Category Archives: Bitcoin
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.
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Crypto Analyst Predicts Abrupt Bitcoin Rally, Says BTC Still in Massive Uptrend Despite Recent Corrective Move - The Daily Hodl
Swan Bitcoin to terminate customer accounts that use crypto-mixing … – Cointelegraph
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
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Swan Bitcoin to terminate customer accounts that use crypto-mixing ... - Cointelegraph
Altcoins are finally joining the current bitcoin rally as crypto investors … – CNBC
Altcoins were in rally mode this week after lagging bitcoin in its recent climb to new 2023 highs. While bitcoin touched an 18-month high and ether broke through the key psychological level of $2,000 for the first time since April, the real spikes were in the rest of the crypto market. Solana notched a 40% weekly gain, Polygon's MATIC token gained 25% and Cardano's ADA advanced 17%. Bitcoin and ether rose 8% and 15%, respectively, for the week. "The crypto space has largely been a one-man show over the past year. Bitcoin has led the charge to the upside, while ETH and altcoins couldn't catch a bid," said Rob Ginsberg, an analyst at Wolfe Research. "That is no longer the case as altcoins across the board woke up and joined in bitcoin's rally over the past two weeks." Now, traders are keeping an eye on whether the gains hold, or if this is just a brief risk-on moment. "Many [altcoins] are deeply overbought and a part of concerning longer term trends, but the drastic improvement certainly can't go ignored," Ginsberg added. "Many of the moves are in the ballpark of parabolic, so we'll be watching to see if a more meaningful regime change is at hand or if they succumb to overbought conditions." It's not exactly clear why altcoins had such a great week, but between bitcoin's recent break above $30,000 and the 10-year U.S. Treasury yield falling to start November after touching a 16-year high in late October it's not exactly surprising. High yields tend to put pressure on crypto , as with any other risk asset. Bitcoin and ether have been separate from this trend recently, with more investors appearing to treat them as a safety trade compared to smaller, riskier altcoins. It's also normal when bitcoin rallies to see a period of ether and altcoins play catch-up, according to Ryan Rasmussen, analyst at Bitwise Asset Management. "Historically we've seen bitcoin rally, then Ethereum, then alts, and that pattern seems to be repeating as this bull market heats up," he said. The next step for bitcoin The leader of the crypto market has been climbing on growing optimism about a potential bitcoin ETF approval, but it remains to be seen if that can sustain the new high in its price between now and then or how altcoins would follow. Investors seem to agree ETF approval could come in the first half of 2024, although some like Galaxy Digital CEO Mike Novogratz think it could be as soon as this year . JPMorgan's Nikolaos Panigirtzoglou said the current ETF-fueled rally "seems rather overdone." "We see as a more likely scenario existing capital shifting from existing bitcoin products such as the Grayscale bitcoin trust, bitcoin futures ETFs and publicly listed bitcoin mining companies, into the newly-approved spot bitcoin ETFs," he said. He also said that bitcoin ETFs already exist in Canada and Europe but haven't garnered much interest from investors since their inception. JPMorgan is "cautious on crypto markets going forward with a high chance of 'buy the rumor, sell the fact" effect post the forthcoming SEC approval of spot bitcoin ETFs," Panigirtzoglou said. Additionally, he touched on the upcoming Bitcoin halving, expected in spring 2024, which is designed to reduce the supply of the cryptocurrency and historically marks the beginning of the next big bull run in crypto. "This argument seems unconvincing as the bitcoin halving event and its effect are predictable and in our opinion are well factored into bitcoin price," he said. CNBC's Michael Bloom contributed reporting.
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Altcoins are finally joining the current bitcoin rally as crypto investors ... - CNBC
Bitcoin vs. Bitcoin Cash: Understanding the 6 Key Differences – CCN.com
Bitcoin Vs Bitcoin Cash: Understanding the 6 Key Differences | Credit: Shutterstock
Key Takeaways
Bitcoin and Bitcoin Cash are two similar digital assets in terms of their foundational structure. However, both cryptocurrencies hold unique traits that make them differ from each other.
The origins of Bitcoin (BTC) and Bitcoin Cash (BCH) can be traced back to the inception of Bitcoin with its genesis block in 2009, and the significant fork in 2017 that led to the creation of Bitcoin Cash. The following narrative delves into the detailed history of these two prominent cryptocurrencies:
Bitcoin, the first cryptocurrency, was created by an individual or group of individuals using the pseudonym Satoshi Nakamoto. It was introduced in 2009 as a decentralized digital currency, operating on a peer-to-peer network without the need for a central authority.
The idea was to enable direct digital transactions between parties, secured by blockchain technology. Bitcoins creation was partly in response to the 2008 financial crisis, aiming to provide a transparent, tamper-proof, and a decentralized financial system.
As Bitcoin gained popularity, it faced scalability issues. The Bitcoin network could only handle a limited number of transactions per second due to its 1 MB block size limit. This limitation led to slower transaction times and higher fees, especially during periods of high demand.
Bitcoins debate on scalability in 2017, resulted in the Bitcoin community being divided over how to address scalability issues. One faction advocated for keeping the block size small to maintain decentralization and security, while another group pushed for increasing the block size to process more transactions and to reduce fees.
Unable to reach a consensus, the latter group initiated a hard fork of the Bitcoin blockchain on August 1, 2017. This fork led to the creation of Bitcoin Cash (BCH), a new cryptocurrency with an increased block size limit (initially 8 MB, later further increased), aimed at providing faster transaction speeds and lower fees.
Bitcoin Cash was designed to be used more as a medium of exchange for daily transactions, in contrast to Bitcoin, which is a modern day store of value or digital gold over the last decade.
The Bitcoin fork to Bitcoin Cash was not just technical but also ideological, reflecting differing visions for the future of cryptocurrencies. While Bitcoin continues to be the most recognized and valued cryptocurrency, Bitcoin Cash has also established
The cryptocurrency world is vast and varied, with Bitcoin and Bitcoin Cash being two of its most prominent players. Aside from the name, the differences between the two cryptocurrencies are significant, as explained below.
At the outset, the most noticeable difference between Bitcoin and Bitcoin Cash lies in their market value. Currently, Bitcoin stands at around $37K with a market capitalization exceeding $750 billion. In contrast, Bitcoin Cash is priced at $220, with a market cap of over $4.7 billion as per CoinMarketCap data. This stark difference in value and market presence sets the stage for further differences.
Bitcoin, governed by predefined rules like a capped supply of 21 million coins and the halving events every four years, faces limitations in transaction speed, processing only 3-7 transactions per second (TPS).
The networks 1 MB block size means each block can contain about a thousand transactions, leading to increased competition and higher transaction fees.
Bitcoin Cash, born out of a hard fork from Bitcoin, addresses these issues with a larger block size of 32 MB (up from an initial 8 MB), allowing for around 100 TPS. This enhancement not only speeds up transactions but also reduces costs significantly, making Bitcoin Cash a more efficient alternative at the expense of its decentralization.
The block size is a fundamental technical difference between the two cryptocurrencies. Bitcoins 1 MB block size is dwarfed by Bitcoin Cashs 32 MB.
This increase not only boosts transaction speed (up to 200 TPS) but also reduces transaction costs when compared to a fraction of Bitcoins cost. However, this apparent strength has not translated into significant growth for the Bitcoin Cash network.
Bitcoins network is renowned for its decentralization and security, with nodes spread worldwide. This extensive distribution enhances its security. Bitcoin Cash, while faster and cheaper, potentially sacrifices some degree of decentralization and security due to its larger block size and faster processing capabilities.
Bitcoin was designed for peer-to-peer transactions and does not natively support smart contracts and decentralized applications (dApps). However, with developments such as the integration of layers like Stacks and RSK, Bitcoin developers are actively working to support smart contracts on the Bitcoin network, challenging the notion that Bitcoin cannot accommodate these functions.
In contrast, Bitcoin Cash readily supports smart contracts and DeFi services, allowing for more complex functions through languages like Cashscript.
Bitcoins Omni Layer, a software layer built on top of the Bitcoin blockchain enhances the features of Bitcoin through its own additional characteristics. By providing smart contract capabilities, Omni Layer enables developers to create customized cryptocurrencies. Developers
hold the power to build cryptocurrencies with specific features and rules. Essentially, Omni Layer helps expand the Bitcoin network beyond its own currency in a decentralized and transparent way.
Bitcoin Cash uses the Simple Ledger Protocol (SLP) for token issuance, supporting NFTs and unique, non-fungible tokens (NFTs). Both networks, however, still lag in widespread adoption in this area.
When critically analyzing the philosophical divide between Bitcoin and Bitcoin Cash, investors will need to identify an important function to safeguard. Being the protection of the decentralization of Bitcoin, or the prioritization of transaction efficiency in Bitcoin Cash.
Bitcoins main focus is decentralization, which was a key aspect of Satoshis vision because it emphasizes financial democracy. Bitcoin maximizes decentralization via small block sizes, as this allows for widespread participation in network maintenance.
However, as mentioned prior, this limits transaction capacity and causes slower processing and results in higher fees. Despite these challenges, Bitcoin enthusiasts accept these limitations, valuing its role as a secure, inflation-resistant digital asset.
As explained, Bitcoin Cash was created with an emphasis on transaction efficiency. By raising the block size limit, more transactions can be handled in a single block. By lowering transaction costs and speeding up processing, this method becomes feasible for regular transactions, such as purchasing coffee.
Both networks continue to evolve. For instance, the Lightning Network aims to increase transaction speed and reduce costs without compromising its decentralization. Bitcoin Cash continues to explore ways to optimize its larger block strategy.
The differences between Bitcoin and Bitcoin Cash centers around a fundamental debate whereby the Bitcoin community prioritizes decentralization, a choice that upholds the principles surrounding financial democracy and security but at the cost of transaction speed and scalability.
On the other hand, Bitcoin Cash, emerging from the limitations of Bitcoin, opts for larger block sizes to enhance transaction efficiency and usability, potentially compromising on the degree of decentralization.
As both cryptocurrencies continue to develop and adapt, they will continue to offer distinct paths for users and investors, each with its own set of advantages, challenges, and potential for future growth.
What are the main differences between Bitcoin and Bitcoin Cash?
Bitcoin and Bitcoin Cash differ primarily in block size, transaction speed, and fees. Bitcoin focuses on decentralization with a smaller block size, leading to slower transactions and higher fees. Bitcoin Cash increases block size for faster, cheaper transactions, which potentially compromises decentralization.
How did Bitcoin Cash originate from Bitcoin?
Bitcoin Cash was created in 2017 through a hard fork of Bitcoin, in response to scalability issues. It increased the block size limit to improve transaction speed and reduce fees, diverging from Bitcoins original framework.
Can Bitcoin and Bitcoin Cash be used interchangeably?
No, Bitcoin and Bitcoin Cash are separate cryptocurrencies with different blockchains. They cannot be used interchangeably as they operate on different networks and have distinct technical and philosophical frameworks.
What are the implications of the block size difference between Bitcoin and Bitcoin Cash?
Bitcoins smaller block size limits transaction capacity, leading to slower processing and higher fees, but ensures greater decentralization. Bitcoin Cashs larger block size allows for faster, cheaper transactions but may compromise some decentralization aspects.
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Bitcoin vs. Bitcoin Cash: Understanding the 6 Key Differences - CCN.com
Bedford Police Warn: Beware of Bitcoin Fraud – The Bedford Citizen
By The Bedford Police Department
The Bedford Police Department recently has seen an uptick in fraud involving Bitcoin. The police share these tips to help protect you and your loved ones from being taken advantage of by these scams:
Government agencies do not accept Bitcoin (and/or other cryptocurrencies).
Know who you are sending money to before you give it away.
Confirm with your bank before sending money to unknown people or entities.
Do not buy Bitcoin (or other cryptocurrencies, gift cards, etc.) for any of the following reasons or causes:
Deposited funds are immediately transferred to the suspects digital wallet. This process cant be reversed and the funds are gone and virtually untraceable.
Scammers are capable of making phone calls appear like they are coming from a legitimate source. Always call your local institution (bank, family members, or local police department) to confirm the validity of any claims.
Call the Bedford Police immediately if you suspect fraud even if you are instructed not to by the suspect.
The Bedford Police Non-Emergency Line is 781-275-1212.
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Bedford Police Warn: Beware of Bitcoin Fraud - The Bedford Citizen
Bitcoin (BTC) Options Open Interest Reaches New All-Time Highs – BeInCrypto
Bitcoins price and trading volume are on the rise, along with its open interest in Bitcoin options reaching unprecedented levels, surpassing $17 billion.
A previous all-time high of $16.35 billion had been recorded just before this latest surge.
Investors possess the right to buy or sell an asset at a predetermined price on a future date through options. An increase in the open interest in Bitcoin options is viewed positively by the market. It indicates a surge in investor funds flowing into the market.
At the initiation of the contract, the execution price is set, and the cost of obtaining the option, known as the premium, is paid at that moment.
On November 10, open interest in Bitcoin options reached a brief peak at $18.05 billion, marking its highest point. At the time of publication, it currently stands at $17.5 billion.
Meanwhile, today, popular trading analyst Will Clemente highlighted the event to his 693,400 followers, eliciting a mixed bag of responses.
One X user replied that it seems as though when it peaks, so does the market. While another stated,
Definitely another dip coming.
Learn more: How To Trade Bitcoin Futures and Options Like a Pro
Bitcoin remains a focal point of discussion within the crypto community amid ongoing speculation about the imminent approval of a Bitcoin ETF by the US Securities and Exchange Commission (SEC).
As of November 2, BeInCrypto highlighted the potential for a substantial global bull market if Bitcoin ETFs receive approval.
The rationale behind this projection is that the green light for Bitcoin ETFs could unlock a surge of institutional capital that has been on standby, anticipating a regulated entry point into the market.
According to Lucas Kiely, the Chief Investment Officer at Yield App, the approval of Bitcoin ETFs would create a reinforcing cycle, amplifying both the credibility of Bitcoin and the influx of investments simultaneously.
Learn more: Where To Trade Bitcoin Futures: A Comprehensive Guide
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
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Bitcoin (BTC) Options Open Interest Reaches New All-Time Highs - BeInCrypto
Bitcoin and Ethereum decline as DeFi assets surge By Investing.com – Investing.com
Investing.com|EditorNikhilesh Pawar
Published Nov 14, 2023 01:08PM ET
NEW YORK - In a contrasting turn of events in the cryptocurrency market today, major digital currencies Bitcoin and Ethereum saw their values decrease, while select decentralized finance (DeFi) assets experienced notable gains. Bitcoin's price dipped over 2%, trading at $36,049, and Ethereum followed suit with a nearly 3% drop to $2,041.
The DeFi sector, however, painted a different picture. dYdX, a DeFi protocol built on the Ethereum network, saw its native token ETHDYDX soar by 42% over the past week. The platform itself recorded a nearly 7% increase in value within the last 24 hours, trading at $3.34. Maker (MKR), another prominent player in the DeFi space, witnessed its price peak at $1,423 before settling with a modest 1% gain for the day. PancakeSwap (CAKE), known for its automated market-making, also enjoyed an uptick in value of nearly 3%, with its price hitting $2.24.
Last week's announcement regarding BlackRock (NYSE:BLK) Advisors' application for an Ethereum ETF initially sparked a bullish trend for Ethereum, leading to a significant surge in both its price and trading volume. Ethereum surpassed the $2,000 milestone following the news, which resulted in a 259% increase in trading volume and a 10% rise in the cryptocurrency's market cap.
Meanwhile, Solana (SOL), another major cryptocurrency, continued to show resilience despite the cooling enthusiasm for ETFs related to Bitcoin and Ethereum. It traded at just over $56 per coin after adding more than $3 billion to its market cap within a single day last week. Solana's market cap briefly surpassed that of stablecoin USDC, highlighting the dynamic shifts occurring within the crypto market.
Today's market movements underscore the volatile nature of cryptocurrencies and the varying factors that can influence investor sentiment and asset prices within this rapidly evolving space.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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Bitcoin and Ethereum decline as DeFi assets surge By Investing.com - Investing.com
Binance CEO backs MicroStrategy’s Bitcoin strategy as profits soar … – Investing.com
Investing.com
Published Nov 14, 2023 12:31PM ET
The cryptocurrency landscape is witnessing a renewed discussion on the merits of Bitcoin versus traditional assets like gold, with prominent figures in the industry weighing in. Changpeng CZ Zhao, the CEO of Binance, has endorsed MicroStrategy's substantial investment in Bitcoin, highlighting the digital currency's significant appreciation compared to gold since August 2020.
MicroStrategy, led by Michael Saylor, has been an avid proponent of Bitcoin and has amassed 158,400 units of the cryptocurrency at a cost of $4.69 billion. With the price of Bitcoin currently standing at $36,566.96 per coin, this strategy has proven lucrative for the company. As of today, MicroStrategy's Bitcoin holdings are valued at approximately $5.76 billion, reflecting an unrealized profit exceeding $1.1 billion.
The company's aggressive acquisition of Bitcoin has not only resulted in substantial profits but also influenced Wall Street's perception of the cryptocurrency. Despite facing skepticism over its volatility, including from financial giants like JP Morgan, Bitcoin's performance has been notable. Since August 2020, Bitcoin has surged by 214%, while gold has seen a 3% decrease over the same period.
Zhao's endorsement comes amidst discussions regarding the potential approval of a Bitcoin spot ETF, which could further enhance the cryptocurrency's appeal to institutional investors. This development would mark a significant milestone for Bitcoin's integration into mainstream investment portfolios.
As the debate between Bitcoin and gold continues, MicroStrategy's success serves as a case study for other companies considering digital assets as part of their investment strategy. With Zhao's backing and the possibility of new investment vehicles emerging for cryptocurrencies, Bitcoin is increasingly being viewed as a promising future investment, despite its smaller market cap when compared to traditional assets like gold.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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Binance CEO backs MicroStrategy's Bitcoin strategy as profits soar ... - Investing.com
Cryptocurrencies Price Prediction: Bitcoin, Enjin Coin & AVAX Asian Wrap 15 November – FXStreet
Bitcoin price, at the time of writing, is witnessing an uptrend flip for the first time in a month on the daily chart. The credit for this goes to the US Bureau of Labor Statistics (BLS), which released the Consumer Price Index (CPI) data for the month of October, surpassing expectations. The crypto market, however, did not see eye to eye.
Enjin coin (ENJ) price has been on a steep downtrend following a rejection from the $0.3277 resistance level, a key hurdle that capped the upside potential of the cryptocurrency. However, the tables seem to have turned, with on-chain metrics showing the bulls are actively taking over.
AVAX price was among the top performers during the recent bull run, but like every altcoin, Avalanches native token is also witnessing corrections and decline. Although this may seem like a one-time, isolated event, the chances are that a dip in value is right around the corner.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
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Cryptocurrencies Price Prediction: Bitcoin, Enjin Coin & AVAX Asian Wrap 15 November - FXStreet