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Bitcoin Is Dying, According to Top Trader Who Masterfully Shorted BTC at $20,000

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Thu, 11/21/2019 - 14:32
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  • The number of Bitcoin’s obituaries keeps growing with Mark Down saying that the first cryptocurrency is dying

Cover image via 123rf.com
Contents

In a recent tweet, former IMF economist Mark Dow riled up crypto Twitter by saying that Bitcoin, the top cryptocurrency by market capitalization, is dying.

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Meet the luckiest Bitcoin bear

Dow rose to prominence after shorting Bitcoin at nearly $20,000 back in December 2017 when crypto mania reached its peak. 

He stated that hordes of people that rushed to buy BTC didn't understand the technology and were simply driven by the price narrative. 

To top that off, he closed his short position one year later when the BTC price bottomed at $3,100.

In a Bloomberg interview, he said that that he didn't want to ride it to zero. 

However, some Bitcoiners were quick to clap back, claiming that Dow would be able to generate much greater returns if he was a Bitcoin bull. 

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It's so 2016

Dow's tweet comes right after Bitcoin failed to hold $8,000 support, which is considered to be a major win for the bears. 

That said, tweeting that Bitcoin is going to die just because it failed to rally to $10,000 could be a bit premature. 

The crypto king forced Dow to eat his words when it printed the $14,000 price tag at the end of July. 

According to cryptocurrency trader 'Don Alt,' the top cryptocurrency is currently in the stage of consolidation. 

Whether Bitcoin bottoms here or experiences a deeper correction, it's clear that scary tweets about its death should be left in 2016.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin (BTC) Ecosystem Healthier than 2014 and BitMEX Research Explains Why

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Sat, 03/28/2020 - 18:25
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  • With COVID-19 being the main hellraiser for the last weeks within blockchain space, the BitMEX derivatives exchange has brought some good news about Bitcoin (BTC).

Cover image via stock.adobe.com
Contents

BitMEX Research, an analytics branch of the BitMEX crypto derivatives exchange ecosystem, attempted to figure out who are the most influential and productive Bitcoin (BTC) developers.

Blockstream and Lightning Labs are Most Generous

First of all, analysts at BitMEX research studied the funding of open source developers working on Bitcoin (BTC) or the Lightning Network, the second-layer scalability solution working atop the flagship blockchain. Below is the chart that includes only developers with known sources of funding:

Current funding of open source developers working on Bitcoin or Lightning – number of developers
Image by BitMEX Research

It looks like the Canada-based company Blockstream shares the first position with Lightning Labs Inc., which based in San Francisco. The later team recently raised $10 million in Series A financing from Slow Ventures, Ribbit Capital, and other private investors.

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Jack Dorsey's Square Crypto is in third place. The company is passionate about Lightning development as an on-board pseudonymous developer, which is well-known for its contribution to this infrastructure. 

Independent Devs on the March

In the second part of their research, the analysts tracked the GitHub committing activity in Bitcoin Core's repositories. Based on their research, it appears that the independent developers surpass their corporate competitors by a wide margin.

Current funding of top 33 Bitcoin Core contributors by number of commits
Image by BitMEX Research

These results allowed BitMEX Research to conclude that the Bitcoin (BTC) development ecosystem is the following:

is in a reasonably strong situation with respect to developer funding, based on metrics such as the distribution of funders and transparency. 

This is in comparison with the initial stage of Bitcoin (BTC) adoption in 2012-2014, when the Bitcoin Foundation was the one and only significant contributor.  Nowadays, diversity has brought funding sources, which in turn, has upgraded the decentralization and development process of Bitcoin (BTC) software. So, according to the researchers:

the situation is more healthy than it has been in the past

About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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