Skip to main content

Posts

In The Money Stocks’ President: Bitcoin Will Eventually Slip to $18K Despite Its Recent Rally

 Gareth Soloway – chief market strategist at InTheMoneyStocks – is not impressed by bitcoin’s recent price increase. He argued that the primary cryptocurrency’s USD value would soon reach $50,000-52,000, but will eventually tumble to $18,000. Would History Repeat Itself? In a recent interview for Kitco News, Gareth Soloway – the President of InTheMoneyStocks – opined that bitcoin’s price would eventually experience a massive downturn. While he predicted that the digital asset would climb to a maximum of $52,000 in the short term, it would crash later to as low as $18,000. “Bitcoin will eventually get to the $18,000 mark. There is really no question in my mind.” Soloway – who is also a day trader – explained his forecast with past events. According to him, history would repeat itself just like it happened in 2013 and 2017 when bitcoin plunged after rallying significantly for a couple of months. However, things would be different if it manages to surpass its all-time high of $65,000. It

TA: Bitcoin Breaks $50K, Why BTC Could Continue To Gain Momentum

 Bitcoin price started a steady increase and it surpassed $50,000 against the US Dollar. BTC is likely to remain well bid and it might even clear $50,300 Bitcoin started a decent increase above the $48,000 and $48,500 resistance levels. The price is now trading above $48,000 and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $49,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could accelerate further higher if it clears the $50,500 resistance zone in the near term. Bitcoin Price Gains Strength Bitcoin price remained well bid above the $46,000 support zone. BTC formed a base above $46,000 and it started a fresh increase. There was a clear break above the $48,000 resistance zone and the 100 hourly simple

This Bitcoin metric is close to hitting its previous ATH

 The unrest in China related to mining activities led miners to an exodus. As miners relocated their systems to Kazakhstan and the United States, among other countries, the Bitcoin miner reserves were closing in on its all-time high observed in May. Bitcoin Miner Reserves Bitcoin Miner Reserves indicates the sentiment of the miners at the current price. The number of coins they hold in their wallet suggested whether the market was witnessing a selling pressure or buying pressure. Currently, the value of this indicator was close to hitting an ATH last observed in May when the BTC value was at $56,000. At the time of press, BTC was exchanging hands at $45,355, but the miners’ reserves have reached the May peak as highlighted by the data provided by CryptoQuant. quicktake Source: CryptoQuant Miners were among the big holders of the digital asset and a lack of selling pressure from the miners can be a bullish sign of Bitcoin’s ongoing recovery. As per analyst, Jan Wuestenfeld “The fact tha

Argentina Open to Adopting Bitcoin, Says President Alberto Fernandez

 I don't want to go too far out on a limb [...] but there is no reason to say ‘no,'" Fernandez said in a local television interview. By Jose Antonio Lanz 3 min read Aug 13, 2021 Bitcoin ARGENTINA'S PRESIDENT ALBERTO FERNANDEZ. IMAGE: SHUTTERSTOCK The president of Argentina, Alberto Fernandez, has suggested that he is amenable to the idea of crypto playing a larger role in Argentina’s economy, despite his own skepticism. During an interview on Caja Negra, aired by Filo.news yesterday, Fernandez was asked if he would consider making use of a central bank digital currency, or perhaps even emulate El Salvador and adopt Bitcoin as legal lender. "I don't want to go too far out on a limb [...] but there is no reason to say ‘no,’” Fernandez said. “Perhaps that is a good path to take." "They say the advantage is that the inflationary effect is largely nullified," he explained. Inflation is one of the most sensitive issues in Argentine politics. Fernandez

Can XRP decouple from Bitcoin and the rest of crypto any time soon

  The market is cooling off from yesterday’s rally, which saw the cryptocurrency market capitalization cross the $2 trillion threshold for the first time in months. BTC was down by 1.45% over the past 24 hours, similarly, ETH was also trading in the red, down by 2.45% within the same period. However, resisting this trend was XRP, which was trading at the $1 mark, after recording a 13.2% gain in the last 24 hours. Does this imply a possible decoupling scenario?  While Bitcoin has been around much longer than any other crypto and has thus dictated price movements of most alts, the trend is changing slowly, but surely. Bitcoin’s correlation with XRP at press time, stood at 0.67. Source: Coinmetrics On-Chain metrics platform, Santiment recently highlighted in a tweet that read: “XRP is enjoying a+18% a day on a nice decoupling from BTC and the rest of crypto currently. Watch for an uptick in the address activity (unique addresses interacting daily) & network growth (new addresses creat

‘I went in big, I put in a few million into Bitcoin…’

  American musician, lead singer, and bassist for the rock band Kiss, Gene Simmons, has been very vocal about his affinity towards cryptocurrencies. From proclaiming himself as the ‘God of Dogecoin‘ to investing in other crypto tokens- the rock legend isn’t shy about voicing his support for the crypto market. In a CNBC interview, Simmons weighed in on the crypto craze as well disclosed his crypto portfolio. Simmons, a BTC proponent entered the market frenzy when it traded at around $10k; he added that he invested a significant chunk of his wealth, “I went in big, I put in a few million into BTC when it was around $10k…I loved the ride till $64k or so and I’m what’s called a #HODLer” Simmons acknowledged that he got into crypto because of a call he made to Tyler Winklevoss at the beginning of the pandemic. Moreover, the lead bassist believes that “Bitcoin will be trading at $55,000 to 60,000 by the beginning of next year”. He added: “I’m all in, I’m putting all in. When there was a big

Mexican Billionaire Says His Bank Will Soon Add Support for Bitcoin

 Mexican businessman Ricardo Salinas Pliego has confirmed that his Banco Azteca will soon accept Bitcoin in a Thursday tweet.       The founder and chairman of Grupo Salinas—whose net worth is estimated to be $15.6 billion—has also added Bitcoin laser eyes to his Twitter profile picture to showcase his support for the largest cryptocurrency.     In late June, Salinas announced that Banco Azteca was aiming to become the first Mexican bank to add support for the bellwether coin.   Back in November, the third-richest Mexican billionaire revealed that he had converted 10 percent of his impressive portfolio to Bitcoin. He views the largest cryptocurrency as a good way of diversifying one’s investment portfolio: Bitcoin is a good way to diversify your investment portfolio and I think that all investors should start studying cryptocurrencies and their future. At Banco Azteca, we are working to bring them to our clients to continue promoting [financial] freedom. Salinas, however, is not a fan