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Who expects a rise of BTC?

Feb 4, 2019

The previous week was relatively calm. The volatility of BTC and ETH trades is moderate with mostly side price movement.  The rest of the TOP-15 cryptocurrencies also did not show robust trades activity.

The best result over the past 7 days showed Litecoin (LTC), adding more than 6%. Bitcoin Cash (BCH) and EOS completed the week with a small profit – less than 2%. An outsider, among cryptocurrencies with a capitalization of more than $1 billion, was Stellar (XLM) – 11.5%. TRON (TRX) also completed the week with moderate losses – 9.5% and Bitcoin SV (BSV) – 7%.

The CEO of Twitter believes in BTC

Jack Dorsey, the CEO of Twitter, once again noted his conviction that Bitcoin could become the native currency of the Internet.

“I believe the internet will have a native currency one day and I don’t know if that currency will be Bitcoin. I think the currency will be Bitcoin (BTC) because of all the tests it has been through and the principles behind it, and how it was created. Bitcoin (BTC) was something that was born on the internet, it was developed on the internet, it was tested on the internet, and it is of the internet.” – stressed Jack Dorsey during the talk to Joe Rogan.

It is worth noting that it’s not the first time Jack Dorsey mentions it.  In May 2018, he said that the world would have a single currency. This currency will be Bitcoin.

Nowadays the number of optimists is decreasing.  There are some negative trends, but they concern the short-term and medium-term prospects – the next 2-3 quarters. Over this period, a decline in most cryptocurrencies price is expected.

But there are fewer pessimists when it comes to expectations for a long term. Most likely, Dorsey also relies on the Internet dominance of BTC, not in the nearest future.

Mike Novogratz does not expect cryptocurrency growth in the coming months.

Mike Novogratz, the founder, and CEO of the investment company Galaxy Digital is still expecting the growth of cryptocurrencies. He wrote on Twitter that he did not expect an increase in the next few months, but was convinced that institutional investors would come to this market. Most optimists are counting on investments by institutional investors who are able to revive this market. Mike says that this process always takes time.

The launch of the Bakkt platform is still delayed. The US Securities and Exchange Commission (SEC) has not approved Bitcoin-ETF yet. Moreover, a number of events impede the inclusion of large investors in the cryptocurrency market and blockchain technologies.

Why are the TOP-20 cryptocurrencies in the red zone?

The high level of unreliability of this market remains one of the most important pressure factors.

Each week, there is information about an attack on cryptocurrency exchanges, wallets or large mining pools. This greatly reduces the investment attractiveness of the cryptocurrency market.

QuadrigaCX lost access to user funds!

The Canadian Cryptocurrency Exchange QuadrigaCX lost access to the wallets of 115 thousand users. These wallets stored cryptocurrencies for 180 million CAD and fiat money for 60 million CAD. The total amount is equivalent to $190 million. This was reported on the CoinDesk website.

The cryptocurrency exchange lost access to 26 500 BTC, 11 000 BCH, 11 000 BSV, 35 000 BTG, 200 000 LTC, and 430 000 ETH. Most likely, a significant part of these funds is located in cold storage.

QuadrigaCX representatives do not have access to cold wallets. They argue that CEO Gerald Cotten, solely responsible for managing cold wallets. We remind that there is unconfirmed information about the death of Gerald Cotten from Crohn’s disease in India in early December 2018. The QuadrigaCX site is currently unavailable due to “technical issues”.

This serves as an extremely negative fundamental factor for the cryptocurrency market.

Ethereum developers are not ready to resist ASIC-miners

The launch of Constantinople’s hard fork is expected on February 27. But during the conference call, the Ethereum developers decided not to include the ProgPoW proposal code in the current protocol update. This code is designed to reduce the impact of ASIC miners in order to increase network decentralization.

The developers agreed on the need for a careful audit before implementation, which can be completed only in March-April of this year. Therefore, ProgPoW cannot enter the current hard fork of Constantinople.

The difficulties with the launch of previously scheduled updates in Constantinople’s hard fork decreases the demand for ETH.

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