Bitcoin prices drifted higher on Wednesday, breaking away from bearish calls as Christine Lagarde raised the need to regulate it at the global level.
In an interview with Reuters, the European Central Bank President said that Bitcoin is a highly speculative asset that has facilitated “some reprehensible activity,” such as money laundering, adding that “there has to be regulation” to control its misuse on an international scale.
“This has to be applied and agreed upon […] at a global level because if there is an escape that escape will be used,” she added.
ECB President Christine Lagarde called for global regulation of #Bitcoin, saying the digital currency had been used for money laundering activities in some instances and that any loopholes needed to be closed. Follow #ReutersNext updates here: https://t.co/4MgFy4jnw5pic.twitter.com/qlBtoDuZLW
The statements appeared in the wake of Bitcoin’s sharp decline from its record high this week. The flagship cryptocurrency got sold-off at near $42,000 during the weekend over profit-taking sentiment and crashed by almost 29 percent in afterward sessions. Before that, it had rallied by almost 100 percent in just three weeks of trading.
Bitcoin’s high volatility jittered Ms. Lagarde, who reiterated that the cryptocurrency might never become a currency. She called it “a highly speculative asset” notorious for conducting “some funny business” throughout its 11-year lifetime.
A Recovery, Nonetheless
Nevertheless, Ms. Lagarde’s critical take on Bitcoin was not enough to shake its intraday upside sentiment. The cryptocurrency surged by more than 3 percent to $35,954 less than an hour after the ECB chief’s comments entered the wire, breaking away from its choppy trend that clouded the European and Asian session Wednesday.
Bitcoin breaks above its 20-day exponential moving average resistance wave. Source: BTCUSD on TradingView.com
Bitcoin breaks above its 20-day exponential moving average resistance wave. Source: BTCUSD on TradingView.com
The BTC/USD exchange rate broke above its 20-day exponential moving average wave (green), signaling its desire to log a rebound towards its 50-day simple moving average (blue), followed by a breakout towards its all-time high above $42,000.
Old fractals showed that Bitcoin maintaining 20-DMA as support is a bullish sign.
Tyler Winklevoss, the co-founder/CEO of US-based cryptocurrency exchange Gemini, hinted that investors bought Bitcoin not to speculate but to break free from the “funny business” performed by centralized exchanges in the name of endless money printing.
“Bitcoin is a movement that is here to stay; it is never going away,” he added, reiterating the cryptocurrency as one the top defensive assets against inflation and fiat depreciation.
Bitcoin Long-Term Trend
More investors are looking at the prospects of additional government spendings in the US, as promised by President-elect Joe Biden to aid the US economy. Meanwhile, the Federal Reserve’s commitment to purchase government and corporate debts while keeping interest rates near zero until 2023 is further diverging investors away from cash-based safe-havens to riskier alternatives like Bitcoin.
“There are many institutional investors who bought $BTC at the 30-32k level,” noted Ki-Young Ju, the CEO of CyptoQuant. “Speculative guess, but if these guys are behind this bull-run, they’ll protect the 30k level. Even if we have a dip, it won’t go down below $28k.”
Market Analysts Say Bitcoin Holders Are Adding On Dips, Noobs Panic Sell
Rate this post The leading market analysts believe that the long-term holders of Bitcoin are adding the cryptocurrency on dips whereas the people who are beginners are selling the digital assets. The noobs in the crypto industry are selling off their asset and are losing their positions due to the panic situation in the market. Bitcoin Holders Stacking Up, Tells Market Analysts Well, the prices of the leading cryptocurrency seem to have stabilized over the past 24 hours as the panic selling has lowered and the noobs appear to have been pushed out of the market. At the time of writing this article, the price of bitcoin is $45,400, which is up 5% since yesterday, and its low during this period of correction went to as low as $42K on May 17. In addition to this, it should be noted that the correction has already shed 35% in 35 days which ultimately declared it to be the largest one of the current rally and almost copying a likely correction that occurred during the year 2017. Using the data from the weekly report of Glassnode, the analysts have confirmed that the recent entries in the market have surrendered at a loss while the long-term holders have continued to make purchases at the dips. Weak Hands and Noobs Panic Selling In response to the tweet shared by the owner of Tesla, Elon Musk, heavy selling was witnessed in the market that ultimately led to the tumbling in the prices of Bitcoin to their lowest levels in 20 weeks. Glassnode, the on-chain analytics provider mentioned that the total number of addresses holding a non-zero BTC balance has also retreated from its ATH of 38.7 million as over a million traders in the market elucidated their positions. Along with this, Glassnode stated: “A total of 1.1M addresses have spent all coins they held during this correction, again providing evidence that panic selling is currently underway.”
The leading market analysts believe that the long-term holders of Bitcoin are adding the cryptocurrency on dips whereas the people who are beginners are selling the digital assets. The noobs in the crypto industry are selling off their asset and are losing their positions due to the panic situation in the market.
Well, the prices of the leading cryptocurrency seem to have stabilized over the past 24 hours as the panic selling has lowered and the noobs appear to have been pushed out of the market.
At the time of writing this article, the price of bitcoin is $45,400, which is up 5% since yesterday, and its low during this period of correction went to as low as $42K on May 17.
In addition to this, it should be noted that the correction has already shed 35% in 35 days which ultimately declared it to be the largest one of the current rally and almost copying a likely correction that occurred during the year 2017.
Using the data from the weekly report of Glassnode, the analysts have confirmed that the recent entries in the market have surrendered at a loss while the long-term holders have continued to make purchases at the dips.
Weak Hands and Noobs Panic Selling
In response to the tweet shared by the owner of Tesla, Elon Musk, heavy selling was witnessed in the market that ultimately led to the tumbling in the prices of Bitcoin to their lowest levels in 20 weeks.
Glassnode, the on-chain analytics provider mentioned that the total number of addresses holding a non-zero BTC balance has also retreated from its ATH of 38.7 million as over a million traders in the market elucidated their positions.
Along with this, Glassnode stated:
“A total of 1.1M addresses have spent all coins they held during this correction, again providing evidence that panic selling is currently underway.”
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What sets StormGain apart from other cloud mining providers is how mining rewards are proportional to trading volume. Users with a higher trading volume will earn a higher daily mining income. Mining with StormGain over more extended periods can have a significant impact on one’s profit potential, showcasing huge capital inflows for the most active miners and traders.
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About StormGain
As part of its services, StormGain’s cloud mining service effectively removes all entry barriers to the mining market. Consequently, there’s no longer a need to invest in expensive mining chips that take up space, make noise, and consume electricity. Contract prices are inherently small so ongoing investments can translate to significant profits over the long term. Since the bitcoin mining service is readily available via the cloud, accessing it via desktop and mobile devices couldn’t be easier, with no hardware and time investments involved.
Disclaimer: This is a paid post and should not be treated as news/advice.
Bitcoin’s market share has fallen below 40% for the first time in three years as altcoin sezun gives rise to many cryptos.
In particular ethereum has risen to its highest crypto market share since the last peak in February 2018, accounting for more than 19%.
That’s almost as much as all other cryptos combined at 21%, which themselves have seen considerable appreciation with the top 20 ranking transformed:
Top 20 cryptos, May 2021
Bitcoin’s market cap has fallen now to $800 billion, while ethereum is almost half of it at $400 billion.
Then we have Binance Coin which is like their token share, worth $80 billion in part because Binance buys it back based on quarterly profits.
Cardano is the only one to survive in rankings from the 2017 ICO whitepaper wave with it on fourth position based on promises of smart contracts ‘soon,’ albeit about five years too late as eth invented smart contracts in 2015.
Doge is perhaps the wildcard crypto as no one thought it would rise to top five, yet maybe it should have been predictable, except no one could guess Elon Musk would shill it even on SNL.
Tether is at the top still with a market cap of $60 billion. Some say the bull will end when tether goes to the second page of rankings, but we’re not sure how much that will be true.
XRP survives. Still no all time high as it fights SEC in court, but it’s clinging on despite being delisted from many exchanges.
Polkadot has risen to a market cap of $37 billion with this trying to solve scalability by getting shards to go through a central coordinator which happens to be a bottleneck.
Finally a new coin, the Internet Computer. Ohh, it’s Dfinity! Finally this has launched. Just now actually on May 10th. We haven’t quite looked at it yet, but back in 2019 Joseph Lubin of ConsenSys said:
“Dfinity has a very strong team. Because dfinity is a currently closed system controlled by a small number of investors and token holders – though they’ve indicated they will open source their project at some point – it is hard to tell, but it appears to me they are less interested in being a global base trust and settlement layer and more like a somewhat decentralized AWS replacement.
They’re likely to do a very good job of this whenever it gets released.
Ultimately, it doesn’t seem viable for Dfinity to be a base trust layer for the planet as there is one fundamental design choice that they and Cosmos made that will prohibit this.
Both Dfinity and Cosmos favor safety or consistency over availability and liveness. This means that if 34% of the nodes on their networks find themselves on the wrong side of some great firewall that blocks traffic for a period, their entire global network will halt, freezing every system built on it.
And there are other known related failure modes. This is a non starter for many different classes of application.”
As it happens, eth 2 has this 34% as well, which is why plenty think the ethereum PoW chain will keep running even if the eth 2 PoS chain becomes dominant.
Bitcoin Cash is down to 10th now with Litecoin keeping on since 2011. Uniswap keeps up and up, with quite interestingly even USDC making top 20 with a market cap of $14 billion (wow).
Solana, this launched in March 2020 and never got our attention but seems a bit interesting on the surface because they claim they use a Proof of History in the blocks themselves or in the transactions.
At the most basic and utterly simplistic to the point of perhaps misleading, it sounds like each transaction has a private key of sorts (a hash) to prove that it was made before its inclusion.
The full details are worthy of study for those interested because, unless our surface view is mistaken, this is an experiment in scientific blockchain pruning.
We all know about the blockchain data ever increasing and that means no scaling. If you can remove old data from storage however, while still being able to prove the history of such old data so that you can trustlessly synch on the network and obviously so that you can prove coins are not just being printed, then there are effectively no scalability constrains.
So if Solana proves itself, their method or some adaptation of it may be incorporated into bitcoin where devs there have been tinkering with crypto hash based pruning, something that would make bitcoin globally scalable.
Polygon (Matic) is a second layer on eth so how this is so valuable is not clear, but the token is probably used in a Proof of Stake environment and so speculators are maybe betting this will find much usage in eth.
VeChain is ancient by crypto standards of the second blockchain generation wave with it focusing more on supply chain use of the blockchain and presumably doing something right since it keeps surviving.
Theta is a new one in rankings, although this launched in January 2018, and is “a blockchain powered network purpose-built for video streaming.”
Showing thus the crypto space is transforming, as was predicted during bear years, with two new entrants as well as an eth token ranking.
Interestingly both new entrants are scaling focused, so maybe at some point we’ll hopefully get out of the 80s dial-up and into 90s broadband when cryptos can go mainstream in usage.
As well as technical challenges to get there, there are also political challenges but somewhat slowly it looks like this space is generally moving in the right direction with innovation still clearly very much booming.
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