Monat: Juni 2022

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Top analyst shares thoughts on when Bitcoin is likely to ‘bottom’

Crypto analyst Rekt Capital says Bitcoin is likely to bottom in Q4 this year, based on historical details of a key Bitcoin event.

The Bitcoin network undergoes what is called “halving” roughly every four years – a period at the end of which network rewards for miners are cut in half.

Bitcoin could bottom in Q4 2022

As noted by the analyst, BTC price has reached a bottom well before the halving, as observed over since 2015.

“In 2015, BTC bottomed 547 days before the Halving. In 2018, $BTC bottomed 517 days before the Halving (discount March 2020 crash).”

The bottoms preceded the July 2016 block reward halving, which reduced miner rewards from 25 BTC to 12.5 BTC. The 2018 bottom preceded the third halving, which occurred in May 2020 and cut block rewards from 12.5 BTC to 6.25 BTC.

Going by the previous halvings, Rekt notes:

“If Bitcoin is going to bottom 517-547 days before the upcoming April 2024 halving … then the bottom will occur in Q4 this year.”

On when this is most likely to be and what happens to Bitcoin price next, the analyst suggests October or November. And Bitcoin could see several price scenarios, including a “slow bleed” and accumulation.

“But BTC has dropped so much lately that it’s difficult to think the bottom won’t be in sooner. How could we get a Q4 2022 bottom? Slow-bleed, some relief, lots of consolidation,” he tweeted.

He thinks the consolidation to extend as far as December 2022.

The post Top analyst shares thoughts on when Bitcoin is likely to ‘bottom’ appeared first on CoinJournal.

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FINRA chief to crypto talent being laid-off: We can give you a job

The US Financial Industry Regulatory Authority (FINRA) may as well tap into crypto talent that’s currently being laid off from various crypto firms.

The idea was floated by FINRA CEO Robert Cook, according to a Reuters report.

The publication quoted the regulator as saying that it needs to add to its resources as it looks to increase its crypto monitoring amid more engagements within the space from the agency’s members.

“We’re going to need to be engaged and prepared to have the resources to do that,” Cook noted, referring to the increase in companies getting approval to trade digital assets. 

“So, anybody who is getting laid off from a crypto platform and wants to work for FINRA, give me a call,” he added.

Crypto lay-offs amid bear market wipeout

Tough times for the crypto market as prices plummet amid massive sell-offs have had an impact on crypto firms, with several opting to cut their headcount as part of the effort to stay profitable.

Coinbase has announced plans to lay off 18% of its employees, while BlockFi said it would release 20% of its workers. Crypto exchanges Gemini and Crypto.com have also moved to reduce their workforce as a result of the market conditions.

But not everyone is laying off employees. 

Binance, the world’s largest crypto exchange by trading volume, has 2,000 open job positions. Nexo is also hiring, while FTX CEO Sam Bankman-Fried recently said the firm will continue to prudently hire more people.

BTC price dips further

In the market, Bitcoin has dropped below $21,000, while Ethereum is trending weakly above $1,000. Almost every other crypto asset is deep in the red.

The post FINRA chief to crypto talent being laid-off: We can give you a job appeared first on CoinJournal.

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Immutable X is down by more than 6% despite TurnerSportsPR partnership

The cryptocurrency market has lost nearly $100 billion over the past 24 hours, with numerous coins and tokens trading in the red zone.  

The cryptocurrency market has been in a bearish trend for the past few months, and things took another negative turn this week. The total cryptocurrency market cap has dropped below $900 billion, down by more than $2.2 trillion from the all-time high attained in November 2021. 

At press time, the total market cap stands below the $900 billion region. Bitcoin and the other major cryptocurrencies have recorded massive losses over the past few days.

Bitcoin is trading just above the $21k support level, while Ether risks dropping below $1,000 if the bearish trend continues. 

IMX, the native token of the Immutable X ecosystem, is down by more than 6% over the last 24 hours. This latest development comes despite Immutable X announcing a major partnership agreement with TurnerSportsPR.

TurnerSportsPR is a leading sports news brand and houses platforms such as Bleacher Report, TNT and TBS. 

Per the terms of the agreement, Immutable X will work with TurnerSportsPR to build blockchain games for premier sports, powered by StarkWare.

Key levels to watch

The IMX/USD 4-hour chart is very bearish at the moment as Immutable X has recorded huge losses in the last few days. 

The MACD line is below the neutral zone, indicating bearish momentum. The 14-day RSI of 36 shows that IMX could soon enter the oversold region.

At press time, Immutable X is trading at $0.68 per coin. If the bearish trend continues, IMX could drop below the $0.55 resistance level over the next few hours.

Unless there is a massive selloff, IMX should stay above the $0.50 psychological level in the near term.

The post Immutable X is down by more than 6% despite TurnerSportsPR partnership appeared first on CoinJournal.