Category Archives: Bitcoin
Get Ready For The Main EventGrayscale CEO Teases $17.7 Trillion BlackRock And Wall Street Bombshell After Wild Bitcoin, Ethereum, XRP And Crypto Price…
"ETF speculation is front and center for now, but the store of value narrative still holds and will give the asset a resilient and increasing floor," Noelle Acheson, author of the Crypto Is Macro Now newsletter, noted in an email to CoinDesk. "I very much doubt that the recent sell-off means the rally is done for now."
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Bitcoin-Stocks Correlation Now Most Negative Since Covid's Onset - Bloomberg
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Bitcoin Up Triple-Digits This Year: ETFs in Focus - Nasdaq
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Bitcoin (BTC) Price Predicted to Reach $600,000 by Cathie Wood - U.Today
Crypto Analyst Predicts Abrupt Bitcoin Rally, Says BTC Still in Massive Uptrend Despite Recent Corrective Move – The Daily Hodl
An analyst whos been making timely Bitcoin (BTC) calls recently believes that the crypto king is still poised for a big surge despite yesterdays drop.
In a new video update, Credible Crypto tells his 351,400 followers on the social media platform X that Bitcoin may be in the latter stages of a wave four corrective move after dropping to a 24-hour low of about $35,266.
According to the trader, Bitcoin is gearing up to end its major wave four structure by forming an ascending triangle pattern on the lower time frame.
More likely, I think its probably going to end up like [an ascending triangle]. That makes a lot of sense to me. Because again, triangles are often found in wave fours That would look something like [a consolidation] here like an ascending triangle and then rip to the upside. That may be what were getting here at the moment
It can take different shapes and forms but that makes a lot of sense here and then just continuation.
Credible Crypto utilizes the Elliott Wave theory in his technical analysis, a method that attempts to predict future price action by following crowd psychology that tends to manifest in waves. According to the theory, a bullish asset goes through a five-wave rally where waves one, three and five move to the upside while waves two and four are periods of consolidation.
Looking at the traders chart, a break of the $38,000 level would mark the end of wave four and push BTC toward his target at around $44,000.
The trader also notes that yesterdays pullback decimated the amount of Bitcoin open interest, which tracks the total number of outstanding BTC futures contracts. Credible Crypto says that with excessive leverage out of the picture, BTC is now in a position to start moving upward.
Weve seen a massive amount of liquidation the biggest amount of liquidation since this rally started. The biggest amount of liquidation since $25,000. Open interest is completely wiped [out]. I dont really see much to be achieved by pushing price lower here, and were in a massive uptrend, so expect the dips to be bought up aggressively.
At time of writing, BTC is worth $35,480.
Generated Image: DALLE3
The BitStream proposal echoes the BitVM paper's attempt address the risk of damaging the network's performance by clogging it up with transactions or other computations by carrying them out off-chain. In both cases, transactions or computations would only need to carried out on-chain for verification or to address a dispute.
Bitcoin (BTC) services platform Swan Bitcoin warned its customers that it would be forced to terminate accounts found interacting with crypto-mixing due to the regulatory obligations of its partner banks.
Customers were informed about the policy in a letter suggesting the changes are due to the United States Financial Crimes Enforcement Network (FinCEN) proposed rule establishing new responsibilities on firms processing transactions from mixing services.
On Nov. 12, the co-founder of the firm, Yan Pritzker, took to X (formerly Twitter) to explainthat although the firm is not against the use of privacy mixing tools and services, it has to adhere to the obligations of its partner banking institutions.
Pritzker said that the proposed FinCEN rule is poorly written and covers a huge amount of Bitcoin-related activities, such as using BTC addresses only once, mixing funds and prohibiting the use of any programmable transactions, such as on Lightning Network channels.
He added that mixing services are painted with a scary brush instead of what they are: a common way to break large amounts of Bitcoin into small ones with privacy in focus.
Financial regulators in the U.S. have portrayed crypto-mixing services as a route for illicit activities and have sought to curb the services. Regulators have sanctioned such activities and have also prosecuted and jailed the creators of Tornado Cash. Pritzker added:
Pritzker stated that the current political climate has put a lot of fear into the banking sector, with most banks simply refusing to do business with anything in crypto. Thus, for them to continue their Bitcoin on-ramp services, their custody partner has to interact with banking services governed by FinCEN regulations.
In its letter to customers, Swan Bitcoin also suggested ways such policies can be opposed and said educating the masses on Bitcoin is the first step toward that.
Magazine: Should you orange pill children? The case for Bitcoin kids books
In other words, despite signs of a thaw, crypto winter may not be over. Theres hope that the months-long deep freeze drove out the riff-raff, while the brightest minds continued to build. And while a killer app hasnt been found, its clear enough the industry has a committed user base. But along with the institutional capital, supposedly waiting on the sidelines to be deployed after a BTC ETF goes live, are likely another wave of speculators and scammers.