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Bitcoin [BTC], can it live up to the expectations? – Sentiment Analysis – April 16

Vinod KA

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Bitcoin [BTC], can it live up to the expectations? - Sentiment Analysis - April 16
Source: Pixabay

Bitcoin [BTC] and Ethereum [ETH] had gained which resulted in these coin going above the $8000 and $500 marks but the momentum died out very soon. Except for Cardano [ADA] and Stellar [XLM], the only coins to have had a gain of 13.80% and 5% in the last 24 hours, all the other coin have not had much of gains. The prices of other coins have moved sideways rather than going up or down. At 10:49 AM UTC the market capitalization was at $327.151 billion which has not decreased below the $300 since the hike. However, the market capital had gone to $338 billion at 1:02 AM UTC today. It has come back to this level since the drop from this mark on 25th of March 2018. The cryptocurrency market has had a mixture of both gains and loss but over the last 7 days, the coins have had major gains.

Our sentiment analysis segment comprises of sentiments and expert opinions of people from around the world brought together in this segment. After interviewing a group of investors, miners, skeptics, analysts, influencers, their valuable comments are presented as it is in this segment. This segment is carefully structured in order to ensure that our readers get a wholesome picture. This analysis is focused on Bitcoin [BTC], which is currently on top of the cryptocurrency world.

Bitcoin [BTC]

After having moved sideways for some time, Bitcoin is back and above $8000. Bitcoin had peaked at $8500 yesterday at 11:20 UTC before it dropped down to $8300. At 11:15 AM UTC, the coin was seen to be trading at $8066.83 with a market capitalization of $136.980 billion. Bitcoin closed the week with almost 20% gains and above the $8000 mark which is an optimistic sign for the HODLers. Many influencers have come forward with predictions and the question right now is regarding the targets set for the coin and its ability to reach it in the given time. The coin had peaked at high levels but had retraced it just the way it went up. The resistance at $8400 and $8500 have to be broken by the coin to gain a bullish momentum which would take the coin to $8700 levels.

Andria Cox, an altcoin correspondent from Dallas says:

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 “Bitcoin is observed to be following more or less the same pattern it followed in 2014. If this pattern continues, we can expect a major drop in the prices which would take it to $5000 levels. This is just an observation made by observing the similar patterns it followed in the year 2018 and 2014. This may or may not happen.”

Jacob Hall, a Bitcoin investor from Seattle says:

“The fact the Bitcoin has broken out of the downtrend channel is true and the markets look bullish as of now. But I’m not looking to buy into it as the market is still in the technical downtrend. I will invest in Bitcoin only if it breaks above the 1200 EMA and confirms the support. This will make me side with the bulls.”

Sam Anderson, a miner from Hamilton says:

“Bitcoin is evenly poised at the moment with equal chances for a bullish or a bearish breakout. For it to turn bullish, it has to break the $9000 mark and test the $11600 mark. If the price rejects the $8000 level, it may test the $5500 mark marking a bearish trend for the coin.”

To conclude, 67% of Bitcoin respondents feel bullish as there will be new investors to support the bulls as the tax regulation date is passed in the US. They feel that more people will start to invest in Bitcoin from now on. Another 33% of Bitcoin respondents are bearish and feel that the coin will drop considerably in the future.



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Vinod KA is an intern at AMBCrypto who has been analyzing the cryptocurrency market trends for several months now. He joined the company out of sheer interest in the cryptocurrency world and is fascinated by its dominance in the financial world. He does not hold value in any cryptocurrencies as of now.

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Ethereum

EIP 999: Ethereum [ETH] Improvement Proposal to unfreeze $260 million

Joel Mathew

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EIP 999: Ethereum [ETH] Improvement Proposal to unfreeze $260 million
Source: flickr

In November 2017, Parity Technologies, an Ethereum blockchain development company compromised on a multi-sig wallet by two bugs. The codes had two separate functionalities, the first one was created for “instant delete” and the second was to “provide ownership”. The performance of the code was tested by Devopps99, a newbie in the ETH community.

The aftermath of the testing phase was that the bug froze all wallets that were operating under the Parity Library Contract. This resulted in the blocking of 580 wallets HODLing 513,000 ETH. The Ethereum Improvement Proposal [EIP] 999 intends to solve the issue by patching a contract source code which shall authorize individuals’ affected wallets and can get their money back. There is a poll being held to decide if the EIP 999 should be activated or not?

Approximately $150 million worth ETH was stored in the wallet earlier, which is now increased to $260 million. Ethereum community has struck down the efforts of recovering frozen funds before, hence this time it is reliant on the polls which will end on 24th April.

Votes as per April 23rd

Votes as per April 23rd

Stan Marshall, a Reddit user worded in a response to the EIP 999 says:

“If they were truly active developers who have a personal stake in the system, then I’m sure they wouldn’t want Ethereum to undergo the repercussions of another fork.”

Randy, a potential Ethereum user suggests on Reddit saying:

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“This EIP is beneficial to everyone who had funds locked in the multisig lib bug and everyone who might benefit from the products and services built by the first group and who doesn’t want to punish a human error with irrevocable loss of funds.”

A cryptocurrency enthusiast commented on Reddit:

“If I lose all my savings that are in cash under my bed – because I made a silly mistake or because someone stole it from me – should the state or the people in my road, or anyone, provide a way for me to recover those funds? If so, it might mean that I could be as careless as I liked because I would always get my money back. So would everyone else. Careful people would in effect be subsidizing the careless. The value of the currency would fall. You can see the problem here. It’s called moral hazard. If there are no painful consequences for my mistakes, then I (and everyone else) will continue to make mistakes. Confidence in the system is undermined.”

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Bitcoin Cash

Bitcoin Cash [BCH], soaring high in the sky! – Sentiment Analysis – April 23

Vinod KA

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Bitcoin Cash [BCH], soaring high in the sky! - Sentiment Analysis - April 23
Source: Pixabay

Bitcoin [BTC] and Ethereum [ETH] are back in the green zone and the market capitalization has crossed the $400 mark. Bitcoin crossed the $9000 mark recently but it could not stay above the mark. At 12:53 PM UTC, the total market capitalization was at $400.390 billion.

The Bitcoin dominance stands at 37.9%. Bitcoin is currently pushing its price towards the $9000 mark and the coin currently has a market capitalization of $151.554 billion. Experts are of the opinion that the hike in Bitcoin’s price may be due to the crash in the stock market. The biggest gainer in the last 24 hours is Bitcoin Cash [BCH] with a major gain of 19.87%. The coin also gained by 1.85% in the last 24 hours.

Stellar Lumens, after staying green in the last week has gone into the red zone with a 1.725% loss in the last 24 hours. After Ripple [XRP], Stellar is the next to have had a loss.

Our sentiment analysis segment provides you with quality sentiments of people from around the world and their valuable comments are recorded in this segment as it is. The expert opinions of people are based on the current market trends and possible outcomes of the coins. This is done after interviewing a group of analysts, investors, skeptics, miners, influencers to ensure that our readers get a wholesome picture of the market. This analysis is on Bitcoin Cash [BCH] which is currently at the 4th spot in the rankings.

Bitcoin Cash [BCH]

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At 1:10 PM UTC, Bitcoin Cash was seen to be trading at $1423 with a market capitalization of $24.319 billion. The coin still retains its upside momentum and is seen to be testing the resistance. The target set for the coin is at $1540 which also is the point where it stopped the upside momentum last February.

The coin went to a high of $1459.7 which is the highest mark since February. The hourly charts indicate a bearish trend for the coin as the MACD is about to cross and the RSI is heading towards an oversold position.

Lisa May, a banker from Chester says:

“There is a bearish trend waiting in line for the coin and it may take it down to the swing lows. It may take it down till the $1000 level but soon will be reversed with a major bullish reversal. This bull run will take the coin up to the $1500 level. ”

Matthew Fowler, an altcoin miner from Mexico City says:

“Do not give in to the FUD regarding Bitcoin Cash that is perpetuated by the Bitcoin loyalists. The advantage of BCH is in its near non-existent transaction fees making it superior for person to person transactions. Target for the coin is possibly at $1600 and after which it may dip a little to come back to the next target at $2000.”

Kim Thomas, a journalist from Brisbane says:

“The cup and handle formation resulted in a price action that shows a bull flag with slight downward pressure before breaking out of the overhead resistance. The upside is capped with a resistance at $2011 and the immediate resistance is at $1473. If this is broken then there is chance of the coin hitting the $1780 mark.”

To conclude, 55% of the Bitcoin Cash respondents feel bullish and they are of the opinion that the bull will take to the $2000 level soon. Another 45% of Bitcoin Cash respondents feel that the coin may form another cup which may take it down to the 1000 level.

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