Kategorie: Bitcoin News

Bitcoin is trading above $20k again after spending most of the week trading below that psychological level.

The cryptocurrency market has underperformed for the best part of the week. However, it seems that the market will end the week in a positive fashion as most cryptocurrencies are trading in the green zone.

The total market cap rose above $1 trillion for the first time in more than a week, indicating bullishness within the market. This comes after the broader market added more than 5% to its value in the last 24 hours.

Bitcoin’s dominance level in the market dropped below 39% for the first time in more than two years. However, that hasn’t stopped the leading cryptocurrency from performing well over the last few days.

Bitcoin has added more than 7% to its value over the last 24 hours, surging past the $20k psychological level. This comes after BTC spent the best part of the week trading around $19k per coin.

Key levels to watch

The BTC/USD 4-hour chart has turned bullish as Bitcoin has been performing well over the past 24 hours. The technical indicators show that BTC has been performing better than the broader crypto market. 

The MACD line crossed into positive territory a few hours ago, indicating that the bulls are regaining control of the market. 

The 14-day relative strength index of 73 shows that Bitcoin could be entering the overbought region if the rally can be sustained. 

At press time, BTC is trading at $20,757 per coin. If the positive momentum continues, BTC could move past the $21,476 resistance level of the day.

In the event of extended rally over the weekend, BTC could make a move for the $22,136 resistance level.

The bears might regain control of the market and drag Bitcoin below the $20k psychological level over the weekend. 

The post Bitcoin tops the $20k level once again after rallying by 7% on Friday appeared first on CoinJournal.

The cryptocurrency market is experiencing a bear cycle at the moment, but Pantera Capital’s CEO is confident that the next bull market is on its way.

Dan Morehead, Chief Executive Officer of Pantera Capital, believes that the bear market is coming to an end. He made this known during an interview with Bloomberg earlier this week.

According to Morehead, the next Bitcoin bull market is on its way. He told Bloomberg that;

“We’ve been through three big bear market cycles. I actually think we hit the lows in June, and we are on to the next bull market. It might be rocky and might take a while, but I think we are on to the next leg of a rally.”

He pointed out that the ups and downs in the cryptocurrency space are normal and have happened multiple times over the last decade, including the decline in 2018 and the consecutive market boom in the next few years.

Discussing Bitcoin’s future price, the Pantera Capital boss predicted that the leading cryptocurrency would continue rising by approximately 2.5x per year.

However, Morehead believes that the cryptocurrency market has changed in recent times and doesn’t revolve around Bitcoin and Ether anymore. 

He pointed out that numerous other meaningful projects could develop in much faster temps that Bitcoin over the coming years. He said;

“Bitcoin is no longer everything. There was a time bitcoin was 100% of the market, and for a while, Bitcoin and Ethereum were essentially everything. Now there are many, many really important projects, and you’ve seen bitcoin rally a bit, but the real story is projects other than Bitcoin and Ethereum that rally more.”

While Morehead believes that the bull market is near, Coinbase CEO Brian Armstrong believes that the bear market will be around for another year or so. He said;

“We all hope it’ll be, you know, 12 to 18 months and a nice recovery, but you obviously have to plan for it being longer than that. And so that’s how we think about it. And we don’t try to get too cute about predicting the future.”

Prices of most cryptocurrencies are down by more than 65% from their all-time highs, with the total market cap now below $1 trillion.

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Cryptocurrency mining pool Poolin has announced it will halt Bitcoin (BTC) and Ether (ETH) withdrawals from its wallet service.

In the announcement, Poolin said:

“We are here to let you know the withdrawal options of Pool Account and Poolin Wallet are deactivated while setting payout wallet addresses. That is, you will only be allowed to set external wallet addresses and all the payout will be regularly made per day.”

Poolin is temporarily halting the withdrawals because of “liquidity issues” due to the recently increased withdrawals.

When will the withdrawals resume?

Poolin’s support noted in its Telegram channel that it was impossible to give the exact time when normal operations will resume through it said it might not be long. The mining pool’s help page had, however, indicated that the resumption plans would be announced in two weeks’ time.

The note on Telegram stated:

“Please be assured, all user assets are safe, and the company’s net worth is positive. We will make a snapshot of the remaining BTC and ETH balances on pool on September 6th to work out the balances. The daily mined coins after September 6th will be normally paid out per day. Other coins are not affected.”

Poolin mining pool

Poolin is a mining pool headquartered in China. It was founded in 2017 and it is the fourth largest crypto mining pool in the world. The other three largest mining pools are Foundry USA, AntPool, and F2Pool.

Poolin has mined approximately 10.8% of Bitcoin blocks in the past 12 months.

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Michael Saylor has revealed that MicroStrategy is working on enterprise applications of Lightning.

Michael Saylor, the chairman of MicroStrategy, has revealed that the software company is enterprise applications of Lightning. He revealed this while speaking to an audience at the Baltic Honeybadger conference in Riga, Latvia, over the weekend.

Saylor is responsible for transforming MicroStrategy into a cryptocurrency powerhouse, with the company now holding billions of dollars worth of Bitcoin. 

The former CEO revealed that MicroStrategy’s developers are currently working on solutions that would enable them to onboard large numbers of people onto the Lightning network.

Lightning network is a payment network on top of Bitcoin, enabling faster and cheaper transactions on the blockchain. Saylor said Lightning is the most important thing in it the world of technology at the moment. He said;

“MicroStrategy has got some R&D projects going on right now where we’re working on enterprise applications of Lightning: enterprise Lightning wallet, enterprise Lightning servers, enterprise authentication.”

He added that the company is looking for solutions that would allow firms and companies to introduce Lightning to a hundred thousand employees every day. The solutions would also open Lightning wallets for 10 million customers overnight, Saylor added. 

The MicroStrategy chairman confirmed that the solutions are still in their early stages. He said;

“The advantage of Lightning is not just that you could scale up bitcoin for billions of people, or drive the transaction cost to nearly nothing, but also, the ethos of bitcoin is to go very carefully and not move fast on the base layer without the universal consensus, but in Lightning, you can move much more aggressively developing functionality and take more risks with the applications than you can with the underlying bitcoin layer.”

 Lightning protocol makes it possible for users to open payment channels with each other and exchange multiple transactions before settling them on-chain. Thus, minimising the transaction fees and confirmation time. 

MicroStrategy currently holds 129,699 BTC, worth about $2.58 billion at current prices, making it one of the largest Bitcoin holders in the world. 

The post MicroStrategy is working on enterprise applications of Lightning, says Michael Saylor appeared first on CoinJournal.

Bitcoin continues to trade above $20k per coin but could decline soon if the broader market underperforms further.

Bitcoin, the world’s leading cryptocurrency, is currently trading at around $20,200 per coin. This comes after failing to surge past the $21k resistance level on Tuesday despite adding more than 3% to its value.

The broader cryptocurrency market has retraced after increasing its value by more than 4% yesterday. So far today, the crypto market has lost less than 1% of its value, with the total market cap now around $990 billion.

After failing to move past the $21k resistance level, Bitcoin is down by 1% in the last 24 hours. If the market continues to underperform, Bitcoin could drop below the $20k psychological level for the second time in a week.

Key levels to watch

The BTC/USD 4-hour chart is bearish as Bitcoin has been underperforming over the last 24 hours. The technical indicators show that Bitcoin is retracing after improving its performance yesterday.

The MACD line dropped into the negative zone on August 25th and has remained there ever since. Thus, indicating strong bearish momentum for Bitcoin.

The 14-day relative strength index of 50 shows that Bitcoin could head down into the oversold region if the bearish momentum continues. 

At press time, BTC is trading at $20,293 per coin. If the bearish trend continues, BTC could drop towards the $19,588 support level before the end of the day. 

Unless the bearish momentum thickens, BTC should maintain its position above the $18,950 support level in the short term.

However, the bearish grip is not tight, and the bulls might still regain control of the market. If that happens, BTC could move past the first major resistance level at $21,059. 

Unless there is an extended bullish performance, the second major resistance level at $22,722 should cap further upward movement in the short term. 

The post Bitcoin risks dropping below $20k as the market retraces appeared first on CoinJournal.