Bitcoin Crypto News

How Many Crypto Users Will There Be In 10 Years? One Billion, Coinbase CEO Predicts

Approximately 200 million crypto and digital asset aficionados exist worldwide at the moment. However, Coinbase CEO Brian Armstrong believes that figure will increase significantly over the next decade. Despite the digital currency market’s somewhat dire state since the start of 2022, Armstrong remains optimistic about its future development. He predicted during a recent conference that […]

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Cardalonia Commences $LONIA Token Seed Sale With 10% Of Tokens Sold Out In Hours

Cardano-Based Metaverse Cardalonia Announces Upcoming Launch Of New Play-To-Earn Project

The Cardalonia metaverse platform has launched the token seed sale of its utility token $LONIA, with 10% of LONIA tokens having sold in just hours. The sale is still live and interested persons can participate through the platform’s website. Importantly, the rise of non-fungible tokens (NFTs) has brought to glory the age of the metaverse. […]

Bitcoin Crypto News

On-chain Data Suggests Bitcoin Miners Were Behind The Selloff

On-chain shows Bitcoin miner outflows have been elevated recently, suggesting miners were involved in the recent selloff that took the price of the crypto below $42k. Bitcoin Miner Outflows Spiked Up Before The Crash Below $42k As pointed out by an analyst in a CryptoQuant post, BTC miners seem to have been one of the sellers behind the price drop to $42k. The relevant indicator here is the “miner outflow,” which measures the total amount of Bitcoin exiting wallets of all miners. When the value of this metric spikes up, it means miners are moving a large number of coins out of their wallets right now. Such a trend can be bearish for the price of the crypto as it may be a sign of dumping from these original whales. Related Reading | Ark CEO Cathie Wood Is As Bullish As Ever, Sees Bitcoin Hitting $1 Million By 2030 On the other hand, low values of these outflows suggest a normal or healthy amount of selling from miners. This trend, when sustained, can prove to be bullish for the BTC price. Now, here is a chart that shows the trend in the Bitcoin miner outflows over the past several months: Looks like the value of the indicator has shot up recently | Source: CryptoQuant As you can see in the above graph, the Bitcoin miner outflows seem to have shown spikes in recent weeks, just before the selloff. This would suggest that miners look to have played a role in the dump recently, sending the price of the coin diving below the $42k level. A trend like this has been observed a few times in the past several months already, as the quant has marked in the chart. Related Reading | Mexico’s Third Richest Man Says No To Bonds, Yes To Bitcoin Currently, it’s unclear whether Bitcoin miners have already calmed down or if more selling is coming in the next few days. BTC Price After around twenty days of holding strongly above the level, Bitcoin’s price is now once again revisiting the $41k mark. At the time of writing, the coin’s price floats around $41.1k, down 11% in the last seven days. Over the past month, the crypto has gained 4% in value. The below chart shows the trend in the price of BTC over the last five days. The value of BTC seems to have taken a plunge over the past twenty-four hours | Source: BTCUSD on TradingView Due to this sharp downtrend in the price of the coin as well as the wider market, crypto futures has collected a huge amount of liquidations today. In the last 24 hours, liquidations have amounted to more than $322 million, $175 million of which occurred in the past 4 hours alone. Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com

Bitcoin

Bitcoin To Power The Future, How Block, Tesla, And Blockstream Will Build Mining Facility

Per a press release, Blockstream and Block will build a Bitcoin mining facility powered 100% by renewable energy. The BTC mining operation will use Tesla Solar panels that will provide 3.8 Megawatt (MW) and the Tesla Megapack batteries that will provide 12 Megawatt/hours (MWh) of power. Related Reading | Anti-Bitcoin ‘Shark Tank’ Investor Kevin O’Leary […]

Bitcoin Crypto News

What’s Next For Bitcoin As Prices Encounter Difficulty Reclaiming $43,000?

Recently, bitcoin prices have struggled, often dipping below the $43,000 mark and then failing to post substantial gains. Around 9:20 a.m. EDT, the world’s most popular crypto asset retreated to $42,777.20, CoinDesk data show, Saturday. The majority of cryptocurrencies traded lower early Saturday. Global crypto market market capitalization fell nearly 3% to $1.15 trillion in the last 24 hours, while total crypto market volume was up 9.3 percent to $89.50 billion. Suggested Reading | Ark CEO Cathie Wood Is As Bullish As Ever, Sees Bitcoin Hitting $1 Million By 2030 Bitcoin Short Stay At Near $44K Bitcoin was able to inch back slightly shortly thereafter, reaching $43,962.01 at approximately 10 a.m. EDT. Following this comeback, it retreated again, falling to around $42,840 at 1:30 p.m. On the other hand, the overall volume of stablecoins was $74.34 billion, or 83.06% of the total 24-hour volume of the cryptocurrency market. Bitcoin was recently trading at an average price of around $43,500, roughly where it was 24 hours ago and well below the $47,000 barrier it crossed just a few days earlier, as investors continued to weigh in on the Federal Reserve’s new hawkish zeal and the ongoing twist of economic developments sparked by Russia’s attack on Ukraine. BTC total market cap at $805.46 billion on the weekend chart | Source: TradingView.com Unease Over Fed’s Monetary Policy Tightening According to an email from Oanda Senior Market Analyst Americas Edward Moya: “Bitcoin is unsure of its direction as Wall Street gets concerned about the central bank’s aggressiveness in tightening monetary policy.” Following these recent price swings, various experts expressed their predictions for the cryptocurrency’s future direction. Ben McMillan, chief information officer at IDX Digital Assets, weighed in, indicating critical levels of support and opposition. “$43k is a critical support level in the near term as bitcoin attempts to build on its recent relative strength,” he noted. Suggested Reading | Bitcoin Helps Market Hover Past $2 Trillion As BTC Nears $48,000 Containing Inflation Cryptocurrency prices deviated somewhat from the performance of the main equities markets, which were marginally positive. The Nasdaq, which is heavily weighted toward the tech sector, gained less than a tenth of a percentage point. The US central bank has communicated strongly over the last week, both collectively and through individual governors, that it will step up efforts to contain inflation, which has hit about 8%, a four-decade high. The correlation coefficient between Bitcoin and US equities has increased in the last 90 days as investors have become more risk averse in response to the Federal Reserve’s withdrawal of the pandemic-era intervention that is attributed with catalyzing the ascent of cryptocurrency. Featured image from Research Affiliates, chart from TradingView.com

Bitcoin Crypto News

Ark CEO Cathie Wood Is As Bullish As Ever, Sees Bitcoin Hitting $1 Million By 2030

Cathie Wood repeated her positive view on bitcoin this week at the Bitcoin 2022 conference in Miami, Florida. The Ark Invest chief executive forecasts the crypto will reach $1 million by 2030 in a presentation, Thursday. “We believe bitcoin has only just begun,” she told CNBC. “Institutions are only now catching up to individuals in terms of BTC adoption,” she explained. In recent weeks, BTC prices have fallen below $43,000 on many occasions and subsequently failed to make meaningful gains. The world’s top digital currency dropped to $42,534.90, down 8.1% in the last seven days, Coingecko data show, Saturday. Wood relayed the high-level prognosis from her company’s Big Ideas 2022 report during her Miami appearance. This contained the cryptocurrency’s lofty price target. The Vaunted Bitcoin Price Goal “Bitcoin’s price target for 2030 is greater than a million dollars per bitcoin,” Wood stated. Bitcoin 2022 Miami is the world’s largest gathering of crypto intellectuals and entrepreneurs. It is being held from April 6 to 9 at the Miami Beach Convention Center and has already attracted more than 35,000 registrants and over 7 million livestream watchers from around the world. According to Wood, bitcoin is the world’s first open-source, private digital rules-based monetary system. “It’s a pretty big notion,” the investor stated during her “The Future is Bright” conference, which she co-hosted with MicroStrategy CEO Michael Saylor, another major crypto proponent. Suggested Reading | BTC Helps Market Hover Past $2 Trillion As BTC Nears $48,000 BTC total market cap at $805.70 billion on the weekly chart | Source: TradingView.com Hedge Vs. Inflation Wood, 66, referred to the world’s most valuable cryptocurrency as a “hedge strategy against inflation.” She omitted, however, to note that the digital asset has fallen 27% in value over the last year, while inflation has soared. Consumer prices increased by about 8% in the 12 months to February of this year. Wood’s projection would imply a 25-fold gain in BTC’s recent price of $38,094. Wood noted that 70% of crypto investors keep their positions for the long term, which equates to approximately 13.6 million units out of over 20 million units of the cryptocurrency. The Best Is Yet To Come? Additionally, she noted that bitcoin, with a market capitalization of $830 billion, has seen a tenfold increase in liquidity. “That is only a preview of what is to come,” she remarked. While its market valuation surpassed the $1 trillion milestone in 2021, Ark’s analysis suggested that the cryptocurrency’s network fundamentals “remained healthy,” Ark analyst Yassine Elmandjra disclosed in a recent report. Meanwhile, institutional investors are increasing their exposure to BTC, according to Elmandjra. After the launch of more regulated instruments and adoption by enterprises and nation-states, Bitcoin’s institutional holder base appears to be expanding, she added. Suggested Reading | BTC Retakes Robust Position As Price Nears $45,000 Featured image from Forbes, chart from TradingView.com Bitcoinist @ Bitcoin 2022 Miami

Bitcoin Crypto News

Possible Timelines For Bitcoin To Hit $100k: Why CEOs See Bullish Signs

After bitcoin broke above the $45k resistance level reaching the $48k mark, it has retested the $45k level. Some analysts still expect a rise to above $50k, others have abandoned their bullish approach. Meanwhile, leading CEOs from Pantera Capital and Skybridge Capital remain positive that the coin will reach the $100k mark in a period of one to two years. Pantera Capital CEO Is ‘Wildly Bullish’ In an interview with Yahoo Finance, the CEO of Pantera Capital Dan Morehead commented on Bitcoin’s price action so far in the year. Morehead noted that within the history of Bitcoin cycles, it’s had six previous bear markets that average about 60%, and 2022’s has been 50%. In his opinion, the bitcoin cycles will begin to moderate thanks to large institutional engagement, and “a 50% bear market is probably all you’re going to get going forward.” “I think we’re either at the lows or very close to it.” Morehead said he is “wildly bullish right now” because he believes that Bitcoin and the asset classes will decouple, noting that the high correlation that usually happens during periods of stress –similar to 2022’s turmoil– eventually breaks, usually after a 72-days average. “I think stocks and bonds may keep going down potentially for years, whereas blockchain assets can go up.“ Morehead accepted that Pantera Capital failed to predict how fear over the Fed’s rates rising would affect the crypto market, but believes that “in this case, the markets have it wrong, and blockchain will decouple from the other asset classes.” “If you think about it, with rates rising, that is mathematically negative for bonds. It also has a negative impact for anything else with discounted cash flows like equities or real estate, but blockchain’s totally independent of rates.” In his forecast, Morehead expects that six months from now bitcoin will be back to the typical 2.5X yearly growth that it’s been doing for 11 years. If so, then in a year Bitcoin could be worth about $100,000 per coin. Scaramucci Sees a $500k Bitcoin Similarly, in an interview with CNBC, the CEO of Skybridge Capital Anthony Scaramucchi predicted again that “Bitcoin will hit $100k in the next two years” based on adoption growth. Scaramucchi quotes Glassnode claiming that “there’s probably 245 million wallets out there or accounts related to Bitcoin,” while in October-November of 2020 there were about 85 million wallets. The CEO believes the growing adoption turns into people being more confident in the coin. “Somebody like Cathie Wood would say to you, a billion wallets, Bitcoin could easily trade to $500,000 a coin.” While Scaramucchi’s predictions from 2021 were not spot on, he accepts that he failed to anticipate the Russo-Ukrainian war and the elongation of COVID, but he sees no reason for Bitcoin not to hit the $100K mark within two years “given the way it’s scaling globally” and its many use cases. Related Reading | Will Strike Announce A Partnership With Apple At Bitcoin 2022? Here’s The 411 A Bullish Pattern Meanwhile, analyst Yuriy Bishko believes that BTC follows a Wyckoff re-accumulation pattern. The Wyckoff market cycle theory is used to predict the market’s direction, and it supports the idea that prices move in a cyclical pattern of four phases: accumulation, markup, distribution, and markdown. These phases can reflect the investors’ behavior, thus possibly predicting future price movement. Within the Markup phase price action moves in a long uptrend, and the re-accumulation phase is a sideways range that interrupts Markup with small consolidation patterns. After re-accumulation, prices start to move higher, but the support zone needs to hold strongly. Note the example shared by a pseudonym analyst: Like so, Bishko believes that Bitcoin is following this same pattern, currently entering Phase D. If true and the price continues to replicate the movements, it could retest an ATH. “Globally, Bitcoin is in a larger consolidation channel with a range of $30-67K. This consolidation is not a bear market until the price creates lower lows. Right now we see on the chart higher highs (HH) and higher lows (HL) on the higher timeframes(1d,1w).” Related Reading | Data Shows Bitcoin Investors Afraid To Take Risk As Leverage Remains Low