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Samson Mow On Bitcoin Halving: Brace For Supply Shock, Omega Candle In Sight

Samson Mow, the chief executive at Jan3, recently spoke to Forbes about the latest Bitcoin halving and its potential to catalyze what he refers to as the “Omega candles” – significant price movements that could elevate Bitcoin to the $1 million mark.

According to Mow, halvings ensure a controlled distribution of Bitcoin, maintaining scarcity and value.

The Mechanics Of Halving And Its Market Implications

Samson Mow detailed in the interview with Forbes the mechanics behind Bitcoin halvings—a critical process built into Bitcoin’s framework by its creator, Satoshi Nakamoto.

This mechanism is designed to halve the block rewards given to miners every 210,000 blocks, or approximately every four years, reducing the reward by 50%.

So far, the most recent halving has reduced the reward for mining from 6.25 BTC to 3.125 BTC per mined block. However, initially, miners received 50 BTC per block.

Still, due to the halvings, this amount has decreased over time to manage inflation and extend the mining lifecycle of Bitcoin’s capped supply of 21 million coins. If not for these halvings, the total supply of Bitcoin would have already been mined.

In the same discussion, Mow highlighted the significant impact of newly approved spot-based Bitcoin ETFs, which received SEC approval earlier this year. He believes these ETFs, combined with the reduced block rewards from the halving, could precipitate a “supply shock” in the BTC market.

Mow further speculated on the occurrence of what he calls “Omega candles”—large price movement events in the Bitcoin market.

He noted that even before the recent halving, the daily demand for Bitcoin was significantly outstripping supply, predicting these Omega candles as almost certain events due to their high volatility and substantial price changes.

Mow views these developments as marking the beginning of a new era for Bitcoin, coinciding with its next, or fifth, halving in the coming four years.

Bitcoin Bright Future And Market Performance

Regarding positive sentiment on Bitcoin, Geoff Kendrick of Standard Chartered also supports this bullish outlook, projecting substantial inflows into BTC akin to those experienced by gold with the advent of gold ETFs.

Kendrick suggests that the maturation of the spot ETF market could channel between $50 and $100 billion into BTC.

However, despite the post-halving price not reaching the anticipated heights, BTC has demonstrated resilience and potential for considerable growth. Meanwhile, analysts remain confident, predicting significant long-term value increases.

For instance, Michael Sullivan’s analysis suggests a possible reach of $245,000 by 2029 if BTC maintains a 30% compound annual growth rate, underlining the optimistic projections shared by several market experts.

This optimism is further supported by recent trends, including a 7.1% increase in Bitcoin’s price over the last week, which indicates a possible recovery on the horizon.

Bitcoin (BTC) price chart on TradingView

Featured image from Unsplash, Chart from TradingView

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Quant Price Watch: Crypto Looking At 20% Rally This Week With This Pattern

Quant (QNT) may be one of the lesser known cryptocurrencies compared to Bitcoin, Ethereum, XRP, Cardano and Dogecoin, but is one of those digital assets that is set for a bullish rally over the next few days.

  • Quant’s notches 14.44% seven-day advance
  • The crypto is expected to rise by 20% due to its bullish momentum
  • QNT is outperforming a lot of altcoins after the September bearish market

At press time, tracking from Coincodex shows the crypto is changing hands at $153.63 and is enjoying a 14.44% increase for the past week.

The digital currency attained its all-time high on September 11, 2021 when it traded for $424.43 but has fallen victim into the expected volatility of the crypto space and at one point fell to $40.97.

But armed with resilience, the asset managed to recover and rise to $163.41 (its highest price after its all-time high) and is sitting at a bullish sentiment.

Quant Price Pattern Analysis

Under what is known as the head and shoulder pattern, Quant’s price is looking at an immediate bullish run, potentially once again outperforming other more popular and bigger cryptocurrencies.

Source: TradingView

The asset is coming from an impressive jump from its September value of $86, increasing by as much as 78% to trade at above $150.

There is an observed struggle for the crypto as it tests the $160 level. Bears are attempting to control inflation, contributing to this scenario.

If Quant is successful in breaking the $155 resistance marker, sideline traders will have the opportunity to enter, pushing the asset’s price by 20% all the way to $188.

At that point, said trading price will stand as its new resistance, the lowest of which could be the $160. Meanwhile, support levels for Quant currently stand between $141 and $130.

A Deeper Look At Quant As A Crypto

Quant market capitalization is currently at $1.84 billion. It ranks 32nd overall, 10th in the Ethereum (ERC20) tokens sector and 19th in Layer 1 assets.

During its Initial Coin Offering (ICO) that ended on April 30, 2018, the crypto was priced at $1.51. Since then, it has put together an impressive showing, increasing its value by 101.79% against the U.S. dollar.

Against cryptocurrency leaders Bitcoin and Ethereum, Quant increased its ICO price 48.69x and 51.52x, respectively.

The year 2021 was easily the best for the digital asset, as it recorded a mind-blowing 1,480.25% price increase, from $11.33 to $179. Meanwhile, the year 2019 was the worst for Quant, as it just managed to raise its value to $3.66.

Over the last five years, QNT averaged a yearly growth rate of 511.39%.

QNTUSD trading pair at $151.6 | Featured image from Finance Magnates, Chart: TradingView.com

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EOS Community Revolts Against Brock Pierce’s Block.One, Won’t Pay 67M EOS

EOS and Block.One are back on the news. Is this one positive or negative, though? The EOS Network Foundation, a community-led organization, voted to decouple from Block.One. The ENF alleges that Block.One is no longer working for the benefit of the network. The company that created EOS will not get the 67M EOS that they had coming distributed over the next seven years. Even though the infamous Brock Pierce resigned from the company years ago, this will also affect his finances.

Related Reading | Peter Thiel and Bitmain Invest in Block.one to Support EOS Ecosystem

In The Present, What Does Brock Pierce Have To Do With Block.One?

This might’ve been the last straw. Just last month, Block.one announced that they were selling 45M EOS at a discount to one of Brock Pierce’s ventures.

“Today we are pleased to announce that we have agreed to transfer 45 million EOS tokens to Helios.

Led by Brock Pierce, Helios takes aim at serving the EOS community through several high ambitions, including creating an EOS Venture Capital fund, facilitating the creation of institutional-grade EOS financial products, supporting the creation of infrastructure, tooling and documentation for developers, and organizing community events around education, networking, and use case development.”

A pseudonymous Twitter user that broke the news, analyzed it as follows:

8.The #EOS community worked as one big DAO

A excellent example of democracy through voting and DpoS

The community is now well organized and in possession of hundreds of millions

Watch out for #EOS with the foundation and @EosNFoundation taking the lead

— PrrplFrog (@PrrplFrog) December 8, 2021

He says that “Block.One went in to a deal to sell their vested EOS tokens for a discount to their previous associate Brock Pierce!” And that, to stop this behavior, “The EOS community worked as one big DAO. An excellent example of democracy through voting and DpoS.” Even though the ENF is not a DAO, this might be a good example of how Decentralized Autonomous Organizations should work. However, should a decentralized protocol be so easy to control? Should the EOS Network Foundation be able to roll back a smart contract just like that?

In any case, according to The Block, the company is not yet in control of the 45M EOS they promised Brock Pierce. “Eight million of the tokens were already vested and controlled by Block.one while 37 million are still vesting (meaning they haven’t been released by the network yet).” Is this transaction what the EOS Network Foundation wants to block? 

EOS price chart on Coinbase | Source: EOS/USD on TradingView.com
What Did The EOS Network Foundation Want?

The ENF was negotiating with Block.One. According to The Block, their goal was to “get hold of the EOS network’s intellectual property.” However, one of Block.One’s side projects, an exchange called Bullish, owns the IP. And Block.One “wouldn’t publicly commit to getting the intellectual property back.” What did the company do instead? They announced this:

“In addition to the recently announced Helios transaction, today we are pleased to announce our intentions to offer the following grants of vesting tokens that are intended to be given over time, and subject to our token availability:

  • EOS Network Foundation – 30m EOS

  • Pomelo – 1m EOS

  • EdenOS – 1m EOS”

Related Reading | Cardano CEO Shares “Too Big Too Fast” Insight on EOS CTO Departure

How did the EOS Network Foundation react? They wanted the IP, not tokens. So, they created this proposal, which was approved. The ENF director, Yves La Rose, took to Twitter to declare victory.

“Through a super majority consensus, the EOS network has taken its future in its own hands. This begins a new era for EOS and highlights the power of the blockchain to enable a community to stand up against corporate interests that don’t align with theirs.”

Through a super majority consensus, the EOS network has taken its future in its own hands. This begins a new era for #EOS and highlights the power of the blockchain to enable a community to stand up against corporate interests that don’t align with theirs. https://t.co/8l62MBG67C

— Yves La Rose (@EosNFoundation) December 8, 2021

The community spoke. They will roll back the contract and block the 67M EOS that Block.One had coming. Where does that put them regarding the EOS network’s intellectual property? Does the ENF have any chance of getting that IP now?

Featured Image by Valentin Salja on Unsplash | Charts by TradingView