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Jim Rogers: bitcoin will drop down to zero

Renowned American investor and Chairman of Rogers Holdings Jim Rogers stated that bitcoin continued to be a bubble and at one point in the future its price would plummet to zero. He pointed out that cryptocurrencies could not exist because they were not controlled by authorities. "But their governments have something that crypto people don't have. That is guns. The reason why I think cryptocurrency will be gone eventually is that it is not based on the armed force of governments' power.", Rogers worded his point of view. He added that money was turning into a digital form, but it continued to be controlled by regulators unlike cryptocurrencies that would not be able to become legal tender.

Max Keiser: the BTC price will grow to $400,000 when dollar collapses

Bitcoin investor Max Keiser confirmed his forecast about the growth of the first cryptocurrency exchange rate up to $400,000 and specified that specific dates would depend on the collapse of the US dollar. According to Keiser, the interest payment on the USA's national debt comprised the main item of expense for the government. "The debt is big. But the interest on that debt is now bigger than America’s number-one budget item, the military’s 1.6 trillion spend. When the interest on the debt gets close to 100% of GDP then America will officially be a failed state. This looks like it will be the case within 5 years — as short interest rates snap back to historic levels of 5%, not the current 0.5%", the trader said. He added that he had been waiting for BTC to grow up to $100,000 since 2011, but had recently increased his forecast to $400,000. The increase will start with the collapse of US dollar, Keiser thinks.

Anthony Pompliano encouraged pension funds to buy bitcoin

Co-founder of Morgan Creek Capital Management Anthony Pompliano addressed pension funds encouraging them to invest money in the cryptocurrency. Last week he sent a letter to investors where he called bitcoin the most effective equity in the nearest years to come. According to the businessman, pension funds should invest at least 1% of the capital in BTC — the optimal level would be 5%. "And you want to know where the greatest innovation is occurring at the moment? Bitcoin. There is a group of individuals who have built a $150+ billion asset with the goal of assuming the position of the next global reserve currency. If that happens, it will be the best performing asset for the next 20+ years. But even if that doesn’t happen, things will be okay", Pompliano pointed out.

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Messari: bitcoin will go up to $50,000 if institutional investors come to the market

Messari analyst Ryan Watkins estimated how much bitcoin would cost if institutional investors invested 1% of their funds in it. It turned out that BTC would rise up to $50,000 and the capitalization of the crypto market would exceed $1 trillion. According to the expert's assessment, investments from institutional investors are negligibly small at the moment. They are frightened off by uncertainty, hacking and fraud risks as well as by prejudice. "Bitcoin may not need institutions to succeed. But reality is, success as a store of value is measured in price. And if Bitcoin is to become a globally adopted non-sovereign store of value, it will need to convince institutional investors to transfer wealth into the asset", Watkins worded his opinion.

OKEx CEO: new aid package from US authorities will help bitcoin

OKEx exchange CEO Jay Hao said that the second aid package for US citizens due to the coronavirus pandemic could push the bitcoin price up. In March, the government allocated $2.2 trillion for these purposes and after that the price of bitcoin rose from $6,580 to $10,400. Now the US authorities plan to give away another $1 trillion, Bloomberg quotes Hao. He specifies that it is difficult for institutional investors to choose where to invest their money since the stock market is artificially inflated and stocks look like a too risky asset right now. "Institutions will be looking for the best rate of return over time and Bitcoin has consistently proven itself here just as Paul Tudor Jones called it the fastest horse. Again, of course, institutional investors will spread their risk across risk and haven assets", Hao clarifies.

Miners can trigger a collapse of the BTC rate

Analyst Cole Garner noted that miners had started to massively take coins away from pools. Yesterday the CQ.Live service registered the second largest outflow of miners' funds since the BTC price had reached $10,000. After that the rate fell down to $9,000 last time. Garner supposed that it could trigger sales on the market this time as well. CryptoQuant CEO Ki Young agrees with him. In his opinion, the outflow of coins by miners will result in a short-term fall of the BTC price in the middle of July.

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Bitcoin brought 70 times more profit than indexes

Buy Shares experts compared the profitability of bitcoin and five leading world indexes. It turns out that over the past five years, BTC has generated an average of 70 times higher profit than indexes. During this period, the value of cryptocurrency increased by 3,400%. The NASDAQ index, which includes shares of all companies trading on the exchange of the same name, brought 96% in profit. The S&P 500 index, which includes 505 companies with the largest capitalization listed on US exchanges, grew by 46%. The Dow Jones industrial index showed a similar increase - by 42%. The lowest result was shown by the index of the British stock exchange FTSE 100, losing 7% in price.

Bitcoin whale transfers almost $1 billion for a 50 cents fee

A transaction in the amount of 101.8 thousand BTC (about $920 million) took place in the bitcoin blockchain. On June 27, an unknown person sent coins to an anonymous wallet. Then he transferred 5,000 BTC to one address, and the remaining 96,800 BTC to another. At the same time, the commission for each transfer amounted to about 50 cents - the whale paid $1.5 for all operations. The transaction was recorded by the Twitter bot BtcBlockBot.

Twitter approval of bitcoin at an annual low

The number of posts with the approval of bitcoin on Twitter fell to the lowest for this year - for a month and a half, the indicator slipped by half. According to Santiment, the day after the halving, the positive mention indicator set a maximum of 12 months at 781 mark. Now, this indicator is 327. At the same time, the total number of Bitcoin posts has also decreased, according to Bitinfocharts. On May 11, on the day of the halving, the number of references reached 82,838, and today it has dropped to 32,380. In Google, searches for bitcoin dropped by three times less after the halving.

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Elon Musk denied rumors of cooperation with ethereum

Last year, actor William Shatner tweeted that he had been preparing to create an Ethereum-based product with Ilon Mask and Vitalik Buterin. Yesterday, Tesla’s CEO decided to reply to the tweet and said that he was working with a crypto project. “I’m not building anything on ethereum. Not for or against it, just don’t use it or own any,” Musk wrote. In 2019, the enrepreneur posted a post with the only word "Ethereum", but later said it was a joke. Musk also repeatedly spoke positively about bitcoin and reported that he owns 0.25 BTC.

Bitcoin miners' revenues plunge to an annual minimum

Last month, the profit of bitcoin miners plunged 23% to a minimum since March 2019. In May, miners earned $366 million, and in June they earned $281 million. The reason was the reduction in commissions and block rewards, CoinDesk analysts say. In May, after the halving, the mempool increased drastically, which lead to a growth in the size of commissions. By early June, the mempool decreased to its usual size, which led to a drop in commission fees. Last month, their share in the total income of miners was 8.3%, and in June this figure dropped to 4.3%.

Peter Schiff: the bubble of 2017 was the last one for bitcoin

Peter Schiff, Euro Pacific Capital CEO, once again criticized bitcoin as opposed to gold. He noted that gold shows better profitability, and the idea of long-term retention of bitcoin is crazy. “Since hitting its high in June of last year the price of Bitcoin has fallen by 33%. During that same time period the price of gold has risen by 27%. So, priced in gold Bitcoin has fallen by 53%. The long-term trend has clearly changed in gold’s favor. HODLers remain delusional,” Schiff tweeted. He added that the peak of the BTC bubble occurred in 2017, and now the cryptocurrency price is in a long-term downtrend.

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CBDC will determine the future of money and cryptocurrencies

According to Guy Sheffield, Visa’s head of crypto. In the next ten years, the development of central bank digital currencies will affect the confidentiality, monetary sovereignty of states, geopolitics and the adoption of bitcoin. “I’d argue that central bank digital currency (CBDC) is one of the most important trends for the future of money and payments over the next decade. Regardless of anyone’s personal views of whether it’s good or bad, the reality is that global interest in it is not going away,” Sheffield tweeted. He noted that earlier single articles from central banks were issued on this topic, and now there is a non-stop flow of information from experts, scientists and organizations.

European companies favor Ethereum

European Blockchain startups most often choose the Ethereum platform, according to research by LeadBlock Partners. 27% of the projects are based on Ethereum, followed by Hyperledger (20%), Corda (16%) and Bitcoin (8%). Analysts note that the choice of blockchain depends on the area in which the company operates. Ethereum is preferred by startups from the real estate, cultural and art sectors since it is convenient to tokenize such assets on the platform. Hyperledger is popular in the healthcare, food and agricultural sectors, and Corda in the financial business.

The Block: Bitcoin popularity is far from peak

The massive spreading of bitcoin will come soon, according to the Block’s analysts. Currently, the popularity of the first cryptocurrency is far from the peak levels of 2017, when BTC was worth $20’000. Weekly trading volumes then amounted to $17 billion, and in 2020 their average level did not exceed $2.5 billion. In Google, searches for bitcoin dropped by 8 compared with the end of 2017, and the bitcoin page on Wikipedia was studied 30 times less. Cryptocurrency exchange accounts on Twitter gain subscribers 47 times slower: in January 2018, they received 254,000 new users, and in 2020, an average of 5,340 per month.

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Bitcoin may get cheaper following S&P 500

The first cryprocurrency increases its connection with the S&P 500 index: according to Skew, the correlation level of the two assets have achieved the record level of 77%. At the same time, the index is predicted to fall. Last week the Citigroup financial corporation informed its investors that it anticipates the asset to go down 10% to 2,900 points. At the moment S&P 500 is traded at 3,169 points, yesterday it added 0,78% to its price. “Another wave of Covid-19 cases that triggers new shutdowns or a slower economic recovery would be challenging”, the company’s analysts noticed.

Altcoins are ready to go up

Renown trader Peter Brandt thinks. He published the ETH/BTC chart where he showed the upward breakthrough. According to the trader, the pair will get up by 24%: from 0,02637 to 0,03276. Brandt noticed that Ethereum was an indicator for the altcoin market so the rest of cryptocurrencies are up for a rise as well. The capitalization of the altcoin market is growing: it has doubled in the last four months and reached $102,9 bn. At the same time, the share of bitcoin in the general capitalization of cryptocurrencies has fallen from 67% to 64% in two months.

BTC may go to $9,800

Crypto analyst filbfilb published the short-term prognosis of the bitcoin price. According to the trader, the rate broke through the symmetrical triangle by reaching the level of $9,400. It paves the way to the point of $9,800 where the strong resistance cluster occurs. Filbfilb supposes that the price will fall back to $9,300 at first, but then it will get beyond the level of $9,500. Now the mid-market rate of BTC is $9,383, the coin has become more expensive by 0,97% in the last day.

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Transfer funds from bitcoin to altcoins is risky

Thinks Jason Williams, a partner at Morgan Creek Digital. According to him, many investors are selling bitcoin right now to buy altcoins and stablecoins. It is a very risky thing to do. "I am sure, if real honest historical analysis was done, it would show holding is a superior strategy", the analyst wrote. He compared this to indices that are ahead of separate companies' shares regarding profitability. Binance head Changpeng Zhao thinks likewise: earlier he claimed that altcoins were hardly to reach their maximum this year.

Charles Edwards: bitcoin is in for a new rally

Renown analyst Charles Edwards said that bitcoin was ready for a new rally. The Hash Ribbons indicator developed by Edwards confirmed the signal for buying. It is just the twelfth signal the indicator has given through the entire history of bitcoin — the earlier eleven ones were for a rise. The last Hash Ribbons signal was on the 25th of April and after it the price of BTC went up by 34%. The indicator is based on the hashrate and complexity measures. According to the author, the hashrate of the bitcoin network falls down earlier than the regular change in complexity occurs. Periods like that are favorable for entering the market, Edwards thinks.

The bitcoin billionaire named a "trillion" reasons to buy BTC

Cameron Winklevoss, one of the twin brothers who are bitcoin billionaires, named a "trillion" reasons to buy cryptocurrency. He posted on Twitter the news where the speaker of the US House of Representatives Nancy Pelosi urged the authorities to approve the law regarding the additional support for the population during the coronavirus pandemic. She asked to assign several trillion dollars for that purpose. "We need $1 trillion for state and local. We need another $1 trillion for unemployment insurance and direct payments. Something like that, but probably not as much, for the testing, tracing, treatment", Pelosi said. "A trillion more reasons to own bitcoin", the businessman commented on this news.

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Opinion: the BTC price will drop down to $7,000 before a new rally

Bloсkroots analyst and founder Josh Rager thinks that the price of bitcoin is ready to break through its historical maximum of $20,000, but it has to drop down first in order to do that. He studied the chart starting from 2010 and noticed that there had been a powerful fall before each explosive growth. For example, the price formed a bear triangle in 2018, then fell from $6,300 to $3,100 and then rose to $13,800. At the moment, the chart shows a similar formation. According to the analyst, the rate will plummet to $7,000 and then it will rise to the historical maximum towards the end of the year

The nearest target for bitcoin is $8,700

Analyst filbfilb writes. According to him, the price lost its key support at the level of $9,250 and is now on its way to the round point of $9,000. According to the trader, the nearest target will be $8,700 where the week support and the lower boundary of the side channel are. The analyst points out that the price has been consolidating since the beginning of May within the range of $8,600-10,000. This week the price of the first cryptocurrency has lost more than $200 alongside hacked Twitter accounts of cryptocurrency exchanges and some celebrities. The hackers asked the subscribers to transfer bitcoins to the specified address in order to get twice as big the amount in return.

The bitcoin price is ready to rise up above $11,000

CredibleCrypto analyst thinks that the BTC rate has completed the accumulation stage and is going to break through the point of $11,000. He compared the current situation to the classic Wyckoff accumulation and came to the conclusion that it was completed. The trader predicts that the nearest targets should be the levels of $9,600, $10,400 and $11,000. He points out that the bitcoin price is near the strong resistance of $10,000 and ready to liquidate the positions of sellers with one strong upward surge.

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Peter Schiff: bitcoin is a financial pyramid

Euro Pacific Capital broker company president Peter Schiff goes on with his criticism against bitcoin. This time the businessman called BTC a financial pyramid whose participants protect the idea of bitcoin because they are personally interested in its efficiency. "The very nature of Bitcoin requires owners to encourage new buyers to enter the market. Without new buyers coming in, there is no way for existing HODLers to get out. As with any pyramid scheme, success is only possible for those who get in early if lots of others get in late", Schiff wrote in his Twitter account. Earlier he had worded the idea that BTC price would drop down to zero.

Weak dollar will strengthen the position of bitcoin and gold

DTAP Capital investment fund co-founder Dan Tapiero thinks. The policy of the US Federal Reserve System will weaken dollar in the nearest future, which will supposedly affect bitcoin, gold and stocks. The analyst's position is based on data from the FRS that they plan to weaken their struggle with inflation in order to support commercial activity. Tapiero points out that if the level of inflation exceeds 2%, the dominating role of dollar in the world economy will be undermined. "Dollar consolidating for one month but now on verge of benign selloff that further supports equity, gold and Bitcoin", the analyst worded his opinion.

The Morgan Creek co-founder urged everyone to move out of dollar

Morgan Creek co-founder Anthony Pompliano thinks that currencies are prone to inflation so it is necessary to move funds to other assets. Central banks regularly print new batches of cash, which will cause an instant spike in inflation at one moment. Pompliano notes that it is especially true for US dollar since the US Federal Reserve System has recently been issuing a large number of new banknotes. "There is a devaluation of currency. The whole secret to building wealth is to get out of cash and get into assets that are denominated in dollars that will continue to go up in value over long periods of time — stocks, real estate, gold, Bitcoin, all this stuff", the expert advised.

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Whales are getting ready for an Ethereum pump

Expert at the Santiment analytical service think. They note that investors have transfered 700,000 ETH to exchanges (more than $182 million) for the last three days. Transfers from addresses in TOP-100 of the largest Ethereum owners have been registered. According to the analysts, it indicates an upcoming pump in the price of the cryptocurrency. “The top 100 holders of Ethereum are once again beginning to accumulate higher percentages of the total token supply, in spite of the ongoing consolidation that has been occurring for the past couple of weeks. Generally, when this kind of accumulation starts to mount, it’s a signal that those who have the most stake in ETH (and other respective tokens) are beginning to have a collective sentiment of the token being undervalued and believe it’s a great mid to long-term hold play”, Santiment experts write.

Opinion: bitcoin will rise up to $10,000

Analyst Benjamin Blunts supposes that the BTC price will go up to $10,200. He says that it will already happen at the beginning of August. The trader notes that the price broke through the trend line upwards, tested it downwards and was in the lateral accumulation zone for some time. Now the bitcoin price is ready to go to the upper border of the lateral range that is located at $10,000-$10,200. Benjamin Blunts points out that it has been squeezed between $8,500–10,200 since the middle of May.

Peter Schiff urged Paul Tudor Jones to sell bitcoins

Euro Pacific Capital head and gold bug Peter Schiff addressed billionaire Paul Tudor Jones. Not long ago the latter said that he had invested 1–2% of his capital in bitcoin. According to Schiff, it was a mistake and the billionaire made a bet on “the slowest horse”. “It looks like Paul Tudor Jones ended up betting on the slowest horse in the race. In fact, Bitcoin will not even finish the race. If Paul really wants to bet on a faster horse than gold he should move his Bitcoin chips over to silver, or try some gold and silver mining stocks”, Schiff wrote in his Twitter account.

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