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Coindesk News

As Bitcoin Falls to 2-Week Lows, Small Investors Look to Be Buying

With bitcoin’s price losing altitude again, small investors appear to be seeking exposure to the top cryptocurrency by market value.

Prices fell by 9.8% last week to register bitcoin’s biggest weekly decline since the second week of March, according to CoinDesk’s Bitcoin Price Index. A two-week low of $8,630 was registered early on Monday, with prices last seen at $8,730 – down over 11% from the post-halving high of $9,960 registered on May 18. 

Despite the price drop – or perhaps because of it – the number of addresses holding smaller amounts of bitcoin has continued to rise. 

glassnode-studio_bitcoin-addresses-with-balance-%e2%89%a5-0-01

The number of unique addresses holding at least 0.01 BTC (around $87 at press time) rose to a new high of 8,478,746 on Sunday, according to data provided by blockchain intelligence firm Glassnode.

Meanwhile, the number of addresses holding at least 0.1 BTC (roughly $870) also rose to a lifetime high, reaching 3,053,004 on Friday. Both metrics regained their upward trajectory following the May 11 mining reward halving.

See also: Bitcoin Halving Arrives: Mining Rewards Drop for Third Time in History

“Retail investors are likely in an accumulation phase,” said Ki Young Ju, CEO of blockchain analytics firm CryptoQuant. 

The dip demand may be associated with the bullish narrative that bitcoin could repeat history by charting a solid price rally over the next 12 months. The cryptocurrency witnessed a 30% pullback in the four weeks following its second reward halving on July 9, 2016. However, the decline was erased in the subsequent months and prices rallied to record highs by March 2016.

Prominent trading firms are also retaining a constructive outlook on the cryptocurrency. “The price pullback was expected and the long-term bias remains bullish. We would accumulate if prices drop to the $6,000-$8,000 range,” said Darius Sit, co-founder and managing director at Singapore-based QCP capital.

That said, the growth in the number of small addresses does not necessarily all represent new individual investors. This is because a single user can hold cryptocurrency in multiple addresses. 

Exchanges and custodial services also tend to hold bitcoins in multiple addresses. “Wallet management systems of virtual asset service providers have become more complex and granular. Their wallet clusters include more small wallets for security, etc.,” said Ju. 

As such, it is difficult to gauge exactly how much of the small address growth has been driven by new investor participation. 

Even if small investor participation is increasing, it is unlikely to have a big impact on prices, as the market is still dominated by large players, popularly known as “whales.” The number of addresses holding at least 10,000 BTC and 1,000 BTC have declined over the last two weeks, according to Glassnode data.

Moreover, options market activity suggests a deeper price drop could be in the offing in the near-term. “Traders are buying out-of-the-money puts,” said Chris Thomas, head of digital assets at Swissquote Bank. 

A put option represents a bearish bet on the cryptocurrency, while a call option represents a bullish bet. An out-of-the-money put option has a strike price that is lower than the market price of the underlying asset. 

Thomas expects bitcoin to move toward the $8,000–$8,200 range in the short-term. That looks likely, as per the charts, as the cryptocurrency has breached a trendline rising from March lows. 

Daily chart

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Bitcoin fell by 5% on Monday, violating the support of the 2.5-month-long bullish trendline marked. The breakdown is backed by deeper bars on the MACD histogram, a sign of strengthening bearish momentum. 

“However, the relative strength index is neutral (going sideways),” Yuriy Mazur, head of data analytics at cryptocurrency exchange CEX.IO, told CoinDesk, while adding that, “there is no clear understanding where BTC will go currently. It may either retrace back to $6,500 or reach $10,000. We may get a clear indication of the further direction in the nearest days.”

Also read: Innovation Cycles, Crypto Venture Funds and Institutional Investors

The immediate bearish case would weaken if prices rise above Sunday’s high of $9,310 on the back of strong volumes. That said, a convincing move above $10,000 may be needed to restore the bullish trend. 

“After the halving took place, there were practically no buyers for Bitcoin, but in the range of £9,900–£10,000 dollars per coin, a zone of hard technical resistance formed, that is very difficult to overcome under the current conditions,” said Mazur. 

Disclosure Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.



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News NPR

Facebook Launches Virtual Shopping Mall, Saying It Will Help Small Businesses : NPR

Facebook hopes to make commerce a bigger part of its operation by letting businesses set up storefronts in its apps.

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Facebook hopes to make commerce a bigger part of its operation by letting businesses set up storefronts in its apps.

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Facebook is making a big push into online shopping by letting businesses set up free storefronts on its social network and Instagram.

Businesses can feature items in their shops, advertise them to users, and communicate with customers through the company’s messaging services. Shops will eventually be integrated across Facebook’s apps, including WhatsApp and Messenger.

Shoppers can buy products either through links to the businesses’ own websites or by using Instagram’s checkout feature, which enables purchasing within the app. Checkout will become available on Facebook in the future.

The company has been looking to make commerce a bigger part of its business in a bid to capture users’ time and new sources of revenue. CEO Mark Zuckerberg said those efforts have ramped up because of the coronavirus pandemic, which has left many of the 160 million small businesses that use Facebook’s apps struggling.

“We’re seeing a lot of small businesses that never had online presences get online for the first time, and we’re seeing small businesses that had online presences now make them their primary way of doing business,” he said in a livestreamed announcement Tuesday. “For lots of small businesses during this period, this is the difference between staying afloat and going under.”

Facebook will not charge businesses to create virtual storefronts, Zuckerberg said.

“We know that if [Facebook] Shops are valuable for businesses they’re going to in general want to bid more for ads. We’ll eventually make money that way,” he said, noting that small businesses make up “the vast majority” of Facebook advertisers.

Facebook first launched the checkout feature last year on Instagram in the U.S., letting people stay in the app to complete their purchases. Instagram takes a cut of each sale.

Editor’s note: Facebook is among NPR’s financial supporters.

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News Sputnik

US Poised to Revamp Its Aid Programme for Small Businesses to Deal with COVID-19 Fallout – WSJ

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News NPR

Minority Small Businesses Were Supposed To Get PPP Priority. They May Not Have : NPR

Rosemary Ugboajah (at front) with her company’s leadership team, Alan Tse and Sheri Ellis.

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Rosemary Ugboajah (at front) with her company’s leadership team, Alan Tse and Sheri Ellis.

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The first time Rosemary Ugboajah applied for a small-business relief loan, it didn’t go well. She needed the money for her small Minneapolis-based company, which has created ad campaigns for brands like the NCAA Final Four.

So she went to her credit union.

“They were hard to reach, but eventually I got through to someone and they emailed me back saying they can’t process the loan because they don’t process SBA loans,” she said. “I wasn’t aware of that.”

Lawmakers did set aside $30 billion for smaller lenders, in part with the aim of helping business owners of color — like Ugboajah.

But a new report from the Small Business Administration’s inspector general found that businesses owned by people of color may not have received loans as intended under the Paycheck Protection Program. There was no evidence, the report said, that the SBA told lenders to prioritize business owners in “underserved” markets, including business owners of color — something the CARES Act had specifically instructed the SBA to do.

The report also recommends that the agency start collecting demographic information. Without that information for past loans, it will be hard to know how well the program served business owners of color.

Some businesses owned by one person — such as some sole proprietorships, like Ugboajah’s Neka Creative — were only allowed to apply for funds one week after other businesses. That put them in the back of the line to get the money, which ran out quickly during the first round.

After trying and failing at two other banks, Ugboajah managed to find one that was accepting applications from new customers, and she quickly applied. But that also went poorly.

“The next week, I got an email from them saying, you know, the money’s running out. And they’re now just going to prioritize their clients that have borrowed before,” she said with a weary laugh.

Ugboajah has applied there again during this second round of funding but hasn’t heard back yet.

But she could use the money, and fast — her team is currently working through the pandemic without pay.

“We had a healthy pipeline coming into this year. And as soon as this came down, everything went on hold and then disappeared,” she said.

An additional problem for these owners is that their businesses are more likely to be sole proprietorships, according to Ashley Harrington, senior policy counsel at the Center for Responsible Lending.

“When we’re talking about businesses of color, most of them are very small businesses. So they’re sole proprietorships or they have less than 10 employees or in fact more likely to be a sole proprietorship than any of the other small businesses,” Harrington said.

Ugboajah has six people on her team — and they’re all contractors — making her business one of those one-person sole proprietorships. African American-owned businesses are particularly likely to be one-person firms.

And relationships with banks matter, according to Michael Roth, managing partner at Next Street, which works with local governments on small-business policy.

“Black- and Hispanic-owned businesses, because of their lack of access to capital from banks and financial institutions and friends and family, are far more likely to use personal funds to finance their businesses,” he said. “And generally, that’s run out of personal checking accounts.”

That could be a problem for some businesses in the program, because some banks would loan only to people with business accounts. So owners without those — who were, for example, running their businesses out of their personal accounts — were shut out.

Ugboajah says that if she doesn’t get the funding, it won’t take her business down completely, but it could make life harder.

“The main thing that we’re on the verge of losing is our office space. But, yeah, we won’t go out of business,” she said.

But it has already hurt the contractors who rely on her for income, she added: “One of my team members has taken a job with Amazon, for example. But we’re still pushing to get business in.”

For now, she says, they’re working on a new project: to make sure health information about the coronavirus can reach poor and immigrant communities, as well as communities of color.

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Gateway Pundit News

“Obamagate Makes Watergate Look Small Time” and “Most Corrupt Administration in US History” #Obamagate

Last week the DOJ dropped its case against General Michael Flynn after new evidence revealed the DOJ and Mueller team were withholding Brady evidence in the case.

And on Thursday the DNI and House Intelligence Committee finally released the transcripts of 53 interviews during the Mueller investigation that revealed NOT ONE SINGLE Obama official had evidence or saw evidence that Trump colluded with Russia in any way.

Acting DNI Ric Grenell delivered a second set of documents to the DOJ in a satchel on Thursday that contain even more damning evidence on the Obama deep state corruption.

TRENDING: “There Is Nothing from the CDC I Can Trust!” – Dr. Birx Tells Off CDC Director, Claims COVID-19 Mortality Rate Inflated By as Much as 25%!

Deep State target and former Trump campaign adviser George Papadopoulos announced over the weekend that what comes next “is going to rock the world.

On Monday President Trump went after his predecessor — Barack Obama — for his historic corruption!

President Trump tweeted: “OBAMAGATE makes Watergate look small time!”

And then President Trump unloaded on the former president. “The most corrupt administration in US history.”

And it’s only Monday morning!
This week is going to be lit!
#Obamagate



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Gateway Pundit News

Florida Republican Slams “Snitch Site” Aimed At Reporting Small Businesses

Anthony Sabatini, a freshmen lawmaker in Central Florida, circulated a letter from his office and took to his social media accounts to slam the Department of Business and Professional Regulation (DBPR), for publishing a website that allows Floridians to report businesses for “violating social distancing guidelines.”  Our sources say that the DBPR’s development of the site was a “rogue” action that conflicts with Florida Governor Ron DeSantis’ wish to reopen the state of Florida and get the economy back to historic highs ahead of President Trump’s re-election in 2020.

Sabatini rightfully worries that the website could remain active after the COVID-19 pandemic relents, serving as a “snitch site” that could be weaponized to hurt small businesses in the Sunshine State.

Speaking exclusively to TGP, Sabatini, who also serves in the Florida National Guard and has been viewed as one of the strictest constitutionalist members of the Florida House, called it “typical of government bureaucrats”. During this crisis, Sabatini has been on the front-lines of the legislative fight, but also the emergency response from Florida’s National Guard units.

“Bureaucrats always use a crisis to expand their power and reach — instead of finding ways to help small businesses. They would rather find ways to control and punish them.”

TRENDING: NOW WE KNOW: John Podesta Admits in Testimony Both DNC and Hillary Campaign Split the Cost for Bogus Trump-Russia Dossier That Launched the Coup

Florida isn’t the first state or government agency to publish “snitch sites”, however it might be the first where a department has gone rogue against a governor’s order to reopen the state and help reinvigorate small business.



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News Veterans Today

#UNRIG Video (28:13) VITAL Insights from a Small Farmer on Looming Food & Energy Crisis USA – Veterans Today

J. C. Cole is a small farmer with global experience and a double engineering degree from Lehigh University. In this short interview he SOUNDS THE ALARM on the looming food and energy crisis and ends with specific suggestions for the President of the United States of America — create a small farm advisory council with no suits; invest in small farms; end all government regulations that keep small farmers from reaching the market place, and localize farming everywhere, starting with the East Coast where government regulations have killed the small farmer.

American Heritage Farm Safe Sustainable Farm Concept

Learn more (free reports): Gray Swans @ Phi Beta Iota

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