Bitcoin (BTC) Reviews - Page 9

State Street, the second oldest bank in the United States with an investment portfolio of $3.1 trillion, plans to begin providing cryptocurrency related services. It is about helping private foundations to carry out transactions with digital assets and provide them with information on the optimal price levels for entering the crypto market. But of course, things are not limited to State Street alone. Michael Miebach, CEO of payment giant Mastercard, said that cryptocurrencies must enter the banking sector on a large scale. Moreover, his company will do everything possible to become an integral part of the crypto space. "Mastercard is ready to become an assistant for the authorities in this task. We are ready for experiments and testing of digital currencies, so that in the end banks begin to work with them," said Miebach. And he added that Mastercard will allow 1 billion of its users to pay with digital assets in more than 30 countries around the world in 2021. Recall that another payment giant, Visa, is already working on the integration of stablecoins into the global economy. In terms of statistics, according to the research resource Glassnode, there was a sharp jump in the total number of active bitcoin addresses at the end of July. The increase in the indicator was about 30% in just a week. And the purses of "whales" accumulated 9.23 million BTC for the first time in history.

A further rise in prices is predicted by such an indicator as the ratio of put and call contracts in the bitcoin derivatives market. Low values of this indicator indicate that investors are supporting the rise in prices. And it fell to an 8-month low on August 01, that is, it is below the April value: the very one after which BTC surged above $60,000. The likelihood index shows that there is a 30% chance that BTC will reach $46,000 in the near future. Moreover, according to the indicator, the overall probability that bitcoin will be worth between $50,000 and $55,000 is 28.3%. The mood of analysts is even more elated. 60% of them vote for growth above $46,000. On the contrary, 20% are expecting a fall to the $30,000 area, and the remaining 20% vote for a sideways trend in the $35,000-42,000 range.

Analysts at one of the largest U.S. financial institutions, Bank of America, confirmed Saylor indirectly. They believe that the recognition of bitcoin as an official means of payment in El Salvador can give this country a number of serious advantages. This could potentially reduce the cost of remittances from abroad, which account for almost a quarter of El Salvador's GDP, and positively affect the incomes of the country's citizens. The analysts have called the democratization of financial services another advantage of the introduction of bitcoin, since approximately 70% of the adult population of the country does not have bank accounts. El Salvador can also attract direct foreign investment flows, becoming a major cryptocurrency mining center.

Glassnode data showed the highest recent bitcoin outflows from centralised exchanges. About 40,000 BTC were withdrawn in just one week. The flow exceeds 100K per month. Now only just over 13% of bitcoin turnover is on cryptocurrency exchanges. In theory, this means that investors are not ready to get rid of their coins right now, which could point to a return of growth in the long run.

Bitcoin remains at $38K, again running into a sell-off after a slight growth to $39.6K. The price fluctuations occur at shallow trading volumes, making the reliability of price bounces likely to be highly questionable. On the data analysis side, bitcoin got support from buyers on Wednesday on the downside to the 200-day simple moving average but failed to build on the upside, returning to that line on Thursday. Although it is important to keep in mind that for the past two months (almost forever for the crypto market), the first cryptocurrency has failed to grow above $40K.

Bitcoin jumped 4.5% on Wednesday after three days of decline. From the lows of the day, the first cryptocurrency added more than 2 thousand dollars, approaching the round mark of $ 40,000. According to experts, the growth of BTC was provoked by the recent statement of the head of the US Securities and Exchange Commission (SEC) Gary Gensler, who gave the green light to bitcoin exchange-traded funds. The head of the US Securities and Exchange Commission announced the need for the agency to consider applications for bitcoin exchange traded funds (ETF). He noted that several companies have already applied to the SEC with applications for Bitcoin ETFs, but all of them were refused. As a result, investors are forced to invest in bitcoin through the Grayscale Bitcoin Trust (GBTC) and mutual funds. Gensler expects companies to apply for ETFs under the current Investment Companies Act 1940, which "provides substantial investor protection." “Given the importance of this protection, I look forward to having employees consider such applications, especially if they are limited to bitcoin futures of the Chicago Mercantile Exchange,” - said the head of the SEC.

Bitcoin outflows from centralized exchanges have surged to their highest level year-to-date, with roughly 40,000 BTC being withdrawn over the past seven days. According to the Glassnode’s August 2 The Week On-Chain report, Bitcoin outflows have accelerated to a rate exceeding 100,000 BTC per month for just the third time since September 2019. The on-chain analytics provider estimates that just 13.2% of circulating BTC are currently held on exchanges — a new low for 2021. Outflows surged to nearly 150,000 BTC monthly at the end of April 2020 following the violent “Black Thursday” crash that saw crypto prices tumble by more than 50% in less than two days after then-U.S. President Trump announced a travel ban between Europe and the U.S. in March as the coronavirus pandemic intensified. Despite the aggressive crash, Bitcoin had rebounded by 150% by the end of May 2020, driving heavy accumulation. Outflows again came close to 150,000 BTC monthly in November 2020 as Bitcoin surged to test its then-record price high of $20,000, with BTC rallying into new all-time highs the following month.

The crypto king didn’t really see any colourful price action over the weekend. Yes, we did see the price breaking above the 40K, but the follow-through failed to materialise yesterday. This particular aspect is very much in focus among traders and investors, and this is the reason that we are not seeing positive price action for Bitcoin today. However, this doesn’t mean that Bitcoin’s price isn’t going to move higher; it is really positive that we have seen the Bitcoin price moving above the 40K price level as this has encouraged bulls that they can continue to push prices higher today.

Bitcoin's surge above $40,000 boosted the bulls' advantage in this month's $1.7 billion options expiry. On Friday, July 30, a total of 42,850 Bitcoin (BTC) option contracts ($1.7 billion) are set to expire. This might be the first time since the May 21 weekly expiry that bulls will be able to profit from the $40,000 call (buy) options. The most recent surge in price may have been prompted by the rumor that Amazon would accept crypto payments, but after the e-commerce giant denied these rumors, BTC has held relatively steady. According to options markets, regardless of the reason behind the recent market strength, a few incentives are in place for bulls to sustain the $40,000 level.

Bitcoin’s mining difficulty may be set to increase for the first time since China’s crackdown on crypto mining in May. A rapid expansion of mining facilities in North America and the return of Chinese miners through overseas hosting sites are two major factors that will drive up mining difficulty, according to industry pros. Even before China’s crackdown, big North American mining companies such as Marathon and Riot were already expanding their operations due to bitcoin’s historic bull run in early 2021, Luxor CEO Nick Hansen said. Most of the growth that will drive up mining difficulty in the coming months would still be from the North American miners who planned expansion ahead of Beijing’s crackdown last year or in early 2021, Daniel Frumkin, researcher at Prague-based mining company Slush Pool, said.

Bitcoin's bearish and bullish cycles appear to wobble around three key moving average indicators: the 20-week exponential moving average, which serves as interim support/resistance, the 50-week simple moving average (50-week SMA; the blue wave), and the 200-week simple moving average. During bull trends, Bitcoin prices typically stay above the three moving averages. Meanwhile, bear trends see the cryptocurrency's prices closing below the 20-week EMA and the 50-week SMA, as shown in the chart above. The 200-week SMA typically serves as the last line of defense in a bear market. So far, Bitcoin has bottomed out twice near the orange wave, each time sending the prices explosively higher. For instance, a take-off from the 200-week SMA in 2018 drove Bitcoin prices to almost $14,000. Similarly, the wave support capped the cryptocurrency's downside attempts during the COVID-19-led crash in March 2020. Later, the price bounced from as low as $3,858 to over $65,000. Bitcoin is now in its third drop below this trendline since 2018. The cryptocurrency has broken below the 20-week SMA (near $39,000) and is now targeting the 50-week SMA (circa $32,200) as support. If the old fractal is repeated, it should continue falling toward the 200-week SMA (around $14,000). However, McGlone believes there could be an early rebound. As a bullish fundamental, the strategist pointed toward the recent China crypto ban.

A recent survey has revealed Bitcoin has gained traction with younger U.S. investors in terms of awareness, interest, and ownership over the past three years. The study conducted by global analytics and advice firm Gallup revealed that the number of investors in the U.S. holding BTC has jumped from 2% in 2018, to 6% as of June 2021. 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.

Bitcoin has been trading higher following the remarks by Elon Musk, CEO and founder of Tesla, at a conference arranged by the Crypto Council for Innovation. Investors should note that Elon Musk is one of the strongest supporters of cryptocurrencies and his comments on the subject have sent crypto markets spiralling in the past. 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 is likely not out of the woods until a definitive bottom formation has been and gone, multiple commentators say. Bitcoin rebounds to $31.6K but warnings of another BTC price plunge are everywhere. 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.

Following an increased crackdown by financial regulators across the globe, the price of Bitcoin has nearly halved. Based on the Bitcoin price chart, it can be deduced that $30,000 is very likely to be the support level moving forward. 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.

The BTC/USD chart continues to form a triangle with downward resistance and horizontal support around $31,000. 65% of analysts vote for its breakthrough during the coming month. 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.

Bitcoin is held in the $31,000-32,000 region. And according to Galaxy Digital crypto bank founder Mike Novogratz, this is because of the USA. He stated in a comment to CNBC that the US cryptocurrency community has taken an important defensive line in a market that has its bearish origins in Asia. “We see Asia selling bitcoin and the US buying back. 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).

Bitcoin was ripping up in late June to early July, wishing to break through the $36,000 resistance. However, none of the attempts made by the bulls were successful. 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.

Bitcoin, the king of digital currencies, also slumped yesterday following the frenzy in the financial markets within the US. It is currently worth nearly $32,406. However, it is safe to say that crypto enthusiasts are taking advantage of any opportunity to get a good deal as institutional investors continue to pour money into this space. 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.

It should be noted that the forecasts of the institutions look much more modest. For example, CNBC conducted a Wall Street survey of nearly 100 investment directors, financial strategists and portfolio managers. 44% of them believe that bitcoin will close 2021 with a price below $30,000. 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.