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A Major Bitcoin Rally Will Underscore Seven Fundamentals

Published 1 year ago by Daily Hodl Staff

A Major Bitcoin Rally Will Underscore Seven Fundamentals

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Regulators have a brutal task: taming a revolutionary industry and allowing banks to profit from it while also allowing governments to use Bitcoin’s underlying tech to redesign outdated systems to reduce overhead. Recent crackdowns in the crypto space that show more moderation – Bithumb’s ban on 11 countries, Operation Cryptosweep, a joint effort by the US and Canada, and even China’s new crypto ratings – are examples of governments, exchanges, banks and regulators working to stabilize, normalize and legitimize nascent technology that requires global cooperation to bring Bitcoin and cryptocurrencies to the masses. Gemini, like the world’s other leading digital asset exchanges, are now looking to Wall Street, mining pools and large investors to see how Bitcoin futures, mining operations and big whales opened the door to Bitcoin price manipulation.

It’s a stark reminder to Goldman Sachs-backed Circle and digital asset exchange Coinbase that their efforts to create a robust OTC market for huge volume Bitcoin trades can’t come soon enough. In addition to several stable coins – Basis, Stasis, TrueUSD – Circle announced its new USDC stable coin to give Bitcoin and cryptocurrency markets more integrity, more liquidity and less volatility. Binance and other exchanges such as Gemini, which recently listed Zcash, are also introducing new trading pairs to make the markets less reliant on Bitcoin, subjecting it to less volatility as new fiat-crypto trading pairs mature.

The Lightning Network has a number of competitors – the Raiden Network, RChain and IOTA’s tangle – but it’s too early to know if it’s a winner-take-all cryptocurrency world or if several protocols serving several different platforms for a diverse range of use cases will usher in a new way of doing business, exchanging value and engineering money. While Bitcoin has been used for criminal activities including money laundering and fraud, and while cryptocurrency exchanges like Mt. Gox and Coincheck have been hacked, the Bitcoin network has shown tremendous resilience over its nine-year history. They’re more suited for the 24/7 life of online cryptocurrency trading – exchanging Bitcoin for fiat at any time of the day or night – than older people who are used to standing on line at a bank during normal business hours, from nine to five. Coin spectator is an automated news aggregation service. All copyrights belong to their respective owners. Images and text owned by copyright holders are used in reference to and promotion of those respective parties. Read in Full

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