Connect with us
[crypto-donation-box]

Blockchain

Peter Schiff Claims Bitcoin Is Back in a Bear Market

Gold bug Peter Schiff believes that bitcoin’s recent fall signals the start of a new bear market. In response to a tweet by Gemini Co-Founder Tyler Winklevoss, Schiff, who is the CEO of Euro Pacific Capital, credited bitcoin’s surge over the past two months to a spillover effect from gold and a fortuitous television ad […]

The post Peter Schiff Claims Bitcoin Is Back in a Bear Market appeared first on BeInCrypto.

Republished by Plato

Published

on

Gold bug Peter Schiff believes that bitcoin’s recent fall signals the start of a new bear market. In response to a tweet by Gemini Co-Founder Tyler Winklevoss, Schiff, who is the CEO of Euro Pacific Capital, credited bitcoin’s surge over the past two months to a spillover effect from gold and a fortuitous television ad campaign.

In July, Schiff tweeted that he expected bitcoin to fall below its $9,000 resistance point and “crash” while gold would simultaneously surge. Now, as one Twitter follower noted, Schiff is moving the goalpost, saying on Sept. 6 that BTC $10K is now the level to watch.

Source: Twitter

In a rare display, Schiff also admitted that he was wrong about his mid-summer prediction.

Source: Twitter

‘Gold Surge and Grayscale TV Spot Responsible for Bitcoin Surge’

Winklevoss believes that bitcoin’s ability to stay above the $10,000 mark even during a dip signifies an oncoming breakout. Schiff responded that the price level could easily be a pre-breakdown consolidation and did not necessarily represent a bottom.

After being called out for his failed bitcoin crash prediction on the Twitter thread, Schiff responded that he was only wrong because of a residual effect of gold’s strong performance. According to him, bitcoin also benefited from the effect of a highly visible television ad campaign by crypto asset management and investment firm Grayscale.

Over the past two months, gold has performed strongly.

Source: GoldPrice.org

After threatening to fall below $9,000, bitcoin surged past $12,000 over the past two months before falling back toward $10,000 last week.

Source: CoinMarketCap

Grayscale Ad and Gold — Bitcoin’s Best Friends?

In the second week of August, Grayscale kicked off a marketing blitz with a new television commercial that aired on CNBC, MSNBC, Fox and Fox Business, coinciding with a full-page ad in the Financial Times by Mike Novogratz’s Galaxy Digital.

The ad spot resulted in a reported $217 million total investment inflow into Grayscale’s cryptocurrency funds, which CEO Barry Silbert praised as the company’s largest ever weekly fundraising result.

While the success of Grayscale’s ad campaign might have had a positive impact on bitcoin’s price, it is less clear what effect gold had on bitcoin. For one thing, analysts remain largely unconvinced that bitcoin and gold have any significant correlation.

On the other hand, a report published in August 2019 by Digital Asset Data indicated that over a three-month period, bitcoin had a positive correlation with the price of gold and an inverse correlation with stocks, which indicated a growing use of bitcoin as a store of value against uncertainty.

Want to know more?

Join our Telegram Group and get trading signals, a free trading course and daily communication with crypto fans!

Source: https://beincrypto.com/peter-schiff-claims-bitcoin-is-back-in-a-bear-market/

Blockchain

Republished by Plato

Published

on

Coinsmart. Beste Bitcoin-Börse in Europa
Source:

Continue Reading

Blockchain

Litecoin Price Analysis: 17 May

Republished by Plato

Published

on

The Bitcoin price faced strong volatility due to which the price has once again crumbled under $50k. This strong volatility has spread to the altcoin market and the digital silver, Litecoin [LTC], was among those alts affected. The Litecoin price slipped by 21% over the weekend and was trading at $286 with a market capitalization of $18.97 billion.

Litecoin four-hourly chart

Source: LTCUSD on TradingView

The above chart of LTC shows the strong upward march of the digital asset to $413.65 this month, after which began its descent. The coin has now slipped by almost 30% and was seeing a bearish pressure. This bearishness could result in its value stumbling further.

Reasoning

The market was open to more volatility and this was indicated by Bollinger Bands. The divergence of the bands was suggesting that the price has been moving more rapidly than before and may continue to do so. Meanwhile, the signal line was hovering above the candlesticks highlighting the downward trending price.

The rise in selling pressure has pushed the digital asset lower and as per the relative strength index, this selling pressure was rising. RSI value had briefly hit 30, which is the oversold zone. However, a recovery pushed the indicator’s value higher. Now that the selling pressure continued, RSI has been moving towards the oversold zone again.

The money which momentarily made its way into the market might seep out. Chaikin Money Flow suggested that new money was entering the market with the recent recovery.

Crucial levels 

Entry-level: $285.38
Take Profit: $273.89
Stop-level: $294.04
Risk to Reward: 1.33

Conclusion

The current Litecoin market was suggesting the rise of bearishness in the market. As LTC’s value moved close to $286, the selling pressure was visibly dominant and the traders might want to tread carefully.


Sign Up For Our Newsletter


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/litecoin-price-analysis-17-may

Continue Reading

Blockchain

Bitcoin, Ethereum and alt markets: Here’s the silver lining traders need to know

Republished by Plato

Published

on

Panic settles fast in the cryptocurrency industry. The collective market declined by 4% over the past 24 hours but the actual correction has amounted to over 20% since May 20. While Bitcoin struggled to move above $50k recently, Ethereum’s dropped from its recent ATH of $4372. With speculations of a prolonged bearish period gathering pace, there are a couple of things to note before coming towards a definite conclusion.

Ethereum: A timely market re-set?

Ethereum

ETH/USD on Trading View

Since 18 April, Ethereum has rallied by 124.47% in the market. The asset has managed to breach past multiple key levels and the present corrections can be considered as an ideal re-set. The asset is already retracing from the 0.5 Fibonacci line, which is fundamentally bullish. Relative Strength Index or RSI is also reaching a neutral state, attained last during the start of April, before the rally.

Structurally, the correction isn’t outrightly bearish yet. The amount of Ethereum held on exchanges continues to remain low following the price drop, indicating little selling pressure.

Source: CryptoQuant

Traditional Market impacting Bitcoin again?

Previously, most corrections across the crypto industry would always be attributed to a decline in the traditional stock market. However, Bitcoin is primarily acting on its own for the time being.

Source: Trading View

The above comparison chart between Bitcoin vs SPX vs Dow Jones is descriptive in terms of correlation between DJI and SPX, and its collective uncorrelation with the largest crypto asset. In general, the traditional stock market has assisted the crypto market to recover in the past but its present uncorrelation means that the sell-off is organic and not triggered due to external factors.

Fundamentally, Bitcoin miners aren’t bearish either.

Source: CryptoQuant

According to data, Bitcoin Miner’s Position Index has been under the value of 1 since the beginning of March. An MPI index above 2 suggests that miners are aggressively selling in the market. Its continued position below 1 exhibits miner sentiment has altered in the short term and the market remains bullish overall.

One minor concern highlighted by Ki-Young Ju, CryptoQuant CEO was a possible whale dump over the last 24-hours. A whale dump is usually followed by a period of correction, as the market tends to shuffle out weak hands.

So, what stirred the pot?

The commotion was initiated on Twitter on May 16 after Elon Musk went on another rant. Musk’s earlier comments on BTC’s energy consumption were the topic of discussion, which led to Musk terming Bitcoin as ‘highly centralized’. While he cleared speculation that Tesla did not trigger any Bitcoin sales during this time period, Willy Woo suggested market repercussions were already unlocked.

Should Traders be worried?

At the moment, No. While a drop below $46,000 is not ideal, Bitcoin is maintaining its position above its long-term support at $42,000. At press time, the asset has been able to facilitate a recovery towards the $45k range but preferably, it should commence a position above $46.5k within the next 24-48 hours.

BTC/USDT on Trading View

The market is at the periphery of a drastic turnaround. Indicators suggest a higher possibility of a bullish rally so it isn’t time to press the panic button yet.


Sign Up For Our Newsletter


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/bitcoin-ethereum-and-alt-markets-heres-the-silver-lining-traders-need-to-know

Continue Reading
Blockchain4 days ago

US Investment Bank Cowen to Offer Crypto Custody Services

Blockchain5 days ago

Buterin Plugs UNI as Next Oracle Token

Blockchain5 days ago

Bitwise Launches ‘Crypto Innovators’ ETF

Blockchain5 days ago

Which ‘green’ cryptocurrency is Tesla likely to add for payments?

Blockchain4 days ago

Elon Musk Pokes Massive Hole in the Bitcoin Market After Halting Bitcoin Payments at Tesla

Blockchain5 days ago

Facebook’s Diem Enters Crypto Space With Diem USD Stablecoin

Blockchain5 days ago

Venture platform Cognitive Blockchain invests in cross-chain compute network Cudos

Blockchain5 days ago

Ethernity Chain Memorializes Tony Hawk’s Latest 540 Skate Trick With NFT

Blockchain5 days ago

Vitalik Buterin Dumps His SHIB, Price Tanks 30% In 1 Hour

Blockchain5 days ago

The STC Token is Live – And Over 10 Crypto Exchanges are Ready for It

Blockchain4 days ago

Diem parters with Silvergate bank to launch stablecoin in the US

Blockchain4 days ago

DeFi Staple UMA Launches “Optimistic Oracle”

Blockchain4 days ago

MicroStrategy Buys Another $15M Worth of Bitcoin at $55K

Blockchain5 days ago

In Less than A Week, How Internet Computer (ICP) Climbed To The Top 10

Blockchain4 days ago

Here’s why Ethereum, AAVE, ALPHA are unfazed by Bitcoin’s latest ‘Elon candle’

Blockchain5 days ago

Vitalik Buterin Has Dumped His Unsolicited Doge-Clones

Blockchain4 days ago

Central Bank of Bahrain and JPMorgan to work on digital currency settlement pilot

Blockchain4 days ago

Diem Relocates From Switzerland to the US to Launch an USD-Backed Stablecoin

Blockchain5 days ago

Government Adoption: Cryptos are property in Texas, Hungary to cut taxes

Blockchain4 days ago

AppSwarm’s DOGE division calls for a global dev teams to build off Dogecoin

Trending