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Bitcoin Press Release: Leading crypto betting site 1xBit is hosting a new live casino tournament called DEAL OR NO DEAL which will run from January 26th to February 25th, 2020. January 26th 2021, Limassol, Cyprus – Leading crypto casino 1xBit strikes again with another live tournament, DEAL OR NO DEAL. The biggest 1xBit tournament yet in 2021, with the best of excitement and rewards, all packed in one fun competition. Are you looking forward to a great challenge? Do you have what it takes to participate, as the tournament gathers the best gamers? Well, here is your chance. DEAL OR NO DEAL Tournament The DEAL OR NO DEAL live casino tournament will run from January 26th until February 25th. Gaming titans are competing for some mouth-watering rewards as they prove their gaming prowess in the big tournament. It will be an exhilarating experience for everyone, as participants play fun games, and the best of the best get rewarded with huge prizes from 1xBit casino. How To Enter Do you want to be part of the fun and win big? All you have to do is just play at any Evolution Gaming and Live Casino Vivo Game and win! The battle of gamers will bring you exquisite emotions and the chance to win prizes from the largest prize fund that 1xBit has ever given in a tournament like this. Tournament Prizes The noteworthy prize fund is 450mBTC, and the first place gets the biggest chunk of it. But here’s the greatest thing about it. The rich winnings in the tournament is not the only thing that 1xBit offers for its users. Apart from joining the tournament and winning big, 1xBit also has a lot of goodies in store for you upon signing up on its website. 7 BTC Welcome Bonus First, the online casino offers newcomers 7 BTC welcome bonuses for their first 4 deposits. If you are a VIP person, there is an 11% cashback for you to enjoy when you play on 1xBit. Moreover, there are a variety of cryptocurrencies for you to choose from. More than 25 cryptocurrencies are currently listed, and you can choose your favorite ones to bet with. Win Anonymously On 200+ Live Casino Games On 1xBit, users’ privacy is taken very seriously, meaning that they don’t have to worry as the online casino is 100% anonymous. You can easily sign up with as little information as possible in just seconds, and you are good to go. There is a wide variety of games with over 200 live casino games, including Live Baccarat, Live Blackjack, Live Jackpot, Live Poker, Live Roulette, Live Sicbo, Live Monopoly, Live Over/Under, Live Deal or no deal, Live Dice. What’s more? Withdrawal from 1xBit is completely free, which means that all your rewards are yours. The tournament goes live in a few days, and gamers are on the race to win the big rewards that await only the best. To have a chance at winning big head to Evolution Gaming and Live Casino Vivo Game today. For more information about 1xBit, please visit – https://1xbit.com/ Check out the official 1xBit blog for the latest articles – https://1xbit.com/blog/ Media Contact Details Contact name: Anastasia Semenova Email: marketing@1x-bit.com 1xBit is the source of this content. This Press Release is for informational purposes only. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all. The post 1xBit Introduces New Live Casino Tournament DEAL OR NO DEAL appeared first on NullTX. via NullTX https://ift.tt/36dstLU Bitcoin’s price correction from its record high of approx $42,000 in early January appears eerily similar to that of spot gold in August 2020. In retrospect, the precious metal rallied to its all-time high of $2,075.28 on January 8. Its wild move upward prompted traders to secure profits. As a result, the XAU/USD exchange rate started correcting lower in the later sessions. The pair formed a support area between $1,847-1,863, which it eventually broke in late November, falling to as low as $1,764. 
Spot gold broke bearish on its descending triangle pattern, only to reclaim its support level less than a week later. Source: XAUUSD on TradingView.com Gold-Bitcoin SimilarityMarc Principato, the executive director of digitally-operated Green Bridge Investing, highlighted gold’s growing influence over the Bitcoin market in a note published Sunday. Just like the precious metal, the flagship cryptocurrency formed a consolidating descending channel pattern after forming its record high, leading Mr. Principato to envision BTC/USD at $27,500.
Bitcoin is halfway copying gold price’s moves between August and December. Source: BTCUSD on TradingView.com So it appears, Bitcoin came halfway across copying the gold market’s moves from 2020. The cryptocurrency now tests the $30,774-30,188 area for a potential breakdown towards the downside support target. Apprehensively, that level could be near $27,700 or $23,500.
“There is a failed low formation in play on the daily time frame while at the same time a new sell signal is about to confirm. As long as 27.5 continues to hold, probability favors an eventual bullish break out in the short term. This can take place over the next week or two,” he added. The analogy appeared reminiscent of gold’s rebound after hitting $1,764 in November. As the precious metal moved back upwards, it reclaimed the $1,847-1,863 area as support and went on to hit sessional highs near $1,959. Nevertheless, it is now consolidating inside the same range. Bitcoin draws major comparisons from gold for its safe-haven, anti-inflation, and anti-fiat narratives. Many analysts, including strategists at JPMorgan and Guggenheim Partners, believe the cryptocurrency would mousetrap a portion of gold’s market in the future due to its demand among millennials. Originally from Bitcoinist.com https://ift.tt/3iMwvj4 In the last year, decentralized finance (DeFi) has gone from being a relatively unexplored crypto niche to a bustling industry filled with a diverse array of protocols and tools that offer new services and opportunities to users. As it stands, the vast majority of DeFi applications are built on the Ethereum blockchain, due to its popularity among decentralized application (dApp) developers and significant pre-existing user-base. However, this sudden growth of DeFi on Ethereum has pushed the blockchain to its limits, leading to transaction delays and inordinately high fees — making many Ethereum DeFi platforms simply unusable to regular users. Because of this, a large number of developers are now opting to build their DeFi applications on Polkadot, and are looking to take advantage of its unique properties to offer experiences that haven’t yet been possible on other blockchains. As an interoperable blockchain platform capable of bridging together the diverse array of blockchains currently operating, Polkadot has proven itself to be a promising solution to a range of challenges faced by developers and users today. Here’s a look at why it’s got DeFi developers’ hopes soaring in 2021. Major TractionDespite launching its mainnet in just mid-2020, Polkadot has seen incredible uptake among investors and developers. As a result, it has already exploded into the top five cryptocurrencies by market capitalization, and recently achieved a peak market capitalization of over $17 billion — leapfrogging XRP to secure the position of 4th largest cryptocurrency.
Image: Polkaprojects The potential and capabilities of the Polkadot blockchain have already been recognized by almost 350 projects which are already building on the platform — including dozens of DeFi solutions. Polkadot is now home to several of the most promising DeFi platforms, including: CloverClover is an upcoming Polkadot parachain and all-in-one open DeFi platform that allows developers to easily deploy their dApps on Polkadot and leverage its unique properties to create DeFi solutions that were previously only available on Ethereum. Backed by leading exchange platform Bithumb Global, Clover Finance is set to provide an open, modular framework developers can easily use for building their applications on Polkadot, drastically lowering the barrier to entry to building on the platform.
SeascapeSeascape is a recently announced Substrate-based game platform that makes it easy for developers to launch their own blockchain-powered games while leveraging some of Seascape’s unique features It can be used to incorporate powerful blockchain and DeFi elements — such as NFTs, CDPs, and yield-farming — into gaming applications, and features a unique reward token known as Crowns which is used to reward those who interact with the Seascape ecosystem. AcalaWhile Acala is well-known within the Polkadot ecosystem for offering its first native stablecoin (aUSD), the team behind the project are insistent on not being pigeonholed. Acala is on a mission to become a hub for defi through its stablecoin platform, ultimately supporting the foundation for liquidity on multiple blockchains, whether that is within or outside of Polkadot. While Acala is still in its early development stage, it will provide more functionality than most stablecoins once the project is officially on the mainnet. The platform will offer tools for borrowing, lending, earning interest, and of course governance voting power. In the meantime, Acala’s ‘bizarro’ counterpart Karura, is inching towards a launch on the Kusama canary network. Experts are hopeful that Acala will officially go live on the Polkadot mainnet in 2021. Why It’s So PopularPolkadot is built on a novel blockchain framework known as Substrate, which is widely regarded as being simple to build on, thanks to the dozens of composable modules that blockchain architects can use for building their solutions. It uses a combination of the relay chain (Polkadot’s main chain), parachains, and bridges to connect the blockchain ecosystem into a cohesive, interoperable unit.
Developed by Parity Labs, Substrate is completely open-source, allowing developers to build on, ensuring builders can create their decentralized applications for the Polkadot blockchain with even limited budgets. Substrate imbues Polkadot with a range of features that make it the ideal platform for building DeFi solutions on, including: Speed: Polkadot has a block time of just six seconds and most transactions are considered final after less than a minute. This makes it ideal for building applications where speed is critical — like decentralized exchange (DEX) platforms. Scalability: Polkadot can currently handle more than 1,000 transactions per second (tps), compared to just ~25 tps for Ethereum at its peak under ideal conditions. According to Polkadot’s founder Gavin Wood, this could eventually reach as high as 1 million tps, with the use of sharding and optimized parachains. Interoperability: Arguably Polkadot’s biggest advantage is its interoperability. This means applications built on Polkadot and its parachains can easily interact with those on other blockchains (including Ethereum). Producing the first interoperable DeFi ecosystem. Taken together, these features, and the breakneck pace of Polkadot’s development have positioned it as a potential launchpad for the future of not just DeFi — but potentially the crypto industry as a whole.
Originally from Bitcoinist.com https://ift.tt/3cagIJE Investing in crypto can be rewarding but also incredibly stressful — especially when things aren’t going too well. At the time of writing, Bitcoin is down over 20% in the past week after an incredible run. It’s fair to say that things can be… up and down. So it’s a good idea to take the stress off one’s shoulders. Let’s call it ‘investor delegation.’ Some are investing in things like Grayscale, and letting institutions do the investing for them. Others are varying their portfolios. But there’s another way: recurring buys. What are recurring buys?Quite simply, recurring buys are repeated, automatic purchases of cryptocurrency. By using dollar-cost-averaging (DCA) — investing a fixed amount of cash at regular time intervals, used commonly by investors — investing can be less risky. And it’s a good way of avoiding price fluctuation. Recurring buys use DCA to automatically carry out trades. Japanese crypto exchange, biFlyer, now has an option to make this all happen for investors; a program essentially does all the work.
Daily, weekly, monthly, or semi-monthly cryptocurrency purchases, can be set up to build a long-term crypto portfolio. Why should I do it?Investing in cryptocurrency involves a lot of thinking. The idea is that stressful decisions are taken out of the hands of the investor as investing in crypto involves a lot of thinking. With recurring buys, you can put the stressful decisions into the hands of a computer that knows the market. It will likely make your investment more profitable, too. With DCA, the idea is that the overall volatility of the target asset is reduced. As the price of crypto varies each time a periodic investment is made, it’s not as likely to be as volatile. But a badly timed, a big investment is more likely to get you into trouble.
Originally from Bitcoinist.com https://ift.tt/2Yek9qF An overnight sell-off in the Bitcoin market Monday brought its prices down from an intraday high of $34,888 to as low as $31,435. The approx 10 percent decline occurred as traders’ anxieties mounted over a JPMorgan report that cast doubts over Bitcoin’s potential to retest $40,000. According to Nikolaos Panigirtzoglou, the lead strategist at JPMorgan & Chase, one of the major catalysts behind Bitcoin’s supersonic rally was the Grayscale Bitcoin Trust, which amassed about $20 billion worth of BTC during its 1,000 percent price rally. Nevertheless, the last couple of weeks saw a decline in the New York fund—of about 22 percent—that surpassed Bitcoin’s very own downside correction of 17 percent. Mr. Panigirtzoglou added that a drop in Grayscale’s accumulation spree might hinder Bitcoin’s attempt to reclaim $40,000 or the levels above it, adding that “the near-term balance of risks is still skewed to the downside.” Bitcoin Descending TriangleThe bearish fundamental risked activating a classic bearish reversal pattern that has emerged on the Bitcoin charts lately. The BTC/USD exchange rate has been forming a sequence of higher lows on repeated upside rejections while holding its footing at a horizontal support area. The pattern appears like a Descending Triangle. 
Bitcoin’s Descending Triangle pattern risks crashing price to near $20,000. Source: BTCUSD on TradingView.com In retrospect, a Descending Triangle’s formation in an uptrend points to a reversal. Most traders look to open a short position following a high-volumed breakdown from the pattern’s lower trendline support. Typically, the price target is as much as the Triangle’s maximum height. In Bitcoin’s case, it is more than $11,000 that puts the cryptocurrency at risk of slipping below $20,000. Nevertheless, certain adjustments to the support trendline change the entire bearish setup by turning Descending Triangle into a Bull Pennant. 
Bitcoin’s Bull Pennant setup expects the price to surge by another $20,000. Source: BTCUSD on TradingView.com So it appears, Bitcoin has simultaneously formed lower highs alongside the higher lows, forming a Symmetrical Triangle in an uptrend. In retrospect, it is a bullish continuation pattern that could have traders open long positions following a high-volume breakout above the Triangle resistance trendline. The Pennant’s upside target is as high as the flagpole formed before it (~$20,000). That puts Bitcoin en route to at least $50,000 should the bullish bias sustain. Bullish FundamentalsFundamentals that could trigger Bitcoin’s Bull Pennant include the US coronavirus stimulus, the Federal Reserve’s pro-inflation policies, and a bearish outlook for the US dollar. That has prompted many corporations and investors to seek hedge in Bitcoin due to its similarities with safe-haven gold.
BTC/USD was trading above $32,000 at the time of this writing. Originally from Bitcoinist.com https://ift.tt/39igK0v
Bitcoin and the entire cryptocurrency market have been caught within the throes of an immense bout of volatility as of late. Just last week, the entire market saw an immense selloff that caused Bitcoin and all altcoins alike to erase weeks of gains. BTC plummeted as low as $28,000 while ETH tapped $1,000. The “v-shaped” recovery set after these lows were visited appears to have been exactly what BTC needed to see a continuation of its macro uptrend. One trader has called the price action seen at the crypto’s recent lows a “dream scenario” that could send Bitcoin flying up to new highs in the weeks to come. Bitcoin Shows Signs of Strength as Bulls Take ControlAt the time of writing, Bitcoin is trading up just over 7% at its current price of $34,700. This marks a massive rally from its recent lows of just over $28,000 set last Thursday. The entire market is growing stronger, with Ethereum seeing a parabolic surge yesterday while many DeFi altcoins set fresh all-time highs that are multiples of their previous highs. Analyst: BTC Price Action a “Dream Scenario” for BullsAlthough the recent consolidation and underperformance of altcoins was annoying for Bitcoin bulls, one analyst believes that it couldn’t have been any more perfect for setting BTC up for a massive move higher.
Image Courtesy of George. Source: BTCUSD on TradingView. Unless Bitcoin faces a flurry of selling pressure that reverses its ongoing ascent, there’s a strong possibility that it is about to see its next leg higher. Featured image from Unsplash. Charts from TradingView. Originally from Bitcoinist.com https://ift.tt/3iLKs0H The new US Treasury Secretary Janet Yellen’s recent negative comments about Bitcoin and crypto have revolved around alleged “illicit use.” However, data from a top blockchain analysis firm claims that under 1% of all cryptocurrency transactions are related to criminal activity. Here’s why the former Federal Reserve Chair’s assumptions about the digital asset class are way off base. Under 1% of Crypto Transactions Are Tied To Illicit UseBitcoin is an asset and currency unlike anything else that existed before it. The futuristic technology and lack of tangible, real-world presence makes many uncomfortable with and skeptical of cryptocurrencies. Early on, Bitcoin got its start as a currency on the Silk Road dark web marketplace, where it was exchanged for drugs, explosives, weapons, and other illegal goods. Since then, Bitcoin has matured as a financial asset, it has fallen out of favor as the cryptocurrency of choice on the dark web, and firms have become increasingly accurate when it comes to tracing BTC transactions back to its origins. One of these firms, Chainalysis, has become so effective at examining blockchain data at tying addresses to potential owners, several branches of the Unites States government including the IRS and the Justice Department, have contracted the company to provide more information about crypto assets and related transaction data. RELATED READING | MILESTONE: BITCOIN INCHES CLOSER TO ACHIEVING $10 TRILLION IN VALUE TRANSFERRED The firm recently unveiled some of its findings of an investigation into cryptocurrency crime. According to Chainalysis, the number of criminal crypto transactions has fallen to just 0.34%. Bitcoin alone is nearing $10 trillion in value transferred, so even though 0.34% isn’t something that should be ignored, it does prove that the first ever cryptocurrency isn’t the hotbed of “illicit use” that US Treasury Secretary is presenting it as. Yellen says that Bitcoin needs to be “curtailed” and is currently considering stricter regulation. Her comments were enough to take the momentum out of the cryptocurrency’s recent rally, which began to surface shortly after the asset’s former all-time high was taken out.
Bitcoin's "illicit use" has been the target of US Treasury Secretary Janet Yellen since a new ATH was set | Source: BTCUSD on TradingView.com Why Bitcoin Is Falling Out Of Favor In Criminal CirclesYellen is only beginning her term as Treasury Secretary, and her stance on crypto could have lasting implications on the budding financial technology. It’s also not all sunshine and roses when it comes to crypto crime data. Chainalysis claims that ransomware attacks have increase three-fold year-over-year, due to work-from-home businesses being more vulnerable to such attacks. RELATED READING | IMF SURVEY OVERWHELMINGLY SUPPORTS BITCOIN AS “MONEY” Even then, however, Bitcoin continues to fall out of favor overall due to its popularity with regulators and high market cap. Cyber criminals launching ransomware attacks typically rely on Monero, a privacy-focused altcoin. Monero also is now the payment currency of choice on The White House Market on the dark web, and many others are following that lead. The consensus amongst criminals these days is that Bitcoin now leaves too much of a paper trail that the government now has tools to follow. As more criminals realize this, and government agencies become more adept at finding them, illicit usage in everything but privacy coins should continue to decline. Perhaps then, regulators will finally see the value in digital ledger technology. Featured image from Deposit Photos, Charts from TradingView.com Originally from Bitcoinist.com https://ift.tt/39fD6iS Following the tumultuous last couple of days that saw Bitcoin plunge to lows of $28,950, the market as a whole has proceeded to make a swift recovery, with a vast majority of the top-10 cryptos once again sitting in the green. And while that may be a regular day in the office for most crypto investors, an increasing number of analysts have been issuing warnings for individuals to brace for impact as the coming few weeks and months could see an increased amount of volatility. Despite all of the sell-offs and volatility that was witnessed over the last week, data available online clearly shows that the number of addresses with 1,000 or more bitcoin (referred to as “whales” in the crypto world) has continued to increase. This “buy-the-dip” strategy is not uncommon and has traditionally been used by investors across markets. However, this time around, with the introduction of institutional players into the digital asset sector, such consolidation-centric activities have increased substantially, resulting in continuous fluctuations in the price of most cryptos. It’s Bitcoin’s reign but is there a new sheriff in town?There is no denying that Bitcoin is the clear OG of the crypto world, as is probably best highlighted by the fact that the flagship digital asset has been able to pique the interest of many prominent traditional financial institutions – such as Microstrategy, BlackRock, Grayscale – over the last year or so. Not only that, in recent months, a number of banks and venture capital funds like JP Morgan, Raiffeisen, Pantera Capital have projected BTC to scale past beyond the $100k mark with ease, indirectly indicating their growing confidence in this yet-nascent asset class. That being said, it seems as though with each passing day Ethereum, the second-largest cryptocurrency by total market capitalization, is fast showcasing signs of decoupling from Bitcoin. In this regard, a report released by leading crypto exchange Bybit indicates that between 14-20 Jan, the price of Ether outperformed Bitcoin by posting a 35% growth, which has historically never been witnessed. On a more technical note, when Ether hit its all-time high of $1,440 on Jan. 19, its market dominance rose up to a relative high of 15.65%, levels that were last witnessed back in 2018, when the ICO bubble was in full bloom. Ethereum surpassing Bitcoin a fanciful projection or imminent reality?It is no secret that the DeFi boom of 2020 occurred in large part due to the technological capabilities afforded by the Ethereum ecosystem to developers all over the world. This is probably best highlighted by the fact that 29 of the top 30 Decentralized Finance platforms have been built atop the Ether network. Furthermore, the total locked volume (TVL) across various DeFi platforms currently stands at a whopping $23+ billion, which is quite impressive, especially when considering that a majority of crypto investors are still only beginning to learn about DeFi.
Not only that, the daily trading volume on the Ethereum network is estimated to be nearly 30% higher than that of Bitcoin, with the number most likely to rise especially with the launch of the Beacon Network that currently has around $3 billion locked in staking pools. Alt-season is coming to an exchange near youIn addition to Ethererum exhibiting sizeable returns during this ongoing bull season, a number of investors seem to have been grossly overlooking the fact that a number of other altcoins too have incurred some serious gains in recent months. According to Bybit, between Dec 1 – Jan 17, a number of prominent alts like Decred (DCR), Dogecoin (DOGE), Cardano (ADA) have exhibited gains of 126%, 175%, and 146% respectively when compared with BTC’s value surge of 91% during the aforementioned time window.
Altcoin gains compared with Bitcoin (source: Coin Metrics) Lastly, a number of other assets like Litecoin (LTC), ChainLink (LINK), Stellar (XLM), Bitcoin Cash (BCH) too have showcased sizable growth in recent months, with each of these tokens gaining more than 65% in value. What’s interesting here is that unlike the altcoin boom of 2017, where most currencies simply gained traction because of the hype surrounding them, this time around the growth of most tokens is being driven by innovation and real-life use cases. Altcoins that seem primed to succeed in 2021While Ether is a no-brain addition to the list of alts primed for success in 2021, individuals looking to diversify their portfolios can potentially explore a host of other use-case driven projects to maximize their gains in 2021. For example, Chainlink is a project that is looking to decentralize the internet by allowing smart contracts to be deployed in relation to a host of real-world applications. Its utility has helped drive the price of its LINK significantly, so much so that the currency is now in the list of top-10 cryptos by total market capitalization. Not only that, it should be pointed out that over the course of the past year, the currency has exhibited gains of over 700%. Similarly, PolkaDot is a project that is looking to tackle the issue of blockchain interoperability, regardless of a platform’s features or its status as a private or public chain. Its innovative design and amazing technological proposition have helped push DOT to the fourth spot on the top-10 list of cryptos within a span of just six months. Some of the other altcoins that seek to tackle real issues plaguing the crypto sector and therefore may be worth considering as long term investment vehicles include Cardano (ADA), Tezos (XTZ), Tron (TRX), Synthetic Network Token (SNX), VeChain (VET) and EOS (EOS).
Originally from Bitcoinist.com https://ift.tt/3phG0JL Yes, we’re in a bull run but investing in crypto isn’t always easy — it can be damn right stressful. Even if things are going well, you can become obsessed (does checking your bitcoin balance every half an hour sound familiar?) But there are a few ways to take the emotion out of investing. Not least by delegating: that is, putting decisions and processes in the hands of others so you can go about with your day — and not worry about those sudden price crashes that make the cryptocurrency industry so fun. Never Invest More Into Bitcoin Than you Can Afford to LoseThis one may sound obvious but it needs reiterating, especially in a bull run. When people think they can make a lot of money, they do crazy things — like take out mortgages to buy Bitcoin. But this is unwise and can cause unnecessary stress. Therefore, it’s best to only put in what you can afford to lose. Money that could otherwise be used for emergencies will be at risk and this will dramatically put you in a high-stress zone. Whether it’s Bitcoin, Ethereum or Tesla stocks — never invest more than you can afford to use. Consistent Recurring Buys of BitcoinThis is an interesting one that can take the pressure off tremendously. As timing the market can be very hard (knowing when to buy and sell), a cryptocurrency exchange has come up with a solution; recurring buys. bitFlyer USA launched recurring buys on their platform to give those interested a chance to keep stacking their satoshi’s.
It takes the edge off by using dollar-cost-averaging (DCA) to invest a fixed amount at regular intervals — for example, $50 a week. The automated programming allows investors to let their portfolios grow over time and not have to worry about making stressful decisions. Don’t Borrow To Buy BitcoinLike not investing more than you can afford to lose, this is also one to avoid like the plague. Taking on a debt to possibly have an even bigger debt is a bad idea. And we all know that crypto can be volatile. Sure, borrowing greatly increases your gains when you win, but it also amplifies your losses if you lose. It’s not worth it — even in the long-term, taxes and interest can be costly and the risk is too high. Vary From Bitcoin into Other CryptocurrenciesThis can make things less stressful, too. By having a varied portfolio, you will minimize risk. Risk can be spread along Bitcoin, Ethereum and Polkadot, for example, rather than just putting all your eggs in one basket with, say, Bitcoin. It can help maintain capital, too, and by varying your what you invest in, when one of those volatile coins comes crashing down, you can focus on others. Set Up A Cold Storage Wallet for Your BitcoinThe way you store your crypto is also important for minimizing stress. Carrying your investments around on your phone, for example, is a bad idea — especially if you’ve invested a lot. Having it spread out in cold storage (which is safer) will put your mind at ease, especially if you lose a device. Have A Trusted Institution Do The Heavy Lifting For YouThis one is becoming more popular: you could just put your investments in the hands of another organization entirely. As institutional investors become more interested in digital assets such as Bitcoin, organizations like Grayscale are becoming the go-to for those who don’t want to worry about storage. When the stress of private keys, how to buy crypto and how to sell is taken off one’s shoulders, stress can be reduced, too — especially if you’re new to the game.
Originally from Bitcoinist.com https://ift.tt/3sS4Hyx Bitcoin is correcting lower after rallying to its record high of approx $32,000, but it hasn’t deterred one analyst from making extravagant bullish calls. A $100K BitcoinPlanB, the creator of Stock-to-Flow—a widely-cited price prediction model among Bitcoin aficionados, said Sunday that he sees the flagship cryptocurrency hitting $100,000 anytime between the second and the third fiscal quarters of 2021. He based his bullish analogy on Bitcoin’s market performances after its so-called “halvings,” a periodic event that cuts its active supply by half.
Bitcoin’s price rallies after its previous two halvings in 2012 and 2016. Source: PlanB PlanB’s analysis takes cues from Bitcoin’s limited supply cap of 21 million. As its production rate slows down over time—and demand increases simultaneously—the cryptocurrency’s probability of rallying higher becomes stronger. That serves as the base for the analyst’s stock to flow model that sees BTC/USD at $288,000 by the end of this year. So far, the model has proven to be accurate, following the projection curve put forth by PlanB. Its verifiable correctness has promoted many traders and analysts to cite it as their bullish backdrop for Bitcoin. Bubble TroubleThe macro investors and veteran managers have concerns that Bitcoin’s price rally may turn out to be a bubble, after all. After its dramatic rebound from the COVID-19 crash last March, the cryptocurrency toppled a sequence of record highs in the late Q4/2020 and the early Q1/2021, surging by more than 1,000 percent at one point in time in January. That has opened BTC/USD to bearish scrutiny, with strategists believing that its price has moved beyond its actual worth. In his statements to the Financial Times, Baupost Group founder Seth Klarman said investors have a “misplaced impression” about the Bitcoin and stock markets’ long-term bullishness. GMO co-founder Jeremy Grantham also warned about “extreme overvaluations” as he described the ongoing risk-on rally as an “epic bubble.” 
Bitcoin is up around 750 percent from its mid-March nadir. Source: BTCUSD on TradingView.com Another StimulusBut analysts in the Bitcoin space are betting on sustainable growth for Bitcoin even if it meets hardcore bearish correction en route. Their narrative is straightforward: the US dollar will lose its value as long as the US government expands its stimulus programs and the Federal Reserve keeps buying Treasury bonds indefinitely. As a result, corporations and investors sitting atop massive piles of cash would want to diversify a portion of them into safe-haven assets such as gold and Bitcoin. 
US Dollar is losing value against its major peers in the aftermath of US government’s $2.3 trillion $900 billion stimulus packages. The third package worth $1.9 trillion expects to come soon. Source: DXY on TradingView.com “The United States is positioned for a period of huge spending and budget deficits, with high levels of inflation all but guaranteed,” said William W Nemirovsky, a Strategy Analyst at River Financial.
Originally from Bitcoinist.com https://ift.tt/39ZTa7B Bitcoin has switched its short-term market bias from bullish to bearish in the last two weeks. The flagship cryptocurrency attracted sellers as soon as it established a fresh record high near $42,000. While the price dropped by as much as 31.57 percent since then, it also recovered due to an apprehensible buying sentiment near psychological support levels around $30,000. The latest weekend session was all about protecting the long-term bullish bias. Traders flocked to purchase Bitcoin quickly after it underwent a dramatic decline from around $33,000 to as low as $30,931. The price retraced back above the $33,000 during the early Monday session, marking its ninth downside rejection since January 4. 
Bitcoin starts the new week in green. Source: BTCUSD on TradingView.com Josh Rager, the c0-founder of BlockRoots.com, appeared optimistic about the said Bitcoin rebound. He projected the cryptocurrency to close above $34,000 this week, basing his theory on a so-called 21-day exponential moving average (21-EMA) with a history of predicting bullish and bearish trends.
Event RisksDuring the final week of January, the economic calendar has a flurry of events that would provide more insights into the US economy’s health. So far, its deceleration has pushed investors into the safety of riskier safe-havens like Bitcoin, gold, and stocks. On Tuesday, the US Conference Board will release its consumer confidence readings. It expects to show the US economy in its early rebound stage that traders would pass on as “soft data.” A similar report will get rolled out by the University of Michigan on Friday, shedding further lights on the deceleration noticed at the end of Q4/2020. Weak readings expect to drive the US government into launching aggressive protectionist measures, beginning with an expansive stimulus package to cushion the economy. That, in turn, could weaken the US dollar and limit growth in the long-dated US Treasury yields. Overall, the fundamentals look bullish for the Bitcoin market, even with a lag. Meanwhile, the week’s biggest event is the Federal Reserve’s first policy meeting of the year—even though it expects to bring nothing new on the forward guidance front. Analysts believe that chairman Jerome Powell would keep benchmark rates near zero until 2023 and won’t pursue any taper tantrum on their QE program. 
The implied probability of the Fed’s rate move. Source: FRED At best, it should keep the US dollar less volatile. In turn, the oversold greenback could have its inversely correlated Bitcoin stay choppy above $30,000—if not entirely bearish. Bitcoin FuturesFinally, looking at the positioning, according to the data fetched by ByBt.com adjusted on a 24-hour timeframe, speculators are showing a bias conflict with an almost 1:1 ratio between their net long and short positions. 
Bitcoin’s long-short ratio is 0.96. Source: ByBt.com In the dollar market, the net-short positions have increased slightly. Originally from Bitcoinist.com https://ift.tt/3a4Q6aB
Bitcoin’s price action feels somewhat void of momentum, with investors and analysts largely focusing their attention on Ethereum and other altcoins for the time being. This comes as BTC hovers within the lower-$30,000 region, with bulls struggling to perpetuate the momentum that helped send its price rocketing from lows of just over $28,000 to highs of $33,000 that were set last night. One analyst is now noting that Bitcoin is currently hovering between two key technical levels, which could mean that it is only a matter of time before the crypto sees a massive movement. Bitcoin Struggles to Maintain Strength as Sellers Try to Regain ControlAt the time of writing, Bitcoin is trading down just under 1% at its current price of $31,900. This marks a notable decline from its recent highs of $33,000 that were set overnight. The resistance here was quite intense and has since caused its price to slide lower, with no clear support until $30,000. If the crypto can gain any immense momentum in the short-term, it could invalidate this weakness and confirm the “V-shaped” recovery that bulls have been hoping for. Analyst Claims BTC is Gearing Up for a Massive MovementOne analyst explained in a recent tweet that Bitcoin could be getting ready to make a big movement. He explained that it is currently trading squarely between its 21 and 200-day EMAs, which could mean a big movement is imminent.
Image Courtesy of Teddy. Source: BTCUSD on TradingView. The coming few days should shine a light on whether this imminent move will favor bulls or bears, and tonight’s weekly close should also be telling as to BTC’s mid-term outlook. Featured image from Unsplash. Charts from TradingView. Originally from Bitcoinist.com https://ift.tt/2YcKd5o
Bitcoin has been tempering the rest of the market’s bullishness as of late, with buyers and sellers both struggling to take a firm hold of the trend. While BTC consolidates in the lower-$30,000 region, many altcoins are beginning to flash subtle signs of strength. One such example is Ethereum, which has largely been tracking Bitcoin’s price action as of late. However, this trend has started shifting into ETH’s favor, as the crypto is holding up well compared to BTC and flashing a bullish technical pattern on its ETH/BTC chart. Bitcoin Consolidates Following Recent VolatilityAt the time of writing, Bitcoin is trading down just over 2% at its current price of $32,170. This is around the price at which it has been trading ever since its price plunged below $29,000 a few days ago. After tapping lows of $28,800, the crypto rallied to highs of $34,000 before sliding lower and stabilizing around its current price. This has caused the entire market to see only tempered growth, with a few altcoins rallying while many stagnate. Analyst: ETH’s Strength Against BTC Suggests Massive Upside is ImminentBitcoin’s consolidation may be beneficial to the aggregated altcoin market, as one analyst is now noting that Ethereum could be poised to explode higher thanks to strength against its Bitcoin trading pair. This could allow the aggregated altcoin market to rally higher independent of BTC.
Image Courtesy of Byzantine General. Source: ETHUSD on TradingView. The coming few days should shine a light on how altcoins like Ethereum will trend against Bitcoin, as any massive BTC rally or plunge could hinder its smaller counterparts’ momentum. Featured image from Unsplash. Charts from TradingView. Originally from Bitcoinist.com https://ift.tt/2Mgdn0P
Bitcoin and the entire cryptocurrency market have been caught in the throes of some wild volatility throughout the past few days. Fortunately for bulls, BTC’s overnight rebound appears to be the “v-shaped” recovery that many analysts have said is needed for the crypto to form a long-term bottom. Assuming that this rebound extends further, it could confirm a macro reversal and help lead to significantly further upside. There is one level, however, that must be firmly flipped to support first. Bitcoin Shows Signs of Strength Following Overnight ReboundYesterday’s massive selloff was quite intense and, at the time, seemed like it could mark a macro reversal of Bitcoin’s uptrend. However, Bitcoin has rebounded since, currently trading up 5% at its current price of $32,270 – marking a notable surge from lows of nearly $28,000. Where the market trends in the mid-term should depend largely on whether or not bulls can maintain this momentum and continue printing a textbook “v-shaped” recovery pattern. BTC’s Not Out of the Woods Yet – Here’s WhyBitcoin still has a key level to break above and flip into support before it is fully out of the woods. One analyst spoke about this in a recent tweet, explaining that the first “point of control” he is closely watching is $34,900.
Image Courtesy of Byzantine General. Source: BTCUSD on TradingView. The coming few days should offer insights into the longevity and significance of the overnight rebound or whether or not it will be followed by continued downside. Featured image from Unsplash. Charts from TradingView. Originally from Bitcoinist.com https://ift.tt/3sNPH4C Bitcoin is once again in the news, the subject of internet chatter, and watercoolor talk. It is for the first time also the darling of Wall Street, beating out every other financial asset under the sun. The media blitz, rising price, and widespread FOMO has those who have lost Bitcoin in the past feeling the sting even harder recently, prompting them to give it another go in attempting to recover their BTC. Horror stories have spread recently of $240 million worth of BTC being locked away with only two password attempts remaining. However, a Twitter user who also lost their crypto has a story to share with a much happier ending. Burnt Hard Drive Containing Bitcoin Recovered, Man Becomes MillionaireNews each week about Bitcoin price reaching a new previously unthinkable high has dominated the airwaves for months. The cryptocurrency’s incredible rise in 2020 had everyone talking by the end of the year, and come 2021 FOMO went into overdrive. RELATED READING | RECENT BITCOIN FOMO SENDS LOST KEY HOLDERS SCRAMBLING, LOSING SLEEP Things may now be cooling off temporarily, but the renewed interest and subsequent media attention brought Bitcoin back into the forefront of the minds of not only investors, but those who have sorely lost BTC over the years.
Bitcoin reaching more than $40,000 prompted old holders with lost BTC to try, try again | Source: BTCUSD on TradingView.com A story was run in The New York Times regarding an early crypto pioneer and former Ripple CTO who had only two password attempts left to recover over 7000 BTC. This sad fellow isn’t the only person who has lost their cryptocurrencies over the years, typically via misplacing a private key or seed phrase, or losing access to a hard drive or USB wallet. However, not all stories end up so woeful. One Twitter user recently declared that they were “close” to recovering all their lost BTC from a hard drive that “caught on fire in 2011.” In a follow up, they’ve revealed that their attempt was successful, and they are now a “millionaire.”
This lucky gentleman on Twitter was able to recover his lost cryptocurrency. He's now a "millionaire." | Source: Twitter Blockchain data firm Chainalysis surmises that nearly 20% of the entire circulating supply has been lost, based on stagnant wallets dating back to the early days of the cryptocurrency. Back then, Bitcoin was practically worthless and few could have envisioned what it would ultimately become today. RELATED READING | BITCOIN WALLET MAKER LEDGER WOES WORSEN WITH ROGUE SHOPIFY DATA THEFT When each coin was worth pennies, they were treated as such and not taken care of as well as they could be. The price early Bitcoin pioneers are paying for the lack of care is unmatchable. Featured image from Deposit Photos, Charts from TradingView.com Originally from Bitcoinist.com https://ift.tt/2KCwL7J Why there are still much fewer crypto card users than cryptocurrency holders, who need cryptocurrency cards, and what are their benefits, shared СEO of the virtual bank TTM Bank Vladislav Utushkin. – The first crypto cards, analogs of bank cards that can be replenished with cryptocurrencies, appeared more than five years ago, but even among the crypto assets holders, not everyone can boast of having one. Why does the popularity of crypto cards lag behind the growth rate of the crypto market? – Indeed, until recently, not every cryptocurrency holder had a crypto card. This is due to several constraining factors that have hindered and partly still hinder the development of this sphere. First, the card is primarily about everyday payments: stores, restaurants, or plane tickets. Most of these companies do not accept payments directly in cryptocurrencies. Not to mention Russia where it is illegal to accept payments in cryptocurrencies. Thus, to use crypto cards, there must be a working scheme with the instant conversion of cryptocurrencies into fiat money, what is called a payment gateway, passing through which the crypto turns into fiat with minimal losses on the exchange rate difference. Secondly, there is still no such crypto card that would be available for a resident of any jurisdiction. The American market has its own leaders, European and Asian markets are dominated by other players, while in the Russian market we are the only company that offers crypto cards. The reasons behind this are hard to explain. I assume that partly it is because of the lack of expertise among project founders on how to work under different jurisdictions and how to adapt to local regulations. Thirdly, almost all crypto cards assume depositing funds from the wallet on the associated platform. Simply put, to charge up most of the crypto cards, it is necessary to first transfer coins to the virtual wallet on the corresponding platform and then to transfer funds to the card account. Moreover, at the moment of topping up the card, the cryptocurrencies are being converted to one of the fiat currencies. This means that a user agrees to store some funds in a third-party wallet. What if it gets hacked? And if the project turns out to be a scam? And a million “what ifs”. The key advantage of cryptocurrencies is that their holders have total control over their funds. But if a user agrees to transfer funds to the third party wallet, how is such a card different from any card issued by a traditional bank? This advantage vanishes while the holder has to perform more actions to get the card. – What is the primary target audience for crypto cards? – Mostly, these are people who receive a salary in cryptocurrencies, and the number of such people is growing every year due to its advantages in the field of international payments. Also, these are people who want to use cryptocurrencies not as an investment or a trading tool but as a payment method for their daily purchases. These are people who prefer to convert cryptocurrencies into fiat only in cases of absolute necessity or in certain situations. – Would you say that the market of crypto cards has reached maturity and now has sustainable leaders? – In my opinion, no. As I mentioned before, most of the projects with crypto cards have lots of restrictions, primarily geographical ones. For example, in the US the market leader might be BitPay, the European market was dominated by Wirex before the emergence of the problems with the payment system Wirecard. In the Russian market, TTM Bank is the market leader. – So it seems there are already at least a dozen companies working with prepaid crypto cards on the market. How does TTM Bank distinguish from them? – First, сryptocurrencies credited to the TTM Bank card are instantly converted into fiat money. Other similar products have a time lag, and the user has to wait for the exchange operation to be completed. Secondly, TTM Bank cards are accepted anywhere in the world where VISA cards are accepted. We have almost no geographical restrictions. TTM Bank is the only cryptocurrency card that is available to citizens of Russia and the CIS. It is a convenient and reliable tool for daily purchases in both online and offline stores. This is a kind of link between the traditional financial system and the world of digital currencies. – You said that when being credited crypto assets are instantly converted to fiat. So the funds on the card are not stored in cryptocurrencies? – Now it is possible to top up the TTM Bank card with such currencies as BTC, ETH, TRX, and USDT. In the near future, we also plan to add two more cryptocurrencies: BNB and Bitcoin Cash. To replenish the card, users need to transfer the necessary sum from a personal wallet to the card account. I mean that users can deposit money from any personal wallet of their preference, there is no need to transfer funds to some imposed wallet on any other platform. When being credited, the cryptocurrencies are converted into euros. Thus, the volatility inherent in the digital market does not affect the currency stored on the card in any way. It is a very important aspect when it comes to everyday purchases. – Is it possible to pay with a card for, say, utilities? – Of course! It is possible to pay for any goods or services, including online purchases or booking a taxi. – Is it possible to use the card for storing funds? How convenient is it? – TTM Bank card was not designed for storing cryptocurrencies. It is not a storage facility. The card is intended for online and offline purchases. Your digital assets are stored in your wallet, and you have full control over them, and when you need to pay for goods or services, you can send the required amount of cryptocurrency to the TTM Bank card. Funds are credited to the card and converted into euros very quickly, just in a couple of minutes. We have deliberately chosen such an approach. Any attempt to make a crypto card also storage space is a way to nowhere. We wanted to make a card that is convenient to use in everyday life and can be charged with cryptocurrencies. The market needs crypto cards for daily purchases, not yet another storage or wallet for bitcoins. At the same time, users do not need to transfer their coins for storage — they independently control their assets, thereby avoiding unnecessary risks. Imagine that you are sitting in a restaurant, get a bill, and want to pay with cryptocurrency. You just need to log in to your own (not our) wallet — the one you are used to, the one where you usually store coins — and send the required amount of cryptocurrency to top up the TTM Bank card. The money is credited instantly, so the TTM Bank cardholder can easily pay the bill. – How is the TTM Bank crypto card connected to the VISA payment system? – We cooperate with the operator of the financial services, which is a member of the Visa payment network. Our partner UAB Walletto is a well-known company registered in Lithuania and has accounts in a licensed bank. Thanks to this partnership, the TTM Bank crypto card can be used almost all over the world, with the exception of countries such as Afghanistan, Somalia, Sudan, Syria, Yemen, Venezuela, the Gaza Strip, and some other regions. – Are there any limits on deposits or transactions? – Yes, and these limits are stipulated by the European legislation. The maximum card is 5,000 euros, the same limit applies to purchases per month through POS-terminals or online platforms. The ATM withdrawal monthly limit is 2,500 euros. But users hardly notice these ‘restrictions’, since the TTM Bank card is designed for daily purchases, and their cost can rarely go beyond the established limits. Even very wealthy people do not so often visit restaurants where the bill exceeds several thousand euros. For clients who exceed those limits, we recommend ordering several cards. TTM Bank allows our customers to issue up to five cards per user, thereby formally increasing the spending limit fivefold. You can differentiate these cards by type of spending: one for shops, one for online purchase, one for restaurants. – How profitable is it to pay with such a card? – If you get income in cryptocurrency, then it is more convenient for you to spend on digital coins. But there is a trick: now it appears that almost anyone can earn on cryptocurrencies but few people know how to spend what they earn in everyday life. And the TTM Bank card perfectly solves this problem, because with it you can easily go to the nearest supermarket for groceries. The TTM Bank POS transaction successful is 0.25 EUR per transaction. The Monthly Service charge per card is 2.00 EUR. The highest is the ATM disbursement: 2.50 EUR + 2.00%. But this is the standard fee for most virtual bank cards without their own ATM networks. – The user base of TTM Bank at the end of 2020 exceeded 40,000 active users per day. How did you manage to increase the number of users so quickly? – I believe that other projects helped us in this, or rather, their significant shortcomings. For example, some crypto cards are linked to a hot wallet, where digital assets are stored, which deprives cryptocurrency holders of control over their funds. Other companies are trying to impose internal tokens, attracting funding for this purpose through ICOs, and this method has not a very good reputation after the 2017 boom with plenty of scam projects. Some projects face a number of restrictions — they do not work in certain regions or with citizens of certain countries. But even such professionals who are well versed in the field of cryptocurrencies need an easy-to-use, convenient and secure card that can be used to pay for goods and services around the world, book flights, and withdraw cash all around the world. – The TTM Bank website states that the crypto card is reliable and secure. What does it mean exactly? – First, a few months ago, we changed our jurisdiction from Hong Kong to the European Union. And this is not only a more convenient way for citizens of Russia and the CIS but also more secure, because Europe has already learned to deal with crypto assets ‘on friendly footing’ and has even developed a reliable data protection regulation (GDPR), which will help protect your funds from unnecessary risks. Thus, your balance is now under secure protection. Secondly, we have developed a fully secure cryptocurrency wallet for our users, which is part of the TTM Bank infrastructure. That allows our customers to use private keys that are stored in the system and never leave it. Moreover, now all cryptocurrencies are stored in one place. Finally, we have changed the card design making it more secure. Until recently, our customers could accidentally compromise their card number or personal data by posting it on their Instagram or other social networks. This problem was quite acute since it affected the interests of both the cardholders themselves and the company, but we have also solved it. The current design has become more concise and simple – We removed a logo and personal data from the front side of the card. Now our clients can easily share photos and videos featuring the card without any risks for safety. Thus, thanks to the new concise design of the cards and the use of the EU General Data Protection Regulation (GDPR), our users’ personal data is reliably protected from hacking or being compromised.
Originally from Bitcoinist.com https://ift.tt/39ckrVv An otherwise decentralized cryptocurrency, Bitcoin, might have become a victim of a centrally orchestrated price dumping attempt. According to data fetched by CryptoQuant, a South Korea-based blockchain analytics firm, Bitcoin miners at Chinese mining firm F2pool started the massive sell-off that crashed the BTC/USD exchange rate by almost 20 percent in just less than 24 hours. 
Bitcoin outflow from F2Pool to all exchanges. Source: CryptoQuant Oversupplied BitcoinCryptoQuant CEO Ki-Young Ju listed a series of bearish alerts he received when Bitcoin started plunging on early Friday. As per the data he provided, the Miners’ Position Index went above 2.5, reflecting growth in Bitcoin units that miners moved from their wallets. Meanwhile, the CryptoQuant’s All Exchange Bitcoin Transaction Count Inflow surged, showing F2pool as a major BTC depositor.
Miners typically sell their BTC rewards to cover their operational costs (including electricity bills, equipment handling, and maintenance). Many of them prefer to hold a portion of their Bitcoin holdings for speculations, thereby effectively limiting the cryptocurrency’s supply from entering the retail markers. That, in turn, acts as an indicator to determine Bitcoin’s short-term bias. 
Bitcoin was down about 32 percent from its record high near $42,000. Source: BTCUSD on TradingView.com For instance, if miners supply less BTC to the retail amid higher demand, the cryptocurrency’s price goes upward. Similarly, if miners start selling more BTC in the free market, that often surpasses the demand, leading to lower bids for the cryptocurrency. It was not clear why F2Pool decided to mass-dump their BTC holdings at this time of press. However, given its massive influence over the Bitcoin mining space, CryptoQuant deduced the mining pool’s act as the main catalyst that slumped its price from $35,498 to $28,732 in just 24 hours. Absorbing Bearish BiasThe BTC/USD exchange rate’s plunge below $30,000 was brief. Traders and investors quickly utilized the opportunity to purchase Bitcoin at cheaper rates, further validating the cryptocurrency’s long-term bullish narrative that has already pushed its price higher by more than 1,000 percent since March. For instance, New York-based cryptocurrency investment firm Grayscale Investments purchased more than $600 million worth of BTC this week, especially as the price was heading lower. That amounted to possibilities of incredible support levels between $30,000 and $35,000. Originally from Bitcoinist.com https://ift.tt/39YaaLF Bitcoin crashed below $30,000 on Friday as traders panicked about a technical flaw that allows people to spend the same cryptocurrency unit twice. Google Trends for the keyword “Double Spend”—as the flaw is called—reached a perfect score of 100.
According to BitMEX Research, the Bitcoin blockchain detected a small double spend of around 0.00062063 BTC ($21). The claim prompted the cryptocurrency community to see vulnerabilities in Bitcoin’s public ledger system—a 51% attack that allows miners to take control over the network. But the fears subsided later as BitMEX CTO Paolo Ardoino clarified that a double-spend event did not occur. In fact, he explained to Insider via an email, “what happened is that two blocks were mined simultaneously,” which led to a chain reorganization.
Meanwhile, the cost to purchase one Bitcoin dropped by about 9 percent during the said panic’s course, hitting $28,372 on US exchange Coinbase. Other factors, including a prevailing bearish correction sentiment and profit-taking behavior, also contributed to the slide. But the crash was brief. Bitcoin rose back quickly as it touched levels below $30,000, hinting at a renewed demand for the cryptocurrency near the said price floor. The BTC/USD exchange rate shot back above $30,000 in no time, surpassing $31,700 in the pre-trading London session. Bullish Divergence on Bitcoin 4HAnalysts noted that Bitcoin has better chances of continuing its retracement thanks to a so-called bullish divergence pattern. In it, an asset’s price moves lower, but its momentum goes upward. That overall signals that bearish traders that led to the price crash previously are gradually losing power.
Bitcoin forms a bullish divergence between its price and the Relative Strength Indicator. Source: BTCUSD on TradingView.com Bitcoin underwent a similar retracement rally—of about 49 percent—after closing below $30,000 in the first week of January. Since then, the cryptocurrency appears to have formed a substantial support area around the said level, proving it with yet-another bounce-back during the January 11 trading session. A Deeper Retracement Ahead?Cryptocurrency market analyst Jebb McAfee recalled Bitcoin’s tendency to undergo deeper downside correction after setting up new record highs throughout its history. In a video published late Thursday, the YouTuber presented the cryptocurrency’s 21-week exponential moving average as its ideal long-term support, adding that staying above it would keep BTC/USD in bullish territory. As of now, the 21-WMA is sitting near $22,000. 
Bitcoin is holding its bullish bias above its 21-WMA wave. Source: BTCUSD on TradingView.com “It’s not that scary,” `said Mr. Jebb about the latest Bitcoin price crash, adding that it is more a “buying opportunity” for a long-term investment setup. Originally from Bitcoinist.com https://ift.tt/3sUJXX9
Bitcoin and the entire crypto market have seen some mixed price action as of late, with bulls being unable to take control of the benchmark cryptocurrency’s trend while many altcoins consolidate well-above their recent lows. However, the strength seen by BTC in past weeks that allowed altcoins to post massive gains has since disappeared, and it may now begin placing tailwinds on their price action. One analyst expects it to see further chop in the near-term, noting that its technical structure could be protected if bulls defend a few key levels. Bitcoin Struggles to Gain Momentum as Selling Pressure MountsAt the time of writing, Bitcoin is trading down over 10% at its current price of $31,800. This marks a massive dip from its recent highs of $38,000 set just a couple of days ago. The entire market is going fully risk-off, but it doesn’t appear that there’s any clear catalyst for this. Unless BTC stabilizes here or posts a massive rebound in the near-term, it may decline towards its next key support at $30,000 and $28,000 before posting a v-shaped recovery. Analyst: BTC Reaches Crucial Support, Making a Bounce CriticalOne analyst explained in a recent tweet that BTC is in the process of breaking below a key support level that must be defended in the near-term. He notes that a break below this level could result in massive losses for the aggregated market.
Image Courtesy of Smokey. Source: BTCUSD on TradingView. The coming few days should shine a light on Bitcoin’s price action and whether this move is emblematic of a deeper correction that may be imminent in the near-term. Featured image from Unsplash. Charts from TradingView. Originally from Bitcoinist.com https://ift.tt/3qEP1Nd The Bitcoin Ultimatum (BTCU) team has announced the appointment of a well-known blockchain figure, Eric Ma, to the position of the project’s CEO — in the recent past, Ma used to be one of the key employees of Coinmarketcap. BTCU is a new fork of Bitcoin created by the Prof-it Blockchain development team with the support of the leading cryptocurrency exchange Coinsbit. In connection with the upcoming launch of the Bitcoin Ultimatum project, it decided to introduce its team to the world, which, in addition to Ma, has recently been joined by global blockchain industry advisors Dinis Guarda and Juliet Su. Combining Bitcoin and Ethereum Best FeaturesThe BTCU team faces a serious task: improving the Bitcoin blockchain and creating new technologies that would solve the key problems of the crypto community. The concept of BTCU is in many aspects similar to that of the second-largest cryptocurrency network — Ethereum. Like Ethereum, the Bitcoin Ultimatum blockchain provides for the presence of smart contracts in the blockchain protocol, as one of the important functions for implementing transactions and DAPP applications. In general, BTCU seeks to combine all the best that allowed bitcoin and ether to take a leading place among cryptocurrencies — Bitcoin’s high idea, and the ability to create smart contracts, thanks to which Ethereum has become so popular. The BTCU team opposes classic cryptocurrency mining through the use of computing power. This method is harmful to the planet’s ecology, and also promotes centralization, as it becomes more expensive and inaccessible to most of the network’s users over the years. While Ethereum began a gradual transition to a PoS mining algorithm on December 1, 2020, the BTCU team decided to completely abandon outdated coin mining models by switching to an LPoS mining algorithm combined with PoA. Proof-of-Authority, or PoA, is a concept proposed by Ethereum co-founder Gavin Wood. The POA algorithm differs from the more common Proof-of-Work and Proof-of-Stake. Running on PoA, there is no competition for the right to generate blocks and, accordingly, for remuneration between miners. In PoA, only trusted nodes called master nodes generate the blocks, and authorized nodes that meet strict data transfer rate requirements can only perform this function. What kind of people stand behind the new Bitcoin fork?We all know that team matters. And behind BTCU are extraordinary and talented people known in the blockchain industry. We will tell you a little about each of them.
The BTCU project is led by CEO Eric Ma and Co-founder Nikolai Udianskiy. Eric Ma is a former core member of CoinMarketCap. He is an exceptional leader with strong experience in building groundwork as well as in the expansion of a company. He understands the importance of community as the foundational layer of a successful project and looks to position BTCU as an industry-leading project.
The BTCU Co-founder Nikolai Udianskiy has 7+ years of experience in creating, developing, and investing in crypto projects. Nikolay is one of the top-10 crypto experts at the World level. He took part in the creation and launch of 5 of the 50 leading crypto exchanges, including Coinsbit, which has entered the top-10 exchanges of the world in just two years with over one million users. Nikolai is the founder of the EVO Country Club which is a kind of Silicon Valley for blockchain projects. Nikolai Udianskiy is also the founder and CEO of a marketing agency that specializes in promoting crypto projects — PRMR.com, and the founder of a cybersecurity company, ASSUR, which is one of the leaders in its industry offering reliable solutions. The rest of the leadership team are: Bohdan Prilepa — Chief Operating Officer Bohdan has 7+ years of experience in Internet marketing, IT, and web development. He is an expert in business development, financial model creation, and monetization model specialist. Likewise, Bohdan has experience in launching business start-ups, attracting investments, and forming investment portfolios. He’s the Co-founder, CMO in MLCI Inc. — a crowd-investment platform to attract investment for innovative projects. From 2016 till now he is the Co-founder and CMO in Prof-it — a company working on web and mobile development and design, and mobile apps development.
Juliet Su — Business Development Officer Juliet is the Сo-founder of Digital Week Online, and the Co-founder and CEO of Eurasian Center of Innovation and Digital Economy under the initiative “One Belt One Road”, as well as the strategic advisor of the World Blockchain Invest Alliance.
Andriy Saranenko — Chief Technology Officer Andriy Saranenko is an experienced product and project Top-Manager with 3+ years of experience in Blockchain and IT development, including product launch and technical support. Andriy is a professional in software development planning and management.
Vadim Yarmak — Chief Marketing Officer Vadim Yarmak has 7+ years of experience in digital marketing, СOO in PRMR, brand strategies and tactical plans, market research & analysis.
Dinis Guarda — Global Advisor for Strategic Development Dinis Guarda is currently the chairman and co-founder of Ztudium, Techabc, and Open business platform. He created the platforms openbusinesscouncil.org, citiesabc.com, and fashionabc.org, and multiple blockchains and AI tech like idna. Dinis is an author, speaker, entrepreneur, advisor, and CEO. Dinis authored ‘4IR — How to Reinvent a Nation’, ‘How Businesses and Governments Can Prosper with Fintech, Blockchain, and AI’ and ‘Blockchain, AI, and Crypto Economics–The Next Tsunami’, among others. Dinis runs a fast-growing Youtube Podcast series where he passed 4 million views in the first 6 months and has interviewed 100+ personalities so far including leading AI personalities, a Minister from Japan, Leading CEO, Fintech, AI, Smart cities, Crypto, Blockchain personalities, and Bollywood stars. Dinis is a globally renowned thought leader listed continuously as number 1, 5, and 10 positions as a global influencer in Fintech, blockchain, AI, and social media industries.
The BTCU Airdrop: how to get your coins during the BTC fork The team is working to make sure every Bitcoin holder can claim their BTCU coins. The launch of the BTCU network will take place through a hard fork of the Bitcoin network. Each bitcoin holder will be credited with BTCU coins in an amount equivalent to the number of BTC in their wallets at the time of the hard fork. During the AirDrop, the BTCU Team will transfer these coins to a special wallet for storing, which will be published on the official website of the project. It is important that the coins will be credited only to the wallets of exchanges that publicly declare support for the new bitcoin fork. This is done to avoid charging coins to wallets where the coins will not be used and will be lost. However, users of the exchanges that will not support the AirDrop will be able to claim their share of BTCU by providing proof of the BTC balance in their account at the time of the fork. ConclusionBitcoin is forecast to become the future of finance. However, Bitcoin carries over legacy issues that might endanger that stellar progression. The BTC Ultimatum (BTCU) team spotted these and set out to solve what was dragging Bitcoin behind: the excessive energy consumption associated with mining, scalability, and transaction anonymity. And all while maintaining all of its useful characteristics. BTCU next-gen blockchain based on Bitcoin fork has the potential to cover millions of hours of paperwork every year, hold public officials accountable through smart contracts, and provide transparency by recording public records of all activities. Blockchain-based voting could improve civic commitment by providing high levels of security and incorruptibility that can allow voting to be done on mobile devices. For more information, please contact us on support@btcu.io or visit the btcu website at https://btcu.io/ Disclaimer: The information presented here does not constitute investment advice or an offer to invest. The statements, views, and opinions expressed in this article are solely those of the author/company and do not represent those of Bitcoinist. We strongly advise our readers to DYOR before investing in any cryptocurrency, blockchain project, or ICO, particularly those that guarantee profits. Furthermore, Bitcoinist does not guarantee or imply that the cryptocurrencies or projects published are legal in any specific reader’s location. It is the reader’s responsibility to know the laws regarding cryptocurrencies and ICOs in his or her country.
Originally from Bitcoinist.com https://ift.tt/2Y2HJGQ Since 2013, the primary way new blockchain projects were funded was through a type of crowdfunding system known as an initial coin offering (ICO). In an ICO, early-stage blockchain projects would issue and sell tokens to investors, who usually get first access to these tokens — generally at the best available prices. As the project built out its product, these tokens would often grow in value considerably, netting substantial returns for investors. However, due to the risk of potential scams and failing projects, several newer solutions have emerged, which promise to provide a safer, fairer way to invest in new crypto projects. Here, we take a look at three of the most promising in 2021. Initial Validator Offering (IVO)The Initial Validator Offering, or IVO, is one of the latest innovations in cryptocurrency crowdfunding. The IVO solution was developed by KIRA, a blockchain platform that allows users to unlock the liquidity of their staked assets and access powerful decentralized finance (DeFi) applications. It is a unique system that allows investors to invest in new, promising cryptocurrency projects without actually spending any of their money. Instead of directly providing funds to these new projects, investors simply stake their tokens with their chosen KIRA validator node, and in return receive staking rewards paid out in the new project token. On the flip side, the project running its IVO will receive payment in the form of block rewards, which are proportional to the amount of money that is staked by users — minus any commissions charged by the validator. These funds can then be used by the project team to further develop their product.
This process is known as “interchain mining” and is one of the key capabilities of the KIRA blockchain — the first platform to use the Multi-Bonded Proof of Stake (MBPoS) consensus system, which lets users stake assets from other blockchains on Kira to unlock their previously locked assets. Since KIRA allows users to stake practically any tokenized asset, whether that be cryptocurrencies, tokenized physical assets, digital works of art, and more, it allows a greater range of investors to access the benefits of investing in early stage crypto projects. Unlike with an ICO, users can pull their investment if a project launched under an IVO fails to deliver on its development roadmap or live up to expectations, providing the first truly risk-free decentralized crowdfunding system. Dynamic Coin Offering (DYCO)
The Dynamic Coin Offering (DYCO) is a modern cryptocurrency crowdfunding system that allows users to invest in promising blockchain projects at an early stage of development while limiting their potential downside. DYCO participants are able to participate in early-stage token sales while retaining the ability to send in their tokens for a partial refund should the project fail to live up to expectations or fall below its initial investment price. This refund can be requested at any point during the fixed refund period, during which DYCO participants can choose to revoke their support for the project by sending in the tokens they purchased to receive a partial refund. Any tokens that are sent in for a refund are burned — removing them from the circulating supply. The exact proportion of the initial investment that can be refunded varies from DYCO to DYCO, but has so far ranged between 65% for the DAO Maker (DAO) token to 80% for Orion Protocol (ORN). But since the first DYCO (Orion Protocol) reached almost 70x its DYCO price, and has never fallen below 5x this price, it’s unlikely anybody would want to send it in for a refund. That said, should a DYCO token ever fall below the refund price floor during the refund window, traders would then be able to simply buy these tokens on the open market and send them in for refunds — netting the difference as profit. With this system in place, the project is incentivized to keep meeting its roadmap goals and stick to its token lockup schedule or risk having its funding withdrawn by investors. Initial DEX Offering (IDO)In the early days of crypto fundraising, investors would typically need to deposit their investment funds in a wallet address controlled by the project they’re investing in. As you might imagine, this poses a major problem. After all, how could investors be sure that they would receive their tokens are making their deposit? This issue was resolved with the advent of the initial DEX offering (IDO). This essentially uses a decentralized exchange platform to allow users to make their investment and guarantee they’ll receive the project tokens. Unlike regular ICOs, IDOs typically use a funding pool system to limit the number of participants, the maximum contribution per participant, and the time the allocation is available. For particularly popular IDOs, investors may need to complete a whitelist or win a lottery to participate in the token sale.
The exact style and specifics of IDOs can vary considerably by the provider, and there are now several different platforms, including Poolz and Polkastarter, which are currently exploring the potential of IDOs, which will likely become more commonplace in 2021. Disclaimer: The information presented here does not constitute investment advice or an offer to invest. The statements, views, and opinions expressed in this article are solely those of the author/company and do not represent those of Bitcoinist. We strongly advise our readers to DYOR before investing in any cryptocurrency, blockchain project, or ICO, particularly those that guarantee profits. Furthermore, Bitcoinist does not guarantee or imply that the cryptocurrencies or projects published are legal in any specific reader’s location. It is the reader’s responsibility to know the laws regarding cryptocurrencies and ICOs in his or her country. Originally from Bitcoinist.com https://ift.tt/396Vue2 Bitcoin has blown away the expectations of almost anyone outside of the most steadfast supporters of the cryptocurrency or believers in the stock-to-flow model. The asset over the last several months has exploded from below $10,000 to over $40,000 at the current high. And although the now $11,000 decline could appear to resemble a longer-term “top,” one global macro investor says that the “strong part of the Bitcoin upmove has not started yet.” Capital Manager: “Strong Part” of Bitcoin Bull Run Has Yet To BeginThe first-ever cryptocurrency now finds itself in a precarious position after pulling back more than $10,000 from its peak at the time of this writing. After Bitcoin touched $20,000, a $10,000 correction was enough to begin a three-year bear market, but this time very well could be different. Even with a move from $10,000 to $40,000 in a few months time, career global macro investor Dan Tapiero points out that the strongest part of Bitcoin’s new uptrend, hasn’t even “started yet.” The DTAP Capital founder with over 25 years of global macro investing experience mimics the stock-to-flow model creator’s recent comments suggesting that the monthly RSI has yet to reach the “point of no return.” RELATED READING | S2F CREATOR: BITCOIN HAS YET TO REACH “POINT OF NO RETURN” The stock-to-flow model created by the pseudonymous Plan B is based on the asset’s digital scarcity and projects prices of $300,000 per BTC and up within the next year or more. The model itself isn’t what Tapiero is referencing, however, instead highlighting the lack of volatility in the cryptocurrency that it is normally notorious for.
Bitcoin 90-day volatility / S&P 500 Index 260-day volatility | Source: Bloomberg Intelligence Tapiero calls attention to comparisons in the past, showing that volatility spikes the highest near long-term tops. Not only is Bitcoin nowhere near the high volatility the asset can reach, volatility has barely begun to register compared to past cycles. As Tapiero suggests, this could mean that a far stronger “upmove” is coming whenever the current correction cools off.
Bitcoin monthly RSI isn't anywhere near the top it is capable of | Source: BLX on TradingView.com In the months ahead as both the monthly Relative Strength Index and volatility begin to spike to what has been seen in the past, yet at the current price levels, it could provide the momentum and interest necessary to push the cryptocurrency to the prices the stock-to-flow model predicts. RELATED READING | ANALYST: “DON’T SWEAT” BITCOIN BUY IN PRICE, $300K IS COMING On the flip side, the more capital coming into Bitcoin and the more widely adopted the network becomes, the less volatile price action will become over time. Is this the end of the volatile Bitcoin of the past, or like Tapiero claims, has the strength not even begun at this stage? Featured image from Deposit Photos, Charts from TradingView.com Originally from Bitcoinist.com https://ift.tt/3c0bAYD Green Labs, a Seoul and San Francisco based startup pioneering smart farming using Internet of Things (IoT), has completed its Series B round. The $18 million round was headed by one of South Korea’s leading blockchain venture capital firms, Hashed, bringing Green Labs’ fundraising total to $28 million to date. The capital will allow the startup to work towards its goals faster, including plans to expand human resources across all areas of its operations. Green Labs already has an innovative live platform and 20,000 customer user base, but expects to quintuple its users to 100,000 over the next six months following this development. Smart Farming Uses Data to Enhance the Entire Supply ChainBeginning operations in 2017, Green Labs entered the Korean smart farming market with a new way to strengthen crop production and distribution. The introduction of its Farm Morning service created a platform to aggregate reliable data and self manage farming procedures using AI, giving farmers more insight into their crop lifecycle. Farmers can also use the data gathered to modify their production and optimize their operations, all without the need to be on-site. Farm Morning’s Growth Environment Optimization Engine uses the information collected from all the farmers on its platform to determine the best crop growing environment. Further down the product’s distribution, Farm Morning uses available market data and historical trends to help farmers choose their best possible sales channel. Hashed Couldn’t Hold BackThe smart farming upgrades offered by Green Labs compelled Hashed to move aggressively to secure funding for the company. Hashed raised over $120 million at the end of 2020, allowing for the allocation of funds to projects that have significant potential to grow within their respective industry, a move it made with the close of the Green Labs Series B round. The investors behind Hashed’s $120 million raise remain undisclosed, but the firm’s backing has been attributed to some of South Korea’s most influential infotech firms. With both Hashed and Green Labs having expertise in the South Korean market, the duo have solidified a partnership that promises a bright future for its domestic farming sector, as well as internationally. CEO of Hashed, Seo-joon Kim, “expects Green Labs, a leader in the data agriculture industry, to introduce blockchain to build an agricultural data protocol that innovates beyond production and distribution.” The smart farming market has already begun to establish itself, with an estimated value of about $4.9 billion, but there is still a lot of room to grow. With the current global agriculture market standing at $5 trillion, smart farming’s ability to increase productivity across the entire supply chain will continue to push its market dominance to new levels. Companies that provide cutting edge agricultural tech solutions like Green Labs will continue to build out the future of the farming economy, an industry that is ripe for disruptors.
Originally from Bitcoinist.com https://ift.tt/3iuR1Vu 21st January 2021, Singapore: DeFiChain — the world’s leading blockchain on the Bitcoin network dedicated to decentralised financial applications — has today announced that it will be listing its native digital currency, “DFI” on KuCoin, one of the world’s largest and most popular cryptocurrency exchanges. KuCoin users will be able to trade DFI starting today, Thursday 21 January, 2021.
DeFiChain marked a momentous milestone earlier this month, with DFI achieving a $1 billion market capitalisation, making it one of the top 10 DeFi coins by market cap. The listing of its digital coin DFI on KuCoin follows a string of recent listings for DFI, including Bitrue and Bittrex. The digital asset listing on KuCoin signals DFI’s rapidly growing popularity in the market. “Being listed on KuCoin — one of the most widely used cryptocurrency exchanges in the world — is a big breakthrough for DeFiChain. In just six months, our DFI asset has gone from $0.16 to $2.79, an increase of over 1500%! This is a clear indicator that there is real demand for DeFi amongst the masses and highlights that the path to a decentralised financial economy is just around the corner.” said Dr. Julian Hosp, Chairman of DeFiChain. To celebrate the listing and as an added bonus for the crypto community, DeFiChain in partnership with KuCoin, will be launching a trading competition. The top 20 participants with the highest trading volume of DFI on KuCoin the chance to win a share of $20,000 in DFI. The trading competition will commence at 10am UTC on Friday 22nd January, 2021 and will last one week until 10am UTC on Friday 29th January, 2021. In addition, for the duration of the competition, DFI can be traded with a 50% discount on maker fees, and a 25% discount on taker fees on KuCoin, enabling participants to maximise their returns. “The value of Bitcoin has been recognised by a growing number of institutional investors in future global inflation. While most see Bitcoin as digital gold, its potential in building an ecosystem has long been neglected.” Said Johnny Lyu, CEO at KuCoin Global, “We are pleased to join hands with DeFiChain and will continue to support it to unleash the power of Bitcoin, resulting in a blockchain that provides higher throughput and better functionality, specifically for DeFi.” The DeFi market has experienced exponential growth recently, with the total value locked now over $22 billion. Buoyed by new innovations, the market is expected to experience continued significant growth this year, giving the industry an enduring appeal. It is DeFiChain’s mission to bring seamless and unrestricted access to a wide range of financial products and services in a completely decentralized system. About DeFiChain DeFiChain is a blockchain platform dedicated to enable fast, intelligent, and transparent decentralized financial services. The DeFiChain Foundation’s mission is to bring DeFi to the Bitcoin ecosystem. Unlike most of the other DeFi projects that are built on the Ethereum network, DeFiChain is built on Bitcoin (as a software fork), and leverages Bitcoin’s security by anchoring to the bitcoin blockchain (via merkle root) every few minutes. By dedicating the functionality of a blockchain specifically to decentralized finance, DeFiChain is able to provide high transaction throughput, reduced risk of errors, and intelligent feature development. Visit https://defichain.com for full information including roadmap and upcoming features. About KuCoin KuCoin is a global cryptocurrency exchange for numerous digital assets and cryptocurrencies. Launched in September 2017, KuCoin has grown into one of the most popular crypto exchanges and already has over 6 million registered users from 200+ countries and regions. The KuCoin exchange puts a high priority on the quality of projects listed based on a well-trained research department that scours the blockchain industry for the highest-quality projects. In November 2018, KuCoin completed $20 million round A funding from IDG Capital and Matrix Partners. Media Contact Details Contact Name: Kavi Saglani Contact Email: media@DeFiChain.com DeFiChain is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. The post DFI’ying Expectations: DeFiChain, the Largest DeFi Protocol on the Bitcoin Ecosystem Lists its DFI Coin on KuCoin appeared first on NullTX. via NullTX https://ift.tt/3bZIPew Bitcoin could hit $50,000 in the coming sessions as more and more institutions accumulate it against their fears of dollar-linked inflation. The flagship cryptocurrency, whose market capitalization recently soared above that of Facebook and Tesla, dropped lower from its record high near $42,000. Nevertheless, its plunge prompted rich traders and institutions to purchase it at cheaper rates, leading to further liquidity crunch against its limited supply cap of 21 million tokens. As a result, the bitcoin price is mostly consolidating sideways, forming a structure that looks like a Symmetrical Triangle. In retrospect, the said pattern develops when the price forms higher lows and lower highs. Meanwhile, the trading volume drops. Ultimately, the price breaks out in the direction of its previous trend—upward or downward. Bitcoin’s previous trend was bullish. Therefore, the cryptocurrency’s possibility of notching another upside run is higher on its breakout move out of the Triangle pattern. That should take its price above $50,000. That is—again—because of a Symmetrical Triangle’s textbook description. An asset breaks out by as much as the maximum height between the pattern’s upper and lower trendlines. In Bitcoin’s case, the height is around $14,000. 
Bitcoin eyes breakout from its Symmetrical Triangle pattern. Source: BTCUSD on TradingView.com A move above the Triangle, coupled with a rise in volumes, expect to take the bitcoin price above $50,000. Bitcoin Liquidity CrisisFundamentally, the price target looks achievable, at least according to a plethora of analysts that determine their market bias based on on-chain indicators. For instance, data analysts at Glassnode highlighted Bitcoin’s largest liquidity depletion to date in recent weeks, hinting that its bullish for the cryptocurrency.
Bitcoins’s Liquidity Supply change. Source: Glassnode “The [Glassnode] chart might be more important than the price chart: bitcoin supply is being withdrawn from exchanges at an all-time-high pace,” added Luke Martin, an independent market analyst. “Historically, bull cycles have ended AFTER liquid supply change flips positive. That flip has not happened yet.” Dollar AbundancePart of the reason is a comparative higher demand for Bitcoin amid an ongoing anti-inflation narrative. Joe Biden’s escalation to the US presidential seat has increased the prospects of additional government spendings to safeguard the economy from the aftermath of the coronavirus pandemic. That means an abundant dollar supply which many perceives as bearish for the greenback. Such fears have already pushed companies like MicroStrategy and Square to exchange a portion of their dollar reserves for Bitcoin. Meanwhile, legendary investors such as Paul Tudor Jones and Stan Druckenmiller have also invested small sums into the cryptocurrency market, with both believing it to be the better version of gold. Originally from Bitcoinist.com https://ift.tt/2YcPydf |
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