In the first half of last week, rumors about Apple buying Bitcoins worth over $2 billion spread across the crypto-related social media platforms.Source: TwitterMany cryptocurrency enthusiasts expect such kind of news (about big players entering the market) to revert the price decline of Bitcoin and resume the uptrend.Source: TwitterHowever, these rumors have remained unconfirmed so far, and the crypto market has remained under bearish pressure:Source: TwitterNevertheless, the Bitcoin fundamentals are starting to improve, and it seems that internal factors will drive the potential uptrend renewal. According to a recently published newsletter by Glassnode, Bitcoin miners are returning to the so-called ‘accumulation phase.’ That means that they are starting to accumulate BTC to sell it later at higher levels:Source: GlassnodeAlso, the insight by Glassnode claims that the outflows from the crypto exchanges are intensifying. A signal that the retail investors are buying crypto with the primary purpose to hodl it:Source: GlassnodeAnd, although the Bitcoin price fundamentals have started to improve, the market has recorded another week of consolidation. Now, the Monday market starts with some mixed price dynamics. According to Coin360.com, one Bitcoin costs €26,990.46 (+0.35%), one Ethereum — €1,622.23 (-2.31%), one DOGE — €0.1510 (-5.28%), and one UNI — €14.19 (+0.35%):Source: Coin360.com (Daily crypto market performance)Now let us look at the price charts of the leading cryptocurrencies against the euro in the most noteworthy time frames.BTC/EURIn the daily chart (1D), the price of Bitcoin continues to consolidate between the 360-day Moving Average (MA 360) and 30-day Moving Average (MA 30):MA 360 is solid support for the price of BTC, and it will be very hard for the bears to push the price below the moving average. However, MA 30 puts pressure on Bitcoin and does limit the price to increase.The crypto bulls should keep an eye on the 1-hour chart…
Bitcoin
Yes, Bitcoin And Crypto Are A Speculation. So Are Stocks And Commodities.
Everything is a speculation.Photo by Pierre Borthiry on UnsplashOriginally posted on lifestylemaniacs.comThe first thing haters say about Bitcoin — and crypto — is that it is a speculative bubble, and it has no intrinsic value, and they are right. However, they are wrong when they say gold, stocks, or cash have intrinsic value.
Taproot: Bitcoin’s First Upgrade in Four Years
Bitcoin is about to get an upgrade. Four years ago, Bitcoin went through somewhat of a civil war over its technological limits. Strongly held beliefs about block size, which limits the amount of information that can fit in a block, split the Bitcoin network (BTC) into Bitcoin Cash (BCH), and further into Bitcoin SV (BSV). Since then, the original Bitcoin still reigns supreme, and the others have lagged behind in price appreciation by a great degree. Last month, the Bitcoin network came to an overwhelming consensus when 90% of nodes signaled they are in support of a new upgrade scheduled to go live in November, nicknamed Taproot.The Taproot upgrade will do numerous things to improve the technological base that bitcoin runs on. Mainly focusing on increased privacy features, it will also improve the ability of the network to run smart contracts, a main feature that has propelled Ethereum to new all-time highs this year as institutional interest in the technology has skyrocketed.While the average Bitcoin user won’t notice much of a change, the various layer-2 solutions and side chains such as Lightning Network and Liquid will experience massive improvements. Currently, these protocols built on top of Bitcoin are distinguishable from normal transactions on-chain through the need to reveal all the complex rule scripts they run when they interact with the blockchain. Taproot implements an improved signature method called Schnorr signatures which allows those programs to only reveal the exact rules used for each transaction instead of all of them. Ultimately, this allows these complex transactions to appear on-chain in the same way as a normal wallet-to-wallet transaction. Not only does this improve privacy by making it harder to pick out these complex transactions during chain analysis, but it also saves space on the block and increases transaction speed.These improvements will…
How to Deal with a Crypto Market Drop?
It is not a secret that the cryptocurrency market has become one of the most booming markets in India and around the world. Even though the market is growing at a rapid speed, it is important to remember that the industry is still in its infancy and can be quite volatile. The value of even the most popular cryptocurrencies like Bitcoin and Ethereum has gone through extreme ups and downs in the past few months.The sudden price drop of digital assets brings a lot of investors into a state of panic. Hence, it is crucial to be ready to handle the crypto market crash when it takes place. Fortunately, there are several ways in which an investor can make a profit even during a market crash. Continue reading this article to know 5 pro tips that you can use to avoid loss and make a profit even during the crypto market crash.Do Complete Research to Understand the MarketIt is important to keep in mind that nothing is permanent so does the crypto market crash. Instead of being in a state of panic, take your time to reassess your investment portfolio and keep a close eye on checking the performance of the coins in which you have entrusted your money.Look at every little detail, including the past performance of the assets and their current movement patterns to predict the future price movements and make decisions accordingly.Consider Buying the DipInstead of waiting for the price to go high, try to buy crypto in the dip to generate outstanding returns in the future. However, before making an investment, look at its past performance along with the future uses to make investment decisions that can give your great returns in the future. Besides, consult with the industry experts to make a profit even in…
A Rare Bullish Bitcoin Signal Has Finally Appeared
BBCStaticMiner is a digital asset technology company that mines cryptocurrencies with a focus on the blockchain ecosystem and the generation of digital assets.A rare bullish bitcoin signal, the difficulty ribbon compression, has started pumping up for the first time since the bull run started.As pointed out by a BTC analyst on Twitter, the difficulty ribbon compression seems to be going up for the first time since the bull run started.The indicator is a measure of the moving averages of bitcoin mining difficulty. The mining difficulty metric can be calculated by estimating the number of hashes for mining a block.To properly quantify these values, the BTC difficulty ribbon compression uses a normalized standard deviation. Higher values have historically been associated with the price moving up, while lower values suggest a downward trend.Now, here is how the chart looks like for the BTC difficulty ribbon compression in the past decade:The Bitcoin difficulty ribbon compression indicator just started pumping, (for the first time in this bull cycle) historically very bullish signThe above graph reveals some interesting features about the indicator. It does seem like that the difficulty ribbon compression has a historic relationship with the price.It looks like when the value of the indicator drops very low, BTC hits a low on the curve. And when it rises, like it is doing right now, the price also moves up.However, there is something to consider here. The indicator is a measure of the mining difficulty, and right now the world hash rate is facing some special circumstances due to the China crackdowns.After massively dropping for a while, the global Bitcoin hash rate has started to go up again as miners migrate from China to other countries like the US. This should mean the difficult would go up quickly as the usual mining farms start…
These Cheap Cryptocurrencies Could be the Next Millionaire Makers
You Don’t Want to Miss Out.Invest Cheaply, Wisely, and Confidently. Photo by Neonbrand from Unsplash.Bitcoin and Dogecoin have come and gone, so to speak, in terms of making millionaires. Bitcoin is hovering between $31,000 and $35,000 these days, and Dogecoin will run a person about $0.20 to $0.25 cents a coin. If you are going to make large amounts of money off either of these coins, then you will likely…
Brazil Becomes The First Country In Latin America To Approve Ethereum Exchange Traded Fund (ETF)
The Brazilian Securities Commission (CVM) has approved the first-ever Ethereum (ETH) exchange-traded fund (ETF) just a few months after the approval of the Bitcoin ETF.Ethereum (ETF) will track the performance of the second-largest cryptocurrency. QR Asset Management will manage the fund.Read: Ethereum (ETH) Fees at Eight-Month LowsQR Asset Management announced:“Expanding the horizons for diversification, QETH11 has become an easy, secure, and regulated option for any investor to gain direct Ethereum access through their preferred brokerage firm.” BREAKING: CVM aprova o 1º ETF de Ethereum da América Latina, o QETH11.O ETF da QR Asset Management, gestora do grupo QR Capital, será listado na B3, que se torna a 1ª bolsa na América Latina a ter um ETF 100% Ethereum. pic.twitter.com/idluRrN2zq- QR Capital (@qrcapital) July 13, 2021Local media claim that CVM approved a second cryptocurrency-focused, exchange-traded fund. The ticker QETH11 will be used for the Ethereum ETF, and it will appear on the country’s stock exchange B3. It will use the CME CF Ethereum reference rates used by CME Group.Read: Goldman Sachs Report: Ethereum Has the Potential To Surpass Bitcoin As A Store Of ValueQR noted that the ETH ETF would be using “secure institutional custody” provided by Gemini, an American exchange owned by the Winklevoss Brothers.This is Brazil’s second-approved cryptocurrency exchange fund. The Bitcoin ETF was approved by the Brazilian securities regulator in March. Canada has three BTC ETFs that are active within its borders. All of them were approved since the start of this year.On the other hand, US SEC continues to reject ETF applications and postpones the last attempts by VanEck Capital and SkyBridge Capital.Read: Swiss Bank Sygnum Becomes First Regulated Bank To Offer ETH 2.0 StakingMost Recently, Grayscale Investments selected BNY Mellon to be its asset service provider. This is a Grayscale preparation step to convert its Bitcoin…
Data Analytical Firm Santiment Reports That Ethereum (ETH) Fees Are at Eight-Month Lows
According to data analytical firm Santiment, The average transaction fee on Ethereum (ETH) has fallen to its lowest level since December 2020.Read: Swiss Bank Sygnum Becomes First Regulated Bank To Offer ETH 2.0 StakingPreviously Ethereum (ETH) network was congested, transactions were slow and expensive, making them unaffordable for many small investors. Because of ETH’s high fees, many users and developers have moved to other blockchains, but now Ethereum fees have fallen to multi-month lows.According to Santiment’s latest tweet, the average transaction fee for Ethereum (ETH) has dropped to levels that were not seen since December 2020.Read: Goldman Sachs Report: Ethereum Has the Potential To Surpass Bitcoin As A Store Of ValueSantiment writes:“Ethereum’s average fees are down to $2.19, which is the lowest the #2 market cap asset has been since December 2020. This is a promising sign that ETH’s utility can rise with little impact of fees standing in the way of healthy circulation.”The average transaction fee for an Ethereum (ETH) transaction is as low as $2.19 in mid-July 2021. Other trackers found that the average transaction fee for Ethereum (ETH) is $2.75.#Ethereum’s average fees are down to $2.19, which is the lowest the #2 market cap asset has been since December, 2020. This is a promising sign that $ETH’s utility can rise with little impact of fees standing in the way of healthy circulation. https://t.co/KNAFuBuWWQ pic.twitter.com/qR0WBU5kVf- Santiment (@santimentfeed) July 11, 2021The average fees are at their lowest level in multi-months. The average commission per Ethereum transaction (ETH) is below $1.40.Ethereum (ETH) fees have fallen 97 percent since their peak. Analysts at Santiment see this as a positive sign of the Ethereum (ETH) network.Lower fees mean more convenient transactions and more users on the Ethereum network (ETH).This signifies that ETH’s utility could increase with little impact of fees that discourage…
Skybridge CIO, Troy Gayeski: “Bitcoin Is Setting Itself Up For Some Supply Shock”
Troy Gayeski, a Co-Founder and Senior Portfolio Manager at SkyBridge, recently told Bloomberg that Bitcoin is preparing for “some supply shock,” similar to that which occurred in November.Read: Apple Co-Founder, Steve Wozniak: “Bitcoin Is The Most Amazing Mathematical Miracle”Gayeski claims that many strong holders are reasserting themselves based on BTC on-chain data. He adds that Bitcoin risk-reward is now more upwardly biased.He said:“The On-chain data is basically telling you that lot of strong holders are reasserting themselves and accumulating from those that got into the market last year, And BTC is setting itself up for some type of supply shock very to similar to what we had in last October-November And we think the Risk-Reward is skewed again to the upside.”Read: Twitter And Square CEO Jack Dorsey Confirms Square Is Building a Bitcoin Hard WalletSkyBridge Capital launched a Bitcoin fund at the close of 2020. Gayeski claims that the firm was forced to reduce its position due to falling prices and invested some of its capital into Ethereum.Gayeski believes that bitcoin will continue to be the most valuable store of value.The US Securities and Exchange Commission delayed a decision last week on a Bitcoin exchange-traded funds (ETF) filed in May by SkyBridge Capital.Bitcoin is trading in the same range for many weeks as bears and bulls continue their tug of war.Read: A New Bill Submitted By Argentine Lawmaker Propose Bitcoin SalariesAccording to Pete Humiston, Manager of Kraken Intelligence, BTC Bollinger Bands that are used by traders to measure volatility have been the tightest since October 13.It feels like volatility is in the air…#Bitcoin’s Bollinger bands haven’t been this tight since October 13, 2020. History suggests . pic.twitter.com/6Djv5cbPcA- Pete Humiston (@1337_pete) July 12, 2021Tight range Bollinger Bands history suggests that high volatility is coming soon.
When Lightning strikes
If you’re anything like me, you’ve never used your Bitcoin to pay for real-life purchases. Up to today, the only thing I’ve settled with BTC are transaction fees to get my BTC from my exchange account into my wallet and vice versa. Maybe you’ve already bought stuff with BTC; if yes, I’d be intrigued to know what.Anyone transacting with Bitcoin for the first time will soon realize that it takes a few minutes, if not longer, for your transaction to be confirmed. What’s “worse” for small amounts the Bitcoin transaction fee is pretty high. Currently, to get your transaction verified within the next hour, you’d have to pay $8.88. If you just wanted to buy a coffee, clearly that’s disproportionally high. And having to wait 10 minutes until the transaction is confirmed, your coffee would be only lukewarm by that time.The root of the problem lies in the scalability problem. Scalability describes how many transactions a network can handle. Centralized payment providers like PayPal (150 transactions/second) and Visa (up to 5600 tps) can verify transactions within seconds, making them a convenient option for all of us to go about our daily purchases. However, as centralized networks, they’re susceptible to attacks, and customers are at their mercy.Bitcoin, created as peer-to-peer electronic cash, was set to change how we transfer value to a decentralized paradigm. More than ten years later, we’re still far from having all moved to use crypto. But, there’s some serious work being done to make Bitcoin easier to use for smaller payments — namely, the lightning network.First things first, if you’re still wondering why Bitcoin has a scalability problem when other cryptocurrencies such as Litecoin or Ripple don’t seem to. Bitcoin relies on Proof-of-Work, meaning that all nodes in the network are simultaneously racing to solve a riddle…