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Bitcoin (BTC) Bounces Back After Major Slip

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Bitcoin (BTC) has been increasing since reaching a localized low on Jan. 11.

Despite the significant increase, it’s likely that Bitcoin is just retracing in response to the prior correction, rather than the beginning of a new upward trend.

The trend is considered bullish as long as BTC is trading above $36,701

Bitcoin Continues Ascent

Bitcoin has been increasing since Jan. 11 after a local low of $30,261 was reached. The low coincides with the 0.382 Fib retracement of the entire upward movement. Its worth mentioning that the bounce was preceded by significant hidden bullish divergence in the RSI.

Despite the bounce, technical indicators still look bearish. The MACD is consistently decreasing and the Stochastic oscillator has made a bearish cross.

If BTC were to reverse, the next closest support area would be found at $29,050.

BTC Daily
BTC Chart By TradingView

Possible Rejection

The six-hour chart shows that BTC has moved above the 0.618 Fib retracement level of the previous downward move and is approaching the 0.786 Fib at $39,483. This target is also a horizontal resistance level.

Technical indicators are gradually turning bullish.

Despite this, it’s still more likely that the current movement is a retracement rather than the beginning of a new upward move — unless BTC manages to flip the $39,483 resistance area.

Bitcoin 6-hour
BTC Chart By TradingView

The two-hour chart does not yet show any weakness, since both the MACD and RSI are increasing.

Furthermore, BTC seems to be following an ascending support line, which coincides with the minor $36,200 support area.

As long as BTC is trading above this level, the trend is considered bullish.

BTC Ascending Support
BTC Chart By TradingView

BTC Wave Count

The wave count suggests that BTC has possibly just completed an A-B-C corrective structure where waves A:C had a 1:1 ratio. Since BTC has not yet been rejected, it’s possible that the C wave will extend to the 1.61 Fib length of wave A to reach a high of $42,505.

While this would make a new all-time high, it would still allow for the movement to be corrective, since the preceding decrease (highlighted in red) took three waves. This suggests that the pattern is a flat correction. BTC A-B-C

BTC Chart By TradingView

The sub-wave count (shown in red below) suggests that BTC is in the fifth and final wave, which could or could not extend.

As long as the low of sub-wave 4 at $36,717 is not taken out, we would expect the upward movement to continue and the wave to extend.

BTC Short-Term Count
BTC Chart By TradingView

Conclusion

While it’s possible that Bitcoin is still correcting, the upward retracement is expected to continue as long as BTC is trading above $36,717

For BeInCrypto’s previous Bitcoin (BTC) analysis, click here!

Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto.

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Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo.
In 2019, he decided to focus full-time on cryptocurrencies and trading.

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Source: https://beincrypto.com/bitcoin-btc-bounces-back-major-slip/

Blockchain

Mark Cuban sees $1 written in DOGE’s tea leaves

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After only three days accepting Dogecoin (DOGE) as a form of payment, Dallas Mavericks owner Mark Cuban is predicting the price of the token will eventually hit $1. 

In a Saturday tweet, Cuban said customers had used more than 20,000 Dogecoin — roughly $1,018 at the time of publication — in transactions for the Dallas Mavericks, claiming the franchise was now “the largest Dogecoin merchant in the world.” The billionaire predicted that if basketball fans were to purchase 6,556,000,000 DOGE worth of Mavericks merchandise, the price of the token would “definitely hit $1.”

The Mavericks were one of the first NBA franchises to recognize crypto as a form of payment for tickets and merchandise, having started accepting Bitcoin (BTC) through wallet company BitPay two years ago. Mavericks fans can also pay for gear and souvenirs with Bitcoin Cash (BCH), USD Coin (USDC), Gemini dollar (GUSD), Paxos Standard (PAX) and Binance USD (BUSD).

Despite being created as a joke, DOGE has surged in the last few months as billionaires including Cuban and Tesla CEO Elon Musk have mentioned the token on social media. Musk’s tweets have likely contributed to the price of the token rising from $0.01 in January to an all-time high of $0.078. At the time of publication, the DOGE price is $0.0509, meaning the token would need to surge 1,864% to reach $1.

The Dallas Mavericks owner previously described DOGE as an “economics teaching tool,” saying the token was the “best entertainment bang for your buck available” on the crypto market. Even with the surge in DOGE payments for the basketball franchise, Cuban said he was still “having fun” and hasn’t changed his opinions about the token.

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Source: https://cointelegraph.com/news/mark-cuban-sees-1-written-in-doge-s-tea-leaves

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How to Earn on Crypto you’re Hodling in 2021

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How to Earn on Crypto you’re Hodling in 2021

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Everyone in the world likes money and even better if you can earn with the money you already have. There has been a sharp rise in crypto price points in recent months so if you’re one of the many die-hard holders out there you are probably wondering how you can get a return from the holdings you already have. Thankfully as the industry has evolved so has the ability for investors to earn on their holdings of crypto assets. This article will talk about some of the ways you can try to make a return on investment for everything you currently have in your portfolio. Some of the earning ways are conventional and others require a little bit of work or substantial knowledge. Nevertheless here are some ways you can earn on your crypto portfolio. 

Staking is the process of actively holding a small to substantial amount of funds in a designated blockchain wallet in order to support a proof of stake (PoS) blockchain protocol. Essentially the investor locks funds into a particular wallet to support the staking process of the blockchain which they are staking on. As with anything in life an individual only does something if they feel they will gain benefit from it so when it comes to staking a stakeholder in the proof of stake blockchain will only lock in their stake if they are going to receive a reward. Many blockchain platforms out there offer proof of stake rewards to those staking crypto in locked wallets and you can earn a staking reward from doing so. When staking you often do not only earn an income from locking in funds but the staking also offers the holder the ability to vote on the blockchains protocol updates. Think of it similar to having voting rights from holding stock in a public company, you will have the right to a proportional vote to your stake on the future of the blockchain protocol. It’s relatively easy to find a company that allows you to stake your crypto and even the big guys like Coinbase offer staking features on their platform.

Peer to peer lending has become an increasingly popular topic in the modern fintech sector these days and the normal financial channels often translate over into the cryptocurrency world. Like with conventional peer to peer lending the way you earn money from the transaction is through interest on the lending of assets. Unlike conventional peer to peer products, the cryptocurrency world offers substantially higher interest returns than its fiat (government issued currency) counterpart. This is not always the case however, but as a general rule of thumb you are set to earn more with a crypto-based lending house.

One trusted example of a medium for lending is Nexo. Nexo offers credit lines to a borrower that are secured against crypto collateral. This collateralized method does away with the need for traditional credit checks since the crypto acts as the bridge of trust if and when the borrower is unable to pay. So you are always safe as a lender in that regard. Nexo clients who deposit funds in fiat or stablecoins can expect to earn returns of up to 12%, whereas clients who directly deposit crypto can earn interest of up to 10% of their holdings. Lenders who hold a minimum percentage of their portfolio in NEXO tokens, and choose to receive payouts in their token are eligible to receive higher returns than those who do not. 

If you are interested in mining for more crypto, another option is to hold shares in an active cryptocurrency mine. Mining is the backbone of the entire cryptocurrency ecosystem. So by investing into a mine you are not only using your crypto to make more crypto, but you are also supporting the entire blockchain community through mining activities. 

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Miners solve complex mathematical equations using graphics processors. Once the mathematical equation is solved, the block is validated and a reward is sent to the miner. Pylon Finance is said to have the largest active ETH mine in North America with return rates for investors of up to 250% per year. 

The easiest way of all to earn money from your crypto may be to deposit your funds into a platform that offers you an annual percentage yield (APY) on the money you hold on their platform. This is similar to depositing money into a savings account at a bank that gives you an annual percentage return on what you hold in your bank account. You can check out the different DeFi depositing options on DeFi Pulse and start earning on your holdings immediately. 

What is important to consider however is that depositing can only be done with crypto assets and altcoins and not fiat currency so this is only a valuable way to earn returns if you are insisting on earning on just your crypto holdings. 

In a similar fashion to earning from DeFi, many crypto exchanges offer earnings programs. These again are similar to depositing into bank accounts and earning interest with the key difference being that the interest earned is usually substantially higher than one would earn from a conventional bank account. That coupled with compounding interest and the gains in the crypto market in recent months makes this option very attractive. Companies such as Crypto.com offer interest on the major cryptocurrencies up to 8% and pay out interest on a weekly basis. Along with being paid weekly you also have your interest accrued daily so you know whatever you are holding is always earning you money, even if your portfolio fluctuates. 

Although it isn’t conventionally set to make you money, you can look to the slot machines and roulette table for extra returns. If you’re a rainman at blackjack, Fortunejack is the oldest Bitcoin casino in the world – so why not try to make some tasty returns there?


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

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Source: https://zycrypto.com/how-to-earn-on-crypto-youre-hodling-in-2021/

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Generational Theory and The Historical Significance of Bitcoin

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Generational Theory and The Historical Significance of Bitcoin

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In a recent piece for CNN, journalist Kaya Yurleff made a rather startling announcement: emojis are dead…well, more or less. Says who? Generation Z, that’s who. Colloquially known as zoomers, these trendsetters were born between the years of 1996 and 2010. Everything lives, and everything dies. And emojis, we’re told, are on the way out. Times like these call for a yellow face sporting a slight frown, shedding a single, blue tear from one eye. Zoomers, however, would not approve.

Ostensibly, what we are witnessing here is the exorcism of emojis from society. On closer inspection, though, what we’re really witnessing is a generational shift, a shift in conceptual frameworks and cultural narratives. Can such shifts be used to explain bitcoin’s prominence?

In 1981, William Strauss and Neil Howe developed the Strauss–Howe generational theory. Every 25 years, generation demands change; fresh social, political, and economic norms are created, often radically different from those that came before them. Established institutions are attacked and weakened, all in the name of freedom. The generation demanding change can be seen as cultural architects; in order to build, however, they must first destroy.

1996, the year these architects first burst onto the scene, also happened to be the same year that internet banking went mainstream. The move to online financing revolutionized the way we do business. In fact, although the internet was available to the public in 1991, the world had to wait until 1996 for the likes of Hotmail and Yahoo Mail, which subsequently opened the door to Google and Gmail. The rest, as they say, is history.

1996 was also the year Motorola gifted us with the StarTAC, the world’s first-ever flip phone. And yes, for any zoomers reading this, flip phones were revolutionary.

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A quarter of a century before flip phones blew our minds, the first-ever facelift took place. That same year, with the abolishment of the gold standard, President Nixon performed some cosmetic surgery of his own. His client? The US dollar. The results? Not so pretty. 

This was also the year that physics went “mainstream,” firmly establishing itself as the dominant science. The inimitable Stephen Hawking was busy developing his theories of black holes

Meanwhile, the Soviet Union launched the world’s first space station program.

25 years before that, in the mid-1940s, WW2 had just ended. The world, battered and bruised, entered a phase of healing and restructuring. The International Monetary Fund (IMF) was established, as were the independent states of Syria and Lebanon. 25 years before that, “The Jazz Age” was born. Babe Ruth began playing for the New York Yankees. The Irish War of Independence was taking place. The Weimar Republic was aggressively flirting with hyperinflation. Venezuela became the world’s second-largest oil-producing nation.

In 2021, a century later, the world is an incredibly different place. Venezuela is a mess. Syria and Lebanon are, from humanitarian and economical perspectives, disaster zones. The IMF, in many ways, is also a sort of disaster zone.

Venezuela, Syria, Lebanon, and the IMF are symbolic of the old system: badly run nations and institutions, ran by ill-equipped, ill-informed individuals. 

It’s easy to see why digital natives of today have little interest in the old system. Why would they? More importantly, why should they?

While fiat currencies continue to lose their power, the king of cryptocurrencies continues to soar. On Friday, February 19th, bitcoin’s market value hit $1 trillion. Now, the world wonders if the world’s first example of ‘digital gold’ can overtake Alphabet Inc., currently valued at $1.43 trillion? The answer appears to be yes.

A digital future

The old system represents brick and mortar buildings, physical currencies, and face-to-face interactions. The pandemic, however, has resulted in an almost global shift to online commerce. Consumers have been nudged – or quarantined – away from traditional coins and bills. Things, we’re told, will never be the same. If that warning applies to physical currencies, perhaps that’s a good thing.

In 2019, zoomers became the largest generation, constituting close to 33% of the global population. Millennials are no longer top dogs. Although a share of zoomers lacks the finances to invest heavily in crypto, they’re excited by the possibilities that Bitcoin presents.

Noelle Acheson, in a brilliantly written piece for Coindesk, notes how zoomers “will see nothing strange in allocating their savings to assets via swipes on their phones (or movements of their headsets or digital glasses, who knows). It is unlikely they will find the fragmented nature of crypto markets alarming.” The author believes that “the creativity of many crypto-asset products on the market today could appeal to their strong sense of individualism.”

Millennials are inherently distrustful of centralized institutions. Why would anyone assume that zoomers, who tend to be even more digitally savvy than Millennials, have any interest in traditional, centralized models of governance and finance?

As Acheson notes, zoomers “will emerge into a market in which traditional investment standards no longer apply, and for which the word “unprecedented” has lost most of its meaning.”

As we see with emojis, a linguistic shift is emerging. This shift may very well prove to be symptomatic of a broader shift in society. In fact, we may be witnessing the beginning of a crypto-infused revolution. Does a digital future, free from intermediaries like central banks, await us? If zoomers have their way, brick and mortar institutions could become a thing of the past.


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DISCLAIMER Read More

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

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Source: https://zycrypto.com/generational-theory-and-the-historical-significance-of-bitcoin/

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