Bitcoin (BTC) Reviews

The research defines “investors” as adults with $10,000 or more invested in stocks, bonds, or mutual funds. It also reported that Bitcoin ownership among investors surveyed aged under 50 has more than trebled over the past three years to 13% from 3% in 2018. Unsurprisingly, it revealed ownership was much lower at just 3% for the over 50s group of investors, though this has also increased three-fold from 1% in 2018. The researchers noted that Bitcoin’s relatively modest ownership can be contrasted with more mainstream investments. The survey revealed that 84% of the investors polled reported having invested in stock index funds or mutual funds, while 67% said they owned individual stocks, and 50% have bonds.

The billionaire stated that he himself owns Bitcoin, Dogecoin, and Ethereum, while both SpaceX and Tesla have Bitcoin on their balance sheets. Following his remarks, the price retraced above the $32,000 mark and is currently trading at nearly $32,016 as of 12.10 a.m. EST. Musk stated that he is using the “pump but don’t dump” strategy and that Tesla would resume accepting Bitcoin as a mode of payment once mining moves to means that are more environmentally friendly. Furthermore, investors should keep in mind that real interest rates are negative in many parts of the world, and Tesla’s bank balances in Europe provide negative returns, which drive him “crazy,” and he would rather convert those figures into Bitcoin.

Bitcoin (BTC) continued its bounce from its 2021 opening price on July 21, hitting $31,600 in what some fear is just a temporary reprieve from downside. Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it gained a respectable 7% during Wednesday. Bulls had successfully defended the largest cryptocurrency against further losses at just above $29,000 - the price at which the market began the year.

As seen in the options activity for July and August, the most sold downside strike price is $30,000, implying that this level would provide support to the market. Crypto traders have been taking advantage of the digital currency’s range-bound price by purchasing it between $30,000 and $32,000 and selling it for anywhere between $34,000 and $36,000. Crypto traders should also keep in mind that institutional investors are still heavily invested in cryptocurrencies, and the price would have to fall below $20,000 for these companies to be concerned about the legitimacy of the blockchain space.

That being said, according to some experts, if the bulls fail to hold that front line, we stand a lot of chances to see the pair in the region of $10,000 by the end of the year. But, as usual, there is an opposite point of view as well. So, for example, analyst Will Clemente believes that bitcoin is already ready for a major price movement. He published a chart in his Twitter (136 thousand subscribers) with an indicator, which speaks of a possible imminent exit of the price of the first cryptocurrency from the narrow range. As to the direction of the bitcoin rate, Clemente wrote that he was optimistic. According to him, the market is now in the accumulation stage, and large players continue to actively buy the first cryptocurrency. "Whale" stocks increased by 65,429 BTC just last week. According to Clemente, there may be a shortage of supply of the main cryptocurrency in the near future, since large players often acquire assets for long-term purposes. The expert also stressed that the growth in the number of cryptocurrency users continues. Whereas their number usually decreases after the peak in prices. But now there is no fall, and this is also an argument in favor of the upcoming growth of BTC.

China has declared war on the crypto industry as part of the broader Cold War that we are getting into." To be honest, it is not yet clear whether it is good or bad that the crypto industry has grown to become a prominent part of the economic policies of the world's leading powers. Time will tell. Of course, Mike Novogratz can consider the exodus of miners from China to be a "big plus" and say that Beijing's repressive policies will not hinder the development of the industry. But judging by the charts, so far the advantage is on China's side. Many investors and traders prefer to stay out of the market for fear of further falls in quotes. Average daily trading turnover is now 76% below peak levels when the price was above $60,000. The total capitalization of the crypto market declined by nearly $100 billion in seven days, from $1.370 trillion to $1.275 trillion. And the Crypto Fear & Greed Index cannot get out of the Extreme Fear zone for several weeks now, fluctuating in the range from 20 to 22 points. (Recall that the market sentiment looked more optimistic a month ago, and the average value of the Index was 33 points).

Now the initiative has passed to the bears, and we saw the opposite picture last week: the desire to drop the BTC/USD pair below the psychologically important level of $30,000, after which another wave of mass sales may follow. Trading volumes on major crypto exchanges including Coinbase, Kraken, Binance, and Bitstamp fell more than 40% in June, according to CryptoCompare. The decline in volumes was due to falling prices and lower volatility. But not only. The absence of large investors, most of whom are now engaged in traditional markets, trying to understand the situation with the coronavirus and the accompanying steps of regulators, is also affecting.

Capital Group, one of the world’s largest investment management firms, is the latest to enter the cryptocurrency market. The company has acquired a 12.2% stake in MicroStrategy, which is heavily invested in Bitcoin and has purchased Bitcoins worth $2.741 billion since the end of June. As a result of this transaction, Capital Group has gained indirect exposure to the digital assets, reassuring investors that the crypto sector has a bright future.

25% of respondents believe that the rate of the first cryptocurrency at that time will reach $40,000. A similar proportion of respondents chose the $50,000 level, with only 6% predicting a rise to $60,000. Discussing the results, the channel's hosts agreed with the short-term outlook in general, noting that even $30,000 for the end of the year would alleviate many of the concerns of market participants by setting a long-term bottom.

A dip below the current low of $28,800 could lead to another massive sell-off and a new crypto winter. At the same time, a number of experts interpret the current situation as a phase of accumulation according to the Wyckoff method. This means that $28,800 is the minimum of the correction (“Spring”), and a stepwise growth should be expected in the future. Wyckoff's scheme will be confirmed if bitcoin fixes above the $36,000 resistance.

This move has reversed a trend that began in April when there was a large inflow of funds into altcoins and could mean that the bear market for BTC is coming to an end. But it is clearly premature to talk about any serious progress. This is confirmed by quotes, capitalization volumes, and readings of the Crypto Fear & Greed Index, which is still in the Extreme Fear zone, having dropped by 1 point over the week, from 21 to 20.

But the most alarming for crypto enthusiasts is that such an outcome will highlight the protracted nature of the correction, increasing speculation around a new "crypto winter" as in 2018.

As a result, more than 70% of miners were forced to turn off their equipment to move to other countries. The hash rate of the first cryptocurrency fell by more than 50% in a month. Against this background, Bitcoin fell by 20% in two months. Experts agree that if the PRC authorities continue to put pressure on the market, then a further decline in bitcoin is inevitable.

Bitcoin and stablecoins have become speculative instruments that threaten the security of the financial system and social stability, Deputy Chairman of the People's Bank of China (PBC) Fan Yifei said on Thursday. According to him, it was the threats emanating from the first cryptocurrency and stable blocks that caused the introduction of restrictive measures. Yifei promised that Beijing will introduce new measures against the cryptosphere soon.

Currently, this premium has a negative value and is equal to -8.8%. This indicates a reduced institutional demand. Well-known analyst Willie Wu disagrees with JPMorgan's assessment. He noted that unblocking GBTC will have both bearish and bullish effects, and the whole point is which one will be stronger. According to Wu, the unblocking result will be "immediately bullish", as institutional investors will have the right not only to sell their assets, but also to reinvest them in GBTC. Given the negative premium, this would mean buying bitcoins at a discount relative to the market price. Meanwhile, cryptocurrency investment products saw their first net inflow in five weeks, CoinShares said in a new report. Crypto whales are again building up their bitcoin assets, after getting rid of them along with the depreciation over the previous months, according to the research platform Glassnode.

Digital asset management company Grayscale Investments allows institutional investors to access bitcoin through shares of the Grayscale Bitcoin Trust (GBTC) without actually owning the underlying cryptocurrency. GBTC currently owns 654.6 thousand bitcoins (more than 3% of the cryptocurrency issue), writes hashtelegraph. Investors can buy GBTC shares, but they are only allowed to sell them during the unlock period.

Buyers have already shown weakness today by breaking the $ 34,000 trend line. The first call to buyers that the fall can accelerate at any time. At the time of writing this review, bitcoin costs 33,690. Buyers fail to pass the $ 36,000 level. Considering the incipient correction in the dollar and the rally in the American stock market, buyers have support for a breakthrough to the $ 40,000 level. For investors to talk about the 45,000 level, it needs to close. weekly candle above $ 41,500. It remains to wait for bullish triggers.

On Sunday, July 4th, buyers failed to pass the $ 36,000 level. On the spot market, the price dropped to $ 33,300 from $ 35,968 without major sell deals. The futures market has seen a lot of market sales in excess of 200 BTC. Again, apparently, liquidity worked on futures.

Trabucco writes that negative news from China, Elon Musk's concerns about the environmental friendliness of bitcoin and the likely insolvency of MicroStrategy associated with the fall in BTC are causing an overly negative reaction. Previously, the price reacted in the same way to the Tesla purchase for BTC and Musk's optimistic messages. “But none of this news in any way affects the value of bitcoin and how people should evaluate it in the medium term,” the expert said. And he adds that the $30,000 price should be taken as a buy signal.

Glassnode analysts note that declining GBTC premiums, net outflows from ETFs, and stagnating Coinbase balance sheets indicate that demand for the main cryptocurrency from institutions remains weak. Despite this, many of the experts are optimistic about the current situation. According to JPMorgan analysts, "the cryptocurrency market is not yet quite healthy; however, the healing process has already begun." Although bitcoin is still far from highs, cryptocurrencies are gradually recovering from the collapse. For example, the lack of activity in the bitcoin futures market is described by JPMorgan strategists as a “positive factor.” However, the short-term outlook, in their opinion, is "extremely difficult."