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Bitcoin [BTC] hits adoption milestone; 1 million subscribers accomplished

Priyamvada Singh

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Bitcoin [BTC] hits adoption milestone; 1 million subscribers accomplished
Source: Pixabay

On 3rd December, the official subreddit of the Bitcoin community, r/Bitcoin, reached a million subscribers, demanding attention as it passed a major milestone. This is indicative of massive adoption that is now becoming exponentially visible with the expansion of the cryptocurrency space and the community.

r/Bitcoin at 1 million subscribers | Source: Reddit

r/Bitcoin at 1 million subscribers | Source: Reddit

Despite the success, a lot of accusations have been drawn at the subreddit forum by multiple personalities. The most significant remarks regarding the matter were made by the Bitcoin Cash [BCH] proponent aka Bitcoin [BTC] Jesus, Roger Ver.

Amidst the battle that had taken place within the Bitcoin Cash [BCH] community and the hard fork fiasco, Ver was in trial by combat with the moderators of r/Bitcoin. Here, the biggest complaint heard from him was that the moderators of the Bitcoin subreddit were imposing censorship in the community, moving towards a centralized control of speech.

About three months ago, to prove his point of r/Bitcoin’s increasing censorship, Ver ambushed two Blockstream members and Bitcoin supporters during a conference for an impromptu interview session. The interview soon turned salty when Ruben Somsen, the co-moderator of the subreddit platform requested Ver to verify the final interview before broadcasting it online. Despite the request, the owner of Bitcoin.com went ahead with the release, creating further friction between r/BTC [Bitcoin Cash official subreddit] and r/Bitcoin communities.

Contrary to what Roger Ver believes, Riccardo Spagni, a core member of the Monero [XMR] community recently commented that ‘there is too much brain power, research, adoption and money that has been poured into Bitcoin for it to fail’. He also stated that the chances of the Bitcoin ecosystem failing are much smaller than those of other altcoins in the cryptocurrency space.



webdev2018, a Reddit user and a blockchain space enthusiast stated:

“For the fork, against the fork, who cares! One million episodes subscribers!”

CryptoBull007, another user and a cryptocurrency follower also claimed:

“I was the million! Congrats to everyone in the bitcoin community!”





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

Analysis

Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market

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Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market
Source: Pixabay

Bitcoin’s much-awaited Golden Cross, which many analysts claimed will lead to a resurgence of a bullish market, has been confirmed. The intersection of the 200-day moving average and 50-day moving average, which indicates the Golden Cross, was achieved over the past few hours.

Earlier today, the top cryptocurrency saw a massive rise after days of sideways movement. Bitcoin’s ascendance saw it break the $5,350 resistance level, which eToro’s Mati Greenspan had previously suggested will consolidate “buying pressure.”

Source: TradingView

Additionally, a major psychological level of $5,500 was also surpassed less than three weeks after Bitcoin broke the $5,000 mark.

The Golden Cross theory holds credibility among analysts in the cryptocurrency realm as it infers that the coin’s average price is above its 200-day equivalent. For the first time in over a year, the cryptocurrency market has seen its 50-day MA move above the 200-day MA, which according to many is a sign of a bullish market.

On the opposing side of the Golden Cross indicator is the Death Cross, where two indicators cross over into a bearish market i.e. the 200-day MA moves above the 50-day MA. The Death Cross manifested in April 2018, after the prices went into a free fall following the December 2017 high.

In April 2018, BTC was priced at just over $7,000, following which it lost more than 50 percent of its price by the end of the year. The price of the king coin has recovered exceedingly well in 2019 however, winning back almost 50 percent of its lost value.

Many analysts, including Greenspan, agree that the crossing of the two moving averages is a clear testament to the return of the bull market. Although he didn’t quite use those words, Greenspan tweeted,

“Ladies & Gents… The Golden Cross!
Bitcoin’s 50-day moving average (gold) crossing above her 200-day moving average (blue). 📈
This is yet another sign that we’re back in a🐂market. 🚀🌛”

However, in an exclusive interview with AMBCrypto last week, Greenspan had stated that the Golden Cross theory is a “lagging indicator,” as the Death Cross was last seen in April 2018, months after the market took a bearish turn.



In his view, the 200-day moving average is the key indicator. On April 2, Bitcoin broke this mark for the first time since March 2018, by recording a massive 17 percent daily gain and rising above $5,000.

Based on historic price changes with reference to the Golden Cross, the last time the 50-day MA soared above the 200-day MA, price of Bitcoin rose by over 8000 percent from $246 in October 2015 to almost $20,000 in December 2017. Given past market movements, the current market scenario, and the optimism in the air, the Golden Cross may just have initiated the Bitcoin bull market.





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