Thoughts on the market as of 08.12.2020: US Representatives Add Digital Currencies to the 2021 Defense Bill

#Bitcoin remains in the same trading range. After an unsuccessful attempt to take 19,500, it tested the strength support at 18,800, after which it returned above 19,000. Now Bitcoin is trading around 19150-19200. Total Crypto-Market capitalization at $570 billion, dominance index 62.5%.

Stock markets are flat. S&P 500 closed at 3691, gold rose, nonetheless today the markets are looking down - reasons for growth have been worked out, but there is no new positive. There is too much money for a significant fall in the market, but the S&P 500 is quite ready to go to 3650.

The crypto market is still flat. Bitcoin remains in the 19500-18800 range. After unsuccessful attempts to go up, tBitcoin tested the strength support at 18800. It was possible to return above 19K, with no further progress, Bitcoin is in the middle of the trading range. Alts are still waiting for the denouement on Bitcoins so there is no growth either.
To some news, The United States government is preparing to pass the 2021 National Defense Authorization Act (NDAA) and the latest bill includes a broad definition of currencies and includes “digital currencies.” However, after more than 50 NDAA bills passed, President Donald Trump plans to veto the act which is expected to authorize more than $740.5 billion. The digital currency addition to the latest NDAA, follows a number of politicians who want more oversight on stablecoins. U.S. Representative Maxine Waters, the head of the House Financial Services Committee, wants the Office of the Comptroller of the Currency (OCC) to retract recent crypto-asset guidance. Source | News.bitcoin

Markets stand still. Buyers are in no hurry to buy from the market, hoping for a decline; there is not a single argument in favor of selling at all, except for the fear index at its maximum values.

The market cycle is not over. Bitcoin has grown and stabilized, but the topic of altcoin growth has not happened. Therefore, I expect either the growth of altcoins with Bitcoin in the previous trading range, or Bitcoin's exit towards ATH.

Smart money does its job at the same time. They are not waiting for Bitcoin at 15K, but are using the opportunities that still exist. MicroStrategy, which has already made good money on Bitcoin, continues to buy it.

As always, wishing you a great afternoon ahead and remember to always do your own research. This is not traditional investment advice and ought not to be deemed as financial recommendation. Must do your own research. #Decryptedge.

Thoughts on the market on 09.12. 2020: Facebook's rebranded #cryptocurrency Diem is a 'wolf in sheep's clothing,' #Gemany's finance minister says.

#Bitcoin has once again tested the support at 18800, and this time it did not resist. The price of #Bitcoin reached local lows of about 18K, after which it traded for several hours at about 18200-18250. Total CryptoMarket capitalization at $538 billion and #BTC dominance index of 63.0%.

Stock markets were up yesterday. American indices added 0.3% to 0.47%, S&P 500 renewed highs again and closed above 3700 for the first time. This was not prevented even by the record data on hospitalizations from #coronavirus in the United States and the lack of progress on the aid package. #FDA approval of the vaccine is scheduled for Thursday. Asian indices and S&P 500 futures are currently growing.

To some news, #Facebook's renamed cryptocurrency is a "wolf in sheep's clothing" and does not change the underlying risks that come with it, Germany's finance minister said on Monday. Facebook's Diem, formerly known as Libra , is a "wolf in sheep's clothing" because a new name does nothing to change associated regulatory risks, Germany's finance minister said on Monday. David Marcus, the head of Facebook Financial, or F2, said on Monday he hopes regulators will give the company the "benefit of the doubt," CNBC reported .
Diem would operate as a digital currency, providing an alternative to the US dollar and other currencies managed by foreign governments. It was originally meant to be backed by a wide mix of currencies and government debt. But it's now meant to launch as a single coin backed by the dollar. Full story with https://africa.businessinsider.com/ What are your thoughts?

#Bitcoin went out of the 19500-19800 trading range, the exit was down. TBitcoin hit lows around 18K, where it was previously on 1st of dDecember after which it bounced above 18,200, and has been trading around 18,250 for several hours. Market capitalization has lost about 30 billion, and the increased dominance index suggests that, as always, altcoins have suffered much more than the main cryptocurrency.

So far, everything is within the framework of a small correction. Bitcoin several times unsuccessfully tried to take 19,500, and the market capitalization was the level of 600 billion. It did not succeed, so it makes sense to say that it's retraticing to gain another momentum. So if before the American session today we do not return above 18700, then we can go below 18K.

The priority option is Bitcoin in the range of 18000-18700, with a subsequent return above 18700. If we go below 18000, the option with refueling, which I mentioned here, will work.

Bitcoin lost less than 10%, even if it continues to fall by the same amount, it does not affect his prospects in any way. This factor is not going anywhere either. The very phrase "Bitcoin fell to 18200" sounds beautiful. Especially when you remember where Bitcoin was a year ago.

Everyone knows what reasons led the price of Bitcoin to these levels, each of these reasons is still relevant. Hence, taking ATH is still relevant and falling is an opportunity.

Thoughts on the market as of 12.10.2020: #G7 Central Bankers Stress the Need to Regulate Cryptocurrencies at Latest Meeting

#Bitcoin reached a low of t 17650 during the day, after which it returned above 18000 and for more than 12 hours is in the range of 18200-18600. At the time of writing this review Bitcoin is exchanging at $18420. Total Crypto Market capitalization is at $548 billion with a BTC dominance index of 62.5%.

Stock markets saw a decline yesterday. The Dow Jones was down 0.58%, the Nasdag was down 1.94%, the S&P 500 shed 0.79% to close at 3672. The dollar index rose above 91%, gold is slightly lower and is trading around 1843.

Data from China brought negative to the markets, where the consumer price index showed a fall instead of growth, and the lack of progress on the stimulus package. The Asian indices on the other hand are trading in different directions, futures on the S&P 500 shows a slight increase.

Bitcoin after yesterday's correction to 17600 worked out yesterday's review, moving for the last 12 hours 18200-18600. To resume growth, it is necessary to consolidate above 18700.

Yesterday's correction did not affect the greed index, which remains at its highs. Perhaps there will be a FUD regarding the distribution of Bitcoins to victims of mt.Gox on December 15 and attempts to once again failed and the price still remains below 18K.

The priority remains the option of returning above 18700, continuing growth and updating ATH until the end of the year. If this will require refueling/retracement, this does not change the situation.

Interestingly, MicroStrategy, which has previously earned more than 300 million from Bitcoin, changed its plans to raise 400 million to buy Bitcoin. Now they are going to raise 550 million to buy Bitcoin.

To some interesting news, The G7 finance ministers and central bank governors discussed the need to regulate cryptocurrencies during their latest meeting. German Finance Minister Olaf Scholz raised concerns about Facebook’s upcoming cryptocurrency. U.S. Treasury Secretary Steven Mnuchin hosted a discussion on Monday with finance ministers and central bank governors from Canada, France, Germany, Italy, Japan, the U.K., the European Commission, and the Eurogroup. The meeting was also attended by the heads of the International Monetary Fund (IMF), the World Bank, and the Financial Stability Board (FSB).

Besides discussing responses to the Covid-19 pandemic and economic recovery measures, the G7 finance ministers and central bank governors “also discussed ongoing responses to the evolving landscape of crypto assets and other digital assets and national authorities’ work to prevent their use for malign purposes and illicit activities,” the Treasury Department detailed, adding:
There is strong support across the G7 on the need to regulate digital currencies. For detailed news Source | https://news.bitcoin.com/g7-central-bankers-regulate-cryptocurrencies/

As always, wishing you a great day ahead and remember to always do your own research. This is not traditional investment advice and ought not to be deemed as financial recommendation. Must do your own research. #Decryptedge.

Thoughts on the market as of 11.12.2020: #DBS to launch full-service digital exchange - providing tokenization, trading and custody ecosystem for #digitalassets

During the day, #Bitcoin was in the range of 18450-17800. Until 00:00, Bitcoin then edged on the upper border of the range before it began to decline, reached $17800 and is now trading around 17850-17800. Total Crypto-Market capitalization is at $530 billion and #BTC dominance index of 62.9%.

Equity markets were practically flat yesterday, with the S&P 500 closing at 3668 (down 0.13%), the Dow Jones shedding 0.23% and the Nasdaq rising 0.54%. The ECB announced its intention to help the economy by 500 billion, the FDA approved a vaccine from Pfizer and BioNTech, and another 3 days were given for negotiations on Brexit. Brent crude reached $ 50, gold around 1840, the dollar index fell below 90.7. Despite the positive effects of the vaccine and the falling dollar index, futures for the S&P 500 are still in the red, Asian indices are also looking down.

Interestingly, the largest bank in Singapore has confirmed the launch of a cryptocurrency exchange for institutional clients and accredited investors. In addition to Bitcoin, Ethereum, Bitcoin Cash and XRP will be traded there. This Information that the bank plans to launch a crypto exchange appeared at the end of October. The press release was later removed from the site, and DBS said the initiative was under development. (We mentioned it here.) Recall that the subsidiaries of the Swiss stock exchange SIX Swiss Exchange and the Japanese financial conglomerate SBI Holdings announced the creation of a blockchain platform for institutions in Singapore
Source | https://www.dbs.com/

#Bitcoin yesterday confidently held above 18K, repeatedly trying to gain a foothold above 18400. Attempts did not lead to success, and from 00 hours Bitcoin went down. So far #Bitcoin has not updated the lows from 9.12, and is holding above 17800.

Altcoins expectedly followed the road that Bitcoin showed them, the market capitalization lost more than 10% from the previously reached maximums. Etherum is trading below $550, of the TOP-10, Litecoin and Link lost the most.

Until #Bitcoin goes below 17600, it remains in the same range of 17600-18500. Only if the fixation below 17600 occurs, perhaps we will test the strength of the levels of the end of November at 16800-17000. If there is FUD around December 15, pertaining regulation of stable coins or something like that, we can go to 16,200. Then fear and uncertainty will appear on the market, the deer will finally merge assets, or even become short, and it will be possible to move on to growth.

In the medium term, this does not change the prospects for Bitcoin and the market as a whole. In the short term, fixing below 17,000 for more than a day can postpone the ATH update for Bitcoin to the first quarter of 2021. Until that happens, I consider it more likely to be updated in 2020.

Tomorrow we have #Decryptedge #Bitcoin101 at 10:00am. Remember to plug in as we shall be sharing key updates of the week. As always, wishing you a great weekend ahead and remember to always do your own research. This is not traditional investment advice and ought not to be deemed as financial recommendation. Must do your own research. #Decryptedge.

Thoughts on the market for 16.12.2020: An incoming #Senator believes #bitcoin is a better store of value than paper #money and plans to teach #Congress how to use it to reduce the national debt


Bitcoin has been in the trading range of 19050-19600 for the last 24hrs. After aggressive exits yesterday morning there was a correction to the lower border of the range, followed by a recovery and has been trading in the 19200-19500 range for about 18 hours. Total Crypto-Market capitalization is $564 billion and a #BTC dominance index of 63.9%.

Stock markets were up yesterday. US indices added 1.13 to 1.29%, S&P 500 closed at 3694. Apple shares rose more than 5% on the announcement of more than 30% increase in iPhone production from a year ago. Markets ignored information on slowdown in US industrial production to 0.4% and an expected fall by 5.5% for the year. The Asian indices are growing, gold is already above 1860, oil is holding above 50, futures for the S&P 500 are practically in place.

The short-term prospects of the market will continue to be determined by the situation regarding the aid package, the adoption of which before the New Year is still in question.

The trustee of Mt.Gox has sued Tokyo for a plan to reimburse former clients of the exchange. FUD around this, on the topic of a market crash can be dispersed after the exchange clients receive these payments. Some good news, Senator-elect Cynthia Lummis told the podcast that bitcoin is a better store of value than paper money and she plans to teach Congress how to use it to reduce the national debt when she assumes office in January. "If we reach the point where we have overspent so much that things start crashing down, the black swan event occurs with any regard to any fiat currency...there is a backstop available to every government in the world and that backstop is bitcoin," Lummis said. The senator-elect also said that bitcoin is a better store of value than paper money because the cryptocurrency's supply is finite. Source | https://africa.businessinsider.co

With Bitcoin still trying to take 19500, there were two attempts in a day that did not lead to success, there will be one more. If the result is the same, we can go to the lower border of the range at 19K, or even make a correction to 18600. If we fix it, we will go to ATH this week.

The situation is somewhat similar to the one that was in June-July 2020, when Bitcoin was between 9000 and 10500. Then the capture of the important level of 10500 was preceded by several unsuccessful attempts, which ended with a drain to the lower border of the range, and only then success. Bitcoin is making its sixth (since the end of November) attempt to gain a foothold above 19500. So far there has been no success, but it is obvious that given the current market situation there is no alternative to this outcome, the only question is the timing.

The priority for today is the exit of Bitcoin from the range of 19500-19000 upwards. An alternative is the range 19000-19500.

As always, wishing you a great weekend ahead and remember to always do your own research. This is not traditional investment advice and ought not to be deemed as financial recommendation. Must do your own research. #Decryptedge.

Thoughts on the market as of 17.12.2020: #Insurance Giant MassMutual Buys $100 Million of #Bitcoin & Italian Insurance Giant Generali as #Bitcoin Breaks all time Highs.

As expected, #Bitcoin went up from the trading range and updated ATH, reaching values ​​above 20860 in the American session. Growth continued last night, Bitcoin went above 22K, now it is trading around 21800. Total Crypto-Market capitalization is at $624 billion and BTC dominance index of 64.5%.

Stock indices were moving in different directions yesterday. The Dow Jones fell 0.15%, the Nasdaq rose 0.5%, the S&P 500 gained 0.18% to close at 3701. The results of the Fed meeting are positive for the markets. The forecasts for the unemployment rate and GDP dynamics were improved, it was announced that the low rate would remain at 0-0.25% in 2020-2023, but at the same time it was said about the monthly asset buyback of 120 billion per month until the targets for employment and inflation were achieved.

The message has been conveyed to the markets that “we are fine and it will be even better”, but we continue to support the economy in a proven way and do not stop until “even better” becomes reality. The dollar index against this background is already about 90, gold rose to 1867, Asian indices are growing, futures for the S&P 500 are also in the green zone.

Insurance company MassMutual's investment in Bitcoin marks the entry of a prudent investor into volatile markets. It could open the doors to other insurance companies and pension funds investing in Bitcoin. However, MassMutual's investment amount equates to a rounding error on its balance sheet, and the company may not commit more capital until cryptocurrency markets and infrastructure evolve. Why MassMutual's Entry Into Bitcoin Is Significant: Among institutional investors that have put money into Bitcoin, Massachusetts Mutual is a special case for a couple of reasons. First, it is a conservative investor, meaning it only makes investments in tried-and-tested financial products or those that are investment grade.

Second, MassMutual's #Bitcoin bet example could encourage other companies from conservative sectors, such as insurance and pension funds, to enter the market. "MassMutual's Bitcoin purchases represent another milestone in the Bitcoin adoption by institutional investors. One can see the potential demand that could arise over the coming years as other insurance companies and pension funds follow MassMutual's example," wrote a team of strategists, including Nikolaos Panigirtzoglou, at investment bank JPMorgan.

According to the note from the JPMorgan strategists, allocation of just 1% of funds from pension companies and insurance companies in the United States, United Kingdom, and Japan would move $600 billion of institutional funds into cryptocurrencies. At current valuations, that amount represents almost the entire market capitalization of cryptocurrencies today. The banking arm of Italy’s largest insurance company, Assicurazioni Generali Group, also announced on Tuesday “the launch of a new corporate and commercial partnership with Conio Inc., a fintech company operating in the cryptocurrency industry.”
Source | investopedia.com & news.bitcoin.com

Bitcoin worked out the priority option, which has been repeatedly mentioned - the ATH update by the end of 2020. It went up from the 19000-19500 range, after reaching 20880 last night, Bitcoin found support at 20600, a few hours ago it was trading at 21200, now the new ATH is above 22200. Repeated unsuccessful attempts to take 20K (only yesterday said that Bitcoin had tried to do it 6 times since November), led to the market a crowd of fans to short Bitcoin, on whose stops a powerful acceleration of growth above 21K went.

The fact that the deer who sold Bitcoin on corrections, and especially those who opened short, will suffer, I said even when Bitcoin was about 17K.

It is symbolic that new highs were reached on December 17 - the same day the previous ATH was set 3 years ago. I will write today about the options for the further development of events in the medium term.

In the short term, the most likely option is the growth of altcoins. This is required by the logic of the market cycle, in favor of such an option and the confident taking of 600 billion of capitalization, and the growth of Ethereum, which always begins the alt season and which has already renewed the highs.

As always, wishing you a great day ahead and remember to always do your own research. This is not traditional investment advice and ought not to be deemed as financial recommendation. Must do your own research. #Decryptedge.

Thoughts on the market on 18.12.2020:

#Bitcoin once again renewed its highs, reaching values ​​above 23880, after which it formed a trading range of 22500-23600, where it is currently located. Bitcoin is currently trading at around 23,200. Total Crypto-Market capitalisation is now at $657 billion with a #BTC dominance index of 65.5%

American stock indices yesterday showed growth from 0.49% to 0.84%. The Dow Jones hit a fresh high and the S&P 500 did likewise, closing at 3722. Gold reached 1899, and Brent to 51.8.

The reason is optimism about the support package. According to statements from the White House, it can be agreed within 2 days, there is information that Congress will work on the package over the weekend, if they do not have time to adopt it today.

The dollar index is below 90, gold has corrected by 1885, and S&P 500 futures are showing a slight decline. After taking 20K, Bitcoin did not stop there, the new ATH of the main cryptocurrency is above 23880. After reaching it, there was a rollback below 23K, but support was formed from 22600-22550, which was already confirmed twice.

The priority option for today is Bitcoin in the range of 22600-23600, and the growth of altcoins.
Expect BTC to hit $27K in the near-term if you plan to chase. Having said that, We need to monitor over the next few weeks to understand if we have developed a new "trading base" of around 20-25k - next few weeks will be critical.

With a favourable external background (a further drop in the dollar index against the background of the adoption of a support package, or new news about the entry of large companies into the crypto market), another all time high update by bitcoin is possible.

As always, wishing you a great day ahead and remember to always do your own research. This is not traditional investment advice and ought not to be deemed as financial recommendation. Must do your own research. #Decryptedge.

*DECRYPT EDGE* is inviting you to a scheduled Zoom meeting.

Topic: *DIGITIZATION SHIFT ..... WHERE ARE YOU?*
Time: *Dec 19, 2020 09:55 AM Nairobi*


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Thoughts on the market on 19.12.2020: #Coinbase Picks #GoldmanSachs to Lead Upcoming #IPO:

#Bitcoin moved in the range of 22400-23250 during the day. The correction below 22600 was quickly bought back, #Bitcoin returned above 23K, but it has not yet been possible to pass 23200. #Bitcoin is currently trading at around 23,100. Total Crypto-Market capitalization at $658 billion with #BTC dominance index of 65.3%.

Equities closed lower, US indices shed 0.41% to 0.07%, S&P 500 closed at 3709. Oil continues to rise, Brent is already above 52 (for the first time since March 5), gold closed at 1887.

There was no news on the stimulus package, so we see profit taking and a slight drop. Yesterday’s expectations worked out, Senate Leader Mitch McConnell spoke about the continuation of work on the aid package on Saturday, news on the package on the weekend is not excluded, with this we will see the market reaction on Monday.

On the cryptomarket too, everything is according to yesterday's plan. #Bitcoin went below 22600 for some time, but soon returned to the trading range and is now trading at about 23100. Over the past day, the boundaries of the range have corrected and now the current TR is 23200-22500.

Coinbase exchange has applied for an IPO. (https://blog.coinbase.com/coinbase-announces-confidential-submission-of-draft-registration-statement-b140a9dfc9f5) The company's preliminary estimate is $ 28 billion. Coinbase has tapped Goldman Sachs to lead its upcoming initial public offering, per a report by Business Insider that cited industry sources published Friday. Coinbase announced Thursday it had filed preliminary documents with the U.S. Securities and Exchange Commission in preparation for a public offering. Earlier this week, the firm also published a memo to clients saying that #bitcoin poses no serious thread to gold's status as a last-resort monetary commodity. Nonetheless, Goldman has been active in the cryptocurrency industry from early on, including investments in Circle, Bitgo and other leading companies. Coinbase declined to comment on the report. Source | Coindesk.

Derebit exchange on the other hand have offer options on Bitcoin with a strike price of $ 100 thousand (expiration 09/24/2021). Of course, this does not mean that Bitcoin will necessarily be worth 100K by that date. But this means that conversations about Bitcoin at 100K have moved to a practical level.

Bitcoin has remained in the range, so we expect the growth of altcoins, a decrease in the dominance index, an increase in market capitalization towards 700 billion. An alternative is the Bitcoin correction in the thin weekend market by 1000-1500 points down, as it was on August 2 or November 26 this year, from subsequent restoration to the original levels. The first option is a priority.

As always, wishing you a great weekend ahead and remember to always do your own research. This is not traditional investment advice and ought not to be deemed as financial recommendation. Must do your own research. #decryptedge

#Bitcoin met expectations by the end of the year and updated its ATH. #decryptedge market thoughts spoke about the inevitability of this since July and many times in November when it became apparent.

The question is what will happen next?

It is clear that a correction is inevitable. This is how the market works; it cannot grow all the time. Therefore, the only question is when this correction will take place, how much Bitcoin will fall, and how long it will last. Consider the below options for the development of events.

1. Bitcoin is now moving between 22K and 24K, alts are growing, capitalization is approaching 700 billion or a little further. A further correction to 17-18K and a subsequent 500 billion in capitalization means further growth to market capitalization to 1 trillion. Consider this option a priority.

2. Bitcoin continues to move up from current levels or after a spill to 20600-20000. Since Bitcoin has never been in this territory at all, there are no historical resistances here, you can only focus on the psychological levels of 25K and 30K.

If #Bitcoin gains a foothold above 25K, and especially above 30K next week, there will be a strong FOMO crowd, deteriorating audience quality and a correction, when it does come, will be longer and deeper.

Alts in this case are moderately growing against the dollar, falling against Bitcoin, and the prospects for the altseason depend on how long Bitcoin will be at the highs reached.

3. Bitcoin from the current levels goes below 20K. Possible on the FUD wave, the bottom, in this case, is unlikely to be deeper than 17-18K.

If you prioritize the options, then 1-2-3.
Option 1 is prioritized because this is a standard market cycle. After the growth of Bitcoin, alts always grow and there is now no particular reason to deviate from this standard.

The departure from the usual pattern of the past three years is likely to be different. At the end of 2017-beginning of 2018, and in February 2020, and in August-September 2020, it has always been like this - the growth of Bitcoin, the growth of alts, the drain of the entire market.

Now, most likely, there will be no strong Bitcoin drains. Of course, we could be wrong, but we are unlikely to see it below 15K.

The reason is that Bitcoin's audience has changed. Therefore, there will be no strong drains, and the volatility will decrease. In the altcoins, everything will remain the same for now - hamsters, deer, volatility. We will not see the dominance index below 50%, this is in the medium term. We will discuss this in our plans for 2021, which we shall update here.

By the time of correction - in case of working out the priority option next week, we expect the growth of altcoins, which can be continued in the new year. By the second half of January, in anticipation of the #Chinese New Year, there will be a correction.

As always, wishing you a great day ahead and remember to always do your own research. This is not traditional investment advice and ought not to be deemed as financial recommendation. Must do your own research. #Decryptedge