Der langjährige Rechtsstreit zwischen Ripple und der SEC um den Status von XRP könnte schon bald ein Ende finden.
MicroStrategy buys extra 301 bitcoins for $6 million
MicroStrategy continues to solidify its position as one of the leading institutions in the crypto space after purchasing over 300 bitcoins earlier today.
Software firm MicroStrategy announced on Tuesday, September 20th, that it has bought 301 bitcoins.
The company made this move as the leading cryptocurrency has been underperforming in recent weeks. Bitcoin has dropped below the $20k mark in the last few days, and MicroStrategy has taken advantage of this to increase its position in the market.
MicroStrategy has purchased an additional 301 bitcoins for ~$6.0 million at an average price of ~$19,851 per #bitcoin. As of 9/19/22 @MicroStrategy holds ~130,000 bitcoins acquired for ~$3.98 billion at an average price of ~$30,639 per bitcoin.https://t.co/5kYW98ij4I
— Michael Saylor⚡️ (@saylor) September 20, 2022
MicroStrategy’s chairman, Michael Saylor, announced this latest development via Twitter an hour ago. According to Saylor, MicroStrategy bought the 301 bitcoins for $6 million, at an average price of $19,851 per Bitcoin.
Following this latest development, MicroStrategy now holds 130,000 bitcoins. The company said it acquired the 130,000 bitcoins for $3.98 billion, at an average of $30,639 per Bitcoin.
By owning 130,000 bitcoins, MicroStrategy now holds 0.62% of all the Bitcoin that would ever be mined.
According to the Securities and Exchange Commission filing, MicroStrategy bought the bitcoins with excess cash.
Michael Saylor recently stepped down as CEO of the company after years at the helm. By assuming the role of executive chairman, Saylor wanted to focus on buying more bitcoins.
Saylor has also come under pressure in recent weeks, with the United States government taking aim at the billionaire in a tax evasion lawsuit.
The former MicroStrategy CEO has made his admiration for Bitcoin public on numerous occasions. As a result, he purchased thousands of bitcoins for the software development company.
Bitcoin has been underperforming in recent weeks. The leading cryptocurrency went past the $19k mark earlier today but is now trading around $18,800 per coin.
Bitcoin reached an all-time high of $69k in November 2021. However, it has lost more than 60% of its value since then and is now trading below $20k per coin.
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Should You Buy the Ethereum Dip?
Ethereum price has come under intense pressure in 2022 as investors focus on multiple factors. It has fallen by more than 56% this year and by 68% from the highest level in 2021. Its market cap has crashed from an all-time high of over $600 billion to about $190 billion. So, is it safe to buy the ETH dip?
Why has Ethereum crashed?
There are several reasons why Ethereum price has dropped sharply this year. First, macro conditions have changed around the world, leading to fears of a steep recession. For example, inflation has surged to a multi-decade high in most countries while a war in Ukraine is ongoing. Historically, risky assets tend to underperform in a period of shifting macro events.
Second, the Federal Reserve and other key central banks like the European Central Bank (ECB) and the Bank of England (BoE) have all shifted their tones and executed severe rate hikes. In the US, the Fed has delivered several rate hikes and pushed the headline rate up by 225 basis points. It has also hinted that it will continue hiking and implementing quantitative tightening (QT) in the coming months.
Third, internally, Ethereum and other smart contract platforms have been under pressure as key industries struggle. For example, Ethereum’s total value locked in DeFi has dropped from over $75 billion to just $32 billion. The total volume of non-fungible tokens (NFT) traded in Ethereum has also dropped.
There are other reasons why Ethereum price has continued falling. For example, the lack of fiscal stimulus and the collapse of Terra, Celsius, and Voyager Digital had an impact on cryptocurrency prices. So, is it safe to buy Ethereum dip?
Where to buy Ethereum coin now
eToro
eToro is one of the world’s leading multi-asset trading platforms offering some of the lowest commission and fee rates in the industry. It’s social copy trading features make it a great choice for those getting started.
Skilling
Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.
Ethereum price prediction
The daily chart shows that ETH price crashed to a low of $885 in June of this year. This was a remarkable crash considering that the coin was flirting with $5,000 a few months ago. Now, the coin has staged a brief recovery and moved to the 50-day and 100-day moving averages.
At the same time, the Awesome Oscillator has moved slightly above the neutral point. The price is slightly below the 23.6% Fibonacci Retracement level.
Therefore, at this stage, it is too early to recommend buying the dip. Instead, traders should wait until Ethereum moves above the two moving averages and create a bullish trend. Besides, there is a likelihood that the recent rebound is part of a bear market rally.
The post Should You Buy the Ethereum Dip? appeared first on CoinJournal.
Should I buy Bitcoin now?
Bitcoin price has had a tough performance in 2022 as concerns about high interest rates converge with heightened geopolitical, inflation, and drought risks. After soaring to an all-time high of near $70,000 in 2021, Bitcoin slipped to a low of $17,470 this year. As a result, the total market cap of all cryptocurrencies dropped from over $3 trillion to less than $1 trillion.
Federal Reserve risks
Bitcoin price has crashed hard this year simply because of the Federal Reserve. After being wrong on inflation in 2021, the Fed embarked on its most aggressive policy on record. It decided to start a quantitative tightening policy in a bid to reduce the amount of money in circulation.
At the same time, the Federal Reserve decided to hike interest rates. In the first eight months of the year, the bank hiked interest rates by 225 basis points. And in recent statements, officials warned that more rate hikes were necessary until signs of sustained inflation drop were seen.
Historically, Bitcoin price tends to underperform in a period when the Fed is extremely hawkish. The same is true for other types of assets like stocks. Indeed, most American indices like Dow Jones and S&P 500 have dropped by over 10% this year.
Bitcoin price also dropped because of falling interest among retail traders. This is evidenced by the overall weak financial results and falling volume by leading companies like Coinbase, OKX, and Binance.
As you recall, 2021 was a great year for American retail traders who had accumulated large savings as they worked from home. At the same time, the Federal government provided trillions in stimulus, including stimulus checks. Most of these funds went to cryptocurrencies.
As a result, on-chain data shows that the volume of Bitcoin transactions has been in a strong downward trend lately.
Where to buy Bitcoin now
eToro
eToro is one of the world’s leading multi-asset trading platforms offering some of the lowest commission and fee rates in the industry. It’s social copy trading features make it a great choice for those getting started.
Skilling
Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.
Bitcoin price prediction
The weekly chart is a good place to start when determining whether Bitcoin is a good investment now. As shown below. The chart reveals that BTC price formed a double-top pattern at around 64,000. The neckline of this pattern was at 28,397. In price action analysis, a double-top pattern is usually a bearish sign.
At the same time, the coin has moved below the 25-week and 50-week moving averages. Therefore, I suspect that Bitcoin will continue falling as sellers target the next reference level at $12,364. As such, I would not recommend buying Bitcoin at this moment. Besides, the Fed is still committed to continuing its aggressive policy.
The post Should I buy Bitcoin now? appeared first on CoinJournal.
Kursanalyse, 20. September: Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB)
Die Unsicherheit im Hinblick auf die geplante Leitzinserhöhung der US-Zentralbank sorgt weiter für Druck bei Bitcoin und den Altcoins. Das könnte sich ändern, wenn die Erhöhung bei 75 Basispunkten bleibt.