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BTC eyes $50K breakout despite most ‘greed’ since all-time highs: 5 things to watch in Bitcoin this week

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Bitcoin (BTC) is approaching its second attack on pivotal resistance this week as bulls remain firmly in the driver’s seat.

After a mixed weekend that saw both a run on $48,000 and a major rejection at that level, Bitcoin is already back, having made up all of its losses.

With conditions broadly favorable for continued strength, it may only be a matter of time before the next impulse move reshapes the BTC/USD spot market.

Cointelegraph suggests five factors worth taking into account when assessing where Bitcoin might be headed in the coming days.

Bitcoin returns to challenge $48,000

It was a rags-to-riches story for Bitcoin this weekend.

Saturday began on a high after BTC/USD jumped above $47,000, a zone that immediately borders a large resistance wall, which so far remains in place.

Thereafter, a failed attack on that zone ended in a sharp reversal, with Bitcoin dropping to local lows of $45,500 before recovering.

That recovery, which took place through Sunday, ultimately brought Bitcoin back to where it had begun the weekend’s action, and Monday’s picture provides a firm sense of déja-vù for traders.

“Bitcoin needs to regain $46.5K,” Cointelegraph contributor Michaël van de Poppe warned before the latest run-up was confirmed.

“If that happens, then I’m assuming the highs will be tested again. If not, $44K next.”

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

With the prospect of a rematch now on the cards, sellers are nonetheless steadfast at $48,000. A look at buy and sell levels on major exchange Binance shows the extent of the resistance, with support at $45,000 now also substantial.

BTC/USD buy and sell levels (Binance) as of Aug. 16. Source: Material Indicators/Twitter

Fellow trader and analyst Rekt Capital, meanwhile, considered an ascending triangle structure for BTC/USD, with Sunday providing a test of its upper boundary, but not a breakout.

“BTC has formed a new Lower High on this most recent successful retest attempt,” he tweeted Monday.

“Has $BTC now transitioned into this current market structure?”

BTC/USD ascending triangle structure. Source: Rekt Capital/Twitter

Hash rate, difficulty point to the sky

Some familiar good news from a familiar source: Bitcoin network fundamentals are still climbing toward all-time highs.

After the latest automated readjustment on Friday, difficulty saw an increase of 7.3%, completing its best performance since Bitcoin’s May price sell-off.

Bitcoin difficulty chart. Source: Blockchain.com

As Cointelegraph continues to report, mining power is returning to Bitcoin after being forced out of China, while existing operations are adding to their capabilities.

The result is a larger Bitcoin mining hash rate and, with it, more competition for the Bitcoin block subsidy, a process that, in turn, leads to difficulty rising to keep the network in equilibrium. This also increases network security and underscores miners’ long-term commitment to Bitcoin — investment in return for profits.

the hash rate stood at 113 exahashes per second (EH/s) on Monday, now firmly above the 100 EH/s mark and 30 EH/s above the post-May lows. The all-time high for the hash rate, which was in situ before the China episode, is 168 EH/s, according to monitoring resource MiningPoolStats.

Dollar celebrates 50 years with a whimper

Favorable headwinds look set to add to Bitcoin’s strength from the wider macro environment this week.

After a tough end to the week for the United States dollar, Monday has so far delivered only a modest reversal. This weekend marked 50 years since the U.S. ended the dollar’s gold convertibility. Dollar weakness, while not a guarantee of easy returns for BTC, still remains a useful indicator of crypto market potential.

At the time of writing, the U.S. dollar currency index (DXY) stood at a 92.6, down from over 93 last week.

U.S. dollar currency index 1-day candle chart. Source: TradingView

In a market summary, Justin d’Anethan, head of exchange sales at Nasdaq-listed crypto firm EQONEX, reiterated a falling dollar’s potential to be a boon for hedge assets such as gold as well.

“One could also observe the dollar falling, supporting risk assets and also gold, trying to make a comeback,” he wrote Monday.

“In the crypto space, you can feel the bullishness as well; investors are a lot richer now than they were last week or the week before that.”

D’Anethan was also hopeful of an additional macro catalyst from the U.S. government in the form of the contentious infrastructure bill having its crypto tax language amended in the near future.

“If a more lenient wording can go through, this will be very supportive,” he added.

Greed hits highest since April

A slight counterpoint to the desire for sustained bullish momentum on Bitcoin is market sentiment, which is already flirting with “extremes.”

These come in the form of the Crypto Fear & Greed Index, which over the weekend flashed its highest score in four months.

Leveraging a basket of factors to determine whether crypto, in general, is oversold or, conversely, due for a sell-off at certain prices, the Index reached 76/100 Sunday, corresponding to “extreme greed.”

By contrast, just last month, it measured 10/100 — the polar opposite of today, or “extreme fear.”

A potential further attack on $50,000 for Bitcoin could thus serve to upend sentiment once more, increasing the risk of a knee-jerk correction as the market heads toward April’s all-time highs.

Crypto Fear & Greed Index as of Aug. 16. Source: Alternative.me

Altcoins shine as Bitcoin coils

One coin’s loss is another coin’s gain this week — and it looks like altcoins may be the main beneficiaries of current sentiment.

Related: Top 5 cryptocurrencies to watch this week: BTC, ETC, LUNA, KLAY, AXS

With Bitcoin up around 8% versus a week ago, major altcoins are nonetheless outperforming its gains.

Out of the top 50 cryptocurrencies by market capitalization, many have seen weekly returns in excess of 20%, with Solana (SOL) leading with 60% on Monday.

As Cointelegraph reported, hopes are high that some form of “alt season” can still return this summer, possibly fuelled by a decentralized finance resurgence.

At 43.7%, Bitcoin’s market cap dominance is also falling despite its strong performance, opening up the potential for altcoins to lead the way into Q4.


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Source: https://cointelegraph.com/news/btc-eyes-50k-breakout-despite-most-greed-since-all-time-highs-5-things-to-watch-in-bitcoin-this-week

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What Did Jordan Peterson And Maxime Bernier Say About Bitcoin And The Austrians?

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The Bitcoinization of Jordan Peterson is a go. The famed psychologist and media personality had a Canadian politician as a guest in his podcast and couldn’t help but touch on the subject. And Maxime Bernier was right there with him, which lead to a brief discussion about Austrian Economics. Even though both Peterson and Bernier are controversial figures, they’re as mainstream as it gets. This isn’t Bitcoiners preaching to the choir.

Related Reading | That JPMorgan Report On El Salvador Doesn’t Even Mention The Lightning Network

As if he was walking through a minefield, Jordan Peterson approached the subject carefully and in a non-comital way:

“The cryptocurrency types. You know? The people who’re pushing Bitcoin in particular, make the extraordinarily radical claim that it would be better for everyone if the entire business of money was taken out of the hands of government permanently. And that’s essentially what Bitcoin allows. At least at the present time.”

Surprisingly for everyone not familiar with the politician, Maxime Bernier agrees and flashes his Austrian Economics credentials. Peterson follows the bread crumbs and asks him about that, Bernier answers:

“I believe, yes. The cycles that we have, the ups and downs in the economy, is because of the Central Bank. Money is everywhere, and if you create too much money out of thin air, you’ll have inflation. And distortion in the economy. And the boom and bust that we have. So, I 100% agree with Mises, Rothbard, Hayek, and these economists.”

For more information and Austrian Economics’ concepts, check The Bitcoinist Book Club’s analysis of “The Bitcoin Standard.”

BTCUSD price chart for 09/18/2021 - TradingView

BTC price chart for 09/18/2021 on FTX | Source: BTC/USD on TradingView.com

So, Who’s Maxime Bernier?

In the video’s information box, Jordan Peterson ’s team informs:

“In this episode, Dr. Peterson is joined by the Honorable Maxime Bernier, leader of the People’s Party of Canada (PPC), former MP of Beauce (2006-2019) and candidate for the Prime ministership of Canada.”

In 2017, Maxime Bernier tried to win the head of the Conservative Party. He failed. The next year, they removed him from the Official Opposition shadow cabinet. Later that year, he founded the People’s Party of Canada. In 2019, the novel party didn’t do so well, but, cut to 2021 and the People’s Party of Canada is suddenly on everyone’s radar.

The National Post explains the main reason:

“With protests against COVID-19 public-health measures growing, Bernier has tapped into a deep well of resentment about the way Canadians have had to live for the past 18 months, and fears about what the next months will look like.”

Apparently, the People’s Party of Canada is en route to get 6% in the next  Canadian elections. If it happens, they’ll become one of the major political forces in the country. The Washington Post explains the situation:

“Six percent is not an impressive figure unto itself, and it’s likely the party will not win a single parliamentary seat. Yet the Green Party won zero seats and 4.3 percent of the popular vote in the 2004 general election and was nevertheless swiftly institutionalized by the media. Proclaimed one of Canada’s “major parties.”

What Does Jordan Peterson Think About Bitcoin?

The Canadian psychologist learned from the best. He had four of the brightest minds in the Bitcoin space explaining everything to him, and he got most of it on the first try. We at Bitcoinist broke down the episode, took notes, and transformed them into this analysis: Part 1, Part 2. The most amazing quote was this one:

Related Reading | Bitcoin Gains Steam With U.S. Politicians, Will It Become A National Movement?

After listening carefully, Peterson synthesizes those ideas in a quote for the ages. “Whatever energy is expended in the production of Bitcoin and the maintenance of the system should be more than recouped by the increased efficiency of every system that uses Bitcoin as a transactional device.” Boom! If we take that into account, “There’ll be a net energy gain and not a net energy loss if you calculated it across the entire system.”

That conversation sparked the Maxime Bernier one. One of Canada’s biggest stars talking about Bitcoin in good light with a major political candidate. Who would’ve thought?

Featured Image: Screenshot from the video | Charts by TradingView

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Source: https://bitcoinist.com/what-did-jordan-peterson-and-maxime-bernier-say-about-bitcoin-and-the-austrians/?utm_source=rss&utm_medium=rss&utm_campaign=what-did-jordan-peterson-and-maxime-bernier-say-about-bitcoin-and-the-austrians

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Shiba Inu coin (SHIB) pumps and sees $2 billion traded after Coinbase listing

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Shiba Inu coin (SHIB) believers were in for a surprise Friday morning after Coinbase, one of the world’s largest and most regulated crypto exchanges, listed the memecoin on its platform.

“SHIB is now live on Coinbase and in the Coinbase iOS and Android apps. Coinbase customers can log in now to buy, sell, convert, send, receive or store SHIB,” the exchange said in a tweet.

The move is slightly uncanny for Coinbase, which has historically taken a regulatory-first approach towards listing cryptocurrencies on its platform. The firm also went public earlier this year—holding it accountable to even more regulations and liasions now that public money is involved. 

Coinbase is, however, starting to make moves to appeal to a broader base of investors. It raised $2 billion in a debt note offering this week to expand its product offering, and has listed ‘altcoins’ at a faster rate this year.

“One of the most common requests we hear from customers is to be able to buy and sell more cryptocurrencies on Coinbase. We announced a process for listing assets, designed in part to accelerate the addition of more cryptocurrencies,” stated Coinbase in a release. “We are also investing in new tools to help people understand and explore cryptocurrencies,” it added.

Such moves help bolster the rising coffers of Coinbase: It earned over $1.2 billion in revenue in Q1 2021, but is arguably looking for more.

Shiba Inu frenzy

Inspired by the breed of cutesy Shiba Inu dogs which find their place in the online meme community, Shiba Inu was launched in August 2020 by a group of anonymous developers looking to emulate the success of Dogecoin.

The token didn’t instantly catch on among the masses, but incessant hype—partly driven by the antics of Tesla CEO Elon Musk and his Dogecoin fascination on social app Twitter—saw SHIB rise 15,067,601% from its November lows. 

That’s enough to turn every $1,000 invested in the token to a staggering $150 million as of today, and even more at SHIB’s all-time high of $0.00003791 in May 2021.

Meanwhile, SHIB pumped nearly 35% to a daily high of $0.00000932 after yesterday’s listing. Over $412 million worth of the token exchange hands on Coinbase at press time, and over $2 billion traded across all crypto exchanges combined.

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Source: https://cryptoslate.com/shiba-inu-coin-shib-pumps-and-sees-2-billion-traded-after-coinbase-listing/

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The Head of Diem wants you to trust Facebook, but is he fighting a losing battle?

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Head of “Facebook Coin,” David Marcus discussed the up-and-coming Novi wallet, saying users do not need to worry about security or privacy.

However, Facebook’s reputation on both counts is somewhat in the gutter. As such, Marcus may well be trying to achieve the impossible in convincing people otherwise.

Nonetheless, in his latest interview, he states his case pleading with people to give Diem a chance.

Facebook Wants Your Trust

Speaking to Yahoo Finance, Marcus wanted to reassure users that Diem, and the Novi wallet, are safe to use. What’s more, he said that no data will be used for ad targeting or any purpose related to the Facebook advertising model.

Marcus points out that from the onset, the Diem infrastructure was designed in such a way to avoid “commingled” financial and social data. That way, there is no controversy over a single entity holding data across different categories on its users.

“And, you know, basically, the way that we’ve designed this– and it actually took us a lot of effort to build it the right way– is that your financial data is not going to be commingled with your social data.”

Diem is looking to disrupt the overseas retail remittance market. Marcus said it’s a huge market that is ripe for the picking. With that, he hopes that people will give Diem a shot. And once they do, the firm will do its utmost to overturn people’s skepticism.

Although, given the scandals of the past, he admits that this is a long play.

“Over time, we plan to earn people’s trust so they give us a shot for other things over time. But it’ll take time and I’m cognizant of that.”

User Comments Discussed

When it comes to social media dominance, Facebook is up with the best of them. Despite being known as a platform for boomers, it still pulls in 2.9 billion monthly active users. Meaning, Diem’s potential userbase is bigger than anything that exists in crypto right now.

Based on trend analysis, it seems as though there’s no stopping its growth, with India, the United States, and Brazil ranking as the countries with the highest number of users.

Facebook monthly active users
Facebook monthly active users. Source: statista.com

Nonetheless, on the matter of trusting Facebook and Diem, the (so far) 16 comments on this article are all overwhelmingly against. While that may not represent wider views, it’s still telling that 100% of comments slam the idea of trusting Facebook with financial data.

One user wrote of his concerns of political bias and censorship, which together make an untrustworthy “combo.”

In context; Facebook has a history of political activism as well as working with the democrat government censoring free speech. Not a trustworthy combo.

And despite Marcus’ explanation of separating financial and social data, another user remained skeptical of the claim by saying:

“And now they track your every purchase. Or at best gather stats for the retail business selling them data on what and where people are buying.

All in all, it’s understandable that Facebook wants to pivot into finance and crypto. But changing hearts and minds will not be easy to do.

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Source: https://bitcoinist.com/the-head-of-diem-wants-you-to-trust-facebook-but-is-he-fighting-a-losing-battle/?utm_source=rss&utm_medium=rss&utm_campaign=the-head-of-diem-wants-you-to-trust-facebook-but-is-he-fighting-a-losing-battle

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