Connect with us

Blockchain

This Stock Market Analyst Explains Why Bitcoin Will Keep Growing

Avatar

Published

on

  • Bitcoin fell $1,500 in just three minutes in an overnight price crash Monday.
  • But the dip has not deviated the world’s leading cryptocurrency from extending its uptrend.
  • A top stock market analyst noted that risky assets would keep growing in value as long as there is a stimulus.

Bitcoin has yet another Black Swan event on Tuesday as its price crashed by $1,500 in just three minutes.

bitcoin, btcusd, xbtusd, btcusdt, crypto, cryptocurrency

XBTUSD crashed $1,500 overnight | Source: TradingView.com, BitMEX

Observed noted that a misbalancing in the Bitcoin futures’ funding rate caused the crash. That represents a fee that bullish contract holders have to pay to bearish contract holders every eight hours – or vice versa.

Before the crash, the derivative market on BitMEX was majority long, which means most of the traders expected the bitcoin price to rally further into the week. That allowed the funding rate to hit new weekly highs at 0.19 percent. On a typical day, it hovers near 0.01 percent.

Nevertheless, when the price started moving southward, it liquidated about $120 million of long contracts – causing a “Long Squeeze.” So it seems, overleveraged positions elaborated a small price dip into a bigger one, crashing bitcoin from near $10,100 to as low as $8,600.

Bullish Fundamentals Intact

Despite the dip, Bitcoin is maintaining its overall yearly gains above strong support levels. So it seems, the crypto market, which is used to surprising wild move, would likely ignore the $1,500 price crash in the context of more relevant macro developments.

For instance, the U.S. stock market was as bizarre as Bitcoin on Tuesday. The benchmark S&P 500 rose higher even though investors assessed the civil unrest across the U.S. and tensions with China. A top stock market analyst noted that most of the short-term negative fundamentals do not matter.

Edward Moya of Oanda told WSJ that risky markets have support from the Federal Reserve’s open-ended stimulus program. At the same time, Bitcoin’s erratic yet growing positive correlation with risky equities also makes it eligible to keep a similar upside sentiment.

“There’s just so much stimulus, it’s propping up the market. The stock market is now no longer a true reflection of the economy, and you’re going to see that remain the case for several years.”

Stifel (NYSE: SF) also said in an investor note on Wednesday that the S&P 500 could rally another 8 percent to 3,250 by August 30. The Wall Street firm noted that bottoming economic data, valuation growth, and optimistic technical outlook will offset risks associated with lower earnings.

“We believe the S&P 500 crossing the 50 and 200-day moving average on May 26 – May 27 signals a price of 3250 by August 30. Following a recession bear market, [crossing the moving averages] has historically signaled a price gain of 8% over the next 3 months on average,” the note read.

Bitcoin

Bitcoin painted a similar technical structure on its daily chart on May 20 amid its recovery rally.

The cryptocurrency, like the S&P 500, had bottomed in March 2020, crashing erratically by more than 60 percent in just 24 hours. Nevertheless, it negated its losses entirely after rising by up to 161.25 percent, leading many observers to see its growing positive correlation with the S&P 500.

bitcoin, btcusd, xbtusd, btcusdt, crypto, cryptocurrency

BTCUSD SPX Correlation | Source: TradingView.com

The connection between the two markets showed signs of decoupling in May 2020. But it resumed back against the backdrop of the rising Sino-U.S. geopolitical tensions over Beijing’s push for tighter security laws in Hong Kong. Bitcoin and S&P 500 erased part of their recent gains last Friday in tandem.

The losses surfaced as investors anticipated a new cold war between the U.S. and China. The sentiment, in turn, weighed on the intraday risk-on sentiment.

Conflicts

Despite its optimistic predictions for the S&P 500, Stifel mentioned a few risks that could spoil its rally.

The firm noted that the growing number of virus infections could put a brake on the U.S. benchmark’s upside moves. Meanwhile, it asserted the number of virus-attributed deaths would go down to zero by the end of next month. The real risk, Stifel, could come from political and media reactions to the virus.

‘It may have unpredictable economic effects,’ the firm said.

Meanwhile, Bitcoin will have its own-risks to battle. The cryptocurrency, now among the most profitable post-March asset, remained vulnerable to price manipulation at unregulated crypto derivatives exchanges. On a technical front, it has also failed to move above a long-term resistance trendline.

bitcoin, btcusd, xbtusd, btcusdt, crypto, cryptocurrency

BTCUSD is trading 150 percent higher from its mid-March lows | Source: TradingView.com

But market analysts remain optimistic without even referring to the S&P 500. One notable trader said that the “trendline” will become weaker after each retest.

“General rule of thumb – the more times a trendline resistance gets tested the weaker it becomes,” he explained. “Whoever artificially suppressing $10k to hold this “resistance meme” is repeating the mistake of 2018 “$6k support” holder.”

That puts Bitcoin’s upside target near $10,500, its year-to-date high.

Source: https://bitcoinist.com/this-stock-market-analyst-explains-why-bitcoin-will-keep-growing/?utm_source=rss&utm_medium=rss&utm_campaign=this-stock-market-analyst-explains-why-bitcoin-will-keep-growing

Blockchain

Binance Coin price prediction: BNB to recover $550

Tl;DR Breakdown Binance Coin price expected to BNB faces resistance at the $ mark The closest support level lies at $ After finally climbing past the $570.00 mark, Binance coin price failed to continue its bull rally, and the price has stagnated ever since and has dropped to $510.00. While the price at press time […]

Avatar

Published

on

Tl;DR Breakdown

  • Binance Coin price expected to
  • BNB faces resistance at the $ mark
  • The closest support level lies at $

After finally climbing past the $570.00 mark, Binance coin price failed to continue its bull rally, and the price has stagnated ever since and has dropped to $510.00. While the price at press time holds at $510.00, the bearish pressure is very strong, and the price may fall further in the immediate future if the selling continues.

The broader cryptocurrency market enjoys a bullish sentiment across the last 24 hours, with most major cryptocurrencies recording profits across the timeframe. Major Players include DOGE and XRP that record a 43.86 and a 16.01 percent increase, respectively. Meanwhile, Bitcoin and Ethereum record a 5.80 and a 7.99 percent hike, respectively.

Technical indicators for BNB/USDT

Binance Coin price prediction: BNB to recover $550 1

Across the technical indicators, the MACD exhibited a bullish reversal today and has remained bullish since, according to the dark green histogram. Although the indicator is still just below $-5.00, both EMAs are moving upwards. The 12-EMA is above the 26-EMA and continues diverging, suggesting an increasing bullish momentum at the time of writing.

The RSI is currently trading in the neutral zone, a little below the 50.00 mark, and the indicator has been trading in the neutral zone since yesterday. At press time against the bullish momentum in the previous hours, the indicator has seen a spike towards the oversold region, suggesting a sharp bearish reversal.

The Bollinger bands are currently wide but show convergence as the price oscillates around the $510.00 mark. The price is currently returning to the mean point, suggesting further convergence. At press time, the indicator suggests a further drop in volatility for the Binance price.

Overall the 4-hour technical analysis issues a buy signal with 12 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only four indicators issue sell signals suggesting a bearish retracement. Meanwhile, ten indicators sit on the fence, issuing no support for either side of the market.

The 24-hour technical analysis shares this sentiment and also issues a buy signal with 14 of the 26 indicators suggesting a bullish movement against only three indicators suggest a bearish retracement. Meanwhile, nine indicators remain neutral and do not issue any signals at the time of writing.

What to expect from Binance Coin price?

Binance Coin price prediction: BNB to recover $550 2

Traders should expect the Binance Coin price to continue its recovery as the price rises towards the $550.00 mark once again. The positive technical indicators and the supportive technical analyses suggest a bullish breakout from the level as the price continues its rise to the $600 mark.

However, the Binance Coin price faces resistance at the $530.00 mark, which prevents the bulls from gaining momentum. However, the selling pressure is relatively low, and the bulls may break above in the next few hours.

On the off chance that the Binance Coin price action is rejected at the level, Binance Coin price finds support at the $500 mark and further below at $480.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptopolitan.com/binance-coin-price-prediction-2021-04-19/

Continue Reading

Blockchain

Refinable as the First Binance-Exclusive IDO on Polkastarter

Refinable has the distinction of being the very first marketplace for non-fungible tokens on the Binance Smart Chain. It has the backing of Mr. Beast and Binance, and the marketplace is specifically aimed to help investors accomplish a variety of functions with NFTs in an easy and hassle-free manner. It allows investors to trade and …

Avatar

Published

on

Refinable has the distinction of being the very first marketplace for non-fungible tokens on the Binance Smart Chain. It has the backing of Mr. Beast and Binance, and the marketplace is specifically aimed to help investors accomplish a variety of functions with NFTs in an easy and hassle-free manner. It allows investors to trade and leverage their market positions while allowing the developers and creatives to create and discover NFTs. The vision of Refinable is to offer the next generation of the platform capable of processing digital transactions with desirable effectiveness and efficiency.

And now, adding another feather to its well-adorned cap, Refinable will become the very first Polkastarter IDO that will make its debut on the Binance on April 23, 2021. Polkastarter is a platform that helps the project to raise capital and is built for the auctions and token pools on the cross-chain.

Refinable as the First Binance-Exclusive IDO on Polkastarter

Expressing positive sentiments on this partnership, co-founder and chief executive officer of Polkastarter, Daniel Stockhaus, said that their organization was thrilled to make the platform available for the community of Binance. The entry of the Refinable is just the first step, and in the future, more such project will make their way into the very vibrant ecosystem of the Binance Smart Chain.

It is important to note that very recently, Polkastarter has started trading on the Uniswap and PancakeSwap, thanks to the bridging of its token, $POLS with Binance. Now the communities of both platforms can easily bridge their tokens using the app of Multichain.xyz.

The performance credential of the Polkastarter can be easily estimated from the fact that this capital-raising startup has raised $13.2 million for more than 40 projects in just 4 months in the past. On April 23, a total of 500,000,000 $FINE tokens will be distributed by Refinable in two different pools before making its token listing on the PancakeSwap.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptonewsz.com/refinable-as-the-first-binance-exclusive-ido-on-polkastarter/

Continue Reading

Blockchain

Mining Bitcoin: How to Mine Bitcoin

Introduction to Bitcoin Mining Mid-19th century California gold miners were called “forty-niners” after the year 1849, but this rush actually spanned from 1848-1853; it took five years for a quarter-million people to flood the state in search of “free wealth”. Satoshi Nakamoto first published the white paper on cryptocurrency back in 2008, and Bitcoin was … Continued

The post Mining Bitcoin: How to Mine Bitcoin appeared first on CryptoCanucks.

Avatar

Published

on

Introduction to Bitcoin Mining

Mid-19th century California gold miners were called “forty-niners” after the year 1849, but this rush actually spanned from 1848-1853; it took five years for a quarter-million people to flood the state in search of “free wealth”. Satoshi Nakamoto first published the white paper on cryptocurrency back in 2008, and Bitcoin was launched in 2009. Today, in 2019, there are at least a million bitcoin miners around the world. A single bitcoin (or “1 BTC”) is worth almost $10,000, give or take a few hundred dollars, and there are around 1,800 new bitcoins mined every day, meaning there’s a whopping $18,000,000 being ‘created’ every day.

Not bad for ten years. No wonder everyone wants to learn how to mine bitcoin.

A Brief History on Money

Cryptocurrency is math that can be used as money.

Money is, fundamentally, an accounting of debt; you owe someone for a good or service, and giving them money erases that debt. Banks are giant ledgers, accounting for every transaction – when you paid for your coffee, this “ledger” sees that you lost $2 and the coffee shop gained $2.

Paper dollar bills do not record this specific transaction – who lost and who gained those $2 – but they act as evidence of a transaction having taken place at some point. In fiat currency, a state is the ultimate arbiter or holder of all the debts – and the one that mints, or makes, the currency in the first place. They account for how much currency they put out, and approximately how much is present now; the only road bump being that they do not know every transaction in between.

In cryptocurrency, no one person or entity controls a central ledger, because this “ledger” is effectively on every computer connected to the network of that currency; everyone has it. Since each unit of the cryptocurrency is composed of math, as opposed to physical substances like paper or gold, this math effectively records every transaction

So Where Does it Come From?

Fiat currencies are “made” (or rather, minted) by states, and accounted for by banks, but these currencies are often directly or indirectly made from precious metals that are mined from the Earth – which is why so many people flooded California in the mid-19th century. Minting is a middle step between the mining and the currency.

Cryptocurrency cuts out that middle step; bitcoin is “minted” and made from BTC mining.

If bitcoin is commercialized math, then mining is the process of solving all its equations. A common, yet accurate, joke explanation is, “imagine if you could solve puzzles, then use those solved puzzles as money”. Bitcoin is that, but on a much larger and astronomically more complex scale; bitcoin mining is both the process of solving puzzles, and the process of verifying other solves puzzles.

That said, these “puzzles” (called “blocks” in BTC mining) are operating on a very complicated scale. BTC mining is basically the process of racing to correctly the correct number out of 115,792,090,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000 possible options – and doing so hundreds, thousands, maybe even millions of times a day. This takes some pretty hefty computing power.

How to Mine Bitcoin

Despite a lot of chatter about bitcoin mining software, it is really a matter of hardware; software is just the most accessible way to access this hardware.

“Winning” or solving – and receiving payout for – is a combination of computational power and a bit of luck. If you accomplish this, you can get about 12.5 bitcoins, though starting in 2020, that will become 6.25. The number of bitcoins you receive for solving a block cuts in half every 210,000 blocks – which is roughly every four years, since the blocks get more and more complicated over time. This will keep going until 21 million bitcoins have been mined, a cap built into the system. There are currently only 3.17 million bitcoin left to be mined.

How to Mine Bitcoin in the Hard(ware) Way

There are two types of “miners” you can buy: application-specific integrated circuit (ASIC) or graphics processing unit (GPU). These are not only very expensive to buy, but they also take up a lot of electricity and require a powerful network connection. This is why mining calculators exist – these are various apps and sites into which you can input details on your miner, your power cost, and your network cost, to figure out how much profit (if any, even) you will turn.

It is usually pretty low, and these days, mining with your own hardware is only really advised for people who already happen to have lots of hardware and great network on hand, and would not need to go out of their way to get those.

That just leaves…

How to Mine Bitcoin With Bitcoin Mining Software

At 12.5 BTC per block, when bitcoins are worth $10,000 each, that’s $1,250,000 on the line every time you are competing with other miners to “guess the right number” first. This takes far more computer power than most people can afford on their own.

As such, the most common way to get in on BTC mining is to join a collective of miners and “rent” the mining tools – known predominantly as cloud mining.

The biggest advantage is that there is a much lower barrier to entry when you cloud mine bitcoins. The biggest disadvantage is that instead of getting the reward all to yourself, you are splitting those bitcoins with other people, and typically a lot of them. Winning a million dollars doesn’t mean as much when you’re splitting it with a million people.

Step 1: Choose Your Wallet

Before you start working for a job, you want to know how you will be getting your pay. By the same token, before you start mining for bitcoins, you should know where you will keep your bitcoins once you earn them.

Online wallets are typically the most convenient, and easiest to use. They are also typically the most efficient for actually using your bitcoins to purchase goods and services, and you will have your bitcoins even if you lose all your devices. That said, this does put you in a similar position with a bank. If the host is experiencing heavy traffic or DDOS attacks, you may not be able to access your funds, and if they are hacked, you can lose your bitcoins entirely.

Hardware wallets are the opposite extreme. As physical objects, are completely offline, and thus cannot be hacked or otherwise remotely attacked. As long as you have your hardware wallet and a device to access it with, you will be able to access your funds. But what you gain in remote security is lost in personal security; if you lose your device or it’s physically stolen from you, you lose your bitcoins.
The middle-ground between these is “software wallets” or “desktop wallets” (though these can also be mobile apps). These are on your local device, so even if exchanges go down or are attacked, you still have your bitcoins, and the only way you can lose them to remote exploitation is if you, the specific individual, are targeted and hacked, which is very unlikely. But, it can still be used to conduct transactions and otherwise go online as necessary. That said, this is also vulnerable to loss if you lose your physical device (i.e. if someone steals your computer).

Step 2: Find Your Cloud

Mining companies are the computing clouds or collectives of miners. While joining such a company might be couched in terms of renting the hardware, another way to look at it might be that you are investing.

The amount you invest, or the rate at which you rent, is known as a “mining package”, which you pick once you join a mining company. You can also invest ahead of time in new technology that will be coming out at a later date. That said, investing in something that doesn’t exist yet is always a heavy risk.

There are many sites in which you can find comparisons between companies, including user ratings and reviews. Be careful with the
reviews – while they can be insightful, many are also full of people attempting to get new ‘recruits’ specifically with referral codes, which will net the refer-er a small bonus or profit.

Step 3: Pick Your Pool

A “pool” is basically the team of miners that you choose to join up with, and contribute your invest or computing power. If you are just starting out mining bitcoins, you should start by joining an “older” (or rather, more established and vouched-for) pool, and perhaps one with lower fees. The payout or profit from these will usually be on the low side, but they are also less risky.

As you get the hang of bitcoin mining and learn how pools work, you can start venturing out to other pools that aren’t as established and carry higher risks, but also higher rewards.

Buy Bitcoin, Ethereum, XRP, and other cryptocurrencies on Coinsquare, the world’s home for cryptocurrency.


Coinsquare

Source: Coinsquare: Mining Bitcoin: How to Mine Bitcoin

Sharing is Caring

Disclaimer: CryptoCanucks.com is not intended to provide tax, legal or investment advice, and nothing on CryptoCanucks.com should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any asset by CryptoCanucks.com or any third party. You alone are solely responsible for determining whether any investment, asset or strategy, or any other product or service, is appropriate or suitable for you based on your investment objectives and personal and financial situation. You should consult an attorney or tax professional regarding your specific legal or tax situation.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptocanucks.com/mining-bitcoin-how-to-mine-bitcoin/

Continue Reading

Blockchain

Is BTC Correction Over? Bitcoin Reserves on Exchanges Down by 12% Despite Recent Sell-Off

Bitcoin price today bounced back above $57K recovering nearly $3,000 after a record weekend liquidation spree and sell-off. The Sunday liquidation saw nearly $9.79 billion worth of crypto long positions getting rekt, making it one of the biggest liquidations in crypto history. The reason for the sell-off was attributed to several FUD including Coinbase founders

The post Is BTC Correction Over? Bitcoin Reserves on Exchanges Down by 12% Despite Recent Sell-Off appeared first on Coingape.

Avatar

Published

on

advertisement

Phemex


Bitcoin price today bounced back above $57K recovering nearly $3,000 after a record weekend liquidation spree and sell-off. The Sunday liquidation saw nearly $9.79 billion worth of crypto long positions getting rekt, making it one of the biggest liquidations in crypto history.

Advertisement

Timecoin

The reason for the sell-off was attributed to several FUD including Coinbase founders selling their stock to the recent slump in Bitcoin hashrate. However, the market seems to be recovering and on-chain analysis suggests Bitcoin is far from its top as exchange outflows continued even on a day of mass liquidation.

Even during a day filled with FUDs and market liquidation, Binance Exchange registered one of the highest outflows of Bitcoin. Dover Wan pointed out that Bitcoin price has continued to trade in the range above $58K for nearly two months now and despite that the exchange reserves have declined by 12%.

Bitcoin Bull Run is Not Over Yet

Bitcoin price throughout this bull run has shown a similar pattern where every month it recorded a new ATH followed by a sharp correction and then a 3-4 week-long consolidation period. Bitcoin reached a new ATH of $64,683 last week followed by a weekend sell-off and liquidation of high leveraged positions. The consolidation phase has become longer with every new ATH prompting many to declare the start of a bear market on countless occasions over the past couple of months, however, but has bounced back to record new highs every time there are speculations about it reaching a potential top.

The Bitcoin Futures Open Interest rate touched another high indicating strong demand for the top cryptocurrency. Bitcoin proponents believe the market liquidation event was nothing out of the blue as traders got greedy and the sell-off is a bullish event as it ensures the weak hands leave the market.

Advertisement

Crypto vip telegram

Bitcoin price was trading at $57,083 with over a 4% rise in the past 24-hours.

To keep track of DeFi updates in real time, check out our DeFi news feed Here.

Student coin

Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
Source: https://coingape.com/is-btc-correction-over-bitcoin-reserves-on-exchanges-down-by-12-despite-recent-sell-off/

Continue Reading
31 seconds ago

Bank of Canada Exploring Digital Currency That Would Replace Cash

Blockchain5 mins ago

Binance Coin price prediction: BNB to recover $550

Blockchain10 mins ago

Refinable as the First Binance-Exclusive IDO on Polkastarter

Blockchain10 mins ago

Mining Bitcoin: How to Mine Bitcoin

PR Newswire15 mins ago

Hello Pal Signs Definitive Purchase Agreement to Acquire Interest in Dogecoin/Litecoin Mining Assets

PR Newswire15 mins ago

Global In-vehicle Air Purifier Market Report 2021-2026: Standardization in Sedans and SUVs is Expected to Increase OEMs’ Market Share

PR Newswire19 mins ago

$65 million loan to Ukraine’s Datagroup to spur growth

PR Newswire20 mins ago

CGTN: Za górami: życie w Sinciangu

Blockchain21 mins ago

Is BTC Correction Over? Bitcoin Reserves on Exchanges Down by 12% Despite Recent Sell-Off

Blockchain23 mins ago

Bitcoin price crash to $50k was due to a power outage at a mining hub in China – Analyst

PR Newswire23 mins ago

Maple Leaf Celebrates Earth Day with Release of Limited-Edition Climate Change Colouring Kit

Blockchain30 mins ago

Tether launches on Hermez rollup as Ethereum starts falling behind

Blockchain31 mins ago

Polkadot price prediction: Polkadot finds resistance at $38, moves to retest the $32 support

Blockchain34 mins ago

DogeCoin (DOGE) Enters the Top-5 Crypto List With New All-Time High of $0.42

Blockchain39 mins ago

NEO price analysis: What’s next after massive surge to $133?

Blockchain43 mins ago

Bitcoin Recovers but Faces another Rejection at $57,000 Resistance Zone

Blockchain52 mins ago

Blockchain52 mins ago

Blockchain52 mins ago

Blockchain52 mins ago

Blockchain52 mins ago

Blockchain58 mins ago

Blockchain58 mins ago

Blockchain58 mins ago

Blockchain58 mins ago

Blockchain58 mins ago

Blockchain1 hour ago

Time Magazine to accept crypto payments for digital subscriptions

Blockchain1 hour ago

The Five Biggest Altcoin Gainers – April 12 – 19

Blockchain1 hour ago

Call Option Token List on UMA Includes Two New Tokens

Blockchain1 hour ago

China to focus on local use for the digital Yuan

Trending