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Does this Bitcoin critic think Bitcoin has reached its market top?

Earlier today, Bitcoin’s record-breaking surge to the $34,000-mark made headlines across mainstream media platforms, which attracted long-time Bitcoin critic Peter Schiff to comment on the same. The

The post Does this Bitcoin critic think Bitcoin has reached its market top? appeared first on AMBCrypto.

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Earlier today, Bitcoin’s record-breaking surge to the $34,000-mark made headlines across mainstream media platforms, which attracted long-time Bitcoin critic Peter Schiff to comment on the same. The gold advocate recently took to Twitter and said

It seems like a pretty good indicator of a market top.

Image Source: Twitter

Schiff has been known to criticize the popular asset and has also called it a bubble as well as a Pyramid scheme and believed that BTC holders are compelled to convince other users to purchase the crypto. At the same time, the gold-bug clarified that he was not biased against Bitcoin because of his own interest in SchiffGold, where he is Chairman. 

However, the latest comment from the critic is the closest he has come to make a positive statement about Bitcoin, which left some Twitter users wondering whether Schiff has now changed his views on the asset. Schiff’s persistent Bitcoin-related tweets have attracted social media trolling in the past making some users question whether the critic actually favors Bitcoin and instead pretends to be an advocate for gold.

Recently, on 31 December, Schiff seemed to give an overview of the asset’s performance and noted that Bitcoin had risen “about 4x in 2020” but said: 

Bitcoin pumpers like to compare this gain to the more modest 24% rise in gold. But as a safe haven/store of value, gold and Bitcoin have nothing in common.

At the time he compared the assets to Tesla’s performance, which rose “7x in 2020” with Schiff stating: 

If you want to gamble, Tesla gives you better action!

During the week before New Year’s, Schiff was ranked as the second most influential Bitcoin figure according to social media analytics platform Lunarcrush. The ranking was based on his Bitcoin-related tweets which garnered much engagement during that week. 

Source: https://ambcrypto.com/does-this-bitcoin-critic-think-bitcoin-has-reached-its-market-top

Blockchain

Michael Novogratz’s Galaxy Digital to Jump Into BTC Mining

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Mike Novogratz’s Galaxy is planning a significant leap into the Bitcoin mining sector. Galaxy Digital Mining will be the designated new fraction of the investment company. The upcoming project will reportedly focus on establishing a new business body aimed at providing financial services for miners.

Delivering Financial Services to Miners

According to an official press release, the Galaxy Digital Mining project will be launching in 2021. The new company will connect with already existing business lines to offer a comprehensive pack of financial services and products to Bitcoin miners. Some of them include trading and risk management solutions, principal lending and equity investments, plus M&A advisory services.

The company announced the new endeavor as one of two this year to aim at the Bitcoin mining procedures.

The new business unit will provide BTC miners with a mixture of expertise in trading and risk management, investing, lending, and corporate advisory, combined with the necessities of the mining environment.

Former Director of Bitcoin Mining at Fidelity Investments, Lara Fabiano, will enter the Galaxy Digital Mining team as a leading figure. She will be joining a team of experts with a background in non-traditional securitization, real asset financing, structured products, investment banking, and strategic advisory.

Building Their Own Bitcoin Mining Future

Meanwhile, Galaxy Digital Mining will also mine Bitcoin on a proprietary basis. After establishing its new BTC mining operation, it will host its machines and devices at a third-party datacenter in the United States.

“Bitcoin mining is the foundation of the Bitcoin network. By mining ourselves, we are able to deeply understand and solve for the financial needs of miners, while also enhancing the strength of the industry and thus the strength of the Bitcoin network”, commented Fabiano.

Meanwhile, the Co-President of Galaxy, Chris Ferraro, said:

“Going forward, we see major opportunities in mining project financing, equipment financing, digital asset-backed financing, as well as working capital optimization and hedging solutions for mine operators and investors utilizing Galaxy Digital Trading’s industry-leading capabilities.”

The CEO of Galaxy Digital Holdings, Mike Novogratz, has expressed his opinion on the future of the major crypto asset many a time. During the past year, the former Wall Street hedge fund manager has commented, predicted, and analyzed BTC’s price movements and following expectations.

However, in November, Novogratz mentioned that the end-of-the-year BTC rally has been driven by high net-worth individuals, and more precisely, hedge funds and real institutions. He also said he tends to think that the participation by these major players, alongside increased regulation, should mitigate some of the volatility.

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Source: https://cryptopotato.com/michael-novogratzs-galaxy-digital-to-jump-into-btc-mining/

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Tezos Price Analysis: 16 January

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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

Tezos’s [XTZ] market has been seeing strong northbound momentum in the short-term. While a part of this growth could have been a result of Bitcoin’s market rally, the XTZ market seemed to be surging past the impetus given by Bitcoin. At the time of writing, XTZ was being traded at $ 3.04, a price level unseen since September 2020.

Tezos one-hour chart

Source: XTZUSD on TradingView

The attached chart noted the upwards rising price of XTZ. The recent ascending channel had narrowed on the charts, with the same registering a sharp rise in the price of the digital asset. Before reaching this price level, the value of XTZ bounced around the support at $2.7468.

However, following the latest surge in price, the market’s traders may want to wait for the opportunity for the price to stabilize before taking any action. On the contrary, the hodlers may want to continue to HODL.

Reasoning

The 50 moving average was observed to have ducked way under the candlesticks, an indication of the sudden and sharp rise in the price of XTZ. Although we may see a correction in the short-term coming, the market at press time seemed to be extremely bullish. This was also highlighted by the strong rising momentum on the Awesome Oscillator.

The AO has been noting a rise in momentum with the buying pressure increasing for a while now. The length of the bars determined the momentum in the market to be very strong at the given time. On the contrary, the Relative Strength Index also noted a quick journey from the equilibrium zone to the overbought zone.

As XTZ’s price hit the resistance level at $3.11, the RSI also topped. A falling price will underline the notion that traders are indeed selling the digital asset.

Conclusion

In light of the bullishness in the market at press time, XTZ’s value brushed against a resistance level on the charts. In all likelihood, the price might retrace in the short-term. It should be noted, however, that this won’t be more than a minor hiccup before XTZ really breaches this level.

Source: https://ambcrypto.com/tezos-price-analysis-16-january

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Polkadot gains 75% in one week — But can DOT price reach $20 next?

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Bitcoin (BTC) has made significant moves already this year but altcoins are catching up. Once Bitcoin’s price starts to stabilize, the market environment becomes better for altcoins to begin their run. 

One of the strongest performers in 2021 is Polkadot, as this cryptocurrency has been making new all-time highs day in, day out. Polkadot’s price rallied by 85% in 2021 and 75% in the past seven days, surpassing XRP in market capitalization.

DOT price eyes $20 or higher after this rally

DOT/USDT 1-day chart. Source: TradingView

The daily chart of Polkadot shows a rounded bottom construction throughout the last quarter of 2020. Since then, a beautiful support/resistance flip took place at the $4.55 level, leading to more upside.

This upward continuation kicked off with a massive rally to $10, after which demand (grey box) held for support and new levels were able to be defined using the Fibonacci extension.

One of those regions was found at $14.25-14.75, and the second one is found at $16-17, as the chart shows.

DOT/USDT 1-day chart. Source: TradingView

The primary question currently is whether DOT has finished its current run. If that is the case, areas of interest for support/resistance flips are found at the 0.35-0.382 and 0.618-0.65 Fibonacci levels.

These Fibonacci levels are often used to predict where such corrections will potentially reverse course. In Polkadot’s case, these align heavily with previous support or resistance levels, namely the $13 and $10.50 areas. This is where traders should be watching for potential buy-the-dip opportunities.

Once again, Polkadot will most likely only correct when Bitcoin starts to drop significantly. Otherwise, Polkadot and many other altcoins are currently in a good position for more upside.

However, if a correction occurs and Polkadot bottoms out, new levels of interest can be defined on the charts for the next impulse move. In that case, Polkadot might continue its surge towards $23-24 and possibly even $32-35 at a later stage in the year.

DOT/BTC approaching critical resistance zone

DOT/BTC 1-day chart. Source: TradingView

The daily chart of Polkadot in the BTC pair shows a massive surge in recent days. However, this surge is approaching a significant resistance zone.

It’s common sense and should go without saying but it’s not advised to enter a trade right as the price moves into the resistance zone. 

The 0.00045000-0.00047000 sats area is a critical area to breakthrough as that would trigger another heavy impulse move upwards. If that area breaks and flips for support, continuation is likely toward price discovery for Polkadot.

However, the price will most likely fail to break upward here. In that scenario, a healthy correction is possible through traders should be watching the 0.00035000 sats region, but also the 0.00031500-0.00032250 zone.

The $15 support level is vital 

DOT/USD 2-hour chart. Source: TradingView

The 2-hour chart shows a heavy uptrend, but some critical levels must hold for this rally to continue.

In that perspective, the previous high at $15 has to sustain support. If that area holds, a renewed rally to $20 or higher is on the tables to occur for Polkadot.

Failing to hold the $15 area for support and a significant correction is on the table. The next areas for support are $12 and $10.75-11.25, which is a correction of 30-40%.

However, Polkadot shows that it has a lot of potential for the upcoming year with one of the biggest surges so far in 2021. 

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Source: https://cointelegraph.com/news/polkadot-gains-75-in-one-week-but-can-dot-price-reach-20-next

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