The Five Most Ridiculous Reasons for Bitcoin's Current Rise – WHATTONEWS

What does the company/project do?

Bitbon is a platform (system) for creating digital contracts that have legal force.
A contract means almost any document that can be represented digitally: the only important thing is that it must clearly describe the rights and obligations of the parties. The platform released its cryptocurrency with the same name Bitbon in 2020.

The parent company Simcord is behind the Bitbon system. Each Bitbon is backed by the assets of the Simcord company, which is already 17 years old.

Bons (French - bon pour) are credit documents that give the right to receive certain values from a certain person or company within a specified period. Bit (Russian designation: bit; international: bit; from English binary digit - binary number; also a play on words: English bit - piece, particle) is a unit of measurement of the amount of information.

Blockchain is the Bitbon System, which provides many opportunities for its Participants and which has made it possible to solve many problems and contradictions of existing economic relationships. — Alexander Kud (CEO of Simcord)

A sharp jump in the Bitcoin rate: what do foreign crypto experts think?

Is it worth investing in Bitcoin: the other side of the coin

Is it worth investing in Bitcoin: the other side of the coin. Photo: alamy.com

However, not everyone makes optimistic forecasts about the rapid growth of Bitcoin. Experts from the largest American television channel claim that the cost of Bitcoin will not increase further. Anthony Grisanti, a specialist at the analytical company GRZ Energy, suggested that the digital currency will not be able to maintain the $8,000 mark for a long period. The expert predicts a rollback to the level of $6870-$6425 per 1 BTC.

Grisanti is not alone in his assumptions. A well-known trader in the crypto industry under the nickname Throwaway also predicts a sharp collapse in the Bitcoin price. On his Twitter page, he wrote that the current situation with cryptocurrency looks like it is about to fail.

This is only the 4th time in $BTC history in which weekly RSI, MFI, and NVT have all been simultaneously overextended.
The previous 3 instances were followed by 82%, 85%, and 83% drops, respectively. pic.twitter.com/vd9avghjfv
— throwaway (@hithrowaway) May 14, 2019

Throwaway presented a graph that shows the rate plummeting by 82%, 85% and 83%. In particular, we are talking about special indicators - the relative strength index (RSI), money flow index (MFI) and the ratio of network value to transactions (NVT). These indicators are harbingers of a powerful correction process. The chart shows that when the indicators reached the level of the so-called “presold”, which is now observed, they were then accompanied by a sharp collapse of approximately 80%. Throwaway is confident that if this trend continues further, the Bitcoin rate may drop to a critical level - $1,700.

TradingView, an analytical platform for traders, presented its own analysis of the situation with the Bitcoin exchange rate. Her report notes that the cryptocurrency is currently very overbought. This is evidenced by the location of the RSI index at around 87. As a result, high purchasing power can smoothly turn into a massive sale. Service specialists did not provide any forecasts regarding the cost of Bitcoin. But, in their opinion, the BTC exchange rate correction will be so powerful that the digital currency may be at the level of the minimum indicators of 2018.

Peculiarities

The project is based on the idea of safe crowdinvesting ( contributing is the original name), which is possible thanks to a well-thought-out model for obtaining financing for the implementation of business ideas.

The creation of such a model makes any fraud schemes impractical. The fact is that every business idea undergoes a thorough check by a special agency competent in matters of finance and business.

Everything is checked:

potential profitability
prospects of a business idea
its payback
business asset security
interesting conditions for investors, etc.

This means that investors invest money in projects that have already passed through a certain filter. But this does not end with a competent inspection.

When the process of attracting financing ends, the entrepreneur does not receive the entire amount at once, it is divided into stages. Each stage involves a check by the same agency to see how the project is being implemented, whether what was promised has been done, and whether reporting is being carried out.

Factors influencing growth

Why has the Bitcoin rate experienced repeated rises?

One of the reasons is insufficient liquidity. During past market rallies, relatively few people owned cryptocurrency. Even a small increase in sales volumes could sharply push the rate up. Conversely, even a modest decrease in demand could lead to a decline in Bitcoin.

The second reason is that cryptocurrency is a relatively new asset. No one knew how many potential investors the market could attract. Economic theory shows that such uncertainty leads to sharp price swings, as happened in the case of Bitcoin's rise.

There is a third factor. Basic financial theory says that the price of an asset is determined by the most optimistic buyer. If some traders believe that Bitcoin's growth is unjustified, but at the same time do not have the opportunity to influence its rate, they will simply sell their investments and leave the market. There will be no short sales.

But the optimists will remain. They will start buying Bitcoin at a high price. This is a key part of almost all financial bubbles.

During short selling, an investor borrows Bitcoin and sells it, hoping to buy it again, but at a lower rate.

Advantages

Secured assets If we consider Bitbon as a cryptocurrency, then we can safely consider it secured. The scheme is simple: investors invest their Bitbons, the entrepreneur sells them on the stock exchange and receives fiat; when the business begins to make a profit, the entrepreneur goes back to the stock exchange and buys Bitbon to pay investors the profit expressed in Bitbon. Thus, the liquidity of cryptocurrency is ensured by the liquidity of real assets.
The ability to tokenize real assets The System provides the ability to manage real assets through Bitbon, namely to manage rights to assets, evaluate them, and transfer property rights to assets.
Legal support for each project The Projectbon public contract is a key element of the legal nature of Bitbon. This legal document is a digital agreement similar to an Offer, containing all the conditions for attracting financing to the project, as well as regulating the legal relations of all parties to the agreement.
Interest of the real sector of the economy Due to its legal nature and the involvement of special auditors in the System in the form of bitup agencies, the project is very interesting to the real sector of the economy. Any large enterprise can become a member of the Bitbon System and attract financing for various business endeavors.
Bitbon Capitalization Fund It is a separate wallet of the System on which Bitbon and Projectbon are stored, belonging to all users in proportions equal to the number of Bitbons in their wallets. The main function of the fund is to participate in the financing of projects and benefit on an equal basis with other investors. When filled, the fund significantly increases the liquidity of Bitbon, and also increases the level of income of each user of the System.
Pricing formula During the crowdsale period, the developer company chose a well-thought-out pricing policy based on increasing the price exponentially - the more users buy Bitbon, the higher the price.

What peaks can Bitcoin reach: the opinion of the Ukrainian crypto community

What heights can Bitcoin reach: opinions of the Ukrainian crypto community. Photo: bitnewz.net

Representatives of the Ukrainian crypto community are quite cautious in predicting the Bitcoin exchange rate for the coming months and expressing their opinion on what influenced the cryptocurrency exchange rate.

Microsoft, problems in Bitfinex and Consensus 2020: key events affecting Bitcoin

According to independent crypto trader Kir Kelevra , since Bitcoin is manipulative and controllable, it is easy to influence, which is what various financial institutions do.

There are several organized groups in the financial sector that can easily influence the price of Bitcoin. I would highlight the American Alliance with Wall Street and the Asian Mining Cartel as the two most influential communities

Kir Kelevra independent crypto trader

Kelevra also believes that the growth of Bitcoin was influenced by the Consensus 2020 conference, which was held from May 13 to 15 in New York. As for forecasts regarding the growth of the Bitcoin rate, Kir Kelevra does not give any exact forecasts, but only makes assumptions.

I can assume that the takeoff has already taken place and we are in for a sluggish downward trend until the fall. But it is not exactly

Kir Kelevra independent crypto trader

Mikhail Chobanyan , founder of the Kuna bitcoin exchange, told us that there are no reasons that stimulated the growth of the rate. In his opinion, the growth of BTC was supported by news about Microsoft, which is going to use the Bitcoin blockchain for its personal identification project, as well as about the problems around the Bitfinex exchange. You also need to take into account the emotional component of society.

People are tired of the falling market. And if we take into account that the market is very susceptible to emotions rather than rationality, then hence the growth. In any case, after rapid growth there is always a correction. The question remains: are we already at the peak or are we flying further upward?

Mikhail Chobanyan founder of the Kuna bitcoin exchange

Dmitry Karpilovsky , founder of the Cryptonet project, also claims that after the Consensus conference we should expect a decline in the Bitcoin rate. After all, there must be a market correction.

We see indicators of bullish euphoria when people turn off their brains and start buying cryptocurrency out of greed or inertia. This leads to Bitcoin growth. However, we cannot now even jump to $10 thousand, let alone $15 thousand, because it is profitable for people to sell and fix

Dmitry Karpilovsky founder of the Cryptonet project

Development

Currently 11/09/2018

Bitbon transactions

Geographical location of Nod.

Price chart

“Justin Sun saved Bitcoin!”

TRON CEO Justin Sun recently spoke in Amsterdam at the TWN 2019 conference. Speaking, he emphasized that it was HE who saved the cryptocurrency market and made the price of Bitcoin rise!

“I know for sure that I have a very strong influence on the community and the prices of cryptocurrencies. When Binance was hacked, the price of Bitcoin fell from $5,900 to $5,700. I then posted a tweet saying I would send $40 million in USDT to support Binance. And the price immediately went up!”

WOW!

When asked if he could make such statements with a more “regulated” audience, Sun said:

“I sincerely wanted to help because CZ is my friend. I believe in him and I believe in Binance. I don’t want people to lose confidence just because 2% of the total Bitcoin supply was hacked.”

Road map

2015–2017 Concept of development of the Bitbon System

The fundamental concept and development strategy of the Bitbon System have been defined
The basic terms and definitions that formed the basis of the model of interaction between all Participants of the Bitbon System and the mechanisms that ensure the operation of its components are formulated
Blockchain technology was chosen for technical implementation
Beginning of copyright and trademark registrations for key components of the Bitbon System
Transition to the practical implementation of the assigned tasks

2018 Launch of the Bitbon System

The main task of this stage of development is the implementation of the basic mechanisms and rules of the Bitbon System, as well as the construction of a transaction environment based on them in the shortest possible time.

Stage 1 of the launch of the Bit Trade Digital Asset Exchange. Purchase of Bitbon according to the rules of primary issue (limited issue)
Launch of the Bit bon Space mobile application (global and technical news)
Stage 2 of development of the Bit Trade Digital Asset Exchange (free purchase and sale of Bitbon)

2019 Formation of infrastructure

Managing your Bitbons from the Bit bon Space
Launch of the system for preparing and licensing Bitup Agencies
Electronic Personal Accounts for Bitup Agencies and Contracts
First Public Contracts Projectbon (beginning of interaction with the real sector of the economy)
Expanding the functions of the Bit bon Space mobile application in terms of managing your business projects using Projectbon

2020 Infrastructure expansion

Transfer of the Bitbon System infrastructure from the private Ethereum Blockchain to the public Simcord Blockchain with the possibility of individual mining
Integration of retail networks into the Bitbon System
Launch of a global discount system based on the Bit bon Space mobile application, combining different areas of business into one common system of cumulative discounts and bonuses
In order to achieve complete decentralization of the Bitbon System, the possibility of individual mining by the Participants of the Bitbon System will be expanded through the use of computing resources, Internet channel capacity and the amount of allocated disk space for storing Simcord Blockchain information.

2021–2025 Globalization

Uniting all Bitbon System Participants into a single business-oriented new generation network
Launching social savings programs to ensure a decent standard of living with a guaranteed income
Creation of a unified global system for buying and selling goods and services based on the Simcord Blockchain

“Is it all about the dwarfs?”

According to the famous blockchain analyst and author of books on cryptocurrencies, David Gerard, the reason for the growth of Bitcoin could be celestial bodies.

Gerard tweeted:

“The important thing for Bitcoin now is that both Makemake and Haumea [dwarf planets] are now in the constellation Libra. Obviously, this is the reason for his growth."

Whenever these dwarfs cross the path of Libra, cryptocurrency speculators have a free hand, and this has led to the recent surge in Bitcoin prices. Next month, according to Gerard, we need to follow Quaoar and Sedna, which will cross the path of the constellation Gemini.

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Gerard, of course, joked that way.