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- Bitcoin’s price crashes to almost $30k.
- Moreover, top altcoins may experience a bearish market.
Bitcoin continues to be one of the active cryptocurrencies closely monitored by many investors around the world. In the past few days, BTC has kept dominating the crypto world by breaking one resistance level after another. Today, BTC opened its day at a price of $38,000 and plunged to almost $30,000. Hence, BTC price crashed to over -22% from its $41,950 resistance level.
This bearish performance of Bitcoin made crypto mentor and investor DonAlt react in a tweet.
That does indeed look like a big drop even though it just revisited the first support on the chart.
Given this is a parabola losing support wouldn’t be optimal so this is the level to watch. pic.twitter.com/juhGm2MOID
— DonAlt (@CryptoDonAlt) January 11, 2021
Aside from DonAlt, there are also other crypto holders on Twitter who are waiting for the Bitcoin price to nosedive. One of these Twitter personalities is Lark Davis, another crypto personality.
In terms of Bitcoin’s price volatility, the crypto community has several points of view. Also, there are others that see the decline of Bitcoin as a retracement, while others believe it is a bearish signal.
At the same time, the bearish price of Bitcoin was also felt by most of the altcoins in the crypto world. Recently, the price of altcoins such as ETH, XRP, and BCH, to name some, suffered to over -10% 24-hour loss.
Are you now curious about the direction of cryptocurrencies amid the Bitcoin nosedive? Let us find out in this CoinQuora price analysis. Similarly, let us identify if the crypto market is entering a bearish signal or if it is just retracing.
Ethereum is one of the most active digital assets in the crypto industry. In fact, ETH technology is one of the top choices of many startups in creating their cryptocurrency. Therefore, the mass adoption of ETH cryptocurrencies is expected. However, despite how popular ETH in the crypto market, Ethereum still can’t escape market downs.
As seen in the graph above, ETH experienced an unexpected bearish dip from its uptrend signal in the past days. Today, the crypto trades a low price of $1,001 with a decline rate of -20% in the past 24 hours. Also, ETH price positioned itself below the Arnaud Legoux Moving Averages (ALMA), a bearish indicator.
Ripple ( XRP)
Ripple has shown a great performance in recovering from its bearish signal in the past week. Lately, XRP price has surged up to $0.37 from its bearish position of $0.17. Consequently, the market capitalization of the crypto boosted to over $16 billion.
After a few days of its price surge, the price of XRP declined. XRP price plunges to over $0.25, a price level that breaks the support level of $0.28. In other words, XRP is now facing a downtrend within the bearish territory. But, XRP still has the opportunity to recover since its Moving Average Convergence/Divergence (MACD) still moves above the signal indicator.
Bitcoin Cash (BCH)
Bitcoin Cash is also one of the altcoins that were caught in the crypto market’s wild market swings. As a result, the crypto market capitalization declined from $11 billion to $9 billion. For this reason, the crypto is now facing a bearish market.
As of the time of writing, the crypto trades $500 per crypto with a decline rate of -12.3% in the past 24 hours. If this continues, the price of the crypto might fall deeper to $417.52, a bearish territory.
In terms of trading, the relative strength index (RSI), is now performing a price reversal. In other words, BCH right now is not recommendable for scalping and day trading. In this case, swing and position traders might have a greater advantage.
In conclusion, Bitcoin’s bearish performance is not just felt by the coin itself. In the same way, altcoins in the crypto world seem to be affected by BTC’s activity. Therefore, it is important to monitor the movement of Bitcoin. Accordingly, we can identify whether the price of the coin and other altcoins in the crypto world would retrace or head already to the bearish territory.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.
Profiting from Crypto: Here’s a tool that’s actually useful
Introduction to Profit Farmers
It’s no hidden secret that Bitcoin has been on a record-breaking bull-run ever since PayPal announced they’d offer their users the ability to use Bitcoin and other altcoins for transactions.
This has led to numerous altcoins rising in value too, riding in the slipstream of Bitcoin’s big rush.
With all these crazy gains being reported, many of us are left wondering;
“How can I best capitalize on crypto’s opportunities without rushing in and making mistakes?”
Well, that’s precisely the question I’ll attempt to answer today.
There’s a crypto trading tool called ProfitFarmers that claims it can help you make more profitable trades without all the stress, staring into charts, and the years of experience otherwise needed.
Their website boasts no commissions or fees on your trades, complete honesty on how their tool functions and a 100% money-back guarantee in the event their tool doesn’t offer you profitable opportunities.
In light of that, you’d be wise to set aside the next 5 short minutes to look into ProfitFarmers with me!
What is ProfitFarmers?
Put simply, ProfitFarmers is a subscription-based service that produces trading signals, which are complete instructions for trading a given coin pairing from entry to exit.
ProfitFarmers is integrated with Binance through an API, so all your trades and profits actualize within your own account on Binance. This also makes it possible for PF to place trade orders on your behalf, saving you time, hassle and preventing accidental errors!
PF’s integration with Binance means you only need to click on a signal from their dashboard, enter how much you wish to trade with, and let ProfitFarmers’ software handle the rest!
ProfitFarmers will perform your trade from entry to exit based on the information programmed within the trading signal.
This also includes a stop-loss function where ProfitFarmers will place an order to sell your coins if the price takes a turn in the wrong direction. Perfect for anyone looking to make their risk management less of a headache to keep ‘on good terms’ with!
With absolutely no commissions or fees on your trades, ProfitFarmers is one of the few platforms where you can make trades knowing 100% of the profits you make are 100% yours to keep.
Better yet, thanks to their 100% money-back guarantee, you can join ProfitFarmers with the assurance that you WILL be presented with a fair amount of trading signals that offer a profitable opportunity each month.
Tools for more experienced traders:
Besides from the main features described above, ProfitFarmers entails a host of tools designed for the more experienced and active traders to make use of. These tools are the Price Action Scanner, RSI Scanner, and a manual trading terminal linked directly to the Binance Exchange.
Maximize your profitability with the manual trading terminal by using some basic chart analysis to achieve close-to-perfect entry and exit points on your trades!
On a bi-weekly and monthly basis, Matthew Tansley (ProfitFarmers founder) creates a video breaking down their trading signal’s performance for everyone to digest.
These breakdowns are particularly beneficial for members, as the videos give valuable insights on what signals, strategies, and coin pairings are trending with the highest profitable performance.
For 6 months their Signal win rate has NOT been below 70%! That’s really impressive…
ProfitFarmers’ signal results & performance breakdowns dating months back are publicly accessible for everyone to go through on their website.
For the month of November, ProfitFarmers produced 256 trading signals, of which 81% hit target 1 (of 4 targets, where the higher the target hit, the higher the % peak gains offered).
Perhaps even more enticing is the fact that 61% of November’s signals hit targets 2,3 or 4, offering even higher money-making opportunities.
Here is the “Average Profit % Per Target” breakdown for the month of November:
Would you like to instantly increase your chances of making more profitable trades today?
If you don’t want to spend years learning and hours stressing & staring into price charts all day, then I’d say ProfitFarmers is your best bet moving forward.
This platform offers tech-savvy answers to some of the biggest questions and pain-points involved with trading crypto. Save yourself the time and hassle by utilizing a tool that has been proven to do a majority of the ‘heavy lifting’ in trading for you.
With trade signals boasting a 78% all-time historical win rate and ProfitFarmers 100% money-back guarantee if that number ever falls below 60%, you can try ProfitFarmers with more peace of mind than any other tool I’ve seen on the market.
To start using ProfitFarmers or learn more about what they do, visit their website here!
Let me know about your experience with ProfitFarmers in the comments below.
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Marathon invests $150 million in Bitcoin
Bitcoin mining firm Marathon has purchased 4,812.66 BTC for a total of $150 million, according to a press release shared with Coin Rivet.
The Nasdaq-listed company executed the trade in collaboration with financial services provider NYDIG.
“By purchasing $150 million worth of Bitcoin, we have accelerated the process of building Marathon into what we believe to be the de facto investment choice for individuals and institutions who are seeking exposure to this new asset class.
“We also believe that holding part of our Treasury reserves in Bitcoin will be a better long-term strategy than holding US Dollars, similar to other forward-thinking companies like MicroStrategy,” said Merrick Okamoto, Marathon’s chairman & CEO.
Okamoto goes on to state that Marathon is contracted to purchase 103,060 miners that will be fully operational by the end of the first quarter of 2022.
Marathon Patent Group, Inc. (NASDAQ:MARA) (“Marathon”) today announced that it has purchased 4,812.66 BTC in an aggregate purchase price of $150 million via @NYDIG_BTC. Another public company adopts #Bitcoin as a treasury reserve asset. https://t.co/acwghygNxC
— Michael Saylor (@michael_saylor) January 25, 2021
Robby Gutmann, co-founder and CEO of NYDIG, added: “We deeply admire Marathon’s commitment to the Bitcoin ecosystem, and we are very pleased to add them to the list of companies who utilise NYDIG as the institutional choice for Corporate Treasury Solutions.
“NYDIG is uniquely positioned to help corporations navigate the challenges they face around executing and structuring the holding of large Bitcoin positions, and our ability to deliver Marathon a tailored and custom solution, with a quick turnaround, and no market impact, is why corporations and insurance companies choose NYDIG.”
Marathon is the latest in a long list of companies to put respective balance sheets into Bitcoin, with MicroStrategy holding more than $1 billion while Square purchased $50 million late last year.
For more news, guides and cryptocurrency analysis, click here.
PayPal allows Bitcoin and cryptocurrency transactions
Just a few years ago, Paypal used to categorically oppose Bitcoin as a payment method. For those who used to buy Bitcoin during the prior bull run, in 2017, you might remember the large interest of Paypal users in finding ways to obtain cryptocurrency. Paypal did not only take an opposing stance but they even closed accounts associated with cryptocurrency purchases.
Fast forward to 2020, and we are seeing an incredible development taking place – Paypal finally supports cryptocurrency transactions. While the new feature of the payment system is only a few weeks old, many people are not yet aware of the specifics. And that’s exactly why we wrote this article.
Over the next few paragraphs we will break down the new offer of Paypal, and how it affects the industry as a whole. Let’s get started.
Paypal enables cryptocurrency storage
As of November 2020, users are now able to purchase Bitcoin, Ethereum, Litecoin and Bitcoin Cash directly through Paypal.
<blockquote class=”twitter-tweet”><p lang=”en” dir=”ltr”>Now you can buy, hold and sell <a href=”https://twitter.com/hashtag/Crypto?src=hash&ref_src=twsrc%5Etfw”>#Crypto</a> with PayPal. Start with as little as $1 in the PayPal app today. Terms apply. <a href=”https://t.co/ydl63Q5kGB”>https://t.co/ydl63Q5kGB</a> <a href=”https://t.co/ArZP2FgrSk”>pic.twitter.com/ArZP2FgrSk</a></p>— PayPal (@PayPal) <a href=”https://twitter.com/PayPal/status/1330919854724026373?ref_src=twsrc%5Etfw”>November 23, 2020</a></blockquote> <script async src=”https://platform.twitter.com/widgets.js” charset=”utf-8″></script>
The offer initially rolled out for users who reside in the United States, and was later enabled to more than 380 active Paypal users around the globe.
Here’s how the process works:
- Users can select to either buy or sell the cryptocurrency they want from the dashboard of Paypal.
- After making a purchase, the coins remain in their account and cannot be transferred elsewhere. Paypal thus offers “paper crypto”, also known as a representation of cryptocurrency backed by the real asset.
- Due to being unable to transfer the funds. Users are eventually prompted to sell their coins back to the platform.
- While this limits the use of cryptocurrency obtained through the platform there is some great news as well. Until 2021, users do not need to pay any fees when buying or selling coins through the platform.
So is this a good thing for the growth of the industry?
Many claims that the somewhat “centralized” approach that Paypal adopts when it comes to cryptocurrency transactions gives the wrong message towards the public. Several authoritative cryptocurrency investors believe that new users should be able to use their coins as they please, and not be forced to hold onto them within the platform of Paypal.
However, there are some very good news for the industry as well. These are the developments you need to keep in mind as we are entering 2021 with a nearly fully recovered Bitcoin:
1. Paypal now buys ±70% of all new BTC
Since their recent announcement, more than 20% of Paypal’s users have already bought some form of cryptocurrency. To support this extremely large user demand, Paypal is now forced to purchase nearly 70% of the daily minted supply, which equals roughly to 630 BTC. This move sharply increases the difficulty of obtaining new Bitcoin, which in turn increases its scarcity and price.
2. Paypal improves accessibility to crypto
New technologies always take time to develop, especially when the majority of people are not very accustomed to decentralized technology. Paypal’s decision to support cryptocurrencies massively expedites this process, making the UX/UI issues disappear. Every Paypal user has now full access to cryptocurrency and can purchase however much they like.
3. Cryptocurrency will soon be used when paying all Paypal-supported merchants
Starting from early 2021, Paypal users will be able to use their cryptocurrency to make payments to all 26 million merchants that support the payment system on a global scale. This brings cryptocurrency one step closer to being adopted as a fully capable and globally adopted payment system.
Paypal’s move towards cryptocurrency support and mainstream adoption makes perfect sense when looking at the recent economic and geopolitical developments. With Bitcoin making a full recovery over the past two years, there is now concrete proof that cryptocurrency is here to stay. Those who welcome new technologies will be the ones that benefit most from it, and Paypal seems to have a low time-preference when it comes to their enhanced business model.
For now, we will need to patiently wait until more payment systems and institutions decide to join the BTC revolution. Who knows what the future may hold? We may soon see Bitcoin climbing to new highs, satisfying even the most demanding Paypal users.
Santa is a Latvia-based cryptocurrency journalist with a passion for covering the latest happenings in the cryptocurrency and tech world. In addition to being the analytics specialist of Paybis, Santa is also into consulting, reading,
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