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The Trading Legend Believes That A New Altcoin Season Is Finally Coming
Peter Brandt, considered to be one of the gurus in trading, showed his support for the second-largest cryptocurrency to date, Ethereum. He welcomed Ethereum holders’ decision to keep their ETH tokens, by predicting the price per ETH would likely outperform Bitcoin’s price movements.
Brandt also noted that Ethereum’s price boom would boost the performance of the entire altcoin sector, which implies that the much-anticipated “altcoin season” may be on its way.
However, for Brandt’s predictions to come true, there must be a massive breakout in the ETH/BTC trading pair, which currently sits at 0.02613 BTC per ETH – the highest mark since March. Despite the current level, Brandt set his target at 0.03276 BTC per ETH, which would mean a 23% price increase for Ethereum, given Bitcoin’s price remains the same.
Nevertheless, Ethereum is still far behind its all-time high of 0.12396 BTC per ETH token on February 1, 2018, which can be depicted as a 79% overall drop since then.
Other trading experts consolidated around Brandt’s opinion, with Adamand Capital investor Tuur Demeester further explaining that the technical picture for Ethereum is bullish. However, the investor still keeps his opinion that Ethereum’s fundamentals are wrong, despite the blooming DeFi sector.
On the other hand, Brandt considers altcoins as “pretenders”, as opposed to Bitcoin, but his stance on altcoins didn’t affect his analysis. Interestingly, the altcoin sector seems to have been on the verge of massive gains, as altcoin projects like Stellar and Chainlink appear to be in the middle of massive bullish rallies, while Dogecoin received a 100% price increase in just several hours, due to mainstream meme creators “exploding” on the news that the avatar of the Doge meme has passed away. Ripple, proclaimed by Brandt as a “scam” also received expectations for an upwards rally.
On the other hand, Tuur Demeester showed that Bitcoin is now ending its re-accumulation phase and soon will enter a bullish run. The investor stated that a re-accumulation stage began a year ago, with an expected massive price breakout after the stage is complete.
Demeester even considered holding as much as 33% of his ‘Permanent Portfolio 2.0’ for another twenty years, which further cements Demeester’s belief in Bitcoin.
[Today's Hot Tips]submitted by LOEXCHANGE to loex [link] [comments]
1. [The central parity of RMB against the U.S. dollar increased, and the USDT negative premium rate was 0.44%]
The central parity of the RMB against the US dollar rose by 177 points from the previous day to 6.9803. The central parity rose to the highest level since July 22, 2020, the largest increase since July 7, 2020. The onshore renminbi is currently reported at 6.9809. The OTC offer of USDT on Boboo.com is 6.95 RMB, and the premium rate has slightly expanded to -0.44%.
2. [Vice President of Blockstream: Bitcoin full nodes may be suffering from connection slot exhaustion attacks]
On the morning of August 4, Tuur Demeester, the Adamant Capital founder, tweeted that today's Bitcoin full node may be suffering from a connection slot exhaustion attack. This attack vulnerability has been known a few years ago, and there are some good suggestions to solve this problem, but the developers did not take it seriously. Maybe this attack can be a catalyst.
3. ["2020 Hurun Global Unicorn List" released four blockchain companies including Coinbase on the list]
According to official sources, on August 4, Hurun Report released the "2020 Hurun Global Unicorn List". After inquiries, the blockchain companies on the list include: 1. Ripple, valued at 70 billion yuan (up 35 billion yuan) ), ranked 22nd (up 28 places); 2. Coinbase, valued at 50 billion yuan, ranked 31st (down 1 place); 3. Bitmain, valued at 30 billion yuan (down 50 billion yuan), ranked 70th (down 50 places); Kraken, valued at 30 billion yuan, ranks tied for 70th. Bitmain has become one of the five unicorn companies with the largest decline in valuation. Hu Run said: "The decline in Bitmain's valuation is mainly due to the average share price performance of Canaan after its listing, and the valuation of the blockchain industry is under pressure. "
[Today's market analysis]
Bitcoin (BTC)BTC traded sideways near 11400 USDT in the early morning, and began to fall slightly at 5 o'clock. It fell below 11,200 USDT in the short term, and dropped to 11137.93 USDT as low as possible. At present, the overall BTC is adjusted within a narrow range near 11,200 USDT. Most mainstream currencies fell slightly after a narrow adjustment in the early morning. BTC is currently reported 11350.3 USDT on LOEx Global, with a decrease of 0.1% in 24h.
In the past two days, Bitcoin has adjusted, and the entire market has adjusted accordingly, and new changes have taken place in the market. It can be felt from two points. However, some people think that the platform currency has moved and the platform section has risen. Ethereum is still so strong, and so is Ripple. The following trend will fluctuate upward. What I want to say is that there will be many declines like this, and the bull market will adjust, so we must pay attention to the rhythm. Now that the market has come to the front, there is a trapped market, and there is a profit selling pressure in the back, so the two-day adjustment is not enough. At least 10,000 points will be tested before the market is reliable. Or, in the short term, the liberation of the previous trapped market will also face adjustments near the previous high of 13,000 points. This is mainly based on how much power is enough.
Support level: the first support level is 10700 points, the second support level is 11000 integers;
Resistance level: the first resistance level is 11400 points, the second resistance level is 11500 points.
LOEx is registered in Seychelles. It is a global one-stop digital asset service platform with business distribution nodes in 20 regions around the world. It has been exempted from Seychelles and Singapore Monetary Authority (MAS) digital currency trading services. Provide services and secure encrypted digital currency trading environment for 2 million community members in 24 hours.
In the last month, the world markets are experiencing dramatic events. In light of the coronavirus pandemic, an economic crisis is unfolding in the world. Because of quarantine actions across the world, many manufactures and non-food stores are being closed, the level of product turnover is falling. Small and medium-sized businesses suffer huge losses due to downtime, the unemployment rate increases and the purchasing power, in the opposite, decreases.submitted by Stealthex_io to StealthEX [link] [comments]
The value of the CBOE VIX index, reflecting the level of market volatility, increased the value to 82 points, for comparison, during the 2008 crisis, this index did not exceed 80 points, and in recent years it has been held at the level of 15-25 with peaks up to 45. Against the background of total panic among investors, on March 30, Brent crude updated the minimum of November 2002, falling to the level of $22.6 per barrel. The S&P, Dow Jones and Nikkei indexes are critically losing their positions. Experts note that the downward trend began even before the announcement of the COVID-19 pandemic, but the spread of the disease played a crucial role in the crisis increase.
At the same time, digital assets also found themselves in a zone of turbulence: in the middle of the month, the price of bitcoin fell to $3800, followed by the price of altcoins. Panic sale leads to a chain reaction, many investors are getting rid of the cryptocurrency which is considered a risky investment, and the price of coins continues to decline.
The cryptocurrency market highly depends on what is happening in the world, so it will strengthen and continue to grow only when the situation with the pandemic becomes clear and less unpredictable. Therefore, the main task at this stage is to maintain composure and don’t give in to emotions when making decisions.
Despite the extremely uncertain situation, most analysts now give fairly favorable forecasts. Judging by the latest fluctuations in the exchange rate, the cryptocurrency market has come out of an uncontrolled fall. In their opinion, we expect a long flat with a slow trend of price growth against the background of halving. Despite bearish trends and skidding at $6,500, at the close of the quarter, bitcoin was able to hold above the important support level of $6,400. Michaël van de Poppe, a cryptanalyst of the Amsterdam Stock Exchange, believes that now bitcoin is in the stage of consolidation and will gradually pay off in the next 4-6 years. Tuur Demeester, analyst and founder of Adamant Capital, suggests that holding the $6,300 level could be a key resistance level before the bull market can resume.
Similar dynamics are predicted for altcoins, which maintain a high correlation with the first cryptocurrency.
Here’s what the quarterly charts for BTC, ETH and XRP look like:
Bitcoin chart for 3 months. Source: CoinGecko
Ethereum chart for 3 months. Source: CoinGecko
XRP chart for 3 months. Source: CoinGecko
Also, experts in cryptocurrency research believe that the current situation in the oil and stock markets can have a positive impact on digital currencies. WTI oil, like Brent, fell to the level of 2002, trading around $20 mark. Black gold continues to look very vulnerable as well as the prospects for the oil market in general.
At the end of the first quarter of 2020, the bitcoin exchange rate decreased by 13%, but in comparison with traditional stock markets, the first cryptocurrency showed more successful results. The S&P 500 index, which includes shares of the 500 largest companies by capitalization, fell 19% to 2,584 points. This is the worst figure since 1938. President Trump’s proposal to allocate $2.2 trillion to support the American economy is criticized by many economists as leading to more problems than offering a real solution. They consider hyperinflation as the most likely scenario for the next year.
Since cryptocurrencies are not subject to inflation and are not in control of governments and banks, many predict that digital assets will be popular as a tool for hedging risks.
Earlier co-founder and CEO of Gemini exchange Tyler Winklevoss stated in his twitter:
The founder, head and CEO of the Galaxy Digital, Michael Novogratz, also believes that cryptocurrencies with mathematically limited emission could be a safe haven in the face of inflation.
Peter Brandt called the current crisis a “perfect storm” and noted that it could be a crucial period for Bitcoin. It is at this point that the coin can reveal itself as a protective asset and grow in price. In his tweet of March 23, he also advises treating cryptocurrencies as insurance policies rather than investments.
Trading volume on 22 popular crypto exchanges increased by 61% in the first quarter compared to the previous one — to $154 billion.
In March, major cryptocurrency exchanges recorded a sharp increase in the number of new users. Pierre Richard strategist of the Kraken exchange believes that people who are concerned about the futile efforts of the authorities to contain the crisis against the background of the pandemic feel the need to leave the centralized financial system.
With other positive aspects, we should not forget that cryptocurrencies remain extremely susceptible to manipulation by major players. That collapse, which we experienced in the middle of the month, allowed corporations to buy coins at an extremely low price and, in fact, nothing can prevent them from attacking the market in the future.
Whatever happens on the market, you can always exchange coins at StealthEX as we always have unlimited exchanges without requesting personal data. A large number of currencies available for exchange will allow you to create your investment portfolio in the most suitable way for you.
Original article was posted on https://stealthex.io/blog/2020/04/09/dont-panic-the-guide-to-the-current-situation-in-the-cryptogalaxy/
Hi, Traders ! Monfex is on the air !submitted by Monfex to CryptoCurrencyTrading [link] [comments]
While Bitcoin demonstrates a short-term weakness, the talks around the next halvening are not tailing away.
* Based on the analysis of Bitcoin's prominent investor and analyst Tuur Demeester, Bitcoin market would require $2.9 billion of investment influx to keep the price above $8,000 ahead of the next halving.
* This amount of investment is required to compensate the deflationary effect of the new Bitcoins mined out. Even if the investment inflow remains unchanged, a lower selling pressure after the halving would eventually result in a price boost.
* In the meanwhile, famous trader Plan B has used the stock-to-flow (S2F) ratio to predict Bitcoin's price of around $60,000 following the next halving.
* Technically, Bitcoin is gradually descending to the broken verge of the wedge . The decline might prevail in the short-run, but the price should not instantly drop lower than $8,300.
* 200 Daily EMA is still above 21 Daily EMA, meaning that the uptrend is intact.
Active trade signal
Buy @ $8,300 - $8,700. Short-term Target: $10,500. Mid-term Target: $12,000. Long-term Target: $13,500.
GOOD LUCK AND LOTS OF PROFITS !!
Disclaimer This report is for information purposes only and should not be considered a solicitation to buy or sell any cryptocurrency or cryptocurrency product. Monfex accepts no responsibility for any consequences resulting from the use of this material. Any person acting on this trade idea does so entirely at their own risk.
Tuur Demeester explored why Bitcoin will develop in an Amazon-like fashion, while Ethereum could develop more like eBay. According to Demeester, the user experience of Bitcoin will drive a “hyper-growth” in the long run, while Ethereum is not “designed” for the mass market. A popular economist said that Bitcoin (BTC) can go lower, meaning that we haven’t seen the bottom yet. However, that low is just a stop on a way to all-time highs, founder of Bitcoin alpha hedge fund Adamant Capital, Tuur Demeester, stressed. “We are way above the bottom of USD 3,000 [and] I don’t think […] Tuur Demeester explored why Bitcoin will develop in an Amazon-like fashion, while Ethereum could develop more like eBay. According to Demeester, the user experience of Bitcoin will drive a “hyper-growth” in the long run, while Ethereum is not “designed” for the mass market. The renowned analyst and founder of Adamant Capital, Tuur ... Tuur Demeester is Somewhat Bullish on Litecoin. According to Tuur Demeester, this was all part of a major Bitcoin Cash pump. More specifically, the Korean Bithumb exchange drove up the price quite a bit a few days ago. Now that its volume is shifting to Ethereum and other currencies, BCH is crashing. If this momentum can’t be maintained ... - Tuur Demeester (@TuurDemeester) Might 18, 2020. One of many early Bitcoin fanatics dominated out Bitcoin dropping under $ 6,000 after the final halving. Demester additionally predicted a brand new spherical of parabolic development after the worth breaks out of the higher restrict of consolidation within the vary of $ 7,500-11,500.
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As more people become fascinated with cryptocurrencies, we decide to talk with world renown blockchain expert, Tuur Demeester. During the conversation, Tuur covers the basics of Bitcoin. You won't ... Bitcoin news for the week of Oct 3rd with your hosts @theonevortex @gabrieldvine @Tone_LLT and special guest @TuurDemeester -----We are talking with Tuur Demeester: Economist & investor, Editor in ... In this episode, I talk with Tuur Demeester from Adamant Capital about his new Paper: Bitcoin in Heavy Accumulation. We discuss evidence from the blockchain, historical data, risk, how ... A Crash Course on Economics, Interest Rates, Debt and Inflation Today I am talking with Tuur Demeester, who recommended Bitcoin as an investment to his readers at $5 back in 2012. I would say Tuur ... The only financial TV that matters. Start a 14 day trial on Real Vision to watch this interview in full: https://rvtv.io/2MVA7Pc Tuur Demeester of Adamant Re...