Close, but no cigar! Here are 2020’s worst Bitcoin price predictions

Close, but no cigar! Here are 2020’s worst Bitcoin price predictions
Close, but no cigar! Here are 2020’s worst Bitcoin price predictions

Pundits and crypto analysts love to issue Bitcoin (BTC) price predictions regardless of how volatile the asset class is. 

In 2017, there were calls for BTC’s price to hit $35,000–$50,000, and of course, a few brave souls predicted that the price would top $1 million before correcting.

No one will forget how John McAfee infamously promised to chomp off his genitals if BTC’s price didn’t hit $1 million by 2020.

While some of these lofty estimates are based on fundamentals, others are entirely baseless. Regardless of the analyst’s rationale, a handful of them are so far removed from reality that they have become memes.

Let’s review the most outrageous Bitcoin price predictions of 2020.

“Guesstimation” attracts attention because nobody follows them up

Guessing the future price of cryptocurrencies is so embedded in the community that many analysts don’t even consider evaluating their effectiveness. Keeping up with the endless flow of predictions issued on blogs, podcasts, Twitter and YouTube is almost impossible. Imagine the difficulty and energy it would take for a person to follow up with all these random guesses.

To further complicate matters, some of these predictions come from well-known Bitcoin bashers, such as renowned gold bug Peter Schiff, and New York University Stern School of Business professor Nouriel Roubini. Thus, in some cases, personal credentials sometimes matter less than working analytical models.

A month before the March 12 crash, which saw Bitcoin’s price plummet 50% to $3,750, PlanB, the creator of the stock-to-flow model stated that Bitcoin would not return below $8,200. At the time, no one expected the Dow Jones equities index to face its most significant drop since 1987, neither the WTI oil future contract dropping to negative $40.

Despite the outlandish claim, PlanB won’t be nominated to 2020’s worse predictions because hardly anyone expected the coronavirus pandemic to impact the markets in a way that would cause absolute havoc. Furthermore, famous chartist Peter Brandt also made the same error when he said that BTC would never revisit the sub-$6,000 level in January.

CryptoWhale’s quantum model calls for $24,000 BTC in mid-2022

On June 2, 2020, Twitter analyst CryptoWhale revealed a new “quantum” model that would predict Bitcoin’s price. According to CryptoWhale, the model had “effectively predicted every major move since 2018.”

Bitcoin’s price in USD. Source: TradingView

Things could not have gotten worse as the model predicted both a $2,000 bottom in 2020 and a “proper bull run to $24,000” only in mid-2022. Somehow, the quantum particles, molecules and atoms that were supposed to make it more accurate were, in fact, pure blasphemy.

Two lessons that can be taken away from the “quantum model” are: (1) Having a ton of social network followers doesn’t necessarily translate to better price estimates, and (2) complex models are prone to the same errors as humans. Evaluating a new asset class during a period of desperate central bank monetary easing is far from easy.

Ross Ulbricht predicts nine months of downside after Black Thursday

In April, Ross Ulbricht, the founder of the now-defunct Silk Road darknet market, wrote that Bitcoin’s volatility — particularly the March 12 bloodbath — would most likely lead to a bear market, which could last for three to nine months. At that time, Bitcoin had been hovering around $7,000 and was clearly still affected by the recent 50% intraday correction.

Ross Ulbricht’s chart annotations. Source: Medium

Precisely 17 days after that blog post, BTC soared over 30% to $9,000, thus completely invalidating Ulbricht’s analysis. To further show how far off that analysis was, Ulbricht added that a $14,000 bull run was “very unlikely.”

During Ulbricht’s so-called bear market period, Bitcoin’s price rallied more than 300% from December 2018 to June 2019. Furthermore, calling for such a lengthy correction doesn’t align with Bitcoin’s historical data because even during the darkest period of December 2019, Bitcoin’s price remained more than 100% above the previous year’s lows.

Gavin Smith says Bitcoin will close 2020 at $7,000

During a July 27 interview with Forbes, Panxora CEO Gavin Smith said that he expected a $7,000 Bitcoin price by the end of the year. Gavin further added that “a short term washout this year before the true rally takes hold.”

Panxora’s CEO explained that despite the appreciating tendency caused by inflation hedge, the broader impact of demand shock on the economy would potentially drive BTC lower.

This estimate happened after 80 days of Bitcoin’s price consolidating around $9,500. At the time, despite rising 100% from mid-March lows, there was still some doubt about BTC’s ability to break the $10,000 resistance.

ntoni Trenchev calls for $50,000 Bitcoin price in 2020

On Jan. 3, 2020, Nexo co-founder Antoni Trenchev stated that BTC could easily reach $50,000 in 2020.

Besides an overly optimistic estimate, the rationale behind it doesn’t seem to fit. According to Trenchev, Bitcoin had become “the new gold,” and he pointed to the lack of correlation to traditional markets as a potential catalyst.

Gold, USD/OZ (right) vs. S&P 500 (left). Source: TradingView

As shown above, gold traded in tandem with traditional markets for the larger part of 2020, but it should be noted that these asset classes have different volatility. Thus, oscillations in equities tend to be much stronger. Nevertheless, the overall direction of both markets until November has been very much alike.

This price movement creates the impossible task where BTC is expected to act as “the new gold” while simultaneously presenting a lack of correlation. This estimate went doubly wrong for missing its year-end target by a wide margin and also failing to correctly estimate gold’s correlation to traditional markets.

Now that Bitcoin’s price is a mere 7.4% away from $30,000, it will be even more interesting to see what type of extravagant bullish and bearish price estimates are issued for 2021.

author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Title: Close, but no cigar! Here are 2020’s worst Bitcoin price predictions
Sourced From: cointelegraph.com/news/close-but-no-cigar-here-are-2020-s-worst-bitcoin-price-predictions
Published Date: Fri, 01 Jan 2021 00:30:00 +0000

Close, but no cigar! Here are 2020’s worst Bitcoin price predictions
Close, but no cigar! Here are 2020’s worst Bitcoin price predictions was originally published here https://topmagazinewire.blogspot.com/2020/12/close-but-no-cigar-here-are-2020s-worst.html

4 reasons why the top 15 richest Bitcoin wallets still matter in 2021

4 reasons why the top 15 richest Bitcoin wallets still matter in 2021
4 reasons why the top 15 richest Bitcoin wallets still matter in 2021

Transparency is one of the most intriguing aspects of cryptocurrency and it was this openness that drew many early supporters to Bitcoin (BTC). 

Blockchain technology makes all information associated with the network’s operation accessible for anyone interested in taking a look. Every known address, transaction, fee paid and other details relating to multisignature and SegWit usage is out in the open.

The top 15 wealthiest Bitcoin addresses have always been the centerpiece of attention for several reasons. Some crypto researchers habitually sort through the top addresses searching for the footsteps of Bitcoin creator Satoshi Nakamoto. Others study data to track the maneuvers of crypto whales and predict market manipulation that results in volatile price swings in the Bitcoin price.

The top addresses have even caught the eye of government agencies like the United States Internal Revenue Service as well as the Treasury Department.

In fact, entire companies specializing in obtaining additional information on cryptocurrency addresses and their potential associations have been formed. It’s no secret that the U.S. Internal Revenue Service hired Chainalysis and Integra FEC, two crypto analytics firms, to track transactions.

More recently, under Treasury Secretary Steven Mnuchin, the Treasury Department is considering whether or not a rule on self-hosted cryptocurrency wallets is required. If approved, these changes emphasize the importance of privacy for market participants.

ddresses are not the same as entities

Top-15 Bitcoin addresses. Source: bitinfocharts.com

As shown above, the top 15 addresses hold 1.07 million BTC, or 5.7% of the outstanding Bitcoin supply. At the current $26,500 price level, this equals $28.3 billion. While this is a large amount of Bitcoin, it’s also worth noting that BTC’s aggregated volume on spot exchanges surpasses $5 billion per day.

It’s important to note that an address’s initial deposit date does not mean that the entity owning the address first acquired coins on that day. The coins could have been sent from another address belonging to the same entity. Therefore, the dates showing first funds being sent to 11 addresses since only 2018 do not prove that the address holders are new to the sector.

It is also worth noting that none of the top 15 addresses are rumored to be Satoshi’s holdings. Researcher Sergio Lerner has shown that the blocks Nakamoto mined contain unique patterns known as Patoshi patterns. Although that mined BTC has yet to be moved, it was not allocated to a single address.

The top 100 addresses concentrate 15.7% of the total supply, which is rather impressive compared to the level of distribution seen in traditional markets. For example, the top 20 funds owning PayPal shares hold a combined 19.7% of the total share supply.

Five of the 15 most significant addresses are known addresses from exchanges, indicating that the apparent concentration does not exist in a way that can be attributed to crypto whales.

In addition to exchanges holding large sums of Bitcoin in wallets, some custodians also accumulate BTC for numerous clients in wallets spread over multiple addresses with large sums.

The top addresses are recent holders and non-SegWit-compliant

An impressive eight out of the top 15 addresses have never withdrawn a single satoshi. Excluding the five exchange-related addresses, only 20% have ever moved their coins. This indicates a strong prevalence of hardcore holders.

Moreover, 11 of the 15 addresses were first used less than three years ago. Multiple reasons could be behind this oddity, including improved security measures, a change of custodian, or different ownership structures.

Only two out of the top 15 (and three in the top 200) addresses are Bech32 SegWit-compatible, which can significantly reduce transaction fees. This indicates that users are resistant to change despite the clear benefits of cheaper transactions. Even more interesting is that the Bitfinex cold wallet ranked second on the list is the only one that has ever had an outgoing transaction.

few mysterious addresses keep stacking

The third wealthiest address is something of a mystery, as it contains an untouched 94,506 BTC. The address made headlines back in September 2019 after Glassnode reported that 73,000 of the BTC in the wallet had originated from Huobi.

Many analysts suggested that these coins were connected to the Plustoken Ponzi scheme, but these rumors were proven wrong after the Chinese police seized 194,775 BTC on Nov. 19 from the fraudulent exchange.

Aside from the fourth-largest wallet containing 79,957 BTC since March 2011, 20 of the top 300 addresses are over nine years old. Although no one can prove that these funds have been lost, most assume so.

Those untouched coins amount to 313,013 BTC, and only one address has ever transacted out since origination. Thus, apart from F2Pool’s 9,000 BTC held at address 1J1F3U7gHrCjsEsRimDJ3oYBiV24wA8FuV, there is a very good chance that the funds from the other addresses are effectively lost.

1P5ZEDWTKTFGxQjZphgWPQUpe554WKDfHQ balance. Source: bitinfocharts.com

The fifth-ranked address shown above was created in February of 2019 and, at origination, was listed as the 81st-largest address. Since then, it has been accumulating regularly, adding from as low as 1 BTC in December 2019 to 4,100 in a single transaction in June 2019. Despite being a large accumulator, it has made seven transactions out, ranging from 786 BTC to 3,000 BTC. Maybe even whales have bills to be paid.

There are precisely 100 addresses first used between Nov. 30, 2018 and Dec. 18, 2018 containing around either 8,000 BTC or 12,000 BTC each. These addresses are commonly attributed to Coinbase Custody. Amounting to 881,471 BTC, the addresses’ funds equal to 96% of the exchange’s cold wallet, according to chain.info.

The new whale local top theory

Every investor has a gut feeling that the arrival of new Bitcoin whales is crucial for a sustained rally, even though there has never been hard evidence of this effect until now.

There is a constant flow of new addresses entering the top 300. For example, 16 of them received their first-ever deposits within the past 30 days. Once again, this is not necessarily a new entity but an address receiving its first-ever BTC.

Although it is uncommon, sometimes gaps of 50 or more days occur without newcomers joining the top 300. Coincidentally, these periods mark the end of rally periods, and a healthy correction usually follows.

BTC/USD price on Coinbase, early 2020. Source: TradingView

Precisely zero of the top 300 addresses were initially used between Nov. 28, 2019 and Feb. 09, 2020, when BTC went up by 35%. Oddly enough, the market plunged 52% over the next 32 days.

BTC/USD price on Coinbase, 2017. Source: TradingView

A similar effect happened between Oct. 18, 2017 and Dec. 11, 2017. During this period BTC rallied 193% while none of the top 300 addresses were newcomers. A 34% price drop occurred over the following 36 days.

Before that, none of the top 300 addresses were initiated between April 20, 2017 and July 07, 2017. Meanwhile, BTC soared 111%, while a 24% crash has also followed this period over the course of nine days.

So far, history has been proving that the new whale theory makes sense: The market rallies during prolonged periods of fewer new addresses making it to the top 300 holders list, as it indicates accumulation by entities that already had position. On the other hand, new whales could be driven by fear of missing out, which usually indicates local tops.

Therefore, it makes sense to monitor the top addresses and on-chain data to gauge potential corrections.

Every time large deposits enter exchanges, this indicates a potential sell order and is deemed bearish by traders. These movements are then compared to BTC price tops and bottoms in an attempt to find some correlation between whale transfers.

Whenever the market is rallying and miners, in turn, reduce selling, analysts expect a price correction once they start moving coins again. To put things in perspective, this is 6,300 Bitcoin per week that needs to be absorbed by the market to avoid price impact.

Now that institutional investors have “arrived,” investors will be itching to see whether their inflow in 2021 will continue to absorb newly minted BTC.

While 2021 is looking pretty bullish for the crypto market, there is always an unexpected price crash that often results from the government threatening regulation.

This means it will still be important for savvy investors to follow the top 15 Bitcoin addresses and the movements of crypto whales in 2021.

author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Title: 4 reasons why the top 15 richest Bitcoin wallets still matter in 2021
Sourced From: cointelegraph.com/news/4-reasons-why-the-top-15-richest-bitcoin-wallets-still-matter-in-2021
Published Date: Thu, 31 Dec 2020 21:25:53 +0000

4 reasons why the top 15 richest Bitcoin wallets still matter in 2021
4 reasons why the top 15 richest Bitcoin wallets still matter in 2021 was originally published here https://topmagazinewire.blogspot.com/2020/12/4-reasons-why-top-15-richest-bitcoin.html

Did Bitcoin prove itself to be a reliable store of value in 2020? Experts answer

Did Bitcoin prove itself to be a reliable store of value in 2020? Experts answer
Did Bitcoin prove itself to be a reliable store of value in 2020? Experts answer

Without any doubt, the year 2020 was unlike any other year in the 21st century: The ongoing COVID-19 pandemic, global governments unstoppably printing money, “lockdowns” and “social distancing” becoming the new normal, protests against racial discrimination and police brutality, and so on and so forth. It even made some claim it to be “the worst year ever.” But as they say: In every storm, each cloud has a silver lining. The most important thing is to learn from what we’ve been through and to improve our world and our future, as there are some problems that we have to solve ourselves.

It’s also true that 2020 was a significant, dramatic year not only for people all over the world but for Bitcoin (BTC) as well: the third halving, increased attention from institutional investors and global regulators, its white paper’s 12th anniversary, etc. Some even called it the “New Testament” of finance, and others suggested using it for the utopian idea of universal basic income. Bitcoin received global attention because of the Twitter hack in mid-July, which required the crypto community to defend Bitcoin’s integrity after the event placed the words “Bitcoin” and “scam” within one headline again. In October, PayPal announced it would offer crypto payments, and later in November, Bitcoin was on the homepage of the Wall Street Journal for its 80% price rally.

Related: Will PayPal’s crypto integration bring crypto to the masses? Experts answer

When 2020 started, it was hard to imagine how the world would change and how fast those changes would be. Despite all the negative impacts of the ongoing COVID-19 crisis, there have been some positive developments, at least within the crypto space. For instance, Bitcoin’s volatility has decreased since its peak in mid-March, and the pandemic has highlighted Bitcoin’s most important value: its decentralized nature. Some even argued that the pandemic has underlined the benefits of cryptocurrencies for the world. And while Europe experienced the shift to a cashless world, the United States remained more conservative and didn’t want to give up its paper money.

Related: How has the COVID-19 pandemic affected the crypto space? Experts answer

One thing became certain due to the effects of COVID-19: There are some serious problems with the currently existing financial system that might be solved by Bitcoin and by the technology behind it. And the similarities between the two recent financial crises — the first back in 2008 and now in 2020 due to the pandemic — revealed the systemic problems of centralized financial systems. While the first crisis gave birth to Bitcoin, the current one has made people turn to decentralized tech and Bitcoin on a massive scale amid the global economic recession. Some even argue that during the next decade, Bitcoin will play a crucial role in the global economy’s transformation, called “The Great Reset,” and that crypto mass adoption will be led by the millennial generation.

Central banks printed an estimated $15 trillion in stimulus by May alone as anti-pandemic measures to save global economies, throwing the U.S. dollar under the bus, as some said. And these measures turned people toward alternative financial tools, making Bitcoin a hedge against inflation and even an alternative to traditional finance entirely. Some even suggested governments make a monetary transition to Bitcoin to solve the national debt problems.

Another important 2020 milestone was the rise of institutional investors’ interest in Bitcoin. Although this trend seemed to be “built on nothing more than hope” earlier this year, 2020 surprised everyone here as well. Forced by the possibility of rising inflation, the hedging abilities of Bitcoin couldn’t go unnoticed by high-profile investors who saw crypto as an important part of a diversified corporate treasury holding, becoming major holders of digital assets this year.

Unsurprisingly, the crypto space has started to consider the rise of Bitcoin mining institutions inevitable. Also, China’s dominance over the world’s Bitcoin mining operations seemed to be challenged. And most importantly, the future of crypto mining will become more sustainable.

With the 2020 shift in public discourse around Bitcoin, it’s becoming more and more important to create a regulatory framework for the crypto space, without which it will have no future. The regulation, some argue, has to be evolutionary rather than revolutionary, and most importantly, it requires dialogue and close collaboration between regulators and crypto businesses.

All in all, it is hard to predict the crypto’s future in the post-COVID-19 world, as the pandemic has not yet come to an end. Meanwhile, it is impossible to neglect the impact it has had on the crypto space this year. The new Bitcoin era, after everything that happened this year, is forming the new financial order. And if fiat money might lose up to 90% in 100 years, Bitcoin’s future seems to be much brighter than it is now, considering that Bitcoin just reached $27,000 for the first time in history and is now targeting $100,000 within the next 12 months and $500,000 within the decade. And with 2020 coming to its end, Cointelegraph reached out to experts in the blockchain and crypto space for their opinions on Bitcoin’s path this year.

Did Bitcoin mature enough this year to become a reliable store of value? Why or why not?

Brian Brooks, acting comptroller of the currency of the U.S. Treasury Department’s Office of the Comptroller of the Currency:

“We hope that our July 2020 letter regarding crypto custody will make Bitcoin safer for institutional and retail holders. Bitcoin was the innovation that opened the door to decentralizing financial services, and the growth of it and other tokens in 2020 shows the beginning of a transformation of cryptocurrencies from an exotic concept to a more familiar and comfortable means of engaging in financial services.”

Da Hongfei, founder of Neo, founder and CEO of Onchain:

“Since its inception, Bitcoin has witnessed and survived various ups and downs, and it now appears that investors, on the whole, are increasingly more confident in its value. More significantly, I believe that this signals how quickly we are moving toward mainstream adoption.

Throughout 2020, the blockchain space experienced an explosion in terms of interest and creativity, and we’re seeing the results now: More and more people are recognizing that blockchain is here, and it is here to say.

Moving forward, I believe we’re on the cusp of mainstream adoption, and I’m very excited for what 2021 will bring.”

Denelle Dixon, CEO and executive director of the Stellar Development Foundation:

“I think that the institutional focus on Bitcoin has created positive momentum for the entire blockchain space. Personally, I think it is a reliable store of value. As is much debated throughout crypto circles and beyond, engagement with the network in the long term may present challenges and affect Bitcoin’s ability to translate to certain business applications and use cases, but I believe that storing value and holding value are irrefutably its strengths.”

Emin Gün Sirer, CEO of AvaLabs, professor at Cornell University, co-director of IC3:

“We’ve seen over time how narratives around cryptocurrencies can shift and evolve to fit market demand or a network’s capabilities. The Bitcoin narrative around store of value and hedge against currency inflation has hardened this year, and I believe it’s now the dominant positioning for BTC, as its most vocal supporters and institutional adopters have rallied around it.

That’s a perfectly fine position for Bitcoin to occupy.

Personally, I’m most excited about currencies that have both a scarce, hard-capped supply like Bitcoin but also push for more sophisticated utility with functionalities like smart contracts, DeFi applications and asset issuance.”

Heath Tarbert, chairman and chief executive of the U.S. Commodity Futures Trading Commission:

“We have definitely seen an increase in digital assets overall. Bitcoin is among that market, but let us not forget about Ether, which I declared a commodity last year. The two of these together represent a large portion of the crypto market. And it has been an interesting year in this market — not just with the halving but also the move to Ethereum 2.0 and both Bitcoin and Ether forking.

Despite this, however, we must still recognize that this market is small compared with other assets we regulate. I think over time, this market will be comparable. Until then, however, there will need to be more regulatory clarity around these digital assets for these markets to grow.”

James Butterfill, investment strategist at CoinShares:

“Bitcoin remains a volatile asset. Many expect a store of value to have much lower volatility, but as gold was developing into an investment store of value in the 1970s, it too had extremely high volatility. As it has matured as a store of value, so too has its volatility declined. We expect the same to happen to Bitcoin, and early evidence alludes to this.

2020 has been crucial for Bitcoin. We see it as the year of legitimization for the broader public and investors, fortuitously aided/accelerated by the COVID-19 crisis and the consequent rapid escalation of quantitative easing and fall in use of cash. Our conversations with institutional clients have changed considerably over the course of 2020. What was typically a desire to speculatively invest has now become one of being fearful of extreme loose monetary policy and negative interest rates, with clients looking for an anchor for their investments. As their understanding of Bitcoin improves, clients have grasped that Bitcoin has a limited supply and fulfills this role as an anchor for their assets while fiat is being debased.

This year, we have seen cumulative flows (stripping out the price effect) into investment products rise from $1.35 billion at the start of the year to $6.1 billion today, with only 24 days of outflows for a total of 241 trading days this year. Investors are buying and holding — a good indicator that it is slowly developing into a store of value.”

Jimmy Song, instructor at Programming Blockchain:

“It’s not that Bitcoin has matured, it’s that we have. The mainstream investors are starting to take notice of Bitcoin’s 12-year history and starting to recognize how valuable it really is in a world of near-infinite quantitative easing. Bitcoin gives us true scarcity, and that’s why it’s useful as a store of value. Literally, nothing like this has existed in human history.”

Joseph Lubin, co-founder of Ethereum, founder of ConsenSys:

“Despite this very difficult year, I think that the broader decentralized protocol ecosystem demonstrated poignantly that we, like our Web 3.0 technology, are anti-fragile and that this technology will prove a worthy evolutionary successor to Web 2.0 systems. We continue to demonstrate that this technology will serve as a new trust foundation for next-generation, increasingly decentralized, financial, economic, social and political systems.”

Michael Terpin, founder of Transform Group and BitAngels:

“Store of value is an interesting concept. It doesn’t mean nonvolatile; after all, both gold and real estate have had their cycles, booms and busts, but to date, they have returned to a reliable mean so that there are very few instances where a 20-year investment in either did not perform as a reliable way of keeping ahead of inflation with very low risk of losing one’s principal.

To skeptics, Bitcoin was seen as the equivalent of investing in a single high-risk stock that could easily crash to zero — and in its early days, this certainly was possible. But no asset in history has ever gone from under one cent, as it was during the first P2P transactions, to this month’s high-water mark of $28,300. As each year has passed, the fluctuations have gotten more manageable — there will be no more 100-times gains in one year, as happened in 2013. This plus the clear signals from the United States, the European Union, China and Japan that they’re happy to cope with both the ongoing COVID-19 pandemic and economic depression through massive money printing means that these currencies will vastly underperform hard assets in the next two to three years as the money supply in these nations expands at annual rates of above 20% instead of the historic 4% to 5%, which is near the true rate of inflation.

Barry Silbert primed the pump with Grayscale, allowing accredited investors an easy way to invest in Bitcoin that then makes its way into a publicly traded vehicle. Paul Tudor Jones, who made a fortune calling the gold boom in the 1980s, awoke the multitrillion-dollar institutional fund world by having his funds invest in Bitcoin, calling it ‘the fastest horse’ in the race.

Michael Saylor, CEO and founder of multibillion-dollar public firm MicroStrategy, then lit the fuse on corporate fear and greed by using 80% of its $500 million in cash earlier this year to invest in Bitcoin, which has now more than doubled. More recently, he went even further and issued debt to buy even more Bitcoin.

Bitcoin has never been great at microtransactions — dozens of low-fee, faster-settling cryptos are far better at this — but it needed to go through this use case in its infancy. Its true value now is in sending large transactions instantly and safely, and as a store of value for the next century and beyond.”

Mike Belshe, CEO of BitGo:

“The 2020 bull run of Bitcoin is very different from anything we’ve seen before. Unlike the previous rapid rise of 2017, this year saw the influx of new large institutional players. New entrants like PayPal, Square, JPMorgan and others are bringing a new level of credibility, liquidity and stability to the crypto markets.

Institutions and retail investors are recognizing the importance of the principle of scarcity, which is the basic economic principle of Bitcoin. With governments overprinting money across the globe, Bitcoin is the most reliable store of value at this time and a hedge against inflation. Those who understand this will be in a stronger economic position than those who don’t.

I agree with Paul Tudor Jones’ recommendation that individuals who have investable assets put a small amount, perhaps 2%, into Bitcoin. And I’d go a step further and say that institutions should invest 5% of their corporate treasuries in order to stay competitive. Investing small amounts can produce tremendous upside with minimal downside risk.”

Paul Brody, principal and global innovation leader of blockchain technology at Ernst & Young:

“Bitcoin has reached that mature, stable store-of-value stage, but I fear it will never be without some controversy. While the Ethereum ecosystem is becoming a vibrant economic entity — with DeFi, smart contracts and infrastructure services being built atop the system — Bitcoin remains very focused on taking a role as a store of value. This will make it hard for some people to grasp, in the same way that many people still don’t quite realize that there is no gold or other asset that backs any other modern currency either. ”

Roger Ver, executive chairman of Bitcoin.com:

“Clearly not. Anything that can fluctuate from $4,000 to $20,000 in a single year is anything but a store of value. It is still just a speculative investment at this point.”

Samson Mow, chief strategy officer of Blockstream:

“Bitcoin was always a reliable store of value. The only people that say otherwise are the ones looking at it on very short time horizons. As public market companies like MicroStrategy have recently realized, Bitcoin is the only safe haven to store value — cash will just melt away from inflation and quantitative easing, gold is stagnant, and tech stocks are overextended. Now, we’re seeing giants like Guggenheim Partners and Ruffer pile in as they come to that same realization as well. Hyperbitcoinization is inevitable.”

Serguei Popov, co-founder of the Iota Foundation:

“Bitcoin and other popular cryptocurrencies have been a store of value for many people for quite some time already. The considerable capitalization of the crypto market corroborates this, and it’s likely that quite a few readers of this article are using cryptos in this way already. Whether it is ‘reliable’ or not depends on the definition of reliability. Of course, it is true that Bitcoin’s — let alone other cryptos’ — price is quite volatile and will probably remain so, meaning anyone who uses it for a store of value might experience some strong emotions. On the other hand, it is very reliable in the sense that nobody can take your Bitcoin away, as long as you keep your private keys secret and store them safely. This constitutes a unique advantage of cryptocurrencies in the store-of-value context.”

Todd Morakis, co-founder and partner of JST Capital:

“The institutions are here. This year, we’ve seen a number of large traditional firms either announce or begin to explore Bitcoin. While custody is still challenging for institutions, the Paul Tudor Jones announcement earlier in the year as well as the improvement of institutional Bitcoin solutions have led to much broader acceptance of Bitcoin within the traditional financial community. Bitcoin is no longer a bad word on the street.”

Vinny Lingham, CEO of Civic:

“Bitcoin is a speculative investment. Even if we see the price goes up, we have to remember that it’s still speculative. When will it become a reliable store of value? As I’ve been saying for years, Bitcoin may eventually evolve into a reliable store of value, but this growth process will take at least five to 10 years. We’ll know that we’ve reached the goal when Bitcoin becomes far more stable and far less volatile — in a word, boring.”

These quotes have been edited and condensed.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Title: Did Bitcoin prove itself to be a reliable store of value in 2020? Experts answer
Sourced From: cointelegraph.com/news/did-bitcoin-prove-itself-to-be-a-reliable-store-of-value-in-2020-experts-answer
Published Date: Thu, 31 Dec 2020 18:47:00 +0000

Did Bitcoin prove itself to be a reliable store of value in 2020? Experts answer
Did Bitcoin prove itself to be a reliable store of value in 2020? Experts answer was originally published here https://topmagazinewire.blogspot.com/2020/12/did-bitcoin-prove-itself-to-be-reliable.html

Last Market Watch of 2020: Bitcoin Price Eyes $30K, Polkadot (DOT) Breaks ATH

Last Market Watch of 2020: Bitcoin Price Eyes $30K, Polkadot (DOT) Breaks ATH
Last Market Watch of 2020: Bitcoin Price Eyes $30K, Polkadot (DOT) Breaks ATH

Despite retracing with over $1,000 after the latest all-time high, BTC has surged back up and reclaimed the $29,000 level. Some altcoins have expanded in value – Polkadot’s DOT has marked a new all-time high.

Bitcoin’s Latest ATH Above $29K

After a few days of relative stagnation around the $28,000 level, the primary cryptocurrency returned to its Q4 2020 bull run.

CryptoPotato reported yesterday that BTC charted two consecutive all-time highs in a day. The asset firstly reached $28,570 before initiating another impressive leg up – this time breaking above $29,000.

Ultimately, bitcoin’s latest ATH came at $29,300. Despite briefly retracing to 28,200, the cryptocurrency has recovered most losses and currently sits very close to that ATH again.

Nevertheless, if BTC retraces and heads south for a correction, the technical indicators suggest several significant support levels that could contain the possible drop. They are situated at $28,400, $27,850, $27,300, $26,750, and $26,300.

BTCUSD. Source: TradingView

Ethereum Marks YTD High; Ripple Bounces Off

Following BTC’s gains, Ethereum has been on quite the roll in the past several days. The second-largest digital asset struggled beneath $600 before Christmas but has exploded to a new yearly high just a week later at $760. Despite retracing slightly to $750, ETH is still 2% up in a day.

Bitcoin Cash, Cardano, Litecoin, Chainlink, and Binance Coin have remained practically at the same price spot as yesterday with minor moves. However, Polkadot has doubled-down on its recent impressive price performance with another 10% surge to above $8. This is DOT’s newest YTD high.

Interestingly, Ripple has also added value on a 24-hour scale. After plummeting for weeks following the SEC charges and multiple exchanges delisting the token, XRP has increased by 8% since yesterday’s low.

Cryptocurrency Market Overview. Source: Quantify Crypto

Further gains come from Blockstack (7%), HedgeTrade (6%), Decred (6%), OKB (5%), and Gnosis (5%). Nevertheless, BTC’s dominance over the market is still above 70% as most alternative coins can’t keep up with bitcoin’s gains.

The total market capitalization has surged to $765 billion. Thus, it has neared the all-time high marked during the parabolic price increase in 2017/2018 at above $800 billion.

Title: Last Market Watch of 2020: Bitcoin Price Eyes $30K, Polkadot (DOT) Breaks ATH
Sourced From: cryptopotato.com/last-market-watch-of-2020-bitcoin-price-eyes-30k-polkadot-dot-breaks-ath/
Published Date: Thu, 31 Dec 2020 09:31:02 +0000

Last Market Watch of 2020: Bitcoin Price Eyes $30K, Polkadot (DOT) Breaks ATH
Last Market Watch of 2020: Bitcoin Price Eyes $30K, Polkadot (DOT) Breaks ATH was originally published here https://topmagazinewire.blogspot.com/2020/12/last-market-watch-of-2020-bitcoin-price.html

NFL player Russell Okung isn’t getting paid in Bitcoin; this is what he’s doing instead

NFL player Russell Okung isn’t getting paid in Bitcoin; this is what he’s doing instead
NFL player Russell Okung isn’t getting paid in Bitcoin; this is what he’s doing instead

National Football League player Russell Okung is a strong proponent of Bitcoin (BTC). And while he may be converting a portion of his salary into BTC, his employer, the Carolina Panthers, isn’t paying him in virtual currency — although a few excitable crypto-focused publications were foxed by the story.

A spokesperson from the Carolina Panthers confirmed to Cointelegraph that Okung, like the rest of his teammates, is paid in dollars only. What he chooses to do with the money is his business, the spokesperson said. In other words, the player doesn’t have any agreement with the team to receive compensation in the form of BTC. 

Offensive tackle Okung is currently in the final year of a four-year contract and will earn $13 million this year, according to Spotrac. 

The NFL player is reportedly using a crypto startup called Strike to convert some of his earnings into Bitcoin. A beta version of the application, which claims to allow users to “send money instantly, with no fees, anywhere in the world,” is available for iOS, Android and Chrome.

Okung may have contributed to the confusion in a recent tweet proclaiming that he is being “Paid in Bitcoin.” The tweet was a response to a post from May 2019 when he first expressed his desire to get paid in BTC.

Paid in Bitcoin. https://t.co/Ey6oOcmLjA

— russ (@RussellOkung) December 29, 2020

The NFL star has amassed a large following on Twitter due to his celebrity status and Bitcoin evangelism. His Twitter headline reads, “life liberty, and #bitcoin.” His followers include Michael Saylor and Anthony Pompliano, among other crypto proponents. 

His recent tweets promote the idea of buying Bitcoin and educating citizens on the impact of inflation on the buying power of the U.S. dollar.

You can make “x” a year and watch it slowly erode with inflation or you can protect your hard earned money with #bitcoin

— russ (@RussellOkung) December 30, 2020Title: NFL player Russell Okung isn’t getting paid in Bitcoin; this is what he’s doing instead
Sourced From: cointelegraph.com/news/nfl-player-russell-okung-isn-t-getting-paid-in-bitcoin-this-is-what-he-s-doing-instead
Published Date: Wed, 30 Dec 2020 21:47:03 +0000

NFL player Russell Okung isn’t getting paid in Bitcoin; this is what he’s doing instead
NFL player Russell Okung isn’t getting paid in Bitcoin; this is what he’s doing instead was originally published here https://topmagazinewire.blogspot.com/2020/12/nfl-player-russell-okung-isnt-getting.html

High volume surge propels Bitcoin price to a new all-time high at $29,000

High volume surge propels Bitcoin price to a new all-time high at $29,000
High volume surge propels Bitcoin price to a new all-time high at $29,000

Within the last hour, Bitcoin (BTC) price rallied to set a new all-time high at $29,000. 

On Dec. 29 Bitcoin price attempted to push through a stiff resistance cluster at $28,500 but after rallying to $28,600 the price rejected with a sharp correction to $27,300.

Daily cryptocurrency market performance. Source: Coin360

Today’s move to $29,000 came after a high volume surge pushed through the $28,500 resistance but the battle for $30,000 is far from over.

Data from Material Indicators shows there are still sell walls near the $30,000 level at Binance and other major cryptocurrency exchanges.

BTC/USD sell walls near $30,000. Source: Material Indicators

Barring another sustained high volume surge in purchasing volume, the presence of sell walls suggests that a rally to $30,000 may trigger a strong sell-off and cause BTC price to revisit key underlying supports at $28,000 and $27,300 where the 20-day moving average currently resides on the 4-hour timeframe.

$30,00 then moon?

Many retail traders expect Bitcoin price to soar well above $30,000 once the psychological barrier is overcome but Nunya Bizniz, a popular trader on Twitter, points out that above $30,000 Bitcoin price begins to look a bit overextended as the 1.618 Fibonacci retracement is at $30,196.

BTC/USD monthly chart. Source: Twitter

Given that Bitcoin price has rallied 64.9% since the start of December, hitting the 1.618 Fib level could provide a signal that a pullback is on the cards but ultimately, volume will be the primary indicator of where the price may go.

Currently, Bitcoin price has gained 302.6% for the year and is vastly outperforming gold and traditional markets like the Dow and S&P500. For Q4, BTC has rallied by 168.32%, securing the second-best quarterly performance since 2017 when the digital asset gained 210.13% in Q4.

com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Title: High volume surge propels Bitcoin price to a new all-time high at $29,000
Sourced From: cointelegraph.com/news/high-volume-surge-propels-bitcoin-price-to-a-new-all-time-high-at-29-000
Published Date: Wed, 30 Dec 2020 21:55:34 +0000

High volume surge propels Bitcoin price to a new all-time high at $29,000
High volume surge propels Bitcoin price to a new all-time high at $29,000 was originally published here https://topmagazinewire.blogspot.com/2020/12/high-volume-surge-propels-bitcoin-price.html

Price analysis 12/30: BTC, ETH, XRP, LTC, BCH, DOT, ADA, BNB, LINK, BSV

Price analysis 12/30: BTC, ETH, XRP, LTC, BCH, DOT, ADA, BNB, LINK, BSV
Price analysis 12/30: BTC, ETH, XRP, LTC, BCH, DOT, ADA, BNB, LINK, BSV

On-chain data suggests that high-net-worth individuals continued to buy Bitcoin (BTC) after Christmas. Analysts at Santiment said that smaller traders sold about $647 million worth of Bitcoin and this sum may have been bought up by Bitcoin whales.

Data also signals that large investors have been buying and holding their purchases throughout 2020, without booking profits in an aggressive manner. According to Glassnode analysts, this has caused the number of Bitcoin in circulation to decline by about 1 million.

Daily cryptocurrency market performance. Source: Coin360

That means, out of the total available supply, 14.5 million Bitcoin are considered illiquid. Glassnode analysts say that this leaves only 4.2 million Bitcoin in constant circulation that are available for trading..

This could further increase the imbalance in the demand and supply equation boosting Bitcoin’s price higher.

However, every bull market goes through periodic corrections and Bitcoin may also be due for one. Therefore, traders should weigh the risks before buying at the current levels.

Let’s analyze the charts of the top-10 cryptocurrencies to find the altcoins that may join Bitcoin in the breakout.

BTC/USD

Bitcoin had formed a gravestone Doji candlestick pattern on Dec. 27 but the bears could not pull the price down on Dec. 28. The bears again tried to start a correction on Dec. 29 but the hammer candlestick formation suggests strong buying on dips.

BTC/USDT daily chart. Source: TradingView

The bulls have pushed the BTC/USD pair to a new all-time high at $28,587.67 today. This suggests that the uptrend has resumed. The next level to watch on the upside is the psychological barrier at $30,000.

Although the rising moving averages suggest an advantage to the bulls, the relative strength index (RSI) has risen deep into overbought territory, which suggests that a correction could be around the corner.

Overbought levels at the start of a rally is a sign of accumulation, but after a mature rally, an RSI above 80 suggests buying due to FOMO and this usually leads to a correction. Therefore, traders should remain cautious and protect their paper profits with a suitable stop-loss.

A break below $25,800 could signal the start of a deeper correction to the 20-day exponential moving average ($23,836) and then to the 50-day simple moving average ($20,077).

ETH/USD

Ether (ETH) formed an inside day long-legged Doji candlestick pattern on Dec. 29. This suggests that the bears tried to pull the price down but the bulls absorbed all the selling and staged a strong recovery by the end of the day.

ETH/USDT daily chart. Source: TradingView

The bulls are currently attempting to push the price above $750 but the Doji candlestick pattern suggests indecision among the bulls and the bears.

If this uncertainty resolves to the upside and the ETH/USD pair rises above $750, the uptrend could reach $800 where the bears may again mount a stiff resistance.

The upsloping moving averages and the RSI near the overbought territory suggest that bulls are in control.

However, if the bulls fail to drive the price above $750, the pair could attract profit booking by the short-term traders. If the bears sink the price below $$680, the pair could drop to the 20-day EMA ($645).

A strong rebound off the 20-day EMA will suggest that the sentiment remains bullish and traders are buying on dips. On the other hand, a break below the 20-day EMA may signal the start of a deeper correction.

XRP/USD

XRP continues to be in a strong downtrend and every attempt to start a relief rally is facing aggressive selling by the bears. The altcoin dipped to $0.172536 on Dec. 29 but the long tail on the candlestick suggests that bulls are attempting to defend this level.

XRP/USDT daily chart. Source: TradingView

The relief rally could face stiff resistance at the 38.2% Fibonacci retracement level at $0.358202. If the price turns down from this level, the bears will again try to resume the downtrend. A break below $0.172536 could result in a fall to $0.10.

However, if the bulls defend the $0.169 support, the XRP/USD pair could consolidate in a tight range for a few days before starting the next trending move.

LTC/USD

The bulls have managed to keep Litecoin (LTC) above the $124.1278 support for the past few days but the failure to resume the uptrend suggests a lack of demand at higher levels.

LTC/USDT daily chart. Source: TradingView

When the price fails to rise, it could attract selling by short-term traders and that may pull the price down to the 20-day EMA ($110).

If the LTC/USD pair rebounds off this support, the bulls will again try to resume the uptrend. If they succeed in driving the price above $140, the pair could rally to $160.

However, the RSI has formed a negative divergence, which suggests that the momentum is weakening. A break below the 20-day EMA could drag the price down to $95.40.

BCH/USD

Bitcoin Cash (BCH) is struggling to rise above the $370 overhead resistance but the positive thing is that the price has not given up much ground. This suggests that traders are not closing their positions in a hurry.

BCH/USD daily chart. Source: TradingView

The upsloping moving averages and the RSI above 60 suggest that the path of least resistance is to the upside. If the bulls can push and sustain the price above $370, the BCH/USD pair may rise to $430 and then to $500.

This positive view will be negated if the pair drops below the 20-day EMA ($317). Such a move could keep the pair range-bound for a few more days.

DOT/USD

Polkadot (DOT) soared above the $5.60 to $6.0857 overhead resistance zone on Dec. 28 and followed it up with another sharp up-move on Dec. 29 that carried the altcoin to $7.70, just above the $7.67 target objective mentioned in the previous analysis.

DOT/USDT daily chart. Source: TradingView

The bears are currently attempting to defend the $7.70 level but the long tail on today’s candlestick suggests aggressive buying by the bulls on intraday dips.

If the price does not drop below the 38.2% Fibonacci retracement of $6.6428, the DOT/USD pair could resume the uptrend, with the next target at $10.

On the contrary, if the bears pull the price below $6.6428, a drop to $6.3163 and then to $5.9897 is possible. Such a move will suggest that the momentum has weakened and that could keep the pair range-bound for a few days.

DA/USD

Cardano (ADA) broke above the $0.175 to $0.1826315 overhead resistance zone on Dec. 29 but the bulls have not been able to sustain the breakout. The price has dipped back below $0.1826315 today.

ADA/USDT daily chart. Source: TradingView

However, the upsloping moving averages and the RSI in the positive zone suggest that bulls are in control.

If the ADA/USD pair rebounds off the current levels, it will suggest that $0.175 has flipped to support. The bulls will then try to push the price above $0.1966315, which could result in a rally to $0.22 and then to $0.235.

This positive view will invalidate if the price dips and sustains below $0.175. Such a move could result in a drop to the 20-day EMA ($0.161).

BNB/USD

Binance Coin (BNB) closed above the $35.69 overhead resistance on Dec. 28 and followed it up with another sharp up-move on Dec. 29 that pushed the price to a new all-time high at $39.99.

BNB/USDT daily chart. Source: TradingView

The rising moving averages and the RSI in the positive zone suggest that bulls have the upper hand.

The bears are currently attempting to stall the up-move near $40 but if the price does not dip below $35.69, it will increase the possibility of the resumption of the uptrend. If that happens, the BNB/USD pair could rise to $50.

Contrary to this assumption, if the price dips back below $35.69, a drop to the 20-day EMA ($33) is likely.

LINK/USD

The bulls could not propel Chainlink (LINK) above the $13.28 overhead resistance on Dec. 27 and the altcoin turned down on Dec. 29. The bears are currently attempting to sink the price below the $11.29 support.

LINK/USDT daily chart. Source: TradingView

If they succeed, the LINK/USD pair could drop to $10 and if this support also gives way, the decline may extend to $8. The downsloping 20-day EMA ($12.24) and the failure of the RSI to sustain above 50 suggests that bears have the upper hand.

This negative view will be invalidated if the pair rebounds off the current levels and rises above the $13.28 resistance. If that happens, it will suggest accumulation at lower levels. The pair could then rally to $16.39.

BSV/USD

Bitcoin SV (BSV) has been range-bound between $146 and $181 for the past few weeks. The flat moving averages and the RSI just below the midpoint suggest a balance between supply and demand.

BSV/USD daily chart. Source: TradingView

In a well-defined range, traders buy the dips to the support and sell near the resistance. Thus, the BSV/USD pair may rebound off $146 and extend its stay inside the range for a few more days.

The longer the consolidation, the stronger will be the breakout from it. If the pair rises above the moving averages, the bulls will once again try to push the price above $181. If they succeed, a rally to $216 and then to $227 is possible.

Contrary to this assumption, if the bears sink the price below $146, the trend will shift in favor of the bears.

Market data is provided by HitBTC exchange.

Title: Price analysis 12/30: BTC, ETH, XRP, LTC, BCH, DOT, ADA, BNB, LINK, BSV
Sourced From: cointelegraph.com/news/price-analysis-12-30-btc-eth-xrp-ltc-bch-dot-ada-bnb-link-bsv
Published Date: Wed, 30 Dec 2020 18:54:18 +0000

Price analysis 12/30: BTC, ETH, XRP, LTC, BCH, DOT, ADA, BNB, LINK, BSV
Price analysis 12/30: BTC, ETH, XRP, LTC, BCH, DOT, ADA, BNB, LINK, BSV was originally published here https://topmagazinewire.blogspot.com/2020/12/price-analysis-1230-btc-eth-xrp-ltc-bch.html

De-Fi Accelerator YFDAI Democratizes Earning Potential through Partnership with ProBit Exchange

De-Fi Accelerator YFDAI Democratizes Earning Potential through Partnership with ProBit Exchange
De-Fi Accelerator YFDAI Democratizes Earning Potential through Partnership with ProBit Exchange

[PRESS RELEASE – Please Read Disclaimer]

YFDAI has secured significant liquidity from its live trading on ProBIt Exchange for accelerated adoption of its immensely disruptive De-Fi platform retrofitted with a De-Fi accelerator, DEX, and multiple liquidity pools.

Fully audited by reputable auditing firm Blockchain Consilium, YFDAI’s permissionless DeFi ecosystem features a time lock feature to lock tokens and liquidity which helps provide transparency and credibility in a space inundated by rug pulls and scams reminiscent of the ICO boom. This key token lock feature also applies to the entire teams’ token holdings until 2021 with a periodic release mechanism.

The YFDAI Launchpad serves as an accelerator to provide pre-sale token fundraising opportunities with protocols to lock up any raised funds while the team strategizes the overall tokenomics based on the specific features and utility of each token alongside full advisory services. All Launchpad projects fulfilling due diligence measures and stringent requirements also receive enhanced exposure through partner DuckDao’s decentralized incubator and extensive early-investor capital along with access to liquidity via YFDAI’s Safeswap DEX.

YFDAI stakers can earn 72% annualized rewards and additional revenue sharing incentives across SafeSwap, SafePredict, and other features, while long term stakers can capitalize on the staking multiplier to generate up to 1.75X rewards. All holders also gain full governance rights to dictate the future tokenomics and allocation of revenue generated by YFDAI.

The initial YFDAI liquidity pool will be available until all 1,455 YFDAI yield farming rewards are exhausted with liquidity pools based on Launchpad-featured tokens expected to be unveiled. Ferrum network’s liquidity staking feature will help sustain liquidity pools including YFDAI by enabling stakers to earn various tokens as their network of partnerships grows.

The deflationary YFDAI token features a buyback and burn policy until the total supply of 21,000 YFDAI is reduced to 13,950 and the team’s core alignment of revenue-generating features and staking incentives serves to fully democratize earning potential for all participants.

ABOUT PROBIT EXCHANGE

ProBit Exchange is a Top 20 crypto exchange globally. We have completed over 200 rounds of IEO and have been consistently ranked Top 4 in Korea. ProBit Exchange provides unlimited trading access highlighted by nearly 1,000 trading pairs.

PROBIT EXCHANGE’S GLOBAL BRAND TRUSTED BY MILLIONS OF USERS

100,000+ community members

800,000+ monthly active users

3,000,000 monthly web visitors

50,000,000 users on partnering aggregators and wallets such as CoinMarketCap

User interface of Multilingual website supporting 41 different languages

Marketing and community support in 8 key languages

Join our active programs and get huge benefits!

Trading Fee Discount: Buy PROB, pay trading fees with PROB & get as low as 0.03% trading feeStake Mining: Stake PROB and earn PROB at a rate of 4% per annumReferral Program: Earn 10-30% of trading fees for referring friends to ProBitProBit Exclusive: Subscribe to 50% off Top 200 tokensAuto Hold Campaigns: Hold tokens and get 6% annualized returnsTitle: De-Fi Accelerator YFDAI Democratizes Earning Potential through Partnership with ProBit Exchange
Sourced From: cryptopotato.com/de-fi-accelerator-yfdai-democratizes-earning-potential-through-partnership-with-probit-exchange/
Published Date: Wed, 30 Dec 2020 12:10:12 +0000

De-Fi Accelerator YFDAI Democratizes Earning Potential through Partnership with ProBit Exchange
De-Fi Accelerator YFDAI Democratizes Earning Potential through Partnership with ProBit Exchange was originally published here https://topmagazinewire.blogspot.com/2020/12/de-fi-accelerator-yfdai-democratizes.html

Bitcoin price inches closer to $30,000 with new all-time highs

Bitcoin price inches closer to $30,000 with new all-time highs
Bitcoin price inches closer to $30,000 with new all-time highs

Bitcoin (BTC) returned to hitting records on Dec. 30 after a fresh rebound took it above its $28,400 all-time high.

BTC price nails fresh all-time high

Data from Cointelegraph Markets and TradingView showed BTC/USD tackle its existing historic top during trading on Wednesday.

In a strong resurgence overnight, Bitcoin confirmed that it had no time for bears after briefly dipping as low as $25,830 over the past 24 hours.

Daily gains were at 7.5% at press time as $28,560 became reality.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

The move brings Bitcoin ever closer to sealing $30,000 as a new psychological level before the end of the year, something which seemed all but impossible just one week ago.

As Cointelegraph reported, however, analysts still believe that a reversal could take the largest cryptocurrency down to existing support at $19,500.

On Tuesday, Cointelegraph Markets analyst Michaël van de Poppe noentheless highlighted $27,500 as the critical area to break in order to pave the ways for new all-time highs.

Ether price leads altcoin gains

The knock-on impact among major cap altcoins was clearly felt, with Ether (ETH) nearing $740 after rising 5.5% on the day.

Polkadot (DOT) added to existing strength to see weekly performance approach 50%.

As before, the exception was XRP, which maintained 10% daily losses as continued delistings by major exchanges further weighed on sentiment. The troubled coin nonetheless managed to reclaim $0.20.

Title: Bitcoin price inches closer to $30,000 with new all-time highs
Sourced From: cointelegraph.com/news/bitcoin-price-inches-closer-to-30-000-with-new-all-time-highs
Published Date: Wed, 30 Dec 2020 07:00:00 +0000

Bitcoin price inches closer to $30,000 with new all-time highs
Bitcoin price inches closer to $30,000 with new all-time highs was originally published here https://topmagazinewire.blogspot.com/2020/12/bitcoin-price-inches-closer-to-30000.html

Zilliqa, Terra (LUNA) and VeChain rally off good news and strong fundamentals

Zilliqa, Terra (LUNA) and VeChain rally off good news and strong fundamentals
Zilliqa, Terra (LUNA) and VeChain rally off good news and strong fundamentals

During a bull market, negative news is quickly digested and the collateral damage is often limited. Therefore, even as XRP price dumped aggressively due to the uncertainty regarding the outcome of the U.S. Securities and Exchange Commission lawsuit, other altcoins have largely been unaffected.

Crypto market data daily view. Source:Coin360

Moreover, as Bitcoin’s (BTC) strong rally takes a breather, several altcoins have broken out of their overhead resistance levels and are attempting to resume their uptrend. Let’s look at a few tokens that have risen sharply in the past few days and analyze their charts to ascertain whether the rally could extend further.

ZIL/USD

Zilliqa (ZIL) has risen sharply in 2020. Part of the rally could be attributed to the decentralized finance boom that dominated a large portion of the year.

After launching its decentralized exchange ZilSwap on Oct. 5 and non-custodial staking on Oct. 14, the token rallied considerably. These new features allowed the community to stake directly into the smart contract whereas previously they had to do it through a third-party intermediary.

To date, the community has staked about 30.49% of the total outstanding supply and the low eligibility threshold of 10 ZIL may have attracted greater participation from token holders.

During the coronavirus pandemic, most people stayed indoors and spent their time on social media. Thus, the timing of Zilliqa’s SocialPay launch could not have been better. The platform launched in May and it rewards users for sharing Zilliqa’s updates and announcements on Twitter.

All these fundamental developments may be the reason for the increase in the number of wallet addresses and monthly transactions in 2020. But can the token continue its outperformance in 2021? Let’s study its charts to find out.

The altcoin has been in a strong uptrend and it rallied from an intraday low at $0.0296388 on Dec. 12 to an intraday high at $0.0996 on Dec. 27, a 236% rally in about two weeks. Usually, these vertical rallies are not sustainable in the long run. Periodic corrections or consolidations are needed that can cool the up-move and increase the longevity of the trend.

ZIL/USDT daily chart. Source: TradingView

The ZIL/USD pair has formed successive inside day candlestick patterns on Dec. 28 and today. This suggests a contraction in volatility as the bulls and the bears decide on the next directional move.

If the inside day resolves to the upside, the uptrend could resume. Conversely, if the inside day candle is followed by a sharp down-move, the bears may have gained the upper hand and a deeper correction would be expected.

Therefore, if the bears sink the price below the 38.2% Fibonacci retracement level at $0.0728748, a drop to the 50% retracement level at $0.0646194 and then to the 20-day exponential moving average ($0.0570) is possible.

A strong bounce off this support hi that the positive sentiment remains intact as traders are accumulating on dips. The bulls will then attempt to resume the uptrend and if they can push the price above $0.0996, a rally to $0.14 may be possible.

On the other hand, if the price slides below the 20-day EMA, it will suggest that a short-term top could be in place as bulls are not keen to buy on dips.

LUNA/USD

Terra Protocol’s LUNA seems to have benefited from greater adoption of its existing products and the proposed launch of new ones. Its Chai payments app witnessed over 2.8 million transactions in November with payment volumes crossing $90 million.

To capitalize on the strong demand for U.S. stocks, commodities, and ETFs, Terra launched the Mirror Protocol on Dec. 4, enabling the creation and trading of synthetic assets. This could continue to attract traders as long as the assets remain in a strong trend.

Terra is also attempting to address the product referral marketing category that mainly benefits the direct referrer. The protocol plans to officially launch BuzLink, a marketing tool in February 2021, that will reward the entire referral chain after the sale is done.

LUNA has risen from an intraday low of $0.45 on Dec. 24 to an intraday high at $0.70 today, a 55% gain within a week. The upsloping moving averages and the relative strength index (RSI) close to the overbought zone suggest bulls have the upper hand.

LUNA/USDT daily chart. Source: TradingView

The LUNA/USD pair broke above the $0.57 overhead resistance on Dec. 28, which completed a rounding bottom pattern. This bullish setup has a target objective of $0.86.

However, the Doji candlestick pattern with a long wick today shows that traders are booking profits at higher levels. This could drag the price down to the breakout level at $0.57.

If the pair rebounds off this level or even from the 20-day EMA ($0.51), it will suggest that bulls are in control. A break above $0.70 could resume the uptrend.

Contrary to this assumption, if the bears sink and sustain the price below $0.57 and the 20-day EMA, it will suggest that the recent breakout was a bull trap. The trend may favor the bears if the pair drops below $0.45.

VET/USD

The coronavirus pandemic has made people and businesses even more aware of the power of digital technology. VeChain (VET) developed the E-HCert App in collaboration with the Mediterranean Hospital of Cyprus to store COVID-19 test records. After its successful implementation, Aretaeio Hospital has also joined the VeChain ecosystem to integrate its lab testing services, which will make the data readily accessible to patients to use as required.

The VeChainThor blockchain also recently received a 5-Star-Rated Blockchain Service Certificate from TÜV Saarland, a European certification body. This could increase confidence in its ecosystem and also improve investor sentiment about VET token. In a further boost, Grant Thornton Cyprus revealed itself as one of the VeChainThor Authority Masternodes. These developments could open up new possibilities for the future.

VET has rallied from an intraday low at $0.011724 on Dec. 23 to an intraday high at $0.02120375 today, an 80% gain in a short time. The bears are likely to defend the $0.02210 level aggressively as it has been acting as a stiff resistance for the past few months.

VET/USDT daily chart. Source: TradingView

However, if the VET/USD pair does not break below $0.018, the bulls will make one more attempt to drive the price above $0.02210. If they succeed, the pair will complete a rounding bottom pattern that has a target objective at $0.0353.

The 20-day EMA ($0.0165) has started to turn up and the RSI is above 60, which suggests that bulls have the upper hand. Even a consolidation between $0.018 and $0.0221 will be a positive sign and it will increase the possibility of a breakout of the overhead resistance.

Contrary to this assumption, if the price again gets rejected at $0.02210, it could attract profit booking from the short-term traders and that may pull the price back below the moving averages. Such a move could suggest that the pair may consolidate in a large range for a few days.

Title: Zilliqa, Terra (LUNA) and VeChain rally off good news and strong fundamentals
Sourced From: cointelegraph.com/news/zilliqa-terra-luna-and-vechain-rally-off-good-news-and-strong-fundamentals
Published Date: Tue, 29 Dec 2020 22:05:42 +0000

Zilliqa, Terra (LUNA) and VeChain rally off good news and strong fundamentals
Zilliqa, Terra (LUNA) and VeChain rally off good news and strong fundamentals was originally published here https://topmagazinewire.blogspot.com/2020/12/zilliqa-terra-luna-and-vechain-rally.html