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Peter Schiff Claims The Latest Bitcoin Rally Is Due To Major Manipulation By Whales

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Whales Are Responsible For Bitcoin’s Latest Rally, NOT China: Peter Schiff
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Bitcoin has registered a strong recovery the past few days from lows of around $8.6K. At the time of publication, BTC is sitting comfortably above $9,400. Perhaps the most interesting thing about this rally is that it came hot on the heels of public criticism from a mainstream investment bank. 

However, gold bug Peter Schiff is not convinced by the authenticity of the rally. Schiff believes it is purely market manipulation caused by bitcoin whales.

Schiff: Whales Are Manipulating BTC Price To Downplay The Impact Of Goldman Sachs’ Criticism

Peter Schiff is fond of ridiculing the flagship cryptocurrency. He recently responded to a tweet from Tyler Winklevoss, the co-founder of Gemini cryptocurrency exchange, which noted that bitcoin laughed off Goldman Sachs’ disparaging remarks with a stellar rally.

In his response a few hours ago, Schiff alluded that whales like Winklevoss are deliberately manipulating the bitcoin price “to downplay the significance of the bad news”. He then called bitcoin a “pyramid scheme” that is running low on the supply of fools and enough institutional investors to keep it alive.

To no one’s surprise, the crypto Twitter community joined forces against Peter Schiff, including Tyler Winklevoss who basically stated:

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“As long as you’re around, the supply of fools will never be running too low.”

A Common Enemy

Although Tyler Winklevoss and Peter Schiff are at loggerheads with the price manipulation claims, they both agree on one thing: the ongoing money printing amid COVID-19 will accelerate a paradigm shift in the global economy.

They have both expressed their distrust in the actions taken by central banks, advising their followers to invest in stores of value like gold and bitcoin because fiat will get debased ultimately. Last month, Winklevoss suggested that the Federal Reserve has “set the stage for the rise of bitcoin”. Schiff, on the other hand, recently advised investors to buy gold and silver as a hedge against the inflation he sees coming from all the monetary expansion.

In the current climate, market experts understand the importance of storing wealth in hard assets that are uncorrelated to the traditional stock markets, hence immune to inflation.


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/peter-schiff-claims-the-latest-bitcoin-rally-is-due-to-major-manipulation-by-whales/

Blockchain

Ripple Price Analysis: Things Looking Grim for XRP as Bears Attempt To Push Below 1900 SAT

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  • XRP has moved sideways over the last few days as the bulls battle to defend $0.175.
  • A break beneath $0.175 could result in XRP unwinding toward $0.15.
  • Against Bitcoin, XRP continues to make lower lows as the sellers flirt with breaking beneath 1900 SAT.

Key Support & Resistance Levels

XRP/USD:
Support: $0.175, $0.171, $0.157.
Resistance: $0.185, $0.192, $0.20.
XRP/BTC:
Support: 1900 SAT, 1890 SAT, 1873 SAT
Resistance: 1950 SAT, 2000 SAT, 2070 SAT.

XRP/USD: Bulls Continue Defence of .5 Fib Retracement

After falling beneath the descending triangle pattern last week, XRP has continuously dropped lower until the support was found at $0.175 (.5 Fib Retracement). The price has spiked beneath this support, but the buyers managed to keep it above $0.175 for the closing price of each day.

A break beneath the support at $0.175 would create a fresh 3-month low price for XRP and would likely cause it to unwind toward $0.15.

cc-xrpusd-jul2
XRP/USD. Source: TradingView

XRP-USD Short Term Price Prediction

Looking ahead, if the bulls can defend $0.175 and rebound from here, the first level of resistance lies at $0.185. Above this, added resistance is located at $0.192 and $0.20 (100-day EMA).

On the other side, if the sellers break beneath $0.175, the first level of support lies at $0.171. Below this, added support is found at $0.157 (.618 Fib Retracement) and $0.15.

The RSI is well beneath the 50 line as the bears dominate the market momentum. For a sign of XRP recovering, look for the RSI to start to rise toward the 50 line to indicate decreasing bearish momentum.

XRP/BTC: XRP Set To Push Beneath 1900 SAT

Against Bitcoin, XRP continues to create fresh lows as the sellers attempt to push the market beneath the 1900 SAT support. It has been falling continuously against BTC over the past three months and has dropped by a total of 33% during the period.

A break beneath 1900 SAT would shift the sentiment into an extremely bearish outlook for XRP as fresh multi-year lows will be created.

cc-xrpbtc-jul2
XRP/BTC. Source: TradingView

XRP-BTC Short Term Price Prediction

If the sellers do push beneath 1900 SAT, the first level of support lies at 1890 SAT. After that, added support is found at 1873 SAT and 1834 SAT.

On the other side, the first level of resistance lies at 1950 SAT. Above this, added resistance is found at 2000 SAT and 2070 SAT.

The RIS is in oversold conditions as the bears dominate the market momentum. However, the Stochastic RSI is primed for a bullish crossover signal that would send the market higher.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/ripple-price-analysis-things-looking-grim-for-xrp-as-bears-attempt-to-push-below-1900-sat/

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Tesla Stock Surpasses $1,200 — Now 30% Higher Than Bitcoin Market Cap

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The stock price of Tesla (TSLA) surpassed $1,200 in pre-market, achieving a market capitalization of over $220 billion. Now, the most valuable car company in the world is worth 30% more than the entire market cap of Bitcoin (BTC), the biggest and most popular cryptocurrency in the world. 

Tesla overtook Toyota to become the highest-valued car manufacturer in the global market. It now looks to establish its dominance in the sector as its stock continues to soar.

The stock price of Tesla surpassed $1,200 in pre-market

The stock price of Tesla surpassed $1,200 in pre-market. Source: CNBC

Catalysts sending Tesla stock upwards and its relation to Bitcoin

According to data from the Nasdaq exchange, Tesla officially hit $1,214 with an 8.5% increase in stock price. Analysts mainly attribute the uptrend of TSLA to the expectations of high Q2 sales 

Elon Musk, the CEO of Tesla, said he is amazed by the execution of the company. He told the employees in an email:

“Just amazing how well you executed, especially in such difficult times. I am so proud to work with you!”

The positive sentiment of Musk around Q2 led analysts to be optimistic towards a potentially profitable quarter. Electrek, an energy-focused publication, estimated that Tesla could have delivered upwards of 90,000 cars in the second quarter.

Following the rally of Tesla, Wedbush analyst Dan Ives said he now expects the stock price of Tesla to hit $2,000 in the long-term. Ives said in a note:

“We believe with demand for Model 3’s ramping stronger than expectations in China heading into the summer timeframe, the lockdown easing in the US/Europe, and some potentially “game-changing” battery developments on the horizon that Tesla’s stock likely has room to run further.”

Other major stocks like Apple and Microsoft have maintained their momentum in recent months, buoyed by optimism in the U.S. stock market.

While Tesla and Bitcoin have no price correlation or any similarity, the valuation of Tesla shows two things about the top cryptocurrency. 

First, Bitcoin is still at an extremely early phase of growth, and as such, has a large potential to grow further. Second, the uptrend of equities despite clear geopolitical and macro risks may positively affect risk-on assets in the third quarter.

Similar sentiment as BTC in 2019

Throughout the first half of 2020, Tesla consistently ranked as one of the most shorted stocks in the U.S. Based on the data from the Nasdaq exchange, it remains as a heavily-shorted stock to this date.

Most viewed stocks in Nasdaq’s short interest list

Most viewed stocks in Nasdaq’s short interest list. Source: Nasdaq

Similarly, when the price of Bitcoin saw massive rallies in 2019, it was primarily triggered by a squeeze of short contracts. In July 2019, as an example, BTC rose to $14,000 from around $6,000 within a span of months. It was shorted aggressively on BitMEX, and as BTC moved upwards, it liquidated many short contracts.

The Tesla stock is portraying a FOMO rally as Bitcoin did in previous years. As TSLA surges past its record high price, the chances of price discovery rise as it moves into uncharted territory.

Source: https://cointelegraph.com/news/tesla-stock-surpasses-1-200-now-30-higher-than-bitcoin-market-cap

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Fundamentally Strong: Bitcoin Hit These Highs Today Despite Stagnant Price Action

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The last few weeks were quite stagnant for Bitcoin in terms of price movement, considering the cryptocurrency is famed for its price action. However, while BTC price is looking pretty unexciting in recent times, Bitcoin is fundamentally strong as the network activities continue to record new highs.

Positive On-Chain Market Activities

According to insight first shared by Glassnode CTO Rafael Schultze-Kraft, on-chain market metrics including transaction counts, new addresses, active addresses, and spent outputs had positive performances yesterday.

The number of daily new addresses reached a 2-year high of 560k. The last time a similar figure was recorded was during the bull run in late 2017 and early 2018. During that period, the number of new addresses created daily was between 800k and 600k. Since then, the number has never surpassed 550k until July 1, 2020, data on Glassnode reveals.

new_addresses
New Bitcoin Addresses. Source: Glassnode

The total number of addresses on the network is now above 670 million. However, there are only 2,135 whale addresses with a balance of at least 1,000 BTC and less than 110 addresses with at least 10,000 BTC.

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Glassnode further revealed that the daily active addresses saw a spike and reached above the 1.08 million mark for the first time since January 2018 when the total recorded was 1.24 million. Active addresses are unique addresses on the network that either send or receive coins.

active_addresses
Active Bitcoin Addresses. Source: Glassnode

The surge in the number of new and active addresses caused led to an increase in hourly on-chain transactions. The daily transaction count is now at 382k. The last time Bitcoin’s daily transaction count was this high was about ten months ago. Also, the number of hourly spent outputs with a lifespan of 24 hours is at its highest level.

Hash Rate Recovering Well

Despite the recent halving, the amount of transactions processed per second has reached a one-year high. Following the third halving event, the transaction rate dropped to as low as 2.48 transactions per second. However, on July 1, the transaction rate was at 4.42 transactions per second.

The network’s computing power has also recovered from the post-halving crash. On May 15, just a few days after the halving event, Bitcoin’s hash rate recorded a massive 32% drop to 91.265 TH/s. However, as of July 1, the hash rate was solidly above 125 TH/s, making the network more secure.

Meanwhile, Bitcoin is currently hovering around $9,200, with a total market cap of $170 billion.

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Source: https://cryptopotato.com/fundamentally-strong-bitcoin-hit-these-highs-today-despite-stagnant-price-action/

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