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Tag: Bitcoin (BTC)

  • 5 Coins That Are Making A Comeback

    5 Coins That Are Making A Comeback

    The brutal market crash has resulted in nearly reversal of all the gains observed by cryptocurrencies in the bull run of 2021. However, as the market cooled down, cryptocurrencies began an upward move again. A price rally may be in the cards as cryptocurrencies are turning increasingly bullish. Here are some of the coins that you may want to watch out for:

    Celsius (CEL) is one of the best performers in the top 100 cryptocurrencies despite the market crash. The cryptocurrency has a gain of 8.38%. The cryptocurrency had fallen to its 30-day low at $5.46. At the time of writing, Celsius is trading hands at $7.03 apiece. The cryptocurrency is showing bullish momentum with a price increase of nearly 5% in the twenty-four timeframe. The daily trading volume has decreased by nearly 35%. Celsius CEO is confident of the cryptocurrency sphere and says the industry “is going to do just fine” without Tesla.

    Helium (HNT) is another good performer of the week. The cryptocurrency had a gain of nearly 5% in the weekly timeframe. Helium cryptocurrency’s low was at $8.23 for the bear week. At the time of writing, Helium stands at a price level of $15.02. The cryptocurrency price is on an uptrend with a twenty-four hour increase of almost 10%. The daily trading volume is also on the rise.

    Bitcoin BEP2 (BTCB) had a 0.82% loss in the past week. The cryptocurrency is a BEP2 token backed 100% by Bitcoin. The reserve addresses can be audited by anyone. At the time of writing, BTCB stands at a price level of $40,200. The price of the coin has increased by 5% in the daily timeframe while the trading volume has decreased by 20%.

    Bitcoin (BTC), the king of the market, is believed to have already seen the worst in the market crash. In the weekly timeframe, the king of the market had declined by a meagre 0.23%. At the time of writing, Bitcoin stands at a price level of $40,274– where once the $40k level was considered as strong resistance. Bitcoin’s downfall started after Tesla denounced the use of BTC as a mode of payment and China announced a crackdown on Bitcoin mining. The downfall of the cryptocurrency may be over as Bitcoin increased by 7% in the twenty-four timeframe.

    Polygon (MATIC) has stolen the limelight and even on a downtrend, it is still considered to have a good future potential. The cryptocurrency has declined by 8% in the past week. The layer-1 scaling solution for Ethereum from India has seen a sharp increase in yield farmers on the network. More and more people are flocking towards cryptocurrency with bullish price predictions for the future.

  • Cryptocurrencies now accounts for 2% of global money supply

    Cryptocurrencies now accounts for 2% of global money supply

    Decentralized finance is considered to be the future of the finance ecosystem. DeFi or decentralized finance is making available financial products on public open-source blockchain to increase their availability and affordability. Cryptocurrencies employing the decentralized finance technology have been surging with the rally being led by the queen of the market – Ethereum (ETH). DeFi is also partially responsible for rallies in the cryptocurrency sphere.

    Ethereum is considered the pioneer of the DeFi and smart contracts technology. Ethereum-based projects are the most common in the market that are surging and surpassing expectations. The DeFi projects on Ethereum have been stealing the limelight.

    The findings of Delphi Digital Researchers reveal some of the top decentralized finance include BSC, Polygon (MATIC), Solana (SOL), Terra (LUNA), Avalanche (AVAX), and of course Ethereum (ETH). These projects combined accounts for 34% of the total value locked in the decentralized sphere.

    The cryptocurrency now accounts for 2% of the global money supply – all thanks to the DeFi surge. The growth is a testament to the potential that the technology carry. The bull run of 2021 saw a DeFi surge with many high-profile players acknowledging the role of decentralized finance technology in the future.

    Ethereum (ETH) stands at $3,40 at the time of writing. The cryptocurrency has fallen by 6% in the past twenty-four hours. The second ranked cryptocurrency has its daily trading volume increased by nearly 60%. ETH coin established its all-time high at $4,362. The market has taken a downturn as the CEO of Tesla hinted towards ditching Bitcoin as a payment method for Tesla’s electric cars while also criticizing the king of the market because of its high energy consumption. Ethereum crypto is also in a downward trend but decentralized finance is not going anywhere.

  • Crypto Stocks Outperforming S&P 500

    Crypto Stocks Outperforming S&P 500

    The surging cryptocurrency market has been an opportunity for institutional investors to get in on the bandwagon and reap high returns. The potential of returns from cryptocurrencies has attracted a lot of investment from institutions. The bull run of 2021 has resulted in a much wider acceptance of cryptocurrencies, especially from institutional giants.

    Goldman Sachs, in a note to investors on April 27, detailed that US stocks which were involved in the crypto markets have had a better performance than those you were not. Analysts of the banking giant has identified 19 such stocks that have outperformed the S&P 500 index itself. The 19 stocks have an accumulated market capitalization of $1 billion and have close involvement with the crypto sphere.

    The stocks that were involved in cryptocurrencies had an average rate of return at 43% while the S&P’s returns stood at 13% – outperforming the stock market by a long shot. The two leading firms were Marathon Digital Holdings and Riot Blockchain – both crypto mining firms. The firms had year-to-date returns of 218% and 151% respectively.

    The stocks also contained Tesla – the electric car company. Tesla’s stock had been soaring ever since the company had announced a $1.5 billion investment in Bitcoin. Elon Musk – the CEO – is an ardent believer in blockchain technology and often sends cryptocurrencies shooting upwards with his bullish tweets. Facebook is also getting into the cryptocurrency sphere with launching its own cryptocurrency.

    Microstrategy’s Bitcoin (BTC) holdings totasl to $4.5 billion. The stock price of Microstrategy had surged along with Bitcoin’s price hike. Payment firm Square, banks JPMorgan Chase and BNY Mellon, the crypto exchange Coinbase, IBM, the microchip maker Nvidia, InvestView, Braodridge Financials, and Ideaonmics were some of the companies involved in cryptocurrencies whose stocks soared.

  • Bitcoin (BTC) Technical Analysis: 22 April

    Bitcoin (BTC) Technical Analysis: 22 April

    The market sentiment for Bitcoin (BTC) has turned bearish ever since the cryptocurrency established its all-time high at $64,863. In the 24-hour timeframe, Bitcoin started off the day at $53,399 but the bears quickly drew the cryptocurrency to the daily low of $52,657. Bitcoin remained on an uptrend for a while and established the 24-hour high at $54,850 but fell, subsequently. At the time of writing, Bitcoin stands at $52,500.

    Bitcoin (BTC) Technical Analysis

    The technical indicators stand at a neutral position. Bitcoin had been operating in an ascending channel formation with the upper boundary of the channel acting as strong resistance. After completing an Elliot wave, the bearish divergence of the coin intensified and instead of a pullback from the lower boundary of the resistance level, Bitcoin broke out of the channel to the downside. The bearish pressure on the cryptocurrency is also indicated by the 50 Moving Average. Bitcoin has fallen below the 50 MA level – hinting protracted bearish divergence.

    The immediate resistance level lies at 1.618 Fibonacci level parallel to the price level of $55,000. The weekly closing of $60,000 is another major resistance which lies parallel to the 0.5 Fibonacci level. While strong support can be found at $50,755 – at the 2.168 Fibonacci level.

    The future predictions for the cryptocurrency are not optimistic as the market for Bitcoin is in the grips of bears. The cryptocurrency may settle near the support level or if a trend reversal is spotted then the first major resistance level will be a viable price target.

    Bitcoin transaction fee has hit a new record high at $59.87 according to BitInfoCharts. The transaction fee has surpassed the high of the 2017 bull run as well which stood at $55.17. While the high transaction fee suggests an increasing traffic on the block chain, it can also result in a subsequent decrease in the number of transactions on the block chain which appears to be waning.

  • Elon Musk and His Controversial Twitter

    Elon Musk and His Controversial Twitter

    Elon Musk – Tesla’s CEO – had caused a few uproars in the cryptocurrency market with his Twitter account. The highly speculative market is very sensitive to the opinions of public figures like Elon Musk and the billionaire had been leveraging his position in the market.

    David Einhorn, the founder of Greenlight Capital, bashed the CEO in a letter to investors. The hedge fund manager criticized Musk for pouring “jet fuel” on the GameStop fiasco. Musk is accused of using his Twitter handle and TV appearances for causing pumps in the market. Einhorn also held Chamat Palihapitiya, A Canadian Venture Capitalist, responsible for GameStop short squeeze.

    Shortly after Redditors began pumping the GameStop stock, Elon Musk tweeted “Gamestonk” with a link to the subreddit. Subsequently, GME surged up by more than 100% and ultimately achieved an 18,693% increase from the price it had nine months earlier. Chamat Palihapitiya had also been vocal about his support for the Redditors.

    Elon musk has caused quite a few spikes in the price of Bitcoin (BTC) and Dogecoin (DOGE). Just yesterday, the billionaire tweeted a meme that depicted a dog “Doge” barking at the moon and today Dogecoin saw a new all-time high. Musk had been warned by legal counsel the calculated pumping by him could attract the attention of the US Securities and Exchange Commission and land him in trouble.

  • Not a Good Day For The Crypto Sphere: Regulators’ Bashings From All Over The World

    Bitcoin has been surging establishing new all-time highs while Coinbase NASDAQ listing has led to hopes of a further crypto boom. Cryptocurrencies are no more a thing of the future and mass acceptance is insights now. However, regulators throughout the world are taking notice of the cryptocurrency sphere as well. The largely-unregulated market of cryptocurrencies cannot continue to operate so – especially after surpassing a market capitalization of $2 trillion.

    World Economic Forum’s head of blockchain and digital assets – Sheila Warren – has issued a warning of regulations to the cryptocurrency community. Warren commented the increased activity in the sphere is bound to lead to tight regulations being imposed.

    Bank of America has issued the results of a survey conducted with 200 professional investors on their sentiments of the cryptocurrency boom. 75% of the respondents have regarded the crypto boom as a “bubble”, only a meagre 16% of the respondents did not consider it a bubble while the rest were uncertain.

    In the other corner of the world, Bank of Korea Governor Lee Ju-yeol had given the cryptocurrencies a bashing of his own. The governor pointed out towards the numerous shortcomings of cryptocurrencies as a mode of payment – citing their unreliability and price volatility. Ju-yeol’s sentiments are also shared by United States Federal Reserve Chairman Jerome Powell who commented that cryptocurrencies do not have any intrinsic value and are mere instruments of speculation – making them highly unreliable.

  • Citigroup Reports Drastic Increase In Bitcoin Power Consumption

    Citigroup Reports Drastic Increase In Bitcoin Power Consumption

    The environmental sustainability of cryptocurrencies has been long debated in the crypto community. The king of cryptocurrencies, Bitcoin, has received the most bashing for its high energy consumption with various reports being published drawing comparisons to show the critical situation that crypto world is.

    A Citigroup report has stated Bitcoin is now consuming 66 times more energy than it did in 2015. The report also warned of increased scrutiny to be faced by corporations and large-scale investors of Bitcoin for the carbon emissions.

    The COVID-19 pandemic has also put a lot of things in perspective and people are considering environment conservation to be more important than ever. The parallel rise of the cryptocurrency market means a rise in the energy consumption by the industry – which had already been debated on at length.

    However, the report also cites the energy consumption to have not increased as much as expected. The price of Bitcoin has increase more than 170 times with the energy consumption increase only being at 66x.

    A Crypto Climate Accord is also in the works as private entities also taking the situation in their own hands to curb the problem. The Accord is replicating the Paris Climate Accord and the partners aim to increase the collaboration in the whole community to move towards sustainable energy.

  • Grayscale to top the market cap of the largest ETF

    Grayscale to top the market cap of the largest ETF

    Asset management firm, Grayscale, has exceeded $50 billion in cryptocurrency holdings for the first time. The asset manager is set to break the record of the largest commodity ETF which stands at a valuation of $57 billion.

    The largest exchange-trade fund GLD, which is physically backed by gold has listing on many major stock markets. GLD is a safe haven investment for investors throughout the world because of its safety and almost zero volatility. But the rise of cryptocurrencies has led to the consideration of cryptocurrencies replacing gold. GLD has nearly stagnant yields and by the principle of the stock market, the high risk of cryptocurrencies is equal to high rewards.

    Grayscale has plans to convert into ETF if the SEC regulations allow. Grayscale would have been the second largest ETF, if approved, currently and close to become the largest. The CEO of Grayscale Michael Sonnenshein believes Grayscale will top GLD soon.

    The asset manager is holding approximately 3.5% of the total BTC circulating supply – around 660,000 Bitcoin tokens. Grayscale’s assets under management range from Bitcoin to lesser known coins. It also has a hefty holding of $7.4 billion ETH in its Ethereum trust funds. The firm has a total of ten crypto trust funds with a total valuation of $50 billion.

  • Exodus Wallet Regulated Offering Record Share Sale

    Exodus Wallet Regulated Offering Record Share Sale

    Exodus a multi-currency wallet that supports over a hundred cryptocurrencies set a record share sale in a regulated public offering. The Delaware-based firm, Exodus Movement, commenced the share sale on April 8 after the approval of the United States Securities and Exchange Commission.

    In just five days, the firm has been able to raise around $59 million. The share is being offered at $27.42 and the offering will last until the goal of $75 million is reached. The crypto wallet had been able to complete around 80% of its fundraising goal from over 4,000 investors.

    The Regulation A sale enabled Exodus to reach far beyond accredited investors. The firm reported a majority of the investment has come from retail and non-accredited investors while accredited investors only accounted for 8% of the total investment. The offering was only available to investors in Texas, Arizona and Florida. The wallet accepted investment in Bitcoin, Ethereum and USDC instead of fiat currency.

    With Coinbase’s NASDAQ listing scheduled for later today, it is expected to shatter Exodus Wallet’s share sale record. Coinbase’s direct listing is expected to be the largest crypto offering in history but with the reference price set below expectations, things may not go as hoped.

  • What China’s Digital Yuan Could Mean For Bitcoin

    What China’s Digital Yuan Could Mean For Bitcoin

    People’s Bank of China has recently revealed a digital renminbi – e-RMB. The Chinese bank also encouraged the people to shift to the digital currency. This is a hallmark moment as e-RMB is the first digital currency coined by a major economy which pose a credible threat to cryptocurrencies at large.

    A pilot test was run for the cryptocurrency in a few targeted cities where government officials received half of their salaries in the form of the new digital currency. After the success of the pilot, the cryptocurrency has been launched with the hopes of a mass scale adoption.

    Bitcoin (BTC) was primarily designed to be a digital currency by the infamous Satoshi Nakamoto. However, the cryptocurrency failed to become one. As the popularity of the crypto market rises, the masses debate on which crypto is better suited to become the digital currency of the future and while many people have realized Bitcoin is not fit for the role, others are still hopeful. Bitcoin has a high transaction cost, poor scalability and being valued at $60,000 it is definitely not fit to be a digital currency. The rise of a viable digital currency can mean displacing the king from its throne if it is not able to establish itself as an asset.

    The digital currency of China means the potential loss of around $1.4 billion potential and active users. The Asian market has had a love-hate relationship with cryptocurrency and the popularity of cryptocurrencies in the region does prove to be favorable.