Setting up a reliable and profitable Bitcoin mining operation is never easy. In Texas, there may be plenty of opportunities ahead.
Finding a reliable source of electricity at a low cost can be a steep challenge.
The Future of Bitcoin Mining in Texas
That process hasn’t become easier since various municipalities began cracking down on Bitcoin mining.
In some states, electricity costs for mining Bitcoin are higher compared to the average cost.
Situations like those create very unfavorable market conditions.
In Texas, things may head in a completely different direction.
It would appear that many mining firms keep close tabs on progress made in the region.
There appears to be ample electricity in the state, with most of it coming from renewable sources.
Several sources contribute to the lower electricity price in Texas.
An abundance of natural gas and major developments to harness wind power are paying off.
As such, creating electricity is relatively cheap creating opportunities for Bitcoin miners.
Texas is a state with lots of wind, thus it seems unlikely that the region will run out of renewable energy anytime soon.
Combined with a deregulated electricity market in Texas, the opportunities are certainly manifesting themselves in quick succession.
How this will affect the future of Bitcoin mining is certainly worth keeping an eye on.
The post Texas Becomes an Increasingly Popular Region for Bitcoin Mining appeared first on NullTX.
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After Bitcoin started to tank earlier this week, analysts have been wondering at which point the cryptocurrency will bottom. While traders across the board are divided about the exact answer to this pressing question, there is a rapidly-building case that BTC will soon start to trend higher once again after the nearly 20% drop it has experienced this far. Litecoin Prints Signs of Bottom, Boding Well for Bitcoin Prominent cryptocurrency trader Big Cheds recently identified that Litecoin is seemingly “working on a potential triple bottom,” marked by consolidation around a central price point and divergences with the four-hour on-balance volume and relative strength index indicators. This confluence should see Litecoin start to break higher in the coming days as the divergence plays out. $LTC #Litecoin 4 hour – working on a potential triple bottom, with both OBV and RSI bull divergence pic.twitter.com/w0lOHExzfm — Big Cheds (@BigCheds) February 29, 2020 So why is this relevant for Bitcoin? Well, LTC has long acted as a pseudo-bellwether for the rest of the cryptocurrency market. The most memorable case of this was in the first half of 2019, which is when LTC started rallying dozens of percent higher week over week while Bitcoin flatlined around $4,000. For around two months, the asset rallied on its own, then was followed by BTC and the rest of this nascent asset class. Also, just earlier this month, Litecoin started rallying before Bitcoin did, as shown in the chart below and the subsequent price action. What if Litecoin is leading Bitcoin again, like it did last week? pic.twitter.com/mLoBj7VOax — Loma (@LomahCrypto) February 5, 2020 So, Litecoin’s ability to precede the rest of the market is important because it suggests that should LTC start bottom and rally from here, so too should Bitcoin. Related Reading: Crypto Tidbits: Bitcoin Plunges Under $9,000, Bitfinex and OKEx DDOS Attacks, Warren Buffett Bashes Cryptocurrency Again Other Bullish Signs Josh Olszewicz of Brave New Coin has suggested over the past few months that surges in the VIX, the CBOE’s volatility index for the S&P 500, have correlated with Bitcoin bottoms. NewsBTC’s further analysis on the subject seemingly found this correlation to be true; we found that when the three times when the VIX passed 30 over the past five years, BTC was in close proximity to a bottom. For instance, the time the VIX passed 30 in August 2015 was when Bitcoin bottomed at $220 prior to skyrocketing to $20,000 — a gain of nearly 10,000% — in the coming 26 months. And the time after that was in February 2018, just when BTC bottomed at $6,500 after crashing from $20,000. This week, the VIX crossed 30 once again as the S&P 500 started to crash, falling by 10% within a week’s trading. Should history repeat itself, Bitcoin is very close to a bottom. .@CarpeNoctom suggested spikes in the VIX correlate (spurious?) with Bitcoin bottoms. He's not kidding. Times the VIX passed 30 in the past 5 years: Dec 23, 2018: a week after BTC fell to $3,150Feb 3, 2018: when BTC bottomed at $6,500Aug 22, 2015: when BTC bottomed at ~$220 pic.twitter.com/vS7E60rNJp — Nick Chong (@_Nick_Chong) February 27, 2020 That’s not all. Per previous reports from NewsBTC, Sawcruhteez — the trader who called Bitcoin’s price action for most of January — suggested that BTC has over the past few days printed a price pattern similar to that seen in December, meaning that there’s a likelihood Bitcoin is bottoming and may soon explode higher past $9,000. Featured Image from Shutterstock
Yesterday, it was revealed that an activist hedge fund has intentions to remove Twitter’s CEO, Jack Dorsey. Crypto, interestingly enough, could be negatively affected by this move. Hedge Fund Seeks To Oust Twitter CEO, Jack Dorsey While Jack Dorsey has made his love for Bitcoin and crypto a big part of his personal brand over the past few months, he is first and foremost the chief executive of both social media platform Twitter and leading fintech firm Square. Dorsey’s leadership position at Twitter may soon end — if a hedge fund has its way that is. According to a Bloomberg report citing “people familiar with the matter,” the pro-crypto executive may soon be replaced because of Elliot Management Corp, an activist hedge fund, taking a sizable stake in Twitter. The sources explained that this stake allows Elliot to nominate some of its people onto the board of directors, potentially giving them the capacity to move to replace Twitter’s incumbent CEO, which some have criticized in the past for simultaneously operating two companies. May Harm Crypto & Bitcoin As crazy as this may sound, this move could hurt Bitcoin’s and crypto’s prospects moving forward. BTSE’s marketing director Lina Seiche shared the below headlines on Saturday, showing that Elliot Management in 2018 described crypto assets as “one of the most brilliant scams in history.” Uh oh pic.twitter.com/sx9DIogHgC — Lina Seiche (@LinaSeiche) February 29, 2020 Indeed, as Business Insider reported on the matter, the fund told clients in a letter that “cryptocurrencies are nothing except the marketing power of inventors, financiers and others who love the idea of buying a black box.” They went on to bash crypto assets as not just a bubble” and “not just a fraud,” marking one of the most “brutal takedowns” of Bitcoin and its ilk from a Wall Street company. This is relevant to the potential removal of Dorsey from the office of Twitter’s CEO as the company has seemingly shown intent on implementing features that may revolve around Bitcoin. If Elliot Management, with its anti-crypto skew, manages to put someone else in the seat that Dorsey currently resides in, Twitter’s potential attempts at integrating crypto will likely be canceled. Dorsey Still Entrenched At Square While Dorsey’s position at Twitter is at risk, he seems to be perfectly entrenched as the CEO of Square, which just posted an “upbeat earnings forecast,” as MarketWatch put it. This is important because crypto, due to Dorsey’s support of the cryptocurrency and the surrounding ecosystem, has become core to Square’s operations; 50% of the company’s revenues (though only 2% or so of its profits) were derived from the sale of BTC through Square’s Cash App. Also, the fintech company has its own crypto division, which just recently released its first product: The Lightning Development Kit that should make using the Lightning Network, a Bitcoin scaling solution, that much easier. Featured Image from Shutterstock
Crypto Tidbits: Bitcoin Plunges Under $9000 Bitfinex and OKEx DDOS Attacks Warren Buffett Bashes Cryptocurrency Again
Another week, another round of Crypto Tidbits. Wow, what a past seven days for Bitcoin, cryptocurrencies, and global markets overall. Bitcoin saw a blood-red week, to say the least, falling from $10,000 on Sunday to a low of ~$8,480 within a few days’ time as buyers failed to keep the asset above the key $9,500 support. Altcoins saw an even worst performance, with Ethereum, XRP, Litecoin, amongst countless other top cryptocurrencies plunging 15% as they followed BTC lower. The crypto market carnage seen over the past week came as global markets, from stocks and commodities, started to crash across the board. The Dow Jones posted its worst point performance in history on Thursday, falling by over 1,000 points as American stocks came under a coronavirus crunch. Gold also fell under $1,600, plunging after reaching $1,700 as investors tried to leverage the asset as a safe haven. The fact that effectively all assets fell this week was a sign to some investors that Bitcoin and crypto’s weakness may be only temporary. Indeed, due to the potentially flagging U.S. economy caused by a decrease in consumption and industrial activity because of coronavirus fears, the Federal Reserve has hinted that it may cut interest rates in the near future, adding to Bitcoin’s bull case. Aside from the tumultuous market, the underlying cryptocurrency industry saw an equally as tumultuous week, with there being a number of news stories showing the growth and adoption of these technologies, though others casting light on issues within this space. Related Reading: Crypto Tidbits: Bitcoin Plunges to $9,500, $45m BCH SIM Swap, IRS Focused on Cryptocurrency Bitcoin & Crypto Tidbits Top Bitcoin Exchange Bitfinex Hit With DDoS Attack Just a Day After OKEx: On Friday morning, leading crypto platform Bitfinex began “investigating what seems like a distributed denial-of-service” attack (DDoS) attack on its exchange. Data from the site showed that the site response time and data throughput started to vary dramatically at 6:40 am GMT, eventually reaching a point where the site crashed around 8:00 am GMT, spurring the exchange to respond. About an hour after it began investigating the attack, services for the exchange came back online. This came a day after OKEx, one of the largest Bitcoin exchanges in Asia, reported a DDoS attack that didn’t affect any users. OKEx’s CEO accused a “competitor” of launching the attack. Services on the Bitfinex platform have resumed. We implemented a stricter protection level as a result of our platform coming under a Distributed Denial-of-Service (DDoS) attack. All issues relating to the DDoS attack have now been resolved. — Bitfinex (@bitfinex) February 28, 2020 Warren Buffett Bashes Bitcoin & Crypto Yet Again, Even After Tron CEO’s Dinner: In an interview with CNBC, Berkshire Hathaway CEO Warren Buffett said that he will never own cryptocurrency, adding that digital assets, Bitcoin included, has no inherent value: “Cryptocurrencies basically have no value and they don’t produce anything. In terms of value: zero.” This comment from Buffett regarding Bitcoin is reminiscent of his previous statements on the matter, such as when he called the cryptocurrency “rat poison squared” and saying that the asset has not much more value than a suit button. While Buffett’s words hold weight in public circles, not everyone in the crypto space is convinced that what he has to say about Bitcoin is relevant, despite him being a legendary investor. Industry investor Anthony Pompliano explained that “I really don’t take technology advice from somebody who uses a flip phone or doesn’t use email.” Simpsons Talked About Crypto in Sunday’s Episode: On Sunday’s episode of The Simpsons — dubbed “Frinkcoin” because the episode’s A-plot centered around a cryptocurrency built by character Professor Frink — the show makers included a two-minute segment of a Simpsonified Jim Parsons, the actor behind The Big Bang Theory‘s Sheldon Cooper, discussing cryptocurrency. During Parsons’ explainer, a few key topics were mentioned: how blockchain underpins Bitcoin (and other crypto assets) and how the ledger works, including the distribution of nodes/ledgers and how blocks are added to the chain). This writer noticed some, say, shortcomings in the script, but he can give it a pass. G20 Advises Crypto Crackdown: According to an official G20 communique published this week, the finance ministers and central bankers of the group want member countries to implement the “recently adopted FATF standards on virtual assets and related providers.” The guideline suggests that all entities dealing with cryptocurrency should be actively collecting the customer information of those involved in transactions. The FATF advises the collection of data including the name of the transactor, their location, and the name of the beneficiary of the transaction. Ripple Secures Partnership: Announced in a blog post published Wednesday, Ripple’s partnership with Azimo will see the latter company use On-Demand Liquidity (ODL) as a “part of its remittance capabilities into The Philippines,” with plans to expand the use of the solution in the future. Featured Image from Shutterstock
Chainlink’s price action throughout 2019 and 2020 has been unprecedented, with the crypto incurring intense upwards momentum in spite of the turbulent price action seen throughout the aggregated market. This firm uptrend has allowed the cryptocurrency to recently set fresh all-time highs against USD, with it just setting fresh all-time highs against its BTC trading pair yesterday. Analysts are now noting that this uptrend is showing no signs of slowing down anytime soon, as it was just able to flip a previous resistance level into support that could help usher in significantly further upside. Chainlink Blasts to Fresh All-Time Highs Against Bitcoin At the time of writing, Chainlink is trading up over 4% at its current price of $4.20, which marks a notable climb from daily lows of $3.90. The crypto’s massive uptrend has come about in the face of immense bearishness within the aggregated market, with Bitcoin and most other major altcoins incurring intense downtrends over the past week. This strength has allowed LINK to set fresh all-time highs against its Bitcoin trading pair, with it currently trading at 0.00048 BTC – marking a notable climb from recent lows of 0.00044. Although the bullish crypto has been able to set fresh all-time highs against its BTC trading pair, it is still trading down slightly from its recently established USD highs of $4.77. Nonetheless, its recent rally against Bitcoin has generated buzz within the crypto industry. “LINK Daily – Fresh highs,” crypto analyst Big Cheds noted while pointing to a chart showing its tremendous rise against BTC. $LINK Daily – Fresh highs https://t.co/Q5ayhtdQTf pic.twitter.com/tV9bfNcsK9 — Big Cheds (@BigCheds) February 29, 2020 The Crypto’s Bullish Technical Situation Likely to Lead it Significantly Higher Importantly, the cryptocurrency’s recent rally against Bitcoin has also led it to flip a previous resistance level into a support level, which is something that could bolster it significantly in the days and weeks ahead. Crypto Michaël, another prominent cryptocurrency analyst on Twitter and a former trader at the Amsterdam Stock Exchange, spoke about this bullish occurrence in a recent tweet, insinuating that further gains could be imminent. “LINK: Perfect S/R flip on the previous highs for support and instant 36% bounce to ATH. Buy the dip,” he bullishly noted. $LINK #CHAINLINK Perfect S/R flip on the previous highs for support and instant 36% bounce to ATH. Buy the dip. pic.twitter.com/aKfH0umCMX — Crypto Michaël (@CryptoMichNL) February 29, 2020 Because Chainlink’s bears have failed to incur any notable strength throughout the course of its recent downtrend, with each dip being met with significant buying pressure, it is probable that its uptrend will extend further in the days and weeks ahead. Featured image from Shutterstock.
After a brutal start to the week that saw Bitcoin crash from $10,000 to as low as $8,500, the crypto market has finally started to show signs of consolidation. According to a well-known crypto trader who has predicted recent price action quite well, this consolidation is a potential sign that Bitcoin will soon re-enter the $9,000s. Such a move, other analysts have said, will confirm that BTC will continue higher, likely moving past its local high at $10,500 prior to the halving. Meet the Trader Who Called Bitcoin’s January Price Action Bitcoin’s strong surge to kick off 2020 has caught many traders on the back foot. Case in point: each leg higher in the price of BTC has been marked by dozens of millions of dollars worth of short liquidations on margin trading platforms like BitMEX. While the majority seem to have been caught off guard, one trader called Bitcoin’s emerging uptrend: Financial Survivalism, also known as Sawcruhteez. Just a day after New Year’s Day, the prominent trader claimed that Bitcoin was starting to show signs it was forming a textbook Wyckoff Spring pattern. The pattern, Sawcruhteez suggested, implied BTC was going to hit $9,200 in the middle of January. And that it did. By January 17th and 18th, the leading cryptocurrency had passed above the key psychological and technical resistance of $9,000. Now, Sawcruhteez is hinting that BTC may soon return higher past $9,000 after this week’s retracement. Sawcruhteez is Leaning Bullish In an analysis shared on Saturday morning, Sawcruhteez remarked that the 30-minute Bitcoin chart of the price action over the past five days is “starting to show some striking similarities to what we saw on the four-hour chart in December.” For those who missed the memo, the price action in December saw Bitcoin bottom in a way depicted in the studies of technical analysis legend Richard Wyckoff (the aforementioned Wyckoff Spring). What Sawcruhteez is suggesting is that BTC has over the past few days printed a price pattern similar to that seen in December, meaning that there’s a likelihood Bitcoin is bottoming and may soon explode higher past $9,000. The 30m $BTC chart is starting to show some striking similarities to what we saw on the 4h chart in December. pic.twitter.com/0WTLcXx5el — Financial Survivalism (@Sawcruhteez) February 29, 2020 He isn’t the only one suggesting that Bitcoin has the potential to bottom around $8,500 to kick-start the next phase of the bull run. Per previous reports from NewsBTC, LightCrypto, a prominent cryptocurrency market commentator, laid out a case for why BTC may be bottoming at $8,500 to $8,600, near 20% from the $10,500 high. The case included the fact that Bitcoin has held up as gold has fallen under $1,600, the seeming impending rate cuts from the Federal Reserve and other central banks, the existence of the impending block reward halving in May 2020, and the fiscal policies being implemented by the world’s governments to respond to flagging economies. Featured Image from Shutterstock
With the Bitcoin and crypto revolution accelerating, interest in retirement-focused investment is growing. Whereas long-term savings is always a good idea for anyone seeking financial security, the unique nature of blockchain assets requires greater care and understanding to ensure success. Do Your Research With such a rapid pace of development and adoption, seeking to apply cryptocurrency to retirement investment must involve active management and research. Understanding blockchain technology is a must. Also, because Bitcoin is far from the only promising platform, steps should be taken to study the entire crypto space and make investment decisions accordingly. As the Bitcoin and cryptocurrency space matures, the legal and regulatory status of this new asset class is all but certain to change. Thus, remaining abreast of laws surrounding the purchase, transfer, and holding of cryptocurrencies will be crucial to successfully save for retirement. Choose a Well-Designed Bitcoin Retirement Plan In most countries, choosing the proper investment vehicle can have significant tax and regulatory implications. In the United States, for example, almost all retirement savings are commonly placed in an employer-sponsored 401k, or an individual retirement account (IRA). This move results in significant tax savings but also restricts withdrawal until retirement age. Investors should make forward-thinking decisions on how to maximize tax advantages long-term. IRAs can be easily set up, and Bitcoin can be placed in them via a number of index funds such as the Grayscale Bitcoin Trust. Nevertheless, this type of investment will involve yearly fees. Also, the funds, not the owners, hold the private keys. A number of companies offer specific Bitcoin IRA services. These include Blockmint and BitcoinIRA. Choosing one of these services may appear less risky, yet still comes with yearly fees and generally the lack of key ownership. Retirement investing while holding private keys is, without a doubt, a smart move. To do so and still reap the tax rewards afforded to retirement plans requires more work, yet is not especially complex. One move is to create a limited liability company (LLC). It can then purchase Bitcoin or other cryptocurrencies which can be held in cold wallets. Taking these steps generally requires working with a professional. Remain Consistent And Conservative As previously discussed, steady and consistent investment strategies have yielded the best results for most crypto investors over the past decade. This plan should sit at the heart of any crypto retirement practice. A diverse portfolio of blockchain assets with a consistent monthly or weekly purchase has the potential to be remarkably profitable in the long-run. Cryptocurrencies are, without a doubt, a permanent element of the global financial landscape. This fact makes investing in them a wise move, albeit one that is risky and requires proper planning. Taking proper steps now can ensure an impressive, and secure, return. Do you want to retire on bitcoin? Let us know your thoughts in the comments below! Image via Shutterstock
Originally from Bitcoinist.com https://ift.tt/32BvuSU
Wilshire-Phoenix responded yesterday to the SEC’s decision this week which denied approval for their Bitcoin ETF application. Their criticism falls in line with SEC Commissioner Hester Pierce’s dissent with the SEC’s denials of several ETF applications. Another Bitcoin ETF Application, Another SEC Denial The SEC had until a February 26th deadline to make a decision on Wilshire-Phoenix’s Bitcoin ETF proposal, which was filed with the agency last year. The SEC issued an order disapproving the ETF application, and denying Wilshire-Phoenix. This denial doesn’t come as a surprise, the SEC has denied 9 other applications in the last year or so, including the ETFs proposed by Van Eck, and the Winklevoss brothers. Even though it isn’t surprising that the Wilshire-Phoenix ETF didn’t receive approval, Wilshire-Phoenix still expressed their disappointment with the SEC’s decision. An ETF is an Exchange Traded Fund, and it is an investment vehicle that would allow institutional investors a fully-regulated way to get Bitcoin exposure without having to hold or custody the underlying asset, in this case, Bitcoin. Wilshire-Phoenix feels that the SEC didn’t give the ETF application their full attention, as Wilshire-Phoenix has offered to provide key data and additional info to help facilitate the listing of the ETF. They agree with SEC Commissioner Hester Pierce’s dissenting comments where she voiced her personal disagreement with the agency’s rejection of many ETF proposals. Both institutional and retail investors believe an ETF is critical for the advance of Bitcoin. Another Example of the US Regulatory Regime Stifling Innovation? The SEC’s denial of the Wilshire-Phoenix ETF application comes on the heels of Boerse Stuttgart’s introduction of the first-ever inverse ETP for Bitcoin. Earlier this week, Germany’s second-largest stock exchange introduced the 21Shares Short Bitcoin ETP. The 21Shares ETP allows investors to short Bitcoin during declining price action. Wilshire-Phoenix contends that the US financial markets desperately need an ETF, or ETP to keep from falling behind. Hester Pierce agrees and voiced her unhappiness with the SEC’s denial of the Winklevoss ETF by publishing a letter in which she expressed her disagreement. She also recently made headlines for proposing a “safe harbor” policy which would allow blockchain startups a “grace period” from enforcement actions from the SEC, against unregistered securities offerings. Another SEC Commissioner Robert Jackson Jr. stated that an ETF for Bitcoin is inevitable, however, he added that it must meet the agency’s framework and guidelines. Wilshire-Phoenix believes that they have met the agency’s guidelines and were still denied. When do you think we will actually see a US Bitcoin ETF? Let us know in the comments! Images via Shutterstock
Originally from Bitcoinist.com https://ift.tt/2Vw7pvg
Ethereum (ETH) has been closely tracking Bitcoin over the past week, which has exposed it to significant downwards pressure that has erased nearly all of the massive upside it incurred throughout the early part of this month. This downside appears to have invalidated the highly bullish market structure that the cryptocurrency formed throughout the early part of the year, and many analysts are now noting that it could be positioned to see significantly further downside. One top analyst is now noting that an inability to break above key resistance is likely to lead it lower in the near-term, which comes as its technical strength begins degrading. Ethereum Stabilizes Around $225, But Technical Weakness Grows At the time of writing, Ethereum is trading up marginally at its current price of $225, which marks a notable decline from its weekly highs of $275 that were set last Sunday around the time Bitcoin ran to $10,000. The firm rejection at this level, however, sparked an intense downturn that ultimately led the cryptocurrency to lows of $210, which is where it found strong support. Because ETH is currently trading in tandem with Bitcoin, it is highly probable that where the crypto goes next will be dependent on Bitcoin’s price action, which means a failure for BTC to break above $9,000 could lead ETH and other major altcoins to see further losses. Independent of BTC, however, Ethereum may also see some near-term downside, as it is currently trading within a so-called “bear flag” that could mean another leg down is imminent. Jacob Canflied, a prominent trader and analyst, spoke about this in a recent tweet, saying “Triangle gang. ETH looking heavy.” Triangle gang. $ETH looking heavy. pic.twitter.com/1ctdGbHhfg — Jacob Canfield (@JacobCanfield) February 29, 2020 Failure to Break This Key Level Could Spell Trouble for ETH In the near-term, analysts believe that ETH could also be exposed to further losses if bulls are unable to push it above $235, which appears to have turned into a strong resistance level. Crypto Michaël, another popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, telling his followers that a failure to garner enough momentum to break through this level could lead it down towards $190. “ETH: Not enjoying this one that much at this point. Couldn’t break back above $235 and flipped that level resistance. Might take the lows around $210 for bullish divergences before breaking up. If not, I aim $190/195 or flip $235,” he noted. $ETH #ETHEREUM Not enjoying this one that much at this point. Couldn't break back above $235 and flipped that level resistance. Might take the lows around $210 for bullish divergences before breaking up. If not, I aim $190/195 or flip $235. pic.twitter.com/X2brs2dLGz — Crypto Michaël (@CryptoMichNL) February 29, 2020 Assuming that Bitcoin continues ranging sideways or grinding lower, it is highly probable that Ethereum and other major altcoins will see further near-term downside. Featured image from Shutterstock.
Bitcoin’s intense selloff has slowed over the past 24-hours, with bulls garnering some notable buying pressure within the lower-$8,000 region, subsequently leading BTC to enter a short-term bout of consolidation around $8,600. Although bulls have shown some signs of strength during this latest leg down, it is important to keep in mind that its price action over the past week has been bear-favoring, and its deep retrace from its yearly highs seems to suggest its bullish market structure may have been invalidated. Now, top analysts are noting that an incredibly strong resistance level that exists just a hair above BTC’s current price region may be enough to spark a major selloff. Bitcoin Consolidates as Analysts Eye Multiple Key Levels At the time of writing, Bitcoin is trading down nominally at its current price of $8,660, which is around where it has been trading at for the past 24-hours. The cryptocurrency’s ongoing selloff first began last Sunday when it ran to highs of $10,000 before facing a swift rejection at this level, with bull’s inability to recapture its position above this level being a grave sign for the crypto. Analysts are now noting that how BTC responds to this ongoing bout of sideways trading should offer insight into where the markets will trend next. Crypto Micahël, a prominent cryptocurrency analyst on Twitter, explained in a recent tweet that a break below Bitcoin’s current price level could lead it to drop as low as $7,500. “Bitcoin: At this point, remaining fairly unchanged in the perspectives. Holding here and I assume $9,000-9,200 retest is likely. Losing it and I’d be pointing $7,500-7,700,” he noted. $BTC #BITCOIN At this point, remaining fairly unchanged in the perspectives. Holding here and I assume $9,000-9,200 retest is likely. Losing it and I'd be pointing $7,500-7,700. pic.twitter.com/618qSHBQ1h — Crypto Michaël (@CryptoMichNL) February 29, 2020 BTC Could Provide a “Golden” Short Opportunity if it Taps This Level Teddy, another popular cryptocurrency analyst, believes that Bitcoin’s recent price action has firmly invalidated its bullish market structure for the time being, leading him to believe further downside is imminent. He also notes that a movement towards $9,150 could be a “golden” short opportunity for traders, with a rejection at this level sparking intense downside. “BTC: Brutal breakout, supports were annihilated – clear bear bias of price structure. Currently consolidating in a down channel, historically they break upwards – 9150’s rejection will be a golden short opportunity. Retest of previous support as resistance?” #BITCOIN | $BTC Brutal breakout, supports were annihilated – clear bear bias of price structure. Currently consolidating in a down channel, historically they break upwards – 9150's rejection will be a golden short opportunity. __ Retest of previous support as resistance? pic.twitter.com/nHzNAyV9Cj — TEDDY (₿) (@TeddyCleps) February 29, 2020 If Bitcoin fails to garner any upwards momentum, or faces another firm rejection, prior to its weekly close tomorrow, it could mean further downside is inbound. Featured image from Shutterstock.
The crypto market’s intense uptrend seen throughout 2020 has come to a grinding halt over the past week, with most major cryptocurrencies reeling lower as Bitcoin struggles to find any notable support. In spite of this, Chainlink has been able to buck this trend and incur intense independent momentum, with its recent bounce at a key level leading some analysts to call it an “absolute juggernaut.” This intense momentum is likely to lead Chainlink significantly higher, with one prominent trader noting that it could set fresh all-time highs by the end of the day as it continues smashing through key resistance levels. This Crypto’s Intense Uptrend is Showing No Signs of Slowing Down At the time of writing, Chainlink is trading up roughly 7% at its current price of $4.05, with today’s climb marking an extension of the momentum that LINK incurred on Tuesday when it began bouncing at lows of $3.35. The climb from these lows has certainly been a bullish sign for the cryptocurrency, especially while considering that it has been surging in the face of market-wide bearishness. Currently, Bitcoin is trading down 2% at its current price of $8,660, which marks a notable decline from its weekly highs of $10,000 that were set this past Sunday. BTC’s decline has sent shockwaves throughout the aggregated market, leading most major altcoins to plummet. LINK’s bullish performance against this backdrop of bearishness has led some analysts to deem it as the archetypal example of a “buy the dip opportunity,” as it has been able to maintain a steady multi-month uptrend without showing any signs of notable weakness. “LINK The example of ‘buy the dip,’” Crypto Michaël, a popular analyst, said in a recent tweet. $LINK. The example of ‘buy the dip’. — Crypto Michaël (@CryptoMichNL) February 28, 2020 Chainlink is Bound to Set All-Time Highs in Coming Hours, Claims Top Trader CryptoGainz, a highly prominent cryptocurrency analyst on Twitter, explained in a recent tweet that he believes a monthly close at fresh all-time highs is imminent in the coming few hours due to a lack of any significant resistance. “LINK – bullish retest of monthly support bought up aggressively. Monthly close at a new all time high incoming at the end of today. Zero resistance above. Absolute juggernaut. No reason to think it won’t outperform the field again next month,” he explained. $link – bullish retest of monthly support bought up aggressively. Monthly close at a new all time high incoming at the end of today. Zero resistance above. Absolute juggernaut. No reason to think it won't outperform the field again next month. pic.twitter.com/qZbA2XZ4Q0 — CryptoGainz (@CryptoGainz1) February 28, 2020 Because the highly bullish crypto has been able to incur a full-fledged bull trend in the face of bearish market conditions, it suggests that investors are funneling a significant amount of money into the crypto, which may mean further upside is imminent. Featured image from Shutterstock.
Gold has joined the proverbial blood bath both traditional and crypto markets have faced over the last few days. The sudden drop is reminiscent of the volatility seen in Bitcoin markets, but we’re still waiting for the likes of Peter Schiff to dismiss the yellow metal’s “store of value” qualities. The markets seem to be reacting to the worsening situation regarding the coronavirus. The increasing numbers of cases around the world appear to have investors well and truly spooked. Gold Price Drops Suddenly, Can it Really be a Store of Value? After spending much of 2020 growing in value, the price of gold has suddenly tanked hard. At the time of writing a single ounce of the yellow metal will set you back around $1,580. The precious metal traded for around $1,640 per ounce yesterday. This represents a more than 3.6 percent dip in a matter of hours. Such moves might be common in crypto asset markets but for gold, the move represents the biggest one-day plummet in more than three years. Gold has joined other markets in tanking. As reported in the New York Times, stock markets around the world are reeling from the uncertainty surrounding the coronavirus pandemic, as are Bitcoin and crypto markets. After some even more spectacular gains over the opening six or so weeks of 2020, Bitcoin has been declining for the last days of February. The leading crypto asset traded above $10,000 on the 20th, then above $9,000 until the 25th. The price has since tanked again to around $8,650. With the sudden drops, many called into question the narrative that BTC functions well as a store of value. NewsBTC reported as such this week. Naturally, the likes of Peter Schiff and other prominent Bitcoin naysayers rejoiced at the plummeting BTC price. With other assets already dropping, Schiff proudly tweeted that gold prices were holding up well yesterday: Gold is living up to its reputation as a store of value, as a safe haven. Money continues to flock into gold as a result of what's happening. https://t.co/mWp2XABudB — Peter Schiff (@PeterSchiff) February 27, 2020 Given today’s heavy drop in gold, it only seemed fair to many Bitcoiners to take the dropping price as an opportunity to return the favour to Schiff: Is $GOLD a much safer store of value? @PeterSchiff – Think again! – Buy #Bitcoin pic.twitter.com/wBgIWbb6O1 — CryptoBit (@bitcoin_whales) February 28, 2020 Someone check on @PeterSchiff …. His precious rocks are falling in value FAST!#MustNotBeASafeHavenAsset pic.twitter.com/VYl5DZ9jdc — Pomp (@APompliano) February 28, 2020 Neither Bitcoin, Gold, or Anything Else is an Infallible Store of Value Of course, it’s entirely ridiculous to write off gold as a store of value, even after a relatively major price dip. The precious metal still offers a level of scarcity currently impossible in fiat currency. Nothing has changed about gold over the past 24-hours apart from investors’ opinions. Similarly, nothing has changed about Bitcoin since it started dropping either. Realistically, it’s pretty foolish to think that any asset will either perpetually increase or stay at the same fiat dollar value. The term store of value really just means that the asset in question possesses qualities that make it better suited to retain value than a other assets. National currencies are routinely subject to inflationary pressure at the whim of central bankers and gold is not. Gold represents a harder money, and, therefore, a better store of value than fiat. Bitcoin, with its much more limited end supply, represents a better store of value on paper than gold. Its divisibility and programmability, as well as ease of storage and transportation, make it a much more fitting store of value for the twenty first century too. Related Reading: While The Rest of the Market Tanks, One Cryptocurrency Is Above All-Time High Featured Image from Shutterstock.
The crypto markets have dropped more than $38 billion since Monday, Bitcoin and Altcoins have been in freefall. All of the top ten coins are in the red, leaving us asking when bull run? Today’s close will determine if we have ended the crypto bull run or not The crypto markets have had a rough week, dropping $38 Billion as capital fled the markets. Bitcoin has broken through two critical support levels, of $9500, and $8800, and is currently at $8722 at time of writing. Altcoins have been getting battered this week also, Ethereum is down at a price of $225.84, at the time of writing. The second largest coin has been mirroring Bitcoin’s downward price action. So far Bitcoin hasn’t closed under the 200 day MA on the daily chart, but currently we are below the 200 day MA. If we close beneath this critical support, we may have entered a bearish trend. If we manage to close above the 200 day MA, we could see a bounce and continuation of the bullish trend. Today’s candle will be very important to determine which way price could go, short term. If Bitcoin doesn’t bounce, it would be a departure from the price action leading into the previous halvings, which were surrounded by bullish anticipation. While Bitcoin and crypto are uncorrelated to traditional markets, they are risky and volatile investments which may see selling pressure in a crisis. While crypto investors may see Bitcoin as a store of value, this sentiment may not be shared by speculators in traditional markets who also trade Bitcoin. They may sell crypto and park their funds in more traditional safe havens like gold or treasuries. The traditional markets haven’t been doing too hot either The Dow Jones had its worst day in history yesterday, and today it has fallen even more. This may be creating selling pressure on Bitcoin as traditional investors go into panic mode and manage risk. Alternatively, Bitcoin and Crypto in general have been on a tear this year. This may simply be a retracement, before halving hype takes over again and sparks more bullish momentum. The fall in prices of crypto coming in tandem with a bad week in traditional markets may have simply amplified bearish sentiment as investors react to market movements. Bitcoin’s narrative as a safe haven asset must be tested and proved, although currently it remains a safer investment than the DOW. The Dow Jones is down -12.26% YTD currently. Bitcoin is still up 23% YTD, even with the price decline this week. Bitcoin also outperformed every other asset in the last decade. Do you think Bitcoin is a safe haven investment in times of economic crisis? Let us know in the comments! Images via Shutterstock
Originally from Bitcoinist.com https://ift.tt/2vrRVxL
Bitfinex has announced that it has repaid its sister company, Tether, USD $100 million of the $700 million it borrowed early last year. This controversial loan sparked rumors of insolvency, and an investigation from the New York State Attorney General. PAYMENT TIED TO LAST YEAR’S FUNDING DEBACLE The exchange, once the world’s largest, borrowed the money from Tether after it claimed to have been having trouble with its banking partners. At the time Bitfinex asserted that its payment processor, Panama-based Crypto Capital Corp., froze $850 million of its assets. To ensure solvency, Bitfinex borrowed $700 million from Tether, or so the story goes. Bitfinex repeatedly assured the public that the loan was legitimate and that it did not threaten Tether’s financial security. Not surprisingly, this move received tremendous criticism, and prompted an investigation by New York Attorney General Letitia James. Last July the exchange stated that it had begun to pay back the borrowed money. Today’s announcement indicates that it continues to make a good faith effort to resolve the debt. Nevertheless, given the exchange’s track record of obfuscation and privacy, many crypto advocates will no-doubt remain skeptical. BITFINEX HAS LONG KEPT THE PUBLIC IN THE DARK Bitfinex has long been highly controversial among crypto investors. Simply put, many do not trust it due to its cult of secrecy. For example, although it is based in Hong Kong, it has not released the location of its servers and infrastructure. Bitfinex has also been known to do business with shady, and often unknown entities. Notably, it apparently entrusted hundreds of millions of dollars to Crypto Capital Corp., which in October saw its owner indicted for fraud. Bitfinex also has close ties to Tether. The same individuals own both entities. Tether’s operators have long claimed that the stablecoin is fully backed by hard assets, yet have never permitted an independent audit to prove their assertion. Critics insist that without such a review Tether cannot be trusted. Also, this lack of transparency is a key issue in New York’s decision to pursue legal action against it and Bitfinex. It is worth noting that, despite controversy, Bitfinex has never failed to make good on withdrawals, and has a very respectable operational track record. Although no longer a top global exchange by volume, its large list of trading pairs keeps it a key player. Perhaps this payment to Tether could be a positive step in restoring its less-than-stellar reputation. Do you think Bitfinex will ever pay back the full loan? Add your thoughts below! Images via Shutterstock
Originally from Bitcoinist.com https://ift.tt/2Vv5S8Q
Bitcoin may appear to be on the brink of total collapse as coronavirus fears shake up markets, but trading volume tells a very different story. According to the volume profiles of each the greater bear market and the recent downtrend from the June 2019 top, selling pressure has been subsiding and it could signal “good times” ahead for the crypto market. Bitcoin Sell Pressure Dwindling As Time Progresses Most people first heard about Bitcoin and cryptocurrencies during the meteoric rise of 2017 that turned into a full block bubble once retail investors caught wind of the astronomic riches being generated by early investors in the emerging asset class. Valuations of Bitcoin and altcoins like Ethereum, XRP, Litecoin, and many others skyrocketed. But retail FOMO caused the bubble to expand to epic proportions and eventually the bubble popped. Related Reading | Bitcoin Bounces Off Buy Zone, Accurate Crypto Analyst Says Its Time to Hold Those that showed up late to the party go left holding heavy bags. Altcoins are still down by over 80% or more in most cases. Bitcoin itself fell to as low as $3,000 before going on another strong rally, but failed to set a new high and ultimately fell back into another downtrend. However, both the greater extended bear market and the more recent downtrend following the June 2019 top, have begun to wane in sell pressure, according to one crypto analyst’s take on a reduction in sell volume throughout the last two years. Red volume bars are shrinking in size over time, and the analyst claims that this is a single that “good times are almost upon us.” $btc Sell pressure on both longer term and current bearish cycle is subsiding. The good times are almost upon us. pic.twitter.com/Ps70jHHUP6 — Mr Parabolic (@iLiquidatebots) February 28, 2020 The Great Times That Once Were in the Crypto Market Those good times that the analyst is speaking of, would be another bull market, much like what happened in 2017. Back then, crypto investors were making money hand over fist, with altcoins popping off and going on thousand percent rallies. Bitcoin went from under $1,000 to over $20,000 in a year’s time. Cryptocurrencies were put on the map in a big way, and the world hasn’t been able to forget about them since. Related Reading | Bitcoin Bull Market Hangs in the Balance of Just One Line Since then, the landscape has changed, from a once hidden underbelly of the internet, used for purchasing drugs and weapons on the dark web, to major tech companies like Facebook considering building a cryptocurrency of their own. Although markets are indeed cyclical and history often repeats, his time will likely be very different. Crypto is much more widely known now and could result in a far larger bubble than the last time around. Alternatively, the fact that so many got burned in the last bubble, it could result in a less powerful bull run. Featured image from Shutterstock
Bitcoin’s intense downtrend appears to be far from being over, as the benchmark cryptocurrency’s bulls were unable to support BTC above a critical support level that was ardently defended throughout yesterday. It now appears that the break below this level has put the crypto in precarious territory, potentially opening the gates for significantly further near-term downside. This comes as the market’s open interest on margin trading platforms balloons past $1 billion, which is a bearish sign that is historically followed by intense downwards momentum. Bitcoin Struggles to Find Support as Bears Continue Pushing It Lower At the time of writing, Bitcoin is trading down just over 2% at its current price of $8,620, which marks a notable decline from daily highs of just under $9,000 that were set yesterday when bulls attempted to recapture its position within the $9,000 region. The firm rejection at this level, however, led the crypto to continue inching lower, leading it to drop as low as $8,400 overnight. The crypto was able to find some strong support at this level, although it has yet to decisively recapture its position above $8,700 – which was a key support level for BTC prior to its sharp overnight downtrend. One factor that could spell trouble for Bitcoin is the fact that its open interest on BitMEX is once again over $1 billion, which is typically an occurrence that is followed by significant selloffs. Mac, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, concisely saying “welcome back” while referencing a chart showing the growth of Bitcoin’s OI. Welcome back pic.twitter.com/UkMaSXuW9W — Mac (CEO of $OGN the next $MATIC) (@MacnBTC) February 28, 2020 BTC Just Lost a Key Support Level, Signaling a Severe Correction is Inbound Prior to the overnight selloff, Teddy, a popular cryptocurrency analyst on Twitter, explained in a tweet that $8,700 was an incredibly important level for bulls to hold the crypto above, with the recent break below this level opening the gates for a “severe correction.” “BTC: Still no bounce from this level. This old resistance now ‘support’ is clearly a significant level as price wicked below a few times – but always closed above! Lose it and correction will be a lot more severe,” he noted. #BITCOIN | $BTC Still no bounce from this level This old resistance now 'support' is clearly a significant level as price wicked below a few times – but always closed above! __ Lose it and correction will be a lot more severe pic.twitter.com/zYmSyiIcGj — TEDDY (₿) (@TeddyCleps) February 27, 2020 If bulls are unable to recapture this level and catalyze some short-term momentum, it is likely that the ongoing downtrend is still in its early phases, and that significantly further downside is imminent. Featured image from Shutterstock.
Any person who relishes playing casino games over the internet will tell you that there can never be a shortage of online casino sites. Depending on your country of residence, there are hundreds, even thousands of casino sites you can play at. All these online casinos claim to be the one where you need to place your wagers. Sorry to say, not each casino site is as excellent as they usually say they are. This, therefore, begs the question: how will you be sure you’re registering an account with one of the leading casino gaming sites?
Well, getting your hands on the most reliable online casinos worldwide could be exceptionally tiring if you are following a trial and error basis. You could spend hours and hours hopping from one betting platform to another until you finally find the gaming site that best suits your needs.
On the other hand, if you take a more practical and analytical approach, it will be effortless for you to notice the difference between popular worldwide online casinos. If you have no idea how you can handle the process, today’s post will point you in the right direction. If you come across any online casino that lacks any of the features, we’ll discuss today, ignore it and try a different casino. Sooner or later you’ll thank yourself for that. Let’s dive in!
A Massive Array of Games
The best worldwide online casinos will offer players an extensive collection of free online slots and other popular online casino games like those that can be found at free-slots-no-download.com to enjoy at the comfort of your home. A gaming site that’s worth your time and money will provide numerous variants of popular online casino slot games coupled with table games like roulette, baccarat, and blackjack. On top of that, the most innovative casino sites will also offer a live dealer client which bring the real-life Vegas-style gaming at your disposal.
In case you were wondering, the coolest feature of live dealer online casinos is that they let you interact with the dealer as you would in the Vegas Strip. Thus, if you ever yearn for the face to face human interaction of land-based casinos, you’ll appreciate the atmosphere provided by live dealer games.
As far as the casino game selection is concerned, diversity remains vital, especially if you might want to change over and take something different for a spin. Having a wide variety of titles lets you play around until you find a game that will quench your thirst. Better yet, having different choices at the snap of your finger will kill boredom because you won’t have to play the same games over and over again.
Mobile Betting Options
In this day and age, you can do pretty much anything using your phone, and playing online casino games is not an exception. Regrettably, not every popular online casino is mobile optimized with mobile-compatible games. That’s an additional aspect that differentiates popular worldwide online casinos. For the most part, mobile casinos make sure their games are playable on Android and iOS devices. Through this, nearly every individual that owns a smartphone or tablet can join the bandwagon of betting on the go.
Mobile online casinos are created with accessibility in mind. It doesn’t matter whether you’re playing games on the mobile casino app or in your web browser. Either way, you can relish playing your preferred games, load deposits and process withdrawals, plus even reach customer support service effortlessly.
Like any other mobile device application, you will have room for unlimited access to the compatible games and services, including free online slots in demo mode irrespective of your location. Also, it’s essential to know that online mobile casino applications have security features that match their web versions. You can, therefore, throw yourself into the thrill without worrying about your personal information. On the other hand, gaming platforms that aren’t created with mobile-friendliness in mind will get locked out of the mobile market.
Whenever real money transactions are involved, the correct security measures must be put in place. Online casinos must, therefore, always maintain high-security standards since debit/credit card or bank account details are involved in a client’s account profile. To make sure the information of every player remains secure, online casinos set up a selection of safety measures. By doing this, users can confide in the casino site to secure their personal information, without the worry of compromise.
Popular worldwide online casinos, for instance, deploy Secure Sockets Layer (SSL) encryption technology. Provided that you place wagers on a licensed and regulated casino site, you can be sure that your financial information is 100% safe.
Every so often, what draws a new player to a given online casino is the welcome bonus on offer. Although it’s popular for a casino to offer some bonus or promotion, the leading casino sites will ensure their gifts are sincerely worth creating an account for. Bonuses and promotions are one classification you can count on as all the popular online casinos offer the most lucrative deals.
By taking the time to analyze what the platforms offer, you’ll be able to compare the various bonus and promotions offered by the popular casinos. You’ll be able to see what’s offered by every online casino. However, you need to bear in mind that the bonuses offered by various top casinos don’t end with the welcome bonus. The best casino sites offer additional unique promotions. This could be free spins no deposit offer, reload bonus, loyalty promotion, or a holiday bonus.
It would be unfortunate for a popular online casino to miss out on prospective clients only because their fancied banking option isn’t accepted. But that’s usually the case with casino sites having extremely narrow selections. With the incredibly numerous mobile and online payment methods offered nowadays, the leading casino platforms worldwide realize that a variety of payment choices remain vital.
The best online casinos understand that there is much more thrill when a client’s deposit or withdrawal options aren’t limited. Online casinos who would like to house the maximum players will thus provide lots of payment methods. On top of the range of payment channels offered, the house should also process withdrawals quickly. That way, players won’t have to wait too long for their payout.
One more vital feature of the best casino sites are positive reviews from fellow players that back up what the site claims to have in the lobby. With countless online casinos to pick from today, you will find that the best casinos in the world have an excellent reputation amongst the member players. Usually, older online casino sites have better reviews, but you can also find newer platforms that are already having an impressive track record. You can get reviews from real players on the internet in player forums, where members share their real experience after placing wagers at the casino site.
As vital as all the above points are, don’t forget to check the operator license and regulatory information. All these details are typically displayed at the footer of the homepage. The licensing body will usually depend on the country within which the casino is running its business. For instance, in the United Kingdom, legitimate casinos will have a license from the United Kingdom Gambling Commission.
The post The Difference Between Popular Worldwide Online Casinos appeared first on NullTX.
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Cryptocurrency investors are seeing red this week, as are investors in the stock market and just about any financial market due to widespread fears over the coronavirus. But there’s one cryptocurrency that is defying all odds and market conditions and has just reached above its previous all-time high daily close. Chainlink Eyes New All-Time High Even Admist Coronavirus Market Crash Chainlink is the cryptocurrency industry stand out of the last year. It was a top performer during 2019, even while other assets were falling, the altcoin kept on rising. The cryptocurrency asset is showing its resiliency regardless of market conditions once again and is defying all odds to potentially set a new all-time high even during one of the most extreme market selloffs the world has seen in years. Not only has Chainlink held up particularly well, even rising amidst the economic turmoil, it is well on its way to setting a new all-time high against Bitcoin on the LINK/BTC trading pair. $LINK While the market is in disarray, this is above it's all time high daily close. I don't know how it does it! pic.twitter.com/ut6XsMv7XQ — Crypto Moriarity (@MoriarityCrypto) February 28, 2020 The current all-time high rests at 48750 sats, however, the highest daily candle close tops out at 46500 sats. Right now, Chainlink is trading at 47000 sats, and if the daily candle can close at this level, it will be a new record for the asset’s highest ever daily close. Such a strong showing by Chainlink even despite a widespread selloff is nothing short of amazing, and breaking a record for highest daily close during this steep collapse will likely cause it to set a new all-time high and close above the former level. Chainlink’s all-time high on USD price charts currently rests above $4.80. The unstoppable altcoin is currently trading at just $4, after reaching as low as $3.25 cents in the recent crypto market crash. This Cryptocurrency May Be Unstoppable in the Next Bull Run The altcoin is overperforming against Bitcoin and the rest of the crypto space, but still has ways to go before setting another new all-time high. However, give the fact that there’s no major overhead resistance, breaching above the level is likely to send the asset into price discover mode, where investors push the price of the asset to new heights before psychological resistance levels are reached and set. Cryptocurrency asset valuations are primarily based on speculation and hype, and with the incredible potential that Chainlink offers, it is easily among the most hyped altcoins of the current crypto market cycle. Analysts expect the likes of Chainlink, Tezos, and other, shiny new altcoins to outperform the altcoins of the last bubble, as holders of those assets will need to sell on the way up to break even, where these new altcoins have nothing but upside in their future.
Fears over the possible implications of the coronavirus pandemic have caused the stock market to crash with one of the sharpest one-week declines in the history of the S&P 500, making its chart look like that of an illiquid altcoin. How does the comparison stack up? And why are investors in the stock market so shaken up that the selloff so closely matches that of a crypto asset with low liquidity altcoin? Stock Market and Crypto Investors Remain Spooked By the Coronavirus Panic over the impact the rapidly spreading virus may have on the global economy, ranging from its shutting down of manufacturing facilities to it limiting travel to parts of the world that are particular hotspots for potential infection. The death toll is rising, and health officials are struggling to prevent the spread of the virus. Related Reading | Has the Coronavirus Put an End To the Bitcoin Safe Haven Narrative? The spread has also reached the world of stocks, cryptocurrencies and more. Financial markets have been a complete and utter bloodbath over the last week, as fears over the coronavirus reaching the point of peak pandemic mounts. Even the S&P 500, a major barometer of the overall health of the largest companies in the United States has dropped nearly 300 points over the last month. The steep fall over the last week has caused the otherwise stable stock index to resemble the price chart of an illiquid altcoin, that a random crypto whale decided to dump their holdings on in with massive market sell. S&P 500 Price Chart Resembles Illiquid Altcoin Dump In fact, the chart looks very similar to that of an IEO token, Matic, when viewed on different timeframes. Matic gained notoriety a few months ago when the altcoin experienced a massive pump and dump. When comparing the two charts, the price action appears to be similar. Given what happened to Matic in the trading sessions following, the dump in the S&P may be far from over. Despite the stock market sinking across most major indexes, the Dow Jones Industrial Average – another major US stock index – just triggered a TD 9 buy signal on daily timeframes. Related Reading | Altcoin Market Trading Volume Reaches New Crypto All-Time High Other major stocks and their indexes are also ready to print a perfect TD 9 buy setup on daily timeframes, including Apple, and the S&P 500 itself. With how sharply these normally reliable assets have fallen, they could very well rebound with surprising strength. However, if the coronavirus isn’t better contained in the days ahead, the S&P 500 could continue to look like an illiquid altcoin price chart due to an increase in panic selling an already overextended stock market.
Bitcoin (BTC) faced a serious downturn this week, shedding more positions from above $9,500. Now, the leading coin is fighting for key support levels, in case it breaks down closer to the low $8,000s. Bitcoin Address Data Suggest Strong Support Levels But before that, based on wallets acquired at various price levels, bitcoin must break several quite strong support levels. Analysis for wallets in the money and out of it shows BTC has a high chance of bouncing from the $8,100 as a local low to the recent downturn. Bitcoin bounced on Friday, moving to $8,659.07 after dipping twice to the $8,500 tier. At these price levels, the accounts in the money and out of the money are pretty well balanced. The latest IntoTheBlock report shows that bitcoin may put up a serious fight around the $8,600 to $8,900 level, where 873,000 addresses are holding onto 643,000 BTC. If that level breaks through, there are other signs of possible support levels between $8,100 and $8,300. At that area, defence may come from an even larger group of 810,000 holders, who bought 593,000 BTC at this price point. Addresses out of the money, if they decide to liquidate, may pose resistance at above $9,150. But overall, the robust number of addresses in the money may lead to “hodling” behavior, giving bitcoin more resilience. Short-Term Sentiment May Cause Additional Volatility Physical BTC ownership may not affect futures markets, which follow their own logic. However, overall interest in bitcoin ownership and a potential halving rally are still in the books. Now, BTC is seeking temporary lows, with most predictions envisioning a bounce soon. More pessimistic scenarios allow for a dump under $7,000 in case of panic, with an unpredictable low. But based on wallet analysis, there are plenty of support levels with large-scale holdings acquired between $7,000 and $8,000 as well. In the short term, however, sentiment may depend on fear, as well as futures trading based on a different set of support and resistance levels. #BTC UPDATE: Holy Grail Chart BEAR Signal = Entry 8900 exit 8550 pic.twitter.com/b6mioN5wd7 — Crypto Gizmo – Automatic Precision TA Charts (@drama_kevin) February 28, 2020 Bitcoin also reacts to short-term panic. As the stock markets dropped, so BTC traders have returned to Tether (USDT) positions. For now, the leading crypto has not exhibited safe-haven behavior to counteract the sell-off on the stock markets. But the recent dip also followed a golden cross of on the daily moving averages, potentially signalling an upward move, after a period of short-term panic. What do you think about the latest wallet-based indicator for BTC support levels? Share your thoughts in the comments section below! Images via Shutterstock, Twitter @drama_kevin
Originally from Bitcoinist.com https://ift.tt/3ciQSAQ
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To get into Data Science, you need a degree that signals potential employers you are the qualified candidate they’re looking for. We have conducted several studies on this topic to determine what are the best degrees for an aspiring Data Scientist. So, in this video, we’ll go over the level, discipline and university rank you should be looking at when deciding what degree is worth pursuing or if your current degree is suitable for the field.
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Data science has been one of the trendiest topics in the last couple of years. But what does it take to become a data scientist in 2020?
For the 3rd consecutive year, we have asked the data. In a nutshell, here are the latest research results that we have found:
The typical data scientist is a male, who speaks at least one foreign language and has 8.5 years of work experience behind their back. They are likely to hold a Master’s degree or higher and most definitely use Python and/or R in their daily work.
Read the full article here -> https://365datascience.com/become-data-scientist-2020/
It is not a secret that Bitcoin is one of the scarcest assets out there. But have you wondered how rare the largest cryptocurrency really is? There Is So Much Room for Bitcoin Adoption Imagine if a new global regime would rise out of nowhere to rule the world through a UN-like body and decided that everyone should be equal. More than that, this new body would endorse Bitcoin as a legitimate currency and would distribute it to everyone. While this defies Bitcoin’s decentralized nature, how much BTC would each individual get anyway? Well, the world’s population is almost 7.8 billion according to Worldometer, and Bitcoin’s current supply is 18,240,387. That means that each person would end up with 0.00233851 BTC or 233,851 satoshis. Considering today’s BTC price at around $8,845, that amount would be worth about $20. Not that much, right? This demonstrates that there is still much room left for Bitcoin adoption. According to the Bitcoin distribution chart, there are over 21 million addresses worth at least $1 worth of Bitcoin. That’s only 0.27 of the world’s current population. Don’t forget that new Bitcoins are still mined. It is expected that all of the total supply of 21 million coins will be in circulation by 2140. The world population by that time is expected to be 10.8 billion. That means that every individual would get 0.00194444 BTC or 194,444 satoshis. You should take into account that we ignored companies, legal persons, institutional investors, governments, and all kinds of organizations that might also own Bitcoin. If the “world government” would grant Bitcoins to companies and legal persons as well, then each entity would get way less Bitcoin. What About Fiat Currencies? If US dollars would be distributed equally among the world population, then each individual would get around $435, given that the total value of all US banknotes and coins is about $3.4 trillion, according to Fed data that is not updated anymore. However, the USD supply also involves digital dollars. Think about bank deposits, online transfers, and all the fiat dollars held digitally. For this, we should consider the M2 supply measure, which is $15.5 trillion as of the end of 2019. If all US dollars, including the less liquid ones, would be distributed equally, then everyone would get around $1,990. That’s 100 times more than the Bitcoin value mentioned earlier. According to the CIA factbook, the total value of all fiat currencies around the world is over $86 trillion as of 2017, up from $73 trillion at the end of 2016. Considering the expansion rate, that figure should exceed $100 trillion as of today. Thus, if we would distribute all the fiat money equally, including USD, EUR, GBP, JPY, AUD, CAD, and any other currency, each individual would get more than $12,800. Again, we’re not talking about companies and organizations. What do you think about the Bitcoin scarcity? Share your thoughts in the comments section! Images via Shutterstock, US Federal Reserve Bank
Originally from Bitcoinist.com https://ift.tt/2Vzokgq
Ethereum (ETH) and the aggregated crypto market is in the process of bouncing following yesterday’s intense selloff, with the current price action being emblematic of a relief rally that could ultimately be a bullish sign, if bulls are able to maintain the momentum. This relief rally has led Bitcoin to surge towards $9,000, while Ethereum and other major altcoins post gains of 5% or more. One top trader is now noting that he believes that ETH has posted a long-term bottom, and that it could soon target a swift movement up to fresh 2020 highs. Ethereum Rallies 6% Following Yesterday’s Bloodbath At the time of writing, Ethereum is trading up just under 6% at its current price of $237, which marks a notable climb from daily lows of nearly $210 that were set at the bottom of its recent selloff. Bulls’ ability to post a strong defense of the lower-$200 region is a highly bullish sign, as it shows that they still have some underlying strength despite the weakness shown by ETH over the past few days. It is important to keep in mind that buyers still have a significant amount of work set out for them if they want to erase its recent losses, as the crypto is trading down from weekly highs of $275, and monthly highs of $290. Nik Patel, a prominent cryptocurrency trader, spoke about Ethereum in a recent blog post, explaining that its recent downtrend has allowed it to sweep its swing lows twice. “This level was prior resistance and has confluence with the 38.2% fib retracement of the entire swing up from $116 to $290, with the past 48 hours of price-action having swept the most recent swing-low at $228 twice,” he noted while referencing its resistance at $290. Image Courtesy of Nik Patel ETH’s Defense of Support May Signal Long-Term Bottom is In Patel also believes that the cryptocurrency has formed a long-term bottom that could be followed by significantly further upside, setting a mid-term target of $370. “There is a high probability, I believe, that this is the local bottom for ETH/USD, regardless of whether BTC/USD moves another few percent to the downside… Overall, I remain very bullish and am expecting the $370 highs to be retested in the coming months,” he noted. Unless the crypto losses all of its current momentum and plummets lower in the near-term, it does appear that it could be bound to see significantly further upside in the coming days and weeks. Featured image from Shutterstock.
Ripple’s XRP token had been performing very well in 2020, reaching as high as $0.34 in mid-February, before pulling back to just under $0.30. Unfortunately, it wasn’t immune to the losses which have hit virtually the entire crypto-space this week. So what could be holding it back from recovering now? Ripple Case Not Dismissed A federal judge in California yesterday ruled that the class action lawsuit being pursued against Ripple could not be dismissed. A group of investors are suing the company, claiming that they lost money selling XRP after being ‘tricked’ by Ripple’s promotional statements. The judge did dismiss certain claims, but Ripple had requested that the case be thrown out entirely, due to it being filed over five years after XRP was first offered in 2013. The investors will now get a chance to take Ripple to court for selling unregistered securities. Ripple themselves said that this “would upend and threaten to destroy the established XRP market more broadly.” XRP Securities Status Still Unknown Speaking of unregistered securities, the US Securities and Exchange Commission (SEC) has still not made a decision as to whether it classes XRP as a security. Should it eventually take the position that the Ripple asset is not a security, then this should also negate the class action lawsuit. The SEC has certainly been taking its time with the decision. Back in June 2018, it classed Bitcoin and Ether as currencies and not securities, but was undecided on XRP. At the time, some believed that a ruling by the Financial Crimes Enforcement Network (FinCEN) in 2015 allowing Ripple to continue selling XRP tokens, meant that the SEC could not then classify them as securities. However, 20 months later and the SEC has thus far failed to come to the same conclusion. IPO Concerns Back in January, Ripple CEO, Brad Garlinghouse, hinted that the company was very likely to go public sometime in the next 12 months, selling shares in an initial public offering (IPO). Some felt that a move such as this was tantamount to pulling out the rug from under XRP investors and would essentially make the tokens obsolete. If an IPO is going to happen, Ripple needs to convince investors of its commitment to XRP tokens, and the value of them going forward. Lack Of XRP Endorsement We’re serious. While many other cryptocurrencies have their big name fans, XRP and Ripple are more likely to find themselves at the sharp end of a put down. As Bitcoinist reported this week, Anthony Pompliano said in no uncertain terms that he would never buy XRP in a televised interview. BitMEX CEO Arthur Hayes famously called XRP “dogs**t” earlier this month, as his company announced it as a trading pair for perpetual swaps. And Tone Vays didn’t hold back, when he told Bitcoinist what he hates most about XRP. Even retired UFC fighter Ben Askren felt the need to get in on the act, saying that he thought XRP was ‘a scam’. Maybe a big name endorsement would help XRP to get moving upwards again? What do you think are the main things holding XRP price back right now? Let us know in the comments below! Images via Shutterstock
Originally from Bitcoinist.com https://ift.tt/2ToWxg4
Leading global blockchain news provider. A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography.