Tag: Bitcoin

Bitcoin (BTC/USD) new lower price target set by analysts

What next after Bitcoin (BTC/USD) broke below its long-term psychological level at $19,000? According to a crypto analyst who predicted the 2021 crash, Bitcoin is headed to $13,000. The pseudonymous analyst tells his 618,400 Twitter followers to expect one “last nuke” that could see altcoins also tank by 30-40%.

It’s not only the popular analyst expecting Bitcoin to plunge. JPMorgan analysts say Bitcoin will reach $13,000 in the wake of Alameda and FTX troubles. The strategists opine that the number of entities with robust balance sheets to cushion those under liquidity crisis is shrinking. The comments come as Binance abandons the projected acquisition of FTX.

Bitcoin has particularly been under pressure as investors’ concerns about speculative assets grow. Previously, the collapse of crypto lenders like Voyager and Celsius sparked similar market selloffs. Coupled with macroeconomic woes and high inflation, investors could consider risky assets a bad bet.

JPMorgan says that a confidence crisis is settling in the market. The analysts say since FTX had previously obtained a green light for the quality of its balance sheet, the fresh troubles hit investors differently.

BTC on a relief rally after crashing below $19,000

From the daily chart, BTC is enjoying a relief rally after touching a low of below $16,000. The relief gains come after the US annual inflation rose by 7.7% in October. The rate was below the 7.9% estimates. The below-estimated price gain rekindles discussions that the Federal Reserve may slow down the rate hikes in the future. Will BTC sustain the rally and defy the projected $13,000 price?

Source – TradingView

Despite the relief rally, a decline below $19,000 makes a bear case strong for Bitcoin. The current rally may be contained at the resistance if the bear sentiment remains.

A likely price action could involve a further price appreciation followed by a sharp sell-off at the $19,000 level. That would open BTC to declines to the $16,000 potential support and the $13,000 analyst estimates.

When to buy Bitcoin?

Bitcoin is bearish despite the relief rally. Investors should buy the cryptocurrency after the price settles at suitable support. A breakout above $19,000 could also attract buyers.

Where to buy BTC

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

Buy BTC with eToro today

Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.

Buy BTC with Bitstamp today

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November 10, 2022
Bitcoin drops below $17,500 as Coinbase/Kraken report issues

Bitcoin price fell more than 12% to touch lows of $17,114 on crypto exchange Coinbase.

Bitcoin declined more than 12% on Tuesday as a stunned crypto world descended into sell-off territory on news that Binance, led by Changpeng Zhao, had signed a letter of intent (LOI) for the acquisition of crypto exchange FTX.

Bitcoin sell-off pushes BTC below June 2022 lows

After an initial upward spike for the crypto market amid a positive take, Bitcoin nosedived to lows of $17,114 on crypto exchange Coinbase.

The downside marks Bitcoin’s fall to its lowest price level since the crypto bloodbath in June, when the aftermath of the crash of Luna and Three Arrows Capital bankruptcy coincided with Bitcoin printing a low of $17,592.

With the sell-off crashing the FTX (FTT) token as much as 85% within hours on Tuesday – from highs of $22 to lows of $4.60 – other markets followed suit as uncertainty and fear reigned supreme.

Ethereum had fallen below $1,300 and Solana was getting smoked near $23.80 at the time of writing.

Coinbase and Kraken report connectivity issues

Meanwhile, leading crypto exchanges Kraken and Coinbase reported connectivity issues that only fueled the negative sentiment.

Kraken announced an investigation into reports that certain users were having connectivity issues on its website as well as via mobile.

Coinbase also reported connectivity issues affecting its Coinbase.com, Coinbase Pro and Coinbase Prime platforms. An update the US-based crypto exchange posted an hour later noted improvement in network latency, but users were reportedly still having difficulty accessing the exchange’s various platforms.

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November 8, 2022
Why you need caution trading Bitcoin (BTC/USD) this week

Bitcoin (BTC/USD) trades at $20,390, a clear price decline since topping $21,000 late last month. There is no doubt that BTC remains resilient against a less reassuring macro outlook. The cryptocurrency has strongly defended the $19,500, which has become a crucial psychological level. Consequently, BTC’s technical outlook remains bullish as long as this level is maintained. But investors may need to exercise caution this week.

The Federal Reserve interest rate decision remains the focal point this week. We already know that inflation has been running higher than estimated. With that in mind, investors have earmarked a 75-basis points rate hike when the Fed issues a statement. The expectation has raised caution in all markets, which has been responsible for the BTC slowdown. A rate hike followed by a hawkish Fed statement could spook markets and force a further price fall.

On the contrary, expectations grew mixed the last one week that Fed may settle for a soft stance. With growing recession fears, analysts projected that the Fed would move slower. For this reason, BTC saw some recoveries to above $21,000.

As the Fed nears its policy decision, mixed expectations may not be good for Bitcoin. That is captured in the price reaction, which has stalled despite remaining stable.

Bitcoin stalls ahead of FOMC decision

Source – TradingView

On the daily chart, Bitcoin met a minor resistance at $21,000. Momentum is weakening, but the MACD indicator remains in the bullish zone.

The 20-day MA crossed above the 50-day MA, suggesting that BTC was heading higher. Both moving averages support the cryptocurrency below.

Should you buy BTC?

The technical indicators and the $19,500 support give a bullish view of the BTC price. However, the sentiment around cryptocurrencies, in general, is mixed. Investors are turning to the Fed statement to assess a bull scenario.

A dovish Fed could be the trigger for BTC to move higher. Similarly, the cryptocurrency could head back to $19,500 on a hawkish Fed. Investors should be patient for now and gauge the BTC price based on the Fed decision.

Where to buy BTC

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

Buy BTC with eToro today

Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.

Buy BTC with Bitstamp today

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November 2, 2022
HC Wainwright says Bitcoin is ‘alive and well’
- HC Wainwright’s assessment of bitcoin’s future potentiality comes in the wake of Bitcoin 2022 held in Amsterdam from October 12-14.
Bitcoin price may be stuck around $20,000 and miners in increasing pain as fear, uncertainty and doubt spike, but according to corporate investor HC Wainwright is Bitcoin is “alive and well.”

The rating company’s latest view of Bitcoin mining and the crypto space is that a bullish flip is inevitable, especially in an environment of positive money supply. In short, reports of the flagship cryptocurrency being dead, even amid the troubles around public mining firms, are ‘greatly exaggerated.’

Rising hashrate reflects confidence in crypto’s future

In an industry update published 2 November, HC Wainwright’s Kevin Dede says rumblings over the future of Bitcoin have gone a notch higher since Ethereum’s merge.

These have also been accelerated by the increase in network hash rates to all-time highs above 280 EH/s over the past few weeks as price stagnated around $20,000 has not helped but fuel fear of miner capitulation and further pain in the market.

And amid all these are questions around bitcoin’s inflation-hedge worthiness, regulation and other many other exogenous factors.

HC Wainwright’s assessment is that the rising network hashrate is “a direct reflection of the confidence in crypto’s future powered by investments miners made mostly last year.”

As such, the investment banking provider expects the bitcoin mining industry will continue to feel the effects of the crypto winter. The pain could persist to the next halving and failing to plan operations with this scenario in mind would be sloppy.

So what next for BTC price and the bitcoin mining ecosystem? HC Wainwright offered what it believes constitutes a bullish outlook for the world’s largest cryptocurrency by market cap. One factor to watch is the Fed’s monetary policy.

“Our more bullish sentiment lies on the side of a moderation in the Fed’s tightening monetary policy. A normalized money supply may bring investors back to risk-on assets, a bucket into which the current bear market seems to have dumped crypto,” Dede wrote.

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November 2, 2022
crypto price today: Crypto Price Today: Bitcoin holds $20K; Shiba Inu & Cardano tank up to 5%

New Delhi: Major crypto tokens slipped on Friday on some profit booking after a strong rally in the last few days.
Bitcoin was above the $20,000 level, whereas Ethereum managed to hold $1,500. The US economy rose 2.6% in the third quarter, higher than expected growth of 2%.

Barring the Uniswap and the US dollar-pegged Tether, all othe
r top crypto tokens were trading lower. Cardano and Shiba Inu plunged 5% each, followed by Ethereum and Polygon, which shed 3% each.

The global cryptocurrency market cap breached below the $1 trillion mark to $980.18 billion, after dropping more than 2% in the last 24 hours. However, the total trading volume tanked as much as 13% to $89.23 billion.

What’s cooking in India

Crypto staking platform UniFarm has entered into a strategic alliance with Bengaluru-based ONMETA. The partnership is aimed at empowering Indian users with Indian currency-based purchase of tokens for staking to earn passive income.

Expert take

Edul Patel, CEO and co-founder of Mudrex, said Shiba Inu coin has reached a significant milestone in terms of the percentage of long-term holders. Currently, it jumped to the highest value of 38%.

“Long-term SHIB holders have grown far more since the beginning of 2022, from barely 1% to over 38% of holders,” he said. “The percentage of short-term holders remains relatively steady and midterm speculators continue to decline,” he added.

Global Updates

Hong Kong plans to legalize retail trading of cryptos as it looks to become a crypto hub, according to a Bloomberg report. Crypto platforms will be required to apply for a license to offer retail trading.

Tech giant Google will be launching a cloud-based node engine for Ethereum projects. The company said its Google Cloud Blockchain Node Engine means that it will be responsible for monitoring node activity and restarting them during outages.

Nearly 12% of all BEP-20 tokens, the standard token on the BNB chain, are tied to scams, according to recently released research from crypto risk monitoring firm Solidus Labs.

Tech view by BuyUcoin cryptocurrency exchange

DOGE surged 35% on Twitter deal. The most popular meme coin, DOGE, has witnessed a mega rally since Monday as Elon Musk’s Twitter deal neared finalization. Elon Musk has been a staunch supporter of DOGE and his tweets often move the prices of meme coins in a significant way.

The jump in DOGE prices is mainly linked to the positive news circulation but lacks fundamental backing so investors should buy the coin as per their risk appetite with a long-term perspective. DOGE was originally designed as a payment mechanism and its growth will depend on real-world use cases, the experts suggested.

(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)

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October 28, 2022
Best cryptocurrencies to buy as Bitcoin price rebounds

Cryptocurrency prices have made a strong bullish recovery in the past few days. Bitcoin surged to over $20,000, which was the highest level since early this month. It has risen by more than 13% from the lowest level this month. Here are the best cryptocurrencies to buy as prices bounce back.

Ethereum

Ethereum price rose sharply this week. It managed to rise to a high of $1,556, which was the highest level since September 15. It has surged by more than 25% from the lowest point in September.

Ethereum is a good cryptocurrency to buy because of its strong correlation with Bitcoin and its strong market share in key industries. For example, it has a strong stake in Decentralized Finance (DeFi) and Non-Fungible Token (NFT).

Ethereum has another catalyst. The developers are working on the next big update known as Shanghai which is expected to go live in 2023. The upgrade will bring new functionalities in the Ethereum Virtual Machine (EVM). It will also implement staked withdrawals.

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

Buy ETH with eToro today

Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.

Buy ETH with Bitstamp today

Cosmos ATOM

Cosmos is one of the biggest blockchain projects in the world. It makes it possible for developers to build quality interconnectedness applications. Some of the top apps in its ecosystem are Cronos, ThorChain, and Osmosis.

ATOM price has risen by more than 20% from its lowest point in October. The next key catalyst for Cosmos will be the upcoming launch of the second version of Cosmos. This version will introduce staking in its ecosystem and more functionalities. The most important functionality will be on liquid staking, which will help to secure other platforms.

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

Buy ATOM with eToro today

Uphold

Uphold is a platform which has over 50 cryptocurrencies to choose from.

It’s users can make crypto trades with a bank account, credit card or crypto debit card. It has variable fees and allows users to automate trades.

Users who are on Brave’s internet browser can also earn BAT tokens based on their browsing habits.

Buy ATOM with Uphold today

Chainlink

Chainlink is a leading oracle network that makes it possible for developers to bring data from off-chain and on-chain. As such, it is widely used in decentralized finance (DeFi), where it is used by leading platforms like Aave and Uniswap.

Chainlink price has also risen by double-digits in the past few days as cryptocurrencies and DeFi rebound. Like with Cosmos, Chainlink has a catalyst that could push its price higher. First, its developers are working with Swift, the giant payment network.

Second, Chainlink price will also react to the upcoming launch of Chainlink 2.0. The new upgrade will change Chainlink into a decentralized oracle network (DON). As a result, it will become possible to power decentralized smart contracts on any blockchain. It will also introduce staking.

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

Buy LINK with eToro today

Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.

Buy LINK with Bitstamp today

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October 27, 2022
Are Bitcoin miners about to capitulate?

Something which is always interesting is assessing the mining activity on Bitcoin, especially in conjunction with what is happening the price and the wider market.

After all, miners are the group who receive those freshly minted bitcoins as the blockchain continues to grow. Receiving this revenue in the native coin of the network means their actions can be indicative.

Something notable is happening at the moment though. The hash rate, which means the amount of computational power being spent by the Bitcoin network – i.e. the number of miners – is rising. And it’s rising a lot.

But at the same time, price is falling.

We are printing all-time high after all-time high in hash rate. The price, however, has cratered, before trading sideways over the last few months around this $20,000 level.

This is unusual. As the chart above shows, the last time we had a violent crash – May 2021 – the hash rate fell, too. This is natural – again, the revenue of these miners is Bitcoin, so why shouldn’t mining activity drop in response to a big price drop?

Instead, the hash rate – and the difficulty of the network – remains high. Most people say this is a good thing. And they’re right – the higher the hash rate, the more secure the network. And the more secure the network, the healthier Bitcoin is.

But does this make sense? Let’s look at this from an economic perspective. Are miners not selling as much as they should be? It seems as we crab sideways following this crash, miners are not letting up. You may point towards Ethereum’s switch to proof-of-stake in September as attracting more miners to Bitcoin, but the dates don’t really line up.

Let’s check if the miners are selling (graph via arcane research).

After the capitulation in the summer, they haven’t really been selling. But could this change soon?

I wrote recently about how I believe we could be one event away from a nasty red wick for Bitcoin. In looking at the underlying mining data, I get more nervous again. Again, this is far from certain – and more a hunch – but let us check the last time we had a hash rate rising with a falling price.

Mid 2018 this happened…and it wasn’t good.

Let us zoom in a little on this time period – the above chart is a bit hectic. In peering into the 2018 window, we see exactly how this same pumping price hash rate occurred despite the falling in price. And then look what happened the price in late 2018.

So that’s worrying. And there are people pointing this out as a bearish indicator. But as anyone who follows my analysis knows, I am not exactly comfortable with extrapolating past Bitcoin cycles to today.

Yes, this happened in 2018. But look at Bitcoin back then. Had you even heard of it? Because many hadn’t – it was still a niche asset, not yet making noise in the trad-fi world. Not to mention, the macro climate is entirely different today, with us squarely in a new interest rate paradigm. A point that should never be forgotten in looking at past cycles: none of those cycles happened while we were in the midst of a wider bear market in the economy.

But at the same time, it is not merely the fact this has happened before. For me, I am just a little puzzled that the selling of miners isn’t a bit higher here, or why the hash rate is mooning so aggressively.

So, in conclusion, this indicator is not causing me to run for the SELL button. But I do like using mining data in conjunction with my wider analysis, and it is a curious happening. And as I wrote last week, I do fear that this crab motion around $20,000 could end with a red wick. It’s a psychologically important level, and once we break hard below it, there is not much resistance.

There are too many variables in the wider market that could easily go south, and Bitcoin has not given up too much since the contagionary wave of the summer – stocks have actually been worse. This underlying mining activity is not quelling those concerns, even if it is not accentuating it.

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October 27, 2022
Shiba Inu vs Bitcoin: Which will be a Better Investment for You in 2023?

When it comes to cryptocurrencies, there’s Bitcoin and then there’s everyone else. But Shiba Inu Coin has been in the limelight for several reasons

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October 27, 2022
Crypto Price Today Live: Bitcoin nears $21K; Shiba Inu & Dogecoin rally up to 15%

New Delhi: Crypto market continued to gain on Thursday despite muted earnings from the tech sector. Bitcoin marched towards $21,000 levels, whereas the total market cap of crypto space topped the $1 trillion mark again.
Most major altcoins were in the green, with a stellar buying interest in the popular meme coins. All eyes were set on the US Fed’s monetary policy meeting, scheduled next week.

Barring the polygon and the US dollar-pegged Tether, all other top crypto tokens were trading higher. Dogecoin zoomed 15
%, Shiba Inu was up by over 6% and Ethereum jumped 4%

The global cryptocurrency market cap hit the $1 trillion mark, after rising up to 3% in the last 24 hours. However, the total trading volume jumped as much as 13% to $102.4 billion.

Expert take
Extending the Buoyancy, the global market cap touched $1 trillion after almost a month. The top two cryptos – Bitcoin and Ethereum- also saw some renewed interest, said Prashant Kumar, CEO and Founder, weTrade.
“Positive momentum around the appointment of UK prime minister Rishi Sunak, global markets along with a hope of a reduced interest rate hike in the US Federal Reserve market next week all played a role,” he added.

Tech View by Giottus Crypto Platform
Ethereum (ETH) has turned bullish on the lower time frames. Much of this move can be attributed to the broader market sentiment turning positive after Bitcoin broke through a year-long resistance. ETH has taken this opportunity to rise more than 30% from its recent bottom.
ETH still needs more confirmations on the higher time frame charts to establish an uptrend. While it has been trading well above its 50-day moving average of $1,380, it will need to clear resistance at $1,700 (its .618 fibonacci retracement between August and now) to continue moving up. Slightly above this at $1,800, it will be able to register a higher high and signal a clear market structure change. Those looking to open long positions may want to therefore adopt a wait and watch approach.

ETMarkets.com

For those with a bullish bias looking to enter, support at $1,500 and $1,440 can offer good opportunities to engage in some buys on dips, the experts suggested. With its daily RSI hitting 70, a minor correction can be reasonably expected in the coming days, or at the very least – some sideways consolidation, they added.

Global Updates
Google reported its softest advertising growth in nine years, with company management taking note of softer crypto ad spending as contributing to the weak numbers.

The decentralized autonomous organization (DAO) behind crypto exchange SushiSwap has approved a legal structuring by an overwhelming majority.

The flagship crypto fund for venture-capital firm Andreessen Horowitz’s, which is also known as a16z, has cratered by more than 40 per cent in the first half of this year, the Wall Street Journal reported, citing people familiar with the matter.

The UK National Police Chiefs’ Council (NPCC) has stationed crypto tactical advisers in police departments nationwide to help investigate and seize digital assets tied to crime.

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October 27, 2022
Bitcoin (BTC/USD) rallies to $20,000. Here is the next potential target

Bitcoin (BTC/USD) trades at $20,660 as of press time, the highest level in 6 weeks. The cryptocurrency had added an intraday of 7%. The gains were accompanied by a 157% jump in trading volumes.

Wednesday’s gains in Bitcoin come when investors have been calling for reversals at $19,000. That was after BTC looked to have bottomed at the level. There have been bull calls, going by insights data and analysts’ thoughts.

One factor used as a bullish indicator for Bitcoin is the US dollar index or DXY. In a session with his 278,000 YouTube followers, crypto analyst Jason Pizzino says DXY shows signs of exhaustion. The fatigue comes after a rally of more than 16% this year.

Pizzino says that DXY closed below the 50%-mark last week, an indication of bullish exhaustion. The analyst has earmarked 109 (points) as the probable lower top for DXY. The level will be the first lower top for DXY for a year. How will this point to a bullish market for Bitcoin?

Investors look at DXY as a gauge of the overall market. When the index weakens, it suggests that investors are developing a risk-on sentiment. As a result, they are moving their capital from the defensive dollar to risky assets like crypto.

Bitcoin pushes above moving averages as price overcomes tight trading

Source – TradingView

On the daily chart, Bitcoin has been trading within a tight range prior to Wednesday’s breakout. The breakout has seen the cryptocurrency break above the 20-day and 50-day MA, which trapped it.

An RSI reading of 65 shows that there are more buyers for the cryptocurrency. However, we are approaching the overbought level, which could usher in a correction.

Will Bitcoin continue to go higher

The current momentum looks sustainable for Bitcoin to the next resistance at $21,500 and further at $22,500. However, it must overcome the immediate and higher-up resistance zones for a sustained surge. An improved crypto sentiment could do much to help. Nonetheless, BTC price looks attractive for dip buyers at the current valuation.

Where to buy BTC

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

Buy BTC with eToro today

Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.

Buy BTC with Bitstamp today

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October 26, 2022