Bitcoin

Bitcoin Price to Skyrocket to $250,000 After May 2020 Says BTC Venture Capitalist

Billionaire venture capitalist Tim Draper says the bitcoin price will skyrocket to $250,000 soon after the May 2020 ‘halving’ event.
As astounding as that sounds, Draper’s projections are in line with bitcoin’s historical trend.
Draper correctly predicted the ‘crypto winter’ bear market of 2018-2019 in September 2018. He’s made over $200M from BTC so far.

When Tim Draper talks about good tech investments with enormous profit potential, markets listen. Some of the Silicon Valley venture capitalist’s winning picks include Baidu, Skype, Tesla, SpaceX, and Twitch.

In 2014, Draper made a massive bet on bitcoin. He spent just shy of $19 million for 30,000 BTC sold by U.S. authorities at auction.

Outbidding everyone else, it looked like Draper paid a premium for the coin then. But today that 30,000 BTC is worth over $200 million with the bitcoin price above $7,000.

He thinks it’ll be worth $7.5 billion in two years at the $250,000 price point.

“It looks like it will be something like six months to a year after the halvening that we will cross $250,000 per bitcoin…it is pretty likely we are going to hit $250,000 by the end of 2022 or early 2023.” – @TimDraper.

Full interview: https://t.co/EBS4YpwKxO pic.twitter.com/wylZD9yHOJ

— BLOCKTV (@BLOCKTVnews) December 19, 2019

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Bitcoin

Bitcoin Price Rallies 13% to Break Through $11,000

Within the last hour Bitcoin (BTC) price pushed through the $11,000 level in a high volume surge which saw the price reach a new 2020 high at $11,394.

At the time of publishing the price has pulled back slightly to the $11,150 range but purchasing volume continues to rise on the 1-hour timeframe. This suggests that the top-ranked digital asset on CoinMarketCap may have another go at the daily high.

Crypto market weekly price chart

Crypto market weekly price chart. Source: Coin360

As reported earlier by Cointelegraph, on-chain activity registered a significant spike in exchange inflow as Bitcoin price rallied above $10,000 and Bloomberg analysts now estimate that Bitcoin price will rise above $12,000 this year.

Ether price (ETH) also surged above its previous high by rallying to $333.52 but at the time of writing the top altcoin has pulled back below $330.

Bitcoin daily price chart

Bitcoin daily price chart. Source: Coin360

According to CoinMarketCap, the overall cryptocurrency market cap now stands at $326.7 billion. Bitcoin’s dominance index currently at 63.1%.

Also, don’t miss our upcoming conference Cointelegraph Crypto Traders Live.

More than 30 star speakers including Raoul Pal, John Bollinger, Mike Novogratz, DataDash and Jon Najarian will gather on July 30th to discuss the challenges of crypto trading. Join the show for over 9 hours of crypto trading content!

Bitcoin

Did Satoshi Nakamoto Just Move 50 Bitcoin?

Key Takeaways

50 Bitcoin that haven’t moved since 2009 were transacted today.
Some Bitcoin watchers speculate that these coins belong to Satoshi Nakamoto.
The coins were from Bitcoin mining around a month after the network was created.

BTC from the earliest days of the network moved today. Could Bitcoin creator Satoshi Nakamoto be behind the transaction?

Was Satoshi Behind a Recent Bitcoin Transaction?

A 50 BTC transaction representing a block reward from a month after the Bitcoin network launched moved today.

The coins were awarded for mining block 3,654. Several pundits have naturally associated that early mining activity with pseudonymous Bitcoin inventor Satoshi Nakamoto.

Others Are Unconvinced

The Block’s head of research, Larry Cermak, believes the transaction is unrelated to Satoshi Nakamoto, identifying that there were several early miners on the Bitcoin network.

Blocks believed to have been mined by Satoshi have a particular pattern in their nonces, a cryptographic number that can help identify blocks. According to that pattern, these Bitcoin do not appear to have originated from Satoshi.

Courtesy satoshiblocks.info, Patoshi blocks

Another analyst noted that the transaction marks the first time that early 2009-origin Bitcoin has moved since August of 2017.

Nevertheless, on-chain sleuths will closely watch the path of the coins as the transaction was undoubtedly from an early Bitcoin miner and large holder. If these 50 BTC continue to move, then a lot more about this story will be revealed.

Bitcoin

Bitcoin price rockets 23% as investors look for a new safe haven. ‘The crypto king is on fire.’

Cryptocurrencies have seen a remarkable resurgence as investors flock to relative safe havens amid a flurry of quantitative easing measures by global central banks.

Central banks including the European Central Bank, Federal Reserve, and the Bank of England have announced asset-purchase schemes in recent days. Bitcoin, a finite cryptocurrency with only 21 million units in existence, has seen a 23% one-day surge. Bitcoin is currently up 21% as of 10.10 a.m. in London (6.10 a.m. ET), per Coindesk.

The cryptocurrency had been down 30% year-to-date amid a sell-off fueled by market uncertainty about the outbreak of coronavirus. However, investors may be looking to digital currencies in the wake of easing measures elsewhere. Other cryptocurrencies like ethereum, XRP, and bitcoin cash all saw major reversals by more than 15% over the same period.

“When it comes to bitcoin, the crypto king is on fire, and we have seen a decent rally,” said Naeem Aslam, chief market analyst at AvaTrade, in a morning note.

“Given the fact that the price has crossed the $6,000 mark — an important level of resistance — the upward momentum is likely to pick up the pace, and if the price crosses the 200-day moving average on a daily time frame, it would be a huge buy signal.”

Volumes at cryptocurrency exchanges have jumped, with Coinbase, Bitstamp, and Bitfinex combined seeing a 19% bump in 24-hour exchange volume, according to data aggregator CryptoCompare.