Thoughts on the market on 12.10.2020: #Bitcoin Nears $11.5K on #US Stimulus Prospects, Seems to Confirm Bullish Trend.
Over the weekend, #Bitcoin confidently held above 11300, all attempts to go below were immediately bought back. So far, it has not been possible to approach 11500 either, now trading in a narrow range of 11350-11400. Total Crypto-Market capitalization is at $358 billion and BTC dominance index 58.5%.
Likely events driving the move was optimism for the prospects for a U.S. stimulus package after the White House boosted its offer to Democrats on a pandemic relief package to the north of $1.8 trillion Friday. Have talked about this before here.
A new round of stimulus would likely benefit BTC in at least three ways:
-Government and central bank spending around the world in response to the coronavirus-induced slowdown, in the eyes of many, will. inevitably result in inflation, and therefore be positive for the cryptocurrency.
-Given the current correlation between equities and BTC, and that some investors treating BTC like it's a tech stock, anything that boosts equities invariably boosts BTC.
-Stimulus paychecks would give individual investors money to invest and some of those investments would likely be BTC.
Buyers stepped in around $10,500 earlier this week after payments company Square announced that it has put some 1% of its assets into bitcoin #Bitcoin is changing hands near $11,320, representing a 2% gain on the day. - Coindesk.
Equity markets continued where they left off on Friday. The dollar index continues to decline, Asian indices are growing, S&P 500 futures are showing a slight increase, gold is growing.
This week there will be reports for the 3rd quarter. Started by JP Morgan, Citigroup (banks), and Johnson & Johnson. It is not so much the result for the third quarter that is important as its compliance with market expectations. There may be a situation when a bad report will move the markets up (since everything is so bad, it means that soon they will give money), or a good report will send the stock down if it turns out to be worse than expected.
Bitcoin is stubbornly not going down. After breaking through 11,200, Bitcoin tried several times to go below 11300 in two days, the straits were immediately redeemed. But it was a thin weekend market, let's see what happens today. The market does not yet really believe in growth - altcoins are growing selectively and very moderately, the fear index is in the neutral zone (52), everyone is waiting for Bitcoin to fall to 11000. That is why the priority option is to try to take 11500, which is very likely in such an external background.
An alternative is movement in the range 11200-11500. If an attempt is unsuccessful to take 11500, a strait is possible to 11000-10900.
If Bitcoin passes above 11500, or altcoins move to growth, market capitalization will approach the important level of 400 billion, which has not been passed since May 2018. Further options are possible, will share more details.
Interestingly, Bitmex will most likely be fine. Vivienne Khu, who recently became CEO of Bitmex, is close to CME and Citybank. That is, Bitmex was simply squeezed out according to the classical scheme: a run over by the regulator, and with the transition to personalities, with a further offer that cannot be refused.
As a result, Arthur and the company will receive no complaints and the opportunity to live for their own pleasure, and some shady new owners will receive Bitmex. By the way, CTO Samuel Reed was released on bail the day after the appointment of a new CEO of Bitmex. It seems that the parties agreed. This is bad for Bitmex owners (they will lose the asset), but good for the crypto market in general. Much better than a closed exchange.
Wishing you a blessed week and remember this is traditional investment advice. Must do your own research. D.Y.O.R. @Decryptedge
Over the weekend, #Bitcoin confidently held above 11300, all attempts to go below were immediately bought back. So far, it has not been possible to approach 11500 either, now trading in a narrow range of 11350-11400. Total Crypto-Market capitalization is at $358 billion and BTC dominance index 58.5%.
Likely events driving the move was optimism for the prospects for a U.S. stimulus package after the White House boosted its offer to Democrats on a pandemic relief package to the north of $1.8 trillion Friday. Have talked about this before here.
A new round of stimulus would likely benefit BTC in at least three ways:
-Government and central bank spending around the world in response to the coronavirus-induced slowdown, in the eyes of many, will. inevitably result in inflation, and therefore be positive for the cryptocurrency.
-Given the current correlation between equities and BTC, and that some investors treating BTC like it's a tech stock, anything that boosts equities invariably boosts BTC.
-Stimulus paychecks would give individual investors money to invest and some of those investments would likely be BTC.
Buyers stepped in around $10,500 earlier this week after payments company Square announced that it has put some 1% of its assets into bitcoin #Bitcoin is changing hands near $11,320, representing a 2% gain on the day. - Coindesk.
Equity markets continued where they left off on Friday. The dollar index continues to decline, Asian indices are growing, S&P 500 futures are showing a slight increase, gold is growing.
This week there will be reports for the 3rd quarter. Started by JP Morgan, Citigroup (banks), and Johnson & Johnson. It is not so much the result for the third quarter that is important as its compliance with market expectations. There may be a situation when a bad report will move the markets up (since everything is so bad, it means that soon they will give money), or a good report will send the stock down if it turns out to be worse than expected.
Bitcoin is stubbornly not going down. After breaking through 11,200, Bitcoin tried several times to go below 11300 in two days, the straits were immediately redeemed. But it was a thin weekend market, let's see what happens today. The market does not yet really believe in growth - altcoins are growing selectively and very moderately, the fear index is in the neutral zone (52), everyone is waiting for Bitcoin to fall to 11000. That is why the priority option is to try to take 11500, which is very likely in such an external background.
An alternative is movement in the range 11200-11500. If an attempt is unsuccessful to take 11500, a strait is possible to 11000-10900.
If Bitcoin passes above 11500, or altcoins move to growth, market capitalization will approach the important level of 400 billion, which has not been passed since May 2018. Further options are possible, will share more details.
Interestingly, Bitmex will most likely be fine. Vivienne Khu, who recently became CEO of Bitmex, is close to CME and Citybank. That is, Bitmex was simply squeezed out according to the classical scheme: a run over by the regulator, and with the transition to personalities, with a further offer that cannot be refused.
As a result, Arthur and the company will receive no complaints and the opportunity to live for their own pleasure, and some shady new owners will receive Bitmex. By the way, CTO Samuel Reed was released on bail the day after the appointment of a new CEO of Bitmex. It seems that the parties agreed. This is bad for Bitmex owners (they will lose the asset), but good for the crypto market in general. Much better than a closed exchange.
Wishing you a blessed week and remember this is traditional investment advice. Must do your own research. D.Y.O.R. @Decryptedge
For those interested in the current and future US-approach to cryptocurrency - at least under the current administration.
Thoughts on the market on 15.10.2020: The risks of refusing to include #bitcoin in a portfolio today are higher than the risk of missing out on this opportunity,” #Fidelity notes.
Bitcoin fulfilled plan B from yesterday's review. After another unsuccessful attempt to take 11500, the price of the main cryptocurrency jumped to 11300. The correction was bought out, and for the last 8 hours Bitcoin has been trading in a narrow range of 11350-11420. Total Crypto-Market capitalization is at $358 billion and BTC dominance index of 58.7%.
Stock markets continued their decline yesterday, US indices fell 0.58-080%. S&P 500 closed at 3488. Reason - Treasury Secretary Steven Mnuchin said there are problems with the adoption of the support package. This was already obvious (if there were no problems, the package would have been accepted long ago), but the official statement crashed the markets, despite good statistics on China and strong data on PPI in the US.
Gold is at 1901, the dollar index is up slightly and is moving towards 93.5, S&P 500 futures are looking down. If Trump does not bring a wave of positives to the markets, the downward movement may continue towards 3400-3350 in the S&P 500. But I think that in the next 10-15 days Trump will have his say, and he will try to send the markets to highs, he said earlier.
Bitcoin reaffirmed the lower border of the range at 11300, even on the outside negative it did not go lower. The third attempt to take 11500 failed, but there is no fall, all the corrections are being redeemed. This is very similar to the situation a couple of weeks ago; then, Bitcoin was also steadily holding first above 10200, then above 10500, and did not go lower either on the news about Bitmex or on the external negative. This happens when growth takes place not on emotions, not on FOMO from the crowd, but on a solid foundation. With this form of growth, a return to the original one is extremely rare.
Interestingly, Fidelity Investments announced a possible increase in the capitalization of Bitcoin to 500 billion, and later to 1.3 trillion. They also stated that refusing to include Bitcoin in the portfolio is a much more risky decision than buying Bitcoin. Bitcoin's current capitalization is a drop in the ocean compared to the markets it can influence. However, institutional investors are able to push the capitalization of the first cryptocurrency to $ 500 billion, according to a new study by the financial corporation Fidelity Investments. For a detailed PDF report feel free to ask for it. Quite notable too. In the face of #Ethereum’s recent rocketing transaction fees, its founder and chief scientist, Vitalik Buterin, called on users of the second-largest #blockchain to move over to scaling solutions that are “already here for many classes of applications.” The explosion in decentralized finance (#DeFi) platforms running on Ethereum has caused the cost of transaction fees to skyrocket in recent months (transaction fees have increased from 8 cents at the start of this year to highs of around $14 in September). Meanwhile, there’s pressure from other competing base-layer protocols like Polkadot, Cosmos and Blockstack. - Source:Coindesk.
Today we expect further consolidation at 11300-11500. Out of the range is possible on the external negative or positive. In case of going up, most likely, we will hit 11800, below the next support is at 11000-10900 (but this is only if 11300 cannot resist the external negative).
As always wishing you a blessed day ahead, and remember this is not your traditional investment advice or recommendation.
Bitcoin fulfilled plan B from yesterday's review. After another unsuccessful attempt to take 11500, the price of the main cryptocurrency jumped to 11300. The correction was bought out, and for the last 8 hours Bitcoin has been trading in a narrow range of 11350-11420. Total Crypto-Market capitalization is at $358 billion and BTC dominance index of 58.7%.
Stock markets continued their decline yesterday, US indices fell 0.58-080%. S&P 500 closed at 3488. Reason - Treasury Secretary Steven Mnuchin said there are problems with the adoption of the support package. This was already obvious (if there were no problems, the package would have been accepted long ago), but the official statement crashed the markets, despite good statistics on China and strong data on PPI in the US.
Gold is at 1901, the dollar index is up slightly and is moving towards 93.5, S&P 500 futures are looking down. If Trump does not bring a wave of positives to the markets, the downward movement may continue towards 3400-3350 in the S&P 500. But I think that in the next 10-15 days Trump will have his say, and he will try to send the markets to highs, he said earlier.
Bitcoin reaffirmed the lower border of the range at 11300, even on the outside negative it did not go lower. The third attempt to take 11500 failed, but there is no fall, all the corrections are being redeemed. This is very similar to the situation a couple of weeks ago; then, Bitcoin was also steadily holding first above 10200, then above 10500, and did not go lower either on the news about Bitmex or on the external negative. This happens when growth takes place not on emotions, not on FOMO from the crowd, but on a solid foundation. With this form of growth, a return to the original one is extremely rare.
Interestingly, Fidelity Investments announced a possible increase in the capitalization of Bitcoin to 500 billion, and later to 1.3 trillion. They also stated that refusing to include Bitcoin in the portfolio is a much more risky decision than buying Bitcoin. Bitcoin's current capitalization is a drop in the ocean compared to the markets it can influence. However, institutional investors are able to push the capitalization of the first cryptocurrency to $ 500 billion, according to a new study by the financial corporation Fidelity Investments. For a detailed PDF report feel free to ask for it. Quite notable too. In the face of #Ethereum’s recent rocketing transaction fees, its founder and chief scientist, Vitalik Buterin, called on users of the second-largest #blockchain to move over to scaling solutions that are “already here for many classes of applications.” The explosion in decentralized finance (#DeFi) platforms running on Ethereum has caused the cost of transaction fees to skyrocket in recent months (transaction fees have increased from 8 cents at the start of this year to highs of around $14 in September). Meanwhile, there’s pressure from other competing base-layer protocols like Polkadot, Cosmos and Blockstack. - Source:Coindesk.
Today we expect further consolidation at 11300-11500. Out of the range is possible on the external negative or positive. In case of going up, most likely, we will hit 11800, below the next support is at 11000-10900 (but this is only if 11300 cannot resist the external negative).
As always wishing you a blessed day ahead, and remember this is not your traditional investment advice or recommendation.
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Topic: DIGITIZATION SHIFT .... WHERE ARE YOU?
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#Decryptedge Thoughts on the market on 19.10.2020: The Great Financial #Reset: #IMF Managing Director Calls for a 'New Bretton Woods Moment' Do you know what is the #Bretton Woods system?
The weekend passed calmly as #Bitcoin remained in the range of 11300-11500, as stated in our review. Last night nonetheless, there was another attempt to gain a foothold above 11500, it did not lead to success, and now Bitcoin is trading around 11450. Total Crypto-Market capitalization is at $359 billion and #Btc dominance index 59.0%.
Financial markets opened neutral-positive. Asian indices and S&P 500 futures show slight gains. The main idea for the markets will again be the situation around the support package - whether it will be adopted before the elections, or after. House Speaker Nancy Pelosi called for the issue to be resolved within 48 hours. Both options assume that about a trillion dollars of new money will enter the market, therefore, even if the package is not accepted before the elections, it will not cause some kind of collapse.
But if they do, Trump's promise of highs in the stock market before the election will be fulfilled. Most likely Trump intends to make the stock market one of the instruments of his victory.
Bitcoin has been in the 11300-11500 range for 10 days already. During this time, there were 5 attempts to take 11500, while unsuccessful. At the same time, all movements below 11300 are quickly redeemed. Given the resistance to negativity and the interest of large players, it looks like accumulation before the breakthrough to 12K.
The high dollar index and the weakness of altcoins are alarming, as well as the growth of the greed and fear index, which has moved from the neutral zone to the greed zone (55). These factors indicate that the road to 12K can go through but before a bounce back at 11000-10900.
The bounce back option is possible in the event of a significant negative in the financial markets, or FUD in the crypto market, for example, around OKex, where the story is not over yet. Interesting. CEO OKex previously served as Vice President of Investments at Goldman Sachs. And at the same time when the new CEO of Bitmex worked there. What this means, we will write on this separately.
On Thursday, October 15, the IMF published a speech written by the IMF’s Washington, DC managing director, Kristalina Georgieva called “A New Bretton Woods Moment.” The article has caused sound money and free-market advocates to grow concerned that a big change is coming and possibly a great financial reset. Economists, analysts, and bitcoiners have been discussing the IMF managing director’s speech since it was published on the IMF website on Thursday. A few days later on October 18, macro strategist Raoul Pal said Georgieva’s article alludes to a “huge” change coming to the global financial system. “If you don’t think #CBDC’s (Central Bank Digital Currencies) are coming, you are missing the big and important picture,” Raoul Pal tweeted on Sunday morning. “This is going to be the biggest overhaul of the global financial system since Bretton Woods. This IMF article alludes to a huge change coming, but lacks real clarity outside of allowing much more fiscal stimulus via monetary mechanisms. And tomorrow, the IMF holds a conference on digital currencies and cross-border payment systems…” Source News.bitcoin
Do you know The Bretton Woods system was a huge change in the world’s economic system. The agreement in 1944 established centralized monetary management rules between Australia, Japan, the United States, Canada, and a number of Western European countries.
As always wishing you a blessed week ahead, and must always do your own research. This is not traditional investment of financial advice.
#Decryptedge
The weekend passed calmly as #Bitcoin remained in the range of 11300-11500, as stated in our review. Last night nonetheless, there was another attempt to gain a foothold above 11500, it did not lead to success, and now Bitcoin is trading around 11450. Total Crypto-Market capitalization is at $359 billion and #Btc dominance index 59.0%.
Financial markets opened neutral-positive. Asian indices and S&P 500 futures show slight gains. The main idea for the markets will again be the situation around the support package - whether it will be adopted before the elections, or after. House Speaker Nancy Pelosi called for the issue to be resolved within 48 hours. Both options assume that about a trillion dollars of new money will enter the market, therefore, even if the package is not accepted before the elections, it will not cause some kind of collapse.
But if they do, Trump's promise of highs in the stock market before the election will be fulfilled. Most likely Trump intends to make the stock market one of the instruments of his victory.
Bitcoin has been in the 11300-11500 range for 10 days already. During this time, there were 5 attempts to take 11500, while unsuccessful. At the same time, all movements below 11300 are quickly redeemed. Given the resistance to negativity and the interest of large players, it looks like accumulation before the breakthrough to 12K.
The high dollar index and the weakness of altcoins are alarming, as well as the growth of the greed and fear index, which has moved from the neutral zone to the greed zone (55). These factors indicate that the road to 12K can go through but before a bounce back at 11000-10900.
The bounce back option is possible in the event of a significant negative in the financial markets, or FUD in the crypto market, for example, around OKex, where the story is not over yet. Interesting. CEO OKex previously served as Vice President of Investments at Goldman Sachs. And at the same time when the new CEO of Bitmex worked there. What this means, we will write on this separately.
On Thursday, October 15, the IMF published a speech written by the IMF’s Washington, DC managing director, Kristalina Georgieva called “A New Bretton Woods Moment.” The article has caused sound money and free-market advocates to grow concerned that a big change is coming and possibly a great financial reset. Economists, analysts, and bitcoiners have been discussing the IMF managing director’s speech since it was published on the IMF website on Thursday. A few days later on October 18, macro strategist Raoul Pal said Georgieva’s article alludes to a “huge” change coming to the global financial system. “If you don’t think #CBDC’s (Central Bank Digital Currencies) are coming, you are missing the big and important picture,” Raoul Pal tweeted on Sunday morning. “This is going to be the biggest overhaul of the global financial system since Bretton Woods. This IMF article alludes to a huge change coming, but lacks real clarity outside of allowing much more fiscal stimulus via monetary mechanisms. And tomorrow, the IMF holds a conference on digital currencies and cross-border payment systems…” Source News.bitcoin
Do you know The Bretton Woods system was a huge change in the world’s economic system. The agreement in 1944 established centralized monetary management rules between Australia, Japan, the United States, Canada, and a number of Western European countries.
As always wishing you a blessed week ahead, and must always do your own research. This is not traditional investment of financial advice.
#Decryptedge
Join in and learn more on IMF Vision for the Future when it comes to Cross-Border Payments ... it will be live in about 23mins
https://meetings.imf.org/en/2020/Annual/Schedule/2020/10/19/imf-cross-border-payments-a-vision-for-the-future
https://meetings.imf.org/en/2020/Annual/Schedule/2020/10/19/imf-cross-border-payments-a-vision-for-the-future
IMF
Cross-Border Payments—A Vision for the Future
SATOSHI NAKAMOTO - In Japanese satoshi means “clear-thinking” or “wise”,
naka can mean “inside” or “relationship” and moto is
used to describe “the origin” or “the foundation.”
Strung together it reads “thinking clearly inside the
foundation”.
#Bitcoin101
#Decryptedge
naka can mean “inside” or “relationship” and moto is
used to describe “the origin” or “the foundation.”
Strung together it reads “thinking clearly inside the
foundation”.
#Bitcoin101
#Decryptedge
#decryptedge Thoughts on the market on 22.10.2020: #PayPal Embraces #Crypto, Igniting Market as Mainstream Adoption Inches Closer. ⚠️
#Bitcoin exceeded expectations from yesterday's review, not only consolidated above 12K, but also updated annual highs above 13200. After that, a correction followed and Bitcoin did later slide back to 12700-12750, where it is currently being traded. Total Crypto-Market capitalization is at $387 billion and #BTC dominance index of 61.1%.
Stock markets showed a slight decline, US indices lost 0.22% to 0.35%, S&P 500 closed at 3435.56 The market is still waiting for a package of support, but there is no package, because there are key differences between Democrats and Republicans over the distribution of funds. The dollar index after yesterday's fall to 92.5 rose by 0.2%, gold and oil are also on the decline. The yield on the 10-year Treasuries has grown and is near half-year highs, this is not in favor of the growth of the stock market. If there is no positive on the support package, stock markets are likely to fall. S&P 500 Futures Now Down 0.66%
The crypto market yesterday worked out the news that PayPal is starting to work with cryptocurrency.
The working conditions⚠️ of PayPal with #crypto are rather strange - only the crypto that was bought in Pay Pal can be stored in the wallet, it cannot be transferred to other accounts neither the "owner" of the crypto placed in PayPal does not have the private keys. 🤔 In fact, these are some kind of crypto derivatives stored in fiat and only those who do not understand the advantages of a real crypto can store their Bitcoins there. Not your private keys, not your bitcoin.
But this is still useful, as it helps to popularize crypto and drive for global adoption, and most importantly, such a PayPal move makes other large companies in the financial and non-financial sector think that they were bypassed and make retaliatory moves.
News from Coindesk state that: PayPal officially confirmed Wednesday it is entering the cryptocurrency market. The payments giant, with 346 million active accounts around the world, pledged to make cryptocurrency “a funding source for purchases at its 26 million merchants worldwide.” What we know:
👉🏾PayPal said buy, sell and hold features would be live within the next few weeks but for some users, the features are already available.
👉🏾PayPal's service does not allow bitcoin or other cryptocurrencies to be withdrawn or deposited. Once you buy the coins, they stay in your account until you sell.
👉🏾Initially, the service supports bitcoin (#BTC), bitcoin cash (#BCH), ether (#ETH) and litecoin (#LTC).
We are waiting for offers from VISA and Mastercard, and then it will come to Amazon. In addition, it was announced yesterday that the Okex exchange has resumed its p2p platform for the Chinese yuan, Vietnamese dong and Indian rupee. Very timely considering the price of Bitcoin and the increasing #FOMO of the crowd. Apparently, all the problems of the exchange, which were previously mentioned have already been resolved.
Against such a news background, Bitcoin confidently updated its annual highs above 13200. A correction took place from this level, Bitcoin found support at 12700. The next goal is to consolidate above 13K and update ATH-2019. Negative stock markets can prevent this from happening immediately. Also, the capitalization level of 400 billion has not yet been passed, I spoke about the importance of this moment here this week.
Altcoins are starting to come to life, but their growth is not yet comparable to the growth of Bitcoin. I think they will catch up in the next two days. And if we leave for the weekend with Bitcoin above 12K (the most likely option), then the local altseason will begin.
The analysis for today is movement in the range of 12500-13000, with possible correction to 12300. An indicator of further growth is the successful capture of the capitalization level of 400 billion. As always wishing you blessed week ahead and this is not your traditional investment advice. Must do your own research(DYOR).
#Bitcoin exceeded expectations from yesterday's review, not only consolidated above 12K, but also updated annual highs above 13200. After that, a correction followed and Bitcoin did later slide back to 12700-12750, where it is currently being traded. Total Crypto-Market capitalization is at $387 billion and #BTC dominance index of 61.1%.
Stock markets showed a slight decline, US indices lost 0.22% to 0.35%, S&P 500 closed at 3435.56 The market is still waiting for a package of support, but there is no package, because there are key differences between Democrats and Republicans over the distribution of funds. The dollar index after yesterday's fall to 92.5 rose by 0.2%, gold and oil are also on the decline. The yield on the 10-year Treasuries has grown and is near half-year highs, this is not in favor of the growth of the stock market. If there is no positive on the support package, stock markets are likely to fall. S&P 500 Futures Now Down 0.66%
The crypto market yesterday worked out the news that PayPal is starting to work with cryptocurrency.
The working conditions⚠️ of PayPal with #crypto are rather strange - only the crypto that was bought in Pay Pal can be stored in the wallet, it cannot be transferred to other accounts neither the "owner" of the crypto placed in PayPal does not have the private keys. 🤔 In fact, these are some kind of crypto derivatives stored in fiat and only those who do not understand the advantages of a real crypto can store their Bitcoins there. Not your private keys, not your bitcoin.
But this is still useful, as it helps to popularize crypto and drive for global adoption, and most importantly, such a PayPal move makes other large companies in the financial and non-financial sector think that they were bypassed and make retaliatory moves.
News from Coindesk state that: PayPal officially confirmed Wednesday it is entering the cryptocurrency market. The payments giant, with 346 million active accounts around the world, pledged to make cryptocurrency “a funding source for purchases at its 26 million merchants worldwide.” What we know:
👉🏾PayPal said buy, sell and hold features would be live within the next few weeks but for some users, the features are already available.
👉🏾PayPal's service does not allow bitcoin or other cryptocurrencies to be withdrawn or deposited. Once you buy the coins, they stay in your account until you sell.
👉🏾Initially, the service supports bitcoin (#BTC), bitcoin cash (#BCH), ether (#ETH) and litecoin (#LTC).
We are waiting for offers from VISA and Mastercard, and then it will come to Amazon. In addition, it was announced yesterday that the Okex exchange has resumed its p2p platform for the Chinese yuan, Vietnamese dong and Indian rupee. Very timely considering the price of Bitcoin and the increasing #FOMO of the crowd. Apparently, all the problems of the exchange, which were previously mentioned have already been resolved.
Against such a news background, Bitcoin confidently updated its annual highs above 13200. A correction took place from this level, Bitcoin found support at 12700. The next goal is to consolidate above 13K and update ATH-2019. Negative stock markets can prevent this from happening immediately. Also, the capitalization level of 400 billion has not yet been passed, I spoke about the importance of this moment here this week.
Altcoins are starting to come to life, but their growth is not yet comparable to the growth of Bitcoin. I think they will catch up in the next two days. And if we leave for the weekend with Bitcoin above 12K (the most likely option), then the local altseason will begin.
The analysis for today is movement in the range of 12500-13000, with possible correction to 12300. An indicator of further growth is the successful capture of the capitalization level of 400 billion. As always wishing you blessed week ahead and this is not your traditional investment advice. Must do your own research(DYOR).
Decrypt Edge is inviting you to a scheduled Zoom meeting.
Topic: *DIGITIZATION SHIFT .... WHERE ARE YOU?*
Time: *Oct 24, 2020 10:50 AM Nairobi*
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Topic: *DIGITIZATION SHIFT .... WHERE ARE YOU?*
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While #PayPal's big news to integrating bitcoin on the vast payment platform exposing #Bitcoin to +300millon people.. lest not forget. PayPal is the antithesis of #Satoshi's Vision
In 2010, PayPal Froze WikiLeaks accounts, stole their donations, and banned Julian Assange.
They are a centralized platform, and using them is senseless because it defeats the entire purpose of #Bitcoin.
In 2010, PayPal Froze WikiLeaks accounts, stole their donations, and banned Julian Assange.
They are a centralized platform, and using them is senseless because it defeats the entire purpose of #Bitcoin.
Thoughts on the market on 26.10.2020: #KanyeWest Praises “#Bitcoin Guys” on Podcast with #JoeRogan
Bitcoin remained in the 12900-13100 price range over the weekend. An attempt on Sunday morning to get out of the range was unsuccessful: #Bitcoin renewed its annual highs at 13369, after which there was a correction to 12700. It all ended with a return to the trading range 12900-13100, near the upper border of which #Bitcoin is currently being traded. Total Crypto-Market capitalization at $397 billion and #BTC dominance index of 61.0%.
Stock markets opened without optimism - futures for the S&P 500 are declining, the dollar index is growing and is already approaching 93, oil has fallen by 1.5-1.6%, so is gold. But the Asian indices show a slight increase.
In Saudi Arabia, the Tadawul Index fell more than 4%. Obviously, this is a reaction to the restrictions imposed in Europe, where Spain, Italy, Belgium and Luxembourg have imposed antiviral restrictions. It is interesting to understand the logic behind the introduction of a curfew in order to combat #Covid-19. Positive news on the support package in the US can send the markets up. We are waiting for a strong move from Trump, he needs it if he is going to win. If there is no positive today, we may see the S&P 500 below 3400.
On the crypto market, the key condition for further growth is taking $400 billion. Why this is important, read on our ealier posts. . At the weekend there was an attempt to overcome this level, it did not lead to success. The market worked out option 3 from Saturday's review.
On the positive side, Bitcoin hasn't dropped below 12900 for almost a day, and has been holding above 13K for 9 hours, despite the external negative. This means that there is buyer interest ready to acquire bitcoins at ever higher levels.
Nonetheless - the altcoins haven't shown growth, the external negative is growing, the dollar index is growing. The $400 billion level has not been achieved 5 days now, which may lead to 20-30 billion temporarily leaving the market.
The market is not yet hot enough. The big drain always follows the same pattern - first bitcoin grows, then it stabilizes at the levels reached and alts grow. It was in December 2017 - January 2018 (Bitcoin reached ATH on December 17-18, altcoin grew throughout January, and in February there was a drain), again in February 2020 (Bitcoin rose to 10,500 in early February, then the alts went up, then there was a drain). Then at the beginning of September 2020 (Bitcoin reached 12400, stabilized at 11800-12000, altcoins showed good growth, then there was a drain).
The departure from this pattern was only in June 2019, when Bitcoin reached 13,800 on the news and fell before the alts had time to rise. But then the growth was on the news about Libra, which was later canceled, and therefore there was a deviation from the standard. Now altcoins are just breaking away from the September bottom, so I now think a large drain is unlikely.
Kanye West Praises “Bitcoin Guys” on Podcast with Joe Rogan. The American rapper, presidential candidate and fashion designer offered some words of praise for the Bitcoin community during his three-hour-long interview on “The Joe Rogan Experience” podcast. West appears to be convinced that bitcoiners are capable of bringing true liberation and freedom to America and the rest of the world. He said these are guys that really have a perspective on what the true liberation of America and humanity will be. Source https://u.today/
So If we do not take 400 billion today, Bitcoin may roll back towards 12,500, followed by consolidation. I consider Bitcoin in the range of 12700-13200 as a priority option and continue attempts to take 400 billion.
If Bitcoin holds above 13K during the American trading session, we will take $400 billion level in the next 2 days.
As always have a blessed week ahead, must do your own research. This is not investment or financial advice. #decryptedge
Bitcoin remained in the 12900-13100 price range over the weekend. An attempt on Sunday morning to get out of the range was unsuccessful: #Bitcoin renewed its annual highs at 13369, after which there was a correction to 12700. It all ended with a return to the trading range 12900-13100, near the upper border of which #Bitcoin is currently being traded. Total Crypto-Market capitalization at $397 billion and #BTC dominance index of 61.0%.
Stock markets opened without optimism - futures for the S&P 500 are declining, the dollar index is growing and is already approaching 93, oil has fallen by 1.5-1.6%, so is gold. But the Asian indices show a slight increase.
In Saudi Arabia, the Tadawul Index fell more than 4%. Obviously, this is a reaction to the restrictions imposed in Europe, where Spain, Italy, Belgium and Luxembourg have imposed antiviral restrictions. It is interesting to understand the logic behind the introduction of a curfew in order to combat #Covid-19. Positive news on the support package in the US can send the markets up. We are waiting for a strong move from Trump, he needs it if he is going to win. If there is no positive today, we may see the S&P 500 below 3400.
On the crypto market, the key condition for further growth is taking $400 billion. Why this is important, read on our ealier posts. . At the weekend there was an attempt to overcome this level, it did not lead to success. The market worked out option 3 from Saturday's review.
On the positive side, Bitcoin hasn't dropped below 12900 for almost a day, and has been holding above 13K for 9 hours, despite the external negative. This means that there is buyer interest ready to acquire bitcoins at ever higher levels.
Nonetheless - the altcoins haven't shown growth, the external negative is growing, the dollar index is growing. The $400 billion level has not been achieved 5 days now, which may lead to 20-30 billion temporarily leaving the market.
The market is not yet hot enough. The big drain always follows the same pattern - first bitcoin grows, then it stabilizes at the levels reached and alts grow. It was in December 2017 - January 2018 (Bitcoin reached ATH on December 17-18, altcoin grew throughout January, and in February there was a drain), again in February 2020 (Bitcoin rose to 10,500 in early February, then the alts went up, then there was a drain). Then at the beginning of September 2020 (Bitcoin reached 12400, stabilized at 11800-12000, altcoins showed good growth, then there was a drain).
The departure from this pattern was only in June 2019, when Bitcoin reached 13,800 on the news and fell before the alts had time to rise. But then the growth was on the news about Libra, which was later canceled, and therefore there was a deviation from the standard. Now altcoins are just breaking away from the September bottom, so I now think a large drain is unlikely.
Kanye West Praises “Bitcoin Guys” on Podcast with Joe Rogan. The American rapper, presidential candidate and fashion designer offered some words of praise for the Bitcoin community during his three-hour-long interview on “The Joe Rogan Experience” podcast. West appears to be convinced that bitcoiners are capable of bringing true liberation and freedom to America and the rest of the world. He said these are guys that really have a perspective on what the true liberation of America and humanity will be. Source https://u.today/
So If we do not take 400 billion today, Bitcoin may roll back towards 12,500, followed by consolidation. I consider Bitcoin in the range of 12700-13200 as a priority option and continue attempts to take 400 billion.
If Bitcoin holds above 13K during the American trading session, we will take $400 billion level in the next 2 days.
As always have a blessed week ahead, must do your own research. This is not investment or financial advice. #decryptedge
u.today
U.Today - IT, AI and Fintech Daily News for You Today
Thoughts on the market on 10/27/2020: #Toyota’s IT arm launches #digitalcurrency pilot.
#Bitcoin remained in the 13100-12700 trading range notably testing its lower bound. During the American trading session, a correction to 12,800, reaching a daily low below 12,750. The correction was quickly redeemed and bounced back to 13K, and is now trading around 13050-1300. Total Crypto-Market capitalization is at $393 billion and #BTC dominance index of 61.6%.
American markets were on a downtrend yesterday. The Dow Jones lost 2.29% while the #S&P 500 lost 1.86% and the IXIC lost 1.64%. The stock market fulfilled yesterday’s forecast - there was no positive, the S&P 500 went below 3400. The reasons are that there is no progress on the stimulus package, but there is an increase in the incidence of new #covid-19 infections.
#Microsoft's report today, and the rest of the tech giants on Thursday. The only progress in my view with an effect is on the stimulus package and can push the markets up. The dollar index is again below 93, oil and gold are showing a slight increase while the Asian indices are showing a significant drop. We are waiting for active actions on the part of Trump, because without them, the elections will not have the promised highs, but the S&P 500 at 3250.
Against such a negative external background, #Bitcoin continues to show resilience. The maximum that the bears managed to achieve yesterday was to go to the lower border of the trading range at 12800-12750, after which the price returned above 13K for several hours.
Altcoins are doing worse - Ether is again below 400, the rest of the alts are almost in the same place where they were with Bitcoin below 11K, the dominance index continues to grow. As indicated yesterday don't expect a big fall, the market is not yet warmed up enough. Today, this statement is even more true - altcoins are at the bottom, the fear index has dropped to 61, and this is when Bitcoin is above 13K.
Interestingly enough, #Toyota is going to launch digital currency. A wholly-owned subsidiary of Toyota Motor Corporation focused on information technology, plans to develop and test a digital currency as part of a new pilot project with Japanese cryptocurrency exchange DeCurret. According to a press release, the project will involve 2,500 employees at Toyota Systems and will entail creating a platform that features digital currency payments for employee benefits. The digital currency will be tradeable for gifts listed in a catalog or for benefit points, according to the statement. The pilot, which will test the feasibility of using a blockchain-based digital currency at a large scale, isn't Toyota's first foray into digital currency-related research. In March, the company launched the Toyota Blockchain Lab to explore potential applications of #blockchain technology. Source | theblockcrypto.com
So in closing, waiting today for Bitcoin in the previous trading range of 13200-12700. If on
stock markets are positive, there is a likelihood of taking $400 billion by capitalization, which will mean further market growth. If we hold above 13K until the end of the American session, this scenario becomes a priority.
Bitcoin peaks against the Turkish Lira. It is now more expensive to the lira than when it costs 20K. But everything is just beginning. Keep only what you can afford to lose in fiat. And with that, wishing you a blessed day ahead, must always do your own research. #decryptedge
#Bitcoin remained in the 13100-12700 trading range notably testing its lower bound. During the American trading session, a correction to 12,800, reaching a daily low below 12,750. The correction was quickly redeemed and bounced back to 13K, and is now trading around 13050-1300. Total Crypto-Market capitalization is at $393 billion and #BTC dominance index of 61.6%.
American markets were on a downtrend yesterday. The Dow Jones lost 2.29% while the #S&P 500 lost 1.86% and the IXIC lost 1.64%. The stock market fulfilled yesterday’s forecast - there was no positive, the S&P 500 went below 3400. The reasons are that there is no progress on the stimulus package, but there is an increase in the incidence of new #covid-19 infections.
#Microsoft's report today, and the rest of the tech giants on Thursday. The only progress in my view with an effect is on the stimulus package and can push the markets up. The dollar index is again below 93, oil and gold are showing a slight increase while the Asian indices are showing a significant drop. We are waiting for active actions on the part of Trump, because without them, the elections will not have the promised highs, but the S&P 500 at 3250.
Against such a negative external background, #Bitcoin continues to show resilience. The maximum that the bears managed to achieve yesterday was to go to the lower border of the trading range at 12800-12750, after which the price returned above 13K for several hours.
Altcoins are doing worse - Ether is again below 400, the rest of the alts are almost in the same place where they were with Bitcoin below 11K, the dominance index continues to grow. As indicated yesterday don't expect a big fall, the market is not yet warmed up enough. Today, this statement is even more true - altcoins are at the bottom, the fear index has dropped to 61, and this is when Bitcoin is above 13K.
Interestingly enough, #Toyota is going to launch digital currency. A wholly-owned subsidiary of Toyota Motor Corporation focused on information technology, plans to develop and test a digital currency as part of a new pilot project with Japanese cryptocurrency exchange DeCurret. According to a press release, the project will involve 2,500 employees at Toyota Systems and will entail creating a platform that features digital currency payments for employee benefits. The digital currency will be tradeable for gifts listed in a catalog or for benefit points, according to the statement. The pilot, which will test the feasibility of using a blockchain-based digital currency at a large scale, isn't Toyota's first foray into digital currency-related research. In March, the company launched the Toyota Blockchain Lab to explore potential applications of #blockchain technology. Source | theblockcrypto.com
So in closing, waiting today for Bitcoin in the previous trading range of 13200-12700. If on
stock markets are positive, there is a likelihood of taking $400 billion by capitalization, which will mean further market growth. If we hold above 13K until the end of the American session, this scenario becomes a priority.
Bitcoin peaks against the Turkish Lira. It is now more expensive to the lira than when it costs 20K. But everything is just beginning. Keep only what you can afford to lose in fiat. And with that, wishing you a blessed day ahead, must always do your own research. #decryptedge
*"“We [the CBK] are already having discussions with other global players, in various ways, around the introduction of Central Bank Digital Currencies. The push comes as a result of mushrooming of private cryptocurrencies and we are already feeling left out and need to create our own space.”*
https://cointelegraph.com/news/kenya-s-central-bank-exploring-cbdcs-due-to-mushrooming-of-private-cryptos
https://cointelegraph.com/news/kenya-s-central-bank-exploring-cbdcs-due-to-mushrooming-of-private-cryptos
Cointelegraph
Kenya's central bank exploring CBDCs due to 'mushrooming' of private cryptos
The Governor of the Central Bank of Kenya told reporters the institution is "already feeling left out."
Thoughts on the market on 28.10.2020: #India Will Soon Have #Crypto ‘#Banking’ at 22 Physical Locations
Bitcoin went up and out of the trading range, once again updated its annual highs above 13780, and has been trading in the range of 13540-13760 for more than 10 hours. While writing the Review, Bitcoin updated ATH-2019, reaching $13863. Total Crypto-Market capitalization of $409 billion, BTC dominance index of 62.5%.
Equity markets traded in different directions - the S&P 500 dropped 0.3%, the Dow Jones 0.8%, the IXIC rose 0.64%. The dollar index is again above 93, gold fell slightly.
The US Senate meeting has been postponed until November 9, which suggests that there will be no support package until the elections. It was the Republicans who broke the whole thing. Either this is some kind of cunning plan of Trump. S&P 500 futures are now showing a 0.56% drop, Asian indices are trading in different directions, the dollar index is growing. If there are no positives before the elections, the S&P 500 will leave for the weekend between 3400 and 3300. There will be no growth without a package, a correction is looming, a deep fall right now.
#Bitcoin surpassed expectations yesterday, after exiting the range of 13200-12700 there were practically no stops, and fixed above 13600. The #ATH-2019 was also updated in the morning, as we spoke about a week ago as well as the capitalization level of 400 billion, which could not be covered since May 2018, is also now achieved.
#Altcoins are still far behind Bitcoin, and this is understandable - new money entering the market goes primarily to Bitcoin. But Bitcoin will sooner or later stabilize at new levels, and then the time for altcoins will come. Will share separately about the mechanism of the #altcoin season today.
As I said, the example of #PayPal will bring new large companies to the market, DBS Bank, the largest bank in #Singapore, announces the launch of a cryptocurrency exchange; in India, the sale of cryptocurrencies is launched directly at bank branches, and this is just the beginning. According to a blog post from digital finance firm Cashaa on Tuesday, a new joint venture with the United Multi State Credit Cooperative Society will provide users with cryptocurrency services alongside traditional banking at 22 locations in the northern part of the country. Cashaa, which calls itself a “crypto-friendly neo-bank,” said it was planning a move into India when it raised $5 million from a Dubai investment firm in early September. India has been seeing something of a crypto renaissance since the central bank’s ban on banking services for digital assets companies was overturned by the Supreme Court in March. Hanging over all of this like a dark cloud is the fact that the country’s government still hasn’t produced long-rumored regulations around cryptocurrency, with some reports suggesting a possible crypto trading ban may be in the cards. Source | Coindesk
Today I expect an attempt to consolidate above 13800 and a 14K test. The lower end of the range will be clear after the intraday correction, I think it is around 13500-13200. In the event of a strong external negative, the main cryptocurrency may return below 13,500, but the first option is in priority.
As always have a blessed day ahead, much always do your own research. #decryptedge.
Bitcoin went up and out of the trading range, once again updated its annual highs above 13780, and has been trading in the range of 13540-13760 for more than 10 hours. While writing the Review, Bitcoin updated ATH-2019, reaching $13863. Total Crypto-Market capitalization of $409 billion, BTC dominance index of 62.5%.
Equity markets traded in different directions - the S&P 500 dropped 0.3%, the Dow Jones 0.8%, the IXIC rose 0.64%. The dollar index is again above 93, gold fell slightly.
The US Senate meeting has been postponed until November 9, which suggests that there will be no support package until the elections. It was the Republicans who broke the whole thing. Either this is some kind of cunning plan of Trump. S&P 500 futures are now showing a 0.56% drop, Asian indices are trading in different directions, the dollar index is growing. If there are no positives before the elections, the S&P 500 will leave for the weekend between 3400 and 3300. There will be no growth without a package, a correction is looming, a deep fall right now.
#Bitcoin surpassed expectations yesterday, after exiting the range of 13200-12700 there were practically no stops, and fixed above 13600. The #ATH-2019 was also updated in the morning, as we spoke about a week ago as well as the capitalization level of 400 billion, which could not be covered since May 2018, is also now achieved.
#Altcoins are still far behind Bitcoin, and this is understandable - new money entering the market goes primarily to Bitcoin. But Bitcoin will sooner or later stabilize at new levels, and then the time for altcoins will come. Will share separately about the mechanism of the #altcoin season today.
As I said, the example of #PayPal will bring new large companies to the market, DBS Bank, the largest bank in #Singapore, announces the launch of a cryptocurrency exchange; in India, the sale of cryptocurrencies is launched directly at bank branches, and this is just the beginning. According to a blog post from digital finance firm Cashaa on Tuesday, a new joint venture with the United Multi State Credit Cooperative Society will provide users with cryptocurrency services alongside traditional banking at 22 locations in the northern part of the country. Cashaa, which calls itself a “crypto-friendly neo-bank,” said it was planning a move into India when it raised $5 million from a Dubai investment firm in early September. India has been seeing something of a crypto renaissance since the central bank’s ban on banking services for digital assets companies was overturned by the Supreme Court in March. Hanging over all of this like a dark cloud is the fact that the country’s government still hasn’t produced long-rumored regulations around cryptocurrency, with some reports suggesting a possible crypto trading ban may be in the cards. Source | Coindesk
Today I expect an attempt to consolidate above 13800 and a 14K test. The lower end of the range will be clear after the intraday correction, I think it is around 13500-13200. In the event of a strong external negative, the main cryptocurrency may return below 13,500, but the first option is in priority.
As always have a blessed day ahead, much always do your own research. #decryptedge.
Thoughts on the market on 29.10.2020: Someone Just Sent $1Billion in #Bitcoin, Paid Only $3 in Fees.
Against the backdrop of external negativity, Bitcoin lost yesterday's gains and returned to the previous trading range of 13200-12700. Having reached a low of around 12,860 at the start of the American trading session yesterday, later bounced back above 13,000 and is currently trading at 13180-13200. Total Crypto-Market capitalization is at $393 billion and BTC dominance index of 62.2%.
Shares of technology companies registered a slump - Microsoft lost 5.06%, Apple 4.67%, Google and Facebook also fell by more than 5%. Considering the weight of these companies in the indices, the result is obvious - they crashed the market.
There are several reasons for this.
-First, the exit from the market of those who are afraid of pre-election risks. Previously, they were endowed with a support package, but hopes did not come true.
-Secondly, if Biden wins, he intends to promote tough antitrust laws, and this is a blow primarily to the Internet giants.
-Thirdly, they have grown the most, which means key market players will be exiting - and also those who like to sell a falling asset, moreover, when it has already fallen. This applies to the stock market, due to its popularization in recent years as well as #crypto.
Gold fell by 1880, oil again below 40. Futures on the S&P 500 are still rising, the dollar index is below 93.5 If Trump is going to fight for victory, he needs to bring positive to the markets, otherwise he will multiply his main achievement by zero. It is clear that he will not push through the support package, but he is quite capable of telling how everything will be fine soon. In such a stock crash, Bitcoin lost yesterday's morning gain, but overall it is holding up well. So far, events are unfolding within the framework of option 1, which I wrote about yesterday.
The power of #bitcoin is right here: In a notable back-to-back transactions yesterday morning, 45,671 Bitcoin ($602 million) and 43,185 Bitcoin ($570 million) left a #Xapo accounts for other wallets. That's over $1.1 billion in Bitcoin, and all for a total transaction fee of $3.54. he same transaction would be infeasible at a bank, at least for an individual. While an automated clearing house (ACH) transfer, which takes days to clear, would be free at most banks, customers would face daily and/or monthly limits. Even American Chase Bank, which has a very generous policy among banks, limits users to sending no more than $25,000 per day; sending $1.172 billion would take 128 years—and that's assuming Chase decided to stay open on weekends. Source | https://decrypt.co/
In closing, the fall of Bitcoin below 13000 was quickly redeemed, now the bitcoin is trying to gain a foothold above 13200. If the external background is positive, then there are chances for this. Most likely, Bitcoin will remain in the 12,700-13,500 range, moving towards its upper border.
Altcoins broke through the bottom, taking 400 billion so far turned out to be a false breakout. In order for the situation with them to change, Bitcoin stabilization is needed, and preferably above 13200.
As always have a blessed day ahead and remember must always do your own research DYOR. #decryptedge
Against the backdrop of external negativity, Bitcoin lost yesterday's gains and returned to the previous trading range of 13200-12700. Having reached a low of around 12,860 at the start of the American trading session yesterday, later bounced back above 13,000 and is currently trading at 13180-13200. Total Crypto-Market capitalization is at $393 billion and BTC dominance index of 62.2%.
Shares of technology companies registered a slump - Microsoft lost 5.06%, Apple 4.67%, Google and Facebook also fell by more than 5%. Considering the weight of these companies in the indices, the result is obvious - they crashed the market.
There are several reasons for this.
-First, the exit from the market of those who are afraid of pre-election risks. Previously, they were endowed with a support package, but hopes did not come true.
-Secondly, if Biden wins, he intends to promote tough antitrust laws, and this is a blow primarily to the Internet giants.
-Thirdly, they have grown the most, which means key market players will be exiting - and also those who like to sell a falling asset, moreover, when it has already fallen. This applies to the stock market, due to its popularization in recent years as well as #crypto.
Gold fell by 1880, oil again below 40. Futures on the S&P 500 are still rising, the dollar index is below 93.5 If Trump is going to fight for victory, he needs to bring positive to the markets, otherwise he will multiply his main achievement by zero. It is clear that he will not push through the support package, but he is quite capable of telling how everything will be fine soon. In such a stock crash, Bitcoin lost yesterday's morning gain, but overall it is holding up well. So far, events are unfolding within the framework of option 1, which I wrote about yesterday.
The power of #bitcoin is right here: In a notable back-to-back transactions yesterday morning, 45,671 Bitcoin ($602 million) and 43,185 Bitcoin ($570 million) left a #Xapo accounts for other wallets. That's over $1.1 billion in Bitcoin, and all for a total transaction fee of $3.54. he same transaction would be infeasible at a bank, at least for an individual. While an automated clearing house (ACH) transfer, which takes days to clear, would be free at most banks, customers would face daily and/or monthly limits. Even American Chase Bank, which has a very generous policy among banks, limits users to sending no more than $25,000 per day; sending $1.172 billion would take 128 years—and that's assuming Chase decided to stay open on weekends. Source | https://decrypt.co/
In closing, the fall of Bitcoin below 13000 was quickly redeemed, now the bitcoin is trying to gain a foothold above 13200. If the external background is positive, then there are chances for this. Most likely, Bitcoin will remain in the 12,700-13,500 range, moving towards its upper border.
Altcoins broke through the bottom, taking 400 billion so far turned out to be a false breakout. In order for the situation with them to change, Bitcoin stabilization is needed, and preferably above 13200.
As always have a blessed day ahead and remember must always do your own research DYOR. #decryptedge
Decrypt
Decrypt: AI, Bitcoin, Culture, Gaming, and Crypto News - Decrypt
The next-generation media outlet navigating the intersection of culture and technology.
Thoughts on the market as of 30.10. 2020: #Bitcoin Miners in Iran Have a New Buyer: the Central #Bank.
Despite the external negative, Bitcoin held above 13,000 and moved to growth. Despite reaching a high of 13650 last night, it corrected to 13450-13500, where it is currently being traded. Total Crypto-Market capitalization is at $397 billion and #BTC dominance index of 63.2%.
Yesterday US indices rose from 0.54% to 1.64%, the S&P 500 closed at 3310. Twitter shares rose 8.02% to hit a high. The tech giants 'reports, which came out after the close of trading, exceeded analysts' expectations. Regardless, S&P 500 futures are currently down nearly 1%. The dollar index is 93.8, gold and oil show a slight recovery after the fall, Asian indices are in the red.
The markets were supported by good data on US GDP, they stopped falling and even rose slightly. But today is the last pre-election day, and even the end of the week, so those who like to “avoid risks” will continue to put pressure on the market. If Trump does not make a spectacular exit with a portion of positive, then the markets may refresh the day before yesterday, and the S&P 500 go below 3250. This option will reduce his chances in elections. Trump understands this, and if he is going to win, then his exit is necessary today.
Bitcoin yesterday, in the negative of the first half of the day, again showed stability and not only held above 13K, but also moved to growth. It was not possible to gain a foothold above 13500, now moving towards 13200.
If the stock markets fall, we wait for Bitcoin in the previous range of 13200-12700, if they move to growth, it will consolidate above 13500. I think that before the American session #Bitcoin will be flat at 13500-13200, and then it will move to one of the above options. Today, among other things, there is also the expiration of futures, so there will definitely not be a calm market.
#Altcoins are looking for a new bottom and will find it successfully. The #DeFi sector has been particularly successful at this. The altcoins do not have the same resistance to negativity that Bitcoin has, in conditions of uncertainty they are merged in the first place, but in the long term, when Bitcoin stabilizes above 13200-13500, their growth is inevitable.
Interestingly, in Iran, Bitcoin is already being built into the economy of the state - Iran's New Crypto Law Requires Miners to Sell Bitcoin Directly to the Central Bank to Fund Imports. Iran, hit hard by sanctions but brimming with oil and natural gas to supply electricity, turns to cryptocurrency to pay for imports. Iran officially legalized cryptocurrency mining in August 2019, though it simultaneously prohibited trading. The regulations were designed to extract taxes from miners who might otherwise take advantage of Iran’s heavily subsidized electricity. Thanks to Iran’s immense oil and natural gas reserves, it has some of the cheapest energy prices in the world. Source | Decrypt.co
As always wishing you a blessed weekend ahead. You Must always do your own research. This is not traditional investment or financial advice. #decryptedge
Despite the external negative, Bitcoin held above 13,000 and moved to growth. Despite reaching a high of 13650 last night, it corrected to 13450-13500, where it is currently being traded. Total Crypto-Market capitalization is at $397 billion and #BTC dominance index of 63.2%.
Yesterday US indices rose from 0.54% to 1.64%, the S&P 500 closed at 3310. Twitter shares rose 8.02% to hit a high. The tech giants 'reports, which came out after the close of trading, exceeded analysts' expectations. Regardless, S&P 500 futures are currently down nearly 1%. The dollar index is 93.8, gold and oil show a slight recovery after the fall, Asian indices are in the red.
The markets were supported by good data on US GDP, they stopped falling and even rose slightly. But today is the last pre-election day, and even the end of the week, so those who like to “avoid risks” will continue to put pressure on the market. If Trump does not make a spectacular exit with a portion of positive, then the markets may refresh the day before yesterday, and the S&P 500 go below 3250. This option will reduce his chances in elections. Trump understands this, and if he is going to win, then his exit is necessary today.
Bitcoin yesterday, in the negative of the first half of the day, again showed stability and not only held above 13K, but also moved to growth. It was not possible to gain a foothold above 13500, now moving towards 13200.
If the stock markets fall, we wait for Bitcoin in the previous range of 13200-12700, if they move to growth, it will consolidate above 13500. I think that before the American session #Bitcoin will be flat at 13500-13200, and then it will move to one of the above options. Today, among other things, there is also the expiration of futures, so there will definitely not be a calm market.
#Altcoins are looking for a new bottom and will find it successfully. The #DeFi sector has been particularly successful at this. The altcoins do not have the same resistance to negativity that Bitcoin has, in conditions of uncertainty they are merged in the first place, but in the long term, when Bitcoin stabilizes above 13200-13500, their growth is inevitable.
Interestingly, in Iran, Bitcoin is already being built into the economy of the state - Iran's New Crypto Law Requires Miners to Sell Bitcoin Directly to the Central Bank to Fund Imports. Iran, hit hard by sanctions but brimming with oil and natural gas to supply electricity, turns to cryptocurrency to pay for imports. Iran officially legalized cryptocurrency mining in August 2019, though it simultaneously prohibited trading. The regulations were designed to extract taxes from miners who might otherwise take advantage of Iran’s heavily subsidized electricity. Thanks to Iran’s immense oil and natural gas reserves, it has some of the cheapest energy prices in the world. Source | Decrypt.co
As always wishing you a blessed weekend ahead. You Must always do your own research. This is not traditional investment or financial advice. #decryptedge