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While the Crypto Industry Is in Chaos, Smart Investors Are Accumulating More Bitcoin

Republished by Plato

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Those who do not lose track of the true signal will be rewarded in the coming months.

Illustration by Sylvain Saurel

The cryptocurrency industry is in chaos right now. The tweet posted by Elon Musk on May 13, 2021, in which he explained that Tesla was ending support for Bitcoin as a payment method for its electric cars is the source of the turmoil the industry is currently in.

While the way Bitcoin works hasn’t changed since its inception, Elon Musk is suddenly concerned about Bitcoin’s environmental impact.

The reasons behind Elon Musk’s change of heart are of course to be found elsewhere. The founder of Tesla probably wants to benefit from the subsidies that will be granted to certain companies under the infrastructure plan that Joe Biden is currently pushing.

Under these conditions, supporting Bitcoin as a means of payment will not acceptable to the American authorities. If Bitcoin has proven since its creation that it is antifragile, Elon Musk confirms once again that it is not.

Elon Musk then showed his true colors by hinting that he was working with the developers of Dogecoin to make the Blockchain more efficient. Elon Musk seems to be dreaming of making Dogecoin a bigger success than Bitcoin, even though Jackson Palmer, the co-creator of Dogecoin, keeps saying that Dogecoin is just a big joke.

Jackson Palmer has also made a very interesting tweet in recent hours in which he gives his vision of Elon Musk’s personality:

Jackson Palmer Tweet on Elon Musk

For Jackson Palmer, Elon Musk is a “self-absorbed grifter”. Very harsh words that many people will end up sharing when we see the hypocrisy of Elon Musk in his attitude regarding Bitcoin.

Meanwhile, Elon Musk’s stated support for Dogecoin allows this joke to have a market cap of over $70 billion. In my opinion, investors should avoid Dogecoin at all costs for 4 main reasons. The fact that 10 addresses on the network own more than 44% of Dogecoin’s outstanding supply is a major one.

Riding the Dogecoin wave, we could also learn the previous week that Coinbase will list Dogecoin on its platform in the coming weeks. Again, we can see Brian Armstrong’s willingness to take advantage of new entrants’ attraction to this joke that will end very badly.

Coinbase should also be much more responsible.

Nevertheless, when the industry descends into chaos, we should not be surprised to see such inconsistent things happening. Coinbase whose stock market value keeps falling. Brian Armstrong’s company will have a hard time reporting such promising results in the second quarter of 2021, which points to more than a few rough months ahead.

Dogecoin’s listing is likely to cause a “Coinbase effect” with a price increase. Again, be careful, as this will not last.

Many other Sh*tcoins are also seeing their prices explode. The current euphoria of some is causing them to turn away from Bitcoin to take advantage of an Altseason that seems about to start. Again, the greed of some will probably cost them a lot of money in the future. But everyone has to make their own decisions.

The media is getting confused with all the unfounded attacks on the negative environmental impact of Bitcoin. It’s like going back several years at times.

The chaos then intensified when Bloomberg published a FUD article about Binance. Judge for yourself from the title:

“Binance Faces Probe by U.S. Money-Laundering and Tax Sleuths.”

That sent less seasoned investors into a panic and sent the price of Bitcoin plummeting in the process, along with the majority of Altcoins. Yet, after reading the article, you will see that this is again a non-event. As it stands, Binance is not accused or even suspected of anything.

An anonymous source, but probably close to the IRS, explained that investigations are underway. These are classic investigations for a company of Binance’s size and do not in any way presage legal proceedings or not.

To protect yourself from this type of FUD strategy used by some, I would only advise you to have a long-term vision of things.

The chaos that has taken over the cryptocurrency industry would almost make some people forget that central banks are still printing money out of thin air and conducting massive asset buybacks month after month. While inflation has reached 4.2% in the U.S. in April 2021, the Fed continues to run an ultra-accommodating monetary policy.

All of this cannot last, that is a certainty.

The Fed will have to change course in the coming months. By then, the chaos will have given way to more clarity in the industry. Some will emerge victorious from this typical mid-Bitcoin Bull Market episode. I’m thinking of Bitcoiners who are taking advantage of the drop in Bitcoin’s price to around $46K to accumulate more.

That’s how Michael J. Saylor, MicroStrategy’s brilliant CEO, announced last week a new BTC purchase for his company. MicroStrategy continues to accumulate BTC in DCA mode no matter what. While some are scared, others are taking advantage of each opportunity to act.

Never forget that Bitcoin is an accumulation game for years to come. The more you can accumulate, the better for your future regarding money.

It’s up to you to make sure you don’t get distracted by the current chaos that is just noise. The real signal is the Bitcoin revolution, whose fundamentals keep getting stronger block after block.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.inbitcoinwetrust.net/while-the-crypto-industry-is-in-chaos-smart-investors-are-accumulating-more-bitcoin-ccfb0f784085?source=rss——-8—————–cryptocurrency

Blockchain

Bitcoin Should Be In Every Portfolio, Says Mexico’s Third Richest Man

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The arrival of the death cross does not seem to scare Michael Saylor, who bought $500 million just when this terrifying pattern was forming. But Michael Saylor is not the only one who thinks so. Ricardo Salinas Pliego, the third richest man in Mexico, also believes that Bitcoin is an excellent investment.

During an interview with the director of Blockchain Land, José Rodríguez, Ricardo Salinas Pliego assured that Bitcoin is as solid an investment as gold. He explained that the debate about its nature is not so crucial for those who know its properties.

In my opinion, all the advantages that bitcoin has are enough to make the gold of the modern world … There is no point in discussing whether it is a currency or not.

There Will Be Only 21 Million Bitcoins, And That Is Key to Everything

Ricardo Salinas argues that the fact that Bitcoin is finite, easy to transport, and enjoys extreme liquidity internationally are compelling reasons to consider it as an asset worth taking into account when building an investment portfolio.

In fact, Salinas explains that from his point of view, every investor should own Bitcoin:

Bitcoin is an asset that has international value, which is traded with enormous liquidity worldwide. For that reason, it should be in any portfolio.

Ricardo Salinas is a vocal Bitcoiner. He was one of the first prominent Latin American businessmen to talk about Bitcoin and support it in social networks. He also revealed that 10% of his liquid investment portfolio was held in Bitcoin, which is obviously no small thing considering his fortune.


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But What About Altcoins?

But for now, it seems that Salinas’ relationship with Bitcoin admits no competition. When asked about the potential of Ethereum and other altcoins, Salinas was unconvinced that they can outperform Bitcoin.

Regarding Ethereum, he explained that its weakness lies in its inflationary nature.

The scarcity of Bitcoin, the 21 million, is the key to everything. That is why I mention Ethereum. Because as long as it does not have a finite amount of issuance, I will not believe them because they can issue more, and the asset depreciates.

The issue of the inflationary design of some currencies is of special importance to Ricardo Salinas. Latin American governments have abused the power to artificially issue money, which has damaged the purchasing power of the people in the long run.

Look, I started my professional career in 1981. Back then, the [Mexican] peso was 20 to 1 [dollar]. Today, on the other hand, we are at 20,000 to the dollar. And that’s here, in Mexico, but if we do it in Venezuela, Argentina or Zimbabwe, the figures lose all proportion.

As Bitcoin is a global and finite asset, it is safe from manipulation by any government, group of developers or centralizing power entities.

But there is always a little space for other projects. He said that Monero and Zcash are interesting because of the privacy that they offer.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/bitcoin-should-be-in-every-portfolio-says-mexico-third-richest-man/

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Ripple price flashes remarkable buy signals as technicals improve from the dip to $0.57

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  • Ripple price begins recovery after diving to $0.57.
  • The TD Sequential indicator presents a massive buy signal as buyers take their positions.
  • XRP aims at closing the day above $0.78 to set the precedence for the trajectory to $1.

Ripple slipped below May’s crucial support at $0.65 to trade a two-month low of $0.57. The selloff affected most crypto assets, starting with Bitcoin’s drop to $30,000.

When writing, the international money transfer token teeters at $0.62 amid a gradually building bullish momentum. Perhaps a daily close above $0.7 will call more buyers into the market upon Ripple regaining market stability.

How formidable are Ripple’s buy signals?

The TD Sequential indicator has recently flashed a buy signal on the 12-hour chart. This is a chart overlay tool that measures the volatility of an asset while tracking its trend. A buy signal forms in a red nine candlestick and implies that buyers get stronger as the bearish force fades.

On the other hand, a sell signal presents in a green nine candlestick, implying that selling pressure is about to balloon while bulls lose their grip. With a buy signal intact within the overall technical picture, massive gains are anticipated.

XRP/USD four-hour chart

XRP/USD price chart
XRP/USD price chart by Tradingview

The growing uptrend is reinforced by the Relative Strength Index (RSI), gaining momentum after leaving the oversold region. Action toward the midline will cement the growing bullish grip.

Subsequently, traders should watch for movements in the MACD. If the MACD line crosses above the signal line, the buy signal will be validated. Holding above the short-term support at $0.6 is crucial to sustaining the uptrend, while closing the day above $0.7 may bolster Ripple significantly upward.

Ripple intraday levels

Spot rate: $0.63

Trend: Bullish

Volatility: Growing

Resistance: $0.7

Support: $0.6 and $0.57

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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Source: https://coingape.com/ripple-price-flashed-remarkable-buy-signals-as-technical-improve-from-the-dip-to-0-57/

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Blockchain

TA: Bitcoin Eyes Recovery, Here’s Why BTC Could Struggle Near $35K

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Bitcoin price extended its decline and tested the $31,500 zone against the US Dollar. BTC is now recovering losses, but it is likely to face sellers near $34,000 and $35,000.

  • Bitcoin remained in a bearish zone and it even broke the $32,000 support zone.
  • The price is now trading well below $35,000 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $35,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to correct higher, but the bears could prevent gains above $35,000 in the near term.

Bitcoin Price Could Recover Losses

Bitcoin struggled to stay above the $33,000 zone and it extended its decline. BTC broke the $32,500 and $32,000 support levels to move further into a bearish zone.

The price even spiked below the $31,500 level and settled well below the 100 hourly simple moving average. It traded as low as $31,310 and it recently started an upside correction. Bitcoin is now back above the $32,000 and $32,500 resistance levels.

There was also a break above the 23.6% Fib retracement level of the recent drop from the $36,170 swing high to $31,310 low. An initial resistance on the upside is near the $33,800 level (the recent breakdown zone).

The 50% Fib retracement level of the recent drop from the $36,170 swing high to $31,310 low is also near $33,800. The main resistance is now forming near the $35,000 level and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $35,100 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD on TradingView.com

Therefore, bitcoin bulls are likely to face a major resistance near the $35,000 zone and the 100 hourly SMA. The next major resistance on the upside sits at $36,200.

More Losses in BTC?

If bitcoin fails to clear the $33,800 resistance or the trend line resistance, it could continue to move down. An immediate support on the downside is near the $32,000 level.

The next major support is near the $31,500 level. A downside break below $31,500 could open the doors for more losses. In the stated case, the price might even test $30,000.

Technical indicators:

Hourly MACD – The MACD is slowly moving into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is struggling to clear the 50 level.

Major Support Levels – $32,000, followed by $31,500.

Major Resistance Levels – $33,800, $34,000 and $35,000.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.newsbtc.com/analysis/btc/bitcoin-btc-eyes-recovery-35k/

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