Connect with us

Blockchain

Bitcoin in “Golden Accumulation Zone” After 20% Plunge: Analyst

It may be the best time for Bitcoin traders to refill their crypto bags now that the asset trades near its multi-week lows, according to analysts at Phi-Deltalytics. The chart analysis portal stated that Bitcoin is in a “golden accumulation zone,” citing a string of fundamental and technical catalysts that could propel the cryptocurrency’s price higher. It said BTC/USD is trading below the active trading group’s purchasing price. That means a majority of traders would […]

Republished by Plato

Published

on

It may be the best time for Bitcoin traders to refill their crypto bags now that the asset trades near its multi-week lows, according to analysts at Phi-Deltalytics.

The chart analysis portal stated that Bitcoin is in a “golden accumulation zone,” citing a string of fundamental and technical catalysts that could propel the cryptocurrency’s price higher.

It said BTC/USD is trading below the active trading group’s purchasing price. That means a majority of traders would be least likely to sell their Bitcoins at a loss, leading to a decrease in supply. It should increase the bids for the cryptocurrency at the demand side.

bitcoin, cryptocurrency, btcusd, xbtusd, btcusdt, us dollar, us dollar index, dxy

Bitcoin plunges more than 20% after topping for the year near $10,500. Source: TradingView.com

The comments came after BTC/USD plunged by more than 20 percent from its year-to-date high of $12,486. The downside correction followed a 200 percent price rally, hinting that traders merely locked their profits at local tops. Nevertheless, the bearish move also coincided with a similar drop across the US stock and gold markets.

Many observers feared that BTC/USD would extend its downside momentum to hit $9,600 or the levels below it. The pair, however, managed to secure a base above $10,000, its previous resistance level now acting as a support level.

Institutional, Miners Activity

Phi also backed its bullish bias with a stable institutional and miner activity in the Bitcoin market. The portal said that the $900m Grayscale Invesments–a New York-based crypto investment firm–raised in Q2 wouldn’t be available for exiting until at least October 1st.

Meanwhile, it highlighted recoveries in both Bitcoin’s hashrate and mining difficulty. Meanwhile, the end of miner capitulation also pointed towards a sustained BTC/USD bull run.

“With miner capitulation historically marking market bottoms, this is a bullish long-term sign,” Phi wrote.

bitcoin, cryptocurrency, btcusd, xbtusd, btcusdt, us dollar, us dollar index, dxy

Bitcoin chart analysis by Phi Deltalytics. Source: TradingView.com

The portal added that the Bitcoin Futures market is now repeating its March 2020 fractal. Back then, there were ridiculous amount of long positions open at $7,800 that led to a “Long Squeeze.” In the recent scenario, bulls had a similar exposition to $11,300, a level that also pushed them to the wrong end of the trade. Excerpts:

“Currently, the margin market is overly bearish, but not enough people are on board with the “bearishness” so we do need the open interest to pick up a bit to fuel an ideal short squeeze. As for the CME institutional traders’ positions, last week’s drop doesn’t impact this group turning bullish after 3 months of indecisiveness.”

Inflation and Bitcoin

Phi also reminded traders of the long-term impacts of inflation on the Bitcoin market. The portal said that the Federal Reserve’s commitment to raising inflation beyond their ideal target of 2 percent would keep investors glued to Bitcoin for its hedging characteristics.

“This will fundamentally push up the value of gold, bringing up bitcoinalong the way as the main value proposition of bitcoin remains a store of value rather than remittance,” it added.

BTC/USD was trading at $10,279 at the time of this writing, down 0.87 percent into the Tuesday session.

Source: https://bitcoinist.com/bitcoin-in-golden-accumulation-zone-after-20-plunge-analyst/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-in-golden-accumulation-zone-after-20-plunge-analyst

Blockchain

What Coinbase Going Public Could Do For Crypto

Republished by Plato

Published

on

Messari Values Coinbase At Nearly $30 Billion As The Bitcoin Exchange Prepares To Officially Go Public

Advertisement &  & 

Coinbase, the biggest US-based cryptocurrency exchange has disclosed its detailed plan for the upcoming direct listing on the stock market by Nasqad. Coinbase submitted an S-1 report to the US SEC outlining key information such as revenue and ownership structure for investors to carry out due diligence on the company.

According to the document, Coinbase has 43 million verified users and an average of 2.8 million transactions per month. In 2020, the company returned a net income of $322 million from total revenue of $3.4 billion, with transaction fees constituting 96% of the net revenue.

Coinbase which makes most of its profit from bitcoin and Ethereum transactions, also saw a 56% increment on its $1.1 billion direct revenue for 2020 compared to $482 million in 2019.

The company incurred a total of $880 million in expenses for 2020, most of which went to sales, general administrative expenses, and research and development. Transaction reversal costs miners fees, staking fees, and verification expenses constituted $135 million of the total expenses,

Coinbase also made $533 million in 2019, against $579 million in operational and development costs, leading to losses totaling $46 million.

Advertisement &  & 

Coinbase to Usher Crypto’s Real Mainstream Adoption

The report indicates that much of the revenue for 2020 was generated from institutional investors’ activity in the crypto market but with higher retail activity in Q4 2020 than in previous quarters.

Coinbase’s debut as the first publicly listed crypto-exchange in the US is estimated to be one of 2021’s largest new listings of the tech industry. This will have a huge positive impact on the crypto market investors and blockchain technology backers.

According to the crypto trader and analyst Rekt Capital, the public listing will officially open up cryptocurrencies to the public.

“Coinbase going public is another way of saying crypto is going public.”

Coinbase Becomes Decentralized

The update comes a month after Coinbase chose Nasdaq as its direct listing avenue on February 1, following a secondary Coinbase stock launch by Nasdaq Private Market on January 25.

Now that Coinbase has moved to a remote-first environment without headquarters in any city, the company is referring to itself as a decentralized company. Up to 95% of Coinbase employees have the option to work at home, in a post-office world setting, or a mix of both.

“since we’ve made the decision to go remote-first we’ve decentralized ourselves; even after people can safely return to offices, the executive team has no plans to be “in-office” on a regular basis,  and none of them currently live in San Francisco.”


Get Daily Crypto News On Facebook | Twitter | Telegram | Instagram


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.

Source: https://zycrypto.com/what-coinbase-going-public-could-do-for-crypto/

Continue Reading

Blockchain

3 types of bitcoin investors that ‘should be concerning to central banks’

Republished by Plato

Published

on

With 106 million global crypto users as of January 2021 and a crypto population that has now surpassed 100 million, a financial expert noted that central banks must now be wary of certain crypto investors. In a new seminar held by the University of Pennsylvania’s Wharton School, part-time professor, Mohamed El-Erian, who is also Chief Economic Adviser at Allianz said that Central Banks should be careful about three specific groups of Bitcoin investors. 

He explained that while the first group of people is investing for positive reasons, the second is motivated by negative factors to adopt Bitcoin. The positive investors “truly believe Bitcoins will become money ”or “a currency as opposed to a commodity.” 

However, El-Erian cautioned that central bank authorities must keep watch on those “being pushed out of everything else and pushed into Bitcoin”, forming the second group that the expert earlier mentioned. 

They look to Bitcoin in order to protect themselves from government investment options, which some investors believe has been “artificially jacked up.” Interestingly, a recent survey found that people aged over 55 opted for Bitcoin due to a fear of currency devaluation – as central banks have historically printed more money to boost economies. The expert said that such people are forced to invest in the asset because “they don’t know how else to mitigate risk.” 

Do you really want to invest in a government bond whose price has been? So ‘let’s diversify, let’s put 2% into Bitcoins.’

El-Erian further categorized “speculators” as the third type of investors, who face profits and losses albeit “in a single day.” According to him, all three types of investors “should be concerning to central banks.”

When it’s trading above $50,000, all three messages are problematic for central banks. So, we are going to see central banks look increasingly at cryptocurrencies as something they should be involved in, and not just stand on the sidelines.


Sign Up For Our Newsletter


Source: https://ambcrypto.com/3-types-of-bitcoin-investors-that-should-be-concerning-to-central-banks

Continue Reading

Blockchain

Exchange listings and NFT boom back Enjin’s (ENJ) 52% rally to a new high

Republished by Plato

Published

on

Non-fungible tokens (NFT) are rapidly becoming a focal point of the cryptocurrency market as evidenced by stories of millions of dollars being raised in minutes for one-of-a-kind tokenized art pieces and rare collectibles that traders rush to get their hands on. 

One project that has been benefiting greatly from the resurgence of NFTs is Enjin Coin (ENJ), which broke out to a new all-time high of $0.67 on Feb. 25 following its listing on the Crypto.com exchange as well as the launch of spot and perpetual futures trading on FTX.

Data from Cointelegraph Markets and TradingView shows that ENJ rose 52% from a low of $0.438 on Feb. 24 to a new high of $0.67 before experiencing a pullback to its current price of $0.611.

ENJ/USDT 4-hour chart. Source: TradingView

A scroll through the project’s Twitter feed details numerous recent partnerships and integrations that have helped fuel Enjin’s price rise.

Minecraft is one of the most notable integrations for the Enjin ecosystem and users are able to earn special NFTs that unlock secret games inside the video game series.

The platform has also benefited from joining forces with the growing ecosystem of the Binance Smart Chain (BSC), which has launched an NFT educational campaign that Enjin will be part of.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for ENJ on Feb. 24, several hours before today’s price rise.

The VORTECS™ score, exclusive to Cointelegraph, is an algorithmic comparison of the historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. ENJ price. Source: Cointelegraph Markets Pro

As seen on the chart above, the VORTECS™ score for ENJ reached a high of 70 on Feb. 24, shortly before the price began to spike to a new all-time high on Feb. 25.

The growing popularity of the NFT space, along with numerous big-name partnerships has Enjin well-positioned as the current bull market cycle progresses into 2021.

Its recent integration with the BSC provides a way to escape high fees on the Ethereum (ETH) network and could bring a new wave of activity to the Enjin ecosystem.

Source: https://cointelegraph.com/news/exchange-listings-and-nft-boom-back-enjin-s-enj-52-rally-to-a-new-high

Continue Reading
Blockchain3 days ago

Ankr adds Eth2 futures (fETH) to its staking system

Blockchain4 days ago

Ripple now registered as a Wyoming business

Blockchain4 days ago

Former BoE, BoC Governor Mark Carney joins Stripe board of directors

Blockchain3 days ago

Peter Schiff Now Discusses Bitcoin More Often Than His Beloved Gold

Blockchain4 days ago

Litecoin, Cosmos, Tezos Price Analysis: 21 February

Blockchain4 days ago

A Review of BTCGOSU — Reviewer of Crypto Casinos

Blockchain4 days ago

Kraken Daily Market Report for February 21 2021

Blockchain3 days ago

Long Blockchain Corp has officially been delisted by SEC

Blockchain4 days ago

DeFi Protocol Primitive Finance Self Hacks to Prevent Exploit

Blockchain4 days ago

Is Ethereum heading to another ATH?

Blockchain4 days ago

The Many Theories Of Elon Musk Being Satoshi Nakamoto

Blockchain3 days ago

NFT Platform Ethernity to Launch IDO on Polkastarter

Blockchain4 days ago

Banks will be required to work with crypto, e-money and CBDCs to survive

Blockchain3 days ago

Bitcoin falls to $45K in sequel to 20% BTC price crash

Blockchain3 days ago

New report predicts NFTs will explode in popularity during 2021

Blockchain5 days ago

Kraken Daily Market Report for February 20 2021

Blockchain3 days ago

MoneyGram suspends Ripple partnership, citing SEC lawsuit

Blockchain4 days ago

Today 11:40 am EST: First Bitcoin Elite NFT Art Drop

Blockchain3 days ago

Bitcoin Price Analysis: 22 February

Blockchain3 days ago

Bitcoin Cash, Dogecoin, Monero Price Analysis: 22 February

Trending