The price of bitcoin has been on a long losing streak since November 10, 2021, when the leading crypto asset tapped an all-time high at $69K per unit. During the last two weeks, bitcoin has shed more than 19% in value, and the network’s hashrate has dropped from over 200 exahash per second (EH/s) to […]
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Bitcoin starts yet another 2022 week in the red with a 2% loss in 24 hours and a 13.5% loss in 7 days. The benchmark crypto has been on a downtrend since the end of 2021 and could potentially dip further due to macroeconomic factors. Related Reading | TA: Bitcoin Key Indicators Suggest A Strengthening Case For More Downsides At least, the above seems to correspond with the general sentiment in the market. The U.S. Federal Reserve is turning more hawkish due to a rise in inflation metrics, hitting new highs for the first time in 40 years. Thus, turning potential price expectations for Bitcoin bearish as many believe risk assets will suffer in the short term from a shift in the FED’s monetary policy. Economist Alex Krüger recently presented a thesis in favor of the bulls. Via Twitter he said: This has been extraordinarily bearish due to the speed of the Fed’s turnaround. Raising rates or tapering quantitative easing (QE) should not be bearish enough to change the upwards trend across assets. The economist claims the recent price action to the downside has been triggered not just by the FED’s intention to modify its policies in light of the rise in inflation metrics, but mostly due to the speed in its decision. In a short period, the U.S. financial institution changed its position from no interest rates hike to several rate hikes planned for 2022, a reduction in its asset purchase program, and balance sheet normalization. The latter is the most bearish for global markets. To normalize its balance sheet, the FED would begin a Quantitative Tightening (QT) program which could lead it to sell around $50 billion worth of assets every month. Krüger added the following on the potential implications for the crypto market: Simple. Crypto assets are at the furthest end of the risk curve. Just as they benefited from extraoridnarily lax monetary policy, they suffer from unexpectedly tight monetary policy, as money shifts away into safer asset classes. What’s Bitcoin Fate As FED Turns Hawkish? Under these conditions, Krüger believes Bitcoin could follow the following scenarios in the short term and through the first months of 2022. Depending on the upcoming CPI metrics, to be published this week, BTC’s price could react with a bounce or with a retest of 2021 major support at the lows of $30,000. A high CPI would trigger the latter, a low the former, but there is a higher chance that Bitcoin could stay in its current range with another attempt to reclaim the mid area around its current levels. This would put BTC’s price close to $45,000 in the short term, but with more uncertainty for Q2, 2022. Related Reading | Why Bitcoin Could Frustrate Bulls And Bears In 2022 As of press time, BTC took another sweep at the lows and re-visited the $39,000 levels only to quickly bounce into $41,000. Remains to be seen if this price action will be sustainable or if Bitcoin would return to lower levels. In any case, 2022 will be a year full of surprises.
The growth of the cryptocurrency industry has raised many concerns. Ranging from security and scalability, onboarding of newbies, trustless custody and order matching on exchanges, to overall user experience. To achieve mass adoption, there’s a need for third generational exchanges that would resolve these issues. Cryptocurrency and blockchain technology keeps evolving and changing to suit users’ needs. Decentralized exchanges are revolutionary and essential parts of this evolution, offering users privacy, security, and sovereignty over their crypto assets. However, any active DeFi user must have experienced the following drawbacks while using a DEX: Slow transaction speed; Insufficient volumes; Expensive gas fees; Low liquidity; Poor user experience; Manually executing your trades. Although these drawbacks are felt both by experienced traders and newbies alike, newbies are mostly affected as they are forced to educate themselves on market conditions and make risky financial decisions all on their own. Soldex, a third generational DeFi protocol being built on Solana aims to solve these issues. Soldex, a next generational DEX Soldex is the fastest, easiest, and most user-friendly third-generation DEX being built on Solana. It is the next step in DeFi evolution as it aims to work on all market conditions, 24/7, with emotionless machine-learning and neural network algorithms. As a third-generational exchange, Soldex aims to resolve the issues faced by order-matching centralized exchanges and trustless custody within current decentralized exchanges. With Soldex, users would enjoy both decentralization and AI trading. The Soldex protocol is being built to offer users the major advantages of increased transaction speed, automated trading, and a user-friendly interface. Increased transaction speed One of the major pain points of DeFi users is slow transaction time. Nobody wants to spend long minutes waiting for a simple transaction to be completed. Slow transaction time coupled with high gas fees discourages retail traders from using DEXs. This is one of the reasons the Soldex protocol is being built on Solana. On Solana, the average cost of trading tokens is about $0.00001 per transaction and at a speed of about 65,000 TPS (transactions per second). Compared to Ethereum’s meager 15 TPS, the scalability of Solana is enormous. Leveraging on the flexibility and efficiency of the Solana ecosystem, Soldex would be able to solve the problems of slow transaction time and high gas fees. Users on Soldex can perform quick, cheap, and efficient transactions. Automated trading With Soldex automated trading feature, users would be able to trade 24/7, in all market conditions, without the danger of human error. Trading crypto assets is an often risky and emotional business for many crypto users, especially newbies. The Soldex protocol aims to eliminate this risk by offering users AI-powered algorithms (created by other experienced traders). With this machine learning leverage, traders would be able to design or choose their trading bots according to their individual criteria like volatility, risk tolerance, time frame, budget, crypto pairs, margin, etc. The protocol’s neural network algorithm will evaluate market data, make intelligent predictions on market risks and trade assets on traders’ behalf. Also, it will continue developing its capabilities based on data collected and trading experience. Soldex trading bots will have the following features; market data analysis market risk prediction trading assets Additionally, Soldex would level the playing ground between experienced traders and newbies by offering educational tools to users. Their educational tools will enable experienced traders to create their unique trading bot and even offer it to newbies for a commission. Newbies will also have enough educational tools to guide them through using their chosen AI-powered bot. User-friendly interface The Soldex team intends to create a DEX optimized for quick navigation and user-friendliness. This ensures users enjoy incentivized liquidity, increased swaps, real-time transactions, and convenient deposits. One can say that the Soldex team has a wide range of experiences; and, having noted the challenges faced by other DEXs, aims to solve them all. Why Solana? What’s so interesting about the Solana ecosystem? The Soldex team understands one important factor: for crypto to become widely adopted, it needs to scale at a massive rate while remaining credibly neutral. Building on a blockchain where transactions cost over $30 and last several minutes before completion wouldn’t achieve this much-needed scalability. However, Solana is the perfect blockchain for next-generation DEXs looking to scale. With its novel proof of history mechanism and other technologies responsible for its impressive speed and scalability, Solana has proved with results that it is more than capable of carrying out its mission of mass adoption. Solana boasts of 65,000 transactions per second (TPS), these numbers make Ethereum’s meager 15 TPS look non-existent. Also, Solana’s average rate of $0.00001 per transaction is negligible compared to the high gas fees of the Ethereum blockchain. Solana also possesses a great infrastructure built on top of a number of smart contracts and blockchain oracles. Leveraging this infrastructure, protocols built on Solana would be able to enable cheap, fast, and intuitive trading experience for their users while still keeping their platform fully decentralized. Soldex’ Recent Partnership Larix – the first metaverse-based finance protocol on the Solana ecosystem. The Soldex team recently partnered with Larix. Larix is the first and only protocol to support LP mortgage lending with auto-compounding. The one and only on Solana! This partnership allows the two protocols to sync and work together. Larix is the leading borrowing and lending protocol on the Solana blockchain. It has created more capital-efficient risk management pools ensuring that a broad selection of collateral types, stablecoins, NFTs, crypto tokens, and synthetic assets can be utilized in a safe and secure way. Laris makes use of a dynamic interest rate model. Larix is the first lending project on Solana that has been audited and reviewed by SlowMist – the well-known and reputable smart contract auditor. It is the first lending protocol with live mining functionality. It’s also the first lending protocol Open-Sourced on Solana. With this cooperation between Soldex and Larix, Soldex will gain an increase in attention and a wilder recognition in the market. What to look out for: There’d be an AMA in the Soldex community on 11th January, 12 pm CET. During this AMA, more details of this partnership will be revealed.
“Our guiding company strategy at Bitfarms is to accumulate the most Bitcoin for the lowest cost and in the fastest amount of time for the benefit of our shareholders,” said founder and CEO Emiliano Grodzki.
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Today, Bitcoin price sank below $40,000 for the first time since September – a price more than 50% lower than what the market was anticipating this time of year. While the downside has been impossible to ignore, the latest sweep of lows has resulted in a touch of a trend line dating back to the bear market bottom that could keep the bull market intact a bit longer. Technical Analysis And Framing The Importance Of Trend Lines When it comes to technical analysis in Bitcoin, trend lines always matter. When such lines hold, it is a sign to the market that it is time to reverse. When they give way, the resulting breakdown and panic is usually dramatic. For example, losing the horizontal support line of $6,000 in late 2018 immediately resulted in a plunge to $3,000. Once there, the bear market bottom was put in. Related Reading | 2022: The Year The Secular Bitcoin Bull Run Could End It was beginning at that initial bounce that restored hope in Bitcoin, that yet another trend line started. Rather than a trend line drawn across price peaks or troughs, this trend line is drawn across extreme oversold readings on the daily Relative Strength Index. A long-term RSI trend line could cause a bounce | Source: BTCUSD on TradingView.com Now Or Never: Bitcoin Bull Run RSI Trend Line Must Hold As Bitcoin price swept below $40,000 on BTCUSD daily charts, the Relative Strength Index tapped a long-term trend line. The line itself has withstood the bear market bottom, Black Thursday, and the 2021 selloff down to $28K. Does this latest move down have enough momentum to break through the support line? Or will it hold once again? The reading alone on the RSI suggests conditions are highly oversold – the fourth most extreme since the bear market bottom. Fourth time is the charm? | Source: BTCUSD on TradingView.com During the last bull market, there were four total touches of the daily RSI trend line. The fourth was the final touch before the peak of the bull market (green dotted line). Related Reading | Blast From The Past Bitcoin Fractal Could Suggest A Record Reversal Is Near The same trend line, once breached, is what led to Bitcoin falling sharply from $20K to under $6,000 in less than one month in early 2018 and kicked off the bear market (red dotted line). Bitcoin is once again at the trend line. Will the fourth tap prepare the market for liftoff, or will the line break down and a new bear phase begin? It could be now or never for Bitcoin bulls. Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
TP ICAP, a provider of market infrastructure, announced today a major milestone in its Digital Assets business with the first trades completed on crypto-asset equity instruments with Goldman Sachs. The company’s Digital Assets business traded the ETC Group Physical Bitcoin on an outright basis and against the CME Bitcoin Future in the form of an…
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WISE token and WISB are scamming investors of their money and lining their pockets under the pretense of "development" of over 2 million dollars so far. When in fact they've been turning it into BUSD, USDC, and various other cryptocurrencies. https://www.youtube.com/watch?v=VJVkgGHt33c&t=343s here is where the scam starts, he states where the coins will go and…
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