Bitcoin – My Blog

BTC price hits $38K as Bitcoin analysts focus on weekly close

26Jan By edrad80No Comments

Altcoins, Bitcoin

BTC price hits $38K as Bitcoin analysts focus on weekly close

Bitcoin (BTC) staged new retests of $38,000 resistance on Jan. 26 as optimism increased over a potential recovery to $40,000 and higher.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewNext stop a $40,000 retest?Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it continued the rebound that began on Monday.At the time of writing, two breakthroughs of $38,000 had occurred, with the pair lingering just below that level amid further direction cues.For Cointelegraph contributor Michaël van de Poppe, the signs were encouraging, with the stage being set for a potential exit from the $30,000–$40,000 corridor.“Bitcoin held $36K and tested $38K already. If that one tests again, we are likely to get a breakout and potentially test $40.7K,” he told Twitter fo...

Can DeFi and CeFi coexist? Three takeaways from experts panel

26Jan By edrad80No Comments

Bitcoin

Can DeFi and CeFi coexist? Three takeaways from experts panel

As price action bewilders market makers and traders, experts in the crypto industry reached an agreement on several important points last week. Notably, centralized finance (CeFi) and decentralized finance (DeFi), can coexist, and a “blend” of financial products and services will be available to users in the future. On Jan. 19, Cointelegraph moderated the panel discussion, “Can CeFi and DeFi Coexist?” for the Global Blockchain Business Council. In the video, panelists hash out questions related to adoption, banking the unbanked, and whether innovation means disruption of traditional financial services.[embedded content]Salient points included the need for greater education and transparency in the cryptocurrency space, while financial inclusion could be reached thanks to smooth onboard...

26Jan By edrad80No Comments

Bitcoin

Bitcoin pundits split over BTC floor as Bloomberg analyst eyes bounce

Bitcoin (BTC) could still fall under $30,000, but some prominent sources are already calling the end of the latest bearish turn on BTC/USD.In a tweet on Jan. 25, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, eyed Bitcoin’s position relative to its 20-week moving average, noting that historically, current levels have marked a turning point.McGlone: Bitcoin “a bit extended” at all-time highsStill hopeful for Bitcoin to weather a macro storm this year, McGlone’s data places BTC/USD at the same position in which it halted downtrends in March 2020 and July 2021.Those incidences correspond to the coronavirus cross-march crash and the China miner rout, respectively.“The fact that Bitcoin is an up-and-coming asset, with less than $1 trillion market cap vs. about $100 trillio...

NFL star’s massive tax bill highlights problems with BTC salaries

26Jan By edrad80No Comments

Bitcoin

NFL star’s massive tax bill highlights problems with BTC salaries

NFL star Odell Beckham Jr.’s (OBJ) decision to take his $750,000 salary in Bitcoin (BTC) appears to have cost him dearly due to the market crash after he signed the deal. Owing to the vagaries of cryptocurrency tax laws and current prices, OBJ is estimated by some to have made 61% less than if he’d taken his salary in fiat. The loss has highlighted the tax complications from receiving a salary or yield in cryptocurrency, as crypto investors have to pay tax on the amount it’s worth when it was received, not what it’s worth when they lodge their tax return. On Nov. 12 last year, OBJ signed a one-year deal with the Los Angeles Rams worth $750,000. In a promotional Twitter post partnered with CashApp, OBJ announced that he would be receiving 100% of his $750,000 yearly salary in Bitc...

25Jan By edrad80No Comments

Bitcoin

IMF urges El Salvador to remove Bitcoin’s status as legal tender

Members of the executive board at the International Monetary Fund are urging lawmakers in El Salvador to no longer recognize Bitcoin as legal tender.The IMF reported on Tuesday that though digital payments had the potential to increase financial inclusion in the Central American nation, the use of Bitcoin (BTC) as legal tender carried “large risks” related to financial stability, financial integrity and consumer protection. The executive board directors urged El Salvador authorities to “narrow the scope of the Bitcoin law by removing Bitcoin’s legal tender status,” also expressing concern about the potential risks of issuing Bitcoin-backed bonds.The officials’ recommendation came following the conclusion of an Article IV consultation in El Salvador. According to the IMF, during such a cons...

25Jan By edrad80No Comments

Bitcoin

Yet another solo Bitcoin miner solved a valid block, earning a reward worth over $220,000

Another Bitcoin (BTC) miner from the Solo CK mining pool has solo mined a new block on the Bitcoin blockchain, earning a block reward of 6.25 BTC (over $220,000 at current prices) as a result. The event took place on Monday at a block height of 720,175.Solo mining consists of attempting to validate blocks by a single miner, without teaming efforts with other miners on a mining pool, and running a full blockchain node. Without significant hashing capabilities, the odds of validating a block tend to be extremely unlikely.To increase these odds and avoid the costs associated with solo mining, miners generally come together in pools to combine their hash power, increasing the chances of validating a block and ultimately sharing the spoils if they succeed.According to a recent tweet from CKPool...

Fundamentals and correlation models show that Bitcoin is undervalued

25Jan By edrad80No Comments

Analysis, Bitcoin, Price Analysis - Top 10 Crypto

Fundamentals and correlation models show that Bitcoin is undervalued

Chamber of Digital Commerce chief executive Perianne Boring told CNBC yesterday that correlation models suggest Bitcoin's actual value is between $50k and $100k Founder and president of the Chamber of Digital Commerce, Perianne Boring, is the latest figure to assert that Bitcoin is currently undervalued, despite the volatility in crypto markets. During a CNBC Squawk Box Monday interview, Perianne advised investors to focus on Bitcoin's underlying value rather than its price position. Several factors back her postulation Perianne said that the fundamentals of Bitcoin are showing real strength, and this is evidence that the asset is inaccurately valued. She pointed out that Bitcoin is currently growing at a higher rate than other technology elements – the internet during the later 90s and ea...

Bitcoin and Ethereum selloffs are coming to an end soon, says Mad Money’s Jim Cramer

25Jan By edrad80No Comments

Analysis, Bitcoin, Price Analysis - Top 10 Crypto

Bitcoin and Ethereum selloffs are coming to an end soon, says Mad Money’s Jim Cramer

Cramer suggested that Bitcoin could see a recovery like last year's – a rally that pushed Bitcoin north to the November all-time high In a recent instalment of the Mad Money show, CNBC's Jim Cramer analysed the markets, as predicted by Tom DeMark. Creator of the Symbolik financial markets analysis tool, Tom DeMark is not just any other head in market matters. With a long-running career in objective and mechanically-driven market indicators, he is credited with several past accurate predictions in the crypto market. Bitcoin and Ethereum set to embark on an uptrend Jim Cramer told viewers that the two leading crypto-assets, Bitcoin and Ethereum, could hit a trend exhaustion bottom this week. After days of massive selloffs that pushed markets to seek lower prices, Cramer predicted that ...

Bitcoin holds onto 10% gains ahead of crucial Fed rate hike comments

25Jan By edrad80No Comments

Altcoins, Bitcoin

Bitcoin holds onto 10% gains ahead of crucial Fed rate hike comments

Bitcoin (BTC) held onto fresh upside on Tuesday after a resurgent stock market took the largest cryptocurrency above $37,500.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView.Fed may spark fresh volatilityData from Cointelegraph Markets Pro and TradingView showed BTC/USD trading above $36,000 on Tuesday, with maximum 24-hour gains totaling 14% versus Monday’s floor. Bitcoin’s correlation to equities remained in focus ahead of a fresh Wall Street open and key information regarding interest rates from the United States Federal Reserve.The Fed’s Federal Open Market Committee (FOMC) is set to meet Wednesday, and any news regarding interest rates could have instant repercussions for both traditional and crypto markets.“Tomorrow’s FED FOMC meeting could mean that we will...

25Jan By edrad80No Comments

Bitcoin

Orange-pilled by Michael Saylor, NorthmanTrader CEO now a Bitcoin supporter

There is still room for humility and humor amid a gloomy January for Bitcoin (BTC). A former outspoken Bitcoin critic has flipped bullish on Bitcoin after conversations with Michael Saylor, CEO of MicroStrategy.What’s more, Sven Henrich, CEO of market analysis firm NorthmanTrader, made light of his change of heart, retweeting a jibe from Twitter account Documenting Bitcoin.Excellent https://t.co/tAIwLWJfKv— Sven Henrich (@NorthmanTrader) January 24, 2022Despite his previous comments that Bitcoin “fixes nothing,” Henrich has been following the crypto markets for three years. He tweeted regularly about Bitcoin price action, offering market analysis as reported by Cointelegraph. However, he had no intentions of buying. In 2022, he is now a “supporter of Bitcoin.” That means we can expect...