TOP 3 Bitcoin and Crypto News for Today: 23 April
Top 3 price predictions for BTC, ETH, and XRP, Chris Hemsworth embroiled in a crypto scam, and the number of BTC available is less than you think.
Today appeared to be a mixed day for all three major indexes. The Dow Jones Industrial (DJIA) rose 39.44 points (0.17%) to close at 23,515.26. The NASDAQ Composite dropped 0.63 points (0.01%) to close at 8,494.75, and the S&P 500 was down 1.51 points (0.05%) to close at 2,797.80. Most of the afternoon was spoiled by the bad news of Gilead Sciences’ antiviral drug remdesivir flopping during the first COVID-19 trial. The U.S. House of Representatives passed a $434 billion bill to aid small businesses and hospitals, which now heads to President Trump for enactment.
As for the news within the crypto world, some of U.Today’s major headlines include price predictions for Bitcoin (BTC), Ethereum (ETH), and XRP, Australian actor Chris Hemsworth caught up in a crypto scam, and the number of Bitcoins (BTC) available for investors is less than you think according to one major analyst.
Looking at the daily chart, BTC is being repelled from its resistance level near the $7,500 mark. The values of the Relative Strength Index (RSI) also come close to the downtrend, indicating a potential rebound at the time of the test. One cannot exclude the possibility of growth and a testing near the $8,000 mark, where the downward channel’s upper boundary is located. Only after such movement can we expect BTC to continue its decline towards $5,700, possibly testing the local minimum of $4,030.
Looking the daily chart, Ethereum (ETH) is being pushed towards the upper border of the Ichimoku Kinko Hyo (IKH). Buyers also managed to get back inside the Cloud, indicating a sideways trend. If there is a breakdown of the Cloud’s upper boundary (price holding above the $200 mark), then this may result in continued growth towards the downward channel’s upper boundary (near $240).
However, the RSI is testing a downward trend, and there are risks of drop with future quotes. A breakdown of the Cloud’s lower boundary will confirm a decline, with the price holding below $144, and an expected decline towards $98.
U.Today’s latest price prediction for XRP has come true as the coin retested the $0.19 mark. Looking at the 4H chart, it appears that the bulls are still trying to push the price higher. This is accompanied by an increase in trading volume and high liquidity. In this particular case, the nearest resistance level is at $0.20.
Australian actor Chris Hemsworth has become the latest victim of a cryptocurrency scam, in which the Hollywood star is being impersonated to promote investment shams. Scamwatch Australia, a body that oversees the country’s government, is urging its followers to ignore the crypto ads.
The fake Hemsworth interview, which claims to be his latest investment, has “big banks terrified”. With millions of people being laid off, this makes them more susceptible to get-rich-quick schemes that promise millions. This also comes after British reality star Rylan Clark-Neal, who recently took to Twitter to expose a similar ad circulating on social media.
With the COVID-19 pandemic, this has led to a downtown in the market. Phishing and e-mail scams have been on the rise, with some claiming to collect Bitcoin (BTC) donations on behalf of major health organizations.
With less than twenty days to go before the third Bitcoin (BTC) halving, more and more people are expecting the price to skyrocket sometime afterwards. However, PlanB says that the halving is going to have a negative effect. With demand remaining high, the number of newly minted BTC, including those available for purchase, will decline by half.
In a recent tweet, PlanB stated that the number of BTC in circulation for investors is less than reported. About 18 million BTC in circulation have already been bought and stored away as long-term investments. A significant amount of BTC were also bought during the early days of the coin’s existence. With demand remaining as high as it is now, PlanB says that miners will not produce 1,800 BTC, but 900 BTC.
Geoffrey Schwartz is an Editor, English Copy Editor and Proofreader currently working for U.Today. He also works as a consultant and with SuissePic, a social project that unites more than 50 professionals in digital marketing, tourism, and based on a common love for Switzerland.
Author: Fri, 04/24/2020 – 01:56
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There’s a Brutal Twist Behind $1 Million Bitcoin Price Predictions
If you told an early Bitcoin adopter ten years ago that the cryptocurrency would one day hit $1 million, they would’ve laughed. Ten years ago, a single coin traded for less than $1.00; at times, it traded for a price well under a cent.
But times have changed. Now, instead of getting laughed at, those predicting the leading cryptocurrency will hit seven digits are applauded. It’s become a common sentiment in the Bitcoin market that the asset will eventually rocket higher, leaving all other assets in its wake.
There is evidence to back these forecasts up, but one commentator recently reminded Bitcoin investors that the cryptocurrency hitting seven digits would come with serious societal consequences.
As the global macroeconomic outlook has grown increasingly dire over the past few weeks, with the IMF going as far as to claim the ongoing recession is the worst since the Great Depression, calls for Bitcoin to skyrocket have increased.
Image courtesy of National Post
Contradictory as it may sound, the sentiment goes that as the ongoing economic crisis worsens, the more flaws in the monetary system that is the basis of modern society will be revealed, proving Bitcoin’s bull case.
Prominent investors, such as one of the earliest Facebook executives, Chamath Palihapitiya, say that the crisis will be such a boon for the cryptocurrency that it could trade at a price of millions in the coming years.
While potentially true, it’s a dangerous sentiment, according to one trader.
Ceteris Paribus, an industry investor, recently remarked that he doesn’t “even know if he wants” a $1 million Bitcoin to happen in the coming few years.
The trader explained that from how he sees it, it would require a “catastrophic collapse of the current monetary system” for transpire, whereas fiat currencies will lose all their value within a short period of time, resulting in mass societal discourse.
Ceteris Paribus explained that for Bitcoin to truly hit the purchasing power of $1 million — over 13,000% higher than the current market price — there will be an unpleasant transition “if it comes this quickly.”
Despite the issues that could result in a $1 million Bitcoin price, that hasn’t stopped the topic from being promoted by serious analysts in a serious manner. Simply put, there is legitimate evidence to suggest a shocking shift to a new monetary standard will transpire.
Ray Dalio, co-head of the world’s largest hedge fund, Bridgewater Associates, put it best in a recent interview: there will be a “new world order” after this crisis.
Raoul Pal, a former Goldman Sachs executive and the current CEO of Real Vision, explained that from how he sees it, the ongoing crisis is showing that there’s a bona fire risk that there will be a “failure of our very system of money” or at least a collapse of the “current financial architecture.”
Bitcoin, Pal wrote in a recent research note, is the solution due to its position as the likely “future of our entire medium of exchange system, and of money itself and the platform on which it operates.”
Chart courtesy of Raoul Pal at Global Macro Investor
From how Pal put it, the risk that traditional financial systems will collapse is unavoidable, hence his assertion that Bitcoin will rally so far and so fast, even if that comes at the cost of discourse in society.
Featured Image from Unsplash
Author: Nick Chong
Bitcoin Price Analysis: BTC/USD Pushed Above $7,500 Can Bulls Hit $9,000 Before May Halving?
Bitcoin price has extended the price action above $7,500 a day after re-entering the $7,000 zone. This bullish action brought back the volatility in the market with the majority of the digital assets breaking some barriers. Ethereum, for instance, rose above $185 and is struggling to clear resistance at $190 while Ripple stepped above $0.19 and now focused on bringing down the resistance at $0.20.
Meanwhile, Bitcoin price managed to clear the hurdles at $7,200 and $7,400. There was also a flash pump above $7,700, however, the momentum was not sustainable. Instead, the price retreated to the current market value at $7,539.
Bitcoin’s trading above $7,500 is a key indicator that a pre-halving rally is likely. This is the second break in the month of April and if sustained could be a stepping stone for gains above $8,000. Bitcoin block reward halving is less than 20 days way and investors appear to be taking their position following the recent confirmation when Bitcoin corrected from lows at $6,750.
Experts in the market have predicted a surge in Bitcoin price to a tune of $70,000 per BTC in the first two years after halving. If past halvings are anything to go by, Bitcoin has a chance to rise above its all-high at $20,000. However, these are not normal times especially with the COVID-19 pandemic in the picture. Therefore, informed investment decisions are necessary.
Technically, Bitcoin is poised for more action in the European session on Friday as per the RSI. The price is expected to continue trending upwards ahead of the weekend session with the main aim of breaking past the 61.8% Fibo seller congestion zone taken between the last swing high at $10,540 to a swing low at $3,856.
Spot rate: $7,539
Relative change: 50
Percentage change: 0.67%
Bitcoin Price Analysis: BTC/USD Pushed Above $7,500 Can Bulls Hit $9,000 Before May Halving?
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
Bitcoin Price Rises Above $7500 as ‘Perfect Storm’ Before BTC Halving
Bitcoin price clinches above $7500 after breaking out a key resistance level on April 23, which is being viewed as a ‘perfect storm’ before BTC halving.
Bitcoin price broke a key resistance level at around $7000 after the bulls suddenly took over the game on April 23. A day later, its price had added 6.11% to trade at $7,529.89 at the time of writing. It was a moment of joy to the crypto community that was anticipating for BTC price to rally high as the Bitcoin halving event is getting closer.
The asset has been performing exemplary well in comparison to most traditional markets that have been pulled down by the coronavirus pandemic. History seems to be repeating itself at a time when we are experiencing one of the world’s devastating pandemic.
Bitcoin price in the past halving events began rising a few weeks before the date, only for the rally to be sustained in the following months and to set a new all-time high. Most analysts and experts are anticipating the price to rally way beyond the 2017 peak at $20 K and set a new record.
The asset is carrying with it in the rally most altcoins led by ETH and also XRP. Since the last selloff that saw the asset trade below $5,000 in March, its market cap has regained to above $138 billion. The 24-hour trade volume stands at $43 billion, lower than yesterday’s $43.5 billion.
Bitcoin has stirred up a lot of attention both in the retail traders and also from the institutional investors, who are searching for greener places to invest. Hedge fund managers are turning to Bitcoin contract futures, as seen from the Renaissance recently, hence assuring investors a stable market ahead, in a space marred by speculative trading.
The rise comes at a time when most miners are accumulating coins in their wallets, holding them to wait for better prices to return profits. Bitcoin miners comprise a significant number of the Bitcoin community with high sell pressure daily.
Putting into perspective there are 1,800 BTC mined daily at the current reward, 12.5 coins/ 10 mins. With such a significant number of coins not sold, the market supply drops with the rising demand from both retail markets and from institutions.
If the bulls can stand the selling pressure from the bears, the breakout will be enormous, with some anticipating it may reach $300K. However, with the level of uncertainty caused by the ongoing coronavirus crisis, anything is possible. Remember we have witnessed a negative trade in the crude oil price in our lifetime, a thing which was not comprehensible a few months ago.
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A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies. Mythology is my mystery!
Author: Steve Muchoki