Outlook 2020 – The Big Picture Backdrop for Precious Metals

Outlook 2020 –  The Big Picture Backdrop for Precious Metals

The year ahead promises to be an eventful one. It will, of course, be dominated by political headlines leading up to the 2020 election. It could also be a big breakout year for precious metals.

In the second part of Money Metals' 2020 Outlook, we’ll drill down on the fundamental and technical setup for gold and silver…

However, in this first part, we’ll set the stage by digging into the macro forces at play in the economy, monetary policy, politics, and geopolitics.

 

Economy

Over the summer, the mainstream financial media ran hard with the “recession” angle. A manufacturing slowdown seemed to be afoot. But the main impetus for all the recession talk was an inversion of the yield curve – putting short-term bond yields below those of longer-term bonds.

Democrats were nearly gleeful at the prospect of a recession. But such thinking proved to be premature.

The economy does not appear to be headed into recession as we begin 2020. Official employment numbers continue to come in historically strong. And GDP growth, though modest at 2.1% as of Q3, is still indicating an overall expansion.

As for the yield curve inversion, the Fed got the message and drove short-term rates back below long-term rates. The inversion still serves as a possible precursor to a recession, but it may not actually hit until 2021 or later.

Continued global economic growth in 2020 could drive a late-cycle bull market in commodities, including the metals complex.

Leading up to a recession, the energy and materials sectors tend to outperform the broad market before rolling over. Gold and silver tend to peak later, with gold often rising counter-cyclically to economically sensitive assets.

 

Monetary Policy

In 2019, the Federal Reserve did a dramatic about-face on interest rates. Instead of hiking, as was widely expected by mainstream forecasters, the Fed paused… then cut rates three times.

By the fall, it was engaging in massive interventions to prop up the repo market and launching what is effectively a new Quantitative Easing program.

Nobody in the financial “mainstream” saw that coming at the beginning of the year!

The Fed is now back on pause for an unknown period. At his latest press conference Fed Chairman Jerome Powell indicated he would like to a see a significant and sustained rise in inflation before hiking rates again.

 

Higher inflation coupled with accommodative monetary policy would potentially be rocket fuel for precious metals markets.

 

A weaker Federal Reserve Note “dollar” versus foreign currencies isn’t necessary for hard assets to gain, but it certainly wouldn’t hurt. The U.S. Dollar Index peaked for 2019 in late September after a modest run-up. It has since retraced and will finish the year nearly flat.

The dollar has fallen in the fourth quarter along with the QE surge in the Fed’s balance sheet. The central bank’s net asset purchases are up by $400 billion already. Its balance sheet will likely rise to an all-time record by spring 2020, further cheapening the real value of the Federal Reserve Note in the process.

 

Politics

There is no shortage of opinion on who will, and who should, win the 2020 election. But we’ll stay out of the political “horse race” debate that fills the airtime on all of the cable news channels hour after hour, day after day.

We note only that political prediction markets currently give the upper hand to President Donald Trump. As long as the economy doesn’t dip into recession, the smart money seems to be on Trump to triumph over a weak Democrat field.

Should the economy falter or Trump get bogged down in a new controversy that erodes his support, the political dynamics could shift – and potentially roil markets.

Several outspoken billionaires – from Ray Dalio to Paul Tudor Jones to Stanley Druckenmiller to Leon Cooperman – have each warned that a Democrat victory over Trump could trigger a stock market meltdown (especially if the victorious Democrat is a Bernie Sanders or Elizabeth Warren-type anti-capitalist firebrand).

Such an event, in turn, would enhance the safe-haven appeal of precious metals.

So far during the Trump presidency, “fear trade” demand for physical precious metals has been mostly muted. The metals have made modest gains based on other factors. But before we see truly spectacular gains in gold and silver, we will likely need some sort of economic, political, or geopolitical black swan event to shake investors out of their complacency.

 

Geopolitics

The big geopolitical story of 2019 was the trade standoff between the United States and China. Every week, seemingly, brought us either one step closer or one step further behind a trade deal.

Much – perhaps too much – was made of the impact of trade wars on market trends. But a favorable outcome in 2020 would certainly go toward boosting manufacturing activity and demand for industrial metals.

Other geopolitical threats loom in 2020 as well.

As the U.S. continues to ramp up economic sanctions on Russia, the Russians continue to look for ways to retaliate. One if its long-term strategic aims is to secure international trade deals outside the Federal Reserve Note dollar system. It is finding willing partners in U.S. adversaries who have been hit or threatened with sanctions.

 

The U.S. has shown in the past that it is willing to go to war to defend its fiat dollar.

A possible war with Iran, North Korea, Russia, or China – or a shutdown of oil production from the Middle East – would be extremely disruptive to markets and could send safe-haven demand for precious metals skyrocketing.

Barring an unforeseen black swan event or crisis, the big picture backdrop for precious metals looks constructive for another year of significant but not necessarily spectacular gains.

At some point, though, whether next year or in future years, mounting risks will propel gold and silver higher with explosive force.

 

by: Stefan Gleason

Money Metals News Service

December 31st, 2019

Gold silver post strong finish to 2019

Gold, silver post strong finish to 2019

– Gold and silver finished strong for 2019 posting the best year for both metals since 2010 and adding to the New Year’s Eve cheer for precious metals owners. Gold ended the year at $1521 – up 18.5%. Silver ended the year at $17.89 – up 15.9%. The Dow Jones Industrial Average, by way of comparison, was up 22% on the year.

 

Posted on December 31, 2019 by Daily Market Report

(USAGOLD AFTERNOON UPDATE – 12/31/2019)

Gold shows resilience as it maintains pricing well above 1500

Gold shows resilience as it maintains pricing well above $1500

With only one trading day left for the calendar year 2019, gold is benefiting from US dollar weakness and thin holiday volume. Today’s volume in the February contract of gold futures is only 204,993. As of 4:00 PM EST spot gold is currently trading up $3.70 and fixed at $1514.50. These gains are combination of a weak dollar (+ $3.30) and traders bidding the precious yellow metal fractionally higher (+ $0.40), this according to the KGX (Kitco gold Index).

day.

Gold futures have been trading fractionally higher and fractionally lower throughout the day. Currently February futures are fixed at $1518, which is a net decline of $0.10 on the day.

U.S. dollar weakness can be partially attributed to an announcement by the White House that the phase-one trade deal will probably be signed next weekend. It was reported in the South China morning Post that, “Washington has sent an invitation and Beijing has accepted it.”

Peter Navarro also spoke with Fox news citing a report, “that Chinese Vice Premier Liu He would visit this week to sign the deal, but did not confirm it.”

According to Reuters, “The White House’s trade adviser, Peter Navarro, on Monday said the U.S.-China Phase 1 trade deal would likely be signed in the next week, but said confirmation would come from President Donald Trump or the U.S. Trade Representative.”

Given that reports seem to indicate that there is an extremely high probability that this agreement will be signed this weekend, there has still been very little released about the agreement itself and what concessions both sides have made to implement this limited agreement.

As reported by MarketWatch today, Chintan Karnani, chief market analyst at insignia consultants in a Monday research report said, “It is only fears of Trump withdrawing from the trade deal that is preventing gold and silver from a crash.”

Lastly gold is being supported by potential geopolitical hotspots. First although North Korea has not fulfilled its promise to deliver a “Christmas gift” to the United States, today national security advisor Robert O’Brien said that the United States is ready to take action if North Korea does act.

The other geopolitical hotspots which are being watched closely include Syria and Iraq. Yesterday officials of the United States announced that they had completed limited airstrikes against Syria and Iraq which were successful, however “additional actions” may still be taken

Wishing you as always, good trading,

 

By Gary Wagner

Monday December 30, 2019 18:34

Why Elon Musk Secretly Loves Silver

Why Elon Musk Secretly Loves Silver

It’s no secret that Elon Musk has some revolutionary ideas.

And by most measures, he has been wildly successful. Tesla orders hit a record 97,000 vehicles globally in the third quarter (not to mention 250,000 preorders for the new CyberTruck). The stock has more than doubled since May 1. And you might recall Mike Maloney is a big fan of Tesla cars.

But there’s something you may not know about Elon Musk. He won't admit it publicly. Neither will most “green” company CEOs. But it’s a reality for all of them.

They desperately need silver.

The fact is, the growing green revolution requires the use of silver. Due to its unique chemical makeup, silver is one of the elements that, directly or indirectly, make green technologies what they are.

Whether you know it not, incorporating more green technologies and products into your life means you are, by default, using more silver. Ditto society as a whole.

Here’s where silver plays a key role in the green revolution…

Electricity Generation

Silver is used in most electrical generation today, because it has the highest known electrical and thermal conductivity of all the metals. And when it comes to green electricity, solar is one of the fastest growing segments of the market. Solar is green because it is a renewable energy source and emits no carbon emissions.

The amount of silver used in solar panels can vary, but a fair average is about 20 grams, or 0.643 troy ounce, roughly two-thirds of an ounce. We put 23 solar panels on our roof earlier this year, so we used 14.8 ounces of silver.

That may sound like a small number of ounces, but adds it up quickly…

Consider even if you don’t have solar panels on your home, an increasing number of buildings do. In California, a new law goes into effect January 1 that will require solar on every new building of four stories or less. Other states and countries could easily follow suit.

And by any measure, the use of solar in our society is poised to grow significantly:

Electricity from solar power is expected to more than triple in just the next ten years.

This growth is partly due to greater environmental awareness and government policy, but it’s also a result of energy-efficient technologies themselves: solar costs less, and can be installed faster than most other energy sources. This makes it especially appealing to second and third world countries; both China and India are on track to see a significant increase in solar capacity.

It’s not just solar but all renewables; windmills use silver, too. Brushes that contain silver are used in the motors and generators of wind turbines. Copper versions of the brushes have been popular, but many end users are switching to silver brushes, which, although more expensive, perform better long term.

In total, renewables are expected to increase to a whopping 4.5 times their current level by 2030, expanding their share of global electricity generation from 6% to 14%. This means more and more silver will be required.

By 2050, it is estimated that solar panels and wind turbines will require three times more silver than what is used today.

If the silver price gets too high, could it be reduced or even eliminated from renewables? For the most part, no. As CRU International reported, “it bears repeating that silver has remarkable electro-conductive qualities unmatched by other metals, and there is a physical limit on the ability of solar PV manufacturers to continue reducing silver loadings before performance and efficiency losses begin to outweigh whatever benefits are achieved from lower raw material costs.”

So, if your home or business or any establishment you visit gets some or all of its electricity from solar or wind, you can thank silver.

Electric and Hybrid Vehicles

Electric cars and trucks require silver. This category includes electric vehicles (EVs), battery electric vehicles, (BEV), and plug-in hybrids (PHEVs).

These vehicles use more silver than the internal combustion engine (ICE). The electric engine, battery pack, and battery management system all require silver.

While the amount of silver used in a Tesla and other electric vehicles is small, the aggregate total adds up quickly—and will only go higher.

If you own either type of vehicle, or ride in a car or bus that uses this type of energy, you are using a green technology—which silver helped provide.

It’s not just electric vehicles, either. Autos in general are becoming more “electrified” every year. The majority of electrical connections in a car use silver-coated contacts—silver switches are used to start the engine, control electric seats, and open/close electric windows. Silver is also used in heated seats, window defoggers, and most luminescent displays.

This all means that silver demand for this sector is set to rise at a fast clip. CRU International estimates that by 2030, electric vehicles will account for as much as 17% of global car sales, with hybrids accounting for an additional 20%. As a result…

The amount of silver used by the auto industry alone will reach an estimated 70 million ounces by 2030, up from 45 million ounces in 2017.

Nuclear Energy

While the use of nuclear power plants may be controversial, nuclear is a zero-emission clean energy source. And unbeknown to many people, nuclear power plants use silver, too.

Silver is used (with other metals) to produce control rods for nuclear reactors. While the amount of silver per rod is small, it is a vital component.

The amount of silver in a reactor can vary, but the average reactor contains 20 individual rods, which amounted to about 56 thousand ounces of silver for the industry last year.

If you are the recipient of electricity generated from a nuclear power plant, silver helped produce that green power.

And the nuclear industry is set to grow.

So if you don’t get power from nuclear now, you may in the future.

It’s worth pointing out that the newer nuclear plants use rods that contain more silver. That’s why CRU International says demand for silver from this industry will undoubtedly grow. There is a low rate of replacement for the rods, though, so the growth will primarily come from new nuclear plants being built.

The amount of silver used in nuclear control rods is small, but it is an essential element and will grow with the industry.

Going Green = Going Silver

As the world incorporates more green technologies into society, you will, by default, use more and more silver in your daily life. Silver helps make green technologies what they are.

And as new technologies are discovered, silver’s unique properties will make it a key component in their development and use.

Welcome to the green revolution. And, welcome to silver.

 

Jeff Clark, Senior Analyst, GoldSilver.com

DIGITAL GOLD AND SILVER HAS ARRIVED

my.kinesis.money/signup?referrer=KM13461268

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Here we are, the time for the launch of the Kinesis Monetary System is upon us and we have achieved a great number of milestones since our last article within the Jewellers Network Magazine.

Some of our more notable achievements are in Indonesia with Kinesis to launch our revolutionary new bullion backed monetary system in Indonesia. This comes with development of Indonesia’s first and only purpose-built bullion vault which will serve Kinesis clients and the Indonesian, Asian Market. We have further entered the healthcare space with a U.S.-based healthcare platform, Rejuvenan Global Health, enabling reward payments using our KAU and KAG digital currencies with the addition of Xceltrip which is a decentralised travel ecosystem.

With XcelTrip you will be able to use the KAU for travel bookings and rewarded. More and more businesses are now experiencing the benefits of the Kinesis Monetary System and a greater number of participants are joining the Kinesis Monetary System to benefit from their participation within this new paradigm of world finance.

Kinesis is growing worldwide, and Africa is no exception.

We made major strides towards building out plans, advising on digital asset policy and establishing relationships with countries across Africa and we should shortly see the first country wide deployment of the Kinesis Monetary System in an African country.

For those who missed our previous article in the Jewellers Network Jewellex Edition and want to know what Kinesis is. Please read further.


The Digital Evolution of the Monetary Standard

The Kinesis Monetary System is an award-winning physical asset-based monetary system utilizing blockchain technology, that also incorporates a fee-sharing yield on traditionally non-revenue bearing assets; precious metals. Kinesis has the advantage of experience in the precious metals market, as well as having significant technology development already completed. It also comes after 2018 saw gold outperform many global equity markets and currencies, attracting renewed interest in the precious metal.

The Kinesis Monetary System is based on 1:1 allocated physical gold and silver, powered by the Kinesis Blockchain Network and the world-leading Allocated Bullion Exchange infrastructure.

KAU (Gold) and KAG (Silver) are the Kinesis Monetary System digital asset currencies.

Digital Gold Currency (KAU)

Description: 1 fine gram physical gold digital token, consisting of gold cast bars of minimum fineness of 999.9 and bearing a serial number and identifying stamp of a refiner as per ABX Quality Assurance Framework, table of Approved Refiner List.

Digital Silver Currency (KAG)

Description: 1 oz physical silver digital token, consisting of silver cast bars of a minimum fineness of .999 and bearing an identifying stamp of a refiner as per ABX Quality Assurance Framework, table of Approved Refiner List.

Kinesis Monetary System participants hold full title ownership of allocated gold or silver to their KAU (gold) and KAG (silver) digital asset currencies.

Kinesis has developed a multifaceted fee-sharing yield system that is specifically designed to attract institutional and retail capital and incentivise use and velocity of the currency suite. Users are financially rewarded based on their participation and the overall velocity (rate that money changes hands) of the Kinesis digital asset currencies. This revolutionary unique yield is derived purely from economic output rather than debt, unlike fiat currency with fractional reserve banking. The unique yield system encourages adoption and stimulate use and economic value to participants.

When KAU and KAG are transferred between holders the network collects a 0.45% fee that is then accumulated and distributed monthly, in varying proportions, to participants in the Kinesis Monetary System as a ‘yield’.

  • Minter Yield: Minters receive a proportional 5% share of the transaction fees on the Kinesis coins they create and then use. Minting is the process of converting fiat currency or physical bullion holdings into KAU and KAG coins; this is done in the Kinesis Mint.

  • Depositors Yield: Kinesis depositors will receive a 5% share of transaction fees on their initial deposit and then use of Kinesis coins.

  • Holder Yield: Kinesis holders receive a 15% share of the transaction fees generated over the Kinesis Monetary System while holding the currencies, calculated on a daily basis and credited to their e-Wallets monthly.

  • Recruiter Yield: The recruiter yield rewards people or corporations who refer new users to Kinesis. A Kinesis recruiter will receive a proportional 7.5% yield on active Kinesis Wallets.


How to use Kinesis Digital Asset Currencies, KAU (Gold) and KAG (Silver)?

Kinesis Mint

The Kinesis Mint functions as the wholesale market where the currency is created and minted. This occurs in an institutional centrally cleared exchange with deep liquidity and connectivity into global wholesale trading organizations via Allocated Bullion Exchange (ABX). The Kinesis Mint is currently available to Kinesis Velocity Token owners (KVT) for the minting of Kinesis Digital Asset currencies.

Kinesis Exchange

The Kinesis Exchange operates as an exchange where Kinesis and other digital currencies can be traded. This is being developed internally to ensure deep liquidity for the Kinesis currencies.

Kinesis Blockchain Network (KBN)

KBN is the blockchain technology upon which the Kinesis suite of digital currencies are built. Kinesis currencies can be sent, spent, saved, or traded through the blockchain.

Kinesis Commercial Centre

The Kinesis Commercial Centre is another platform to be released with the Kinesis Monetary System. Merchants, entrepreneurs and various business owners will be able to display their products and services on our commercial “super-highway” for further market exposure.

Kinesis E-Wallet

The Kinesis E-Wallet allows the participant to have instant access to their digital asset currencies to send, spend, view balance and much more.

Kinesis Debit Card

Want to treat yourself to your favourite cup of coffee, piece of jewellery or spoil your loved ones, use the Kinesis debit card wherever you go in the world.


Kinesis is a full-circle monetary system made up of all elements and functions required for a successful and effective monetary system.

These differing functions make up different business units within the group.

Kinesis Monetary System and the South African Jewellers Network

Kinesis is proud to be partnered with the South African Jewellers Network to leverage a combined effort towards accessibility and education on the operational usage of the Kinesis Monetary System within the jewellery, precious metal and mining industries. We believe that is important to reward participation within our monetary ecosystem and this will add additional economic benefits and competitiveness for the participants of the South African Jewellers Network. Kinesis supports the growth of new entrepreneurs and established jewellers and aims to lay a foundation for impact towards the market and economic growth within these industries.

David Ogden

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Think You Own Bitcoin BTC? Upcoming Event for Hodlers Asks You to Prove It

Think You Own Bitcoin (BTC)? Upcoming Event for Hodlers Asks You to Prove It

On January 3, 2020, crypto industry participants will take part in an annual event called “Proof of Keys”.

Proof of Keys marks the anniversary of the creation of Bitcoin’s genesis block, when the very first BTC was mined. Initiated by Trace Mayer, founder of the Bitcoin Knowledge podcast, the event celebrates financial freedom.

To participate in the event, Mayer is asking crypto holders to withdraw their assets from exchanges on January 3rd, moving them to wallets that grant them access to their own private keys. By removing their digital assets from centralized platforms, people can spread awareness about the importance of controlling your own crypto. The goal is fundamental to the purpose of decentralized cryptocurrencies: they’re not really yours if you’re not holding the private keys associated with the assets.

Participants are encouraged to withdraw their funds from custodial trading platforms for at least one day, beginning on January 3rd. By withdrawing their funds from centralized platforms once per year, crypto holders can also test whether or not an exchange is secretly insolvent.

According to the Proof of Keys website launched by Mayer,

“By demanding and taking possession of their assets, individuals will learn real fast with blockchain proof whether they are part of the elite HODLers or not. Proof of Keys is the annual HODLer initiation.”

70 of Bitcoin Hasn’t Moved For Over 6 Months and It Means a Big Bull Run is Coming

70% of Bitcoin Hasn’t Moved For Over 6 Months, and It Means a Big Bull Run is Coming

If you’ve followed the Bitcoin and cryptocurrency space at all over the past few years, you likely know of the term “HODL,” A misspelling of the word “hold,” HODL is an industry joke used by cryptocurrency investors who believe that the price of BTC will appreciate with time, primarily due to adoption and the asset’s disinflationary inflation schedule, created by “halvings” every four years.

While “HODL” is seen as a joke by many, hard data shows that it’s more than just a meme, it’s reality.
 

Bitcoin HODLers Bullish Into 2020 Halving

Alistair Milne of Altana Digital Currency Fund recently noted that according to on-chain analytics — specifically Bitcoin unspent transaction outputs (UTXOs) — nearly 70% of the 18.12 million BTC in circulation “hasn’t been moved for over 6 months.”

While this is notable in and of itself, Milne quipped that the last time this trend was seen was a few months out from the previous halving, in 2016 after a brutal bear market.

Milne’s tweet comes shortly after Mati Greenspan, founder of Quantum Economics, made a similar observation, remarking that 6.8 million BTC has changed hands in the last 12 months, less than 50% of all of the cryptocurrency in circulation.

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According to Eric Stone, the head of data science at Flipside, the fact that such a large sum of Bitcoin is “dormant” implies that a “dramatic shift” in the cryptocurrency industry and market is on the horizon.

While Stone didn’t elucidate on what direction said dramatic shift will take Bitcoin, analysts are sure that this pre-halving HODL mentality is a precursor to a massive bull run, one that will make BTC’s 330% gain from January to June look like peanuts.

Related Reading: CME Futures Data: Institutions Still Wary Despite Bitcoin’s Bullish Signs

What Does It Mean For Prices?

That begs the question — what does Bitcoin investors’ propensity to HODL ahead of the May 2020 halving mean for the cryptocurrency market? Well, it implies, analysts say, that BTC is on the verge of entering its next bull run.

Melik Manukyan, a prominent Bitcoin commentator and engineer, recently posted the chart below, showing that the scarcity of the leading cryptocurrency — only accentuated by the HODL investment strategy that exists — should lead to dramatic price appreciation with a multi-month lag following the event.

The engineer remarked that halvings will have a large impact on the supply-demand economics of the BTC market, which should eventually result in prices heading higher to a decrease in mined supply being sold on the market.

This has been echoed by Milne himself. Per previous reports from NewsBTC, the long-time cryptocurrency investor said that after the halving comes into effect in 2020, 50% of all newly mined Bitcoin will be absorbed by the purchases of clients of two companies: Grayscale through its Bitcoin Trust and Square through its BTC buying service. This ignores the inflows from Coinbase customers, people buying cryptocurrency through RobinHood and eToro, and so on and so forth.

This ties in heavily with Manukyan’s sentiment that the halving will force prices higher due to stagnant/increasing demand, coupled with a decrease in incoming supply.

As to exact price targets, previous halvings were precursors to rallies of over 1,000%, making some believe something similar could take place again in the coming cryptocurrency market cycle.

Case in point, PlanB’s stock-to-flow model, which relates BTC’s market capitalization to the scarcity of the asset, found that the leading cryptocurrency will have a fair market capitalization of $1 trillion following the 2020 halving.

 

Nick Chong

Bitcoin amp Crypto Market Could Rise Again – BNB BCH LTC EOS Analysis

Bitcoin & Crypto Market Could Rise Again – BNB, BCH, LTC, EOS Analysis

  • The total crypto market cap is holding the key $182.0B and $180.0B support levels.

  • Bitcoin price is trading above the $7,200 support and it could start a fresh increase.

  • Litecoin (LTC) price is slowly rising and it might test the $41.20 resistance.

  • BCH price is up 4% and it is moving higher towards the $200 resistance area.

  • EOS price is rising and it seems like it could attempt to clear the $2.700 resistance.

  • Binance coin (BNB) is struggling to clear the $13.50 and $13.80 resistance levels.

Bitcoin (BTC) and the crypto market cap are holding key support levels. Many altcoins such as Ethereum (ETH), binance coin (BNB), ripple, litecoin, BCH, EOS, TRX, and ADA are consolidating.

Bitcoin Cash Price Analysis

After a downside correction, bitcoin cash price found support near the $185 level against the US Dollar. BCH price is currently moving higher and it is trading above the $190 level. The price is up around 4% and it could continue to rise towards the $200 resistance level.

On the downside, the $185 level is a major support area. If there is a downside break below the $185 support, the price could revisit the $170 support area.

Binance Coin (BNB), Litecoin (LTC) and EOS Price Analysis

Binance coin (BNB) price found support near the $12.80 level and recently recovered above the $13.00 level. BNB price is currently consolidating near $13.20 and it might rise slowly towards the main $13.50 and $13.80 resistance levels.

Litecoin price is somehow holding the $40.00 support levels. On the upside, an initial resistance for LTC/USD is near the $41.20 level, above which the price is likely to accelerate higher. The next major resistance is seen near the $42.50 level. On the downside, the main supports are $39.50 and $48.40.

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EOS price is trading with a positive bias above the $2.500 resistance area. If the price continues to rise, it could face hurdles near the $2.650 and $2.700 levels. On the downside, a clear break below the $2.500 level might start another decline towards the $2.300 level in the near term.

Crypto Market Cap

Looking at the total cryptocurrency market cap hourly chart, there was a failed breakout attempt near the $195.0B resistance area. The crypto market cap is now near the $185.0B level and it seems like it could rise slowly towards the $195.0B resistance.

Conversely, a break below the $182.0B support might spark a fresh decrease in bitcoin, Ethereum, EOS, litecoin, ripple, ADA, BCH, XLM, BNB, TRX, XMR, and other altcoins in the near term.

 

Aayush Jindal

Self-Acclaimed Bitcoin Creator Sets To Become Crypto Millionaire

Self-Acclaimed Bitcoin Creator Sets To Become Crypto Millionaire

Craig Wright, an Australian business man and controversial self-acclaimed creator of bitcoin submitted an email to the court, according to which he will receive private keys for wallets with 1.1 million bitcoins.

Craig according to rumours is also set to get access to more than 1 million bitcoins as the entire crypto space is on the lookout to see where his case ends up.

The self-acclaimed bitcoin creator has been a subject to several forensic checks and made major news headlines as crypto expert and researchers try to verify his claims of being Satoshi Nakamoto who is also dubbed Japanese Adam Smith.

Earlier in August, 2019, he was found guilty in a law court in Florida, US of submitting false documents and told a lie in a legal dispute with the estate of his former partner.

Owing to that, the self acclaimed bitcoin creator was ruled to surrender more than $4 billion of cryptocurrency which account for over 50% of the bitcoin he mined with his former business associate from 2008 until Kleiman’s death in 2013.

This case between Craig and Kleiman estate is regarded as one of the most popular court cases in the crypto industry.

Craig’s claim to be bitcoin creator true

Amidst several controversies of Craig’s claim to be false, a certain per cent of players in the crypto space believes Craig’s claim are actually true.

After revealing his identity to three media organizations; the BBC, the Economist and GQ.

At a meeting with one of these media houses, Craig digitally signed messages using cryptographic keys created during the early days of bitcoin’s development.

The keys are inseparably linked to blocks of bitcoins known to have been created or “mined” by Satoshi Nakamoto.

Renowned cryptographer Hal Finney was one of the engineers who helped turn Mr Wright’s ideas into the Bitcoin protocol, he said.

“I was the main part of it, but other people helped me,” he said.

Convinced Craig’s witnesses step forward

Soon after Mr Wright went public, Gavin Andresen, chief scientist at the bitcoin Foundation, published a blog backing his claim.

“I believe Craig Steven Wright is the person who invented bitcoin,” he wrote.

Another economist, Jon Matonis, and one of the founding directors of the bitcoin Foundation, said he was convinced that Mr Wright was who he claimed to be.

“During the London proof sessions, I had the opportunity to review the relevant data along three distinct lines: cryptographic, social, and technical,” he said.

“It is my firm belief that Craig Wright satisfies all three categories.”

Be sure not to miss any important news related to Cryptocurrencies! Follow our news feed in the way you prefer; through Twitter, Facebook, Telegram, RSS. Bitcoin never sleeps. Neither do we .

Why Bitcoin Price Could Surge 18 By the End Of the Week

Why Bitcoin Price Could Surge 18% By the End Of the Week

Bitcoin’s precipitous drop to $6,600 seen last month caught many traders aback; nearly no one, not even the top traders and analysts, expected for that price action to play out as it did in real life. Few predicted the subsequent bounce to $7,800, where BTC sits as of the time of writing this, too.

Related Reading: High Likelihood Bitcoin Bottom Came In at $6,400; Here’s Why

Though, one trader has been calling the moves all along, using a lesser-known and slightly unorthodox method of analysis to predict the directionality of the Bitcoin and cryptocurrency market.

The trader, NebraskanGooner. The method, fractal analysis.

Bitcoin Ready to Jump 18%, Fractal Says

Over the past few months, a popular trader on Twitter, NebraskanGooner, has been touting what is known as a “fractal” via his social media pages. For those who missed the memo, a fractal in financial contexts is when the “historical price pattern or direction of an asset is reflected/seen again on a different time frame and/or for a different asset.”

The fractal that the aforementioned cryptocurrency analyst has mentioned is sourced from Bitcoin’s price action in 2014, specifically the bear market and the subsequent recovery.

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As seen below, Bitcoin has been tracking this specific fractal for months now, with it even calling BTC’s most recent decline to $6,400, then the subsequent recovery to $7,700 just this weekend.

The fractal now suggests that by the end of this week, Bitcoin will be trading at $8,500 — 18% above current prices, before an eventual retracement back to the mid-$7,000s.

Not Only Bullish Signal

Of course, it isn’t only the abovementioned Bitcoin fractal that suggests gains are imminent.

According to Scott “The Wolf of All Streets” Melker, BTC’s performance last week has created a very important signal on the weekly chart: a “massive bullish divergence in oversold territory on Stochastic Relative Strength Index.” For those unaware, the divergence Melker has pointed out is the fact that the Stochastic RSI is trending higher while the price is putting in lower lows.

Per the trader, this is the fourth time this signal has been seen since the $20,000 top seen in late-2017. The first preceded a bear market rally from $6,400 to $9,900 in mid-2018, the second preceded the 330% jump in the Bitcoin price seen from December 2018 to June 2019, and the third predicted the move from $7,400 and $10,400 that took place just weeks ago.

Considering the historical bullish significance of this signal, there’s a high likelihood that BTC could begin to gain bullish momentum on a medium-term time frame in the coming weeks.

 

Nick Chong

The Social Media Expert