#ElSalvador to Issue $1 Billion #Bitcoin Bond to Fund '#BitcoinCity' Thoughts on the market 22.11. 2021
Over the weekend, #bitcoin continued its short recovery to 59,700, on Sunday it managed to reach 60029 (Binance). Thereafter it took a down correction and at the moment, the pair has returned to the 57000 level.
Market capitalisation: $2.552 Trillion.
BTC Dominance Index 42.3%.
Fear / Greed Index 50.
The dollar index rose again to 96.11.
One of the reasons for the weekend market's growth was the news about the release of the White Paper of the global Bitcoin exchange, published by the founder of Twitter, Jack Dorsey. It will be a decentralised open source cryptocurrency exchange platform. A feature of the future tDEX exchange will be fiat exchanges organised like p2p transfers with the possibility of arbitration disputes.
Many market participants are thinking about the imminent tightening of monetary policy in the US, noting that the rate of return on short-term US bonds fell to lows by the end of the week. Thus, there are no reasons for reducing investments in risky assets, and thoughts about the upcoming end of the period of high inflation and low interest rates may be too premature.
The European Central Bank and the US Federal Reserve will publish the minutes of the past meetings indicating the number of committee members who voted in favor of raising the discount rate, as well as their comments. The fact that these meetings were held before the release of extreme October inflation data in America and Europe will slightly reduce their relevance. Nevertheless, it will be possible to draw up a general idea of the mood of officials who determine the level of the discount rate. Then extrapolate it to the next couple of years.
For today, a short-mid term update. The market is already significantly overheated, but a test of the recent low of 55600 cannot be ruled out. The loss of this level will lead to a dump to $52/48k and from this area, there is a chance for another rebound to $62K. If this happens the market will be stable for the first two weeks of Dec, then continue to dump on the second half of Dec to $40/38K/32/28K probably Q1 of 2022 will be bad for #crypto that is if Dec closes below $40/38K. We also talked about this during our Saturday Bitcoin101.
To some news, El Salvador will place a $1 billion bitcoin bond on the Liquid Network and plans to build the world's first bitcoin city. As published by news.bitcoin.com This city would be located at the east of the country, with its infrastructure being powered by geothermal energy. The city would also feature zero taxes for its citizens. On this, Bukele stated: Invest here and make all the money you want. This is a fully ecological city that works and is energised by a volcano. This is awesome, positive developments.
Remember this is not traditional investment advice and ought not to be deemed as financial recommendation. Must do your own research. #Decryptedge. Images Courtesy: Bitcoin.com
Over the weekend, #bitcoin continued its short recovery to 59,700, on Sunday it managed to reach 60029 (Binance). Thereafter it took a down correction and at the moment, the pair has returned to the 57000 level.
Market capitalisation: $2.552 Trillion.
BTC Dominance Index 42.3%.
Fear / Greed Index 50.
The dollar index rose again to 96.11.
One of the reasons for the weekend market's growth was the news about the release of the White Paper of the global Bitcoin exchange, published by the founder of Twitter, Jack Dorsey. It will be a decentralised open source cryptocurrency exchange platform. A feature of the future tDEX exchange will be fiat exchanges organised like p2p transfers with the possibility of arbitration disputes.
Many market participants are thinking about the imminent tightening of monetary policy in the US, noting that the rate of return on short-term US bonds fell to lows by the end of the week. Thus, there are no reasons for reducing investments in risky assets, and thoughts about the upcoming end of the period of high inflation and low interest rates may be too premature.
The European Central Bank and the US Federal Reserve will publish the minutes of the past meetings indicating the number of committee members who voted in favor of raising the discount rate, as well as their comments. The fact that these meetings were held before the release of extreme October inflation data in America and Europe will slightly reduce their relevance. Nevertheless, it will be possible to draw up a general idea of the mood of officials who determine the level of the discount rate. Then extrapolate it to the next couple of years.
For today, a short-mid term update. The market is already significantly overheated, but a test of the recent low of 55600 cannot be ruled out. The loss of this level will lead to a dump to $52/48k and from this area, there is a chance for another rebound to $62K. If this happens the market will be stable for the first two weeks of Dec, then continue to dump on the second half of Dec to $40/38K/32/28K probably Q1 of 2022 will be bad for #crypto that is if Dec closes below $40/38K. We also talked about this during our Saturday Bitcoin101.
To some news, El Salvador will place a $1 billion bitcoin bond on the Liquid Network and plans to build the world's first bitcoin city. As published by news.bitcoin.com This city would be located at the east of the country, with its infrastructure being powered by geothermal energy. The city would also feature zero taxes for its citizens. On this, Bukele stated: Invest here and make all the money you want. This is a fully ecological city that works and is energised by a volcano. This is awesome, positive developments.
Remember this is not traditional investment advice and ought not to be deemed as financial recommendation. Must do your own research. #Decryptedge. Images Courtesy: Bitcoin.com
Cryptocurrencies “Has The Potential for Undermining Currencies, for undermining the role of the dollar as the reserve currency, [and] for destabilizing nations.” Hillary Clinton.
Thoughts on the market 23.11.2021
After returning to the $57,000 level, the Bitcoin/USD pair spent Monday morning in a narrow range of $56800-57200.Then everything changed dramatically after the announcement that Biden approved the current head of the Federal Reserve Jerome Powell for the next term. The market's first reaction was pretty positive. In 20 minutes, Bitcoin rose in price by almost $3,000 from $56,600 to 59,500. However, the enthusiasm of buyers quickly faded away and the pair began to gradually decline to the previous levels. After another unsuccessful test of the recent low of $55,600, the quotes are now near the $56,500 mark.
Market capitalization has dropped significantly again and currently stands at $2.556 Trillion.
BTC Dominance Index: 41.8%.
The Fear / Greed Index dropped to 33.
The dollar index rose to 96.58.
In general, we can make an unambiguous conclusion that the traditional financial markets reacted positively to the news of Powell's appointment. Despite the fact that he belongs to the camp of "doves", Powell is perceived by investors to be much more moderate in his beliefs than another contender for the position, Lael Brainard. The level of the discount rate in the medium term will be higher, and inflation - lower than it could have been in the case of Biden's other choice, and key market players are making appropriate changes to their portfolios. Against this background, the yields on two-year and five-year Treasury bonds jumped to their highest values since the beginning of 2020, the dollar index rose, and quotations of gold (a traditional asset- refuge from inflationary risks) collapsed. For cryptocurrencies (an unconventional asset-refuge from inflation), such conclusions of market participants turned out to be very inappropriate.
Just last week, Hillary Clinton, Characterized cryptocurrency as a threat while discussing competition between global powers during a panel of the Bloomberg New Economy Forum. Speaking about the rivalry between China and democracies in North America, Europe and Australia, Clinton highlighted the rise of cryptocurrencies as being important, and as deserving of attention as artificial intelligence.
For today, despite the somewhat unfavorable news background, the technical picture of the main pair has not changed significantly. Until recent lows at 55600 are passed, the possibility of renewed growth remains as mentioned yesterday. A large volume of buy interest continues to be found around the 53,500 and 50,000 levels, which can serve as good entry points for long positions.
On the #CryptoNews, Most often, internet users on Google search for Dogecoin, Shiba Inu, and Cardano. #Binance Smart Chain activity has skyrocketed ahead of the Bruno update on November 30th. Lastly, Norway is considering banning Bitcoin mining. The European Commission, which would enforce any crypto regulation at an EU level, told Euronews Next it was encouraging the industry to "migrate applications" from energy-intensive proof of work blockchains to less demanding protocols like proof of stake and hybrid consensus models. On the other hand, more than 1.8 million miners have moved to Russia after the ban on bitcoin mining in China.
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 & News Courtesy. blockworks.co | euronews.com |
Thoughts on the market 23.11.2021
After returning to the $57,000 level, the Bitcoin/USD pair spent Monday morning in a narrow range of $56800-57200.Then everything changed dramatically after the announcement that Biden approved the current head of the Federal Reserve Jerome Powell for the next term. The market's first reaction was pretty positive. In 20 minutes, Bitcoin rose in price by almost $3,000 from $56,600 to 59,500. However, the enthusiasm of buyers quickly faded away and the pair began to gradually decline to the previous levels. After another unsuccessful test of the recent low of $55,600, the quotes are now near the $56,500 mark.
Market capitalization has dropped significantly again and currently stands at $2.556 Trillion.
BTC Dominance Index: 41.8%.
The Fear / Greed Index dropped to 33.
The dollar index rose to 96.58.
In general, we can make an unambiguous conclusion that the traditional financial markets reacted positively to the news of Powell's appointment. Despite the fact that he belongs to the camp of "doves", Powell is perceived by investors to be much more moderate in his beliefs than another contender for the position, Lael Brainard. The level of the discount rate in the medium term will be higher, and inflation - lower than it could have been in the case of Biden's other choice, and key market players are making appropriate changes to their portfolios. Against this background, the yields on two-year and five-year Treasury bonds jumped to their highest values since the beginning of 2020, the dollar index rose, and quotations of gold (a traditional asset- refuge from inflationary risks) collapsed. For cryptocurrencies (an unconventional asset-refuge from inflation), such conclusions of market participants turned out to be very inappropriate.
Just last week, Hillary Clinton, Characterized cryptocurrency as a threat while discussing competition between global powers during a panel of the Bloomberg New Economy Forum. Speaking about the rivalry between China and democracies in North America, Europe and Australia, Clinton highlighted the rise of cryptocurrencies as being important, and as deserving of attention as artificial intelligence.
For today, despite the somewhat unfavorable news background, the technical picture of the main pair has not changed significantly. Until recent lows at 55600 are passed, the possibility of renewed growth remains as mentioned yesterday. A large volume of buy interest continues to be found around the 53,500 and 50,000 levels, which can serve as good entry points for long positions.
On the #CryptoNews, Most often, internet users on Google search for Dogecoin, Shiba Inu, and Cardano. #Binance Smart Chain activity has skyrocketed ahead of the Bruno update on November 30th. Lastly, Norway is considering banning Bitcoin mining. The European Commission, which would enforce any crypto regulation at an EU level, told Euronews Next it was encouraging the industry to "migrate applications" from energy-intensive proof of work blockchains to less demanding protocols like proof of stake and hybrid consensus models. On the other hand, more than 1.8 million miners have moved to Russia after the ban on bitcoin mining in China.
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 & News Courtesy. blockworks.co | euronews.com |
Citi Plans to Hire 100 Staffers for Beefed-Up Crypto Division. Thoughts on the market 24.11. 2021.
Bears continued their attempts to hit the recent lows and even managed to slightly update them at around 55400. The Bitcoin pair traded in a narrow range of $55,650-57,800, and with a decline to $55,000, it was quickly bought off and flew away above 57000. The price now is around $56,700.
Market capitalization: $2.56 Trillion.
BTC Dominance Index $41.7%.
Fear / Greed Index 42.
The dollar index set a new one and a half year high of 96.91.
No important news was released yesterday, so the market was trading under the influence of technical factors. It should be noted that the whales have recently significantly increased their accounts on the exchanges. This does not correlate well with the fact that, in aggregate, an outflow of funds from exchange wallets continues to be recorded, the reserves of which have already decreased to their lowest values since mid-2018. According to CryptoQuant, 91% of all deposits on all exchanges in the last 72 hours were made by whales.
Despite a significant drop in the market last week, the inflow of funds to cryptocurrency funds has practically doubled over this period.
Today we expect minutes of the last meeting of the Federal Committee will be published. They directly relate to the paradigm that has recently dominated the market about a quick and significant increase in the US interest rate, which will lead to a decrease in inflation. The risks here, unfortunately, are shifted downward, since the paradigm itself often distorts the perception of facts. If, according to the minutes, it turns out that one or several members of the Committee voted for an increase in the discount rate, or made some "hawkish statements", this can be perceived as a reason for selling. If the protocols are as neutral as possible, that is, it turns out that no one voted for a rate hike or said anything, market growth may be limited.
For today, the technical picture remains the same. The area of $53,500-55,400 has strengthened its value and is holding back sellers for now. Buying around 53,500 with an opportunity to get around 50,000 looks tempting, however, it is advisable to postpone them until full liquidity returns.
Interestingly Citigroup plans to significantly expand its crypto division. As reported by Coindesk, Global banking powerhouse Citi is hiring 100 people to beef up its blockchain and digital assets division, according to a person familiar with the bank’s plans. Citi has also made Puneet Singhvi head of digital assets for the institutional clients group (ICG) at Citi as of Dec. 1, according to a company memo shared with CoinDesk. Singhvi was most recently head of blockchain and digital assets for Citi’s Global Markets team. In other news, ECB will include retail crypto transactions in its electronic payments regulation. The IMF has again criticized the legalization of bitcoin in El Salvador. The largest bank in Estonia will allow its clients to purchase cryptocurrencies. Lastly, the number of non-zero bitcoin addresses is approaching 400 million.
Remember this is not traditional investment advice and ought not to be deemed as financial recommendation. Must do your own research. #Decryptedge. Images Courtesy: @Coindesk
Bears continued their attempts to hit the recent lows and even managed to slightly update them at around 55400. The Bitcoin pair traded in a narrow range of $55,650-57,800, and with a decline to $55,000, it was quickly bought off and flew away above 57000. The price now is around $56,700.
Market capitalization: $2.56 Trillion.
BTC Dominance Index $41.7%.
Fear / Greed Index 42.
The dollar index set a new one and a half year high of 96.91.
No important news was released yesterday, so the market was trading under the influence of technical factors. It should be noted that the whales have recently significantly increased their accounts on the exchanges. This does not correlate well with the fact that, in aggregate, an outflow of funds from exchange wallets continues to be recorded, the reserves of which have already decreased to their lowest values since mid-2018. According to CryptoQuant, 91% of all deposits on all exchanges in the last 72 hours were made by whales.
Despite a significant drop in the market last week, the inflow of funds to cryptocurrency funds has practically doubled over this period.
Today we expect minutes of the last meeting of the Federal Committee will be published. They directly relate to the paradigm that has recently dominated the market about a quick and significant increase in the US interest rate, which will lead to a decrease in inflation. The risks here, unfortunately, are shifted downward, since the paradigm itself often distorts the perception of facts. If, according to the minutes, it turns out that one or several members of the Committee voted for an increase in the discount rate, or made some "hawkish statements", this can be perceived as a reason for selling. If the protocols are as neutral as possible, that is, it turns out that no one voted for a rate hike or said anything, market growth may be limited.
For today, the technical picture remains the same. The area of $53,500-55,400 has strengthened its value and is holding back sellers for now. Buying around 53,500 with an opportunity to get around 50,000 looks tempting, however, it is advisable to postpone them until full liquidity returns.
Interestingly Citigroup plans to significantly expand its crypto division. As reported by Coindesk, Global banking powerhouse Citi is hiring 100 people to beef up its blockchain and digital assets division, according to a person familiar with the bank’s plans. Citi has also made Puneet Singhvi head of digital assets for the institutional clients group (ICG) at Citi as of Dec. 1, according to a company memo shared with CoinDesk. Singhvi was most recently head of blockchain and digital assets for Citi’s Global Markets team. In other news, ECB will include retail crypto transactions in its electronic payments regulation. The IMF has again criticized the legalization of bitcoin in El Salvador. The largest bank in Estonia will allow its clients to purchase cryptocurrencies. Lastly, the number of non-zero bitcoin addresses is approaching 400 million.
Remember this is not traditional investment advice and ought not to be deemed as financial recommendation. Must do your own research. #Decryptedge. Images Courtesy: @Coindesk
Morgan Stanley Increases Bitcoin Exposure, Buys More Grayscale BTC Trust Shares as ETH Burns 1M ETH.
Thoughts on the market 25. 11. 2021
Yesterday, the pair continued testing the currently key support level 55600. The trading range narrowed to 55900-57400. This is not surprising given the drop in trading volumes perhaps due to the upcoming Thanksgiving Day in the United States. The thoughts of American traders were no longer about work, but about a baked turkey I presume. Nonetheless Bitcoin recovered this morning and reached the $58,300 mark. It is currently trading at $57,223.
Market capitalization: $2.58 Trillion.
BTC Dominance Index: 41.7%.
Fear / Greed Index: 32.
The dollar index continues to set records. Yesterday it had a high value of 96.88. Currently it is 96.76.
Another negativity to the market was added by the news of the preparation by the Government of India of a bill on the regulation of digital assets. It is known so far that some of the wording in it is not spelled out clearly enough and, with a certain interpretation, may imply an almost complete ban on cryptocurrencies. Despite the fact that the bill is not yet ready and has not been adopted by parliament, this news has caused a wave of panic sales on the main Indian crypto exchange WazirX. As a result, the price of bitcoin and ether on this exchange dropped by 16% and 12%, respectively.
The publication of the minutes of the last meeting of the Federal Committee, held on November 3, did not have any impact on the market. As expected, none of its members voted to raise the discount rate, but in accompanying statements, some indicated a willingness to cut stimulus measures faster than previously predicted. The head of the Federal Reserve Bank of San Francisco, Mary Daly, has already spoken in about the same vein today. It assumes that the first hike in the discount rate will take place towards the end of next year. However, she said, even if there are two increases in the discount rate in 2022, monetary policy as a whole will remain stimulating until at least mid-2023. From which we can conclude that inflation in the United States will remain at a fairly high level for at least two more years.
For today, from a technical point of view, the $55,600 level has significantly strengthened after several unsuccessful attempts to overcome it. The BTC pair has returned to the range of 57000-58000 from which a further recovery can start. As I said earlier, for the development of a positive scenario, bitcoin needs to gain a foothold above 60,000. If we drop below $57,000, another test of support cannot be ruled out.
Interesting: Morgan Stanley has increased its investment in the Grayscale Bitcoin Trust. This underlines the firm's commitment to cryptocurrencies. According to recent filings from the United States Securities and Exchange Commission on Tuesday, the Morgan Stanley Insight Fund increased its holdings of Grayscale Bitcoin Trust, or GBTC, shares more than 63%.
In some other news, Cardano and Tron are in trouble with US regulators. eToro one of the leading cryptocurrency exchange platforms, announced that it will be delisting Cardano (ADA/USD) and TRON (TRX/USD). The exchange stated that these two coins would no longer be available for its US customers. The delisting from eToro comes as Cardano was listed on Bitstamp, an even larger exchange platform. The exchange did not disclose the existing regulatory concerns that made it delist the two tokens. Moreover, regulatory authorities in the US have not issued any regulatory statements regarding the two tokens, which makes the move suspicious.
Lastly, 1 million ETH was burned on the Ethereum network. The London hard fork included EIP-1559, which changed how transaction fees are collected. Ethereum Improvement Proposal that instituted a base fee, not for miners who validate network transactions, but for the network to take out of circulation. The price of ETH has risen roughly 50% since the August upgrade. Source | decrypt.co
Thoughts on the market 25. 11. 2021
Yesterday, the pair continued testing the currently key support level 55600. The trading range narrowed to 55900-57400. This is not surprising given the drop in trading volumes perhaps due to the upcoming Thanksgiving Day in the United States. The thoughts of American traders were no longer about work, but about a baked turkey I presume. Nonetheless Bitcoin recovered this morning and reached the $58,300 mark. It is currently trading at $57,223.
Market capitalization: $2.58 Trillion.
BTC Dominance Index: 41.7%.
Fear / Greed Index: 32.
The dollar index continues to set records. Yesterday it had a high value of 96.88. Currently it is 96.76.
Another negativity to the market was added by the news of the preparation by the Government of India of a bill on the regulation of digital assets. It is known so far that some of the wording in it is not spelled out clearly enough and, with a certain interpretation, may imply an almost complete ban on cryptocurrencies. Despite the fact that the bill is not yet ready and has not been adopted by parliament, this news has caused a wave of panic sales on the main Indian crypto exchange WazirX. As a result, the price of bitcoin and ether on this exchange dropped by 16% and 12%, respectively.
The publication of the minutes of the last meeting of the Federal Committee, held on November 3, did not have any impact on the market. As expected, none of its members voted to raise the discount rate, but in accompanying statements, some indicated a willingness to cut stimulus measures faster than previously predicted. The head of the Federal Reserve Bank of San Francisco, Mary Daly, has already spoken in about the same vein today. It assumes that the first hike in the discount rate will take place towards the end of next year. However, she said, even if there are two increases in the discount rate in 2022, monetary policy as a whole will remain stimulating until at least mid-2023. From which we can conclude that inflation in the United States will remain at a fairly high level for at least two more years.
For today, from a technical point of view, the $55,600 level has significantly strengthened after several unsuccessful attempts to overcome it. The BTC pair has returned to the range of 57000-58000 from which a further recovery can start. As I said earlier, for the development of a positive scenario, bitcoin needs to gain a foothold above 60,000. If we drop below $57,000, another test of support cannot be ruled out.
Interesting: Morgan Stanley has increased its investment in the Grayscale Bitcoin Trust. This underlines the firm's commitment to cryptocurrencies. According to recent filings from the United States Securities and Exchange Commission on Tuesday, the Morgan Stanley Insight Fund increased its holdings of Grayscale Bitcoin Trust, or GBTC, shares more than 63%.
In some other news, Cardano and Tron are in trouble with US regulators. eToro one of the leading cryptocurrency exchange platforms, announced that it will be delisting Cardano (ADA/USD) and TRON (TRX/USD). The exchange stated that these two coins would no longer be available for its US customers. The delisting from eToro comes as Cardano was listed on Bitstamp, an even larger exchange platform. The exchange did not disclose the existing regulatory concerns that made it delist the two tokens. Moreover, regulatory authorities in the US have not issued any regulatory statements regarding the two tokens, which makes the move suspicious.
Lastly, 1 million ETH was burned on the Ethereum network. The London hard fork included EIP-1559, which changed how transaction fees are collected. Ethereum Improvement Proposal that instituted a base fee, not for miners who validate network transactions, but for the network to take out of circulation. The price of ETH has risen roughly 50% since the August upgrade. Source | decrypt.co
Remember this is not traditional investment advice and ought not to be deemed as financial recommendation. Must do your own research. #Decryptedge. Images Courtesy:
#Adidas partners with #Coinbase Amid #Metaverse Push as #Fed in second Powell term must ensure inflation does not become 'endemic' - Yellen
Thoughts on the market 26.11.2021
Bitcoin continued its long-awaited recovery on Thursday. Moving away from the daily lows around 57,000, the pair rushed to the important resistance of 60,000, which has not yet been overcome. At night, the pair began to decline again and at this time the quotes are around $57,700.
Market capitalization: $2.622 Trillion.
BTC Dominance Index: 41.7%.
Fear / Greed Index: 47.
The dollar index: 96.70.
American stock markets were closed for Thanksgiving. The overwhelming majority of European indices recorded growth.
Bitcoin volatility is increasing. This is partly due to the upcoming expiration of a large number of options today. There are twice as many call options holders, however, in order for most of them to make money, it is necessary to push the pair into the 60,000-62,000 range.
No big news is expected today, but next week there will be a speech to Congress by the second-term head of the Federal Reserve, Jerome Powell. This event carries significant risks for the market, since if his speech is regarded as "hawkish", a new wave of a sale off may well begin. In addition, at the same meeting, his predecessor, and now the Minister of Finance Jannet Yellen, who is now in charge of regulating the cryptocurrency market, will speak at the same meeting. Quoting her. "I think we do have to be concerned about inflation. It's reached the levels that concern most Americans who are seeing it and their pocketbook when they go to the store to buy food or to fill up their cars," said Yellen. Those are red flags right there.. Warning shots! Mike Novogratz a notable #Crypto investor and player has warned that Jerome Powell's second term could hurt the crypto market.
For today: 60,000 remains an important level. A break below will form a double bottom at 55600 and open the way for further recovery in the 62000-63000 range. A pullback below 57,000 will bring recent lows back to the agenda. My eyesight is set at $56,980 for now.
Interesting news, Hillary Clinton now called for increased regulation of the crypto industry in order to resist manipulation by Russia and China.
Speculation has emerged that Adidas could be partnering to enable crypto payments for the sportswear firm, bringing a potential digital asset payment integration to the Adidas ecosystem.
Adidas took to #Twitter to confirm the pairing through a nonchalant statement: “we’ve partnered with Coinbase. Probably nothing,” the company wrote. Coinbase responded by tweeting a handshake emoji. The partnership follows an announcement that Adidas will launch an ‘Adi-verse’ in partnership with The Sandbox, a toolbox which lets users people develop blockchain-based virtual worlds.
According to the Bank of Russia, Russians annually make transactions in cryptocurrency worth $5 billion. Finnish regulators on the other hand restrict cryptocurrency transactions.
Remember this is not traditional investment advice and ought not to be deemed as financial recommendation. Must do your own research. #Decryptedge. Images Courtesy:
Thoughts on the market 26.11.2021
Bitcoin continued its long-awaited recovery on Thursday. Moving away from the daily lows around 57,000, the pair rushed to the important resistance of 60,000, which has not yet been overcome. At night, the pair began to decline again and at this time the quotes are around $57,700.
Market capitalization: $2.622 Trillion.
BTC Dominance Index: 41.7%.
Fear / Greed Index: 47.
The dollar index: 96.70.
American stock markets were closed for Thanksgiving. The overwhelming majority of European indices recorded growth.
Bitcoin volatility is increasing. This is partly due to the upcoming expiration of a large number of options today. There are twice as many call options holders, however, in order for most of them to make money, it is necessary to push the pair into the 60,000-62,000 range.
No big news is expected today, but next week there will be a speech to Congress by the second-term head of the Federal Reserve, Jerome Powell. This event carries significant risks for the market, since if his speech is regarded as "hawkish", a new wave of a sale off may well begin. In addition, at the same meeting, his predecessor, and now the Minister of Finance Jannet Yellen, who is now in charge of regulating the cryptocurrency market, will speak at the same meeting. Quoting her. "I think we do have to be concerned about inflation. It's reached the levels that concern most Americans who are seeing it and their pocketbook when they go to the store to buy food or to fill up their cars," said Yellen. Those are red flags right there.. Warning shots! Mike Novogratz a notable #Crypto investor and player has warned that Jerome Powell's second term could hurt the crypto market.
For today: 60,000 remains an important level. A break below will form a double bottom at 55600 and open the way for further recovery in the 62000-63000 range. A pullback below 57,000 will bring recent lows back to the agenda. My eyesight is set at $56,980 for now.
Interesting news, Hillary Clinton now called for increased regulation of the crypto industry in order to resist manipulation by Russia and China.
Speculation has emerged that Adidas could be partnering to enable crypto payments for the sportswear firm, bringing a potential digital asset payment integration to the Adidas ecosystem.
Adidas took to #Twitter to confirm the pairing through a nonchalant statement: “we’ve partnered with Coinbase. Probably nothing,” the company wrote. Coinbase responded by tweeting a handshake emoji. The partnership follows an announcement that Adidas will launch an ‘Adi-verse’ in partnership with The Sandbox, a toolbox which lets users people develop blockchain-based virtual worlds.
According to the Bank of Russia, Russians annually make transactions in cryptocurrency worth $5 billion. Finnish regulators on the other hand restrict cryptocurrency transactions.
Remember this is not traditional investment advice and ought not to be deemed as financial recommendation. Must do your own research. #Decryptedge. Images Courtesy:
Today on BITCOIN101 Session we talk about...
- Crypto Lingos Learn about terms used in Crypto.
- Crypto-Markets news and this week updates.
- Open Q & A session.
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Meeting ID: 245 127 3744
Passcode: BITCOIN101
- Crypto Lingos Learn about terms used in Crypto.
- Crypto-Markets news and this week updates.
- Open Q & A session.
https://us02web.zoom.us/j/2451273744?pwd=dlM3UkdvS0gxWWtSMEVrWS9nSzAzQT09
Meeting ID: 245 127 3744
Passcode: BITCOIN101
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El Salvador Adds More #Bitcoin to National Treasury, President Nayib Bukele Tweets Thoughts on the market 29.10.2021
After the panic drop on Friday, Bitcoin spent most of the weekend in a narrow range of 53700-55300. Trading volume declined by about a quarter, closer to Sunday evening, a new November low of 53256 at the Binance Exchange was set, but was quickly pushed back to the 55000 level. The rally continued overnight and the pair is currently trading around 57330, forming a false breakout.
Market capitalization: $2.56 Trillion.
BTC Dominance Index 42.1%.
Fear / Greed Index 33.
The dollar Index : 96.27.
Over the past two days, a new strain of the Covid-19 virus that caused markets to crash on Friday has been found in the United States and parts of Europe. So far, this has not led to a sharp deterioration in the epidemiological situation and the closure of borders. WHO held a special meeting on this matter, Israel, US and the UK have since cut off flights to some African countries.
Now there are two options for the development of events. In the first case, if it turns out that this carries a great threat and is able to bypass the immune response of those vaccinated and ill. Then lockdowns will return with all the ensuing consequences in the form of measures to stimulate the economy, infinitely low interest rates of central banks and record inflation. Which is very good and is one of the main reasons for the growth in the cryptocurrency market capitalization in recent years.
In the second case, this strain will be about the same as all the previous ones, the panic will immediately disappear, and investors will again start buying assets that have fallen in price.
Therefore, this should be used as an opportunity to make purchases at significant discounts. Take an example from El Salvador, who bought an additional 100 BTC after such a sale.
Another negative was thrown again by China, which began blocking IP addresses of the leading information sites for cryptocurrency, as well as mining pools, the hash rate of which decreased by about 10%. I think that China no longer plays any important role in the crypto industry, VPN still works!
Lastly, a large number of officials from the sphere of finance in Europe, Great Britain, etc., and most importantly the head of the Federal Reserve, Jerome Powell, are scheduled to speak this week. There is a good chance that what happened on Friday and a new round of pandemic-related fears will force them to reduce the harshness of their speeches. This will force many investors, who did not receive the expected hints of an early curtailment of stimulus measures and an increase in the discount rate, to revise their forecasts and resume investing in risky assets.
For today, Bitcoin price support at $53,500 held out once again, while Bitcoin managed to return to the 56000-58000 range. The technical picture has improved significantly. The next step for the development of the priority positive scenario will be the resumption of $60,000. In the alternative scenario, a break below the level of 53500 will lead to another zone of accumulation of buy orders in the area of 52700.
The President of El Salvador responded to the head of the Bank of England about accepting bitcoin as an official means of payment. In a sarcastic way. “Bank of England is “worried about El Salvador’s adoption of Bitcoin? Really? I guess the Bank of England’s interest in the well-being of our people is genuine. Right? I mean, they have always cared about our people. Always. Gotta love Bank of England.”
With that wishing you a great week ahead. #NFA. #DYOR.
After the panic drop on Friday, Bitcoin spent most of the weekend in a narrow range of 53700-55300. Trading volume declined by about a quarter, closer to Sunday evening, a new November low of 53256 at the Binance Exchange was set, but was quickly pushed back to the 55000 level. The rally continued overnight and the pair is currently trading around 57330, forming a false breakout.
Market capitalization: $2.56 Trillion.
BTC Dominance Index 42.1%.
Fear / Greed Index 33.
The dollar Index : 96.27.
Over the past two days, a new strain of the Covid-19 virus that caused markets to crash on Friday has been found in the United States and parts of Europe. So far, this has not led to a sharp deterioration in the epidemiological situation and the closure of borders. WHO held a special meeting on this matter, Israel, US and the UK have since cut off flights to some African countries.
Now there are two options for the development of events. In the first case, if it turns out that this carries a great threat and is able to bypass the immune response of those vaccinated and ill. Then lockdowns will return with all the ensuing consequences in the form of measures to stimulate the economy, infinitely low interest rates of central banks and record inflation. Which is very good and is one of the main reasons for the growth in the cryptocurrency market capitalization in recent years.
In the second case, this strain will be about the same as all the previous ones, the panic will immediately disappear, and investors will again start buying assets that have fallen in price.
Therefore, this should be used as an opportunity to make purchases at significant discounts. Take an example from El Salvador, who bought an additional 100 BTC after such a sale.
Another negative was thrown again by China, which began blocking IP addresses of the leading information sites for cryptocurrency, as well as mining pools, the hash rate of which decreased by about 10%. I think that China no longer plays any important role in the crypto industry, VPN still works!
Lastly, a large number of officials from the sphere of finance in Europe, Great Britain, etc., and most importantly the head of the Federal Reserve, Jerome Powell, are scheduled to speak this week. There is a good chance that what happened on Friday and a new round of pandemic-related fears will force them to reduce the harshness of their speeches. This will force many investors, who did not receive the expected hints of an early curtailment of stimulus measures and an increase in the discount rate, to revise their forecasts and resume investing in risky assets.
For today, Bitcoin price support at $53,500 held out once again, while Bitcoin managed to return to the 56000-58000 range. The technical picture has improved significantly. The next step for the development of the priority positive scenario will be the resumption of $60,000. In the alternative scenario, a break below the level of 53500 will lead to another zone of accumulation of buy orders in the area of 52700.
The President of El Salvador responded to the head of the Bank of England about accepting bitcoin as an official means of payment. In a sarcastic way. “Bank of England is “worried about El Salvador’s adoption of Bitcoin? Really? I guess the Bank of England’s interest in the well-being of our people is genuine. Right? I mean, they have always cared about our people. Always. Gotta love Bank of England.”
With that wishing you a great week ahead. #NFA. #DYOR.
Jack Dorsey Steps Down as #Twitter CEO, “Really Sad...Yet Really Happy” about the decision. Tanzania Plans to Launch CBDC. Thoughts of the market 30.11.2021
Yesterday, the Bitcoin pair traded in a narrow range of 56800-58300. However, in the evening, Bitcoin shot up to $58800 then it returned to the same levels and now trades around $56200. That is high price volatility.
Market capitalization: $2.60 Trillion.
BTC Dominance of Index: 41.6%.
The index of fear / greed: 40.
The dollar index: 96.11.
In general, Monday turned out to be a positive day for risky assets. Messages from South Africa began to receive reports that the virus variant- omicron showed very light symptoms. WHO published a statement of extremely high contagiousness of a new variety of virus, but at the same time aims to not resort to the closure of boundaries.
Against this background, many investors began to realize the excessiveness of the reaction to this news on Friday and began to restore the previously closed positions.
It should be noted that despite the significant drop in prices on the cryptocurrency market last week, not all coins supported this trend. Tokens associated with the Virtual Universe MANA, DECENTRALAND project, and his Sand's competitor, from the developers "The Sandbox", managed to grow by 17% and 35%, respectively. What is metaverse and why they are needed, will share a write up soon.
For today, the breakthrough above the level 58000 does not change the technical picture at the root, although it is a pretty good signal, it is necessary to return to the rise above this mark, and then overcome 60,000. If you leave and fix below $55,000, we can again test $53,000, and then $52,700.
Michael Sailor does not seem to stop. Microstrategy bought another 7000 BTC for $ 414 million. Now the company owns 121,044 BTC at an average course of purchase $ 29,534.
Jack Dorsey, the founder of Twitter, yesterday announced his departure from the company as CEO. ‘This was my decision and I own it’, Mr Dorsey said, saying that he did not want Twitter to be ‘founder-led’ and the company will be ‘free of [his] influence’ While it is unclear what Mr Dorsey will do after leaving Twitter, the billionaire has been a consistent advocate of cryptocurrency - which he has said will ‘unite the world’. He is also the head of payment company Square, which bought a majority stake in music streaming service Tidal. I couldn't agree with him more.
Lastly, India does not plan to recognize bitcoin currency. India plans to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, in the ongoing winter session of the Parliament. It seeks to prohibit all private cryptocurrencies and introduce an official digital currency of the central bank. Looks like the same route Tanzania is taking as well. Having expressed interest back on June 2021.(https://t.me/decryptedge/581) They are preparing to launch a digital form of its local currency, the Tanzanian shilling, the governor of the Bank of Tanzania said, according to a Bloomberg report.
Follow your risk management defined strategies, you must always do your own research. This is not traditional investment or financial advice. #Decryptedge
Yesterday, the Bitcoin pair traded in a narrow range of 56800-58300. However, in the evening, Bitcoin shot up to $58800 then it returned to the same levels and now trades around $56200. That is high price volatility.
Market capitalization: $2.60 Trillion.
BTC Dominance of Index: 41.6%.
The index of fear / greed: 40.
The dollar index: 96.11.
In general, Monday turned out to be a positive day for risky assets. Messages from South Africa began to receive reports that the virus variant- omicron showed very light symptoms. WHO published a statement of extremely high contagiousness of a new variety of virus, but at the same time aims to not resort to the closure of boundaries.
Against this background, many investors began to realize the excessiveness of the reaction to this news on Friday and began to restore the previously closed positions.
It should be noted that despite the significant drop in prices on the cryptocurrency market last week, not all coins supported this trend. Tokens associated with the Virtual Universe MANA, DECENTRALAND project, and his Sand's competitor, from the developers "The Sandbox", managed to grow by 17% and 35%, respectively. What is metaverse and why they are needed, will share a write up soon.
For today, the breakthrough above the level 58000 does not change the technical picture at the root, although it is a pretty good signal, it is necessary to return to the rise above this mark, and then overcome 60,000. If you leave and fix below $55,000, we can again test $53,000, and then $52,700.
Michael Sailor does not seem to stop. Microstrategy bought another 7000 BTC for $ 414 million. Now the company owns 121,044 BTC at an average course of purchase $ 29,534.
Jack Dorsey, the founder of Twitter, yesterday announced his departure from the company as CEO. ‘This was my decision and I own it’, Mr Dorsey said, saying that he did not want Twitter to be ‘founder-led’ and the company will be ‘free of [his] influence’ While it is unclear what Mr Dorsey will do after leaving Twitter, the billionaire has been a consistent advocate of cryptocurrency - which he has said will ‘unite the world’. He is also the head of payment company Square, which bought a majority stake in music streaming service Tidal. I couldn't agree with him more.
Lastly, India does not plan to recognize bitcoin currency. India plans to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, in the ongoing winter session of the Parliament. It seeks to prohibit all private cryptocurrencies and introduce an official digital currency of the central bank. Looks like the same route Tanzania is taking as well. Having expressed interest back on June 2021.(https://t.me/decryptedge/581) They are preparing to launch a digital form of its local currency, the Tanzanian shilling, the governor of the Bank of Tanzania said, according to a Bloomberg report.
Follow your risk management defined strategies, you must always do your own research. This is not traditional investment or financial advice. #Decryptedge
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#Tanzanian President Samia Suluhu Signals interest in #Blockchain & #Cryptocurrency, #Tunisia’s Economy Minister Says He’s Going to Decriminalize Buying #Bitcoin and Dutch Finance Minister Says ‘Supervision Is More Effective Than a Total Ban’ Thoughts on…
Bitcoin Bull run shows signs of wear as crypto investors eye other coins; #Omicron, #Fed Taper Loom. Crypto Exchange Backed By #PayPal’s Peter Thiel And Richard Li Goes Live For Institutional Clients
Thoughts on the market 1.12.2021
Bitcoin after falling to $56,000, it began a gradual recovery and by the time the head of the Federal Reserve spoke before Congress, it returned to the $58,500 mark. After the end of the speech, Bitcoin plummeted to $56,600. At the moment we are at $56,800.
Market capitalization: $2.63 Trillion.
BTC Dominance Index: 40.9%
Fear / Greed Index: 34
The dollar index: 95.92.
On Tuesday morning, the head of the Moderna company brought another negative to the market, who said that the effectiveness of their vaccine against the new Omicron coronavirus strain is expected to be about the same as against the Delta strain. This is significantly lower than against earlier variants of the virus.
The main event that rocked the markets again was the speech by the head of the Federal Reserve, Jerome Powell, before Congress. As expected, he said inflation is high, which gives reason to think about cutting stimulus measures several months earlier than previously thought. In his opinion, high inflation will persist until at least mid-2022. In general, his speech was regarded as harsh, which provoked a fall in stock indices, oil and gold prices.
Another alarming note was the first positive difference in the value of 6-month put and call options since May this year. The difference for shorter weekly, 1 and 3 month options turned positive a little earlier in November. This suggests that long-term investors have begun to actively insure their long spot positions for a longer period, predicting a possible more protracted correction in the market.
Powell's toughness was widely expected and therefore priced into the market. In addition, the uncertainty of the situation with Omicron leaves the door open for ambiguous outcomes and expectations until the next meeting of the Federal Committee on December 15.
Interestingly, Former PayPal co-founder Peter Thiel launched Bullish Bitcoin exchange for institutional clients. As reported by Forbes. Among the first clients to operate on the Bullish exchange are a non-U.S. affiliate of Virtu Financial, the electronic market-making firm based in New York, and the Hong Kong-based crypto finance firm Amber Group. Bullish was established earlier this year as a subsidiary of Block.one, a blockchain software company backed by a group of renowned investors including PayPal cofounder Peter Thiel, hedge fund managers Alan Howard and Louis Bacon, and Hong Kong tycoon Richard Li. Eventually, Bullish will offer automated market making, lending, and portfolio management tools to its users.
In conclusion and our personal opinion, biased view, subject to fail we expect another dump from the current resistance zone to $52K/48K again and if the price holds above and rebounds once more, this will contribute to increasing the bulls' confidence to $60,000. but if not and the bears broke the $45K level with a daily/weekly close below next support will be around $35/30K! So as long as BTC moves below $65K weekly we take the bearish side. We could be wrong or right, so be sure to do your own research.
Follow your risk management defined strategies. This is not traditional investment or financial advice. #Decryptedge
Thoughts on the market 1.12.2021
Bitcoin after falling to $56,000, it began a gradual recovery and by the time the head of the Federal Reserve spoke before Congress, it returned to the $58,500 mark. After the end of the speech, Bitcoin plummeted to $56,600. At the moment we are at $56,800.
Market capitalization: $2.63 Trillion.
BTC Dominance Index: 40.9%
Fear / Greed Index: 34
The dollar index: 95.92.
On Tuesday morning, the head of the Moderna company brought another negative to the market, who said that the effectiveness of their vaccine against the new Omicron coronavirus strain is expected to be about the same as against the Delta strain. This is significantly lower than against earlier variants of the virus.
The main event that rocked the markets again was the speech by the head of the Federal Reserve, Jerome Powell, before Congress. As expected, he said inflation is high, which gives reason to think about cutting stimulus measures several months earlier than previously thought. In his opinion, high inflation will persist until at least mid-2022. In general, his speech was regarded as harsh, which provoked a fall in stock indices, oil and gold prices.
Another alarming note was the first positive difference in the value of 6-month put and call options since May this year. The difference for shorter weekly, 1 and 3 month options turned positive a little earlier in November. This suggests that long-term investors have begun to actively insure their long spot positions for a longer period, predicting a possible more protracted correction in the market.
Powell's toughness was widely expected and therefore priced into the market. In addition, the uncertainty of the situation with Omicron leaves the door open for ambiguous outcomes and expectations until the next meeting of the Federal Committee on December 15.
Interestingly, Former PayPal co-founder Peter Thiel launched Bullish Bitcoin exchange for institutional clients. As reported by Forbes. Among the first clients to operate on the Bullish exchange are a non-U.S. affiliate of Virtu Financial, the electronic market-making firm based in New York, and the Hong Kong-based crypto finance firm Amber Group. Bullish was established earlier this year as a subsidiary of Block.one, a blockchain software company backed by a group of renowned investors including PayPal cofounder Peter Thiel, hedge fund managers Alan Howard and Louis Bacon, and Hong Kong tycoon Richard Li. Eventually, Bullish will offer automated market making, lending, and portfolio management tools to its users.
In conclusion and our personal opinion, biased view, subject to fail we expect another dump from the current resistance zone to $52K/48K again and if the price holds above and rebounds once more, this will contribute to increasing the bulls' confidence to $60,000. but if not and the bears broke the $45K level with a daily/weekly close below next support will be around $35/30K! So as long as BTC moves below $65K weekly we take the bearish side. We could be wrong or right, so be sure to do your own research.
Follow your risk management defined strategies. This is not traditional investment or financial advice. #Decryptedge
#SEC 'no basis' to approve Bitcoin futures ETFs and not spot ETFs - Grayscale tells SEC as
Putin Warns Cryptocurrencies Carry Risks, Admits They May Have Future.
Thoughts on the market 02.12.2021
Bitcoin spent the first 12 hrs of Wednesday around the $57,000 mark, and then made another attempt to gain a foothold above 59,000, which again proved to be unsuccessful, hitting a low of $55,839.
Market capitalization: $ 2597 billion.
Dominance Index: 41.2%
Fear / Greed Index: 32
The dollar index is now 96.05.
There was no particularly significant news on Wednesday, and bitcoin trading took place mainly under the influence of technical factors. After three unsuccessful breakouts in the last three days on the way to the development of growth, the level of 59000 has strengthened. It has now a greater value than $60,000 and breaking it will serve as a good signal for buying with an initial target of 60,000.
For today, the upward movement scenario remains the priority, with the goals indicated above. Today I expect to trade in the range of 56000-59000. Price is now concentrated at 57000-57200, where it will gain strength for further growth.
To some news, Grayscale admitted that the SEC violated the law in approving bitcoin futures ETFs. As reported by Cointelegraph, Grayscale Investments fired back at the SEC over its recent rejection of VanEck’s spot Bitcoin ETF application. The operator of the Grayscale Bitcoin Trust (GBTC) issued a letter to the secretary of the SEC, Vanessa Countryman, on Monday to argue the SEC is wrong to reject spot Bitcoin ETFs since it has now approved three Bitcoin futures ETFs, one each from VanEck, Valkyrie and ProShares. Grayscale argues that the SEC has “no basis for the position that investing in the derivatives market for an asset is acceptable for investors while investing in the asset itself is not.”
Lastly, Putin noted that cryptocurrencies carry great risks, but they may have a future. He made a comment regarding cryptocurrencies while speaking at the VTB Capital Investment Forum “Russia Calling!” 2021, the head of state noted that crypto assets still carry a lot of serious risks. Quoted by the news portal Life.ru, Putin elaborated: “As for cryptocurrency, it is prohibited in some countries. It is not backed by anything, the volatility is high, the risks are high. I also believe that we need to listen to those who talk about the high risks.” This comes at the backdrop of a report by Russian major local banks in July 2021, the Bank of Russia suggested that the total annual crypto transaction volume of the Russian population is 350 billion rubles, or $ 5 billion. Placing Russians among the world’s most active participants in the cryptocurrency market, according to the country’s central bank.
With that wishing you a great afternoon ahead. #NFA. #DYOR.
Putin Warns Cryptocurrencies Carry Risks, Admits They May Have Future.
Thoughts on the market 02.12.2021
Bitcoin spent the first 12 hrs of Wednesday around the $57,000 mark, and then made another attempt to gain a foothold above 59,000, which again proved to be unsuccessful, hitting a low of $55,839.
Market capitalization: $ 2597 billion.
Dominance Index: 41.2%
Fear / Greed Index: 32
The dollar index is now 96.05.
There was no particularly significant news on Wednesday, and bitcoin trading took place mainly under the influence of technical factors. After three unsuccessful breakouts in the last three days on the way to the development of growth, the level of 59000 has strengthened. It has now a greater value than $60,000 and breaking it will serve as a good signal for buying with an initial target of 60,000.
For today, the upward movement scenario remains the priority, with the goals indicated above. Today I expect to trade in the range of 56000-59000. Price is now concentrated at 57000-57200, where it will gain strength for further growth.
To some news, Grayscale admitted that the SEC violated the law in approving bitcoin futures ETFs. As reported by Cointelegraph, Grayscale Investments fired back at the SEC over its recent rejection of VanEck’s spot Bitcoin ETF application. The operator of the Grayscale Bitcoin Trust (GBTC) issued a letter to the secretary of the SEC, Vanessa Countryman, on Monday to argue the SEC is wrong to reject spot Bitcoin ETFs since it has now approved three Bitcoin futures ETFs, one each from VanEck, Valkyrie and ProShares. Grayscale argues that the SEC has “no basis for the position that investing in the derivatives market for an asset is acceptable for investors while investing in the asset itself is not.”
Lastly, Putin noted that cryptocurrencies carry great risks, but they may have a future. He made a comment regarding cryptocurrencies while speaking at the VTB Capital Investment Forum “Russia Calling!” 2021, the head of state noted that crypto assets still carry a lot of serious risks. Quoted by the news portal Life.ru, Putin elaborated: “As for cryptocurrency, it is prohibited in some countries. It is not backed by anything, the volatility is high, the risks are high. I also believe that we need to listen to those who talk about the high risks.” This comes at the backdrop of a report by Russian major local banks in July 2021, the Bank of Russia suggested that the total annual crypto transaction volume of the Russian population is 350 billion rubles, or $ 5 billion. Placing Russians among the world’s most active participants in the cryptocurrency market, according to the country’s central bank.
With that wishing you a great afternoon ahead. #NFA. #DYOR.