Bitcoin – My Blog

2Jul By edrad80No Comments

Bitcoin

Bitcoin indicator that nailed all bottoms predicts $15.6K BTC price floor

Bitcoin (BTC) needs to go lower before putting in a macro bottom, one of the market’s most accurate indicators shows.Data from sources including on-chain analytics firm Glassnode shows Bitcoin’s MVRV-Z Score is almost — but not quite — signaling a price reversal.MVRV-Z Score inches towards macro bottomAmid ongoing debate whether if, or when, BTC/USD will go beyond its current macro lows of $17,600, new figures suggest that the market easily has further to fall.As noted by Filbfilb, co-founder of trading suite Decentrader, the MVRV-Z score is now in its classic green zone, but not yet at the point which has accompanied price bottoms in the past.MVRV-Z measures how high or low the Bitcoin spot price is relative to what is referred to as its “fair value.” It uses market cap and realized price...

2Jul By edrad80No Comments

Bitcoin

What determines the Bitcoin price?

Various factors impacting Bitcoin's price include the supply and demand of BTC, competition from other cryptocurrencies and news, cost of production and regulation. Supply and demand Those with a background in economics are aware of the law of supply and demand. However, if you are unfamiliar with this concept, let's help you to understand. As per this law, supply and demand market forces work together to determine the market price and the quantity of a specific commodity. For instance, the demand for an economic good declines as the price increases, and sellers will produce more of it or vice-versa. An event called Bitcoin halving impacts the Bitcoin's price like the situation in which the supply of BTC decrease whereas the demand for BTC increases. As a result of the high demand, the pri...

2Jul By edrad80No Comments

Bitcoin

Bitcoin will see ‘long bear market’ says trader with BTC price stuck at $19K

Bitcoin (BTC) failed to reclaim recent losses into July 2 as traders prepared for stagnant price action to continue.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView"Downtrend acceleration" still in forceData from Cointelegraph Markets Pro and TradingView tracked a limp BTC/USD as it chopped around the $19,000 mark into the weekend.The Wall Street trading week had finished without surprises, with United States equities practically stagnant — providing little impetus for crypto volatility. The U.S. dollar index, or DXY, fresh from a retest of twenty-year highs, ran out of steam to circle 105 points.U.S. dollar index (DXY) 1-hour candle chart. Source: TradingViewOrder book data from largest global exchange Binance showed BTC/USD caught between buy and sell liquidity close to spot p...

African celebrities join degens on the journey to the moon

2Jul By edrad80No Comments

Bitcoin

African celebrities join degens on the journey to the moon

African degens are on a journey to the moon. With crypto, African people’s savings are hedged against insane inflation levels, they can find employment in Web3, and there is always the potential to make life-changing money that will transform the trajectory of their lives forever.People from various backgrounds are embarking on this journey to outer space. These crypto astronauts have, until recently, been hesitant to declare their involvement in the blockchain space. General sentiments around crypto were extremely negative due to the huge slew of scams disguised as cryptocurrency projects that swept through the continent, taking away hard-earned capital and confidence in anything branded with crypto.Regulation has not helped in this case either. In most African countries with signs of str...

The decoupling manifesto: Mapping the next phase of the crypto journey

2Jul By edrad80No Comments

Bitcoin

The decoupling manifesto: Mapping the next phase of the crypto journey

A new financial system; a more democratized, even more inclusive, financial sector; the future of the internet — the crypto ecosystem has been described as all of these things. However, as is evidenced by digital assets’ inherent correlation with the Nasdaq 100, most people fail to conceptualize blockchain as anything other than an extension of the traditional tech economy. While blockchain’s proponents laud its virtues and potential, they have been unable to make a comprehensive case for blockchain to everyday people.Many crypto natives anticipate “the decoupling,” in which digital assets become financially independent from traditional tech equities. But without a clear plan of action for how to differentiate decentralized crypto technology, industry independence will be unrealized. Those...

1Jul By edrad80No Comments

Bitcoin

Bitcoin trader says expect more chop, downside, then sideways price action for BTC this summer

Discussion of the state of the crypto market has been a dominant headline over the past few weeks as non-crypto native media excoriate Bitcoin (BTC) and DeFi investors for investing in assets with no fundamental value. At the same time, crypto-savvy analysts and traders have been pouring over charts, looking for clues that signal when the market will bottom and reverse course.Novice investors are clearly nervous and a few have predicted the demise of the burgeoning asset class, but for those that have been around for multiple cycles, this new bear market is just another forest clearing fire that will eventually lead to a healthier ecosystem. The next steps for the crypto market was a topic discussed in depth with Cointelegraph contributor Crypto Jebb and independent market analys...

Price analysis 7/1: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, LEO, SHIB

1Jul By edrad80No Comments

Bitcoin, Price Analysis - Top 10 Crypto

Price analysis 7/1: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, LEO, SHIB

Bitcoin dropped 56.2% in the second quarter of 2022, according to crypto analytics platform Coinglass. That makes it Bitcoin’s worst quarter since the third quarter of 2011 when BTC price fell by 67%. A large part of the damage was done in the month of June when Bitcoin plunged 37%, the worst monthly drawdown since September 2011.It is not all gloom and doom for crypto investors. On June 29, JPMorgan strategist Nikolaos Panigirtzoglou said that the “Net Leverage metric” suggests that crypto’s deleveraging may be on its last legs. The eagerness of crypto companies with stronger balance sheets to bail out crypto firms in distress is also a positive sign.Daily cryptocurrency market performance. Source: Coin360Another positive view on Bitcoin came from Deutsche Bank analysts. In a recent repor...

June gloom takes on a new meaning in another 2022 down month

1Jul By edrad80No Comments

Bitcoin

June gloom takes on a new meaning in another 2022 down month

The market cap of Bitcoin (BTC) dropped another 33% in June, which is now beginning to numb the Twitter community. On the upside, many crypto traders who wanted out did so fairly aggressively from March to May. But, the less optimistic news is that the stagnancy in address activity may need to change for prices to get a running start on recovery.Unlike April and May, the altcoin pack didn’t struggle tremendously more than Bitcoin. BTC’s 33% drop was pretty middle of the road in terms of corrections. In a vacuum, crypto bulls would prefer seeing altcoins continuing to lag, pushing more traders back toward Bitcoin as a relative “safe haven.”Nevertheless, June was a tale of two halves. June 1-15 saw a massive 25% further downswing for Bitcoin. Comparatively, June 16-30 was looking up until th...

Bear market? “So what,” says World Chess Champion Garry Kasparov

1Jul By edrad80No Comments

Bitcoin

Bear market? “So what,” says World Chess Champion Garry Kasparov

Garry Kasparov, the Russian chess grandmaster and chair of the Human Rights Foundation, doesn’t appear at all bothered by the current crypto bear market. Kasparov, who is also a long-time Bitcoin supporter, told Cointelegraph during Consensus 2022 “so what” in regards to his thoughts on the bear market. Kasparov added that he thinks 99% of all coins are “crap,” yet he expressed that both Bitcoin (BTC) and Ethereum (ETH) are already integrated into traditional financial markets due to recent price fluctuations. He said:“They'll lose a bit more, but they’ll also gain more, which shows that these are already being integrated into the financial system. This is what the whole history of the stock market is about. It's about people making tons of money and then losing a lot of money. But right n...

Experts weigh in on European Union’s MiCa crypto regulation

1Jul By edrad80No Comments

Bitcoin

Experts weigh in on European Union’s MiCa crypto regulation

European Union officials recently agreed on a landmark law called the Markets in Crypto-Assets (MiCa) framework that provides guidance for crypto asset service providers (CASPs) to operate within the Europe region. Following this, experts reacted with varying opinions, from supporting the decision to explaining how it would have adverse effects. According to Richard Gardner, CEO of trading technology firm Modulus, the new development provides a clearer picture for CASPs as to what is expected by the authorities. Gardner explained that: “Not everything contained in it is going to appeal to all the players, but, at this point, the industry just needs to understand what’s expected of it. It is well past time for a guidebook so that operators can act with intention.”Gardner also added tha...