Bitcoin price has turned a corner today in mid-week trading, after sellers failed to push through to the all-important USD 8,500 support line, bouncing off mildly to trade ever so higher as price improves almost 1% at USD 8,735 at 1:45 pm UTC (CoinDesk).
Long traders will certainly be breathing a bit easier after yesterday’s sell offs threatened to bring more bearish sentiment, although the market does seem to be entering into another period of low volatility and low volume, as Bitcoin once more looks for certainty in the medium term direction.
Altcoins, perhaps also surprisingly, did not retract from their positions in Bitcoin’s slight recovery, despite impressing as Bitcoin price declined in the past days. This time, they chose to go along with the world’s most-traded digital asset and showed almost all valuation increases of around 1% in the Top 30. Coins that outperformed significantly were NEO (6.34%), QTUM (4.35%) and TRX (3.14%), while even DOGE showed some teeth with a 2.86% increase.
Now that the crypto influencers sense the end of the year coming, and with 2020 bringing new dawns full of promise for bullish action, renowned venture capitalist Tim Draper has named Bitcoin’s second layer solution Lightning Networks as the precursor to a price exceeding millions of dollars after 2022, thanks to users being able to make easier, cheaper and faster transactions using Bitcoin.
🔥 Tim Draper’s 2022 prediction 🔥
— Tippin (@tippin_me) November 12, 2019
Draper had been speaking during a Q&A session in blockchain jurisdiction Malta, which held its annual AI and Blockchain Summit, and in fact was even more bullish than ever before, saying that his belief in a USD 250,000 Bitcoin could even come true in three years. He said:
“I think Bitcoin payment processors are really going to open the floodgates. It’s because of Lightning Network and OpenNode and maybe others that are allowing us to spend Bitcoin very freely and quickly, so that it’s not just a store of value but it can be used for micropayments; it can be used for retail, it can be used all over.”
Of course, Lightning itself is not a payment processor and is not exclusive to Bitcoin, but its main development and adoption have been within the Bitcoin circle, with the technology able to result in almost instant and very cheap transactions. This is because everything happens in a channel between nodes, with only the opening and closing of the channels requiring actual transactions on chain.
This means fees as low as 1 satoshi or even less (less than a 100th of a cent at today’s prices) for every transaction, making micropayments absolutely possible for Bitcoin.
Draper is one of the least shy when it comes to saying his mind about Bitcoin, and yet he isn’t the most optimistic about price, with BTCC co-founder Bobby Lee a week earlier saying Bitcoin could be worth even twice Draper’s prediction in the same time frame.
Apparently, even a quarter million dollars is conservative, according to Draper, who expects Bitcoin to trigger geopolitical revolutions.
Meanwhile, Telegram has requested to dismiss a lawsuit brought against the messaging app by the US Securities and Exchange Commission (SEC). In a filing today to the New York Southern District Court, Telegram says that the SEC had not been just in its criticisms of the company
Telegram had previously been chided by the SEC for having sold unregistered securities during its ICO, which raised more than USD 1.7 billion 18 months ago. The messaging app, after this, offered investors a refund of money paid to them. This offer was rejected, so the plan now is to distribute GRAM to participants of the ICO.
The new filing today says:
“…Plaintiff [SEC] has engaged in improper ‘regulation by enforcement’ in this nascent area of the law, failed to provide clear guidance and fair notice of its views as to what conduct constitutes a violation of the federal securities laws, and has now adopted an ad hoc legal position that is contrary to judicial precedent and the publicly expressed views of its own high-ranking officials.”
It remains to be seen what will come out of this latest development in the Telegram vs SEC case, but the regulator isn’t caught up with this case alone, as it has also locked horns with Canadian messaging app Kik and its USD 100 million ICO two years ago.
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