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Peter Schiff Now Discusses Bitcoin More Often Than His Beloved Gold

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Peter Schiff Now Discusses Bitcoin More Often Than His Beloved Gold

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The steadfast drags by crypto fans seem to be getting to eternal gold bull Peter Schiff.

Schiff who because of his bearish Bitcoin stance is seen as one of the biggest crypto influencers out there (simply because his comments get blasted by so many crypto commentators), has now tweeted more about Bitcoin in the past week than he did about his favorite safe-haven, gold.

Schiff, who’s eagerly awaiting Bitcoin’s correction apparently, stated this afternoon that the “Fed’s Jim Bullard said Bitcoin poses no threat to the U.S. dollar or to its status as the primary reserve currency. He’s correct. The biggest threat to the dollar’s reserve currency status comes from the Fed itself. The dollar’s primary rival and heir to its throne is gold.

Seeing the biggest cryptocurrency plunge to $50k, he soon followed up with: “Instead of putting laser beams on their eyes, Bitcoin cult members should have been selling some of their Bitcoin. While everyone was laser-focused on $100,000 Bitcoin is now closer to zero than the target. Perhaps those laser eyes will remain much longer than originally planned.”

In the past week, Schiff has been lambasting the Federal Reserve over its continued money printing in order to support the Joe Biden administration as it prepares for another round of stimulus cheques in the US.

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As to Bitcoin, he stated yesterday that it’s unsure if HODLers would be willing to sell in the current market conditions.

If I were to actually buy some #Bitcoin, how would I know when to sell? If your answer is to never sell, then what is the point of buying in the first place?

“I can’t exchange it, as merchants don’t take it. I need to sell it first, either myself or using an intermediary like Bitpay. But I’m not talking about small amounts. When do I sell to take profits or cut my losses?”

Many commentators have since started wondering whether Schiff is actually a HODLer himself. Famed technical analyst Scott Melker, who tweets under the moniker ‘Wolf of All Streets’, said that if Schiff actually buys Bitcoin, he would get out in response, as it could be interpreted as a market top.

A funny sidenote came from podcaster Peter McCormack. He calculated that Schiff now talks more about Bitcoin than he does about gold.

In the last 7 days, Peter Schiff has Tweeted about bitcoin 56 times, an average of 8 times a day, while only mentioning gold 34 times, less than 5 times a day.

Of course, with gold down for the year whilst Bitcoin is seeing a parabolic rise, that is perhaps not too surprising.


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DISCLAIMER Read More

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/peter-schiff-now-discusses-bitcoin-more-often-than-his-beloved-gold/

Blockchain

Here’s how Options traders can take advantage of Bitcoin’s window

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It is exciting to see market sentiments in a volatile crypto-environment. The past couple of weeks, for instance, have seen Bitcoin and most altcoins at their bullish best. However, the aforementioned period has also seen these assets face a steady stream of drawdowns.

Consider this – Bitcoin is currently undergoing corrections and a mixed response should have been expected from traders. Alas, that hasn’t been the case.

Are traders too bullish at the moment?

Source: Skew

Put/Call Ratios today touched a level of Open Interest last seen back in early January. At the time, it was a key bullish signal, one which led Bitcoin all the way to $42k by mid-February.

It can be a bullish signal this time too. It might help Bitcoin break the $42k barrier once again, an essential range to recover in terms of market structure.

Source: Skew

Bitcoin Options Open Interest were resoundingly bullish, with call buys dominating both short-term and long-term expiries. Here, it’s worth paying attention to the 297 BTC expiring tomorrow at $40,000.

Does Options Interest matter that much?

A clearer picture in that regard can be underlined by Deribit’s recent Institutional newsletter. According to Deribit, the total turnover was $40.4 billion in July, 24% lower than the turnover in June 2021. Total Options turnover also dropped by 23%, registering a figure of $14.6 billion.

Source: Deribit

The letter added,

“295,920 BTC and 1,991,591 ETH options contracts were traded in July 2021, down 25% and 8% versus June 2021.”

Back in July, Bitcoin was consolidating between $35000 and $30000 until the last week, when a bullish breakout unfolded.

 But, has Bitcoin confirmed a rally yet?

Source: TradingView

Rallying and confirming a bull rally can be considered two different things, technically. One has more direction than the other. For example, a bull rally can be close to being confirmed once Bitcoin closes above $42,000 on the daily chart. It isn’t doing so right now but still, it is rallying somewhat, right?

But, a ‘rally’ might not be the reason why Options traders are so bullish. It might just be a strategy.

The Bull-Call Spread and its limited action

Now, a bull-call spread is an Options strategy that takes advantage of a limited increase in an asset’s value. Traders set up two Options where one is a Call Option at a lower strike price and a Sell Option at an upper strike price. Here, both are meant to expire on the same date. It is a reduced risk strategy that caps gains, but limits massive losses. Without getting into the technicals, here is how it works.

Bring those 297 BTCs expiring with a strike price of $40,000 on 5 August into play. Now, the play here would be to set another Sell Option at the strike price of $41,000. Now, if BTC touches $40,000 and goes beyond, the trader would sell a Call Option at a higher strike price that has the same expiration date as the first Call Option and collect the premium.

If the price of Bitcoin does not go above $40,000, then the Options strategy expires worthlessly and the investor loses the net premium paid at the onset. But, it is limited since there are two opposing contracts at play.

Moral Point?

If that bit of information got a little dizzy, then here is the shorter version – There is a possibility that traders are bullish on Bitcoin for a limited time period to cover the bullish spread. Bitcoin is in play for them, but they are acting in particularly bullish windows.

Hence, Bitcoin Options traders might not be overly bullish, just momentarily.

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Source: https://ambcrypto.com/heres-how-options-traders-can-take-advantage-of-bitcoins-window

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Blockchain

Why it’s best Cardano’s traders remain on the lookout

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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

While some altcoins have been quite volatile over the week due to Bitcoin’s hike above $42,000 and its subsequent retracement, the same cannot be said for Cardano.

Broader market cues did not seem to have a drastic effect on ADA’s price as it remained gridlocked between the strong resistance of $1.38-$1.40 and support at $1.25. However, tracking its movement since 19 May highlighted the formation of a pennant and a potential swing could be in store over the coming week. The question is – In which direction?

Cardano Daily Chart

Source: ADA/USD, TradingView

Since the 19 May sell-off, Cardano has formed four higher lows at $1.95, $1.86, $1.49, and $1.38. An upper sloping trendline was used to plot these points on the charts. Similarly, a lower trendline was plotted along the slightly higher lows of $0.95, $1.0, and $1.02.

This created a pennant pattern which indicated two possible outcomes going forward.

Bullish Outcome 

Let’s discuss a bullish outcome first since this seemed achievable with one simple development. Buyers need to target a hike above the $1.38-$1.40 resistance – A result that could trigger a near 40% surge in value towards the highest point in ADA’s pattern at $1.88. Excited? Well, it wouldn’t be that plain and simple.

This scenario would require ADA to close above its weekly 20-SMA (red) (not shown) which has run bearish since 5 July. Moreover, the Visible Range noted a decent number of sellers at ADA’s aforementioned resistance zone.

Bearish Outcome

Quite a few developments need to take place for this result. For starters, ADA would need to drop below its daily 200-SMA (green) and Visible Range’s POC at $1.21. Ideally, ADA would find support at the higher low at $1.05, but a close below this level might lead to a sharp sell-off in the market. The 23 April swing low of $0.92 would be in focus in such a situation.

Winner?

At press time, the buyers were at an advantage. The RSI was above 60 – A sign of bullish strength in the market. The Squeeze Momentum Indicator noted upwards pressure, while the MACD maintained its northbound trajectory, albeit with some choppy movement. However, the indicators had not yet matured to levels to indicate a clear winner in this battle.

Conclusion

ADA did flash positive signals as it traded close to the resistance zone of $1.38-$1.40. Traders should be on the lookout for a break above or below key levels to ascertain ADA’s next destination over the coming weeks.

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Source: https://ambcrypto.com/why-its-best-cardanos-traders-remain-on-the-lookout

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Blockchain

Indian Olympic Medal Winners to Get Free Bitcoin (BTC) and Ethereum (ETH)

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The cryptocurrency platform Bitbns intends to open a systematic investment plan (SIP) in digital assets for Indian athletes who win medals at the ongoing Tokyo Olympics. The exchange will reportedly grant around $2,700 in crypto for gold medal winners.

‘Faster, Higher, Stronger’ And Earn Crypto

The Economic Times reported that Indian athletes at the Olympic Games could receive cryptocurrencies as a gift if they manage to win a medal at the tournament in Tokyo.

The trading venue that will reportedly provide the offer is Bitbns. The first athletes that can get cryptocurrency exposure for free are the winners Mirabai Chanu and PV Sindhu. The former won a silver medal in 49 kg women’s weightlifting while the latter acquired bronze in the women’s singles badminton at the Tokyo Olympics.

Bitbns plans to roll out a SIP account and grant nearly $2,700 in digital assets for Olympic champions, $1,350 for silver medal winners, and $675 for bronze medalists. It will transfer the amount into their accounts, and after completing the Know Your Customer (KYC) norms, the athletes will have exposure to cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).

The trading venue explained that it would structure the SIP for a 3-5 year period, and thus the medal winners will be able to generate profits in the long term through Bitbns. Gaurav Dahake – the Chief Executive Officer at the platform – noted:


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“Bitcoin and Ethereum have been the best-performing assets in the last decade, and have given exceptional returns and we aim to get our winners indulge in this rewarding journey.”

Indians Love Cryptocurrencies

According to a recent research, Indian residents increased their digital asset investments from $200 million in 2020 to $40 billion for the first six months of this year, indicating that their appetite for cryptocurrencies surged significantly.

What is even more impressive is that Indians, who are well-known gold admirers, started switching their investment strategies from the precious metal to virtual currencies. A local investor explained:

“I would rather put my money in crypto than gold. Crypto is more transparent than gold or assets and yields higher returns in a shorter period of time.”

The survey added that the number of people who trade cryptocurrencies in India is 15 million. It significantly surpasses a well-developed country such as the UK, for example, where 2.3 million individuals have entered the market. Sandeep Goenka – the co-founder of the platform ZebPay – revealed the reasons why the second-most populated country saw this massive increase:

“They find it easier to invest in crypto than gold because the process is so much simpler. You go online, you can buy crypto, you don’t have to verify it, unlike gold.”

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Source: https://cryptopotato.com/indian-olympic-medal-winners-to-get-free-bitcoin-btc-and-ethereum-eth/

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