Odds are Now Stacked Favoring the Bitcoin Bulls

By dan saada May 25, 2019 Off

The long-term indicator for the Bitcoin price has risen for the first time in the whole year.  The 200-day moving average is the widely used indicator to decide on the long-term market trend.  The 200-day MA has confirmed a long-term bearish-to-bullish trend.

When calculating the moving averages, the past data is taken into consideration.  The short-term corrective prices are also considered.  In cases where the price moves below the MA, it will weaken the long-term bullish outlook.  The odds are now stacked favoring the Bitcoin bulls.

Iranians have been blocked from LocalBitcoins, and Iranian users have been experiencing problems in posting and executing trades.  This move is probably related to sanctions.  Investors are experiencing the sting of the sanctions.

In response to queries, the website posted, “If you have an account already, you will be able to withdraw your Bitcoin, but you will not be able to use the platform for trading.”

This move has triggered several Iranians to move towards exchanges which are truly decentralized so that they won’t discriminate based on nationality.

Bitcoin, Ethereum and Litecoin have survived for quite long now.  They have as well sustained strong positions.  Each of these tokens has unique attributes, and they are capable of competing in a volatile environment.

Vitalik Buterin, stated, “We need the first step toward more privacy.” He reinstated about the importance of obscuring user activity on the blockchain.  He has been talking about a “minimal mixer design” which is focused on obfuscating the address of the user when transacting in fixed quantities of Ether.

He further detailed that “The transactions you make to send ETH to those addresses themselves reveal the link between them.”

He was talking about facilitating “the mixer and the relayer registry” which users will be able to use to make private transactions on the Ethereum blockchain.  This is known as the anonymity set.

Conner stated, “The goal is to make a solution that can be easily integrated into current wallets.”  “Strengths are it gives us a solid privacy solution if users want it.”

The good thing is that this design does not require the users to pay any fees, also known as the gas cost.  This is to send private transactions.

Buterin tweeted about the design and stated, “The main use case I’m thinking of is a one-off send from one account to another account so you can use applications without linking that account to the one that has all your tokens in it. So even though it is a 2m gas cost, it only needs to be paid once per account, not too bad.”