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Popular analyst Willy Woo believes that Bitcoin has started its bull run, which can reach at least $100,000. However, gold bug Peter Schiff has a completely different view on Bitcoin. Schiff said: “If Bitcoin won’t go up, why own it? The answer to that question is ‘sell.’ Look out below!”
It should be noted that Bitcoin’s failure to rise in value due to a certain short-term event should not be the criteria to sell. During the last financial crisis, both gold and the equity markets fell sharply between mid-March to mid-October 2008. However, after the panic settled, the gold markets embarked on a strong bull run. Let’s study the charts to find out which cryptocurrencies are likely to move up or down.
- Bitcoin price is showing a few bearish signs below the $8,800 level against the US Dollar.
- BTC/USD traded below the $8,760 support and a contracting triangle support on the 2-hours chart (data feed from Bitstamp).
- Ethereum is also declining and it recently failed to climb above the $230.00 resistance area.
- A Quick Recap of the Bitcoin Halving
- The Last Two BTC Halvings
- Will This Halving Send Bitcoin Price Soaring?
The Bitcoin halving is currently less than 10000 blocks away, as tweeted out by Bitcoin core developer and educator Jimmy Song. The majority of people in the space anticipate it will have a major impact on bitcoin’s price. This is for several reasons.
Bailey echoes other outspoken crypto critics like legendary investor Warren Buffett, economist Nouriel Roubini and gold supporter Peter Schiff who have warned investors against owning Bitcoin. Bailey initially equated buying Bitcoin with gambling in an interview with BBC’s Newsnight in December of 2017, calling it “a very volatile commodity in terms of its pricing.”
As for Bitcoin, this week, financial analysts are scratching their heads, wondering why it tracked with equities. Last May, during a steep stock market selloff, the Bitcoin price skyrocketed. Analysts saw confirmation in this of the cryptocurrency’s safe-haven status, with an inverse correlation to stocks.
- Bitcoin price throws jabs at the 61.8% Fibo resistance to clear the path for gains past $9,000.
- Technical levels continue in favor of the bulls amid gradually increasing buying entries.
According to sources, a Supreme court bench comprising of justices Rohinton Nariman, S Ravindra Bhat, and V Ramasubramanian, today ruled in favor of petitioners who had publicly opposed RBI’s ban on cryptocurrency trading that was imposed almost two years ago.
At the time, the Central Bank had argued that cryptocurrencies posed a threat to financial systems. It had also noted the possibility of crypto being used for money laundering and other illicit activities. This noxious decision led to the shutting down of many crypto exchanges and other crypto-related businesses in the Asian giant due to dwindling volumes.
COVID-19 — more commonly known as the coronavirus — has unleashed massive shock waves among the worldwide health, science, government and business communities as societies are trying to contain the virus. At the moment, the scale and velocity at which the coronavirus is spreading are proving difficult to manage because the regional clustering of the outbreak has moved beyond the initial Hubei province of China to South Korea, Iran, Europe and parts of North America.
Even so, there are some rumors as to how Libra will not be a standalone project.
Instead, it would appear that digitized tokens representing the Euro and US Dollar may enter circulation.
This is not a confirmed development at this point, thus it needs to be taken with a pinch of salt.
There would be little reason for the Libra Association to go down this route.
- Ethereum is forming a nice bullish formation above the $220 support area against the US Dollar.
- The price is likely to start a major rally once it settles above $228 and $230.
- There is a key bearish trend line forming with resistance near $228 on the hourly chart of ETH/USD (data feed via Kraken).
- Bitcoin price is likely setting up for a major upside break above the $9,000 resistance level.
Bitcoin Cash has easily been one of the top-performing coins in 2020, with the same recording a surge of over 138 percent between 1 January and 14 February. The price scaled from $218 to $497 during the period, but a bearish turnover pulled its value to under $330. At press time, Bitcoin Cash’s market cap was around $5.93 billion, with a trading volume of just under $20 billion.
The US Securities and Exchange Commission (SEC) has voted to propose a set of rule changes to simply and improve the “patchwork” rules for exempt securities offerings.
The proposed rule changes aim to improve the existing ‘complex and confusing’ framework to make it easier for companies to conduct offerings that still protect investors.
In the US offerings of securities, including Initial Coin Offerings (ICOs), must either be registered with the SEC or qualify for an exemption. The majority of entrepreneurs and emerging businesses — such as Telegram — raise capital via the exempt offering framework.
The Korea Herald reported Wednesday that Samsung SDS had signed a memorandum of understanding with Israeli fintech solutions provider Credorax to develop the solution, aimed to create efficiencies by automatically logging payments data on bank records and ledgers.
The product, which hasn’t yet been named publicly, will work on Samsung SDS’ Nexledger Universal platform, the proprietary blockchain first unveiled in 2017. Work processes will be automated using AI technology from Brity Works, another Samsung SDS company.
To be specific, it is taking aim at cryptocurrency scams, which the company states are more prominent than ever. According to a statement issued by the organization, crypto scams are the second riskiest illicit ventures from late 2019 and on.
One of the tasks set forth by the BBB is to report employment scams. This remains in the top spot and the thing that American workers should be the most worried about. However, illicit methods for obtaining crypto funds is becoming far more prominent, and the BBB is worried that some people are not getting the message. The average customer loss to a crypto scam is $3,000 or more.