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Bitcoin could see one more melt-up before the bull market ends, analyst says

Cryptocurrencies have been battered in recent weeks, tracking losses in equity markets amid widespread sell-off hinged on inflation and central banks’ monetary policies.

The crypto market has seen the total market capitalisation tank from highs of $3 trillion late last year, to currently hover around $1.7 trillion. Meanwhile, most cryptocurrencies have lost more than half their value in US dollars since the start of the broader market downturn in November.

But despite the bearish outlook across the markets, crypto analyst Justin Bennett believes that the bull market isn’t done yet.

In comments shared as Bitcoin and other crypto-assets battled to bounce from this week’s lows, Bennett noted that it’s possible for “one more melt-up” before another correction takes over. He sees the latter scenario happening in late 2022 or early next year.

“I don’t think the crypto bull market has ended. Markets don’t crash when everyone expects them to, and right now, everyone expects it,” the analyst said.

Bennett, whose commentary came in the wake of the US Federal Reserve’s latest monetary policy meeting, believes the US central bank might not be as aggressive as suggested after the FOMC meeting.

He looks at a scenario where the Fed could be “strong-armed” if the stock markets continue to sink deeper into correction territory. In this case, the central bank could go for market stability instead of aggressively pursuing its tightening cycle.

It’s an outlook the analyst says could result in fresh volatility short term, suggesting there’s a chance markets run up before tanking again. He says the market should be in for “an interesting few months regardless.”

Bitcoin touched lows of $33,000 this week has recovered to trade around $37,100 on Friday. According to Bennett, the current recovery could see BTC/USD test resistance in the $40,000-$42,000 region. If not, a fresh decline below $35k will open up a potential rout to $30k-$28k, with the psychological $20k the next demand reload zone.

The flagship crypto is down nearly 8% this past week and over 46% down since its 10 November peak of $69,044 according to data on CoinGecko.

Ether (ETH), the native token on the smart contracts platform Ethereum, plunged to lows of $2,100 before recovering. The crypto is currently hovering around $2,431, down nearly 20% this week and over 50% off its all-time peak of $4,878.

The post Bitcoin could see one more melt-up before the bull market ends, analyst says appeared first on Coin Journal.

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NBA star LeBron James, Crypto.com partner to help Akron kids towards blockchain technology career paths

Lebron says blockchain is revolutionising society and he wants to see his community be part of that exciting future.

LeBron James and Crypto.com will help around 1,600 Akron children learn about cryptocurrencies, and potentially see them get into crypto technology careers, the NBA star said via a statement published on Friday.

The partnership will work through Lebron’s Foundation and target giving the children first-hand skills in crypto and how the technology behind the innovation works, the Lakers player’s spokesperson said.

According to the statement, the Lebron James Family Foundation will collaborate with Crypto.com via the I Promise School program.  

Crypto.com to help develop learning resources 

James grew up in Akron, one of the poor cities in Ohio and his 2018 venture to open the school looked to have a project that would keep students in school as well as see them grow academically towards a career.

On this particular partnership, James said he would like to see more doors open to “academically-at-risk” children, noting that key targets would be to lead them towards career paths in Web3 and the global digital future.

Crypto.com experts will offer the training and skills virtually and through in-person sessions, with these lessons extended to the kids and their families, the statement added.

According to James, cryptocurrency and the underlying blockchain technology continues to revolutionise various sectors of society. Apart from the economy, blockchain has a footprint in sports and entertainment, art, and social interaction.

He says that he’d wish to see communities such as Akron, where he grew up, be part of this future.

Kris Marszalek, the crypto platform’s co-founder and CEO, noted that his firm will help come up with educational resources as well as provide job training opportunities. 

Those who benefit, he said, would be able to replicate the knowledge and skill elsewhere in the community to see more people benefit from “financial independence and self-determination.”

Although the specific terms of the deal have not been disclosed, it is expected the NBA star and the cryptocurrency exchange firm will be keen on working together for a number of years.

Crypto.com made history with its $700 million deal to rename Staples Center to Crypto.com Arena in November 2021.

The post NBA star LeBron James, Crypto.com partner to help Akron kids towards blockchain technology career paths appeared first on Coin Journal.

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Wall Street’s increased exposure shows institutions understand Bitcoin’s value, says deVere Group CEO

  • deVere CEO Nigel Green says institutional investors understand the value of cryptocurrency’s future-focused technology.

  • He says crypto is the inevitable future of money and wonders why the IMF is pressuring El Salvador into dropping Bitcoin as legal tender.

Institutional investors have increasingly looked to add to their crypto exposure because they understand that digital currencies are the “inevitable future of money,” says deVere Group chief executive officer Nigel Green.

‏‏According to him, this understanding is one of the reasons that Wall Street giants and other institutional investors across the world are “sensibly increasing their exposure.”

He says the appeal of cryptocurrencies is why household name investors and some of the world’s largest multinational corporations are investing in crypto. It is why several mainstream companies have added digital assets to their balance sheet, and are putting in resources and expertise to help the industry grow.

“They understand and value the key characteristics of Bitcoin and cryptocurrencies are designed for this century and, therefore, are growing in appeal,” Green said.

Commenting on some of the key features that make crypto attractive as the money of this century and beyond, the deVere chief pointed to their borderless and digital nature. This makes crypto perfectly suited for global commerce and trade amid the increased digitalisation of the global economy.

Green also noted that demographically, the younger generations are more likely to embrace Bitcoin and other crypto-assets than the older ones, a scenario he feels works in favour of cryptocurrency.

The IMF is “wrong” on El Salvador Bitcoin demand

Green’s comments also included a criticism of the International Monetary Fund (IMF), which recently urged El Salvador to remove Bitcoin as a legal tender in the country.

He opined that the IMF’s move puts the institution on the “wrong side of history,” for asking a sovereign nation to drop Bitcoin while seemingly insisting it continues to rely on another country’s currency.

According to him, El Salvador’s adoption of Bitcoin as legal tender means the country is looking to leverage “future-focused financial policy” that could see it come out of financial instability and overreliance on the US dollar.

In light of the IMF’s call to El Salvador, Green wonders if the Washington DC-based financial institution is “scared of the future of finance.”

Baffling for IMF not to see Bitcoin’s value

Crypto has been highlighted as a tool that could see financial inclusion and freedom seep into every aspect and sector of society. The IMF realises as much as noted in their recent consultation with El Salvador, but Green says the demand to have Bitcoin dropped is „baffling.“

“Why do they continue to want to pile on debts to poorer countries that they know are unlikely to be able to repay using traditional currencies? Is the IMF worried about the domino effect of nation-state adoption that might weaken their dominant global influence?” he wondered.

He notes that as baffling as the IMF request to the central American country is, its reaction Green sees as a “warning shot” to other countries.

Green believes that institutions such as the IMF ought to work with developing countries on ways geared towards getting out of debt. 

He says this would be possible with future-focused policies as “past methods, clearly, haven’t been as successful as they should have been.”

The deVere CEO however notes that it is important to carefully monitor El Salvador’s situation, with the goal of ensuring the country’s Bitcoin move benefits the citizens as intended.

The post Wall Street’s increased exposure shows institutions understand Bitcoin’s value, says deVere Group CEO appeared first on Coin Journal.