Month: May 2020

Weaker Yuan Could Lead to a Stronger Bitcoin

TradingBTC

Japanese crypto firm FXCoin’s senior strategist thinks a depreciation of the Chinese yuan may lead more traders to Bitcoin in 2020.  FXCoin’s Yasuo Matsuda spoke to Cointelegraph Japan, saying Bitcoin (BTC) would likely be more popular among Chinese nationals facing economic sanctions due to national security laws as part of the government’s response to the COVID-19 pandemic.  The strategist said people in China would be “frustrated with the recession of the domestic economy” and looking for an escape: China’s strong position on legislation like the enactment of the Hong Kong…

Bitcoin Above $9,750 Would Make Case for Larger Rally: Here’s Why

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Bitcoin is trading nicely above the $9,400 support zone against the US Dollar. BTC price is likely to continue higher towards $10,000 if it clears $9,600 and $9.750. Bitcoin is trading with a positive bias above the $9,400 support zone. The price could struggle to clear the $9,600 and $9,750 resistance levels in the short term. There was a break above a key contracting triangle with resistance near $9,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a strong increase if it…

Crypto Analyst Releases Stock-to-Flow Model Indicator for BTC Bull Run

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Crypto analyst PlanB released a key indicator for its stock-to-flow price prediction model which could signal a Bitcoin bull run to $100,000 by 2021 has just begun. PlanB confirmed on Twitter on May 31 that the red dot — indicating a price increase — was now present in its stock-to-flow (S2F) model, a price prediction model for Bitcoin (BTC). #Bitcoin S2F chart update .. RED DOT RELEASED!!! pic.twitter.com/iNTjbf9b9K — PlanB (@100trillionUSD) May 31, 2020 The S2F model treats BTC as a commodity like gold or silver, evaluating the existing supply…

Bitcoin Closing the May Candle Above $9,360 is Crucial For Bulls: Here’s Why

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In just a few minutes’ time, Bitcoin will close May’s price candle. Analysts say that this close will be crucial for indicating in which direction the cryptocurrency market heads next. A region of importance that many analysts are eyeing is the low-$9,000s. As one analyst explained: “We’ve not had a Monthly close above 9360 in nearly 12 months. Rejections from this level have led to tests of $6k and eventually $3k.” Indeed, when Bitcoin failed to surmount this level in February, prices dove to $3,700 during March’s capitulation. And when…

Goldman Scandal, BTC Bull Trap Fears, How Libra Will Make Money: Hodler’s Digest, May 25–31

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Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week Goldman Sachs butts heads with Bloomberg over Bitcoin One of the world’s biggest investment banks caused a stink this week when it declared cryptocurrencies are not an asset class. In a leaked PowerPoint presentation, Goldman Sachs warned Bitcoin doesn’t provide diversification benefits, dampen volatility in…

Trading Bitcoin Vs. BTC Futures — Which Is Best for You?

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There’s an increasing number of exchanges offering futures contracts trading. So far there’s Binance, FTX, Bitfinex, Bybit, and Kraken, to name just a few. Volumes are also picking up across the board and it appears that retail traders are growing more interested in experimenting with these complex instruments.  As recently reported by Cointelegraph, there are multiple benefits to using futures trading. Traders using them can hedge and maintain peace of mind during periods of high volatility. Futures contracts can be used to reduce risk and leverage bets when the appropriate…

Key Indicator: Bitcoin and Other Top Cryptos Are Printing “Perfect Sell Setups”

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After plunging last week, the Bitcoin market has mounted a hefty recovery over the past week. The leading crypto asset traded as high as $9,700 on Saturday evening — just a few percentage points shy of the monthly high. Ethereum has fared even better, with the asset pushing 10% higher within a 24-hour time period this weekend. This recovery has convinced many traders that the crypto market is on the verge of a full-fledged bull run, but a key indicator is suggesting a “perfect sell setup” has formed. Bitcoin &…

Regulator and Industry Coordination Key to Swift Implementation

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“Coming together is a beginning, staying together is progress, and working together is success” — the words of Henry Ford give expression to the spirit of collaboration that defines human progress. His ethos around unity extends to many societal strands, including endeavors of profit, community initiatives and far-reaching government policies. When navigating uncharted territory, such as the handling of technological innovation from a regulatory perspective, different stakeholder groups must resist the urge to remain siloed in their strategies and lean into Ford’s vision for shared success. The art of enacting…

John McAfee Calls His Own $1M Bitcoin Price Prediction ‘Nonsense’

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John McAfee, an eccentric cryptocurrency advocate and British-American entrepreneur, in a tweet called his own previous prediction of Bitcoin price hitting $1 million a total “nonsense” adding that people who believed his “absurd” forecast should “wake up”.  McAfee used the whole North America continent GDP as a comparison reference to explain why his call was just a joke, stating that:  “If Bitcoin ever hit $1 mil, it’s market cap would be greater than the GDP of the entire North American Continent.” McAfee moved on from Bitcoin  In his recent tweet,…