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How These Levels Of Bitcoin Price Are Destroying Everyone!

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Bitcoin price had a phenomenal journey since the crash in 2020. The price rose beyond expectations and reach the highest levels above $64,000. However, the predictions for currency also rose beyond $100K until the black-Wednesday crash shrunk the price to a large extent. Despite some recovery and slight jumps, it still remained below $43,000 and hence initiated trending within newly formed highs and lows.

Since the crash, the narrow trend has feared a lot of retail investors and the whales to some extent. Moreover, the price movements suggest the whales might have remained silent and calm. And the current trend may be due to the FUD and FOMO haunting the retail traders. But what may be the reasons behind the Bitcoin narrow trend!

Also Read: Bitcoin Price Dropping, Is $30K Inevitable or Rebound To $35K Programmed?

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It is a known fact that the new low for the BTC price since the mid-may crash is $30K and the high is $43k that it achieved the same day. Further, there was a sentiment shift from bearish to bullish whenever the price gained a few percentages. The influencers called for higher levels as the price went up and predict too low during the bearish trend.

And hence the possibilities of the traders setting ‘stop loss’ at both of these levels are high. This may be to generate a lot of liquidity which is a high volume of activity in the market. It can also be interpreted that shorts might have placed a lot of stop losses around the lower highs. And hence the higher highs usually remain untouched.

The more concerning is how the traders usually fall within this trap as the price since the crash tends to reverse within the 10%-20% & 80%-90% area on both sides. And hence the traders often keep waiting for those sweeps which will never get achieved fully and miss out on extracting their profits.

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Also Read: MATIC Price Targets $2.40 Level! Polygon Flashes Buying Signals!

Usually, in these circumstances, the traders keep on buying and selling at the wrong times or tend to hold their positions to expect more highs. And woefully, lose out the gained profits until they are in the loss again. It’s all because the price is not reaching the logical targets as assumed by most of them.

This is where most of the people are being destroyed trying to trade within these ranges. Panic selling while falling into FUD and FOMOing back in on way up. However, the timing may be wrong each time. And hence it is better to be careful to stick out to a plan and not getting caught up in these bitcoin price ranges.

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Bitcoin price had a phenomenal journey since the crash in 2020. The price rose beyond expectations and reach the highest levels above $64,000. However, the predictions for currency also rose beyond $100K until the black-Wednesday crash shrunk the price to a large extent. Despite some recovery and slight jumps, it still remained below $43,000 and hence initiated trending within newly formed highs and lows.

Since the crash, the narrow trend has feared a lot of retail investors and the whales to some extent. Moreover, the price movements suggest the whales might have remained silent and calm. And the current trend may be due to the FUD and FOMO haunting the retail traders. But what may be the reasons behind the Bitcoin narrow trend!

Also Read: Bitcoin Price Dropping, Is $30K Inevitable or Rebound To $35K Programmed?

Advertisement

It is a known fact that the new low for the BTC price since the mid-may crash is $30K and the high is $43k that it achieved the same day. Further, there was a sentiment shift from bearish to bullish whenever the price gained a few percentages. The influencers called for higher levels as the price went up and predict too low during the bearish trend.

And hence the possibilities of the traders setting ‘stop loss’ at both of these levels are high. This may be to generate a lot of liquidity which is a high volume of activity in the market. It can also be interpreted that shorts might have placed a lot of stop losses around the lower highs. And hence the higher highs usually remain untouched.

The more concerning is how the traders usually fall within this trap as the price since the crash tends to reverse within the 10%-20% & 80%-90% area on both sides. And hence the traders often keep waiting for those sweeps which will never get achieved fully and miss out on extracting their profits.

Advertisement

Also Read: MATIC Price Targets $2.40 Level! Polygon Flashes Buying Signals!

Usually, in these circumstances, the traders keep on buying and selling at the wrong times or tend to hold their positions to expect more highs. And woefully, lose out the gained profits until they are in the loss again. It’s all because the price is not reaching the logical targets as assumed by most of them.

This is where most of the people are being destroyed trying to trade within these ranges. Panic selling while falling into FUD and FOMOing back in on way up. However, the timing may be wrong each time. And hence it is better to be careful to stick out to a plan and not getting caught up in these bitcoin price ranges.

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In Argentina, several businesses accept payments in BTC, DOGE, other cryptos

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Imagine going on vacation and being able to pay both your Uber driver and Airbnb host with crypto. This sounds like a fantasy for many but is reportedly now a reality for users in Argentina.

Regional news publications announced that the crypto company Bitrefill was offering 138 prepaid cards in order to pay to different businesses. Some taking part in the initiative include Frávega, Lacoste, Dexter, Isadora, Cheeky, Airbnb, Uber, Movistar, Claro, and Personal.

Users can pay in six different cryptocurrencies, which are Bitcoin [BTC], Ether [ETH], Dogecoin [DOGE], Litecoin [LTC], Tether [USDT], and Dash [DASH]. However, in order to use the card, assets are first converted to dollars or euros, and then converted again to Argentine Pesos [ARS] to complete the transaction.

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Analyzing Argentina

What does Bitrefill’s initiative reveal about the state of crypto adoption in Argentina? Data may hold the answer. The Blockchain LatAm Report 2021 by Sherlock Communications stated,

“…66% of respondents were most concerned with protecting their savings. This reflects recent inflation rates in the country: 36.1% in 2020 and 53.8% in 2019, the highest in 28 years.”

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Furthermore, as people in Argentina are legally restricted from buying more than a small and taxable amount of U.S. dollars every month, the attraction of crypto is easy to understand. Adding to this, there are around 20 legal crypto exchanges in the country, and one of them – Ripio – hit a million users in 2020.

However, it’s worth noting that there is a tax of 15% on income gained from selling digital currencies. At the last count, there were 12 Bitcoin ATMs/tellers in Argentina. Out of these, 11 were located in Buenos Aires.

Not just a shopping spree…

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Apart from crypto adoption, companies are also eyeing the country as a destination for Bitcoin mining. One major reason for this is the cheap cost of electricity in Argentina, with subsidies for the same.

In October, the Canada-based Bitfarms announced that it was constructing a 210 megawatt BTC mining farm in Argentina. More than 55,000 new mining rigs are expected to be on-site. According to the Cambridge Bitcoin Electricity Consumption Index, Argentina’s share of the average monthly hashrate in August 2021 was 0.05%.

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Hedge Fund Billionaire Paul Tudor Jones Says Gold Losing the Race Against Crypto As Inflation Hedge

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Hedge fund billionaire Paul Tudor Jones says that crypto is currently his preferred way of hedging against inflation.

In a new interview with CNBC, Jones says that crypto has acted as a great hedge as of late and is winning the race against gold.

“Crypto has been a great hedge… I said then, I said now, I’ve got crypto in single digits in my portfolio. I have a small trading position in our fund. I do think we’re moving into an increasingly digitized world. Clearly, there’s a place for crypto, and clearly, it’s winning the race against gold at the moment. So yes, I would think that would also be a very good inflation hedge. It would be my preferred one over gold at the moment.”

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The billionaire, who heads investment management firm Tudor Investment Corporation, says that while the new Bitcoin futures exchange-traded fund (ETF) is a regulated and legitimate product, he thinks a better investment is to own physical BTC.

“I think a better way to get in would be to actually own physical Bitcoin, to take the time to learn how to own it and carry it. I think the ETF will be fine. I think the fact that it’s SEC approved should give you great comfort.”

The investor says that embracing Bitcoin is part of the American character and that China’s refusal to do so may have economic consequences for the country in the future.

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“I think crypto is here to stay. Look, this is the United States of America right? The reason we’re the most dominant economic power [in] the world is because we unleash our individual entrepreneurialism and creativity. And you’re seeing China do the exact opposite. That place is on, economically, a slow boat to the South Pole. As long as the US can continue to unchain our entrepreneurs, we’re going to always be in the dominant position.”

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The Real Opportunity for Bitcoin and Crypto Will Come From This Group of Investors, Says Shark Tank Star Kevin O’Leary

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Shark Tank investor Kevin O’Leary says that a group of investors could transform Bitcoin (BTC) and the crypto markets when they decide to allocate capital to the space.

In a new interview with Bitcoin bull Anthony Pompliano on The Best Business Show, the celebrity investor says that there will be a massive opportunity for crypto once sovereign funds in the Middle East invest in digital assets.ADVERTISEMENT

“The real opportunity is not with the family offices or hedge funds that operate out of the Middle East. The real money is in the actual sovereign funds in both Saudi Arabia and the United Arab Emirates. It’s billions and billions and billions of dollars. 

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They have not allocated to crypto yet. When that happens, you’ll see it reflected in the price of Bitcoin. There’s no question about it. They have such long-term views in those funds, and the funds are so large.”

O’Leary says that given the size and number of the funds, even a 1% allocation would have an impact on the markets.

“They generally abide by discipline and principles of risk diversification, so they may have a mandate, for example, that no stock represent more than 5% of the fund or no sector more than 20%. Those are diversification mandates that are used all around the world, and they do that there, too.

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But when you’re dealing with a multi-billion dollar mandate, and some of these, they’re the largest pools of capital in the world. A 1% allocation is a tremendous amount of money.”

The investor says at the moment, Bitcoin is the only digital asset on the sovereign funds’ radar. He predicts that they could easily decide to allocate 1-3% just on BTC.

“I speak to those guys almost every day. They would immediately go to 1% to 3% on Bitcoin alone. Just Bitcoin, let alone Ethereum or any level-1 or level-2s on the chain. They haven’t even thought about that. They’re just thinking about Bitcoin and owning that as an asset. The amount of capital that will come into this market when the regulator approves Bitcoin as an asset or currency or a security, or whatever they’re going to regulate it as is going to be unbelievable.”

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