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Speaking on the latest edition of his RT news magazine, The Keiser Report, the well-known Bitcoin proponent said that global panic would have a profound impact on Bitcoin uptake this year.
2020, he explained, was “part two of the global financial crisis” which originally spawned the Bitcoin whitepaper in 2009.
“…Now Bitcoin will experience part two of the global financial crisis — it’s already close to $10,000 a coin,” he told fellow presenter Stacey Herbert.
In the near-term, it does appear that the benchmark crypto has now entered yet another consolidation phase at $9,100, which signals that this recent rally was not enough to fully invalidate the bearishness caused by its recent downtrend.
Despite this, top traders on Binance – as defined as the top 20% of traders by margin balance – are overwhelmingly long on BTC.
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Bitcoin price has returned to the $9,000 territory again, after falling below $8,500 during the first day of the month. Here are the three main reasons why the largest crypto by market cap is about to update the February peak.
Prominent cryptocurrency TraderSmokey noted that with the recent price action, BTC has managed to trend into the four-hour Ichimoku Cloud. This increases the chances the cryptocurrency is about to embark on an “end-to-end” Cloud rally, which will see it rally to $9,600 — around 5% higher than the current price — in the coming days.
This rally could be further fueled by the fact that BTC recently scaled above its Daily Pivot, per Smokey’s chart.
After attempting to reclaim the $9,000 level a couple of times with no success, the bulls finally gained enough momentum to push the price slightly above $9K on March 5. Bitcoin (BTC) hit a local high of $9,137 a few hours ago. The gains came as US stocks tanked following an increase in coronavirus cases in the United States which even prompted California governor Gavin Newsom to declare a medical state of emergency. Moreover, new cases have also been reported in China, the epicenter of the epidemic.
- The third block reward halving is less than 10,000 blocks away
- Miners are already prepared for the upcoming halving in May 2020
- Bitcoin will stay around $10,000 only to slowly rise to the $100k model value but it won’t be an easy ride
Mark Cuban has made it clear he holds no crypto. This he primarily notes is because he values it differently from most people invested. Especially with Bitcoin, people value it as a store of value. But the value only comes from people seeing the value in them.
Gold over Bitcoin to store value?
In addition to facing some resistance around its current price level, it is also important to keep in mind that the crypto is currently approaching a descending resistance line that has been respected over multiple months, with one analyst noting that a break above this could lead ETH to $500.
The Cryptomist, a popular crypto analyst on Twitter, spoke about this level in a recent tweet to her 45k followers, concisely noting that the crypto is “one trendline break away” from seeing an intense rally.
As Bitcoin bulls marched above the key level of $9k with a dominance of 63.8%, the entire cryptocurrency market rallied to a market cap of $260.8 billion. After taking a dip, the altcoins rose as they mimicked the price action following the bounce-back.
The Steem blockchain reportedly experienced a troubling episode recently, whereby the blockchain’s entire governance system was disturbed. Tron founder Justin Sun, new owner of the Steemit social network based on the Steem token, appears to have successfully executed a takeover of Steem by leveraging not only tokens directly controlled, but also tokens held on several major exchanges, in order to vote out the previous delegates (Steem uses a delegated proof-of-stake system) and install new ones. This means that customers of these exchanges likely had their funds used without their consent in this blockchain power struggle.
Cryptocurrency trading is now entirely into the legal system for the South Korean government, according to a local report. To receive this outcome, the National Assembly amended the Act on Reporting and Use of Specific Financial Information.
After President Jae-in Moon signs the amendment passed in the country’s parliament, the enactment process will begin. It will take one year from the date of the signing, followed by a 6-month grace period.
“Despite being on a path to touch billions of customers and be an asset class measuring in the trillions of dollars, cryptocurrency is very underserved relative to other financial services. This is partly because connecting cryptocurrencies, wallets, and exchanges to the traditional financial system is highly technical and complicated. Zabo solves this by dramatically reducing the complexity. We enable leading financial services companies to swiftly and easily integrate into hundreds of leading cryptocurrency wallets with just a few lines of code.”
Libra was originally going to be a stable currency supported by several forms of fiat such as the U.S. dollar and the euro. It was going to be a single unit of currency backed by others, though now it looks like executives want to change things up a bit.
This time, rather than issuing single Libra tokens, the name will apply to an entire payment network – governed by the Libra Association and operated through Facebook – that will allow customers to pay with the fiat that allegedly supports Libra’s present standing.
There are a number of ways people can obtain cryptocurrencies and one of them is through airdrops, a type of distribution where creators send free coins to numerous crypto wallet addresses in order to drive adoption. Airdrops have been leveraged for years and token distributors believe that it’s a great way to disburse coins fairly and to raise awareness. New airdrops are announced nearly every month that allow people to obtain free digital tokens.