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  • can VRA capitalise on nearly 3M tweets?

    can VRA capitalise on nearly 3M tweets?

    • VRA was trending with nearly 3 million tweets on Tuesday morning, top trending on CT ahead of Render (RNDR), Pepe (PEPE) and XRP(XRP).
    • Verasity (VRA) is a blockchain-based platform seeking to revolutionise the video ads industry.
    • The price of VRA was up 3% at the time of writing, trading around $0.0044.

    Verasity (VRA) price has increased by about 3% in the past 24 hours as bulls look to push it to above $0.004. Trading volumes have jumped 28% in the same period as demand sees over $5.6 million worth of VRA traded across exchanges.

    VRA, an altcoin with a circulating supply of 10 billion tokens, is currently valued at a market cap of $45.6 million.

    But as Verasity price looks to test resistance at key levels, it is notable that the coin remains more than 94% down from its all-time highs above $0.086 reached in November 2021. The question is whether bulls can ride current sentiment to target recent highs of $0.008.

    VRA trends with nearly 3 million tweets

    Verasity, a blockchain-based platform that aims to revolutionise the video industry by solving the problems of ad fraud, low engagement, and lack of transparency, went ballistic on Twitter on Monday as the VRA token trended with record tweets.

    While no major news or event was seemingly the catalyst, sentiment continued until VRA was trending with nearly 3 million tweets as of 3 am ET on Tuesday. VRA was the top trending cryptocurrency on CT ahead of Render (RNDR), Pepe (PEPE) and XRP(XRP). 

    Here is one observation of the hot VRA streak on Twitter today:

    Part of the excitement is Verasity’s growing impact on the ads market, with the platform featured in a Binance Research article that highlighted its artificial intelligence and machine learning powered capabilities. 

    As CoinJournal highlighted in this article, Verasity wants to power the future of advertising.

    The platform offers its patented Proof-of-View (PoV) technology to companies where a combination of artificial intelligence (AI), blockchain, and gaming mechanics helps ensure fraud-free ad views. This is because advertisers want to reward genuine viewers for their attention via the Watch and Earn feature, and VeraViews offers that.

    And with partnerships looking to take the VRA use cases across other ecosystems such as the metaverse and NFTs, the jump in Verasity demand is beginning to tell. Activity can also be seen in the number of Twitter following, which currently stands at over 295k.

    Verasity price: can bulls take advantage?

    VRA price has found it difficult to break from an increasingly tight range after falling from highs of $0.008 in April. The token is near oversold territory after a recent pullback and retest.

    As can be seen on the daily chart, VRA/USD has bounced off a long term support level at $0.0043. If bulls take advantage of current sentiment and push higher, we can see VRA price target a previous resistance turned support line at $0.0050. The 50 and 100 day moving averages provide next hurdles at $0.0058 and $0.0064.

    On the downside, the price of Verasity could continue towards the primary support zone at $0.0035. Further losses from here could see sellers target $0.0021, which would mean declines of 50% or more from current price levels.

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  • Top analyst’s Bitcoin price outlook for the next week

    Top analyst’s Bitcoin price outlook for the next week

    • The next week will be critical for BTC, crypto analyst Michael van de Poppe says.
    • Bitcoin price could see a new uptrend if BTC can break out after a successful retest of the 200-day moving average.
    • However, if BTC fails to break above this level, it could fall to past recent lows, with the key target at $25k or lower.

    Bitcoin’s price has struggled to reclaim support above $28,000 and is currently facing fresh downside pressure just above the $27k level.

    While the price is looking for a successful retest and bounce from a key technical level, bulls could be left battling a deeper correction if prices break lower from this level, which one analyst has highlighted as a likely make or break scenario for BTC this coming week.

    Bitcoin price: analyst says next week could be crucial

    Market events next week could have an impact on Bitcoin price, with crucial economic data and events to watch out for including US GDP revisions, minutes of the last FOMC meeting and the core personal consumption expenditure (PCE) deflator – the Fed’s preferred measure of inflation.

    A decision or vote on the debt-ceiling talks is also expected to highlight critical market-moving events this coming week. According to Michael van de Poppe, the Bitcoin price outlook for next week is likely to trend alongside a broader market reaction to the busy week.

    He says BTC’s retest of the 200-day moving average has historically signaled an opportunity to accumulate. If BTC can break above this level, it could signal the end of the current correction and the start of a new bull market.

    The analyst sees the next few days as important for bulls, suggesting that it could be a “make-or-break” situation.

    “If you go back in history, the 200-MA retest is a great period to accumulate. In the past 6 months, #Bitcoin has been swimming beneath for a long period, making it the most undervalued since existence. Next week is make-or-break. Fast breakout upwards -> end of correction,” van de Poppe tweeted.

    The 200-day moving average is a long-term moving average that traders often look to for support or resistance levels. A BTC breakout from the 200-day moving average has often seen bulls take control.

    If BTC can break above the 200-day moving average, it could reach $35,000 by the end of the week. However, if bulls fail to fend off the marauding bears, it’s possible for a revisit of the $25k region.

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  • Michael Saylor is bullish on Bitcoin but sceptic on all other crypto

    Michael Saylor is bullish on Bitcoin but sceptic on all other crypto

    michael saylor bitcoin most secure asset
    • Michael Saylor reiterates his bullish view on Bitcoin.
    • MicroStrategy Inc currently has about 140,000 BTC.
    • Bitcoin has lost nearly 10% from its high in April.

    Bitcoin has lost nearly 10% in recent weeks but the pullback is only an opportunity to build a position as far as Michael Saylor – Chairman of MicroStrategy Inc is concerned.

    Saylor is sceptic on other cryptocurrencies

    Interestingly, his bullish view is particular to bitcoin only while he remains “sceptic” on other cryptocurrencies in the midst of regulatory uncertainty. Speaking with CNBC today, Saylor said:

    I think bitcoin has found the bottom, the leverage is out of it, we are on a bull run. BTC is the one commodity the SEC won’t regulate. I think the way is clear for bitcoin to rally from here.

    Earlier this month, the U.S. Federal Reserve signalled a “pause” which could be a tailwind for BTC moving forward as easing monetary policy is known to see investors make riskier bets.

    MicroStrategy Inc currently has about 140,000 bitcoin bought for a total cost of roughly $4.17 billion.

    Why else is he keeping bullish on bitcoin?

    Saylor is convinced that the recent bank failures and the regulatory uncertainty surrounding cryptocurrencies will work in favour of the bitcoin considering its reputation as the safe haven.

    Bitcoin is the most secure network, the most secure asset. You’ll see a consistent flow of capital flowing from the rest of the crypto ecosystem to bitcoin.

    Other reasons cited for the bullish view on BTC include the “Lightning Network” – a protocol layered over bitcoin that he’s convinced has the potential to be a disruptive payment network.

    Also on Friday, Anthony Pompliano also said that bitcoin was like the world’s biggest insurance company.

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  • Bitcoin may be world’s largest insurance company

    Bitcoin may be world’s largest insurance company

    • Pompliano argues that Bitcoin’s unique properties make it an attractive insurance asset for a variety of reasons.
    • He says Bitcoin provides insurance against a variety of risks, including, currency debasement and sovereign default.
    • Bitcoin critics however point to things like the volatile nature of crypto assets and meagre adoption as reasons why it might not be the global insurance company.

    Anthony Pompliano, a venture capitalist and popular Bitcoin advocate, argues that BTC could be considered the largest insurance company in the world.

    The investor says the idea was proposed to him at a breakfast meeting with two investors, whose point suggested that the world’s largest insurance company may not “look like” the typical insurance company.

    Why Bitcoin could be the insurance

    Pompliano’s argument, published in the latest edition of The Pomp Letter, is based on the idea that Bitcoin provides insurance against a variety of risks, including, currency debasement, sovereign default, undisciplined monetary and fiscal policy, and economic censorship. 

    He explained:

    “Just as there are different insurance policies that serve different purposes, Bitcoin is different things to different people. And just as most policyholders don’t want to ever have to use their insurance, most bitcoiners realise that bitcoin’s success will likely come on the heels of major issues in the legacy financial world.”

    On what exactly makes Bitcoin an insurance, the entrepreneur listed a number of reasons.

    He says Bitcoin is a one-time purchase, and it comes with certain advantages. Unlike traditional insurance policies, BTC doesn’t require ongoing premiums. If you buy early, Bitcoin comes as a cheap premium and much more expensive when done later.

    The second reason is that cryptocurrency is a decentralised asset that is not subject to the control of any one entity, which makes it more reliable than traditional insurance companies. It also has an inverse relation to catastrophe in traditional finance, the latest example being when BTC price rose amid the US banking crisis.

    Also, Bitcoin is a global asset that can be accessed by anyone, anywhere in the world, which makes it more accessible than traditional insurance products. As an insurance, its programmatic nature means holders don’t need to submit claims and wait for someone to judge whether to honour it or not.

    Bitcoin critics may disagree, but…

    Although Bitcoin continues to see major adoption across the globe, the argument such as the one highlighted by Pompliano has not escaped crypto critics.  

    For some, BTC remains too volatile to be considered a reliable insurance asset. Another argument is that the digital asset hasn’t achieved the adoption levels that would make it a practical insurance choice for most people.

    Pomp says the idea is still a viable one, especially with the possibility that Bitcoin can be an insurance against events like inflation and economic collapse. Most of these events have largely been “uninsurable.”

    “No insurance company is going to write you a legitimate policy against high inflation. They won’t write you a policy against government seizure of your assets. The insurance companies historically have not covered hyperinflation or economic collapse,” the investor argued.

    He also thinks one doesn’t need to hold huge amounts of BTC to tap into the benefits. Putting about 1-3% of investment allocation into bitcoin can be an effective hedge against negative impact of economic risks.

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  • Bitcoin shrimps holdings jump to 1.31 million BTC

    Bitcoin shrimps holdings jump to 1.31 million BTC

    • Bitcoin wallets with less than 1 BTC now hold an all-time high of 1.31 million coins.
    • Shrimps have been adding an average of 26,000 BTC every month, data shows.
    • The growth of the shrimp cohort is a positive development for the Bitcoin network.

    The amount of Bitcoin held by “shrimps” – those wallet entities that currently hold less than 1 BTC) has reached a new all-time high.

    According to data from Glassnode, shrimps have increased their total holdings to 1.31 million BTC. The cohort has witnessed the gradual increase in holdings over the past several months.

    Shrimps grow holdings by +26,000 BTC every month

    Per data Glassnode shared via Twitter, the shrimp cohort has experienced a significant expansion of their holdings in 2023. This followed a similar trend last year, with the buying among this group coming despite the greater volatility that hit the market.

    Specifically, shrimps have added 26,000 or more Bitcoin every month. Since July 2020, only 202 (3.9%) trading days have recorded a larger monthly growth.

    The suggestion from this is that retail investors have been aggressive in accumulating BTC, with the dips seen during the bear market providing investors with an opportunity to buy Bitcoin at low prices.

    The chart below shows the growth in the amount of BTC held by wallet addresses with less than 1 bitcoin. As you can see, the amount held by these entities has increased significantly in June/July 2022 and again in November/December and January 2023.

    Increase in small holders is a positive for the long-term health of Bitcoin’s network as the metric suggests retail investors are confident in the cryptocurrency’s growth and long term potential.

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  • No, Bitcoin has never seen a bear market before: Be careful

    No, Bitcoin has never seen a bear market before: Be careful

    Key Takeaways

    • Bitcoin has been through many bear markets before, always surging back to higher highs
    • Dan Ashmore, our Head of Research, cautions against naive extrapolation of past returns, however
    • Until this past year, stock markets had done nothing but rise during Bitcoin’s existence
    • Bitcoin was launched in 2009 as the stock markets bottomed, and the bull run afterward was one of the longest in history
    • This needs to be considered, cautions Ashmore, whilst sample size of Bitcoin trading with any sort of liquidity is also small

    Bitcoin is volatile. Also true: water is wet and the sky is blue. 

    A quick glance at a Bitcoin chart will tell you all you need to know about the meteoric rises and bone crushing pullbacks that the asset has produced over the years. In truth, it should be plotted on a scale, too. 

    When looking at Bitcoin markets, therefore, it is tempting to jump to the conclusion that “we have been here before”. Bull markets and bear markets, easy come and easy go. Or, as Jeff Bridges put it so poetically in the Big Lebowski, “strikes and gutters, ups and downs”. 

    While Bitcoin has drawn down many times before and, at least previously, always bounced back, I believe it is naive to extrapolate past resurgences into the present. Because no, we have not been here before. 

    To be clear, I am not saying Bitcoin will not rise to new heights again. It easily could (I hold Bitcoin as part of my portfolio, albeit via a monitored allocation and obeying the boring all adages of diversification and risk management, but hey – that is for another time). My point, however, is that we have zero point of reference for the current situation. Despite a surge of 75% in the last six months, Bitcoin is 60% off its high in Q4 of 2021, with many investors underwater if they opened positions in the past three years as Bitcoin truly established itself on the mainstream stage.  

    Let me explain why things are different this time around, and why assuming with blind confidence that Bitcoin will surge upward imminently may be misguided. First, the below are the biggest peak-to-trough drawdowns in Bitcoin history (the recent/current one is highlighted in yellow): 

    Clearly, Bitcoin has been here before. Right? 

    Well, no it hasn’t. Look at the dates of the above: all these drawdowns are from 2012 onwards. This is because Bitcoin was only launched in 2009. Indeed, it didn’t really have any sort of liquidity or infrastructure (such as exchanges or a marketplace) until 2012 (and even then, liquidity was extremely thin). 

    And consider what has happened in the wider economy since Bitcoin was launched in 2009. On March 9th 2009, two months after Bitcoin launched, the Nasdaq hit a low of 1268. The S&P 500 did the same, hitting a nadir of 676. 

    Since then, markets have enjoyed one of the most remarkable, longest and explosive bull runs in recent history, as basement-level interest rates propelled asset prices to dizzying all-time highs. By late 2021 at their peaks, the Nasdaq hit a level of 16,057, the S&P 500 4,793. Since those aforementioned lows in March 2009, that represents returns of 12.7X and 7.1X respectively. A historic period of gains.

    Presenting the returns of both the Nasdaq and S&P 500 since Bitcoin was launched in January 2009 (note – this goes back a couple of months before the trough of the stock market in March of that year and hence the returns are not as empathic as above) shows the run in markets visually throughout Bitcoin’s life:

    Or perhaps the next chart is better, showing quite how boisterous the stock market throughout Bitcoin’s life during the period up to and including 2021. 

    Therefore, every single dip in Bitcoin’s history took place whilst the wider financial markets were humming along swimmingly. This all changed in 2022, of course, when inflation spiralled and the world’s central banks began hiking rates at the fastest rate in recent memory. 

    Suddenly, for the first time in Bitcoin’s existence, it was ticking along block-by-block while financial markets elsewhere were falling. And they were falling quickly, the S&P 500 shedding nearly 20% in 2022, the Nasdaq losing over a third of its value. Not only were these losses the worst of any period in Bitcoin’s life, they were, aside from minor falls in 2011 and 2018, the only losses it had ever seen. 

    Therefore, this time is different. Blind faith in Bitcoin bouncing back aggressively because of the simple conclusion that it has done so before is a dangerous assumption to make. Again, Bitcoin could easily do exactly this, but it would be foolish to assume it is a guarantee because it has happened in the past. 

    The reality is that, until this past year, the world had no idea how Bitcoin would trade outside of the zero-interest rate vacuum that we have been operating in for the past decade. There is no trade history for Bitcoin going back to previous recessions, no chart one can pull up to assess how it weathered inflation in the 1970s, no reference point to anything but a stock market printing green candle after green candle. 

    Not only did all those previous resurgences come amid a period of cheap money and expanding central bank balance sheets, but Bitcoin markets were also incredibly illiquid. It took barely a drop of capital to move prices, as Bitcoin exploded from a fraction of a cent to thousands of dollars per coin. Bitcoin’s existence has been brief itself, at 14 years, but its status as a financial asset of any sort of liquidity is even briefer again. 

    So, for one last time: this is not a piece making any forecasts about the future of Bitcoin. I don’t want to wade into such murky waters (not here, anyway!). Rather, it is a piece cautioning that we have such a small sample size to work with when it comes to Bitcoin, and it is important to be cognisant of that when assessing how it trades. 

    Bitcoin has never experienced a bear market in the wider economy before. Until now. Overlooking that critical fact is a dangerous game to play.

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  • What next for MANA as Decentraland price jumped 10% today?

    What next for MANA as Decentraland price jumped 10% today?

    • Decentraland (MANA) price rose more than 10% in the past 24 hours to trade near $0.54.
    • The metaverse-focused token is flashing bullish but faces some profit taking pressure as price currently hover above $0.50.
    • Recent activity and announcements are likely behind the token’s surge.

    The price of Decentraland (MANA) traded to highs near $0.54 today after surging more than 10% in the past 24 hours. The price of the metaverse-focused altcoin was changing hands around $0.50 at the time of writing amid some profit taking deals.

    Why Decentraland price soared today

    The spike in the spot price of the MANA token to its highest level in two weeks came as bulls extended the rally that began around 12 May when MANA/USD sprung from below $0.43. 

    The token’s upside did coincide with the overall bullish uptick across the crypto market as Bitcoin price rose from below $26,000 to retest resistance near $28k.

    Ethereum price also held impressively above $1,800 as the broader crypto market resumed a positive outlook. Among trending coins on Wednesday was XRP, which jumped on news Ripple had scored another bit of victory in its battle with the SEC.

    As for MANA price, the potential buy Decentraland demand over the past week came as the protocol revealed several upcoming developments. For instance, the platform announced a partnership for a gamified store with NFTLabs, and indicated it would host a metaverse party with popular DJ Dillion Francis on 19 May.

    MANA/USD: What next for Decentraland price?

    In terms of MANA price, the latest uptick suggests that investors could be taking on a new bullish outlook for the metaverse industry. The past few months have all been about the hot narrative of artificial intelligence powered tokens and meme coins.

    However, investors are seemingly unfazed by the setbacks around major tech company steps in the metaverse – particularly that of Mark Zuckerberg’s Meta. Despite this, the metaverse token space, led by the likes of Axie Infinity and The Sandbox, is showing some resurgence.

    If Decentraland continues to see growth amid the release of new features and user engagement, it’s likely its MANA price could claw back most of the losses seen since the crypto winter. The immediate price action might however see sellers eye prices’ recent support levels if prices break below $0.50.

    Decentraland MANA 4-hour price chart. Source: TradingView

    On the 4-hour chart, MANA/USD might rely on the key support zones at $0.47 and $0.43.

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  • can Bedrock upgrade trigger fresh optimism?

    can Bedrock upgrade trigger fresh optimism?

    • The Bedrock upgrade could be a major positive for Optimism, boosting the price of OP.
    • Increased adoption of Optimism could see further demand for OP, helping its price.
    • OP price was down 3% in the past 24 hours and 23% in the past two weeks as the token traded near $1.63 at the time of writing.

    Optimism (OP), a Layer 2 scaling solution for Ethereum, has seen the price of its native token fall by 23% so far in May (as of 16 May, 2023).

    The decline comes amid a broader sell-off in the cryptocurrency market, with Bitcoin (BTC) struggling for a foothold above $27,000 and Ethereum (ETH) retesting support areas near $1,800.

    Sentiment across the broader crypto market continues to lean bearish after last week’s downturn. Optimism price could therefore fluctuate with overall market outlook, particularly as cryptocurrencies are likely to react to macroeconomic news.

    But one thing that could aid an uptick in positivity for the altcoin’s price is the upcoming Bedrock upgrade.

    Optimism price outlook- when is the Bedrock upgrade?

    On Monday, the L2 platform announced the expected release date for the launch as 6 June 2023.

    Bedrock is a major upgrade to the Optimism network that will make it faster, cheaper, and more secure.

    Among the things to come with the Bedrock upgrade are network improvements to the effect of full EVM compatibility, higher scalability and reduced transaction fees.

    Optimism (OP) price prediction

    Looking at OP price, it’s down nearly 3% in the past 24 hours, 23% in the past two weeks and nearly 39% in the past 30 days. 

    As CoinJournal recently highlighted in a price prediction for Optimism, Tron and Stacks, it appears the bears have the upper hand. This outlook remains with the current price at $1.63 being -49% from the all-time high of $3.22 reached on 24 February 2023.

    OP price chart. Source: TradingView

    While price reaction to the confirmation wasn’t great, a flip in sentiment over the next two weeks could see OP/USD take a new leg to the upside.

    Again, a successful upgrade could help boost the price of OP, with Optimism becoming a more attractive option for developers and users and increasing demand for the OP token. OP is currently oversold, but faces key resistances around $1.82 and $2.16.

    On the downside, especially if the bearish technical picture holds, the token’s price could fall to $1.15 and $0.87.

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  • OKX Wallet announces Ordinals Marketplace for BRC-20 trading

    OKX Wallet announces Ordinals Marketplace for BRC-20 trading

    • The Ordinals Marketplace will offer features that include minting and trading of Bitcoin Ordinals
    • OKX Wallet to support Lightning Network and staking for Stacks (STX) and BRC-20 tokens
    • OKX to attend the Bitcoin Builders Conference in Miami

    OKX, one of the leading cryptocurrency exchanges and Web3 technology company, today announced the launch of Ordinals Marketplace on OKX Wallet, making it the first multichain wallet to support BRC-20 trading. The new Ordinals Marketplace allows users to mint and trade Bitcoin Ordinals and BRC-20 tokens.

    “OKX has always believed in the power of Bitcoin and we’re proud to be constantly at the forefront of bringing Bitcoin technologies to a wider market,” said Jason Lau, Chief Innovation Officer at OKX. He added:

    “Whether it’s Ordinals, BRC-20, or Lightning, we see the potential of these technologies as they expand the design space and deliver new use cases. OKX Wallet is the best way to explore the world of Bitcoin Ordinals and BRC-20 tokens, and we can’t wait to launch even more features for the community.”

    Mint and trade ordinal inscriptions and BRC-20 tokens

    The new Ordinals Marketplace includes the following features: a “now live” that will allow users to view and transfer Ordinals; an “available this week” feature enabling trading of BRC-20 tokens (users will be able to buy, sell, and list). 

    Also accessible will be a “coming soon” feature that allows for minting of Ordinal inscription NFTs and BRC-20 tokens and a “coming soon: Trade Ordinals (buy, sell, and list)

    In addition to the new Ordinals Marketplace, OKX has also announced additional support for Bitcoin. 

    This includes support for Lightning Network to enable cheaper and faster bitcoin transactions. There is also staking support for Bitcoin Layer-2 token Stacks (STX) and BRC-20 tokens, and OKX BTC Explorer for BRC-20. With the latter feature, users can now validate BRC-20 transactions in real-time

    In addition to the above announcements, the company also revealed its team will attend the Bitcoin Builders conference, the first-ever conference focused on Bitcoin’s Layer-2 ecosystem. The event is set for May 17 in Miami, where OKX’s Chief Innovation Officer Jason Lau will speak on a panel alongside other industry leaders.

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  • Retail investors will prefer Bitcoin over the dollar if US defaults: survey

    Retail investors will prefer Bitcoin over the dollar if US defaults: survey

    • Retail investors would prefer Bitcoin over the dollar in case of a default, a new survey says.
    • A US default could be here as early as June 1, experts have warned.
    • Standard Chartered analyst Geoff Kendrick previously predicted a 70% jump for Bitcoin price in case of a US default.

    A new survey has found that retail investors would prefer to buy Bitcoin (BTC) over the dollar in the event of a US default.

    According to the report, while gold and Treasury’s ranked higher on the list of trusted safe haven assets in case of a US default, BTC was seen as the third best asset, ahead of the US dollar.

    Retail investors would buy BTC over the dollar

    The results were from a survey conducted by Bloomberg’s Markets Live Pulse. The researchers had asked investors to indicate what they would buy were the US government to spiral to a debt ceiling.

    Gold was the top pick as 51.7% of professional investors and 45.7% of retail investors going for the precious metal. A significant percentage chose Treasurys, with 14% and 15.1% of professionals and retail investors respectively showing faith with the asset class.

    Meanwhile, Bitcoin ranked third among the responses as 7.8% of professional investors and 11.3% of retail investors picked it over the dollar. Per the survey, about 7.8% of professional investors and 10.2% of retail investors said they would still buy the dollar.

    Bitcoin price predictions in case of US default

    The US faces a default that could hit as early as 1 June 2023 should lawmakers fail to strike a deal to lift the $31.4 trillion debt limit. Stock investors were on Monday upbeat on a possible deal. However, stocks were mainly weak as reports of no consensus on the cards yet emerged.

    Bitcoin on the other hand remained poised above $27,400 as analysts projected a potential decline to support levels seen last week or lower. However, with the BTC price having rode the banking crisis to break above $31,000, it is possible a default could provide fresh fuel for more gains.

    As CoinJournal recently highlighted, this Bitcoin price prediction had been put forth by Standard Chartered analyst Geoff Kendrick. In his prediction, the head of FX research at Standard Chartered said the BTC price could explode by 70% in the event of a default.

    While he suggested an initial drop on the day, or two or week, of the default would likely clip bulls by $5k or so, the analyst believes the price of the digital gold could see a new $20,000 leg.

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