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Recent Bitcoin Top Shares Key Similarities With Black Thursday Plummet

Bitcoin’s recent $2,000 crash sent chills down the spines of crypto investors, turning market sentiment from extreme greed to fear in less than 48 hours flat. The sharp drop brought back all too fresh memories of the mid-March Black Thursday market collapse. But before that crash turned into total collapse, there was a pause before the panic fully kicked in. A comparison showing current Bitcoin price action has made rounds around the web, prompting investors […]

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Bitcoin’s recent $2,000 crash sent chills down the spines of crypto investors, turning market sentiment from extreme greed to fear in less than 48 hours flat.

The sharp drop brought back all too fresh memories of the mid-March Black Thursday market collapse.

But before that crash turned into total collapse, there was a pause before the panic fully kicked in. A comparison showing current Bitcoin price action has made rounds around the web, prompting investors to fear the worst day in finance could soon repeat.

Let’s take a look at the recent comparisons, as well as some other shocking similarities found on higher timeframe charts.

Is a Repeat Of Black Thursday Just Days Away? Remembering The Shocking Day

February 2020 saw new highs in the stock market and a retest of $10,000 in Bitcoin. Weeks later, an over 30% fall in the stock market, and over 50% collapse or more took place all across crypto.

Nothing was safe from the madness – even relatively stable precious metals and forex currencies were crushed under the enormous panic-selling into the dollar.

After that, however, the weakest phase in the dollar’s recent history let these same markets recover to new 2020 highs. The recovery has been one for the record books, shocking analysts at just how inflated the stock market bubble has begun to get.

RELATED READING | HOW THE GREENBACK TURNED BITCOIN AND CRYPTO INTO A SEA OF RED

With the bubble just unwilling to burst under any circumstances, after such an enormous stretch of recovery, equities and Bitcoin have experienced their first significant pullback since the fateful day now dubbed Black Thursday.

The recent crash has shown some strange similarities between the two, prompting an image to make its way to the top of the Reddit r/cryptocurrency community. An image showing the below comparison highlights just how well the first fall before the Black Thursday plummet matches up with the current price action.

btcusd black thursday

BTCUSD Daily Black Thursday Fractal | Source: TradingView

Ominous Bitcoin Fractal Could Lead To Violent, 54% Selloff

But that’s not the only similarity between now and then. The above chart depicts daily timeframes, but zoomed out to weekly price charts below, there is more to compare.

btcusd black thursday2

BTCUSD Weekly Black Thursday Fractal | Source: TradingView

The weekly “top” Japanese candle structure almost exactly matches the candle structure of the recent crash. After an extended uptrend, at the peak, there is a red and a green doji-like close, signaling indecision in the market about if it wants to carry along higher or retest below.

Both times, the market decided in a retest. Black Thursday, clearly didn’t hold at support. This time around, Bitcoin spent a full three months building a base at which it broke through $10,000 – could this have been enough to build support that holds through even pandemic-related panic that’s still prevalent today? And can it also hold strong even with the risk of the upcoming election?

RELATED READING | WHY THE UPCOMING US ELECTION IS BITCOIN’S BIGGEST RISK

Hopefully, that continues to remain the case, as another, similar drop would be deadly for Bitcoin. The last fall from the weekly candle close that started the violent collapse, dropped a full 54%. If price action continues to trace along, after last night’s weekly close, the cryptocurrency will fall sharply over the next two weeks to around $4,700.

btcusd black thursday3

BTCUSD Weekly Black Thursday Fractal Repeat Target | Source: TradingView

A collapse from $12,400 to $4,700 when crypto investors were expecting a breakout of the triangle would be brutal on the market. However, could such a move shake out any remaining “moon boy” mentality from the space, finally allowing the asset class to grow healthily and sustainably?

Featured image from Deposit Photos.
Charts from TradingView.

Source: https://bitcoinist.com/recent-bitcoin-top-shares-key-similarities-with-black-thursday-plummet/?utm_source=rss&utm_medium=rss&utm_campaign=recent-bitcoin-top-shares-key-similarities-with-black-thursday-plummet

Blockchain

Market Analysts Say Bitcoin Holders Are Adding On Dips, Noobs Panic Sell

Market Analysts Bitcoin Holders

Rate this post The leading market analysts believe that the long-term holders of Bitcoin are adding the cryptocurrency on dips whereas the people who are beginners are selling the digital assets. The noobs in the crypto industry are selling off their asset and are losing their positions due to the panic situation in the market. Bitcoin Holders Stacking Up, Tells Market Analysts Well, the prices of the leading cryptocurrency seem to have stabilized over the past 24 hours as the panic selling has lowered and the noobs appear to have been pushed out of the market. At the time of writing this article, the price of bitcoin is $45,400, which is up 5% since yesterday, and its low during this period of correction went to as low as $42K on May 17. In addition to this, it should be noted that the correction has already shed 35% in 35 days which ultimately declared it to be the largest one of the current rally and almost copying a likely correction that occurred during the year 2017. Using the data from the weekly report of Glassnode, the analysts have confirmed that the recent entries in the market have surrendered at a loss while the long-term holders have continued to make purchases at the dips. Weak Hands and Noobs Panic Selling  In response to the tweet shared by the owner of Tesla, Elon Musk, heavy selling was witnessed in the market that ultimately led to the tumbling in the prices of Bitcoin to their lowest levels in 20 weeks. Glassnode, the on-chain analytics provider mentioned that the total number of addresses holding a non-zero BTC balance has also retreated from its ATH of 38.7 million as over a million traders in the market elucidated their positions.  Along with this, Glassnode stated: “A total of 1.1M addresses have spent all coins they held during this correction, again providing evidence that panic selling is currently underway.”

The post Market Analysts Say Bitcoin Holders Are Adding On Dips, Noobs Panic Sell appeared first on Cryptoknowmics-Crypto News and Media Platform.

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The leading market analysts believe that the long-term holders of Bitcoin are adding the cryptocurrency on dips whereas the people who are beginners are selling the digital assets. The noobs in the crypto industry are selling off their asset and are losing their positions due to the panic situation in the market.

Bitcoin Holders Stacking Up, Tells Market Analysts

Well, the prices of the leading cryptocurrency seem to have stabilized over the past 24 hours as the panic selling has lowered and the noobs appear to have been pushed out of the market.

At the time of writing this article, the price of bitcoin is $45,400, which is up 5% since yesterday, and its low during this period of correction went to as low as $42K on May 17.

In addition to this, it should be noted that the correction has already shed 35% in 35 days which ultimately declared it to be the largest one of the current rally and almost copying a likely correction that occurred during the year 2017.

Using the data from the weekly report of Glassnode, the analysts have confirmed that the recent entries in the market have surrendered at a loss while the long-term holders have continued to make purchases at the dips.

Weak Hands and Noobs Panic Selling 

In response to the tweet shared by the owner of Tesla, Elon Musk, heavy selling was witnessed in the market that ultimately led to the tumbling in the prices of Bitcoin to their lowest levels in 20 weeks.

Glassnode, the on-chain analytics provider mentioned that the total number of addresses holding a non-zero BTC balance has also retreated from its ATH of 38.7 million as over a million traders in the market elucidated their positions. 

Along with this, Glassnode stated:

“A total of 1.1M addresses have spent all coins they held during this correction, again providing evidence that panic selling is currently underway.”

READ  Price of XRP Increases By 17% Bringing Stellar To A New Peak

#Bitcoin #Bitcoin Holders #Market Analysts

Source: https://www.cryptoknowmics.com/news/market-analysts-suggests-bitcoin-holders-are-adding-on-dips-noobs-panic-sell/

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StormGain: Crypto Mining now available on all smartphones

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For many years, cryptocurrency mining has only been reserved to a select few – those people with enough time and capital willing to invest resources into setting up their own mining rigs. However, cloud mining has been quickly gaining speed, and StormGain’s solution removes the technical barriers from the equation in hopes of creating a more even playing field. 

Since miners need to keep several factors in mind, including electricity costs, upkeep and maintenance, and the overall investment return, mining has become less lucrative for the smaller players. StormGain wants to change this narrative, and give everyone the chance to participate in the verification of cryptocurrency transactions, earning a nice income whilst doing so. 

Cloud mining is a prevalent trend in the cryptocurrency industry today. However, many providers claim to offer significant yields and fail to deliver on those promises. StormGain is a different breed, as it provides a mobile-based cloud mining solution. Every user can mine cryptocurrency directly from their mobile phone without dealing with the hardware side of things. Mobile app users connect directly to remote cloud servers, allowing StormGain to provide a risk-free and convenient mining solution, incomparable to those offered by other cloud mining service providers. 

The first step is to register at the StormGain platform using a smartphone – or desktop computer for those who prefer that option. StormGain purposely opts for a pain-free registration process to get as many people acquainted with cloud mining as possible. The registration process also involves a lucrative bonus of $5 USDT, delivered directly to users’ mining accounts. The process is simple – upon registering, use the promo code MINER to receive the bonus. After confirming the account, users can begin mining Bitcoin right away by connecting to the cloud mining server, with no impact whatsoever on the smartphone’s performance. 

After meeting the minimal $10 USDT profit threshold, users are free to trade and exchange their crypto assets with StormGain. Withdrawal of mined currency is not possible without going through the trading process first, but all profit generated via trading can be transferred out of one’s account at any given time – a fair trade-off.

The trading and exchanging via StormGain is available at 0% commission, with users benefiting from all standard and advanced instruments at their disposal. The service also introduces fiat-based cryptocurrency purchasing for those who want to expand their crypto portfolio quickly and effortlessly. 

StromGain has contracted incredible partnerships since its inception, making it the 1# interest rate provider for crypto traders by CoinMarketCap, a member of the well-known Blockchain Association within the Financial Commission, but also an S.S. Lazio official trading partner, and the market’s best cryptocurrency trading & exchange platform, according to The European. To date, StormGain’s trading product notes a 30-day volume of over $6 billion, generated by tens of thousands of traders worldwide. 

What sets StormGain apart from other cloud mining providers is how mining rewards are proportional to trading volume. Users with a higher trading volume will earn a higher daily mining income. Mining with StormGain over more extended periods can have a significant impact on one’s profit potential, showcasing huge capital inflows for the most active miners and traders.  

Cloud mining rewards are distributed every 30-40 minutes. Then, users are free to withdraw the funds to their trading accounts, within less than 72 hours. For newcomers, the first mined Bitcoin rewards will become accessible within 4 hours, a feat that is available nowhere else within the cloud mining industry. 

About StormGain

As part of its services, StormGain’s cloud mining service effectively removes all entry barriers to the mining market. Consequently, there’s no longer a need to invest in expensive mining chips that take up space, make noise, and consume electricity. Contract prices are inherently small so ongoing investments can translate to significant profits over the long term. Since the bitcoin mining service is readily available via the cloud, accessing it via desktop and mobile devices couldn’t be easier, with no hardware and time investments involved. 

Disclaimer: This is a paid post and should not be treated as news/advice.


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Source: https://ambcrypto.com/stormgain-crypto-mining-now-available-on-all-smartphones

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Bitcoin’s Market Share Falls Below 40%

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Bitcoin’s market share has fallen below 40% for the first time in three years as altcoin sezun gives rise to many cryptos.

In particular ethereum has risen to its highest crypto market share since the last peak in February 2018, accounting for more than 19%.

That’s almost as much as all other cryptos combined at 21%, which themselves have seen considerable appreciation with the top 20 ranking transformed:

Top 20 cryptos, May 2021
Top 20 cryptos, May 2021

Bitcoin’s market cap has fallen now to $800 billion, while ethereum is almost half of it at $400 billion.

Then we have Binance Coin which is like their token share, worth $80 billion in part because Binance buys it back based on quarterly profits.

Cardano is the only one to survive in rankings from the 2017 ICO whitepaper wave with it on fourth position based on promises of smart contracts ‘soon,’ albeit about five years too late as eth invented smart contracts in 2015.

Doge is perhaps the wildcard crypto as no one thought it would rise to top five, yet maybe it should have been predictable, except no one could guess Elon Musk would shill it even on SNL.

Tether is at the top still with a market cap of $60 billion. Some say the bull will end when tether goes to the second page of rankings, but we’re not sure how much that will be true.

XRP survives. Still no all time high as it fights SEC in court, but it’s clinging on despite being delisted from many exchanges.

Polkadot has risen to a market cap of $37 billion with this trying to solve scalability by getting shards to go through a central coordinator which happens to be a bottleneck.

Finally a new coin, the Internet Computer. Ohh, it’s Dfinity! Finally this has launched. Just now actually on May 10th. We haven’t quite looked at it yet, but back in 2019 Joseph Lubin of ConsenSys said:

“Dfinity has a very strong team. Because dfinity is a currently closed system controlled by a small number of investors and token holders – though they’ve indicated they will open source their project at some point – it is hard to tell, but it appears to me they are less interested in being a global base trust and settlement layer and more like a somewhat decentralized AWS replacement.

They’re likely to do a very good job of this whenever it gets released.

Ultimately, it doesn’t seem viable for Dfinity to be a base trust layer for the planet as there is one fundamental design choice that they and Cosmos made that will prohibit this.

Both Dfinity and Cosmos favor safety or consistency over availability and liveness. This means that if 34% of the nodes on their networks find themselves on the wrong side of some great firewall that blocks traffic for a period, their entire global network will halt, freezing every system built on it.

And there are other known related failure modes. This is a non starter for many different classes of application.”

As it happens, eth 2 has this 34% as well, which is why plenty think the ethereum PoW chain will keep running even if the eth 2 PoS chain becomes dominant.

Bitcoin Cash is down to 10th now with Litecoin keeping on since 2011. Uniswap keeps up and up, with quite interestingly even USDC making top 20 with a market cap of $14 billion (wow).

Solana, this launched in March 2020 and never got our attention but seems a bit interesting on the surface because they claim they use a Proof of History in the blocks themselves or in the transactions.

At the most basic and utterly simplistic to the point of perhaps misleading, it sounds like each transaction has a private key of sorts (a hash) to prove that it was made before its inclusion.

The full details are worthy of study for those interested because, unless our surface view is mistaken, this is an experiment in scientific blockchain pruning.

We all know about the blockchain data ever increasing and that means no scaling. If you can remove old data from storage however, while still being able to prove the history of such old data so that you can trustlessly synch on the network and obviously so that you can prove coins are not just being printed, then there are effectively no scalability constrains.

So if Solana proves itself, their method or some adaptation of it may be incorporated into bitcoin where devs there have been tinkering with crypto hash based pruning, something that would make bitcoin globally scalable.

Polygon (Matic) is a second layer on eth so how this is so valuable is not clear, but the token is probably used in a Proof of Stake environment and so speculators are maybe betting this will find much usage in eth.

VeChain is ancient by crypto standards of the second blockchain generation wave with it focusing more on supply chain use of the blockchain and presumably doing something right since it keeps surviving.

Theta is a new one in rankings, although this launched in January 2018, and is “a blockchain powered network purpose-built for video streaming.”

Showing thus the crypto space is transforming, as was predicted during bear years, with two new entrants as well as an eth token ranking.

Interestingly both new entrants are scaling focused, so maybe at some point we’ll hopefully get out of the 80s dial-up and into 90s broadband when cryptos can go mainstream in usage.

As well as technical challenges to get there, there are also political challenges but somewhat slowly it looks like this space is generally moving in the right direction with innovation still clearly very much booming.

Source: https://www.trustnodes.com/2021/05/18/bitcoins-market-share-falls-below-40

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