Category: Cryptocurrency News

Cryptocurrency News and Public Mining Pools

Why Bitcoin Could See A 2020 Like Rally

After a rough couple of months, this week started with a strong upward movement from Bitcoin as the coin broke out above the $45,000 level on Monday to $48,215 before fluctuation, thus erasing yearly losses and anticipating a $50,000 target. Despite the decline over the year, a large amount of the coin was never sold. A scenario that shows how holders strongly believe in the long-term game and remain surprisingly calm over a period of turmoil. Building Up To A Rally Senior Analyst Dylan LeClair noted that, as Bitcoin is trading at around $48,000, “there has only been one other time that the percentage of supply that hadn’t moved in over a year was at this level,” which was during September 2020. On the mentioned date Bitcoin recovered from the dramatic crash of march 2020. The strong bounceback saw a 185% hike in the prices, taking to coin to over $10,000. A high number of committed ‘hodlers’ had also kept their BTC dormant despite the extreme swings in prices during the year. This was followed by a performance that catapulted Bitcoin’s reputation amongst investors as “digital gold”. It closed the year trading at record highs of close to $30,000, outperforming gold with an increase of 416% over the year. Brett Munster at Blockforce Capital had also noted last week a near-record highs percentage of the total Bitcoin supply that hasn’t moved in over a year, further pointing out that it is growing at a much faster pace than the last time Bitcoin was at these levels. “I expect this number to set new all-time highs in coming weeks and months because it’s exactly this cohort that stepped in and aggressively bought in April and May of last year when Bitcoin’s price fell.” Related Reading | Bitcoin Likely To Continue Upward Trajectory, Is $50K Its Next Target? Bitcoin Derivatives Paint A New Picture Furthermore, Dylan LeClair also noted that BTC derivatives “are still somewhat defensive & nowhere near as risk-on as 2021 despite same price levels.” Illustrated by the following chart, the analyst showed the movement of BTC derivatives throughout 2021 “when the price was trading at this current level.” Note that funding rates “represent traders’ sentiments in the perpetual swaps market,” with positive funding rates (over 0) indicating that long position traders are dominant and negative funding rates (under 0) indicating the opposite, CryptoQuant explains. Compared to previous years, the BTC hourly perpetual funding rates are significantly closer to zero. “Excessive long-biased derivative market speculation is near non-existent currently,” says LeClair. What the analyst is pointing out means that excessive speculation and leverage drove the market to these price levels in 2021, and “now its basically nowhere to be seen and bitcoin is rallying.” This could imply that the price is now rising because of demand, not market speculation. Similarly, in the following chart, LeClair displays annualized perpetual future funding rates on a 24-hour Moving Average, while adding that “Traders were paying ~100% annualized to go long BTC early in 2021. A similar but less severe speculative market arose in the fall. Today? Funding has been flat/negative for most all of 2022.” “Lastly, look at the collateral makeup of BTC derivative open interest,” LeClaire adds. “In 2021 up to 70% of OI was collateralized with BTC. Traders were paying outrageous rates to long with BTC collateral, leading to massive liquidations. Now a majority of OI is collateralized with stables.” Related Reading | TA: Bitcoin Saw Key Technical Breakout: Big Reaction From Bulls Imminent

Pro Trader-Focused NFT Marketplace Blur Secures $11 Million in Seed Round Led by Paradigm

On March 28, the non-fungible token (NFT) marketplace Blur announced the company has raised $11 million in a seed round led by Paradigm. The NFT marketplace Blur says the startup is focused on building an institutional-grade NFT market that’s made “for pro traders.” Blur Raises $11 Million to Craft the Startup’s Institutional-Grade Products The NFT […]

Greenpeace, Ripple co-founder campaigning to change Bitcoin code

Chris Larsen, co-founder of Ripple also joined in on the call, saying Bitcoin is the “outlier” now that Ethereum’s model is set to change.

Coinbase in talks to acquire Brazil’s largest crypto exchange: report

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

don’t feel pressure to take profits.

Listen, a lot of users out here are yelling "don't get greedy" and take profits now. But I've got another perspective for these people. What if crypto just keeps going or at least doesn't dip much below this price ever again? Sure it's unlikely but I'm not going to risk making 500$ selling Bitcoin now…
Read more

How does Optimism PBC make money?

They pay hire and pay like a real company, they are funded like a real company, but how do they make money? What is the Optimism PBC business model? submitted by /u/nipponese [link] [comments]

Canadian PM candidate supports freedom to use Bitcoin as money

The Conservative candidate for Prime Minister believes Canadians should be free to use Bitcoin and other crypto assets as money in the Great White North.

TA: Ethereum Approaches Next Breakout, Why ETH Might Surge Further

Ethereum is gaining pace above the $3,350 resistance against the US Dollar. ETH price could continue to rise and might even clear the $3,500 level. Ethereum is rising steadily and trading above the $3,350 resistance. The price is now trading above $3,350 and the 100 hourly simple moving average. There is a key contracting triangle forming with resistance near $3,400 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start another increase if it clears the $3,400 and $3,420 resistance levels. Ethereum Price Targets $3,500 Ethereum formed a base above the $3,120 support zone. ETH started another increase and cleared the $3,250 resistance. There was also a clear move above the $3,350 level and the price settled above the 100 hourly simple moving average. It traded to a new multi-week high at $3,431 and is currently consolidating gains. There was a minor move below the $3,400 level. Ether price declined below the 23.6% Fib retracement level of the recent rise from the $3,130 swing low to $3,431 high. On the upside, an initial resistance is near the $3,400 level. There is also a key contracting triangle forming with resistance near $3,400 on the hourly chart of ETH/USD. The next major resistance is near the $3,420 level. Ether price could start another surge if there is a clear move above the $3,420 resistance. Source: ETHUSD on TradingView.com A close above the $3,420 level might pump the price towards the $3,500 level. Any more gains might call for a move towards the $3,650 resistance zone in the coming sessions. Dips Supported in ETH? If ethereum fails to start a fresh increase above the $3,400 level, it could start a downside correction. An initial support on the downside is near the $3,360 zone. The next major support is near the $3,300 level. It is near the 50% Fib retracement level of the recent rise from the $3,130 swing low to $3,431 high. The main support is near the $3,250 zone and a connecting bullish trend line. A downside break below the $3,250 support zone might put a lot of pressure on the bulls. In the stated case, the price might drop to $3,100. Technical Indicators Hourly MACD – The MACD for ETH/USD is now gaining pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 level. Major Support Level – $3,250 Major Resistance Level – $3,400

Dubai School Will Accept Tuition Fees Payment in Bitcoin (BTC) and Ethereum (ETH)

submitted by /u/HabileJ_6 [link] [comments]

Indian Parliament Member Asks Government to Tax Crypto Income More Than 30%

An Indian parliament member has urged the government to increase the tax on crypto income from the current proposed rate of 30%, stressing that crypto trading is similar to gambling. He has also requested that the goods and services tax (GST) be imposed on the total transaction value of crypto. Indian Parliament Member Wants to […]