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Bitcoin and Ethereum price analysis

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bitcoin [+ 12.1%] can be attributed part of the blame for the poor performance among the alts, because BTC has usurped another domain of market capitalization in anticipation of a major weekly closing.

The aggregate capitalization of the cryptocurrency market is back above a major level [$ 1.3t] and is $ 1.56 trillion at the time of writing. The dominance of bitcoin makes up 45.1% of the aggregate market capitalization, while Ethereum accounts for 17.7%.

Bitcoin price prediction 

Bitcoin closed above the 1D MA50 which had acted as resistance since May 12. The author of the chart below, TradingShot , believes the probability of higher prices with a close above the trend line is likely. The bullish bitcoin price could see $ 44,594 which is the 1D MA200.

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Bitcoin not only closed in green figures on Sunday, it closed with a bullish + $ 1,145 weekly candle on the day. With the context of this bullish candle being at such a critical level, it cannot be emphasized how important this win was for the bulls. 

The top of the current range BTC is in is $ 40k and the most important asset in the world is closer to the top of the range above $ 35k than below it at the time of writing.

 

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The Fear and Greed Index that measures sentiment towards bitcoin across the market is at 26, or -1 compared to yesterday’s reading.

BTC’s 24-hour range is $ 33,886- $ 35,866 and the 7-day range is $ 29,599- $ 35,866. The 30-day average price of Bitcoin is $ 33,221.9. BTC was worth $ 9,651 on this date in 2020.

Bitcoin closed the daily / weekly candle on Sunday with a value of $ 35,407 and in green figures for a 5th consecutive day. Just 60 minutes after the start of Monday’s daily candle, BTC had already climbed as high as $ 3,600 with extreme upside price action serving as further confirmation for last week’s bullish candle. Bitcoin and the cryptocurrency aggregate started the new week with prices not seen since mid-June. 

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Ethereum

Ethereum was back above $ 2,100, but stopped below $ 2.2k on Sunday. Ether [+ 1.83%] traded sideways for most of Sunday, but finished in green at $ 2,190 for a fifth consecutive green candlestick close. 

Despite trading sideways, Ether is still above the trendline on the 1D chart shown below by GreenCryptoTrades . 

Ether could score as high as $ 2,500 rather quickly with macro sentiment shifting towards the bulls just in the last few days. If the momentum fails, however, a trip below the trendline could send prices back to $ 1,700 for a retest of that level.

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Ether’s 24-hour range is $ 2,108- $ 2,230 and the 7-day range is $ 1,734- $ 2,230. The 30-day average price of ETH is $ 2,061.12. 

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Dogecoin

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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