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Bitcoin Drops to $43k as Bears Cancel Another Move Above $45k and Whales Continue Accumulation

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Super User
Bitcoin News
12 February 2022
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Bitcoin’s price index corrected itself again earlier today as the index dropped to $43k. The largest cryptocurrency by market capitalization was looking to make a move above $45k but the bears have pulled it back for now. Altcoins on the other hand also posted losses, many of them higher than Bitcoin’s. More on that later on.

In other news, after the recent recovery in its price index, Bitcoin is seeing increased activity from the whales aka big holders. The number of addresses holding more than 1,000 BTC has risen in recent weeks. More on that later on. 

The world’s oldest Bitcoin mining pool “Slush Pool” (now Braiins) has now successfully mined over 1.3 million Bitcoin. The project was started back in 2010 when the cryptocurrency was worth less than 10 USD. Fast forward 12 years, the cryptocurrency is worth more than $40k and the pool is still going strong despite being renamed. Mining rewards have also dropped considerably since this first pool was established and competition in the sector has gone through the roof. 

The latest data from the US Labour Bureau states that the Consumer Price Index (CPI) aka inflation is now 7.5%. The crypto community was swift to respond to this news and many analysts predicted a considerable rise in the cryptocurrency’s worth following this news. US politician Jo Jorgensen also expressed her excitement to be involved with Bitcoin in these inflationary times. 

Where can you find the widest range of cryptocoins at the best possible price.....?

An ultra-rare 555 carat diamond with traces of meteorites has been sold for $4.5 million in cryptocurrency. The diamond is among the most famous in history and has baffled scientists considerably. It was estimated to be around 1 billion years old. There is a considerable rise in rare collectibles being sold for Bitcoin. Colin McRae, the deceased famed rally driver left a rally car that nobody knew about and it was finally auctioned for a massive $360,000 in September 2021. 

The Massachusetts Institute of Technology (MIT) and a local chapter of the Federal Reserve in Boston have joined hands to conduct a small test run of a USD Central Bank Digital Currency (CBDC). However, the tested blockchain architecture was deemed not a great match for the purpose and the research will continue to find a better alternative. 

A sustainable Bitcoin miner is using the heat generated from the mining process to dry wood. A Norwegian Bitcoin miner who is already mining on 99% renewable energy resources is working to improve the statistics further and utilize the waste heat from the energy-intensive mining process. 

The Ontario government in Canada is freezing fiat donations to the truckers convoy that is blocking major trade routes with the US and occupying the capital city of Ottawa. However, reports suggest that the truckers have shifted to cryptocurrency payments and the government cannot control that to a large extent. This may result in a more prolonged altercation between the protestors and the government. 

Bitcoin Falls back to $43k

Bitcoin fell back earlier today and fell below $43k before press time. The cryptocurrency failed to make a move above $45k and that gave the bears an opportunity to slide in some losses. 

The last 24 hours started with the cryptocurrency at around $44.6k. The rest of the day, the index came down below $43k in multiple steps. At press time, it is trading around $42.5k. 

Moving forward, Bitcoin is looking slightly under pressure as it looks to further its gains. The bulls would love to make gains above $45k but they have twice been canceled. Overall, they are having a great February and therefore, we can be optimistic about their immediate future.

The total market capitalization of Bitcoin was around $806 billion and its share of the proceedings was 43.13%.

Bitcoin price chart 

Altcoins Post Losses

Other cryptocurrencies aka altcoins posted deeper losses than Bitcoin during the last 24 hours. Losers included Ethereum (ETH, -6%), Binance Coin (BNB, -6%), Ripple (XRP, -8.8%), Cardano (ADA, -5.5%), Solana (SOL, -10%), Avalanche (AVAX, -8%), Polkadot (DOT, -7%), Polygon (MATIC, -6.5%) and Litecoin (LTC, -5%) all posted losses.

Ripple price chart 

In Other News….

Whales Recontinue Accumulation After Price Recovery

Bitcoin’s recent price recovery has resulted in increased activity from whales aka big Bitcoin holders. Addresses with more than 1,000 BTC in the coffers have started accumulating more and more after the recent price reversal. 

According to data from Coin Metrics, addresses with 1,000 BTC or more had 7.95 million BTC at the end of January 24, but now it has increased to 8.096 million BTC in a matter of two weeks. 

This trend is likely to continue as whales reaccumulate Bitcoin. The recent dip in the index was attributed to some panic selling by some whales. But now, they are restashing their supplies in hopes of a big price recovery.

Is Bitcoin (BTC) Going to $50k?

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Super User
Bitcoin News
07 February 2022
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Bitcoin $50.000 

We saw BTC recovering from $34,000 two weeks ago, and bulls have been trying to take the upper hand. BTC recovered almost 10% in just a week and continues to push higher. At the time of writing, BTC's price was $41,682, and it gained 0.35% in the past 24hrs.

After weeks of down and sideways movement, the crypto trading community has been ecstatic about the current Bitcoin price activity. When BTC was moving downward and dragging the market down, crypto traders began talking about making a joke about the popular fast-food restaurant McDonald's.

The restaurant chain took notice and responded to the cryptocurrency dealers on Twitter. Many key figures in the field, like Cameron Winklevoss and other prominent accounts, reacted to the post, referring to a McDonald's product or maybe joining the restaurant.

Go Fund Yourself with Bitcoin, and this phrase is at the heart of a recently launched Tallycoin campaign. A crowdfunding platform powered by BTC and the second layer payment solution lightning network, with 0% costs, its own website Plug-in, and companion node software. Nothing is taken from the donors by the platform. It only allows users to take advantage of Bitcoin's censorship and seizable resistance while receiving assistance from individuals all around the world. Every BTC collected goes directly to the campaign and its management.

Where can you find the widest range of cryptocoins at the best possible price.....?

The organisers of the Freedom Convoy 2022, a movement to help Canadian-based truckers resist their government's COVID-19 and immunisation regulations, found out the hard way. Over 50,000 truckers gathered in Ottawa and launched a GoFundMe campaign to support their cause. The campaign quickly raised roughly ten million Canadian dollars, or $9 million. As is frequently the case, when a group of people rises up and begins to make demands on their government, they are met with hostility.

Key Takeaways (BTCUSD)

  • Kraken, a leading cryptocurrency exchange, published the findings of a proof-of-reserve audit on Thursday, revealing that it has more than $19 billion in Ether (ETH) and Bitcoin (BTC) (BTC). According to a blog post, the audit was performed by Armanino LLP, a consulting and technology business based in the United States. The findings only included BTC and ETH, including the $3.5 billion in ETH stored in Kraken's staking service, which is an ETH 2.0 validator. Since 2014, the exchange has undergone a second independent audit. According to Armanino, reconstructing a Merkle tree — a mathematical data structure that incorporates hashes of distinct blocks of data – and proving every coin was on location required several years of labour. The audit comes at a time when crypto firms are being scrutinised more closely by regulatory agencies throughout the world.
  • The organisers of the Freedom Convoy 2022, a movement to help Canadian-based truckers resist their government's COVID-19 and immunisation regulations, found out the hard way. Over 50,000 truckers gathered in Ottawa and launched a GoFundMe campaign to support their cause. The campaign quickly raised roughly ten million Canadian dollars, or $9 million. As is frequently the case, when a group of people rises up and begins to make demands on their government, they are met with hostility.

 

Bitcoin (BTC) Price Analysis

Fear & Greed Index: 37, Fear

All-time High: $68,789.63

ROI: 30638.91%

24h change: 0.35%

7d change: 9.23%          

Market Cap: $788,285,784,449

Circulation Supply: 18,950,100 BTC

Total Supply: 18,950,100 BTC

Weekly Chart Breakdown of BTCUSD

 

Source: TradingView

BTC's price found a support above $34k and began to rally with the confluence of RSI bullish divergence. If the bulls can succeed, BTC's price will go to $45k, which is the next supply zone on the weekly timeframe with a confluence of 20EMA.

Daily Chart Breakdown of BTCUSD

 

Source: TradingView

The BTC market broke out of the daily falling trendline indicating a trend reversal. Right now, we have a bearish divergence on the daily timeframe that might push the market towards $39k for correction before a further rally.

4h Chart Breakdown of BTCUSD

 

Source: TradingView

We have bearish divergence at the 4h timeframe as well, which indicates a near correction.

1 Hour Chart Breakdown of BTCUSD

 

Source: TradingView

BTC's price is moving in a rising channel on the 1h timeframe. The market is hovering below $42 because of the resistance of the rising channel. If the structure remains intact, we might see corrections towards $39k before next bullish impulsive leg.

Final Thoughts

Crypto enthusiasts are hopeful for cryptocurrencies in 2022. However, time will tell if BTC can continue to grow or go to slumps again. 

Where can you find the widest range of cryptocoins at the best possible price.....?

Can Cardano (ADA) stay above $1

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Super User
Bitcoin News
04 February 2022
Hits: 532

Cardano price analysis 

Cardano ADA is ranked 6th on the cryptocurrency market by volume and market capitalization. ADA hit its all-time high at $3.1 in early September 2021 and since then, it has been in corrections. At the time of writing, the Cardano token’s price is $1.07. Like other prominent cryptocurrencies such as bitcoin (BTC) and ether (ETH), ADA has been struggling to gain strength.

Cardano is a proof-of-stake blockchain platform that aims to empower "changemakers, innovators, and dreamers" to effect good global change. The open-source initiative also aspires to "redistribute power from unaccountable structures to the periphery to individuals," so contributing to the creation of a more safe, transparent, and fair society. Charles Hoskinson announced the introduction of the Alonzo hard fork in August 2021, leading the Cardano price to skyrocket, rising 116 percent the next month. The Cardano 'Alonzo' hard fork was formally implemented on September 12, 2021, providing smart contract features to the network. Over 100 smart contracts were deployed in the 24 hours following the launch.

Where can you find the widest range of cryptocoins at the best possible price.....?

Cardano is used by agricultural firms to track fresh fruit from farm to fork, while other applications created on the platform allow educational credentials to be saved in a tamper-proof manner, as well as shops to combat counterfeit items.

Key Takeaways Cardano (ADA)

  • Last May, the leading proof-of-stake blockchain Cardano exceeded one million wallets. According to a recent Kraken research, more than 11,000 wallets are generated every day. Over the last year, the network has increased by 1,348%. On the blockchain, there are over one million delegated wallets, representing an 870 percent yearly increase. There were only 203,519 total wallets as of January 2021, with 112,469 of them allocated.
  • Despite the fact that Cardano introduced smart contacts in September of last year, there are currently relatively few decentralised apps. The requirement for developers to adapt to the extended Unspent Transaction Output model (eUTXO) is a key cause for the delayed development. However, the Cardano-based DEX SundaeSwap went online on the mainnet last month, with a bevvy of other dApps in the works. According to a recent update issued by the Cardano Community Twitter account, the Cardano network has passed yet another critical milestone, reaching three million wallets.
  • Meld, a new decentralised financial system established on the Cardano (ADA) blockchain, has secured 100 million stakes in its native currency MELD in just three days. Meld announced the milestone on its Twitter account, with the milestone being part of the DeFi protocol's goal of enabling services for staking bitcoin as collateral for fiat loans. According to Meld, it aims to reach the world's unbanked population while depending on Cardano to focus on nations with a large crypto community.

Cardano (ADA) Price Analysis

Cardano (ADA) is currently sitting on the number 6 top cryptocurrencies as of February 4, 2021.

Fear & Greed Index: 20, Extreme Fear

All-time High: $3.10

ROI: 4821.46%

24h change: 2.73%

7d change: 2.70%

Market Cap: $35,873,548,606

Circulation Supply: 33,579,631,779 ADA

Total Supply: 34,046,772,161 ADA

 

Weekly Chart Breakdown of Cardano (ADA)

 

Source: TradingView

ADA’s price is hovering above $1 support which is also a psychological level. We can see an RSI bullish divergence on the weekly timeframe that can push Cardano to a rally towards $1.5. On the other hand, a break and close below $1 will push the market towards $0.7.

Daily Chart Breakdown of Cardano (ADA)

 

Source: TradingView

Cardano’s price has been moving in a falling channel since it hit its all-time high. The market started consolidating above $1 after an RSI bullish divergence. We might see a rally towards $1.4 if the bulls can succeed to keep the price above $1. Otherwise, a break below $1 will push the market towards $0.7.

 

4H Chart Breakdown of Cardano (ADA)

 

Source: TradingView

ADA’s price is moving in a symmetrical triangle on the 4h timeframe. A break above will push the market towards $1.30 and a break below will push the market towards $0.8.

 

1h Chart Breakdown of Cardano (ADA)

 

Source: TradingView

Cardano’s price sentiment seems bullish on the 1h timeframe. A break above the falling trendline will push the market towards $1.15.

Final Thoughts

Cardano (ADA) like other cryptocurrencies, has been struggling to turn the trend but failed to, so far. However, exponential growth in blockchain technology with smart contracts and DeFi looks promising for Cardano’s growth.

Where can you find the widest range of cryptocoins at the best possible price.....?

Bitcoin Rises to $41.5k as SEC Delays Grayscale ETF Decision, Again

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Super User
Bitcoin News
06 February 2022
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Bitcoin rose again earlier today to $42k before receding back to $41.5k at press time. The largest cryptocurrency by market capitalization is trying to recover back after posting multi-month low of around $32.9k last month but faces bigger resistances ahead. Altcoins on the other hand had a big day in the charts as most of the top digital assets posted some gains. More on that later on.

In other news, the US Securities and Exchange Commission (SEC) has delayed its decision on Grayscale Bitcoin ETF application. The top regulator has been rejecting ETF applications one after another, but is losing the narrative in the process.

The US House of Representatives have passed the latest America Competes Act. However, the anti-crypto provision that would have allowed the US treasury to shut down cryptocurrency exchanges reported for illicit transactions has not been included, at least for now. The American crypto community lives to fight another day as there wasn’t enough consensus on this particular provision.  

Twitter co-founder and ex CEO Jack Dorsey has once again heaped praise on Bitcoin. He was of the opinion that the digital asset encourages long-term thinking and transparency among users. He gave these comments during a recent interview with Congressional candidate Aarika Rhodes. The main focus of the interview was how a Bitcoin-powered Universal Basic Income (UBI) model could work in the near future. 

Where can you find the widest range of cryptocoins at the best possible price.....?

The Myanmar Military is looking to announce a digital currency initiative in the country. The repressive regime that has cracked down hard on the country’s public after last year’s coup that ousted the civilian branches of the government. After being heavily sanctioned and cut off from the rest of the world, the coup leaders are looking to start a new project to distract the public from its human rights abuses. It is also yet unclear what kind of digital currency initiative they are looking to pursue. Right now, it appears as if it is just lip service. 

The rise of the Non Fungible Token (NFT) sector is attracting millions of users from around the world. But, at the same time the new users need to keep several things in mind. They include its taxation laws, its contested status as digital collectibles and their legal status in many countries around the world. But, so far, just like the cryptocurrency scene, there is much lack of regulatory clarity in the matter and it could benefit the sector for the time being due to the resulting ambiguity. 

Bitcoin Rises to $41.5k 

Bitcoin rose strongly above $41k earlier today. The cryptocurrency is now in an upwards trajectory and looking to make a recovery after big losses of the last few months.

The last 24 hours started with the index at around $40.5k. It traded sideways around that value for some time before it started to rise at 11:40 AM in the morning. The rise itself ran out of life around $42k and by press time it had fallen back slightly to $41.5k. 

Going forward, Bitcoin has been rising steadily since the start of this month. Most of the times we see the start of a month defining the general price trend for that duration. So, we can expect a bullish scenario in the near future. But, the cryptocurrency is still facing big resistances at $45k and then at $50k in the near future. So, it will be a challenge to come out of it with enough energy to re-vitalize the long-term bull run above $50k.

The total market capitalization of Bitcoin was around $788 billion at press time and its share of the proceedings was 42.25%.

Bitcoin price chart 

Altcoins Post Gains

Other cryptocurrencies aka altcoins posted big gains as well during the last 24 hours. Ethereum (ETH, 3%), Binance Coin (BNB, 6%), Solana (SOL, 4.65%), Ripple (XRP, 4.5%), Terra (LUNA, 7.5%), Polkadot (DOT, 7.7%), Shiba Inu (SHIBA, 4.8%), Crypto.com Coin (CRO, 6%), Litecoin (LTC, 4.5%).

Polkadot price chart 

In Other News…..

SEC Delays ETF Application, Again

The US Securities and Exchange Commission (SEC) has once again delayed an ETF application from Grayscale. This is among a half a dozen such applications that have not been given a license to operate in the country.

The approval of an ETF is being considered as a big step for the digital currency sector in the USA. However, the SEC red tape is making this transition to a full Bitcoin ETF environment very difficult for consumers. What is interesting is that the same regulator has approved several Bitcoin Futures ETFs in the last few months. The delayed approval of a spot Bitcoin ETF is surely hurting the sector and causing a lot of confusion that the US government needs to address. 

 

Ark Invest Discloses Its 8-Year Bitcoin Price Prediction

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Super User
Bitcoin News
01 February 2022
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Ark Invest, an asset management company, has disclosed its Bitcoin (BTC) price prediction for the next eight years ending 2030. In a recent report, Yassine Elmandjra, the company’s analyst, observed Bitcoin’s “fundamentals remained healthy” even as the leading crypto recorded an all-time high (ATH) market capitalization last year.

The analyst added that the coin’s market cap is visible among that of global assets “and is likely” to continue increasing as more nations embrace it as legal tender.

According to Ark Invest, Bitcoin could change hands at more than one million US dollars “by 2030.” Currently, only El Salvador has adopted Bitcoin as legal tender. In the past, El Salvador’s president, Nayib Bukele, forecasted that two more nations would follow in his footsteps in 2022.

Bitmex’s chief executive officer, Alexander Höptner, predicted that five nations would make BTC legal tender this year. Others who expect more countries to get cozy with the leading crypto are Devere’s CEO, Nigel Green, and Fidelity, an asset manager.

Where can you find the widest range of cryptocoins at the best possible price.....?

Early this month, Green supported Bukele’s prediction but noted that “possibly three more nations will” take El Salvador’s BTC route.

Fidelity, however, didn’t provide an estimate of how many countries will make Bitcoin legal tender. Instead, it said it “wouldn’t be surprised to see other sovereign nations acquire” the leading cryptocurrency this year.

From a Bitcoin Price Prediction of Around $150K to $38K, Why the Change?

Apart from nations adopting BTC, Ark Invest supported its one million BTC price prediction by noting that more corporate investors are increasingly flocking to the scene. It added that the Bitcoin network is going through upgrades that are also likely to impact the coin’s price positively.

In addition, Ark Invest observed that BTC is distributed, provides “financial freedom and empowerment,” hence has “the potential to transform monetary history.”

The asset manager also noted that permissionless blockchains are playing a key role “across” the internet, finance, and other fields.  

According to Elmandjra and other Ark Invest analysts, the leading cryptocurrency has revolutionized finance through decentralized finance or DeFi, and the internet through Web3.

As Ark Invest provides a Bitcoin price prediction of one million USD, JPMorgan, a global bank, has reviewed its BTC price forecast from 146,000 USD down to 38,000 USD.

Bitcoin to Gold Volatility Ratio has Changed

Last year, the bank was optimistic that the king coin’s price was on its way to roughly 150K USD. Citing prevailing crypto market conditions, the financial institution has lowered its expectation giving BTC a fair price of 38K USD.

Previously, JPMorgan noted that the “volatility ratio” of BTC to gold would be roughly 2X in 2022. Now, it has increased it to 4X, which puts the price of the leading crypto at almost a quarter of “$150,000, or $38,000.”

Apart from the Bitcoin to gold ratio, the financial institution said that the general virtual currency space faces heightened volatility. According to JPMorgan, the volatility factor scares away institutional investors.

The bank observed that Bitcoin’s “boom and bust cycles […] hinder further institutional adoption.”

Crypto prices, including Bitcoin’s, are yet to recover after the bears defeated the bulls. BTC, for example, is currently changing hands at around 37,000 USD against an ATH 68,789 USD.

Some attributed the fall to the Federal Reserve’s indication to increase interest rates. Analysts have noted that the Fed’s move will likely affect the virtual currency sector.

Bitcoin Price Could Peak at $93.7K Before Dropping to $76K, Finder Experts

Goldman Sachs, for example, released a research note last week observing that Bitcoin is vulnerable to the interest rate hike by the Fed. In the note, the global investment bank said that as the king coin enters “mainstream adoption, its correlation with macro assets has picked up.”

It also noted that an increase in bond yields caused a slump in technology stocks, adding that BTC and other cryptos “have likely suffered from the same forces.”

According to the global investment bank, cryptocurrencies “will not be immune to” central bank-induced monetary policies. Goldman Sachs is optimistic that the leading crypto will continue eating into gold’s market share and reach 100K US dollars per coin despite the disruption.

Finder, a leading product comparison website, has predicted a Bitcoin price peak of 93,717 USD this year. However, a panel of 33 fintech specialists from the platform expect the price to drop to around 76,000 USD later.

More Articles ...

  1. US Resident Jailed For Not Providing “The Agreed-Upon Bitcoin” In a Sale, $670 Million In Bitcoin Leaves Exchanges In 24-Hours
  2. Bitcoin Trading Around $37k as Belgian MP Becomes First to Accept Salary in Bitcoin
  3. Bitcoin Recovers Above $37k as Bank of America Says Stablecoin Adoption is Inevitable
  4. Lack Of BTC Discussions During Salvadoran and Turkish Presidents’ Meeting Shortly Benefits Bitcoin Price, US Subpoenas Rioters Over BTC Donations
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