Day: December 9, 2021

Analysts say Bitcoin’s behavior at $47.5K mirrors the pre-breakout 2017 market

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Crypto markets tanked again after Bitcoin (BTC) price slipped to $47,500 on Dec. 9, but most analysts agree that the price is destined to remain in the $40,000 to $55,000 range until the holiday season has passed. BTC/USDT 4-hour chart. Source: TradingView Data from Cointelegraph Markets Pro and TradingView shows that the early morning defense of the $50,000 support level was overwhelmed by sellers and according to independent market analyst Ben Lilly, bids at underlying support levels are not inspiring much confidence from bulls. Low bid pressure, return to neutral funding.…

Why Closing Out The Year Below $50,000 Could Be Bad For Bitcoin

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A lot of predictions had put the price of bitcoin at $100,000 by the end of the year and although there are still some weeks left to go, it does not look like these predictions will come to pass. Bitcoin has however maintained a bullish trend despite price crashes and massive liquidations rocking the digital asset in recent times. Since analysts, and the crypto market in general, has been so focused on the bullish future of the asset, there has not been much attention paid to a low for the…

Bitcoin Bottom Signal From Bear Market, Black Thursday Could Save The Bull Run

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Bitcoin price is clearly on the ropes, sending the market and its participants into a state of extreme fear. But much like a superhero donning their cape and hustling toward danger, an ultra-reliable bottom signal has returned to save the day. Here is a closer look at the signal that appeared twice at the crypto bear market bottom, again on Black Thursday, and once again today. Bitcoin Price: Bottoming Sequence Initiated? Markets, much like everything else in the universe, are cyclical in behavior. Cryptocurrencies go through cold winters, but when…

Reddit Introduces ETH-Based Community Points Beta Program With Custom Tokens for Subreddits – Bitcoin News

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The popular forum and news aggregation web portal Reddit has revealed the firm’s Community Points beta program where Reddit users can “own a piece” of their community with “custom tokens” for subreddits. Blockchain-Backed Reddit Community Points: ‘The First Step Towards a Different Future for Online Communities’ At the end of July, Reddit announced that the platform’s Community Points system would leverage the Layer 2 (L2) protocol Arbitrum. This week, Reddit revealed a new website that features the Community Points beta program, which says that Reddit patrons will be able to…

Most Influential 40: Bitfinex’ed

For the past four years, the pseudonymous Twitter user Bitfinex’ed has been one of the most vocal critics of the cryptocurrency industry. They’ve taken particular aim at Tether, the company behind the largest and most used dollar-pegged stablecoin, USDT. Their name on Twitter, where they have 68 thousand followers, is a reference to the cryptocurrency exchange Bitfinex, which has close ties to Tether. In 2018, Bitfinex papered a hole in its budget (it’s a long story) using money from Tether’s reserves. At the time, USDT was marketed as an asset…

Most Influential 40: President Xi Jinping

This year Bitcoin took a serious hit to its hashrate, the measure of electricity going to secure the distributed network, when the Chinese Communist Party decided to ban cryptocurrency trading, mining and related activities. That had the immediate effect of cutting out about two-thirds of the machines making Bitcoin hum, but the network withstood the assault. Perhaps Chinese President Xi Jingping’s biggest influence on the crypto industry is showing how little sway a nation may have. Source

Most Influential 40: Ray Youssef

Few people expected the Nigerian crypto economy to explode after the country’s central bank and financial regulators banned crypto trading. But it has, and it’s now the eighth-largest crypto market in the world, according to Chainalysis. It continues to grow thanks primarily to peer-to-peer exchanges like Paxful that allow bitcoin to flow easily without touching the banking system. Ray Youssef, the founder and CEO of Paxful, has already taken the exchange global and has worked this year to integrate new features – like Bitcoin’s Lightning network. Source

Most Influential 40: Serey Chea

Serey Chea is deputy director general at the National Bank of Cambodia, which is taking a unique approach to a central bank digital currency (CBDC), with its Project Bakong. Chea is adamant that the nation’s digital currency, built on the Hyperledger distributed ledger, isn’t a CBDC, but is working to bring basic financial services to Cambodia, where nearly 80% of the population is unbanked. Source

Most Influential 40: Barry Silbert

If U.S. lawmakers ever target the crypto industry for antitrust activity, Digital Currency Group (DCG) might be top on the list. Founded by Barry Silbert in 2013, DCG is a crypto powerhouse with investments across the industry – including ownership of this publication. It wholly owns digital currency trader and lender Genesis Global Trading and digital asset management firm Grayscale Investments, the provider of the popular bitcoin investment vehicle, the Grayscale Bitcoin Trust. This year, Silbert made the case for that trust to be converted into a spot bitcoin exchange-traded…

Most Influential 40: Jerome Powell

Federal Reserve Chairman Jerome Powell is likely the most influential man in crypto. Too bad he hates the stuff. As leader of the U.S. central bank, Powell perpetrated the largest monetary experiment in history in response to the coronavirus crisis – including expanding the supply of U.S. dollars, nearly doubling the Fed’s balance sheet and allowing the economy to “run hot” amid inflation fears. There’s an argument to be had over whether the “easy money” policy caused the run-up in asset valuations that crypto was part of this year. But…