Stack Funds hails Bitcoin’s ‘healthy correction’ predicts ‘euphoria’ ahead

Stack Funds hails Bitcoin’s ‘healthy correction’ predicts ‘euphoria’ ahead

Crypto index fund provider Stack Funds has labeled yesterday’s pullback as a “healthy correction” that was needed before Bitcoin continues its upward trajectory. 

Bitcoin broke through $19,000 earlier this week after posting seven weeks of consecutive gains. According to the firm, the crypto has been at overbought levels since October, further supporting the need for a correction.

The firm examined metrics around market psychology, and says market participants are currently in the ‘belief’ stage of the cycle which will eventually to flow into a ‘euphoria’ stage.

To support their claims, the fund cites Glassnode’s data on Bitcoin’s net unrealized profit/loss, often referred to as NUPL — which compares BTC’s current price with when each coin last moved on-chain.

Historically, when the number of people in profit has surged above 95%, the fund explained, it has been a good indicator of market tops. Colour mapping the parameters in percentiles with various market states (Euphoria – >75%, Belief – 50% to 75%, optimism – 25% to 50%, Hope – 0% to 25%, Capitulation – <0%) allows for a breakdown of Bitcoin’s macrocycles.

The state of ‘belief’, which Bitcoin has just passed into this month, held for more than a year during the 2017 bull market, seeing the BTC price rise from $850 to almost $20,000 — representing an increase of 2,250%.

Extrapolating the 2017 bull market pattern to BTC’s current state, the fund suggested that even a quarter of this price increase would see Bitcoin hitting more than $86,000 next year, by the time we enter the ‘Euphoria’ stage of the cycle.

Other analysts also believe this is nothing more than a blip on the road, with Quantum Economics founder Mati Greenspan speculating that the correction may have already bottomed out, adding:

“A 17% pullback is rather tame for this stage of the cycle.”

Crypto personality Lark Davis pointed out this morning that it didn’t take long for support levels to stop the correction at $16,500, asking “Was this the dip? Or are we going lower?”

Crypto trader “Mayne of Tether” told his more than 70,000 Twitter followers the pullback is going to create some excellent buy-in opportunities for altcoins. Another trader account called “teklordz tweeted that the retracement is essential:

#bitcoin
35 day pump. Now cooling off. This pullback is greatly needed. Daily RSI receding to mid level territory.
I have a feeling the the next pump will be even stronger.

— teklordz (@teklordz) November 26, 2020

Data from analytics platform Santiment indicated that profit-taking among Bitcoin holders could become rampant, with both short-term and long-term Bitcoin holders in profit of 15% and 63% respectively.

Source: www.bit-cointalk.com


Spending Sats: A Look at This Years Bitcoin Black Friday Deals – Bitcoin News

Spending Sats: A Look at This Years Bitcoin Black Friday Deals – Bitcoin News

Spending Sats: A Look at This Year's Bitcoin Black Friday Deals

Every year the shopping holiday called Black Friday allows consumers to get better deals on products and services. On November 24, the day also known as ‘Bitcoin Black Friday’ will provide crypto users access to deals when they purchase items with digital assets like bitcoin. Due to the fact that bitcoin prices have been on a tear this year, the Bitcoin Black Friday holiday madness is in full swing.

Bitcoin Black Friday is back and there are all kinds of deals strewn across the worldwide web. During the crypto winter throughout 2018 and even in 2019, the anticipated shopping holiday for bitcoiners lost some of its charms. However, this year, thanks to the crypto economy’s colossal gains, Bitcoin Black Friday patrons will find many unique deals.

One specific web portal that typically attracts bitcoin spenders looking for deals is the popular website bitcoinblackfriday.com. The web portal is bigger than usual and showcases active deals, products related to bitcoin, hardware wallets, VPN services, art, food and beverages, and apparel as well.

Deals include products from Trezor, Etoro, Ledger Wallet, Namecheap, Guns N’ Bitcoin, Blockchain Kicks, Blockfi, Start9 Labs, Bitsoaps, and Bitcoin Magazine physical copies. There’s apparel from Atoms, TFTC, Mycryptowatches, Krypto Threadz, Mt Socks, and Layer One.

The bitcoinblackfriday.com web portal also hosts educational services like “Bitcoin 101,” “How to get and accept bitcoin,” and “Building the Bitcoin circular economy.” Bitcoinblackfriday.com is now connected with Bitcoin Magazine, but it was originally conceived by the bitcoiner Jon Holmquist in 2012.

In addition to the web portal bitcoinblackfriday.com, the largest crypto payment processor worldwide, Bitpay has announced it is promoting the use of digital assets on Black Friday as well.

“To support crypto users, Bitpay has been working with its merchant partners to extend special offers for crypto purchases on Black Friday, November 27, 2020,” the company explained in a recent announcement. “The full list, as well as a curated list of additional places to spend crypto this holiday season, can be found by visiting the Bitpay merchant directory.”

With the Bitpay merchant directory, consumers looking for Black Friday deals can spend their crypto at Ace Jewelers, Blocklete Games, Hostkey, Inverdiamond, Murf Electric Bikes, and Atheist Shoes.

“This is a win-win for crypto users and Bitpay merchants,” Bitpay cofounder and CEO, Stephen Pair detailed. “With the price of bitcoin near an all-time high, crypto enthusiasts are looking for a way to cash-in and spend their earnings on holiday gifts and Bitpay merchants want to attract new buyers this holiday buying season. We anticipate these special deals will showcase to merchants and consumers that crypto is one of the fastest and easiest ways to shop,” the Bitpay cofounder added.

Lastly, another web portal crypto advocates can leverage to hone in on Black Friday deals is the web portal cryptoblackfriday.org.

“Crypto Black Friday is a directory with online shops where you can pay in bitcoin and other cryptocurrencies,” the website notes. “Bitcoin (also via Lightning Network), litecoin, ethereum, dash, bitcoin cash, ripple, binance coin [are] accepted here. This platform was created to celebrate Crypto Black Friday, a one-day event that brings together bitcoin merchants and bitcoin users. The bitcoin user base is growing and the bitcoin payment experience is getting better, the number of crypto merchants is increasing year by year.”

At the time of publication, cryptoblackfriday.org showcases a number of bitcoin and crypto asset-related shops from firms like Ellipal, Bitrefill, Namecheap, Cheapair, Bitgear Australia, and Shopify. There’s also four different sections to choose from which highlight products and services like electronics, clothing, travel, and gift cards.

For instance, in the clothing section crypto spenders could get discounts on items stemming from Airbrushcustoms, Jojovo, the Dallas Mavericks, and Elliemei. In electronics, there are deals from companies like Dish Network, Overclockers UK, Avnet, Openbazaar, and Newegg.

The amount of deals for this year’s Bitcoin Black Friday is quite larger than years prior and merchants are likely pleased to accept the digital asset with market prices so high. Of course as usual a great majority of the merch being sold on Bitcoin Black Friday is crypto-related but there are an awful lot of other deals people can find on traditional items as well.

Because many crypto enthusiasts and bitcoiners have seen their assets increase in value by many multipliers this year, it’s likely they might want to spend some of those gains on trinkets.

What do you think about this year’s Bitcoin Black Friday? Let us know what you think about this subject in the comments section below.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Source: freeowl.com


Market Update: Crypto Prices Drop Fast, Bitcoin Loses $2K, Correction Considered Healthy | Markets and Prices - Bitcoin News

Market Update: Crypto Prices Drop Fast, Bitcoin Loses $2K, Correction Considered Healthy | Markets and Prices – Bitcoin News

The price of bitcoin and a great number of digital assets plunged in value during the early morning trading sessions on November 26, 2020. Bitcoin’s price dropped from a high of $19,319 on Wednesday evening only to lose over $2,000 during the course of the morning hours (EST) on Thursday morning.

  • Cryptocurrency markets have shed enormous value on Thursday, November 26, 2020. The entire market cap of all 7,700+ digital assets has lost over 5% in value and rests just below the $500 billion mark. ($498B)
  • Out of precisely 7,784 cryptocurrencies worldwide across 33,471 markets, there’s roughly $291 billion in global trade volume. Out of the entire crypto-economy, the Bitcoin Dominance Index is hovering around 62% on Thursday dropping 2.5% since the recent price high.
  • The second-largest crypto-asset ethereum (ETH) has lost over 12% so far and each ether is swapping for $522 per coin. Ethereum has a market cap of around $59 billion at the time of publication.
  • Significant drops in cryptocurrency values across a myriad of markets are not unusual on November 26, as the occurrence has taken place every year for the last three years in a row.
  • The cryptocurrency XRP shed over 21.18% so far, and the asset is currently swapping for $0.53 per XRP. Still, during the last seven days, XRP prices skyrocketed and are still up 78% over the last week.
  • The fifth-largest market cryptocurrency valuation is held by bitcoin cash (BCH) markets as each BCH is swapping for $278 a coin. Bitcoin cash has shed considerable value losing 18.5% during the last 24 hours. At the time of publication, bitcoin cash (BCH) has an overall market cap of $5.18 billion on Thursday.
  • The cofounder of Definer, the defi network for digital loans, savings and payments, Chyna Qu explained this week that crypto use cases continue to grow stronger. “The true price indicator is the technology behind Bitcoin, and use cases are constantly growing. We predict that bitcoin will peak at the end of this year at around $40,000.”
  • While most people have been upset about the recent crypto-economy dump a number of people said the correction was due many days ago. “This pullback is healthy,” Heidi Chakos (@blockchainchick) tweeted on Thursday.
  • What future awaits cryptocurrencies?
    GOODBAD
  • One hour later, at approximately 10:00 a.m. Eastern Standard Time, bitcoin (BTC) dropped below the $17k range to $16,318. BTC has lost another 2.2% since this market update was published at 9 a.m. in the morning on Thursday.
  • Check out all the crypto price action today in real-time by leveraging markets.Bitcoin.com for the latest values on your favorite digital assets.

    What do you think about the recent crypto-economy correction? Let us know what you think about this subject in the comments section below.

    Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

    Source: cspac.com


    Market Update: Crypto Prices Drop Fast, Bitcoin Loses $2K, Correction Considered Healthy | Markets and Prices – Bitcoin News

    Market Update: Crypto Prices Drop Fast, Bitcoin Loses $2K, Correction Considered Healthy | Markets and Prices – Bitcoin News

    Market Update: Crypto Prices Drop Fast, Bitcoin Loses $2K, Correction Considered Healthy

    The price of bitcoin and a great number of digital assets plunged in value during the early morning trading sessions on November 26, 2020. Bitcoin’s price dropped from a high of $19,319 on Wednesday evening only to lose over $2,000 during the course of the morning hours (EST) on Thursday morning.

    • Cryptocurrency markets have shed enormous value on Thursday, November 26, 2020. The entire market cap of all 7,700+ digital assets has lost over 5% in value and rests just below the $500 billion mark. ($498B)
    • BTC prices touched a high on Wednesday evening at $19,319 per unit and slid to a $16,870 low during the early morning trading sessions on Thursday. The price has increased since the bottom on Thursday and so far, BTC has shed 10.9% in USD value. The price of BTC is currently swapping for $17,277 per unit.
    • Out of precisely 7,784 cryptocurrencies worldwide across 33,471 markets, there’s roughly $291 billion in global trade volume. Out of the entire crypto-economy, the Bitcoin Dominance Index is hovering around 62% on Thursday dropping 2.5% since the recent price high.
    • The second-largest crypto-asset ethereum (ETH) has lost over 12% so far and each ether is swapping for $522 per coin. Ethereum has a market cap of around $59 billion at the time of publication.
    • Significant drops in cryptocurrency values across a myriad of markets are not unusual on November 26, as the occurrence has taken place every year for the last three years in a row.
    • The cryptocurrency XRP shed over 21.18% so far, and the asset is currently swapping for $0.53 per XRP. Still, during the last seven days, XRP prices skyrocketed and are still up 78% over the last week.
    • The fifth-largest market cryptocurrency valuation is held by bitcoin cash (BCH) markets as each BCH is swapping for $278 a coin. Bitcoin cash has shed considerable value losing 18.5% during the last 24 hours. At the time of publication, bitcoin cash (BCH) has an overall market cap of $5.18 billion on Thursday.
    • The cofounder of Definer, the defi network for digital loans, savings and payments, Chyna Qu explained this week that crypto use cases continue to grow stronger. “The true price indicator is the technology behind Bitcoin, and use cases are constantly growing. We predict that bitcoin will peak at the end of this year at around $40,000.”
    • While most people have been upset about the recent crypto-economy dump a number of people said the correction was due many days ago. “This pullback is healthy,” Heidi Chakos (@blockchainchick) tweeted on Thursday.
    • One hour later, at approximately 10:00 a.m. Eastern Standard Time, bitcoin (BTC) dropped below the $17k range to $16,318. BTC has lost another 2.2% since this market update was published at 9 a.m. in the morning on Thursday.

    Check out all the crypto price action today in real-time by leveraging markets.Bitcoin.com for the latest values on your favorite digital assets.

    What do you think about the recent crypto-economy correction? Let us know what you think about this subject in the comments section below.

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    Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

    Original Source

    Source: freeowl.com


    Stack Funds hails Bitcoin’s ‘healthy correction’ predicts ‘euphoria’ ahead


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