Category: Cryptocurrency News

NFT artist SHHAN previously told users to “switch to English” in the community chat, which went largely unfollowed.

Arthur Hayes, the co-founder of crypto derivatives platform BitMEX and Bitcoin pioneer, has spoken out about the current state of the market in an interview with Scott Melker. Despite the threat of a looming recession in the U.S., Hayes believes Bitcoin is in a bottom phase. According to him, the origin of the boom-and-bust cycle is the rampant monetary policy. “If we take a step back and look at why BTC went up so high because [… ] the biggest economy in the world printed the most money they’ve ever done. Obviously a lot of money flowed into crypto,” the BitMEX founder said. The excess needs to be reversed now. Notably, it also contributed to the “behavior of Sam Bankman-Fried, FTX, Kyle, Zhu and all of the centralized money platforms. All bankrupt and insolvent.” Bitcoin Bottom Is In Looking forward, this is the key bottom indicator for Hayes as “pretty much everyone who could go bankrupt has gone bankrupt”. Remarkably, the collapsed entities sold Bitcoin and Ethereum first, indicating the health of the market. By contrast, “dog and shitcoins” are still left on their balance sheets because they are super illiquid, Hayes noted. He added, “if you look at Alameda’s balance sheet, there’s no BTC on there. They sold Bitcoin as they were going bankrupt. The shitcoins are left.” Related Reading: Bitcoin Drops Below $17,000 Pre-CPI And FOMC – Scenarios To Prepare For This Week That’s another reason why BTC will be ringing the bell for the end of the bear market, while some altcoins will remain depressed, Hayes asserted: [Bitcoin is] the most pristine and most liquid asset, and that’s why it will lead us off the bottom too. And obviously the shitcoins will follow. But there’s a lot of bags held by bankrupt companies who need to liquidate them. But at least for Bitcoin, I am very confident that the largest, most irresponsible entities have sold all the Bitcoins to diamond hands. In the addendum, the BitMEX founder went on to say that he can’t prove that all the BTC held by these failed entities were sold during the crashes, but it looks like it. In his recent blog post, Hayes added that he currently sees no reason why people should not hold Bitcoin unless they have a “pressing need for fiat money.” The Real Test For BTC Will Come In 2024/2025 Looking further into the future, the BitMEX founder believes BTC will bounce back next year as the U.S. treasury and bond market will become dysfunctional sometime in 2023 due to the Fed’s tighter monetary policy. At that point, Hayes expects the Fed to fire up the money printer. Then, Bitcoin and all other risk assets will skyrocket. However, Bitcoin will serve as an indicator and will decouple from the S&P500 beforehand. Related Reading: Bitcoin Price Stuck In Key Range, Why The Bulls Remain In Action Moreover, the BitMEX founder does not expect the true test for Bitcoin, a recession, until 2024 or 2025 when he forecasts a “generational collapse” to happen. “Hopefully it’s better than the 1930s, but depression-like. And then the question is, can Bitcoin outperform the 10-year treasuries and really high inflation?”, Hayes said. Until then, the dollar and BTC markets will be correlated. Whether Bitcoin is truly an inflation hedge and will show any usefulness remains to be seen then. “That’s the real test”, Hayes concluded. At press time, BTC was recording a small loss of 1,1% over the last 24 hours. The price stood at $16,973.

Bitcoin was trading under $17,000 to start the week, as markets prepared for a big week of economic announcements. U.S. inflation figures will be released tomorrow, and are expected to fall to 7.3%. Many believe this will give way to the Federal Reserve pivoting from its aggressive rate hike policy. Ethereum was also lower, and […]

Since FTX’s downfall, the sports-themed cryptocurrency Chiliz has been struggling. The anticipated pump from the beginning of the 2022 FIFA World Cup on November 21 has done little to stem the negative tide in this post-FTX timeframe. Chiliz bulls took confidence on November 10 as CHZ rebounded from the range lows to near the range highs. Despite the overwhelming anxiety on the market, the token posted gains of 72% from November 9 to November 18 within 10 days. But then, that’s a different narrative. Related Reading: How Litecoin (LTC) Outperforms Other Top Cryptocurrencies In This Department Let’s take a quick glance of how the token is performing thus far: Since FTX and throughout the World Cup, CHZ has been performing rather sluggishly The oversold RSI and falling reserves in the exchange both point to a favorable direction for the token’s price In theory, a long position taken at the current price level would yield a profit According to data compiled by CoinGecko, CHZ is trading at $0.136387, down nearly 19 percent in the last seven days. As Christmas nears, investors might be wondering if the token has any gas left to create some fireworks in terms of price increase. Metrics relating to the asset’s risk have also been unfavorable. Messari reports that CHZ has a -4.78 Sharpe’s ratio alongside 1.11 volatility. Considering CHZ’s past performance, these numbers are not what investors want to see. Somewhat Bullish Technicals? A Pearson’s R score of 0.8342 in the regression channel indicates that a more pronounced downward trend is imminent. On the other hand, CHZ’s RSI readings are currently oversold, which could provide CHZ bulls a foothold. But the break of the support line at $0.1540 propelled the price to its current level. The Bollinger band has also been extremely negative, with its moving average creating an additional resistance at $0.1623. Chart: TradingView The bullish order block that emerged way back in August could provide investors and traders with some guidelines. According to CryptoQuant statistics, a bullish price reversal may be imminent because of the dwindling reserves. However, investors and traders should remain vigilant. The bullish order block is the only obstacle preventing the bears from continuing their downward movement. As prior price moves have created a XABCD harmonic frame, the support at $0.1373 may serve as a launching pad for bullishness. Although the CMF figure is negative, it is only -0.01. This provides CHZ bulls with the opportunity to recover. Profitable Long Position And Stop Loss Surprisingly optimistic indicators could prompt a retest of the $0.1540 resistance by buyers. The current market price of CHZ is deeply discounted, suggesting that investors and traders may wish to purchase the drop. A profitable long position would have a stop loss at $0.1289. However, given the persisting bearishness in the market, traders and investors should exercise caution with longer-term CHZ plays. Related Reading: Inconsistent Metrics Indicate Further Struggle For SUSHI – Colder Winter Ahead? CHZ total market cap at $837 million on the daily chart | Featured image: The Atlantic, Chart: TradingView.com

Binance has faced compliance warnings from many countries over the past couple of years, but it managed to overcome those shortcomings in most nations barring the U.S.

submitted by /u/ImaFreemason [link] [comments]

You can buy Eth on Venmo but you can’t send it as payment. And you can only buy and send Bitcoin on Cash App. It would be nice if they both allowed Eth purchases and payments. I would like to send Eth to my normie friends who know nothing about crypto to get them started…
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Please double check what's going on with Binance / CZ if you are heavily invested especially in BNB. The exchange token is sitting on a lot of air coming from a +2400% spike in a matter of weeks during the 2021 early bull run. Binance didn’t meet its 1:1 ratio of reserves to customer assets.…
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submitted by /u/PrinceZero1994 [link] [comments]

Brazil's crypto bill was in limbo for the better half of 2022. The Brazilian House of Representatives would not approve the bill after it received Senate approval. The delay was because domestic and international exchanges took part in a lobby war for and against some sections of the bill. One of the sections fought over…
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