Showing posts with label bitcoin price. Show all posts
Showing posts with label bitcoin price. Show all posts

This MAJOR Indicator Of Bitcoin's Long-Term Future Just BROKE ALLTIME HIGHS....

Bitcoin digital wallet

There are more than 900,000 wallets with at east 1 full Bitcoin in them, according to data from the blockchain explorer Glassnode

In addition to this, wallets holding at least 0.1 BTC are also at an all-time high.

This is considered major long-term bullish indicator...

This reflects that investors are taking advantage of the current bear-market low prices, as they continue to accumulate Bitcoin with a plan to hold it for months, or even years.

Bitcoin's price is 72% below its historical maximum reached 10 months ago in November 2021, at almost USD 69,000.

If you believe Bitcoin will return to previous highs (as it always has), then you understand why someone would want to take advantage of the current price. 

Here's where things get weird...

In 2021, while Bitcoin's price was on the rise with heavy demand fueling price gains, the number of wallets holding 1 Bitcoin actually declined.

But as you can see from the chart, the amount of 1 or more Bitcoin has been steadily increasing throughout 2022... as the price dropped. 

Wallets Holding 1BTC or more on the rise (yellow) while price declines (black)

What does this mean?

These are the smart traders. Those with experience learn to buy at the bottom, and sell at the top. 

 As Wall Street traders continue to cross over into crypto, it's no surprise that we're seeing more experienced investors in the crypto market.  Where many see a 'crash' they see an 'entry point'.

Remember Warren Buffet's famous piece of advice - “Be Fearful When Others Are Greedy and Greedy When Others Are Fearful” - in other words, buy when everyone else is selling. 

But even with a record number of savvy traders, there isn't enough of them to move Bitcoin's price upwards, but they do probably deserve some credit for Bitcoin staying stable in its current $18k - $21k range.  So far, when Bitcoin has gone below $20k, it soon finds people ready to buy.  

A return to a bull market will be fueled by tens of thousands of people buying hundreds of dollars' worth of Bitcoin, not hundreds of people buying thousands worth. 

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Author: Justin Derbek
New York News Desk
Breaking Crypto News


[Update] - As Bitcoin Mining Companies Enter 'Unprofitable' Territory, a Potentially MASSIVE Profitable Play Opens Up...

Update: Looks like our theory was correct (and while it could reverse course any time) currently CORZ is up 64.20% over the last 30 days.!



Original Article 6/15/2022:

S9 miners, extremely popular mining rigs with almost 8 years in the market, are operating at a loss to anyone located somewhere paying more than 2cents USD per kilowatt-hour in electricity costs. This is most US states.

This was brought to our attention on via tweet from an employee at Core Scientific, a Texas based mining company with stock trading on the NASDAQ stock market under the symbol 'CORZ'  

Crypto companies daily income and net worth can change drastically, fast.  In the case of CORZ, which also holds 8000 BTC, Bitcoin returning to just $30,000 could happen over a single week - and would suddenly turn a company that was losing money into one that gained $80 million more in assets. 

These factors are prime examples why stocks for companies focused entirely on crypto are different than anything Wall Street has seen before. 

Figuring out the value of a mining company isn't as simple as a formula for their hashrate (mining power) = X BTC earned daily + BTC already owned = company value.  The price of Bitcoin isn't the only factor - even the weather can dramatically change profitability, as we covered last week how Texas based mining companies are having to power down during heatwaves. 

Wall Street Debates How To Trade Crypto-Company Stocks...

Because of the factors explained above, we saw Core Scientific with a stock price around $13 just 6 months ago, down to $2 today.

Browsing stock-focused online communities makes one thing clear - stock traders still aren't sure if this represents a company moving towards failure, or chance to buy something with a rare huge potential upsides. 

The Power Play, Where You Don't Buy Bitcoin... and Profits Are Potentially 200% Higher...

So here's what it all comes down to - if you believe Bitcoin will return to or pass $60k again, and believe a stock like Core Scientific will return to $13 when it does (the price it was last time Bitcoin was at $60k) - the stock represents a 5X return on investment when Bitcoin's price only does a 3X.

Which is huge, and seems realistic - but will it?

The same financial press publishing crypto doom and gloom stories currently, will of course, again, hype up 'Bitcoin's comeback' when things go the other way.

So it's safe to say the buzz outlets like Bloomberg, CNBC, and Wall Street Journal will create will bring a boost to crypto related stocks as well. The audience of these publications includes a segment of investors not comfortable enough with tech to ever own crypto, but is willing to buy stocks that allow them to capitalize on a trend.

Here's Why it Isn't as Simple as 'Bitcoin up = Crypto stock up'...

The benefits of Bitcoin's decentralization is highlighted here, these risks apply to stocks but are not a factor for Bitcoin. 

Actually, these risks apply to any company managed by humans. A company can be derailed a number of ways - an inexperienced CEO or Board of Directors, negligence or fraud in the accounting department, a company deciding to issue a large number of additional shares, or bringing in a new key investor and issuing them a large number of shares below market value - all of these can quickly bring a stock price down - but none of then can happen to Bitcoin. 

It's not even as simple as finding a company managed by trustworthy and experienced executives - note that not all of the factors mentioned above would be considered poor company management, some are just part of doing business.

I do not currently own shares of any crypto mining company stocks...

This caught my interest and I immediately wrote this article, haven't moved on anything and still unsure if I will.  The main reason for hesitating is this would mean canceling some of my current open positions to 'buy the dip' on Bitcoin and a couple other coins I'm confident will rise again. 

Share your thoughts on this with us on twitter @TheCryptoPress!

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Author: Ross Davis
Silicon Valley Newsroom
GCP | Breaking Crypto News




Bitcoin's Gains TWICE As Strong as S&P500 and NASDAQ...

Bitcoin news

Both the stock and cryptocurrency markets are reacting to today's news that US Federal Reserve will increase interest rates by 0.75%.  The measure is aimed at controlling inflation, which remains at its highest levels since the early 1980s, and is seen as evidence that the maintains flexibility and hasn't felt the need to implement more drastic measures, at least yet.

Fed Chairman Jerome Powell pointed out that there are recent indicators that both consumption and production have decreased, but added that the unemployment rate has remained low and that job growth in the first half indicates that we are not in a recession. 

Bitcoin and Stocks on The Rise, But Bitcoin is Outpacing Both Major Indexes...

Following the news Nasdaq gained about 4%, the S&P 500 gained around 2.5%, and Bitcoin surpassed both easily with gains of over 8% at the time of publishing.

CoinBase among stocks to outperform market average...

The company needed a good day following a 21% loss yesterday, today they gained half of that back. 

It's been hell-week for Coinbase - first came news that SEC is closely monitoring Coinbase's operations to determine if the exchange has allowed its users to trade tokens that could be considered unregistered securities. Coinbase denied that it lists securities for trading and stated on its blog that it reviews "every digital asset before it is made available on our exchange, a process that the SEC itself has reviewed."

Then ARK Investments, managed by Cathie Wood, dumped $658 million worth of Coinbase shares, removing it entirely from their portfolio.

They end the day at $58.49 - still, the overall picture isn't great when taking in to account that they launched April 2021 at $400. 

But remember - a return of the crypto bull market and setting a new Bitcoin all time high could send Coinbase back to the $300-$400 range shockingly fast, as their holdings triple in value and increased trading activity would once again have them making millions in exchange fees.

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Author: Mark Pippen
London News Desk 
Breaking Crypto News

Bitcoin GRABS Analysts Attention as Data Signals Potential RALLY to $30k - The 2 Indicators They're Focusing On TODAY...

Bitcoin breakout

Bitcoin currently has the attention of analysts around the world, as they question if this rally has momentum, and where it could take prices.

The price of Bitcoin jumped over 7% over the past 24 hours, breaking $24,000 to peak at $24,264.  It has been floating around the upper $23k-$24k range since - this comes after lingering in the $19k-$21k range for weeks

At time of publishing BTC is down from  outperforming most other tokens and advancing to the highest levels since the largest crypto plummeted to as low as $18,000 from $30,000 in a severe selloff in mid-June.

Technical Analysis of the Data says this Rally Could Bring Bitcoin Near $30,000 - But It's also Bitcoin's Worst Month Since 2011...

A bad month means many traders simply aren't in the mood for a rally, "There's no indicator/signal/expert on the planet that will end with me dumping more money into Bitcoin.  Talk to me in like... November, maybe" said one user in a crypto traders telegram community. 

Nonetheless, top analysts at crypto intelligence firm Glassnode are confirming “Numerous signals indicate that genuine bottom formation could be underway” adding that “Bitcoin prices have now traded below the Realized Price for over a month, with many signals that a deep and complete capitulation has occurred.”

What They're Looking For Next...

Bitcoin must break out above the $25,000 resistance level, and see a moving average convergence divergence (MACD)—which is a technical indicator—above zero each day in addition to a positive weekly signal.

This together with which momentum indicator like stochastics showing a number above 20% would make the odds of a run to $29k-$30k range possible.  

If we see both of these today, 

In Closing...

I'm viewing the situation like this:

The data indicates a potential BTC rally - no argument from me there.  We just finished one where Bitcoin gained about $3000, and I see repeating something of similar size much more likely than following it up with one nearly twice as large. 

That's feels like too much too soon 

Anything over $27,000 and I'll be pleasantly surprised. 

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Author: Justin Derbek
New York News Desk
Breaking Crypto News

Celsius Sold Over 22,000 Bitcoin Mining Rigs at 50% Discount ( $60+ MILLION Under-value) to Raise Funds FAST...

Empty bitcoin mining racks

This information was confirmed via a source close to or within the company, who will remain unnamed.

Most people were unaware the recently bankrupt crypto lender Celsius was also mining Bitcoin at a fairly large scale- running more than 22,000 ASIC mining devices.  

We say 'more than 22,000' because towards the end of 2021 Celsius said the were expanding their mining operation, and at that point they said they already had 22,000 rigs.

We never heard how many more were added, assuming they followed through with their plans to expand at the time.

Then Market PANIC Triggered a Sell-Off of their Miners - at a HUGE Discount...

Through online auction sites Celsius sold at the mining rigs HALF PRICE of their current value, which highlights just how desperate the company had become. 

It appears they used primarily Antminer S19 Pro models, which you can buy from the manufacture Bitmain at today at $5,940 - but they sold each unit between $2,400 and $3,000.

Sticking with the low estimate of 22,000 mining rigs, it appears Celsius sold their mining rigs at a total discount of over $63 Million.

Taking a $63 Million Loss, to Avoid a $4 BILLION One...

While it sounds insane now, at the time the threat of liquidation was becoming more likely every day - their assets were over leveraged, and as Bitcoin's price dropped they were coming closer to losing everything. 

Raising these funds fast and paying down some of their debt helped them avoid losing all $4.7 billion!

Next time I think I'm having a stressful day at work, I'll think of the decisions the Celsius guys have had to make over these last few weeks. 

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Author: Mark Pippen
London News Desk 
Breaking Crypto News

JPMorgan Chase Says Bitcoin Currently UNDERVALUED By 28%...

JPMorgan Chase Bitcoin

JPMorgan is telling clients that getting in to Bitcoin at current prices could have major upside for them down the line. The bank believes bitcoin is undervalued by 28% and has set a price target of $38,000 for the coin, which is currently fluctuating at about $29,000.

"We thus replace real estate with digital assets as our preferred alternative asset class along with hedge funds" they wrote.

Last summer, JPMorgan began offering six crypto funds to its wealth management clients, allowing them to diversify their portfolios with bitcoin exposure.

Bitcoin sank below $26,000 for the first time since December 2020 earlier this month.

"We see upside for Bitcoin and crypto markets in general going forward" says strategist Nikolaos Panigirtzoglou.

But the pain isn't limited to crypto, as seen last week when the NASDAQ 's market lost more than Bitcoin. In both cases, inflation fears are being blamed.

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Author: Justin Derbek
New York News Desk
Breaking Crypto News

Get $40 Bitcoin for $20 NOW: Click here!

This Week's NASDAQ Market Losses Tops Bitcoin's...

NASDAQ vs Bitcoin

The market's anxieties about the impact of inflation on the economy were heightened this week by the quarterly results of major retail chains, which showed smaller earnings than expected. This uncertainty was mirrored not only in the department store industry, but also in other sectors of the economy, putting downward pressure on stock prices.

This week's publication of Target's quarterly financial results started the rough week for many NADAQ listed.  The disappointing numbers reaffirmed the trend of consumers focused on spending on essentials like food, and holding off on things like televisions and bicycles. Target's sales and profitability fell short of expectations, and their stock plunged 25% on Wednesday as a result of the earnings decrease, which was even more severe than Walmart's.

The first warning came with Walmart's quarterly financial statements on Tuesday, which revealed a large dip in profits, triggering a stock price slump that began on Tuesday and has yet to stop.

Walmart began the week at $150/share and is ending it at $118.  Target began the week at $220 and is ending it at $152.

The end result (as time of writing) is Bitcoin losing -1.62% this week, and NASDAQ down -3.79%

Bitcoin gets a bounce...

The "realized price" is a well known metric among Bitcoin price analysists, and is calculated by dividing the sum of the values ​​of all coins at the time they were last moved, by the circulating supply. Analysis company Glassnote points out as the 'realized price' approaches, traders buy without hesistation because they believe they can be confident that Bitcoin is undervalused at the moment.  

The current realized price is $24,000, but traders haven't allowed it to get that low - $26,513 is the lowest BTC has gone during the current downtrend. "This may be due in part to the general market awareness of its (realized price) existence" said Glassnode.

"BITCOIN CRASHING. Great news" Rich Dad Poor Dad author Robert Kiyosaki tweeted last week, adding "Once I know bottom is in I back up the truck. Crashes are the best times to get rich."

But don't get excited yet...

We do have enough information where I can say with confidence - this is just another standard dip. One of the larger ones, but the kind we've had before. By that I mean, the kind where we go on to set new all time highs when it's all over. 

So play it smart from here, because the right moves made now will pay off large than those done in a bull market.  You want to ride the trade you make from the bear market, into the bull market.

On that note, if you're newer to crypto and want a simple, low risk way to get those big future payouts. you want to be dollar cost averaging. It's an insanely simple method, and makes it where you don't need to be right about every move you make. Read about it here, or watch a video on it here.

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Author: Ross Davis
Silicon Valley Newsroom
GCP | Breaking Crypto News


Bitcoin gives Russia's Currency a FLIPPENING...

Bitcoin Crypto Flippening

Russia's ruble just experienced a Bitcoin flippening!

With the recent dip in the value of the ruble versus the dollar, using the Central Bank of Russia's most recent report showing supply of 65.3 trillion rubles, that equates to a market cap around $629 billion.

This means that the market capitalization of Bitcoin has officially surpassed that of the Russian ruble, which is now valued at roughly $41,000 gibing Bitcoin a market capitalization of $780 billion,  more than $100 billion more than is required to overtake it.

A 'flippening,' for those unfamiliar, is crypto lingo meaning one currency exceeding the rank of another...

The Russian currency is experiencing inflation as a result of sanctions implemented by the US and its allies in reaction to the country's military invasion of Ukraine. The central bank boosted its benchmark interest rate from 9.5 percent to 20 percent on Monday, according to Reuters, while the European Commission announced intentions to withdraw Russian banks from the SWIFT payment system.

Many inhabitants of Russia and Ukraine, on the other hand, appear to have increased trading activity on exchanges, potentially due to fears about the stability of their respective fiat currencies and the use of crypto to seek donations for pro-Ukraine initiatives. According to Cointelegraph, the Ukraine-based crypto exchange Kuna had around $4.4 million in total trading volume of all tokens over 24 hours on February 24 – the same day Russian soldiers commenced their invasion.

Crypto gives an immediate and straightforward choice for people with a rudimentary understanding of digital money, as more Russian and Ukrainian citizens choose to invest their cash somewhere other than their national currency.

Over the past few months Bitcoin had flippening events with both Tesla and Facebook...

Amazon represents the ultimate flippening target, with a market cap of $1.56 trillion, Bitcoin is barely past the halfway point.

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Author: Justin Derbek
New York News Desk
 Global Crypto Press
Breaking Crypto News

Bitcoin RISES ABOVE The Russia/Ukraine Conflict...

Bitcoin in the The Russia/Ukraine Conflict

After a rally of almost 3,000 dollars in just a few hours, Bitcoin has returned to the $40k zone, touching $41,000! This comes after Bitcoin spent the previous five days hovering around the 38,000 price level. This would be the first time Bitcoin has recovered and maintained a support level of 40,000 since tensions between Russia and Ukraine turned to all out war.

The world's gaze remains fixed on Moscow and Kiev, and BTC initially fell by 8% as a result of the wars in Eastern Europe.

While Bitcoin Rises, Other Markets Continue To Suffer...

While Bitcoin was rising, stocks were falling and energy prices were rising on Monday, as an escalation of sanctions against Russia in response to the ongoing conflict in Ukraine stoked further uncertainty about the outlook for global financial markets, sending oil prices above $900 per barrel for the first time since 2014.

When comparing bitcoin to other assets on the market, we can see a shift in the way the market's most popular cryptocurrency has been behaving. While bitcoin's price dropped in tandem with the US stock market a few days ago, with the start of Russia's invasion of Ukraine, there is now a decoupling from the activities and a price trend more akin to commodities.

What's Causing This?

According to a belief circulating financial discussion boards, Russian and Ukrainian investors, as well as those from other areas of the world, are turning to raw materials and bitcoin to protect their riches in the wake of the disaster.

This would support the idea that bitcoin is becoming more widely regarded as a safe haven asset in situations with significant economic, political, or social ramifications.

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Author: Matthew Miller
London Newsroom Global Crypto Press
Breaking Crypto News

Investors Turning to Bitcoin as Hedge Against Inflation - Billionaire investor Paul Tudor Jones Explains Why...


Billionaire investor Paul Tudor Jones says cryptocurrency right now is a better hedge against inflation than gold.

"It would be my preferred one over gold at the moment" Jones said "Clearly, there’s a place for crypto. Clearly, it’s winning the race against gold at the moment."

Jones, a bitcoin and crypto bull, also told CNBC he’s very worried about rising inflation, saying it’s posing a major threat to the U.S. financial markets and the recovering Covid-hit economy."I’ve got crypto single digits in my portfolio" Jones said, referring to the percentage of his holdings in cryptocurrencies.

Back in June, Jones told CNBC that bitcoin is a great way to protect his wealth over the long run, calling the world’s biggest crypto a store of wealth like gold.

Gold as an investment that hedges against inflation would generally rise along with the rapid growth in consumer prices. Gold lost 8% over the past 12 months compared with bitcoin’s 437% one-year gain.

Often referred to as digital gold, bitcoin was also designed as a payment system, though its adoption as money to pay for things has been slow due to the volatile nature of the digital coin.

Essentially flat earlier in the morning, bitcoin moved higher after Jones’ crypto remarks. It hit a new all-time high above $66,000 on Wednesday, rising above April’s record.

Bitcoin struggled over the summer, trading briefly below $30,000 before turning higher again in advance of the launch of the first U.S. bitcoin-linked exchange-traded fund.

The ProShares Bitcoin Strategy ETF jumped 4.8% in Tuesday’s debut session and another 3% on Wednesday. The ETF tracks bitcoin futures, or contracts speculating on the future price, rather than the cash price.

Jones said he’d rather own bitcoin itself than the futures-tied ETF. However, he said the ETF will do fine and investors should "take great comfort" that it’s been approved by the U.S. Securities and Exchange Commission.

Video courtsey of CNBC.

Bitcoin Hit The Moon As It Broke $60k Today - Will We Keep Flying Towards Mars? Or Burn Up On Re-Entry?

For the first time in 6 months - Bitcoin broke $ 60,000, approaching its all-time high of $64,863.10.

Confidence is growing among investors as rumors hit the market that the US SEC will approve an exchange-traded fund (ETF) based on bitcoin futures as soon as next week.

The previous day teased traders when Bitcoin peaked at $ 57,125 near midnight on Thursday, and left many feeling we were on the cusp of finally crossing $60k again. 

At the time of publishing, Bitcoin sits just 8% away from it's all time high... 

Now the question is: Will crossing the $60k threshold be the warning sign for people sitting on the sidelines to finally take the leap and buy Bitcoin?  Will current traders HODL what they have and buy more?

Or will traders be tempted to take profits now, while the price is close to BTC's all-time high?

We expect to officially know the SEC's decisions on bitcoin futures ETFs on Monday, but so far there's been nothing coming out of the SEC to dispute the rumor - a sign it's likely true.

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Author: Ryan Stewart
Silicon Valley News Desk | Breaking Crypto News


WHY Does Chinese Economic Issues Effect The Crypto Market? Well... It's OUR FAULT...

The definition of 'panic' says those feeling it have 'uncontrollable anxiety' often causing 'wildly unthinking behavior' - so when we look at incidents of 'panic selling' it's no surprise that when the panic is over and we look back, it often becomes clear that decisions made weren't made logically.

Selling crypto in response to anything happening in China is one of those illogical decisions. 

The ONLY Way Economic Turbulence In China Effects Crypto is if WE Allow it...

Did people forget China COMPLETELY cut ties with the cryptocurrency market?

China's authoritarian ban on cryptocurrency trading and mining (so, everything) means that news from China triggering crashes in crypto is caused entirely by people outside of China panic selling, and including crypto among the assets they're dumping. 

People based in China may decide to sell off US stocks, but they aren't dumping crypto they don't own.

Until the past year many would rightfully point out 'but many Chinese do own crypto, the government can't actually stop it'. But this isn't like before.

Yes, a couple years ago there was a thriving underground of Chinese crypto traders ignoring government warnings.  Today it's not worth the risk - people have been arrested, and financial service companies face harsh penalties for serving anyone suspected of profiting from crypto.

In other words, with both law enforcement and the banking industry in China actively enforcing the ban, successful trading would be followed by the nearly impossible task of getting those profits into the country. 

Profits made legitimately would need to go through a money laundering process - this is the point 99.9% of people call it quits. 

"China’s government is doing everything they can to ensure that bitcoin and other cryptocurrencies disappear from the Chinese financial systems and economy" said Fred Thiel, a member of the Bitcoin Mining Council.

The Final Nail in Coffin of Crypto in China was the Launch of their Own Digital Currency...

With the launch of their own digital currency, the digital Yuen, they see crypto as a competitor to their own digital coin. In a country where getting rid of competition is as easy as outlawing the competitor, the competition was over before it started. 

China May Have Wanted Bitcoin DEAD, Everywhere...

It's also worth noting that many suspect the move to ban crypto mining actually had much larger goals - to destroy bitcoin completely.

It's a bit disturbing to think about, but the idea of pulling half of all miners offline sounds like a good way bring chaos to the crypto market - and that's exactly what China did. 

Thankfully, the chaos never came. 

Instead of crashing, Bitcoin proved it's resiliency. Miners around the world were quick to pick up the slack, and there's rumors of Chinese miners fleeing the country with their equipment but preferring to keep their destination unknown for now. 

In Closing...

My point is simple - China made their stance clear, their economy is to have no ties to cryptocurrency, period. Currently, when Chinese investors sell assets in a panic sell-off, it won't include crypto. 

On weeks like this our disconnect from China is an advantage - so let's take advantage of it.  Crypto could be a 'safe haven from Chinese market volatility' because on a technical level that's true - investors just need to treat it that way.

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Author: Ross Davis 
E-Mail: Ross@GlobalCryptoPress.com Twitter:@RossFM
San Francisco Newsroom / Breaking Crypto News

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