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‘But how do you know Bitcoin’s run isn’t over?’

Republished by Plato

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The month of May has indeed been a period of consolidation and recovery for bitcoin. Obviously, Bitcoin is bleeding at the moment, it witnessed a fresh set of correction and saw 5% drop and was trading at the $34 price level. No doubt, it has seen better days in the past.

Source: CoinMarketCap

CEO of Euro Pacific Capital and major gold bug, Peter Schiff, took this opportunity to further add salt to the wounds. He took this opportune moment to highlight the qualities of gold, which allegedly make it a better store of value.

Also, Schiff hinted at further correction, all the way till $30k and eventually $20k.

However, prominent Bitcoin investor of Morgan creek capital, Anthony Pompliano was quick to respond to such speculative tweets by Schiff.

Commenting further in the same thread, another crypto enthusiast highlighted that:

Another recent study from Ecoinometrics, stated that

“Performance since the Halving May 21, 2021: Since the halving a little over a year ago:

BTC +306%

SP500 +42.4%

Gold +10.7%

… and this despite Bitcoin’s major correction.”

Source: Ecoinometrics

Yes, it was ‘Bitcoin’s worst month since 2011’. But volatility in this market is inevitable. PlanB, analyst behind BTC’s S2F model stated:

“For bitcoin veterans it is indeed unbelievable and embarrassing, but for noobs this volatility can be too much. we all know the kind of people that sold in May, look around you, these are always the same people.”

He had further stated in a recent interview that:

“I am less interested in $100K-$288K but focused on 2024 halving and beyond. I don’t care about volatility, asymmetric return is key ($0 vs. $1 million).”

Willy Woo, on-chain analyst had stated:


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/but-how-do-you-know-bitcoins-run-isnt-over

Blockchain

Grayscale to Unlock 16,000 Bitcoin Shares on July 19

Grayscale Bitcoin shares

Rate this post Grayscale is about to flush the market with 16,000 Bitcoin shares on July 19. This is the fund’s largest unlocking in a single day and is expected to spike volatility as well as create a bullish outlook for the market.  The Grayscale Bitcoin Trust(GBTC) is the world’s largest digital asset management company that holds the biggest reserve of the primary cryptocurrency among all financial institutions. At present, it has nearly $24 billion in assets under management(AUM). Grayscale Bitcoin Shares Unlock Could Raise Price Volatility GBTC operates in a periodic cycle, which means its shares aren’t available for purchase all year round.  This year, the firm’s periodic closures have clashed with its buy-in value trading at a discount to the current price. Investor funds are tied to GBTC for a fixed period and eventually released, allowing buyers to sell their investment at certain intervals depending on their price during purchase. A negative GBTC premium relative to the spot in combination with a large unlock can raise the potential for volatility in July. The biggest unlock scheduled for the month will see markets flushed with 16,000 BTC shares equivalent to $627 million. Selling Pressures to Stabilize Paving the Road for Market Bulls Grayscale unlocking has attracted both buyers and sellers as BTC prices touch nearly $40,000. While fears regarding volatility persist, some are confident that the unlocking will stabilize and perhaps drive the selling pressures to zero. Loomdart, a popular crypto trader on Twitter, suggests that GBTC unlocking will help market bulls push against the existing resistance to take BTC prices upwards. Interestingly, this projection is in striking contrast to the bearish outlook held by several investment institutions. With a decline in BTC demand from institutional investors, many analysts have painted a gloomy picture for the currency’s future.  The largest cryptocurrency is stumbling at the moment with daily price fluctuations. Last week, analytics firm CryptoQuant reported a decline in BTC’s open interest. The report coincided with a staggering drop in the overall Bitcoin transactions.

The post Grayscale to Unlock 16,000 Bitcoin Shares on July 19 appeared first on Cryptoknowmics-Crypto News and Media Platform.

Republished by Plato

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Grayscale is about to flush the market with 16,000 Bitcoin shares on July 19. This is the fund’s largest unlocking in a single day and is expected to spike volatility as well as create a bullish outlook for the market. 

The Grayscale Bitcoin Trust(GBTC) is the world’s largest digital asset management company that holds the biggest reserve of the primary cryptocurrency among all financial institutions. At present, it has nearly $24 billion in assets under management(AUM).

Grayscale Bitcoin Shares Unlock Could Raise Price Volatility

GBTC operates in a periodic cycle, which means its shares aren’t available for purchase all year round.  This year, the firm’s periodic closures have clashed with its buy-in value trading at a discount to the current price.

Investor funds are tied to GBTC for a fixed period and eventually released, allowing buyers to sell their investment at certain intervals depending on their price during purchase.

A negative GBTC premium relative to the spot in combination with a large unlock can raise the potential for volatility in July. The biggest unlock scheduled for the month will see markets flushed with 16,000 BTC shares equivalent to $627 million.

Selling Pressures to Stabilize Paving the Road for Market Bulls

Grayscale unlocking has attracted both buyers and sellers as BTC prices touch nearly $40,000. While fears regarding volatility persist, some are confident that the unlocking will stabilize and perhaps drive the selling pressures to zero. Loomdart, a popular crypto trader on Twitter, suggests that GBTC unlocking will help market bulls push against the existing resistance to take BTC prices upwards.

Interestingly, this projection is in striking contrast to the bearish outlook held by several investment institutions. With a decline in BTC demand from institutional investors, many analysts have painted a gloomy picture for the currency’s future. 

The largest cryptocurrency is stumbling at the moment with daily price fluctuations. Last week, analytics firm CryptoQuant reported a decline in BTC’s open interest. The report coincided with a staggering drop in the overall Bitcoin transactions.

READ  Grayscale Parent DCG Plans to Buy $250 million worth of Bitcoin Trust

#Bitcoin Prediction #GBTC Unlock #Grayscale Bitcoin Trust (GBTC)

Source: https://www.cryptoknowmics.com/news/grayscale-to-unlock-16000-btc-shares-on-july-19/

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The World Economic Forum’s Cryptocurrency Guide Lists Its Choice Of “Winning” Projects

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The World Economic Forum (WEF) has published its community paper on cryptocurrency. It contains information on getting started, exploring the blockchain, and so on. It also lists several cryptocurrencies that meet its scalability stamp of approval.

As an influential body, some have taken this to mean the WEF has selected its choice of winning cryptocurrency projects, which, if rumors are to be believed, will receive a significant push over the coming years.

The WEF See Cryptocurrency As Transformational

Various centralized authorities, and their representatives, have sent mixed messages surrounding cryptocurrency and its role in future society.

This includes ECB President Christine Lagarde, who earlier this year blasted Bitcoin’s “funny business” in facilitating money laundering, and U.S Treasury Secretary Janet Yellen, who pointed out Bitcoin’s limitations as a payment mechanism, and much like Lagarde, its use in illicit financing.

“To the extent it is used I fear it’s often for illicit finance. It’s an extremely inefficient way of conducting transactions, and the amount of energy that’s consumed in processing those transactions is staggering.”

Nonetheless, the Swiss-based international organization for public-private cooperation has signaled its approval of cryptocurrency via its latest guide. The 22-page report details practical guidance, for both individuals and corporate professionals, on transacting, dapps, governance systems, scalability, and consideration of regulations.

As cryptocurrencies transform how we trade, transact and interact online, it has become more important than ever for technology leaders to have experience with these innovations.

As expected, the report mentions the big two, Bitcoin and Ethereum, even dedicating an entire section to Ethereum to discuss its programmability and usefulness in facilitating technological innovation.

Along with that, in the throughput and scalability section, the report also lists six cryptocurrency projects with brief text on their ability to handle large volumes of transactions. They are Algorand, Cardano, Celo, XRPL, Solano, and Stellar.

The Great Reset

During covid times, the WEF has caught the attention of many truth seekers. They raise concerns over the WEF’s role in steering the world recovery.

Among the WEF’s predictions by 2030 is “you’ll own nothing. And you’ll be happy.

Some have described this future scenario as a centralized system of control and manipulation. Even a throwback to Medieval feudal society, which consisted of a bottom rung of the peasantry who were slaves to the landowners.

Reuters have fact-checked this “stated goal” and dismissed it because it was a reference to the trend towards the prevalence of renting over ownership.

“False. The World Economic Forum does not have a stated goal to have people ‘own nothing and be happy’ by 2030. Its Agenda 2030 framework outlines an aim to ensure all people have access to ownership and control over land and other forms of property.”

Either way, should investors take the WEF’s mention of Algorand, Cardano, Celo, XRPL, Solano, and Stellar as cryptocurrency projects to watch in the future?

Source: https://bitcoinist.com/the-world-economic-forums-cryptocurrency-guide-lists-its-choice-of-winning-projects/?utm_source=rss&utm_medium=rss&utm_campaign=the-world-economic-forums-cryptocurrency-guide-lists-its-choice-of-winning-projects

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Blockchain

XRP, Cardano, AAVE Price Analysis: 14 June

Republished by Plato

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The last 12 hours have been favorable for all coins in the market. Even the total market capitalization was up by 8% at press time. Cardano was also boosted by the news of smart contracts now running on Alonzo. While Ripple continues its fight against the SEC, XRP posted gains. AAVE did not have much spotlight in terms of news for the moment.

XRP :-

Source: XRP/USD – TradingView

XRP’s slow recovery has led the coin to still remain short of its Jun ATH by 17% and trade at $0.875. For a while, the coin was rising well above $0.89, but after the repeated dips of June 4 & June 7, the coin broke it and flipped it into a resistance level. While this situation is temporary, investors have become extremely cautious.

At press time, bullish momentum could be observed building up according to Awesome Oscillator. The slight rise of green bars above 0 line exhibited optimism for the coin.

In the early hours of June 14, an uptrend had been initiated as per Parabolic SAR, since the white dotted line remained under the candlesticks. This was accompanied by MACD indicator that displayed a bullish crossover with the indicator line moving over the signal line.

Though indicators were calling for a price rise, the coin will still need a stronger push to turn the active resistance back into support.

Cardano [ ADA ] :-

Source: ADA/USD – TradingView

$1.38 has been acting as a strong resistance for ADA for a while now. Despite many falls, the coin did not drop below it. In the early hours of trade, the coin jumped by 9% in less than 16 hours. A similar movement could be observed on Relative Strength Index (RSI) as well. The purple indicator recovered from the oversold region it was on June 12 and moved above the neutral line with a slight dip observed at press time.

Capital inflows have not been quite as strong either according to Chaikin Money Flow. The indicator remained in the bearish-neutral territory at the time of writing. Bollinger Bands remained parallel to each other, with the basis (red line) acting as support.

Price could swing upward if the bands diverge in the next few hours, otherwise, the movement will stay sideways.

AAVE:-

Source: AAVE/USD – TradingView

AAVE had a surprising performance as the coin made a 17.36% jump in the last 24 hours as soon as it touched the $267 support level. Due to the fall in the past few days, a new temporary resistance was established at $346. If this rally isn’t short-lived, the coin could soon break past it as well. Simple Moving Averages lines remained bearish. Although the gap between the 50 SMA (orange) line and the candlesticks was closing in, there’s no immediate change in positions.

Accordingly, MACD exhibited a bullish crossover with the indicator line moving above the signal line. If the indicator continued to move this way, the market may continue to remain bullish.

For the while, AAVE will remain consolidated within the aforementioned support and resistance level.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/xrp-cardano-aave-price-analysis-14-june

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