The Great Reset and accredited investors: Bad crypto news of the week
Bitcoin was down a bit this week, stopping just above $11,000. That increase in volatility is only to be expected, say some experts, as we approach the end of some BTC futures and options contracts. Other contributors to increased volatility include Bitcoin’s long period of consolidation and a key resistance level.
But what happens next? World leaders have been discussing the role of cryptocurrencies during The Great Reset, the time that will follow the end of the pandemic and the reopening of world economies. As some leaders look for a new kind of capitalism, the cryptocurrency industry is hoping for more decentralization and greater personal control.
That will require a greater uptake of cryptocurrencies. Investment firm Bitcoin Capital is trying to do its bit. The company is rolling out an exchange-traded product that can allocate funds to up to fifteen digital coins. altFins is trying to help too. The cloud-based platform is releasing an app to enable investing across multiple exchanges. The move should make trading more mature.
And even the SEC is trying to help, at least indirectly. The commission has changed its definition of an “accredited investor” to include “professional certifications, designations or credentials, or other credentials issued by an accredited educational institution.” Previously, the designation requires a million dollars in net worth or a stable income of at least $200,000 a year. The new designation might help crypto traders.
It’s possible, though, that lots of Americans have already used cryptocurrencies. The new IRS forms should make that clear. The income tax forms for 2020 will ask Americans whether they received, sold, sent, exchanged, or acquired “any financial interest in any virtual currency?” When the IRS takes crypto seriously, you know it’s arrived.
The moves to broaden the use of cryptocurrencies might be too late though. Chris Larsen, co-founder and chairman at Ripple, has warned that US regulation is causing it to lose the technological Cold War. China’s digital currency, he says, could replace the US dollar as the world’s reserve currency.
Meanwhile, other countries are already moving forward. Canadian restaurant chain Tahini’s has decided to convert all of its cash reserves into Bitcoin. And in India, the crypto peer-to-peer market has tripled since the beginning of the year. No wonder Binance has launched a new hackathon in the country and is setting up an accelerator for the country’s decentralized finance ecosystem.
It’s not all good news, though. Inner Mongolian miners are going to have to do without cheap electricity.
In better news, Deepak Chopra has been talking about using the blockchain to help fight mental health problems caused by Covid-19. And an interesting simulation has found the Satoshi Nakamoto used a single PC to mine 1.1 million Bitcoins. That was a different era.
Check out the audio version here:
Joel Comm is an internet pioneer, New York Times best-selling author, futurist speaker and co-host of The Bad Crypto Podcast. That’s a fancy way of saying he writes words, says things and loves to play with cryptos.
The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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- On-Chain Analysis Suggests There Are Few Bitcoin Sellers Preventing a Rally – news.kuaidiantou.vip
- Bitcoin Is Printing a Textbook Bearish Reversal Pattern: $9,000s in Play
- Current Bitcoin Price Action Closely Follows Textbook Distribution Pattern
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On-Chain Analysis Suggests There Are Few Bitcoin Sellers Preventing a Rally – news.kuaidiantou.vip
Bitcoin has seemingly entered no man’s land, with the price ping-ponging between $11,000 and $12,000. A top analyst has corroborated this sentiment, recently noting that neither his bull nor bear case has been confirmed.
Chances are that this consolidation will resolve upward, though, according to a new analysis. This analysis suggests that there is little on-chain resistance stopping BTC from rallying to new local highs and beyond.
According to recent data from WhaleMap shared by a crypto trader, there is little on-chain resistance stopping a Bitcoin rally from current levels. Referencing the chart below, the trader wrote:
“To add to this…: This chart shows where bitcoins where accumulated at. What do you see? There are very few bag holders left. Meaning, there is little sell pressure left. The only real sell pressure now is people taking profits.”
Chart of BTC's price action over the past three years with a on-chain upsent BTC analysis shared by crypto trader ByzantineGeneral and from WhaleMap.io
Mike McGlone, senior analyst at Bloomberg Intelligence, has also commented on how Bitcoin’s supply-and-demand dynamics suggest prices are tilted to appreciate in the longer run.
The commodity analyst and cryptocurrency bull said the following on August 19th:
Bloomberg Intelligence Commodity Primer – Something unexpected needs to happen for #Bitcoin’s price to stop doing what it’s been doing for most of the past decade: appreciating. Demand and adoption metrics remain favorable vs. the #crypto asset’s unique attribute of fixed supply.
Certain fundamental trends also suggesting that Bitcoin bulls are in control.
Fidelity Investments this week filed paperwork with the U.S. Securities and Exchange Commission (SEC) for a Bitcoin-focused fund.
Dubbed the “Wise Origin Bitcoin Index Fund I, LP,” the fund will soon be offered to accredited investors, analysts say. Bloomberg sources have said that fund will only hold Bitcoin, and will act as a way for accredited investors to gain exposure to the flagship digital asset:
“The passively-managed, Bitcoin-only fund will be made available to qualified purchasers through family offices, registered investment advisers and other institutions, according to a person familiar with the matter. Fidelity Digital Assets will custody the fund, the person said. The minimum investment is $100,000.”
Adding to this, Federal Reserve chairman Jerome Powell announced this week that the central bank may let inflation drift above the 2% target. Analysts say that this comment boosts the intrinsic value of scarce assets like BTC and gold.
Bitcoin Is Printing a Textbook Bearish Reversal Pattern: $9,000s in Play
The post Bitcoin Is Printing a Textbook Bearish Reversal Pattern: $9,000s in Play appeared first on Bitcoin Upload.
Current Bitcoin Price Action Closely Follows Textbook Distribution Pattern
Bitcoin bulls are currently attempting to turn weekly resistance at $11,500 into support. However, failure may be likely according to an ominous pattern the cryptocurrency is painting. Recent price action in the first-ever cryptocurrency closely mimics that of a Wyckoff distribution model.
If that’s what’s playing out in the crypto market, Bitcoin could take a dive to lower levels in the weeks ahead. But there also could be a fractal forming that says otherwise and suggests another move higher. Which is it?
The leading cryptocurrency by market cap is trading at roughly $11,500. Bulls are pushing hard to take Bitcoin above the key level for tomorrow night’s weekly close.
A current close at this level would mark two consecutive weeks of red candles, but could also be a confirmation of resistance turned support.
Bulls flipping the key weekly resistance level to support and holding would send a clear message to the market that higher prices are ahead.
Losing the level could be disastrous, however.
A failure to move higher here would very closely match one type of Wyckoff distribution pattern.
BTCUSD Wyckoff Distribution Schematic Comparison | Source: TradingView
The chart above shows the uncanny resemblance. The distribution phase is characterized by a buying climax, followed by a sign of weakness then numerous failed “upthrusts”.
The first touch of $12,000 would have acted as the buying climax, while the second touch was the first failed upthrust. The push to and rejection from the $12,400 high may have been an “upthrust after distribution.”
To finish the schematic, the current price action resembles the “last point of supply” before tanking.
The only problem with this theory, despite it’s proven effectiveness, is due to Bitcoin price following a very similar path just ahead of the break through $10,000.
Rather than falling following the completion of what closely matches a Wyckoff distribution schematic, the leading cryptocurrency surged higher to the current range.
BTCUSD Wyckoff Distribution Pattern Fakeout Fractal | Source: TradingView
Could the distribution pattern have been a fakeout before the move higher, and history will soon repeat? Or is this the pattern too textbook and will result in downside ahead?
This weekend’s weekly close could determine the crypto market’s fate for some time. A close above $11,500 likely signals more continuation, while a close below could put an end to the rally.
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