Category Archives: Bitcoin
This One Fundamental Factor Separates Bitcoin From All Other Crypto Assets, According to Macro Strategist L… – The Daily Hodl
Macro investment strategist Lyn Alden says that one fundamental factor sets Bitcoin apart from all other digital assets.
Alden tells Peter McCormack on the What Bitcoin Did podcast that Bitcoin is one of a kind due to its network effect, or the phenomenon where the number of users directly contributes to the value of the network.
Alden highlights Bitcoins network effects by illustrating how copying Wikipedia will not result in replicating the traffic generated by the original site.
I could copy Wikipedia I could post Wikipedia on my website and the question is, Would I get anywhere near the traffic that Wikipedia gets? Of course, the answer is no I can copy all the texts thats there, but I cant copy the network effect. Specifically, I cannot copy the millions and millions of links around the internet pointing to the real Wikipedia. And I cant copy the active user base that constantly updates Wikipedia.
Bitcoin has that network effect.
The analyst also gives insight on how the Lightning Network, a layer 2 payment product built on top of BTC, will further enhance Bitcoins already-bolstered network effects.
The years of liquidity and nodes that make that network very usabletake a long time to develop. Its harder to do than another DeFi project or a blockchain.
And so BTC now has multiple layers of network effects built on top of it. The security is higher. The development is more secure, and theres features being built on top of it. Overall, thats what separates Bitcoin from other tokens, and its mainly why we view that one as money and everything else [as], at best, equity or at worst, a scam, compared to Bitcoin itself.
I
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This One Fundamental Factor Separates Bitcoin From All Other Crypto Assets, According to Macro Strategist L... - The Daily Hodl
Youll soon be able to pay the mortgage in Bitcoin but should you? – Bankrate.com
The nations second-largest mortgage lender aims to give borrowers the option to pay their mortgages in Bitcoin by the end of the year. United Wholesale Mortgage says itll be the first mortgage company in the U.S. to accept cryptocurrency in exchange for monthly payments.
UWM is planning to accept Bitcoin because we have nearly one million consumers who pay us a monthly mortgage payment, and were always trying to find a way to make things easier for our clients, says Mat Ishbia, the companys chairman and CEO.
The move raises familiar questions about cryptocurrency, and whether this virtual money can function as a means of exchange in addition to its well-known role as a vehicle for speculation. Financial experts dont expect a rush of people paying their mortgage this way.
It is nice to know that individuals can pay off their mortgage with cryptocurrency, but because of operational issues for the individual investor, I think very few will, says Clark Kendall, a financial advisor who runs Kendall Capital Management in Rockville, Maryland.
United Wholesale Mortgage is the nations No. 2 mortgage lender. It originated more than 560,000 loans in 2020, a tally that trailed only Rocket Mortgage, according to a Bankrate analysis of federal Home Mortgage Disclosure Act data.
Ishbia says United Wholesale Mortgage will open by accepting Bitcoin, the most prominent cryptocurrency. Its total market value is approaching $1 trillion.
Ishbia said his company is looking into accepting other virtual coins as well. He didnt name names, but Ethereum, Cardano, XRP and Litecoin are among the most widely held cryptocurrencies.
United Wholesale Mortgage has released no details about how the payments might work. Will consumers pay from accounts with Coinbase or other cryptocurrency brokerages? Its unclear.
The company is still ironing out those issues with federal authorities. The great part of working in such a carefully regulated industry is that we are able to work directly with regulators to ensure were doing right by everyone before a change like accepting cryptocurrency comes to pass, Ishbia says.
Bitcoin has been a subject of intense interest in the past year, and its price has moved accordingly. In September 2020, a single bitcoin traded for a bit more than $10,000. By April 2021, the price was flirting with $65,000.
Within months of reaching that high point, Bitcoin plunged below $30,000. Its on the rise again, nearing $50,000. That roller-coaster ride is the opposite of the stability that is the hallmark of such major currencies as the dollar and the euro.
Bitcoins volatility raises a number of challenges. For one, theres a mismatch between a debt payment denominated in a stable currency and a means of exchange whose price fluctuates wildly.
If your monthly mortgage payment is $1,000, do you send in $800 or $1,200 worth of Bitcoin for this months payment? Kendall asks.
Greg McBride, Bankrates chief financial analyst, is similarly wary. I wouldnt recommend basing the certainty of next months mortgage payment on the price of a stock youre holding now, and I certainly wouldnt recommend doing so based on a speculative asset, he says.
Bitcoins value can move so sharply that borrowers might even fret about a jump in value in the moments between the time the payment is made and the account is credited.
For true believers in Bitcoin, the concept of using cryptocurrency to pay the bills is counterintuitive. If you think the value of Bitcoin will rocket past $100,000, why would you use it to pay the mortgage when boring old dollars will accomplish the same task?
Taxes are another stumbling block. While tax policies around cryptocurrency are a work in progress, the IRS considers using cryptocurrency to buy something or to pay an expense a potentially taxable event. So the seemingly simple act of trading bitcoins for a mortgage payment could trigger the capital gains tax, the American Institute of Certified Public Accountants says.
I could only see recommending using cryptocurrencies to pay off debt if the investor was looking to unload their cryptocurrency and pay off their mortgage in full, Kendall says. Using cryptocurrencies to make monthly mortgage payments does not make operational sense in my book.
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Youll soon be able to pay the mortgage in Bitcoin but should you? - Bankrate.com
Man robbed of 16 bitcoin hunts down suspects, sues their parents – Ars Technica
Andrew Schober was almost all-in on cryptocurrency. In 2018, 95 percent of his net wealth was invested in the digital tokens, which he hoped he could sell later to buy a home and support his family.
But then disaster struck. Schober had downloaded an app called Electrum Atom after clicking a link on Reddit, mistakenly thinking it was a bitcoin wallet. Instead, it was malware that allowed hackers to steal 16.4552 bitcoin when he tried moving some of his tokens. At the time, they were worth nearly $200,000. Today, they would be worth over $750,000.
The lawsuit alleges that two men in the UKboth minors at the time, now attending university for computer scienceused the supposed wallet app to deliver malware that inserted itself into a computers Java libraries. The malware then proceeded to monitor Schobers activity, waiting for him to copy a bitcoin address. When Schober went to paste it, the malware swapped the copied address for another that was stored in the code. Schober was intending to transfer bitcoin from one of his addresses to another, but instead the malware sent the cryptocurrency to the hackers own addressa classic man-in-the-middle attack.
The clever twist is that when Schober went to paste an address, the malware would swap it out for one that looked similarthere were 195,000 addresses embedded in its code.
In the wake of the hack, Schober hired experts to trace the flow of cryptocurrency from his addresses to accounts controlled by the hackers.
The blockchain analysis presented in the lawsuit suggests that the hackers tried to launder the bitcoin into Monero, a privacy-focused cryptocurrency. But to do that, they needed the private key that went along with the public key for the address used by the malware. Around the time of the theft, one of the young men, using an account apparently under his name, posted a question to GitHub about how to obtain said private key. That account also contained GitHub repositories for the malware along with code for a program that allowed for algorithmic trading at the Bitfinex exchange, where two deposits involving Schobers bitcoin were traced to. Together, it led Schober to the alleged thieves.
At the time of the theft, the alleged perpetrators were both minors, so as Schober learned their identities, he sent their parents notes informing them of what he knew. It seems your son has been using malware to steal money from people online, he wrote. Schober appealed to the parents, asking them to make this right, without involving law enforcement. He said he would drop the matter if the stolen bitcoin was returned in full, and he listed an address and gave them a deadline. He sent one note in 2018 and another in 2019. He never heard back from either of the young men's parents.
That silence led him earlier this year to file a lawsuit against the young men and their parents, claiming that the adults knew or should have known that their children were engaged in illegal computer abuse(s) and/or cryptocurrency theft(s).
One of the defendants, Hazel D. Wells, mother of one of the young men, filed a motion to dismiss the case, saying that the statute of limitations on three of the four claims had expired (conversion, trespass to chattel, and a violation of the Computer Fraud and Abuse Act). Defendants did not reply to the fourth, civil conspiracy. Schobers attorney replied that the clock didnt begin when the bitcoin was stolen, but rather when he learned of the identities of the alleged hackers.
At issue in this case is the fact that cryptocurrency transactions are hard to trace and are irreversible, unlike those that happen within the traditional banking system. Tracking down thieves requires investing significant sums of money, as Schober did, and even then, getting back the stolen tokens is a long shot.
Cryptocurrency theft is big business. Last year alone, nearly $2 billion in cryptocurrencies was involved in theft, hacks, or fraud. That number seems to be down this year, but only because theft of decentralized finance investments is on the rise.
Though significant, those cases are small potatoes compared with the Poly Network breach that happened earlier this month. The hacker managed to exploit a vulnerability in the way the company handled smart contracts to steal $600 million for fun before returning the stolen coins and netting a $500,000 bug bounty.
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Man robbed of 16 bitcoin hunts down suspects, sues their parents - Ars Technica
Analysts say Bitcoin price pullback and profit-taking at $50K was expected – Cointelegraph
The euphoria seen across the cryptocurrency ecosystem over the past couple of weeks was tampered down on Thursday as an early morning attempt by bulls to push the price of Bitcoin (BTC) to $50,000 was soundly rejected.
Data from Cointelegraph Markets Pro and TradingView shows that following its rejection, the price of Bitcoin slid to a low of $46,457 before bulls managed to regroup and put a halt to the downturn.
Heres what analysts are saying about Thursdays price action for Bitcoin and a few things they are watching for as the digital asset is caught between a tug-o-war between bulls and bears.
The $50,000 price level was identified as a critical area for Bitcoin by market analyst and Cointelegraph contributor Michal van de Poppe, who posted the following tweet outlining the significant support and resistance areas.
According to van de Poppe, Bitcoin is likely to spend some time in a downward trend following this latest pullback, but there is a significant amount of support at the $44,000 level that could protect it from further decline.
The $51,000 price level was noted by van de Poppe as an important price to overcome to invalidate the current bearish trend.
The analystsaid:
According to Whalemap, a crypto-focused data tracking service, the calls for a lengthy bear cycle are premature at best.
As seen in the chart provided, the $46,200 support level is important, as the next support level is found at $39,600. On-chain data also shows that there is a limited amount of selling volume between $46,200 and $57,400.
Whalemap analystssaid:
Related: Grayscale Bitcoin Trust FUD is now over as the last GBTC unlock totals just 58 BTC
Crypto analyst Will Clemente III issued some reassuring words on Tuesday when warned of a possible short-term bearish pullback based on exchange inflows and whale wallet activity.
Thursdays pullback in the market showed that Clemente IIIs concerns were warranted, and the analyst followed the previous tweet with, I think the large portion of this short-term move is probably over.
In a separate tweet, Clemente IIIsaid:
The overall cryptocurrency market capitalization now stands at $1.999 trillion, and Bitcoins dominance rate is 44.2%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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Analysts say Bitcoin price pullback and profit-taking at $50K was expected - Cointelegraph
Bitcoin To Go Nuts in November, Predicts On-Chain Analyst Willy Woo Heres Why – The Daily Hodl
Widely followed on-chain analyst Willy Woo predicts Bitcoin will go nuts in the coming months as long-term holders continue to accumulate the leading cryptocurrency.
In a new episode of the What Bitcoin Did podcast, Woo says that long-term holders, or entities that have kept their BTC dormant for at least five months, will make their presence felt in the coming months.
This is a macrocycle thing. You would have seen it at the 2015, 2014 bottom. You saw it at the 2019 bottom, and actually, you saw it over the 2020 where we came back down. There was the Covid crisis. There was Michael Saylor scooping up all the coins, and that was another peak of long-term holders accumulating. Were moving into a peak, and we will be at the peak at current rates by next month.
That means peak accumulation. Peak accumulation means, thats defining this kind of sideways band and then after that, we do a run-up.
The last run-up was $10,000 to $60,000 starting from October last year. The run-up before that was from $4,000 to $14,000 over a matter of months. So if October we start to peak were starting to look into November onwards to go. Thats when the run-up happens. All the coins are being scooped up by these long-term guys Just the structure of the market is like, This thing is going to go nuts.'
Woo also says that hes looking at on-chain data and believes that this cycle is different from the 2013 bull market. According to Woo, he doesnt believe the current bull run will end with one massive surge.
The latest stuff we can see in the data between the investors is that its not going to repeat, and this cycle is not a 2013 double pump and a blowoff top. This is completely different. This is the new 2020 onward cycle which weve never seen before If you look on-chain, its a completely different structure, never seen it before
This is very promising. Were going to have another run and forget December sell-off which has happened every other top.
I
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Bitcoin To Go Nuts in November, Predicts On-Chain Analyst Willy Woo Heres Why - The Daily Hodl
What Would Institutions Look Like In A World Guided By Bitcoin? – Bitcoin Magazine
Without common ideas, there is no common action, and without common action men still exist, but a social body does not. Thus in order that there be society, and all the more, that this society prosper, it is necessary that all the minds of the citizens always be brought together and held together by some principle ideas. Alexis de Tocqueville, Democracy in America
After reading the quote above by the ever-prescient Alexis de Tocqueville, it strikes me that if a society is to be held together by some principle ideas, then the nature and content of such ideas must be exceedingly important. Furthermore, if these ideas lose their potency or become misshapen, the society necessarily degrades. Here in the United States, this process appears to be unfolding before our eyes, leaving us in desperate need of new ideas and a recommitment to a common ideal.
Thankfully, our society is shifting in such a way that a kind of re-founding appears to be possible in the near future, but only if the right idea becomes widely embraced. Perhaps the importance of low time preference, understood through the lens of Bitcoin, can be one such principle idea that brings people together and leads to, not only a great American revival, but a golden age of human flourishing. Powerful ideas, however, sometimes depend on tangible metaphors in order to achieve broad adoption. I propose that planting groves of sequoia trees and hosting public Bitcoin nodes at the center of these groves can serve as a physical manifestation of this principle idea known as low time preference. Allow me to explore this concept more thoroughly below.
Delayed gratification is the bedrock of civilization. Planning for the future and deferring consumption are prerequisites to child-rearing, agriculture, technology, cooperation and the construction of every tool, every building, every work of art ever made. In short, all good things take time.
Inversely, instant gratification, if indulged too much, entails a litany of ills that manifest on every level of the human condition from failing personal health to crumbling infrastructure to breakdown in the political process. Taken to the extreme, high time preference reverts human progress by reducing the complexity of our endeavors. Without the ability to lower ones time preference and, therefore, invest effort across time, humanity would simply be a collection of taller, less hairy chimpanzees doomed to walk the Earth in constant struggle against the elements and against each other. The ability to modulate our time preference, however, gives us choice. By tuning this mental faculty, we can chart a course toward either civilization or barbarism.
Sadly, our society is lurching toward barbarism as we continually prove incapable of undertaking the kinds of projects that have defined the great civilizations throughout history. Our roads and bridges are crumbling, our children are being raised by screens and strangers, our soil is eroding, and what passes for art now is often an unskilled discharge of obscenity or mere entropy. We post selfies, binge eat fast food, and watch Netflix while demonizing the most successful among us.
The causes for todays pandemic of instant gratification are multivariate, but the abandonment of sound money lies at the heart of it all. As so starkly illustrated by the collection of graphs on wtfhappenedin1971.com, the abandonment of sanity in the monetary realm has wrought untold damage to human flourishing over the last 50 years. But why?
Civilization is a highly complex and dynamic process requiring the exchange of information and value across time and space. If the medium by which either information or value is exchanged becomes degraded, then civilization inevitably declines. The introduction of purely fiat money in the 1970s has produced massive distortions to the transfer of value among individuals and institutions and has led to a society addicted to high time preference behavior. Luckily, Bitcoin fixes this, however, the erosion of the institutions that used to bind us and help propel us forward will remain a problem until we act upon our low time preference by building new institutions that will endure the ravages of time.
While I am inherently skeptical of all things collectivist, the fact remains that we are social animals instinctively drawn toward communal enterprise. We have the same latent capacity for greatness as the humans who built the Taj Mahal, the Hagia Sophia, the Golden Gate Bridge, and who used slide rules and protractors to send Neil Armstrong and Buzz Aldrin to the moon. It is incumbent on us, therefore, as Bitcoiners at the dawn of a new age, to fill the vacuum left by the declining institutions of our day by building new institutions according to our own specifications and adhering to our own values.
These institutions must span the scale from local meetups, schools and civic organizations, to national media, higher education and fully fledged governments. These institutions must preserve individual sovereignty. These institutions must encourage people to lower their time preference and partake in tasks greater than themselves which require substantial amounts of time and effort to bear fruit. By pooling resources while preserving individual freedom, we can build up civilization to new and grander heights.
I dont pretend to have the exact blueprints for these new institutions, but I do think its natural to start at the most local, most basic, most grassroots level and then build from there. I have an idea for one such institution that, at the very least, might help spur more ideas in this space. The working title for this idea is the Bitcoin Tree Forum, or BTF for short (Bitcoin Tree Cathedral or Local Bitcoin Forum are other possible names in keeping with its intention). A Bitcoin Tree Forum consists of a grove of trees planted by Bitcoiners with a publicly accessible Bitcoin node running at the center of it or to begin, a QR code from a dedicated public node. If Bitcoin evolves to be the global public utility that we envision it to be, then it should have some kind of public interface in every human community.
These BTFs could simply be places of education, discussion and long-term planning. I have a sense, however, that some exciting new use cases could be imagined which utilize public nodes anchored to a specific geographic community. The trees you can call them Nakamoto Trees planted around this node should be the largest and longest lived species capable of thriving in the local climate. For much of the United States and Europe, the tree of choice would be the Giant Sequoia. In the long run, BTFs can serve as important physical and social anchors for any given community, but in the near term, they can act as places of education and inspiration for the many people who have yet to grasp the importance of Bitcoin. If this idea resonates with you, I invite you to visit BTreeC.com and sign up for the newsletter. You can also follow me on twitter @btcfangorn.
I hope this idea will at least inspire other attempts at building new institutions to better serve us in the decades to come. And if all thats left behind from the effort are groves of long-standing trees, then think of them as a gift to our descendants, an outward manifestation of the civilization enriching values which Bitcoin helps instill in all those who take the time to (try to) understand it.
This is a guest post by Fangorn. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.
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What Would Institutions Look Like In A World Guided By Bitcoin? - Bitcoin Magazine
Former US President Donald Trump: Cryptocurrencies Are ‘a Disaster Waiting to Happen’ Featured Bitcoin News – Bitcoin News
Former U.S. President Donald Trump says cryptocurrencies are potentially a disaster waiting to happen. In addition, he said that they may be fake. His comments followed another when he said bitcoin seemed like a scam.
Donald Trump talked about cryptocurrency in an interview with Fox Business Tuesday. Responding to a question about whether he has dabbled in bitcoin or cryptos, Trump promptly said: I dont. I like the currency of the United States. He elaborated:
I think the others are potentially a disaster waiting to happen.
I feel that it [cryptocurrency] hurts the United States currency, he continued. I think we should strengthen, we should be invested in our currency, not in [cryptocurrencies]. He further exclaimed, They [cryptocurrencies] may be fake, who knows what they are.
Referring to crypto, the former president admitted, They are certainly something that people dont know much about. He reiterated:
No. I have not been a big fan.
Trump has always been a critic of bitcoin and crypto. In June, he said bitcoin seemed like a scam. He added, I dont like it because its another currency competing against the dollar I want the dollar to be the currency of the world.
In 2019, while still president of the U.S., Trump tweeted: I am not a fan of bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated crypto assets can facilitate unlawful behavior, including drug trade and other illegal activity.
What do you think about Trumps comments on bitcoin and cryptocurrencies? Let us know in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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Former US President Donald Trump: Cryptocurrencies Are 'a Disaster Waiting to Happen' Featured Bitcoin News - Bitcoin News
Parents of teens who stole $1 million in Bitcoin sued by alleged victim – ZDNet
The parents of two teenagers allegedly responsible for stealing $1 million in Bitcoin are being sued.
According to court documents obtained by Brian Krebs, Andrew Schober lost 16.4552 in Bitcoin (BTC) in 2018 after his computer was infected with malware, allegedly the creation of two teenagers in the United Kingdom.
The complaint (.PDF), filed in Colorado, accuses Benedict Thompson and Oliver Read, who were minors at the time, of creating clipboard malware.
The malicious software, designed to monitor cryptocurrency wallet addresses, was downloaded and unwittingly executed by Schober after he clicked on a link, posted to Reddit, to install the Electrum Atom cryptocurrency application.
During a transfer of Bitcoin from one account to another, the malware triggered a Man-in-The-Middle (MiTM) attack, apparently replacing the address with one controlled by the teenagers and thereby diverting the coins into their wallets.
According to court documents, this amount represented 95% of the victim's net wealth at the time of the theft. At today's price, the stolen Bitcoin is worth approximately $777,000.
"Mr. Schober was planning to use the proceeds from his eventual sale of the cryptocurrency to help finance a home and support his family," the complaint reads.
The pair, tracked down during an investigation paid for by Schober, are now adults and are studying computer science at UK universities.
The mothers and fathers of Thompson and Read are named in the complaint. Emails were sent to the parents prior to the complaint requesting that the teenagers return the stolen cryptocurrency to prevent legal action from being taken.
The letter reads, in part:
"As his parents, I am appealing to you to first give him the chance to make this right, without involving law enforcement. Your son is obviously a very intelligent young man. I do not wish for him to be robbed of his future."
However, the requests, sent in 2018 and 2019, were met with silence.
Schober's complaint claims that the parents "knew or reasonably should have known" what their children were up to, and that they also failed to take "reasonable steps" in preventing further harm.
In response (.PDF), the defendants do not argue the charge, but rather have requested a motion to dismiss based on two- and three-year statutes of limitation.
"Despite his knowledge of his injury and the general cause thereof, Plaintiff waited to file his lawsuit beyond the two and three years required of him by the applicable statutes of limitations," court documents say. "For this reason, Plaintiff's claims against Defendants should be dismissed."
However, Schober's legal team has argued (.PDF) that the teenagers were not immediately traced, and roughly a year passed between separately identifying Read and Thompson.
Schober's lawyers have requested that the motion to dismiss is denied.
Have a tip? Get in touch securely via WhatsApp | Signal at +447713 025 499, or over at Keybase: charlie0
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Parents of teens who stole $1 million in Bitcoin sued by alleged victim - ZDNet
Bitcoin Bull and Bear Cycles To Become a Thing of the Past, According to On-Chain Analyst Willy Woo – The Daily Hodl
On-chain analyst Willy Woo says that pronounced bull and bear cycles will become a thing of the past for Bitcoin.
In a new interview with news personality Natalie Brunell, Woo says that the typical four-year cycles that most analysts observe in Bitcoin will be replaced by a drunken walk upward, much like the S&P 500 or other major stock indices.
The schedule really is for this bull market to peter out around December onwards, and currently, the on-chain data is saying otherwise
Now that were approaching our fourth quarter the data looks quite different from any cycle weve seen before, and people keep thinking that well template this bull/bear cycle to past ones and if youd look on-chain structurally, everything looks different
I think its a fair chance that well not go into what we think which is a traditional Bitcoin bear market, which generally is a huge retrace of maybe 80% of its value, and it also takes about nine months to a year to shake out. I dont think thats going to happen, and I think now judging from the maturity of this market and the impact of the different parts of the demand and supply from different parts of the ecosystem, were breaking out of this four-year cycle which is really contingent on the network being programed to halve.
The Bitcoin four-year cycle suggests that BTC goes through a massive run-up on year one, followed by a brutal bear market, and then an accumulation phase prior to recovery and continuation.
Woo says he sees Bitcoin as being in its last cycle, before entering a new era where Bitcoin no longer has obvious bull and bear markets.
I dont think were going to have like what we see these normal four-year cycles again. Im calling this the last cycle. And people will think thats very somber and bearish, but no I mean like, this thing does a drunk walk of ups and downs, trending upwards as it finds its adoption for indefinite amounts of time. These four-year cycles are gone. Thats what I think might be happening, which is a big revelation because thats against the expectation of the majority think, so well see if that plays out.
I
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Bitcoin Bull and Bear Cycles To Become a Thing of the Past, According to On-Chain Analyst Willy Woo - The Daily Hodl
Bitcoin Faces Resistance While Ethereum and Altcoins Rise – Cryptonews
Bitcoin price struggled to stay above the USD 48,000 level and it started a fresh decline. BTC traded below the USD 47,500 support level. It is currently (04:28 UTC) facing an increase in selling pressure, with a major support near USD 46,200.
Conversely, many major altcoins gained bullish momentum. ETH is up over 5% and it broke the USD 3,400 resistance. XRP is also rising and it surpassed the USD 1.15 resistance. ADA could rally if it clears USD 2.88.
Total market capitalization
After struggling above USD 48,000, bitcoin price reacted to the downside. BTC traded below the USD 47,500 and USD 47,200 support levels. The price even traded below USD 46,800, but it stayed above USD 46,500. The main breakdown support is near the USD 46,200 level, below which the bears might take control.On the upside, an immediate resistance is near the USD 47,200 level. The first major resistance is near the USD 48,000 level, above which the price might start a steady recovery towards USD 49,200.
Ethereum price started a steady increase after it broke the USD 3,300 resistance. ETH even climbed above USD 3,400 and it tested USD 3,475. The price is now correcting gains, but it could find bids near USD 3,400 and USD 3,380.If there is a fresh increase, the price might test the USD 3,500 resistance. Any more gains could open the doors for a move towards USD 3,650 in the coming sessions.
Cardano (ADA) is still stuck in a range near the USD 2.80 pivot level. An immediate resistance is near USD 2.85. The key barrier is near the USD 2.88 and USD 2.95. A close above USD 2.95 could spark a rally towards USD 3.20 or even USD 3.25.Litecoin (LTC) climbed above USD 172 and tested the USD 175 resistance. It seems like the bulls are facing resistance near USD 175. If they succeed, the price could rise towards the USD 188 level. Any more gains may possibly lead the price towards the USD 200 level.Dogecoin (DOGE) spiked above USD 0.280 and tested USD 0.285. However, there was no upside continuation and the price corrected lower. On the downside, the bulls are active near USD 0.265. The main breakdown support is still near the USD 0.250 level.XRP price is up over 5% and it was able to climb above USD 1.15. The price even surpassed USD 1.18 and it might continue to rise towards the USD 1.20 resistance. Any more gains could set the pace for a larger increase towards the USD 1.25 level. If there is a downside correction, the price might find bids near USD 1.15.
Many altcoins are up over 5%, including KSM, SAND, EGLD, AAVE, DOT, ALGO, AR, UNI, REV, YFI, WAVES, CRV, and FTT. Out of these, KSM rallied 19% and it surpassed the USD 380 level.
Overall, bitcoin price is still struggling below the USD 48,000 and USD 48,500 resistance levels. If BTC fails to stay above USD 46,500, there could be a stronger decline._____
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Bitcoin Faces Resistance While Ethereum and Altcoins Rise - Cryptonews