In today’s bitcoin and cryptocurrency news, learn about famous trader predicts Bitcoin will “break out of the range” soon. Going into a new trading week, investors’ moods are still clouded by “Extreme Fear.” One investor said, “Bullish rhetoric” was unwarranted because markets didn’t “reclaim anything” last Friday. Meanwhile, these days, the cryptocurrency market is a hot topic of conversation. People saw it as a quick and easy way to amass wealth, and so they did it. However, the strictness of governments in many countries around the world has precipitated an immediate decline in the value of many cryptocurrencies apart from bitcoin. Lastly, if we apply the same old rules to a new way of moving money around, the resulting regulatory war could impede cryptocurrency’s entire value proposition.
Analyst Says Crypto ‘party’ Can Start This Week as Bitcoin, Ethereum, and Dogecoin Rise
Original Source: Bitcoin, Ethereum, Dogecoin Bounce Higher — Analyst Says Crypto ‘Party Can Start’ This Week
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Bitcoin and Ethereum were buoyant Sunday evening as the global cryptocurrency market cap rose 2.2% to $943.75 billion at 9 p.m. EDT.
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The apex coin slipped below 19,000 on Friday but regained the psychologically important mark later that day.
The two largest coins by market cap appeared more sure-footed going into the new trading week amid a surge in risk assets. U.S. stock futures were up at the time of writing, with S&P 500 and Nasdaq futures up 0.5% and 0.75 %, respectively.
OANDA Senior Market Analyst Edward Moya said a “massive bond market reversal” prevented a “massive wave of technical selling” in Bitcoin on Friday.
“Bitcoin was in trouble. If risk appetite stays healthy, Bitcoin should consolidate above $19,000, said an analyst in a note seen by Benzinga.
Alternative.me’s “Crypto Fear & Greed Index” showed a slight improvement in sentiment at 22 compared to 20 last week. The index continues to signal “Extreme Fear.”
A value of 0 on the index denotes “Extreme Fear” while 100 represents “Extreme Greed.”
Michal van de Poppe said Bitcoin is “still stuck” in a range and that the coming week makes it “inevitable that we’ll break out of the range.”
The cryptocurrency trader said he’s watching the “final resistance” at $19,591.51. He said, “It needs to break, and then the party can start.”
In the coming week, investors will watch the October manufacturing and services purchasing managers indexes. The coming week features quarterly earnings reports from big tech companies.
Justin Bennett expects a “partial reversal” of Friday’s move this week. The trader tweeted, “Seeing a lot of bullish rhetoric over Friday’s move, yet markets didn’t break or reclaim anything for the most part.”
Glassnode founders Jan & Yann said in a tweet that Bitcoin is “sensitive to incoming data and the macro environment.”
They said, “Demand is low and there’s no market direction.” A big move is imminent.
Bitcoin Trades at $19,194.71
Original Source: Cryptocurrency Update: Bitcoin cryptocurrency is currently trading at $19,194.71
The cryptocurrency market is hot now. People saw it as the easiest way to become rich. Due to the strictness of many governments around the world, the prices of many cryptocurrencies from bitcoin have fallen. However, many cryptocurrencies are still rising. Some cryptocurrencies with rates less than 2 dollars (150 rupees) have given good returns. Tell us the latest rate of Cardano cryptocurrency compared to Bitcoin, Dogecoin, XRP, and Ethereum.
The bitcoin cryptocurrency is currently trading at $19,194.71 on CoinDesk. It’s currently gaining 0.29 percent. The market cap of bitcoin is $368.29 billion. In the last 24 hours, the maximum price of bitcoin was $ 19,251.80 and the minimum was $ 19,136.32. The bitcoin cryptocurrency has given a negative return of 58.45% since January 1, 2022. The all-time high price of bitcoin was $68,990.90.
The Ethereum cryptocurrency is currently trading at $1,313.03 on CoinDesk. It’s currently gaining 1.18 percent. The market cap of Ethereum is $157.16 billion. In the last 24 hours, Ethereum reached a high of $1,319.57 and a low of $1,295.17. Ethereum has given a negative return of 64.31 percent since January 1, 2022. The all-time high price of Ethereum is $4,865.57.
The XRP cryptocurrency is currently trading at $0.46121273 on CoinDesk. It’s currently gaining 0.53 percent. The XRP cryptocurrency has a market cap of $46.12 billion at this rate. In the last 24 hours, the maximum price of XRP was $0.47 and the minimum was $0.45. XRP has given a negative return of 44.05 percent since January 1, 2022. The all-time high price of XRP is $3.40.
Without Censorship Resistance, Crypto Means Nothing
Original Source: Crypto Means Absolutely Nothing Without Censorship Resistance
Censorship resistance is fundamental to any working cryptocurrency or blockchain project. It’s been a pillar of crypto from the start, one of the reasons the movement began. As long as a participant in the Bitcoin or other network follows the predetermined technical criteria to construct a valid transaction, nobody – not the cops, not your nosy neighbor – should be able to stop them.
So it’s no surprise that Sam Bankman-Fried (the crypto billionaire known as SBF) stirred up controversy when the FTX founder and CEO published an article last week on crypto regulation. He discussed implementing blocklists – a roster of wallet addresses banned from interacting with a blockchain because they’re suspected of being used for nefarious purposes – and respecting the U.S. Office of Foreign Assets Control’s (OFAC) sanctions lists by maintaining “an on-chain list of the sanctioned addresses… maintained by OFAC or by a responsible actor.”
Here’s the problem. Removing censorship resistance defeats the entire purpose and value of cryptocurrency. Cryptocurrency is supposed to bank the unbanked, grant open access to financial tools, and empower otherwise disempowered people. There’s no value in remaking the same financial system that caused these problems with a new, fancy crypto wrapper that welcomes censorship just because it’s new and fancy.
Even as SBF talks about the future, censorship resistance is being undermined. Just look at Ethereum, where, following the Merge, more than half of blocks in one 24-hour period were processed in accordance with OFAC recommendations.
While cynics claim that cryptocurrency is a Ponzi scheme, we’ve seen enough anecdotal and empirical evidence to support the idea that Bitcoin is valuable and useful. I believe one of the main reasons Bitcoin is valuable and useful is because it’s censorship resistant.
To SBF’s credit, he does include an important hedge to his proposal, writing that “all commerce breaks down if you require an allowlist to transact.” This is completely true. Imagine having to prove who you were to buy anything.
He also made a reasonable point that I think many people would agree with. He writes that “maintaining the presumptive freedom of peer-to-peer transfers and decentralized blockchains (unless there is specific evidence of a scam, illicit finance, etc.) is absolutely necessary.” (Emphasis added)
Many people would agree with this statement because, on the surface, it means good people should be allowed to transact freely and bad people should not. The problem is that, aside from obvious examples of badness (like cold-blooded murder), the definitions of good and bad shift depending on who makes the rules.
When you remove censorship resistance from crypto, there’s not much left to get excited about. Bennett Tomlin from Protos and the “Crypto Critics’ Corner” podcast summed up this viewpoint succinctly in a tweet: “If crypto lacks censorship-resistance, it’s just gambling and schemes.”
I think this is an accurate characterization of crypto without censorship resistance. While there may still be money to be made in the casino-like, rug-pull-filled fringes of the cryptocurrency world, I doubt investors will line up to champion that value proposition.
Crypto means nothing without censorship resistance.
Oh, and don’t forget about privacy
We should take this at least one step further. Censorship resistance without privacy also doesn’t matter. This has been an issue with transparent networks like Bitcoin (which is not anonymous; it maintains a public ledger of transactions with identifying addresses and balances). It’s literally the opposite of anonymous (especially if you’re new to the network).
This happened in February 2022 when Canadian truckers protested a vaccine mandate. While protestors could receive funds via Bitcoin, Ethereum, and other networks, the transparency of these blockchains made it nearly impossible for them to withdraw the money for fear of the Canadian government freezing or suspending their bank accounts.
So, yes, someone can send me bitcoin (BTC) even though the government doesn’t want me to. Because the Bitcoin network is censorship-resistant. But if the government can trace the transaction and see that the bitcoin came from you to me, it could do something about the fact that I received funds from you outside of the Bitcoin network.
We need censorship-resistance and privacy.
Summary of Today’s Bitcoin and Cryptocurrency news
To put it simply, following a week in which risk assets as a whole showed strength, the two largest coins by market cap appeared to be more stable as the new trading week began. At the time of publication, U.S. stock futures were rising, with the S&P 500 futures up 0.5% and the Nasdaq futures up 0.75 %.
Meanwhile, CoinDesk’s XRP price is $0.46121273. It’s up 0.5%. XRP’s market cap is $46.12 billion. XRP’s 24-hour high was $0.47 and low was $0.45. Since January 1, 2022, XRP has returned 44.05 percent. XRP peaked at $3.40.
Lastly, Bennett Tomlin from Protos and the “Crypto Critics’ Corner” podcast said, “If crypto lacks censorship-resistance, it’s gambling and schemes.” I think this describes crypto without censorship resistance perfectly. While there may still be money to be made in the bitcoin world’s casino-like margins, I doubt investors will line up to advocate that value proposition. Censorship-resistant crypto is essential.
