Connect with us
[crypto-donation-box]

Blockchain

Is this a good time to swap your altcoins for Bitcoin?

Republished by Plato

Published

on

The cryptocurrency frenzy has hit its community members hard, without any signs of settling down soon. Both Bitcoin, as well as the market’s altcoins, have suffered massive corrections of late.

Talking about the former first, it has fallen by over 40% since the time it hit an ATH in April. However, by the looks of it, these dark ominous clouds may have settled, at least for the moment. The same was highlighted by on-chain analysis platform Santiment,

Source: Santiment

The following can be summarized here, “Bitcoin whales aren’t slowing down their accumulation of BTC, and the uptrend of tokens held by these addresses holding 1,000+ BTC continues. This is a strong bode of confidence for bulls, seeing top key stakeholders are increasing their bags.”

While Bitcoin has surged, however, the market’s altcoins painted a slightly different picture. Here’s why,

Well, taking into consideration the said development, is it the right time to swap your altcoins for Bitcoin now? 

In a recent YouTube video, top crypto-analyst and trader Michaël van de Poppe clarified such speculations. The Dutch trader highlighted the top altcoins to acknowledge the question at hand.

ETH/BTC

The world’s largest altcoin, at the press time, was trading just under the $2,500-mark. After having seen a surge of around 3.5%, some corrections came to be. Even so, bullish sentiments remain, with the same underlined by the following tweet which read,

“So far, so good for Ethereum. It is just consolidating in the BTC pair. Doesn’t mean that Altcoins are dead. You shouldn’t be swapping altcoins with Bitcoins at this stage.”

Source: Twitter

He further added,  “The effect of the altcoins right now is because of BTC’s increased momentum. Altcoins will rise as soon as BTC trades sideways or consolidates for a bit. It just a matter of time, getting a compression period before we can start the momentum in general.”

Considering the graph for the matter, preferably you want to see the area between 0.65 and 0.68 hold support. If it can’t hold that, then the next support areas are drawn as well.

ADA/BTC

The fifth-largest coin undoubtedly is one of the most recognized coins by various analysts, with the Dutch trader being no exception. Even though ADA did plunge by a bit, around 4%, in the past 24 hours, the analyst with reference to the plotted chart below stated,

“Finally getting into the endpoint of entry. This shows why you should always avoid FOMO in general.”

Source: Twitter

Having said that, what caused the altcoin plunge? Was it FOMO? Bitcoin’s rise? Or both?

LTC/BTC

The market’s 13th largest coin saw a significant hike in the price action. It was trading around the $173-mark with an incline of 9% in 24 hours. According to the analyst,

“Litecoin might be flipping back and above but it’s rejecting resistance. So we want to hold a very critical level here in the graph around 4300 sats. Bit of a crazy market.”

It’s worth underlining, however, that Litecoin did make a good rebound on the 100-day MA here.

Source: Twitter

Conclusion

Right now the focus is on Bitcoin.  Here are two scenarios that could pan out,

“If Bitcoin remains flat for a while, altcoins are gonna bounce back up again. BUT, if it breaks above the $40k level, in the later stage or maybe next month, one shouldn’t be targeting the altcoins probably because they’ll be crashing down, compared to the equivalent BTC pairs.”

So, should you swap your altcoins for BTC now? According to Poppe, “I don’t think so.”


Subscribe to our Newsletter


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/is-this-a-good-time-to-swap-your-altcoins-for-bitcoin

Blockchain

MicroStrategy Acquires More Bitcoin, Holds More Than 105,000 BTC

MicroStrategy Bitcoin

Rate this post Business analytics firm MicroStrategy has added more Bitcoin to its balance sheet, taking the company’s collective holdings to a whopping 105,085 BTC. According to an announcement from the firm’s CEO Michael J. Saylor, MicroStrategy spent $489 million to add another 13,005 BTC to its treasury. Michael Saylor Announces New Bitcoin Purchase For MicroStrategy Saylor and his company have maintained their belief in Bitcoin’s potential despite the primary crypto’s ongoing price struggles in a volatile market. The company has been pumping the digital asset since last August following the pandemic-induced inflation, which forced investors to seek non-traditional options that safeguard their assets. In its most recent accumulation effort, MicroStrategy snagged 13,005 BTC for an average price of $37, 617 per token. However, the digital asset has declined sharply in the last few days, and one coin is currently trading for $32,500.  As part of its announcement, the firm revealed that its recently formed subsidiary MacroStrategy LLC holds 92,079 BTC of its total balance.  Altogether, the new investment takes MicroStrategy’s combined Bitcoin holdings to a staggering 105,085 coins. At the current spot price, this holding is worth $2.74 billion, with each token amounting to slightly more than $26,000.  MicroStrategy Raised $500M to Procure Its Current BTC Investment Earlier this month it was reported that MicroStrategy was offering senior secured notes due in 2028 to raise half a billion dollars in debt. These notes bore an annual interest rate of 6.125%. The company had originally capped the sale at $400 million, but shortly thereafter it boosted its offer by another $100 million.  Following the sale of its debt offering, the company revealed that it had amassed nearly $489 million, which would be invested in Bitcoin. At the same time, MicroStrategy also announced that it was planning to sell up to $1 billion in stocks and that part of those proceeds would be directed to buying more Bitcoin. Even before its recent purchase, MicroStrategy owned the largest reserve of the flagship crypto among all publicly traded companies. 

The post MicroStrategy Acquires More Bitcoin, Holds More Than 105,000 BTC appeared first on Cryptoknowmics-Crypto News and Media Platform.

Republished by Plato

Published

on

Table of Contents

Rate this post

Business analytics firm MicroStrategy has added more Bitcoin to its balance sheet, taking the company’s collective holdings to a whopping 105,085 BTC. According to an announcement from the firm’s CEO Michael J. Saylor, MicroStrategy spent $489 million to add another 13,005 BTC to its treasury.

Michael Saylor Announces New Bitcoin Purchase For MicroStrategy

Saylor and his company have maintained their belief in Bitcoin’s potential despite the primary crypto’s ongoing price struggles in a volatile market. The company has been pumping the digital asset since last August following the pandemic-induced inflation, which forced investors to seek non-traditional options that safeguard their assets.

In its most recent accumulation effort, MicroStrategy snagged 13,005 BTC for an average price of $37, 617 per token. However, the digital asset has declined sharply in the last few days, and one coin is currently trading for $32,500. 

As part of its announcement, the firm revealed that its recently formed subsidiary MacroStrategy LLC holds 92,079 BTC of its total balance. 

Altogether, the new investment takes MicroStrategy’s combined Bitcoin holdings to a staggering 105,085 coins. At the current spot price, this holding is worth $2.74 billion, with each token amounting to slightly more than $26,000. 

MicroStrategy Raised $500M to Procure Its Current BTC Investment

Earlier this month it was reported that MicroStrategy was offering senior secured notes due in 2028 to raise half a billion dollars in debt. These notes bore an annual interest rate of 6.125%. The company had originally capped the sale at $400 million, but shortly thereafter it boosted its offer by another $100 million. 

Following the sale of its debt offering, the company revealed that it had amassed nearly $489 million, which would be invested in Bitcoin. At the same time, MicroStrategy also announced that it was planning to sell up to $1 billion in stocks and that part of those proceeds would be directed to buying more Bitcoin.

Even before its recent purchase, MicroStrategy owned the largest reserve of the flagship crypto among all publicly traded companies. 

READ  MicroStrategy’s Bitcoin Stack Up: Brilliant Moves or Risk?

#Bitcoin #CEO Michael Saylor #MicroStrategy #MicroStrategy BTC Investment

Source: https://www.cryptoknowmics.com/news/microstrategy-acquires-more-bitcoin-holds-more-than-105000-btc/

Continue Reading

Blockchain

Chris Giancarlo: U.S. risks becoming ‘backwater’ without central bank digital currency

Republished by Plato

Published

on

One of the few high-profile public officials to have served under both the Obama and Trump administrations, Chris Giancarlo is a former Wall Street executive-turn-regulator who is widely-respected by nearly all parties on Capitol Hill. As the former Chairman of the Commodities Futures Trading Commission, however, his latest venture, the Digital Dollar Foundation, might well test his soft touch with politicians.

The former regulator is now leading the Foundation towards five pilot programs set to launch this year, part of a broader effort to help the United States regain the lead in a race against China towards a functioning CBDC.

According to Giancarlo, however, the US’s priorities when it comes to a CBDC shouldn’t merely be jingoistic:

“What’s very clear, [is] that China intends their digital yuan to be an instrument of state surveillance. […] And this is why it’s one of the reasons why the digital dollar project, we’re so animated, because we feel that our new mission is to make sure central banks wake up to this and the US Fed wakes up to this, that these social values that got us here, the rule of law, a free capital markets, free enterprise, zones of individual economic privacy, are ingrained in a new digital future of the US dollar, and that we don’t allow ourselves to be taken in by what China’s doing and match that state surveillance approach.”

However, the race to a CBDC isn’t merely about maintaining current US values, but also potnetially about unlocking new forms of smart contract-based value for the wider population. 

“The notion of a digital currency, whether it be sovereign and non-sovereign, tied to smart contracts, allows money to solve the old problem of being able to move it in place, i.e. moving around the globe as easily as you could send a text message, but also move it in time. Heretofore, money was a temporal thing, but with a smart contract you can say, I want to program my money today to go to my one grandchild in the future once they graduate college and all of those contingencies can be programmed in. […] With a programmable digital currency, you can program it today to move around the globe in space, but move around the globe in time. And that is such, I think, such a powerful construct.”

Ultimately, this work is part of an effort to ensure that America maintains technological supremacy. 

“You can’t stop the march of technology in time, and if you do, you become a backwater. We in the United States have always been open to innovation and we must be open to this innovation as well. In a prudent way, in a way that’s in correspondence with our society that expects investor protections and a role for government. […] And it’s one that I’m very excited to be involved in.”

Watch the full interview here:

[embedded content]

Chris Giancarlo: U.S. risks becoming ’backwater’ without central bank digital currency

Source

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://blockchainconsultants.io/chris-giancarlo-u-s-risks-becoming-backwater-without-central-bank-digital-currency/?utm_source=rss&utm_medium=rss&utm_campaign=chris-giancarlo-u-s-risks-becoming-backwater-without-central-bank-digital-currency

Continue Reading

News

Thailand SEC Bans Meme Coins, Fan Tokens, NFTs

Avatar

Published

on

By

Share some Bitpinas love:

Local exchanges in Thailand had been given a deadline until July 11 to submit their new rules for listing tokens that complies with the new guidelines from the Thailand Securities and Exchange Commission (SEC).

“The Securities and Exchange Commission (SEC) Board has approved the new rules that prohibit digital asset exchanges from providing services in relation to utility tokens and certain types of cryptocurrencies. The rules also specify that the exchanges set a requirement to be imposed in the event that digital tokens issued by their own exchange or related persons are listed on the exchange. In this regard, the token issuer who fails to comply with the white paper and relevant rules in substance could risk having such tokens delisted from the exchange. This new regulatory guideline aims to enhance protection of digital asset traders’ interest.”

The Thai SEC also added that listing rules prohibits local exchanges from providing services that have these following characteristics:

(1) Meme Token – having or no clear objective or substance or underlying, and whose price runs on social media trends.

(2) Fan token: tokenized by the fame of influencers.

(3) Non-Fungible Token (NFT): a digital creation to declare ownership or grant of right in an object or specific right. It is unique and not interchangeable with digital tokens of the same category and type at the equal amount.

(4) Digital tokens which are utilized in blockchain transactions and issued by digital asset exchanges or related persons.

Along with this move is their previous announcement of regulating Decentralize Finance (DeFi) projects in the country, including the issuance of digital tokens.

In the previous announcement, liquidity provider tokens, governance tokens, or tokens issued to those transacting in DeFi projects “must be licensed and must abide by the specified rules”.

The new regulation stipulates crypto exchanges, digital-asset brokerages, digital asset-dealers, private fund managers and investment advisors must be licensed by the Ministry of Finance.

Thai SEC states that, “For traders, it is best to study the DeFi project before getting involved in both technical and security aspects.” They also added that traders “should check whether the service provider is a digital-asset business that is licensed and regulated by the SEC or other regulatory agencies under law.”

This article is published on BitPinas: Thailand SEC Bans Meme Coins, Fan Tokens, NFTs

Share some Bitpinas love:

Source: https://bitpinas.com/regulation/thailand-sec-ban-meme-tokens/

Continue Reading
Blockchain5 days ago

GSA To Add Litecoin For The First Time In Upcoming Cryptocurrency Auction

Uncategorized5 days ago

The World Bank wants no part in El Salvador’s Bitcoin revolution

Uncategorized5 days ago

Healthcare: A trillion dollar opportunity for blockchain?

Uncategorized2 days ago

Sichuan Shutdown Order Cripples Chinese Bitcoin Mining Pools

Blockchain5 days ago

Maiar, The Money App Powered By The Elrond Blockchain, Adds Bitcoin

Blockchain5 days ago

Decentral Games: Next gen blockchain entertainment platform

Blockchain2 days ago

Coin Cloud Set to Operate 2000 Crypto Kiosks This Year

Blockchain4 days ago

Global Financial Indexes Provider MSCI Plans to Launch Crypto Indexes

Blockchain4 days ago

Paraguayan Official Confirms: In July We Legislate Bitcoin

Blockchain4 days ago

Ethereum On-Chain-Analyse: Interesse trotz Drop groß

Blockchain4 days ago

This Bitcoin HODLer Metric Has Just Flipped Green For The First Time In 8 Months – Here’s What This Means

Blockchain4 days ago

U.K’s crypto-users are growing in number, but do they even understand the asset class?

Blockchain4 days ago

Call of Duty Warzone Season 4: Satellite Crash Sites, Red Doors

Blockchain4 days ago

The End of NFTs? NFT Sale Transaction Volume Down 95% Since Early May

Blockchain4 days ago

WAVES Technical Analysis: Price Can Move Either Ways

Blockchain3 days ago

Tezos, Algorand, Zcash Price Analysis: 19 June

Uncategorized3 days ago

When does Naraka: Bladepoint release?

Blockchain5 days ago

ZoidPay brings crypto shopping to Amazon, Walmart, eBay, and 40 Million other online retailers

Blockchain2 days ago

What governments don’t realize is going to happen with Bitcoin

Blockchain3 days ago

Top DeepMind AI Products Revolutionizing The World

Trending