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Indonesia’s Regulator Prohibits Financial Firms From Facilitating Crypto Trading

Indonesia’s Regulator Bans Financial Firms From Facilitating Crypto TradingIndonesia’s Financial Services Authority (OJK) has prohibited financial firms from using, marketing, and/or facilitating crypto trading. The financial regulator also cautioned the public to always beware of fraudulent Ponzi schemes under the guise of crypto. Indonesian Regulator’s Crypto Warning Indonesia’s Financial Services Authority (OJK), the Jakarta-based government agency which regulates the financial services sector, warned […]

TA: Bitcoin Eyes Steady Recovery, Why Bulls Might Struggle

Bitcoin started a recovery wave above $36,000 against the US Dollar. BTC must settle above the $38,000 zone to start a steady upward move. Bitcoin is trying to clear the $37,500 and $38,000 resistance levels. The price is now trading above $36,500 and the 100 hourly simple moving average. There is a key breakout pattern forming with resistance near $37,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a steady upward move if there is a clear move above the $38,000 resistance. Bitcoin Price Eyes Upside Continuation Bitcoin price managed to stay above the $35,000 zone and started a recovery wave. BTC climbed above the $36,000 resistance zone to move into a short-term bullish zone. There was a break above the $36,500 and $36,800 resistance levels. Besides, there was a move above the 23.6% Fib retracement level of the key drop from the $43,495 swing high to $32,950 low. It is now consolidating near the $37,000 level and trading well above the 100 hourly simple moving average. On the upside, an initial resistance is near the $37,400 level. There is also a key breakout pattern forming with resistance near $37,500 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com The first major resistance is near the $38,200 zone. It is near the 50% Fib retracement level of the key drop from the $43,495 swing high to $32,950 low. An upside break above the $38,200 resistance could start a steady upward move. The next key resistance is near the $49,200 level, above which the bulls might aim a test of $40,000. Any more gains might send bitcoin towards the $41,200 level. Fresh Decline in BTC? If bitcoin fails to start a fresh increase above $38,200, it could start another decline. An immediate support on the downside is near the $36,800 zone. The first major support is seen near the $36,000 zone and the 100 hourly SMA. A downside break below the $36,000 support zone may perhaps start a fresh decline. The next major support is near $35,400, below which the price could revisit $34,000. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $36,000, followed by $35,400. Major Resistance Levels – $37,400, $38,000 and $38,200.

Elon Musk Tempts McDonald’s to Accept Dogecoin — McDonald’s Replies ‘Only if Tesla Accepts Grimacecoin’

Elon Musk Tempts McDonald's to Accept Dogecoin — McDonald's Replies 'Only if Tesla Accepts Grimacecoin'Tesla CEO Elon Musk says that he will eat a happy meal on television if McDonald’s accepts the meme cryptocurrency dogecoin (DOGE). However, McDonald’s replied, “only if Tesla accepts grimacecoin.” Musk’s statement followed a tweet by McDonald’s asking how crypto Twitter is doing. Elon Musk Tries to Tempt McDonald’s to Accept Dogecoin Tesla and Spacex […]

ARK Invest: Why Bitcoin Could Be Worth $1 Million Per Coin By 2030

ARK Invest, the brainchild of savvy investor Cathie Wood, has had a rough go over the past few months. The flagship fund ARKK is down nearly 60% from it’s record high last year, however Wood and her team of analysts aren’t stopping their full-focus on innovative and forward-thinking investments – even when fundamental investments are running the show. This week was host to ARK’s ‘Big Ideas Summit,’ and ARK crypto analyst Yassine Elmandjra supplemented that material with a boisterous bitcoin tweet that will be music to BTC maxi’s ears. Cathie Wood & ARK Invest: Notorious Bulls Elmandjra’s tweet, which can be found below, showcases how a single BTC unit could hit $1M in value, with a couple prime assumptions: The price of a single bitcoin could exceed $1 million by 2030. We are still early. pic.twitter.com/rvja2h2vi5 — Yassine Elmandjra (@yassineARK) January 25, 2022 Let’s take a look at that graphic specifically to drill down on the assumptions being made here, and why they’re important: The core key assumption here, of course, is the staggering growth in bitcoin’s market cap over the next 9 years. In this model, the ARK team is projecting growth from a current market cap of $1.1T to a $28.5T market cap. How does this scale? According to an October 2021 report from securities trade group SIFMA, the U.S. equity markets carry a market cap around $50T – making a $28.5T market cap for a global bitcoin market seem not all that unreasonable. Elmandrja’s graphic also states anticipated breakdown of the use case allocated within the market cap, and it’s representative contribution towards the price per BTC. Related Reading | Bitcoin Recovers From Seven Month Low Of $33K ARKK, the flagship innovation fund behind ARK Invest, has had a difficult year following strong success. Can growth stocks and innovative investments turn around? | Source: NYSE: ARKK on TradingView.com More From The Research Desk… Elmandrja and the ARK Invest team continue on to note that even assuming a $28.5T market cap could be more conservative than ambitious. Elmandrja added, “If Bitcoin does hit $1 million, it will still only represent a fraction of global asset values” and also highlighted the notorious ‘diamond hands’ that bitcoin holders often exhibit, stating that “market participants are maturing and remain long term focused. Aggregate cost basis (realized cap) is at all time highs and more than 13.5 million btc are held by long-term holders.” This, of course, isn’t likely anything groundbreaking to those who have studied the bottom-line extensively. Compared to other relative global markets, a $28.5T bitcoin market cap today would even be trading at multiples less than comparable markets, such as the global real estate market, global bond market, or global equities market. Elmandrja’s full thread is a worthy read for these reasons and several others that take deep dive into ARK’s optimism around bitcoin (and crypto at large) as an investment vehicle. You can also read their broader Big Ideas 2022 report here. Related Reading | Bitcoin Whales Take Advantage Of Market Crash To Gobble Up Millions In BTC Featured image from ark-invest.com, Charts from TradingView.com The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.

NYC Mayor Eric Adams Defends Receiving Paycheck in Bitcoin as Price Crashes

NYC Mayor Eric Adams Discusses Receiving Paycheck in Bitcoin as Price CrashesThe mayor of New York City, Eric Adams, converted his first paycheck into bitcoin and ether before the price of the cryptocurrencies plummeted. However, the mayor said, “When you are a long-term investor, you don’t keep your eyes on your portfolio.” He added that the purpose of receiving a paycheck in bitcoin is to send […]

Bitcoin Whales Take Advantage Of Market Crash To Gobble Up Millions In BTC

The bitcoin crash rocked the market to its core when the digital asset had lost over 50% of its all-time high value to bottom out at $33,000. It was as a result of market sell-offs across the financial space, sparking a ripple effect that was felt heavily in the crypto market. Market sentiment had crumbled during this time as investors had scrambled to sell their holdings. However, not everyone saw the declining prices as a signal to sell before prices tank even more. Whales, who control a large portion of the circulating supply, took this as a cue to buy and have been filling their bags with all of the bitcoin being dumped on the market by panicking investors. Whale Gobbles Up Traded Bitcoin In a report from CC15Capital, the trading activities of a whale are outlined. In what came out to be a long document, it shows that the whale had been purchasing tens of thousands of bitcoin every few hours while traders dumped their coins. CC15Capital which is an asset allocator tracked the wallet and discovered that a single bitcoin wallet had been purchasing millions of dollars worth of bitcoin. Related Reading | Market Sentiment Crumbles As Sell-Offs Drags Bitcoin To $33,000 In the event of the past week’s price crash, this single whale had accumulated millions in bitcoin. Each purchase ranged from $2 to $18 million worth of BTC every few hours, averaging 48,000 BTC per purchase. It looked like the whale was buying up all coins being dumped on the market. By the weekend, the wallet had successfully increased its holdings by a couple of hundred thousand BTC. The more the price dropped, the more bitcoin the whale bought. BTC trading above $36k | Source: BTCUSD on TradingView.com CC15Capital, in response, called for bitcoin investors to stop dumping their coins, which are being bought by whales, thereby increasing the concentration of bitcoin supply in the hands of large investors. Stop panic selling your #Bitcoin to this guy. He’s been buying $2-18 million worth every few hours. pic.twitter.com/eCE3UKXEfD — CC15Capital (@Capital15C) January 24, 2022 Tradable BTC On The Decline CC15Capital also noted that the volume of bitcoin that is available for sale has gone down. Currently, 14.5 million of the total bitcoin supply is illiquid. This means that this supply has not moved, neither have they been traded. It is the highest concentration of supply which looks to be held for the long-term. In the same tweet, the asset allocator explains that if the wallets holding this illiquid supply were to increase their holdings by a mere 27%, a total of 4 million BTC, there would be no coins left for sale, driving the supply to zero. #Bitcoin illiquid supply (not traded) is at 14.5 million. If those who #HODL the 14.5 million Bitcoin, would increase their holdings by 27%, or 4 million $BTC, there would be exactly 0 remaining coins available for sale. Keep buying and HODL. Law of supply/demand will prevail. pic.twitter.com/RUb6gHSif6 — CC15Capital (@Capital15C) January 24, 2022 Related Reading | Has Bitcoin Reached Its Bottom? Analyst Says It Still Has A Long Way To Go Other whales have also taken advantage of the sell-offs happening in the market. As the exchange supply is dwindling, these large investors are making sure there is no shortage on their end when a supply squeeze happens. This is how you buy $1 Billion in #Bitcoin in 2 months. From $0 in November 2021 to over $1 Billion now. When you panic sell your $BTC, this is one of the guys buying it. Buy, #DCA and #HODL. pic.twitter.com/fmjpCFjCEI — CC15Capital (@Capital15C) January 25, 2022 In two months, a whale wallet that had zero BTC in November has managed to gather an impressthatalance of over $1 billion in BTC. This account looks to have started buying with the crash and has continued to do so ever since. At the time of writing, the wallet balance sits at $1,013,777,643.51. Featured image from TokeneoBit, chart from TradingView.com

Bitcoin Recovers From Seven Month Low Of $33K

Bitcoin broke out in a feeding frenzy during the January 24 afternoon, raking up over $37K after falling to its lowest point in the same morning. It’s almost as if they’re mirroring each other’s moves. Bitcoin shot back up above $36,000 Tuesday morning after a day of heavy trading that saw the price drop below 33K for the first time since July 2021. Monday afternoon, it crossed $37,000 was staying pretty stable around 35k with some small increases here and there.  The crypto world has seen a lot of volatility over the last few years, but it’s still surprising when prices drop 50% or more. It has happened three times since 2018 alone! And this latest sell-off was no exception; from April through July 2019, Bitcoin fell 52%. Cryptocurrencies have experienced major selloffs across the board, with cryptocurrency-related stocks being no exception. Analysts say that one primary driver of this trend is former Federal Reserve chairwoman Janet Yellen’s plan for stimulus removal and higher interest rate policies, which has negatively impacted many tech-related companies in recent months. For example, the Nasdaq has fallen 12% since January 1 alone. “The Fed is currently buffeting the crypto market,” says Martha Reyes, head of research at Bequant. “This industry has been proliferating, and it’s not surprising that investors are taking risks with their capital.” The decreased interest in crypto by retail investors is a sign that this market may have reached its peak. Glassnode, a blockchain data research firm, suggested there were two main reasons for the decline: regulatory uncertainty and low performance last year – both factors which will probably continue into 2022 as well.” Bitcoin vs New Digital Assets With the rise of NFTs, people are now more interested in investing their money into these new digital assets rather than Bitcoin. So it’s no wonder that people are starting to search for information on these non-fungible tokens. Google searches have shown a steady increase over last year, which is likely why we see more interest from investors worldwide as they seek out trends before others do. Cryptocurrencies are down across the board, but some coins have fallen further than others. For example, ether is down 50% from its last high point, while Solana and Shiba Inu cryptocurrencies based on memes experienced even steeper losses with 64% and 74%, respectively. Related Reading | Despite Decline In Bitcoin Price, Market Remains Greedy Since November, the crypto market has lost about 44% of its value, with $1.65 trillion pulled down by widespread selling in both Bitcoin and other coins across the board. Joel Kruger, a currency strategist, said, “It makes sense to me for broad crypto to get hit hard. It’s all about innovation, which should correlate with risky assets.” Crypto inevitably gets hit hard when innovation increases and risky assets follow suit. Sure enough, ether has followed this trend as well; it’s almost like an index for all these projects on ethereum – including NFTs, games, decentralized finance initiatives, or smart contracts – to see how they stack up against each other.” The moves come as a surprise to some investors and analysts. Ryan Volden, an analyst from JPMorgan, predicted that Bitcoin could reach $146,000 in the future. Traders To keep an eye on BTC $30K Level Traders are focusing on $30,000 as a significant level for multiple reasons. First, that number represents the low point of last year’s bear market, and it also opened up close to where Bitcoin was trading in 2021 when we first saw prices fall during that period – which means there is some hope left. It’s not just your investments that are at risk. For example, suppose Bitcoin falls below $5K. In that case, it will put Bitcoin prices into their 2020 levels and turn every investor who bought Bitcoins in recent months, as well as all those risking money on crypto markets, into losers. With Wall Street panicking and a sell-off of Bitcoins reaching new heights, it’s essential to keep an eye on the $30k level. If this becomes unstable, more people may end up selling their coins, leading the market back down again. Featured image from Pixabay, chart from TradingView.com

Grayscale Considering 25 More Crypto Assets for Investment Products

Grayscale Investments Now Considers 25 More Crypto Assets for Investment ProductsGrayscale, the world’s largest crypto asset manager, is considering 25 more crypto assets for investment products. With the latest additions, the company’s list of coins under consideration has grown to 43. “The process of creating an investment product similar to the ones we already offer is a complex, multifaceted process,” said Grayscale. 25 Crypto Assets […]

VeChain (VET) Sends Bearish Signals? Analyst Points Key Levels

VeChain has followed the general sentiment in the market and it’s currently trading in the green. Its 24-hour profits stand at 7.8% with VET’s price exchanging hands at $0.053. Related Reading | VeChain Foundation Announces New Stablecoin, Could It Create Fresh Demand For VET? In a recent video posted on his YouTube channel, analyst Justin Bennett looked into VeChain as the sell-off across the crypto market seems to slow down. As seen below, on the weekly timeframe, the analyst believes VET’s price is yet to come out of the wood. As the chart shows, VeChain broke an important trendline on the aforementioned timeframe as it failed to hold above the $0.060 level. Given the relentless selling pressure that led to a breakdown in that structure, Bennet believes “the market doesn’t look all that great”. As long as VET is unable to break above its current levels and return to its weekly trendline, bears could continue to push the price back to critical support. In order for bulls to have a chance at a climb back to previous highs, VeChain must reclaim the $0.060 level in the short term. Bennett said: It would have to close the day above $0.0650 before it starts to move back to $0.10, $0.12, etcetera. Until that day I think you have to be careful, and you have to realize that the downtrend is still intact. In case of further downside action, the analyst determined that the $0.0350 area could operate as critical support. In 2021, this level operated as an early resistance and later as key support when the crypto market trend lower after May. Related Reading | VeChain Foundation Welcomes New DEX To Its Ecosystem Therefore, VeChain (VET) is currently at a major crossroad that could determine its price action for the coming months. Potential Scenarios For VeChain (VET) In addition to $0.065, $0.035 will be a “level to pay attention to” in case a new lower high comes into play. If the level holds, investors could have an important region for accumulation. In the coming days, the most like scenario, Bennett claimed, could be a move into resistance for VeChain (VET), Bitcoin (BTC), and Ethereum (ETH). However, he expects those levels to be hard to break and will determine if VET will continue its move into $0.08 or $0.03. Related Reading | VeChain’s DEX To Launch Governance Token And Yield Farming Program In the VET/BTC weekly timeframe, VET has formed an ascending triangle that just hit critical support and could operate as support for that potential move into resistance in the coming days.