In recent weeks, both Bitcoin and gold have started to show signs of the early stages of a bull run is beginning. However, goldbug Peter Schiff, founder of SchiffGold, says that while gold is indeed laying the foundation of the next bull run, Bitcoin is actually in a “sucker’s rally,” and has even compared buying Bitcoin to throwing money into the garbage.The comments have made Schiff a target in the crypto community, and has received a barrage of comments pushing the investor to pay more attention to the digital version of his beloved precious metal, which shares so many of the same qualities that make it unique. But the Bitcoin basher may finally be coming around, and is welcoming a conversation on Bon the first every crypto asset and is hoping that he may be convinced of its value.Peter Schiff Now Owns Bitcoin: Is the Goldbug Turning Crypto Bull?The outspoken founder of precious metals investment firm SchiffGold, Peter Schiff, has been on a Bitcoin bashing rampage in recent weeks. In his defense, his entire business and belief system is at risk of being unseated by something he thinks is trash, and is reacting accordingly to protect his investment.Related Reading | Crypto Pundit Peter Schiff Says Gold Is In Early Bull Market, But Bitcoin Is a Sucker’s RallyBut he might just be finally coming around, now that he actually owns some Bitcoin.I have been gifted $2,800 worth of Bitcoin. Thanks to all for your generosity. What should I do with my stash? 1. Use it now to buy 24 Karat gold jewelry at https://t.co/At4icF7p0A for my wife. 2. Ignore the FUD and HODL until Bitcoin moons and buy a Lambo for myself.— Peter Schiff (@PeterSchiff) July 10, 2019Schiff claims he was “gifted” about 0.25 BTC according to current prices from crypto supporters encouraging him to learn more about the digital asset. The investors asks what he should do with his BTC: buy gold with it for his wife, or “HODL” until Bitcoin “moons and buy a Lambo for myself.”While he remains a “skeptic,” it’s at least piqued his interest enough to host the first ever “Peter Schiff Bitcoin challenge” live on his Youtube channel. He’s opening the floor for someone to change his mind about Bitcoin.I will be hosting the 1st ever Peter Schiff Bitcoin challenge live on my Youtube channel on Monday July 15th at 9 PM EDT. If you think you can change my mind on Bitcoin, here’s your chance. Bring your best argument and be prepare to defend it.— Peter Schiff (@PeterSchiff) July 10, 2019Cryptocurrency Has Broken Through to Traditional FinanceIn addition to the biggest goldbug in the world beginning to come around to Bitcoin, so is the rest of the traditional world of finance. Institutions are finally paying attention, and investors have begun to flock to Bitcoin alongside gold, the Japanese yen, and the Swiss franc as an economic hedge in the face of impending global economic collapse.Related Reading | Prominent Investor: Mainstream Finance Is Now Considering Bitcoin As a Safe Haven AssetThe world of traditional finance has finally began to give cryptocurrency and more importantly, Bitcoin, the respect it deserves. The trend can also be seen in reverse. Crypto traders who once only stuck to the emerging asset class have started to become increasingly interested in traditional assets outside of crypto, and exchanges have begun to cater to that demand. Both eToro and PrimeXBT offer a range of traditional financial assets outside of crypto, including stocks indices, commodities, forex, and even the gold that Peter Schiff holds so dearly.If Peter Schiff can be convinced that Bitcoin has real value next to his beloved gold, it won’t be long until the rest of the world realizes Bitcoin’s potential.
Archives for July 10, 2019
As if 2019 hasn’t been crazy enough, earlier today someone seemingly tried to counterfeit an entire Bitcoin block.
Bitcoin had an invalid block at height 584,802, as spotted by @juscamarena
All 8 nodes at https://t.co/WKQ8hPDGON identified the block as invalid:
Bitcoin Core 0.18.0
Bitcoin Core 0.17.1
Bitcoin Core 0.16.2
Bitcoin Core 0.10.3
Bitcoin Knots 0.14.2
— BitMEX Research (@BitMEXResearch) July 10, 2019
AntPool Almost Pays Itself an Extra $15,000-plus
According to BitMex Research and other observers on Twitter, at block number 584,802, AntPool attempted to publish a block that contained an extra 1.265 BTC in its block reward.
The coinbase value was too high, presumably because this included the transaction fees, but due to some error the transactions themselves were not includedhttps://t.co/gQRh3Gmdor
— BitMEX Research (@BitMEXResearch) July 10, 2019
The block contained no transactions and was submitted 21 seconds after block number 584,801.
— BitMEX Research (@BitMEXResearch) July 10, 2019
AntPool is apparently the culprit, having used the same address and Coinbase message for both blocks. AntPool also mined the valid block number 584,802.
Apparently, something in AntPool’s software constructed a block that included fees paid for transactions but no transactions themselves.
Anyone log the full block?
2019-07-10T14:35:27Z ERROR: ConnectBlock(): coinbase pays too much (actual=1326546691 vs limit=1250000000)
2019-07-10T14:35:27Z ERROR: AcceptBlockHeader: block 0000000000000000000b47042b90c6a893e6e5cdef70c92beefb88f4c5fa5a69 is marked invalid
— Justin Camarena (@juscamarena) July 10, 2019
Working Out What Happened Here
For whatever reason, AntPool was trying to publish a block that paid for a lot of transactions but didn’t actually include any of them.
Interestingly, the block that eventually won and was published on the blockchain contained a total of 2,455 transactions and fees of only 0.64968988, which isn’t far from 50% of the attempted inflation in the first block.
The episode is extremely confusing.
Developer Jameson Lopp believes the bug originated with “block template generation” software, judging by the timing of the failed block.
Yes, it looks like the block was found just seconds after the previous block. My guess would be that there was a bug in the block template generator that failed to clear out the txn fees from the previous template being worked upon.
— Jameson Lopp (@lopp) July 10, 2019
Although that’s a good explanation, it is more exciting to imagine Jihan Wu and Bitmain attempting to destabilize the bitcoin market. As BitMex Research pointed out earlier, a minor drop in price happened right around the same time.
The timestamp of the invalid block was 14:35:27 UTC, 21 seconds after the previous block
This appears to have coincided with a drop in the Bitcoin price, however this is probably only a coincidence. (The blue line in the below image represents the timing of the invalid block) pic.twitter.com/PA8EbOY1G9
— BitMEX Research (@BitMEXResearch) July 10, 2019
This is coincidental, likely.
2019 Brings the Bitcoin Madness
This other thing we noticed happening in Bitcoin recently was not coincidental, though: someone was liquidating over 7,000 BTC at $200-$400 below market price.
so binance was hacked 7000 BTC two months ago, total loss = $40++ mil; and today someone sold 7000+ BTC for $84 mil at $12,100; if this is insider’s job, then they net $40 mil within 2 months; shitty exchange it is… 🤔😒
— Bitcoin Badger (@Emperor_YZ) July 9, 2019
Like we said: as if 2019 isn’t crazy enough, now the long-term “hodlers” are exiting too.
AntPool will likely release a statement during business hours in Beijing. As a subsidiary of Bitmain, which vocally supported the Bitcoin Cash hard fork, AntPool frequently mines Bitcoin blocks.
#Bitcoin miner decides to try to create 1.265 BTC inflation. Aren’t you glad miners don’t get to make the rules?
Are you running a full node? If not, you can’t detect this, and are vulnerable to such attacks! https://t.co/uqzCpBbVnj
— Luke Dashjr (@LukeDashjr) July 10, 2019
In almost no time, another Twitter user goaded the storied developer into calling Decred a “scamcoin.”
With Bitcoin, miners don’t have the last word either. Nobody cares about decred. Why are you pumping scamcoins here?
— Luke Dashjr (@LukeDashjr) July 10, 2019
The bitcoin price is currently trading lower by 6 percent to below $12,000.
Since the start of April 2019 when Bitcoin rallied over $1,000 in a matter of a few minutes, the first ever crypto asset has taken the market by storm, capturing the attention of all crypto traders, investors, and analysts – but at the expense of the altcoin market.
Binance Coin (BNB) flat-lining, down 3.1 percentEthereum being sidelined, Binance delisting and shunning ETH trading pairsBy rebranding and delisting PHX/ETH trading pairs, observers say Binance is deliberately sidelining Ethereum projects. Understandably, Binance following their mainnet launch is a competitor. At the time of writing, BNB is down 3.1 percent.Binance Coin Price AnalysisFundamentalsCompetition forces innovation. Following governments and regulator involvement, ICOs as a fundraising model was slowed down. With stringent requirements and outright bans in several countries, including in China and South Korea, project managers were forced to shelve their plans or exclude investors in their crowdfunding.Finding a gap, Binance launched its crowdfunding platform, the Binance Launchpad. Through this fundraising model, many analysts reckon that the exchange is the ultimate “Ethereum killer.”The reason is because of the exchange’s decision not to list several tokens against ETH and in some cases entice projects away from Ethereum platform. Their plan of Binance Chain could be a reason.However, their decision of not listing trading pairs against ETH is a cause of concern and even foul play. The rebranding of Red Pulse Phoenix Binance (PHB) and listing of new trading pairs was a signal:“Additionally, Binance will open trading for PHB/BNB, PHB/BTC, PHB/USDC, PHB/TUSD, and PHB/PAX trading pairs at 2019/05/24 04:00 (UTC). Once trading opens, the previous PHX/BNB, PHX/BTC, and PHX/ETH trading pairs will be removed and delisted.”Meanwhile, Binance will open a new branch in Singapore, enabling trading of fiat pairs. An upgrade from the one trading pair it previously supported, Binance Singapore now supports Litecoin, Bitcoin and Ethereum against Singaporean Dollar. Besides, Singapore Fast and Secure Transfers system will enable fast deposit and withdrawal.Candlestick ArrangementAlthough Binance is expanding, BNB is under pressure. Technically bullish, BNB is down 3.1 percent in the last day, printing dojis at $30. Even though bulls have a chance, depending on the performance of Bitcoin and other liquid assets, BNB may slide.In that case, a needed retracement to $25 or lower could be on the cards. Note that BNB is one of the top performers in the first half of the year. Posting near perpendicular ascension, it is likely that there is exhaustion.However, if buyers flow back, then any breach and close above $43 could see BNB rally to $70. Cementing buyers, the breakout candlestick ought to be with high trading volumes exceeding 4.9 million of June 14.Technical IndicatorsAforementioned, June 14 bear candlestick leads this trade plan. Marking buyers, the rally past $43 ought to be with high participation above 4.9 million. On the other hand, losses below $30, signaling cooling prices should be with equally high trading volumes.Chart courtesy of Trading View. Image Courtesy of Shutterstock
Acclaimed investor Peter Schiff has famously labeled bitcoin as “fool’s gold” and a “Ponzi scheme.” But the gold bug is willing to make a 180-degree turn if presented with a persuasive and convincing argument on the cryptocurrency.
In a tweet, Schiff said he will be hosting a live session on YouTube on July 15 and consequently invited willing participants to sell him on the merits of bitcoin.
I will be hosting the 1st ever Peter Schiff Bitcoin challenge live on my Youtube channel on Monday July 15th at 9 PM EDT. If you think you can change my mind on Bitcoin, here’s your chance. Bring your best argument and be prepare to defend it.
— Peter Schiff (@PeterSchiff) July 10, 2019
Bitcoin vs. the Yellow Metal
Schiff first announced the “bitcoin challenge” on July 9 after making a prediction that gold was likely to hit the $2,000 mark as financial market worries resurfaced.
Crypto bull Anthony Pompliano then rhetorically asked him how the bitcoin price would be faring if gold were doing that well. It was then that Schiff invited Pompliano to the “bitcoin challenge,” saying:
“I’m doing a bitcoin challenge live on my YouTube channel on Monday night. I’m inviting people to try to change my mind on Bitcoin. Feel free to take a shot. You never know you may convince me that I’m wrong. My mind is open.”
Can You Teach a Bitcoin Skeptic New Tricks?
Schiff maintains that he remains open-minded. Yet he shows no encouraging signs of an impending transformation. For instance, even before bitcoin hit its all-time high in late 2017, Schiff celebrated the cryptocurrency falling to under $500 the year prior.
#bitcoin price crashes below $500, down over 20% on the day, on exchange hack and theft of the crypto currency.
— Peter Schiff (@PeterSchiff) August 2, 2016
At the time, Schiff’s favorite asset – gold – was priced at around $1,340. Currently, it is trading above the $1,400 support level. This is an appreciation of nearly 5 percent.
During the same period, the bitcoin price has appreciated to its current price of over $12,000, recording 2,300 percent growth. If the crypto enthusiasts who will take up his “bitcoin challenge” need any proof of the difficult task that lies ahead, this is it.
In Gold We Trust…Until Our Faith Is Shaken
While it is not clear what prompted Schiff to welcome arguments that will convince him to join the crypto bandwagon, it is notable that it comes after he was sent $500 worth of bitcoin by crypto enthusiasts. This gift came after disclosing that he was a HODLer of a couple of satoshis worth about $100, which had been gifted to him as well.
Schiff’s ‘Bitcoin challenge’ also comes after the scarcity of his beloved gold was put into question. This was after NASA announced that it was sending a mission to the 16 Psyche asteroid that supposedly contains vast quantities of the precious yellow metal.
Schiff, however, has disparaged the report of the alleged gold-filled asteroid, calling it “fake news.”
The existence of a golden asteroid is fake news– a lie spread to pump Bitcoin. 16 Psyche is a rare metallic asteroid with a composition similar to the earth’s core. It’s made almost entirely of an iron-nickel allow, with small amounts of other metals, likely to include gold.
— Peter Schiff (@PeterSchiff) June 29, 2019
At the time he claimed that the “fake news” was being spread by the bitcoin community with a view of pumping the cryptocurrency’s price.
According to data published by crypto research firm Messari, bitcoin has massively outperformed the largest banking stocks in the world over the past five years.
In fact, the cryptocurrency is pummeling them so badly it’s not even funny anymore.
They say a picture is worth a thousand words
But this is worth 5:
“Long bitcoin, short the bankers” pic.twitter.com/HI2DdO6ria
— Jack Purdy (@jpurd17) July 10, 2019
JPMorgan, Bank of America, Deutsche Bank, Morgan Stanley, Citigroup, and Wells Fargo have recorded total returns in the range of -89 percent to -99 percent against bitcoin since 2014.
What the data show about bitcoin
Comparing an emerging asset class in cryptocurrencies with the biggest financial institutions in the global market might look far-fetched at the current juncture.
As of July 2019, the market valuation of bitcoin remains at around $220 billion, less than three percent of the total market cap of gold, a commodity widely recognized as a safe haven asset.
Bitcoin is also a store of value and a medium of exchange, while major banks represent well-established operations that have been relatively stable throughout the past several decades, which could lessen the merit of the comparison between the two.
However, the charts indicate that since 2014, bitcoin has experienced a parabolic upside movement, surging by well over 10,000 percent against the U.S. dollar. And the crypto economy is itself growing more stable.
In recent years, particularly throughout the past ten months, the infrastructure supporting the crypto market has noticeably improved with the entrance of large institutions in the likes of Fidelity, TD Ameritrade, and E-Trade.
Crypto investment firm Grayscale’s latest annual report explicitly noted that 66 percent of the inflow of total capital came from institutional investors, suggesting a change in the landscape in the global bitcoin market.
“Institutional investors are building core strategic positions in digital assets over time and have largely viewed the 2018 drawdown as an attractive entry point. While the dollar amounts invested declined in Q4, institutional investors share of the ‘new investment pie’ was roughly consistent throughout the year,” the report read.
The strengthening infrastructure of bitcoin has made the coin, which has historically been regarded as a speculative alternative to existing safe haven assets, more compelling to a broader market of investors.
Will the asset class continue to outperform?
Earlier this week, CCN reported that emerging markets fund manager and Mobius Capital Partners founder Mark Mobius said bitcoin would become more appealing as a store of value if it continues to grow at the current rate.
“But, at the end of the day, there are many people who do believe in it and if it continues and grows, then I would probably have to be a buyer and be involved in this,” he said.
Bitcoin’s Stunning Growth Makes it Investable, Admits Legendary Hedge Fund Manager https://t.co/wieVbvlg0l
— CCN Markets (@CCNMarkets) July 8, 2019
Bitcoin and the rest of the crypto market have had large pullbacks and extended periods of brutal corrections that have led many retail investors to become cautious about the asset class.
Following most corrections, the crypto market has seen that a growing number of companies come up with better solutions to facilitate the demand for the asset class with increasing regulatory clarity.
Currently, investors are anticipating the emergence of new trading venues, sophisticated custodian solutions, and well-regulated exchanges to improve the structure of the global market.
If the infrastructure supporting the crypto market grows and improves proportionally to the price of major crypto assets, the asset class as a whole could become more favorable to investors in the traditional finance sector.
Ripple (XRP) drops 10.5 percentSWIFT and rival platforms are not Ripple’s competitorsChristine Lagarde will take over from Mario Draghi. According to analysts plus her previous comments on Ripple, this is bullish for XRP. However, that is not enough to prop XRP, which is down 10.5 percent in 24 hours.Ripple Price AnalysisFundamentalsThe so-called XRP Army is known for its ferocious protection of Ripple and XRP. Supporting the third most liquid asset in their swarm and vigor, they tear down critics-regardless of the objective or validity of their questions. Their effort has seen Binance make XRP base currency.Besides, for their tireless effort, they had a response from Microsoft’s Skype. Although their request is still in consideration, their role is indeed significant. After all, overt support from the community is that cog that keeps the project’s wheel rolling, replenishing morale.Overly, Ripple’s goal is to expand as a global payment settlement platform. Even so, according to their Head of Global Banking, Marjan Delatinne, their objective is not to compete with SWIFT and other rival platforms per se but to complement them.Presently, the focus is on Christine Lagarde. A politician and serving as the Managing Director of the IMF, the finance figurehead synonymous with the Bretton Woods Institution member, is open to cryptocurrencies and interestingly keen on Ripple.Insisting that banks and financial institutions must adapt to remain competitive, her view is supportive of cryptocurrencies in general. Although the European Central Bank (ECB )is rigid, recently saying Bitcoin is not a currency but rather an asset, her taking over from Mario Draghi could change the European’s regulator view.Candlestick ArrangementAt the time of writing, XRP is in a free fall, crashing below April high with an uptick in participation. By dropping a massive 10.5 percent in the last day, price is trading below the main support level at 40 cents.At this pace-and assuming there is a buildup of panic sells because of today’s meltdown, prices may crash and close below 34 cents invalidating previous XRP/USD trade plans. Presently, prices are back to consolidation and to the 15 cents range with caps at 50 cents.Because of previous assertions, traders should take a neutral stance while being cautiously optimistic. Even so, any breach of 34 cents nullifies this trade plan’s bullish outlook as bears are likely to drive prices to 30 cents, retesting Q1 2019 main support level.Technical IndicatorsThere is a sharp spike in trading volumes confirming losses of June 27. The upsurge in participation from 11 million to over 35 million is a signal of weakness. Because of this, it is highly likely that XRP may drop to 30 cents in a retest of Q1 2019 support.Chart courtesy of Trading View. Image Courtesy of Shutterstock
An economic road map unveiled by the government of Turkey this week includes several items related to blockchain, including a bid to create a central bank digital currency based on the technology.
The Eleventh Development Plan, published on the government’s official website, was submitted to the Turkish Parliament on July 8, according to regional reports. It covers the period between 2019 and 2023, and is broadly intended to serve as a guiding point for improving Turkey’s economy.
The wide-ranging plan covers an array of subjects, but notably states that a “blockchain-based digital central bank money will be implemented,” according to a translation.
The document also indicates that legal and technology infrastructure will be fostered by the government in an effort to utilize blockchain for “transport and customs” purposes. Additionally, blockchain is mentioned as one of a number of new approaches, including artificial intelligence and connected devices — also known as the Internet of Things — that will be used to enhance public services. In this latter case, it’s not clear at this time how blockchain will be utilized.
Few details of the proposed cryptocurrency are known, but the country has been entertaining the idea of a national digital asset, Turkcoin, since at least early 2018. According to reports at the time, the idea was pitched by lawmaker Ahmet Kenan Tanrikulu, the deputy chair of Turkey’s Nationalist Movement Party and the country’s former Industry Minister.
The news that the central bank of Turkey will develop a blockchain-based currency comes days after Turkey’s president, Recep Tayyip Erdogan, fired its governor, Murat Cetinkaya. According to the Financial Times, Erdogan said this week that the central bank will provide a greater degree of support to the economy.
Other elements of the Eleventh Development Plan, while not directly related to cryptocurrency and blockchain, could ultimately impact businesses working in those areas.
For example, the government plans to introduce a Regulatory Experiment Area, an Association of Payment Services and Electronic Money Institutions, and the Istanbul Finance and Technology Base. Turkish banks have long partnered with crypto exchanges, though these institutions often impose strict listing and on-boarding policies.
Image Credit: sefayildirim / Shutterstock.com
Mounting cryptocurrency regulations have some Chinese bitcoin miners fleeing the world’s second-largest economy. Their surprise destination? Iran.
According to the Managing Director of the Iran Blockchain Association, Mohammed Sharqi, talks have already started between interested parties.
Confirming this in a statement to PressTV, Sharqi said:
“The Chinese have made requests through official channels for cryptocurrency mining in free zones.”
Iran Flip-Flops on Crypto Mining
Iran just can’t decide whether bitcoin is legal. | Source: Shutterstock
Iran has a complicated relationship with cryptocurrency.
While bitcoin mining is technically recognized as an industry, the deputy governor for new tech at Iran’s central bank has said that bitcoin trading is not legal in the country. The bank also banned lenders from providing services to crypto businesses – after which reports revealed the bank was considering launching a digital coin of its own.
Until last month, the crypto mining industry had experienced relatively smooth operations without unnecessary sanctions or too much meddling from Iran’s government.
However, a 7 percent spike in electricity consumption in the sanctions-ridden country triggered a government crackdown on crypto mining in June.
The Iran Blockchain Association’s Sharqi expressed concern that impending government regulations will end up driving the cryptocurrency mining business underground. Instead, the energy ministry should issue licenses for industrial electricity consumption.
“Our argument is there is a danger that these activities might go underground and to the homes of ordinary people, which is very dangerous, if there is a demand by foreign investors in this regard, the Ministry of Energy could take advantage of it, welcome them in order to develop infrastructure and produce electricity.”
Iran’s Schizophrenic Bitcoin Policy
Unlike the United States where most anti-cryptocurrency outbursts are driven by the fear of the dollar losing its supremacy to a non-state controlled currency, Iran fears that cryptocurrency could be used to funnel money out of the country.
That said, American sanctions have effectively rendered it a global pariah state with little or no access to the SWIFT network and global banking systems. So from a purely rational point of view, it would seem as if it has little to lose by recognizing crypto in a way that most other countries have not yet done.
Iran Accuses US of Looking to Thwart Its Bitcoin Mining Operations https://t.co/3qEfCrtCpf
— CCN Markets (@CCNMarkets) July 7, 2019
The evidence suggests that Iran is probably missing a trick by ignoring the possibilities bitcoin trading could provide for the country, including an avenue to circumvent harsh economic sanctions.
Instead, the government retains a baffling dual position on crypto, hemming it in with trading prohibitions, and yet promoting crypto mining at the same time – unless an electricity shortage sets in.
Indeed, just last month CCN reported that Iranian authorities accused the U.S. government of working to block the country’s bitcoin mining operations based on a belief that they are an avenue to circumvent U.S.-imposed economic restrictions.
The schizophrenic policy of Iran on crypto trading and mining does not look like it will end anytime soon because the country’s electricity remains among the cheapest in the world thanks to a generous government subsidy. Statistics from Global Petrol Prices reveal that while 1kWh costs on average $0.14 in the U.S. and $0.08 in China, Iranians pay only about $0.03.
Bitcoin (BTC) is up 14.6 percentCryptocurrencies have a role to play in investment portfoliosDespite skepticism, Bitcoin and cryptocurrencies are increasingly becoming part of investment portfolios. That’s notwithstanding their wild price fluctuations. At the time of writing, BTC is up 14.6 percent week-to-date.Bitcoin Price AnalysisFundamentalsThere are diverse opinions as far as what Bitcoin is. Generally, there is a consensus that BTC is first a medium of exchange and a settlement layer. However, its price volatility is bogging its progress toward its quest of being a global settlement layer. High net worth investors are particularly wary of this price instability.Ultimately, the above-average rate of returns over the last decade is proving attractive, a bait. Even so, some analysts are cautious of Bitcoin, questioning whether the digital asset deserves a slot in modern-day investment portfolios.Barry Silbert, who is the CEO of DCG Co, the parent company of Genesis Trading and CoinDesk quotes Matthew Bartolini. In his own right, Matthew is respected but is nonetheless critical of Bitcoin. Questioning Bitcoin, he says, “Cryptocurrencies have no role to play in investment portfolios.”However, his view is against recent research findings from Yale University as well as a Twitter survey indicating that retail investors are pouring their life saving to cryptocurrencies and especially altcoins. Besides the high return on investment, cryptocurrencies like Bitcoin are useful as a diversifying asset. According to Mark Yusko, a renowned Wall Street Fund manager:“Bitcoin is the best [portfolio] diversifying asset. It has a very low correlation and should be in everyone’s portfolio. Bitcoin is a better bet than stocks.”Candlestick ArrangementCurrently, BTC bulls are in the driving seat, but their control is shaky. Because it is up 14.6 percent in the last week, there is a chance that prices will rally to $15,000. All the same, for this preview to be valid, then it is preferably that bulls first clear the June 2019 high.Once prices surge past $14,000 with a distinctive break out candlestick that is not only wide-ranging but propped by high participation, bulls can freely buy the dips while aiming at $15,000. Before then, today’s indecision could spell doom for traders. Note that the lack of comprehensive reversal of June 26 losses exacerbated by shrinking volumes mean bears have an advantage from an effort versus result point of view.Then again, the lack of a definitive trend in the last few days means prices may slump to $9,500 in a retest. If after that there is a recovery, odds are BTC will bounce back to $14,000 and later $15,000. On the other hand, losses below this support could see BTC slide to $7,500 and even to $5,500.Technical IndicatorsFrom above, June 27 candlestick is significant. Nonetheless, trend continuation depends on whether the break out bar has high trading volumes exceeding 82k of June 26. Any surge or meltdown above $14,000 or below $9,500 with high participation surpassing 82k will define BTC’s short to medium term price trajectory.Chart courtesy of Trading View. Image Courtesy of Shutterstock