Archive for Cryptocurrencies – Page 2

09 Nov

Bitcoin shoots past $36k on ETF excitement

By ForexTime 

  • Bitcoin hits highest level in 18 months ​​​​​​
  • Cryptocurrency boosted by ETF excitement
  • Bullish flag seen on H4 chart
  • Weekly resistance level might act as catalyst

Bitcoin jumped to a fresh 18-month high on Thursday as excitement returned over simultaneous approvals of spot Bitcoin ETFs.

Starting from today, the SEC has an eight-day window to potentially approve all pending spot Bitcoin ETF fillings – including the world’s largest bitcoin fund called the Grayscale Bitcoin Trust. This is a welcome development for the cryptocurrency space given the growing ETF hype, injecting Bitcoin bulls with renewed strength.

As highlighted in the past, a spot bitcoin ETF would provide investors easier and greater access to the world’s largest cryptocurrency without having to own it – potentially attracting new investors as a result.

Focusing on the technical picture, bitcoin is currently ruled by bulls and a solid uptrend can be seen on the daily charts.

Prices are fast approaching weekly resistance at 37,448 and this level might act as a catalyst for either bulls or bears. For bulls, it will be a continuation of the current impulse wave and for bears it will be the start of a possible correction wave.

On the H4 chart a huge bullish flag is visible with the price just having broken out and heading for the weekly resistance level. Both the 50 Exponential Moving Average and the Moving Average Convergence Divergence (MACD) confirm the upward momentum.

If prices reach the weekly resistance level at 37,448.98, two scenarios become possible.

  • Allowing the market structure to confirm, a possible bounce and then a retest to the downside will act as a bearish trigger for a daily correction wave to start.

  • On the other hand, a break though the weekly resistance level and then a retest will be a bullish trigger for a continuation of an impulse wave in the daily uptrend.

For both scenarios, good risk management is paramount since wild swings are often seen on this volatile instrument.

Forex-Time-LogoArticle by ForexTime

ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com

Cryptocurrencies Opinions
07 Nov

77% of under-40s prefer Bitcoin over gold as investment

By George Prior 

More than three-quarters of under 40s would rather Bitcoin than gold in their investment mix, reveals a new survey by one of the world’s largest independent financial advisory, asset management and fintech organizations.

The deVere Group poll shows that 77% of clients aged under 40 would opt for the cryptocurrency over the precious metal in their portfolios to build their long-term wealth opportunities, indicating a resounding shift in the investment landscape.

While gold has traditionally been considered a safe-haven asset and a store of value, younger generations now see Bitcoin (BTC) as a more dynamic and potentially rewarding investment.

Year-to-date, BTC is up 112.75%.

In comparison, on Wall Street, the S&P 500 is up 13.97%, the Dow Jones 2.79% and the Nasdaq 29.76%.

Of the survey, deVere Group CEO Nigel Green says: “An overwhelming majority of respondents under the age of 40 expressed a clear preference for Bitcoin over gold as an integral part of their investment mix. This trend signals a notable shift away from traditional investment assets towards the digital realm.

“Younger generations are more familiar with digital assets and the tech that underpins them. Bitcoin represents a digital-native investment option that aligns with their understanding of technology and their belief in the future of digital currencies. The rise of online transactions and digital payments also underscores the relevance of digital assets like Bitcoin.

“Respondents also cited the potential for high returns as a driving factor in their preference for Bitcoin. The cryptocurrency’s track record of significant price appreciation seems to have caught the attention of younger generations.”

Large financial institutions and corporations are integrating Bitcoin into their investment strategies and balance sheets. This institutional support lends legitimacy to Bitcoin and can further fuel its adoption, making it more appealing to younger investors.

In addition, its divisibility and ease of transfer across borders make it a versatile asset for individuals looking to diversify their investment portfolios. Liquid markets and 24/7 trading give the cryptocurrency an advantage over gold in terms of flexibility.

“In recent times, concerns about inflation will have likely driven Bitcoin’s appeal to investors too. Bitcoin’s fixed supply of 21 million coins is seen as a potential hedge against the devaluation of fiat currencies, making it a desirable asset for wealth preservation.”

While Bitcoin’s allure is undeniable, individuals should carefully assess their risk tolerance and diversify their investments to manage potential downsides, given the inherent volatility of cryptocurrencies.

This latest survey, with more than 750 clients from around the world, shows that the digitalisation of assets is a reality that the financial services sector can no longer ignore.

“Bitcoin is at the forefront of this paradigm shift, and its unique properties make it a favored investment option for a generation that values innovation, accessibility, and the potential for substantial returns,” concludes Nigel Green.

About:

deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of offices across the world, over 80,000 clients and $12bn under advisement.

Cryptocurrencies Financial News
01 Nov

The cryptocurrency market digest (BTC). Overview for 01.11.2023

By RoboForex.com

The price of BTC rose to 34,430 USD on Wednesday.

Following the figures from the past week, the daily gain of 0.5% and a weekly increase of 0.8% may appear unimpressive. However, it is vital to keep in mind that a crucial moment is currently unfolding: the market is on standby, refraining from engaging in sales.

The stakes are high for a rise in the price of the flagship cryptocurrency. Therefore, all news related to the launch of spot Bitcoin ETFs holds significant importance.

The scenario involving a corrective decline of BTC to 29,500 USD is currently on hold. The short-term target for an increase is set at 34,800 USD, with the next level being 35,800 USD.

The total cryptocurrency market capitalisation has reached 1.28 trillion USD. BTC’s market share has decreased to 53.0%, while ETH’s share has increased to 17.1%.

Startup Bastion receives licences in the US

Obtaining licenses in both New Hampshire and Arkansas enables the young company to provide services to retail clients in the digital asset sphere. Bastion expects to secure more licences. The company began operations in mid-September, coinciding with the launch of its initial funding round of 25 million USD.

Profitable Bitcoin addresses reach 40 million

As of 30 October, the number of Bitcoin wallets showing a profit has reached 39.1 million. This figure is the highest in the history of cryptocurrency. The last time similar levels were witnessed in the market was in the autumn of 2021, but at that time, the BTC price was 50% higher than it is now.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Cryptocurrencies Financial News
27 Oct

The cryptocurrency market digest (BTC). Overview for 27.10.2023

By RoboForex.com

The BTC exchange rate has dropped to 34,173 USD by Friday.

This is exactly as expected: the quotes have accounted for all the existing drivers, and new ones have not come. That is why the market stopped.

The market looks ready to develop the scenario with a correction to 29,500 USD. After BTC reaches this target, an increase to 31,200 USD and 32,000 USD might become possible.

The cryptocurrency market capitalisation remains at 1.26 trillion USD. The BTC share has dropped to 53.0%, while the ETH share stands at 17.2%.

BTC capitalisation exceeds Tesla parameters

Total market weight of BTC amounts to 677.23 billion USD this week. To compare, Tesla market capitalisation is 675 billion USD and that of Eli Lilly is 556 billion USD.

BTC search volume has skyrocketed

This week, the number of search queries “buy BTC” in the UK has topped up 826%. In the US, the query is formulated as “should I buy BTC now”. The number of such search queries has added 250%.

ChatGPT forecasts BTC prices by Halloween

Market participants would not stop trying to use AI opportunities for working on exchange platforms. Now they are focused on the forecasts of the BTC price on Halloween made by the ChatGPT bot. AI insists that the most popular coins over this period will be BTC, ETH, BNB, and SOL.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Cryptocurrencies Financial News
25 Oct

The cryptocurrency market digest (BTC, MINA). Overview for 25.10.2023

By RoboForex.com

The BTC on Wednesday is correcting, hovering at 34,200 USD. The weekly increase amounts to 18.8% but at certain moments it exceeded 22%.

Cryptocurrencies are so popular these days that do not even encounter technical pullbacks. At the platform, they think that the moment when a license for spot bitcoin ETF will be granted to funds is near. This means it is high time to buy the base asset that will double or triple in price in case of a positive decision. The agitation we are witnessing is based in this.

The latest news about the arbitration court decision supportive of Grayscale was also interpreted by the market as a precedent.

This level of optimism can hold BTC at the current level for some time but it needs new triggers to continue rising.

The technical picture does not exclude a correction to 29,500 USD upon skyrocketing previously. Next, the cryptocurrency could rise to 31,200 USD and 32,000 USD.

The cryptocurrency market capitalisation has increased to 1.26 trillion USD. The BTC share amounts to 53.1%, while the ETH share has dropped to 17.2%.

Mastercard wants to cooperate with cryptocurrency startups

The payment giant Mastercard is considering options of cooperation with technological startups in the cryptocurrency sector. Particularly, the company is interested in organisations that develop and create self-service wallets, primarily MetaMask and Ledger.

MINA token added 100% overnight

The Mina Protocol (MINA) coin rose 100% overnight, amounting to 0.86 USD. This is its new year high. The reason for the skyrocketing was the news about the listing of the exchange at a South Korean platform against the won.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Cryptocurrencies Financial News
11 Oct

The cryptocurrency market digest (BTC). Overview for 11.10.2023

By RoboForex.com

The price of BTC declined to 27,112 USD on Wednesday.

From a fundamental standpoint, the market is still uneventful, with no indications about the progress of Bitcoin ETF application approvals. The first updates are expected next week, but there is no certainty that they will be positive.

The cryptocurrency sector does not react to investors shifting away from fiat platforms in their risk aversion attempts or risk sentiments. The correlation between BTC’s value and the S&P 500 and Nasdaq indices appears minimal.

Technical levels remain unchanged. Resistance levels are sequentially positioned at 28,000 USD and then 28,500 USD. These levels must be firmly surpassed to target a rise of 30,000 USD.

The cryptocurrency market capitalisation has decreased to 1.06 trillion USD. BTC’s share has risen to 50.1%, while ETH has declined to 17.7%.

Quant launches transaction security technology

Quant has announced the launch of a solution to make blockchain-based banking transactions even more secure. The technology, known as Overledger Authorise, aims to resolve payment-related challenges within the banking sector.

Fidelity considers BTC the safest token

The Fidelity fund confidently believes in BTC’s security as a cryptocurrency. Fidelity Digital Assets’ research states that BTC is both the scarcest and the most decentralised token in the world. Fidelity suggests that BTC is best valued as a monetary commodity. This viewpoint might spark debate among other participants in the cryptocurrency market.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Cryptocurrencies Financial News
03 Oct

FTX founder Sam Bankman-Fried trial is big test for crypto

By George Prior 

The highly anticipated trial of Sam Bankman-Fried, the founder of FTX, kicks off today.

This pivotal event represents a golden opportunity to bolster trust, boost adoption, and purge the sector of unscrupulous actors.

This is the analysis of high-profile cryptocurrency advocate Nigel Green, the CEO and founder of deVere Group, one of the world’s largest independent financial advisory, asset management and fintech organizations, ahead of the trial in Manhattan federal court. It is expected to last six weeks.

Sam Bankman-Fried, commonly known as SBF, stands accused of defrauding numerous prominent investors worldwide, in addition to millions of customers who placed their trust in his FTX cryptocurrency exchange.

Allegations of pilfering billions of dollars entrusted to his care have further compounded the gravity of the situation.

The aftermath of FTX’s staggering $40 billion bankruptcy in November 2022 has been characterised by US prosecutors as “one of the most significant financial frauds in the annals of American history.”

Nigel Green says: “The importance of this case cannot be underestimated. Not only for SBF, who faces 110 years of prison time, and the victims.

“But also for digital currencies themselves – which are widely regard as the future of money.”

One issue that makes Sam Bankman-Fried’s trial of utmost importance to the cryptocurrency ecosystem is its potential to pave the way for regulatory harmony.

“In the face of the burgeoning prominence of cryptocurrencies in the international financial system, governments and regulatory bodies worldwide find themselves grappling with the imperative need for consistent, all-encompassing regulations,” notes the deVere CEO.

“This trial should serve as a catalyst propelling regulators toward the formulation of a unified framework, harmonising cryptocurrency regulations with the established norms governing traditional financial systems.

“Critics have long decried the lack of oversight and susceptibility to manipulation within cryptocurrency markets.

“By subjecting Sam Bankman-Fried and FTX to the same regulations that traditional financial institutions abide by, this trial sends a resounding message on commitment to equitable and transparent practices.”

He continues: “The crypto market, like any other sector, is not immune to the presence of bad actors.
“The trial presents a unique opportunity to pinpoint and penalise individuals or entities which might have engaged in illicit pursuits. By holding alleged wrongdoers accountable, it underscores a dedication to expelling unscrupulous actors from this burgeoning sector, ultimately creating a safer environment for all participants, including retail and institutional investors.”

Investor confidence constitutes the linchpin for the mass adoption of cryptocurrencies. Nigel Green says: “A meticulously conducted trial resulting in appropriate repercussions will inevitably boost trust among investors in the asset class.

“This trust would further attract investors, especially institutional investors, who bring huge capital, expertise and influence, thereby contributing to crypto’s broader acceptance.”

He concludes: “This is the biggest legal battle in crypto history.

“But it also constitutes a formidable test, and its potential positive outcomes for the crypto market should not be wasted.”

About:

deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of offices across the world, over 80,000 clients and $12bn under advisement.

Cryptocurrencies Opinions
03 Oct

Bitcoin: Technical analysis favours more gains

By ForexTime

  • Bitcoin pulls back after soaring to 6-week high
  • Prices broke beyond neckline of “inverse head-and-shoulders”
  • $30k handle could be attained if pattern plays out
  • ADX, RSI indicators also suggest more immediate headroom

Bitcoin on Monday (Oct 2nd) surged to its highest levels since Aug. 17th!

Cryptos climbed as Ether futures exchange-traded funds (ETF) were launched in the US at the start of this week.

 

Along the way, Bitcoin broke through the neckline of an inverse head-and-shoulder pattern, to a high of $28604.38.

Bulls delivered a strong close above its 50-day SMA but gave up close to 50% of its rally for the day.

This “area of surrender” for Bitcoin bulls coincides with the resistance line of the upward-sloping channel, drawn from the September 1st high of $26,137.37.

 

Inverse head-and-shoulder pattern has measured move objective of $2,633.38.

Note that Bitcoin has been able to retrace its steps from that $24,871.78 inverse head’s intraday low on September 11th, back towards its neckline.

This suggests that a similar-sized move ($2,633.38) could materialize to the upside

In fewer words, should this pattern play out, Bitcoin may get to within touching distance of the $30,000 handle.

According to Thomas Bulkowski, in his book “The Encyclopedia of Chart patterns” this reversal pattern has a 9% failure rate and meets its target 51% of the time.

 

Broken neckline: retested

At the time of writing, Bitcoin is paring yesterday’s surge to move back closer to the broken neckline.

Failure to close back below the broken neckline or the significant 78.6 Fibonacci level at $27446.25, could embolden Bitcoin bulls to test the 100 Fibonacci level at $28147.19 with eyes set on the upper line of the ascending channel mentioned above.

The Fibonacci levels are taken from August 29th’s high at 28147.19 to September 11th’s low of $24871.78.

 

Technical indicators suggest limited immediate gains

The Average Directional Movement Index (ADX) – an indicator that displays directional trend strength – is showing a strong bullish strength as it is above its 20 threshold and pointing upwards.

Furthermore, we see the 14-day relative strength index (RSI) tethering on the edge of being overbought, with room for a marginal move to the upside.

 

Overall, Bitcoin bulls will be hoping that seasonality will kick in once more, given that Q4 tends to see double-digit gains for the world’s oldest and largest crypto.

Forex-Time-LogoArticle by ForexTime

ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com

Cryptocurrencies Financial News
22 Sep

The cryptocurrency market digest (BTC, ARK). Overview for 22.09.2023

By RoboForex.com

The BTC exchange rate could not support the growing momentum and slid back to 26,654 USD.

Once again, the same scenario is developing in the digital asset market. The price of the flagship cryptocurrency gradually drops, and the market starts buying vigorously. The value rises by 4-5%, and then just as quickly falls back down within two days.

This will continue until the market has a clear buying driver.

Such a catalyst could be the news about the approval by the US Securities and Exchange Commission (SEC) of applications for bitcoin-ETF licencing. But the information on this matter will only be available in mid-October.

The marks of support levels are relevant again. These include 25,500 USD and 25,150 USD, with resistance at 27,800 USD. Another growth attempt to break through resistance has failed.

The cryptocurrency market capitalisation has dropped to 1.06 trillion USD. The BTC share is still at 49.2%, while the share of ETH has declined to 18.2%.

The value of ARK has fallen sharply

The price of one of the most discussed tokens on the market, ARK, has dropped markedly, with the quotes losing 20% in 24 hours. The capitalisation of the coin decreased to 100 million USD.

Polygon introduces Pokémon NFTs

Polygon blockchain has launched NTF cards featuring legendary anime Pokémon, and they sold out at once. The original cost of these cards increased ten times, with 175 cards being sold within seconds.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Cryptocurrencies Financial News
20 Sep

The cryptocurrency market digest (BTC, USDC). Overview for 20.09.2023

By RoboForex.com

The BTC exchange rate surged to 27,104 USD on Wednesday.

Bitcoin is back in the game. On Monday, the market began aggressive buying, which came to a sudden halt on Tuesday, just as abruptly as it started. Nevertheless, during this time, BTC managed to achieve a three-week high. Since September 12, the market capitalisation of BTC has increased by nearly 10%. The pivotal supporting event here is the upcoming launch of the first Bitcoin ETF.

Recall that important support for the leading cryptocurrency is at the 25,150 USD level. Resistance stands at 27,800 USD, and it is critical for BTC to break through this level.

Today marks the conclusion of the regular meeting of the US Federal Reserve. The interest rate situation is clear: it will remain at 5.5% per annum. However, the major intrigue lies in what the Fed will communicate about its future decisions. News from this front could attract more attention to cryptocurrencies.

The cryptocurrency market capitalisation has risen to USD 1.07 trillion. BTC’s share has increased to 49.2%, while the ETH share has decreased to 18.3%.

Binance and Grayscale are the leading BTC holders

According to publicly available information, currently, the most substantial holders of the flagship cryptocurrency include Satoshi Nakamoto, who may own at least 750 thousand BTC. Binance holds another 643.5 thousand BTC, and Grayscale’s assets are estimated at 627.7 thousand BTC.

Circle launched stablecoin

Circle developers have announced the launch of the USDC stablecoin on Polkadot’s Asset Hub. This token can be employed in other parachains using the XCM protocol.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Cryptocurrencies Financial News
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