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.
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.
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.
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.
#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*
TODAY on *BITCOIN101* - Let's learn about...
*-#Who's Been Buying All the Bitcoin?.*
*- Crypto-Markets news and updates.*
*- Open Q & A session.*
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Topic: *DIGITIZATION SHIFT ..... WHERE ARE YOU?*
Time: *Dec 19, 2020 09:55 AM Nairobi*
TODAY on *BITCOIN101* - Let's learn about...
*-#Who's Been Buying All the Bitcoin?.*
*- Crypto-Markets news and updates.*
*- Open Q & A session.*
Join Zoom Meeting
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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 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
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
Should I buy Bitcoin right now? Thoughts on the market on 22.12.2020:
#Bitcoin tested the lower border of the trading range during the last 24 hrs, reaching lows below 22K. The correction was brought back and the price returned to 22800-23000, where it is currently being traded. Total Crypto-Market capitalization is at $638 billion and #BTC dominance index of 66.6%.
Fear returned to traditional markets in the first half of yesterday’s trading session. European indices corrected down, losing 2-3%, futures for US indices moved in the same direction, futures for the S&P 500 fell to almost 3600, and the dollar index reached 90.94.
The understanding came to the market that this story with the British modification of the virus strongly resembles manipulation and native advertising of the vaccine, the markets went to growth. This was also helped by the adopted support package, which was announced yesterday. As a result, the S&P 500 closed at 3694, losing only 0.39% from the results of Friday evening, the Dow Jones rose by 0.12%, the Nacdaq lost 0.1%. Now the situation has practically not changed - futures for the S&P 500 at 3688, the dollar index at about 90, gold at 1887.
The support package could have triggered a Christmas rally, but because of yesterday's panic, it just brought the markets back to their original position.
The stock market is becoming more and more like the crypto market - stocks growing by several hundred % per day information manipulations that move the markets, a crowd of deer happily buying up assets at the highs and losing falling by a couple of percent, reminds the crypto market of the 2017-2018 rally. The principle of audience quality is in action.
On the crypto market, this option is still working out: Bitcoin confirmed the lower border of the 22K-24K range, the price pushed off the support and reached 23200, and twice in the last 10 hours bounced off this level down. With Bitcoin falling by 1000 points, the alts, as always, suffered even more. Nonetheless with a stable Bitcoin in the range of 22000-24000, the growth of the top altcoins is inevitable, and such a drain is a good opportunity to enter. If not sure contact @decryptedge.
There was a lot of negativity yesterday - the hacking of EXMO, with which assets were taken away. #EXMO, one of the popular crypto exchanges in Ukraine and Russia, suffered a hack. According to The Block Research, EXMO appears to have lost $10.5 million worth of funds. The exchange provided the list of stolen coins along with their addresses, and the analysis shows that most of the funds have been sent to #Poloniex. The lost coins include bitcoin (BTC), ether (ETH), XRP, ether classic (ETC), Tether (USDT), and Zcash (ZEC). Technical problems too with #Binance, which did not work for several hours (the situation did not affect Binance Futures), foreign markets in the morning also put pressure on the crypto market. If against such a background the maximum that the bears have achieved is a short-term decline to 22K, then everything is going correctly and according to plan.
Today I expect Bitcoin to continue moving in the range of 22000-24000. If we pass 23200 - we are moving to the upper border of the range, if we do not pass - we can go back to 22K. Most probably Bitcoin will be relatively stable in the coming days, alts will return to growth.
The MicroStrategy company, which has been buying Bitcoin for a long time has already made good money on it. Bought Bitcoin at 21925 worth 650 million. We have mentioned here that large players will buy at any correction and right here is the confirmation. The volume of open positions in Bitcoin - futures on CME has renewed its maximum, reaching 1.47 billion.
Should I buy Bitcoin right now? I Am sure many are tormented by that question. Especially torments those who sold it for 17-18K. Buying and waiting for a fall is scary. Not buying it and watching it grow to 30K is even worse. More on this here: https://t.me/decryptedge
#Bitcoin tested the lower border of the trading range during the last 24 hrs, reaching lows below 22K. The correction was brought back and the price returned to 22800-23000, where it is currently being traded. Total Crypto-Market capitalization is at $638 billion and #BTC dominance index of 66.6%.
Fear returned to traditional markets in the first half of yesterday’s trading session. European indices corrected down, losing 2-3%, futures for US indices moved in the same direction, futures for the S&P 500 fell to almost 3600, and the dollar index reached 90.94.
The understanding came to the market that this story with the British modification of the virus strongly resembles manipulation and native advertising of the vaccine, the markets went to growth. This was also helped by the adopted support package, which was announced yesterday. As a result, the S&P 500 closed at 3694, losing only 0.39% from the results of Friday evening, the Dow Jones rose by 0.12%, the Nacdaq lost 0.1%. Now the situation has practically not changed - futures for the S&P 500 at 3688, the dollar index at about 90, gold at 1887.
The support package could have triggered a Christmas rally, but because of yesterday's panic, it just brought the markets back to their original position.
The stock market is becoming more and more like the crypto market - stocks growing by several hundred % per day information manipulations that move the markets, a crowd of deer happily buying up assets at the highs and losing falling by a couple of percent, reminds the crypto market of the 2017-2018 rally. The principle of audience quality is in action.
On the crypto market, this option is still working out: Bitcoin confirmed the lower border of the 22K-24K range, the price pushed off the support and reached 23200, and twice in the last 10 hours bounced off this level down. With Bitcoin falling by 1000 points, the alts, as always, suffered even more. Nonetheless with a stable Bitcoin in the range of 22000-24000, the growth of the top altcoins is inevitable, and such a drain is a good opportunity to enter. If not sure contact @decryptedge.
There was a lot of negativity yesterday - the hacking of EXMO, with which assets were taken away. #EXMO, one of the popular crypto exchanges in Ukraine and Russia, suffered a hack. According to The Block Research, EXMO appears to have lost $10.5 million worth of funds. The exchange provided the list of stolen coins along with their addresses, and the analysis shows that most of the funds have been sent to #Poloniex. The lost coins include bitcoin (BTC), ether (ETH), XRP, ether classic (ETC), Tether (USDT), and Zcash (ZEC). Technical problems too with #Binance, which did not work for several hours (the situation did not affect Binance Futures), foreign markets in the morning also put pressure on the crypto market. If against such a background the maximum that the bears have achieved is a short-term decline to 22K, then everything is going correctly and according to plan.
Today I expect Bitcoin to continue moving in the range of 22000-24000. If we pass 23200 - we are moving to the upper border of the range, if we do not pass - we can go back to 22K. Most probably Bitcoin will be relatively stable in the coming days, alts will return to growth.
The MicroStrategy company, which has been buying Bitcoin for a long time has already made good money on it. Bought Bitcoin at 21925 worth 650 million. We have mentioned here that large players will buy at any correction and right here is the confirmation. The volume of open positions in Bitcoin - futures on CME has renewed its maximum, reaching 1.47 billion.
Should I buy Bitcoin right now? I Am sure many are tormented by that question. Especially torments those who sold it for 17-18K. Buying and waiting for a fall is scary. Not buying it and watching it grow to 30K is even worse. More on this here: https://t.me/decryptedge
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KryptoEdge
#Bitcoin & Digital Assets Beyond the Hype!
Daily insights, overview and filter summarized #Crypto global updates.
Admins: @DkryptoL Website: https://decryptedge.com/
Daily insights, overview and filter summarized #Crypto global updates.
Admins: @DkryptoL Website: https://decryptedge.com/
As always, wishing you a fruitful 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.
Bitcoin 2021: What Next? Thoughts on the market as of 23.12.2020
#Bitcoin fixed above 23K during the last 24hrs and continued to grow. For more than 5 hours now, it has been trading above 23,500, for a moment it went above 24K and back. Currently trading at 23,550-23,660 price range. Total Crypto-Market capitalization is at $653 billion and #BTC dominance index of 67.3%.
Financial markets are almost in place - the Dow Jones lost 0.67%, the S&P 500 fell 0.21%, and the Nasdag added 0.51%. Oil is back below 50, gold is trading around 1870, and the dollar index is below 90.5. #Apple shares have grown on the news of the success in work on the electric car, the 900 billion aid package has been adopted by lawmakers and is awaiting Trump's signature (this signature no longer has any practical significance - Trump will not sign now, Biden will sign after his inauguration on January 20. Nothing significant will happen in traditional markets by the end of the week.
On the cryptomarket, Bitcoin since yesterday passed 23200, consolidated above 23500 and continued to move to the upper border of a wide trading range of 22000-24000, which he spoke about here. With the growth of altcoins, it is not particularly developing - after a rise over the weekend and a drawdown on Monday, they did not restore their positions, and the situation with XRP brought the dominance index above 67%.
We need to understand the picture of the market as a whole - Bitcoin is moving towards 24K, the dominance index is high, the holidays are ahead, which means, most likely, Bitcoin will be stable. Of course, everything happens in the markets, nonetheless in such a situation, the growth of the TOP of altcoins in the near future is the highest priority option.
Wirex has been granted Principal Member status in the VISA system. Of the crypto services, until now, only Coinbase had such a status. It is difficult and costly to get this status, and if they did it, we expect a mass product from this service in 2021.
Bitcoin 2021: What Next?
The Clem Chambers who is the CEO of leading stocks and shares information site, ADVFN, and author of the Amazon number 1 best sellers 101 Ways to Pick Stock Market Winners and Beginner’s Guide to Value Investing, in his recent article says “This is the trajectory I’m expecting over the next few weeks. It is fiendishly difficult to predict these verticals. It doesn’t matter if it’s dot.com, Apple AAPL , Tesla TSLA , bitcoin 2017 or any number of spicy speculations from gold back in the 1980s or commodities in the early 1970s –the vertical’s top has to be a wild guess. The ride is punctuated with gut-wrenching pauses as the price gains momentary equilibrium and fear and greed mix as the stakes get ever higher. He also added that: “Trees don’t grow to the skies, says the old speculator’s proverb, but actually they do, at least from where I stand 100 feet below. So what is an investor—let’s read speculator— to do?” In his piece published by #forbes. He says that, the answer is to keep their position as part of a diversified portfolio or at least deal with it as if this is a goal. If BTC hits $30,000 he will consider lightening up. “I might liquidate but I also might hold on, depending on what is happening.” Bitcoin is less likely to quadruple than ether (ETH) and below these titans there is a world of small token projects bubbling up. One way to diversify is to break up a lumpy bitcoin position into a series of small crypto positions. At BTC $30,000 I will certainly be thinking about that possibility. Clem Chambers @ADVFN. More on this on our Telegram Channel https://t.me/decryptedge
With that post from Clem, I wish you a great day ahead. 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 fixed above 23K during the last 24hrs and continued to grow. For more than 5 hours now, it has been trading above 23,500, for a moment it went above 24K and back. Currently trading at 23,550-23,660 price range. Total Crypto-Market capitalization is at $653 billion and #BTC dominance index of 67.3%.
Financial markets are almost in place - the Dow Jones lost 0.67%, the S&P 500 fell 0.21%, and the Nasdag added 0.51%. Oil is back below 50, gold is trading around 1870, and the dollar index is below 90.5. #Apple shares have grown on the news of the success in work on the electric car, the 900 billion aid package has been adopted by lawmakers and is awaiting Trump's signature (this signature no longer has any practical significance - Trump will not sign now, Biden will sign after his inauguration on January 20. Nothing significant will happen in traditional markets by the end of the week.
On the cryptomarket, Bitcoin since yesterday passed 23200, consolidated above 23500 and continued to move to the upper border of a wide trading range of 22000-24000, which he spoke about here. With the growth of altcoins, it is not particularly developing - after a rise over the weekend and a drawdown on Monday, they did not restore their positions, and the situation with XRP brought the dominance index above 67%.
We need to understand the picture of the market as a whole - Bitcoin is moving towards 24K, the dominance index is high, the holidays are ahead, which means, most likely, Bitcoin will be stable. Of course, everything happens in the markets, nonetheless in such a situation, the growth of the TOP of altcoins in the near future is the highest priority option.
Wirex has been granted Principal Member status in the VISA system. Of the crypto services, until now, only Coinbase had such a status. It is difficult and costly to get this status, and if they did it, we expect a mass product from this service in 2021.
Bitcoin 2021: What Next?
The Clem Chambers who is the CEO of leading stocks and shares information site, ADVFN, and author of the Amazon number 1 best sellers 101 Ways to Pick Stock Market Winners and Beginner’s Guide to Value Investing, in his recent article says “This is the trajectory I’m expecting over the next few weeks. It is fiendishly difficult to predict these verticals. It doesn’t matter if it’s dot.com, Apple AAPL , Tesla TSLA , bitcoin 2017 or any number of spicy speculations from gold back in the 1980s or commodities in the early 1970s –the vertical’s top has to be a wild guess. The ride is punctuated with gut-wrenching pauses as the price gains momentary equilibrium and fear and greed mix as the stakes get ever higher. He also added that: “Trees don’t grow to the skies, says the old speculator’s proverb, but actually they do, at least from where I stand 100 feet below. So what is an investor—let’s read speculator— to do?” In his piece published by #forbes. He says that, the answer is to keep their position as part of a diversified portfolio or at least deal with it as if this is a goal. If BTC hits $30,000 he will consider lightening up. “I might liquidate but I also might hold on, depending on what is happening.” Bitcoin is less likely to quadruple than ether (ETH) and below these titans there is a world of small token projects bubbling up. One way to diversify is to break up a lumpy bitcoin position into a series of small crypto positions. At BTC $30,000 I will certainly be thinking about that possibility. Clem Chambers @ADVFN. More on this on our Telegram Channel https://t.me/decryptedge
With that post from Clem, I wish you a great day ahead. 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
Telegram
KryptoEdge
#Bitcoin & Digital Assets Beyond the Hype!
Daily insights, overview and filter summarized #Crypto global updates.
Admins: @DkryptoL Website: https://decryptedge.com/
Daily insights, overview and filter summarized #Crypto global updates.
Admins: @DkryptoL Website: https://decryptedge.com/
Congratulations, the #US got you cryptocurrency regulation for #Christmas as SEC Sues Ripple Over 7-Year, $1.3B ‘Ongoing’ XRP Sale. Thoughts on the market as of 23.12.2020:
In the last 24hr #Bitcoin first approached the upper border of the trading range, fixing a local maximum above $24200, then began to decline, again testing $22600 for strength.
It's now trading around 23000-22800. Total CryptoMarket capitalization is at $616 billion, and #BTC dominance index 69.0%.
American markets closed slightly higher. Dow Jones added 0.38%, S&P 500 0.07%, Nasdaq lost 0.29%. Markets rallied on strong labor market data and information on the BREXIT deal, which was expected to be announced yesterday. Then it turned out that there was no announcement yet, which caused a reaction from the markets. There is every chance to close the last trading day before Catholic Christmas with growth, especially if the BREXIT deal is announced.
The main negative of the cryptocurrency market is #XRP, which breaks the bottom against the background of the SEC hitting and has already lost its support by 0.3. The rest of the altcoins in the last day followed. The Bitcoin Dominance Index reached annual highs, and the market capitalization lost more than 10%. Bitcoin moves in a wide trading range of 22000-24000.
Interestingly the same time, when it moves to the upper border of the range, the altos grow slightly or stand still, and when moving to the lower one, they tend to break through the bottom, especially Chainlink and XTZ succeeded in this.
The situation with the volatility should be regarded as an opportunity. When else to buy them, if not on the correction?
Jay Clayton, Chairman of the US Securities and Exchange Commission (SEC), is leaving his post until the end of the year. That is, his hitting XRP was just a spectacular completion of activities, and it is far from the fact that it will have practical consequences. Once market participants understand this, XRP will go up and the rest of the alts will follow. And Congratulations, the #US got you cryptocurrency regulation for #Christmas. Under new proposed regulations from the Financial Crimes Enforcement Network, it may become much easier for the government to track bitcoin transactions. And while there’s currently a 15-day comment period open, cryptocurrency exchange Coinbase and the Electronic Frontier Foundation are calling foul because that period includes Christmas Eve, Christmas Day, New Year’s Eve, and New Year’s Day. More on our Telegram Channel @decryptedge.
So in closing expect Bitcoin to return above 23K (possibly after the 22K test) and altcoins to revive even before the New Year. By the same XRP, it seems that the bottom has already formed and we are not going lower.
Regarding the situation with altcoins, we once again recall the quality of the audience: The market crowd is draining senselessly and mercilessly), and it is still the main participant in the altcoin market. The advantage is that when #Altcoin grows, it behaves just as irrational. Those who have now leaked or are draining on altcoins will actively enter them when they grow by 30-50%.
Although at that time it will already be necessary to think about taking profit.
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
In the last 24hr #Bitcoin first approached the upper border of the trading range, fixing a local maximum above $24200, then began to decline, again testing $22600 for strength.
It's now trading around 23000-22800. Total CryptoMarket capitalization is at $616 billion, and #BTC dominance index 69.0%.
American markets closed slightly higher. Dow Jones added 0.38%, S&P 500 0.07%, Nasdaq lost 0.29%. Markets rallied on strong labor market data and information on the BREXIT deal, which was expected to be announced yesterday. Then it turned out that there was no announcement yet, which caused a reaction from the markets. There is every chance to close the last trading day before Catholic Christmas with growth, especially if the BREXIT deal is announced.
The main negative of the cryptocurrency market is #XRP, which breaks the bottom against the background of the SEC hitting and has already lost its support by 0.3. The rest of the altcoins in the last day followed. The Bitcoin Dominance Index reached annual highs, and the market capitalization lost more than 10%. Bitcoin moves in a wide trading range of 22000-24000.
Interestingly the same time, when it moves to the upper border of the range, the altos grow slightly or stand still, and when moving to the lower one, they tend to break through the bottom, especially Chainlink and XTZ succeeded in this.
The situation with the volatility should be regarded as an opportunity. When else to buy them, if not on the correction?
Jay Clayton, Chairman of the US Securities and Exchange Commission (SEC), is leaving his post until the end of the year. That is, his hitting XRP was just a spectacular completion of activities, and it is far from the fact that it will have practical consequences. Once market participants understand this, XRP will go up and the rest of the alts will follow. And Congratulations, the #US got you cryptocurrency regulation for #Christmas. Under new proposed regulations from the Financial Crimes Enforcement Network, it may become much easier for the government to track bitcoin transactions. And while there’s currently a 15-day comment period open, cryptocurrency exchange Coinbase and the Electronic Frontier Foundation are calling foul because that period includes Christmas Eve, Christmas Day, New Year’s Eve, and New Year’s Day. More on our Telegram Channel @decryptedge.
So in closing expect Bitcoin to return above 23K (possibly after the 22K test) and altcoins to revive even before the New Year. By the same XRP, it seems that the bottom has already formed and we are not going lower.
Regarding the situation with altcoins, we once again recall the quality of the audience: The market crowd is draining senselessly and mercilessly), and it is still the main participant in the altcoin market. The advantage is that when #Altcoin grows, it behaves just as irrational. Those who have now leaked or are draining on altcoins will actively enter them when they grow by 30-50%.
Although at that time it will already be necessary to think about taking profit.
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