Day: May 14, 2020

Bitcoin Just Saw Key Technical Correction But 100 SMA Can Trigger New Rally

TradingBTC

Bitcoin traded as high as $9,950 and recently started a downside correction against the US Dollar. BTC price is likely to remains well supported above $9,000 and it could continue higher. Bitcoin is currently correcting lower from the $9,950 and $10,000 resistance levels. The price is still trading well above the $9,200 support and the 100 hourly simple moving average. There is a crucial bullish trend line forming with support near $9,210 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct lower towards…

Coinbase Report Suggests Bitcoin Acts as a Gateway to Altcoins

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Bitcoin (BTC) acts like a gateway down the altcoin rabbit hole, according to new research from Coinbase. The research found that while 60% of users buy Bitcoin as their first cryptocurrency purchase, only 24% of investors maintain the Bitcoin faith. The majority of customers buy Bitcoin and then move into altcoins. Source: Coinbase Investors appear more willing to consider altcoins during bull runs, such as when Bitcoin’s market dominance dropped below 30% on Coinbase during the ICO craze and Ethereum run in 2017. For a brief time, Ethereum was the…

Bitcoin Dives Over $500 In 20 Minutes, Liquidating $28M in BitMEX Longs

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Good things don’t last forever it seems. After rallying 20% from the lows to tap $10,000, Bitcoin plunged $500 within the span of 20 minutes this hour, falling from ~$9,750 to $9,200 in that short period of time. It was an 8% reversal from the ~$10,000 highs of the Thursday trading session. Bitcoin price chart of the recent rally and dump from TradingView.com Few expected such a crash. After pushing past resistance level after resistance level in the $8,000s and $9,000s, analysts were convinced BTC was poised to break into…

Visa Files Patent Application For Digital Currency

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Visa has filed an application to create digital currency on a blockchain with the U.S. Patent and Trademark Office. According to the application published May 14 — but filed way back in November 2018 —  inventors Simon J. Hurry and Alexander Pierre with the Visa International Service Association in San Francisco have sought a patent for a digital currency recorded on a blockchain and controlled by a central entity computer.  It cites Ethereum as a possible network. The application details two records, one of which would indicate “the digital currency…

CoinMarketCap Initially Rejected the Metric That Now Puts Binance at No.1

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Crypto markets data aggregator CoinMarketCap yesterday changed its methodology to rank exchanges on their web traffic by default — a metric that puts CoinMarketCap’s new owners  Binance in the top spot.  But this stands in stark contrast to the words of CoinMarketCap’s Chief Strategy Officer and acting CEO Carylyne Chan, who said in a podcast interview late last year that web traffic was “not a good indicator.” Introduced just six weeks after Binance bought CoinMarketCap for hundreds of millions of dollars, the new ranking methodology prioritizes web traffic over CMC’s…

Federal Reserve’s Balance Sheet Explodes to $6.9 Trillion

TradingBTC

Both the crypto market and the stock market have recovered strongly since the March lows, but capital markets remain tight. So tight that to save individuals and corporations across weight classes, so to say, the Federal Reserve has stepped in with trillions of dollars worth of stimulus. It’s a trend that analysts say is beneficial for the cryptocurrency market. especially Bitcoin. Related Reading: After Rallying 150% From $3,700 Lows, Bitcoin Is Far From Reaching a Top Federal Reserve Balance Sheet Continues to Surge Higher According to Compound Capital Advisors’ Charlie…

Analyst Who Called $6,400 Bottom Says Bitcoin Is Poised to Retrace

TradingBTC

Bitcoin is back on the headlines after the outrageous price action it has experienced before and after the halving took place. The flagship cryptocurrency rose to a high of $10,100 on May 7 to then take a 22% nosedive over the weekend. Now, BTC is back up, recovering most of the losses recently incurred. Regardless of the high levels of volatility, one of the most prominent analysts in the cryptocurrency industry estimates that Bitcoin is poised for a steep correction before continuing its historic bull run. Bitcoin Faces Strong Resistance…

The VC Who Argued ‘’Death Spiral’ Scenario May Be Right After All

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The signs of the apocalypse are upon us: Bitcoin (BTC) transaction fees peaking, block time increasing, and the mempool is becoming congested — all as predicted by Zach Resnick, a managing partner at Unbounded Capital. Flash crush is more likely When Resnick spoke to Cointelegraph on May 8, he argued that the “death spiral” scenario is not priced in and that the community underestimates its probability. He claimed that there is still maybe only two to three percent chance of the halving killing off the chain completely, but in his…

Negative Interest Rates Give BTC an Opportunity to Shine, Report Claims

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A report claims that negative interest rates present Bitcoin (BTC) with a unique opportunity. The May 14 report, published by Stack Funds, stipulates that if the interest rates in the U.S. turn negative in the near future, it will force market participants to look for alternatives to traditional assets. This could present Bitcoin with a real opportunity to garner institutional adoption. Negative interest rates It is important to keep in mind that there is no single interest rate in the economy, but rather many. The one that the report alludes…

Veteran Investor Says Bitcoin Price Surge to $467,000 is ‘Achievable’

TradingBTC

Raoul Pal, the CEO and founder at Real Vision, believes the price of Bitcoin (BTC) can reach $476,000 in the long-term. Pal is not alone in this belief as hedge fund managers like Morgan Creek Digital’s Mark Yusko have also made similar predictions in the past. Currently, the price of Bitcoin hovers at around $9,700 and high-profile investors like Max Keiser and Mark Yusko believe Bitcoin can rise to $500,000 in the long-term under two simple scenarios. One requires Bitcoin to overtake the gold market and the other stipulates that…

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