Bitcoin and other Cryptocurrencies

Borrowed from online gaming slang, REKT means wrecked or ruined, usually in reference to a big loss suffered in a cryptocurrency trade. An example from a reddit post: "I saw a 12 Million Dollar position get liquidated last night, some people got completely rekt."

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In crypto sphere, a NOOB is someone who is new to the cryptocurrency world and inexperienced in the ways of it. The NOOB would have little knowledge of the different cryptocurrencies, their venues, discussion forums and the slang used.

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Bitcoin: Retail trader data shows 73.2% of traders are net-long with the ratio of traders long to short at 2.74 to 1. The number of traders net-long is 3.6% lower than yesterday and 6.6% lower from last week, while the number of traders net-short is 1.7% lower than yesterday and 7.5% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Bitcoin prices may continue to fall. Positioning is less net-long than yesterday but more net-long from last week. The combination of current sentiment and recent changes gives us a further mixed Bitcoin trading bias.

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A survey conducted by a start-up Cryptocurrency mining firm about Bitcoin found that majority of the respondents have an optimistic future for the leading cryptocurrency. Twenty six percent of those who were surveyed believe bitcoin will cross $25,000, while 10 percent said the Bitcoin value will go above $35,000. Almost 9 percent think it will go beyond $45,000. According to 15 percent, the digital coin will go no higher than $15,000, and 5 percent think it will not rise above $10,000. Only 2.5 percent think Bitcoin won't exceed $5,000.

Wall Street analyst Thomas Lee is similarly bullish. He recently told CNBC he believes bitcoin will rebound and surpass $20,000 by mid-year.

David Drake, chairman and founder of investment firm LDJ Captial, said last month that he sees Bitcoin reaching $30,000.

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Cryptocurrencies were higher for most part of the week and continued the trend amid lot of optimism regarding the outlook for Ethereum, which breached the $800 mark Friday morning. The most optimistic view this week was that Ethereum would replace Bitcoin as the top cryptocurrency in due course. The crypto market braved the FUD surrounding Bitcoin and is now looking forward to a breakout.

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The term CHOYNA is a distortion of China, a country where the cryptocurrency market is highly active. The country is considered very influential in the crypto market and also accounted for majority of Bitcoin mining and trading, until the government unleashed severe crackdown.

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Amid recent market turbulence for Initial Coin Offerings (ICOs) in the crypto space, an affiliate of New York-based CG Blockchain, which develops blockchain technology and services for the investment industry, has raised over $25 million through BCT Inc’s utility token based on Ethereum technology.



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While most hype around blockchain technology has centered on applications in business and finance, with the cryptocurrency market and money-making dominating, its use for applications serving the public good - from e-voting to digital identity - makes it ideal as a tool towards pursuing that goal.

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Cryptocurrencies are trending lower for a second straight day, as sentiment was damped by some dismal predictions regarding the future for the top cryptocurrency, Bitcoin. Here is a wrap of the main news from the cryptocurrency and blockchain space over the past 24 hours.

Start-ups BlueFrontiers and Seasteading Institute, in partnership with French Polynesia, is creating floating islands with own government and cryptocurrency, supporting off-shore housing. A number of philanthropists, academics and investors are behind the $50 million Floating Island Project pilot program. The first independent floating island is expected to launch in the Pacific Ocean in 2022. It will operate outside of government regulations and will use Vayron cryptocurrency.

Crypterium, the world's first mobile crypto bank, appointed the former chief of the credit card giant VISA's UK and Ireland division, Marc O'Brien, as its Chief Executive Officer. He was also a long time advisor to MasterCard.

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Bitcoin: Retail trader data shows 76.0% of traders are net-long with the ratio of traders long to short at 3.17 to 1. The percentage of traders net-long is now its highest since Apr 26 when Bitcoin traded near 9183.39. The number of traders net-long is 1.3% higher than yesterday and 1.1% higher from last week, while the number of traders net-short is 10.0% lower than yesterday and 9.0% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Bitcoin prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Bitcoin-bearish contrarian trading bias.

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