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The halving is inevitable and so are its consequences, whatever they may be. With such a tweetstorm going on, it is rather difficult to make sense of what the price of Bitcoin could be prior to or after the halving, no matter what history says. But if traditional market forces are applied to the cryptocurrency, an in-depth analysis of investor sentiment should be the best indicator of possible price movements.
Popular trader CryptoDude recently posted the below chart, which shows the leading cryptocurrency’s price action over the past few months on a one-day basis.
While the retracement that has been seen over the past 10 or so days looks bearish, there is a silver lining: Bitcoin has printed three long daily wicks into the $9,300 to $9,500 region, though failed to close a daily candle under $9,500.
Per a report from Bloomberg published Friday (February 21st), Fidelity International has just acquired a $14.2 million (or $110 million Hong Kong dollars) stake in the operator of OSL, a leading digital asset platform for institutions that is based in Hong Kong. Fidelity’s investment is part of a larger $36 million placement round.
The prophecized golden cross is clearly taking its time to kickstart the rally. At press time, BTC was worth $9,670, slightly higher than last week’s close [$9598]. On the weekly time frame, Bitcoin’s rally hinges on how February ends. For now, the rally to $10,500 looks like the local top and a correction is underway.
The question is, ‘correction to what level?’
The following conversation was perhaps out of character for the usual CoinGeek event fare—in that it featured Dr. Wright in student mode, with Gilder taking the teacher role. It was a refreshing change to see Wright in the presence of one of his idols, seeking direction rather than giving it.
Among the big names being utilized in the marketing campaign are artists like Shiggy, a musician who was recently hired to write a song called “Cash App.” The song played on Tik Tok for weeks, garnering as many as 136 million views and becoming one of the top trending videos on Twitter.
Square’s Cash App has become more popular than ever following its redesign last September that makes it easier to understand and use.
In fact, millennials are already concerned about their retirement prospects. According to the National Institute on Retirement Security (NIRS), half of the millennials doubt they will be able to retire when they want to. And, as they will live longer than their parents, they worry about outliving their retirement savings. And the NIRS adds,
One of the most respected investment banks, J.P. Morgan, has issued a report that confirms their belief in the digital currency revolution. The launch of JPM Coin was met by surprise from the crypto community following the firm’s managing director’s controversial remarks regarding Bitcoin. Nonetheless, J.P. Morgan has doubled down on their blockchain ambitions, as reported by Bloomberg, February 22, 2020.
The rise of Litecoin (LTC) has been nothing but exceptional in the past 48 hours gaining over 5% in a day. The soar in ‘silver Bitcoin’ price sets in at a time the cryptocurrency market is in a consolidation phase as Bitcoin (BTC) bulls struggle to cross the $10,000 USD mark. Despite the positive fundamentals, such as addition of the crypto to Binance US, LTC is signaling a critical bear reversal point as the daily price charts forms a death cross.
Like most other cryptocurrencies, Ethereum hasn’t had the best past few days. The second-largest cryptocurrency fell off a cliff on Wednesday, plunging from a price just shy of $290 to a price as low as $245, per data from TradingView. ETH has since settled above $260, seemingly trying to establish some support before it decides where to go next.
Two recent flash loans on the defi platform Bzx have started a fierce debate about the subject of using uncollateralized loans in a quick trade. Essentially these flash loans are providing people with the ability to borrow crypto without relinquishing any collateral. The scheme was used to exploit funds from the Bzx platform twice, as an individual or group gathered around $954,000 in a matter of four days from well-executed flash loans.
In what can only be described as a surprising turn of events, Ripple is looking to build a bridge, to connect with Ethereum. As unusual as it seems, Ripple, through its development and investment arm Xpring, is making specific moves aimed at building and sustaining interoperability between its own platform and the Ethereum blockchain. An official Xpring blog post explains the idea behind this somewhat unlikely move.
In an interview on Venture Coinist, FTX CEO Sam Bankman-Fried says his company saw an opening in the gambling market.
“The current venues for trading these things are really clunky. As anyone who’s tried using PredictIt or Betfair or any of the other major platforms will quickly realize, these are not platforms meant to make it easy to do big trades in these things.
PredictIt has an $800 cap per person. Trying to get money in and out of these places is a big pain, and they’re not liquid. The fees are huge. You’re paying like a percent or two to get trades off.”
Finance Magnates reports the pair used a bitcoin mixer, Bestmixer.io, to hide the origin of the ill-gotten funds. Cryptocurrency mixing services tumble various transactions to conceal the original source of the funds, making it extremely hard for investigators to identify whether funds come from illegal sources or not.