Analyst: surrender bitcoin miners began

In recent weeks, the bitcoin miners have turned into net sellers of cryptocurrency and the trend is accelerating, according to the cryptanalyst under the name CryptoKea.

«We reached the site of the capitulation of the miners of bitcoin», he said.

During the last seven days, the miners sold at 955 BTC more than produced, putting pressure on the quotes of cryptocurrency.

Source: Twitter

Last week the analyst said that it started with a positive signal — the sales dropped. But then the flow of bitcoins into the market has increased again.

Hasrat network first cryptocurrency after halving continues to fall, despite reduction of the complexity of mining. According Blockchain.com on may 25, the computing power of the network was equal to 91.5 EH/s.

Source: Blockchain.com

Unprofitable miners shut off equipment, but are forced to sell coins from reserves to pay for operating expenses, said CryptoKea.

The price of bitcoin after the fall of 21 may can not overcome a psychological mark in $9000. The current prices have a negative impact on the profitability of mining.

Source: TradingView

The capitulation of the miners in the absence of a new wave of growth in the price of bitcoin is predicted immediately after the reduction of awards for the unit managing the Fund’s Opportunity and Blockchain CEO Blockware Solutions Matt d’souza.

We will remind, according to the cryptanalyst under the name of light, active discussion of the capitulation of the miners amid falling prices of BTC is the signal for opening long positions in the cryptocurrency.


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What is Free TON?

1

What is Free TON?

Free TON is a peer-to-peer multiplican system with native token Crystal TON (TON). The platform is built on Free TON TON Protocol, which was developed by Nikolai Durov and the team Telegram.

2

Who and when launched the Free TON?

Free TON launched community Free TON Community, which includes more than 5,000 companies and individuals. In the number of active members of the community – a developer of applied solutions for blockchain Durov brothers company TON Labs, an investment company Dokia Capital and Bitscale Capital, the Kuna exchange, Everstake, Chorus, Bitscale Capital, Anatoly Kaplan.

The launch took place on 7 may 2020. Simultaneously with the launch of TON Labs have published on GitHub the main components of the operating system OS TON, end-to-end infrastructure to work with bloccano Free TON.

Was published:

  • implementation of a full node on TON Rust;
  • the command-line interface;
  • smart contract TON Multisignature Wallet;
  • scripts and Doc containers to run validators TON.

3

Why we launched a Free TON?

Trigger Free TON was the failure of the team of Pavel Durov start blockchain platform TON.

In the Declaration on decentralization (DOD), which is actually a whitepaper of the project, said that the Telegram is no longer able to participate in the development of the TON because of litigation with the SEC. However, in the ecosystem TON already have millions of lines of code created by the community, and this work should not be lost, concluded the authors.

To avoid claims, the SEC, the TON Free community renamed the project and the name of the cryptocurrency. According to the signatories, the launch did not discuss with the team Telegram and investors TON. US resident to sign the Declaration is prohibited.

Durov did not forbid TON Labs to use the name of your blockchain project and position itself as a technology partner TON.
According to the Declaration, the mission of the Free TON is to promote the values of free markets, personal data protection, decentralized control, resistance to censorship and cooperation around the world.

4

Is Free TON TON fork?

Free TON is not a TON of fork, as the latter was not run. New blockchain based on the code Telegram Open Network that can be used by everyone.

5

How decentralized Free TON?

All the signers of the Declaration of decentralization agreed to provide maximum decentralization to the levels of management, software development, validation, and user interface. Mandatory conditions of decentralization in the Declaration stated:

  • All the coins are distributed among a greater number of users who can participate in stacking;
  • Several independent validators participate in the consensus network;
  • None of the validator or the other side, technically able to participate in steninge, has more than 1/3 of all available tokens TON Crystal .
  • Several teams of developers simultaneously working on the design of the Protocol, including specifications, basic software, compilers, interfaces, languages, and compilers.

6

What stages of development are available?

According to the Declaration, Free TON will be implemented in stages to ensure the smooth development of the Protocol with the involvement of the original developers and mass adoption.

1. At the first stage under the code name «raging bull» developers will be able to make changes to the network configuration settings, and contracts SMV will count in the manual mode. At this stage in the code implementerat bomb decentralization – timer, leading the countdown to the moment when the developers lose the ability to make changes to the configuration. Also write contracts decentralized pools (DePools) that will allow each user to participate in the management of the network, regardless of the size of the steak.

2. The second stage under the code name «Fighting fish» will start at the time of the bombs decentralization. Control of configuration parameters of the network will be fully in the hands of the validators.

3. In the third stage, codenamed «Fight club» in the network will have a lot of validators and decentralized pools, and Free TON reaches of decentralization. Voting by SVM will be automated, and contracts-givers will constantly distribute the coins among new users.

7

Distribution of coins TON Crystal?

Token-TON Crystal will be distributed for free, and their total emission is 5 billion

Coins from the Genesis block will be distributed between multiple contracts-the donor (Giver) – smart contracts that will not participate in stacking or voting. Their only function consists in automatic distribution of TON users. The coins will be divided as follows:

  • 85% of all coins will receive contracts Referral Giver. Their task is the distribution of coins to first users and partners, who will promote Free TON among its user base. If the contract partner for more than 30% of all coins, then he cannot receive more from the Giver.
  • 5% of all coins will receive Validator Giver, who will distribute them between the validators.
  • 10% of all coins will receive a contract Developer Giver, which will Fund the development. Of these, 5% will get TON Labs, the developer of the operating system OS TON required to operate bloccano Free TON.

After the distribution of the tokens to be freely shared among community members. Payments to initial investors TON not provided, because the developers think TON Free TON separate project.

All decisions on the distribution of coins through contracts-givers, methods, platform management and strategy development will be taken by vote of the holders of coins through the mechanism of a simple majority, Soft Majority Voting (SMV). For example, if 10% holders will vote «for» and 0% would vote «against» the SMV will be deemed the decision approved, as expressed by all who showed interest and responsibility. If vote is all that will work the traditional principle of 50% +1.

8

Where and how to buy tokens TON Crystal?

It is unclear where and how to buy tokens. Trade TON is not conducted.

9

What are the prospects for a Free TON?

Optimists point to the fact that the Free TON is a high-tech project with the beginnings of infrastructure and development plan, and even in its current form may be of interest to users.

Pessimists believe that without integration with Telegram and the huge audience of the messenger project will be useless. They note that the network is unstable, and its support requires considerable expenses on payment of work of the team. Moreover, for node-validator needs a powerful server.

Investors Telegram may want to consider running an alternative platform, in terms of the ability to protect their interests, and to react negatively until the lawsuits to Durova, since they financed the development of the blockchain, but did not receive benefits and tokens.

Pavel Durov has expressed doubt that will ever support alternative network on the basis of the development of Telegram.


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Facebook change the name of wallet for Libra

Developer purse Calibra digital asset ecosystems Libra on Tuesday announced the name change on the «Novi».

«Even though we refused the names «Calibra», we have not changed the long-term commitment to help people worldwide access to affordable financial services,» the company wrote.

According to the announcement, the wallet will appear as a standalone app and will also be embedded into other applications Facebook, including Messenger and WhatsApp. The developers promise to implement instant execution of transactions and to prevent hidden fees in the process. What will be the standard fee, they did not specify.

All users of Novi will need to get verified with an identity document. Initially, the wallet will be available in a limited number of countries. The tentative date of starting the application in the publication is not called. Developers only say that I hope to present an early version of the purse together with the launch of Libra.

For further development management service will meet the division of Facebook, called «Novi Financial». According to the publication, the conduct of operating activities, it will maintain independence from the parent company.

Earlier it became known that the former Deputy Minister of Finance of the USA will become CEO of the Association of Libra.



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Bitcoin is trading around a crucial support level

Bitcoin began to decline from the high of may 8 and reached an important support area, a break of which could put an end to the growth phase that began March 13.

Popular capturador il Capo Of Crypto (@CryptoCapo_) shared with his readers on Twitter bearish wave analysis of bitcoin. According to this analysis, price is completing a corrective phase and eventually will make a bearish breakout of the channel in which it is currently trading.

He says he does not consider the current price dynamics of an impulsive pattern, since the rate is trading within a clearly marked channel. In the case of an impulsive pattern, the price would have to go beyond the lines of support and resistance, and then back inside the channel, however, we do not observe this. In this regard, il Capo Of Crypto expects a further price increase.

In the graph below we have presented the possible wave structure from the low of the 13th of March, under which the exchange rate of bitcoin already finished the correction W-X-y We can construct a parallel ascending channel, which will gather all the highs and lows, however, BTC has just made his bearish breakout.

Accordingly, although it definitely could be a completed correction W-X-Y, after which the price will go down, the parallel channel does not seem convincing enough to make such a statement.

If the upward price movement to be considered a correction, then a subsequent decline would constitute an impulsive structure, and the rate of BTC will soon begin to decline at an accelerating rate, as likely only break a line of rising support, which the couple moved from March 13.

Bullish opportunities

However, bitcoin still continues to move along the aforementioned lines ascending support and trading at near horizontal support of $8550. As long as the price won’t make a bearish breakout will remain the probability that we observe a five-wave impulsive structure.

In this case, the price is now inside the fourth wave, which is a correction inside the triangle a-b-c-d-e. Bullish breakout above the dashed resistance line will increase the probability of this.

Thus, the exchange rate of bitcoin is trading around a crucial support level. Its bearish breakout, or rebound from this level will determine the further direction of BTC.



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Opinion: We have reached the site of the capitulation of the miners of bitcoin

In recent weeks, the bitcoin miners have turned into net sellers of cryptocurrency and the trend is accelerating, according to the cryptanalyst under the name CryptoKea.

«We reached the site of the capitulation of the miners of bitcoin», he said.

During the last seven days, the miners sold at 955 BTC more than produced, putting pressure on the quotes of cryptocurrency.

Source: Twitter

Last week the analyst said that it started with a positive signal — the sales dropped. But then the flow of bitcoins into the market has increased again.

Hasrat network first cryptocurrency after halving continues to fall, despite reduction of the complexity of mining. According Blockchain.com on may 25, the computing power of the network was equal to 91.5 EH/s.

Source: Blockchain.com

Unprofitable miners shut off equipment, but are forced to sell coins from reserves to pay for operating expenses, said CryptoKea.

The price of bitcoin after the fall of 21 may can not overcome a psychological mark in $9000. The current prices have a negative impact on the profitability of mining.

The capitulation of the miners in the absence of a new wave of growth in the price of bitcoin is predicted immediately after the reduction of awards for the unit managing the Fund’s Opportunity and Blockchain CEO Blockware Solutions Matt d’souza.



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Commission in the network of bitcoin fell by 50%

Fee for the processing of transactions in the bitcoin network for a few days has decreased in two times. According Bitinfocharts, the average value of the Commission in the network of bitcoin is now $3,06.

The peak was recorded on 20 may at $6,64. Increases on 1 January has exceeded 2 000% – while the average Commission percentage was at the level of $0,28.

Gradually decreases and the size of Nampula, who has recently reached the maximum values since the historic highs of the market in late 2017 or early 2018. According Blockchain.com currently, the value is 57 MB, and four days ago was about 100 MB.

However, with the current set of mempool still overwhelmed, and, given the lower speeds of the units, the cleaning may take several days or weeks.

«The network is still running slightly inhibited, the analyst writes Mattie Greenspan. – Currently, unit is still 12 minutes, but at least managed to clear the blockage for a long weekend.»

Against this background, the share of commissions in the income of crypto currency miners fell to 9%, whereas after halving in the fall awards and increasing fees, it jumped above 20%, according to the Classnode.

The contribution to the observed dynamics could make a General reduction in the number of transactions. According Bitinfocharts, now bitcoin is accomplished in one and a half times fewer transactions than, for example, at the end of February.



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Instead of prohibiting mining in Russia suggested to impose a tax of 4%

In the new draft law on regulation of digital currencies in Russia proposed to include a paragraph on the taxation of mining. The initiative was organized by the Association for digital economy development at IDEO, the document is at the disposal of edition ForkLog.

For mining cryptocurrency at IDEO propose to set the tax rate at 4%.

«For example, if the yield of 80 PTS a citizen wants to officially change the amount in rubles, he will have to pay tax and thereby «whitewash» money», — said the President of IDEO Sergey Hitrov in the comments ForkLog.

This initiative may become an alternative to the proposed stringent version of the regulation. It provides for administrative and criminal liability for virtually all the operations with cryptocurrency.

«The real picture is that we can make the bill «ABOUT CFA» like this. We offered an alternative in the form of tax is 4% and the possibility to legalize the income,» said Khitrov.

The introduction of a tax on mining is part of the amendments that the Association has written to the Chairman of the state Duma Committee on financial market Anatoly Aksakov, supervising draft laws on digital currencies.

Also at IDEO propose to delete paragraphs criminalizing transactions in cryptocurrency not prohibit the dissemination of information about the issue and the treatment of digital assets and enable owners of the cryptocurrency to declare the transaction of 2 million rubles.

Previously, experts said ForkLog that in its current form the legislation regulating digital assets will kill the beginnings of legal tryptamines in Russia.


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Whales bought 12 000 bitcoins to fall below $9500

The collapse of the bitcoin on 20 may resulted in the growth of demand for cash among whales. This reports the analytical portal Santiment.

Wallets with a balance above 100 BTC in total, supplemented by 12 000 bitcoins ($108 million) over the past few days. Analysts believe that the whales thus accumulate cryptocurrency in the fall.

In Santiment added that these wallets since the beginning of this year show a steady pattern of behavior. First, they accumulate crypto-currency at lower levels, and then sell some bitcoins shortly before reaching the short-term price peak.

Last week the whales withdrew from the exchanges 17 320 BTC in a few hours.

Recall that since the collapse of the bitcoin in mid-March, the users brought with purses trading platforms more than 310 000 BTC.


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What are the chances of bitcoin to overcome the mark of $9000?

After a sharp drop on may 24, bitcoin started to show signs of life, attempting rebound. However, while prices could not gain a foothold even on the initial important resistance level of $8950.

Line ascending support

Bitcoin follows the ascending support line from March 13. The quotes hadn’t touched that line since the accelerating bullish momentum on April 21. At the time of writing the exchange rate BTC was slightly above the support line.

Also, cryptocurrency is close to the confluence zone of the two support levels: horizontal support level from $8550-$8700 and 50-day moving average, which recently made the intersection with the 200-day moving average.

Thus, after another confirmation of the status of the support line may occur a rebound of quotations upwards.

As for the resistance, apparently, the main digital currency follows a downward resistance line. Until the price is below this line, the dynamics of BTC is considered to be bearish and any upgrades will be counted as attempted rollback.

While the token is within a potential symmetrical triangle to determine the direction of the trend is difficult.

Current pullback

On a short term basis it is seen that BTC follows the resistance line of the downside since the beginning of the fall may 20, and then confirmed her status three times today.

Today, during morning trading bitcoin rebounded from the resistance line and level of the 0.5% Fibonacci retracement at $8950, which also features 100-hour moving average, from which price also rebounded on may 24. So, as long as the price does not show strong breakout of $8950 and not turn it into support, dynamics is considered bearish.

In case of an upward breakout coin will be aimed at $9300. However, at the moment the signs of this scenario is not observed.

The 10-minute charts shows that prices follow a short-term rising support line, which is set to line crossing its descending resistance.

Thus, the above-mentioned levels will define the direction of the trend until the end of the day. At the moment, the probability of a downward breakout of upside resistance and movements to around $8700, and possibly to $8500.



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Manipulation in the markets hamper the growth of bitcoin

The lack of growth in market value of bitcoin and gold on the background of macroeconomic crisis caused by massive manipulation in the markets. This is evidenced by the research of the school of business at the University of Sussex.

A team of researchers CryptoMarketRisk analyzed transactions in the financial markets since March. During this time, they found a large sell orders of gold futures, the classical scheme of pump and dump on the futures market for copper and large superavia orders on the exchanges bitcoin derivative:

«Some individual traders on the COMEX [futures division of the new York stock exchange] was so large that it could affect prices. This is a clear violation of U.S. laws on market abuse».

The fall of gold futures in March. Source: TradingView.com, Comex

Analysts note that the tense situation in the economy deprive regulators of the ability to respond promptly to such violations. In their opinion, the greatest benefit from such manipulations holders of dollars and us assets.

Professor of Finance at the business school of the University of Sussex Carol Alexander believes that the manipulation in the market is bitcoin exchange BitMEX:

«When the S&P 500 has fallen in March, gold has experienced the worst in 8 years a week due to massive short gold futures on the COMEX. The price of bitcoin has also been underestimated quite obvious manipulations using bots on unregulated exchanges cryptooperation, especially on BitMEX».

The researchers also compared the current financial crisis with the situation in 2008. Then the correlation between the S&P 500 and gold have been negative, but in March and April of this year, it reached +20%. Replacing the gold with bitcoin, they found that the correlation between BTC and S&P 500 reached 63% during the March collapse. In may this figure had fallen to 40%.

The correlation between the US dollar and BTC. Source: TradingView.com

In CryptoMarketRisk warn that investors can liquidate positions of the gold and bitcoin because of such manipulations, to make up for losses in other markets.



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