Tag: Analysis

Altcoins are reaching multi-year highs while Bitcoin price builds momentum for the next run at the $40,000 level. Bitcoin’s (BTC) correction from its January high has not shaken the confidence of institutional investors. According to Glassnode analysts, the number of whales holding more than 1,000 Bitcoin has increased by 200 this year. Along with the institutions, several high profile investors have also committed money to the crypto sector. Hedge fund manager Paul Tudor Jones, former PepsiCo CEO Indra Nooyi, and American rapper LL Cool J have invested in a new…

Ethereum’s rally to a new all-time high boosted investor sentiment in Bitcoin and several altcoins are now surging toward new highs. Bitcoin’s (BTC) stellar run in the latter half of 2020 and MicroStrategy’s purchase of the digital asset appears to have attracted attention from several publicly listed companies in the United States. However, the lack of regulatory clarity could have deterred them from buying Bitcoin at lower levels. To address this issue, business intelligence firm MicroStrategy is hosting an online seminar on Feb. 3 and 4, where “the legal considerations…

Bitcoin price is trading in a tight range, which is allowing multiple altcoins to push higher. Tesla CEO Elon Musk recently voiced his support for Bitcoin (BTC) during a chat with Clubhouse. Musk said that his friends tried to onboard him to the Bitcoin bandwagon as early as 2013, but the world’s richest man did not take the final step. Musk admitted that he was “late to the party.” Musk also said that Bitcoin could be “on the verge of getting broad acceptance by conventional finance.” While these comments by…

Bitcoin’s surprise rally to $38,500 lifted sentiment across the market but the temporary boost appears to be losing steam. Sentiment plays a major role in the short-term price action of an asset. This truth was demonstrated today when Elon Musk, the world’s richest man, simply wrote ‘Bitcoin’ in his Twitter bio. Crypto traders and Musk followers immediately noticed and Bitcoin price conveniently shot up a few minutes after the tweet. When BTC price makes a sharp directional move, traders buy into the breakout and short-sellers are squeezed out of their…