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

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  • Alex Dovbnya
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    The number of Bitcoin’s obituaries keeps growing with Mark Down saying that the first cryptocurrency is dying

The death of Bitcoin
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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.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an 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 Fees Could Exceed $100 in 2020: Blockchain Capital

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  • Alex Dovbnya
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    Bitcoin could hit a new all-time high with network fees exceeding $100 in 2020, according to Blockchain Capital

Bitcoin Fees Could Exceed $100 in 2020: Blockchain Capital
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Blockchain Capital's Spencer Bogart has recently published a list of 2020 predictions for cryptocurrency predictions. The most remarkable one concerns Bitcoin fees that are expected to surpass $100 next year due to the growing demand for transactions.

Back in December 2017, during the heyday of crypto, the average Bitcoin transaction fee increased to $55. As of Dec. 12, 2018, it is just at $0.52, BitInfoCharts data shows.    

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Bitcoin blast past a new all-time high 

According to Blockchain Capital, Bitcoin is set to experience another price rally in 2020 that could push its price above the current all-time high of $20,000. However, it is very unlikely to touch reach $1 mln (sorry, John McAfee).  

The crypto community expects the BTC price to skyrocket because of the upcoming halvening after the enormous returns of the previous two events. This time around, the reward for each mined coins will be decreased to just 6.25 coins. 

As reported by U.Today, the famous stock-to-flow model, which measures the coin's value by determining its scarcity, would be invalidated if Bitcoin didn't surge past the $100,000 mark before December 2021. 

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Privacy coins get delisted 

In the meantime, Blockchain Capital suggests that 2020 is going to be a tough year for stablecoins. Major exchanges could be forced to delist the likes of Monero (XMR), Zcash (ZEC), and other anonymous cryptocurrencies due to growing regulatory pressure. 

The writing is already on the wall. ZEC, which recently reached a new all-time low, was delisted from Coinbase UK back in August. In October, OKEx Korea moved to delist all major privacy coins but later decided to review its decision.     

Subscribe to U.Today on Facebook, and get involved in all top daily cryptocurrency news, stories and price predictions!

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an 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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