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Top Trends That Have Helped Sustain Bitcoin in 2020

The Covid-19 pandemic has been a deadly storm to the economies and businesses all over the world. The global economies have trembled. The Washington Post reported in early March that nearly every asset – bonds, oil, stocks, and gold have been under siege.  As soon as the pandemic strengthen its roots, it has been noticed…

The post Top Trends That Have Helped Sustain Bitcoin in 2020 appeared first on Cryptoverze.

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The Covid-19 pandemic has been a deadly storm to the economies and businesses all over the world. The global economies have trembled. The Washington Post reported in early March that nearly every asset – bonds, oil, stocks, and gold have been under siege. 

As soon as the pandemic strengthen its roots, it has been noticed that crypto markets were tumbling into an extreme panic. During the outbreak that led to panic, Bitcoins were oversold.

As estimated, $93 billion was wiped out from the markets, resulting in a 48% plunge in Bitcoins prices.

But the Bitcoin giant, Tim Draper says that it would be Bitcoin and not any banks and governments that would save the day. He believes that the prices of Bitcoin would reach an all-time peak of $250,000 by 2022.

How Is Bitcoin Halving in 2020?

Bitcoin halving is an event or a gathering of all the Bitcoin giants. It happens every four years, in which halving the rates has been done. The Bitcoin halving of 2020 happened in May. In the past, Bitcoin prices have been increased due to demand and supply and resulted in two different situations.

  • The first is that the supply is high, and the demand is low, which leads to a decrease in prices of the product or asset.
  • The second is the low supply and increased demand, which also led to increased asset prices.

Bitcoin and its subsidiaries have been facing challenges since the start of the pandemic. But, there were hopes that this new halving will unfold better steps.

But people are just hoping for the better while ignoring the complete fact that the past two halvings have raised a situation of doubts and questions around the Bitcoin. Unlike the past, today’s people are restraining themselves from investing in the cryptocurrencies and are not sure to support it.

Five Trends That Can Rescue Bitcoin In 2020

Although, this year has been the way Bitcoin owners have expected it to be. The downfall and the increased withdrawals have measured massive cut. But, some trends would help digital currencies in 2020.

1)   Stability With the Libra

Facebook, the social media giant, has stepped in and announced a bold decision to introduce its cryptocurrency. This could be a new dawn for cryptocurrency as Libra; the Facebook-led cryptocurrency, is a heated topic in crypto markets.

The user base of Libra is certain because of the massive users in the US. Facebook’s omnipresence has smoothened their way to the adoption of Libra.

It is expected that Libra will mark well the cryptocurrency mainstream, and other giants may follow them too.

2)   Transitioning To Digital Gold

Bitcoin has also been taken as digital gold for quite some time. Bitcoin’s idea as digital gold became incredibly essential and prevalent in 2019 that US Congressman Brad Sherman claimed that cryptocurrencies would be a great threat to the US’s dollar.

People saw a magnificent surge in Bitcoin’s transitioning to digital gold. In 2020, Bitcoin owners and investors believe that Bitcoin could still be rescued by transitioning to digital gold.

3)   Strengthening Decentralized Finance (DeFi)

In 2008, when the great economic depression had severely hit the world, Bitcoin was introduced to motivate people to connect around the world’s first cryptocurrency.

The experts believe that the same thing is happening again, as Bitcoin is rising after the night. The new adoption and initiation of decentralized finance (DeFi) are considered as the most significant cryptocurrency trend this year.

DeFi system will introduce;

  • It offers permissionless transactions and openness with the removal of intermediaries.
  • Composability will provide a sophisticated online financial plan.
  • Security, trust-lessness, and transparency would increase for good.

4)   Adoption of Liquid Sidechain

There are continuous developments in layers of Bitcoin protocol. There is a Lightning Network that has been providing faster and cheaper Bitcoin payments for many years.

In 2020, Blockstream’s Liquid Bitcoin sidechain has seen massive growth and can be a way-out for these circumstances. But that has to deal carefully, keeping all the things and security protocols.

The lightning network was of significant spike and considered of great benefits. Still, the experts are saying that this year Liquid may take all the limelight because of the large amount of centralization of Bitcoin transactions around exchanges.

5)   Staying Intact With The Closed Economies

It is expected that Bitcoin will prevail in these challenging times as it has proven to be resilient.

The global economies are much disturbed, and Bitcoin prices are likely to bolster with closed economies such as China or Iran.

People protect their wealth by purchasing Bitcoin, which could be a stable factor for Bitcoin.

Conclusion

The future is uncertain for all businesses and investors. Bitcoin was in the fall, but these trends could be a silver lining.

These trends could take Bitcoin out of the swamp and give them sustainability.

Author Bio

Samantha Kaylee is an Assistant Editor at Crowd Writer, a 5-star platform that provides thesis writing service at the best price. Over the years, she has worked with positive and leading minds and has excellent market analysis and technological coverage knowledge. She loves to read and write.

Source: https://cryptoverze.com/top-trends-that-have-helped-sustain-bitcoin-in-2020/

Blockchain

Bitcoin Price to $1 Million in 10 Years ‘Very Reasonable’ Says Kraken CEO

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With bitcoin currently enjoying a near 70% YTD increase, bullish predictions see the asset topping into a six or even seven-digit territory in the following decade. These projections came recently from Kraken’s CEO, Jesse Powell, and the Managing Director of Magnetic, William Quigley.

Bitcoin to $150K in the Next Year

Founded in 2010, Magnetic is an investment firm with a pro-cryptocurrency approach, having allocated funds in the industry as well. In a CNN appearance, the company’s Managing Director and Co-Founder, William Quigley, spoke about bitcoin’s future, price performance, and the impact of the COVID-19-induced financial crisis on the asset.

By referring to historical price developments after each halving, the executive forecasted a somewhat bullish projection that can take the cryptocurrency up to $150,000 in the following months.

“We are about half-way through the post-halving bull run, so, by my judgment, we have a lot more to go with bitcoin. Certainly – $100,000 and quite possible $150,000 by the end of this year or maybe Q1 next year.”

Quigley also touched upon the growing number of companies putting BTC on their balance sheet, which he classified as “huge.” He believes that the general narrative for corporations to allocate some of their trillions of dollars currently held in cash in government bonds is fading. Instead, they will continue to look for an asset with a finite supply, namely bitcoin.

He noted that the most critical issues for corporations are inflation and the diminishing of the dollar. In contrast, being a limited-supply type of asset, BTC could serve as a hedge with its decreasing inflation.

BTC to $1M, Says Kraken CEO

In another widely-bullish prediction, Jesse Powell, the CEO of the US veteran crypto exchange Kraken, said that the asset price is going to “infinity.”

When asked to specify in dollar terms what that amount would represent, Powell said that even reaching $1 million per bitcoin sounds “reasonable.”

“People that are believers in bitcoin see it’s going to replace all of the world fiat currencies, so that means basically whatever the market cap of the dollar is, the euro, all of that combined is what bitcoin could be worth.

In the near time, people see it surpassing gold as a store of value. So, a million dollars as a price target within the next ten years is very reasonable.”

He justified his quite optimistic prediction with the excessive amounts of fiat currencies printed by the US and other global superpowers following the COVID-19 pandemic. Additionally, Powell believes that the younger generations are keen to adopt the primary cryptocurrency, which could skyrocket its price.

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Source: https://cryptopotato.com/bitcoin-price-to-1-million-in-10-years-very-reasonable-says-kraken-ceo/

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Blockchain

First Major Rug Pull on Binance Smart Chain? Over $30 Million Drained

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  • Binance Smart Chain has become somewhat of a hot topic amid DeFi gem seekers in the past few weeks.
  • The network saw an influx of new projects, reminiscing of the early days of the DeFi craziness last summer.
  • In any case, hours ago, the community was shocked earlier today when news broke out that one of the newer protocols, Meerkat Finance, was drained.
  • Meerkat Finance is a yield farming protocol that runs on Binance Smart Chain, and a few hours ago, the team revealed that it was “hacked” and drained by 73,000 BNB and 13 million BUSD. The total number amounts to roughly over $30 million at the time of this writing.
  • It appears that the alleged hacker stole the money by changing the protocol’s smart contract using the original deployer’s account. In other words – the private key of the deployer contract must have been compromised.
  • The Twitter account of the project, as well as the website, have also been taken down, causing some to believe that the team rug pulled the entire thing.
  • Meanwhile, the official account of Binance prompted the community to provide any additional information they may have on the case.
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Source: https://cryptopotato.com/first-major-rug-pull-on-binance-smart-chain-over-30-million-drained/

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Blockchain

Parity To Educate Berkeley Students on Developing Blockchain Projects on Polkadot

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The popular DLT protocol Parity Technologies has partnered with Berkeley’s Blockchain Xcelerator program to provide educational panels for students in the university’s blockchain curriculum.

As part of the collaboration, Polkadot’s co-founder Gavin Woods will be a guest lecturer in the A. Richard Newton Distinguished Innovator Lecture Series.

Parity to Educate Berkeley Students About Blockchain

Parity Technologies, a core DLT infrastructure company, announced its latest partnership in a press release shared with CryptoPotato.

According to the document, Parity will employ its substrate blockchain-building framework to educate and work together with the university to raise “the overall awareness of next-generation blockchain technologies in order to promote adoption among students and the community at UC Berkeley.”

For the ongoing 2020-2021 academic year, Parity’s developer education team will collaborate with the faculty, students, and the community studying blockchain technologies in their respective coursework. This includes involvement in curriculum preparation, project ideas, and resources to “enrich the educational experience.”

Furthermore, Parity and the university’s DLT-oriented program called the Berkeley Blockchain Xcelerator will advise students and entrepreneurs on how to develop and eventually launch blockchain startups on Polkadot and Web 3.0 ecosystem.

Jocelyn Weber, an executive at the Berkeley Blockchain Xcelerator, said that the “work with parity and other Polkadot ecosystem startups had demonstrated the potential of this technology in educating our community.”

“We strive to expose our students to the tools and skills they will need to enter this space and immediately start making significant contributions – which is why improving their knowledge with tools such as Substrate and networks like Polkadot will be an important part of our curriculum development.” – Weber added.

Gavin Woods to Give a Lecture

The statement also outlined that Dr. Gavin Woods, the co-founder of Ethereum, Polkadot, and Parity, will give a lecture in the A. Richard Newton Distinguished Innovator Lecture series this month.

Wood commented that blockchain innovation is expanding at a rapid pace and has advanced “beyond legacy networks into next-generation, production-grade blockchains like Polkadot.” This makes it “critical” for the newer coders, engineers, and entrepreneurs to be able to take on the growing competition and develop ground-breaking projects.

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Source: https://cryptopotato.com/parity-to-educate-berkeley-students-on-developing-blockchain-projects-on-polkadot/

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