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Category: BTCUSDT

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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Interview: Crypto Damus On Successfully Combining Bitcoin TA With Financial Astrology

Bitcoin is booming all over mainstream finance and throughout social media. Other cryptocurrencies are nearly as hot, and even meme stocks like GameStop, AMC, and others have brought retail into finance like never before. It also has uncovered some of the more unorthodox parts of finance, such as financial astrology. Financial astrology has been around for as long as markets have been trading, but has recently become popular through the likes of Twitter and TikTok influencers. But not everyone is hopping on the trend. We’ve had the opportunity to sit down and speak to a pro in astrology who spent more than two decades learning the craft. They’re a leader in the field of financial astrology and technical analysis market timing, and are here to explain how the innovative combo can be applied to Bitcoin, Ethereum, and other cryptocurrencies. Interview With Financial Astrologer, Technical Analyst Crypto Damus NewsBTC: Can you start with a short introduction with how you first became interested in financial astrology and how that journey began? Crypto Damus: I had noticed many correlations between markets and astrology over the years and read an article in The Mountain Astrologer about the financial astrologer Ray Merriman. I subscribed to his reports for a few years and became inspired to create my own forecast report specifically for Bitcoin and Crypto. What came first, an interest in astrology or finance? And where does Bitcoin and crypto come into the fold for you? I had already been involved in astrology for many years before getting specifically into financial astrology. I got interested in Bitcoin in 2017 and was curious to see if I could bring astrology techniques to predict Bitcoin price movement and started a free report in late 2017. We had some success early on and went to paid subscription in 2019. In 2019 we predicted the January market bottom in January and also the spring rally and June blow off top down to a ten day period months in advance, and also predicted the months long summer/fall downtrend that followed. We also predicted the March 2020 sell off, although not how severe it would be. Since then we have successfully called many major market tops and bottoms. But we have made mistakes too, Astro TA is pretty new and I continue to learn, improve and refine my techniques. What about Bitcoin do you believe in? I believe Bitcoin is part of several larger trends. First I believe Bitcoin is the first international world currency that transcends international borders and national currencies and central banks, this can help world commerce and bring people together and unify the world. Second, Bitcoin is part of the generational technological shift in global finance from material value like paper money and Gold into digital value. Third, Bitcoin and Crypto in general is clearly part of a larger generation shift in investing; clearly Crypto is the new stock market for millennials and one of the best performing assets in the world on a 5-7 timeframe. Bitcoin presents a generational investment opportunity. Obviously this is a lot further sweeping of a question, but what are some key points that cause you to believe so strongly in financial astrology and astrology in general? This is a longer discussion but generally I consider astrology to be a universal language that reveals the deeper nature of reality. The correlation of Astrology to world events and market movement are clear and compelling, the data we have is convincing and we think astrology adds another component to trading and investing that combined with other types of analysis, can give an edge. For example in Sept 2019 on Twitter and in my subscription reports I predicted and warned my followers of a major global crisis in 2020 and recommended Gold specifically, which did very well in 2020, unfortunately we were correct and knowledge is power, knowing what’s coming can help you prepare. I can’t tell you how many people have told me they thought astrology was BS until they started following my analysis ! When they see the astrology play out in market piece action the correlations are undeniable. Macro Economic: Why are astrologers so worried about the Saturn/ Pluto conjunction of 2020 ? Because the Saturn/Pluto cycle has correlated with major political, economic and cultural crisis. breakdown of existing structure and change. Important Saturn/ Pluto years were…. — Crypto Damus (@AstroCryptoGuru) August 21, 2019 How did you arrive at the Crypto Damus name? LOL, well it’s basically a play on the famous astrologer Nostradamus who was said to be able to accurately predict future world events. Nostradamus Why do you think there are some people so opposed to the idea that astrology can work? There are a variety of complex reasons but it’s basically a symptom of closed mindedness to something you don’t understand. I mean honestly there is no rational reason why astrology works, you have to have a bit more open mindedness to a more mystical perspective that all things are somehow interconnected.Today we live in such a scientific materialist paradigm where science and logic are highly valued and this creates a lot of closed minded attitudes to more mystical, intuitive arts like astrology. I mean I love science but it’s not the only tool in the box. Astrology is such a unique language that many don’t understand and haven’t taken the time to understand and there is no way to “prove” astrology works, so many people simply reject astrology without actually genuinely investigating it for themselves. It’s like listening to someone speak Chinese and thinking it’s a bunch of gibberish simply because you don’t personally understand it. Also I think there is a misconception that Astrologers believe the planets “cause” events to happen, in general we look at it more as a language and as a study of energy pattern recognition and analysis. I offer a range of astrology education to help change this! What are your thoughts on the rise of financial astrology influencers on Twitter and TikTok recently, ie: Maren? What impact are they having on the practice? Social media in general is an amplifier for both information and disinformation, but if it’s used skillfully it can be a great way to introduce people to astrology. I mean generally I think it’s positive because it gets people, especially a younger generation, interested in astrology. Millennials are very interested in astrology and also in Crypto, so it’s a natural fit. Also Crypto people seem to be inherently a bit more open minded in general and I think they are more open minded to astrology. Maren specifically is quite controversial for a variety of reasons (valid or not) and people either seem to love her or hate her. Maren kind of stormed into the Crypto world and got a lot of attention for the same work I had been doing for years, which was a bit annoying. On the other hand she brought a lot of interest to financial astrology and more interest in my work as well. Some people don’t like it because she does a lot of videos in lingerie or whatever but I think it’s different and unique. I’m friendly with her and I was on her Podcast in January, but I don’t actually follow her work closely. Overall if she is reaching a younger audience, bringing more genuine interest to astrology and helping people to understand astrology better, I think it’s a good thing.  Trading Bitcoin And How Technical Analysis Works With Astrology How exactly do you leverage financial astrology within your own technical analysis? It’s quite complex, but basically we see astrology as another level of information that adds an edge to technical analysis and risk management. In one way you can say that astrological factors are simply another technical indicator that helps us understand the market price action and trend. Astrology can also help with timing and risk management, for example if you know a certain period is more or less favorable for trading you can add or reduce risk accordingly, it sometimes helps with when to close a trade, or take profits on a long term position. But like any technical signal it can give false signals too, so it;’s just one factor we look at. Has financial astrology ever predicted any correct market actions for you, and if so, can you provide some examples of that success? I think I already gave you two examples from 2019 and 2020, however we use it every day to help with swing trading as well as long term investing. I just recently accurately predicted the recent late July Bitcoin rebound rally to the day, based on Moon Phase data combined with technicals, and told our subscribers to add to long term positions and go long at 30600. We also use it to help assess ALT Coins and have recommended LINK for several years and recently recommended ADA and BNB   TA infused with astrology is the Crypto Damus way | Source: BTCUSD on TradingView.com Bigger picture data form 1977, 2000 and 2008 indicates Stock Market rallies tend top out in the middle of Uranus- Saturn hard aspects followed by multi year down trends. We have a Uranus- Saturn square in 2021-22, so we think the bull market in stocks could continue well into 2022, but likely tops out somewhere before OCT 2022, probably because the FED will have to raise rates. Can you provide some examples of what – for example – Saturn conjunct with Mars might mean for Bitcoin? Mars and Saturn are considered unfavorable planets, so when they come into conjunction it’s generally considered “bad luck” and brings problems, conflicts, epidemics and market corrections. Of course Mars and Saturn can in some cases also be favorable depending on the aspect alignments. How do you combine conventional technical indicators with financial astrology to develop a working system? That is an ever evolving thing. Right now in short term trading we study the planetary aspect picture, the moon phase data, and transits and progressions in the Bitcoin natal chart and come up with a rough forecast picture for Bitcoin. I also use my own natal chart quite a bit. One of the mysteries of financial astrology is that your own natal chart will often provide the most accurate information and clues for your personal trades. I work with other trades to identify favorable and unfavorable period s for trading. Then we study support and resistance levels, use traditional technical indicators like RSI, MACD and Stochastics with daily and weekly moving averages, and set some technical criteria for entries, stop losses and profit targets. So the astrology gives us a bear or bull bias on monthly and weekly time frames, then we use price action and technicals to confirm or invalidate our bias and also to manage the actual trades. We give all this info in our Patreon group and Substack reports Is there truth to things like Mercury in Retrograde, for example? Yes, Mercury rules travel, technology and communication, so when it goes retrograde 3x a years for three weeks each time these areas of like become more prone to problems. Technology in general and cars and phones and laptops more specifically seem to have more problems, or problems that have been brewing have to be dealt with. Also travel is more prone to delays and interpersonal communication can break down. It’s general discouraged to sign any long term binding contracts at that time.  Related Reading | Mercury in Retrograde: Why Bitcoin Traders Fear The Astrological Event But Mercury retro can also be good for certain things, like revising and editing, going through closets to de-clutter, returning to well worn places and visiting with old friend you haven;t seen. It;’s generally better for slowing down and re-thinking your approach rather than trying to push ahead too strongly or launch a big project, in this way astrology helps us be more in synch with the natural energy patterns of life. In financial astrology we often see whipsaw price action around Mercury retro and a change in market trend, we can often see problems, hacks and glitches at the major exchanges. How about the sun and moon cycles? How do these behaviors impact markets? Well, specifically in 2021 Bitcoin has made a remarkable correlation with Moon Phases. So far we have seen Bitcoin price trend down from the New Moon into the Full Moon, making seven market bottoms just before or on the past seven Full Moons within 1-3 days. And then rally strongly from the Full Moon into the New Moon, making 5/7 tops on the New Moon period. It’s not exact, but it’s close enough to give you a general ball park trend, and thus right now safer to trade long on the Full Moon and stay long into the New Moon and quickly flip short just before or on the New Moon. Now this correlation could change, but for now it’s been working. And how can everyday individuals use astrology to better other areas of their lives outside of the financial world? An astrology consultation from a professional astrologer can really provide profound insights into character and personality, career, relationships and money, it’s a powerful path for self knowledge. I give many consults to professional traders and investors looking for an edge. However astrology can be useful in many different areas of life such as medical astrology, geo location astrology and relationship astrology to name a few. Also following forecasts on general astrology can be very useful, as I mentioned, I and many other astrologers had predicted a major global crisis in 2020 ,and afterwards that the Pandemic would continue well into 2021, so this type of information can be helpful to know in advance. Specifically I predicted the Pandemic would improve May-July and worsen again in late July into late December, sadly appears to have been accurate so far. 1/ I closed my $BTC long this morning at 40k for 3rd win in a row, opened a small short Why ? Mars in Virgo opposing #BTC Venus today100 DMA and psychological level of 40k are tough resistance looking at 37400 or 35800 as possible support levels Stop at 40600 if I am wrong pic.twitter.com/uagjUBRZGH — Crypto Damus (@AstroCryptoGuru) July 29, 2021 Financial astrology dates back ages, and was highly popularized by W.D. Gann. Gann was equally considered a legend and a hoax due to the practices he claimed to rely on. What are your thoughts specifically on Gann? To be honest Gann was doing his own thing, with math and geometry and other techniques, he did use astrological techniques but he is not really considered a financial astrologer per se. I get this question a lot but I haven’t studied Gann and don’t use his techniques, so I cannot provide any specific insights on this question Are there any other worthy sources of financial astrology information? And how can the Bitcoinist audience learn more about what you offer? As I mentioned Ray Merriman from MMA cycles is one of the leading financial astrologers in the field and does coverage of Stocks and commodities. Grace Stahre and my teacher Christeen Skinner are some others. For me personally I have been the leader in the field for financial astrology specializing in Bitcoin and Cryptocurrecies. My Patreon group with 2-3x week updates for active traders can be located at https://www.patreon.com/CryptoDamus1 and all my info on subscription services, consults, education and tutorials is on my website at www.astrocryptoreeport.com. I can be contacted at [email protected] You can also follow on Twitter at @AstroCryptoGuru. 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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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

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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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