Polkadot is readying itself for its expected network launch after it announced its integration with Chainlink oracles on February 25. The progress made with the integrations is an indication of a systematic approach that will allow porting with Ethereum infrastructure.
Polkadot Announces Integrations of Chainlink Oracles
The integration of Chainlink oracles is vital in the creation of Polkadot’s decentralized finance and other smart contracts. Chainlink has finalized the preliminary integration on Kusama, which is a Polkadot canary network synonymous with a testnet.
Following the move, Polkadot developers will now be able to get access …
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At the time of writing, bitcoin – the world’s number one cryptocurrency by market cap – has fallen through the floor and is trading at just over $9,300. This means it’s lost more than $1,000 from its 2020 high point.
Bitcoin Isn’t Doing So Hot, Lately
To be fair, however, everything seems to be slumping. The stock market isn’t doing well either, with reports claiming the Dow Jones has dropped by more than 1,000 points in just the last 48 hours alone.
Some claim that the heightened fear and spread of the coronavirus in China is responsible for the demise of all our financial tools. Up until this point, it seems that the virus has done quite a bit in pushing bitcoin’s reputation as “digital gold” forward. Many compared it with the precious metal and saw it as an applicable tool for retaining wealth during times of economic strife.
However, now it seems to be working in the reverse. Despite the ongoing trade war and the threats of tariffs over the past six months, the United States still does heavy business with China, and so long as our business interests align, their problems are going to rub off on us. It seems like the coronavirus is now taking a toll on our stocks thanks to its newfound stance as a global threat.
Of course, there are also reports floating around that the coronavirus is not real or manufactured – a means to bring down the stock markets and bite back at President Trump and reduce all that he’s built over the past year.
Putting that aside, however, it’s hard to pinpoint exactly what could be bringing bitcoin down into the dumps. Previously, the currency was trading above $9,800, which was a fall from its high for the year of around $10,400. Now, at more than $1,000 less, the currency has taken a major turn for the worse despite figures like Changpeng Zhao of Binance fame believing that BTC is in for a meteoric rise in the coming weeks.
One source, however, blames Libra, and says that now that the project is back on track, everybody’s favorite cryptocurrency is beginning to suffer. Recently, the Facebook-built cryptocurrency has added Shopify to its network of governing piers, and the e-commerce platform will now serve a prominent role in the company’s “Libra Association.”
Shopify Is Entering the Fray
Dante Disparte – head of policy and communications for Libra – explained in a statement:
Shopify joins an active group of Libra Association members committed to achieving a safe, transparent and consumer-friendly implementation of a global payment system that breaks down financial barriers for billions of people.
The news is a welcome change – for employees, anyway – considering how many companies, from PayPal to Vodafone, have exited the Libra Association since late last year.
Chamath Palihapitiya, former Facebook executive and Chairman of Virgin Galactic, says that everyone should have 1% of their net worth invested in Bitcoin. He cited Bitcoin’s quality as a totally uncorrelated asset class, and the overuse of leverage in traditional finance as reasons to hedge with BTC.
Bitcoin is an asset class that stands alone
Chamath Palihapitiya has been saying since 2013, that he believes that every investor, institutional or retail should make space in their portfolio for the #1 cryptocurrency.
Everyone should have a 1% allocation of their assets in Bitcoin.
The seasoned VC investor pointed out that Bitcoin is a new kind of asset class that is uncorrelated from traditional commodities, stocks and other investment assets. He went on to say that investing in Bitcoin is valuable because it is uncorrelated to other asset classes. He did point out however, that with BTC’s volatility, using it as a safe haven could be disastrous.
…these are not event driven strategies, when you see a Coronavirus scare you should not be buying Bitcoin, that is an idiotic strategy.
Palihapitiya says that an allocation in Bitcoin should be seen as insurance for a rainy day, and hopefully you’ll never need to use it. You should invest 1% and never look at it again until you need it for a crisis.
Every investor, including retail investors should view an investment in Bitcoin as a sort of crisis insurance, which they keep under the mattress and hope they never need. But if you do, then it will protect you, because it will have a value of hundreds of thousands or millions of dollars per coin.
Palihapitiya also added that every other financial investment product is correlated to each other.
Bitcoin is uncorrelated to the rest of the world and the way the world works
This is a very good point, especially considering the economic uncertainty we are facing, currently, worldwide, with negative IR, Corona Virus supply chain shocks, etc. The everyday retail investor will benefit much more from a small allocation in Bitcoin in the case of systemic collapse than well diversified wealthy investors.
Palihapitiya continued, saying that it is great that anybody in the world has access to an uncorrelated hedge asset.
an average citizen of any country in the world, can have a totally uncorrelated hedge.
Is the safe haven narrative still intact?
Bitcoin has had a tumultuous week, giving up much of the gains it made since the first of the year, and retracing to $8675 at time of press. Even with this volatility, the halving has investors still bullish, overall.
Bitcoin is still up 20.45% this year even with the fall to $8675, and it rose above $10,000 for the first time since September, earlier this month. Has the cryptocurrency’s narrative as a safe haven investment similar to gold stayed intact?
Palihapitiya thinks so, and he even called Warren Buffet, an exceptional investor, but that he is outdated and wrong about Bitcoin.
He is 100% wrong and outdated about Bitcoin
Palihapitiya isn’t the only investor who believes that Bitcoin could be an excellent hedge against volatility and risk in the traditional markets. Financial TV host, Max Keiser, also has made comments lauding Bitcoin’s narrative as a store of value and as “digital gold”.
Palihapitiya did draw a line, and says he never called Bitcoin “digital gold”, and that he sees it more as insurance for an economic crisis or hedge against systemic collapse.
Do you agree with the Virgin Galactic Chairman’s views on Bitcoin? Add your thoughts below!
Images via Shutterstock, Youtube @CNBCTV
Source: Bitcoinist News
Bitcoin.com is a proponent of privacy and we have been monitoring Bitcoin Cash projects like Cashshuffle and Cashfusion closely. Last March, Cashshuffle was officially released after a security audit from Kudelski Security, and since then millions of dollars worth of BCH have been shuffled. Our web portal aims to help speed up the process of Cashfusion’s official release, so we created a fundraiser to raise $50,000 for Kudelski to audit the protocol’s codebase and another $50K for ongoing development.
Raising $100K for a Cashfusion Audit and Ongoing Development
Bitcoin Cash (BCH) supporters have been eagerly waiting for the official version of Cashfusion after months of discussions and alpha testing. On January 20, news.Bitcoin.com reported on the alpha launch of Cashfusion and since then project developers have been asking testers to help with liquidity. The alpha release of Cashfusion leverages the Electron Cash wallet in the same fashion Cashshuffle does, but in contrast, Cashfusion takes advantage of the Tor network. It also works differently than traditional Coinjoin platforms and the method hardens BCH transaction privacy. Four days after the Cashfusion alpha release, our newsdesk published a step-by-step walkthrough using the macOS version so our readers can utilize the privacy-enhancing tool. Additionally, a review of Cashfusion published on January 29 written by data analyst James Waugh said Cashfusion is far more practical than other Coinjoin protocols.
Bitcoin.com knows the community is waiting for Cashfusion and our company wants to make the project’s official launch come to realization sooner. To get the ball rolling, our web portal is hosting a fundraiser for Cashfusion and we hope to gather $100,000 for the effort. “Cashfusion, the eagerly anticipated extension of privacy protocol Cashshuffle, is almost ready to launch,” our recently launched Bitcoin.com Cashfusion fundraiser page notes. “Before it does, the Cashfusion team needs to complete a security audit — You can donate to make it happen and we’ll match every donation.”
In order to make sure that Cashfusion is top-notch security-wise and holds the highest level of privacy, the project will be scrutinized by Kudelski Security. The company is a well known cybersecurity firm with labs and offices located in the U.S. and Switzerland.
Kudelski audited the Cashshuffle project on March 27, 2019, and researchers took an in-depth look at the implementation, error handling, and overall interaction with the Bitcoin Cash network. The company’s Cashshuffle review also combed the general codebase for safety concerns and searched for susceptibility to any known vulnerabilities. At the end of the report, Kudelski concluded:
We believe that the Cashshuffle codebase that we reviewed is implementing the Coinshuffle protocol with no significant deviations, and we did not find any evidence of malicious intent, flawed logic or potential backdoor in the codebase.
Since Testing Began, There’s Been Over 2,400 Fusions Worth $4 Million
Similarly, and due to the complex nature of Cashfusion’s protocol, a security audit from Kudelski will cost developers $50,000. Bitcoin.com wants to raise $100,000 for the Cashfusion team so they can leverage $50K for the audit and use the remainder for ongoing developer expenses. If you are interested in helping the team, visit bitcoin.com/cashfusion-fund/ and donate any amount toward the goal. As mentioned above, we will match every donation whether big or small, and as soon as the funding goal is complete the audit can begin.
The fund will be managed by the Bitcoin.com team until the goal is reached and then the funds will be sent directly to the Cashfusion engineers. For several years now Bitcoin.com has been rallying around crypto tools that promote economic freedom, and after a serious audit, Cashfusion can be one of those tools. Bitcoin.com is confident in Cashfusion’s benefits and we think the tool can “make Bitcoin Cash even better by offering the highest level of spending privacy — ever.”
Since the testing began on November 28, 2019, and the alpha launch that followed, there’s been 2,431 fusions executed. That’s approximately 12,662 BCH fused ($4 million) at the time of writing and after the audit and official launch it’s likely there will be a whole lot more.
What do you think about Bitcoin.com’s fundraiser to raise $100,000 for the Cashfusion audit and ongoing development costs? Let us know what you think about this topic in the comments section below.
Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry.
Bitcoin briefly broke through the $9,000 support level today, to a new swing low of $8960. The leading cryptocurrency has lost over $1500 in price since being rejected at the $10,600 resistance on February 13.
Will We Ever See a Pre-Halving Bitcoin Run Up?
It seems that Bitcoin’s uptrend has lost a lot of its bullish steam. The largest coin by market cap was rejected at a strong $10,600 resistance on February 13th, and has been declining in price ever since. Has the momentum of the market shifted?
Has sentiment shifted to a bearish consensus among traders, or will Bitcoin make a bullish reversal and continue it 2020 momentum on to new yearly highs?
There are some prominent traders on social media arguing that this may simply be a healthy retracement, and that bulls are gearing up for more upside.
Ready for upside pic.twitter.com/AO1A3ig3TG
— //Bitcoin 𝕵ack (@BTC_JackSparrow) February 26, 2020
The decline in price could be whales simply hunting stops from overleveraged long positions, before the momentum swings back in favor of the buyers. An alternative perspective is that the bullish momentum surrounding the hype of Bitcoin’s upcoming halving may have simply ran out of buyers.
Break above range mean -> target range high. pic.twitter.com/rkJE8JChCf
— George (@George1Trader) February 26, 2020
If Bitcoin manages to bounce back above the key resistance level of $9300, we could see the bulls take control again, as Bitcoin heads back towards $11,000.
There are 73 days left until the halving is expected to occur. Bitcoin’s halving has historically been bullish going into the reduction of block rewards.
Bearish trader predicts 8K
Bitcoin has strong support at $8,800 and at 8,000. Since we have already broke under $9,000, we may see a retest of $8,800. If this critical support doesn’t hold we may see price slip to $8,000 before a strong bounce.
Twitter trader Looposhi tweeted his prediction of a double bottom at $8K, before resuming the uptrend.
Hodlers of last resort may be ready to strongly defend the 8,800 support and the retracement may simply be a shakeout of weaker hands before we see Bitcoin rocket back to retest the $10,600 resistance.
A bearish run up to the halving would be a break from the first two occurrences, which were wildly bullish and drove price to new all time highs.
The current price of Bitcoin at time of writing is $8935. A retest of $8,800 seems imminent, and will determine if the bulls or bears have control of the reigns. We’ll have to wait and see if price closes above or below this key support level.
Has Bitcoin’s bull run sputtered out, or do we still have more upside short-term? Let us know your thoughts in the comments!
Images via Shutterstock, Twitter @22loops @George1trader @BTC_Jacksparrow
Source: Bitcoinist News