Thoughts on the market on 26.11.2020: #Coinbase CEO: Trump Administration May ‘Rush Out’ Burdensome #Crypto Wallet Rules.
After #Bitcoin hit highs above 19,500 yesterday, Bitcoin has corrected to 18,200 where it is currently trading. Total Crypto-Market capitalization is at $539 billion, dominance index 62.3%.
Equity markets showed a slight decline yesterday. The Dow Jones lost 0.58%, the S&P 500 was down 0.16% and the Nasdaq was up 0.48%. Oil is showing good growth and is approaching 50, gold is at lows, the dollar index is below 92.
Good statistics are coming out in the USA (in particular, the PMI index is at its highs in 5 years), and European indicators are breaking through the bottom. Today is a day off in the US, markets are closed. Asian indices are trading in different directions, while European indices are likely to be positive if they end up with coronpsychosis and lift restrictions.
#Bitcoin yesterday renewed its highs again, reaching values above 19550, but by the morning it went into correction. Support at 18700 has been lost, at the time of writing Bitcoin is around 18200.
"Bitcoin fell to 18200" sounds nice actually. Especially when you consider that it has never been so much higher than 18K in its history.
Perhaps the fall is due to the statement of Coinbase CEO Brian Armstrong, who on Twitter said that the US Treasury is going to impose strict rules on the movement of crypto assets outside the exchanges. “This proposed regulation would, we think, require financial institutions like Coinbase to verify the recipient/owner of the self-hosted wallet, collecting identifying information on that party, before a withdrawal could be sent to that self-hosted wallet,” Armstrong tweeted. Source | Coindesk. Supposedly, each exchange will have a white list of addresses, and all the rest will be considered black. Will write about Travel rules later.
I guess it's FUD. First, they are not idiots and understand that the market in this case will go into the shadows, and exchanges will begin to move to other jurisdictions. Secondly the current Treasury Secretary Steve Mnuchin last week said he would allow some little-used coronavirus lending programs at the Federal Reserve to expire on Dec. 31 and allow Congress to spend the funds on other aid for businesses and individuals. Source | CNBC.
Thirdly, even if such obscurantism passes, the exchanges will simply leave the US jurisdiction, or bring American clients to a separate company, following the example of #Binance.
Most likely, it was someone who did not have time to buy Bitcoin and now wants to take it at least 15K each.
Altcoins, of course, also fell, market capitalization fell by almost 10%. Worked out option 1 for those in the telegram channel you got this.
The question remains - is this a full-fledged correction and Bitcoin is going to 16-15K, or is it a small drain on the background of FUD and will return to growth in the near future?
For now, more inclination towards option 2 - Bitcoin will find support in the range 18200-17800, and move to growth, and then the entire market. Because the market cycle looks incomplete yet, and the alt-coins have not grown significantly, and the ATH has not been updated.
If Bitcoin consolidates below 17800, then there will be a full-fledged correction in the direction of 15800-16400.
As always wishing you a blessed day ahead. Remember to do your own research. This is not traditional investment or financial advice. #decryptedge
After #Bitcoin hit highs above 19,500 yesterday, Bitcoin has corrected to 18,200 where it is currently trading. Total Crypto-Market capitalization is at $539 billion, dominance index 62.3%.
Equity markets showed a slight decline yesterday. The Dow Jones lost 0.58%, the S&P 500 was down 0.16% and the Nasdaq was up 0.48%. Oil is showing good growth and is approaching 50, gold is at lows, the dollar index is below 92.
Good statistics are coming out in the USA (in particular, the PMI index is at its highs in 5 years), and European indicators are breaking through the bottom. Today is a day off in the US, markets are closed. Asian indices are trading in different directions, while European indices are likely to be positive if they end up with coronpsychosis and lift restrictions.
#Bitcoin yesterday renewed its highs again, reaching values above 19550, but by the morning it went into correction. Support at 18700 has been lost, at the time of writing Bitcoin is around 18200.
"Bitcoin fell to 18200" sounds nice actually. Especially when you consider that it has never been so much higher than 18K in its history.
Perhaps the fall is due to the statement of Coinbase CEO Brian Armstrong, who on Twitter said that the US Treasury is going to impose strict rules on the movement of crypto assets outside the exchanges. “This proposed regulation would, we think, require financial institutions like Coinbase to verify the recipient/owner of the self-hosted wallet, collecting identifying information on that party, before a withdrawal could be sent to that self-hosted wallet,” Armstrong tweeted. Source | Coindesk. Supposedly, each exchange will have a white list of addresses, and all the rest will be considered black. Will write about Travel rules later.
I guess it's FUD. First, they are not idiots and understand that the market in this case will go into the shadows, and exchanges will begin to move to other jurisdictions. Secondly the current Treasury Secretary Steve Mnuchin last week said he would allow some little-used coronavirus lending programs at the Federal Reserve to expire on Dec. 31 and allow Congress to spend the funds on other aid for businesses and individuals. Source | CNBC.
Thirdly, even if such obscurantism passes, the exchanges will simply leave the US jurisdiction, or bring American clients to a separate company, following the example of #Binance.
Most likely, it was someone who did not have time to buy Bitcoin and now wants to take it at least 15K each.
Altcoins, of course, also fell, market capitalization fell by almost 10%. Worked out option 1 for those in the telegram channel you got this.
The question remains - is this a full-fledged correction and Bitcoin is going to 16-15K, or is it a small drain on the background of FUD and will return to growth in the near future?
For now, more inclination towards option 2 - Bitcoin will find support in the range 18200-17800, and move to growth, and then the entire market. Because the market cycle looks incomplete yet, and the alt-coins have not grown significantly, and the ATH has not been updated.
If Bitcoin consolidates below 17800, then there will be a full-fledged correction in the direction of 15800-16400.
As always wishing you a blessed day ahead. Remember to do your own research. This is not traditional investment or financial advice. #decryptedge
Good morning,
Let's remember to register for the class ... it's today in the evening
https://www.eventbrite.com/e/binance-kenya-making-crypto-your-business-tickets-129328409755
Let's remember to register for the class ... it's today in the evening
https://www.eventbrite.com/e/binance-kenya-making-crypto-your-business-tickets-129328409755
Eventbrite
Binance Kenya: Making Crypto your Business MasterClass
Binance Kenya: 1-Day Online Masterclass ‘Making Crypto your Business’
Thoughts on the market for 27.11.2020. Russia to Recognize #Digital #Financial #Assets as #Property
Bitcoin dropped during the day and reached lows below 16200. After that it moved to growth and for the last 6 hours has been trading in the range of 17000-17400. At the time of writing this #Bitcoin is worth $17240. Total Crypto-Market capitalization of $513 billion and a dominance index of 62.2%.
American markets were closed yesterday, so nothing significant happened in traditional markets. The dollar index is near 92, gold at 1807, oil at highs since the coronavirus crash. Markets are now waiting for the Christmas rally.
What will actually happen? An update on this on our TG Channel. The main events took place on the crypto-market yesterday. Bitcoin started yesterday above $18900, and by the evening reached lows below 16200. Market capitalization lost more than 15%, altcoins, as always when such happens, fell even more.
As mentioned, Bitcoin found the bottom just below $16200, and at this level, purchases began, which quickly returned the #Bitcoin price, first above $16500, and then above $17000.
#Bitcoin has now been above 17,000 for over 6 hours. Altcoins are also recovering - Etherum is back above 500, and Ripple is above 0.5.
What was it all about?
The planned correction, which we mentioned here even when Bitcoin just went above 18K:
The reason was the strange statements of the CEO of Coinbase, about the Trump administration's attempt to strike a blow at anonymity in the crypto industry before leaving.
It all turned out on Thanksgiving, on a thin weekend market. There were too many people who wanted it to go above 20K, it was necessary to dump the ballast and refuel.
Most of the crowd don’t buy Bitcoin cheap and keep it to new highs. Ridiculously they buy above 18K, then, in anticipation of a rally, collapse happens instead. Again they sell below 17K. Crazy, but that is how the market works. With #Decryptedge you set yourself apart with that edge of advantage in our reviews.
To some news, Russia’s prime minister said that changes are coming—but they may not affect most cryptocurrencies. In brief
👉🏾The government of Russia plans to classify digital financial assets as property, said prime minister Mikhail Mishustin.
👉🏾Potential amendments should also hamper "shadow schemes," he added.
👉🏾However, his comments mostly relate to security token-like assets and not cryptocurrencies, experts explained.
“Another thing is interesting: it is important to understand that cryptocurrencies are not ‘digital financial assets.’ By their nature, DFAs are more like security tokens, so it is a bit strange that they were considered side by side at a government meeting,” Tolkachev told Decrypt, adding, ”It almost seems like the government doesn’t always understand the laws that it had already passed.” Source | https://decrypt.co/ Quite contradictory.. 🤔
Our review and analysis remain the same - a return above 18K during the week. Today we expect #Bitcoin to move in the 16800-17800 range, perhaps we will stay in it until Monday, then an attempt to take ATH, which is very likely to be already successful.
If Bitcoin stabilizes above 17200, altcoins will grow. Especially if we go above $17200 for the weekend.
An alternative option is another test of the 16200-15800 range over the weekend. Further see item 1 - return above 18K.
As always wishing you a blessed day ahead. Remember to do your own research. This is not traditional investment or financial advice. #decryptedge
Bitcoin dropped during the day and reached lows below 16200. After that it moved to growth and for the last 6 hours has been trading in the range of 17000-17400. At the time of writing this #Bitcoin is worth $17240. Total Crypto-Market capitalization of $513 billion and a dominance index of 62.2%.
American markets were closed yesterday, so nothing significant happened in traditional markets. The dollar index is near 92, gold at 1807, oil at highs since the coronavirus crash. Markets are now waiting for the Christmas rally.
What will actually happen? An update on this on our TG Channel. The main events took place on the crypto-market yesterday. Bitcoin started yesterday above $18900, and by the evening reached lows below 16200. Market capitalization lost more than 15%, altcoins, as always when such happens, fell even more.
As mentioned, Bitcoin found the bottom just below $16200, and at this level, purchases began, which quickly returned the #Bitcoin price, first above $16500, and then above $17000.
#Bitcoin has now been above 17,000 for over 6 hours. Altcoins are also recovering - Etherum is back above 500, and Ripple is above 0.5.
What was it all about?
The planned correction, which we mentioned here even when Bitcoin just went above 18K:
The reason was the strange statements of the CEO of Coinbase, about the Trump administration's attempt to strike a blow at anonymity in the crypto industry before leaving.
It all turned out on Thanksgiving, on a thin weekend market. There were too many people who wanted it to go above 20K, it was necessary to dump the ballast and refuel.
Most of the crowd don’t buy Bitcoin cheap and keep it to new highs. Ridiculously they buy above 18K, then, in anticipation of a rally, collapse happens instead. Again they sell below 17K. Crazy, but that is how the market works. With #Decryptedge you set yourself apart with that edge of advantage in our reviews.
To some news, Russia’s prime minister said that changes are coming—but they may not affect most cryptocurrencies. In brief
👉🏾The government of Russia plans to classify digital financial assets as property, said prime minister Mikhail Mishustin.
👉🏾Potential amendments should also hamper "shadow schemes," he added.
👉🏾However, his comments mostly relate to security token-like assets and not cryptocurrencies, experts explained.
“Another thing is interesting: it is important to understand that cryptocurrencies are not ‘digital financial assets.’ By their nature, DFAs are more like security tokens, so it is a bit strange that they were considered side by side at a government meeting,” Tolkachev told Decrypt, adding, ”It almost seems like the government doesn’t always understand the laws that it had already passed.” Source | https://decrypt.co/ Quite contradictory.. 🤔
Our review and analysis remain the same - a return above 18K during the week. Today we expect #Bitcoin to move in the 16800-17800 range, perhaps we will stay in it until Monday, then an attempt to take ATH, which is very likely to be already successful.
If Bitcoin stabilizes above 17200, altcoins will grow. Especially if we go above $17200 for the weekend.
An alternative option is another test of the 16200-15800 range over the weekend. Further see item 1 - return above 18K.
As always wishing you a blessed day ahead. Remember to do your own research. This is not traditional investment or financial advice. #decryptedge
Decrypt
Decrypt: AI, Bitcoin, Culture, Gaming, and Crypto News - Decrypt
The next-generation media outlet navigating the intersection of culture and technology.
DECRYPT EDGE is inviting you to a scheduled Zoom meeting.
Topic: *DIGITIZATION SHIFT ..... WHERE ARE YOU?*
Time: *Nov 28, 2020 09:55 AM Nairobi*
TODAY on *BITCOIN101* - Let's learn about...
*-#Why Do Bitcoins Have Value?*
*- Crypto-Markets news and updates.*
*- Open Q & A session.*
Join Zoom Meeting
https://us02web.zoom.us/j/81684569549?pwd=elJjSGo3dDRZdEYxUlphN2RYbkhPZz09
Meeting ID: 816 8456 9549
Passcode: BITCOIN101
Topic: *DIGITIZATION SHIFT ..... WHERE ARE YOU?*
Time: *Nov 28, 2020 09:55 AM Nairobi*
TODAY on *BITCOIN101* - Let's learn about...
*-#Why Do Bitcoins Have Value?*
*- Crypto-Markets news and updates.*
*- Open Q & A session.*
Join Zoom Meeting
https://us02web.zoom.us/j/81684569549?pwd=elJjSGo3dDRZdEYxUlphN2RYbkhPZz09
Meeting ID: 816 8456 9549
Passcode: BITCOIN101
Thoughts on the market as of 30.11. 2020. All #PizzaHut Locations #Accept #Cryptocurrencies in #Venezuela.
#Bitcoin grew almost continuously over the weekend. On Saturday, there were attempts to gain a foothold above 17K. Early this morning the price of Bitcoin reached values above 18500 and at the time of writing this review, #Bitcoin is trading within the price range of $18500-18570. Total Crypto-Market capitalization is at $555 billion and #BTC dominance index of 61.8%
Equity markets opened slightly lower. Oil lost a little %, Asian indices are declining, gold too (traded at 1780), futures for the S&P 500 are also slightly in the red. At the same time, the news in background is good - each vaccine is better than the other, and the recovery in Asia is proceeding at a good pace and oil is growing too, the markets nonetheless are looking down. Either there is worry about Biden, who broke his foot while walking the dog (and he has not yet reached the White House).
Some good news with the backdrop of an endless number of economic sanctions imposed by the United States and an endless number of bad policies imposed by the Venezuelan government have led to an increasing love for #Bitcoin and other cryptocurrencies in the latin american nation. This week, #PizzaHut, one of the oldest pizza chains in the country began to accept Bitcoin and other digital currencies as payment. All Pizza Hut locations in Venezuela now accept a broad range of cryptocurrencies, including #bitcoin, via the payment platform Cryptobuyer. Pizza Hut joins #BurgerKing, #IntercontinentalHotel, #Traki, and several other major stores in Venezuela that accept bitcoin. #Business #Pizza #Venezuela #Payments #Bitcoin Payments #BitcoinAdoption
#Bitcoin's beginnings go hand-in-hand with the American staple dish, as the first documented commercial purchase using the cryptocurrency was an order for two pizzas. On May 22, 2010, programmer #LaszloHanyecz completed the first documented commercial Bitcoin purchase, paying 10,000 BTC — now worth roughly $181 million — for a Bitcoin Talk forum user to send him two pies from a Papa John's store in the United States. Source | News.Bitcoin.com | cryptopotato.com
On the crypto market, Bitcoin exceeded expectations for the weekend, but confirmed the analysis of a return above 18K within a week. Having confirmed the bottom several times in the range of 16200-16700, #Bitcoin is already around 18500 and is clearly not going to stop.
There is only one moment that makes you think...
I thought that the price above 17200 would not be released on the weekend, because today is the opening of the next CME contracts, and if those who trade on CME want to open a contract upwards, it is beneficial to open it as low as possible. Therefore, it would be logical to keep the price at least below 17500, moreso it would not be so difficult to do on the thin weekend market. If the price is released to the current values, then maybe they are not going to open contracts at all upwards?
This is theoretically possible. This version is supported by the extremely high greed index, which even the correction below 17K did not extinguish it. See pic.
First, we have talked of the whale conspiracy theory. In short - it was invented by the crowd panic sellers to justify their irrational actions. In brief, there is no whale conspiracy. There is no whale union. They can influence market prices by large volumes of purchases or sales, or by demonstrating a desire to buy or sell.
But panic dumps are due to the emotion of the market crowd. Price pumps - because of the #FOMO of this very crowd. In order not to lose money on this, it is enough just to be guided by reason, and not by emotions.
Secondly, opening some tactical shorts for Bitcoin is risky, but possible (for example, from ATH). Betting on a decline in Bitcoin in the medium term (even for a month) and given the general economic situation can only be done by people who do not understand the essence of this asset.
#Bitcoin grew almost continuously over the weekend. On Saturday, there were attempts to gain a foothold above 17K. Early this morning the price of Bitcoin reached values above 18500 and at the time of writing this review, #Bitcoin is trading within the price range of $18500-18570. Total Crypto-Market capitalization is at $555 billion and #BTC dominance index of 61.8%
Equity markets opened slightly lower. Oil lost a little %, Asian indices are declining, gold too (traded at 1780), futures for the S&P 500 are also slightly in the red. At the same time, the news in background is good - each vaccine is better than the other, and the recovery in Asia is proceeding at a good pace and oil is growing too, the markets nonetheless are looking down. Either there is worry about Biden, who broke his foot while walking the dog (and he has not yet reached the White House).
Some good news with the backdrop of an endless number of economic sanctions imposed by the United States and an endless number of bad policies imposed by the Venezuelan government have led to an increasing love for #Bitcoin and other cryptocurrencies in the latin american nation. This week, #PizzaHut, one of the oldest pizza chains in the country began to accept Bitcoin and other digital currencies as payment. All Pizza Hut locations in Venezuela now accept a broad range of cryptocurrencies, including #bitcoin, via the payment platform Cryptobuyer. Pizza Hut joins #BurgerKing, #IntercontinentalHotel, #Traki, and several other major stores in Venezuela that accept bitcoin. #Business #Pizza #Venezuela #Payments #Bitcoin Payments #BitcoinAdoption
#Bitcoin's beginnings go hand-in-hand with the American staple dish, as the first documented commercial purchase using the cryptocurrency was an order for two pizzas. On May 22, 2010, programmer #LaszloHanyecz completed the first documented commercial Bitcoin purchase, paying 10,000 BTC — now worth roughly $181 million — for a Bitcoin Talk forum user to send him two pies from a Papa John's store in the United States. Source | News.Bitcoin.com | cryptopotato.com
On the crypto market, Bitcoin exceeded expectations for the weekend, but confirmed the analysis of a return above 18K within a week. Having confirmed the bottom several times in the range of 16200-16700, #Bitcoin is already around 18500 and is clearly not going to stop.
There is only one moment that makes you think...
I thought that the price above 17200 would not be released on the weekend, because today is the opening of the next CME contracts, and if those who trade on CME want to open a contract upwards, it is beneficial to open it as low as possible. Therefore, it would be logical to keep the price at least below 17500, moreso it would not be so difficult to do on the thin weekend market. If the price is released to the current values, then maybe they are not going to open contracts at all upwards?
This is theoretically possible. This version is supported by the extremely high greed index, which even the correction below 17K did not extinguish it. See pic.
First, we have talked of the whale conspiracy theory. In short - it was invented by the crowd panic sellers to justify their irrational actions. In brief, there is no whale conspiracy. There is no whale union. They can influence market prices by large volumes of purchases or sales, or by demonstrating a desire to buy or sell.
But panic dumps are due to the emotion of the market crowd. Price pumps - because of the #FOMO of this very crowd. In order not to lose money on this, it is enough just to be guided by reason, and not by emotions.
Secondly, opening some tactical shorts for Bitcoin is risky, but possible (for example, from ATH). Betting on a decline in Bitcoin in the medium term (even for a month) and given the general economic situation can only be done by people who do not understand the essence of this asset.
The priority option for the coming days is to try to take ATH. Most likely successful. If it is not successful, a correction with consolidation below 18K is possible, and the next try.
For #altcoins, if Bitcoin slows down for at least 1-2 days between 18 and 19K, the TOP will grow, the dominance of Bitcoin will decrease to 58-57%.
If we go straight to an ATH, and the attempt is successful, then the continuation of the altseason is postponed until #Bitcoin stabilizes (although Ether, Ripple can grow in parallel with the main Bitcoin.
Alternative option - Bitcoin does not go above 19K and rolls back to 17200-16200. It is less likely, possible in the case of some kind of #FUD.
As always, have a blessed 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. Must do your own research. #Decryptedge
For #altcoins, if Bitcoin slows down for at least 1-2 days between 18 and 19K, the TOP will grow, the dominance of Bitcoin will decrease to 58-57%.
If we go straight to an ATH, and the attempt is successful, then the continuation of the altseason is postponed until #Bitcoin stabilizes (although Ether, Ripple can grow in parallel with the main Bitcoin.
Alternative option - Bitcoin does not go above 19K and rolls back to 17200-16200. It is less likely, possible in the case of some kind of #FUD.
As always, have a blessed 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. Must do your own research. #Decryptedge
Thoughts on the market as of 01.12. 2020: Guggenheim #Fund Files to Be Able to Invest Up to Almost $500M in #Bitcoin Through #GBTC
#Bitcoin continued to grow during the day, updated annual highs and came close to ATH. Early this morning price surged to highs above 19940. This was followed by a pullback to 19200, with further growth to 19500-19700, where Bitcoin has been trading for more than 2 hours. At the time of this writing, #Bitcoin is worth 19,645. Total Crypto-Market capitalization of $581 billion and #BTC dominance index of 62.5%.
On the stock market there is a flat with a slight decline, the S&P 500 dipped below 3600 but quickly bounced back higher and closed at 3621, shedding 0.46%. Dow Jones fell 1%, Nasdag shed 0.06%. #Moderna announced yesterday a 100% vaccine effectiveness for severe cases of coronavirus, and pre-orders are already being expressed. The asian indices are growing, futures for the S&P 500, too, the dollar index is declining.
Interestingly, Guggenheim Fund Files to Be Able to Invest Up to Almost $500M in Bitcoin Through GBTC. Guggenheim Funds Trust filed an amendment with the U.S. Securities and Exchange Commission to allow its $5 billion Macro Opportunities Fund gain exposure to bitcoin by investing up to 10% of the fund’s net asset value in the Grayscale Bitcoin Trust (GBTC). According to the amendment: "The Guggenheim Macro Opportunities Fund may seek investment exposure to bitcoin (BTC, +5.04%) indirectly through investing up to 10% of its net asset value in Grayscale Bitcoin Trust (“GBTC”), a privately offered investment vehicle that invests in bitcoin. To the extent the Fund invests in GBTC, it will do so through the Subsidiary." Given the fund has net assets of $4.97 billion, according to Fidelity, it means mean the fund can invest up to $497 million in GBTC.
Source | Coindesk.com
With such good fundamental aspects #Bitcoin renewed its annual highs again, reaching levels above 19940. The priority variant of yesterday's analysis worked out, there is already an attempt to take ATH, how successful it will be, we will soon see. A few dozen points remain to the goal, but bitcoin cannot take this for more than 10 hours.
After a rebound from the highs reached to 19,200, Bitcoin moved to growth, ran into resistance at 19,700, and has been trying to overcome it for several hours. Most likely, this is a question of a short time and we will see the new ATH today.
What's next?
Most likely, we will fly just above 21K at the feet of the shorts. Followed by either a retest of 20K, confirming consolidation above this level, or a return below 20K, most likely to 19200, with a possible correction to 18K. Then a return above 20K with consolidation.
If we do not take ATH and roll back below 19200, all these movements are postponed for a while, but not canceled.
Altcoins are still growing with lots of uncertainty, market participants are waiting for the outcome of the interaction between Bitcoin and ATH - success or rollback? So far, only #Litecoin and #Etherum has shown good growth from the TOP.
As always wishing you a happy new month and blessed day ahead. Remember to do your own research. This is not traditional investment or financial advice. #decryptedge
#Bitcoin continued to grow during the day, updated annual highs and came close to ATH. Early this morning price surged to highs above 19940. This was followed by a pullback to 19200, with further growth to 19500-19700, where Bitcoin has been trading for more than 2 hours. At the time of this writing, #Bitcoin is worth 19,645. Total Crypto-Market capitalization of $581 billion and #BTC dominance index of 62.5%.
On the stock market there is a flat with a slight decline, the S&P 500 dipped below 3600 but quickly bounced back higher and closed at 3621, shedding 0.46%. Dow Jones fell 1%, Nasdag shed 0.06%. #Moderna announced yesterday a 100% vaccine effectiveness for severe cases of coronavirus, and pre-orders are already being expressed. The asian indices are growing, futures for the S&P 500, too, the dollar index is declining.
Interestingly, Guggenheim Fund Files to Be Able to Invest Up to Almost $500M in Bitcoin Through GBTC. Guggenheim Funds Trust filed an amendment with the U.S. Securities and Exchange Commission to allow its $5 billion Macro Opportunities Fund gain exposure to bitcoin by investing up to 10% of the fund’s net asset value in the Grayscale Bitcoin Trust (GBTC). According to the amendment: "The Guggenheim Macro Opportunities Fund may seek investment exposure to bitcoin (BTC, +5.04%) indirectly through investing up to 10% of its net asset value in Grayscale Bitcoin Trust (“GBTC”), a privately offered investment vehicle that invests in bitcoin. To the extent the Fund invests in GBTC, it will do so through the Subsidiary." Given the fund has net assets of $4.97 billion, according to Fidelity, it means mean the fund can invest up to $497 million in GBTC.
Source | Coindesk.com
With such good fundamental aspects #Bitcoin renewed its annual highs again, reaching levels above 19940. The priority variant of yesterday's analysis worked out, there is already an attempt to take ATH, how successful it will be, we will soon see. A few dozen points remain to the goal, but bitcoin cannot take this for more than 10 hours.
After a rebound from the highs reached to 19,200, Bitcoin moved to growth, ran into resistance at 19,700, and has been trying to overcome it for several hours. Most likely, this is a question of a short time and we will see the new ATH today.
What's next?
Most likely, we will fly just above 21K at the feet of the shorts. Followed by either a retest of 20K, confirming consolidation above this level, or a return below 20K, most likely to 19200, with a possible correction to 18K. Then a return above 20K with consolidation.
If we do not take ATH and roll back below 19200, all these movements are postponed for a while, but not canceled.
Altcoins are still growing with lots of uncertainty, market participants are waiting for the outcome of the interaction between Bitcoin and ATH - success or rollback? So far, only #Litecoin and #Etherum has shown good growth from the TOP.
As always wishing you a happy new month and blessed day ahead. Remember to do your own research. This is not traditional investment or financial advice. #decryptedge
Thoughts on the market on 02. 12. 2020: New U.S. Treasury Secretary Nominee Janet Yellen Made A Serious #Bitcoin #Warning
After another attempt to take ATH, Bitcoin bounced to 18K, returned above 19K, but could not continue to grow and in the morning dropped to 18400-18500, where it is currently being traded. Total Crypto-Market capitalization is at $548 billion and #BTC dominance index at 62.2%.
Equity markets were up, US markets added 0.7% to 1.14%. The S&P 500 closed at 3662, refreshing its ATH again this year. The source of optimism in the markets is still news about vaccines, some of which will be available in December. The dollar index is at its lowest values since 2018, gold is recovering, oil dropped slightly amid a possible lifting of production restrictions by OPEC.
After the third attempt to take ATH, which ended in reaching new highs above 19550, #Bitcoin fell back to almost 18K, but the correction was quickly bought out, Bitcoin returned above 19K, but in the morning it slowly drifted back to 18400-18500. Maybe we are looking at working out the option that we talked about: On the weekend before the opening of CME contracts, the price was not just released above 18K! Since contracts at such levels were opened, then they do not look up at all, and a fall could be awaiting.
Only an extremely high greed index is in favor of this option. Only all other factors make a significant drop unlikely, large players continue, like a vacuum cleaner, to pull Bitcoin out of the market while clearly not intending to sell the purchased Bitcoins either at 20K, or even less at 16-17; Another aid package in the United States will be adopted in the next two months, which means that the generation of fiat will continue, and new entrants to the markets are coming, impressed by the achievements of Bitcoin in 2020.
What do we expect, we see a choice between a move to ATH until the end of the week and Bitcoin's transition to a move in the 16800-19900 range for a while. For example, the capture of 10500 and 11000 in July of this year was preceded by a movement between 9000 and 10000 for 2 months, now it may be the same story. So far, we consider the option to take ATH in 2020 as a priority. An alternative is the movement 16800-19900 for some time (3-6 weeks), followed by an upward exit. If today and before the end of the week Bitcoin goes below 18K, the likelihood of an alternative option increases.
Also note the level of resistance in terms of capitalization at 600 billion. The market rebounds from it for the third time. This resembles the situation with the level of 400 billion, which was also taken for a long time. Now the story is the same - the market is waiting for new money, after they enter and take 600 billion, we move on, the target for 2021 in terms of capitalization is 1 trillion. Yes.. 1Trillion.
With such news: U.S. President-elect Joe Biden has confirmed reports he will nominate renowned labor economist Janet Yellen as his Treasury Secretary. With bitcoin back at the forefront of global consciousness thanks to a return to its all-time high price, increased regulatory scrutiny could be just around the corner. Yellen, who served as chair of the U.S. Federal Reserve from 2014 to 2018 and helped steer the Fed through the aftermath of the 2008 global financial crisis, has previously said she's "not a fan" of bitcoin, warning "it is not a stable store of value." "[Bitcoin] is not a stable store of value and it doesn’t constitute legal tender," Yellen told reporters at a press conference at the height of bitcoin's massive 2017 bull run. "It is a highly speculative asset."
With bitcoin and cryptocurrencies receiving significant validation this year, some have called for bitcoin acceptance and even adoption from the incoming Biden administration. "Joe Biden’s nascent administration should recognize the benefits of integrating bitcoin into the U.S. financial system," Niall Ferguson, the Milbank family senior fellow at the Hoover Institution at Stanford University, wrote in a Bloomberg column this week.
After another attempt to take ATH, Bitcoin bounced to 18K, returned above 19K, but could not continue to grow and in the morning dropped to 18400-18500, where it is currently being traded. Total Crypto-Market capitalization is at $548 billion and #BTC dominance index at 62.2%.
Equity markets were up, US markets added 0.7% to 1.14%. The S&P 500 closed at 3662, refreshing its ATH again this year. The source of optimism in the markets is still news about vaccines, some of which will be available in December. The dollar index is at its lowest values since 2018, gold is recovering, oil dropped slightly amid a possible lifting of production restrictions by OPEC.
After the third attempt to take ATH, which ended in reaching new highs above 19550, #Bitcoin fell back to almost 18K, but the correction was quickly bought out, Bitcoin returned above 19K, but in the morning it slowly drifted back to 18400-18500. Maybe we are looking at working out the option that we talked about: On the weekend before the opening of CME contracts, the price was not just released above 18K! Since contracts at such levels were opened, then they do not look up at all, and a fall could be awaiting.
Only an extremely high greed index is in favor of this option. Only all other factors make a significant drop unlikely, large players continue, like a vacuum cleaner, to pull Bitcoin out of the market while clearly not intending to sell the purchased Bitcoins either at 20K, or even less at 16-17; Another aid package in the United States will be adopted in the next two months, which means that the generation of fiat will continue, and new entrants to the markets are coming, impressed by the achievements of Bitcoin in 2020.
What do we expect, we see a choice between a move to ATH until the end of the week and Bitcoin's transition to a move in the 16800-19900 range for a while. For example, the capture of 10500 and 11000 in July of this year was preceded by a movement between 9000 and 10000 for 2 months, now it may be the same story. So far, we consider the option to take ATH in 2020 as a priority. An alternative is the movement 16800-19900 for some time (3-6 weeks), followed by an upward exit. If today and before the end of the week Bitcoin goes below 18K, the likelihood of an alternative option increases.
Also note the level of resistance in terms of capitalization at 600 billion. The market rebounds from it for the third time. This resembles the situation with the level of 400 billion, which was also taken for a long time. Now the story is the same - the market is waiting for new money, after they enter and take 600 billion, we move on, the target for 2021 in terms of capitalization is 1 trillion. Yes.. 1Trillion.
With such news: U.S. President-elect Joe Biden has confirmed reports he will nominate renowned labor economist Janet Yellen as his Treasury Secretary. With bitcoin back at the forefront of global consciousness thanks to a return to its all-time high price, increased regulatory scrutiny could be just around the corner. Yellen, who served as chair of the U.S. Federal Reserve from 2014 to 2018 and helped steer the Fed through the aftermath of the 2008 global financial crisis, has previously said she's "not a fan" of bitcoin, warning "it is not a stable store of value." "[Bitcoin] is not a stable store of value and it doesn’t constitute legal tender," Yellen told reporters at a press conference at the height of bitcoin's massive 2017 bull run. "It is a highly speculative asset."
With bitcoin and cryptocurrencies receiving significant validation this year, some have called for bitcoin acceptance and even adoption from the incoming Biden administration. "Joe Biden’s nascent administration should recognize the benefits of integrating bitcoin into the U.S. financial system," Niall Ferguson, the Milbank family senior fellow at the Hoover Institution at Stanford University, wrote in a Bloomberg column this week.
Nevertheless, given Yellen's previous comments and bitcoin's continued extreme volatility, an integration of bitcoin "into the U.S. financial system" probably shouldn't be expected any time soon. Source | Forbes
The priority option for today is Bitcoin in the range 17800-19000. The direction of the exit from this range will determine the short-term prospects of Bitcoin - a transition to a range or another assault on ATH.
Altcoins move in sync with Bitcoin. But at the same time, the dominance of Bitcoin decreased, the money did not leave the TOP alts during the market drawdown, which indicates a set of large positions in alts and a possible imminent alt season.
As always, have a blessed 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. Must do your own research. #Decryptedge
The priority option for today is Bitcoin in the range 17800-19000. The direction of the exit from this range will determine the short-term prospects of Bitcoin - a transition to a range or another assault on ATH.
Altcoins move in sync with Bitcoin. But at the same time, the dominance of Bitcoin decreased, the money did not leave the TOP alts during the market drawdown, which indicates a set of large positions in alts and a possible imminent alt season.
As always, have a blessed 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. Must do your own research. #Decryptedge
Thoughts on the market as of 03. 12. 2020: #Visa Partners With #Ethereum #Digital-Dollar Startup That Raised $271 Million
Yesterday morning, #Bitcoin tested support at $18400, after which it consolidated in the trading range 18800-19300, where it is trading as of writing this review. Total Crypto-Market capitalization is at $566 billion and #BTC dominance index of 62.3%.
Equities are still positive, the S&P 500 closed at 3669, showing a slight increase, the Dow Jones did the same, and the Nasdaq fell marginally.
The vaccine from #Pfizer has been approved in the UK and an order has already been made for 20 million people, but the markets have already worked out the topic with the vaccine. Gold is confidently recovering and already at 1830, oil rose slightly in anticipation of the OPEC meeting, the dollar index again renewed its lows and is already below 91.
The crypto market is calm after a stormy November. After reaching highs above 19950 1.12, Bitcoin found support at 18400, and for the last 24 hours it has been consolidating in a narrow range of 18800-19300. For the last 8 hours, all corrections below $19,000 have been quickly redeemed, which, combined with the falling dollar index and the general market picture, indicates a high probability of an upward exit.
#Altcoins are still practically in place, the market is waiting for a denouement on Bitcoin. I think that the time for altcoins will come on the weekend, although the TOP may start today or tomorrow.
Bitcoin's exit from the 19300-18800 range will determine its movement in the next few days. Going up - an attempt to take 20K. Exit down - a transition to flat from 1800-17800 to 19300. If Bitcoin does not go anywhere and remains in the current range and today - the growth of alts. Updating the ATH before the New Year is still a priority. Not the fact that we will be able to gain a foothold right away, but there will be an attempt.
Interestingly, remember back we gave the example of PayPal leading other large companies to the crypto market, primarily VISA and Mastercard. Today's title is clear. Credit card giant #Visa today announced it is connecting its global payments network of 60 million merchants to the U.S. Dollar Coin (USDC) developed by Circle Internet Financial on the #Ethereum #blockchain. The digital currency is now valued at $2.9 billion. While Visa itself won’t custody the digital currency, effective immediately, the partnership will see Circle working with Visa to help select Visa credit card issuers start integrating the USDC software into their platforms and send and receive USDC payments. Circle itself is also going through the same Fast Track program. In turn, businesses will eventually be able to send international USDC payments to any business supported by Visa, and after those funds are converted to the national currency, spend them anywhere that accepts Visa.
Source | Forbes.
This is not yet a direct sale of Bitcoin from cards, but it is quite close to it. By the way, the topic went well for PayPal - about 60% of all customers of the payment system are going to use the service for buying crypto. Qualitative sampling to understand the growing interest in Bitcoin from those who do not already have it (because those who already have it will not buy it this way). Hope that makes sense.
As always, have a blessed 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. Must do your own research. #Decryptedge.
Yesterday morning, #Bitcoin tested support at $18400, after which it consolidated in the trading range 18800-19300, where it is trading as of writing this review. Total Crypto-Market capitalization is at $566 billion and #BTC dominance index of 62.3%.
Equities are still positive, the S&P 500 closed at 3669, showing a slight increase, the Dow Jones did the same, and the Nasdaq fell marginally.
The vaccine from #Pfizer has been approved in the UK and an order has already been made for 20 million people, but the markets have already worked out the topic with the vaccine. Gold is confidently recovering and already at 1830, oil rose slightly in anticipation of the OPEC meeting, the dollar index again renewed its lows and is already below 91.
The crypto market is calm after a stormy November. After reaching highs above 19950 1.12, Bitcoin found support at 18400, and for the last 24 hours it has been consolidating in a narrow range of 18800-19300. For the last 8 hours, all corrections below $19,000 have been quickly redeemed, which, combined with the falling dollar index and the general market picture, indicates a high probability of an upward exit.
#Altcoins are still practically in place, the market is waiting for a denouement on Bitcoin. I think that the time for altcoins will come on the weekend, although the TOP may start today or tomorrow.
Bitcoin's exit from the 19300-18800 range will determine its movement in the next few days. Going up - an attempt to take 20K. Exit down - a transition to flat from 1800-17800 to 19300. If Bitcoin does not go anywhere and remains in the current range and today - the growth of alts. Updating the ATH before the New Year is still a priority. Not the fact that we will be able to gain a foothold right away, but there will be an attempt.
Interestingly, remember back we gave the example of PayPal leading other large companies to the crypto market, primarily VISA and Mastercard. Today's title is clear. Credit card giant #Visa today announced it is connecting its global payments network of 60 million merchants to the U.S. Dollar Coin (USDC) developed by Circle Internet Financial on the #Ethereum #blockchain. The digital currency is now valued at $2.9 billion. While Visa itself won’t custody the digital currency, effective immediately, the partnership will see Circle working with Visa to help select Visa credit card issuers start integrating the USDC software into their platforms and send and receive USDC payments. Circle itself is also going through the same Fast Track program. In turn, businesses will eventually be able to send international USDC payments to any business supported by Visa, and after those funds are converted to the national currency, spend them anywhere that accepts Visa.
Source | Forbes.
This is not yet a direct sale of Bitcoin from cards, but it is quite close to it. By the way, the topic went well for PayPal - about 60% of all customers of the payment system are going to use the service for buying crypto. Qualitative sampling to understand the growing interest in Bitcoin from those who do not already have it (because those who already have it will not buy it this way). Hope that makes sense.
As always, have a blessed 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. Must do your own research. #Decryptedge.
Thoughts on the market for 04.12.2020: #US lawmakers seek to make #Stablecoins illegal without federal approval.
#Bitcoin continued its upward movement, moving into the 19300-19500 trading range, where it is currently being traded. Total Crypto-Market capitalization is at $576 billion and #BTC dominance index of 62.3%.
Stock markets were up yesterday. #US indices added 0.73% to 0.53%, S&P 500 closed at 3666.72, Dow Jones updated ATH. The support package got a chance to be quickly accepted. House Speaker Pelosi and Senate Democratic Leader Sumer agreed on a $ 908 billion support package.
#Oil is growing, despite the #OPEC decision to reduce restrictions on production from January 2021, #gold is also growing and is approaching 1850, the dollar index continues to fall and is already below 90.7.
Bitcoin exited the 18800-19300 range yesterday, moving one floor higher in the 19300-19500 range. An attempt to move further on the move ended just above 19600. Bitcoin rebounded to 19300, after which all attempts to move to 19500 were unsuccessful. The volumes are falling, the pressure on the price is growing, Bitcoin is pressed to 19300, the picture looks like preparation for a downward movement. I think this is a reindeer shorts breeding. We will take ATH on these shorts.
Seriously though, 20K is just a psychological level. And if in 2017 Bitcoin reached it on the hype and FOMO of the crowd, now it is a purposeful, systematic upward movement.
It is quite reasonable - since 2017, the dollars have become about 13-15 trillion more, and the amount of Bitcoin is only decreasing. If the stock indices in the falling economy in 2020 updated their ATH several times, then it is quite logical for Bitcoin to do the same.
Perhaps today we will return to the previous range of 18800-19300, or even come back to the support at 18400-18500. This option is possible if they inflate the FUD about the regulation of #stablecoins in the United States, this is exactly the #FUD we are talking about. The details as reported by #Cointelegraph writes a new bill introduced to Congress seeks to control the entire #stablecoin industry by requiring all related activities to obtain federal approval first. This bill could enforce blanket regulation on all stablecoins. If passed, any service provided in relation to these types of cryptocurrencies would become illegal without first receiving approval by multiple government bodies: “It shall be unlawful for any person to issue a stablecoin or stablecoin-related product, to provide any stablecoin-related service, or otherwise engage in any stablecoin-related commercial activity, including activity involving stablecoins issued by other persons, without obtaining written approval in advance, and on an ongoing basis, from the appropriate Federal banking agency, the Corporation, and the Board of Governors of the Federal Reserve System.”
This bill was submitted on November 19, and the topic is being inflated right now. If we assume that right now in the US everyone(banks and crypto exchanges) will give up and begin to adopt this law, and apply it to existing stablecoins; although the law has no retroactive effect, in this case most of the funds from the same #USDT will simply go to #Bitcoin. Am sure you understand how this will affect its course.
Today we expect #Bitcoin to move in the 18800-19500 range. If we leave for the weekend with Bitcoin above 19K, there is a chance for a local altseason and taking an important level of capitalization of 600 billion. In case of consolidation below 18800, all this is postponed for 7-10 days.
As always, have a blessed 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. Must do your own research. #Decryptedge.
#Bitcoin continued its upward movement, moving into the 19300-19500 trading range, where it is currently being traded. Total Crypto-Market capitalization is at $576 billion and #BTC dominance index of 62.3%.
Stock markets were up yesterday. #US indices added 0.73% to 0.53%, S&P 500 closed at 3666.72, Dow Jones updated ATH. The support package got a chance to be quickly accepted. House Speaker Pelosi and Senate Democratic Leader Sumer agreed on a $ 908 billion support package.
#Oil is growing, despite the #OPEC decision to reduce restrictions on production from January 2021, #gold is also growing and is approaching 1850, the dollar index continues to fall and is already below 90.7.
Bitcoin exited the 18800-19300 range yesterday, moving one floor higher in the 19300-19500 range. An attempt to move further on the move ended just above 19600. Bitcoin rebounded to 19300, after which all attempts to move to 19500 were unsuccessful. The volumes are falling, the pressure on the price is growing, Bitcoin is pressed to 19300, the picture looks like preparation for a downward movement. I think this is a reindeer shorts breeding. We will take ATH on these shorts.
Seriously though, 20K is just a psychological level. And if in 2017 Bitcoin reached it on the hype and FOMO of the crowd, now it is a purposeful, systematic upward movement.
It is quite reasonable - since 2017, the dollars have become about 13-15 trillion more, and the amount of Bitcoin is only decreasing. If the stock indices in the falling economy in 2020 updated their ATH several times, then it is quite logical for Bitcoin to do the same.
Perhaps today we will return to the previous range of 18800-19300, or even come back to the support at 18400-18500. This option is possible if they inflate the FUD about the regulation of #stablecoins in the United States, this is exactly the #FUD we are talking about. The details as reported by #Cointelegraph writes a new bill introduced to Congress seeks to control the entire #stablecoin industry by requiring all related activities to obtain federal approval first. This bill could enforce blanket regulation on all stablecoins. If passed, any service provided in relation to these types of cryptocurrencies would become illegal without first receiving approval by multiple government bodies: “It shall be unlawful for any person to issue a stablecoin or stablecoin-related product, to provide any stablecoin-related service, or otherwise engage in any stablecoin-related commercial activity, including activity involving stablecoins issued by other persons, without obtaining written approval in advance, and on an ongoing basis, from the appropriate Federal banking agency, the Corporation, and the Board of Governors of the Federal Reserve System.”
This bill was submitted on November 19, and the topic is being inflated right now. If we assume that right now in the US everyone(banks and crypto exchanges) will give up and begin to adopt this law, and apply it to existing stablecoins; although the law has no retroactive effect, in this case most of the funds from the same #USDT will simply go to #Bitcoin. Am sure you understand how this will affect its course.
Today we expect #Bitcoin to move in the 18800-19500 range. If we leave for the weekend with Bitcoin above 19K, there is a chance for a local altseason and taking an important level of capitalization of 600 billion. In case of consolidation below 18800, all this is postponed for 7-10 days.
As always, have a blessed 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. Must do your own research. #Decryptedge.
DECRYPT EDGE is inviting you to a scheduled Zoom meeting.
Topic: *DIGITIZATION SHIFT ..... WHERE ARE YOU?*
Time: *Dec 5, 2020 09:55 AM Nairobi*
TODAY on *BITCOIN101* - Let's learn about...
*-#Banks vs Bitcoin.*
*- Crypto-Markets news and updates.*
*- Open Q & A session.*
Join Zoom Meeting
https://us02web.zoom.us/j/84112829207?pwd=N3RsSzBrS0kzTnB0WEFjdEJ2MExvQT09
Meeting ID: 841 1282 9207
Passcode: BITCOIN101
Topic: *DIGITIZATION SHIFT ..... WHERE ARE YOU?*
Time: *Dec 5, 2020 09:55 AM Nairobi*
TODAY on *BITCOIN101* - Let's learn about...
*-#Banks vs Bitcoin.*
*- Crypto-Markets news and updates.*
*- Open Q & A session.*
Join Zoom Meeting
https://us02web.zoom.us/j/84112829207?pwd=N3RsSzBrS0kzTnB0WEFjdEJ2MExvQT09
Meeting ID: 841 1282 9207
Passcode: BITCOIN101