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Germany’s Institutional Funds Can Hold 20% In Crypto Starting August 2

There could be a flood of institutional investments coming from Germany starting next week. On Monday, August 2, a law is coming into effect that allows Germany’s institutional investors – under the Spezialfonds category – to invest in Bitcoin (BTC) and other cryptocurrencies. Institutional players like pension funds and insurers can access these funds. Together,

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Is Chinese Tech Giant Tencent Planning to Enter NFT Market Soon?

Amid the growing craze for NFTs among Chinese investors, it looks like Chinese tech giant Tencent is planning to enter the NFT market soon. In an exclusive update, popular Chinese journalist Colin Wu reported: “China’s largest Internet company Tencent will enter the NFT, including music, games, news content, etc.” Exclusive: China’s largest Internet company Tencent

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Bitcoin Price Prediction: BTC Bullish Outlook Steadies Above $40,000 As PayPal Launches Crypto Exchange In The UK

A daily close above $40,000 could see Bitcoin nurture a key uptrend to $50,000. PayPal to debut a crypto exchange platform in the UK as the market turns green. Bitcoin must target a break above the 100 SMA in the short term to validate the impending upswing. Bitcoin price has remained pivotal at $40,000 for

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TA: Bitcoin Turns Green, Why Close Above $40K Is Crucial

Bitcoin price is trading in a positive zone above the $39,000 level against the US Dollar. BTC must settle above $40,000 for a sustained upward move in the near term. Bitcoin is trading positively above the $38,500 and $38,800 support levels. The price is still trading well above $39,000 and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $39,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to accelerate higher if it settles above $40,200 and $40,500. Bitcoin Price Could Gain Momentum Bitcoin price remained well bid above the $38,200 support zone. BTC started a steady increase and it even broke the $39,000 level and the 100 hourly simple moving average. However, the bulls are struggling to gain strength above the $40,000 zone. The last high was formed near $40,920 before there was a minor downside correction. The price corrected below the $40,000 support level. There was a break below the 23.6% Fib retracement level of the upward wave from the $36,340 swing low to $40,920 high. The price even traded below $39,500, but the bulls were active above the $39,000 support. There is also a major bullish trend line forming with support near $39,000 on the hourly chart of the BTC/USD pair. The price is also trading nicely above the 50% Fib retracement level of the upward wave from the $36,340 swing low to $40,920 high. On the upside, an initial resistance is near the $40,200 level. The first key resistance is near the $40,500 level. Source: BTCUSD on TradingView.com If there is an upside break above the $40,500 resistance zone, there are chances of more upsides. The next major resistance is near the $41,000 and $41,200 levels. A close above $41,200 could trigger a steady increase towards the $43,500 level. Dip Supported in BTC? If bitcoin fails to climb above the $40,200 and $40,500 resistance levels, it could start a downside correction. An initial support on the downside is near the $39,200 level. The first major support is now near the $39,000 zone and the 100 hourly SMA. A clear downside break below the trend line and $39,000 might call for a move towards the $38,000 level. The next major support is near the $37,800 zone. Technical indicators: Hourly MACD – The MACD is slowly gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $39,200, followed by $39,000. Major Resistance Levels – $40,200, $40,500 and $42,000.
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Why Another Wave Up For Altcoins Is Probable According To BTC Dominance

BTC dominance has always had an inverse effect on the price movements for altcoins. Historically, BTC dominance determines the direction the value of altcoins swings in. Bitcoin has so far maintained majority dominance on the market. But as more time passes, that dominance goes down as altcoins see more demand. BTC dominance simply shows how much demand there is for bitcoin compared to altcoins. The more BTC dominance rises, the lower the demand for altcoins. This means that for altcoins to rally up further, bitcoin demand has to go down. Related Reading | Ethereum Breaks 200,000 Validators Milestone, Over $14 Billion Now Staked In ETH 2.0 Over the years, this dominance has decreased as more and more investors put money in altcoins. One reason for this being a lot of investors feel they have missed the boat with bitcoin and thus are trying to get in early enough on altcoins. Others revolve around the new technological advancements being made by altcoin projects. Hence, investors are putting money into projects that they believe in. How Current BTC Dominance Affects Altcoins BTC dominance has continually declined over the past couple of months. Currently sitting at 48.97% dominance, bitcoin now has less than half of the entire market dominance. This trend shows that demand for altcoins is on the rise. So, BTC dominance will continue to see declining numbers. As the dominance declines, the value of altcoins will continue to go up. Market trends indicate that BTC dominance is poised to drop following the latest recovery. BTC dominance currently sits at less than 50% | Source: Market Cap BTC Dominance on TradingView.com When this happens, the demand for alts is expected to pick up very quickly. Leading to another upward wave for the altcoin market. Coins like the number 2 coin Ethereum are forecasted to gain even more dominance as the project gains more notoriety among the investment sector. With ETH 2.0 moving the network to proof of stake and using significantly less power to mine. The reduced environmental impact will mean that mining will become less of a problem. What This Means For Bitcoin Alts gaining more dominance does not negate the value of bitcoin. Currently, there are over 5,000 coins in the market all vying for market share. And some of these projects come with some very innovative ideas and tech. Thus, it is expected that as time passes, some of these projects will become popular. Therefore gaining more market share as more investors come into the market. Related Reading | Fast Money’s Brian Kelly Remains Bullish On Bitcoin, Here’s Why The declining BTS dominance just means that bitcoin is not the only digital asset investors are rushing to get into. Despite decreasing dominance, bitcoin still remains the number 1 coin in the market. Being the first cryptocurrency and the reason why cryptocurrencies are currently so popular. But as alts rally in what is usually known as “alts season,” bitcoin will continue to see declining dominance. This will translate to the price of altcoins rallying massively as interest in them grows. Featured image from CryptoPotato, chart from TradingView.com
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8 Green Candles: Here’s What Happened The Last Time In Bitcoin

Bitcoin has now had 7 consecutive daily green candle closes this month. There have been a couple of 7 consecutive daily candle closes. But so far there has been no eight. The last time there were 8 consecutive daily candle closes, bitcoin price saw a price run-up that saw the price moving out of the $20,000 price range into the $30,000. BTC price movements after 8 consecutive daily candlesticks | Source: Twitter The chart above outlines the movement of the market the last time this happened. The run-up had started last year in 2020 and continued into 2021 before tapering off in January. Showing a very The market continues to watch to see what happens if bitcoin does hit those 8 consecutive candle closes. Bitcoin Price Movements This week continues to show interesting price movements in the digital asset. The close of the weekend ushered in a bullish run for bitcoin that saw the coin price adding over $5,000 to its price in the span of a day. Related Reading | Bitcoin To Reach New All-Time Highs, Market Strategist Bitcoin had lost momentum following this run, losing over 3% to drop down from its $39,000 position, back into the $37,000 territory. But has since picked that momentum back up, now trading at over $40,000 at the time of this writing. This is the first time that the asset has gone above $40,000 in the past month. Following a month-long struggle to recover from the continuous dips that have been experienced in the market. Right now, bitcoin movements continue to show bullish indicators, as bulls continue to maintain a hold on the price. Over the course of this week, the digital asset has added over $100 billion to its market cap, bringing its total to over $750 billion. BTC market cap adds over $100 in three days | Source: Market Cap BTC on TradingView.com The movements have been attributed to circulating rumors of Amazon’s crypto integration. But according to Fast Money’s Brian Kelly, this was mostly due to a combination of factors. And not just one rumor circulating around the e-commerce giant. Massive amounts of short squeezes during the weekend, a time when the market is usually less liquid than usual, saw the price of the asset shoot up. And short positions over $1 billion were liquidated in the span of a day. Where Does Bitcoin Go From Here? With the current movements, bitcoin closing green for the past week, it continues to indicate that another bullish rally might be imminent. The market was thought to have already arrived in a bear market. But the current price surges might tell a different story. This would most likely mean that the bull market was not over as was thought before. Because if bitcoin sees 8 consecutive green closes and history is anything to go by, then the digital asset might be on track to a rally that sees the market hitting new all-time highs. Bitcoin could be poised to break its $64K record following another bull run. Related Reading | Over $800 Million Bitcoin Shorts Liquidated As Price Surges 12% In 24 Hours Individual and institutional investors alike continue to stay bullish on the digital asset. Investors who have never been involved in cryptocurrencies are showing more interest. A Gallup poll showed that the number of investors who were holding bitcoin had now tripled since 2018. And in that time frame, the number of investors who were interested in digital assets has now gone up. Featured image from Bitsgap, charts from Twitter and TradingView.com
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FTX Crypto Exchange’s Average Daily Volume Rose 150X YoY

FTX.US, a US-regulated cryptocurrency exchange saw its average daily volume grew 150x YoY, from June 2020 to June 2021 as per the 1H filing. The exchange touched the peak with $993 million during a 24-hour period on April 22, 2021. According to Cryptowatch, FTX.US held the top ranking in the US for deepest liquidity and

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Breaking: $42.6 Trillion Asset Management Firm to Offer Crypto Sevices to Private Clients

State Street Corp., one of the asset management groups with $42.6 trillion worth of assets under management has announced it would start offering crypto reporting, reconciliation, and processing services to its private-fund clients. The asset manager has partnered with Lukka Inc., a crypto software service provider for its fund administration services who would also offer

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Indian Crypto Exchange CoinDCX Looking to Raise $120 Million: Report

Indian crypto exchange CoinDCX could become the next crypto unicorn as reports suggest the crypto exchange is in talks to close a $100-$120 million funding round. The crypto exchange had closed a $13.9 million Series B funding round in December last year. The exchange raised a total of $19.4 million throughout 2020. The completion of

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Standard Chartered led crypto custody venture Zodia Custody gets FCA approval

Zodia Custody, an institutional-grade crypto asset custody solution provider has announced it has got the approval of the Financial Conduct Authority (FCA), i.e., the platform can now provide commercial services as a crypto asset business. Zodia Custody is a product by Standard Chartered’s SC Ventures, and Northern Trust, a leading asset servicing provider. It serves

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Tesla’s Bitcoin Holdings Back in Profit After BTC Breaks $40K

Tesla’s Bitcoin (BTC) holdings were barely afloat amid the global crypto decline. Tesla had bought $1.5 billion worth of BTC at approximately $35,000 at the beginning of 2021. However, they sold 10 percent, i.e., over $270 Million in the first quarter during the month of April when BTC was priced at $55k. Nevertheless, now that

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Bitcoin records largest single-day Exchange outflow in 1-year as BTC price breach $40K

Bitcoin price is currently hovering around the $40,000 mark after breaking out of the $35k resistance and forming good support at $38,800. The top cryptocurrency hit a monthly high of $40,816 earlier today before retracing under $40K again. The on-chain data suggest traders have turned bullish again as they expect BTC to solidify its position

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Theta Price Analysis: Theta Token Eyes Breakout Of Multi Month Descending Channel

-Theta price revived nearly 70% the last week -Theta Price is getting halted at major trend line resistance -400MA has held prices down for nearly 80 days Theta Token price experienced a massive bull run over the last year as prices rose 1000s of percent. Despite these gains, Theta price fell victim of market movements

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DOT Price Analysis: Polkadot (DOT) Jumps 40% off Weekly Lows, Here Are Important Levels to Watch

-DOT pushes 40% off weekly low -DOT Price is still stuck within a descending channel -200MA has continued to act as resistance Polkadot Price Overview Polkadot has been flat the last few days as prices have stalled near important resistance. The overall cryptocurrency market has pushed very strong off lows, a type of revival not

The post DOT Price Analysis: Polkadot (DOT) Jumps 40% off Weekly Lows, Here Are Important Levels to Watch appeared first on Coingape.

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US Senate’s bipartisan infrastructure deal adds $28 Billion in Crypto Tax

The US Senate approved the bipartisan infrastructure deal worth $550 billion targetted at transportation and power systems. However, last-minute additions to the deal saw lawmakers impose an additional $28 billion in crypto tax. The infrastructure deal aims to fund a portion of the deal by collecting taxes on crypto transactions. The Senate’s proposal will impose

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XRP Price Analysis: XRP Jumps 20% in Past 24 hrs, Will Price Break $1?

-XRP price has pumped 20% over the past day -200MA is acting as support for the first time in over 2 months -XRP Price is getting rejected at resistance of $0.73 XRP Price Overview XRP has had a wild last 24 hours of trading as it was once the highest gainer in the top 100

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China’s CBDC e-CNY a Certain Step to Internationalize the Use of Renminbi

Chinese central bank is all keen on internationalizing the use of the national currency Renminbi (RMB) in the international market, and its central bank digital currency is a key step in this direction. The PBoC is confident that promoting the use of e-CNY will make RMB the world’s third-largest currency in terms of trade, settlements,

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TA: Bitcoin Eyes Key Upside Break, Why Bulls Remain In Control

Bitcoin price remained in a positive zone above the $39,000 level against the US Dollar. BTC is likely to climb further higher above $40,500 and $41,000. Bitcoin is trading nicely above the $38,200 and $38,500 support levels. The price is now trading well above $38,000 and the 100 hourly simple moving average. There is a key contracting triangle forming with resistance near $40,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to gain bullish momentum if it clears $40,200 and $40,500. Bitcoin Price Eyes More Upsides Bitcoin price started a fresh increase from the $36,500 support zone. BTC remained well bid above the $37,000 level and it gained pace above the $38,000 level. The price even spiked above the $40,000 level and it settled above the 100 hourly simple moving average. A high was formed near $40,930 and the price is now consolidating gains. It corrected below the $40,000 support level. There was a break below the 23.6% Fib retracement level of the upward move from the $36,397 swing low to $40,930 high. It is now holding the $39,000 support level. There is also a key contracting triangle forming with resistance near $40,200 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com If there is an upside break above the $40,200 resistance zone, there are chances of more upsides. The next major resistance is near the $40,800 and $41,000 levels. A close above $41,000 could trigger a steady increase towards the $42,000 level. Dip Supported in BTC? If bitcoin fails to climb above the $40,200 and $40,500 resistance levels, it could start another downside correction. An initial support on the downside is near the $39,400 level and the triangle lower trend line. The first major support is now near the $38,600 zone. It is near the 50% Fib retracement level of the upward move from the $36,397 swing low to $40,930 high. A clear downside break below the $38,600 support might call for a move towards the $37,600 level. The next major support is near the $37,200 zone. Technical indicators: Hourly MACD – The MACD is likely to gain pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $38,600, followed by $38,000. Major Resistance Levels – $40,200, $40,500 and $42,000.
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Hands-On With TradingView ‘All-Time Highs’ Bitcoin & Stock Tarot Cards

Bitcoin and the stock market over the last year has transcended pop culture, and been fully embraced by the world of memes and the mainstream. What started as an April fool’s day joke earlier in the year, has since turned into a dream come true for this very trader who adores the occult and unorthodox. TradingView has graciously shared a pack of their limited edition All-Time Highs finance-focused tarot cards, which we’ve now had the chance to dig into. Here’s a hands-on look at the most unique tarot cards the trading community has ever seen. TradingView Sends NewsBTC Team To New All-Time Highs TradingView is the de-factor technical analysis software used by the cryptocurrency industry. It isn’t uncommon in traditional finance to see the likes of Bloomberg terminal, Optuma, or Symbolik by Thomas DeMark. But hands down when it comes to accessibility and easy to use tools that anyone can pick up and get started with technical analysis, there’s no touching TradingView. TradingView charts like this BTC one area easy to use | Source: BTCUSD on TradingView.com NewsBTC almost exclusively uses TradingView charts in content, which is why our curiosity was so piqued by the very believable April fool’s prank the company played earlier this year. Related Reading | Bitcoin Ready For Display Of Strength, But Which Direction Will It Break A phony set of cryptocurrency and stock market themed – even forex – tarot cards were shown to the public, but sadly there weren’t real. With so much interest, TradingView turned the joke into a reality, and has since released the limited edition set of All-Time Highs to select “friends”. The art works is high resolution and mimics the look of traditional tarot cards. Bitcoin And Finance Centric Tarot Cards Tap Into The Arcane Arts The tarot cards, pictured above, represent stock market, crypto, or other area of finance versions of traditional tarot cards. There are also some special guest appearances from the likes of “Papa Elon” or “Warren.” Papa Elon raises an eye brow, Space X wand in hand. Because there is a true to the tarot world counterpart to each card means you can still use the set for their original intended purpose. For example, the King of Crypto would be read as the King of Pentacles. The King of Pentacles sits on a throne embellished with carvings of bulls, representing his connection to the astrological sign of Taurus, and grapes and vines adorn his robe, symbolising wealth and abundance. In his right hand, he holds the sceptre of his power, and in his left, he holds a golden coin, symbolic of his material influence. This King has an innate ability to create material wealth and financial abundance – and better yet, he can sustain his wealth over time through self-discipline, control and leadership, a description from a popular tarot interpretation site reads. Crypto holders can certainly find symbolism in the description alone. But it is the Arcane energy within the cards that is said to matter most. The King of Crypto replaces the King Of Pentacles Card, for example. Tarot cards can be read a variety of ways, with as little as a single card pull. The rest of the interpretation depends on if the card is upright or upside down, and how the user wants to perceive the card’s meaning. It is reasons like this that TradingView has become a fan-favorite across crypto. Related Reading | Bitcoin Trend Strength Indicator Suggests Bull Run Isn’t Yet Over TradingView also has plenty of reasons during this “age of crypto” and age of “stonks” The company tends to have a lot of fun engaging on social media, and recently held a contest to replace their logo. They even offered to pay for the rights in BTC, helping to push crypto adoption. What they do best, however, is technical analysis. If you’re interested to try TradingView tools for yourself, be sure to check out this link. Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
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Fast Money’s Brian Kelly Remains Bullish On Bitcoin, Here’s Why

Fast Money trader Brian Kelly was on the show recently to talk about Bitcoin’s recent price surge. The surge which had happened at the end of the weekend had seen the price of Bitcoin rise over 10% to surpass $39,000, gaining over $4,000 within a day. Brian Kelly agreed with show host Melissa Lee saying that the short-covering contributed to the price surge. Kelly explained that a high number of short coverings around the asset saw the price shooting up as the weekend drew to a close. A lot of factors have been speculated to have given rise to the price spike. Related Reading | Bitcoin To Reach New All-Time Highs, Market Strategist Rumors of Amazon integrating Bitcoin on its platform had been the front-running theory behind the price spike. But Kelly explained that the rumors were only part of the reason that the digital asset had seen significant movement. Outlining other factors that contributed to the rally. Catalyst For Price Spike Brian Kelly addressed the speculations of the Amazon news being the main catalyst for Bitcoin’s price surge. Kelly explained that the Amazon news had been out in the market about a week before the momentum picked up. According to Kelly, the high amount of shorts coupled with the news of Amazon and Tether’s news led to a “big short squeeze” as the weekend drew to a close, which is when the market is usually less liquid than usual. BTC price breaks $40,000 for the first time in over a month | Source: BTCUSD on TradingView.com The short squeeze had seen over $1 trillion shorts liquidated in a matter of 24 hours as the price surged. With Bitcoin contributing over 70% of this amount, seeing over $800 million shorts liquidated in the same period of time. Following the short squeeze has been a bounce-back of the trading volume and volatility levels of Bitcoin, which had been trending at yearly lows for about a month. The digital asset has since picked up momentum and the market seems determined to ride out this wave for as long as possible. Still Bullish On Bitcoin Kelly responded to a question regarding the price of the asset bouncing back before reaching $40,000. Saying that the bounce had come as no surprise. Kelly personally remains bullish on bitcoin. “The real game here is whether or not it is going to be adopted as an institutional asset,” Kelly said. “And I don’t see anything that has changed my mind on that.” Continuing on, Kelly added the decision of the federal bank and federal reserve to keep printing money could be a determining factor. To which Kelly said, “By my score, I don’t see how they cannot continue to print.” Related Reading | Bitcoin Price Drops $1,000 In 12 Hours After Amazon Dispels Bitcoin Integration Rumors The rate at which the Fed prints fiat money continues to be a concern for investors. This could lead to inflation if the amount of paper money being printed is not controlled. To this end, Bitcoin becomes an attractive asset for investors who are worried about inflation. Given the limited supply of the asset, there is simply no way for an individual or government to print or make more coins. Hence, fighting inflation. Bitcoin continues to see bullish movement. At the time of this writing, the asset price has now broken $40,000 and continues to trend upward. Featured image from NBC News, chart from TradingView.com
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