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Bitcoin Price Analysis: BTC Now At Crucial Resistance – $9,200 Or $10K Next?

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Rich Dad, Poor Dad author Robert Kiyosaki doubled-down on his vision that Bitcoin has the same role among young people as gold has among the elderly. He also noted that BTC and precious metals “make people smarter, richer, and stronger against Fed.”

Bitcoin Will Make You Smarter And Richer: Kiyosaki

The author of the New York Best Seller book Rich Dad, Poor Dad, took to Twitter his opinion about Bitcoin, gold, and silver.

Kiyosaki noted that what BTC does for younger generations, is what gold represents for the elderly, as they embody the tools to fight the “corrupt Fed.”

The comparisons between the two assets date years ago. Technically, they are both mined in one form or another, have a limited supply, and are considered commodities by the CFTC. According to Kiyosaki, the two assets and silver can make investors smarter and richer and more robust against the Fed’s actions.

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His views that young people prefer Bitcoin, while the elderly head for gold, was recently supported by a survey. It indicated that younger generations were buying or contemplating purchasing the primary cryptocurrency, while those aged 65 and more said that gold has proven itself in time and deserved higher recognition.

Additionally, a Charles Schwab report from last year pointed out that millennials (born between the mid-1980s to late 1990s) are especially fond of the Grayscale Bitcoin Trust (GBTC). By compiling a poll, the young generation had placed GBTC as their 5th most used investment instrument.

Kiyosaki’s Views On BTC

While being a long-term supporter of gold and silver, the popular author and entrepreneur recently had a change of heart towards the primary cryptocurrency. In a January 2020 interview, Kiyosaki prompted people to buy the precious metals but said that Bitcoin might not survive the next crisis.

Robert Kiyosaki. Source: RichDad
Robert Kiyosaki. Source: RichDad

However, it seems that the next crisis, which came shortly after the interview, has changed his opinion. The COVID-19 pandemic unleashed a global crisis, in which most financial assets lost substantial chunks of their value.

And while the global stock markets have recovered mainly because governments printed excessive amounts of fiat currencies to insert in them, Bitcoin has regained its positions on its own. As such, Kiyosaki has been much more favorable towards the first-ever cryptocurrency lately.

Referring to those particular events in which the US economy was flooded with trillions of dollars in a short time, he urged people to avert from cash because it will lose its value. Instead, Kiyosaki advised that they should accumulate more bitcoins, which he called “people’s money,” and gold – “God’s money.”

Later, he predicted that gold will reach $3,000 in a year, while silver will go up to $40 in five years. Interestingly, both precious metals have indeed increased in value since then. Kiyosaki’s forecast on Bitcoin was much more optimistic as he sees the cryptocurrency skyrocketing to $75,000 in three years.

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Source: https://cryptopotato.com/robert-kiyosaki-bitcoin-gold-and-silver-make-people-smarter-and-richer/

Source: https://platoblockchain.net/2020/07/25/bitcoin-price-analysis-btc-now-at-crucial-resistance-9200-or-10k-next/

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Ripple Aims To Expand Its Financial Institutions Network

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Ripple, a huge crypto exchange, is now aiming to expand its Financial Institutions network by adding them as partners and customers. The firm is currently seeking to integrate two engineers as it has vacancy for them. One vacancy is for a Senior Integration Engineer in Dubai and another one is for Staff Integration Engineer in London. 

It is revealed that with the appointment of these two engineers, the financial institutions network of the company will be enlarged. Along with this, the partners of the firm will be having access to RippleNet using their own payment system. 

Ripple Staff Integration Engineer Will Create New Integration Solutions

According to the announcement, the Staff Integration Engineer of Ripple will be creating and trailing the new integration solutions. Not only this, he will also have to take part in troubleshooting sessions with companies across the world. 

Both the new recruitments will be working to design, build, test and deploy the integration solutions for the firm. They will also have to solve the challenges that clients and partners of Ripple might be facing while integration and deployment process. Both of the integration engineers will have to provide the training to the new customers of the firm.

XRP Might Grow Into a Better Payment Solution

Marcus Treacher, the senior Vice President of Customer Success at Ripple, has said that at the present moment, the transnational payments market is not working really well. He further mentioned that the way RippleNet has been working, it will be transforming the industry. According to him, XRP is having a huge potential to grow into a better payment solution than any other out there. The firm is regularly working to expand and better its services across the world by trying out different measures. This appointment of two engineers is going to play a major role in the development.

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#Better Payment Solution #Create New Integration Solutions #Financial Institutions Network #ripple #ripplenet #Senior Integration Engineer #Staff Integration Engineer

Source: https://www.cryptoknowmics.com/news/ripple-aims-to-expand-its-financial-institutions-network

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These 4 Trends Show That Bitcoin’s Likely to Move Higher After 20% Drop

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  • Bitcoin is technically in no man’s land a number of analysts have said after the crypto’s recent drop.
  • The cryptocurrency, in fact, is below the $11,000 resistance, where BTC was rejected last week.
  • Bitcoin is also above the support of the low-$10,000s, where a number of bounces have taken place over recent weeks.
  • Four key market data points suggest that BTC will soon resume its ascent, though.
  • There are also on-chain trends observed by a number of analysts that suggest Bitcoin’s prevailing trend is a bullish one.

The 4 Reasons Why Bitcoin May Continue Its Upward Ascent Soon

Since peaking at $12,500 late last month, the leading cryptocurrency has traded in a steep downtrend. The coin remains down $2,000 below those highs despite already bouncing by around $700 from local lows.

There are crucial market data points, though, that suggest that Bitcoin will continue its ascent in the near future. A crypto technician recently outlined these reasons in a Twitter thread:

  • Bitcoin’s Fear and Greed Index has dropped to a level of “Fear” after reaching extremely high levels of greed in August. The index is calculated through a variety of data sets, including market sentiment, volume, social media trends, and more. Analysts think that this works as a sort-of counter-indicator, reaching levels of Extreme Greed when a top is near and vice-versa.
  • Bitcoin is currently trading in backwardation, meaning that the price of futures for this market is below the actual spot price. According to the chart below, periods of backwardation are often seen prior to the cryptocurrency rallying higher.
  • The funding rates of BTC futures markets are currently in the red or at neutral levels. This is similar to the last point in that whenever they are in the red or neutral, rallies are to be expected.
  • There is a cluster of Bitcoin short liquidation levels above BTC’s current price, which the market will likely gravitate towards in the near to medium term.

Image

Chart of BTC's price action since the start of July with a Contango Index analysis by crypto trader Byzantine General (@Byzgeneral on Twitter). Chart from TradingView.com

On-Chain Data Agrees With This

On-chain data agrees with the bullish sentiment shared  by the aforementioned trader.

Willy Woo, a prominent on-chain analyst, recently commented:

“Another impulse of coins changing hands has completed, the next directional move over the coming weeks is likely upwards. It’s very unlikely we’ll see any kind of a catastrophic dump in price from here.”

Other on-chain trends such as the strength of Bitcoin miners, measured through the hash rate and network difficulty, also suggest a macro bullish backdrop to cryptocurrencies.

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
These 4 Trends Show That Bitcoin's Likely to Move Higher After 20% Drop

Source: https://bitcoinist.com/these-4-trends-show-that-bitcoins-likely-to-move-higher-after-20-drop/?utm_source=rss&utm_medium=rss&utm_campaign=these-4-trends-show-that-bitcoins-likely-to-move-higher-after-20-drop

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RockX Launches $20M Investment Program to Support Polkadot

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RockX, a digital asset development company, has launched a $20 million investment program. This investment program is specifically launched to support the Polkadot (DOT) ecosystem for over the next few years. It is revealed that this funding has been capped at $500,000 worth of DOT tokens per project. Along with this, the developer team of the firm will also be providing the technical support. It was also mentioned that RockX will be receiving tokens from supported projects.

RockX Launched This Program With Financial Aid From Individual Investors

Alex Lam, CEO of RockX, has said that this program has been launched with the help of financial aid from many individual investors. All the investors who have contributed in this project have not revealed their identity as they chose to be anonymous. According to him, all these anonymous investors are some prominent DOT holders. All these investors are also long-term supporters of Ethereum as they have been in the ETH community since 2015. It has also been mentioned that despite their financial support, these investors are not at all involved in any kind of project and their functioning.

Polkadot Recently Established its Treasury

This is to be noticed that this announcement of an investment program by RockX is coming a few days after Polkadot had established the Polkadot Treasury. Despite being completely different from each other, both treasury and investment program share the same goal of building and promoting the projects. It is mentioned by the CEO Lam that the strong technical background of his firm will be contributing to Polkadot. One of the managing partners of the firm, John Ng Pangilinan has said that “RockX is taking a step further to help blockchains grow by leveraging its technical capabilities and investor networks. This will set up a new collaborative model for the industry.”

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#$20M Investment Program #Alex Lam #Financial Aid From Individual Investors #John Ng Pangilinan #Polkadot #RockX

Source: https://www.cryptoknowmics.com/news/rockx-launches-20m-investment-program-to-support-polkadot

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