Bitcoin (BTC) holders have to accumulate “not long” before the bull run extends beyond $20,000, a recent report says.
The Weekly Survey of Asian crypto fund provider Stack Funds, published on Dec. 10, forecasts that one predictor would follow historical precedent in particular and catapult Bitcoin higher.
The market cap to thermo cap ratio (MCTC) shows signs of repeating its success in 2017, the year in which BTC/USD went from below $1,000 to $19,866 on Coinbase, according to Slack.
MCTC is around 17 so far this week, mimicking mid-2017 and lingering in a position from which it has heralded the launch of a bull market twice.
The ratio is currently at the stage of 17, which corresponds with its highest in 2019. Furthermore the valuation is adjacent to its 2017 breakout, where it whipsawed some 20 handles before the recovery in Bitcoin materialized, the report said.
There is thus considerable room for maneuvering upwards in its current position, which allows Stack to assume that bullish momentum will begin shortly.
It is reported, that over 100 firms and organizations have joined a new blockchain association for the promotion of technology adoption across the EU. Among them are such firms as SWIFT, IBM and Ripple. According to the report, a EU initiative, the new group INATBA has been created as a “global multi-stakeholder forum” in order to attract developers and users of blockchain technology to promote mainstream adoption across multiple sectors.
It is reported, that South Korean Internet company Kakao Corp has collaborated with an Ireland-based ticketing startup Festy, for development of a blockchain-based payment system. According to the report, this partnership agreement will be focused on using the former’s blockchain platform technology Klaytn for a blockchain-based payment system and for analytics applications with Irish startup Festy.
It is reported, that the blockchain consensus algorithm and P2P networking protocol Tendermint has raised $9 mln in a Series A investment round, which was led by cryptocurrency investment company Paradigm. According to the report, some of the raised funds might be used for the Cosmos Network and its ecosystem further development.
According to the announcement, the major real estate company in the UAE , Emaar, is planning on launching a token and is also considering holding an ICO in Europe. It is reported, that token development will be made by Swiss blockchain startup Lykke, and will allow Emaar’s customers and stakeholders to access the referral and loyalty system throughout the company.
Mr. Exchange and Tokyo GateWay platforms will have to return their customers’ fiat and cryptocurrency funds and cease trading, after they both failed to prove their security credentials to the Financial Services Authority (FSA). Japan’s financial services regulator continue their checks on the exchange industry, in light of recent Coincheck’s $530 mln hack.