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The purpose of Bitcoin is extremely controversial as market trends make valid cases for different uses, according to Barron's.

Crypto experts have made claims that Bitcoin is both a speculative asset and a hedge against inflation. This past week showed that Bitcoin was more of a speculative asset rather than an inflation hedge. For example, on Thursday Federal Reserve Chairman Jerome Powell sent equity and crypto markets tumbling after he stated that the central bank plans to stick to its current policy despite rising interest rates.

Furthermore, Bitcoin's volatility makes it hard to trust if it truly is a speculative asset alone. However, rising interest rates and inflation are not the same things. Rising rates are ... Read more »

Category: News | Views: 41 | Added by: danyagames2007 | Date: Yesterday | Comments (0)

After flirting with the coveted $50,000 price tag, BTC has initiated a leg up that has spiked the price above it. Will this flit be longer than the last ones? only time will tell.

Meanwhile, most altcoins have also followed their leader on its way north. Ethereum, the second-largest crypto, has neared $1,700 just two days after bottoming at $1440. The total market cap has added $100 billion in a day.

Bitcoin Takes Down $50K (Once Again)
Ever since BTC retraced by $7,000 from the $52,500 price level reached on Wednesday, the cryptocurrency has failed to breach above $50,000.

Bitcoin then came the closest during yesterday’s trading session, as the asset traded near that level, but a subsequent rejection drove it back to $47,000.

The situation has changed since then, though. The primary cryptocurrency had seen a slow but steady increase throughout the past hours, and as of now, trading safely above the $50K mark, with a current daily high at ... Read more »

Category: News | Views: 26 | Added by: danyagames2007 | Date: Yesterday | Comments (0)

The cryptocurrency market continues its up and down movements entering into the weekend following the deep losses in the stock market, which bounced back on Friday.

However, the digital asset still continues to outperform every other traditional asset class by a wide margin. And “if Bitcoin can demonstrate continued resilience, while tech unwinds, it will demonstrate that it has become the lifeboat from a sinking ship,” said Charlie Morris, founder of ByteTree.

For now, BTC/USD is trading around $48k and Ethereum around $1,550. However, the market is still expecting more losses ahead. Trader SmartContracter is pondering a scenario where Bitcoin chops not only bears but also bulls to find its bottom between $38k and $42k. Another trader NebraskanGooner is also expecting very much the same scenario as he says,

“Mega freaking chop. Going to be a while until this correction fully resolves, and then once everyone lets their guard down it's go ... Read more »

Category: News | Views: 59 | Added by: danyagames2007 | Date: 06.03.2021 | Comments (0)

Bitcoin might gain further in value before hitting the overbought territory. A study dubbed “Staying Ahead of the Curve” released by the cryptocurrency exchange Kraken shows that the gains might come before the current rally ends. 

The report’s conclusions are derived from Bitcoin’s historical data indicating that the asset might rapidly be approaching a resistance level. However, it remains several tens of thousands of dollars away from the overbought zone.

Kraken adds in case Bitcoin surpasses the $75,000 mark in the next few months, historical price action shows that the asset would near the top of the cycle.


Bitcoin movement to “overbought” territory. Source: Kraken.
The Kraken report further highlights that Bitcoin is currently trading in a similar manner to the first quarter of 2013. If the trading trend is sustainable, the first quarter of 2021 will be in line to be a historic quarter with a relativ ... Read more »

Category: News | Views: 93 | Added by: danyagames2007 | Date: 06.03.2021 | Comments (0)

Bitcoin has divided the worlds tech billionaires, with Tesla chief Elon Musk and Twitter co-founder Jack Dorsey supporting the coins rise  Getty Images
By Emily Nicolle
Friday March 5, 2021 12:32 pm
The likelihood of bitcoin reaching $100,000 in value this year has fallen to 36% following a difficult week for the cryptocurrency, according to bookmakers.

Betting odds from e-sports statistics site Unikrn put the chance of bitcoin reaching the milestone in 2021 at just over a third on 5 March, down from 45% at the start of the week.

Sourse: fnlondon.com

... Read more »

Category: News | Views: 31 | Added by: danyagames2007 | Date: 05.03.2021 | Comments (0)

Cryptocurrencies have lost their momentum in the last two weeks, after the massive surge since November last year. They went through a major retreat last week, which was overdue actually and that refreshed the long term bullish trend.

But, this week the attempts to resume the trend have failed. We saw a bounce in BITCOIN off the 200 SMA (purple) on the H4 chart, which sent this cryptocurrency above the 100 SMA (green) and above $ 50,000 earlier this week, but the price retreated back down.

Although this time, the 50 SMA (yellow) has turned into support on this chart. It was pierced a couple of times but it wasn’t broken, since the candlesticks closed above it. Now we are starting to see a small bounce, hopefully it turns into something bigger. The situation is similar in ETHEREUM and other cryptos, so let’s see if this bullish reversing pattern will materialize.

Sourse: fxleaders.com

 

... Read more »

Category: News | Views: 44 | Added by: danyagames2007 | Date: 05.03.2021 | Comments (0)

Bitcoin (BTC) and Ether (ETH) appear to be experiencing something of a slowdown, as on-chain data shows a dramatic decrease in the U.S dollar value of coins being sent across both blockchains in the past week. At the same time, transaction fees for both chains have receded from recent highs, or in Ethereum’s case, an all-time high.

Data from Bitinfocharts shows $46.68 billion worth of BTC was sent across the Bitcoin blockchain on Feb. 25. For some context, that’s around 5% of the total Bitcoin market cap, which stands at $925 billion at time of writing.

Bitcoin sent in U.S. dollars. Source: Bitinfocharts.com
By three days later, on Feb. 28, the U.S. dollar value of Bitcoin being sent had fallen to $15.38 bi ... Read more »

Category: News | Views: 88 | Added by: danyagames2007 | Date: 04.03.2021 | Comments (0)

The price of bitcoin has returned above $50,000 as it recovers from one of the most severe dips in its history. The latest gains come as prominent investor Tim Draper laid out his most positive predictions yet for the cryptocurrency.

Bitcoin was trading below $44,000 earlier this week, having hit an all-time high the week before above $58,000. Its rebound suggest the third great price rally in its history may still be underway, with Mr Draper claiming that it holds the potential to rise a further 100-fold.

The billionaire venture capitalist first gained prominence within the crypto community when he bought a batch of bitcoins confiscated from Silk Road founder Ross Ulbricht by the US Marshals Service. The 2014 auction of 29,657 bitcoins was acquired for $19 million. At current exchange rates, those bitcoins are worth more than $1.4 billion.

At the time he said bitcoin would rise from around $400 to $10,000 within three years. His prediction was largely dismis ... Read more »

Category: News | Views: 22 | Added by: danyagames2007 | Date: 03.03.2021 | Comments (0)

In the crypto world, we are seeing momentum coming back for Bitcoin. There is no doubt that sentiment is strong among investors and traders who firmly believe but institutions I have no other choice but to join the party. This is despite the fact that we had some serious warnings from the upcoming head of the SEC, Gary Gensler. the fact is that there is a strong need two eradicate all the sham projects from the crypto arena. Bitcoin certainly does not belong to that equation. Yes, it is a very volatile asset, but so are many other stocks these days that have adopted the same sort of volatility that we experienced previously for Bitcoin. If Goldman Sachs launches its trading desk for cryptos, it will be the most significant news since Tesla. 

In terms of technical analysis, Bitcoin price has crossed above the 50-day simple moving average on the four-hour timeframe, and the only challenge it is likely to face is the 100-day simple moving average. The near-term resistance ... Read more »

Category: News | Views: 66 | Added by: danyagames2007 | Date: 03.03.2021 | Comments (0)

Chinese crypto journalist Colin Wu, who often gets insider information about crypto exchanges and other things to do with blockchain and crypto, has taken to Twitter to remind followers that the first "anniversary" of Black Thursday is drawing near.

Investors and traders are worried about Bitcoin's chances of holding its current level in March.

Wu has also shared a table with historical data that clarifies why they have grounds to fear a "Black Thursday" repeat.

Less than 10 days left before "March 12"
Wu reminds the community that there are less than 10 days to go before March 12—the infamous day known as "Black Thursday," which took place last year and made B ... Read more »

Category: News | Views: 45 | Added by: danyagames2007 | Date: 02.03.2021 | Comments (0)

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