The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of CURATION. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Hayes’ Scary Warning: Bitcoin Price Could “Absolutely” Retest $3k [cointelegraph.com]
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
BitMEX CEO Arthur Hayes and a pseudonymous trader known as ‘Crypto Capo’ both predicted the Bitcoin (BTC) price to drop to the $3,000s in early 2020. In the near-term, both expect Bitcoin to retest the $3,000 region once again.
In the BitMEX Crypto Trader Digest letter dated April 9, 2020, Hayes said that as the U.S. stock market sees another leg down, all asset classes could ‘puke’, causing Bitcoin price to correct.
Bitcoin Price Fractal from 2019 (Source: Tweet Monkey Rothschild)
Last year, Bitcoin [BTC] price rose from $4200 to $14,000 beginning the correlation with gold, in the face of the US-China Trade War. Currently, it stands a bigger confluence level that last year with the COVID-19 crisis.
Moreover, in April the sentiments of the traders were similar to it is now. Here’s a fractal which explains it:
Source: CoinDesk's Bitcoin Price Index
“Given some of the abruptness of the overnight move, it suggests that some larger holders were inclined to take profits at these relatively favorable prices,” David Nuelle, managing director of Hehmeyer Trading + Investments, told CoinDesk. “Other than that, I don’t see anything that would precipitate the market move.”
Still, Nuelle called bitcoin’s recovery from mid-March lows of roughly $4,100 “pretty impressive.”
Image Courtesy of Teddy Cleps
Bitcoin faced a grim overnight rejection within the lower-$7,000 region that led it to decline all the way to its low-time-frame support at $6,800, with bulls ardently attempting to defend against the crypto dropping beneath this level.
Today’s downside movement marks an extension of the bearish momentum that was first incurred during the crypto’s firm rejection at $7,500 earlier this week, with the selling pressure here proving to be insurmountable.
Today’s market dip has not caused a notable shift in Bitcoin’s general upward movement since mid-March. In fact, a look at the chart from CoinMarketCap shows that drops of $200-400 have taken place several times in the past few weeks, only to rebound relatively quickly. Thus, if the pattern is to hold Bitcoin would need to hover around $6,900 for a day or two before coming back up.
BTC/USD on Trading View
Fours day after finally breaching the $7000 mark in the charts, Bitcoin registered another slump of $400 in 5 hours, bringing the valuation back under the 7k range. However, BTC’s price looked more than certain and assured in the long-term scenario and the recent decline could only be a minor bump before its eventual rally upwards.
Both generation X and Y have proven to become more bank-averse in recent years.
Coldwell Banker conducted some research regarding these matters to determine a future outlook.
It appears that there will be a major transfer of wealth in the years to come.
Millennials are the new generation pocketing ample riches in various ways.
ETH/USD on TradingView
Over the past few hours, Ethereum took a 10% nosedive that saw its price drop from $170 to $152. Despite the significance of this bearish impulse, data shows that retail investors remain optimistic.
Indeed, long Ether positions in Bitfinex are going parabolic since the Mar. 12 crash. Today alone, over 330,000 new positions were added representing a 30% increase.
The substantial rise pushed the number of ETH long positions in the Hong Kong-based cryptocurrency exchange to a new all-time high of over 1.39 million.
The BCH halving slashed the miners’ earnings by 50%, dropping mining rewards from 12.5 BCH per block to 6.25. During that event, Bitcoin Cash managed to increase its price by 12.45%, going from $249 to a peak of $280. However, its price dropped drastically to $230 after a few hours, a price which seems to have remained stable from its halving until the time of writing.
The IRS announced Friday that it was launching a tool for eligible U.S. citizens and residents who don't usually file a tax return to obtain access to government coronavirus-related stimulus funds.
Hours after that decision, Square announced that it was adding a feature to allow users to direct those stimulus payments to their Cash App accounts. The IRS tool is being launched on April 17, according to a press release published by the agency., and the U.S. government is expected to begin transmitting payments and sending checks to eligible people in the coming days.
According to the announcement, software developers will use Bluetooth technology to develop application programming interfaces (APIs) that are designed to help governments and health agencies reduce the spread of the virus.
The key will be getting people to opt in.
According to a recent blog post, Reddit is introducing a new feature – Community Points. They are built and stored as standard ERC-20 tokens on the Ethereum blockchain, making them interoperable with existing blockchain tools.
The Points will be a measure of reputation and contribution within the community. They will be displayed next to each username on posts and comments in the subreddit.
- The coronavirus outbreak has accelerated initiatives focused on creating a global digital ID system.
- Governments and Big Tech are building surveillance apps to control the spread of COVID-19.
- But if the apps aren't built with privacy in mind they could be a dystopian disaster.
Some might find that unnerving. The age-old desire to attach a currency’s value to something earthly, precious and finite is partly founded on a false hope that these tokens, in which we place such faith, have intrinsic value. It’s an understandable instinct, and there’s a strong gold standard argument for curtailing the sovereign’s power to debase people’s savings. But the sense of innate value is just a belief. As with people’s beliefs in other ephemeral concepts – in religion, for example, or in the concept of a nation – the ones most difficult to challenge are those fundamental to society. Indeed, one could argue that if everyone were to acknowledge that money is a fiction, it would cease to function.