Bitcoin, Is $70,000 The Next Stop?
Thoughts on the market 8.11.2021

Bitcoin continued its growth over the weekend, to a high of $65639 on the Binance Exchange. As of this writing, it is trading around 65,700.

Market capitalization: $2.85 Trillion.
Dominance Index: 43.4%
Fear / Greed Index: 75%

Stock markets opened in different directions. At the moment, futures for the S&P 500 are in a slight negative , Asian indices also show multidirectional dynamics, gold, silver and oil are growing. The dollar index fell 0.03% to 94.29.

On the crypto market, the priority version of Saturday's forecast worked out, bitcoin remained in the indicated range. The low was set at 60050, and a high of 65639 as quoted on the Binance exchange. Price did not go below 60,000, the weekly candle closed above 62,000 and now we are approaching serious resistance at 66,000.

Altcoins continue to show highs, Ethereum (ETH) has set a new ATH of $4737. There is no doubt that the price of Ethereum in this cycle will reach 6-7K. We already mentioned this. Cardano (ADA) and XRP started moving, I am sure that they also seem to be good results.

There is very little left to the historical highs, and if today we break through 66,000, then we go to 68,500 - 70,000, there will definitely be a stop at 70K, since this is a serious psychological milestone and many have already placed sell orders there for a long time.

If we don't take 66000, then we go down one floor to 63000-62000.

Interesting: Cryptocurrency exchange Bakkt has continued to develop its own retail payment system. Previously, it only processed Bitcoin payments from users of the application for retailers who want to accept cryptocurrencies, Ethereum will be added. The Bitfinex cryptocurrency exchange has achieved the integration of its own payment network Bitfinex Pay with the MetaMask wallet. Given the popularity of this application, the system could gain millions of new users. Image Source: newsbtc.com

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

#November! A Bullish Month for #Bitcoin as #ElonMusk Tweets On #US Government Spending and Unrealized Gains Tax Proposal Highlights Benefits of Bitcoin & #Zimbabwe May Be the Next Country to embrace #Bitcoin as #Legal #Tender.

Thoughts on the market 9.11. 2021

Bitcoin continued its growth yesterday and established an ATN, at the moment the absolute high is at 68524 @Binance Exchange. At the time of this writing, it is trading at around 68,300.

Market capitalization: $2,94 Trillion.
Dominance Index: 43.8%
Fear / Greed Index: 84%

Stock markets ended Monday trading higher. The Dow Jones rose 0.29% to a historic high, the S&P 500 rose 0.16%, and the NASDAQ Composite rose 0.23%. The US Dollar Index was down by 0.30% to 94.037.

On the cryptomarket, worked out a forecast version with the departure of bitcoin to the level of 68500, which we indicated yesterday as the first resistance before 70,000. This target is off by $1,476 which is highly probably to be taken down today!

More than two weeks of stagnation in a narrow price range with steadily decreasing volatility has finally resulted in a significant price increase in bitcoin.

Most altcoins followed the lead of the main cryptocurrency, demonstrating strong growth, setting new highs and, along the way, significantly increasing the capitalization of the crypto industry as a whole. Now hitting the $3 Trillion mark. As we rightly mentioned on 29th October(https://t.me/decryptedge/822).

Some key events lined for the month of November 2020, (1.) Upcoming update of the Bitcoin Taproot network, (2.) the upcoming publication of October inflation indicators in the US and Germany, (3.) the launch of exchange-traded funds based on Bitcoin futures, as well as(3.) the lack of liquidity for sale on exchanges (although this is more a consequence, not a cause).

As for #ETFs, this news is no longer new. By itself, their presence will continue to have a beneficial effect on the market due to the systematic inflow of institutional investors' funds into the cryptocurrency market, but its informational effect has remained far behind and today can hardly serve as an impetus for new purchases of a wide range of market participants.

High inflation in the US also did not appear yesterday, and is a quite natural effect of more than a year's ultra-soft monetary policy of the Federal Reserve, and the forecasts for the upcoming indicators are very average in the current circumstances.

More details on #taproot, it will be the first significant improvement to the #BTC network since 2017. The update will make changes to the #blockchain code, opening the way for the creation of the simplest #smartcontracts, increase the speed of transactions and their security due to the possibility of creating "batch" transfers, thereby showing that the oldest #cryptocurrency remains capable of development. The symbolic significance of this event is difficult to overestimate, and the media have already begun counting down the number of blocks remaining before the start, thereby stimulating new speculative demand.

For today, if Bitcoin can overcome the resistance at $68,500, then we break through ATN and go higher, the main goal is 70,000 - this will be the priority option. If we cannot, then we remain in the range 68000-64000.

To some news, Square has announced plans to help Bitcoin become the national currency for the Internet. Source:news.btc

Zimbabwe could be the next country to accept Bitcoin as legal tender. As reported by @Cointelegraph, Zimbabwe has been paying attention to the increasing demand for crypto among its people, which it views as a possible avenue for growth. The country has also been receptive to regulating the entire sector. The government of Zimbabwe accepted the digital economy framework as part of National Development Strategy 1, which it refers to as a means for connecting government and business efforts in addressing the developing notion of the digital economy.

Lastly, New York City Mayor Eric Adams believes schools should prepare students to navigate the world of cryptocurrencies and digital assets. Which we at #Decryprtedge are proudly doing so already. Tesla CEO Elon Musk made several tweets about the U.S. national debt and government spending last week. He also warned against the proposal to tax unrealized capital gains, aimed at billionaires which is more positive to #Bitcoin.
Image Coutersy.

#NFA #DYOR #decryptedge

Positive in The Crypto Market Rages on as #Apple CEO- Tim Cook Now Says He Personally Invested in Cryptocurrency, but Apple Has no plans to do so & #Mastercard launches #crypto-linked cards across #Asia-Pacific

Thoughts on the market 10.11. 2021

Bitcoin, after reaching a new all-time high at 68524 yesterday on Binance, corrected slightly downward and found support around 66200. At the time of writing this review, the main cryptocurrency is trading around 66400.

Market capitalization: $2.88 Trillion.
Dominance Index: 43.5%
Fear / Greed Index: 75%

Equity markets closed lower on Tuesday. The Dow Jones dropped 0.45%, the S&P 500 lost 0.42%, and the NASDAQ Composite dropped 0.64%. The dollar index fell 0.09% to 93.957.

On the cryptomarket, an alternative version of yesterday's review worked out. Bitcoin was unable to overcome the resistance level of $68,500 and began a downward correction to a price of $66,222.

Yesterday a publication index of production prices in the US for October on an annualized basis was released, which, although it turned out to be 0.1% below forecasts, amounted to as much as 8.6%. Today we are waiting for the release of consumer inflation indicators, and, in the event of unexpectedly high values, this may well provoke another wave of cryptocurrency purchases.

Thus, the core index, which is a key inflation target for the Federal Reserve, is forecasted at around 4%, which in itself is already 2 times higher than the target level, maintaining which is one of the main objectives of monetary policy.

In our past review(https://t.me/decryptedge/832) dated 05.11. 2021, we mentioned the statement by Jerome Powell about the gradual reduction of the bond repurchase program, but will this measure stop the rise in inflation?

The question is almost rhetorical. After all, the same Powell assured that the discount rate for at least another year will remain at zero. In addition, numerous programs for paying large sums of money to business owners, employees, housewives, etc. forced to stop working because of covid (and often simply unwilling to work with such payments) will continue to act. In such a situation, the maximum that can be counted on is only a certain slowdown in the rate of price growth.

According to the most optimistic forecasts, even if after the specified year the Federal Committee immediately begins to increase the discount rate by the standard 0.25% -0.5% per meeting, it will take at least another year, and another year for these actions to bring a tangible effect. Therefore, inflation will remain fairly high for a very long time, encouraging investors to reduce their funds by investing in crypto assets.

Forecast for today. The priority option is bitcoin in the range of 64000-68000, the alternative is going below 64K, which can return us to 62000-60000.

Lots of news today, starting with Apple CEO Tim Cook said he personally invested in cryptocurrency, but Apple has no plans to do so yet. Source: nytimes.com. Interesting how such news is coming out now. Him personally investing in #Crypto is good enough soon and expect more announcements coming from the company.

Elon Musk conducted a vote on his Twitter, according to the results of which he must now sell 10% of his stake in Tesla. This news managed to increase the optimism of market participants, as some of them for some reason believe that Musk is investing the amount received from the sale of shares in cryptocurrencies.

Mastercard will launch Bitcoin-pegged debit, credit and prepaid payment cards in Asia Pacific. They will allow businesses and consumers to pay for purchases with cryptocurrency. The partners are Hong Kong startup Aber Group, cryptocurrency exchanges CoinJar and Bitkub from Australia and Thailand, respectively. Source : cointelegraph.com/

The US Congress approved a $ 1.2 trillion infrastructure development program, one of the funding sources for which is supposed to be taxes from cryptocurrency owners. The law implies new requirements for brokers to provide information on transactions worth more than $ 10,000 to the IRA tax office. Source: verdict.co.uk.

#NFA #DYOR #decryptedge

#Zimbabwe Says it will Not Adopt #Bitcoin as Legal Payment or Tender but confirmed it is working on its own #CBDC

Thoughts in the market 11.11.2021

The first half of Wednesday, morning #The Bitcoin pair was traded in a narrow range of 67100-66200, with market participants expecting data on consumer inflation in the US in October. Despite the fact that forecasts were so far from optimistic, the reality turned out to be much more severe than many assumed. The consumer price index in the States grew by 6.2%, instead of the projected 5.3%.

After the publication bitcoin rapidly flew up, reaching the next price record of $69,000, fully working out the priority version of yesterday's analysis.

Market capitalisation: $2.82 Trillion.
Dominance Index: 43.3%
Fear / greed index: 77%
The dollar index rose 0.97% to 94,870.

Since inflation data is now on the table and contributed to the market dynamics, their further influence will be positive, but more moderate. The main focus of market participants will switch to the upcoming #Bitcoin Soft fork Taproot, as well as scheduled on November 14, the SEC solution for the Vaneck Spot Bitcoin ETF. Unlike the Green Light of Futures ETF, Vaneck Spot Bitcoin ETF is a spot investment product that is potentially able to become a large catalyst for the inflow of institutional capital on a cryptocurrency market due to the best trading conditions.

However, the most likely SEC solution according to this fund is a refusal, since the head of SEC Gary General once expressed his uncertainty in the existence of reliable customer protection mechanisms in this market.

For today, the most likely consolidation scenario is in the range of 62000-66000, before resuming the growth and installation of new highs. If we leave below 62000, we can test 60k.

The Minister of Information Zimbabwe now denies rumors about the possible recognition of Bitcoin to the official means of payment in the country. Minister Monica Mutsvangwa clarified that the government of Zimbabwe is keen to experiment with a central banking digital currency (#CBDC). Mutsvangwa took to a cabinet briefing to dismiss the ongoing crypto adoption claims:
“Government would like to assure the nation that it is not considering introducing another currency in the economy as reported in some sections of the media. Our local currency is the Zimbabwe dollar (ZW$) and not cryptocurrency.”

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

#BITCOIN HALAL? MUSLIMS IN INDONESIA TOLD NOT TO BUY AS CRYPTO DECLARED #HARAM.

Thoughts on the market 12.11. 2021

After reaching another absolute high of around 69,000, after which it turned sharply and within a short time lost almost 10% of its value, dropping to $62,800.

The US inflation data released on Wednesday was so bad that it was, in a sense, even good. Having reached the highest value in the last 30 years, the consumer price indicator has led many market participants to assume that the members of the Federal Open Market Committee have misjudged the inflationary threat and will urgently begin to take urgent measures to eliminate it.

Just a week ago, Jerome Powell announced that the discount rate would be at zero for at least a year and was unlikely to dramatically change its rhetoric. However, his further statements, as well as any statements of other heads of central banks of the Federal Reserve, will now have to be closely monitored, since further market dynamics will correlate with them to a very high degree. In this regard, the speech of the head of the Federal Bank of New York John Williams, scheduled for today, will arouse certain interest.

Another possible reason for the market fall is called the rumors circulated by various publications about the likely bankruptcy of the Chinese construction giant Evergrande, which could have very unpleasant consequences for an entire industry of the economy. It was noted that on Wednesday, Evergrande missed a payment on its huge $ 300 million debt. The backlash stemmed from speculation that Tether was holding some of the company's debt as collateral.

Market capitalization: 2849 billion.
Domination index 43%.
Fear / Greed Index 74.
Dollar index rose 0.33% to 95.153.

On the crypto market after the decline from the highs, the pair continued to trade in a narrow range of 64200-65100. Considering that less than two days are left before the SEC's decision on spot cryptocurrency funds, which will determine further dynamics of the market. In case of a positive (unlikely) decision, we will witness new absolute highs.

So for today Bitcoin in the range of 62000-67000 is a priority option, leaving below 62000 is an alternative. You may find some good prospects with TNC trading on Gate.io. Its now at $0.00165

Muslims in Indonesia have been banned from using cryptocurrencies. The National Ulema Council, which serves as the country’s authority on Shariah compliance, announced on Thursday that cryptocurrencies were haram as they contain elements of uncertainty, wagering and harm. The ruling does not serve as an official decree, and no ban on trading has been introduced by the countries legislators, however it will likely have a significant impact on how comfortable people feel using the assets in the world’s largest Muslim country.
With a population of 237 million Muslims, Indonesia accounts for roughly 13 per cent of the world’s total Muslim population. Souce: Independent.co.uk

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

BITCOIN101 Session we talk about...
- *Global Crypto Adoption Index - where are we?.
- Crypto-Markets news and this week updates.
- Open Q & A session.

Join Zoom Meeting
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A Major upgrade to #Bitcoin just activated — here’s what Crypto Investors Should Know.

Thoughts on the market 15.11.2021

Bitcoin spent most of the weekend in a narrow range of 63400-65300. Market activity was quite low, even despite the launch of the Taproot soft fork on the bitcoin blockchain. However, on Sunday evening, bitcoin resumed its growth, reaching the level of 66,200, and is currently trading around 66,000.

The market capitalization: $2.87 Trillion.
Domination index 43.3%.
Fear / Greed Index 72.
The dollar index fell by 0.14% to 95.01.

Taproot, a highly anticipated upgrade to bitcoin, went into effect on Sunday at block 709,632. This is the largest network upgrade since the SegWit protocol was activated back in August 2017. It includes several important technical improvements, the main of which is the implementation of the Schnorr signature scheme to improve the privacy and scalability of the network, and the MAST concept, which increases the efficiency of processing bulk data. This should potentially lead to lower transaction fees.

Taproot will “set the foundation for the next phase of innovation in the bitcoin protocol,” “We expect this upgrade to unleash a new wave of innovation in bitcoin focused mainly on smart contracts.” Said Katherine Dowling, general counsel and chief compliance officer at Bitwise Asset Management, in an interview with CNBC. Taproot has been discussed for a long time and therefore the market reacted sluggishly to its launch, with a slight decline. Overall, most of the top 10 digital assets by market cap ended the week in the green. The exceptions were Solana, which lost about 9% of its value, and Polkadot, which fell 11.5%.

As all the major news are left behind, the influence of technical factors on the market dynamics will be the main one in the coming days. As the main scenario, I consider further growth to historical highs and higher in the near future. To maintain the upward momentum, Bitcoin needs to hold the support level of $63,000, around which a significant volume of buy orders has formed at the moment.

For today, if we cannot return and gain a foothold above 66000-66350, then again we will go to 64000-63000. There is an option of consolidation which sets ground and every chance to rise to 68,000 and higher.

This is not traditional investment advice and ought not to be deemed as financial recommendation. Must do your own research. #Decryptedge. Image source: CNBC

Could $69,000 Be the #Bitcoin Top For this 20/21 Bull Market?

Thoughts on the Crypto market 16.11.2021

After reaching a high of $66400 on Monday morning, #Bitcoin pair turned in the opposite direction. Yesterday night it tested another support in the area of ​​60,000 and at the moment, it is trading for $61,180.

Market capitalization: $2.66 Trillion.
Dominance Index: 43.2%
Fear / Greed Index: 71
The dollar index rose to 95.44.

There is a 60-day correlation between the bitcoin price and the S&P 500 index peaked in the last 18 months. The correlation with the dollar index is inverse, and as soon as the dollar goes down, we will see new highs on Bitcoin or vice versa.

There, some negative news, one being the signing of the law on infrastructure projects, by Biden which provides for taxation of cryptocurrency owners as a source of funding. We wrote back about the approval of this bill by Congress in previous reviews.

For today: The resistance in the 63000-63500 zone has been passed. The road to the next solid support level of 60,000 is open and its test is likely just around the corner. Overcoming it will not be easy. Below is another key zone 57600-58000, which will serve as a springboard for the resumption of growth, or further breakdown.

Today November 16, the Chicago Board Options Exchange (CBOE) will begin trading Bitcoin ETFs based on CME-traded futures from asset management company VanEck. The instrument will receive the ticker XBTF. It will be the third in the lineup after similar offers from ProShares and Valkyrie Investments, which were listed on the NYSE and Nasdaq, respectively. A source.

#Bitcoin #hashrate continued to recover, after falling in June-July this year, with difficulty now at 22.67 trillion after a 4.69% increase on Sunday. This latest jump in difficulty was the 9th consecutive increase since mid-June. The next difficulty will now be happening just before the end of this month at an estimated increase of 1.11%, taking it to 22.93 trillion. FYI: This is the longest positive difficulty adjustment streak since more than three years back when the bull market reached its pinnacle, and the bear market ensued. Seventeen increases in a row were recorded between early December 2017 and early July 2018. The all-time high Bitcoin difficulty reached was at 25 trillion in mid-May, as per BTC.com. History does not repeat but sure rhymes.

At the backdrop, China is warning its own state-owned enterprises to get out of cryptocurrency mining and is considering imposing punitive measures in the form of higher power prices on companies that continue to defy a government ban as Bitcoin trades near record highs. a bigger onus on provinces and municipalities to investigate and clean up SOEs involved in mining.
Even though most miners have relocated, this may still have some effect and selling pressure for the bitcoins already minted to cover for costs. Let's see it unfold.

This is not traditional investment advice and ought not to be deemed as financial recommendation. Must do your own research. #Decryptedge. Image source:

79 Crypto Exchanges Dead in 2021

Thoughts on the Crypto market 17.11. 2021

Good afternoon, on Tuesday, Bitcoin continued to fall, going by yesterday’s analysis. A test on the $60,000 level turned out to be successful, and the pair headed lower to test the key support area 57400-58000 for strength. The demand in this area was so great that, having set a minimum at around 58640, the price quickly returned above 60,000, and then 61,000, after which it began to slowly sink again. At the moment the price is 59,500.

Entire spectrum of cryptocurrencies fell significantly over the past day too, reducing the market capitalization to $2.62 Trillion. Ethereum lost 11% of its value yesterday, Solana, Ripple, Cardano and Shiba Inu on average about 10%.
BTC Dominance index at 43.5%. The Fear / Greed Index dropped to 52%.
Dollar index dropped to 96.05.

The media reported some more negative news yesterday. The first of these was the statement by the CFO of Twitter that, in his opinion, investing in crypto assets now does not make sense due to the lack of regulation and high volatility. We shared yesterday that the press secretary of the National Development and Reform Commission of China Meng Wei added fuel to the fire. Once again stressed that mining virtual currencies is excessively harmful and consumes too much energy. Wei also warned state-owned enterprises in the regions against any participation in this, threatening punitive prices for consumed electricity. In addition, Reuters reported that the People's Bank of China plans to ban foreign exchanges from providing services to their clients domestically. So could 69,000 be the Bitcoin top for 20/21(t.me/decryptedge/852)

One of the main reasons for the fall is the dominance of the idea of ​​a likely, sooner and more significant than previously expected, increase in the discount rate by the Federal Reserve, and then by other central banks. Within this paradigm, the better-than-expected data on retail sales in the US gives officials the freedom to do so.

Cryptocurrencies and gold, which have benefited a lot lately from fear of high inflation, have begun to lose value. Probably, they will continue to decline until this new idea is disproved, proves premature, or simply goes to the second or fifth most important plan.

For today: Given that the pair has not yet managed to firmly hold above the level of 61000, a high probability of another test of the key zone 57400-58000 remains. It is difficult to break it, but if successful, the medium-term upward momentum will be lost. The next support levels are around 52,500 and 50,000. For a positive scenario to develop, bitcoin needs to gain a foothold above 62,400 in the near future, and then return to the 63,000-64,000 zone.

Interestingly, the third largest Bitcoin address added 207BTC at an average price of 62,000. Source. Finally, 79 cryptocurrency exchanges ceased operations in 2021. Report from a leading Crypto service comparison site – Cryptowisser, announced its annual Crypto exchange graveyard. With exchange deaths growing year on year, but with more regulatory sanctions and crypto awareness worldwide, it could be said that the regulations could stabilize the number of crypto exchanges on the market. The main reasons to the deaths are:
-The Regulatory Kiss of Death .
-The Hacking Death Penalty.
-The Powerhouse Grim Reaper.
-The Defi Death Experience. Source: Press Release: news.bitcoin.com.

This is not traditional investment advice and ought not to be deemed as financial recommendation. Must do your own research. #Decryptedge. Image source: