Connect with us

Bitcoin

“Things are heating up” for Bitcoin and SOL soars 30% in 7 days – Market Summary

Published

on

This Monday (25), after Bitcoin (BTC) dropped to almost US$ 60,000, it returned to positive points in a week. According to CoinGoLive, the cryptocurrency is trading at $63,091 after it grew 3.32% in the last 24 hours.

“Things are heating up,” according to the latest Ecoinometrics report, but only for Bitcoin, as the altcoin season hasn’t started yet. Even so, Solana (SOL) goes up more than 30% in one week. Read all this and more in the Cointimes Marketplace Summary.

This is the cryptocurrency ranking that shows Bitcoin rising and SOL shooting 30% in 7 days
Cryptocurrency ranking – Source: CoinGoLive.com.br

Things are heating up for Bitcoin

The weekend was not an easy one for the cryptocurrency leader. Bitcoin even dropped below $60,000.

Before anyone asks if last week’s price hike was the “top” of the bullish move for Bitcoin, Ecoinometrics tried to explain with on-chain data why this move is different from a top seen in bear markets.

Advertisement

The on-chain analytics firm says that for each of the previous cycles, the top was marked by a massive parabolic move with fewer and fewer people hoarding coins near the historic top – until everything collapsed.

However, at this point in the cycle the only addresses that are not accumulating coins in the last 30 days are small investors – “small fish”. It seems that only they are making a profit. The rest are accumulating satoshis.

This means that when the fear of missing the high – “FOMO” kicks in, Bitcoin will already be on its way to the moon.

Advertisement

Ecoinometrics signals a bull market that some small investors bought at the low indicated by the blue zone, but the level of bitcoin accumulation only starts to grow towards the end of the year.

The next move for a possible Bull Run would be to cross the historic high and initiate a parabolic move.

As the figure shows, the score has not yet reached the red zone, “but things are heating up,” they said in the report.

Advertisement

The currency’s market capitalization is close to $1.2 trillion and the dominance over altcoins was 43.6%.

stagflation

Outside the cryptocurrency market, the combination of high inflation and stagnation resulting from high unemployment has led the poorest families to a scenario of “stagflation”.

Inflation is close to 11%, in the 12-month period, for very low-income families, and the unemployment rate reaches 22.66% for those who have not finished high school. For less educated families, the occupancy rate is still 7.3% below the pre-pandemic level.

Advertisement

For this reason, many economists are calling this situation “stagflation”, because without economic growth, a change in the medium term is unlikely given the poor conditions of the labor market and the dismal outlook for inflation.

Altcoin season hasn’t started yet

Things are heating up for Bitcoin, and also for some altcoins, like Solana (SOL), but the altcoin season hasn’t started yet.

According to the website Blockchain Center.net, which tracks the altcoin season index, this month the firm’s best employee is still Bitcoin.

Advertisement

To be considered a high season for Altcoins, 75% of the top 50 currencies have to perform better than Bitcoin in the last 90 days.

The result of the main altcoins in the last 24 hours is as follows: Ethereum (+1.08%), Binance Coin (+1.24%), Cardano (+0.38%), Solana (+8.19%), Ripple (+0.69%), Polkadot (+0.58%), Dogecoin (+7.72%), Shiba Inu (-0.32%) Earth (+3.72%), Avalanche (+0, 60%), Chainlink (+4.23%) and Wrapped Bitcoin (+3.09%).

The cumulative market capitalization of all cryptocurrencies was close to $2.7 trillion.

Advertisement

Follow the crypto market news on the Cointimes Telegram group, access.

News Source

Advertisement

Bitcoin

Bitcoin Senator Rallies For Support Against Powell’s Renomination As Federal Reserve Chair, Here’s Why

Published

on


Popular Bitcoin Senator, Senator Cynthia Lummis is reportedly soliciting for the support of her fellow Republicans in her stance against Jay Powell after the latter got renominated to chair the Federal Reserve.

Bitcoin Senator Wary of Crypto-unfriendly Nominees

As reported by Decrypt who first broke the news, a source in Lummis’ office says her reasons border on her belief that there is an unlawful treatment of crypto-based institutions in her home state, Wyoming.

Meanwhile, the Bitcoin senator is not only against the nomination of Powell. The source still claims that Senator Lummis is also asking her Republican colleagues to help block Leal Brainard’s nomination as well. Brainard is another nominee of President Biden’s for the Fed positions.

Advertisement

Lummis’ skepticism might be as a result of the Special Purpose Depository Institutions or SPDIs as they are otherwise called. They are a new type of crypto-based bank that Wyoming lawmakers granted a special operational license to, just last year.

Two crypto-based companies that received the license in 2020 include Kraken exchange and Avanti — the stablecoin issuer. However, the Federal Reserve’s decision to not approve their applications for central bank-issued accounts has placed a hold on their banking ambitions.

Speaking about the Federal Reserve’s delay in a Wall Street Journal feature article by Lummis on Wednesday, she says it is an intentional and unlawful obstruction. She added that the Fed’s reasons are ambiguous at best. According to the Bitcoin Senator, Lummis claimed that the Wyoming entities have met all requirements for being a bank under the Federal Reserve Act.

Advertisement

Lummis insists that Powell and Brainard are only avoiding their legal obligations in their continued treatment of SPDIs and like many other U.S lawmakers, she wants to know why.

Could Lummis’ Pressure Affect Powell’s Confirmation?

As Lummis continues to apply even more pressure on her colleagues, the possible extent to which this pressure can truly go in affecting the confirmation process of both Powell and Brainard, remains to be seen.

But with the chair of the Senate Banking Committee, Sherrod Brown, reportedly holding a vote on the pair sometime this month, both of them could be confirmed.

Advertisement

Also, there’s a possibility of a potential tight vote now that some progressive Democrats — most notably Elizabeth Warren — are saying they will not be voting for Powell.

News Source

Advertisement
Continue Reading

Bitcoin

PlanB’s Floor Model First Miss: Bitcoin Price Closed Way Below $98K In November

Published

on

PlanB’s floor model was wrong about BTC’s November closing price. The stock-to-flow model, though, is still on track.

Bitcoin’s closing price for November below $60,000 meant that PlanB’s floor model, which was particularly accurate until now, was finally broken.

At the same time, though, the analyst confirmed that the more popular stock-to-flow model was still valid as BTC is on track towards $100,000.

Advertisement

PlanB’s Floor Model Fails

PlanB is among the most popular analysts in the cryptocurrency space, predominantly known for the Bitcoin stock-to-flow model, which he published in early 2019. However, he also posted another model, which he referred to as the “worst-case scenario,” in July this year.

Also known as the floor model, it’s based on technical aspects, such as the 200-day moving average, and saw BTC closing August at $47,000, September at $43,000, and October at $63,000.

The first two months were spot on. BTC closed in October at $61,000, which was still very near to the model’s predicted price, and PlanB said it was “good enough” for him.

Advertisement

However, November’s closing actual closing price of way below $60,000 was quite different from what the model envisioned – $98,000. As such, the analyst admitted that this was the model’s first miss after nailing the previous few months.

S2F on Track

As mentioned above, the floor model works separately from the stock-to-flow model, which sees the stock as the size of existing reserves (or stockpiles) and the flow as the annual supply of new bitcoins to the market.

Advertisement

It’s actually even more bullish as the original version sees bitcoin tapping $100,000 by the end of the year. The upgraded stock-to-flow cross-asset model, which introduced different phases of bitcoin’s development, predicted a price tag of $288,000 until 2024.

Although bitcoin still struggles below $60,000 at the time of this writing, PlanB believes that the original S2F hasn’t been broken as the asset is on its way towards $100,000. If BTC is indeed to go into a six-digit price territory, it would have to increase its USD value by more than 66% in the next 30 days.

News Source

Advertisement
Continue Reading

Bitcoin

CashApp Added Bitcoin Taproot Support, Here’s Why It Is Important

Published

on

CashApp now supports the updated version of Bitcoin

The widely known Cash App mobile payment service developed by Square, which is being used to transfer money with the usage of a mobile app, now fully supports the Bitcoin taproot update.

The mobile payments service is currently available in the U.S. and the U.K. but is still reporting 70 million annual transactions between users and generating $1.8 billion in gross profit.

Advertisement

The taproot upgrade was highly anticipated by the Bitcoin network and the cryptocurrency community in general. Previously, the update went into effect on Nov. 14, 2021, at block 709,632.

Previously, the announcement appeared on the app’s website that has described numerous benefits that users will experience after the implementation of the update. One of the main advantages is increased privacy and reduced transaction fees.

The two-week period has been chosen to confirm the functionality of the updated version of the currency. As for now, the update has been activated for all customers. Taproot-enabled wallets are now available for both receiving and sending.

Advertisement

News Source

Continue Reading