#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👉🏾PayPal's service does not allow bitcoin or other cryptocurrencies to be withdrawn or deposited.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?*
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Topic: *DIGITIZATION SHIFT .... WHERE ARE YOU?*
Time: *Oct 24, 2020 10:50 AM Nairobi*
TOMORROW at *BITCOIN101* - Let's learn about...
*-#Bear & #Bull Markets Dynamics Explained.*
*- Crypto-Markets news and updates.*
*- Open Q & A session.*
Join Zoom Meeting
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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
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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
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Thoughts on the market as of 02.11.2020: Suit Alleges #BitMEX Chiefs ‘Looted’ More Than $440M From Exchange After Finding Out About Probes.
The weekend was calm and positive. #Bitcoin hit highs above 14,100 on Saturday afternoon, reaching levels it has not seen since January 2018. From the highs reached it bounced to 13500, after which it returned to the range of 13640-13820, where it is currently being traded. Total #Crypto-Market capitalization is at $402 billion and BTC dominance index of 63.1%.
In the stock market, last week was the worst since March 2020. The S&P 500 has lost 200 points, the rest of the stock indexes are moving in the same direction. This week notably will be full of significant events for the market - on November 5, the Fed meeting, on November 6, data on the US labor market, but the main topic is the presidential election. It's been the norm that US elections are always on Sunday, nonetheless there is no direct vote, so elections are held on weekdays. Therefore, trading, the electoral process, the first results and the official summing up will take place in open markets, and will clearly add volatility.
Trump's campaign has been unconvincing for the past two weeks, and the risk of Biden winning is increasing. A much greater risk is problems in talling of the election results. I'll write more about these risks today.
In Germany, restrictions are imposed, in England and France too. There's further economic pain ahead for European countries new nationwide lockdowns and other governments consider doing the same. The latest measures to address the second wave of Covid-19 infections in Europe could lead to higher unemployment, the permanent closure of many businesses and even more national debt.
The dollar index is growing slightly, futures for the S&P 500 are in a slight plus, oil has dropped significantly. Most likely, the markets will continue to fall today, if there is no positive on the aid package or vaccine.
Everything is positive on the crypto market - price highs have been updated, we are confidently holding above 13600, the monthly candlestick closed above 13K for the first time since December 2017, at night #altcoins too began to revive with Etherum again going above 400. The main risk is the resumption of correlation with the stock markets in the event of a strong fall.
If Bitcoin remains above 13600-13500 within the next two days, the long-awaited growth of altcoins will begin.
Today I expect the main cryptocurrency in the range 13200-13800. The capture of 14K is, rather, planned for after the elections, in the next day this can only happen with a strong positive on the fund.
Bitmex was accused of “abominable behavior and the theft of more than $400 million. #FUD is possible around this news, but I think Bitmex will be fine after these personnel changes. Story is top officers of HDR, the parent company of crypto trading platform BitMEX, which has been charged with facilitating unregistered trading and other violations, systematically looted $440,308,400 from HDR accounts, a civil lawsuit claims. A spokesperson for HDR called the claims “spurious.” Source | Coindesk.
As always wishing you a blessed week ahead. Remember to always do your own research. This is not investment or financial advice. #decryptedge
The weekend was calm and positive. #Bitcoin hit highs above 14,100 on Saturday afternoon, reaching levels it has not seen since January 2018. From the highs reached it bounced to 13500, after which it returned to the range of 13640-13820, where it is currently being traded. Total #Crypto-Market capitalization is at $402 billion and BTC dominance index of 63.1%.
In the stock market, last week was the worst since March 2020. The S&P 500 has lost 200 points, the rest of the stock indexes are moving in the same direction. This week notably will be full of significant events for the market - on November 5, the Fed meeting, on November 6, data on the US labor market, but the main topic is the presidential election. It's been the norm that US elections are always on Sunday, nonetheless there is no direct vote, so elections are held on weekdays. Therefore, trading, the electoral process, the first results and the official summing up will take place in open markets, and will clearly add volatility.
Trump's campaign has been unconvincing for the past two weeks, and the risk of Biden winning is increasing. A much greater risk is problems in talling of the election results. I'll write more about these risks today.
In Germany, restrictions are imposed, in England and France too. There's further economic pain ahead for European countries new nationwide lockdowns and other governments consider doing the same. The latest measures to address the second wave of Covid-19 infections in Europe could lead to higher unemployment, the permanent closure of many businesses and even more national debt.
The dollar index is growing slightly, futures for the S&P 500 are in a slight plus, oil has dropped significantly. Most likely, the markets will continue to fall today, if there is no positive on the aid package or vaccine.
Everything is positive on the crypto market - price highs have been updated, we are confidently holding above 13600, the monthly candlestick closed above 13K for the first time since December 2017, at night #altcoins too began to revive with Etherum again going above 400. The main risk is the resumption of correlation with the stock markets in the event of a strong fall.
If Bitcoin remains above 13600-13500 within the next two days, the long-awaited growth of altcoins will begin.
Today I expect the main cryptocurrency in the range 13200-13800. The capture of 14K is, rather, planned for after the elections, in the next day this can only happen with a strong positive on the fund.
Bitmex was accused of “abominable behavior and the theft of more than $400 million. #FUD is possible around this news, but I think Bitmex will be fine after these personnel changes. Story is top officers of HDR, the parent company of crypto trading platform BitMEX, which has been charged with facilitating unregistered trading and other violations, systematically looted $440,308,400 from HDR accounts, a civil lawsuit claims. A spokesperson for HDR called the claims “spurious.” Source | Coindesk.
As always wishing you a blessed week ahead. Remember to always do your own research. This is not investment or financial advice. #decryptedge
Thoughts on the market on 03.11.2020: #Huobi says all is fine amid massive USDT exchange deposits and BTC withdrawals.
During the last 24hrs, #Bitcoin tested the lower border of the trading range at 13200, after which it moved to growth, reached 13690, then returned below 13500, now trading at 13400-13350. Total Crypto-Market capitalization at $391billion and dominance index of 64%.Stock markets were up yesterday. Dow Jones up 1.65%, Nasdaq up 0.16%,
The S&P 500 gained 1.23% to close at 3310. Oil stocks were higher despite the current oil price. China's PMI at 6-year highs. Gold at 1890, the dollar index was down below 94, but now has moved up, S&P 500 futures are also rising.
The main event today is the US presidential election. The main risk is not even Biden's victory, but problems with summing up the results. Due to voting by mail, summing up the results can be delayed and lead to conflict situations.
Trump did not convincingly finish the election campaign, so Biden's victory is a very likely outcome. Apparently, in anticipation of this, the markets fell - last week was the worst for the stock market since March 2020. But now the option of Biden's victory is already included in the price, and I do not think that in the event of such an outcome the markets will fall significantly, the main thing is that the results are summed up quickly.
We still wish Trump success. Do not forget that the media in the US is mainly under the Democrats, and by publishing about Biden's leadership, they can simply manipulate the audience. I will write about the risks associated with elections later this evening.
On the cryptomarket, the situation is within the framework of yesterday's review- Bitcoin is in the range of 13200-13800. After yesterday's rebound from the lower border of the channel at 13,200, Bitcoin turned to growth and at night it was already around 13700, but then it went down again and is now trading around 13400.
Perhaps this is due to the situation around the Huobi exchange. It is similar to what happened with Okex - information about the problems of the leadership with the power structures of China, many conclusions and strange movements of large amounts of Bitcoins. Crypto Twitter has been abuzz with speculation about a large amount of Tether (USDT) flowing into the Huobi crypto exchange. Significant amounts of Bitcoin (BTC) also appear to have exited the platform during the same period. The Singapore-based entity recently issued a statement claiming all is well. Source | Cointelegrah. https://cointelegraph.com/.../huobi-says-all-is-fine-amid...
"We have noticed that recent events have sparked inquiries and speculation from some users," Huobi said earlier today, adding:
"Huobi reiterates: 'We are currently operating normally, user assets are safe, and trading, deposits and withdrawals are operating as expected.'"
So far everything is within the framework of the usual #Bitcoin movement in the trading range, probability of altcoins once again breaking through the bottom on the horizon. The dominance index is already 64%, and altcoins continue to fall, with Etherum hitting lows at 370.
Today I expect Bitcoin in the previous trading range of 13200-13800. An alternative option is a correction below 13200 and consolidation in the range 13200-12700. In view of that, everything will be very bad with altcoins. Worse than now. If we remain in the trading range, we will move on to it this week, if Bitcoin goes below 13,000, everything will drag on for 10-15 days. Some FUD on a large exchange can spoil the picture, but there are always such risks.
As always wishing you a blessed afternoon ahead. Remember to always do your own research. #decryptedge
During the last 24hrs, #Bitcoin tested the lower border of the trading range at 13200, after which it moved to growth, reached 13690, then returned below 13500, now trading at 13400-13350. Total Crypto-Market capitalization at $391billion and dominance index of 64%.Stock markets were up yesterday. Dow Jones up 1.65%, Nasdaq up 0.16%,
The S&P 500 gained 1.23% to close at 3310. Oil stocks were higher despite the current oil price. China's PMI at 6-year highs. Gold at 1890, the dollar index was down below 94, but now has moved up, S&P 500 futures are also rising.
The main event today is the US presidential election. The main risk is not even Biden's victory, but problems with summing up the results. Due to voting by mail, summing up the results can be delayed and lead to conflict situations.
Trump did not convincingly finish the election campaign, so Biden's victory is a very likely outcome. Apparently, in anticipation of this, the markets fell - last week was the worst for the stock market since March 2020. But now the option of Biden's victory is already included in the price, and I do not think that in the event of such an outcome the markets will fall significantly, the main thing is that the results are summed up quickly.
We still wish Trump success. Do not forget that the media in the US is mainly under the Democrats, and by publishing about Biden's leadership, they can simply manipulate the audience. I will write about the risks associated with elections later this evening.
On the cryptomarket, the situation is within the framework of yesterday's review- Bitcoin is in the range of 13200-13800. After yesterday's rebound from the lower border of the channel at 13,200, Bitcoin turned to growth and at night it was already around 13700, but then it went down again and is now trading around 13400.
Perhaps this is due to the situation around the Huobi exchange. It is similar to what happened with Okex - information about the problems of the leadership with the power structures of China, many conclusions and strange movements of large amounts of Bitcoins. Crypto Twitter has been abuzz with speculation about a large amount of Tether (USDT) flowing into the Huobi crypto exchange. Significant amounts of Bitcoin (BTC) also appear to have exited the platform during the same period. The Singapore-based entity recently issued a statement claiming all is well. Source | Cointelegrah. https://cointelegraph.com/.../huobi-says-all-is-fine-amid...
"We have noticed that recent events have sparked inquiries and speculation from some users," Huobi said earlier today, adding:
"Huobi reiterates: 'We are currently operating normally, user assets are safe, and trading, deposits and withdrawals are operating as expected.'"
So far everything is within the framework of the usual #Bitcoin movement in the trading range, probability of altcoins once again breaking through the bottom on the horizon. The dominance index is already 64%, and altcoins continue to fall, with Etherum hitting lows at 370.
Today I expect Bitcoin in the previous trading range of 13200-13800. An alternative option is a correction below 13200 and consolidation in the range 13200-12700. In view of that, everything will be very bad with altcoins. Worse than now. If we remain in the trading range, we will move on to it this week, if Bitcoin goes below 13,000, everything will drag on for 10-15 days. Some FUD on a large exchange can spoil the picture, but there are always such risks.
As always wishing you a blessed afternoon ahead. Remember to always do your own research. #decryptedge
Thoughts on the market for 04.11.2020: The $955 Million in #Bitcoin Hackers Have Been After Just Moved. #Blockchain
Bitcoin has been trading within the range of 13200-13800 and moving to its upper border. Last night, the price went up from this range, reaching local highs above 14000, after which it corrected to 13800, and is currently trading slightly above this level. Total Crypto-Market capitalization is at $397 billion with a BTC dominance index of 64.3%.
American indices moved from 1.67 to 1.93% yesterday. Obviously, in the hope of Trump's victory, which may well turn out to be justified - as long as the candidates go smoothly. Indiana and Kentucky are for Trump, Vermont and Virginia are for Biden. There was information that Trump is pulling ahead in Florida, where the Democrats won in 2016.
On the S&P 500 futures reached its highs, and the dollar index - lows, now the opposite is happening - the S&P 500 futures lost 0.5%, and the dollar index is rapidly moving to 94.5. Gold is losing yesterday's positions, again trading below 1900. All this at the time of writing the Review, the picture may change at any time.
UPD. The market reacted to news of Trump's success in Florida, with the S&P 500 up 1.85%.
I think that as the results for the states appear, the markets will decline from information in favor of Biden's victory and grow on news in favor of Trump. And if the markets survive the possible victory of Biden (in part, it has already been worked out by the fall of last week), then the difficulties with summing up the results may significantly collapse the markets.
Bitcoin, as per yesterday's review, remained in the trading range of 13200-13800, at night there was another exit above 14K, after which it returned to the range.
At the same time, altcoins continue to fall: with the growth of Bitcoin, liquidity from alts goes to Bitcoin, with a decrease in bitcoin, this liquidity does not return to altcoins.
Bitcoin reached 14K again, and then dropped by 200-300 points - the dominance index increased by another 0.3%.
In the event that before that Bitcoin goes below 13500, the alts will update the bottom, and if it is below 13000, they will begin to deepen into this bottom. But this option is not a priority.
Interestingly, 69,370 BTC was withdrawn from the Bitcoin wallet, which was sold on hacker forums for several years. There are several versions to whom these Bitcoins belonged, and they are all of a criminal nature. This is a successful hack, or the money was withdrawn by the owner of the funds, it is not yet known. The wallet, which goes by the easy-to-remember address of 1HQ3Go3ggs8pFnXuHVHRytPCq5fGG8Hbhx, is—or, rather, was—the fourth-largest Bitcoin wallet in terms of holdings. The coins had been sitting in the wallet since April 2015, when the price of Bitcoin was in the mid-$200 range. Today, a single Bitcoin is worth around $13,800. Source | Decrypt.co
Bitcoin is clearly targeting 14K. If there is no strong negative, there will be at least one more attempt to gain a foothold above this level. In case of a negative external background, there will be a return to the range 13800-13200 and a movement to its lower border. It is also planned for the third attempt in the last 10 days to take 400 billion of capitalization. For success, it is necessary that, in addition to Bitcoin, something else grows most likely Etherum.
As always wishing you a great afternoon ahead. Remember to do your own research, this is not traditional investment advice. #decryptedge
Bitcoin has been trading within the range of 13200-13800 and moving to its upper border. Last night, the price went up from this range, reaching local highs above 14000, after which it corrected to 13800, and is currently trading slightly above this level. Total Crypto-Market capitalization is at $397 billion with a BTC dominance index of 64.3%.
American indices moved from 1.67 to 1.93% yesterday. Obviously, in the hope of Trump's victory, which may well turn out to be justified - as long as the candidates go smoothly. Indiana and Kentucky are for Trump, Vermont and Virginia are for Biden. There was information that Trump is pulling ahead in Florida, where the Democrats won in 2016.
On the S&P 500 futures reached its highs, and the dollar index - lows, now the opposite is happening - the S&P 500 futures lost 0.5%, and the dollar index is rapidly moving to 94.5. Gold is losing yesterday's positions, again trading below 1900. All this at the time of writing the Review, the picture may change at any time.
UPD. The market reacted to news of Trump's success in Florida, with the S&P 500 up 1.85%.
I think that as the results for the states appear, the markets will decline from information in favor of Biden's victory and grow on news in favor of Trump. And if the markets survive the possible victory of Biden (in part, it has already been worked out by the fall of last week), then the difficulties with summing up the results may significantly collapse the markets.
Bitcoin, as per yesterday's review, remained in the trading range of 13200-13800, at night there was another exit above 14K, after which it returned to the range.
At the same time, altcoins continue to fall: with the growth of Bitcoin, liquidity from alts goes to Bitcoin, with a decrease in bitcoin, this liquidity does not return to altcoins.
Bitcoin reached 14K again, and then dropped by 200-300 points - the dominance index increased by another 0.3%.
In the event that before that Bitcoin goes below 13500, the alts will update the bottom, and if it is below 13000, they will begin to deepen into this bottom. But this option is not a priority.
Interestingly, 69,370 BTC was withdrawn from the Bitcoin wallet, which was sold on hacker forums for several years. There are several versions to whom these Bitcoins belonged, and they are all of a criminal nature. This is a successful hack, or the money was withdrawn by the owner of the funds, it is not yet known. The wallet, which goes by the easy-to-remember address of 1HQ3Go3ggs8pFnXuHVHRytPCq5fGG8Hbhx, is—or, rather, was—the fourth-largest Bitcoin wallet in terms of holdings. The coins had been sitting in the wallet since April 2015, when the price of Bitcoin was in the mid-$200 range. Today, a single Bitcoin is worth around $13,800. Source | Decrypt.co
Bitcoin is clearly targeting 14K. If there is no strong negative, there will be at least one more attempt to gain a foothold above this level. In case of a negative external background, there will be a return to the range 13800-13200 and a movement to its lower border. It is also planned for the third attempt in the last 10 days to take 400 billion of capitalization. For success, it is necessary that, in addition to Bitcoin, something else grows most likely Etherum.
As always wishing you a great afternoon ahead. Remember to do your own research, this is not traditional investment advice. #decryptedge
Thoughts on the market for 05.11.2020; The #Tiger21Club of #Multimillionaire Investors Are Election-Proofing Their #Assets #Bitcoin #cryptocurrency
#Bitcoin repeated attempts to take 14K within a day has been a success- for more than 14 hours bitcoin has been trading above this level. At the time of writing this review its trading above 14400. Total Crypto-Market capitalization is at $408 billion and #BTC dominance index of 64.3%.
Stock markets were up yesterday. American indices added from 1.63% (Dow Jones) to 3.77% (Nasdaq). The S&P 500 closed at 3443. Markets briefly rallied in the morning on news of a possible Trump victory that so far has changed. Then there was information that Biden was winning the disputed states, the markets nonetheless were positive about the information that the Senate remain Republican. This ensures Biden's deterrence from the implementation of his election ideas about increasing taxes and unbundling of corporations.
The main risk is protesting the election results, and there is every reason for this. For some reason, voting by mail gives votes only to Biden, and 300 thousand ballots are generally lost. The realization of such a scenario could collapse the markets. Because while the parties are trying to figure out which of them won, the aid package will not be accepted, and this is not only the main, but also the only idea that makes the markets grow now. Now the S&P 500 futures show a slight increase, the dollar index is below 93.4 and continues to decline, gold shows a slight increase, oil is declining.
Bitcoin in the first half of yesterday went to 13500, after which it moved to growth and took 14K. The plan I spoke about on October 24 came true. #Bitcoin reached 14360, but it is possible that today or tomorrow the highs will still be updated.
In terms of capitalization, we are trying to take 400 billion for the fourth time. We have spoken earlier about the importance of this level.
If there are no special surprises and Bitcoin remains above 14K in the next couple of days, the level will be taken completely and then we will see the long-awaited rise in altcoins. Etherum is now fixed above 400 and the TOP of altcoins begin to come to life, while not confidently and selectively.
There are now two main options for #altcoins.
Positive - Bitcoin stays above 14K until the weekend, Etherum goes to 450 and above, TOP alts moves to growth, followed by the second echelon. Capitalization reaches the range of 440-460 billion, then there may be a correction.
Negative option - Bitcoin within 1-2 days returns below 13800, to the previous trading range. Altcoins in this case will fall even more, and since they have practically not participated in the growth so far, and will fall faster than Bitcoin, they will simply find a new bottom. This option is possible on some significant external negative.
Interestingly, The Tiger 21 Club of Multi Millionaire Investors Are Election-Proofing Their Assets. Members of Tiger 21, a wealthy club with at least $ 100 million in assets, have invested in bitcoin, silver, and gold mining stocks as insurance against Joe Biden's victory in the US presidential election. #Bloomberg writes about it . “Amid near-zero rates in debt markets and uncertainty, many are increasing their share of gold and bitcoin,” said Avi Weintraub, president of real estate The Weintraub Companies and head of Tiger 21 in Miami. According to Weintraub, investors who ignored bitcoin eight months ago are now following with interest the publications in the media devoted to comparisons of gold and the first cryptocurrency. “We don't know where this topic is heading. It might be justified, it might be insanity, or something in between. So why not add a small fraction of [bitcoin] to your portfolio? It's kind of insurance, ”he explained. Back in mid-October we wrote that wealthy people are massively going to Bitcoin. So here is another confirmation. Source | Bloomberg.
#Bitcoin repeated attempts to take 14K within a day has been a success- for more than 14 hours bitcoin has been trading above this level. At the time of writing this review its trading above 14400. Total Crypto-Market capitalization is at $408 billion and #BTC dominance index of 64.3%.
Stock markets were up yesterday. American indices added from 1.63% (Dow Jones) to 3.77% (Nasdaq). The S&P 500 closed at 3443. Markets briefly rallied in the morning on news of a possible Trump victory that so far has changed. Then there was information that Biden was winning the disputed states, the markets nonetheless were positive about the information that the Senate remain Republican. This ensures Biden's deterrence from the implementation of his election ideas about increasing taxes and unbundling of corporations.
The main risk is protesting the election results, and there is every reason for this. For some reason, voting by mail gives votes only to Biden, and 300 thousand ballots are generally lost. The realization of such a scenario could collapse the markets. Because while the parties are trying to figure out which of them won, the aid package will not be accepted, and this is not only the main, but also the only idea that makes the markets grow now. Now the S&P 500 futures show a slight increase, the dollar index is below 93.4 and continues to decline, gold shows a slight increase, oil is declining.
Bitcoin in the first half of yesterday went to 13500, after which it moved to growth and took 14K. The plan I spoke about on October 24 came true. #Bitcoin reached 14360, but it is possible that today or tomorrow the highs will still be updated.
In terms of capitalization, we are trying to take 400 billion for the fourth time. We have spoken earlier about the importance of this level.
If there are no special surprises and Bitcoin remains above 14K in the next couple of days, the level will be taken completely and then we will see the long-awaited rise in altcoins. Etherum is now fixed above 400 and the TOP of altcoins begin to come to life, while not confidently and selectively.
There are now two main options for #altcoins.
Positive - Bitcoin stays above 14K until the weekend, Etherum goes to 450 and above, TOP alts moves to growth, followed by the second echelon. Capitalization reaches the range of 440-460 billion, then there may be a correction.
Negative option - Bitcoin within 1-2 days returns below 13800, to the previous trading range. Altcoins in this case will fall even more, and since they have practically not participated in the growth so far, and will fall faster than Bitcoin, they will simply find a new bottom. This option is possible on some significant external negative.
Interestingly, The Tiger 21 Club of Multi Millionaire Investors Are Election-Proofing Their Assets. Members of Tiger 21, a wealthy club with at least $ 100 million in assets, have invested in bitcoin, silver, and gold mining stocks as insurance against Joe Biden's victory in the US presidential election. #Bloomberg writes about it . “Amid near-zero rates in debt markets and uncertainty, many are increasing their share of gold and bitcoin,” said Avi Weintraub, president of real estate The Weintraub Companies and head of Tiger 21 in Miami. According to Weintraub, investors who ignored bitcoin eight months ago are now following with interest the publications in the media devoted to comparisons of gold and the first cryptocurrency. “We don't know where this topic is heading. It might be justified, it might be insanity, or something in between. So why not add a small fraction of [bitcoin] to your portfolio? It's kind of insurance, ”he explained. Back in mid-October we wrote that wealthy people are massively going to Bitcoin. So here is another confirmation. Source | Bloomberg.
In closing: Consider the first option a priority. Accelerating growth of Bitcoin with #altcoins standing still, growth of the dominance index above 66% - in favor of option 2.
Thoughts on the market for 06.11.2020: About $1 billion of #Bitcoin tied to the #SilkRoad marketplace was seized by the #U.S. on Tuesday. #blockchain
#Bitcoin continued to grow during the day and took the psychological level of 15000, reaching a maximum above 15980. Currently trading around 15600. Total Crypto-Market capitalization at $445 billion and #BTC dominance index 65.5
The stock markets are solidly positive, US indices rose from 2.02% to 2.68%, the S&P 500 closed at 3510. The dollar index fell to 92.6, and gold rose strongly, which peaked above 1950.
There was a Fed meeting yesterday followed by a press conference. The main idea is that low rates and monetary support have gone sideways for a long time, the Fed has a lot of instruments and they will be applied if necessary.
For now, the markets are growing, despite the possible contestation of the election results. There is still a strange situation with votes that came in the mail - they are almost all in favor of Biden. Trump's attempts to stop the counting of votes in some states have so far been unsuccessful. This is a flaw of Trump and his staff - being the incumbent president and at the same time suffering from fraud is strange. It was necessary either to prevent voting by mail, or to take control of the points of possible falsifications.
Half of the number of voters that voted at all in 2016 voted by mail, and it is clear that manipulation of the postal vote can greatly affect the result, which is what we see.
Futures on the S&P 500 are already in the red, gold also dipped somewhat. Obviously, after such a growth, profit-taking can take place in the markets, especially if there is uncertainty about the outcome of the elections.
Bitcoin met the expectations that were mentioned earlier. Hope you are following the recommendation, which at the end of the material on the entry of large players into the market, is now in positive territory by more than 30%. Taking the $400 billion level has been a success, surpassing by $39Billion.
New money entered the market, capitalization is already under 450 billion, which means that with stable Bitcoin, it's time to launch the #altseason. Etherum has already moved to growth, a maximum of 442 has been reached, if there is no extreme on the market, the TOP alts will also move to growth.
After such an increase in #Bitcoin, some correction is logical. The question is where will the bottom of the new trading range for the main cryptocurrency be. Most likely, it will be around 15000-14800. If we leave for the weekend, then we will start #altseason that's on the scenario by Monday the market capitalization will approach 480-490 billion.
External negative or some kind of #FUD on the crypto market like the recent news with US authorities conficaicating more than $ 1 billion worth of bitcoins associated with Silk Road. These are the same 69,370 BTC, originating from the Silk Road darknet marketplace. The US Justice Department seeks forfeiture of funds it seized Tuesday It’s the biggest cryptocurrency bust the government has made. The U.S. is suing for the forfeiture of more than $1 billion in Bitcoins it says are linked to the criminal marketplace Silk Road it shut down seven years ago. The thousands of Bitcoins, which the Justice Department seized on Tuesday, represent the largest cryptocurrency bust the government has ever made, it said in a statement on Thursday.
We may see a crash of Bitcoin to 14500 (falling to 14500 sounds nice), but even with this option, the beginning of altseason is a matter of a short time. As soon as Bitcoin stabilizes (preferably above 15K), it will begin.
As always wishing you a blessed weekend ahead and remember this is not financial advice or investment recommendation. Must do your own research.
#decryptedge
#Bitcoin continued to grow during the day and took the psychological level of 15000, reaching a maximum above 15980. Currently trading around 15600. Total Crypto-Market capitalization at $445 billion and #BTC dominance index 65.5
The stock markets are solidly positive, US indices rose from 2.02% to 2.68%, the S&P 500 closed at 3510. The dollar index fell to 92.6, and gold rose strongly, which peaked above 1950.
There was a Fed meeting yesterday followed by a press conference. The main idea is that low rates and monetary support have gone sideways for a long time, the Fed has a lot of instruments and they will be applied if necessary.
For now, the markets are growing, despite the possible contestation of the election results. There is still a strange situation with votes that came in the mail - they are almost all in favor of Biden. Trump's attempts to stop the counting of votes in some states have so far been unsuccessful. This is a flaw of Trump and his staff - being the incumbent president and at the same time suffering from fraud is strange. It was necessary either to prevent voting by mail, or to take control of the points of possible falsifications.
Half of the number of voters that voted at all in 2016 voted by mail, and it is clear that manipulation of the postal vote can greatly affect the result, which is what we see.
Futures on the S&P 500 are already in the red, gold also dipped somewhat. Obviously, after such a growth, profit-taking can take place in the markets, especially if there is uncertainty about the outcome of the elections.
Bitcoin met the expectations that were mentioned earlier. Hope you are following the recommendation, which at the end of the material on the entry of large players into the market, is now in positive territory by more than 30%. Taking the $400 billion level has been a success, surpassing by $39Billion.
New money entered the market, capitalization is already under 450 billion, which means that with stable Bitcoin, it's time to launch the #altseason. Etherum has already moved to growth, a maximum of 442 has been reached, if there is no extreme on the market, the TOP alts will also move to growth.
After such an increase in #Bitcoin, some correction is logical. The question is where will the bottom of the new trading range for the main cryptocurrency be. Most likely, it will be around 15000-14800. If we leave for the weekend, then we will start #altseason that's on the scenario by Monday the market capitalization will approach 480-490 billion.
External negative or some kind of #FUD on the crypto market like the recent news with US authorities conficaicating more than $ 1 billion worth of bitcoins associated with Silk Road. These are the same 69,370 BTC, originating from the Silk Road darknet marketplace. The US Justice Department seeks forfeiture of funds it seized Tuesday It’s the biggest cryptocurrency bust the government has made. The U.S. is suing for the forfeiture of more than $1 billion in Bitcoins it says are linked to the criminal marketplace Silk Road it shut down seven years ago. The thousands of Bitcoins, which the Justice Department seized on Tuesday, represent the largest cryptocurrency bust the government has ever made, it said in a statement on Thursday.
We may see a crash of Bitcoin to 14500 (falling to 14500 sounds nice), but even with this option, the beginning of altseason is a matter of a short time. As soon as Bitcoin stabilizes (preferably above 15K), it will begin.
As always wishing you a blessed weekend ahead and remember this is not financial advice or investment recommendation. Must do your own research.
#decryptedge
DECRYPT EDGE is inviting you to a scheduled Zoom meeting.
Topic: *DIGITIZATION SHIFT ..... WHERE ARE YOU?*
Time: *Nov 7, 2020 09:55 AM Nairobi*
TODAY on *BITCOIN101* - Let's learn about...
*-#Bitcoin Versions and Upgrades, since the Genesis Block!*
*- Crypto-Markets news and updates.*
*- Open Q & A session.*
Join Zoom Meeting
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Meeting ID: 864 4008 6431
Passcode: BITCOIN101
Topic: *DIGITIZATION SHIFT ..... WHERE ARE YOU?*
Time: *Nov 7, 2020 09:55 AM Nairobi*
TODAY on *BITCOIN101* - Let's learn about...
*-#Bitcoin Versions and Upgrades, since the Genesis Block!*
*- Crypto-Markets news and updates.*
*- Open Q & A session.*
Join Zoom Meeting
https://us02web.zoom.us/j/86440086431?pwd=YTNUTnA2dmR0aWVZUTNQVk05dHA3QT09
Meeting ID: 864 4008 6431
Passcode: BITCOIN101
Thoughts on the market for 07.11.2020 💡Quote of the Day💡 "There is no training, classroom or otherwise, that can prepare for trading the last third of a move, whether it's the end of a #bullmarket or the end of a #bearmarket." -Paul Tudor Jones
#Bitcoin has held above 15,000, during the day and moving in the range of 15400-15700. Last night there was an attempted correction to 15200, which was quickly bought out. Currently trading above 15,500. Total Crypto-Market capitalization of $449 billion, and BTC dominance index of 64.1
Equities closed slightly lower yesterday, with the S&P 500 close at 3509. The positive is Democrats will not have a majority in Congress as has already been worked out in the previous two days, the data on the labor market in the United States is weak, there is no clarity with the election results. Rather, it is already clear that, according to the results of the vote count, Biden is ahead, and Trump, not without reason, speaks of fraud in the postal vote. It is not clear how this story will end.
How Trump will protest the results, what will come of it, whether the street is included in the process - these are questions that we will find answers to next week. If somehow the results of the elections are summed up quickly and without excesses, the markets have a chance to take highs amid expectations of a quick adoption of the aid package.
But the more likely option is that the results will not be summed up quickly, and the markets, at best, will slowly fall. I will write about possible scenarios.
Gold closed at 1952, but oil fell more than 3%.
Bitcoin, after an impressive surge above 15K, is consolidating around 15,500. While support at 15,400 has emerged, corrections below this level are quickly redeemed. Bitcoin was supported by the dollar index, which fell to a two-month low. How the dollar index affects Bitcoin, I shall write about it again.
It is clear that after such an increase and with an extremely high fear index, a correction is inevitable. Yesterday I talked about possible options, events are developing according to option 1
After taking 400 billion of capitalization, altcoins, as expected, switched to growth. The dominance index is declining, Ether is already above 450, TOP alts and even the DeFi sector are growing, which has recently found itself at a very deep bottom.
On the thin weekend market, sharp spills are possible (as, for example, it was on August 2, when Bitcoin updated its annual maximum at 12K, and then on the weekend there was a spill of more than 1000 points). But the priority option is Bitcoin in the 15700-15400 range and the growth of altcoins. I will write about the prospects for the next week later this evening.
As always have a blessed weekend ahead, remember this is not traditional investment advice, do not take is as financial advice. Must do your own research . #decryptedge
#Bitcoin has held above 15,000, during the day and moving in the range of 15400-15700. Last night there was an attempted correction to 15200, which was quickly bought out. Currently trading above 15,500. Total Crypto-Market capitalization of $449 billion, and BTC dominance index of 64.1
Equities closed slightly lower yesterday, with the S&P 500 close at 3509. The positive is Democrats will not have a majority in Congress as has already been worked out in the previous two days, the data on the labor market in the United States is weak, there is no clarity with the election results. Rather, it is already clear that, according to the results of the vote count, Biden is ahead, and Trump, not without reason, speaks of fraud in the postal vote. It is not clear how this story will end.
How Trump will protest the results, what will come of it, whether the street is included in the process - these are questions that we will find answers to next week. If somehow the results of the elections are summed up quickly and without excesses, the markets have a chance to take highs amid expectations of a quick adoption of the aid package.
But the more likely option is that the results will not be summed up quickly, and the markets, at best, will slowly fall. I will write about possible scenarios.
Gold closed at 1952, but oil fell more than 3%.
Bitcoin, after an impressive surge above 15K, is consolidating around 15,500. While support at 15,400 has emerged, corrections below this level are quickly redeemed. Bitcoin was supported by the dollar index, which fell to a two-month low. How the dollar index affects Bitcoin, I shall write about it again.
It is clear that after such an increase and with an extremely high fear index, a correction is inevitable. Yesterday I talked about possible options, events are developing according to option 1
After taking 400 billion of capitalization, altcoins, as expected, switched to growth. The dominance index is declining, Ether is already above 450, TOP alts and even the DeFi sector are growing, which has recently found itself at a very deep bottom.
On the thin weekend market, sharp spills are possible (as, for example, it was on August 2, when Bitcoin updated its annual maximum at 12K, and then on the weekend there was a spill of more than 1000 points). But the priority option is Bitcoin in the 15700-15400 range and the growth of altcoins. I will write about the prospects for the next week later this evening.
As always have a blessed weekend ahead, remember this is not traditional investment advice, do not take is as financial advice. Must do your own research . #decryptedge
What is the Dollar Index? 💡Quote of the Day💡
“You never know what kind of setup market will present to you, your objective should be to find an opportunity where the risk-reward ratio is best.”
– Jaymin Shah ✒️
Recently, the #DollarIndex has been frequently mentioned in our reviews. . It is clear from the reviews that it affects the Bitcoin exchange rate, but not everyone understands exactly how this happens. This will help synthesize for better understanding.
The dollar index is the value of the #dollar exchange rate relative to a basket of currencies. It was first launched back in 1973, the initial value was 100.00. As you can see, since that time it has not changed significantly - the value of the dollar index right now is like this: 92.847
But what does it have to do with #Bitcoin?
To understand this, open the dollar index chart, for example, and in another separate window, open the Bitcoin chart. Bitcoin's high on 18th August 2020 was around 12,40, the dollar index at that time was around 92.5.
Bitcoin's next peak above 12K was on September 1. The dollar index at that time was even lower - at 92.14, and on September 9, the dollar index reached a local peak at 93.6 - and Bitcoin was then looking for a bottom at 9800. Since September 14, the dollar index fell below 93 - Bitcoin is already storming 10,800.
As you can see, there is an inverse #correlation. The higher the dollar index, the worse it is for Bitcoin.
Maybe this is a coincidence?
Let's then look at when the dollar index was at its highest in 2020. Since March 9, the dollar index has grown strongly, a peak above 102 reached on March 20, from March 18 to March 27, the value of the dollar index was above 100. Where Bitcoin found itself in the first half of March, everyone remembers. Do you? Since the end of May, the dollar index has been falling, and Bitcoin has been rising. In September, the dollar index began to rise - Bitcoin is falling. Since September 9, the dollar index has been falling - Bitcoin is growing.
From this it follows that the dollar and Bitcoin index have a clearly pronounced inverse correlation, both in growth and in decline.
Explanation - the dollar index rises when risk appetite decreases, and in this case, Bitcoin, as a risky asset, declines. When the dollar index falls, then investors' appetite for risk grows, and Bitcoin grows too.
There is nothing good in this, but this is an objective reality, which is caused by the arrival of institutions on the market (the process began in 2017 with #CME futures). The movement of the dollar index is now a leading indicator that allows us to understand the direction of movement of the crypto-market.
#decryptedge
“You never know what kind of setup market will present to you, your objective should be to find an opportunity where the risk-reward ratio is best.”
– Jaymin Shah ✒️
Recently, the #DollarIndex has been frequently mentioned in our reviews. . It is clear from the reviews that it affects the Bitcoin exchange rate, but not everyone understands exactly how this happens. This will help synthesize for better understanding.
The dollar index is the value of the #dollar exchange rate relative to a basket of currencies. It was first launched back in 1973, the initial value was 100.00. As you can see, since that time it has not changed significantly - the value of the dollar index right now is like this: 92.847
But what does it have to do with #Bitcoin?
To understand this, open the dollar index chart, for example, and in another separate window, open the Bitcoin chart. Bitcoin's high on 18th August 2020 was around 12,40, the dollar index at that time was around 92.5.
Bitcoin's next peak above 12K was on September 1. The dollar index at that time was even lower - at 92.14, and on September 9, the dollar index reached a local peak at 93.6 - and Bitcoin was then looking for a bottom at 9800. Since September 14, the dollar index fell below 93 - Bitcoin is already storming 10,800.
As you can see, there is an inverse #correlation. The higher the dollar index, the worse it is for Bitcoin.
Maybe this is a coincidence?
Let's then look at when the dollar index was at its highest in 2020. Since March 9, the dollar index has grown strongly, a peak above 102 reached on March 20, from March 18 to March 27, the value of the dollar index was above 100. Where Bitcoin found itself in the first half of March, everyone remembers. Do you? Since the end of May, the dollar index has been falling, and Bitcoin has been rising. In September, the dollar index began to rise - Bitcoin is falling. Since September 9, the dollar index has been falling - Bitcoin is growing.
From this it follows that the dollar and Bitcoin index have a clearly pronounced inverse correlation, both in growth and in decline.
Explanation - the dollar index rises when risk appetite decreases, and in this case, Bitcoin, as a risky asset, declines. When the dollar index falls, then investors' appetite for risk grows, and Bitcoin grows too.
There is nothing good in this, but this is an objective reality, which is caused by the arrival of institutions on the market (the process began in 2017 with #CME futures). The movement of the dollar index is now a leading indicator that allows us to understand the direction of movement of the crypto-market.
#decryptedge