Category: Cryptocurrency News

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The cryptocurrency community has been discussing a newly announced bitcoin miner called the Numiner NM440 that claims to produce speeds of up to 440 terahash per second (TH/s). Furthermore, a publicly-listed company called Sphere 3D has detailed that it purchased 60,000 Numiner NM440 mining rigs and aims to deploy 32 exahash per second (EH/s) of […]

“Utility” is the 2022 NFT buzzword and a few forward-looking projects are venturing into the Metaverse by integrating gamification and token emission strategies to their roadmap.

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Future and current decentralized projects need to consider utility and ease of accessibility in order for DeFi to survive the unpredictable volatility of the market.

Bitcoin price is now above $40,000, up more than 20% from the lows set in late January. Despite the recovery, common sentiment across the crypto community, analysts, and more is that the bottom is nowhere near in.  Meanwhile, BTCUSD has began its recent bounce from a seven year secular bull trend line. Could that fact combined how few are expecting a bottom be the best case for why one might already be in? Contrarian Take: Crypto Market Sentiment Would Be Blind To A Bottom In a flash, Bitcoin has risen back above $40,000 – still a far cry below the $100,000 end of year 2021 targets the crypto community, analysts, mathematical models, and more had been projecting.  The current collective expectation from that very same crowd is that the current rally is nothing more than a “bull trap” and a revisit to $30,000 and even lower is all but guaranteed.  Related Reading | Bitcoin Death Cross 2022: What You Need To Know About The Deadly Signal Often when the consensus expects one direction, the market moves in a contrarian manner. With market participants sold on the idea that a downtrend will continue, the current bounce could end up leaving many behind.  Especially when the bounce itself began at a seven year secular bull trend line – and a trend line that put in two bear market bottoms.  A look at the seven year secular bull trend line | Source: BTCUSD on TradingView.com The Bitcoin Trend Line That Just Won’t Stay Broken The chart above shows what the nearly decade-long trend line looks like. The trend line first began at the 2014-2015 bear market bottom, and was lost only temporarily during that time period. After grinding along it for almost two entire years, Bitcoin price went parabolic and rose from around $2,500 to $20,000 in a matter of months. The top cryptocurrency by market cap spent the entire bear market above the trend line, only touching back down on it in December 2018 to put in the most recent bear market bottom. Much like the 2014-2015 bear market, the line was briefly lost again during the current cycle during the Black Thursday market collapse. Reclaiming the trend line is what caused fireworks in late 2020 and early 2021, and Bitcoin has been ranging since. Only now after an unexpected downtrend back to low $30,000s has the cryptocurrency touched the trend line in question since late 2020. Related Reading | 2022: The Year The Secular Bitcoin Bull Run Could End A bounce is beginning, but very few expect this to be the bottom. But why not? Bitcoin has bottomed more times at this trend line than any other. Back in December 2018, the common theory was that the downtrend would continue and few expected the bottom to be put in when it was. In hindsight, that was indeed the bottom of the last bear market. Could this bottom be another example of one that’s only realized long in hindsight? 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

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The total value locked (TVL) in decentralized finance (defi) has jumped back above the $200 billion range, hovering around $216.49 billion on Saturday morning (EST). The TVL in defi has increased 13.60% since tapping a low of $190.57 billion 13 days ago on January 23. The decentralized exchange (dex) Curve’s $19.41 billion TVL dominates the […]

Bitcoin continues to display bullish price momentum as it has managed to reclaim the lows around $40,000. The benchmark crypto has been slowly recovering after a violent downside move which shocked traders and market participants. Related Reading | TA: Bitcoin Topside Bias Vulnerable If It Continues To Struggle Below $38K As of press time, Bitcoin trades at $41,486 with an 8% and 9.8% profit in the last 24-hours and 7-days, respectively. How Do You Do, Fellow Kids? The crypto trading community has been celebrating the recent Bitcoin price action after weeks of downside and sideways movement. When BTC was trending downside and pushing the market lower, crypto traders started joking about taking a joke on the popular food chain restaurant McDonald’s. The food chain took note and replied to the crypto traders via Twitter. Many relevant personalities in the space, including Cameron Winklevoss, and other big accounts commented on the post with messages alluding to a McDonald’s product or about potentially joining the restaurant. how are you doing people who run crypto twitter accounts — McDonald's (@McDonalds) January 24, 2022 Even Giga Bitcoin Bull Michael Saylor, CEO at MicroStrategy, shared memes of him joking about working in the popular food chain restaurant. In another Tweet, Saylor shared a picture of him using an apparel with a McDonald’s slogan “Doin’ whatever it takes”, as seen below. Doin’ whatever it takes since ‘92. #Bitcoin pic.twitter.com/93gSyB3L2t — Michael Saylor⚡️ (@saylor) January 6, 2022 Per his Wikipedia page, Saylor and McDonald’s were closely intertwine in 1992, the picture was part of a promo campaign. At that time, MicroStrategy was in a very early stage and Saylor won a $10 million contract to developed applications and study ways to make promotions more effective. Almost 30 years later, the software company founded by Saylor would spearhead a new treasury strategy by adopting the Bitcoin standard. Once MicroStrategy broke the wall and integrated BTC into its balance sheet, Tesla, Block, and others followed. Make It Or Break It? 2022 Could Be Bitcoin Most Important Year Interestingly, Bitcoin recent price action draws the food chain’s emblematic “M”, as seen below. The last time Bitcoin saw its yearly lows around $33,000, McDonald’s made the aforementioned Tweet. The “McDonald’s Pattern” draw on the chart could become legendary if Bitcoin truly hit its final bottom before resuming NewsBTC has presented several different vision on the potential trajectory for BTC’s price going into 2022. While some experts expect the cryptocurrency to struggle, others believe it will manage to surpass the $100,000 threshold. On the bullish side, Senior Commodity Strategist for Bloomberg Intelligence Mike McGlone believes BTC will come out on top of a widespread market downtrend due to a hike on interest rates. On a less optimistic note, QCP Capital expect BTC to struggle in 2022 and remain rangebound unable to achieve a new all-time high. Related Reading | Bitcoin Sees Poor Demand As Investors Try to Defend $37K, Is BTC In Trouble? Time will prove them right or wrong, if BTC’s price can decouple from traditional markets, as it has happened for brief periods over the past weeks, the cryptocurrency could attract more institutional attention. In that sense, McGlone and others believe 2022 will be one of BTC’s most important years.