Connect with us

Blockchain news

Bitcoin Dips Below $50,000 as Price Correction Continues, What’s Next?

Despite its price retracement, market analysts are still bullish on Bitcoin. What can we expect from the cryptocurrency in the upcoming days?

Published

on

Bitcoin has been undergoing a continued price correction after hitting a new milestone of over $58,000. At the time of writing, it has once again dipped below the $50,000K mark.

Despite that, investors have remained bullish on Bitcoin, with Fidelity’s Global Asset Allocation Director comparing the cryptocurrency to digital gold.

In a report, he submitted compelling arguments as to why Bitcoin was a better way to hedge against inflation than gold. He said:

“Seen as a form of digital gold, Bitcoin may act as a stable store of value and potentially offer protection against inflation- and even hyperinflation.”

With Bitcoin retracing below $50,000, what can we expect from the cryptocurrency in the upcoming days?

BTC Price Analysis

With the fall in interest rates on U.S. 10-Year Treasury bonds and the House passing President Biden’s $1.9 trillion stimulus bill, investors are no longer as panicked about rising interest rates and monetary tightening policies.

Bitcoin ushered in a new round of surges after hitting a previous low point of $43,021 on February 28. Currently, it is struggling to stay above the $50,000 mark.

Source:US Government Bonds 10 YR Yield Daily via TradingView

Citi analyst team said that Bitcoin is at a “turning point”, and it may become everyone’s preferred international trade currency or face a “speculative implosion.” In the report, Citigroup stated that Bitcoin “is at the tipping point of mainstream acceptance” after it recently gained popularity thanks to backing from companies such as Tesla and MasterCard. The bank said:

“Bitcoin’s future is thus still uncertain, but developments in the near term are likely to prove decisive as the currency balances at the tipping point of mainstream acceptance or a speculative implosion.”

Source: BTC/USD Daily via TradingView

Judging from the daily candlestick chart, on March 1, the Bitcoin price crossed the Exponential Moving Average Ribbon through the 30-day Moving Average, and the 25-day Moving Average finally stood above the 20-day Moving Average- breaking through the $48,000 mark and approaching the $50,000 point. BTC/USD broke through the $50,000 mark at the highest point today, reaching $50,250. At the time of writing, the price of BTC has dropped and is currently trading at $49,358.

Source: BTC/USD 4-hour via TradingView

From the 4-hour candlesticks chart, after several days of highly volatile trading, BTC has stabilized. Although BTC has started a good wave of recovery, it does not mean that the callback is over.

According to the Elliott wave principle, as shown in the figure, the downward interval was due to three obvious corrective actions. Bitcoin started a decent rise above the resistance level of $48,000. The current price trend is above the EMA ribbon and the 9-day Moving Average. In the future, Bitcoin may face a strong seller-off between $51,000 and $52,000.

Currently, investors still need to pay attention to the pressure level. First, the first pressure level will be the high point of the previous down period (point B), which is about $51,987, and the second pressure level is marked at $58300.

Once this pullback is completed, BTC can then target $70,000. Before rising, BTC needs to break through and stabilize above the resistance levels of $51,900 and $58,300.

Image source: Shutterstock

Source: https://blockchain.news/analysis/bitcoin-dips-below-50-000-price-correction-continues-whats-next

bitcoin-dips-below-$50,000-as-price-correction-continues,-what's-next?

Blockchain news

Crypto Market Roundup: Top Earners and Losers for Today

Cardano and The Graph are the top gainers today, while the performance of Shiba Inu and IoTex hit the worst to become the biggest losers today.

Published

on

The selling pressure in the global crypto market was stumped on Friday as several coins began paring off their losses from the previous day.

Bitcoin’s market strides were visible as the largest cryptocurrency surged 1.72% to $46,146.24 at the time of writing. Ethereum (ETH) is also favoured by the bulls, inching a 3.04% gain to $3,237.66, according to CoinMarketCap.

Amidst the broader rise in price, here are the top gainers and losers for today, August 13.

Top Gainers

The Graph (GRT) is leading the altcoin surge today after the coin’s buyers pushed the price to $0.9413, atop an 18.30% gain. At this pace, The Graph is on track to break the $1 resistance level and journey down toward its 90-day high of $1.42. The Graph’s use case permits an increased embrace. It plays a role as an indexing protocol for querying data for networks like Ethereum and IPFS, supporting many applications in DeFi and the broader Web3 ecosystem.

Meanwhile, Cardano (ADA) has also shifted its price to its highest price gains of all time, surging above the $2 psychological level for the first time in 3 months. With several test nets deployed, the coin has enjoyed increased sentiment from buyers as the broader digital currency ecosystem prepares for the arrival of the Alonzo upgrade that will aid the emergence of smart contracts and DApps on the Cardano blockchain. The token has been tagged as undervalued. However, we may begin to see the coin’s true worth come to life with the new upgrade.

Top Losers

The majority of the tokens are paring off their losses. However, meme token Shiba Inu (SHIB) is the biggest loser amongst the altcoins topping the chart after inking a 0.50% slip in price to $0.00000795. IoTex (IOTX) was down 3.36% to $0.1102 during the intraday.

The momentum in the market may drive in such buying volatility that will stir these coins off the red zones. The global crypto market is currently on track to re-register a $2 trillion market cap to cover the weekend.

Image source: Shutterstock

The Graph (GRT) is leading the altcoin surge today after the coin’s buyers pushed the price to $0.9413, atop an 18.30% gain. At this pace, The Graph is on track to break the $1 resistance level and journey down toward its 90-day high of $1.42. The Graph’s use case permits an increased embrace. It plays a role as an indexing protocol for querying data for networks like Ethereum and IPFS, supporting many applications in DeFi and the broader Web3 ecosystem.

Source: https://blockchain.news/analysis/crypto-market-roundup-top-earners-and-losers-today

crypto-market-roundup:-top-earners-and-losers-for-today

Continue Reading

Blockchain news

Ethereum is Expected to Undergo a 90% Daily Emission Reduction Following ETH 2.0 Upgrade

Market analyst Lark Davis believes that Ethereum 2.0 upgrade will prompt a 90% daily emission reduction from 12,800 to 1,280.

Published

on

Ethereum (ETH) was up by 9.72% in the past week to breach the psychological price of $2K during intraday trading. ETH’s price stood at $2,056 as the second-largest cryptocurrency continues to gain momentum.

Market analyst Lark Davis believes that the upgrade of Ethereum 2.0 will prompt a 90% daily emission reduction from 12,800 to 1,280. He explained:

“The other wildly important aspect of The Merger is that ETH will undergo a 90% reduction in daily emission. Basically from 12,800 a day to 1,280 a day. Yearly inflation from 4.3% down to 0.43%. This is equivalent to 3 Bitcoin halvings, and is only months away.”

Ethereum 2.0, also known as the Beacon Chain, was launched in December 2020 and was regarded as a game-changer that seeks to transit the current proof-of-work (POW) consensus mechanism to a proof-of-stake (POS) framework.

Davis also noted that Ethereum would experience “Triple Halving” as part of the ETH 2.0 upgrade, a highly significant economic event for the asset’s price in the coming years.

Ethereum whales cumulatively hold 60.52 million ETH

According to on-chain metrics provider Santiment:

“Ethereum whales that hold between 10k and 1 million ETH in their respective wallets now own a cumulative total of 60.52m coins. This is the highest amount held by this tier since in 5 weeks, and represents a 1.65million ETH accumulation in the past 6 days.”

Image

Therefore, ETH whales continue investing in this asset, which indicates high confidence levels.

Ethereum has been making headlines based on its notable strides. For instance, ETH has had an impressive return on investment (ROI) of 171% this year compared to tech stocks like Microsoft, Facebook, and Apple. Furthermore, Davis had previously noted that Ethereum was settling three times more value on-chain than Bitcoin daily.

Image source: Shutterstock

“The other wildly important aspect of The Merger is that ETH will undergo a 90% reduction in daily emission. Basically from 12,800 a day to 1,280 a day. Yearly inflation from 4.3% down to 0.43%. This is equivalent to 3 Bitcoin halvings, and is only months away.”

Source: https://blockchain.news/analysis/ethereum-is-expected-undergo-a-90-percent-daily-emission-reduction-following-eth-2.0-upgrade

ethereum-is-expected-to-undergo-a-90%-daily-emission-reduction-following-eth-2.0-upgrade

Continue Reading

Blockchain news

South Korea Authorities Seizes $47M in Crypto from Tax Evaders

South Korean authorities have made the largest crypto seizures in the country’s history. $47 million in digital currencies have been confiscated.

Published

on

Authorities in the South Korean province of Gyeonggi have conducted the largest tax seizures ever, seizing $47 million in Bitcoin (BTC) and Ethereum (ETH).


According to the coverage reported by the Financial Times, the seizure involved about 12,000 tax evaders. The authority has called the action the largest “cryptocurrency seizure for back taxes in Korean history.”

Those “tax dodgers” committed the crime by connecting their trading or investment activities on trading platforms operating in the country with their phone numbers. The process, though rigorous, had to be done manually as crypto exchanges were unable to fully provide the Know-Your-Customer (KYC) details of the defaulting taxpayers. In addition, the FT report was unclear which digital currency trading platform was involved in the investigation.

South Korea has a robust cryptocurrency trading engagement amongst its citizens, and the country has been making moves to implement accomodating regulations. One of these is the law passed by the Korean National Assembly in March 2020. This law mandates cryptocurrency exchanges to take down customer’s details through KYC and obtain licenses to operate from banks.

While big exchanges such as UpBit have been able to comply, other smaller trading platforms have had their struggles in complying, a situation that was compounded by financial institutions dissociating from crypto exchanges. Besides these, South Korea has long been mulling enforcing a 20% capital gains tax on cryptocurrencies, all of which will be made easier with compliant crypto exchanges.

South Korea is one of the more receptive countries to blockchain and cryptocurrency-related innovations. While crypto has thrived in the country in the past decade, the government is taking bold steps to develop its own Central Bank Digital Currency, the Digital Won. Despite its soft stance, however, the nation has zero-tolerance for fraud amongst crypto entities, as showcased in the ongoing raid of Bithumb exchange amidst a broad fraud investigation.

Image source: Shutterstock

Source: https://blockchain.news/news/south-korea-authorities-seizes-47m-in-crypto-from-tax-evaders

south-korea-authorities-seizes-$47m-in-crypto-from-tax-evaders

Continue Reading

Title

Reuters2 days ago

Eco-friendly sneaker maker Allbirds aims for $2 bln valuation in U.S. IPO

Eco-friendly sneaker maker Allbirds Inc said on Monday it aims to be valued at over $2 billion in its New...

ZDNET3 days ago

Comcast gave me good, precise news. The truth was precisely the opposite

Many companies believe that technology is perfect for customer service communication. Often, though, it just isn't.

Bioengineer6 days ago

Sex differences in COVID-19 outcomes

Credit: Mary Ann Liebert, Inc., publishers In a study of more than 10,600 adult patients hospitalized with COVID-19, women had

Techcrunch1 week ago

Resistant AI scores $16.6M for its anti-fraud fintech tools – TechCrunch

Resistant AI, which uses artificial intelligence to help financial services companies combat fraud and financial crime — selling tools to...

Techcrunch1 week ago

Facebook reportedly plans to change its name to focus on the metaverse – TechCrunch

Facebook is planning to rebrand the company with a new name to focus on building the metaverse, according to a...

Bioengineer1 week ago

UTHSC awarded $1.5 million HRSA grant for sexual assault nurse examiner training

Credit: UTHSC Memphis, Tenn. (June 16, 2021) - The University of Tennessee Health Science Center's College of Nursing has received

Techcrunch1 week ago

Does the NFT craze actually matter? – TechCrunch

Hello friends, and welcome back to Week in Review! Last week, we talked about Apple’s subscription addiction. This week, I’m...

CNBC2 weeks ago

Earnings

Corporate Company Earnings, Find Earnings Per Share and Earnings History Online

ZDNET2 weeks ago

Even computer experts think ending human oversight of AI is a very bad idea

The UK government is thinking of scrapping the right to ask for a human to review decisions made entirely by...

Crunchbase2 weeks ago

The Briefing: Hailo Lands $136M Series C

Crunchbase News' top picks of the news to stay current in the VC and startup world.

Review

    Select language

    Trending