Monat: Mai 2022

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Bitcoin price prediction: beware of a dead cat bounce

The Bitcoin price is having a dead cat bounce after experiencing its worst crash this year. BTC is trading at $30,500, which is above this week’s low of $25,300. It is significantly lower than its all-time high of almost $70,000. So, will this recovery hold?

Bitcoin recovery

The BTC price has made some gains in the past few hours as investors rush to buy the dip in the coin. Many of market participants believe that the coin has gotten extremely cheap considering that it has had its worst week this year.

A closer look at the market shows that the BTC recovery mirrors that of the stock market. In the past two days, technology stocks have been a bit positive following some notable developments. The Nasdaq 100 index has risen from the intra-week low of $11,700 to $12,213. Recently, we have seen a close correlation between tech stocks and digital currencies.

Further, Bitcoin price has held steady since Tether has held quite well. On Thursday, the stablecoin lost its peg for a while, causing many investors to worry about its future. This happened as the Terra USD stablecoin continued struggling.

Learn more about how to buy Bitcoin with PayPal.

Another reason why Bitcoin is doing well is that many big investors seem to be holding their stakes in the coin. For example, in an interview with CNBC on Thursday, Bill Miller, a legendary investor, said that he was still holding his assets. Similarly, other investors like Tesla and MicroStrategy are yet to sell their stakes.

Still, investors should take this rally with a grain of salt. Historically, assets tend to bounce back briefly after a major sell-off. This happens as investors buy the dip. In most cases, the relief rally, which is often known as a dead cat bounce, tends to ease.

Bitcoin price prediction

The four-hour chart shows that the BTC price formed a hammer pattern on Thursday. In price action analysis, this is one of the most reliable bullish reversal candlestick patterns. The coin is now stuck at the 25-day moving average while the Relative Strength Index (RSI) has pointed upwards.

Therefore, there is a possibility that the Bitcoin price will keep rising during the weekend especially if the Nasdaq 100 index closes in the green. However, in the coming days, there is a likelihood that the pair will resume the downward trend in the coming week.

The post Bitcoin price prediction: beware of a dead cat bounce appeared first on Coin Journal.

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David Marcus unveils new Bitcoin company called Lightspark

Lightspark, a new bitcoin-focused startup launched by former Meta (Facebook) crypto head David Marcus, is currently recruiting as it looks to build around Bitcoin.

David Marcus, who headed Meta’s (formerly Facebook) cryptocurrency division, has announced a new startup that targets building on the utility around Bitcoin.

Dubbed Lightspark, Marcus says the new company will focus on the capabilities of Bitcoin’s Lightning Network.

“I wanted to share that we are starting a new company called Lightspark to explore, build and extend the capabilities and utility of Bitcoin,” the former Facebook exec noted in a tweet.

He added that the company’s “first step” involves “actively assembling a team to dive deeper into the Lightning Network.”

In remarks about the current crypto market sell-off, Marcus said:

“Downturns are good moments to focus on building and creating value with mission-aligned people. We’re excited to dive into Lightning, learn more, and work alongside the community. We’ll share more about our work as we make progress!”

Lightspark has received backing in a financing round co-led by a16z and Paradigm, participation from Matrix Partners, Thrive Capital, Ribbit Capital and Coatue among other investors.

The post David Marcus unveils new Bitcoin company called Lightspark appeared first on Coin Journal.

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Ether maintains its price above $2k as the market slowly recovers

The cryptocurrency market is slowly recovering from its recent slump and has added more than $100 billion to its market cap in the last 24 hours.

The broader crypto market has had a poor week up till Thursday. The market lost nearly $400 billion over the past few days.

However, the sentiment has improved over the past 24 hours, with the market up by more than 11% during that period. The total crypto market cap currently stands at $1.3 trillion.

Bitcoin remains the market leader and is trading above $30,000 once again. It is up by more than 8% in the last 24 hours.

Ether, the second-largest cryptocurrency by market cap, is also up by more than 8% in the last 24 hours. It is now trading above $2,000 and could rally higher over the coming hours and days.

The market sentiment has been negatively affected by the Terra crisis. However, with the Terra blockchain now officially halted, the market could embark on a recovery journey in the coming days.

Key levels to watch

The ETH/USD 4-hour chart remains bearish despite Ethereum’s ongoing positive performance. Ethereum has not fully recovered from the bearish trend that has negatively affected its price in recent weeks.

The MACD line is still below the neutral zone. However, it is improving and could enter the positive region if the bulls continue to be in control of the market.

The 14-day RSI of 40 shows that ETH is no longer in the oversold territory. At press time, ETH is trading at $2,069. If the rally continues, it could surge past the first major resistance level at $2,180 before the end of the day.

In the event of extended bullish performance, ETH could move past the second major resistance level at $2,308 over the next few hours or days.

However, ETH could lose its support level at $2,000 if the bears regain control of the market. Ether should comfortably defend its price above the second major support level at $1,890. 

The post Ether maintains its price above $2k as the market slowly recovers appeared first on Coin Journal.

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Shiba Inu jumps 27% after getting listed on Rain, a top Middle East crypto exchange

Rain, a leading crypto exchange based in Bahrain Middle East, has listed Shiba Inu to expand its trading volume and adoption after two months of consideration.

Rain was the first crypto exchange platform to be fully licensed after the Central Bank of Bahrain’s approval. Back in March, Rain had asked the community on their official Twitter account if they should list the second-largest meme token.

Recently, the platform announced that it is supporting Shiba Inu. However, earlier this year Shiba Inu had been listed on other crypto exchange platforms like Robinhood trading app and Parex decentralized exchange.

BlueWhale0073 purchases a whooping 455 billion SHIB tokens

According to WhaleStats, a crypto service that tracks and shares data on the largest wallets on chains like BNB, Polygon, Ethereum, and other chains, a tweet said that a sizeable amount of SHIB tokens have been purchased by a prominent Whale on the Ethereum chain.

BlueWhale0073 wallet owner has purchased 455,957,607,129 SHIB tokens which costed him $4,933,461. However, the whale started to sell the majority of his SHIB tokens on the Binance exchange after the token staged a rally of more than 25%.

Although the amount of SHIB and other small tokens like HEX, UNI the Whale currently holds is small (approximately worth $17,976, only 0.25% of his portfolio), he has other major holdings like LINK, MATIC, and USDC, the largest asset he owns. 

At the time of writing, SHIB is trading at $0.00001328, 27.36% up after a slight retracement from a daily high of $0.00001384.

The post Shiba Inu jumps 27% after getting listed on Rain, a top Middle East crypto exchange appeared first on Coin Journal.