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This week in crypto: Gnosis becomes the second blockchain to complete The Merge

  • Gnosis blockchain completes The Merge and migrates to a proof of stake protocol.

  • Coinbase expects 2022’s revenue to decline by 50% or more from 2021.

  • PayPal begins crypto operations in Luxembourg.

Gnosis blockchain completes The Merge

First Ethereum, now Gnosis. Gnosis announced earlier this week that it has migrated to a Proof of Stake (PoS) protocol from its previous Proof of Authority (PoA), completing The Merge. 

The migration had seen the number of validators on the Gnosis blockchain increase to over 100k from the previous 20 it had when it maintained its PoA protocol. The migration is expected to boost decentralisation and security of the Gnosis blockchain.

Coinbase expects 2022 revenue to decline by 50% or more

Brian Armstrong, the CEO of Coinbase, revealed earlier this week that the cryptocurrency exchange is expecting its 2022 revenue to decline by 50% or more from what it generated last year.

According to the CEO, the bear market has affected its operations, with most coins down by 70% from their all-time highs. The recent events, including the FTX collapse, have also affected the confidence in the market. However, Armstrong said he would continue to advocate for the crypto industry in Washington DC.

Coinbase also asked its users to switch USDT stablecoins for the more ‘reputable’ USDC. USDC is issued by Circle, the company co-founded by Coinbase. The crypto exchange said USDC is more truCelsius ordered to return crypto worth $44M to customerssted and reliable, and its users should start using the stablecoin ahead of the USDT issued by Tether.

Earlier this week, Circle, the issuer of USDC, officially announced that it had cancelled plans to go public. The company was expected to go public with a $9 billion valuation, but recent market events forced it to cancel its plans.

Celsius ordered to return crypto worth $44M to customers

Cryptocurrency lending firm Celsius has been ordered to return $44 million worth of cryptocurrencies to its customers. United States Bankruptcy Judge Martin Glenn said he wants creditors to recover as much as they possibly can as soon as they possibly can.

Celsius owes billions to its creditors, and the $44 million approved applies to pure custody assets. These are assets that haven’t been used in the Celsius Earn accounts but were present in the custody program.

PayPal begins crypto operations in Luxembourg

Payment platform PayPal revealed earlier this week that it is expanding its cryptocurrency operations to capture Luxembourg. The company said its crypto services would soon be available in the European country, allowing citizens to buy, sell, and hold various crypto assets. 

PayPal added that it is currently working with Luxembourg’s regulators and policymakers to create a policy that is excellent for the investors, PayPal, and the country.

Ethereum’s Shanghai hard fork to take place in March 2023

Éthereum core developers have set March 2023 as the date for the network’s Shanghai hard fork. The hard fork is a crucial one for the Ethereum community as it would allow users to withdraw their staked Ether tokens on the network.

The post This week in crypto: Gnosis becomes the second blockchain to complete The Merge appeared first on CoinJournal.

Coinbase tell customers to dump Tether, stablecoin war heats up

Key Takeaways

  • Coinbase has encouraged customers to dump Tether for USD Coin by waiving fees
  • Binance had delisted USDC pairs last September to push its own stablecoin, BUSD
  • The war between the centralised stablecoins deepens
  • DAI holds the torch for decentralisation but faces uphill battle for relevancy as model seems unscalable

The stablecoin war is heating up.

Coinbase, who co-founded the USDC stablecoin, are the latest to go on the offensive. It posted a blog post encouraging its users to swap their USDT over to USDC.

“The events of the past few weeks have put some stablecoins to the test, and we’ve seen a flight to safety. We believe that USD Coin (USDC) is a trusted and reputable stablecoin, so we’re making it more frictionless to switch: starting today, we’re waiving fees for global retail customers to convert USDT to USDC.”

I have wondered for a while why Coinbase has not gone on the offensive more and used its exchange to push holders into USDC. Of course, the cynic will say that this decision by Coinbase is to jack up the USDC holdings to reap extra revenue, as these have become a massive earner for the company given the interest rate on T-bills is now 4%.

That makes sense, and that is exactly what it is. But even still, such is the constant anxiety around Tether, it may also be a good thing for the ecosystem at large. The best scenario – as far-fetched as it may seem – is for Tether’s market cap to benevolently trickle down to zero.

Whether Tether is good for it or not, the constant conversation on the topic is negative for the entire industry.

Binance kicked the stablecoin war up a notch

Of the five big stablecoins, there has been some serious movement this year.

Obviously, TerraUSD is the big one, its shocking crash rocking the market. Since then, the decentralised torch has been passed to DAI. But that is beset by its own problems, coming under criticism for being centralised in nature, given its large holdings of USDC.

This led to it voting to move into T-bills, while the latest plan is for it to “free float”, as there is no other alternative if they want to pursue decentralisation. I’ve been vocal in the past of my thoughts on DAI, and they haven’t changed: I believe it has no future, as the model simply is not scalable.

Oh, and a stablecoin that free floats is also not a stablecoin, by the way.

Regarding the centralised stables, it was Binance that kicked up this stablecoin war a notch when it announced in September that it was delisting USDC pairs and auto-converting customer holdings into BUSD.

If we plot the market share of the stables since August, we can see that USDT and USDC have pared back significantly, while BUSD has come up.

What happens next?

The above chart shows quite how dominant the top three providers are, with DAI now having a market cap of $5.2 billion, a mere drop in the ocean.

While this presents as a concerning amount of centralisation, the reality is that nobody has cracked the code on how to create a decentralised stablecoin. So like it or loathe it, it’s centralisation going forward.

The question now is who wins out between the titans up top. This move by Coinbase is a notable one, as Binance had been making serious gains in the wake of their auto-convert announcement. But Binance still list USDT, as the most controversial stablecoin remains the most entrenched, absolutely vital to the entire ecosystem and the biggest liquidity pair by far.

I don’t believe that is a good thing, so in the eyes of the market, it’s nice seeing USDC make a move here.

The market share will be interesting to track again in a few months time. Hey, maybe we will all be using CBDCs before long, anyway.

The post Coinbase tell customers to dump Tether, stablecoin war heats up appeared first on CoinJournal.

Coinbase asks users to switch USDT for the ‘reputable’ USDC

  • Crypto exchange Coinbase wants its users to switch their USDT for USDC.

  • The company calls USDC the trusted and reputable stablecoin.

  • Coinbase is a co-founder of Circle, the company that issues the USDC stablecoin.

Coinbase wants users to adopt USDC

Coinbase, one of the leading crypto exchanges in the world, has urged its users to swap their USDT stablecoin for USDC. USDT is the leading stablecoin in the world (with a $65 billion market cap) and is issued by Tether.

Meanwhile, USDC is the stablecoin issued by Circle, a company that Coinbase helped founded. In a blog post on December 8th, Coinbase said USDC is the more trusted and reputable stablecoin. Coinbase wrote,

“We co-founded USDC in 2018 with the vision of creating a more open, global financial system. USDC is unique in that it’s 100% backed by cash and short-dated U.S. treasuries held in U.S.regulated financial institutions. It’s always redeemable 1:1 for U.S. dollars. Customers are calling for transparency, and USDC delivers via monthly attestations by Grant Thornton LLP, one of America’s largest audit, tax, and advisory firms. Plus, eligible customers globally² earn up to 1.5% APY³ on their USDC holdings with Coinbase.”

Recent events prompted Coinbase to favour USDC

Coinbase explained that events of the past few weeks prompted it to ask its users to switch to USSC. On-chain data indicated that USDT briefly lost its peg against the US Dollars following the FTX collapse. Coinbase wrote that;

“However, the events of the past few weeks have put some stablecoins to the test, and we’ve seen a flight to safety. We believe that USD Coin (USDC) is a trusted and reputable stablecoin, so we’re making it more frictionless to switch: starting today, we’re waiving fees for global retail customers to convert USDT to USDC.”

Although USDT remains the leading stablecoin in the cryptocurrency space, it has encountered numerous controversies over the years. There were claims that Tether’s USDT stablecoins were not fully backed.

In September, the stablecoin issuer was ordered by a U.S. judge in New York to produce financial records associated with the backing of USDT. In 2020, the New York Attorney General’s office filed a lawsuit to get Tether to release documents regarding its finances. 

The post Coinbase asks users to switch USDT for the ‘reputable’ USDC appeared first on CoinJournal.

Crypto overview November 2022

  • Cryptocurrency prices have declined significantly in 2022, with crypto assets tracking the performance of stocks such the Nasdaq 100.
  • An overview of three top cryptocurrencies  in Bitcoin, Ethereum and Ripple highlights the opportunities and risks that abound.
  • Investors seeking to trade on contracts for differences, CFDs, for crypto need to do due diligence and understand how the contracts work.

Crypto has tracked high-risk assets like the Nasdaq 100 for much of 2022, crumbling as a result of the high inflation and high interest rates prevalent in the financial markets. 

Bitcoin, the world’s largest digital coin, failed to get past $20,000 for most of September and October. However, amid multiple price predictions BTC managed to rise late that month after some modest indications that the US Federal Reserve was ready to ease policy. 

Bitcoin price shot up 6.5% to $20,700 on October 29, and Ether followed by 19%. In context, the two largest crypto powers had suffered losses five of the last six months. Perhaps it wasn’t one single factor driving it, but rather “a more favorable backdrop for risky assets and short liquidations,” suggested NYDIG’s Greg Cipolaro.

One of the drivers for the rally may have been Dogecoin’s massive 40% surge that month, as crypto traders expected Elon Musk’s takeover of Twitter to give him a platform to promote the dog-themed coin. 

One notable aspect of the crypto upswing was the fact that it happened at the same time as major tech stocks like Meta Platforms and Amazon.com were in the red. “Digital asset markets have shown early signs of tech decoupling,” Fundstrat’s Walter Teng announced.

Below are 3 top cryptocurrencies that we have used to outline and distinguish the above-mentioned “signs”, and crypto performance in November. Read on to find what else you can learn about trading cryptocurrency CFDs.

Bitcoin

In the second week of November, Binance CEO Changpeng Zhao said his company was on track to acquire FTX.com – the well-known crypto exchange co-founded by Sam Bankman-Fried – after the exchange lost liquidity following Zhao’s own sale of 530 million dollars from its FTX holdings. 

Crypto trust was hit by the demise of FTX, whose native FTX token FTT, lost 75% of its value in a single day on November 9. SOL (the token of the Solana blockchain) reacted dramatically (because Solana is connected to FTX), dropping 36% on that day and bringing the total loss for the year to 90%. Bitcoin was 7.7% in the red, after an 11% loss the day before, which kept Bitcoin from breaking above $17,430. 

The sentiment was memorable for Modular Asset Management’s Dan Liebau, who said that since 2016, “few periods have tested [the crypto industry’s] market infrastructure and participants as much as the past 24 hours.”

Ether

Has ETH been able to maintain momentum after its monumental September merge? Not according to some analysts such as BeQuant’s Martha Reyes who said in mid-September, “Now that the Merge excitement is over, we don’t have a catalyst for Ethereum any time soon“. 

Ether lost 3.8% that day to hit $1,475 after dropping 6% the day before. Excitement over the upcoming Merge into a proof-of-stake system of validation, which would reduce the blockchain’s environmental impact and make it more efficient, had kept Ether afloat since mid-June. 

The Merge itself was “certainly a success,” in the words of Ethereum developer Preston Van Loon. “What we’ll see over time is whether the stats hold up.”

A month later, Ether rallied 10.25% in just 24 hours. Internet lawyer Andrew Rossow thought it was due to a “combination of traders capitalizing” and “the success we’re seeing with some of the NFT projects thriving in the current bear market.” 

According to Brett Sifling of Gerber Kawasaki Wealth & Investment Management, it was an overflow from the stock market rally. It will certainly be interesting to see how ETH prices will perform in the coming months for those trading cryptocurrencies in the form of CFDs.

Ripple

On September 19, traders braced themselves for higher interest rates on both sides of the Atlantic. This would mean that the cost of borrowing goes up, draining the liquidity needed in the crypto market. Bitcoin and Ether continued their losing streak, dropping 7.4% and 6.6% respectively, but XRP – the token created by Ripple Labs Inc. – fell as much as 13.5%. 

A trigger may have been the news that the Securities and Exchange Commission (SEC) wanted an immediate ruling in the lawsuit they were pursuing against Ripple for its “reckless” conduct in failing to register XRP as a security. Also in September, Ripple filed a motion to dismiss the lawsuit, based on their position that XRP is ineligible as a security.

In the second week of October, Ripple CEO Brad Garlinghouse said the case would be resolved by the first half of 2023. The issue, he said, was “about the whole industry,” not just the world’s sixth-largest crypto.

In summary

When trading cryptocurrencies in the form of CFDs, it is always a good idea to understand the prevailing macro environment. For instance, what was Fed Chair Jerome Powell’s tone the last time he spoke? What did the latest inflation data tell us? And what recent events are shaping crypto sentiment? 

Answering these questions and listening to the popular opinion of reputable analysts can help those trading cryptocurrency CFDs make more informed decisions.

The post Crypto overview November 2022 appeared first on CoinJournal.

Bitcoin slides, but you do not want to miss out on a low price this analyst calls a “steal”

  • Bitcoin has lost a weekly 1.52%, and bear pressure is high

  • A quantitative analyst expects a bottom in around 3 months but says Bitcoin is attractive

  • Bears have an edge as long as BTC does not recapture $19,000

Bitcoin (BTC/USD) has lost 1.52% in a week as most cryptocurrencies struggle. Despite recovering slightly by 0.25% in the day, the price of the largest cryptocurrency was struggling to retain the $17,000. As of press time, BTC was trading at $16,860. That has raised questions over the potential of Bitcoin to recover to the $19,000 resistance. 

But a renowned crypto analyst thinks Bitcoin is a bargain at the current low valuation. The crypto analyst dubbed PlanB expects Bitcoin to rally at least 5,800%. Consider that Bitcoin is trading at about 4 times less value than its all-time high of over $68,000. Reflecting on the stock-to-flow model, the analyst says the current BTC price is a “steal.”

Typically, the stock-to-flow model assesses assets’ value by comparing their current price to the supply. In his view, if we consider BTC’s original 2019 model or the $55,000 model, BTC’s next halving could catapult prices to $100k-$1 million. He expects the supply to be squeezed in 2024, around the halving event. But how about the short-term price?

PlanB opines that BTC’s bottom could occur in around three months. He says the price of BTC hits the bottom 18 months from the record high.

BTC is struggling to rise at the 20-day MA

BTC/USD Chart by TradingView

From the daily chart technical outlook, BTC’s upside is limited. Although the price has kept the $16,000 support intact, bears are exerting pressure as prices recovered above the 20-day MA. 

The RSI is pointing lower and sliding further from the 50-midpoint reading.

Will BTC remain bearish?

The limited upside on BTC price indicates that the bear market is far from over. The $19,000 remains the crucial resistance. If BTC breaks below $16,000, the next level to watch is around $13,000.

Where to buy BTC

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy BTC with eToro today

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients’ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy BTC with OKX today

The post Bitcoin slides, but you do not want to miss out on a low price this analyst calls a “steal” appeared first on CoinJournal.

Normalcy returning to crypto markets, on-chain data shows

Over the last few months, the crypto market has largely been pretty serene. Bitcoin had been in crab motion around $20,000 for quite a while, as it plodded along while waiting for the wider macro conditions to make a move.

I wrote in late October to be cautious around this price action, and that Bitcoin could be one bearish event away from an aggressive downward wick. What I did not except was that event to be shake crypto to its bones, as one of the blue-chip companies in the space, FTX, inexplicably descended into insolvency.  

This obviously shook markets. Last week I assessed how the flow of bitcoins out of exchanges has been fierce, as people’s trust in these central entities to store their coins was understandably at an all-time low. 

In fact, I saw yesterday that 200,000 bitcoins have left exchanges since the FTX implosion. But now, the data suggests that the market is calming down a bit. And again, it seems like we may enter crab mode until macro provides an impetus one way or another – or an unexpected crypto-specific development comes out of the woodwork. 

The first way to demonstrate that the dust is beginning to settle is by looking at Bitcoin’s volatility. This obviously spiked as Sam Bankman-Fried’s “games” were revealed to the public. But after remaining elevated throughout the last few weeks, it has fallen back down to more standard levels in the last few days.  

Another way to view this is the falloff in large transactions. These transactions (defined as greater than $100,000) jumped up in the few days around the bankruptcy, but have fallen gradually since, back to the same levels we have seen throughout much of 2022.

Another useful metric to track is the net realised profit or loss of moved coins. This spikes in times of crisis as the price abruptly drops, before typically coming back towards the $0 mark as the markets calm down.

The below chart shows this well, with trades on November 9th netting an ugly $2 billion loss, before November 18th then topped this with a $4.3 billion loss. That is lower than the worst mark post-Celsius crash ($4.2 billion loss) and Luna ($2.5 billion loss).

This reflects the continued downward pressure on Bitcoin’s price, but the trend has bounced back up to close to zero again.

FTX was a central part of the ecosystem, and its bankruptcy understandably rocked the market. As I wrote recently, this contagion is not over.

Yet data from the last week or so suggests that normalcy is returning to the crypto markets. Going forward, it may tread water again for a while. With China opening up post-lockdown, the latest inflation numbers imminent and the EU ban on Russian crude imports, macro certainly has a lot going on. 

Crypto investors will just need to hope that the crypto-native scandals are out of the way for the time being.  

The post Normalcy returning to crypto markets, on-chain data shows appeared first on CoinJournal.

Coinbase FY2022 revenue to be less than half of FY2021 revenue, says Brian Armstrong

  • CEO Brian Armstrong said Coinbase’s revenue for 2022 will plunge by 50% as the bear market continues.

  • Coinbase’s shares are down by roughly 80% since the start of the year.

  • FTX’s demise is due to massive fraud and not mismanagement

FTX’s 2022 revenue to decline by 50%

Coinbase Global Inc. Chief Executive Officer Brian Armstrong told Bloomberg in a recent interview that he expects the company’s revenue for 2022 to decline by 50% or more. 

He attributed the decline in revenue to the ongoing bear market, which has seen several cryptocurrencies lose more than 70% of their values over the last seven months. 

The FTX incidence has also affected the confidence of some cryptocurrency investors. The shares of Coinbase are down by roughly 80% since the start of the year. At the start of the year, COIN was trading at $251 but ended Wednesday’s trading hours just above $40 per share. 

Armstrong said;

“Last year in 2021, we did about $7 billion of revenue and about $4 billion of positive EBITDA, and this year with everything coming down, it’s looking, you know, about roughly half that or less.”

The publicly-listed cryptocurrency exchange had previously said it expected a loss of no more than $500 million based on adjusted EBITDA for 2022. While Coinbase didn’t provide a full-year outlook for overall revenue, Armstrong’s estimate correlates with the approximately $3.2 billion expected by Wall Street analysts.

FTX’s collapse is the result of a massive fraud

Last month, rival crypto exchange FTX filed for bankruptcy and has been the major topic of discussion in the crypto space since then. While commenting on the event, Armstrong said FTX’s collapse was not a result of mismanagement, as Sam Bankman-Fried has conveyed. He said

“It appears that they took customer funds from their exchange and actually commingled them or moved them into their hedge fund and then ended up in a very underwater position. And that was, I believe, against their terms of service and against the law. I think there are some really serious questions to be asked now about should some of that money be clawed back because it appears that it was stolen from customers.” 

Despite the negative effects of FTX’s collapse, Armstrong said he intends to continue advocating for the crypto industry in Washington DC. He also predicted that crypto-specific legislation could be implemented next year. 

According to Armstrong, the regulations should focus on stablecoins, centralised exchanges and custodians, while also defining commodities and securities. He said;

“There’s still probably 20%, I would say, of Congress where they’re either just very hostile to it, or are just ignorant of it, but it’s not the majority view at this point. We can hopefully get something there in the US and then go for the rest of the G20 as well.”

Coinbase is the second-largest cryptocurrency exchange in the world and processes nearly $1.2 billion daily.

The post Coinbase FY2022 revenue to be less than half of FY2021 revenue, says Brian Armstrong appeared first on CoinJournal.

Bitcoin dips by 2% today as mining difficulty falls by 7.2%

  • Bitcoin is trading below $17k once again after losing roughly 2% of its value today.

  • Bitcoin mining difficulty is down 7.2%, the biggest drop in more than a year. 

  • The total crypto market cap is also down by nearly 2% in the last 24 hours.

Bitcoin mining difficulty dips by 7.2%

Bitcoin, the world’s leading cryptocurrency by market cap, has been underperforming over the last 24 hours. At press time, the price of Bitcoin stands at $16,900 and could dip lower before the end of the day.

This latest cryptocurrency news comes after BTC.com revealed that Bitcoin mining difficulty is down 7.2%, the biggest drop since July last year. The recent decline in Bitcoin mining difficulty is the biggest one since the 28% plunge recorded following China’s crackdown on mining in the summer of last year.

The broader cryptocurrency market has also been underperforming over the past 24 hours. At press time, the total cryptocurrency market cap stands at $851 billion, down by 1.9% so far today.

Ether, the second-largest cryptocurrency by market cap, isn’t fairing any better. ETH is down by nearly 3% today and is now trading at $1,256 per coin.

Key levels to watch

The BTC/USD 4-hour chart remains bullish despite BTC underperforming over the past few hours. This is because BTC is still in the green zone when you look at its seven-day performance.

The MACD line remains above the neutral zone but has been declining and could enter the negative region if the bears remain in charge. The 14-day RSI of 50 shows that BTC could enter the oversold region in the near term unless the bulls regain control of the market.

With the bears now in control, BTC could test the first major support level at $16,368 before the end of the day. However, unless there is a massive bearish run, the bears could find it tough to drop BTC’s price below the $15,909 support level. 

Where to buy Bitcoin now

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy BTC with eToro today

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients’ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy BTC with OKX today

The post Bitcoin dips by 2% today as mining difficulty falls by 7.2% appeared first on CoinJournal.

This analyst relies on on-chain metrics to support a Bitcoin rally. Is BTC a buy now?

  • Bitcoin rose to $17,000 on Monday.

  • InvestAnswers thinks BTC is about to become bullish based on realised value.

  • The token faces resistance at $19,000 and 50-day MA.

Bitcoin price (BTC/USD) was up marginally on Monday as most cryptocurrencies made slight recoveries. BTC was back to $17,000 even as data by crypto derivatives exchange Deribit showed that sentiment had shifted in favour of the cryptocurrency. But as this happens, a popular crypto analyst is projecting a rally.

InvestAnswers, a popular crypto analyst, says that on-chain signals suggest BTC is overdue for a rally. The pseudonymous analyst examines Bitcoin’s realised price or RP metrics in making the argument. Normally, RP posts the value of all BTC at the price the tokens were bought and then divides it by the number in circulation. InvestAnswers says that BTC never stays below the RP for long. 

The analyst says BTC has been under RP for 170 days. In 2020, BTC stayed below the RP for 8 days, while in 2018, it was 115 days. In 2015, it stayed a little longer at 240 days and only 110 days in 2011. According to the analyst, the RP of BTC lies at $21,000. Using the analogy, he says that the Bitcoin price is about to soar.

Besides the RP, InvestAnswers says that the rising weakness in the US dollar index suggests a likely rally. The index is inversely correlated to the risk-on assets, meaning that if it goes lower, cryptocurrencies go the other way.

BTC price analysis and outlook amid slight recoveries

BTC/USD Chart by TradingView

BTC trades above the 20-day moving average. Bulls have been winning the war at $16,000, although the bears are still relentless. The RSI remains below the midpoint, and the bullish momentum looks somewhat weak but improving.

Bulls will have the next test at the 50-day MA and the $19,000 resistance.

Should you buy BTC?

BTC is still largely bearish. However, all indications are buyers looking for the next opportune moment. In the meantime, BTC’s eyes $19,000 and a recovery past the level could usher in more upsides.

Where to buy BTC

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy BTC with eToro today

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients’ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy BTC with OKX today

The post This analyst relies on on-chain metrics to support a Bitcoin rally. Is BTC a buy now? appeared first on CoinJournal.

Why BTC rose to $17K. Here is the potential price action next

  • Bitcoin rose on Thursday after Powell’s statement indicated slower rate hikes.

  • BTC price has recovered above the 20-day MA.

  • The long-term momentum is bearish for BTC unless bulls win back the $19,000 level.

Bitcoin (BTC/USD) saw increased buyer interest on Thursday, rising to over $17,100. The price increase reflected renewed optimism in all markets after a soft statement by the US Fed.

A Wednesday statement by Fed Chair Jerome Powell showed that the central bank might slow rate hikes. According to Powell, smaller rate increases could be pursued starting in December. The suggestion raised hopes of slower economic tightening, which has been hitting markets. However, Powell still warned that monetary policy could remain restrictive until real progress to contain inflation is made.

Powell’s statement may boost prices of cryptocurrencies for some time, led by Bitcoin after the FTX-inspired selloff. Nonetheless, DFD Partners President Bilal Little shared insights from the gains. Little says that any time markets undergo periods of distress, they tend to oversell. As markets regain clarity again, the prices look up again. However, the DFD Chief warned that the rally would be hard to sustain.

According to Little, Bitcoin would likely touch the $12,000 to $13,000 level. He warns of other contagion impacts of the FTX collapse amid liquidity risks grappling crypto firms. As such, Little says many crypto firms may be unable to meet liquidity demands or counter the risk concerns.

BTC is recovering above the 20-day moving average

BTC/USD Chart by TradingView

Technically, BTC bulls are pushing the cryptocurrency above the 20-day moving average ($16,586). The cryptocurrency is breaking above a consolidation zone at $16,000. 

The RSI is slightly below the midpoint, indicating that demand is catching up with the supply. Still, BTC sellers have the upper hand.

Should you buy BTC?

Despite the latest gains, BTC remains largely bearish. The price recovery above the 20-day MA may offer optimism that BTC price may rise in the short term. However, bears may try to exert their influence at the 50-day MA. The $19,000 resistance may also counter the upside.

Where to buy BTC

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy BTC with eToro today

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients’ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy BTC with OKX today

The post Why BTC rose to $17K. Here is the potential price action next appeared first on CoinJournal.