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China to Intensify Crackdown On Crypto Mining Operations

Huobi and BTC.TOP have said they will suspend services in reaction to the crackdown, even as Bitcoin remains lodged below $40k.

Bitcoin miners have been impacted by renewed efforts by the Chinese government to crack down on cryptocurrency mining businesses in the country.

According to Reuters, crypto miners Huobi, HashCow and BTC.TOP have all announced measures in reaction to Beijing’s move.

Plans for an onslaught on Bitcoin mining and trading in the country surfaced in an announcement made by a State Council committee. The cabinet resolution, under the leadership of China’s Vice Premier Liu He, revealed that the regulatory scrutiny targets virtual currency mining as a way of fending off financial risks.

Some miners suspend operations in mainland China

In the aftermath of the news, at least one major cryptocurrency exchange and two mining firms announced they were suspending mining and/or trading services on mainland China.

Huobi announced on Monday 24 May that it had suspended both cryptocurrency mining and trading services offered to new customers. The firm said it would instead focus on its overseas services.

The bitcoin mining pool BTC.TOP also halted its operations in China, with the firm citing growing regulatory concerns as the reason behind the move. Meanwhile, HashCow has announced it won’t be investing in any new BTC mining rigs.

China is no longer the world’s leading crypto trading destination thanks to the country’s 2017 ban. Now it’s likely to “lose crypto computing power to foreign markets as well,” said BTC.TOP founder Jiang Zhuoer.

Bitcoin price impacted?

It’s not the first time news out of China has impacted Bitcoin price. The latest downturn for Bitcoin included a dump that coincided with news that China had asked institutions not to do business with crypto firms.

On Sunday, BTC/USD plunged nearly 17% to come close to dipping below $30k. Although price has recovered slightly to trade about 5% in the green as of writing, it remains vulnerable to further losses given bulls have struggled to break resistance above $40,000 on multiple occasions.

The BTC/USD pair currently trades around $36,370. Ethereum, which also tumbled to lows of $1,900, is trading above $2,200 as buyers look to stabilise.  Despite the bounce, Bitcoin remains 43% off its all-time peak while ETH is about 47% off it’s all-time high.

The post China to Intensify Crackdown On Crypto Mining Operations appeared first on Coin Journal.

DeFi Tokens Plunge Amid Another Crypto Crash on Sunday

Top DeFi projects recorded massive price and TVL dips yesterday.

The weekend’s cryptocurrency market crash extended into the decentralised finance (DeFi) sector, impacting many projects in the process. Before yesterday, many DeFi tokens had survived the bloodbath in the market that saw crypto assets tumble. Things changed yesterday when selling pressure overwhelmed top DeFi protocols.

The likes of Uniswap and Aave sank deeper than the leading crypto assets which suffered big losses last week.

Disappointing weekend run

Bitcoin changed hands at around $35k ahead of the weekend whereas Ether traded at $2,280 as per coinmarketcap data. The two tokens briefly plummeted early on Saturday to $33,700 and 2,100 respectively before recovering. The bounce back lasted for about 24 hours after which the tokens fell sharply. Bitcoin touched a weekend-low of $31,227.34 despite opening the day above 37.5k. Ether price plunged from $2,298 at the start of yesterday to a low of $1,737.

Elsewhere in the DeFi market, tokens suffered a similar crash yesterday. Uniswap, Aave, Chainlink, and Compound are some of the DeFi tokens that shed a lot of value according to DeFi Pulse. Uniswap opened the day trading at $20.38 before dropping to $13.09. Its total value locked (TVL) decreased to $4.825 billion yesterday, down from $5.051 billion at the end of Saturday.

Aave, the second largest DeFi lending project in terms of TVL, was another big loser. Its token price dropped from $335.39 at the start of the day to $210.05. The DeFi project lost almost 600 million yesterday as its total value locked fell to $7.76 billion.

Compound’s token price slumped from $384.72 to $268.36 before the token clawed its way above the $300 mark. Its TVL, as recorded by DeFi pulse, decreased by 300 million. Many other tokens also traded in the red backing the argument that almost all digital assets are vulnerable to extensive crypto crashes.

Fresh start this week

The current crash was reportedly kick started by Tesla’s discontinuation of Bitcoin payments. The electric vehicle automaker announced that it would no longer accept payments in Bitcoin citing environmental concerns. On the bright side, the crypto market has started off well this week with nine out of the top ten cryptocurrencies recording gains.

Binance Coin and Cardano have had the highest positive changes, both having gained more than 11% in the last 24 hours. The two are followed by Ethereum at 9% and XRP which has seen a 6% upswing.

Bitcoin is currently up 5.41% pushing to cross the $37k level.

The post DeFi Tokens Plunge Amid Another Crypto Crash on Sunday appeared first on Coin Journal.

Goldman Sachs Reconsiders Cryptocurrencies as an Asset Class

A forthcoming report from the investment bank shows that cryptos have performed strongly this year compared with traditional assets.

Goldman Sachs hasn’t always been onboard with crypto. Last year it concluded cryptocurrencies weren’t an asset class, due to a range of reasons such as they don’t generate cash flow like bonds or earnings through exposure to economic growth.

The investment bank then backtracked somewhat, hiring a Vice President of Digital Assets last year and restarting Bitcoin futures trading in March 2021. Now, it appears Goldman Sachs has reevaluated its position on cryptocurrencies.

Just one year after its denial of crypto as an asset, Goldman Sachs is releasing a new report called “Crypto: a new asset class?”. Pages from the forthcoming report were shared on Twitter by Aike Capital Founder Alex Kruger on Saturday.

The report opens with a discussion on whether crypto can be considered an institutional asset class by talking to several experts in crypto and finance. Michael Sonnenshein, CEO of Grayscale Investments — which holds more than 3% of Bitcoin’s total supply — was unsurprisingly an advocate for crypto, suggesting that investors were attracted to the scarcity of assets like Bitcoin as a hedge against inflation.

Galaxy Digital Holdings CEO Michael Novogratz and Goldman Sachs Co-head of Forex Strategy Zach Pandl were in agreement, while NYU Professor of Economics Nouriel Roubini argued that crypto couldn’t be considered an asset as it has no income, utility, or relationship with economic fundamentals.

The report goes on to present a range of data on cryptocurrencies and their performance. It shows that Bitcoin and Ether have performed strongly year-to-date compared with traditional assets, while other coins like XRP and Dogecoin have seen even larger rallies this year.

Goldman Sachs’ research shows that as of May 19, about 70% of Bitcoin and 85% of Ether was held in profit, but also demonstrates that these assets are far more volatile than the stock market.

After some figures on the supply and distribution of Bitcoin and Ethereum, the report defines some key crypto terminology and provides details about the top coins, including Cardano, Polkadot, Internet Computer and Algorand.

Finally, Goldman Sachs explains how to buy and transfer Bitcoin and some of the cryptography behind Bitcoin transactions.

The post Goldman Sachs Reconsiders Cryptocurrencies as an Asset Class appeared first on Coin Journal.

Holo (HOT) Could Spike 70% If This Happens: Top Analyst

HOT could recoup recent losses if altcoins see a significant reversal, technical analyst Michael Van de Poppe suggests.

Holo’s (HOT) price is up 7.91% in the past 24 hours to trade at $0.0087 as of writing. The market capitalisation for the asset stands at $1.57 billion.

Despite trading in the red over the 14-day and 30-day periods as shown on price aggregator CoinGecko, the token’s year-on-year gains stand at 1,570%. This is after a massive run-up seen since last December, with prices surging from lows of $0.0006 on 31 December 2020 to a new all-time high of $o.o3157 5 April 2021.

As this week’s crypto bloodbath tanked Bitcoin to lows of $30k, HOT/USD plummeted too to hit lows of $0.0074. But crypto analyst and trader Michael Van de Poppe has suggested that the token’s price is primed for a fresh upside as profit-taking deals decrease.

According to him, HOT/USD has seen a full retrace from its peak to lows seen in March. A decent support zone near the $0.0057 and $0.007 zone could allow bulls to target new resistance levels. In his opinion, the bullish scenario will play out if the altcoin market witnesses an upward correction in the coming days and weeks.

Let’s see how Holo’s technicals looks today.

HOT/USD price outlook

Like most other altcoins, Holo (HOT) prices largely mirror the sentiment within the Bitcoin market. As such, Bitcoin’s consolidation in the $30-$40k region could see altcoins seek a fresh leg up.

The daily chart shows the RSI is tipping off the oversold line and the MACD is decreasing within the bearish zone. If HOT/USD breaks resistance at the 20-day EMA ($0.0117), it would be above the zone Van de Poppe marked as key to fresh gains.

The next hurdles above this line would be at $0.018 and $0.020, which suggests a 70% surge from the critical $0.011 line.

HOT/USD daily chart. Source: TradingView

Conversely, failure to clear above the bearish trend line would invite new selling pressure and leave HOT/USD vulnerable to a retest of recent lows near $0.0051.

The post Holo (HOT) Could Spike 70% If This Happens: Top Analyst appeared first on Coin Journal.

Report: Bitcoin to Bounce Back From Black Wednesday Crash

A report from Stack Funds suggests that Bitcoin dominance is about to experience a bounce, supporting Bitcoin’s price in the short-term

Crypto Assets Products issuer Stack Funds released a report yesterday suggesting that Bitcoin may be about to make a recovery.

Bitcoin was down 30% at one point on Wednesday, touching lows of $30,000 not seen since January, and representing a 54% drop since its all-time high in April. Every other major cryptocurrency was affected too, as the total market cap of all coins shed $400 billion in an hour, on the day that has become known as crypto’s Black Wednesday.

However, analysis from Stack Funds struck a more positive note. “We believe this to be a good reset for the euphoric conditions we had for the past weeks,” reads the report, “with Bitcoin price reverting to its daily 250MA as it normalises towards its averages before a push to the upside could materialise.”

Bitcoin dominance was also down this week, hitting a three year low of 39.66%. Bitcoin dominance has been falling since the start of this year, and dropping steeply since March. At the end of April, it fell below 50% for the first time since July 2018.

While Bitcoin dominance has been falling though, the total crypto market cap has been rising, gaining about 80% between the start of March and 12 May this year, according to data from CoinMarketCap. This suggests that the capital of most investors remained entrenched within the crypto markets, with the fall in Bitcoin dominance merely a sign of traders looking to maximise opportunities as altcoin season beckoned.

The impressive gains made by Ethereum during that time would appear to be evidence of this. In fact, searches for “cryptocurrency” have been rising since the end of March, and last week reached their highest level since January 2018, according to Google Trends data. However, during the carnage on Black Wednesday, Google Trends revealed that searches for “Should I sell my crypto?” were up 400% in the US.

Bitcoin dominance looked to be making a good recovery on Wednesday though, as it rose 11% to close the day at almost 45%. The Stack Funds report concludes: “We are expecting investors to cycle back into Bitcoin as uncertainties increases [sic] as the markets undergo another reset. Hence, a bounce in Bitcoin dominance should occur, further supporting Bitcoin’s price in the short-term.”

The post Report: Bitcoin to Bounce Back From Black Wednesday Crash appeared first on Coin Journal.

Bitcoin Just Witnessed “A Knockdown, Not Knockout”: Novogratz

Galaxy Digital CEO Mike Novogratz says only the best crypto projects will survive

The crypto market just witnessed its worst price crash, with Bitcoin plunging to lows of $30k to complete a 50% dump from highs of $59k. All of the top altcoins have also crashed hard in what is the worst performance for crypto since Black Thursday on March 13, 2020.

While several analysts remain bullish about Bitcoin and other top cryptocurrencies, some observers think the worst is yet to come.

Scott Minerd, the CIO of Guggenheim Investments, has compared what is happening in the crypto market to what occurred during Dutch Tulipmania in the 17th century.

Minerd had earlier this year predicted that Bitcoin could rally to $600k. While he hasn’t recanted that forecast, he believes an explosion of so many projects within the space pushes crypto towards an outlook seen during the tulip bulbs bubble.

Crypto critics have previously compared Bitcoin and the rest of the market to Tulipmania before, with many seeing it as nothing but a bubble that will soon burst.

Minerd certainly thinks so, noting on Twitter:

“As prices rise, tulip bulbs and #crypto currencies multiply until supply swamps demand at the previous market, clearing prices.” 

Crypto crash not a knockout

Mike Novogratz, the CEO of Galaxy Digital, agrees with Minerd’s assessment to a point, but says that the latest price crash is not a “knockout” to crypto.

According to him, the proliferation of cryptocurrencies is nothing but a “supply response.” As more people enter the market, projects spring up looking to tap into the market. Unfortunately, this ends up overwhelming demand.

The same thing happened during the 2017 bull market with ICOs, but the bear market that followed crashed several projects.

Novogratz suggests history could be about to repeat itself and that only “the best projects with utility and community will survive and thrive.”

Notably, he opines that the bloodbath witnessed on 19 May is not a knockout for crypto. The washout is likely to hurt many, but this is the time to “hodl” rather than sell. For Bitcoin, he suggests the market might settle for sideways trading at $40k-$45k before another leg happens.

Bitcoin is trading around $39,450 as of writing, about 22% down over the past 7 days.

The post Bitcoin Just Witnessed “A Knockdown, Not Knockout”: Novogratz appeared first on Coin Journal.

Bitcoin Losses Hit $38.5k – Here’s How To Short Bitcoin For Profit

BTC’s price decline presents an opportunity for short-sellers to make profitable trades.

Bitcoin price has fallen to lows of $38,500 as crypto markets continue to reel from increased selling pressure. The sell-off has seen Bitcoin price decline by 30% over the past seven days, with overall losses since BTC hit a new all-time high of $63,895 in mid-April rising to 40%.

How to short Bitcoin

You can short Bitcoin just like you would any other financial instrument. You do this by borrowing bitcoins from an exchange or broker. You then sell them at the prevailing market price and look to buy when prices drop. This way, you can return the borrowed BTC and keep the gains.

You can also short Bitcoin through a Contract for Difference (CFD) contract. What this means is that you don’t borrow and sell the actual Bitcoins. Instead, you open a short position via a broker, which sells the coins. You get the price difference when you buy back at reduced prices.

Short sell Bitcoin on eToro

eToro is a regulated UK-based platform that provides for crypto buying and trading. You can short-sell Bitcoin on the platform via CFDs without having to worry about buying the actual BTC.

To short Bitcoin on eToro, you will need to register for an account and complete a verification process. Once you are done, open a BTC/USD trade by selecting “sell.”  This opens a short sell for the BTC pair. If you want to go long, you’d opt to “buy”.

Register here

What is behind Bitcoin’s latest correction?

Apart from a bearish flip associated with Tesla CEO Elon Musk’s comments about Bitcoin mining and clean energy, the rot seen in early trades this Wednesday appear to have been accelerated by the news that China was again banning financial institutions and business from using crypto services.

As the Bitcoin price chart below shows, the cryptocurrency remains in a downtrend. Buyers are finding it difficult to string together any significant upside, with a bearish wall just above $40,000 likely to see prices slump further. If it happens, Bitcoin price can dip to lows last seen in December 2020.

BTC 4-hour price chart. Source: TradingView

The post Bitcoin Losses Hit $38.5k – Here’s How To Short Bitcoin For Profit appeared first on Coin Journal.

Bitcoin sinks below $40k to hit 14-week low on bloody Wednesday

Bitcoin’s value against the US dollar reached its lowest level since February 8, when Tesla announced its $1.5 billion BTC purchase

Bitcoin’s correction continued this morning as its price tanked below $40,000, piercing this level for the first time since February 8. At the time of writing, the flagship cryptocurrency is changing hands around $40,105, with buyers trying to rebound off lows of $39,200.

The BTC/USD pair on Coinbase has shed over $3500 in the past 24 hours, with total intraday losses of 12.7%. Bitcoin now trades at its lowest level in 14 weeks, with much of the gains erased over the past two weeks.

Data from CoinGecko shows that the world’s largest cryptocurrency by market cap has lost 26.4% of its value in 14 days. The price is currently 40 percent down from its all-time high of $64,895, reached on 14 April 2021.

The dump appeared to gather speed after Tesla CEO Elon Musk flipped on his sentiment about Bitcoin. Despite an affirmation that Tesla had not sold any of its BTC holdings, the fear index within the market has remained extremely high, with whales depositing huge amounts of BTC to exchanges. This will likely keep the bearish pressure in the short term, according to one analyst.

The negative sentiment also got some fuel on Tuesday when Chinese banking and payment regulators warned financial institutions against conducting business with virtual currency-related firms.

While market data shows this to be the largest correction for Bitcoin in the current cycle, the 40% dump is yet to match the last major bleeding seen in March 2020. At the onset of the coronavirus pandemic, BTC crashed 60% from a peak of $10,000 to reach a floor of around $3,800.

Whether bears take a stranglehold and push prices lower might become clearer if the rot deepens towards the critical $30k level. On the contrary, strong buying could see a short-term rebound.

The bloodbath has not spared the rest of the crypto market. Ethereum, which reached an all-time high above $4,362, has plunged below $3,000 to trade at $2,977. Binance Coin (BNB), Cardano (ADA), Polkadot (DOT), and Litecoin (LTC) have all declined double digits to hit new 7-day lows.

The post Bitcoin sinks below $40k to hit 14-week low on bloody Wednesday appeared first on Coin Journal.

Bitcoin Holders See Opportunity In Price Correction – Where Do You Buy BTC?

Bitcoin remains attractive to long-term investors despite its latest sell-off, according to data that shows aggressive buying from holders

Bitcoin’s status as the most recognised and widely invested cryptocurrency remains so, despite recent turbulence in the market that sent price down by nearly 20% over the past 7 days. The sell-off, triggered by Tesla CEO Elon Musk’s offhand remarks about Bitcoin mining, appears to be easing, though.

At the time of writing, BTC price is around $44,900 — nearly 25% off its 30-day high. However, it remains 370% up year-on-year, with a potential uptrend likely in the short term.

Where to buy Bitcoin in 2021

Bitcoin is available almost on every exchange and broker platform offering cryptocurrencies. While it is easy to buy BTC online today, choosing a platform that offers you security, low costs, and ease of use is recommended.

That’s why we recommend that you visit the following platforms that are not just regulated and reputable but offer several other products that can enhance your portfolio.

Plus500

Plus500 is one of the leading online brokers in the market. The firm offers access to multiple products, including stocks, commodities, and cryptocurrencies. Among crypto products, the easiest to buy and trade is BTC.

Just register for an account, verify it and proceed to buy BTC with a credit card or bank transfer among other payment methods.

Register here

Coin Kong

Coin Kong is another top platform for buying Bitcoin from anywhere in the world. The platform connects crypto users to major brokerage firms across the globe, from where you can buy Bitcoin among other top cryptocurrencies like Ethereum, Litecoin, and XRP.

Please note that you cannot access Coin Kong if you are in the US.

Register here

What next for Bitcoin?

Short-term, prices will likely go up, even if BTC crashes below $40k to retest December 2020 prices near $30k. The bullish outlook is from the overall positive sentiment in crypto and the aggressive accumulation being witnessed at the moment.

According to data platform Glassnode, the dip to lows of $42k and the current price levels of $44,900 are nothing new and “just another day in the office” for HODLers. Per the firm’s latest report on Bitcoin, the correction has provided an opportunity for further accumulation by long-term investors.

“In almost perfect opposition to new entrants panic selling, long term holders appear to be buying the dip and accumulating cheaper coins.”

Crypto analyst CredibleCrypto has noted that this dip represents a great opportunity to buy Bitcoin.

The post Bitcoin Holders See Opportunity In Price Correction – Where Do You Buy BTC? appeared first on Coin Journal.