Category Archives: Bitcoin
Opinion: As bitcoin becomes boring, the days of outsized crypto gains are ending – The Globe and Mail
At the peak of the bull market, the rally to nearly US$70,000 per bitcoin last year seemed to be a big spike. What a number!
What one unit of anything investible is actually US$70,000? Sure, one Berkshire Hathaway Inc. class-A share is about US$400,000. But what else? A barrel of oil is considered expensive when its over US$100.
But absolute numbers are deceptive because what comprises a single unit is entirely arbitrary.
Without its stock splits in which one share is arbitrarily divided into a certain number so that individual shares appear cheaper one Apple Inc. share would be worth more than US$30,000, as opposed to US$130 currently.
Its thus more accurate to not look at absolute numbers, but percentages. And through that lens, bitcoin hasnt really been wildly appreciating. Through every market cycle, the peaks have been lower, in fact.
That reflects great forces coursing through the markets that have only been more intense as of late: the regulation and enforcement that, while welcomed by some, are changing crypto in a fundamental way.
Ethan Lou: Hate crypto? Put your money where your mouth is and bet against it
All that points to an inevitability: the days of the constant wild price gyrations and outsized gains are over.
In the boom-bust cycles of bitcoin, there have been three notable peaks: US$1,000 in 2013, nearly US$20,000 in 2017 and almost US$70,000 in 2021.
Each time, the rally in percentage terms has gone down. The last peak was just a little more than three times of the one before it. But 2017s US$20,000 was 20 times the peak of 2013.
And 2013s US$1,000, compared with prices before? Well, before that, bitcoin markets were even less established than now, and objectively determining the price is difficult.
Those were the days when, famously, 10,000 units were exchanged for two pizzas. For all intents and purposes, bitcoin was virtually worthless back then. From that to its 2013 peak of US$1,000 whatever multiple that was, it was definitely way more than 20 times.
What had driven this rally was the ease of participation for both investors and those who make the investment products.
Unlike any other financial instrument, bitcoin, and the world of cryptocurrency it spawned, had come with no paperwork for anyone. You could meet someone off Craigslist, pay them in cash and receive bitcoins on a smartphone app.
On the side of industry, anyone could start their own coin or exchange platform. The collapsed QuadrigCX exchange was infamously just one guy on his laptop.
All that ease resulted in a wave of new money entering the crypto world, money that had not been in the markets before. In early 2022, a survey showed that 55 per cent of bitcoin investors had started within the last year.
Thats not going to go on for much longer. And its not just because of the macroeconomic conditions of higher interest rates and costlier borrowing.
Enforcement has been unprecedented. The U.S. government has imposed sanctions on some blockchain code, as both the Justice Department and an increasingly hawkish Securities and Exchange Commission increase scrutiny of the industry.
The worlds largest exchange platform, Binance, is under investigation by nearly every arm of the U.S. government, and some in the industry speculate that its founder is avoiding the country owing to fears of arrest (which he has denied).
Even the creators of the Bored Ape Yacht Club NFT (non-fungible token) collection of digital pictures is under investigation by the SEC.
On Monday, the Organization for Economic Co-operation and Development proposed new global rules on crypto, and the European Union separately firmed up its own new rules.
The European Commission has been looking at analyzing data on the Ethereum platform, which underpins a great portion of the crypto world. Such analysis has been big business for firms that do so crypto activity is becoming more and more open and trackable.
In short, this is a reversal of the phenomenon that had made crypto rally so hard in the earlier years. Under the growing regulatory yoke, crypto is being forced to become more like mainstream finance, with all of its associated red tape.
To be sure, this does not mean that cryptos price movements will, in the near future, become like mainstream finance or that we would never again see headlines with a much bigger number for one unit of bitcoin.
Its just that those days would be fewer and farther between, and the market would take a lot longer to reach those big numbers.
For that ridiculous ease with which people could both invest in crypto or create investment products is becoming a thing of the past. And while crypto might be safer, less volatile and more pleasing to the authorities as a result, it would also become more boring and less attractive to those seeking its traditional outsized gains.
View original post here:
Opinion: As bitcoin becomes boring, the days of outsized crypto gains are ending - The Globe and Mail
Unless Something Changes, Bitcoin Adoption In The West Will Be KYCd – Bitcoin Magazine
This is an opinion editorial by Robert Hall, a content creator and small business owner.
What is the most likely path to hyperbitcoinization? This is a question that has come up in my mind time and time again. Will it be a top-down implementation like we saw in El Salvador last year? Regarding world leaders, Nayib Bukele is the rare exception to the rule. Most world leaders think within a predefined box of fiat options.
Will adoption look more people-powered like in Nigeria, where Bitcoin was integral to funding the youth-led protest against the Special Anti-Robbery Squad (SARS) in October 2020, after protesters' bank accounts were frozen?
Bitcoin adoption in Nigeria has continued to grow despite their central bank banning legacy financial institutions in Nigeria from interacting with Bitcoin at all. Bitcoin P2P trading in Nigeria is up 27 percent despite the ban.
Bitcoin adoption in Nigeria and El Salvador are two examples of opposite sides of the adoption spectrum. Both are working despite legal hurdles and educating more people about Bitcoin.
What will widespread adoption look like in developed countries such as the United States, Europe and developed countries? The dynamics in the West differ significantly from that of developing countries. Western countries have the rule of law, regulated markets, a population that has access to bank accounts and a currency that doesn't debase as rapidly as other currencies.
Bitcoin adoption in the West is going to take a fundamentally different path than the path other parts of the world are going to take. This should be acknowledged and inform how Bitcoiners talk about adoption in the western world.
If you live in the West, you live in an economic and political panopticon. Your government knows who you are, where you live and how much money you earn. They also can gather your phone records, transaction history and online activity with impunity via third-party providers.
If you have money in a bank account, Western governments can call your bank, tell them you are a terrorist, and seize your bank account. Don't think it can happen to you? It happened in Canada to regular everyday citizens protesting against government policies they disagreed with and were agitating for change. The Canadian truckers were not violent thugs with weapons; they used well-established protest tactics to have their voices heard.
What did the Canadian government do in response? They Froze their assets and used violence against them.
Think this is an isolated incident? Authorities in the Netherlands opened fire on a farmer protesting against government plans that would have them cut nitrogen oxide and ammonia emissions by 70 percent in seven years. The state could give two sh*ts about your life if it gets in the way of their plan, plain and simple. You know it, and I know it. There is no need to sugarcoat anything here.
The idea that we are free is folly. Bitcoin is our best hope to change our current circumstances, but it starts with people purchasing and owning Bitcoin.
For a large majority of people new to Bitcoin, their first interaction with bitcoin will be through exchanges such as Coinbase, Kraken, Binance and OkCoin. Not ideal, but these are the facts.
When someone new to Bitcoin searches "how to buy bitcoin," the first page results will show you where you can buy bitcoin from exchanges.
Source: Google
According to a recent article, 46.5 million Americans have never owned cryptocurrency and plan on buying it next year. 32 percent believe that cryptocurrency will replace fiat currency over time. Presumably, a large portion of these new buyers will be looking at buying bitcoin. They will be buying their bitcoin on exchanges.
These entities comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations set forth by their jurisdictions.
The people new to Bitcoin will have no problem handing over their personal information to these companies because they see it as normal and is something they have done their whole lives. This is a fact of life that isn't going away anytime soon.
This is an unpopular opinion, but I will say it anyway. Mass adoption of Bitcoin in the Western world will be with KYC'd Bitcoin. I wish it weren't the case, but I don't see how it won't be. There is even an implicit realization of this fact on Bitcoin Twitter.
The new people coming into Bitcoin won't be your anarcho-capitalist types that want nothing to do with the state. The next wave of people coming into the space will be the mom-and-pop shop owners down the street, your truck driver, mailman or a teacher looking to save their hard-earned money in money that the government can't debase.
Many people see the government and the laws and regulations they promulgate as a form of safety. They might see KYC as a good thing. Currently, KYC is a fact of life, and this creates honeypots of information for hackers to target. We've dealt with this problem in the fiat world; we'll also have to deal with it on a bitcoin standard. I didn't make rules; I'm just looking at the facts as they are now. That doesn't mean any of this can't change.
Still, I believe advising newcomers about different privacy methods is the way to go. There are many great articles here on how to make your Bitcoin more private.
How CoinJoin, CoinSwap Enable Basic Bitcoin Privacy
A Comprehensive Bitcoin CoinJoin Guide
Track Me If You Can How Bitcoin Forward-Looking Anonymity Sets Work
How To Whirlpool On Desktop With RoninDojo
How To Maintain Privacy When Spending Mixed Bitcoin
Federated Chaumian Mints: The Future Of Bitcoin Privacy?
In addition to teaching newcomers about privacy methods, we should all work on creating a bitcoin-powered parallel economy where we don't need fiat offramps. This is the ultimate goal.
El Zonte in El Salvador and other communities have shown us how we can follow in their footsteps.
On The Coast Of El Salvador, Bitcoin Is Becoming The Standard
Bitcoin Ekasi: The Township One Year Later
Bitcoin Beach Brazil: Inspired By El Salvador
Bitcoin Valley Hub Launches In Honduras
The future of bitcoin is bright if we can get enough people on the bitcoin lifeboat. We shouldn't quarrel about what path they took to get there, but educate them on the most private ways to do so.
Stay focused on the mission. Educate others. Stack sats.
This is a guest post by Robert Hall. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.
See the original post:
Unless Something Changes, Bitcoin Adoption In The West Will Be KYCd - Bitcoin Magazine
Why Kanye West And Other Free Speech Advocates Need Bitcoin – Bitcoin Magazine
The below is a direct excerpt of Marty's Bent Issue #1272: "De-banking as an attack on speech." Sign up for the newsletter here.
On October 12, Candace Owens made the world aware of the fact that Ye West, more commonly known as Kanye West, had his corporate bank account shut down by JPMorgan Chase. This move is seemingly a reaction to comments Ye made over the weekend on social media. I have to concur with what Owens says in the second tweet above. I do not care what you think about Ye, but I do care about what you think of one of the largest banks in the world abruptly rug-pulling his multibillion-dollar companys bank account.
This all comes on the heels of PayPal attempting to implement a $2,500 fine on any users it deems to be exhibiting wrongthink. PayPal was forced to quickly detract their policy and pretend like it was an accident after they felt the wrath of their customer base calling out the insanity of a fintech company attempting to dictate what is and isnt acceptable speech. Zooming out from the particular saga with Ye and what he said, I think its important to identify the accelerating trend of incumbent companies, with insane amounts of entrenchment and influence across the banking and payments sectors, attempting to pick and choose who can and cannot receive, hold and send money within their hyper-surveilled systems based on political or personal beliefs.
Like it or not, freedom of speech is a cornerstone of the republic here in the United States. Actions like the one made by JPMorgan Chase against Ye and attempted by PayPal before they were forced to save face are an encroachment on freedom of speech. Obviously, JPMorgan Chase and PayPal didnt prevent Ye or PayPal customers from speaking their minds. However, moves like this attack free speech in a more insidious fashion by incentivizing self-censorship by individuals who become afraid to speak their minds because they do not want to be deplatformed and demonetized by the technocratic goliath they have become dependent on to operate throughout the economy on behalf of their businesses and themselves.
This type of control is exactly what the incumbent power structure wants. Trying to eliminate free speech via the political process is an idea that is dead on arrival here in the U.S. Those in power do not want dissent propagating throughout the populace. Those same people are far more protected from the political backlash that would come with trying to legislate what can and cannot be said. The last few years have taught us that this is exactly the playbook the entrenched power structure is running in order to get what they want. This was made abundantly clear when people who exhibited perceived wrongthink during COVID-19 lockdowns and the ensuing vaccine rollout were deplatformed and demonetized across the web.
Thanks to Alex Berenson suing Twitter after being kicked off the platform, we have cold, hard evidence that the White House was actively pressuring those in charge of the bird app to kick him off the platform because he was delivering facts that went against the controlled narrative they wanted the public to believe. Again, whether or not you agree with Ye, Berenson or any of the potential PayPal users who may have said things in opposition to the majority, you would have to be an absolute moron to not view this trend as a direct assault on freedom of speech. Do you really want the people who are so obviously completely detached from reality who sit at the top of the power structure in this country dictating to you what is and isnt reality?
What has become abundantly clear over the last few years is that the systems that exist today need to be completely abandoned in favor of systems that make it impossible for the people who told you we needed two weeks to flatten the curve, and Iraq is harboring weapons of mass destruction, and this vaccine is safe, effective and will prevent spread, and crack cocaine should be prosecuted differently than powdered cocaine, (among many other falsehoods) to have control over any essential part of speech and the movement of money. In the realm of money how people hold it, how they receive it and how they send it Bitcoin is the new system that is being built to prevent the power structure from nudging us into a future built on self-censorship as a means of self-preservation.
If JPMorgan Chases actions against Ye and PayPals attempted actions against their user base mean anything, it is that bitcoin provides an extreme amount of value to a human race in desperate need of a solution to this growing problem. Bitcoins value is driven by the utility provided by its distributed peer-to-peer nature and the fact that any individual who is so motivated can take complete control over their money: How they receive it, how they hold it and how they send it. I hope this message reaches Ye and he thinks seriously about ditching a banking system that has abandoned him in favor of a distributed system that will have no idea who he is or what he has said. It only knows whether or not he possesses valid UTXOs and the private keys necessary to move them throughout the timechain.
See the original post here:
Why Kanye West And Other Free Speech Advocates Need Bitcoin - Bitcoin Magazine
To HODL or have kids? The IVF Bitcoin Babies paid for with BTC profits – Cointelegraph
Hold Bitcoin till the very end or sell a little bit to start a family? For one Bitcoiner in northwest London, it was a no-brainer.
Noodle (a nickname), a Brit who first heard about Bitcoin around 2012, took profits on his Bitcoin buys to pay for in vitro fertilization (IVF) treatment for his wife. He told Cointelegraph he has no regrets, about his decision to start a family using fiat-denominated profits from buying, holding, a then selling Bitcoin.
Noodle first found out about Bitcoin at the tail end of 2012, when 1 BTC was worth roughly $13.
The now-defunct marketplace Silk Roadwas a place where early Bitcoin users could buy and sell pretty much anything using Bitcoin as the in-house currency. At the time, Noodle didnt necessarily dismiss Bitcoin despite his gym buddy's recommendation, but it passed him by until a close friend explained how to buy cannabis with Bitcoin on the Silk Road.
Once his close mate had explained that they might be able to use the Bitcoin to buy real-world items, Noodle was convinced:
The price of Bitcoin has since risen almost 400x higher, to a $20,000 bear market value in 2022. For Noodle in 2013, he explained it was actually quite difficult to obtain Bitcoin it was a really convoluted process. However, he persevered and managed to obtain Bitcoin to buy goods. Unknowingly, Noodle had alsotripped down the rabbit holeand his Bitcoin journey had just begun.
For Noodle, Bitcoin opened his eyes to finance, education and a whole world of new information. From fractional reserve banking tothe Federal Reservetocurrency debasement and how money works, Noodle was hooked. Naturally, Noodles wife with whom hed been since 2008, was exposed to Noodles newfound passion.
The passion eventually rubbed off as in 2014, Noodles wife took some of the newly married couples wedding money to buy Bitcoin. Noodle jokes, And who would know [...] that that Bitcoin would then go on to effectively fund IVF which is not fuking cheap!
The Noodle family had always planned to have kids. Sadly, due to the medical condition of his wide, conceiving was a challenge. They sought medical advice and soon realized that they may have to undergo fertility treatment:
IVF is a fertility technique in which an egg is removed from the woman's ovaries and fertilized with sperm in a laboratory. The fertilized egg is returned to the woman's womb to grow and develop.
The process is time-consuming, expensive and has a success rate of 4% to 38% depending on various factors. Plus, as Noodle alluded to, there is still a stigma attached to IVF treatment, despite being a regular occurrence in Noodles home country, the United Kingdom.Noodle continued:
So Noodle sold some Bitcoin. In sum, Noodle converted north of $70,000 in Bitcoin into government-issued poundsover the course of a few years. The fiat-denominated profits paid for several rounds of IVF treatment for both of his children leading to two healthy babies.
Without Bitcoin, Noodle explained he would have likely taken out a loan to pay for the treatment: Family is important to me, and I would have thrown anything and everything at it in order to try and make it work. But we were very fortunate that we had some Bitcoin, and I didn't sell it for a long time.
Related: The UK 'Bitcoin Adventure' shows BTC is a family affair
With Bitcoin, Noodle and his wife were able to live their dream of starting a family, but debt free. As for whether or not there might be any more Bitcoin baby Noodles running around northwest London soon, Noodle joked, I think we're done with two kids unless the price goes super crazy!
Noodles story is part of an upcoming crypto story on Cointelegraphs YouTube channel. Subscribe here.
The rest is here:
To HODL or have kids? The IVF Bitcoin Babies paid for with BTC profits - Cointelegraph
Only the Smartest (and Most Foolish) Investors Own Bitcoin: Bank of Canada – CryptoPotato
A new report from the Bank of Canada has unearthed some intriguing facts about the state of Bitcoin ownership across the country.
The report found that about 13% of Canadians owned Bitcoin in 2021 but that investors of average financial literacy are the least likely of all to buy in.
As the central banks survey showed, Bitcoin ownership figures in 2021 were more than double the 5% ownership present from 2018 to 2020. The increase was largely driven by the wider availability of products for purchasing Bitcoin, alongside widespread increases in Canadian savings during the pandemic.
Meanwhile, about 90% of Canadians are now aware of Bitcoins existence. This broad awareness mimics Grayscales survey results last year, which found that 99% of U.S. investors know of Bitcoin.
Knowledge of Bitcoin beyond the term itself was less common, however. 40% of survey respondents who owned Bitcoin (and 66% who did not) demonstrated a relatively low level of knowledge when verifying core statements such as Bitcoin is backed by a government (which is false). This figure was higher than in previous years, in which the share was typically under 30%.
The timing of when investors bought Bitcoin also had some bearing on their motivation for doing so. Post-2019 buyers were more likely to take an interest in Bitcoin as new technology, whereas long-term holders were more attracted to it due to a lack of government trust or as a payment method.
That said, both parties were overwhelmingly likely to see Bitcoin as an investment vehicle. Naturally, long-term holders benefitted more strongly from the Bitcoin price run-up in 2021 than recent holders.
Perhaps unsurprisingly, most Bitcoin holders were not whales. The median Bitcoin holder held $500 CDN worth of the asset, while 70% held under $5,000 CDN worth.
Financial literacy proved a strong predictor of whether someone bought Bitcoin but not as one might expect.
In 2021, Canadians with low financial literacy had a 15.6% chance of owning Bitcoin, according to the full report. However, a similar figure was found among highly literate investors, standing at 14.7%. The discrepancy was funda mong average literacy investors, of which only 8.8% owned Bitcoin.
In previous years, low-literacy investors were the most common holders. The figures for low, medium, and high literacy levels in 2020 were 8.4%, 5.3%, and 5.3%, respectively.
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.
Visit link:
Only the Smartest (and Most Foolish) Investors Own Bitcoin: Bank of Canada - CryptoPotato
Bitcoin recovers above $19,000 after finding a new low for the month – CNBC
Golden Bitcoin coins.
Tsokur | Getty Images
Cryptocurrency prices rebounded Thursday after sliding to new October lows following the release of a key U.S. inflation reading that came in hotter than expected.
The price of bitcoin was last higher by 1.3% at $19,388.89and ether lost 0.7% to trade at $1,289.20, according to Coin Metrics. Earlier in the day they fell as low as $18,201.00 and $1,192.80, respectively.
Bitcoin dropped below $19,000 early on Thursday as investors anxiously awaited the latest read on the consumer price index. It fell more sharply after the report came in, showing a slightly larger-than-expected increase in inflation, despite the aggressive rate hikes the Federal Reserve has brought into play to combat rising prices.
Cryptocurrencies have been trading mostly sideways since the end of August, with bitcoin hovering within $19,000. That's been a key level to watch for analysts, who say a break below it could lead to new lows below those hit in June, when bitcoin fell below $17,800 and ether fell under $900.
"Crypto markets are still overwhelmingly driven by macro. Bitcoin continues to trade within a tight range since June," said Michael Rinko, venture associate at AscendEx. "However, today's CPI print may threaten to break this range to the downside."
By noon crypto recovered with the stock market. Still, Steve McClurg, chief investment officer at Valkyrie investments, said the market's initial reaction was to be expected with high inflation suggesting to investors that the Fed will continue with its planned rate hikes.
"Given what we know about Powell's stated goal right now, and the fact that we are in what appears to be a deep recession, it makes sense that we'd be down today," he said. "We firmly believe that markets still have not yet reached a bottom, and that there's still likely another 10% to 15% leg down for digital assets, and even more for equities," he added.
Elsewhere in the market, bond yields moved higher following the inflation report, which put initially put pressure on crypto equities. Rising rates make future profits, like those promised by growth companies, less attractive.
See the original post here:
Bitcoin recovers above $19,000 after finding a new low for the month - CNBC
Bitcoin Mining Reserves Are at a 12-Year LowHeres Why – Decrypt
The amount of Bitcoin held in reserve by mining companies has fallen to lows not seen since February 2010, according to blockchain analytics firm IntoTheBlock. And thats been true for most of this year.
As of Wednesday afternoon, Bitcoin miners have 1.91 million BTC in their wallets, according to IntoTheBlock. Bitcoin miner reserves have been above the 2 million BTC markfirst surpassed on February 19, 2010for only 46 days since the start of 2022. This illustrates the impact of miners selling their Bitcoin throughout the year, at times selling more in a month than they mined, to compensate for profits that have dwindled as the market has suffered.
IntoTheBlock uses a machine learning algorithm to identify miner wallet addresses and tracks their holdings, including wallets linked to miners or mining pools that accumulate BTC but dont actively mine it. The aggregate of the BTC held in those wallets makes up the analytics firms miner reserve metric.
For reserves to have stayed below the 2 million BTC mark as often as they have this year underscores how dire things have been for the industry. Bitcoin miner reserves initially took a dive below 2 million in July last year on news of the mining crackdown in China, but that figure later bounced back.
The pain this year has been more drawn out.
Companies that borrowed millions against their mining equipment, like CleanSpark and Argo, have seen month after month of losses.
Last month alone, Compute North filed for bankruptcy, Iris Energy sold $100 million in equity to generate some cash, Compass Mining shut down its Georgia operations and one of the largest Bitcoin mining pools, Poolin, froze withdrawals.
The last time that miner reserves were this low was a very different time for Bitcoin. In 2010, the cryptocurrency had only been released as open-source software a year prior, a few months after creator Satoshi Nakamoto published a white paper describing how the peer-to-peer electronic cash worked.
Bitcoin was first exchanged for U.S. dollars in 2009 on the New Liberty Standard Exchange, when $5.21 could buy 5,050 BTC. At today's prices, that amount of BTC would be worth almost $97 million.
The Bitcoin mining industry was in its infancy, too. Computer programmer Hal Finney received the worlds first Bitcoin mining reward of 10 BTC for mining block-70 on January 12, 2009. And for a while, miner reserves represented a sizable share of the Bitcoin that was in circulation.
On the day when miner reserves first surpassed 2 million in February 2010, for example, miners held one in every five Bitcoin that had ever been created. Bitcoin miners' share of coins in circulation has now dipped below 10%.
Stay on top of crypto news, get daily updates in your inbox.
Read the rest here:
Bitcoin Mining Reserves Are at a 12-Year LowHeres Why - Decrypt
Bitcoin firm NYDIG lays off about a third of employees – WSJ – Reuters
Oct 13 (Reuters) - Bitcoin company NYDIG laid off about a third of its workforce last month to cut costs, the Wall Street Journal reported on Thursday, citing people familiar with the matter.
NYDIG, a unit of Stone Ridge Holdings, operates a full-stack bitcoin platform which delivers the cryptocurrency across industries including financial technology, insurance and banking.
The company laid off around 110 people on Sept. 22, weeks before replacing its top two executives, the WSJ reported.
Register now for FREE unlimited access to Reuters.comRegister
NYDIG did not immediately respond to a Reuters request for comment.
Earlier this month, NYDIG appointed Tejas Shah as its chief executive officer and Nate Conrad as president. The company said its bitcoin balances almost doubled from a year earlier to hit all-time highs in the third quarter.
Last year, NYDIG raised $1 billion in a funding round led by venture firm WestCap with participation from existing investor Bessemer Venture Partners, valuing the bitcoin company at more than $7 billion. read more
Register now for FREE unlimited access to Reuters.comRegister
Reporting by Rittik Biswas in Bengaluru; Editing by Subhranshu Sahu
Our Standards: The Thomson Reuters Trust Principles.
See original here:
Bitcoin firm NYDIG lays off about a third of employees - WSJ - Reuters
Bitcoin (BTC) Trader Who Called 2022 Market Crash Says Now Is Not the Time To Be Bearish – The Daily Hodl
The widely followed Bitcoin (BTC) analyst who predicted the king cryptos current fall from all-time highs says today is not the day for a bearish outlook.
Pseudonymous trader Capotellstheir 550,600 followers that they are bullish on Bitcoin in the near future.
Im still bullish short-term. This is not the time to be bearish in my opinion.
Caposeessimilarities between the largest crypto by market caps current price behavior and that of 2018, the last major BTC bear market.
BTC in 2018 vs. BTC now.
With Bitcoin currently dumping 4% in the last 24 hours, Capo now foresees an imminent short squeeze, which occurs when a sudden price spike causes BTC short sellers to buy more to avoid greater losses.
Short squeeze is gonna be glorious.
Updating his followersthis morning, Capo is sticking to his guns, calling a possible shot to $21,000.
I didnt expect this move to go this low. In fact I expected the bounce to come earlier.
With this being said, SPX [Standard & Poors 500 Index] is pumping and DXY [US Dollar Index] dumping. BTC still at support. This could be a massive bear trap.
Bounce to $21,000 is still in play. Invalidation on chart.
Finally, Capodraws his bull line in the sand.
A reclaim of $19,000 would be very bullish.
Bitcoin is trading for $19,018 at time of writing.
Featured Image: Shutterstock/happyframe/Sol Invictus
See the article here:
Bitcoin (BTC) Trader Who Called 2022 Market Crash Says Now Is Not the Time To Be Bearish - The Daily Hodl
NFTs will be ‘as disruptive’ as Bitcoin was 10 years ago Kraken exec – Cointelegraph
Nonfungible token (NFT) trading volumes may have dropped nearly 98% since January, but several industry executives tell Cointelegraph that its nothing to fear as the technology continues to develop and mature.
Jonathon Miller, managing director of cryptocurrency exchange Kraken in Australia, said despite NFT market activity and sales volume having slowed down in September, we are still seeing positive adoption signals at an institutional level and continued growth in use cases.
He told Cointelegraph that the company remains bullish on the NFT space and believes it will be just as disruptive and innovative as Bitcoin was 10 years ago. Moreover, he said he was particularly intrigued by JPMorgan signing a lease using the technology as well as hearing the news that the Vatican has opened an NFT gallery.
He, however, acknowledged that the NFT industry is still in its infancy and that the biggest barrier to mass adoption is nightmare user experiences, saying that it is very hard to say to someone who wants digital art, that you have to install a wallet and you have to onboard with that exchange.
The Kraken executive said it has been a priority for them to make that process smoother.
John Stefanidis, CEO and founder of NFT gaming platform Balthazar DAO, told Cointelegraph that the trading downfall is not significant in the grand scheme of NFTs as people need to understand that NFTs are more than just photos.
Stefanidis said its natural for this decline to happen after something has experienced extreme growth under one application.
He believes this has the potential to stabilize the market more, saying that whenever there is horizontal growth, people diversify and pull back, and were going to see a more gradual growth in NFTs.
Related Reading: Web3 gaming still a long way from mainstream adoption: Survey
Mason Edwards, chief commercial officer of Tezos Foundation an organization focused on promoting and developing the Tezos blockchain and related technologies told Cointelegraph that its beneficial the market has shaken out a bit, people will buy things they care about, rather than speculation, noting:
Read the original here:
NFTs will be 'as disruptive' as Bitcoin was 10 years ago Kraken exec - Cointelegraph