e., a holder, or an outright hater who do not want to do anything with bitcoin. With the store of value narrative becoming more popular, thanks to the gloomy macroeconomic outlook that is sending investors looking for non-correlated assets for hedging, bitcoin is promising to bring more speculators to its market. It means they would come under the cryptocurrency’s roof to take shelter from an economic storm, but their decision to stay under the roof entirely depends on whether or not they find bitcoin impressive.

Famous trader and cryptocurrency analyst Tony Vays believes bitcoin has enough use-cases to impress an outsider.

“Bitcoin might be the greatest store of value in the history of the world. Yes, it’s volatile — as it’s only been useful for about seven years — but its ‘un-confiscability’ property is unmatched. That is its true store of value, as gold is confiscatable and all other assets even easier.”

THE CASE STUDY CALLED GOLD

Supporters also cite Gold for its volatility in the earlier years as a store of value asset. After former US President Richard Nixon switched from the Gold standard to the US dollar standard in 1971, it unhooked the yellow metal from its stability for years.

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The comparison puts bitcoin in the category of the potential store of value assets. If the narrative develops any further, the investors under the bitcoin’s roof might turn into long-term holders.

Now that people know that holders have made reasonable profits, the narrative appears to be developing already.

Are you a bitcoin holder or trader? Tell us in the comments below.

Bitcoin News

Huobi Is Now The First Major Exchange to Run a Chainlink Node

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Huobi Is Now The First Major Exchange to Run a Chainlink Node
Huobi Is Now The First Major Exchange to Run a Chainlink Node

Major cryptocurrency exchange Huobi will integrate their price data with Chainlink’s ecosystem in an effort to improve its own data integrity and provide more accurate price information. While Binance was the first major exchange to provide their data to Chainlink oracles in October 2019, Huobi has gone one step further by running its own node on the system through Huobi Wallet. This allows the exchange to sign its own price data allowing users to confirm that any exchange data coming from the Huobi Node is authentic and direct from the source. Huobi Wallet CEO Will Huang stated:

“DeFi offers a unique value proposition of providing financial products that are transparent, open, and programmable. We are very excited to accelerate our involvement in this emerging trend by providing Chainlink users access to Huobi Global exchange data, as well as running our own Chainlink Node.”

The first batch of price pairs will include BTC/ETH, BTC/USDT, ETH/USDT, and LINK/ETH, with more to follow.

Huobi appears to be on a mission to improve its credibility following concerns around volume inflation last year. By running a node, the exchange’s reputation will be on the line should any of the data shared through Chainlink prove to be inaccurate. As one of Gibraltar’s largest crypto firms, the integration comes in the wake of the country’s continued efforts in reducing market manipulation by crypto firms over the last few months. Last year Huobi partnered with Global Digital Finance (GDF), co-chairing the Market Integrity Working Group with Solidus Labs.

In 2019 a Bitwise report implied that Huobi was reporting inflated trading volume, causing an internal investigation to weed out any potential wash trading strategies by market makers. Huobi Global CEO Livio Weng admitted wash trading may have occurred:

“We did identify a few of our market makers conducting what we suspect may have been wash trading for the sake of performance and marketing purposes. We have already communicated with these market makers and they have discontinued the strategies in question.”

Huobi has since moved to the top 10 exchanges in Messari’s ‘Real Volume’ list.

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EOSIO-Based Social Media Platform Voice Launches Ahead of Schedule

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EOSIO-Based Social Media Platform Voice Launches Ahead of Schedule
EOSIO-Based Social Media Platform Voice Launches Ahead of Schedule

Voice, a blockchain-based social media project developed by EOS creator Block.One, briefly went live one day before its scheduled launch. Based on the open source EOSIO protocol, Voice aims to use Blockchain technology to create a trusted social experience, free from bots and fake accounts. Revealed in June 2019, the project uses biometric authentication technology to verify every account, limiting accounts to one-per-person and promising to protect user data.

Voice’s main page temporarily displayed several posts from different accounts which featured multiple likes and comments. As of press time, the website is no longer available. It now displays “Error 1020” instead, which specifies that the website is “using a security service to protect itself from online attacks.”. In early June, Zalatimo announced that the platform is set to roll out on U.S. Independence Day. He noted that only registered users would be able to publish content or engage online.

After revealing their plans for Voice in June 2019, EOS’ parent firm, Block.One, invested $150 million in Voice during March 2020. The investment was said to provide Voice with resources to operate independently from Block.One. Numerous blockchain-related social media projects have been released to date.

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Bitcoin News

Billionaire Chimes In On What A BTC Price Increase Would Mean

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Billionaire Chimes In On What A BTC Price Increase Would Mean
Billionaire Chimes In On What A BTC Price Increase Would Mean

Chamath Palihapitiya, the billionaire CEO of Social Capital and Virgin Galactic Chairman, has called Bitcoin a type of disaster insurance against governments making bad financial decisions. In an interview with Unchained Podcast on June 23, Palihapitiya said hard-working people need something like Bitcoin as insurance, as the cryptocurrency is “really fundamentally uncorrelated” to the consequences of legislators behaving badly. 

However, the CEO pointed out that for the Bitcoin price to skyrocket at this point, things would have to go terribly wrong in the financial system, with disastrous impacts on your friends and family. “If your Bitcoin bet pays off,” Palihapitiya said, “it will be cataclysmically destructive for the world. And that’ll have enormous consequences to many people we all know and care about who weren’t hedged in Bitcoin. And so you almost don’t want it to happen.”

Palihapitiya himself invested in 2010, by buying one million Bitcoin for $80, whose value reached the billions when the token had its all-time high in December 2017. No wonder the billionaire claims that Bitcoin (BTC), unlike “second- and third-tier” cryptocurrencies like Ethereum (ETH), is one of the few ways to get a “massive asymmetric payoff” from such a small investment. “You want to be sure that a small amount of insurance can basically make you whole,” Palihapitiya said, citing a $1,000 payoff for a $1 investment as a good example. “That’s why I just think that, you know, you should take 1% of your portfolio, put it in Bitcoin.”

“At the end of the day, any other asset class — equities, debt, real estate, commodities — they’re all tightly, tightly coupled to a legislative framework and an interconnectedness in the financial markets that brings together many of the governments that are sort of behaving this way.”

The billionaire has also speculated the value of Bitcoin in the future could reach millions of dollars, or drop to zero.

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