Tag: Bitcoins

Morgan Stanley Says Bitcoin’s 50% Correction Is Nothing New

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Bitcoin’s 50% drop from November’s record high is nothing new and the correction is within historical norms, Morgan Stanley said in a research note entitled “State of the bear market.” Estimating the fair value of cryptocurrencies is difficult as they trade in a speculative manner, helped by the large availability of U.S. dollars and central bank liquidity, the bank’s head of cryptocurrency research, Sheena Shah, wrote in the report published last week. If bitcoin trades below $28,000 the market may expect further weakness as this is around last year’s lows.…

Bitcoin’s ‘MACD’ Indicator Threatens Long Term Bullish Bias as Rate Hike Fears Linger

CryptoX – Cryptocurrency Analysis and News Portal “The correction is driven by macro factors, specifically expected rate increases and liquidity tightening from the U.S. Fed. The 60d correlation between BTC and the S&P 500 was virtually 0 at the end of 2017 – now, it is over 65%,” Noelle Acheson, head of market insights Genesis Global Trading, said in a LinkedIn post titled “Did You Say Crypto Winter.” Original Source The post Bitcoin’s ‘MACD’ Indicator Threatens Long Term Bullish Bias as Rate Hike Fears Linger appeared first on CryptoX. CryptoX…

Bitcoin’s ‘MACD’ Indicator Threatens Long Term Bullish Bias as Rate Hike Fears Linger

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“The correction is driven by macro factors, specifically expected rate increases and liquidity tightening from the U.S. Fed. The 60d correlation between BTC and the S&P 500 was virtually 0 at the end of 2017 – now, it is over 65%,” Noelle Acheson, head of market insights Genesis Global Trading, said in a LinkedIn post titled “Did You Say Crypto Winter.” Original

Ministries Queried About Missing 200,000 Bitcoins as Bulgaria Explores Crypto Payments – Bitcoin News

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The recently elected government of Bulgaria has found itself in the position of answering questions about the fate of billions of dollars’ worth of cryptocurrency reportedly confiscated by the country’s law enforcement five years ago. Meanwhile, the new finance minister has revealed that authorities in Sofia are now exploring options to implement a crypto payment mechanism. Finance Ministry of Bulgaria Has No Information About Alleged Bitcoin Stash The mystery surrounding the 213,576 bitcoins believed to have been seized by Bulgaria has entertained the global crypto community for years and raised…

Derivatives data suggests that Bitcoin’s $39K bounce was a mere blip

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Bitcoin (BTC) bulls are probably quite disappointed with how the start of 2022 has shaped up, especially since the cryptocurrency plunged over 20% in the first 25 days of the year. Even more shocking is the fact that the supposed $32,930 bottom on Jan. 21 was the lowest level BTC price had seen in 6 months, while equity markets as measured by the S&P500 reached an all-time high on Jan. 4.  The sell-off in risk markets accelerated after the U.S. Federal Reserve announced its plan to raise interest rates in…

Finding Bitcoin’s True Point of Pain, Why Sub $30K Seems Likely

Bitcoin maintains its bullish short-term trajectory into the U.S. Federal Reserve FOMC meeting, suggesting the downtrend might be losing strength. BTC investors have feel the pain in the last weeks, as the cryptocurrency displays a high correlation with the U.S. stock market. Related Reading | Bitcoin Whales Take Advantage Of Market Crash To Gobble Up Millions In BTC As of press time, BTC trades at $38,301 with a 2.3% profit in 24-hours. BTC with moderate gains in the 4-hour chart. Source: BTCUSD Tradingview Data presented by Joe Orsini, Director of…

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

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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…

IMF Urges El Salvador to Discontinue Bitcoin’s Legal Tender Status

The executive board of the International Monetary Fund recommended that El Salvador discontinue the use of bitcoin as legal tender in in the country due to the financial risks and liabilities created. The recommendation came in a report issued on Tuesday following bilateral discussions with El Salvador about its economy. IMF directors “stressed that there are large risks associated with the use of Bitcoin on financial stability, financial integrity, and consumer protection, as well as the associated fiscal contingent liabilities,” according to the report. Directors also “urged the authorities to…

‘Take a chill pill, stay long’ — Anthony Scaramucci says bitcoin’s recent plunge won’t last

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Buyers should cool off on cryptocurrency concerns and make some long-term investments instead, SkyBridge Capital’s Anthony Scaramucci told CNBC on Tuesday. Some people think bitcoin is “rat poison,” as billionaire investor Warren Buffett once described it; others think it’s the worst thing to ever happen to civilization, Scaramucci said in a “Squawk Box” interview. “Everyone is a long-term investor until you have short-term losses, and then you start freaking out.” “Take a chill pill, stay long bitcoin, other cryptocurrencies like Algorand and Ethereum, and I think you’re going to be…

Analysts say Bitcoin’s bounce at $36K means ‘it’s time to start thinking about a bottom’

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Bears remain in full control of the cryptocurrency market on Jan. 24 and to the shock of many, they managed to pound the price of Bitcoin (BTC) to a multi-month low at $32,967 during early trading hours. This downside move filled a CME futures gap that was left over from July 2021. Data from Cointelegraph Markets Pro and TradingView shows that the $36,000 level was overwhelmed in the early trading hours on Monday, leading to a sell-off that dipped below $33,000 before dip buyers arrived to bid the price back above…