1. Bitcoin liquidates over $1 billion as BTC price hits 6-week highs  Cointelegraph
2. Bitcoin, Ethereum Rally Liquidates Over $1 Billion in Trades Overnight  Decrypt
3. Bitcoin Rally Above $20,000 Triggers Over $800,000,000 in Liquidations Analysts Outline Whats Next f...  The Daily Hodl
4. Bitcoin: $800m Liquidated as BTC Surges Over 5% Breaking $20,000  BeInCrypto
5. Bitcoin fails to rally with stocks as $940 million of the crypto is pulled from exchange favored by institutions  CNBC
6. View Full Coverage on Google News

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Bitcoin liquidates over $1 billion as BTC price hits 6-week highs - Cointelegraph

Photo illustration of Bitfinex cryptocurrency exchange website.

Dado Ruvic | Illustration | Reuters

Cryptocurrencies were little changed on Friday as investors sought to extend the previous day's rally.

Bitcoin was lower by 1% at $19,175.00, and ether gained 1% to trade at $1,299.66. Both assets ended their fourth down weeks in the last five.

Crypto jumped Thursday, following the movement of stocks after the consumer price index came out showing higher-than-expected inflation. That reading initially sent risk assets down sharply before they reversed and soared, with the Dow Jones Industrial Average staging a historic 1,500-point rally.

"Yesterday we saw a knee jerk reaction lower in all markets which was algo-driven, then short-covering and real buying stepped in, which was the right response to the CPI data," said Jeff Dorman, chief investment officer at Arca. "Markets aren't concerned with inflation, they are concerned with the Fed's expected response to inflation, and nothing changed yesterday: 75 basis points was baked in, it was confirmed further by the CPI data."

October tends to be an up month for bitcoin, according to Bespoke Investment Group. Bitcoin's never been in a bear market like this one, however, and some remain cautious.

The cryptocurrency's third-quarter return of 6% and ether's 25% return outperformed other asset classes, and both have held up fairly well, trading within the $19,000 level for much of the past month, due to the uncertain macro environment. However, "the subdued volatility relative to other assets on continued declining volumes has the potential to lead to downside," Compass analyst Chase White said in a note Friday.

It had been a tough week for markets before the CPI data was released. YuyaHasegawa, crypto market analyst at Japanese crypto exchange Bitbank, said the rebound could trigger an unwinding of recent risk-off sentiment in stocks.

That "could have a positive effect on the price of bitcoin," he said. "If the price recovers the $20,000 psychological level with substantial trading volume in the next few days, bitcoin could test $23,000 next week."

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Bitcoin reverses lower after Thursday's big rally but remains in the $19,000 level - CNBC

Hunter Horsley CEO of the technology solutions provider Bitwise believes bear markets are a great period when investors could increase their exposure to bitcoin.

He estimated that the next bull run will begin next year, outlining that his firms clients have already increased their interest in the asset.

In an interview for Bloomberg, Horsley outlined the historical pattern of bitcoins price movement. During its existence, the primary cryptocurrency has passed periodically through four-year cycles, while bull runs with growing momentum have always followed bear markets. Relying on that data, he assumed that the asset will begin a new price rally in 2023:

So in 2014, the market was down almost 60%. 2018 market down north of 70%. And this year, obviously, 2022, the market is down around 60%. The expectation, if the market continues its historical trend, would be that we begin a new cycle next year.

Despite the current market crash, the executive said an increasing number of Bitwise customers had renewed their interest in the crypto industry. In his view, those who hop on the bandwagon now (when prices are much lower compared to last year) have a better chance to generate significant profits in the future:

So the story of this year is definitely a bear market. Nevertheless, weve seen increased interest from our client base. And I think the backdrop for many crypto investors is that there have historically been four-year cycles, and while there are opportunities to make money in many crypto market moments, bear markets are the moments when fortunes can be made.

Investing during a time of crisis is a strategy that numerous financial experts have adopted. The narrative comes from the fact that prices crash prompted by panic in the space but when the situation calms down they surpass previous valuations. For example, when the COVID-19 pandemic was at its peak, bitcoin tumbled below $5,000. However, it recovered its losses a year later, skyrocketing to an all-time high of nearly $70K.

Robert Kiyosaki (the author of Rich Dad, Poor Dad) also believes people should allocate some of their wealth to bitcoin during a severe monetary crisis. Not long ago, he claimed that the galloping inflation, the diminishing power of the US dollar, and the upcoming recession, among other reasons, are the leading factors why investors should increase their BTC exposure.

Unsurprisingly, MicroStrategys Executive Chairman Michael Saylor is also part of that club. In June this year, he described bitcoins crash to $20K as a great buying opportunity.

On another note, he advised the residents of economically distressed countries (such as Turks) to turn to BTC to preserve their wealth during the turmoil.

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Bitcoins Next Bull Run Will Start in 2023 According to Bitwise CEO - CryptoPotato

This is an opinion editorial by Andrew Axelrod, a Bitcoin educator and writer whose LinkedIn posts have orange pilled thousands.

We truly are a species with amnesia. We have forgotten a very important part of our story. Graham Hancock

You have forgotten who you are and so have forgotten me. Look inside yourself Simba. You are more than what you have become. You must take your place in the Circle of life. Mufasa

Most of human experience is relegated to the dustbin of history and forgotten. And maybe rightfully so. After all, life is largely mundane, punctuated by inanities.

But those scarce few stories that survive, survive for good reason. They speak to us on a deeper level. They tap into a fundamental and enduring truth about the human condition. These arent stories from a far gone past, these are stories about the here and now. The names and faces may change, but the stories stay the same. We cant help but play them out over and over again, generation by generation. They are as relevant to us now as ever.

By contrast, bitcoin may seem like the bleeding edge of technology and without historical parallel. But the truth is, bitcoin fits into a far richer and meaningful story about our very nature. Let us now delve into one such story and explore how bitcoin will come to play a key part in its latest rendition.

Alexander the Great, who forged a vast empire with the tip of his spear and whose exploits have become the stuff of legend, is without the shadow of a doubt one of those scarce few figures that have stood the test of time.

One of his legends stands out in particular. The ancient Greek myth tells of how Alexander the Greats ambitious campaign in Western Asia brought him to the Phrygian capital city of Gordium, in modern-day Turkey.

As the story goes, Phrygia was a kingdom without a king. Its inhabitants believed that the rightful heir to the throne was yet to be ordained. The true king would reveal himself by solving an intractable problem the Gordian knot.

This knot was a nightmarish tangle of wrist-thick cornel bark that was twisted around an ox carts yoke and impossible to unfasten.

The ox cart had belonged to the ancient king Gordias, who, himself a humble peasant, had been placed on the throne through providence a thousand years earlier.

A prophecy foretold that whoever could untie the knot would not only rule over Phrygia as the dead kings successor, but would go on to conquer all of Asia.

This of course appealed to Alexander the Great who readily accepted the challenge.

But when he failed to untangle the knot, just as everyone before him had, he did something that shocked the Phrygians.

He unsheathed his shortsword and unceremoniously chopped through the ropes, saying:

It makes no difference how they are loosed.

"Alexander Slashed The Gordian Knot Apart With His Sword" by Jess Blasco (1919-95)

Now comes the interesting part of the story.

Alexander the Great had clearly violated the oracles prophecy by cutting through the knot instead of disentangling it and had in the process desecrated a holy relic on the steps of their temple. So how did the Phrygians react?

They crowned him as king on the spot.

How can this be?

Although the Gordian knot mythology is widely known, it is also deeply misunderstood.

Many historians and philosophers draw some of the following conclusions from it:

All of these interpretations however miss the mark and fail to recognize a basic truth the story elegantly reveals. The essence of the legend is simply this:

Alexander the Great was perhaps the greatest conquering war lord of all time. Hes certainly right up there with the likes of Attila the Hun, Sun Tzu, Saladin, Julius Caesar and Hannibal Barca. He was undefeated in battle and had brought most of the civilized world to its knees. Whats more, he had at his back an army of fiercely loyal Macedonian soldiers who stood waiting at the gates of Gordium, ready to rape and pillage the city at a moments notice.

Who among the Phrygians would dare challenge Alexander the Greats methods?

If he wanted to play fast and loose with the rules, who was to say otherwise.

And so, the Gordian knot is at its core the story of how might makes right.

Its no coincidence Alexander the Great used his Sword to solve the problem.1

But the Gordian knot has an even deeper lesson to teach us. To understand its meaning, we must first appreciate the storys message for what it truly is.

In the story, the knot was roped around an ox cart a technology for transport and trade, and a symbol of civilization and order. As the prophecy foretold, the rightful king would unshackle the ox cart and become ruler over the known world. This would be done through the use of brute strength by the sword.

As if to drive this point home, many historic paintings and artistic renderings have since depicted a chariot instead of an ox cart. The chariot of course being a striking symbol of war and triumph.

Alexander the Great Cutting the Gordian Knot (1767) by Jean-Franois Godefroy

The message is clear: When a situation becomes so gnarly and entangled as to become untenable, a proverbial Gordian knot, it demands a forceful actor to throw out the old ruleset and in so doing create a new order.

But what if there is no wise and powerful leader to grasp a sword in hand and do what is necessary?

After all, the Alexander the Greats of this world are few and far in between the long arcs of history. They are the exceptions, not the rule. Knowing this, Alexander the Great himself never chose an heir to his empire what would be the point? When asked on his deathbed to whom his immeasurable wealth and expansive kingdom would fall, he simply responded: To the strongest.

What followed was fifty years of warfare This is a number with significance that we will revisit. The point is though, that the Gordian knot is not always loosened with a clean cut, but is sometimes butchered and frayed.

To this end, the Romans, for example, had devised their own way of cutting a Gordian knot whenever it reared its ugly head. Working class citizens would abandon entire cities in defiance, called Succession of the Plebeians, leaving the rulers to squabble amongst themselves, and force a system change.

The Secession of the People to the Mons Sacer (1849) by B Barlocinni

This is nothing new. Such transitions occur with stunning regularity about every fifty years, in fact. History tells us that social orders typically take about three generations to deteriorate into a Gordian knot and require an Alexander the Great to slice through them. As the saying goes: The first generation sows it, the second grows it, and the third blows it.

Its a story as old as time.

This process of civilizational decay and rebirth is such an ingrained and human phenomenon that its even found its way into scripture.

The book of Leviticus prescribes a so-called Year of Jubilee as a remedy for these purges. The Year of Jubilee comes around once every fifty years and is a special time during which all debt is forgiven and all slates wiped clean a great reset:

You shall thus consecrate the fiftieth year and proclaim a release through the land to all its inhabitants. It shall be a jubilee for you (Leviticus 25:14, 810, NASB).

Yes, the names and faces might change, but the story doesnt. And we again find ourselves at such an inflection point.

The current financial world order has existed for just over fifty years, and now its coming apart at the seams (hows that for coincidence). This most recent cycle kicked off with the abolishment of the gold standard on August 15, 1971. After abandoning the gold standard, the world has been running purely on paper money, credit and borrowed time. We have been living through a global fiat experiment ever since.

But this chapter is now quickly drawing to a close. After all, our current financial system is the Gordian knot of them all and we are undoubtedly on the cusp of a reset.

The 2008 financial crisis proffered just a tiny glimpse of whats to come. When the house of cards began collapsing in April of that year, a horrifying realization began to finally dawn on our ruling class

The tangle of debt, mortgage backed securities and other credit based derivatives, had mutated into a monstrosity that was constricting and suffocating everything. Even worse, the financial crisis revealed how trillions of dollars of debt based derivatives were causing contagion effects that no one really understood the systems chain of ownership was no longer comprehensible.

A case-study by EJ Schoen explains how:

"...no one knew who owed money to whom or how much was owed, causing banks to cease trusting and lending to other banks."

And when trust in the system finally reached its terminal moment on September 29, 2008, the Dow fell seven percent, marking the largest single-day point drop in history. This was the plebeians' attempt at severing the knot. Instead of the Roman citizenry fleeing their capital, these were investors trying to abandon ship by selling out of all positions.

But of course, the plebeians ultimately failed to stave off the inevitable collapse of Rome and were forced to helplessly watch as corrupt central planners debased the currency and bankrupted and ransacked a once-great empire. Over the course of a few painful decades, the capital city was practically emptied out, collapsing from a height of more than a million inhabitants to a paltry population of just a few thousand. The plebeians could not prevent the civilized world from plunging into centuries of darkness.

And just as the plebeians had failed, so too had we. Absent an Alexander the Great, the knot was not cut. In fact, quite the opposite. The knot was further tightened as bureaucrats poured billions of printed money into the void. The supposed remedy to the Global Financial Crisis was to layer additional debt on top of the system. Central banks have ever since continued to backstop the market by inflating the money supply and further debasing currency.

And now, the knot has become so twisted that even something as simple as equities, a supposedly straightforward expression of financial ownership, has become an unmanageable tangle of debt:

The DTCC, the worlds main trade matching service, attracts 99 percent of U.S. deal flow and is supposed to keep track of who owns what.

Only, they can't.

As we now know, dozens of lawsuits have since revealed that the shares in circulation exceed the actual and authorized float for thousands of companies.

That's how GME had a short interest of 149% (which is impossible) and how shareholders owned 33% more of Dole Foods than there were Dole Food shares.

The knot has become tangled beyond belief.

Back to the story of Alexander the Great:

The plot never changes only the names and faces do. And so, the Gordian knot becomes undone, one way or another. Whether it be at the hands of a powerful leader who can restore order to the world, or under the strain of its own suffocating weight, plunging everything into chaos.

But heres what has changed: For the first time, we need not wait for an Alexander the Great. Instead, we can wield the sword ourselves. Because of bitcoins unique property of self-custody, we can choose to cut the Gordian knot at any time by simply taking possession of our own money.

Gone are the endless and nebulous chains of credit-based ownership. The simple act of taking self-custody banishes all middle men, sets fire to the endlessly multiplying paper money and clarifies true ownership. The plebeians now finally have a tool to cut the knot. And while bitcoiners may call themselves plebs, its high time we also understood that bitcoin is the sword.

This is a guest post by Andrew Axelrod. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

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The Gordian Knot of Fiat, And How Bitcoin Cuts Through It - Bitcoin Magazine

Bearish sentiment returned to cryptocurrency markets on Saturday, as bitcoin was once again in the red. The worlds largest token moved lower to start the weekend, following yesterdays surge towards $20,000. Ethereum was also down today, falling below $1,300 in the process.

Bitcoin (BTC) was in the red to start the weekend, as bearish sentiment returned to cryptocurrency markets.

BTC was higher on Friday, as market uncertainty eased, following the latest U.S. inflation report, however it seems as though this turbulence has returned this weekend.

As a result, BTC/USD fell to an intraday low of $19,076.63 earlier in the day, less than a 24 hours after hitting a peak of $19,821.40.

Looking at the chart, the drop in price has pushed the 10-day (red) moving average (MA) close to an imminent downward crossover with its 25-day (blue) counterpart.

In addition to this, the 14-day relative strength index (RSI) is now back below the 50.00 mark, after failing to move past its ceiling of 55.00.

Should this momentum continue to decline, we could see prices heading towards a floor of $18,600.

Like bitcoin, ethereum (ETH) was also trading lower to start the weekend, with prices of the token falling below $1,300.

Following a move above its $1,330 ceiling on Friday, ETH/USD moved to a low of $1,280.18 earlier in todays session.

The drop sees the worlds second largest cryptocurrency hovering slightly above its floor of $1,275, which was last broken on Thursday.

On that day, the token dropped to a bottom of $1,190, however following the release of the U.S. inflation report, prices somewhat rebounded.

However, this rebound has been short lived, with the RSI also falling back towards a floor of 38.00.

Should price strength decline beyond this point, we could potentially see ethereum once again fall below $1,200.

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What do you believe has led to bears reentering the market this weekend? Leave your thoughts in the comments below.

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

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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Bitcoin, Ethereum Technical Analysis: BTC, ETH Lower on Saturday, as Bears Reenter the Market Market Updates Bitcoin News - Bitcoin News