Kategorie: Bitcoin News

Bitcoin news about the Bitcoin (BTC) blockchain and its crypto ecosystem.

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Bitcoin price vs Tesla stock: Which is a better buy in 2023?

  • Bitcoin price outperformed Tesla in 2022.

  • The two assets faced numerous challenges during the year.

  • Bitcoin seems like a better investment in 2023.

Bitcoin price has had a terrible performance in 2022. It has crashed by 64% this year, making it one of its worst year on record. Tesla is doing much worse. Down by 74% in 2022, the company is having its worst year and quarter ever. Bitcoin’s market cap has crashed to about $320 billion while Tesla has moved from over $1 trillion to about $344 billion.

Bitcoin vs Tesla

Tesla and Bitcoin are two significantly different financial assets. Bitcoin is a cryptocurrency that wants to replace fiat currencies while Tesla is an automotive disruptor that wants to end internal combustion engines (ICE).

Yet the two assets have a lot of similarities. They are both disruptors in their respective industries and have a lot of fans internationally. Elon Musk loves the two assets. 

Further, they are both emblematic of what happens when interest rates are left low for so long. After the Global Financial Crisis (GFC), central banks, led by the Federal Reserve, embraced an easy-money policy in a bid to support the economy. But rates remained so low for so long, leading to an era of irrational exuberance, as we wrote here.

Another similarity between Bitcoin and Tesla is that they are both facing significant competition. There are now over 20,000 cryptocurrencies seeking to dethrone BTC. Similarly, the number of EV startups is growing remarkably, with most traditional EV companies shifting to the EV model.

Why BTC and Tesla collapsed

Bitcoin price collapsed because of high-interest rates and the challenges in the crypto industry. The biggest scandals in the industry were the collapse of Terra, which helped fuel the bankruptcy of Voyager Digital, FTX, and Celsius. 

Tesla, on the other hand, is facing serious competition while its CEO has been disrupted by his acquisition of Twitter. Analysts believe that his divided attention has played a significant role in the collapse of his net worth by more than $120 billion. 

Further, Tesla is facing significant competition while demand for its cars has declined significantly in the past few months. Soaring inflation has made car sales drop.

Better buy between TSLA and BTC in 2023

So, which is a better buy between Tesla and Bitcoin in 2023? As the economy faces a triple whammy of high-interest rates, slow growth, and elevated inflation, the two will likely struggle in 2023. However, because of valuation metrics and market share, I think Bitcoin is a better investment than Tesla. 

As Tesla moves from a growth company to a value stock, it will need to be priced much lower. For one, companies like General Motors and Ford are valued at under $50 billion. Bitcoin, on the other hand, has proven to be a market leader in its industry despite facing significant competition.

The post Bitcoin price vs Tesla stock: Which is a better buy in 2023? appeared first on CoinJournal.

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Bitcoin is edging closer to $17k as bullish sentiment grows stronger

  • The crypto market is trading in the green zone for the second-consecutive day this week.

  • Bitcoin is closing in on the $17k resistance level and could cross it a few hours from now.

  • The total crypto market cap is now close to $815 billion.

Bitcoin closes in on the $17k level

Bitcoin, the world’s leading cryptocurrency by market cap, has been performing positively for the second-consecutive day. The leading cryptocurrency has been struggling below the $17k resistance level over the past few weeks. 

At press time, the price of Bitcoin stands at $16,886, up by less than 1% in the last 24 hours. With the bulls gathering momentum, Bitcoin could soon surge past the $17k resistance level in the near term.

Bitcoin’s positive performance aligns with that of the broader cryptocurrency market. The total crypto market cap stands at $813 billion, up by 0.36% in the last 24 hours. The positive performance comes after the market lost less than 1% of its value yesterday.

Ether, the second-largest cryptocurrency by market cap, is also trading in the green zone. So far today, the price of Ethereum is up by 0.26% and currently stands at $1,223. 

Key levels to watch

The BTC/USD 4-hour chart has turned bullish as Bitcoin has been performing well over the last few days. The technical indicators show that Bitcoin could be preparing for a breakout in the near term.

BTC/USD Chart By TradingView

 

The MACD line crossed into the positive zone a few hours ago, a sign that the bulls are currently in control of the Bitcoin market. The 14-day RSI of 51 also shows that Bitcoin is neutral but could head into the overbought region if it embarks on a rally.

If the bullish trend grows stronger, BTC could move past the first major resistance level at $17,178 before the end of the day.

However, Bitcoin would need the support of the broader crypto market to rally toward the $17,982 resistance level over the coming days. 

Where to buy Bitcoin now

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy BTC with eToro today

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy BTC with OKX today

The post Bitcoin is edging closer to $17k as bullish sentiment grows stronger appeared first on CoinJournal.

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Bitcoin price prediction as the US dollar index plummets

  • Bitcoin price has been in a tight range in the past few weeks.

  • Bitcoin’s fear and greed index has dropped to the fear level of 25.

  • The US dollar index has plummeted to $103.

Bitcoin price has held in a tight range even as the US dollar index (DXY) has plunged to the lowest level since June. BTC/USD was trading at $16,858, where it has been in the past few days. This price is more than 70% below its all-time high of near $70,000.

US dollar index crashes

Bitcoin and the US dollar have had a strong inverse relationship in the past few years. In most cases, Bitcoin rises when the greenback retreats. 

Recently, this inverse correlation has faded as Bitcoin and the US dollar have continued dropping. The US dollar index has plunged from the year-to-date high of over $115. 

It has crashed in the past few months even after the relatively hawkish Federal Reserve. In its December meeting, the Fed decided to hike interest rates by 0.50% after hiking by 0.75% in the previous four meetings. You can read more about the Fed decision here.

The Fed also hinted that it will continue increasing interest rates in the coming months. Recent numbers are supportive of higher rates. For example, data published last week revealed that the economy expanded by 3% in the third quarter after slumping in the previous two straight quarters. 

Additional data revealed that inflation is falling at a relatively slower pace. On Friday, the Fed’s favourite inflation gauge showed that it dropped in November as gasoline prices eased. 

Bitcoin price has also dropped as the fear and greed index has remained under pressure. The closely watched Bitcoin fear gauge remains below 30, meaning that investors are fearful about the state of the market.

In my view, the most accurate fear gauge is outflows. Binance has had outflows worth over $9 billion in the past 30 days. Similarly, the leading crypto banks like Silvergate have had some of their biggest outflows on record.

Bitcoin price prediction

BTC/USD chart by TradingView

So, is it safe to buy Bitcoin? The 4H chart shows that the BTC price has been in a tight range in the past few weeks. It is hovering at the 16,800 level, where it has been this month. Bitcoin’s Relative Strength Index (RSI) has moved close to the neutral point of 50.

Therefore, despite the collapse of the US dollar index, there is a likelihood that it will soon have a bearish breakout. If this happens, the next key support level to watch will be at $15,435, the lowest level in 2022. A breakdown below that level will mean that there are still more sellers in the market.

How to buy Bitcoin

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy BTC with eToro today

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy BTC with OKX today

The post Bitcoin price prediction as the US dollar index plummets appeared first on CoinJournal.

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Bitcoin struggles but Okcoin CEO thinks 3 catalysts will make it bullish

  • Bitcoin has steadied above $16,000

  • Okcoin CEO expects Bitcoin’s bear market to be driven by key developments

  • The cryptocurrency could come under pressure after falling below moving averages

No Santa Claus rally for Bitcoin (BTC/USD) lovers? This is the clearest sign as the BTC price crashed below the moving averages. Despite bulls successfully defending $16,000, Bitcoin is far away from a bullish market. However, the CEO of the crypto exchange Okcoin is throwing insights on what to look at for a bullish Bitcoin movement.

Hong Fang opines that the need for strong monetary systems would drive Bitcoin and crypto. According to the Okcoin CEO, the failures and shortcomings of the existing centralised currency systems could spur bullish markets. Already, a few countries are testing their monetary systems with Bitcoin and crypto. The notable ones in this pack are El Salvador and the Central African Republic. Will more countries join? Fang thinks so.

The second event is the Bitcoin halving event in 2024. Fang wonders whether it is coincidental that past halving events have been associated with bullish crypto markets. In this regard, he expects the next cycle to be associated with a bullish market for Bitcoin. 

Then there is the final and third bullish trigger – use cases. The CEO says a lot of projects continue to be created in crypto in a bear market. He expects the projects being created right now to be the next trigger of the bull cycle. 

From Okcoin CEO’s thoughts, it is clear that he refers to the BTC’s long-term focus. However, a technical outlook paints a different picture of the short term. 

BTC price outlook and analysis

BTC/USD Chart by TradingView

A technical outlook shows Bitcoin struggling after a slight descent. The moving averages are providing resistance to the BTC price. The RSI remains below the midpoint.

Is BTC set to touch lower prices?

Bitcoin lacks a directional movement. $16,000 is the price to watch, although the cryptocurrency has stabilised at this level. On the bullish side, $19,000 is the price ceiling. A recovery above could welcome further gains.

Where to buy BTC

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy BTC with eToro today

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy BTC with OKX today

The post Bitcoin struggles but Okcoin CEO thinks 3 catalysts will make it bullish appeared first on CoinJournal.

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Bitcoin interest surged in 2022 despite ‘crypto winter’: report

  • Bitcoin sits 8th on Yahoo Finance’s list of top quotes as measured by total page views in 2022.
  • According to the platform, BTC/USD has accumulated more than 157 million quote views, with Tesla topping the list.
  • Ethereum ranks 25th while the Coinbase (COIN) stock currently sits in 30th spot.

Cryptocurrencies have remained deep within an unforgiving crypto winter for all of 2022. That’s it.

And December is not offering much relief to traders so far, not with heavy duty contagion amid a spike in the number of crypto projects falling into distress.

It’s thus surprising to say that interest in Bitcoin, the world’s largest cryptocurrency by market cap, soared throughout the year. But then it has.

Bitcoin among top 10 assets per investor interest

The price of Bitcoin fell below $16,000 after FTX’s implosion, but as CoinJournal recently reported, large investors appear to have used that as an opportunity to buy more. That is interest that has reflected throughout the year as prices nosedived from last year’s peak above $69,000.

According to an in-house metric Yahoo Finance uses to measure investor interest across the markets, BTC has seen a laser-like focus from investors even as prices plunged to lows last seen in 2020.

A report the company published on Thursday showed that the BTC/USD quote has so far accumulated over 157 million views in 2022. Ranked alongside other top assets, the flagship cryptocurrency falls within the top 10. Indeed, as of Thursday, bitcoin ranked 8th on the platform’s list of top 10 trending tickers.

Looking at the list, Tesla Inc. (TSLA) stock quote ranks first with more than 398 million views, followed by the three major US indices (the Dow Jones Industrial Average, the S&P 500 and Nasdaq). Tech giant Apple Inc. (AAPL) sits 5th with more than 249 million page views while Amazon (AMZN) comes next with 199 million views so far.

Ethereum (ETH) is 25th on the list in terms of investor interest as measured by 63.8 million page views so far. Elsewhere, Coinbase (COIN) has also been on top of investors’ list of interesting assets, with the crypto stock ranked 30th after more than 57 million quote views.

The post Bitcoin interest surged in 2022 despite ‘crypto winter’: report appeared first on CoinJournal.