Connect with us

Bitcoin

Seems Like Market is Selling Gold to Buy Bitcoin

Published

on

An unusual pattern identified on Bloomberg Terminal Charts

After an almost flat month, Bitcoin’s price is exhibiting subtle movements. In the last 24 hours, Bitcoin gained almost 4.6% pushing it slightly above $8,500. Price swell is not significant, then why are we even talking about it?


That’s because a peculiar gold and bitcoin buying/selling correlation was noticed by Su Zhu, CEO of Three Arrows Capital. Su Zhu tweeted a screenshot of his Bloomberg Terminal tool. And it is evident that while gold is being sold, more bitcoin is being bought.

Gold price bubble

Quite, recently the price of gold surged above its $1,550 mark. This happened in the light of the US airstrike on Iran. But as the tension eased, the price swell defused. On top of it, gold bug Peter Schiff also stated that gold is climbing a “wall of worry” and the bubble will pop soon.

Worrisome Gold Price Chart

Source: Goldprice.org

But why Bitcoin? 

For ages, gold held the position of a “haven” asset with an investment return advantage. But the fact is its value has failed to go up significantly in 2019. 

On the

contrary, BTC, a digital haven asset exhibited a consistent price gain in the same year.  Today, both gold and BTC act as a flight currency on the surface. But at a microscopic level, the degree of scarcity is making bitcoin more valuable than gold. Let us look at it from a numeric perspective.  

Every year a fresh lot of 3,300 tons of gold enters the market and is bought by 8 billion world population. This means there is a limited every year supply entering the market. However, there is still a lot. Now take a look at BTC. 

As we are just 120 days away from bitcoin halving, the number of new bitcoins entering the market will diminish further. Effectively, its scarcity continues to increase.   This gives BTC and other cryptocurrencies an edge over gold. 

 But there are some investors who contend Su Zhu’s theory. They state, “Not every opposite direction means a negative correlation. Moreover, the volume of the two markets is very different,

they say. Whether this correlation stands true or not, the fact is that’s gold is being sold off while more bitcoin is being acquired. And that’s a piece of good news for the cryptocurrency market. 

News Source

Click to comment

Bitcoin

Crypto Employment Abounds With More Than 8,000 Jobs in 2020

Published

on

During the last year, the cryptoconomy has picked up pace after a drawn out crypto winter. When market prices were low and startups were short on capital, a bunch of firms laid off employees in 2018. A year later, and digital currency companies are hiring.

Following Thousands of Lay Offs, Crypto Companies Start Hiring Again

Cryptocurrency and blockchain-related jobs are becoming more abundant these days as the industry seems to be recovering from last year’s price lows. During the North American Bitcoin Conference (TNABC), news.Bitcoin.com noted that there were at least six companies hiring in the exhibit halls. Searching online shows a great number of jobs are available on employment listing sites like Indeed, Monster, and Crypto-Careers.com.

Crypto Employment Abounds With More Than 8,000 Jobs in 2020
Crypto Employment Abounds With More Than 8,000 Jobs in 2020
The online employment search engine Indeed shows 521 cryptocurrency-related jobs and 1,938 blockchain careers available worldwide.

While searching worldwide for the term “cryptocurrency,” the job site Monster has 118 roles available. There are even more jobs available on Monster when searching the term “blockchain” – 2,558. The online employment search engine Indeed shows 521 cryptocurrency-related jobs and 1,938 blockchain careers available.

Crypto Employment Abounds With More Than 8,000 Jobs in 2020
The job site Monster has 118 crypto jobs available and 2,558 blockchain jobs globally.

Crypto-Careers.com shows 234 cryptocurrency job opportunities and 409 results for blockchain work. While perusing through all of the aforementioned job sites, the most wanted job within the cryptosphere right now is developers. All kinds of developers are needed from front end to back end, website designers, and engineers who can code with a variety of programming languages.

Crypto Employment Abounds With More Than 8,000 Jobs in 2020
Crypto-Career.com has 234 cryptocurrency jobs and 409 results for blockchain jobs worldwide.

According to Indeed, Shapeshift is hiring a security engineer to help identify and mitigate risks for the firm. The job comes with full benefits and has a starting pay of around $80,000 to $120,000. Binance is hiring an Android developer to work for the company’s subsidiary Trust Wallet. The EOS-based Block.one is hiring out of Virginia and needs someone who can program in C++ and work on EOSIO blockchain software. The ICE-owned marketplace Bakkt which offers physically-settled bitcoin futures products is also hiring a blockchain developer.

Crypto Employment Abounds With More Than 8,000 Jobs in 2020
Shapeshift is hiring a security engineer and the job offers full benefits and
starts at $80,000 to $120,000 per year.

There’s More Than 8,000 Crypto and Blockchain-Related Jobs Available in 2020

On the career website Linkedin, Fidelity Investments is looking to hire bitcoin mining engineers in multiple locations across the U.S. According to Blockchain.com, the company is hiring “numerous roles” and employees can work remotely. For Blockchain.com’s London, San Francisco, and Vilnius offices the firm is looking for an Android engineer, data scientist, and front end developer.

Crypto Employment Abounds With More Than 8,000 Jobs in 2020
The popular San Francisco exchange Coinbase is hiring a decent number of positions.

Browsing Crypto-Careers.com, Monster, Indeed, and Linkedin shows there’s a plethora of non-developer jobs. Employment opportunities consist of jobs like analysts, marketers, writers, journalists, product managers and consultants. For instance, the popular tech firm Cisco is hiring a blockchain consultant who understands computer networking technologies. Well known digital currency businesses like Bitgo, Coinbase, Square Crypto, Kraken, and the Bitcoin Depot are also hiring.

Crypto Employment Abounds With More Than 8,000 Jobs in 2020
Blockchain.com is looking for a bunch of new employees.

Even Bitcoin.com has listed a few unique cryptocurrency positions One particular position available is for a senior Javascript lead engineer. The person applying for the job can work remotely, but Bitcoin.com would prefer someone from New York or London. The applicant needs a minimum of three years developing cryptocurrencies and a passion for the decentralized crypto bitcoin cash. Additionally, the lead engineer is required to have more than eight years of experience with Javascript. At the time of writing, Bitcoin.com is looking to fill 10 positions with jobs like an advertising account executive, full-stack developer, head of DevOps, iOS developer, product designer, marketing manager, and a senior product manager. If you’re interested in working within the crypto industry check out Bitcoin.com’s employment opportunities today.

Crypto Employment Abounds With More Than 8,000 Jobs in 2020
Fidelity Investments is hiring bitcoin mining engineers all around the U.S.

Between the top four online employment websites, there are more than 8,000 cryptocurrency and blockchain jobs available today. There’s a wide variety of different employment opportunities but the developer job is by far the most in-demand and the highest-paid as well. The large number of crypto companies and financial institutions willing to hire right now is a stark contrast to the thousands of lay-offs during the crypto winter.

News Source

Continue Reading

Bitcoin

Tim Draper Issues Warning Against Governments Trying to ‘Mess With Technological Advancements Like Bitcoin’

Published

on

Tim Draper is sending a passionate message to Prime Minister Modi and the Indian government. The 1,027-word open letter, published on Wednesday, conveys Draper’s formula on how to foster prosperity.

The billionaire venture capitalist writes,

“There is a simple formula for wealth in a nation. It is freedom, fairness and frictionlessness. Each of these tenets bets and work to their fullest potential when unfettered – freedom is maximized when there is minimal regulation; fairness without bias in government, and frictionlessness without trade barriers.”

In line with these three values, Draper calls out three moves by the Indian government, one of which was restricting Bitcoin as a currency.

“Bitcoin, the Blockchain and smart contracts have the potential to transform some of the biggest industries in the world and the next 40 years will be defined by what happens today. Governments that mess with technological advancements like Bitcoin run the risk of being left behind.

Imagine what would have happened to countries that didn’t allow the internet. Bitcoin promises to be 10 times as big as the internet.”

In April 2018, the Reserve Bank of India banned enterprises and citizens from engaging in Bitcoin and crypto-related activities.

The country is also considering a bill that proposes a 10-year sentence to anyone caught mining, generating, holding, selling, transferring, issuing, dealing, or disposing cryptocurrencies.

While India is taking an extreme position against cryptocurrencies, other countries are hard at work trying to build regulatory frameworks to help propel the nascent industry.

The venture capitalist, who made early-stage investments in companies that have revolutionized industries, such as Skype, Tesla, SpaceX and Robinhood, points out that he has had his finger on the pulse of change throughout his career.

“I tend to be a bellwether for VCs, as I was the first Silicon Valley VC to invest in China, and many VCs followed my lead after the successful public offering of Baidu.”

Despite his appreciation for India and the ties he built there through his father, who invested venture capital in the country’s local businesses, Draper cautions that the world’s second-most populous country will get left behind if the government isn’t forward-thinking and opts instead to overlook powerful tech.

“If you want your people to thrive, you create simple fair rules for everyone, and then you set them free. Freedom is a big thing for venture capital. More rules and restrictions create more corruption, more friction. Whereas fewer restrictions allow people to innovate and create.”

Draper plans to be in India in early March for his networking event where he’ll vet startups and meet with Modi to discuss his plans for the country.

News Source

Continue Reading

Bitcoin

What’s Next For Bitcoin’s Price? Analyst Who Predicted 35% Crash Says This

Published

on

Earlier this year, in late-September, prominent Bitcoin analyst Filb Filb posted this chart below, showing that he expects for BTC to jump by dozens of percent to near $10,000, then collapse by 35% to the low-$6,000s to interact with the “miners bottom range.”

While some laughed this off as pure bearish sentiment at the time, Filb Filb’s prediction was proven to be nearly 100% accurate, with Bitcoin surging past $10,000 in a temporary vertical relief rally, then crashing the mid-$6,000s just earlier this month.

He managed to predict Bitcoin’s trajectory months in advance, something quite difficult for any trader due this market’s volatility.

The same analyst is back again, issuing his latest forecast for the leading cryptocurrency.

Related Reading: Ethereum’s Price is “Convincingly Bearish”: Here’s What Comes After 20% Week

Bitcoin to Hit $9,555 Soon

Filb Filb recently noted that Bitcoin is preparing to make a raid on the previous resistance level of $9,555, noting that this is where the price of the cryptocurrency topped in October and early-November in the wake of the now-infamous 40% “China pump.”

BTC reaching this level, which would satisfy textbook market trends of assets visiting support and resistance levels multiple times before establishing a direction, would require it to rally by 7% from the current price of $8,850.

Not the Only Bull

Filb Filb isn’t the only prominent analyst who is bullish on Bitcoin.

Aside from Filb Filb, there are few traders that have been as accurate on

BTC as Dave the Wave. In the middle of 2019, he claimed that he expects for BTC to drop by dozens of percent to bottom in the mid-$6,000s, which it did months later. Mind you, he made this harrowing prediction when investors were high on life, claiming that $20,000 and beyond was imminent.

Related Reading: Research Firm: 3 Use Cases Could Send Bitcoin To $1 Trillion

Dave recently issued his next prediction, saying that BTC is preparing to break higher than it already has, drawing attention to the below chart which shows BTC is trading in a clear uptrend. Per his analysis, the cryptocurrency’s price will likely surge another 32 percent to $11,500 by the middle of February—just four weeks away.

Backing this prediction, Dave looked to a confluence of factors:

  1. Bitcoin recently broke above a descending channel that has constrained price action for more than six months, marking a large win for bulls.
  2. BTC rallying to $11,500 would satisfy a historical chart pattern.
  3. The weekly Moving Average Convergence Divergence (MACD) is starting to trend higher once again, which was a signal seen in 2015/2016 as BTC moved from a bear market to bull.
Related Reading: Bitcoin Price Signal That Preceded 4,000% Rally Forms Again, and It’s Huge for BTC



News Source

Continue Reading
Open

Close