Weekly Crypto News Digest: Bitcoin Gearing Up for Rally Towards $100K, Balance of BTC on Exchanges Steadily Falling, Digital Dollar Project Introduced
By SwapSpace on The Capital
Credible Crypto predicts that Bitcoin will grow upwards of $100,000
Bitcoin analyst Credible Crypto predicted a bullish rally for BTC after a “massive re-accumulation” that happened over the last 900 days since Bitcoin prices fell from their all-time high. According to the analyst, this shows a breaking-down of a consolidation structure, which, in turn, points to the possibility of a massive rally that will culminate in 2021.
On the other hand, Credible Crypto expects other altcoins — including ETH, XRP, and LIT — to experience a downward trend over the period of BTC gaining traction.
The balance of BTC on exchanges has reached its lowest point in over a year
The number of Bitcoin available in exchanges has decreased by over 300 thousand since the March market crash. Major analysts believe that investors are withdrawing funds in anticipation of the upcoming bull run. Some exchange platforms are losing more than others: Bitfinex, BitMEX, and Huobi lost the most with Bitfinex losing a whopping 66% since Black Thursday.
Additional reasons for the decline may include the overall lack of trust in major exchanges (in particular, due to DDoS attacks) and a continuation of a long-ongoing trend that was seen even before the crash.
Chris Giancarlo Introduced the Digital Dollar Project
CFTC’s former chairman Chris Giancarlo teamed up with the Digital Dollar Foundation and an independent consulting firm to release the first publically-available white paper for the Digital Dollar project this Saturday.
The 50-page document details the benefits of introducing the Digital Dollar and explores some of its potential use cases. In short, the white paper points to the fact that the project will provide a solution to the inevitable technical problems that major banks are struggling with at the moment.
The white paper additionally addresses the common concern that users have with the digital dollar in that it promotes total transparency leaving no room for the anonymity commonly sought by cryptocurrency users.
Ethereum is much less private than Bitcoin, research shows
The latest research conducted by Hungary-based analyst Ferenc Béres has shown Ethereum to be significantly less private than Bitcoin in terms of being easy to de-anonymize.
Several Ethereum-specific features — like its account model — make the network less private when compared to competitors like Bitcoin (BTC). This model underpins address recycling on the protocol level, making Ethereum’s model inferior in terms of privacy and security.
Bitcoin fees fell 60% amidst an overall decline in transactions
Average transaction fees for BTC dropped by nearly 60% over the course of the last seven days amidst an overall decline in transactions. The current cost of a transaction is hovering around $2.6, down by nearly $4 since the 22nd.
The sharp decline is mostly due to transaction activity slowing down back to normal since soaring around the May 12 planned supply cut.
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Originally published at https://swapspace.co.