Altcoins Ethereum

Here’s What’s Needed for Leading Ethereum Rival To Surge by 700% and Reclaim All-Time High: Coin Bureau Host

A popular crypto analyst is identifying what could help leading Ethereum rival Polkadot (DOT) recapture its all-time high. In a new video, Coin Bureau host Guy tells his 2.07 million subscribers the reasons for DOT’s poor price performance. “First is the fact that the rest of the crypto market has been getting wrecked, notably [Bitcoin] […]

The post Here’s What’s Needed for Leading Ethereum Rival To Surge by 700% and Reclaim All-Time High: Coin Bureau Host appeared first on The Daily Hodl.

Altcoins Analysis Bitcoin Blockchain

Monetary Authority Of Singapore Promises To Be ‘Brutal’ On The Crypto Industry

Singapore's Second-Largest Bank Plans Foray Into Crypto

The Monetary Authority of Singapore (“MAS”), Singapore’s central bank, has reiterated the island country’s sense of stringency with regard to digital assets in a fresh comment promising more rigorous policies on crypto-related activities in coming times. Singapore now pushes forward policies that have scared away crypto firms In an interview with the British daily paper, […]

Bitcoin Crypto News

Bitcoin Monthly Tags Lower Bollinger Band, Tool’s Creator Hints At Bottom

Bitcoin price action on monthly timeframes has made a historic move to the touch the lower Bollinger Band – a popular technical indicator and volatility measuring tool. Although he warns there isn’t yet a sign that a bottom is in, the tool’s creator says where price action tapped is a “logical” level for such a bottom to occur. Unprecedented Bitcoin Price Action Taps Monthly Bollinger Band For First Time In History Expectations for Bitcoin price in 2022 were closer to $100,000 per coin and above. Yet the top cryptocurrency today is trading close to its former 2017 all-time high at $20,000. But unprecedented macro conditions has caused unprecedented price action in Bitcoin and other cryptocurrencies. Never in the past has the top cryptocurrency by market cap retested its former all-time high this way. Related Reading | Bitcoin Weekly RSI Sets Record For Most Oversold In History, What Comes Next? And never did Bitcoin price on monthly timeframes ever reach the lower Bollinger Band. But that’s exactly what happened this past month when crypto market contagion spread and brought asset prices down considerably. BTCUSD monthly touches down on the lower Bollinger Band | Source: BTCUSD on TradingView.com Touching the lower Bollinger Band, however, could be a logical place for a bottom according to the tool’s creator. Time To Pay Attention: John Bollinger Points Out Logical Level For Potential Bottom The Bollinger Bands are a technical analysis tool that can help to measure and predict volatility, or find areas of potential resistance and support. It was created in the 1980s by John Bollinger, who today is a frequent Bitcoin speculator. It relies on a 20-period simple moving average and a dynamic upper and lower band set each at two standard deviations. Mr. Bollinger pointed out the touch of the lower Bollinger Band in a new tweet, where he suggests the area would be a “logical” level to bottom. Bollinger did warn, however, that there still aren’t signs of such bottoming yet. In the past, Bollinger was able to call out the April 2021 peak by spotting a “three pushes to a high” bearish reversal pattern with striking accuracy. The analyst says his tools later confirmed what he says was an “M-type” double top. Picture perfect double (M-type) top in BTCUSD on the monthly chart complete with confirmation by BandWidth and %b leads to a tag of the lower Bollinger Band. No sign of one yet, but this would be a logical place to put in a bottom.https://t.co/KsDyQsCO1F — John Bollinger (@bbands) June 27, 2022 Bollinger also shared in his chart a look at ancillary indicator, B%, which also has set historical lows. Monthly Bollinger Band Width can be used to measure volatility, and still has room to fall compared to past cycles. Related Reading | Is Bitcoin Like Buying Google Early? Check Out The Shocking Comparison Does Bitcoin price have more room to fall also? Or will a bottom form in this “logical” zone as the tool’s creator calls attention to? Either way, it seems to be “time to pay attention.” Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com

Bitcoin Crypto News

Here’s What Would Happen If Bitcoin Breaks Below $20K, Arthur Hayes Predicts

The crypto market pushes further down and seems poised for more losses as Bitcoin touches the low of its current levels. The number one crypto by market cap approaches a major support level, and if bulls failed to protect it, BTC’s price could return to its 2020 range. Related Reading | By The Numbers: Bitcoin Suffers Largest Single Day Drop Since March 2020 At the time of writing, Bitcoin (BTC) trades at $21,800 with a 5% and 29% loss in the last 24-hours and 7-days, respectively. BTC’s price began to trend lower as a result of a series of bad news around major crypto companies, and the U.S. Federal Reserve (FED) shift to its monetary policy. The general sentiment in crypto is fear as market participants are prepared for further losses. According to crypto exchange BitMEX Co-Founder Arthur Hayes, investors are hedging against downside price action by buying put (sell) options contracts. Here we go … 1/ Looking at onchain data for $wBTC and $ETH, the liquidations have mostly happened. Data visualization from @parsec_finance — Arthur Hayes (@CryptoHayes) June 14, 2022 Hayes claims that options platforms Deribit record a high Open Interest (OI), total open options contracts, for Bitcoin at $20,000 and for Ethereum at $1,000. In addition, Hayes believes other “massive” investment vehicles could be “centered around those strikes”, around those specific price levels. In that sense, $20,000 seems like a critical support level for Bitcoin. This price point coincides with the 2017 bull-run peak when the price of BTC climbed from below $3,000 and into price discovery mode. Previous all-time highs usually are key levels when an asset trends downside. A lot of people could have bought the 2020 rally beyond $20,000, and they might be unwilling to sell below this price. Hayes said the following: As far as the charts go, you better get out your Lord Satoshi prayer book, and hope the lord shows kindness on the soul of the crypto markets. Because if these levels break, you might as well shut down your computer because your charts will be useless for a while. Bitcoin Could Enter A Black Hole? If Bitcoin and Ethereum are unable to stay above those levels, Hayes predicts potential doom for the crypto market. As the FED begins to increase interest rates, the market seems ready for further losses even if BTC and ETH are in critical support. Hayes added: If these levels break, 20k BTC and 1k ETH, we can expect massive sell pressure in the spot markets as dealers hedge themselves. We can also expect that there will be some otc (over the counter) dealers and that will be unable to hedge properly and might go belly up. Related Reading | Has Bitcoin Hit Bottom Yet? Here’s What On-Chain Data Says For the time being, the crypto market and traditional markets could see some relief as indicators enter oversold levels. $SPX hitting the first significant support ever since the breakdown. Still think it will probably head towards covid lows eventually but support is support. Gimme a bounce pic.twitter.com/A1DbeAIPVD — DonAlt (@CryptoDonAlt) June 14, 2022

Bitcoin Crypto News

CPI Print Pushes Crypto Into Red Zone, Here Are 2 Potential Scenarios

The crypto market is retesting critical support areas as the U.S. Consumer Price Index (CPI) print surpasses expectations. The metric is used to measure inflation in the U.S. dollar, and it recorded an 8.6% increase year-over-year (YoY), the highest since 1981. Related Reading | TA: Bitcoin Bears Keep Pushing, Why BTC Could Still Nosedive This could turn the U.S. Federal Reserve (FED) more aggressive in its attempts to stop inflation. The financial institution began tightening its monetary policy which has translated into a reduction in global liquidity, and negative performance for risk-on assets, such as Bitcoin. The price of Bitcoin is back at $29,400 with a 3% and 3.5% loss in the last 24-hours and 7-days, respectively. The cryptocurrency made several attempts at returning to previous highs, but market conditions have contributed to an increase in selling pressure. A pseudonym trader presented two potential scenarios for Bitcoin in the coming months. The trader claims the market seems to have two targets in mind for the price of the number one crypto: either more downside to $20,000 or a push upwards to $40,000. As seen below, this trader believes Bitcoin could drop to $25,000 before returning to its current levels. This scenario contemplates Bitcoin forming a new range between its yearly lows and the low $30,000. The number one cryptocurrency, and the crypto market cap, might seem some relief later this year. However, rising inflation with a hawkish FED cast a long shadow over the bulls. The second scenario contemplates a longer BTC price range, but with less volatility. The trader said the following about these potential scenarios: These scenario’s would make for a painful and slow crab market throughout the summer. The space would end up feeling dead and empty. Right in time for some positive changes in terms of the macro landscape later on which could be the bullish catalyst for a breakout. Can Bitcoin And Crypto See New Highs In 2022? As inflation in the U.S. seems to spiral out of control, the U.S FED will continue to tighten by reducing their balance sheets and increasing interest rates. Consequently, the crypto market could experience steeper losses. Over the past months, as macro-economic uncertainty rises, Bitcoin dominance followed with an upward trend. As NewsBTC reported, this metric stood north of 40% in the past 7-days but could return to its 2020 levels. At the time, Bitcoin alone formed above 60% of the total crypto market capitalization. If the economic narrative turns its attention from reducing inflation to stopping a potential global recession, Bitcoin and the crypto market could see some relief. This scenario seems likely to play out by the end of the year. Related Reading | TA: Ethereum Holds Key Support, Why ETH Must Clear This Hurdle In any case, new highs seem unlikely for the crypto market. However, market participants should keep an eye out for a shift in narratives as they could signal potential bullish momentum.