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Tag: BTC

  • Institutions dumping Bitcoin for gold reveals JPMorgan

    Institutions dumping Bitcoin for gold reveals JPMorgan

    After Elon Musk announced Tesla will no longer be accepting Bitcoin (BTC) as a mode of payment, the cryptocurrency market had been tumbling downwards. Bitcoin touched a low of $30,000 – losing nearly half of its value from its April all-time high of $65,000.  The crash has caused panic in the market with investors looking to dump their BTC holdings.

    The merits of Bitcoin over gold have been long debated. The king of cryptocurrencies has been oftentimes compared to gold. As the value of digital gold skyrocketed during the bull run of 2021, institutional behemoths turned towards Bitcoin rather than gold. Bitcoin offers a much higher return on investment and the bull run further propelled the returns.

    However, such heavy losses cannot be ignored. JPMorgan’s analysts revealed in a note to investors that institutional investors are going back to gold and abandoning cryptocurrencies like Bitcoin. The news may not come as a surprise to many as the sentimental analysis of the market reveals strong fear. The fear and greed index places the market at a score of 11 – with zero as the highest level of fear.

    The investment bank also revealed that the Bitcoin futures saw the first biggest decline since the beginning of the bull run. The BTC market continues to suffer with institutional investors withdrawing heavily every day.

    Despite the bearish outlook of the market, JPMorgan Chase still maintains its long-term bullish projection for the cryptocurrency. The banking giant predicts that Bitcoin will eventually reach towards $146,000 in the long-term window.

    At the time of writing, Bitcoin stands at a price level of $40,310. The price has increased in the past twenty-four hours. The daily trading volume of the cryptocurrency is also moving upwards.

  • Bitcoin (BTC) losing its touch – market sentiment analysis

    Bitcoin (BTC) losing its touch – market sentiment analysis

    Bitcoin (BTC) crashed to a low of $30,681. The market dip has resulted in immense losses for the king of cryptocurrencies. At the time of writing, BTC was trading hands at $39,724. Bitcoin has since recovered somewhat from the low of $30k; however, in the daily timeframe, the price is still falling while the market sentiment for the coin remains bearish.

    Bitcoin (BTC) Sentiment Analysis

    The cryptocurrency market is highly speculative and moves a lot with emotions. A market dip and some unsavory words can cause investors and traders to panic. The fear and greed index measures the overall emotion of the market by incorporating market volatility, dominance, social media sentiment trends, and market volume.

    Bitcoin (BTC) Historical Values
    Bitcoin (BTC) Historical Values

    Currently, the fear and greed stand at a value of 11 which means there is extreme fear in the market. The lower value also represents buying opportunities.

    The sentiment analysis of Bitcoin shows that the average sentiment (net of positive and negative sentiments) has moved from a negative figure to a positive today. Bitcoin continues to be one of the top trending keywords.

    Sentiment Analysis
    Sentiment Analysis

    The Social Volume of BTC crypto – the number of mentions on social media – is declining for the cryptocurrency. The Social Dominance – the mentions of BTC relative to other major cryptocurrencies – is also on a downward trend at only 22%. The king of cryptocurrency had also lost its dominance in the market with it being down to as low as 40% – a record low since the 2018 crash.

    Experts’ battle on Bitcoin (BTC)

    Peter Schiff – economist and global strategist at Europac.com – had taken to his Twitter account to bash MicroStrategy CEO Michael Saylor’s advice on firms adding Bitcoin to their balance sheets. Schiff stated that firms’ annual expected inflation rate of 2% is now down by 34% in one month. However, Schiff faced a lash back from a good number of his nearly 500k followers.

    MicroStrategy CEO Michael Saylor also ensued in a Twitter debate with Schiff regarding BTC and its return on investment. MicroStrategy remains undeterred in their decision to add Bitcoin to their balance sheet. The firm purchased an additional Bitcoin worth $10 million in the current dip.

  • BTC losing its luster – $100 million offloaded

    BTC losing its luster – $100 million offloaded

    Elon Musk – the Tesla CEO – has hinted towards abandoning Bitcoin as a mode of payment for his Tesla cars. The CEO has turned against the king of the market because of the environmental costs it is said to have. The billionaire CEO has been an ardent supporter of Bitcoin and other cryptocurrencies and because of the huge following he has; he also holds immense power over the market.

    Elon Musk has caused a market crash that is considered to be the beginning of the dreaded market corrections that are considered to be looming close. The crypto market crashed nearly 10% following the tweets of Elon Musk. The market appears to be gaining back some momentum but Bitcoin has taken a hard hit.

    Bitcoin (BTC) considered the king of the market has lost 10% of its dominance. Bitcoin dropped to a record low dominance of 40% since the 2018 market crash. Some altcoins are thriving regardless of the brutal market corrections going on –indicating a shift in trend from Bitcoin to newer cryptocurrencies.

    CoinShare’s weekly Digital Asset Flow report shows a staggering drop in Bitcoin Investment. Institutional investors have offloaded $100 million from Bitcoin exposure. The outflow of $100 million is considered the largest in the history of the report.

    The $100 million exiting Bitcoin investment products equal 0.2% of assets under management which may not seem as much but given the market sentiment, it could warrant even more losses in the market.

    The digital asset flow report also found a shift towards altcoins. Excluding Bitcoin, cryptocurrencies saw an inflow of $48 million in investment. Ethereum accounted for 50% of the inflows while Cardano and Polkadot also saw increased inflows. The data is indicative of investors looking to diversify their portfolios and move away from Bitcoin.

  • Elon Musk’s cryptocurrency market crash

    Elon Musk’s cryptocurrency market crash

    The cryptocurrency market has crashed around 10% all thanks to Elon Musk’s tweet saying “Indeed”. The Tesla CEO hold immense power over the cryptocurrency market since the whole market is purely speculative. Musk’s tweet was a response to a threat stating Tesla may dump its Bitcoin holdings because of BTC’s high energy consumption and the subsequent harm to the environment.

    The hint towards Tesla dumping its BTC holdings has spiraled into a hard market crash. Bitcoin has fallen to nearly $45,000 with its market dominance crashing to 40%. The fall in BTC’s dominance is huge and has caused a further panic in the market. The dominance is currently at its lowest since the market crash of 2018 – hinting towards a similar cooling of the market.

    Bitcoin is currently down by 35% from its all-time high established in April. Ethereum, the queen of the market, has suffered to. ETH is down by 24% from its all-time high established earlier in May. The rest of the market is following suit with cryptocurrencies showing nearly double-figure losses in the weekly timeframe.

    Elon Musk has also been called a hypocrite for ditching Bitcoin because of its high energy consumption. Galaxy Digital, a cryptocurrency firm, has released a report titled “On Bitcoin’s Energy Consumption: A Quantitative Approach to a Subjective Question”. According to the estimates of the study, the energy consumption of Bitcoin stands at $113 TWh inclusive of miner demand, pool power, node power, and miner power consumption. The figure is two times less than the energy consumption of the banking sector as well as the gold industry.

     

    Bitcoin has been bashed for not being environmentally friendly and with Elon Musk being the latest to join the ranks of those, the study has shed light over the important issue.

  • 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.

  • Cryptocurrencies Touching All-time Highs – (Bitcoin, Ethereum, Wrapped Bitcoin, Decred, Nexo)

    Cryptocurrencies Touching All-time Highs – (Bitcoin, Ethereum, Wrapped Bitcoin, Decred, Nexo)

    Cryptocurrencies vie upwards as the bulls continue to dominate the market. Every day, new cryptocurrencies establish new all-time highs. Here is a list of the top five all-time high coins.

    Bitcoin – the king of the market has made a comeback as it broke strong resistance levels and established a new all-time high at $62,849. The bull run of the market continues as indicated by the market leader, once again, moving upwards. 

    Ethereum – the queen of cryptocurrencies had been on a strong bullish uptrend, breaking resistance after resistance. Ethereum (ETH) made another record high at $2,227. The rise of DeFi is propelling cryptocurrency upwards.

    Wrapped Bitcoin (WBTC) is a tokenized version of Bitcoin that is based on the Ethereum block chain which allows Bitcoin to be used on decentralized applications. WBTC is backed 1:1 by Bitcoin so the ATH of Bitcoin will pull WBTC upwards. Wrapped Bitcoin established its all-time high at $62,934.

    Decred (DCR) has been on an upward trend since November 2020. The cryptocurrency reached an all-time high at its current price of $198. The daily trading volume of $41,765,500 has also increased by 43% in the past 24 hours. Decred cryptocurrency was launched with the aim of creating a sustainable ecosystem of open governance and community interaction. 

    Nexo (NEXO) is a lending platform based on block chain that provides instant cryptocurrency loans. Nexo is on a steady upward trajectory. It established a new all-time high at the current price of $3.45.

  • The Crypto Market’s Top Headlines of the Week

    The Crypto Market’s Top Headlines of the Week

    The cryptocurrency market has been on a roll and bullish momentum appears to only be further escalated. Here are the top developments in the crypto sphere that took place in the past week:

    • Bitcoin (BTC) finally crossed the strong resistance level of $60,000 and has stabilized in the region while Ethereum (ETH) established another all-time high at $2,199
    • The cryptocurrency market surpassed a market capitalization of $2 trillion – a testament to the mammoth of a market it is destined to become
    • Kraken, the fourth-largest cryptocurrency exchange has hinted towards going public in 2022 following Coinbase’s NASDAQ listing on the 14th of April
    • The second oldest bank in the US, State Street, has entered the crypto market with its forex exchange, Currenex, providing infrastructure to a crypto trading platform
    • Caruso properties, one of the largest privately-held real estate firms, has incorporated payment of rent in cryptocurrencies
    • Celebrities like Paris Hilton and Lindsay Lohan has becoming increasingly interest in the NFT market as it takes off while Gucci and Playboy has also announced their debut in the field
    • In the Ripple lawsuit, odds are tipping in the favor of Ripple Labs as the firm was granted access to the discovery documents of BTC and ETH while the SEC was denied access to the financial statements of Ripple Labs’ executives – all the while XRP skirts close of $1.50

    In the global sphere,

    • Asian market’s love-hate relationship with cryptocurrencies continues. After the alarm bells ringing in Thailand and Korea, they have reached Sri Lanka. The Sri Lankan Central Bank has warned the population about the risks of investing in cryptocurrencies.
    • Vietnamese miners are panicking and selling off mining equipment in large quantities as a market crash is imminent.
    • The Chinese government has launched a digital Yuan – e-Renminbi. The digital currency, if successful, may have the potential to overthrow the king of the market – Bitcoin.
    • A Romanian public university, Lucian Blaga University of Sibiu, has announced to start accepting tuition payments in Elrond cryptocurrency in order to support the local project
  • $2 trillion crypto market capitalization: The beginning or the end?

    $2 trillion crypto market capitalization: The beginning or the end?

    The 2021 cryptocurrency market bull run has led many coins towards a straight trajectory to the moon. The king of cryptocurrency – Bitcoin (BTC) – more than doubled in value while the queen, Ethereum (ETH), achieved a new all-time high. Other altcoins have been on a roll too, giving double-figure performances and establishing record highs day in and day out.

    Bitcoin is now worth more than $1 trillion while the next five major cryptocurrencies’ market capitalization stands at almost half a trillion. The combined market capitalization has surpassed $2 trillion for the first time. This is a testament to the increasing interest and growing mass adoption of cryptocurrencies. While some people bet on cryptocurrencies because of the high-risk & high-reward features, other wholeheartedly believes cryptocurrencies are going to become the future standard of payments.

    The institutions haven’t been lagging in accepting cryptocurrencies as well. After the hard crash of the 2018 bull run, institutions were some of the most vocal critics of cryptocurrencies but now institutionary giants like PayPal, Tesla, Morgan Stanley and others are leading the crypto adoption race.

    However, there have also been an increase in the growing skepticism about cryptocurrencies. Bitcoin is fast becoming a safe haven asset like gold while it is not at all suitable for the role. The high-risk factor involved in the crypto market has led to governments warning their citizens like the Singapore Monetary Authority whereas the Indian regulators are debating a cryptocurrency ban.

    Moreover, the environmental costs associated with cryptocurrency mining has also been gaining attention. Bitcoin consumes more energy on a single transaction than a British household in two months. Various other comparisons have been drawn to portray the dire situation we are currently in. But, is the growing skepticism in one side going to hinder the growing interest in cryptocurrencies or is it going to fall on deaf ears?

  • Top 3 Altcoins to watch in 2021

    Top 3 Altcoins to watch in 2021

    You really want to know what’s happening in the crypto world and which digital coins suit you best to buy this year.

    Back in 2017, when cryptocurrencies first surfaced on the bigger financial scale there were many speculations regarding their origin, security, and reliability. From an investor’s perspective, back then, things were much volatile and uncertain. But with passing time, things have changed in the crypto sphere.

    We have seen more adoption of altcoins from renowned global companies, financial services platforms, and governments. Bitcoin (BTC) has become a global phenomenon in the financial world. The emergence of Decentralized Finance (DeFi) will change the picture of financial services that are used in today’s modern era.

    In recent times, the financial services giants PayPal and Visa have started to allow their users to use altcoins for daily transactions. Moreover, CNBC has just learned that Goldman Sachs is close to offering its first investment vehicles for bitcoin and other digital assets to clients of its private wealth management group. This will be another major breakthrough for cryptocurrencies. So, in the middle of high expectations and a strong potential future, let’s have a look at the top three altcoins to watch for in 2021.

    Ethereum (ETH)

    Ethereum (ETH) is a smart contract platform for creating decentralized apps (DApps). The blockchain program comes up with its programming language known as Solidity. Ethereum is the second largest crypto by market cap and has grown massively since the start of the new year.

    Ethereum is the one who laid the foundation for DeFi and that’s the reason why a large portion of the DeFi ecosystem is based on Ethereum’s blockchain. According to analysts, after Bitcoin, Ethereum is the most interesting crypto in the space, especially the way it has popped up in recent times. So, Ethereum is definitely one of the best altcoins to look at in 2021.

    Cardano (ADA)

    Cardano (ADA) is a cryptocurrency network and open-source project that aims to run a public blockchain platform for smart contracts. It’s known for its innovative approach with its unique blockchain network.ADA is a proof-of-stake (PoS) blockchain platform: the first to be founded on peer-reviewed research and developed through evidence-based methods.

    Cardano is also one of the top-rated cryptos in the market and it has been in the picture along with top assets like Bitcoin, Ethereum, and others. For investors, Cardano has sparked a strong image with the ongoing bullish trend of the market. ADA is a must watch altcoin this year.

    Litecoin (LTC)

    Litecoin (LTC) is among the top-rated altcoins in the market and certainly one of the top altcoins to watch for in 2021. Litecoin has turned to be a great investment option over the past years. The reason Litecoin has grown into such a big network is that it’s one of the first alternatives to Bitcoin.

    Litecoin has a market cap of $12.9 billion and currently trades at the 9th spot in the market. The digital has much upside at the moment and seems a healthy investment option in the market.

  • The Highly Anticipated Crypto Market Following the FinTech Payment networks Go live with digital currencies

    The Highly Anticipated Crypto Market Following the FinTech Payment networks Go live with digital currencies

    PayPal and Visa allow their users to deal with their daily transactions in cryptocurrencies.

    We have seen that the adoption of cryptocurrencies is rapidly growing. In recent times, financial payment services have begun to allow digital currencies to be used for daily use and to hold crypto assets.

    Elon Musk, who has been one of the biggest crypto enthusiasts, recently announced that his EV firm will also accept Bitcoin as payment for Tesla cars. Now, PayPal and Visa, both the payment services giants have announced that they will support the use of crypto assets.

    What’s Next?

    We already knew that PayPal was in line to support cryptocurrencies in form of payment. Now, with the recent announcement, US users can do just that with its “Checkout with Crypto” feature.

    As per Reuter, PayPal is set to move one step forward in opening crypto accounts for users. The US consumers will now be able to pay at millions of its online merchants globally. With this move, we can foresee the future of e-commerce built upon digital payments.

    Users holding cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin in PayPal digital wallets will be able to convert their holding into fiat currencies to make online purchases. The company believes that it will be serving almost 29 million merchants on its platform. For the first time, we will see digital assets used as smoothly as credit and debit cards online.

    Moreover, Visa is also ready to roll the crypto plan soon. Visa will allow the use of digital coin, USD Coin, for transaction payment. This is another big acceptance of crypto in the mainstream payment world.

    While telling Reuters, Visa Inc. mentioned that it has launched its pilot program with payment and crypto platform Crypto.com. The financial services corporation intends to offer more partners in the second half of this year.

    The USD Coin (USDC) is a stable coin that is pegged again the US Dollar. Visa’s step toward crypto adoption is one of the most highly anticipated decisions of the present. We can see how finance firms are attracted towards cryptocurrency including BlackRock, Mastercard, and BNY Mellon. The companies have realized that cryptocurrencies are a great investment opportunity and more than that a better payment processing system.

    Elon Musk’s is an inflection figure in the world business and investors keenly follow him, whether it’s the stock market or crypto market. Last week, Musk said that customers can buy its electric vehicles with bitcoin. This is a great push for cryptocurrencies and we will see more companies adopting crypto in the future.

    This move from Musk is a strategic move for investment and from this Tesla can make double the amount of money with the sale of EVs. Because Tesla will not fix the price of Bitcoin against the price of the car in USD. It will be just like a free-floating exchange rate.

    Bitcoin (BTC), the crypto deity is trading just over $59K and heading back towards a record-high of $61K. The future awaits much hyped and highly forecasted Bitcoin prices.