CryptoNews of the Week by NordFX

[Stan NordFX]

CryptoNews

- Matt Maley, strategist at financial services firm Miller Tabak, believes the cryptocurrency market will face a major setback next year. According to him, the main coin may fall in price by about 25-30 percent in the first months of 2021
Bitcoin's capitalization currently stands at approximately $441 billion. According to Maley, the market is overheated due to large-scale investments, which is why corrections by one or several thousand dollars may become a norm next year.
“I consider cryptocurrencies to be a promising asset, but the minimum correction size next year will be 10%. At the same time, the fall may be at the level of 30% or even more. Therefore, it is worth being prudent before large-scale investments,” the specialist warns.

- Popular analyst and founder of Quantum Economics, Mati Greenspan, expressed an opposite view. In his opinion, the December rise does not mean that the market is "overheated", and a large-scale collapse awaits us. “We are at the very beginning of the period of massive entry of investors into the crypto sphere. This phase of the industry's development is qualitatively different from the rise and fall phases of 2017 and 2018. If demand continues to rise from current levels, and supply is constrained, then there is a possibility that we will see growth of 250% or more."
At the same time, Mati Greenspan excludes a scenario in which BTC will soar to $400,000. “The rally will certainly continue, but there is no need to talk about any astronomical figures yet,” the analyst summed up.

- 190 computers were stolen from the NATO military airbase in Emari (Estonia), which were illegally used to extract cryptocurrency. The Estonian Ministry of Defense reported that mining on the territory of the base was carried out by a certain employee who had access to classified documents. He worked for NATO for 14 years, after which he quit and decided to take the equipment with him. He took out the first computers from the base back in 2015, providing documents on their write-off. The remaining several dozen devices on the territory of Emari were networked and used for mining. In total, this "specialist" was able to mine cryptocurrencies worth 30,000 euros. The Ministry of Defense clarified that about 60% of these earnings would have gone to pay for electricity, but the attacker was using state resources.

- According to the analytical service Glassnode, the number of addresses with cryptocurrency worth more than $1,000,000 has reached 66,500. The increase in the second decade of December alone was about 150%. Analysts noted that some miners have not withdrawn funds from their wallets since the time when one pizza cost several hundred bitcoins. Now they have become dollar millionaires.

- Tesla and SpaceX founder Elon Musk once again spoke on Twitter regarding cryptocurrencies. There, he again confessed his love for Dogecoin and posted a frivolous picture, comparing bitcoin to fiat money and considering it "the same crap."
Recall that in 2019, Musk became the winner of a comic April Fools' poll, in which users were asked to vote for the most suitable candidate for the position of Dogecoin CEO. And last July, Musk spoke on Twitter about the prospect of using Dogecoin technology as a global financial system. After his tweet, the price of the token went up 17%.

- The legendary bitcoin meme HODL is seven years old. It was first used by a user under the nickname GameKyuubi in his post on the BitcoinTalk forum, who later became known as Mr.HODL. On December 18, 2013, being a little drunk by his own admission, he wrote that as a bad trader he prefers to “hodl” so as not to incur financial losses.
“I typed the title twice because I made a mistake the first time. Still a mistake. A girlfriend is stuck in a lesbian bar, bitcoin is falling, so why do I hold? I'll tell you why. Because I'm a bad trader and I know it. Yes, of course, you good traders can see the highs and lows and playfully make a million dollars,” GameKyuubi wrote at the time.
On that day Bitcoin fell in price by almost 40%, GameKyuubi tried to simultaneously talk to his girlfriend and trade bitcoin through a heavily lagging app. After several failed attempts, he went to his room and started drinking.
Hodl, Hodler, is an Internet meme, a slang name for those who buy cryptocurrencies and hold them (do not sell) regardless of the market situation. For the first time, this variant of the spelling appeared as a typo in the word holding.

- MicroStrategy, a mobile software company, announced the completion of the last stage of the allocation of reserve assets, during which it invested $650 million raised from investors into 29.646 BTC at an average of $21.925 per coin.
It now owns almost 70,470 bitcoins in total, having spent $1.125 billion at an average price of $15.964 per bitcoin.
The $650 million raised in December was raised through the sale of convertible bonds with a maturity of five years. “The purchase of additional coins confirms our confidence in bitcoin as the most widely used cryptocurrency and a reliable store of value,” said Michael Saylor, CEO of MicroStrategy.

- Mill Hill Books has released a 340-page book, Kicking the Hornet's Nest, containing all emails, forum posts, and other entries by the anonymous bitcoin creator Satoshi Nakamoto. All entries are collected in chronological order and, according to the publishers, have been published "with almost no editorial comment." The printed version of the edition sells for $29, and it can also be purchased on Amazon.

- Scott Minerd, investment director of Guggenheim Investments, considers bitcoin to be a grossly undervalued asset, even at current price levels of around $23,000. “Our fundamental work shows that bitcoin should be worth about $400,000,” he said in a conversation with Bloomberg TV.
Analysts at Guggenheim Investments came to this conclusion based on two factors: the limited emission of bitcoin and its value relative to gold. There are many common characteristics that cryptocurrency shares with the precious metal, Minerd said, but bitcoin, unlike gold, "has extraordinary value in the context of transactions."
At the same time, Minerd noted that buying bitcoin above $20,000 seems to him "a little more problematic." His company began investing in bitcoin at a rate of about $10,000.


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Forex | Forex Trading - NordFX

 

[Stan NordFX]

CryptoNews of the Week

– Numerous Twitter users, including many cryptocurrency traders and investors, have voiced complaints against Elon Musk. The discontent was tied to the billionaire and new owner of the social network implementing a series of restrictions. Starting from July 1, 2023, verified users are able to view up to 6,000 posts per day, while unverified users are limited to only 600. At the same time, this limit is further reduced to 300 posts for new accounts.
According to several experts, these new restrictions may have a negative impact on the crypto market. Many industry participants have been receiving a large amount of important information via Twitter. However, it has now become significantly more difficult to obtain current data and news.
Musk himself assured that this measure is temporary and is necessary in order to reduce the load on the system's internal servers. He said that the limits will later increase to 8,000, 800, and 400 posts, respectively.

– The rapid fall in the price of the leading cryptocurrency is only a matter of time. This was asserted by the president of Euro Pacific Capital, "gold bug" Peter Schiff, adding that he had underestimated the "bubble potential of Bitcoin." In his view, most investors do not believe in the first cryptocurrency, they merely hope that someone will buy it at a high price.
The businessman believes that stories about people losing money on cryptocurrency will overshadow those about people getting rich from it. "The peak we saw in 2021, around $70,000, that's it, and ultimately bitcoin will burst," he predicted.

– "The adoption of spot bitcoin ETFs is a major event for the crypto industry," stated Michael Saylor, co-founder of MicroStrategy. "It's an important milestone on the path to institutional acceptance. I believe it's important, but I don't think bitcoin will rise overnight to $5 million."
"The approval of spot bitcoin ETF applications will make investors realize that the first cryptocurrency is a legitimate asset," the billionaire explained. "If the SEC approves applications for this asset, a user can press a button and purchase $10 million of BTC within 30 seconds." (The SEC is currently reviewing several applications for the launch of spot cryptocurrency exchange-traded funds. However, the Commission maintains that these applications are not sufficiently clear and comprehensive.)
For reference: MicroStrategy additionally purchased 12,333 BTC amounting to a total of $347 million between April 29 and June 27. Saylor's company now owns a total of 152,333 BTC, valued at over $4.6 billion, which were acquired at an average rate of $29,668.

– A survey revealed that 92% of Earth's inhabitants have heard of cryptocurrencies at least once. The study involved 15,158 individuals aged between 18 and 65 years from 15 countries across America, Europe, Asia, and Africa.
37% of the respondents consider this asset class as part of the monetary system. However, only 15% of Britons and 17% of Germans agree with this statement. Nigerians (65%) and Argentinians (56%) are the most interested in holding digital assets, seeing them as an effective means of preserving value. Analysts attributed this to the instability of local financial systems and state currencies. 26% of those surveyed consider crypto assets to be a scam. Primarily, Americans and Britons associate cryptocurrencies with fraudulent schemes.

– Most cryptocurrency exchanges do not allow minors to trade digital assets, but parents can open accounts on their behalf and allow them to participate in trading. Youth readily engage in this activity, and there are numerous stories of children investing in Bitcoin since its inception. For instance, Erik F. received $1,000 to invest in BTC when he was 12 years old, and by the time he turned 18, he had become a millionaire thanks to it.
According to data published last year by the platform Gohenry, 1.33 million children in the UK invested money in cryptocurrency. Moreover, a study titled "Parents, Kids, and Money," conducted by T. Rowe Price, showed that 57% of children aged 8-14 are familiar with digital currencies. They are better informed about cryptocurrencies than their parents, with only 47% of parents familiar with the technology - 10% less than their kids.

– Market participants should exercise more caution when trading cryptocurrency, warned CoinDesk researchers. The fact is that starting from Q4 2022, global fiat liquidity indicators have been rapidly declining, and the rise in BTC quotes in such conditions is an anomaly. The BTC rate hit a local price bottom of $15,500 in November last year and has since doubled in price to $31,000. Moreover, just since June 15, its value has spiked by over 20%. This occurred against the backdrop of news that major companies had once again submitted applications for the launch of spot Bitcoin ETFs.
According to Lewis Harland, portfolio manager at Decentral Park Capital, the situation remains complex. He confirmed that lately, tracked fiat indicators, such as the Fed's net liquidity and global net liquidity level, have significantly dropped. "This is the main reason why we are cautious about BTC, despite the market's optimistic consensus. We think that investors are overlooking this," Harland added.
The global net liquidity indicator, which takes into account the supply of fiat in several major countries, has decreased to $26.5 trillion - the lowest level since November 2022. Such data was provided by the platforms TradingView and Decentral Park Capital.

– Crypto strategist and trader known as Bluntz, who accurately pinpointed the bottom of bitcoin's bear market in 2018, believes that ethereum is showing all the signs of a powerful rally that could occur in the coming months. According to his words, the remaining part of 2023 may set ethereum on parabolic growth, allowing the leading smart contract platform to significantly outperform BTC.
Bluntz is considered an experienced practitioner of technical analysis and, in particular, Elliott Wave Theory, which allows forecasting price behaviour following the psychology of the crowd that tends to manifest in waves.
According to this theory, a bullish asset shows a five-wave rally, with the third wave signalling the steepest rise. Bluntz suggests that ethereum is already in the early stages of the third wave's surge, which could lead to ETH approaching $4,000 by the end of 2023.

– Crypto trader Altcoin Sherpa is confident that the leading cryptocurrency may rise to $32,000 first and then to the new 2023 high of $40,000. However, he's not certain about the latter. This should be followed by a significant downward correction.
Addressing the ETH/BTC pair, Altcoin Sherpa noted that ethereum is likely to fall relative to the flagship crypto asset and target the minimum range around 0.053 BTC, or $1,614.

– Well-known crypto analyst Benjamin Cowen made a forecast about the likely price trajectory of Bitcoin and altcoins. In his opinion, compared to current levels, bitcoin could grow approximately by 14% and reach a maximum of $35,000 in 2023. "In the short term, it's really hard to say whether bitcoin can rise a bit again. For myself, I set a target of $35,000," the expert said.
Cowen also talked about what will happen to other coins if the BTC price does reach this goal. He believes this will be insignificant news for the altcoin market, as it will most likely continue to crash in pairs with Bitcoin. "Upon reaching $35,000, Bitcoin at some point must go down," argues Cowen. "I think it will have to repeat some of these movements, as usually happens in the year preceding the halving. And at this point, the altcoin market will drop a little bit more, and the dominance of Bitcoin will continue to grow. Liquidity is drying up, so people see relative safety in Bitcoin compared to the altcoin market. But this does not mean that Bitcoin cannot fall, it means that it is somewhat safer."

– Marathon Digital CEO Fred Thiel reported that the global financial market is demonstrating a decrease in correlation between two assets that investors traditionally view as effective hedges against market volatility. While the price of Bitcoin is showing explosive growth, the price of gold is gradually decreasing. Fred Thiel suggested that this not only indicates a shift in priorities in favor of digital assets but also demonstrates the widening accessibility of bitcoin to a broader circle of investors.
In April, analytical company Kaiko cited data on the correlation between BTC and XAU within 50%. At the time, according to Kaiko analyst Dessislava Aubert, this represented the strongest link between the two assets in more than a year.

– According to technical analysis data, the main cryptocurrency's rate on the BTC/USD chart may form a new "bullish flag". This opinion was expressed by experts from Fairlead Strategies. "Bitcoin is digesting its gains during the consolidation phase," they said. "A new bullish flag might be forming, which will emerge when breaking above the weekly Ichimoku cloud around $31,900."
The experts explained that this figure consists of a pole and a flag. According to them, its pole represents the initial price rally, and the flag represents the subsequent consolidation, caused by a "temporary exhaustion of bullish sentiments" and the absence of strong pressure from sellers. According to the theory of technical analysis, once an asset breaks the price above the contour of the flag, it tends to grow by an amount approximately equal to the length of the pole.
In the case of bitcoin, the upward movement from the June 15, 2023, low at $24,790 to the June 23 high at $31,388 represents the pole, and the subsequent consolidation formed the flag. According to analysts, a potential BTC breakout will allow the cryptocurrency's cost to reach the next key resistance level at $35,900.

– Venture capitalist Tim Draper has revised the timeframe within which the price of the main cryptocurrency is supposed to grow to $250,000. "I think we'll have to wait a little longer," the billionaire wrote, adding that his forecast will come true by the end of June 2025 with a 100% probability.
Draper had previously predicted that the price of bitcoin would reach $250,000 by the end of 2022. When his forecast didn't come true, he extended the timeline for its realization by another six months to mid-2023. Now he has made a new "correction", adding that the BTC price will exceed his assumptions due to the adoption of cryptocurrency by women.
However, Draper expressed concern about the regulation of digital assets. "Law enforcement regulation is killing our economy," he wrote on June 20. "I think we have a real problem because the SEC is sowing fear, and all innovators are leaving the country... This forced regulation doesn't make sense."


Notice: These materials should not be deemed a recommendation for investment or guidance for working on financial markets: they are for informative purposes only. Trading on financial markets is risky and can lead to a loss of money deposited.

#eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #cryptocurrencies #bitcoin #stock_market

Forex | Forex Trading | NordFX

 

[Stan NordFX]

CryptoNews of the Week

– As of the end of June, the primary cryptocurrency holdings belonging to Robert F. Kennedy Jr, the nephew of the 35th US president and a current electoral candidate, reached $250,000. This was revealed by a financial report discovered by CNBC. Kennedy's representatives confirmed that the funds are personally his.
Interestingly, during the Bitcoin-2023 conference, this presidential candidate called digital assets "a symbol of democracy and freedom," yet denied his investments in cryptocurrency. "I'm not an investor, and I'm not here to give investment advice," stated this electoral race participant at the time.

– Standard Chartered bank specialists predicted in April that bitcoin would reach $100,000 by the end of 2024. The figures from the July forecast look slightly higher. According to analysts, the price of bitcoin could exceed $50,000 this year, and by the end of next year, it might reach $120,000. "Increased miner profitability per mined BTC means they can sell less, preserving the inflow of funds, which reduces the net supply of the asset and leads to a price increase," explained Geoff Kendrick, the bank's analyst.

– The involvement of major investment firms in the race to launch spot bitcoin ETFs suggests that the leading cryptocurrency is no longer a "passing fad," stated Michael Sonnenshein, the CEO of Grayscale Investments. According to him, market participants are "responding positively to the inclusion of traditional financial institutions in bitcoin." "Recent news [...] underscores the resilience of this asset class in a broader sense, and many investors view [digital gold] as a unique investment opportunity," Sonnenshein added.

– Meta's new network Threads, often referred to as a Twitter clone, was launched on July 5. The user base of the new platform is approaching 100 million, largely due to Instagram users, though it is still far from matching Twitter's 450 million users.
It was previously reported that in the spring, eight popular cryptocurrency accounts on Twitter were hacked, resulting in the hackers acquiring nearly $1 million. It now seems that fraudsters have also turned their attention to the new network. Developers from the decentralized finance platform Wombex Finance reported the appearance of a counterfeit duplicate account on Threads, suggesting that extortionists may be operating there. Leonidas, one of the popular NFT bloggers, reported a similar case.

– Michael Van De Poppe, the founder of venture company Eight, believes that bitcoin is preparing for a surge to $41,000. The popular analyst bases his opinion on the recent rise in the price of the leading cryptocurrency and Fibonacci levels. According to him, "the previous annual high for BTC was overcome in April. And now we are seeing increasingly higher highs, as traders build upward momentum and positions." "To continue the upward trend that we call a bull cycle, bitcoin needs to reach a new and clearer high," explains Michael Van De Poppe. "There are several points that can help determine the potential for further growth using Fibonacci levels. And right now, I would say we're facing a rally up to $41,000."
"There are two scenarios - growth above the current high, followed by some consolidation and retracement before a new rise. Or consolidation at current levels, followed by accelerated growth over the next few months. For bitcoin, this is pretty standard behaviour. And then we'll move towards $41,000 or even $42,500," predicts the analyst.

– Robert Kiyosaki, an economist and the author of the well-known book "Rich Dad, Poor Dad," has made another bold statement. He asserts that by 2024, bitcoin will reach a value of $120,000 per coin. Kiyosaki bases his forecast on the belief that BRICS countries (Brazil, Russia, India, China, and South Africa) will soon adopt the gold standard and release their own gold-backed cryptocurrency. This could undermine the dominance of the US dollar in the global economy and lead to its devaluation. He also warns that many traditional financial institutions may go bankrupt in the near future due to their imprudent decisions and corruption.
In light of this, Kiyosaki recommends protecting one's funds from inflation by purchasing physical and digital gold. He also believes that bitcoin is one of the best ways not only to preserve but also to increase capital amid the instability of the financial system.
(For reference: On July 11, the Russian Parliament passed a law establishing legal norms for the introduction of the digital rouble.)

– Markus Thielen, Head of Research at crypto financial service Matrixport, forecasts a similar figure, albeit not at the start but by the end of 2024. He stated in an interview with CoinDesk that the quotations of the premier cryptocurrency could exceed the $125,000 mark by the end of next year. "On June 22, bitcoin reached a new annual high. Historically, this signal indicated the end of bearish and the beginning of bullish markets," he explained.
According to Thielen, the price of bitcoin could skyrocket by 123% over 12 months and by 310% over a year and a half. With such growth, the asset's price would rise to $65,539 and $125,731 respectively. The expert's forecast is based on the average returns of similar signals in the past: in August 2012, December 2015, May 2019, and August 2020. Thielen deliberately ignores the first case with a growth of 5,285% over 18 months, describing it as "epic" and "disproportional."

– Guy Turner, the host of the popular cryptocurrency channel Coin Bureau on YouTube, believes that in the medium term, there are two factors in favor of a massive growth of ethereum. The main one is the EIP-4844 update, which is expected to introduce a preliminary sharding (segmentation) mechanism for the network of the main altcoin. This update will be extremely important as it could, theoretically, give Ethereum the ability to scale on par with centralized systems.
The show host also noted that the issue of privacy remains very important. According to him, the developers of the second-largest cryptocurrency remain extremely concerned about this issue. "The huge focus on privacy and security is not surprising if you think about institutional investors. For them, it's a cornerstone," Turner highlighted. He recalled that Vitalik Buterin has raised this issue repeatedly, calling it "one of the three problems that need to be solved, otherwise ethereum will collapse.".

– Analyst and trader Michael Pizzino believes that a fall in the US dollar could lead to price increases for cryptocurrencies such as BTC, ETH, SOL, MATIC, XRP, Gala, and Render. In his opinion, the dollar is ready for a sharp devaluation. However, the expert does not consider an apocalyptic scenario of the collapse of the main global currency, since the dynamics of its exchange rate are slower than for other classes of financial assets.
Still, Pizzino predicts a steady downward trend for USD in the foreseeable period and a redistribution of funds in favor of digital assets. The macrographic chart suggests their upward trend, and considering the correlation between USD and BTC, a decline in the former could contribute to an increase in the value of the latter, which would then be followed by an increase in the value of other crypto assets.

– Lightning Labs, a company specializing in software development, has unveiled its latest product: a plugin for ChatGPT that allows sending Bitcoin payments. Lightning Labs also presented a set of tools for developers that allow AI models like GPT to carry out bitcoin transactions on the Lightning Network. This step aims to bring AI technologies closer to the world of cryptocurrency, paves the way for new innovations, and promotes the development of this field.


Notice: These materials should not be deemed a recommendation for investment or guidance for working on financial markets: they are for informative purposes only. Trading on financial markets is risky and can lead to a loss of money deposited.

#eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #cryptocurrencies #bitcoin #stock_market

Forex | Forex Trading | NordFX

 

[Stan NordFX]

CryptoNews of the Week

– Mike Novogratz, the CEO of blockchain company Galaxy Digital, recommends buying bitcoin, pointing to the rising US national debt. In just the first week of July, the country's debt to creditors has increased by $1 trillion, reaching a total of $32.47 trillion. It is evident that this could destabilize the financial system, lead to another round of inflation, and result in a drop in the dollar's value. "This is madness... Buy bitcoin," Novogratz urged in response to a publication about the escalating debt of the United States.

– However, not everyone, like Mike Novogratz, foresees a bright future for BTC. According to the educational project 99bitcoins, bitcoin has been declared dead 474 times. The published "obituaries" spoke of the "insolvency and uselessness" of the primary cryptocurrency, asserting that the Bitcoin network is a "bubble," an "elaborate Ponzi scheme," and a "cryptocurrency dummy, with no real substantiated value."
Among the authors of these "posthumous messages" in 2023, there were quite a few well-known names in the financial world. These included Chamath Palihapitiya, the founder and CEO of venture company Social Capital; Robin Brooks, the chief economist of the Institute of International Finance (IIF); Harvey Jones from the British news agency Daily Express; Jamie Dimon, the CEO of JPMorgan Chase; TV host Jim Cramer; and John Reed Stark, a former official of the US Securities and Exchange Commission (SEC).
Vitalik Buterin has recently also criticized bitcoin. In the view of the creator of ethereum, the flagship cryptocurrency lacks scalable second-layer solutions to become more than just a payment network.

– Crypto market experts have drawn the results for Q2 2023. These three months proved to be turbulent, and the industry experienced a series of ups and downs. Most high-capitalization projects displayed negative dynamics during this period, primarily due to ongoing legal disputes between the SEC and major crypto exchanges Binance and Coinbase. This had a significant negative impact on many coins in the TOP-100, as the SEC classified them as securities.
However, amidst the turbulence, bitcoin, and some other digital currencies, such as BCH and LTC, demonstrated high performance. According to the CryptoRank report, their success was driven by news related to exchange-traded funds and institutional listings. Bitcoin, in particular, delivered an impressive return that outperformed traditional financial instruments, overshadowing the Nasdaq and S&P 500 indexes, as well as gold and silver, in the first half of 2023.
Undoubtedly, one of the most significant events was the application for a spot bitcoin ETF by BlackRock, the world's largest asset manager. This event particularly benefited BTC, which reached a new high for 2023. BlackRock's initiative started a chain of events where numerous asset managers also began either renewing or submitting new applications for spot bitcoin ETFs. It is important to note that the SEC has previously rejected all such applications. In this case, a final decision on BlackRock's application is expected no earlier than the middle of Q3 2023 and no later than mid-March 2024, just a month before the next BTC halving.

– The crypto market traditionally experiences a lull during the summer. Admittedly, trading volumes increased in June thanks to spot bitcoin ETF applications from BlackRock and other companies, but overall, Q2 witnessed a decrease in trading activity. According to CryptoRank, crypto exchanges recorded a decline in trading volume in Q2, reaching the lowest level in the last two years.

– The bitcoin halving in 2024 is tentatively set to take place on April 12. It has the potential to exert a fundamental influence on both the price of BTC and the overall cryptocurrency market, as it is a crucial mechanism in the primary cryptocurrency's protocol. Every 210,000 blocks, or once every four years, it halves the reward that miners receive for mining a block. This is done to create a deflationary environment and to support the value of BTC by reducing the rate of new coin issuance. (The total emission size is set at 21 million coins.)
Originally, from 2009, miners received 50 BTC for each generated block. In 2012, the reward decreased to 25 BTC, in 2016 – to 12.5 BTC, and after 2020 – to 6.25 BTC. When the 2024 halving occurs, the mining reward will be reduced to 3.125 coins.
Historical data suggest that after this event, the bitcoin exchange rate may once again sharply increase. After the 2012 halving, the BTC price rose from $11 in November 2012 to $1,100 in November 2013. Following the 2016 halving, the price increased from $640 in July to $20,000 in December 2017. The 2020 halving enabled the coin's price to rise from $9,000 in May 2020 to a peak of $69,000 in November 2021. However, despite this statistic, experts warn that past results do not guarantee their repetition in the future.

– After the 2024 halving and the halving of the reward for a mined block, miners will have to adapt to a new reality. They will need to acquire more powerful and energy-efficient equipment or upgrade their existing ones. According to forecasts, many small companies will most likely leave the market or be acquired by larger players. As a result, we should expect the mining market to become centralized, falling under the control of a few large pools. This would make the network more susceptible to manipulations and hacking attacks. However, a sharp increase in the price of bitcoin could at least partially offset these negative factors.

– Analysts asked ChatGPT to talk about some potential events that could have a significant impact on the cryptocurrency market. The Artificial Intelligence's response was as follows:
1. Regulation: Legislative or regulatory changes in key countries can greatly affect the cryptocurrency market. If important jurisdictions adopt laws that severely limit the use or trade of cryptocurrencies, it could strongly affect their prices and accessibility.
2. Large-scale hacking attacks: If large-scale hacking attacks occur on major cryptocurrency exchanges or wallets, it could cause panic in the market and lead to significant losses.
3.Technological breakthroughs: New technologies or improvements in blockchain and cryptocurrencies can also have a significant impact. This can include new consensus protocols, improved scalability, or enhanced privacy protection methods.
4. Large companies' investments: If major companies like Apple, Google, or Amazon start actively investing in cryptocurrencies or integrating them into their services, it could significantly increase the value of cryptocurrencies and overall interest in them.
5. Global economic events: Cryptocurrencies are often considered a "safe haven" during economic instability. So global economic crises or significant changes in inflation, interest rates, or currency exchange rates could also influence the crypto market.

– The former CEO of BitMEX cryptocurrency exchange, Arthur Hayes, has speculated that bitcoin might become the ideal currency for artificial intelligence (AI) systems. In his opinion, digital gold is superior to other assets in this respect, as it possesses characteristics such as decentralization, resistance to censorship, proven deficit, and dependence of intrinsic value on energy costs. "There is nothing today that can compare to bitcoin in these parameters," wrote Hayes.
He believes that in the future, investors may reevaluate the first cryptocurrency due to its "adoption" by artificial intelligence. According to Hayes, this will occur due to a desire to "avoid inflation in the fiat financial system" and to "capture part of the next phase of human and computer evolution." The former CEO of BitMEX added that by 2025-2026, the AI economy will account for up to 50% of global GDP, against which backdrop bitcoin will reach $760,000.


Notice: These materials should not be deemed a recommendation for investment or guidance for working on financial markets: they are for informative purposes only. Trading on financial markets is risky and can lead to a loss of money deposited.

#eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #cryptocurrencies #bitcoin #stock_market

Forex | Forex Trading | NordFX

 

[Stan NordFX]

CryptoNews of the Week

– Robert Kennedy Jr., a U.S. presidential candidate from the Democratic Party, advocates for the support of the U.S. dollar using hard assets such as gold, silver, platinum, and bitcoin. The politician believes that this move could stabilize the economy, curb inflation, and usher in a new era of financial stability and prosperity in America.
Market strategist Todd "Bubba" Horwitz responded to Robert Kennedy Jr.'s inclusion of bitcoin in the basket of hard assets. According to him, this will enable bitcoin to reach a price of $35,000, and then $40,000, within the next six months. Horwitz highly praised the growing recognition of BTC by regulatory bodies such as the Commodity Futures Trading Commission (CFTC), which will also contribute to the growth of the leading cryptocurrency.

– The implementation of central bank digital currencies (CBDCs) worldwide varies significantly: projects are divided into retail ones, intended for citizen use, and so-called wholesale ones, geared towards interbank transfers and large businesses. Currently, 125 central banks are working on launching national CBDCs, but only three countries, Nigeria, the Bahamas, and Jamaica, have already put their CBDCs into full operation. Meanwhile, Ecuador and Haiti have abandoned this idea due to the high cost of the projects and low demand from the population. Ecuador launched its project as early as 2014 but withdrew it as the number of users did not exceed 3% of the country's population.
Even a number of senators resist the development of a digital dollar in the U.S. In a pre-emptive move, the governors of Texas and Miami banned its circulation within their states in May of this year.

– Bloomberg Senior Analyst Eric Balchunas believes that the approval of applications to launch spot bitcoin exchange-traded funds (ETFs) in the U.S. will open up the bitcoin market to $30 trillion in capital. According to forecasts by analytics firm Fundstrat, the launch of a bitcoin ETF could increase daily demand for bitcoin by $100 million. In this case, even before the halving scheduled for April 2024, the price of BTC could rise by 521% from current levels and reach up to $180,000.

– Craig Steven Wright, an Australian computer scientist and businessman, has claimed since 2016 that he invented bitcoin. He filed a lawsuit against 13 BTC developers and several crypto companies, including Blockstream, Coinbase, and Block, alleging they infringe his copyright to the first cryptocurrency.
However, Wright lost the copyright lawsuit in February. The court deemed his arguments insufficient. Now, a UK court has satisfied an appeal that has granted Wright the right to claim copyright over bitcoin.
Whether Wright truly created bitcoin and hid under the pseudonym Satoshi Nakamoto will be determined by the court during a trial in January 2024. "Copyright protection issues will be resolved during a full court hearing, but only if Dr. Wright demonstrates that he is Satoshi Nakamoto," the court statement said. Meanwhile, Wright's lawyers stated that he is "pleased" with the outcome of the case and acknowledged his high chances of winning.

– Experts at SlowMist reported the discovery of a phishing program in the App Store aimed at stealing user data and cryptocurrencies. It mimics legitimate applications and thereby ends up on the user's device. The victim is then asked to enter their Apple ID password. Once they have this information, the malicious actors add their phone numbers to the trusted list for Apple's two-factor authentication. This allows them to control account permissions and gain full access to its contents. To mask their activity, the hackers create additional Apple IDs and use the victim's resources through the family account access feature.

– Just like on traditional markets, changes in investor sentiment on the crypto market follow certain patterns. Considering the so-called "Wall Street Cheat Sheet," which describes the psychology of market cycles and the corresponding emotions of traders, after passing through the pessimistic phases of "panic," "capitulation," and "depression," bitcoin is moving towards the "hope" stage.
According to analyst CryptoYoddha's chart, the cryptocurrency is currently going through the "disbelief" or "sucker's rally" stage. The next step is the "hope" of price recovery, potentially to $50,000 and above by the end of 2023. The upward movement will correspond to the passage through the stages of "optimism," "belief," "thrill," and finally, "euphoria."

– An analyst known as Trader Tardigrade believes that bitcoin is replicating the same price structure as it did in the period from 2013 to 2018, when it followed the pattern of transitioning from the "previous peak" to the "top-1", which preceded "top-2" and the "retest" (the stage at which bitcoin currently stands). If this model holds true, the next step would be a price "boom" which could lead to bitcoin rising to $400,000 by 2026.

– According to another expert, Stockmoney Lizards, bitcoin has just emerged from its third historical cycle, during which it reached an all-time high of $68,900, and has entered its fourth price cycle. The culmination of this cycle could be a new record between $150,000 and $200,000 in Q2 or Q3 of 2025.

– Cody Buffington, the host of the Altcoin Buzz YouTube channel, holds the view that a surge in bitcoin's volatility will occur sooner than everyone anticipates. According to him, the upcoming volatility of the flagship cryptocurrency could rival its growth since January 2023.
Buffington noted that in July, the price of bitcoin oscillated in a narrow range around the $30,000 mark, which served as a kind of test for both bulls and bears. And more often than not, such flat trading occurs before major movements. As proof, he pointed to the Bollinger Bands and a visual display of the indicator, which shows that the bitcoin price chart is in its narrowest state since the start of 2023.

– Ripple recently released a review examining the impact of the cryptocurrency and blockchain industry on business and the financial sector. According to the document, more than 90% of global financial leaders believe that blockchain technology will significantly influence business and finance over the next three years, indicating a substantial increase in their confidence in virtual currencies. 79% of business leaders expressed interest and confidence in using cryptocurrencies in their business. When considering various areas of cryptocurrency application, 44% of financiers chose their use for cross-border payments. Moreover, over 76% of company leaders are interested in institutional DeFi as a strategy for implementing innovations.

– According to a survey of 29 analysts conducted by Finder.com, their median forecast is as follows. Experts expect that by the end of the year, BTC will rise to $38,488, while the potential peak of bitcoin in 2023 could reach $42,000. By the end of 2025, according to the averaged opinion of analysts, the coin's price could reach $100,000, and by the end of 2030 - $280,000.
Naturally, individual forecasts of experts varied. Overall, the majority of survey participants (59%) are optimistic about BTC and believe that now is a good time to enter the market, 34% simply advise holding the existing cryptocurrency, and 7% suggest selling it.

– At present, there is a certain hype around the artificial intelligence industry. Experts from the publication Finbold decided to ask Google Bard, a machine learning system, how much the flagship of the crypto market will cost after the long-awaited halving in 2024.
The AI noted that several factors could influence this, but bitcoin is very likely to reach a new all-time high. This will be facilitated not only by halving, but also by a more global implementation of BTC, as well as interest from institutional investors. Speaking of specific figures, Google Bard noted that after the halving, the coin could on a sharp impulse reach the $100,000 mark. On the other hand, Google Bard highlighted factors that could limit the growth of bitcoin. The AI also did not rule out the possibility that the crypto winter may continue in 2024.

– Sam Altman, founder and CEO of OpenAI, which created the popular AI chatbot ChatGPT, has launched his own cryptocurrency, Worldcoin, based on a blockchain system that uses eye recognition for user authentication and distinguishes between humans and bots. On July 24, the Binance cryptocurrency exchange listed the Worldcoin (WLD) token and preliminary trading began in the newly added spot pairs WLD/BTC and WLD/USDT.


Notice: These materials should not be deemed a recommendation for investment or guidance for working on financial markets: they are for informative purposes only. Trading on financial markets is risky and can lead to a loss of money deposited.

#eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #cryptocurrencies #bitcoin #stock_market

Forex | Forex Trading | NordFX

 

[Stan NordFX]

CryptoNews of the Week

– Michael Novogratz, the CEO of Galaxy Investment Partners, shared his investment advice in a recent Bloomberg interview. "For young investors who are comfortable with taking risks, I would advise buying Alibaba stocks and investing in silver, gold, bitcoin, and ethereum, which would make up my $100,000 portfolio," he said. For those who are more cautious, he recommends allocating only 30% of their investment to this portfolio, with the remaining balance to be invested in bonds and index funds.
Novogratz's confidence in the future of bitcoin has been bolstered after the largest investment company, BlackRock, filed for a spot bitcoin ETF. The businessman noted that Larry Fink, BlackRock's CEO, had never believed in bitcoin, but has now changed his opinion. "Now, he's saying that BTC will be a global currency, and people worldwide will trust it. He's taken the orange pill. He believes in bitcoin," said Michael Novogratz.

– Peter Brandt, a legendary trader and veteran of the financial industry, believes that over time, bitcoin, the first cryptocurrency, will "emerge from the shadow" of more traditional investment assets like stocks and gold, and in the future, it will be bitcoin that sets the tone in the financial market.
Brandt emphasized that U.S. regulators will certainly approve the launch of spot bitcoin ETFs. However, the analyst believes this approval, and even the halving, won't be news. Following these events, instead of rising, the price of BTC could decline. "In 48 years of speculation," Brandt writes, "I have always found that markets anticipate events before they happen." The Wall Street legend advises always adhering to the adage, "Buy on the rumour, sell on the facts."

– Robert Kiyosaki, the investor and author of the financial bestseller "Rich Dad Poor Dad", has stated that he still favours bitcoin, along with gold and silver. He has noted that the rise in the stock market won't save the U.S. economy as it occurred solely due to President Joe Biden raising the debt ceiling.

– Fernando Perez Algaba, a prominent crypto and forex influencer who disappeared on July 18, was found dead in Argentina, according to media reports. A group of children discovered the millionaire's mutilated body in a suitcase. His head was later found in a backpack, which had been shot three times.
Algaba, in the months prior to his death, had been sharing photos of his opulent lifestyle with his nearly 920,000 Instagram followers. He had also recounted a fairy tale-like story to the media about his rise from a simple pizza delivery man to a highly successful "Forex and crypto trader". However, it came to light at some point that Algaba was grappling with escalating debts, tax complications, and monetary demands from investors in a crypto scheme that he admitted had "spiralled out of control".
A threat to gouge out his eyes and cut off his hands was received by Algaba a week before his assassination. The New York Post reported that one suspect has already been apprehended by the police in relation to the murder of the crypto millionaire.

– Cryptocurrency traders lost digital assets amounting to $303 million due to hacking attacks in July, according to experts from CertiK. The latest major breach involved an attack on DEX Curve Finance's stablecoin pools, exploiting a vulnerability in the Vyper code. The exchange lost digital assets worth about $52 million. It's worth noting that, as per data from PeckShield, the crypto industry experienced at least 395 hacks from January to June 2023, resulting in a theft of approximately $480 million.

– Billionaire venture capitalist Tim Draper, in an interview with FOX Business, stated that the acceptance of the first cryptocurrency, bitcoin, by the world is simply a matter of time. "Retailers will eventually recognize the 2% savings they could make by accepting bitcoin, eliminating the need to pay banks and credit card companies," he explained.
Draper repeated his prediction in July that the value of bitcoin would ascend to $250,000, a milestone he expects will be reached by 2025. Notably, Draper had made the same price prediction back in 2018, although he then envisaged that bitcoin would hit this mark by 2022, a forecast that evidently did not materialize.

– An analyst under the pseudonym TechDev forecasts a slightly lower but still significant figure for BTC. To predict the price of BTC, he relies on the behaviour of traditional financial markets, such as the price of 10-year Chinese government bonds, the dynamics of the Dollar Index, as well as the balance sheets of Central Banks in major countries, and so on. According to him, the coin's price closely follows global liquidity indicators, and the current economic cycle should once again conclude with a substantial increase in the money supply. Therefore, bitcoin is gearing up for growth.
The analyst believes that the logarithmic growth curve indicator, which overlooks short-term asset fluctuations, suggests that by 2025, the leading cryptocurrency will reach a level of $140,000. "Note that this is a very rough approximation, based on specific parameters of the indicator and the steepness of the momentum," TechDev warned. He also noted that another indicator, Bollinger Bands, is in a very narrow range. The last time bitcoin exited such a range, a full-scale bull trend began.

– According to Crystal Blockchain, an analytics firm, Ukraine has received $225 million in cryptocurrencies since February 2022 to counteract the deployment of Russian troops. The bulk of these donations have been in USDT ($83 million), ethereum ($79 million), and bitcoin ($41 million), with additional contributions made in other cryptocurrencies. On the other hand, Russia has also solicited cryptocurrencies for military expenditure, though the total collected is significantly less, ranging between $2 million to $8 million.

– George Milling-Stanley, the Chief Gold Strategist at State Street Global Advisors, maintains that bitcoin cannot be considered a replacement for gold due to the risk of extensive losses. He emphasized that gold has a history spanning 6,000 years during which it has repeatedly proven its reliability and value, whereas bitcoin has only been around for a dozen years. "Bitcoin's volatility merely refutes claims that the primary cryptocurrency is a long-term strategic asset and can compete with gold. Gold is a hedge against inflation. Gold is insurance against a stock market fall. Gold is insurance against a weakening dollar," the strategist stated.
Notably, State Street Global Advisors manages the world's largest physically backed gold ETF. Therefore, it comes as no surprise that George Milling-Stanley is defending the positions of the precious metal.

– Arthur Hayes, the co-founder of BitMEX exchange, has published an article in which he predicts the flagship cryptocurrency will skyrocket to $760,000. In his view, the integration of Artificial Intelligence (AI) projects into the bitcoin blockchain will significantly increase the coin's attractiveness as the base asset of the ecosystem.
Hayes believes that ethereum should exhibit a similar development model. If AI-based projects are integrated into this altcoin, the investment attractiveness of ETH, the primary transaction tool in the network, will greatly intensify. In this case, the altcoin could appreciate by 1,556%. Thus, the BitMEX co-founder doesn't rule out the possibility that ETH might soar to $31,063.
Another factor Hayes considers will stimulate the growth of ETH over the next five years is the expansion of the decentralized finance (DeFi) market. The majority of protocols in this ecosystem are based on ethereum, and their popularity continues to increase. The growth in the number of decentralized exchange (DEX) users will lead to a rise in ETH transaction volumes and, consequently, an increase in the altcoin's price.

– A CME Group report reveals that ETH/BTC exhibits almost zero correlation with changes in interest rates, gold futures, and crude oil. However, it is significantly influenced by factors such as the strength of the U.S. dollar, changes in bitcoin market supply, and the performance of tech company stocks. The research states that ETH is more vulnerable to USD, and the ETH/BTC pair is more influenced by changes in BTC supply than ETH. Simultaneously, ETH often grows relative to BTC on days when tech company stocks increase in value.
According to CME Group economists' predictions: 1) ETH/BTC will follow the price dynamics of bitcoin. This is due to the fact that ETH strongly correlates with BTC, yet it's more volatile than bitcoin. 2) Increased demand for BTC due to geopolitical factors will also strengthen ETH. 3) ETH will strengthen ahead of the bitcoin halving in 2024, assuming BTC's price increases. However, the analysts noted that the growth in demand for crypto assets, which was very strong during the first eight years of bitcoin's existence, has noticeably slowed down in the past five years. Therefore, there is no guarantee that the halving will lead to a price increase for both BTC and ETH.

– A survey conducted on the financial platform Finder has given insights into the future prospects of Ethereum. Industry experts who took part in the survey predict that Ethereum (ETH) will reach an average value of $2,400 by the end of 2023. Furthermore, they estimate that Ethereum's price will escalate to $5,845 by the end of 2025, and by 2030 it will rise to $16,414. It's important to highlight that 56% of these experts believe the present time is the most favourable for purchasing ETH. Approximately 41% recommend holding onto the cryptocurrency, while a meagre 4% suggest selling it.


Notice: These materials should not be deemed a recommendation for investment or guidance for working on financial markets: they are for informative purposes only. Trading on financial markets is risky and can lead to a loss of money deposited.

#eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #cryptocurrencies #bitcoin #stock_market

Forex | Forex Trading | NordFX

 

[Stan NordFX]

CryptoNews of the Week

– Craig Wright, an Australian computer scientist and businessman who claims to be Satoshi Nakamoto, has now expressed his disillusionment. "As the creator of bitcoin, I am both fascinated and disappointed by how far the so-called cryptocurrency industry has deviated from bitcoin's original vision," he wrote. Wright insists that bitcoin was never intended to be an investment or a store of value. Yet, the focus has now shifted towards speculation, quick profits, and "pump and dump" strategies. "It's saddening to see so much attention given to the price, rather than the transformative power of the technology," laments the scientist.

– Adam Back, one of the leading figures in the crypto industry and CEO of Blockstream, has wagered a million satoshi (0.01 BTC) that the price of bitcoin will reach $100,000 before the next halving. The bet was the result of a wager made with a user of platform X (formerly Twitter) under the pseudonym Vikingo. Vikingo believes that the 'digital gold' will not achieve this price level until at least 2025. The head of Blockstream is confident it will happen by March 31, 2024, which is roughly a month before the halving. Blockstream's former Director of Strategy and now CEO of Jan3, Samson Mow, agreed with his former colleague. He also anticipates a new all-time high will be reached before the halving, not after.
At the time of writing, a bet of 1 million satoshi is approximately worth $290. Considering Adam Back's net worth is estimated to be between $100-300 million, the bet amount elicited a number of cheeky comments. Some users even offered to provide the entrepreneur with financial assistance.

– The popular analyst known as PlanB, who created the S2F (Stock-to-Flow) bitcoin forecasting model, believes that by the time of the next halving, BTC will be valued at around $55,000. The S2F model's signals indicate the likelihood of the coin moving to this price point.
Opinions gathered by the BeInCrypto editorial team vary from PlanB's prediction. For instance, analysts from Seeking Alpha believe that the cryptocurrency should be priced at about $98,000 for miners to remain profitable after the halving event.

– Mayor of Miami and U.S. presidential candidate, Francis Xavier Suarez, told CoinDesk TV in an interview that his election campaign is accepting donations in the leading cryptocurrency. Supporters of the politician can donate a minimum of 0.00034 BTC or an equivalent of $1.
"Nobody wants the federal government to know how much money you have and where you keep it," Suarez stated. "The biggest mistake made by this administration [under President Biden] is that they don't understand the crypto industry, so they've resorted to a heavy-handed regulatory approach instead of establishing basic rules.".

– Trader, analyst, and founder of the venture company Eight, Michael Van De Poppe, debunked investors' speculations about the first cryptocurrency's price plummeting to the $12,000 mark and reassured those talking about a total capitulation of altcoins.
"The bear market has been ongoing for over two years," he wrote, making it the longest market in cryptocurrency history. However, this is unsurprising against the backdrop of hacks, bankruptcies, and legal disputes in the crypto industry. From the analyst's observations, bearish sentiments are most often found among those who invested in digital assets for the first time in 2021. "For them, the slow loss of money feels extremely painful, and they only anticipate further portfolio value decline," noted the expert.
In his view, we are currently in the second stage of capitulation – the most boring period of the cycle where it seems like nothing is happening in the markets. "Be patient, take solace in the fact that you're still in the game, accumulate positions. [...] Major companies are entering the fray, and the wisest thing you can do is follow their lead," Van De Poppe advised.

– Founder of the charitable foundation The Bitcoin Foundation, Charles Shrem, believes that the issuance of stablecoins by PayPal (PYUSD) will lead to an increase in the price of bitcoin to at least $250,000 much faster than anticipated. In his view, ETH will surge at an accelerated pace to $18,000 since PYUSD is issued on the Ethereum blockchain. Consequently, the value of this altcoin may rise due to an increased number of network users brought by PayPal clients.
It remains a mystery why Shrem believes PYUSD will positively impact bitcoin's price. A crypto trader known by the pseudonym Smitty thinks that the issuance of stablecoins will, on the contrary, result in a decrease in BTC's value, as it will boost the investment appeal of its competitor, ETH.

– The primary digital asset has been held within a narrow trading range for two months, and network indicators point to accumulation in anticipation of a price breakout. According to the Blockware Intelligence newsletter, the volume of liquid and highly liquid supply is at its lowest level since 2018. Speculative traders swap a decreasing number of coins back and forth, while long-term holders consistently resort to cold storage, Blockware stated.

– Prominent trader, Tone Vays, noted that selling pressure is on the rise and the price of the foremost cryptocurrency could significantly decline. "Bitcoin continues to struggle, but I'd say there's a high probability of the BTC rate dropping to the next moving average. And if daily candles keep closing below the previous ones, I'd advise reducing the position by 50% because I can't pinpoint to what levels bitcoin might drop. It could potentially fall to $25,000. There are enough people in the market who, for some reason, keep selling their coins," the analyst writes.
Tone Vays is convinced: if bitcoin does drop to $25,000, there's a high likelihood of further long-term decline. From an expert's perspective, the primary cryptocurrency "stands on the edge of a cliff, and things are looking grim." "The price needs to rebound immediately, I mean, within this month. We can't afford to decline for another month; otherwise, panic will ensue in the market, and I wouldn't be surprised if BTC trades below $20,000. Moreover, miners might start offloading their reserves, which is highly risky," the specialist warns.
It's worth noting that in late May, Vays predicted a swift rise of the premier cryptocurrency above $30,000. The forecast turned out to be accurate; however, BTC couldn't sustain that level.

– The Arkham Intelligence platform has offered a $46,000 reward for credible information leading to the perpetrator behind the FTX exchange hack. It's worth noting that on November 11, 2022, FTX suffered a theft of crypto assets amounting to approximately $400 million. On the same day, the exchange filed for bankruptcy. To claim the reward, individuals are required not only to identify the hacker but also to provide indisputable evidence of the individual's guilt. Submissions for this bounty must be made by August 17.
Miguel Morel, CEO of Arkham, has expressed that the platform will persistently support such investigations in the future to deter potential offenders.


Notice: These materials should not be deemed a recommendation for investment or guidance for working on financial markets: they are for informative purposes only. Trading on financial markets is risky and can lead to a loss of money deposited.

#eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #cryptocurrencies #bitcoin #stock_market

Forex | Forex Trading | NordFX

 

[Stan NordFX]

CryptoNews of the Week

– The digital gold market has reached a stage of extreme apathy and exhaustion, with volatility indicators at the beginning of the week hitting record low levels. This conclusion was drawn by Glassnode analysts. To support their statement, the experts pointed to the Bollinger Bands spread narrowing to 2.9%. Lower values were observed only twice in history: 1) in September 2016, when quotes were at $604 ahead of the bull market's onset, and 2) in January 2023, when the price traded between $52 and was at $16,800.
Such low volatility reflects a situation where the acquisition cost of most coins moving on the blockchain is very close to the spot price. For this reason, realized gains and losses are relatively small. "This suggests that all investors wanting to lock in profits or losses at this price range have done so. The market needs to take steps to incentivize new spending and break the investors' apathy," the specialists explained.

– Michael Van De Poppe, a trader, analyst, and founder of Eight Venture Company, posits that we're currently in the second phase of capitulation. This phase is often perceived as the most uneventful period in the cycle, making it feel as though the markets are stagnant. "Stay patient and find solace in the fact that you're still engaged in the market. Continue to accumulate positions," Van De Poppe suggests. He emphasizes that as major corporations make their moves, the smartest strategy is to follow their lead. He believes that for bitcoin to experience substantial growth, it needs to break the $29,700 barrier. Once this is achieved, its next significant milestone will be reaching $40,000.

– Kevin Kelly, the co-founder and head of research at Delphi Digital, has identified signs of an early bull rally. According to Kelly, a typical crypto cycle begins when bitcoin reaches an all-time high (ATH), followed by an 80% drop. Roughly two years later, it rebounds to its previous ATH and continues to ascend to a new peak. This pattern typically spans about four years.
Kelly believes this trend isn't arbitrary and aligns with a "broader business cycle." He observed that bitcoin's price peak often coincides with the ISM manufacturing index, which is currently in the final phase of a downtrend. This situation reminds Kelly of the market dynamics between 2015 and 2017.
He pointed out that the last two bitcoin halvings occurred approximately 18 months after the asset hit its lowest point and seven months before it broke its historical high. The next halving is anticipated in April 2024. Following that, Kelly estimates that about six months later, bitcoin might reach a new ATH. However, he cautioned that there's no certainty this scenario will play out as described. He also speculated on the possibility of a "false bottom" emerging.

– An analyst known as Ignas has also conducted a cyclical analysis and predicts a bitcoin bull market in 2024. He bases his projection on a recurrent sequence observed in the primary cryptocurrency over the years: 1. A descent of 80% from its all-time high (ATH), bottoming out a year later (4th quarter of 2022). 2. A two-year period to recover and reach its preceding peak (4th quarter of 2024). 3. An additional year of price appreciation leading to a new ATH (Q4 2025).
Ignas notes that in 2022, the cryptocurrency sector grappled with macroeconomic hurdles. However, current indications suggest an improving landscape. The anticipated bitcoin halving in April 2024 might align with a worldwide uptick in liquidity, potentially fuelling the expected bull run. Furthermore, emerging applications for bitcoin and the initiation of spot bitcoin ETFs, once greenlit by the SEC, are likely to have a consequential impact on its price.

– Based on a survey conducted by the popular blogger and analyst known as PlanB, 60% of respondents believe that a bull market will commence following the halving. PlanB himself estimates that by the time of this event, BTC will be valued at around $55,000. Indications for the coin's potential rise to this level are suggested by the Bitcoin forecasting model S2F, which was developed by him.

– Since November 2022, the Russian rouble has depreciated by approximately 65% (from 50 to 100 roubles per $1). This devaluation has allowed miners in Russia to earn substantially more since mining costs have remained constant. This has sparked a significant surge, despite international sanctions. Representatives from the company BitCluster have shared that orders for large batches of equipment (of 10, 20, or even 30 MW) are coming in almost daily. "The market simply can't construct new data centres fast enough to meet the demand. Major clients find themselves waiting for months," shared sources at BitCluster.
A significant portion of the demand comes from Chinese miners who are migrating from the US to Russia. However, there remain inherent risks in conducting this business in Russia due to the near absence of regulatory oversight.

– The author of the best-selling financial book "Rich Dad Poor Dad," Robert Kiyosaki, dubbed gold and silver as "God's money," while designating bitcoin as the "dollar of the people." "I have an affinity for bitcoin primarily because we both oppose the same entities - the US Federal Government, its Treasury, the Federal Reserve, and Wall Street. I hold no trust in them. If you trust them, then keep your savings in dollars; you'll essentially have an IOU," he expressed.
He further opined, "Bitcoin seems to be on a trajectory towards $100,000. The downside: if there's a crash in the stock and bond markets, we might see gold and silver prices soaring astronomically. Even grimmer, a collapse of the global economy could see bitcoin valued at a million, with gold potentially costing $75,000 and silver around $60,000. The magnitude of the national debt is alarming, putting everyone in a precarious position," Kiyosaki commented. He concluded with, "I sincerely hope I'm mistaken.".

– Goldman Sachs strategists anticipate that the US Federal Reserve (Fed) will cut its key interest rate in the second quarter of 2024. Such a move is expected to provide a boost to BTC's price. The motivation behind this rate cut could be the inflation reaching its target rate of 2.0%. However, Goldman Sachs acknowledges that the Fed's actions remain unpredictable, and the rate might linger at its peak level for an extended period.
For context: According to the CME FedWatch Tool, 68% of market participants expect that by May 2024, the rate will be reduced by at least 25 basis points.

– American political commentator Jon Stewart accused Wall Street, the global financial hub, of corruption and compared its operations to the schemes of Sam Bankman-Fried, the head of the now-bankrupt cryptocurrency exchange FTX. "His objective was to sow discord in certain parts of the financial system, namely the cryptocurrency sector. When I look at the intricate workings of Wall Street, it doesn't seem much different from what Bankman-Fried was up to," Stewart stated.

– Well-known trader and analyst, Dave_the_Wave, who has a reputation for accurate predictions, has cautioned that bitcoin might undergo a major correction by the end of 2023. He suggests that bitcoin could drop to the lower end of its Logarithmic Growth Curve (LGC), marking an approximate decline of 38% from its high this year. However, Dave_the_Wave also points out a silver lining: as bitcoin experiences heightened price stabilization from a macroeconomic standpoint, it's gradually shedding its volatility and evolving into a more stable investment asset.


Notice: These materials should not be deemed a recommendation for investment or guidance for working on financial markets: they are for informative purposes only. Trading on financial markets is risky and can lead to a loss of money deposited.

#eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #cryptocurrencies #bitcoin #stock_market

Forex | Forex Trading | NordFX

 

[Stan NordFX]

CryptoNews of the Week

– The Bank for International Settlements (BIS) has called for the regulation of cryptocurrencies rather than their outright ban. According to the bank's experts, a ban that's hard to enforce might hamper innovation. BIS also pointed out that cryptocurrencies are especially popular in emerging markets due to the volatility of local fiat currencies and challenges in accessing banking institutions. However, they could trigger severe sudden shifts in capital flows, threatening the financial stability of these nations.
Additionally, the BIS assessed cryptocurrency exchange-traded funds (ETFs). Analysts believe that the introduction of such investment products will also increase risks, as it provides market access to a broader audience lacking financial expertise.
It's worth noting that in June, several major investment firms, including BlackRock, submitted applications to launch spot bitcoin ETFs. However, according to some experts, the current regulatory body is likely not to approve them, and the process could be postponed until 2024. Analysts opine that if such products receive approval in the US, the cryptocurrency market could access up to $30 trillion in capital, and the price of bitcoin might exceed $150,000 per coin.

– The Bitcoin Legal Defense Fund has filed a petition on behalf of 12 Bitcoin Core developers in the High Court of the United Kingdom, seeking to dismiss a lawsuit from Craig Wright, who they regard as the self-proclaimed creator of the first cryptocurrency, and his company Tulip Trading. The case dates back to February 2021, where Wright demanded access to two wallets containing approximately 111,000 BTC (~$2.86 billion at the time of writing), allegedly stolen due to the fault of Bitcoin Core employees. One of the addresses is associated with the hacking of the crypto exchange Mt.Gox.
The fund's lawyers insist that Wright, mockingly referred to as "pseudosatoshi," must prove his ownership of the bitcoins before the court makes a final decision. The document states, "Dr. Wright has a long history of fraudulent schemes, forgeries, and dishonesty (including in legal cases within this jurisdiction and internationally). [...] These proceedings are an attempt by Wright, through Tulip Trading, to use British courts as an instrument of fraud."
Craig Wright claims that he purchased the bitcoins at the end of February 2011 from the Russian exchange WMIRK. However, he has been unable to provide any evidence of this transaction. Furthermore, the Bitcoin Legal Defense Fund emphasized that if Wright truly owns the address containing 79,957 BTC, it would be tantamount to complicity in the hacking of Mt.Gox.

– An analyst known by the pseudonym Tolberti has predicted a continuation of the bearish trend in the bitcoin market and a decline in the cryptocurrency's value to $10,000. This forecast is based on the BTC price falling below the 200-week and 20-month moving averages (MAs), and the formation of a bearish flag on the chart, signalling the persistence of the negative trend.
According to the expert, the price of bitcoin will oscillate within a downward channel until it reaches a bottom around $10,000 by the time of the halving in April 2024. During the bearish trend, two significant corrections will occur, providing opportunities to profit from short positions.
Tolberti also noted the low demand for BTC and the weakness of digital gold relative to physical gold. Since reaching its all-time high of $68,917 in the fall of 2021, bitcoin has depreciated by more than 2.6 times. In contrast, the price of the precious metal has increased during the same period, reaching a historic value of $2,080 on May 4.

– Trader, analyst, and founder of venture firm Eight, Michael Van De Poppe, noted that bitcoin's dominance is declining, increasing the likelihood of an altcoin rally. According to him, as soon as bitcoin's dominance tested the 200-week moving average (MA) and exponential moving average (EMA), BTC's market share started to decline, indicating a potential shift in market dynamics.
The downward trajectory described by the analyst may persist in the coming months and could signal a temporary diversification in the cryptocurrency market as investors turn to other fast-profit instruments. However, if the leading cryptocurrency rises above the 200-week MA and EMA, it will lead to a restoration of bitcoin's dominance and a growth in its price.

– In the opinion of many investors and traders, the Relative Strength Index (RSI), a classic indicator, serves as a valuable tool to gauge the condition of an asset. It fluctuates between 0 and 100, with values above 70 typically indicating overbought conditions, and values below 30 suggesting oversold conditions.
The current fall of bitcoin's daily RSI below the 20 mark (17.47 at its lowest) is comparable to the oversold conditions during the market crash in March 2020, when the entire financial landscape was gripped by fear and uncertainty.
Analysts and traders are now closely watching this RSI movement, as it could signal a potential bullish reversal in the BTC trend. Historically, extreme oversold values have often preceded significant price rebounds. However, this indicator must be approached with caution. RSI oversold levels can provide insights into potential price reversals, but they are not a guaranteed sign. Cryptocurrency markets are known for their unpredictability, and their direction can be influenced by a multitude of factors, among which political and macroeconomic factors play a huge role.

– Analyst Dave the Wave, who accurately predicted the cryptocurrency market crash in May 2021, believes that the current bear market for bitcoin will last at least until the end of the year. The expert used his own version of logarithmic growth curves, which allow for predicting bitcoin's macro-maximums and macro-minimums, filtering out medium-term volatility and noise. Currently, according to his calculations, bitcoin is trading at the lower boundary of the logarithmic growth curves but is still in the "buy zone." Dave the Wave does not rule out that bitcoin may decline a bit further, and by mid-2024 will rise to new highs above $69,000.

– According to popular analyst Benjamin Cowen, the current decline in the price of the first cryptocurrency may be far from final, and bitcoin will continue to fall. This bearish trend, in his opinion, aligns well with the current trend of the global economy.
Cowen also noted that a similar drop in bitcoin occurs every four years. "The fact is that every four years, in August or September, the year before the U.S. presidential elections, there's a correction in the American market. And bitcoin correlates with the indices of the U.S. stock market. If we look at 2023, we will see this as well. In 2019, bitcoin plummeted by 61%. In 2015, the decline was about 40%. In 2011, we saw a 'black swan' of 82.5%. So, every year before the halving and the American elections, we see a decline in bitcoin."

– Wall Street legend, analyst, and trader Peter Brandt already allowed for a drop in the bitcoin price back in May, as he identified a pattern on the price chart known as a "pennant" or "flag," indicative of "bearish consequences." Now, he has warned that bitcoin may break out of the upward trend that began in January 2023, as it approaches a critical price region. The expert clarified that a close below $24,800 will damage the daily and weekly charts and increase the likelihood that the bullish impulse in BTC will fail.

– Another analyst, publishing under the pseudonym Credible Crypto, noted that the current market scenario closely resembles what was observed in 2020. Back then, the leading digital currency rose in price from approximately $16,000 to $60,000 within a few months. The specialist stated that the market's flagship is now "taking a breather" after the price increase since the beginning of this year. According to the analyst, this is a normal correction. The current situation almost entirely reflects the price movement dynamics of bitcoin from March to August 2020. What's happening now, in his opinion, indicates that the goal is asset accumulation. Credible Crypto pointed out that bitcoin began a "parabolic rally" in 2020 precisely after such a phase. "The breakout from the accumulation range last time triggered the next step upward, causing BTC's price to soar." And according to the expert, this time bitcoin has twice as much time, or about 4 months, to do it again in 2023. Meanwhile, the analyst emphasized that his forecast will become invalid if the digital gold's quotations fall below $24,800. (This is the support level that Peter Brandt also identified as critical.)

– Since 2018, criminal groups from North Korea have conducted over 30 hacking attacks, stealing digital assets totaling around $2 billion, according to a report by TRM Labs. In just the first seven months of 2023, hackers from North Korea stole about $200 million in cryptocurrency. However, analysts note that criminal activity has significantly decreased compared to the previous year. At that time, according to the U.S. Federal Bureau of Investigation, the North Korean government-controlled group Lazarus carried out the largest hack in history, stealing $625 million from the crypto project Ronin Bridge.
The United Nations has repeatedly warned that North Korea continues to develop its nuclear program, and an important source of its funding is becoming the funds obtained from attacks on bitcoin exchanges.


Notice: These materials should not be deemed a recommendation for investment or guidance for working on financial markets: they are for informative purposes only. Trading on financial markets is risky and can lead to a loss of money deposited.

#eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #cryptocurrencies #bitcoin #stock_market

Forex | Forex Trading | NordFX

 

[Stan NordFX]

CryptoNews of the Week

– The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have introduced regulations for the taxation of cryptocurrencies. Officials anticipate that the new rules will "close the tax gap and ensure that everyone is playing by the same set of rules." According to the proposed guidelines, crypto brokers will be treated in the same manner as traditional brokers, such as stockbrokers.
Under the new regulations, the category of "brokers" includes cryptocurrency platforms, payment systems, and certain crypto wallets. The IRS and the Treasury Department emphasized that decentralized exchanges also fall under these rules. These entities are required to conduct customer identification and, starting in 2025, provide tax reporting. The U.S. Treasury expects that the cryptocurrency industry will generate $28 billion in tax revenue over the next 10 years.

– The analyst known as A Chain of Blocks believes that the BRICS nations' intention to move away from the U.S. dollar should draw attention to Ripple (XRP), the fifth-largest cryptocurrency by market capitalization. According to him, the majority of the member countries view XRP as a viable global payment option capable of facilitating transactions between member states.
At the most recent summit of the group, Russian President Vladimir Putin declared that BRICS countries would not use the U.S. dollar for transactions among themselves. However, India's Minister of Petroleum and Natural Gas, Hardeep Singh Puri, expressed during the same summit that the U.S. dollar would continue to dominate international trade. Puri noted that talk of de-dollarization is premature at this stage. His statement is corroborated by statistical data. Despite calls from BRICS authorities to use national currencies, the dollar's share of international transactions processed through the SWIFT system reached a record 46.5% in July.

– The crypto exchange HashKey Group has submitted an application to the Hong Kong Securities and Futures Commission for the issuance of cryptocurrency derivatives. If the regulator gives the green light, the exchange's clients will be able to trade futures on bitcoin and Ethereum.
To mitigate financial risks, novice traders will be restricted from executing certain trades. All clients will receive a warning if they invest more than 30% of their capital in cryptocurrencies, and their transaction limits will be reduced. Additionally, account balances can only be replenished using bank cards, creating challenges for residents of countries that have banned cryptocurrency trading.

– Tom Lee, co-founder and chief researcher at Fundstrat Global Advisors, predicts that due to the halving event, the bitcoin price will reach $100,000 per coin. In his view, halvings serve as catalysts for bitcoin price growth, as they reduce the supply of new coins and increase scarcity. Lee also considers factors such as rising demand for bitcoin from institutional investors, corporations, and retail buyers, as well as advancements in technological development and innovations within the bitcoin network. However, he acknowledges that bitcoin could experience significant price volatility on its path to reaching the targeted level.

– In contrast to Tom Lee, Nassim Taleb, a renowned writer, philosopher, and former trader, has a bearish outlook on bitcoin. He argues that bitcoin lacks intrinsic value and is purely a speculative asset, prone to extreme volatility and manipulation. He also criticizes bitcoin for not being an efficient medium of exchange, citing high transaction fees, slow transaction speeds, and low throughput. According to Taleb, bitcoin cannot compete with traditional currencies or other cryptocurrencies that possess superior technical attributes. He predicts that by the end of 2023, the price of bitcoin will drop to $0 per coin.

– British billionaire Jeremy Grantham, founder and chief strategist of GMO, one of the largest investment firms in the world, also has a bearish outlook on Ethereum and the cryptocurrency market overall. He believes that Ethereum is part of a global cryptocurrency bubble that will eventually burst. The billionaire compares cryptocurrencies to historical examples of bubbles, such as the Tulip Mania in the Netherlands in the 17th century, the South Sea Company in England in the 18th century, and the dot-com boom in the United States in the late 20th century. In his opinion, cryptocurrencies lack real value and are fueled by irrational enthusiasm and investor greed. Jeremy Grantham predicts that by the end of 2023, the price of Ethereum will drop to $100 per coin.

– Vitalik Buterin, co-founder and chief developer of Ethereum, has a contrasting view, believing that ETH could rise to $10,000 per coin. He bases his forecast on the idea that the leading altcoin will continue to develop and improve through new technological updates, the implementation of sharding, enhanced security and privacy, as well as the expansion of the DApps and smart contracts ecosystem. Buterin also believes that Ethereum will attract the attention of institutional investors who will use it as a means to diversify their portfolios and hedge against inflation.

– The Israeli government is shifting towards a more lenient approach to cryptocurrency regulation. To that end, a special research group has been created to study the regulation of DAOs (Decentralized Autonomous Organizations), which is also conducting public consultations on this matter until September 2023.
Currently, cryptocurrency in Israel is recognized as a financial asset, and any capital gains are taxed at a rate of 25%. If transactions involving cryptocurrency are classified as commercial, the tax rate could be much higher—up to 53%. Lawmakers appear to have recognized the severity of such regulations and are moving towards a more moderate approach: a bill exempting foreign residents from capital gains tax on the sale of cryptocurrency has already passed a preliminary reading in the Knesset, Israel's parliament.
As for mining, profits from this activity are subject to regular income tax (17%). Israeli mining company Kafkamining noted in its blog that conducting such a business in the country is entirely feasible.

– In August, PayPal launched its own stablecoin, PYPL, in partnership with Paxos on the Ethereum blockchain. This raised valid concerns about its demand for transactions due to Ethereum's high fees. Recently, analytics firm Nansen confirmed that PayPal's stablecoin has not yet gained traction among cryptocurrency users. Nansen speculated that the payment giant is likely targeting a different demographic altogether.

– According to Santiment data, only 5.8% of the total bitcoin volume is currently held on exchanges. This marks a historic low for the asset, a level not seen since December 17, 2017.
Analysts believe that several factors have influenced this trend, including a long-term holding strategy. Additionally, faith in bitcoin's potential as a reliable store of value is growing, while confidence in the safety of funds on cryptocurrency exchanges is diminishing. This shift is prompting individuals to opt for self-custody of their assets. Regulatory pressures on leading cryptocurrency exchange Binance, particularly issues with the SEC, have acted as a catalyst for this process. Due to regulatory scrutiny worldwide, bitcoin whales withdrew 5,000 BTC from the trading platform in just one minute.

– According to an analysis published on TradingView by TradingShot, bitcoin could reach the Fibonacci correction level of 0.86 at $50,000 by the end of 2023. The TradingShot analysis focuses on historical readings of the MACD (Moving Average Convergence Divergence) indicator. Additionally, the analysts point to a support level established based on the last bear cycle's lowest peak. This level has shown resilience, consistently closing all monthly candles above it, with the exception of the sudden crash triggered by the coronavirus pandemic in March 2020.

– Despite BTC trading in a consolidated phase, demand for the leading cryptocurrency appears to be increasing. Over the past 12 months, Google Trends has shown a surge in searches for the keyword "buy bitcoin." Activity from bitcoin whales also corroborates this sustained interest in the primary cryptocurrency; transactions exceeding $100,000 are averaging around 57,400 transactions per week.


Notice: These materials should not be deemed a recommendation for investment or guidance for working on financial markets: they are for informative purposes only. Trading on financial markets is risky and can lead to a loss of money deposited.

#eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #cryptocurrencies #bitcoin #stock_market

Forex | Forex Trading | NordFX

 

[Stan NordFX]

CryptoNews of the Week

– 9% of Nigeria's population is aware of the existence of digital assets, surpassing the United States, which has an awareness level of 95%. Of these, 76% have owned or currently own cryptocurrencies, with the most popular coins being bitcoin, Ethereum, Binance Coin, and Dogecoin. The instability of the national currency has driven Nigerians toward the acquisition of digital assets, according to a study by ConsenSys.
Among Nigerian respondents, 70% stated that they understand the fundamental concepts of blockchain technology. They are followed by citizens of South Korea (63%), South Africa (61%), Brazil (59%), and India (56%). Experts note that the level of awareness about this technology is much lower in Europe and the United States compared to African countries. Meanwhile, only half of the surveyed Americans are using digital assets.

– A People's Court in China has declared that cryptocurrency falls under the category of legally protected property. According to the verdict, virtual assets have economic characteristics and should therefore be classified as property that is legally protected.
In light of this, legal experts have put forward a set of measures aimed at combating criminal activities in the realm of cryptocurrency. They have also underscored the need to harmonize criminal and civil laws to address the challenges associated with asset confiscation.

– In a recent Twitter post titled "What's Happening with XRP," Ripple's Chief Technical Officer, David Schwartz, suggested that this particular altcoin could become the global reserve currency. According to Schwartz, a significant portion of the world has already moved away from the U.S. dollar as the reserve currency. Every nation would prefer its own currency to take this position and would not want a rival country's currency to do so. Schwartz believes that this situation could lead to the world transitioning to a digital currency like XRP, which is not controlled by geopolitical competitors.

– The artificial intelligence platform PricePredictions has calculated a projected bitcoin price of $26,228 for September 30. The forecast is based on several key technical indicators, including Moving Average Convergence Divergence (MACD), Relative Strength Index (RSI), Bollinger Bands (BB), among others.

– In a TradingView publication, an analyst using the pseudonym Tolberti has indicated that the recent fluctuations in bitcoin's price could serve as the year's "bull trap." Tolberti notes that a "Head and Shoulders" pattern, typically a bearish indicator, appears to be forming on the current BTC chart.
Additionally, Tolberti cites several key metrics that bolster his bearish outlook. A particularly telling indicator is bitcoin trading below its 200-week moving average (MA), which is traditionally a sign of extended bearish sentiment. He suggests that bitcoin's value might plummet to $10,000, with a potential market turnaround perhaps occurring as late as March 2024.

– Alistair Milne, the Chief Investment Officer of the digital currency fund Altana, believes that the price of bitcoin could reach $100,000 without the approval of spot Bitcoin Exchange-Traded Funds (ETFs) in the United States. In his view, the ETF topic merely distracts market participants. It's worth noting that in June, when BlackRock and several traditional financial organizations submitted ETF applications to the U.S. Securities and Exchange Commission (SEC), the flagship cryptocurrency experienced its most significant growth in over a year, surpassing the $30,000 mark. However, this upward momentum was short-lived.
Milne is confident that issues in the U.S. banking sector, stabilization of risk assets following the completion of the Federal Reserve's interest rate hikes and increasing profitability in the crypto-mining sector will drive bitcoin's price upward.

– According to analysts at Cointelegraph, the value of "digital gold" could experience a significant drop in the coming weeks. This forecast is based on the bearish trends emerging in bitcoin derivatives. The BTC price chart leaves little doubt that investor sentiment has not improved following Grayscale's victory over the SEC on August 29, 2023. Consequently, experts anticipate that the leading cryptocurrency's value could decline to $22,000 in the near future.
Cointelegraph analysts believe that the delay in launching spot Bitcoin ETFs has left a negative impact on the market. Furthermore, many experts link market troubles to the U.S. regulatory actions against exchanges like Binance and Coinbase. Multiple sources suggest that the U.S. Department of Justice (DOJ) is likely to level charges against the world's largest trading platform and initiate a criminal investigation, focusing on allegations related to money laundering and violation of sanctions against Russian companies.
Currently, market participants are in a state of limbo, unsure of what to expect. This regulatory uncertainty is tipping the scales in favour of the bears. Fear and doubt reign in the derivatives market, creating favourable conditions for those betting on a decline.

– Renowned blogger and analyst Lark Davis has stated that the bitcoin halving scheduled for April 2024 could lead to a 500-600% increase in the cryptocurrency's price, potentially pushing it to around $150,000 or even $180,000. According to additional data from the expert, the launch of spot bitcoin ETFs could attract about $20-30 billion in "new money." Davis asserts that this influx of capital would allow investors to purchase nearly half of all circulating bitcoin on centralized global exchanges (CEX).
Lark Davis also shared a chart comparing the price trajectory of physical gold. He noted that when the first ETF for the precious metal was approved in the U.S. markets, its price initially dipped. However, it subsequently rallied, adding over 110% to its peak value. Davis opined that a similar scenario could unfold for bitcoin.

– At the end of August, the monthly chart for digital gold indicated an exit from the overbought zone according to the Stochastic Oscillator, signalling potential disappointment for bitcoin bulls. This observation was made by experts at Fairlead Strategies. According to the analysts, such a signal often indicates the passing of a local peak. They pointed out that similar scenarios occurred under comparable circumstances at the end of 2017 and the beginning of 2021.
"The decline in the Stochastic Oscillator suggests that the process of establishing a bottom could be prolonged, especially considering the looming Ichimoku cloud serving as resistance (~$31,900)," the report stated.

– Popular analyst and crypto-millionaire William Clemente has stated that interest in the crypto industry has significantly waned recently. According to his observations, the total trading volume of digital assets has dropped to its lowest levels since 2020. Additionally, based on Google search statistics, people are searching for information on bitcoin and cryptocurrencies far less frequently, reaching multi-year lows.
Clemente also highlighted another sign of market participants' apathy. According to him, indicators for realized and implied volatility, as well as the Bollinger Bands' divergence on a weekly timeframe, are near record lows.
Another well-known trader and analyst going by the pseudonym DonAlt concurred with Clemente. He noted that this is precisely what failure looks like but ironically emphasized that there's no turning back now.

– Trader, analyst, and founder of venture firm Eight, Michael Van De Poppe, noted that the markets appear unstable and are generating many doubts. Bitcoin's dominance level is starting to decline, and the majority of altcoins in trading pairs with BTC are beginning to regain their positions. This signifies interest in this asset class rather than a lack of it. Van De Poppe emphasized that this traditionally occurs 8-10 months before a BTC halving.

– Arthur Hayes, co-founder of the crypto exchange BitMEX, stated that bitcoin has been in a bullish trend since March 2023 and is expected to experience a new surge over the next 6-12 months. Hayes believes that the uptrend was triggered by the Federal Reserve's $25 billion banking sector stabilization program in light of the "rescue" of Silicon Valley Bank. According to Hayes, this situation has prompted traders to focus on assets with limited supply, like bitcoin. While this currently only involves a small portion of market participants, their numbers will continue to grow, he is convinced.


Notice: These materials should not be deemed a recommendation for investment or guidance for working on financial markets: they are for informative purposes only. Trading on financial markets is risky and can lead to a loss of money deposited.

#eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #cryptocurrencies #bitcoin #stock_market

Forex | Forex Trading | NordFX

 

[Stan NordFX]

CryptoNews of the Week

– Chairman of the Securities and Exchange Commission (SEC), Gary Gensler, addressed the United States Senate, stating that the vast majority of cryptocurrencies fall under the jurisdiction of his agency. Consequently, all market participants, including exchanges, brokers, dealers, and clearing agencies, must mandatorily register with the SEC.
Gensler drew parallels between the current crypto industry and the tumultuous years at the beginning of the 20th century when securities market legislation was still in development. During that era, the agency implemented a series of stringent enforcement actions to regulate the industry, and many cases ended up in court. Similar measures are needed today. They are not only intended to deter entrepreneurs but also to safeguard investors, as perceived by the head of the SEC.

– Starting from November 1, 2023, Sarah Breeden will assume the position of Deputy Governor at the Bank of England. According to her current statements, cryptocurrencies do not currently pose a significant risk to the country's financial stability. However, they could become problematic if closely integrated into the financial world, such as in the case of using stablecoins for payments.
In her perspective, "cryptocurrencies are assets without intrinsic value. Their price can potentially drop to zero, so investors should be prepared for the possibility of losing all their money. Nevertheless, blockchain technology can be valuable for the financial system." The official has pointed out that recent events have underscored the risks within the cryptocurrency sector. Consequently, the cryptocurrency market's downturn has adversely affected two major American banks, Silvergate and Signature, and has also led to the collapse of the stablecoin UST, along with the bankruptcy of several crypto-lending institutions. Given the global nature of the cryptocurrency market, collaborative efforts among regulatory authorities are crucial for devising comprehensive oversight measures for crypto assets, as highlighted by Breeden.

– On Monday, September 11, the BTC price dropped below $25,000 despite the weakening dollar and rising stock indices. This drop occurred amidst rumours that the controversial exchange FTX plans to sell digital assets as part of a bankruptcy procedure. On Tuesday, investors started buying again at the lower price points, causing the coin's value to rise above $26,500.
According to several analysts, there is no fundamental justification for these fluctuations in the price of bitcoin. Essentially, due to low liquidity and a declining market capitalization, the asset is shifting between different groups of players. In reality, investors are looking ahead to September 20 when the next Federal Reserve (FRS) meeting is scheduled.

– We have previously reported on the case of James Howells, a programmer who accidentally discarded a hard drive containing cryptocurrency during an office cleanup in August 2013. Consequently, the hard drive, which held 7500 BTC, ended up in a landfill in Newport, United Kingdom.
Over the course of ten years, Howells has been petitioning local authorities for permission to search for his lost wealth. Recently, his legal representatives sent an open letter to the municipality, requesting access to the landfill site by September 18th. In the event of refusal, the unsuccessful crypto investor intends to initiate a legal lawsuit against the city council, seeking compensation for the value of the lost bitcoins, which currently stands at approximately $250 million. Howells also plans to challenge the authorities' decision to deny him access to the landfill.
Howells stated, "I've tried everything I could over the past decade, but they have been unwilling to cooperate, so I am left with no choice but to pursue legal action. They have even refused to engage in serious discussions about the matter. Regardless of the type of asset, whether it's bitcoin, gold, or diamonds, not addressing this issue is simply imprudent.".

– Analysts from the cryptocurrency platform Matrixport have issued a warning that if Ethereum (ETH) were to fall to $1,500, it could pave the way for a further drop to $1,000. This lower level is considered justified based on their revenue forecasts for the Ethereum blockchain ecosystem. Matrixport highlights that ETH is not a "super-hard currency" capable of resisting inflation, as last week, the number of newly issued coins exceeded the amount burned by 4,000, deviating from the deflationary model that the blockchain transitioned to when switching from Proof of Work (PoW) to Proof of Stake (PoS) consensus algorithm.

– Analyst Benjamin Cowen has set an even lower target. He stated that Ethereum is on the brink of "extreme swings," which could result in its price dropping to a range of $800 to $400 by the end of the year. This potential decline is linked to the possible reduction in the profitability of blockchain platforms built on Ethereum's smart contract technology.
According to Cowen, both the Ethereum bulls and bears "have suffered setbacks and failed to execute their strategies." This will likely lead to both sides realizing losses by the end of 2023.

– The Twitter account of Ethereum creator Vitalik Buterin was compromised as a result of a SIM card swap attack. Buterin had not enabled two-factor authentication, allowing the attacker to change the login password for his account by entering a code sent via SMS. Subsequently, the criminal posted a message on Buterin's behalf, falsely claiming a free NFT give_away, and stole digital assets worth $691,000 from individuals who followed the provided link and linked their crypto wallets.

– David Marcus, co-founder of PayPal and CEO of Lightspark, a company specializing in integrating BTC payments using the Lightning Network, has made an unexpected statement. It turns out he himself doesn't believe that bitcoin will become a popular method of payment for purchases. Marcus explained that the currencies transmitted over the network will still remain fiat currencies that people are familiar with and use today. As for bitcoin, he likened it to a small data packet on the internet that is used to transfer values such as dollars, yen, or euros.

– Trader, analyst, and founder of the venture company Eight, Michael Van De Poppe, is predicting the last correction in the price of the leading cryptocurrency before an upcoming bull rally. In his view, if the bears manage to breach the exponential moving average line, which is positioned at $24,689, the worst-case scenario would see the coin drop to $23,000.
The specialist believes that this upcoming correction provides the final opportunity to buy bitcoins at a lower price. Institutional demand for digital assets is growing, so in the long term, the cryptocurrency's price will rise due to buying pressure.
However, it's worth noting that on August 17th, the BTC price broke below the ascending trendline that began in December 2022 and stayed below it. This suggests a high risk of a prolonged bearish trend.

– Dan Gambardello, the founder of Crypto Capital Venture, predicts that the next bull cycle could be the most impressive in the cryptocurrency market. The analyst has singled out ETH and XRP as cryptocurrencies to watch in the upcoming bull rally. His attention to these two altcoins is driven by Ripple's victory over the SEC in court and the approval of ETH ETF applications submitted by reputable fund managers.
At the same time, Gambardello has cautioned that the cryptocurrency market follows cycles, and it appears to be in an accumulation phase at the moment. Consequently, the analyst has warned that there is a possibility that the price of bitcoin could drop to $21,000 in the coming weeks. He attributes this potential drop to market manipulation by large players who may be suppressing prices and accumulating coins in anticipation of the next bull run.

– Prominent analyst known as CrypNuevo has analysed the current dynamics of bitcoin. According to this specialist, in the near future, the flagship cryptocurrency could reach the $27,000 mark. However, as the analyst emphasized, this is likely to be a false move. Furthermore, a subsequent drop is expected, potentially down to the $24,000 level.

– Mike McGlone, Senior Macroeconomic Strategist at Bloomberg Intelligence, has cautioned investors that the near future could be challenging for the crypto sphere. In his view, digital assets gained popularity during an era of zero interest rates. However, monetary policy is currently undergoing changes, which could pose problems for the industry. This is evident in the decline in Bitcoin's price, despite positive news about the impending approval of spot ETFs in the United States.
"Cryptocurrencies flourished during an unprecedented period of zero interest rates, but this policy is rapidly changing, with consequences for prices. In Q3, bitcoin dropped by 15%, despite the potential approval of spot ETFs. Cryptocurrency, traded around the clock and without weekends, could become one of the most accurate indicators of an impending reset in the global economy. It has been overly inflated with liquidity, and now we're witnessing a liquidity unwind," believes the analyst.
McGlone pointed out that by November, according to futures, the yield on US government bonds is expected to reach 5.45%. This is significant, especially when considering that from 2011 to 2021, this figure was only 0.6% annually, precisely when bitcoin and other digital assets experienced substantial growth. Therefore, the liquidity outflow from cryptocurrencies is not surprising.
(Recall that back in June, Mike McGlone had already warned about the potential decline in bitcoin's price and turned out to be correct)


Notice: These materials should not be deemed a recommendation for investment or guidance for working on financial markets: they are for informative purposes only. Trading on financial markets is risky and can lead to a loss of money deposited.

#eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #cryptocurrencies #bitcoin #stock_market

Forex | Forex Trading | NordFX

 

[Stan NordFX]

CryptoNews of the Week

– Bitcoin is grappling with the $27,000 level ahead of the Federal Reserve's interest rate decision, set to be announced on September 20. John Bollinger, the creator of the Bollinger Bands volatility indicator, believes that the leading crypto asset is poised for a breakout. The indicator employs standard deviation from a simple moving average to identify asset volatility and potential price ranges. Currently, the BTC/USD pair is forming daily candles that touch the upper band, which may suggest a reversal back to the central band or, conversely, an increase in volatility and an upward movement. The narrow Bollinger Bands on the charts indicate that the latter scenario is more likely. However, Bollinger himself is cautious in his commentary, stating that it's too early to draw any definitive conclusions.

– Many participants in the crypto community are confident that bitcoin will continue to grow. For instance, an analyst going by the pseudonym Yoddha believes that bitcoin has a chance to reach a new local high and target $50,000 by the end of the year. Following that, a correction to $30,000 could occur in early 2024, ahead of the halving event.
Crypto blogger Crypto Rover argues that troubles in the U.S. economy will serve as a catalyst for bitcoin's growth. Should a confident breakout occur around the $27,000 resistance level, a price movement to $32,000 could be anticipated.
Analyst DonAlt, who accurately predicted the cryptocurrency rally earlier this year, posits that bitcoin has a chance for another significant rally and could set a new high for 2023. "If we rise and overcome the resistance we're currently battling," he writes, "the target could be around $36,000. [...] I don’t rule out missing a good entry at $30,000 because if the price takes off, it may rise too quickly. [However] there are substantial reasons for a downward move as well. In the worst case, I'll take a minor hit if it dips into the $19,000 to $20,000 range."

– Prominent analyst known by the pseudonym PlanB has reaffirmed his forecast made earlier this year. He noted that the November 2022 low was the bottom for bitcoin, and its ascent will commence closer to the halving event. PlanB believes that the 2024 halving will propel the leading cryptocurrency to $66,000, and the subsequent bull market in 2025 could elevate its price beyond the $100,000 mark.

– According to CoinShares, investments in crypto funds decreased by $54 million last week, with bitcoin accounting for $45 million of the outflows and Ethereum making up $5 million. Investments in funds allowing for short positions on bitcoin decreased by $4 million. This marks the fifth consecutive week of capital outflows, which have occurred in 8 out of the last 9 weeks. The total outflows over the past two months amount to $455 million. Meanwhile, weekly trading volumes have increased to $1 billion, representing a 42% surge compared to the previous week.

– Chainalysis has compiled a ranking of 154 countries based on the proportion of citizens investing a significant share of their savings in crypto assets. India topped the list, followed by Nigeria and Vietnam. The top 20, in descending order, included the United States, Ukraine, the Philippines, Indonesia, Pakistan, Brazil, Thailand, China, Turkey, Russia, the United Kingdom, Argentina, Mexico, Bangladesh, Japan, Canada, and Morocco.
Analysts noted that the global cryptocurrency adoption index is far from the historical highs seen in 2021 and is showing a declining trend. Most countries occupying leading positions in the ranking are categorized by the World Bank as nations with below-average income per capita.

– A new wave of cryptocurrency scams impersonating Elon Musk has emerged on the social media platform TikTok, as reported by Bleeping Computer. According to the publication, videos are being uploaded hourly, featuring Musk purportedly giving interviews to major outlets and directing viewers to a website where a give_away is taking place. Fraudsters have created hundreds of such websites, some of which pose as cryptocurrency exchanges.
Journalists from the publication tested one of the givea_ways: they created an account on the platform and entered the promo code provided in the TikTok video. They were then promised a bitcoin deposit into their account. A balance of 0.34 BTC (~$9,000) allegedly appeared in their wallet. However, upon attempting to withdraw the funds, they were asked to activate their account by depositing 0.005 BTC (around $132).

– U.S. Senate Banking Committee Chairman Sherrod Brown has called for stricter disclosure requirements for companies in the digital assets industry. Brown sent letters to the U.S. Treasury Secretary, the Chairman of the Securities and Exchange Commission (SEC), and the head of the Commodity Futures Trading Commission (CFTC), emphasizing the significant financial losses suffered by cryptocurrency investors. According to his data, investors lost approximately $10 billion in 2022 due to fraud and hacking attacks.
Additionally, nine American lawmakers have endorsed a bill aimed at combating money laundering through cryptocurrencies, which has been reintroduced for consideration in the U.S. Congress.

– Analysts at Matrixport, a provider of cryptographic services, believe that the surge in applications for launching spot bitcoin ETFs is revitalizing the digital asset market and could act as a catalyst for the price growth of the flagship cryptocurrency. The company notes a substantial "potential buying pressure for bitcoin," particularly from investors interested in the offering of a spot exchange-traded fund. Against this backdrop, bitcoin's dominance level has risen to 50.2%, marking the highest level in a month and nearing the 26-month peak of 52%, reached at the end of June.

– According to data from Chainalysis, cybercriminals from North Korea stole $340 million in 2023, with a third of that amount coming from just two attacks. This figure is significantly less than the previous year's record of $1.65 billion stolen in 2022. However, the attack dynamics are causing concern among experts. In the last 10 days alone, the Lazarus Group has hacked the Stake platform for $40 million and the CoinEx exchange for $55 million.

– Investor and bestselling author of "Rich Dad Poor Dad," Robert Kiyosaki, believes that traditional fiat currency has no future, and the future of money lies in cryptocurrencies. According to the expert, the U.S. economy is on the brink of a serious crisis, and cryptocurrencies, especially bitcoin, offer investors a safe haven during these turbulent times. Kiyosaki forecasts that the price of bitcoin could soar to $120,000 next year, with the 2024 halving serving as a key catalyst for the rally.
The specialist also revealed that he personally owns 60 BTC, which he acquired at $6,000 per coin. As a result, his current profit from this transaction exceeds $1.25 million.

– Analyst Jason Pizzino believes that bitcoin's bullish market cycle began to form around January and this process is not yet complete, despite the recent price consolidation. According to the trader, bitcoin will confirm its bullish sentiment if it crosses a key level at $28,500.
"In this market, we've rarely seen levels below $25,000. I'm not saying it can't go down, but for the last six months, the weekly closes have been above these levels. So far, so good, but the bulls aren't here yet. They need to at least occasionally see closes above $26,550," states Pizzino. "The bulls still have a lot to accomplish. I'll start talking about them once we cross the white line again at the $28,500 level. That's one of the key levels for the beginning of bitcoin's upward movement, to then attempt to break through $32,000.".

– According to popular analyst and host of the DataDash channel Nicholas Merten, the crypto market may be in for another downturn, signalled by decreasing stablecoin liquidity. "It's a good indicator for identifying trends in the crypto market. For example, from April 2019 to July 2019, bitcoin rose from $3,500 to $12,000. During that same period, stablecoin liquidity increased by 119%. Then we see a period of consolidation where liquidity also remained stable. When bitcoin rose from $3,900 to $65,000 in 2021, stablecoin liquidity soared by 2,183%," shares the expert.
"Liquidity and price growth are linked. If liquidity is decreasing or consolidating, then the market is likely not going to grow. This holds true for both cryptocurrencies and financial markets. Market capitalization needs liquidity to grow, but we're seeing it constantly decrease, making a decline in cryptocurrency prices more likely," states Nicholas Merten.


Notice: These materials should not be deemed a recommendation for investment or guidance for working on financial markets: they are for informative purposes only. Trading on financial markets is risky and can lead to a loss of money deposited.

#eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #cryptocurrencies #bitcoin #stock_market

Forex | Forex Trading | NordFX

 

[Stan NordFX]

CryptoNews of the Week

– Anthony Scaramucci, the founder of SkyBridge Capital, stated at the Messari Mainnet conference in New York that the worst is over in the current bear market for digital assets. "If you own bitcoin, I wouldn't sell it. You've weathered the storm. [...] The next 10-20 years will be extraordinarily bullish," he said.
The investor acknowledged that there are "headwinds" for bitcoin in the current macroeconomic environment, such as high interest rates, scepticism from SEC Chairman Gary Gensler, and negativity surrounding the acceptance of digital assets. However, he is confident that bitcoin offers more potential than gold. In his view, the proliferation of bitcoin ETFs will lead to the widespread adoption of digital assets.

– Mark Yusko, the CEO of consulting firm Morgan Creek Capital, believes that a positive decision on bitcoin ETF applications will trigger an inflow of $300 billion in investments. In such a scenario, the coin's market capitalization and value would see significant growth.

– Several other experts have predicted a decline in bitcoin's value leading up to the April 2024 halving. An analyst going by the pseudonym Rekt Capital compared the current market conditions to the BTC price dynamics in 2020 and speculated that the coin's price would decline within a descending triangle. However, in his opinion, the drop will be significantly less severe, as the coin will depreciate by 27% to $19,082.
Renowned trader Bluntz, who had previously predicted how far bitcoin's value would plunge during the 2018 bear trend, also foresees a continuation of the downward trajectory in the cryptocurrency market. He doubts that the asset's value has reached its bottom, as the descending triangle forming on the chart appears incomplete. For this reason, Bluntz anticipates that bitcoin will decrease in value to around $23,800, thereby completing the third corrective wave.

– Noted analyst Benjamin Cowen also believes that after several weeks of trading within a narrow range, the BTC price could fall to the $23,000 mark. Cowen bases his forecast on historical patterns, which indicate that the flagship cryptocurrency's price usually experiences a significant dip before a halving event. According to Cowen, data from past cycles suggest that BTC and other cryptocurrencies do not perform exceptionally well in the period leading up to such a pivotal event.

– Research firm Fundstrat speculates that, contrary to a bearish outlook, the price of BTC could actually surge more than 500% from its current value due to the halving, potentially reaching a level of $180,000. Meanwhile, financial corporation Standard Chartered estimates that the price of the oldest cryptocurrency could rise to $50,000 this year and to $120,000 by the end of 2024.
Current network activity suggests that investors are likely anticipating a new price surge, as bitcoin reserves on exchanges are approaching a six-year low.

– Over the years, the crypto community has been rife with bold speculations and conspiracy theories about who created bitcoin, how it was created, and why. One theory posits that it was conceived by the Communist Party of China, ostensibly for global domination. Others contend that it was the work of "good Samaritans" who aimed to aid societal progress. Some even believe the trail leads back to the CIA.
Within the bitcoin ecosystem, there is another persistent group that claims Satoshi Nakamoto was an employee of the National Security Agency (NSA). One of the most secretive U.S. intelligence agencies, according to this view, had an active role in creating the first cryptocurrency. Nic Carter, co-founder of research firm Coin Metrics, lends credence to this theory by pointing out that the Secure Hash Algorithm 256 (SHA-256) was created by mathematician Glenn M. Lilly. Lilly developed it under the supervision of the NSA and published the algorithm in 2001. He later served as the head of the NSA's mathematical research department.
Carter refers to his new theory as the "bitcoin lab leak hypothesis." He suggests that the bitcoin blockchain was initially an internal research project by the NSA aimed at collecting adversary information—a new "monetary weapon" for undermining third-country economies.
Matthew Pines, Director of Intelligence at Krebs Stamos, concurs with Carter's opinion. The cryptography analyst believes the creation of the BTC blockchain could be the result of collaboration between NSA cryptography experts and crypto enthusiasts. During the process, a communication breakdown occurred, and the anonymous developer inadvertently leaked proprietary information, thus making the project public property.
It is worth noting that the NSA was one of the first organizations to describe a system similar to bitcoin in a 1996 paper titled "How to Make a Mint: The Cryptography of Anonymous Electronic Cash." The paper proposed a system using open-source cryptography to allow users to make anonymous payments without revealing their identity.

– Dune Analytics is tracking 295 wallets that, according to the U.S. Federal Bureau of Investigation (FBI) and the Office of Foreign Assets Control (OFAC), belong to the North Korean hacking group Lazarus. According to the latest data, these wallets currently hold digital assets amounting to approximately $47 million, including $42.5 million in BTC, $1.9 million in ETH, $1.1 million in BNB, and $640,000 in stablecoins, primarily Binance USD. It's worth noting that this is the lowest estimated value of Lazarus Group's crypto assets.
Meanwhile, Lazarus' wallets continue to show high activity: the last transaction was recorded on September 20. Interestingly, the hackers do not hold reserves in privacy coins like Monero, Dash, or Zcash, which are much more difficult to trace.

– Michael Saylor, the CEO of MicroStrategy, has compared the rate of fiat currency devaluation to inflation dynamics. He demonstrated that individuals could lose their savings if held in traditional currencies, as funds in U.S. dollars would have lost about 99% of their value over the past 100 years.
Saylor believes that bitcoin mitigates these risks due to its inherent characteristics. According to him, the flagship cryptocurrency represents a revolutionary technology with numerous advantages, including a capped supply of 21 million coins. Consequently, BTC is the best way to preserve your reserves, the billionaire concludes.

– The analyst known as CryptoCon notes that currently, bitcoin may be reflecting a pattern reminiscent of the 2015 market cycle, potentially paving the way for a new all-time high. According to his analysis, bitcoin is most likely to reach such a peak in December 2025 and could trade between $90,000 and $130,000.

– The Shanghai Intermediate People's Court has recognized bitcoin as a unique digital currency, despite the existing ban on trading these assets in China. The court granted bitcoin this status for several reasons: 1. It possesses qualities inherent to money, such as being storable, usable as a means of payment, and a measure of value for goods and services; 2. It enjoys global popularity; 3. It is valuable due to its limited supply of coins.
The court's decision does not impact the circulation of bitcoin in China and does not legalize cryptocurrency trading. However, the recognition of BTC as a digital currency lends the coin legitimacy. It is likely that, moving forward, it will be treated as virtual property in legal proceedings.

– Trader DonAlt believes that Ethereum could experience a significant devaluation before reaching the bottom of its cycle. "The worst is yet to come," he writes. "I would say we are, at best, two weeks away from the bottom." According to DonAlt's calculations, the floor for ETH stands at 0.047 BTC or $1,232.

– Cryptocurrencies have come to the aid of Lebanese residents who have been impoverished due to hyperinflation and governmental missteps. The economic crisis in the country erupted in 2019, leading to a 95% collapse of the national currency against the U.S. dollar. Moreover, in March 2023, the inflation rate almost doubled, ranging from 252% to 269%. According to the United Nations, about 78% of the country's population now falls below the poverty line.
As a result, a shadow crypto economy has emerged. Lebanese citizens are using USDT stablecoins as a means of payment and are earning their wages in bitcoin. Bitcoin mining has become not only incredibly popular but also highly profitable. According to CoinGecko data, Lebanon has the lowest cost of mining 1 bitcoin, at just $266. In comparison, due to higher electricity costs in the United States, this figure reaches $46,280.

– Experts have once again turned to artificial intelligence, this time to forecast the price of the flagship cryptocurrency by Halloween (October 31). CoinCodex's AI posits that by the specified date, the price of bitcoin will rise to $29,703.
Interestingly, the crypto market even has a term called "Uptober." The idea is that every October, bitcoin experiences significant price gains. Considering data from 2021, bitcoin was valued around $61,300 on October 31, marking a more than 344% increase compared to 2020. This phenomenon held true even in the past year of 2022, despite the high-profile crash of the FTX exchange. On October 1, 2022, the asset traded at $19,300, but by October 31, it had reached $21,000.
On the flip side, there are currently no concrete reasons for expecting a serious bull run. The key factor exerting downward pressure on the crypto market continues to be the Federal Reserve's tight monetary policy. As of the end of September, the U.S. regulator chose not to raise the refinancing rate but did not rule out such a move in the near future. Moreover, there is a likelihood that the regulator will maintain its course of tight monetary policy into the next year. It's also unclear how the SEC will act concerning applications for spot bitcoin ETFs.


Notice: These materials should not be deemed a recommendation for investment or guidance for working on financial markets: they are for informative purposes only. Trading on financial markets is risky and can lead to a loss of money deposited.

#eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #cryptocurrencies #bitcoin #stock_market

Forex | Forex Trading | NordFX

 

[Stan NordFX]

CryptoNews of the Week

– Bitcoin recorded its first green September since 2016, increasing from $26,012 to $26,992. According to TradingView data, the cryptocurrency market's market capitalization also experienced an uptick. It stood at approximately $1.029 trillion at the beginning of September and rose by 6.1% to $1.092 trillion by month-end.
Ran Neuner, a trader and the founder of Crypto Banter, emphasizes the significance of the positive September closing for the leading cryptocurrency. "The last time bitcoin saw a rise in September in a year preceding a halving, we had another rally of 70% in the final quarter. That was in 2015," he notes.
Analysts at Bitfinex share a similar sentiment. "The cryptocurrency market closed September in the green, which is rare but typically leads to a bullish trend in October," they write.
According to a report by Bitfinex Alpha, futures market indicators also confirm an optimistic outlook for October. The report includes network data, which shows that the current price is supported by dynamics between long-term and short-term holders. Indicators reveal that seasoned long-term investors are resolved to remain holders within the current price range. Bitcoins held for 6-12 months remain largely stagnant, and the supply of BTC that is more than three years old has been inactive since February 2023.

– According to data from network analytics firm Santiment, "whales" (wallets holding between 10 and 10,000 BTC) have been quietly accumulating bitcoin and Tether (USDT) over the past six weeks. Their holdings have now reached a 2023 peak of 13.03 million BTC, indicating a bullish long-term outlook for bitcoin.

– The rise in bitcoin during the early days of October has somewhat offset the negative close of Q3, which saw a 12% decline. However, analysts at QCP Capital have warned that the possibility of retesting the $25,000 level should not be ruled out, despite the positive seasonality often referred to as "Uptober." According to statistics, over the past eight years, bitcoin has only finished October in the red in 2018. In other years, the monthly gain ranged from 5.5% to 48.5%. This time, experts anticipate that the resistance level will be between $29,000 and $30,000.

– On Monday, October 2, bitcoin reached a local peak of around $28,562. However, by the evening of the same day, traders began to take profits, and the coin fell below $27,500. Bloomberg strategist Mike McGlone believes that such a pullback in bitcoin was inevitable. Pressure tends to build when the digital currency gains aggressively in value. Increased volatility is accompanied by heightened activity from sellers looking to profit from the asset's rise.
McGlone doubts that bitcoin will reach $30,000 in the near future. The primary factor hindering further BTC growth is the strict policy of U.S. authorities. Repressive actions by the Securities and Exchange Commission (SEC) are deterring institutional investors from entering the cryptocurrency space. Global recession risks are also dampening risk appetite. In such a scenario, equity markets won't be able to grow, emphasized the Bloomberg strategist, adding that digital currencies will also suffer.

– Donald Trump is considered a staunch opponent of bitcoin. However, former SEC employee John Reed Stark believes that Trump may change his stance on cryptocurrencies during the 2024 presidential elections to garner support from voters who use digital assets. This speculation is supported by two facts. First, last year Trump released and sold a collection of NFT Trump Digital Trading Cards. Second, he still owns $2.8 million worth of Ethereum. Stark suggests that if Trump returns to the presidential office, he will prompt the SEC to approve the issuance of bitcoin ETFs and will also ease regulatory pressure on the crypto industry.

– The SEC has asked the U.S. District Court in New York not to dismiss its lawsuit against Coinbase. In its statement dated October 3, the Commission responded to Coinbase's claims, reiterating its position that certain cryptocurrencies traded on the platform qualify as investment contracts and, therefore, must be registered with the SEC. The regulator noted that Coinbase "has always known" that the cryptocurrencies it offers are securities and claimed that the exchange has already acknowledged this in its documentation.

– Additionally, on October 3, the court rejected the SEC's motion for an interlocutory appeal in its case against Ripple. The agency wanted to appeal the court's decision that the sale of XRP on crypto exchanges does not constitute an investment contract. However, this plan by the officials fell through. Against this backdrop, XRP appreciated by 5% within 24 hours.

– In July, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against the crypto lending platform Celsius. The crux of the accusation is that Celsius attracted billions of dollars through the illegal and unregistered sale of "cryptocurrencies recognized as securities," repeatedly misled investors about its financial condition, and manipulated the price of its own token (CEL). The SEC has also levelled fraud charges against Celsius founder Alex Mashinsky, with a court hearing set for September 17, 2024. The platform plans to partially repay its debt to creditors this year, transferring to them bitcoin, Ethereum, and shares in a new organization, NewCo, totalling $2.03 billion.

– Trader under the alias Bluntz is confident that bitcoin has "officially" entered a bull market and that all predictions of a drop to the $24,000 level are unfounded. In his opinion, the coin's rise above $27,000 confirms that BTC is currently in a bull market. "I think it's time to let go of any bearish bias," wrote Bluntz.

– Last week, we reported that the Artificial Intelligence from CoinCodex predicted the flagship crypto asset's price to be around $29,703 by Halloween (October 31st). This time, another AI, the machine learning algorithm of the forecasting platform PricePredictions, gave a similar result. According to its analysis, the BTC price on October 31st will hover around the psychologically important mark of $30,403. The forecast was made using several key technical indicators, including the Moving Average Convergence Divergence (MACD), the Relative Strength Index (RSI), Bollinger Bands (BB), and others.

– In his forecast, trader, analyst, and founder of venture company Eight, Michael Van De Poppe, is optimistic about not only October but also Q4 of 2023. He attributes his positive outlook to the potential approval of spot bitcoin Exchange-Traded Funds (ETFs) and the halving effect. The expert anticipates that the growth in the last quarter could elevate the price to around $40,000.
It's worth noting that the historical performance of BTC in this period has been quite mixed. For instance, in 2018, the digital asset's value declined by nearly half over three months, but a year earlier it had surged 142.2%.

– The analyst known as dave the wave believes that Ethereum will continue to depreciate against bitcoin at least until the end of 2023. The expert published a chart depicting the price dynamics of ETH relative to BTC, which shows a descending triangle indicating a fall in the altcoin's price.
Dave the wave drew an analogy to the trend observed from 2017 to 2018, suggesting that Ethereum will significantly devalue against bitcoin due to a strong BTC market rally. The chance for ETH to appreciate could come during the "altcoin season," which would begin after BTC reaches its peak value.
The analyst also made a long-term forecast on the price changes of bitcoin using logarithmic growth curves. According to this forecast, over the next 10 years, the cryptocurrency will outperform stocks in terms of investment returns and will become a primary means of wealth accumulation due to a significant increase in value.

– Bestselling author of "Rich Dad Poor Dad" and entrepreneur Robert Kiyosaki urged people to invest in the first cryptocurrency before the launch of the Central Bank Digital Currency (CBDC). "The Fed's CBDC is coming," he wrote. "Privacy is gone. Big Brother will be watching. When the CBDC hits the market, gold, silver, bitcoin, and cash will become invaluable. Start accumulating them now before it's too late." It's worth noting that in February, Kiyosaki predicted that bitcoin would rise to $500,000 by 2025 and called it the best hedge in turbulent times, while also cautioning about the asset's volatility.

– The total value of cryptocurrencies stolen by hackers since the beginning of 2023 has exceeded $1.15 billion, according to calculations by PeckShield. Nearly a third of all losses occurred in September, with damages from 22 crypto project hacks during that month amounting to almost $356 million. In contrast, only $17 million was stolen in the previous month, suggesting that even hackers take a vacation in August.


Notice: These materials should not be deemed a recommendation for investment or guidance for working on financial markets: they are for informative purposes only. Trading on financial markets is risky and can lead to a loss of money deposited.

#eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #cryptocurrencies #bitcoin #stock_market

Forex | Forex Trading | NordFX

 

[jannymiles]

Creating a tailored strategy for clients based on their goals, whether it's selling digital art, music, virtual real estate, collectibles, or other NFTs. Community Building: Building and nurturing a community of collectors and supporters through social media, forums, and other online platforms. Content Creation: fracas Developing engaging content, including videos, articles, and visuals, to showcase and promote the NFTs. Digital PR: Crafting press releases and reaching out to media outlets and influencers to gain exposure for the NFT project.

 

[Stan NordFX]

CryptoNews of the Week

– The U.S. Commodity Futures Trading Commission (CFTC) has stated that nearly 200 accounts on the crypto exchange Binance were used by HAMAS militants. The CFTC emphasized that exchange staff were aware that their platform was facilitating potentially illegal activities yet turned a blind eye and even joked about it in internal chats. According to the regulator, as early as February 2019, Binance's former Compliance Director Samuel Lim had received information regarding the use of the exchange by representatives of the movement. However, as Lim explained to a colleague, HAMAS members typically transferred "small amounts" that would unlikely even suffice for purchasing an AK-47.

– Warren Buffett's partner and Vice Chairman of American holding company Berkshire Hathaway, Charlie Munger, stated that most investments in digital assets will ultimately become worthless. "Don't get me started on bitcoin. It's the dumbest investment I've ever seen," the 99-year-old investor expressed during the Zoomtopia online conference.
Munger also shared his views on artificial intelligence, noting that AI has actually been around for quite some time, tracing its roots back to the 1950s. "We've always had artificial intelligence. It's when software generates even more software," he said. However, in his opinion, the technology is "generating hype, probably more than it deserves."

– U.S. presidential candidate Robert F. Kennedy Jr. told Bitcoin Magazine in an interview that he intends to defend bitcoin if elected as the President of the United States. He also expressed scepticism towards Central Bank Digital Currencies (CBDCs). According to Kennedy, national digital currencies could become a tool for governments to control individuals' financial transactions. "The freedom to transact is as important as freedom of speech," the politician stated.

– Sam Altman, the CEO of ChatGPT, described bitcoin as a "super logical step on the technology tree." The artificial intelligence creator appreciates the idea that humanity now has an international currency beyond the control of any single government. The OpenAI leader believes that corruption is a key impediment to societal progress, and that bitcoin is poised to overcome this obstacle.
Altman also expressed disappointment with the U.S. government's stance on the cryptocurrency industry: "I'm disheartened by many of the actions taken by the U.S. government recently. The war on cryptocurrencies seems to be never-ending, and authorities want to take everything under their control." Like Robert F. Kennedy Jr., Altman believes that if the United States launches a Central Bank Digital Currency (CBDC), it will become a state tool for surveillance over citizens.

– Analyst Benjamin Cowen believes that the crypto market is entering "one of its most brutal" phases in its cycle. According to the expert, bitcoin's dominance in the market capitalization of the crypto sector is increasing amidst a decline in the price of altcoins and diminishing investor interest in this asset class.
Using Fibonacci retracement levels, Cowen predicts that BTC dominance will likely peak at 60%, as it did in the previous cycle. The analyst emphasized that this metric is unlikely to rise to 65% or 70%, primarily due to the stablecoin market. (As of October 10, according to CoinMarketCap, bitcoin's share in the overall market capitalization of the crypto market was 49.92%.)

– Former BitMEX CEO Arthur Hayes has stated that the price of the leading cryptocurrency could reach $70,000 next year, and between $750,000 to $1 million by 2026. He justified his prediction based on factors such as the asset's limited supply, the potential approval of spot bitcoin ETFs, and geopolitical uncertainty. "I think this will be the biggest boom in financial markets in the history of mankind. Bitcoin will skyrocket to absurd levels, the Nasdaq will soar to absurd levels, and the S&P 500 will rise to absurd levels," Hayes declared.

– Analyst Nicholas Merten holds a diametrically opposite view. He believes that bitcoin could significantly crash due to actions taken by the Federal Reserve, potentially leading to a prolonged economic downturn in the U.S. If commodities such as oil, natural gas, and uranium begin to stabilize or decline in price, Merten sees this as a sign of an impending short-term recession. In that scenario, he suggests that stocks could fall by approximately 33%, similar to the correction that occurred in October 2022. In turn, bitcoin would react to this situation by dropping to the $15,000-$17,000 range.
Merten is convinced that a sustained bullish trend in the market is unlikely until the Federal Reserve begins to increase liquidity in the economy. "Bitcoin thrives when there's an increase in the money supply in the market and when investors are in a risk-on mood. However, at the moment, neither of these conditions is met," Nicholas Merten explained.

– A bitcoin mining farm called Lava Pool has been launched in El Salvador, utilizing renewable geothermal energy. The project is being developed by Volcano Energy and Luxor Technology, with 23% of the net income being allocated to the country's government. According to Volcano Energy's management, this move validates El Salvador's efforts to integrate bitcoin into its national energy infrastructure, providing rapid income and flexible load management options for the power grid.
The described initiative is part of a more ambitious project by Volcano Energy aimed at establishing a global bitcoin mining station powered by renewable solar and wind energy. Within the framework of this project, plans are underway to construct a renewable energy generation park with a capacity of 241 MW.

– Comparing the current dynamics of bitcoin to what transpired before and after the halvings in 2015 and 2019 indicates that the market is moving in the same direction as it did then. After its summer peak, the current coin price is undergoing a downward correction, but this is not surprising: typically, 200 days before a halving, the leading cryptocurrency could lose up to 60-65% of its value before resuming its growth trajectory.
Many experts are predicting significant price increases for bitcoin in 2024. For instance, analysts at JP Morgan suggest a price of $45,000, while those at Standard Chartered forecast $100,000. Writer and investor Robert Kiyosaki and cryptographer Adam Back also target the $100,000 mark. Fundstrat Research founder Tom Lee envisions BTC at $180,000. Venture capitalist Tim Draper expects $250,000, and billionaire Mike Novogratz, along with ARK Invest CEO Cathy Wood, project the coin to grow to $500,000 and $1 million next year, respectively.
The current optimism among investors can also be attributed to the present price dynamics of the digital gold: despite receding from its summer peak, investments in BTC have yielded a return of more than 60% since the beginning of the year.


Notice: These materials should not be deemed a recommendation for investment or guidance for working on financial markets: they are for informative purposes only. Trading on financial markets is risky and can lead to a loss of money deposited.

#eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #cryptocurrencies #bitcoin #stock_market

Forex | Forex Trading | NordFX

 

[Stan NordFX]

CryptoNews of the Week

– On October 16, the bitcoin exchange rate soared to $30,102 before plummeting to $27,728. Following BTC, other digital assets also experienced a sharp increase in price, only to subsequently decline steeply. According to Coinglass data, the surge in prices led to the liquidation of over 33,000 trading positions, resulting in trader losses of $154 million. Of this amount, $92.0 million was attributed to bitcoin, $22.7 million to Ethereum, and $4.6 million to Solana.
The spike in prices occurred after Cointelegraph published a report stating that the U.S. Securities and Exchange Commission (SEC) had approved BlackRock's application for a spot bitcoin exchange-traded fund (ETF). It later emerged that the news was false. Cointelegraph's editorial team apologized for disseminating inaccurate information. The publication explained that one of its staff members had seen the news about the approval of the BTC ETF on Platform X (formerly Twitter) and decided to publish it as quickly as possible, without conducting fact-checking or obtaining approval from the supervising editor. Representatives from the SEC also emphasized that "the SEC itself is the best source of information about the SEC," and advised users to "exercise caution regarding what they read online."
In response, BlackRock CEO Larry Fink clarified that he could not comment on the status of the application's review. The executive also believes that the bitcoin rally was not so much driven by rumours of the approval of a spot BTC ETF, but rather by people's desire to utilize quality assets. He included bitcoin, gold, and Treasury bonds in this category of quality assets.

– Opinions among crypto industry representatives are divided regarding what lies ahead for BTC. For example, trader, analyst, and founder of venture firm Eight, Michael Van De Poppe, believes that the false report will not hinder the cryptocurrency's growth. According to his observations, the coin has already entered a phase of positive movement. "The trend is already upward. The lows have been set for us to buy [cryptocurrency]. Sooner or later, a bitcoin ETF will enter the market; it just won't happen today," says the head of Eight.
The authors of the analytical channel Root on Platform X (formerly known as Twitter) also think that the false news did not exert significant pressure on the cryptocurrency. In their view, the coin's pump, despite the subsequent correction, has actually helped improve its position. However, there is also a substantial portion of the crypto community that holds a negative outlook, predicting that the coin could drop to the $19,000-$23,000 range.

– The founder of SkyBridge Capital and former White House Communications Director, Anthony Scaramucci, believes that the first cryptocurrency is "in many ways more valuable than gold" and could "easily" reach a market capitalization of $15 trillion. According to his calculations, at such a capitalization, the price of bitcoin would be approximately $700,000.
Scaramucci asserts that the current financial system is "broken." "Strange things could happen when you see countries that are hostile to the U.S. trading in bitcoin or other assets, distancing themselves from the dollar because the United States has used its currency to assert its personal geopolitical will," he said. However, Scaramucci clarified that bitcoin is unlikely to become the "universal standard of money," as some crypto maximalists desire.

– Italian car manufacturer Ferrari has added digital assets as a payment method in the U.S. According to Reuters, this feature will be extended to Europe in Q1 2024. Initially, the company is accepting bitcoin, Ethereum, and the stablecoin USDC.
Ferrari management stated that the decision was made in response to customer requests. "Some of these are young investors who have built their fortunes on digital assets. Others are more traditional investors looking to diversify their portfolios," company representatives explained.

– The market capitalization of the cryptocurrency sector could increase by $1 trillion if spot bitcoin ETFs are approved in the U.S., according to analysts at CryptoQuant. They believe that the chances of such an outcome have significantly increased following the legal victories of Ripple and Grayscale against the SEC. It should be noted that the deadline for the SEC's decisions on applications from BlackRock and other companies is set for March 2024.
Experts highlight that a positive decision would lead to a new wave of adoption of this asset class by institutional investors. Approximately $155 billion could flow into the bitcoin market, raising its capitalization from the current $543 billion to nearly $700 billion. In this scenario, the price of bitcoin could reach $100,000 or even $200,000, according to a study conducted by Finbold.
Finbold also consulted PricePredictions' artificial intelligence for forecasts. According to the AI calculations, after the approval of a bitcoin ETF, the flagship crypto asset could quickly reach the $100,000 mark. PricePredictions emphasized that additional factors such as the general acceptance of bitcoin, actions of institutional investors, regulatory activity, and overall macroeconomic conditions will play a significant role.
As for the short-term forecast, the AI predicts that by November 1, 2023, the coin will reach a value of approximately $29,576, which is about 4% higher than its current price.

– According to data from the Wall Street Journal, the U.S. Government owns approximately 200,000 bitcoins, valued at over $5.65 billion. These assets were primarily confiscated from cybercriminals and participants in illegal darknet activities. An interesting fact is that, according to research by specialists at Morgan Creek Capital, the U.S. Government held only 69,640 BTC last year. This significant increase indicates that the U.S. has substantially ramped up its efforts to curb criminal activity and the illicit use of cryptocurrencies.

– Edward Snowden, a former employee of the CIA and the National Security Agency (NSA) of the United States, is known for having stolen 1.7 million confidential files and leaking this classified information to The Guardian and The Washington Post newspapers in 2013. The data pertained to global mass surveillance conducted by American intelligence agencies. Following this, he fled and found asylum in Russia. According to Snowden, he used bitcoins 10 years ago to pay for the servers he used to leak the secret documents.
Now, speaking at a conference in Amsterdam, the former spy has stated that bitcoin lacks real anonymity, allowing governments to easily track the individuals behind certain transactions. Snowden spoke about government and regulatory bodies attempting to control bitcoin and the entire industry, noting that the creation of a bitcoin ETF is actually another attempt to "tame" BTC.


Notice: These materials should not be deemed a recommendation for investment or guidance for working on financial markets: they are for informative purposes only. Trading on financial markets is risky and can lead to a loss of money deposited.

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Forex | Forex Trading | NordFX

 

[Stan NordFX]

CryptoNews of the Week

– Bitcoin experienced a rapid ascent on October 23 and 24, reaching a level of $35,188 for the first time since May 2022. This surge in the value of the leading cryptocurrency was driven by a combination of real-world events and high-impact speculative and false news related to the U.S. Securities and Exchange Commission (SEC).
For instance, Reuters and Bloomberg reported that the SEC would not contest the court's decision in favour of Grayscale Investments. (To recap, at the end of August, the court granted Grayscale's lawsuit challenging the regulator's refusal to approve its application to launch a bitcoin ETF. Consequently, the company has effectively obtained permission from the U.S. court to convert its flagship fund, GBTC, into a spot bitcoin ETF). Additionally, there was news of the SEC discontinuing its legal proceedings against Ripple and its executives.
Discussions also revolved around the potential approval of an ETF for Ethereum and rumours of BlackRock's spot BTC-ETF gaining approval. BlackRock confirmed last week that this news was false. Nevertheless, the short squeeze prompted by this counterfeit news somewhat bolstered the cryptocurrency's growth, unsettling the market. The initial local trend gained momentum due to a series of liquidations of short positions opened with substantial leverage. According to Coinglass, a total of $161 million worth of such positions were liquidated.
Undoubtedly, the news was fabricated, but as the saying goes, there's no smoke without fire. A spot exchange-traded fund on bitcoin by BlackRock, named iShares Bitcoin Trust, appeared on the list maintained by the Depository Trust and Clearing Corporation (DTCC). BlackRock informed the SEC about the planned commencement of a seed round in October for its spot BTC-ETF, and it may have already initiated the acquisition of cryptocurrency for this purpose. This also fueled speculations and rumors that approval for their ETF is inevitable.
In discussing the catalysts for bitcoin's surge, it's also essential to mention the drop in the U.S. Dollar Index (DXY) to monthly lows on October 23rd, a decline attributed to the reduction in 10-year treasury yields. Additionally, several experts believe that technical factors played a role - technical analysis has long signaled the possibility of a bull rally after breaking out of a sideways trend.

– Another reason cited by experts for bitcoin's rise is the inflation issues in the United States and geopolitical risks such as the escalation of tensions in the Middle East. As explained by Zach Pandl, the Managing Director of Grayscale Investments, many investors view bitcoin as "digital gold" and aim to use it to minimize financial risks. According to CoinShares, investments in crypto funds increased by $66 million last week, marking the fourth consecutive week of capital inflow.

– Optimism regarding the SEC registration of many spot bitcoin ETFs has increased, and a positive decision is expected "within months." This conclusion has been drawn by analysts at JPMorgan. Specialists have taken note of the lack of an SEC appeal against the court's decision in the Grayscale case. The regulator has been instructed not to obstruct the transformation of the bitcoin trust into an exchange-traded fund. "The timing of approval [...] remains uncertain, but it is likely to occur [...] by January 10, 2024 - the final deadline for the ARK Invest and 21 Co. applications. This is the earliest of various final deadlines to which the SEC must respond," noted JPMorgan. Experts also emphasize that the Commission may choose to approve all proposals at once to ensure fair competition.

– In the distant future, the security of the first cryptocurrency is threatened not by quantum computing but by changes in the reward model for miners. This statement was made by Dr. Lawrence H. White, a professor of economics at George Mason University. According to him, after the last bitcoin is mined, which is expected to occur around 2140, the primary source of income for miners will be transaction fees. "People are concerned that it may not be possible to attract a sufficient number of miners to ensure the system's security," White warned. At the same time, the professor emphasized that at the current moment, the first cryptocurrency is protected from hacking because an attack on its network using quantum computers is not in the miners' interests.
White considers it unlikely that bitcoin will be used as a means of payment. Although, according to him, other cryptocurrencies that provide "more stable purchasing power" could assume that role.

– Peter Schiff, the President of Euro Pacific Capital, and a critic of the first cryptocurrency, has stated, "It's not a resource; it's nothing." He also likened holders of the asset to a cult. "No one needs bitcoin. People only buy it after others persuade them to do so. After acquiring [BTC], they immediately try to convince others to join in. It's like a cult," Schiff wrote.

– Opinions among members of the crypto community about BTC's future have diverged. Many market participants are confident that a positive news backdrop will support the further rise of the cryptocurrency. For example, Will Clemente, the co-founder of Reflexivity Research, believes that the behavior of the coin should unsettle the bears who planned to buy BTC at a lower price. The forecast of a trader and analyst known as Titan of Crypto implies that the coin will move to $40,000 by November 2023. Optimists are also joined by Michael Van De Poppe, the founder of the venture company Eight, and Charles Edwards, the founder of Capriole Fund.
However, there are those who believe that BTC won't continue to rise. For instance, analysts Trader_J and Doctor Profit are confident that after hitting a local maximum, the coin will enter into a prolonged correction. Their forecast does not rule out a drop in the BTC/USD pair to $24,000-$26,000 by the end of the year. A negative BTC forecast was also supported by a trader known as Ninja. In his view, the technical analysis, which includes an analysis of gaps on CME (gaps between the opening and closing prices of Bitcoin futures on the Chicago Mercantile Exchange), indicates a likelihood of BTC dropping to $20,000.

– The company Matrixport has published an analytical report discussing the growing FOMO (Fear of Missing Out) effect in the cryptocurrency market. Analysts cite their proprietary trading indicators, which allow them to successfully forecast digital asset prices. In their view, by the end of the year, the price of Bitcoin could reach $40,000, and in the event of the approval of a Bitcoin ETF, it could rise to $56,000.
(FOMO - Fear of Missing Out is a term that describes situations where the fear of missing opportunities or valuable resources leads to specific actions. Examples include investments driven by the fear of being left behind while others are making profits.).

– Investor and author of the bestseller "Rich Dad, Poor Dad," Robert Kiyosaki, has stated that once physical gold surpasses the $2,000 threshold (the current price is $1,975), bitcoin will move towards $100,000, with the next target being $135,000. Kiyosaki expressed scepticism regarding the value of the U.S. dollar, referring to it as counterfeit.

– Hal Finney was the first recipient of BTC. Consequently, many members of the crypto community speculate that the late Hal Finney might indeed be the enigmatic Satoshi Nakamoto. However, Jameson Lopp, a former Chief Engineer at BitGo and co-founder of Casa, conducted an investigation and became convinced that Finney is not the creator of the first cryptocurrency. Lopp discovered that Satoshi Nakamoto sent an email to Bitcoin developer Mike Hearn just 2 minutes before Finney completed a 10-mile race in Santa Barbara, California. Given that Finney was running for 1 hour and 18 minutes, it seems implausible that he could have been at a computer to send that email to Mike Hearn.

– As it turns out, traders in Thailand are using Tarot cards and astrology to predict price movements. For example, a popular astrologer who goes by the name Pimfah leads a Facebook group with over 160,000 members. There are also predictors on YouTube, like Ajarn Ton, who has over 26,000 subscribers. His channel features hundreds of videos, and in one of the recent ones, he predicts a 50,000% rise in the altcoin Terra Luna Classic. Considering that the project has collapsed and been abandoned for a long time, it's unlikely that this prediction will come true. However, there have been successful predictions as well. For instance, in August 2022, a well-known local predictor named Mor Plai forecasted the recovery of the crypto market. Several months later, this prediction made headlines in Thai newspapers.


Notice: These materials should not be deemed a recommendation for investment or guidance for working on financial markets: they are for informative purposes only. Trading on financial markets is risky and can lead to a loss of money deposited.

#eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #cryptocurrencies #bitcoin #stock_market

Forex | Forex Trading | NordFX

 

[Stan NordFX]

CryptoNews of the Week

– October 31 is bitcoin's birthday. On this very day in 2008, an individual or group using the pseudonym Satoshi Nakamoto published a document titled "bitcoin: A Peer-to-Peer Electronic Cash System". However, it's worth noting that bitcoin only made its debut as a cryptocurrency in the market on January 3, 2009. On this day, a block was mined containing the date and a brief excerpt from The Times article: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks".
On January 12, 2009, Nakamoto executed the first transaction on the network, sending cryptocurrency to developer Hal Finney. That same year, bitcoin was listed on the New Liberty Standard exchange. On this platform, one could purchase 1309 BTC for just $1 (worth nearly $55 million today).

– According to experts at CoinGecko, the "Uptober effect" is a reality, not merely an internet meme. (The term is derived from the combination of the words "up" and "October"). In eight out of the past ten years, the cryptocurrency market has shown growth in October compared to the preceding month. On average, the "Uptober effect" results in a 14% increase in the total market capitalization of digital assets – ranging from 7.3% in 2022 to 42.9% in 2021, as calculated by CoinGecko. The exceptions were in 2014 and 2018 when the market declined by 12.7% and 8.3% respectively over the month.
This year, starting from $27,000 on October 1st, bitcoin tested the $35,000 mark by October 24th, reflecting an approximately 30% growth. Even more significant rallies were shown by altcoins like Solana (SOL) and Chainlink (LINK).

– "Bitcoin is gold for the young," opined billionaire Stanley Druckenmiller, a former associate of George Soros at the Quantum Fund. "I'm 70 years old, and I have gold. I was taken aback when bitcoin started to emerge. But it's evident that the younger generation views it as a savings mechanism because it's much more convenient to handle," he observed. He believes that the foremost cryptocurrency has attained a brand stature akin to the precious metal, which has maintained its allure for 5,000 years. "I have an affinity for both. I don't possess bitcoin, but perhaps I should," Druckenmiller remarked.

– Peter Schiff, another "gold bug" and the head of Euro Pacific Capital, posits that the final nod from the SEC for spot bitcoin ETFs will spell the end for the bullish rally of the principal cryptocurrency. Currently, bitcoin is trading around $35,000, as speculators are banking on a favourable regulatory decision. This optimism might very well represent the zenith of the rally unless bitcoin sells off sooner. In Schiff's view, crypto traders might commence offloading coins, locking in profits even prior to any definitive decision from the SEC.

– A well-known bitcoin maximalist, TV host, and founder of Heisenberg Capital, Max Keiser, went on a tirade, dubbing Ethereum a "shitcoin" and its creator, Vitalik Buterin, a "terrorist". "Shitcoins like ETH, XRP, BNB, ADA, and thousands of others are crafted by financial terrorists and are indubitably employed to fund terrorism. Do your job and incarcerate everyone associated with these coins!" Keiser urged law enforcement. This former trader perceives bitcoin as distinct from other digital assets since it embodies a digital commodity designed to combat central banks and criminals vested with power. According to Keiser, in contrast, shitcoins were merely concocted to destabilize the financial system. Keiser's statement predictably drew a torrent of criticism. The blunter members of the crypto community labelled him a scammer, wishing him behind bars. The more courteous individuals advised the TV host to delve into the documentation of other cryptocurrencies to fathom their nuances.

– According to Guy Gotslak, co-founder and president of My Digital Money, Ethereum will reach $10,000 sooner than many expect. He believes that ETH has all the fundamentals required for significant growth, and it will be a walk to the top, not a giant leap.
During the recent cryptocurrency market rally, Ethereum increased by 21%, and the majority of the crypto industry participants believe that bitcoin's growth influenced ETH's rise. However, Gotslak thinks otherwise, being confident that the price movement of the main altcoin is independent of what happens with bitcoin.
The trading expert is optimistic about ETH's prospects, as he believes the market is looking for a safe haven. His confidence is also based on the numerous use cases of the Ethereum blockchain, which has been chosen by several Fortune 500 companies. Gotslak asserts that, with further technological advancements, this blockchain will become the most used, and ETH will become the most popular cryptocurrency.

– Michael Van De Poppe, founder of the venture company Eight and CEO of MN Trading, believes that bitcoin has officially entered a bullish market phase. The expert thinks the asset is ready for a rally to $50,000, after which a pullback will occur, followed by a new all-time high (ATH). Van De Poppe noted that BTC would face resistance at the $38,000 level but would likely continue to rise, reaching $45,000-50,000 by January 2024. However, he also mentions that a drop below $33,000 is still possible and sees it as an excellent opportunity for long positions.
Van De Poppe predicts that after the April halving, there will be a consolidation and sideways movement for an extended period before bitcoin begins to set new highs.
Look Into Bitcoin creators also believe that after BTC surpassed the $34,000 mark, it started the early phase of the bullish market. The next targets are $41,900 and $65,050.
A trader by the nickname Rekt Capital is less optimistic, expecting a significant drop by March 2024. After the halving, the expert anticipates a consolidation in the $24,000-30,000 range and then a parabolic growth to six-digit figures.

– In an interview with CNBC, renowned cryptocurrency enthusiast Anthony Pompliano expressed optimism about bitcoin's bullish trend. He emphasized that BTC's price rise is due to solid demand and supply. "Bitcoin is the most disciplined central bank in the world. [...] Bitcoin's supply is limited to 21 million coins, and this starkly contrasts with central banks that can issue an unlimited amount of money and bonds. Due to bitcoin's scarcity and its decentralized nature, it has become an attractive asset, especially during times of economic uncertainty," stated Pompliano.

– In the US, bitcoin mining is beginning to be used for heating saunas. Such a sauna has started operating in Brooklyn, New York. The heat generated by mining equipment is used as the source of water heating. As saunas become increasingly popular among Americans, this development benefits miners, as it adds another point to the discussion on the public benefit or significance of such entrepreneurial activity.


Notice: These materials should not be deemed a recommendation for investment or guidance for working on financial markets: they are for informative purposes only. Trading on financial markets is risky and can lead to a loss of money deposited.

#eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #cryptocurrencies #bitcoin #stock_market

Forex | Forex Trading | NordFX

 

[Stan NordFX]

CryptoNews of the Week

– Former Ethereum platform consultant Steven Nerayoff has accused Vitalik Buterin and Joseph Lubin of fraudulent activities. He believes that the co-founders of ETH have misled the crypto community by using social media. Furthermore, according to the lawyer, Buterin and Lubin are involved in manoeuvres that are a thousand times larger in scale than the crimes committed by FTX founder Sam Bankman-Fried.
"Statements by Buterin that he attempted to create a decentralized currency are fake. It was centralized from the beginning, and today, it is likely even more concentrated," Nerayoff wrote. In particular, the lawyer suggests the possibility of a secret agreement between the Ethereum network administration and high-ranking U.S. officials, such as SEC Chairman Gary Gensler and former SEC Chairman Jay Clayton, at the early stages of altcoin initial placements.
"A small circle of ETH investors controls about 75% of all protocol assets. So now it's easy to manipulate the price or even set its lower or upper limit. Most of the trading you see on exchanges is fake or fictitious to create the illusion of liquidity," Nerayoff expanded on his accusations.
Previously, this lawyer speculated that the full-scale attack on Ripple by U.S. regulatory bodies could have been sponsored by influential ETH holders. In his view, Ripple's detractors may include individuals associated with the SEC, the Department of Justice, the FBI, and even some Ripple employees.

– Crypto investigator Truth Labs believes that it is not the U.S. but the Chinese conglomerate Wangxian Group that has decisive influence over the Ethereum network, and organizations close to the Communist Party of China (CPC) control almost 80% of mined ETH. Truth Labs also claims that Wangxian was one of the original sponsors of the Ethereum network in 2015. The group is also attributed with creating original wallets for Buterin.

– Co-founder of Estonian LHV Bank Rain Lõhmus lost the password to a wallet containing 250,000 ETH. The businessman acquired the coins during an ICO in July 2015, and they remained dormant since then. At that time, the purchase cost him $75,000. On November 10, 2021, when the Ethereum price reached an all-time high of around $4,800, Lõhmus's holdings grew to $1.22 billion. However, even now, they amount to approximately $470 million. Now, the businessman intends to recover the password using artificial intelligence. "My plan," he stated, "is to create Rain Lõhmus as an AI and see if he can retrieve his memories." The possibility of losing access to his funds, the businessman called a "weak point" of blockchain. "It makes you think that this perfect decentralization carries risks that you don't usually consider," Lõhmus shared his conclusions.

– The approval of spot exchange-traded funds (ETFs) based on Bitcoin may not benefit either the main cryptocurrency or the people who use it. This is the opinion expressed by the former CEO of BitMEX, Arthur Hayes. He referred to investment giants like BlackRock as "agents of the state." "The state needs its citizens to 'sit in the paper banking system' to tax them with inflationary taxes to repay constantly growing debts. This makes sense for institutional entities that are inherently subject to the state," he said.
According to Hayes, institutional interest in the asset poses a situation that "ultimately may not be to our liking." "Yes, it's good, an ETF emerges, the price rises to a level it can reach. But what is the ultimate benefit of one institution owning all of this cryptocurrency?" he questioned.

– The first cryptocurrency may reach the $47,000 mark by the end of November 2023, according to Rachel Lin, CEO of the decentralized derivatives exchange SynFutures. 'The past weeks have solidified October's reputation as 'Uptober,' with bitcoin gaining nearly 29%. What's even more interesting is that historically, November outperforms October with an average bitcoin return of over 35%. If this November delivers a similar profit, the asset will reach approximately $47,000,' she stated.
As an additional positive factor, Lin noted the growth in the number of users and transactions. In her view, the surge in spot trading volume with a noticeable increase in transfers exceeding $100,000 is particularly noteworthy. 'This is a clear indicator of heightened institutional interest,' the specialist believes. 'Major players are consolidating positions in digital assets, especially in BTC. If we look at the inflow last week, we can see a massive increase: about $325 million entered the sector, with almost $300 million going into bitcoin. Options data also reflect bullish market sentiment.”

– As highlighted by Markus Thielen, the head of research at Matrixport, recent macroeconomic shifts, especially in the Federal Reserve's policies, suggest a potential rally in the market of cryptocurrencies. He reminded us that after the conclusion of the Federal Reserve's policy tightening cycle in January 2019, digital gold (referring to bitcoin) appreciated fivefold. Thielen cautioned against expecting a repetition of such dynamics while explaining that the first cryptocurrency could 'make significant advances' in 2023 and 2024. According to the expert's calculations, bitcoin tends to grow by an average of 23% during the pre-Christmas period of November and December this year.

– Analyst using the alias "Doctor Profit" has shared a rather conservative forecast. He believes that the period leading up to the BTC halving will range between $26,000 and $41,000. In his opinion, investors should be prepared for possible corrections. The expert also does not rule out the possibility of "black swan" events, similar to the one that pushed BTC to local lows before the halving in May 2020 due to the COVID-19 outbreak.

– In an interview with CNBC, the founder of MicroStrategy, Michael Saylor, listed the factors that he believes will lead to a tenfold increase in the price of bitcoin in the medium term. First, he mentioned the upcoming halving, which is expected to increase demand for the cryptocurrency and create a shortage in the market. Another source of buyer pressure will be spot-based ETFs based on the first cryptocurrency.
The third factor will be the soon-to-be-implemented new fair value accounting rules for bitcoin reserves of companies in the United States. Saylor believes that this will open the door for corporations to adopt bitcoin as a treasury asset and create shareholder value. The entrepreneur also pointed out the positive effect of regulatory and law enforcement actions by authorities, including the lawsuit against the former CEO of the collapsed FTX exchange. According to Saylor, "all these early crypto cowboys, tokens that are unregistered securities, unreliable custodians" were liabilities for bitcoin. To take the crypto industry to a new level, it needs "parental supervision." The founder of MicroStrategy also believes that the industry needs to "move away from the 100,000 tokens" that are simply used for speculation and focus on bitcoin. "When the industry shifts its focus away from the small shiny tokens that distract and destroy shareholder value, I think it will move to the next level, and we will see a tenfold increase from where we are now," Saylor concluded.

– The founder of the bankrupt cryptocurrency exchange FTX, Sam Bankman-Fried, has been found guilty of the alleged violations worth billions of dollars. On November 2, the jury delivered a guilty verdict in the case, convicting Bankman-Fried of seven episodes of fraud, money laundering, and criminal conspiracy. According to the law, the controversial businessman faces a minimum of 110 years in prison, essentially a life sentence. However, the judge has the discretion to impose a less severe punishment.

– CEO of ARK Investment Management, Catherine Wood, was asked which of the three asset classes she would prefer to hold for 10 years – cash, gold, or bitcoin. Without hesitation, she replied, "Without a doubt, bitcoin. It is capable of safeguarding savings from both inflation and deflation... It's digital gold." Wood noted that she expects cross-pollination between industries like AI and cryptocurrencies, believing that the first cryptocurrency will only benefit from innovation. As a reminder, according to her predictions, in the next decade, the price of BTC will exceed $1 million.

– While for Catherine Wood, bitcoin is "digital gold," for billionaire Charlie Munger, it's the "dumbest investment," "rat poison," and a "venereal disease." In a recent interview, this associate of Warren Buffett once again criticized digital gold. "When people start creating artificial currency, it's like adding spoiled product to a traditional recipe that has been around for a very long time and used by many people," the investor said. According to him, one of the effective ways to advance civilization is to have a strong currency. It could be shells, corn kernels, gold coins, or debt obligations - the key is that this currency is issued by a central bank.


Notice: These materials should not be deemed a recommendation for investment or guidance for working on financial markets: they are for informative purposes only. Trading on financial markets is risky and can lead to a loss of money deposited.

#eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #cryptocurrencies #bitcoin #stock_market

Forex | Forex Trading | NordFX