Kategorie: Bitcoin News

Jack Dorsey has this week taken issue with venture capital firms for pushing a ‚false‘ idea of a decentralised Web3

Here is a recap of this and other top stories that you might have missed going into the holiday season

Block CEO Jack Dorsey weighs in on the Bitcoin vs. Dollar debate

Former Twitter and current Block (previously Square) CEO Jack Dorsey had his say on the Bitcoin v Dollar topic. Replying to a Tuesday tweet by American rapper Cardi B posing whether Bitcoin will replace the Dollar, the Bitcoin enthusiast was affirmative in his reply. His response sent waves across crypto communities, receiving engagements from both divides of argument.

His standing was anything but a surprise, as Dorsey has frequently professed his passion for Bitcoin. He previously remarked that Bitcoin is the most important thing he needs to work on in his lifetime. Last month, the Twitter co-founder left his position as CEO of the social media giant and will now focus on his digital payments and financial services company, Block.

Following the tweet, market changes gave Bitcoin a slight bump. The world’s largest crypto coin has been on a downward trend occasioned by worries over the impact of the Omicron variant in recent weeks. This week, it also became clear that Dorsey is no fan of Web3, or rather the technology’s control by venture capital firms.

On Tuesday, the Bitcoin bull tweeted out saying Web3 was nothing short of a centralised entity. The spat with VCs and the whole idea of Web3 went on with Elon Musk joining on asking if anyone had seen Web3. Dorsey replied, „it’s somewhere between a and z,“ possibly implying it is controlled by venture capital firm a16z.

Visa completes acquisition of international payment solutions firm Currencycloud

On Monday, Visa confirmed that it had completed the acquisition of cross-border payments solutions firm Currencycloud. The agreement was sealed in July for a sum of £700 million, which at the time, Visa said was part of its ’network of networks‘ strategy. The announcement also confirmed that Currencycloud would retain its London headquarters.

Currencycloud, which facilitates forex solutions for banks and financial tech companies, and Visa can now assure better control, flexibility, and transparency to partners and clients. Through the endeavour, Visa also intends to enhance the user experience for customers and reduce the struggles of achieving B2B cross-border transfer of finances.

The deal comes as part of a strategic partnership agreement from 2019 between the two firms in an arrangement that pledged cooperation. The plan was to improve innovation in transnational payments and offer Visa customers innovative, digital-first travel payment solutions that would help improve visibility and control of their money as they travel across various regions.

Currencycloud employs application programming interfaces (APIs) in providing currency exchange utilities for financial service providers. It also provides virtual account management, instantaneous notification for foreign exchange transactions, in addition to multi-currency management. The enterprise-class payments platform serves approximately 500 clients in the tech and banking sectors spread over 180 nations.

Crypto regulation proposal passes the Paraguayan senate

Last Thursday, a bill intending to regulate crypto mining and trading that was first introduced mid-July by lower house by MP Carlitos Rejala received a majority vote of 29 against 8 opposing votes in the Paraguayan senate. MP Rejala gained the support of Senator Fernando Silva Facetti, who has been the champion of the bill in the upper house.

The main advocacy point for the proposed bill has been the plentiful amount of power generated by the Latin American country. Paraguay produces a large amount of hydroelectric power, about five times the amount it actually uses, with most of the surplus going to waste.

Regulating the crypto sector and allowing international miners to set up mining farms near the power generation plants would monetise the overabundant power that would otherwise go unused. The proposal seeks to create forthright regulation for the crypto sector. If implemented, it would validate crypto mining as a legal sector and recognise the mining of virtual assets as „a digital and innovative industry.“ 

Entities interested in setting up mining operations would require approval for industrial electricity use before applying for a licence. This is a big win for crypto backers, but the journey is not yet over. The bill will be debated and voted on by the House of Deputies (lower house) next year, after which the President can sign it into law.

Crypto.com purchases an ad spot in the 2022 Super Bowl

Crypto.com isn’t slowing down as it seeks to join the top consumer brands in the US within the next three to five years. On Wednesday, The Wall Street Journal reported that as a last major financial move for the year, the Singapore-based crypto exchange had purchased ad space in the biggest sporting event in American television – the Super Bowl.

The exchange will be airing a 30-second ad during the popular sporting event, for which it reportedly paid a significant $6.5 million. The Super Bowl is set for February 2022 and is a sports game known to enjoy massive TV viewing numbers. This year’s version had 96.4 million viewers, approximately one-third of the American population. The ad could prove value for money as indicated by the good publicity figures.

Crypto.com has been on a roll this year, completing several mainstream partnerships. Also, this week on Tuesday, the exchange announced a four-year deal with Angel City Football Club to become the team’s official NFT and crypto partner. The deal saw Crypto.com become a founding sponsor and partner at the new team, an opportunity it plans to use to push awareness on crypto, blockchain, and Web3. Not too long ago, the exchange completed a $700 million, 20 year deal for the naming rights of the previously-named Staples Center Stadium.

Former US President Donald Trump only wants the Dollar, not crypto

On Monday, former President of the United States Donald Trump spoke to Fox News anchor Maria Bartiromo during her Mornings With Maria TV program. The former head of state warned of the danger of cryptocurrencies, though taking a softer stance on Melania Trump’s planned NFT project.

In the interview published on Tuesday, the former President spoke of his preference for the Dollar, saying he really has never been a fan of crypto. Trump told Bartiromo that crypto is a very dangerous thing that could one day see a bigger burst than the dot-com bubble crash at the start of the century.

He referenced previous combative comments he had made regarding the digital assets, such as when he remarked crypto seemed like a scam and needed heavy regulation back in June. Trump, however, held that the immediate former First Lady Melania would do great in her plans to launch an NFT project.

Melania announced her NFT venture Thursday last week with the said NFTs available for 1 Solana, valued at around $180 at present. The NFTs would be released at regular intervals, with a portion of the proceeds going to charity. President of the National Committee for Responsive Philanthropy Aaron Dorfman commented that the lack of clarity on what amount would be given to charity is „a huge red flag.“

The post Weekly Report: Bitcoin will replace the Dollar, Twitter co-founder Jack Dorsey says appeared first on Coin Journal.

Day trading is the practice of buying crypto assets, holding them for a short time (typically less than 24 hours), and selling them at a profit. It is a very risky trading strategy too, but with the right approach, it can be used to cash in on the short-term volatility in the market. However, not all cryptocurrencies are suited for day trading. In fact, here are some attributes that typically define the best day trading assets.

• The asset needs to have a relatively high trading volume. This makes it easier for orders to get filled.

• Day trading assets also need to be newsworthy in that, if something happens, they get covered in major crypto news.

• Finally, the asset also needs to be relatively more volatile compared to other cryptos.

Well, in case you want to day trade crypto, the following are some two assets you can consider based on the criteria above:

Bitcoin (BTC)

The main reason why Bitcoin (BTC) makes it into the list is based on the sheer trade volume. As one of the most popular cryptocurrencies in the world, it is also a newsworthy coin. After all, news related to Bitcoin will always be on the front page of any decent crypto site.

Data Source: Tradingview.com

At the time of writing, BTC had a 24-hour trade volume of nearly $24 billion. Also, Bitcoin is supported in most crypto day trading derivatives, including futures, CFDs, options, and others.

Tether (USDT)

Tether (USDT) is the largest stablecoin. Just like Bitcoin, it has a huge trading volume. In fact, its trading volume at the time of writing was around $61 Billion, nearly 3 times more than Bitcoin.

Tether (USDT) is however not nearly as volatile as Bitcoin but there is enough volatility there for a day trader to profit. It also gets a lot of press coverage so you are going to have all the info you need.

The post The best cryptocurrencies for short term day trading appeared first on Coin Journal.

• The total cryptocurrency market cap has shed over 3.2% in the past 24 hours as widespread selling in the crypto sector mirrors downsides in the equities market.

Crypto analyst Lark Davis says the cryptocurrency market is maturing and could soon post price moves that show volatility ratios similar to that seen in tech stocks.

According to the analyst, the first phase involves a lot of volatility before a maturing market sees that gradually reduce amid consistent growth.

Commenting on the current price action across major cryptocurrencies, Davis said:

“The #crypto market is going to start behaving like tech stocks. Lots of early volatility, then we start to see basically up only (with turbulence) as the user bases continue to grow.”

He looks at a scenario where an asset like Bitcoin experiences major price corrections today not being different from leading tech stocks like Amazon Inc., (NASDAQ: AMZN).

“For reference Amazon hasn’t seen any drawdowns over 40% since 2011!!!! Crypto is maturing,” he tweeted.

Bitcoin has declined by about 3% on the daily timeframe and there are also losses on the day for most other digital assets. Ethereum, Binance Coin, Cardano and Solana are among the major losers in the top ten cryptocurrencies by market cap, while there are declines for Avalanche, Polkadot, and Dogecoin.

This scenario is largely replicated in the stock market, where the Dow Jones, S&P 500, and Nasdaq closed lower on Friday. Blue-chip stocks such as Apple, Google, and Microsoft have all slipped over the past few days amid broader concerns over Covid-19 and its impact on economic recovery plans.

BTC’s largest price crashes

Bitcoin, which rose to highs of $69,000 in November, has lost over 33% of its value in the past month. The retreat sees BTC trade at lows of $45,000 as of writing. However, this is not the biggest dump for the flagship cryptocurrency. In the past decade, the BTC price has shrunk more than 80% on three occasions and 50%+ on four.

The biggest crashes saw BTC tank 99% in 2011 and 84% in 2013- both corrections linked to the now-defunct Mt.Gox Bitcoin exchange. The latest dump is a 53% crash in May following China’s crackdown on crypto mining.

The post Crypto to start behaving like tech stocks, says crypto analyst appeared first on Coin Journal.

The volatility in the crypto market in recent weeks has been quite concerning for Bitcoin (BTC) bulls. Although the recent FOMC meeting by the US Fed led to a decent bump in BTC prices, overall, the trend has been quite bearish. We don’t expect this to change; in fact, 2021 could end on a choppy note, backing a bear trend that we have seen for nearly the whole of Q4. Here is why this will happen:

• Pandemic fears are still ripe with the massive spread of Omicron

• The supply chain crisis and inflation in the US and Europe remains high, which could threaten global economic recovery

• There is talk of potential regulation in many countries

Data Source: Tradingview.com

Bitcoin Price Analysis and Prediction

BTC saw a massive pullback this week. At the time of writing this post, the mega-cap coin was trading slightly above $45 000. It is nearly 30% down from its all-time high of slightly above $ 70 000. Also, the technical charts don’t offer a lot of promise, at least not until the year is out. 

First, the price has already fallen below the 200-day exponential moving average. It is also very likely that in the coming days, BTC prices will test the 200-day simple moving average. We saw this type of trend in May 2021, and it took nearly 2 months for BTC to have some semblance of recovery. At this rate, it could be a very anxious time for BTC bulls out there.

Should You Buy Bitcoin

Bitcoin is the go-to crypto for any investor. Although it may seem like the recent pullback offers a nice dip to buy and ride the upward trend, it’s still early days. BTC could fall further before 2021 is out and some experts feel that the trend will continue into early 2022. So, it is best to wait for now.

The post 2021 Promises A Choppy End for Bitcoin Bulls – Here Is Why appeared first on Coin Journal.

Many Bitcoin (BTC) experts and bulls see the crypto hitting $100, 000 in the near time. But many also remain split on when exactly this will happen. The large-cap coin has experienced massive headwinds this year.

It hit its all-time high just last month after scaling well over $68, 000. However, the surge did not last long sine in early December, Bitcoin tumbled to $46, 000. But considering BTC started the year at $30, 000, it’s still outperforming a lot of assets. But could Bitcoin really hit $100, 000?

Bitcoin’s Bullish Sentiment

Conservative analysts at Fidelity Investments are looking at the $100, 000 price target by 2023. But optimistic bulls see this coming rather sooner. In fact, some even predict that the crypto will hit $100, 000 in Q1 2022. Much of this growth is expected to be driven by solid organic demand. Bullish analysts at Token Metrics feel that the currency will hit $75, 000 by year-end.

Data Source: Tradingview.com

Others like Parallax Digital, a digital assets marketing and consulting firm, are looking at $307, 000 by October 2021. This is by the most bullish prediction of them all. Analysts at Parallax argue that inflationary pressures occasioned by the COVID 19 pandemic and the supply chain crisis will push more investors towards cryptocurrency. So, here is an expected timeline of events based on these predictions:

• Bitcoin Starts the year at $30, 000 

• Hits an all-time high of $60, 000 in September 2021 

• Surges to $75, 000 by year-end and goes on to hit $100, 000 in Q1 2022

Short Term Volatility Still Remains a Concern

Despite these bullish predictions, the short-term volatility of Bitcoin is expected to remain a big concern for investors. This has been a feature of Bitcoin for the last three months or so, and analysts feel it will continue in the short term.

The looming threat of potential regulation also remains a risk factor. However, analysts say that if indeed the crypto hits $100, 000, it will trigger a “euphoric” bull run that could send it to incredible heights.

The post Experts Predict Bitcoin Will Hit $100, 000 – But When Exactly? appeared first on Coin Journal.