Author: dfmines

Bitcoin price started a downside correction from $50K against the US Dollar. BTC could extend its decline below the $47,600 support zone in the near term. Bitcoin failed to gain strength above $50,000 and started a downside correction. The price is now trading below $48,500 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $48,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could extend its decline as long as it is below the $49,000 resistance zone. Bitcoin Price Corrects Lower Bitcoin price failed to settle above the $50,000 zone and started a steady decline. BTC broke the $49,000 support level and settled below the 100 hourly simple moving average. The price even broke the $48,500 support level and spiked below $47,800. A low is formed near $47,600 and the price is now consolidating losses. An immediate resistance is near the $48,300 level. It is near the 23.6% Fib retracement level of the downward move from the $50,519 high to $47,611 low. The first major resistance is near the $48,800 level. There is also a key bearish trend line forming with resistance near $48,800 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com On the downside, the $47,600 level is a short-term support. The first key support is near the $47,300 level. If there is a downside break below the $47,300 level, the price could continue to move down. The next major support is near the $46,800 level. Any more losses could open the doors for a move towards the $46,000 support zone in the near term. Fresh Increase in BTC? If bitcoin stays above the $47,000 support zone, it could start a fresh increase. On the upside, an immediate resistance is near the $48,300 level. The first key resistance is near the $48,800 level and the trend line. The 50% Fib retracement level of the downward move from the $50,519 high to $47,611 low is also near the trend line resistance. A close above the trend line could set the pace for a decent increase towards the $50,000 level. Technical indicators: Hourly MACD – The MACD is gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $47,600, followed by $47,300. Major Resistance Levels – $48,300, $48,800 and $49,000.

Recent research reveals that US cryptocurrency investors have an average allocation of $1,107 in digital assets. About 37% of the investors confessed non-liquidation of their crypto holdings even for important bills or other payments. However, there’s this discovery that Elon Musk has a great influence on the crypto-related decisions of most respondents. A survey of 1,000 US crypto investors by GamblersPick, a betting platform, displayed a shocking revelation. 37% of these holders won’t dispose of their assets irrespective of the circumstance. Furthermore, 51% confirmed that luxury purchases wouldn’t be too enticing for them to opt for cash out. Also, the survey took a critical examination of the different generations of crypto investors. It reveals that the Baby boomer and Generation Z groups have the largest and the least investment in cryptocurrency, respectively. In addition, the male forks have more interest in digital investment than women, with an average of $1,940 worth of cryptocurrencies. On the other hand, the statistics for the female is at a median value of $1,375 worth of digital assets. Related Reading | Facebook Officials Claim Novi Received Approval From Major U.S. States From its survey, GamblersPick discovered an increase in the demand for digital assets among US investors. This recent surge in demand even prompts people to borrow cash from family and friends to invest. It reflects in the results of the use of credit cards in purchasing cryptocurrencies by every fourth respondent. The investors revealed that they plan to increase their cryptocurrency investments by adding an average of  $1,645 within 12 months. The statistics have men on the lead again with the proposal of increasing with $1,988 while women plan for $1,100. What Influences Decisions Of Cryptocurrency Investors? Furthermore, the research reveals the reason behind the recent increase in interest in crypto investments. Most of the respondents, amounting to about 75%, confirmed their confidence in a future surge in the value of digital assets. Moreover, while 24% see cryptocurrency as a means of gaining great returns, 32% use it to diversify their portfolio. The cryptocurrency market is back on track after a bearish pullback | Source: Crypto Total Market Cap on TradingView.com Additionally, about 21% of the participants used cryptocurrency as a hedge over inflation that emanates from the swindle in the economic condition. The recent COVID-19 pandemic, as well as the massive national currency print-out, are contributory factors. Related Reading | Solana Continues Bullish Trend, Becomes The 10th Largest Cryptocurrency Also, online forums and social media have a prominent influence on cryptocurrency-related decisions and moves on U.S. investors. Among them is Reddit that topped the list having about 34% influential power. Others include Twitter, Youtube, and Facebook, with their influences rated as 26%, 23%, and 16%, respectively. When it comes to influences from individuals, a man stands out among others. His influence is even greater than those from the mentioned companies above. He is Elon Musk, the CEO of Tesla, a popular electrical car company. 35% of the research respondents confessed that their choices in digital assets are based on Musk’s statements, opinions, and tweets. Other influencers are Warren Buffett ranking second and Snoop Dogg, the rap star, ranking third. They have an influential rating of 9% and 7%, respectively. Featured image from Pixabay, chart from TradingView.com

Hashrate has now recovered to early June levels indicating that miners are coming back online after China’s crackdown.

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David Marcus, an executive in Facebook, released the regulatory information concerning Novi. The update states the current status of Diem’s crypto wallet. Through a recent blog post, Marcus confirmed the approval for Novi in almost every state in the United States. Also, he revealed that it will not be launched in places where it has yet to get approval. The Facebook executive mentioned that project commits not to launch Novi on Diem without the necessary clearance. Moreover, he states that the project still keeps to its commitments. As such, there’s an ongoing consultation with international regulators. Furthermore, Marcus disclosed some information about Novi’s features and functions. According to him, the crypto wallet will enable free person-to-person payments within and outside the U.S. He explained the possibility for a future Novi’s profitability from merchant payments. This could be effective if the project will build a larger customer base. Related Reading | Solana Continues Bullish Trend, Becomes The 10th Largest Cryptocurrency Marcus added that they could diversify and provide a range of other financial services. These could be achieved through collaborations with prominent, reputable, and regulated partners that will bring expansion. How has The Facebook Project Fared? From the current news on Facebook’s crypto, the project is progressively moving to its launching period. This’s after over 2 years through the period of development and delay in the project. The announcement of the project was in June 2019. However, some issues surrounded it immediately after that. Also, most of the project members exited the Diem Association in early October 2019. Some of the old members to exit the group include Paypal, Mastercard, and Visa. Consequently, many European regulatory made moves to crack down on the project within the period. The same time brought Mark Zuckerberg to face the U.S. Congress concerning Facebook involvement. From the multiple issues, Diem was forced to move for a rebrand this year. This probably shifted its attention to the US. The rebranding process is meant to give the project independence from Facebook’s involvement. However, the project before its rebranding had several concerning Facebook’s direct involvement. Some of the concerns were the misuse of Facebook in legitimate activities and funding of terrorism. Related Reading | Coinbase States Infrastructure Bill Could Impact 60 Million American Crypto Owners Additionally, to boost its new stance, Diem, through its rebranding, selected some new members to its team. The move was for better repositioning in compliance with regulations and regulatory bodies. So, the aim is not just to create a name but to perform beyond the name. Recall that before now, Diem has passed through several tracks as different brands and trademarks. Some of the previous brands include Globalcoin, Facebook Coin, and Libra. Also, Facebook, in May, revealed its plans of launching Diem as a stable coin with the U.S. dollar’s backing. Invariably, it took the project out from several other international currencies. However, neither Marcus, Facebook, nor the Diem Association gave any possible release date for the wallet or stable coin. Featured image from Pixabay

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Speaking on OnlyFans’ ban on adult content, founder and CEO Tim Stokely explained the banks were the only reason behind the policy change.

Hi Reddit I’m new to learning about crypto and a question that came to mind is how the dollar generally stays level and gradually moves weaker or higher. If crypto such as eth takes over how will it be stable with such fluctuations? What happens to the general dollar if everyone is paying for things…
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