Well-recognized cryptocurrency technical analyst and trade Alex Krüger has made three important predictions with respect to the BTC price movements. Krüger said that the arrival of ICE’s Bakkt platform will be the major trigger for the BTC price recovery by end of 2018 and almost during the first quarter of 2019.
On the other hand, he also went to say that the rejection of CBOE bitcoin ETF could possibly lead to a crash in the bitcoin price. However, in the worst case scenario, bitcoin can go to as low as $4000. Here’s what Krüger tweeted as bitcoin celebrated its on 31st October.
Possible outlook for :
#1 Bull run on BAAKT & renewed ETF approval narrative early 2019
#2 ETF denied Feb/27, massive crash, goodbye 6k, hello 4k, cleanse all weak hands
#3 Halvening 2020 narrative and re-adjustments lead to sustained bull run for the rest of 2019 & 2020
— Alex Krüger 🇦🇷 (@Crypto_Macro)
Let’s have a look into why are these two events so important for the bitcoin’s next leg of its journey.
The Euphoria Surrounding the Arrival of Bakkt
NYSE parent – Intercontinental Exchange (ICE) the launch of Bakkt platform, in early August 2018. This was the biggest stamp on the reports of growing institutional involvement in the cryptocurrency space. With the Bakkt platform, ICE aims to make it absolutely easy for crypto enthusiasts to buy, sell and important spend their crypto assets in everyday life.
The Bakkt ecosystem will facilitate participation from all – retail traders as well as institutional players. Moreover, the Bakkt platform will be completely regulated. It means that it will list all crypto products compliant with the U.S. regulations. Additionally, it will satisfy the institutional requirement of a safe, secure and trusted platform.
Most importantly, big business corporations like Microsoft, BCG, and Starbucks have pledged their support to Bakkt. Also, Bakkt is likely to launch its physically-settled by December 2018. Hence global crypto investors have pinned high hopes to the arrival of Bakkt.
Huge Expectations of the CBOE bitcoin ETF Arrival
Well, bitcoin ETFs and the U.S. regulatory agencies, especially the SEC, has shared a hostile relation for quite some time. The SEC has been rejecting a number of bitcoin ETFs in the past citing that the products as still not ready to handle crypto market manipulations.
However, investors have pinned-up high hopes from the filed by VanEck and SolidX. These ETFs were filed recently in June and takes into considerations all the SEC observations of the past. Many experts believe that the CBOE bitcoin ETF will arrive by March 2019.
Moreover, the launch of Bakkt bitcoin Futures will give the CBOE bitcoin ETF a strong platform. This is because the ETF is tied to the bitcoin futures movements and liquidity. Krüger says that the arrival of Bakkt futures contracts by the end of 2018 will play a big role.
First that it will bring a renewed optimism among bitcoin investors which can lead to a huge price pullback. Second is that the ETF arrival in March will carry forward this optimism that will help to continue with the price rally ahead.
If things actually fall in place, we can also see a huge inrush of institutional money in the crypto space that is long been awaited. A much recent already suggests that institutional money inflow in the crypto market is on a gradual increase.
On Thursday, Nov. 1, a group of bitcoin Cash (BCH) proponents who call themselves the Professional Stress Test Team, performed a network stress test on the BCH chain. During the course of the day, the BCH network saw over 733,000 transactions and a 14MB block that cleared 73,000 transactions in one fell swoop.
Also read:
bitcoin Cash Network Shrugs Off Another Stress Test
The bitcoin Cash Professional Stress Test Team wrapped up another 24 hours of sending thousands of transactions and recording all the data on Nov. 1. According to the team’s the group constructed a transaction fan-out tool they called the DoW, which includes seven full nodes using three of the most popular bitcoin clients — bitcoin Unlimited, ABC, and SV. Full node implementations for the stress test were dispersed around the world in the U.S., Finland, Belgium, and Hong Kong. When the stress test began, the BCH was added to the DoW’s UTXO management system, which split the transactions into multiple UTXOs that ranged in value between 15,000 to 15,000,000 satoshis.
BCH transactions (tx) historical view shows 733,782 tx processed on Nov. 1, 2018.
Following this step, the UTXOs were held in a Walker process, a method that fans out the transactions and splits them into 20 to 2,900 new UTXOs. Each Walker process waits for the fan-outs to be confirmed on the BCH chain before starting again. Loading the Walkers is a manual process, the team detailed, and the group is in the midst of creating an automated loader. The way the stress test method is currently done is quite “time-consuming” and leads to a “delay in activation of all Walkers.” During the first phase of the test, the team experienced multiple Walker failures and random delays. “Nodes running bitcoin Unlimited did not experience failures of this kind, while the bitcoin SV (which still has the delay in place) and bitcoin ABC nodes all failed to varying degrees,” explained the team. The stress testers continued by stating:
After the first 140,000 transactions were sent, the team spent some time making an analysis of what the issues were, and re-gathering UTXOs from failed walkers, and re-started the test.
The Outcome: A Cleared Mempool, Big Blocks, and 1/10th of a US Penny Per Transaction
“At this point, a further test was begun with a large number of small UTXOs resulting in the following: As can be seen, from 5.44pm to 5.53pm approximately 66,000 transactions were sent onto the network, or a rate of approximately 122 per minute. This culminated in a 10MB block which emptied the Mempool.”
At the end of the day, the team finished up the stress test with the final blast, utilizing all the remaining funds from the failed transactions left in the wallet. The developers detailed that this test was the “most optimized in terms of success rate” and there was a much lower failure rate this time around (less than 0.2 percent transaction failure). According to 24-hour statistics, the BCH chain processed during the course of the Nov. 1 stress test. The stress test organization also plans on assembling a large-scale test on Nov. 17, after the proposed network hard fork two days prior.
The group emphasized they were pleased with the DoW’s performance but they expect to be ready to handle a lot more capacity on Nov. 10. At that time the team expects to send 250-300 transactions per second onto the BCH network within a 1-hour time span. “This rate will need to be sustained indefinitely (24 hours at least) to achieve the goals laid out in the Professional Stress Test roadmap, and we look forward to delivering on this promise,” the stress testers conclude.
The Nov. 1 stress test was smaller than and the of testing that followed. However, there were some notable achievements this Thursday, with block 554751 being the largest block mined during the day. The processed held 73,000 transactions and the miner earned 0.14320561BCH in fees. Another block mined by the operation SV-Pool, processed a with over 44,000 transactions. Just like last September, even though there were hundreds of thousands of transactions sent that day, the mempool (transaction queue) was cleared quite easily and network fees the entire day.
What do you think about the Nov. 1 stress test and the data that was found? Do you like to see network stress tests? Let us know what you think about this subject in the comments section below.
Images via Shutterstock, Pixabay, and the ‘Taste Test Report.’
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