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  • Bitcoin price breaks below $20K amid crypto selloff

    Bitcoin price breaks below $20K amid crypto selloff

    • Bitcoin price fell below $20,000 for the first time since November 2022.
    • The top crypto asset by market cap dumped amid broader selloff for cryptocurrencies, largely fueled by negative news.
    • Among other news, the New York Attorney General has sued KuCoin over offering of unregistered securities, with Ethereum named as one of the securities.

    Bitcoin price has dropped nearly 10% in the past 24 hours amid negative cryptocurrency news that could yet catalyse further losses.

    As the Bitcoin price chart below shows, the value of the leading cryptocurrency by market fell to lows of $19,569 on cryptocurrency exchange Bitstamp. 

    Bitcoin price fell below $20,000 to hit $19,569 on Bitstamp. Source: TradingView

    This after a selloff that began late Thursday extended into Friday morning, with the dump pushing BTC below the psychological support zone of $20,000 for the first time since November 2022 during the FTX dump.

    Why Bitcoin and crypto crashed today

    As CoinJournal reported early Friday, today’s selling pressure for cryptocurrencies comes after the New York Attorney General sued the crypto exchange Kucoin alleging it sold unregistered securities. The negative news was compounded by the fact that the lawsuit identified Ethereum as one of the securities.

    The market’s reaction saw Ethereum price plunge to lows of $1,375 and was down 9.8% at the time of writing.

    Overall selloff pressure also follows news that crypto bank Silvergate was winding down. The company’s shares plummeted nearly 50% in the aftermath, with fears of even more damage amid a Silicon Valley “bank run.”

    Another headline news likely to have fueled fresh downside for crypto was reports that the US was targeting a new tax on Bitcoin mining. Huobi Token’s flash crash and a security breach on Hedera also added to the broader market bloodbath.

    Crypto analyst Miles Deutscher highlighted this confluence of negative triggers, noting that stocks and cryptocurrencies have shed over $2 trillion in market cap over the past 24 hours. 

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  • Bullish Bitcoin Price Indicates Crypto Market Recovery

    Bullish Bitcoin Price Indicates Crypto Market Recovery

    With Bitcoin’s price making a resurgence, investors are gearing up for a bull market in 2023. Crypto signal providers are seeing renewed interest thanks to their ability to save investors time and money by pinpointing the best entries. Many savvy traders continue to recommend AltSignals as the go-to platform.

    Thanks to its sterling reputation, AltSignals’ recently announced ASI token presale is expected to be huge. In this article, you’ll find out why AltSignals is so highly regarded and why its ASI token could elevate the online trading experience for investors all across the globe. 

    Bitcoin Price Revitalized, Prompting Investors To Check Out AltSignals

    It seems like a risk-on mood is back in the markets. With the Fed expected to slow down or reverse interest rate hikes this year, investors have been loading up on crypto before the next bull cycle begins. 

    Since the start of 2023, Bitcoin’s price has risen almost 47% from around $16,500 to a high of approximately $24,250 in early February. This rapid ascension in Bitcoin’s price has accompanied a surge in interest in online trading, leading many investors to start looking for the best crypto signal providers to boost their profits. One name that has regularly cropped up is AltSignals. 

    What Is AltSignals?

    AltSignals is a leading name in the crypto signals industry, established in 2017. It uses a team of market experts and professional traders to combine technical and fundamental analysis with its in-house algorithm, AltAlgo™. As a result, AltSignals has earned a reputation as one of the most reliable and profitable signal providers out there. 

    This reputation is quickly validated when looking over their stats. Over 52,000 traders rely on the 3,700 trade calls it has produced since its launch, with the platform holding a 4.9/5 rating on Trustpilot after receiving nearly 500 positive reviews. The actual trading results speak for themselves: AltSignals has returned over 10,000% in 19 out of 32 months on record.

    AltSignals’ ASI token is projected to attract a new wave of attention to the AltSignals platform. This is due to the excellent benefits ASI will offer holders that will help them make the most out of their online trading journey. 

    How Is ASI Expected To Change the Online Trading Game?

    ASI is an Ethereum-based token that will act as the fuel for the AltSignals ecosystem. Its primary use case will be to access and receive signals from the upcoming ActualizeAI algorithm. This algorithm will boost AltSignals’ accuracy further thanks to a comprehensive AI stack, which includes machine learning, predictive modelling, and sentiment analysis. For ASI holders, they’ll be the first in line to experience the power of this new algorithm. 

    Holding ASI will also grant exclusive entry into the ActualizeAI Club, where users can play an active role in giving feedback and helping to test the ActualizeAI algorithm in return for early access to the latest upgrades and earning ASI tokens. In the process, they’ll work directly with the AltSignals team to improve their products and optimize the signals produced. 

    ASI will become the platform’s governance token, allowing users to vote on new upgrades, partnerships, and more. They’ll also be able to set the token’s buyback and burn rate, which will help to restrict the supply of ASI over several years and potentially lead to price appreciation.

    The Long-Term Outlook for ASI

    The ASI token is predicted to see exceptionally high demand, with many projecting that the ASI presale will sell out rapidly. Traders are expected to flock to the token when they find out it grants access to the ActualizeAI algorithm and Club.

    This group alone could easily send ASI skyrocketing as traders rush to become part of an elite group dedicated to building one of the greatest trading algorithms the world has ever seen.  This spirit of collaboration and mutual support will set AltSignals apart from other signal providers and is set to be a major contributing factor in the success of the ASI token.

    Consequently, several analysts predict that ASI will climb well beyond its final presale price of $0.02274, with some forecasting that $0.50 is easily achievable by the end of 2023. If $0.50 is reached, investors could be up almost 2,100% in just under a year – far beyond what any Bitcoin price prediction could hope to attain. 

    Should You Invest in ASI?

    As Bitcoin’s price continues to grow and the bull market heats up, AltSignals will likely see a massive surge in interest. Thanks to the ActualizeAI algorithm and the platform’s proven reputation, its ASI token will likely be one of the lucky few that return life-changing gains in 2023. 

    The beta sale price of $0.012 seems exceptionally undervalued, so expect this first phase to sell out quickly. If you’re thinking of getting involved, be sure to visit their presale website. 

    You can participate in the AltSignals presale here.

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  • Bitcoin price prediction: BTC outlook after Silvergate and Tether news

    Bitcoin price prediction: BTC outlook after Silvergate and Tether news

    • Bitcoin price outlook after this week’s Silvergate and Tether news.
    • BTC is hovering around $22,400 with key resistance near $23k amid a potential technical breakout to YTD highs.
    • The $20k zone is a critical and psychological level for bulls.

    Bitcoin price remains constrained below $22,500 after posting a sharp decline on Friday following a combination of broader market weakness and negative crypto-related news.

    However, with price above $22,000, the technical outlook suggests bulls might still have a chance to push for new year-to-date highs in March or April.

    Bitcoin price prediction: BTC declined amid Silvergate Bank and Tether news

    On Wednesday, crypto-friendly bank Silvergate (SI) revealed it was a little deeper in trouble with a SEC filing that it would delay its financial report. The crypto bank then announced a halt to its payments network the Silvergate Exchange Network (SEN), triggering further uncertainty around its operations following the previously revealed $1 billion loss.

    Indeed, selling pressure for BTC increased as major crypto firms including Coinbase and Paxos announced a switch from Silvergate to alternative banking partners.

    But the price of bitcoin went on to touch lows of $22,000 as more negative news emerged – the Wall Street Journal published an article related to Tether, the company that issues the world’s largest stablecoin USDT. Allegedly, Tether and Bitfinex used “falsified documents” to acquire banks accounts amid questions over the stablecoin’s reserves.

    Crypto trader and investor Scott Melker heighted the WSJ’s report in a Twitter thread on Friday.

    Bitcoin price outlook: What next for BTC/USD?

    The RSI on the 4-hour chart remains largely flattened near the lower band as price action consists mainly of doji prints. While Bitcoin is holding above a support base formed in early January, there’s indecision as signaled by the doji candlesticks.

    Bitcoin price movement on the 4-hour chart. Source: TradingView

    If bears take charge further, BTC/USD will likely retest the aforementioned support line and potentially break past $22k to another key level near $21,600. Below that we could see a retest of the vastly important $20k level.

    On the upside, the immediate hurdle is the $22.5k zone, with robust supply areas expected at the price levels currently signaled by the 50 and 200 moving averages.

    The outlook on the daily chart shows the RSI sloping to suggest bears might have an upper hand. 

    However, there’s potential formation of an inverse head & shoulders pattern. The neckline of this likely inverse H&S pattern could be in the $25k zone. In any case, the immediate key price levels to watch as signaled by the 50-day and 200-day moving averages near $22,900 on the upside and $19,712 on the downside.

    Bitcoin price prediction levels on daily chart.Source: TradingView

     

    The post Bitcoin price prediction: BTC outlook after Silvergate and Tether news appeared first on CoinJournal.



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  • The Doge price has surged in the past 24 hours

    The Doge price has surged in the past 24 hours

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  • STX price shoots up 31%

    STX price shoots up 31%

    • Stacks blockchain was designed to bring smart contracts and dApps to Bitcoin.
    • Stacks is providing a way to transfer assets to and from Bitcoin using smart contracts.
    • Its releases today advance its aim of making Bitcoin a more programmable smart contract hub.

    The price of STX, the native token of the Stacks blockchain, has risen by more than 143% over the past week besides today’s surge of 31.73% at press time. The reason for today’s Stacks price surge is mainly because of two major whitepaper releases by the Stacks blockchain as it continues with its goal of making the Bitcoin blockchain a more programmable smart contract hub.

    Stacks’ is a Layer-1 blockchain solution that aims works on bringing smart contracts and decentralized applications (dApps) functionality to the Bitcoin blockchain. Bitcoin by design is a proof-of-work (PoW) blockchain with no in-built smart contracts capabilities.

    The two Stacks whitepapers

    The first whitepaper release is titled “sBTC whitepaper” while the second whitepaper release is titled “stacks whitepaper.”

    The sBTC whitepaper introduces a newly proposed asset referred to as sBTC that will act as a trustless two-way Bitcoin peg to allow for the swift transfer of assets to and from the Bitcoin blockchain. In essence, the sBTC will allow Bitcoin to become a more secure Web3 hub by enabling trustless writing to Bitcoin and the movement of Bitcoin in and out of Bitcoin layers. The transactions will be secured using 100% of Bitcoin hash power.

    The sBTC complements Stacks 2.0 which introduced “read” access to the Bitcoin protocol.

    The stacks whitepaper (Nakamoto Release) adds important capabilities to the Stacks protocol to enhance its power as a Bitcoin layer. The whitepaper introduces a number of changes that are to be made to the Stacks protocol in order to enable the trustless functionality of the newly proposed sBTC asset.

    While the release of the two whitepapers is a major milestone for Stacks, it is also a major boost for the Bitcoin economy. sBTC will introduce a new era of Bitcoin applications, which will in turn unlock $300B+ within the Bitcoin ecosystem in latent capital for Web3 and also accelerate the growth of the Bitcoin economy.

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  • Bitcoin price rose despite $25 million in product outflows

    Bitcoin price rose despite $25 million in product outflows

    • Bitcoin products saw $25 million in outflows last week, according to asset manager CoinShares.
    • There was $3.7 million in short Bitcoin as investor sentiment flipped negative on recent regulatory concerns.
    • But crypto prices still recorded huge moves, with BTC hitting a six-month high above $25,000.

    Bitcoin price hit its highest price level in six months last week, with the flagship cryptocurrency testing bears’ resolve above the $25,300 zone.

    However, digital asset management firm CoinShares says despite reaching a new year-to-date high, the flagship cryptocurrency still bore the brunt of the negative sentiment that pierced the market as US regulators upped their crackdown on multiple industry sectors.

    Digital assets see $32 million in outflows

    As CoinShares Head of Research James Butterfill points out in a weekly funds flow report released on Monday, Bitcoin recorded the largest share of outflows seen in the digital assets investment products last week.

    Per the researcher, total crypto funds outflows totaled $32 million this past week, the largest single week outflows since December last year. But almost $25 million of the outflows were in Bitcoin products, with negative sentiment seeing short Bitcoin investment products account for $3.7 million in inflows.

    Infact, as US Securities and Exchange Commission (SEC) increased its crackdown on stablecoins and staking services among other sectors of the crypto industry, crypto outflows hit $62 million. The market did record significant outflows as Bitcoin led the market in holding prices above key levels.

    According to Butterfill, the mid-week flip in sentiment (with Bitcoin price soaring more than 10%) helped digital assets products register $30 million in inflows. This in turn helped push the total assets under management in exchange-traded products (ETPs) to its highest level since last August. Butterfill noted:

    “The negative sentiment amongst ETP investors was not expressed in the broader market with Bitcoin prices rising by 10% over the week, this price appreciation pushed total assets under management (AuM) to US$30bn, their highest level since August 2022. We believe this is due to ETP investors being less optimistic on recent regulatory pressures in the US relative to the broader market.”

    Crypto assets saw mixed flows

    While Bitcoin recorded over 78% of the outflows, Ethereum products saw $7.2 million in outflows last week. Other top altcoins with large withdrawals included Cosmos ($1.6 million), Polygon ($0.8 million), and Avalanche ($0.5 million).

    Yet, investment products for Aave, Binance, Fantom, XRP, and Decentraland saw inflows of between $0.36 million and $0.26 million, CoinShares highlighted in its report.

    Elsewhere, while crypto assets experienced a second consecutive week of outflows, blockchain equities had a more positive outlook from investors, with $9.6 million in inflows last week. Blockchain equities have now had six consecutive weeks of inflows.

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  • DOGECOIN | DOGE Price Soars Following Elon Musk’s Tweet

    DOGECOIN | DOGE Price Soars Following Elon Musk’s Tweet

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  • BabyDogeCoin Price Surged By 108% In The Past Week

    BabyDogeCoin Price Surged By 108% In The Past Week

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  • Long-term Bitcoin holders at all-time high, but price not cooperating

    Long-term Bitcoin holders at all-time high, but price not cooperating

    Key Takeaways

    • Two-thirds of the Bitcoin supply has not moved in over a year
    • Metrics for percent of supply unmoved in 2+, 3+ and 5+ years also at all-time highs
    • The average hold period for Bitcoin on-chain is 3.8 years
    • Despite thesis that dwindling supply will boost price, this has not proved the case thus far

    The capped supply of Bitcoin has always offered an intriguing layer to analysis of the enigmatic asset. 

    Simply put, there are not many assets worldwide that offer an inelastic supply. Truthers argue that this cap will inevitably squeeze the price upwards through the simple economic theory of supply and demand. That is, assuming the demand continues to grow, of course. 

    Here, we look at this supply, and how many of the total supply of 21 million bitcoins (of which 19.3 million are currently in circulation) have not moved in quite some time.

    Percentage of Bitcoin supply unmoved in over a year at all-time high

    If one takes the 1+ year mark as a benchmark for long-term holders, that means a growing amount of Bitcoin supply is held by what constitutes long-term investors. 

    Two-thirds of the Bitcoin supply has not moved in over a year, an all-time high. That means no purchases or sales. 

    In expanding the timeframe out, we can look at what portion of this 67% has been held for even greater amounts of time. On the below chart, I have plotted the portion of supply that has been stagnant for 1+ years, 2+ years, 3+ years and 5+ years. 

    The results are interesting. Nearly half the supply – 49.3% – has not moved in over 2 years. Pushing out to 3+ years, the number is 39%. And 28.1% of the supply has not moved in 5+ years. The marks are all all-time highs.

    So, diamond hands? Well, sort of. The numbers are certainly large, but there are other variables at play. Most notably lost coins, for which it is impossible to know how many there are. Satoshi Nakamoto is estimated to own over one million coins, which is circa. 5% of the supply alone. 

    Long-term holders growing despite market carnage

    Nonetheless, to see such stout numbers following the year that crypto has had is notable. The average hold time of Bitcoin on-chain right now is 3.8 years.

    This comes less than a year after the collapse of LUNA (May-22) which sparked a meltdown crisis that ultimately bankrupted hedge fund Three Arrows Capital and sent a wave of contagion across the industry. 

    Things shook further when this contagion claimed crypto lender Celsius in June. The fallen crypto lender disclosed two months before, at the Bitcoin 2022 conference, that it held 150,000 Bitcoin, which would constitute 0.8% of the supply. 

    Unfortunately for investors, court filings by Kirkland & Ellis indicate that the firm has lost roughly 62,000 Bitcoin, and right now it is unclear how many they really held, nor how many the bankrupt firm now holds. 

    Then there was the staggering collapse of FTX in November.

    But despite this,  long-term holders do continue to grow, at least if on-chain metrics are to be trusted. 

    Dwindling supply not supporting price

    But as for the thesis that a dwindling supply will push price up, it has not worked to date. Bitcoin has collapsed while these metrics have all jumped to all-time highs. 

    What happens in the long-term remains to be seen. The advocates aren’t wrong when they reference simple supply and demand. This will undoubtedly help the price, and if long-term holders continue to hold, the liquidity drying up further can only squeeze the price upward. 

    On the other hand, every sale needs a bid order, and these have not been coming in quickly enough over the last two years. As I have written about repeatedly, Bitcoin continues to follow the macro cycle, trading like an extreme-risk asset making a mockery of those who claim it is any sort of inflation hedge. Look no further than its reaction to recent inflation readings and Federal Reserve meetings on interest rate policy for evidence of this. 

    Supply drying up is a good thing. But until Bitcoin sheds its high-risk image, it will continue to trade like a levered bet on the Nasdaq. Every asset needs a bid, people, and in times of uncertainty, the market has shown that Bitcoin is the last thing that investors want to hold. 

    Time will tell if this all changes. 

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  • Jasmy price technical analysis as rebound accelerates

    Jasmy price technical analysis as rebound accelerates

    The Jasmy Coin price rose on Monday, continuing a bullish trend that started in December when it dropped to a low of $0.0028. It jumped to a high of $0.0074, the highest point since September 18. It has jumped by over 152% from its lowest point in December, as we wrote here.

    JASMY/USD daily chart analysis

    The daily chart shows that the JASMY coin price has been in a strong bullish trend in the past few weeks. This recovery has been accompanied by elevated volume levels. At the same time, the coin has managed to move above the important resistance level at $0.0060, the highest point on January 24.

    Jasmy also jumped to the 50% Fibonacci Retracement level. Also, it jumped above the crucial resistance point at $0.0068 (October 30 high). It has also jumped above the 50-day moving average and the Ichimoku cloud indicator. Jasmy, which is known as Japan’s Bitcoin, has also formed an inverted head and shoulders pattern, which is a bullish sign.

    Therefore, it seems like Jasmy has the momentum it needs to continue rising in the coming days. If this happens, the next key resistance level to watch will be at $0.0086, the 61.8% Fibonacci Retracement point. This price is about 27% above the current level.

    On the flip side, a drop below the important support level at $0.0060 will invalidate the bullish view. If this happens, it will signal that there are still sellers left in the market who will be keen to push it to the next key support level at $0.0050.

    Jasmy price 4H chart analysis

    On the 4H chart, we see that the Jasmy Coin price has made a spectacular comeback in the past feww weeks. As it rose, the token crossed the key resistance level at $0.0060, where it struggled to move above on January 24 and February 2. The coin is also above the 25-day and 50-day EMAs.

    At the same time, a closer look shows that volume bars have started to drop. Therefore, this could be a sign that the bullish trend is fading, which could see it retreat in the coming days. But on a positive side, the coin has formed a small hammer pattern, which is a bullish sign. 

    A reversal will be confirmed if JasmyCoin price plunges below the lower side of the hammer at $0.0065.

    JASMY/USD chart by TradingView

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