New York City Mayor Eric Adams says his first Paycheck on Friday will be converted to Bitcoin and Ether via Coinbase.
Thoughts on the market on 24.01.2022
Bitcoin held above 35K over the weekend, with 3 attempts to go lower. With the opening of the markets, Bitcoin began to grow, which saw a sell off from 36300-36500. It is now trading around $35,600- $35,500.
Crypto Market capitalization $1.63 Trillion,
BTC Dominance index 41.3%,
Fear index 13.
The mood in the stock markets has not changed, all awaiting the Fed meeting, which will be held on January 25-26. There will be no significant changes as markets are expecting a rise in the balance sheet reduction rate and comments that such a policy is serious and for a long time.
Nonetheless, everything can be different
On the crypto market, after updating local lows on Saturday, the situation has stabilised.
Attempts to go below 35K were bought out, but no serious attempts to return above 37500 - growth ended in the $36,300- $36,500 area.
Whether Bitcoin goes above 40K right now, or first towards 30K, depends solely on external factors. The probability of going to 30K will decrease if Bitcoin is firmly fixed above $36,500.
In addition to information from the Fed, the crypto market may shake up the Tesla report, which is expected on January 26. We must understand that for the medium-term prospects of Bitcoin, it doesn't really matter whether it goes to 50K immediately, or first goes to 30K. The right actions are to accumulate an asset, avoid margin trading, not give in to fear and not to have weak hands. Keep in mind that the number of BTC OTC has approached $17 MILLION. That's a clue right there.
Of interest - Turkish President Erdogan met with the President of El Salvador. Perhaps, strong changes are being prepared in relation to cryptocurrencies in Turkey.
Considering that the lira has fallen by almost 40% against the dollar, the legalisation of Bitcoin in Turkey will simply cement the status quo:
Lastly the mayor of New York prefers to be paid in Bitcoin and Ether, rather than in fiat. We have been saying for more than a year that you should only keep in fiat what you can afford to lose: New York City Mayor Eric Adams will receive his first paycheck as the city's highest official Friday, and he will convert it into bitcoin and ether through top US crypto exchange Coinbase.
The announcement fulfills the pledge Adams made in November when he said he will take his first three paychecks in bitcoin.
Wishing you a great week ahead and Always remember, you must always do your own research. This is not traditional investment or financial advice. Blessed day ahead. #Decryptedge.
Thoughts on the market on 24.01.2022
Bitcoin held above 35K over the weekend, with 3 attempts to go lower. With the opening of the markets, Bitcoin began to grow, which saw a sell off from 36300-36500. It is now trading around $35,600- $35,500.
Crypto Market capitalization $1.63 Trillion,
BTC Dominance index 41.3%,
Fear index 13.
The mood in the stock markets has not changed, all awaiting the Fed meeting, which will be held on January 25-26. There will be no significant changes as markets are expecting a rise in the balance sheet reduction rate and comments that such a policy is serious and for a long time.
Nonetheless, everything can be different
On the crypto market, after updating local lows on Saturday, the situation has stabilised.
Attempts to go below 35K were bought out, but no serious attempts to return above 37500 - growth ended in the $36,300- $36,500 area.
Whether Bitcoin goes above 40K right now, or first towards 30K, depends solely on external factors. The probability of going to 30K will decrease if Bitcoin is firmly fixed above $36,500.
In addition to information from the Fed, the crypto market may shake up the Tesla report, which is expected on January 26. We must understand that for the medium-term prospects of Bitcoin, it doesn't really matter whether it goes to 50K immediately, or first goes to 30K. The right actions are to accumulate an asset, avoid margin trading, not give in to fear and not to have weak hands. Keep in mind that the number of BTC OTC has approached $17 MILLION. That's a clue right there.
Of interest - Turkish President Erdogan met with the President of El Salvador. Perhaps, strong changes are being prepared in relation to cryptocurrencies in Turkey.
Considering that the lira has fallen by almost 40% against the dollar, the legalisation of Bitcoin in Turkey will simply cement the status quo:
Lastly the mayor of New York prefers to be paid in Bitcoin and Ether, rather than in fiat. We have been saying for more than a year that you should only keep in fiat what you can afford to lose: New York City Mayor Eric Adams will receive his first paycheck as the city's highest official Friday, and he will convert it into bitcoin and ether through top US crypto exchange Coinbase.
The announcement fulfills the pledge Adams made in November when he said he will take his first three paychecks in bitcoin.
Wishing you a great week ahead and Always remember, you must always do your own research. This is not traditional investment or financial advice. Blessed day ahead. #Decryptedge.
Thoughts on the market on 25.01.2022
Bitcoin updated a low of $32,850 during the day, followed by a bounce back to $37,520.It is now trading at about $36,996.
Total Crypto Market capitalization $1.62 Trillion,
BTC Dominance Index 42.1%,
Fear index 12.
The stock market is becoming more and more like the crypto market of 2017. Strong volatility, unprecedented dynamics of ups and downs of individual securities (for example, Netflix, whose shares have lost more than 20% over the past few days, as if these are not shares of a company with a capitalization of 23 billion, but some kind of Shiba Inu.
Today is the first day of the Fed meeting and also reports from Microsoft, Johnson and Johnson, American Express, and a number of other large companies.
What can happen? Everything.
It was a good day on the crypto market yesterday. Despite the update of Bitcoin lows, we saw what I have been talking about for a long time - a break in the correlation between Bitcoin and the stock market. The growth of Bitcoin from the lows reached began much earlier than in the S&P 500 and other US indices. Everything looked as if the indices followed Bitcoin.
But really, no one followed anyone. It’s just that the direct correlation of Bitcoin with the stock market does not make any economic sense, it arose situationally in 2020. At the moment Bitcoin is in no hurry to react to the falling futures on the S&P 500.
A hike to 30K/28K is in view, as are the days when the stock market trends will repeat on the crypto market. More and more market participants are beginning to understand that Bitcoin is not Apple stock, but an asset of a completely different kind, there is much more certainty in his prospects.
Anything can happen on the crypto market today and tomorrow. The basic scenarios:
Option 1 going below 35K, eventually after Option 2, Confident fixing above 36500. Which is a bear trap.
Lastly, The author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, says he will buy more bitcoin if and when the price of the cryptocurrency tests $20K. He noted that bitcoin’s price crashing is “great news,” adding that the “Time to get richer is coming.” How many people listen, follow and read his recommendation and advice?
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
Bitcoin updated a low of $32,850 during the day, followed by a bounce back to $37,520.It is now trading at about $36,996.
Total Crypto Market capitalization $1.62 Trillion,
BTC Dominance Index 42.1%,
Fear index 12.
The stock market is becoming more and more like the crypto market of 2017. Strong volatility, unprecedented dynamics of ups and downs of individual securities (for example, Netflix, whose shares have lost more than 20% over the past few days, as if these are not shares of a company with a capitalization of 23 billion, but some kind of Shiba Inu.
Today is the first day of the Fed meeting and also reports from Microsoft, Johnson and Johnson, American Express, and a number of other large companies.
What can happen? Everything.
It was a good day on the crypto market yesterday. Despite the update of Bitcoin lows, we saw what I have been talking about for a long time - a break in the correlation between Bitcoin and the stock market. The growth of Bitcoin from the lows reached began much earlier than in the S&P 500 and other US indices. Everything looked as if the indices followed Bitcoin.
But really, no one followed anyone. It’s just that the direct correlation of Bitcoin with the stock market does not make any economic sense, it arose situationally in 2020. At the moment Bitcoin is in no hurry to react to the falling futures on the S&P 500.
A hike to 30K/28K is in view, as are the days when the stock market trends will repeat on the crypto market. More and more market participants are beginning to understand that Bitcoin is not Apple stock, but an asset of a completely different kind, there is much more certainty in his prospects.
Anything can happen on the crypto market today and tomorrow. The basic scenarios:
Option 1 going below 35K, eventually after Option 2, Confident fixing above 36500. Which is a bear trap.
Lastly, The author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, says he will buy more bitcoin if and when the price of the cryptocurrency tests $20K. He noted that bitcoin’s price crashing is “great news,” adding that the “Time to get richer is coming.” How many people listen, follow and read his recommendation and advice?
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
#IMF Recommends El Salvador to remove Law on #Bitcoin’s Legal Tender Status.
Thoughts on the market on 26.01. 2022
Bitcoin has been moving in the range of 35,700-37,550, with attempts to gain a foothold above $37,500 has not been successful yet, it is now trading around $37,500.
Total Crypto-Market capitalization $1.666 Trillion,
BTC Dominance Index 42%,
Fear index 23.
Markets are waiting for the outcome of the Fed meeting. Expected - a rate hike in March, and 3-4 rate hikes in 2022, as well as the cessation of asset buybacks and a reduction in the balance sheet from June.
Anything better than these expectations will push the markets higher. If the reality is tougher (stronger rate hikes and easing of stimulus), the decline seen over the past week will continue. Information on the results of the meeting will be released at 10pm Kenya time, Powell's press conference - at 10:30pm.
Bitcoin has since so far been holding above 36500 for almost 12 hours, altcoins have a good bounce up after the drain on Monday. Most importantly, the continuation of the decline in correlation with the stock market is positive.
That was reflected and recorded yesterday on the crypto market. The fact that the correlation of the crypto market with the stock market has no grounds and will soon be broken.
So far, option 1 from here (falling to 30K/28K) cannot be ruled out. There have already been two unsuccessful attempts to consolidate above 37500, and the third attempt, combined with some external negative. Balances on the exchanges continue to decline, the actions of large players and the general economic situation leave no doubts about the medium-term prospects of Bitcoin.
For today, the bitcoin price may be affected by Tesla's report, which owns about $1.5 billion. The most likely option for today is to fix above 37500 with continued upward movement to $39,500 then some fireworks.
Lastly to some news, MicroStrategy is going to continue to buy Bitcoin. At the moment they have 124,391 BTC and are not going to sell it.
During El Salvador’s IMF Executive Board consultation with El Salvador, the directors agreed on the importance of boosting financial inclusion and noted that digital means of payment—such as the Chivo e-wallet—could play this role. However, they emphasized the need for strict regulation and oversight of the new ecosystem of Chivo and Bitcoin. They stressed that there are large risks associated with the use of Bitcoin on financial stability, financial integrity, and consumer protection, as well as the associated fiscal contingent liabilities. They urged the authorities to narrow the scope of the Bitcoin law by removing Bitcoin’s legal tender status. Some Directors also expressed concern over the risks associated with issuing Bitcoin-backed bonds.
In response President Nayib Bukele on his official twitter handle posted a GIF from the Simpsons with the words I see you IMF, that's very nice.
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 on 26.01. 2022
Bitcoin has been moving in the range of 35,700-37,550, with attempts to gain a foothold above $37,500 has not been successful yet, it is now trading around $37,500.
Total Crypto-Market capitalization $1.666 Trillion,
BTC Dominance Index 42%,
Fear index 23.
Markets are waiting for the outcome of the Fed meeting. Expected - a rate hike in March, and 3-4 rate hikes in 2022, as well as the cessation of asset buybacks and a reduction in the balance sheet from June.
Anything better than these expectations will push the markets higher. If the reality is tougher (stronger rate hikes and easing of stimulus), the decline seen over the past week will continue. Information on the results of the meeting will be released at 10pm Kenya time, Powell's press conference - at 10:30pm.
Bitcoin has since so far been holding above 36500 for almost 12 hours, altcoins have a good bounce up after the drain on Monday. Most importantly, the continuation of the decline in correlation with the stock market is positive.
That was reflected and recorded yesterday on the crypto market. The fact that the correlation of the crypto market with the stock market has no grounds and will soon be broken.
So far, option 1 from here (falling to 30K/28K) cannot be ruled out. There have already been two unsuccessful attempts to consolidate above 37500, and the third attempt, combined with some external negative. Balances on the exchanges continue to decline, the actions of large players and the general economic situation leave no doubts about the medium-term prospects of Bitcoin.
For today, the bitcoin price may be affected by Tesla's report, which owns about $1.5 billion. The most likely option for today is to fix above 37500 with continued upward movement to $39,500 then some fireworks.
Lastly to some news, MicroStrategy is going to continue to buy Bitcoin. At the moment they have 124,391 BTC and are not going to sell it.
During El Salvador’s IMF Executive Board consultation with El Salvador, the directors agreed on the importance of boosting financial inclusion and noted that digital means of payment—such as the Chivo e-wallet—could play this role. However, they emphasized the need for strict regulation and oversight of the new ecosystem of Chivo and Bitcoin. They stressed that there are large risks associated with the use of Bitcoin on financial stability, financial integrity, and consumer protection, as well as the associated fiscal contingent liabilities. They urged the authorities to narrow the scope of the Bitcoin law by removing Bitcoin’s legal tender status. Some Directors also expressed concern over the risks associated with issuing Bitcoin-backed bonds.
In response President Nayib Bukele on his official twitter handle posted a GIF from the Simpsons with the words I see you IMF, that's very nice.
Remember this is not traditional investment advice and ought not to be deemed as financial recommendation. Must do your own research. #Decryptedge. Images Courtesy:
Russia Reconsiders Stand on Crypto Ban.
Thoughts on the market on 27.01. 2022
Bitcoin, attained a high of $38,946 and then it began to decline, it is now trading around $35,700- $35,800.
Total Crypto Market capitalization $1.61 Trillion,
BTC dominance index 42.0%,
Fear index 20.
In anticipation of the Fed meeting, the markets grew and closed not so optimistically. The results of the Fed meeting as a whole were expected. The rate is likely to be raised in March. Reducing the balance sheet will begin after the rate increase, but there will be more information on the balance reduction at the next meeting.From what Powell said, it is good for the markets that the decision on the Fed's balance sheet has not yet been made, notably he comments that the Fed's balance sheet is much larger than it should be, will not sit well.
The markets reacted to the Fed's rhetoric by falling from the levels reached during the session, Tesla reported better than expected, but after the markets closed. The market will finally decide on the direction of movement today.
Russia has been talking about a probable Cryptocurrency ban, even termed it Financial Pyramind(https://t.me/decryptedge/968) Events seems to have taken a turn, Vladimir Putin now says that the Central Bank does not stand in the way of technical progress, on the contrary, it advocates new technologies, Russia has a strong human resource potential and competitive advantages in the field of mining. The Central Bank and the government should come to a consensus on the crypto market and report on the results.
It is clear that after such input the result will be correct). There will be no ban on crypto, Russia will not be included in the bundle of countries that have banned crypto like Egypt, Syria and Kyrgyzstan.
Bitcoin worked out the priority version our yesterday’s review during the day, updating the highs above $38,880, it did not break through to $39K. It has since broken down $35,535, which has respected the support at $35,700- $35,800 area. As long as the price of Bitcoin is held above this support, option 2 from here is the priority, i.e. return above 37500 with subsequent attempts to take 40K.
Loss of support at 35700-35800 could lead to another bottom test. This option will be an opportunity to refuel those who did not have time to do it the first time.There are still risks in alts, due to the low dominance of Bitcoin, which may soon end.
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 on 27.01. 2022
Bitcoin, attained a high of $38,946 and then it began to decline, it is now trading around $35,700- $35,800.
Total Crypto Market capitalization $1.61 Trillion,
BTC dominance index 42.0%,
Fear index 20.
In anticipation of the Fed meeting, the markets grew and closed not so optimistically. The results of the Fed meeting as a whole were expected. The rate is likely to be raised in March. Reducing the balance sheet will begin after the rate increase, but there will be more information on the balance reduction at the next meeting.From what Powell said, it is good for the markets that the decision on the Fed's balance sheet has not yet been made, notably he comments that the Fed's balance sheet is much larger than it should be, will not sit well.
The markets reacted to the Fed's rhetoric by falling from the levels reached during the session, Tesla reported better than expected, but after the markets closed. The market will finally decide on the direction of movement today.
Russia has been talking about a probable Cryptocurrency ban, even termed it Financial Pyramind(https://t.me/decryptedge/968) Events seems to have taken a turn, Vladimir Putin now says that the Central Bank does not stand in the way of technical progress, on the contrary, it advocates new technologies, Russia has a strong human resource potential and competitive advantages in the field of mining. The Central Bank and the government should come to a consensus on the crypto market and report on the results.
It is clear that after such input the result will be correct). There will be no ban on crypto, Russia will not be included in the bundle of countries that have banned crypto like Egypt, Syria and Kyrgyzstan.
Bitcoin worked out the priority version our yesterday’s review during the day, updating the highs above $38,880, it did not break through to $39K. It has since broken down $35,535, which has respected the support at $35,700- $35,800 area. As long as the price of Bitcoin is held above this support, option 2 from here is the priority, i.e. return above 37500 with subsequent attempts to take 40K.
Loss of support at 35700-35800 could lead to another bottom test. This option will be an opportunity to refuel those who did not have time to do it the first time.There are still risks in alts, due to the low dominance of Bitcoin, which may soon end.
Remember this is not traditional investment advice and ought not to be deemed as financial recommendation. Must do your own research. #Decryptedge. Images Courtesy:
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‘Financial pyramid’: Russia’s Central Bank Pushes for Crypto Ban.
Thoughts on the market on 21.01. 2022
After the fake out pump of Bitcoin price to $43,500, it took a correction and the January 10th low has been updated to now $38,800. At the time of writing…
Thoughts on the market on 21.01. 2022
After the fake out pump of Bitcoin price to $43,500, it took a correction and the January 10th low has been updated to now $38,800. At the time of writing…
Mystery of the ”Lost” Bulgarian Bitcoins Sparks Questions Again as $2 billion Worth of Options are set to expire Today. Thoughts on the market on 28.01.2022
Bitcoin moved in the range of $35,550- $37,550 during the day, at night there were attempts to take $37,500, but unsuccessful and at the time of writing the review, Bitcoin is trading around $37,200
Crypto Market capitalisation $1.65 Trillion,
BTC dominance Index: 42.1%,
Fear index 24.
The dollar index rose above 97, these levels were last registered in the first half of 2020, at the wake of corona psychosis.
The market is still digesting the results of the Fed meeting. The main threat is rising inflation, which the regulator would like to return to the level of 2%, but the FED understands that this is unrealistic in the current situation. So far, it has been stated that the Fed is calm about the correction in the markets, and believes that asset prices are somewhat overpriced.
It is clear that such rhetoric sends the market to look for a bottom.
Where is the bottom, guess we shall find out soon.
Bitcoin tried twice approaching the lower border of the range, but it was actively redeemed.
More price volatility is expected as $2 billion worth of options are set to expire today. Although some analysts expect BTC's price to trade closer to the $42,000, or the strike price with the most open options contracts. Uncertainty in the options market could lead to more price swings, creating difficulties for some traders who rely on stable price trends.
So as we leave for the weekend with Bitcoin in the current range, or even better - with Bitcoin above 37500, we will see the growth of altcoins, but this is short-term. The bigger outlook with altcoins is not good.
With Bitcoin above 35K, the priority option 2 is to take out $37,500, with a further attempt to take 40K. In case support at $35,500 fails, all the above will be irrelevant and option 1 will thrive https://t.me/decryptedge/974 There is a certain confusion regarding confiscated bitcoins worth about $20 billion in Bulgaria, will update as this unfolds. More news on this will fuel option 1.
By the way, Tesla, according to their report, did not sell any Bitcoins. Most probably, Elon Musk will soon say what he thinks about Bitcoin in the current situation. MicroStrategy has already expressed its position. While people with money know the value of this asset, working ahead of the curve, most people do not have Bitcoin, and even a bigger number think it's a big scam and support its ban.
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 moved in the range of $35,550- $37,550 during the day, at night there were attempts to take $37,500, but unsuccessful and at the time of writing the review, Bitcoin is trading around $37,200
Crypto Market capitalisation $1.65 Trillion,
BTC dominance Index: 42.1%,
Fear index 24.
The dollar index rose above 97, these levels were last registered in the first half of 2020, at the wake of corona psychosis.
The market is still digesting the results of the Fed meeting. The main threat is rising inflation, which the regulator would like to return to the level of 2%, but the FED understands that this is unrealistic in the current situation. So far, it has been stated that the Fed is calm about the correction in the markets, and believes that asset prices are somewhat overpriced.
It is clear that such rhetoric sends the market to look for a bottom.
Where is the bottom, guess we shall find out soon.
Bitcoin tried twice approaching the lower border of the range, but it was actively redeemed.
More price volatility is expected as $2 billion worth of options are set to expire today. Although some analysts expect BTC's price to trade closer to the $42,000, or the strike price with the most open options contracts. Uncertainty in the options market could lead to more price swings, creating difficulties for some traders who rely on stable price trends.
So as we leave for the weekend with Bitcoin in the current range, or even better - with Bitcoin above 37500, we will see the growth of altcoins, but this is short-term. The bigger outlook with altcoins is not good.
With Bitcoin above 35K, the priority option 2 is to take out $37,500, with a further attempt to take 40K. In case support at $35,500 fails, all the above will be irrelevant and option 1 will thrive https://t.me/decryptedge/974 There is a certain confusion regarding confiscated bitcoins worth about $20 billion in Bulgaria, will update as this unfolds. More news on this will fuel option 1.
By the way, Tesla, according to their report, did not sell any Bitcoins. Most probably, Elon Musk will soon say what he thinks about Bitcoin in the current situation. MicroStrategy has already expressed its position. While people with money know the value of this asset, working ahead of the curve, most people do not have Bitcoin, and even a bigger number think it's a big scam and support its ban.
Remember this is not traditional investment advice and ought not to be deemed as financial recommendation. Must do your own research. #Decryptedge. Images Courtesy:
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KryptoEdge
Thoughts on the market on 25.01.2022
Bitcoin updated a low of $32,850 during the day, followed by a bounce back to $37,520.It is now trading at about $36,996.
Total Crypto Market capitalization $1.62 Trillion,
BTC Dominance Index 42.1%,
Fear index 12.
…
Bitcoin updated a low of $32,850 during the day, followed by a bounce back to $37,520.It is now trading at about $36,996.
Total Crypto Market capitalization $1.62 Trillion,
BTC Dominance Index 42.1%,
Fear index 12.
…
MicroStrategy World 2022: 100% Virtual, 100% Free. Enterprise Analytics • Digital Transformation • Bitcoin Strategy. Thoughts on the market as of 31.01.2022
Over the weekend Bitcoin price worked out the priority option here (https://t.me/decryptedge/980). Price tried to go above 38200, but this did not lead to success and ended with Bitcoin dropping to 36800, where intermediate support was found. Bitcoin is currently trading at around 37,000.
Total Crypto Market capitalization: $1.67 billion,
BTC Dominance index: 41.9%,
Fear index: 20.
The stock market is again whipping up panic, talks about raising the rate by 0.5% at once.
For today - Bitcoin is holding above $35,500- $38,000 and is trying to gain a foothold above 38K. An alternative option is to go to the side of 33K.
February 1, there will be a conference: MicroStrategy World 2022 & Bitcoin for Corporations. Dorsey (Twitter owner and big Bitcoin investor) will be there too. I think there will be interesting statements made there that could serve as a reason for taking $40,000, quite a herculean task if you ask me. If interested to attend register here: https://www.microstrategy.com/en/world-2022
That's all for today.
Remember this is not traditional investment advice and ought not to be deemed as financial recommendation. Must do your own research. #Decryptedge. Images Courtesy:
Over the weekend Bitcoin price worked out the priority option here (https://t.me/decryptedge/980). Price tried to go above 38200, but this did not lead to success and ended with Bitcoin dropping to 36800, where intermediate support was found. Bitcoin is currently trading at around 37,000.
Total Crypto Market capitalization: $1.67 billion,
BTC Dominance index: 41.9%,
Fear index: 20.
The stock market is again whipping up panic, talks about raising the rate by 0.5% at once.
For today - Bitcoin is holding above $35,500- $38,000 and is trying to gain a foothold above 38K. An alternative option is to go to the side of 33K.
February 1, there will be a conference: MicroStrategy World 2022 & Bitcoin for Corporations. Dorsey (Twitter owner and big Bitcoin investor) will be there too. I think there will be interesting statements made there that could serve as a reason for taking $40,000, quite a herculean task if you ask me. If interested to attend register here: https://www.microstrategy.com/en/world-2022
That's all for today.
Remember this is not traditional investment advice and ought not to be deemed as financial recommendation. Must do your own research. #Decryptedge. Images Courtesy:
Telegram
KryptoEdge
Mystery of the ”Lost” Bulgarian Bitcoins Sparks Questions Again as $2 billion Worth of Options are set to expire Today. Thoughts on the market on 28.01.2022
Bitcoin moved in the range of $35,550- $37,550 during the day, at night there were attempts to take…
Bitcoin moved in the range of $35,550- $37,550 during the day, at night there were attempts to take…
MicroStrategy World 2022: Register here: https://www.microstrategy.com/en/world-2022
Note: (Must have work email! Gmail, hotmail, yahoo mail don't work)
Note: (Must have work email! Gmail, hotmail, yahoo mail don't work)
#India Plans To Regulate Cryptocurrencies With A Hefty 30% #Tax On Gains. Thoughts On the CryptoMarket.
The biggest development yesterday was India’s clarity on crypto taxation. This will change a lot of misconceptions around crypto assets and has paved the way forward to classifying them as a separate asset class,” A much needed view and recognition to the crypto ecosystem of India and a precedent to other nations. This development removes any ambiguity for banks and they can now provide financial services to India's crypto industry. As much as this is encouraging to see that the government has taken a positive step towards regulating digital assets, lets drill in to the details: investors will have to pay up 30 per cent tax on the returns they make from trading or investing in cryptocurrencies or other digital assets such as NFTs. Any losses from transfer of virtual digital assets cannot be set off against any other income, according to the announcement.
Looking back, India had considered a 18% GST on Bitcoin Transactions. We have been following this closely since October 2020: (https://t.me/decryptedge/162).
Higher taxation can be counter productive in the long run but this is only a temporary measure to contain unorganised trade and transfer of cryptocurrency. India also decided to charge 1% TDS on every crypto transaction - a master stroke of sorts - to bring all transactions into the "income tax net" - which should help prepare grounds for the ultimate banning of crypto when CBDC is launched in 2023. If you are wondering TDS means (Tax Deducted at Source.) This is India's way of saying "#cryptocurrencies, you are not welcome - and btw there is no free lunch".
What will be Kenya's take?
Bitcoin is doing nothing but moving within the range of $35,000 - $38,000. Yesterday we did not post the review.
Market capitalisation: 1.86 Trillion,
Dominance index 41.06%,
Fear index 28.
Despite the Fed's aggressive rhetoric about fighting inflation, reducing the balance sheet and other things that are unpleasant for the markets. Fed spokesman Bostic, said that it is no longer possible to delay the reduction of the balance sheet. But this has not scared the markets yet, the S&P 500 futures are holding above 4500.
With Bitcoin now above 38K is good, however the fact that we can’t break through $38,500 for a long time indicates the possibility of a rebound towards $36,800. If this level does not hold, the next support is at 35500. Perhaps the reason for the drain will be manipulations with $94K BTC, which were taken away from Bitfinex back in 2016.
The positive from the MicroStrategy conference can help Bitcoin take $40K.Today is the second day. Probable scenario is Bitcoin remains in the range of $38,500 - $35,500.
Remember this is not traditional investment advice and ought not to be deemed as financial recommendation. Must do your own research. #Decryptedge. Images Courtesy:
The biggest development yesterday was India’s clarity on crypto taxation. This will change a lot of misconceptions around crypto assets and has paved the way forward to classifying them as a separate asset class,” A much needed view and recognition to the crypto ecosystem of India and a precedent to other nations. This development removes any ambiguity for banks and they can now provide financial services to India's crypto industry. As much as this is encouraging to see that the government has taken a positive step towards regulating digital assets, lets drill in to the details: investors will have to pay up 30 per cent tax on the returns they make from trading or investing in cryptocurrencies or other digital assets such as NFTs. Any losses from transfer of virtual digital assets cannot be set off against any other income, according to the announcement.
Looking back, India had considered a 18% GST on Bitcoin Transactions. We have been following this closely since October 2020: (https://t.me/decryptedge/162).
Higher taxation can be counter productive in the long run but this is only a temporary measure to contain unorganised trade and transfer of cryptocurrency. India also decided to charge 1% TDS on every crypto transaction - a master stroke of sorts - to bring all transactions into the "income tax net" - which should help prepare grounds for the ultimate banning of crypto when CBDC is launched in 2023. If you are wondering TDS means (Tax Deducted at Source.) This is India's way of saying "#cryptocurrencies, you are not welcome - and btw there is no free lunch".
What will be Kenya's take?
Bitcoin is doing nothing but moving within the range of $35,000 - $38,000. Yesterday we did not post the review.
Market capitalisation: 1.86 Trillion,
Dominance index 41.06%,
Fear index 28.
Despite the Fed's aggressive rhetoric about fighting inflation, reducing the balance sheet and other things that are unpleasant for the markets. Fed spokesman Bostic, said that it is no longer possible to delay the reduction of the balance sheet. But this has not scared the markets yet, the S&P 500 futures are holding above 4500.
With Bitcoin now above 38K is good, however the fact that we can’t break through $38,500 for a long time indicates the possibility of a rebound towards $36,800. If this level does not hold, the next support is at 35500. Perhaps the reason for the drain will be manipulations with $94K BTC, which were taken away from Bitfinex back in 2016.
The positive from the MicroStrategy conference can help Bitcoin take $40K.Today is the second day. Probable scenario is Bitcoin remains in the range of $38,500 - $35,500.
Remember this is not traditional investment advice and ought not to be deemed as financial recommendation. Must do your own research. #Decryptedge. Images Courtesy:
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From the trading range of 26200-27300, Bitcoin went up and has been holding above 28K most of the last 8hours, clearly trying to retest the ATH. Total CryptoMarket capitalization at 742 billion and BTC dominance index of 69.9%
Equity markets showed a slight…
Equity markets showed a slight…
Solana Woes Worsen in $320 Million (120,000 wETH) Wormhole Bridge Hack. Thoughts on the market on 03.02.2022.
Bitcoin lost intermediate support at 38200, after which it fell to almost $36,500, now trading around $37,000.
Total Crypto Market capitalisation: $1.70 Trillion,
BTC dominance index 41.1%,
Fear index 20.
Stock markets were up yesterday. Data on the labor market in the US came out much worse than expected - instead of the expected growth of 200K, there was a fall of 301K. Markets, however, grow against such a background. First, such a picture in the labor market may slow down the Fed's plans to reduce the balance sheet and make the rate increase more moderate. Secondly, a good report by Alphabet Inc (Google) and the announcement of an imminent stock split not only ensured the growth of the company's shares by more than 7.5%, but also set the direction for the entire market. Meta Platforms (formerly Facebook) report came out worse than expected, the market reaction to it will be today.
Bitcoin again failed to pass the resistance area of $38,800- $39,200, returning to the old trading range. If support is lost at $36,500, the next support will be $35,500. If the support at 36500 holds, then we remain in the range of $36,500 - $38,800.
DeFi Project Known as Wormhole Hit With a Potential $320 Million Hack. The Protocol serves as a link between Solana and other DeFi networks. 120,000 wETH, or so-called wrapped Ether, was drained. The vulnerability has been patched, they said in a follow-up post. Later the project offered $10 million to hackers to return the funds. This may contribute to the fall of the market. For example, if assets are quickly drained into the market, as they will not be looking to sell high.
What is Wrapped Ether?, or wETH?, it is a token that represents ETH 1:1 and conforms to the ERC20 token standard. It allows for increased functionality across any application that handles ERC20 tokens. You can always convert your wETH to ETH 1:1 and vice versa.
Crypto platforms have faced a number of high-value exploits in recent months. This bridge hack is the latest in a lengthening list of woes for Solana which includes 4 network outages in as many months. Solana has often been touted as an “Ethereum killer” but this latest setback in addition to the multiple network and performance issues it has recently suffered. We are still early in Crypto, so much of this is expected before we see full proof projects, good to note Bitcoin has had unsuccessful multiple attacks 13 years down the line, largely due to its decentralised nature, open-source and censorship resistant traits.
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 lost intermediate support at 38200, after which it fell to almost $36,500, now trading around $37,000.
Total Crypto Market capitalisation: $1.70 Trillion,
BTC dominance index 41.1%,
Fear index 20.
Stock markets were up yesterday. Data on the labor market in the US came out much worse than expected - instead of the expected growth of 200K, there was a fall of 301K. Markets, however, grow against such a background. First, such a picture in the labor market may slow down the Fed's plans to reduce the balance sheet and make the rate increase more moderate. Secondly, a good report by Alphabet Inc (Google) and the announcement of an imminent stock split not only ensured the growth of the company's shares by more than 7.5%, but also set the direction for the entire market. Meta Platforms (formerly Facebook) report came out worse than expected, the market reaction to it will be today.
Bitcoin again failed to pass the resistance area of $38,800- $39,200, returning to the old trading range. If support is lost at $36,500, the next support will be $35,500. If the support at 36500 holds, then we remain in the range of $36,500 - $38,800.
DeFi Project Known as Wormhole Hit With a Potential $320 Million Hack. The Protocol serves as a link between Solana and other DeFi networks. 120,000 wETH, or so-called wrapped Ether, was drained. The vulnerability has been patched, they said in a follow-up post. Later the project offered $10 million to hackers to return the funds. This may contribute to the fall of the market. For example, if assets are quickly drained into the market, as they will not be looking to sell high.
What is Wrapped Ether?, or wETH?, it is a token that represents ETH 1:1 and conforms to the ERC20 token standard. It allows for increased functionality across any application that handles ERC20 tokens. You can always convert your wETH to ETH 1:1 and vice versa.
Crypto platforms have faced a number of high-value exploits in recent months. This bridge hack is the latest in a lengthening list of woes for Solana which includes 4 network outages in as many months. Solana has often been touted as an “Ethereum killer” but this latest setback in addition to the multiple network and performance issues it has recently suffered. We are still early in Crypto, so much of this is expected before we see full proof projects, good to note Bitcoin has had unsuccessful multiple attacks 13 years down the line, largely due to its decentralised nature, open-source and censorship resistant traits.
Remember this is not traditional investment advice and ought not to be deemed as financial recommendation. Must do your own research. #Decryptedge. Images Courtesy:
Coinbase Shares Declined 50%, From All-Time Highs, Meta(facebook) - 27%. Stocks Following Bitcoin’s Ups and Downs. Thoughts on the market on 04.02.2022
In yesterday's review we mentioned that there will be a reaction to the Meta Platforms (former FB) report. It was not long in coming - the shares fell by 26.44% and returned to the levels of December - Jan 2020. For the first time ,CEO Mark Zuckerberg believes Facebook's decline in users is likely due to the boom in popularity of the competitor platform #TikTok. Amazon's report came out better than expected, and after the close of the main trading session, it rose by almost 18%.
Alongside the - 27% fall on Meta(former facebook), Coinbase Shares Declined -50% from an all-time high, which now seems to follow bitcoin’s ups and downs. Roughly nine months ago, Coinbase’s initial public offering (IPO) via a direct listing on Nasdaq launched, and shares swapped for $342 per share on April 16, 2021. I personally mentioned that this was the top of BTC at $63,255 coincidence?. Since then, Coinbase shares have dropped by close to half that value and today, the share is swapping for more than 45% lower at $187 per unit. Yet no one seems to be crying a market crush like they do in crypto!
There is too much money in the market and too many participants who, when making decisions, are guided not by reason, but by emotions - primarily greed and fear. This begets a lot of volatility.
Bitcoin moved within the previous trading range, intermediate support at 36500 is no longer relevant, now it has shifted to 36350-36300 and ready to test the resistance area at 38800-39200 again.
Crypto Market capitalization $1.66 Trillion,
BTC Dominance index: 41.9%,
Fear index 20.
If we leave for the weekend with Bitcoin above $37,500, we are waiting for the growth of altcoins. In this case, there is a chance for a quick capture of 40K. If $37,500 does not hold, a test of new support at $36,300 is likely, and strong move to 35K/34K.
In general, there is a negative bias on alts now because of the low index of Bitcoin dominance. There will be a very selective growth.
With that, wishing you a great weekend ahead. Remember to always do your own research. This is not traditional investment advice and ought not to be deemed as financial recommendation. Must do your own research. #decryptedge
In yesterday's review we mentioned that there will be a reaction to the Meta Platforms (former FB) report. It was not long in coming - the shares fell by 26.44% and returned to the levels of December - Jan 2020. For the first time ,CEO Mark Zuckerberg believes Facebook's decline in users is likely due to the boom in popularity of the competitor platform #TikTok. Amazon's report came out better than expected, and after the close of the main trading session, it rose by almost 18%.
Alongside the - 27% fall on Meta(former facebook), Coinbase Shares Declined -50% from an all-time high, which now seems to follow bitcoin’s ups and downs. Roughly nine months ago, Coinbase’s initial public offering (IPO) via a direct listing on Nasdaq launched, and shares swapped for $342 per share on April 16, 2021. I personally mentioned that this was the top of BTC at $63,255 coincidence?. Since then, Coinbase shares have dropped by close to half that value and today, the share is swapping for more than 45% lower at $187 per unit. Yet no one seems to be crying a market crush like they do in crypto!
There is too much money in the market and too many participants who, when making decisions, are guided not by reason, but by emotions - primarily greed and fear. This begets a lot of volatility.
Bitcoin moved within the previous trading range, intermediate support at 36500 is no longer relevant, now it has shifted to 36350-36300 and ready to test the resistance area at 38800-39200 again.
Crypto Market capitalization $1.66 Trillion,
BTC Dominance index: 41.9%,
Fear index 20.
If we leave for the weekend with Bitcoin above $37,500, we are waiting for the growth of altcoins. In this case, there is a chance for a quick capture of 40K. If $37,500 does not hold, a test of new support at $36,300 is likely, and strong move to 35K/34K.
In general, there is a negative bias on alts now because of the low index of Bitcoin dominance. There will be a very selective growth.
With that, wishing you a great weekend ahead. Remember to always do your own research. This is not traditional investment advice and ought not to be deemed as financial recommendation. Must do your own research. #decryptedge
Crypto is here to stay, no question about that. Says Shark Tank’s Kevin O'Leary aka Mr Wonderful. Thoughts on the market as of 07.02. 2022
The weekend went smoothly. Bitcoin worked out the option from the Friday review. Took out 40K and exceeded our expectations, moved to growth and is now trading around 42300-42500.
Crypto Market capitalization $2.03 Trillion,
BTC Dominance index 41.7%,
Fear index 45.
Stock markets opened slightly lower. Futures on the S&P 500 and Asian indices are looking down. The main expected events of the week will be the continuation of the reporting season in the US throughout the week, as well as data on the labor market and inflation on February 10th.
Bitcoin held above $40K over the weekend. There were two waves of selling, but it all ended with quick buybacks around 41K. Yesterday night turned to growth, faced resistance at 42650, and has been in the range of $41700- $42650 for more than 4 hours. Ethereum is fixed above $3000, altcoins are growing, everything is according to the plan. Look out for important dates here(https://t.me/decryptedge/952)
Market capitalization is now at the important level of $2 Trillion, fixing above it is necessary for further growth. Priority option for today - Bitcoin takes $42,650 and tries to gain a foothold above 43K, further depends on the success of this attempt. In case of success, the market capitalization is fixed above $2 trillion, the market continues to grow.
If 43K is not taken today, the price will probably rebound to 41500-41000, with a possible correction to $40,600. The first option is in priority.
According to IntoTheBlock, the number of addresses holding Bitcoin for less than 1 month decreased by 32% in January. That is, those who bought Bitcoin in December - early January on the fall to 40K, with a further fall of the asset towards $30K, sold it in the red. Now they will say that the crypto is a scam, but most will buy Bitcoin again when it is above $50K. Sounds crazy right?
US Senator Ted Cruz, on the contrary, was buying Bitcoin at that time. These are signs of an improvement in the quality of the crypto market audience. He reportedly invested between $15,001 and $50,000 in bitcoin. On the day of purchase, the price of digital gold was between $36,000 and $37,000, according to CoinGecko . Back in October 2021, Cruz suggested that the energy generated from oil and gas production be used to mine bitcoin . In his opinion, this will help to preserve the environment, and the approach can be extended to the whole world.
Recall that during the review of the infrastructure plan in 2021, Cruz spoke out in support of the crypto industry and proposed to cancel the provision aimed at tightening the reporting requirements of “brokers” in the digital asset industry.
On a similar breath, Kevin O'Leary aka Mr. Wonderful sent out a tweet; “Writing is on the wall for public #Bitcoin mining companies that think they can fool investors by buying carbon credits to cover up their dirty, carbon belching ways. Time to declare war on dirty miners I'm calling BS on #carboncredits It's a scam!” Out of curiosity, do we know the importance of carbon credits and why companies care? I would love to hear your thoughts and comments here.
What I like is he starts by saying “Crypto is here to stay, no question about that!”
This is not traditional investment advice, and ought not to be considered as financial recommendation. Must always do your own research. #decryptedge
The weekend went smoothly. Bitcoin worked out the option from the Friday review. Took out 40K and exceeded our expectations, moved to growth and is now trading around 42300-42500.
Crypto Market capitalization $2.03 Trillion,
BTC Dominance index 41.7%,
Fear index 45.
Stock markets opened slightly lower. Futures on the S&P 500 and Asian indices are looking down. The main expected events of the week will be the continuation of the reporting season in the US throughout the week, as well as data on the labor market and inflation on February 10th.
Bitcoin held above $40K over the weekend. There were two waves of selling, but it all ended with quick buybacks around 41K. Yesterday night turned to growth, faced resistance at 42650, and has been in the range of $41700- $42650 for more than 4 hours. Ethereum is fixed above $3000, altcoins are growing, everything is according to the plan. Look out for important dates here(https://t.me/decryptedge/952)
Market capitalization is now at the important level of $2 Trillion, fixing above it is necessary for further growth. Priority option for today - Bitcoin takes $42,650 and tries to gain a foothold above 43K, further depends on the success of this attempt. In case of success, the market capitalization is fixed above $2 trillion, the market continues to grow.
If 43K is not taken today, the price will probably rebound to 41500-41000, with a possible correction to $40,600. The first option is in priority.
According to IntoTheBlock, the number of addresses holding Bitcoin for less than 1 month decreased by 32% in January. That is, those who bought Bitcoin in December - early January on the fall to 40K, with a further fall of the asset towards $30K, sold it in the red. Now they will say that the crypto is a scam, but most will buy Bitcoin again when it is above $50K. Sounds crazy right?
US Senator Ted Cruz, on the contrary, was buying Bitcoin at that time. These are signs of an improvement in the quality of the crypto market audience. He reportedly invested between $15,001 and $50,000 in bitcoin. On the day of purchase, the price of digital gold was between $36,000 and $37,000, according to CoinGecko . Back in October 2021, Cruz suggested that the energy generated from oil and gas production be used to mine bitcoin . In his opinion, this will help to preserve the environment, and the approach can be extended to the whole world.
Recall that during the review of the infrastructure plan in 2021, Cruz spoke out in support of the crypto industry and proposed to cancel the provision aimed at tightening the reporting requirements of “brokers” in the digital asset industry.
On a similar breath, Kevin O'Leary aka Mr. Wonderful sent out a tweet; “Writing is on the wall for public #Bitcoin mining companies that think they can fool investors by buying carbon credits to cover up their dirty, carbon belching ways. Time to declare war on dirty miners I'm calling BS on #carboncredits It's a scam!” Out of curiosity, do we know the importance of carbon credits and why companies care? I would love to hear your thoughts and comments here.
What I like is he starts by saying “Crypto is here to stay, no question about that!”
This is not traditional investment advice, and ought not to be considered as financial recommendation. Must always do your own research. #decryptedge
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KryptoEdge
Most participants in the crypto market expect a rise in the value of crypto assets. The rationale for such a positive expectation is contrary to the background news that the Fed will raise rates. Resulting in the stock market fall and Bitcoin has a correlation…