Daily Archives: April 15, 2022

Bitcoin Continues To Slide As Macroeconomic And Geopolitical Anxiety Persist

Bitcoin Continues To Slide As Macroeconomic And Geopolitical Anxiety Persist
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Bitcoin sank to an intraday low of $39,714.69 on Friday, following a late surge above Wednesday’s critical resistance level of $41,500. BTC was down as traders braced themselves for the lengthy Easter weekend.

Bitcoin – the world’s most sought-after digital asset – has fallen about $10,000 from a two-week high of $48,220, its highest level in over four months.

However, following weeks of retreats, it looks as though market analysts have identified a stable floor at $39,300, with bulls now attempting to drive prices higher once more.

Related Article | Bitcoin Price Plummets Below $40,000 As Crypto Market Tallies $440 Million In Liquidations

Bitcoin Feeling The Pressure

Concerns about macroeconomic and geopolitical concerns have lingered, keeping some investors away.

Russian President Vladimir Putin stated during a news conference on Thursday that peace talks with Ukraine have reached a stalemate.

Putin further vowed that Russia’s “military operation” will continue indefinitely.

On a technical level, Bitcoin’s 200-day moving average significantly stymied the recent bull run, resulting in a large price fall.

Bears currently control the market, and the price is rapidly declining, resulting in a break below the 50-day and 100-day moving averages.

The $37K and $34K demand zones represent the next levels of Bitcoin support. If the price holds the short-term significant support level around $37K, it may resume its climb toward the significant resistance level at $45K.

BTC total market cap at $752.41 billion on the daily chart | Source: TradingView.com

BTC Could Touch $33K

If this level is not maintained, Bitcoin’s next stop could be the $33K important demand zone.

Bitcoin has lost more than 15% in the last week, prompting one indicator to declare that the market has entered a time of “severe anxiety.”

The price decline occurs in the context of a broader downturn in global financial markets, prompted by geopolitical crises and uncertainty over the prospect of the US Federal Reserve tightening monetary policy.

Related Article | Price Of Bitcoin Retreats Under $42,000 As Enthusiasm From Miami Event Fizzles

Future Still Looks Bright

Despite the current dismal performance of Bitcoin, a prominent trader believes that the cryptocurrency’s price might potentially double in the next two years.

Peter Brandt made a prediction in response to a tweet from Tuur Demeester, a long-time Bitcoin supporter.

According to the latter, following extended periods of consolidation, Bitcoin tends to erupt “like nothing else on this earth.”

According to Brandt’s forecasts, Bitcoin may either double in value in two years or continue its streak of sideways trading for an extended length of time.

A seasoned trader previously predicted that Bitcoin’s next “rocket stage” will begin in 2024, based on how prior market cycles have unfolded.

Featured image from DataDriveInvestor, chart from TradingView.com

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Robinhood CEO outlines how DOGE could become ‘currency of the internet’

Robinhood CEO outlines how DOGE could become ‘currency of the internet’
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Robinhood CEO Vladimir Tenev took to Twitter on Thursday afternoon to explain how Dogecoin could become the “future currency of the internet.”

In a thread of 12 posts to his nearly 200,000 followers, Tenev outlined what steps need to be taken to transform the memecoin into a usable asset for everyday payments and transactions on the internet.

Tenev began by drawing attention to the fact that Dogecoin’s transaction fees — roughly $0.003 per transaction — are already small enough to place the altcoin as a feasible e-cash frontrunner.

He believes the block size and the block time of Dogecoin are the main areas that require improvement if the cryptocurrency is to become widely adopted.

Dogecoin currently has a 1MB block size and a 1 minute block time which means that Dogecoin’s total throughput stands at approximately 40 transactions per second (TPS).

In comparison, the VISA network has a throughput of approximately 65,000 TPS — meaning that DOGE would need to increase its total throughput by roughly 1,625 times in order to be on par with VISA. Tenev says that this isn’t a worry, and can be solved simply by increasing DOGE’s block size limit from 1MB to 1GB and eventually to 10GB.

Tenev finished the thread with a message to the developers of Dogecoin, urging them to focus on increasing the block size limit above all else.

Tenev’s thread was published just three hours after Dogecoin creator Jackson Palmer took aim at former “Dogecoin CEO” Elon Musk’s planned potential hostile takeover of Twitter.

“It takes some pretty impressive mental gymnastics to associate any type of ‘freedom’ with the richest man in the world initiating a hostile takeover and forcing one of the largest public social media platforms private,” said Palmer in a tweet to his 41,000 followers.

Palmer doesn’t mince words when it comes to criticizing Musk. In mid-May last year, Palmer called Musk a “self absorbed grifter” and claimed that the billionaire’s viral performance on Saturday Night Live was “cringe, bro.”

The price of Dogecoin remains relatively unaffected by these recent events, with the token trading sideways between the $0.14 and $0.15 mark over the past seven days.

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Regulatory Arm of UAE Financial Centre Releases Defi Discussion Paper – Regulation Bitcoin News

Regulatory Arm of UAE Financial Centre Releases Defi Discussion Paper – Regulation Bitcoin News
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The regulatory arm of UAE’s financial centre, Abu Dhabi Global Market (ADGM), has released a discussion paper that is seeking stakeholders’ comments regarding the regulation of decentralized finance (defi). The paper also makes clear the regulator’s stance regarding the anonymity of defi transactions.

Paper Not Guidance for Financial Institutions

The FSRA, a regulatory arm of the UAE financial centre ADGM, has issued a discussion paper that seeks the public’s comments on policy considerations for decentralized finance (defi).

The release of the document comes as the defi space has seen strong growth both in terms of the number of users as well as the value of such transactions, the FSRA acknowledges in the paper.

According to the regulatory arm, the discussion paper will serve “as a starting point for a dialogue on how Defi may be eventually regulated.” The FSRA nevertheless clarified that the paper is not a “guidance” for financial institutions. Instead, the paper contains the regulator’s view on the likely medium-term direction over the course of between five and ten years.

In addition, the discussion paper contains the regulatory arm’s so-called “high-level policy positions on how the FSRA might consider regulating Defi.” The document also describes what a future regulatory framework for defi will look like.

Defi Regulation Inevitable

In his remarks following the launch of the paper, Emmanuel Givanakis, CEO of the FSRA said:

DeFi is an emerging part of the global financial ecosystem that holds the promise of delivering more efficient and tailored financial services. In order to achieve this potential, the risks arising from DeFi must be identified and appropriately addressed. We are pleased to contribute our views on DeFi and its potential future direction to the ongoing discussion in the community, in association with industry practitioners.

Givanakis added the contributions made by stakeholders will help the regulator make informed policy choices which in turn address the risks involved with decentralized finance.

While the FSRA has said it will consider contributions from stakeholders, the regulator asserts elsewhere in the paper that regulation of defi is inevitable. The regulator also insisted that “preserving the anonymity of DeFi participants will increasingly become untenable in the medium term.”

Meanwhile, the FSRA has set June 30, 2022, as the deadline for providing comments. After this period, the FSRA will review the feedback and decide on next steps.

What are your thoughts on this story? Tell us what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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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We’ll ‘vigorously pursue’ more BTC buys

We’ll ‘vigorously pursue’ more BTC buys
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MicroStrategy CEO Michael Saylor has proclaimed to shareholders of his company that his firm intends to “vigorously pursue” its reserve assets strategy to buy and hold more Bitcoin.

Saylor’s publicly traded company is the largest single-wallet holder of Bitcoin (BTC) in the world with 129,218 BTC according to wallet tracker Bitcoin Treasuries. Those coins are currently valued at about $5.1 billion. MicroStrategy bought 4,197 more coins on April 5.

By comparison, Tesla, MicroStrategy’s runner-up in the hodling race, owns 43,200 BTC valued at about $1.7 billion.

In MicroStrategy’s 2022 Proxy Statement that was filed with the SEC on April 14, Saylor praised his company’s ongoing success in being early to add BTC to its treasury and add value for customers and shareholders. MicroStrategy only paid about $3.9 billion for the BTC in its treasury, translating to a paper profit margin of $1.2 billion. Saylor wrote in the letter:

“Our parallel strategy to acquire and hold Bitcoin has been a tremendous success.”

The letter also states that Microstrategy’s BTC holdings are well in the green, but made it difficult for the company’s executives to obtain liability insurance. As a result, Saylor has provided the insurance out of his own pocket.

Saylor’s 68.1% ownership of MicroStrategy means that he can pretty much do what he likes at the company, which also helps explain why more companies have not followed his lead. He’s been one of the most vocal proponents for Bitcoin since 2020 and uses his position to reach global audiences.

On Mar. 29, the MacroStrategy subsidiary of Saylor’s software firm said it would use $205 million obtained in a Bitcoin-collateralized loan from Silvergate Bank to buy more BTC. Saylor said in an announcement that the loan marked the first time his company was using its BTC holdings as “productive collateral.”

Despite global headwinds from the war, inflation and interest rate rises, MicoStrategy and Do Kwon’s Terra (LUNA) buying tens of millions of dollars worth of Bitcoin at a time has helped maintain some confidence in prices. Terra’s holdings are now only 800 coins behind Elon Musk’s Tesla, which holds the second most BTC among publicly traded companies.

Related: Bitcoin dives on Wall Street open, DOGE price jumps on Elon Musk’s Twitter offer

Bitcoin is down 2.65% over the past 24 hours trading at $40,109 according to Cointelegraph data.

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Bitcoin Bears Keep Pushing, Why There’s Risk of More Losses

Bitcoin Bears Keep Pushing, Why There’s Risk of More Losses
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Bitcoin failed again to clear the $41,500 resistance zone against the US Dollar. BTC could extend losses if there is a clear move below the $39,200 support zone.

  • Bitcoin made another attempt to gain pace above the $41,500 level but failed.
  • The price is now trading below $41,000 and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $40,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could extend decline if there is a daily close below the $40,000 support zone.

Bitcoin Price Trims Gains

Bitcoin price corrected above the $41,000 resistance zone. BTC even cleared the $41,400 level and attempted a clear move above the $41,500 resistance zone.

However, the bears were active near the $41,500 level. A high was formed near $41,548 and the price started a fresh decline. There was a clear move below the $41,000 support zone. The price declined below the 50% Fib retracement level of the recent increase from the $39,269 swing low to $41,548 high.

Besides, there was a break below a key bullish trend line with support near $40,400 on the hourly chart of the BTC/USD pair. The pair is now trading below $41,000 and the 100 hourly simple moving average.

It also spiked below the 76.4% Fib retracement level of the recent increase from the $39,269 swing low to $41,548 high. An immediate resistance on the upside is near the $40,200 level. The next key resistance could be $40,400 and the 100 hourly SMA.

Source: BTCUSD on TradingView.com

If the bulls able to clear the $40,400 and $40,500 resistance levels, the price could start a decent increase. In the stated case, the price may perhaps rise towards the $41,000 resistance zone. Any more gains could set the pace for a move towards the key $41,500 level in the near term.

More Losses in BTC?

If bitcoin fails to clear the $40,400 resistance zone, it could start another decline. An immediate support on the downside is near the $39,650 level.

The next major support is seen near the $39,250 level. A downside break below the $39,250 support zone could accelerate losses. In the stated case, the price could decline towards the $38,500 level or even $37,750.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $39,650, followed by $39,250.

Major Resistance Levels – $40,400, $41,000 and $41,500.

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‘Most high-end art NFTs ever’

‘Most high-end art NFTs ever’
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Popular NFT collector “punk6529” today unveiled an ambitious open Metaverse project that is looking to attract 100 million users.

The self-funded project is dubbed “OM” and aims to be an open platform that is built and shared by the community. The broader vision for the project is to launch 10 self-governing cities with a max population of 10 million each.

The museum district of the first city (Genesis City) was launched in alpha mode earlier today, with punk6529 bullishly telling their 323,200 Twitter followers that it might be “the most high-end art NFTs ever displayed in one place.”

A promo video for OM shows a long list of NFTs from top projects such as CryptoPunks, Tyler Hobbs’ Fidenza collection, Bored Ape Yacht Club and Art Blocks. At this stage, there are 2000 NFTs on display that belong to either punk6529 or the project’s team members. However new users will be also able “load” their NFTs into OM’s galleries.

The NFT proponent outlined that they are not looking to charge fees or generate crowdfunding at this stage, as they look to deliver a working product before scaling up via investment. At this stage, anyone is free to join and build in the alpha, as long as their “ideas match” that of the museum district.

“I do not want your ETH, I want your input on how to design OM. I collect in public, I invest in public and we are going to build OM in public together.”

“The fundamental governance model of OM is at the district level: Districts can either be ‘developed’ or ‘open’. 6529 is going to develop the 6529 Museum District for example. Others can develop others. Others can be free-for-all experimental spaces,” they added.

In terms of scale, punk6529 stated that the museum district has 25 active buildings in the center square, along with another 2000 buildings that are yet to be activated.

“Each building can host between 1 to 100 spaces, so this district type can easily host 100,000 citizens,” punk6529 said.

The NFT collector also offered their take on an open Metaverse, noting that they envision OM as having “no one party in charge. A Metaverse where you don’t have to worry ‘who is the shareholder and do you agree with them?’.

“This is not so shocking, humans have accomplished this before. There is not one human being in charge of: email, or HTML or TCP/IP or Bitcoin or ERC-721.”

Related: Animoca Brands to bet big on MMORPG blockchain games

For the project to grow and attract a mainstream audience, punk6529 notes that it will have to be affordable, user friendly and provide a bridge to the real world to scale beyond “ETH/crypto degens.”

If all goes to plan, OM will transition into a public beta around June or July if the Metaverse attracts enough users and the tech is able to support further development and large spaces.

Cointelegraph has reached out to punk6529 for more information on the project and will update the story if they respond.

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The Nightly Mint: Daily NFT Recap

The Nightly Mint: Daily NFT Recap
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Another day, another TV show headed to mint. Meanwhile, there’s another ecommerce conglomerate who is seemingly bulllish on NFTs. It’s another daily recap of all things NFTs.

The Nightly Mint

Latest Mint: American Idol

In yesterday’s ‘Nightly Mint,’ we covered television channel AMC’s new ‘The Walking Dead‘ NFTs that went to listing. Today it’s ‘American Idol,’ who have partnered with ThetaDrop to release new “predictive” NFTs to celebrate the 20th season of the long-running pop culture TV franchise. Card packs will be available for $99; collectors who hold NFTs of the artists that remain through elimination rounds will receive airdrops. Regardless of how you feel about the show, it is admittedly a pretty damn cool way to engage with fans and viewers – and one that we haven’t really seen executed thus far.

Related Reading | Bitcoin STH SOPR Breaks Above 1 For First Time Since December

ThetaDrop operates on the Theta Network, and is the latest NFT project to integrate classic TV IP by way of a new deal with American Idol. It's arguably the biggest partnership to date for ThetaDrop. | Source: THETA-USD on TradingView.com

Amazon CEO Sees An Optimistic Future For NFTs

Amazon CEO Andy Jassy has had plenty of uphill climbs in his short tenure replacing the long-time Bezos. Between inconsistent costs of shipping, looming challenges around unionization, and plenty more – Jassy found time to talk crypto today, as he elaborated that the company will not be accepting cryptocurrency as payment anytime soon. However, Jassy added that “but I do believe over time that you’ll see crypto become bigger,” and didn’t rule out NFTs, saying that “I think it’s possible down the road on the platform.”

The ‘Minty Fresh’ Take

We encourage you to take a moment to breathe and leave ‘utility’ out of your NFT jargon. Just for a moment.

Related Reading | Uniswap Launches Product In The Midst Of Lawsuit, UNI Reacts To The Downside

Featured image from Pexels, Charts from TradingView.com
The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.

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SEC case is going ‘much better than I hoped’

SEC case is going ‘much better than I hoped’
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Ripple CEO Brad Garlinghouse is increasingly optimistic that the long-running case with the Securities and Exchange Commission (SEC) will deliver a positive result for the blockchain-based global payments company. 

Speaking on the main stage at Paris Blockchain Week on Thursday, Garlinghouse told attendees of the fireside chat that Ripple’s defense in the ongoing case was faring better than he expected.

“The lawsuit has gone exceedingly well, and much better than I could have hoped when it began about 15 months ago.”

The SEC filed suit in 2020 against Ripple and its senior executives Brad Garlinghouse and Christian Larsen for selling unregistered securities in the form of XRP.

The comments come following a RippleNet community lawyer’s announcement that Ripple had secured a “very big win” against the SEC after Presiding Judge Sarah Netburn denied the SEC’s request to reconsider shielding documents under privilege. The documents were related to a speech delivered by former-SEC Director, William Hinman, where he specified that Bitcoin (BTC) and Ethereum (ETH) are not securities.

“This case is important, not just for Ripple; it’s important for the entire crypto industry in the United States,” said Garlinghouse.

He added that if Ripple were to lose the case, a precedent could be set that would see most tokens on cryptocurrency exchanges become recognized as “securities” by the SEC.

This would mean that exchanges can be forced to register with the SEC as brokers and exchanges would be compelled to register the identity of all token holders.

Related: SEC scores a minor victory in legal dispute with Ripple Lab

“If you determine XRP as a security of Ripple, we have to know every person that owns XRP,” he said. “That’s an SEC requirement. You have to know all of your shareholders. It’s not possible.”

However, a convincing Ripple victory could see the SEC take a step away from its aggressive pursuit of the crypto industry.

Stay up to date with Paris Blockchain Week with live updates from Cointelegraph. Check the first-day coverage here.  See the second-day reporting here. 

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Crypto Will Become Bigger, NFTs Will Grow ‘Very Significantly’ – Featured Bitcoin News

Crypto Will Become Bigger, NFTs Will Grow ‘Very Significantly’ – Featured Bitcoin News
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The CEO of e-commerce giant Amazon is optimistic about crypto and non-fungible tokens (NFTs). He says that over time crypto will “become bigger” and NFTs will continue to “grow very significantly.”

CEO on Amazon Accepting Crypto Payments and Selling NFTs

Amazon CEO Andy Jassy talked about cryptocurrency and non-fungible tokens (NFTs) in an interview with CNBC Thursday. Jassy replaced Jeff Bezos as president and CEO of Amazon in July last year. He previously led Amazon Web Services (AWS) since its inception in 2003.

Regarding whether Amazon will accept cryptocurrency for payments of products on its platform, the CEO affirmed, “We’re not probably close to adding crypto as a payment mechanism in our retail business.” However, he noted:

I do believe over time that you’ll see crypto become bigger.

Commenting on whether he owns any cryptocurrency, the Amazon executive disclosed, “I don’t have bitcoin myself.”

When asked whether Amazon could one day sell NFTs, Jassy replied, “I think it’s possible down the road on the platform.” While revealing that he does not own any NFTs personally, the Amazon boss opined:

I expect that NFTs will continue to grow very significantly.

The e-commerce giant has been hiring crypto experts for various divisions of the company. In November last year, AWS posted a job listing for a principal digital asset specialist who can “help drive adoption across the global digital asset community.”

Amazon also posted a job offer for a digital currency and blockchain expert for its Payment Acceptance & Customer Experience team in June last year with the aim to develop the company’s digital currency and blockchain strategy as well as a product roadmap.

Tags in this story
Amazon, amazon ceo, amazon crypto, amazon crypto payments, amazon nft, amazon selling nfts, Andy Jassy, Andy Jassy bitcoin, Andy Jassy crypto, Andy Jassy cryptocurrency, jeff bezos

What do you think about the comments by Amazon CEO Andy Jassy? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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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Is Bitcoin Headed For A Correction After Brief Recovery; Vital Trading Levels

Is Bitcoin Headed For A Correction After Brief Recovery; Vital Trading Levels
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Bitcoin had finally broken past the $40,000 over the past 24 hours owing to Luna Foundation Guard’s (LFG) BTC buying spree. The price action was, however, dampened too soon as the coin after registering a hike of 7%, dipped by 4% at the time of writing. The 24-hour trading volume of Bitcoin also took a hit at the time of writing.

Bitcoin’s fear index read 28 which corresponds with the fear sentiment, this reflected fear surrounding another crash for the king coin. It turns out that there hasn’t been much impact on the prices even after the LFG Bitcoin purchase.

LFG at the beginning of this week had added 2508 BTC which is worth over $100 Million to its UST reserve. This has taken the BTC count to $42,406.92.

Additionally, the U.S inflation rate spiked by 8.5%, a rate that hasn’t been recorded in over 4 decades. The global cryptocurrency market cap stood at $1.95 Trillion after a fall of 2.5% in the past day.

Bitcoin Price Analysis: Four Hour Chart

BTC just started to trade above the $40k mark on the four-hour chart. Image Source: BTC/USD on TradingView

Bitcoin was trading for $40,030 at the time of writing, peeking slightly over the $40,000 mark. The coin had managed to break past its immediate resistance of $40,956 over the last 24 hours.

At press time, however, the asset was trading below the aforementioned resistance mark. Consistent push from the bulls over the next trading sessions could push prices up to $42,000.

A fall from the current price level would mean that BTC would trade near the $38,000 support line. Failing to stay above this, the next support levels stood at $37,000 and then at $33,000.

Trading volume had started to pick up at the time of writing as the last trading session closed in green signifying bullish action.

Related Reading | The Nightly Mint: Daily NFT Recap

Technical Analysis

Bitcoin
Bitcoin is still oversold on the four-hour chart. Image Source: BTC/USD on TradingView

Bitcoin had received a brief recovery in terms of buying pressure, however, after the recent fall buyers exited the market. For most of this month, BTC had witnessed considerably low buying strength.

On the Relative Strength Index, the coin was seen below the half-line which indicated that sellers were more than buyers in the market. This corresponded with the fear index too. For buyers to re-enter, broader market strength is required.

Chaikin Money Flow, which determines capital outflows and inflows was also in accordance with the RSI. Capital outflows were more than capital inflows as seen on the four-hour chart.

Related Reading | Ethereum At $3028, Where Is The Next Critical Support Level For ETH?

Bitcoin
Bitcoin displays a start of positive price momentum. Image Source: BTC/USD on TradingView

Bitcoin might try to reclaim its older levels as the coin again has been hovering close to the $40,000 resistance mark. The asset displayed a positive change in its price as reflected by the indicator above.

MACD determines the price movement of the coin.

BTC witnessed a bullish crossover at the time of writing which meant that over the next trading sessions, BTC could try teaching its immediate price ceiling. MACD had flashed green histograms at the time of writing which had meant bullishness.

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