Posted on

Polygon Price Explodes By 60% – Is MATIC Nearing $1 Target?

The global cryptocurrency market increased by about 5 percent during the past 24 hours to reclaim the $1 trillion benchmark. The price of Polygon (MATIC) has increased by over 60 percent in the past seven days, placing it among the top performing cryptocurrencies.

MATIC is currently trading at $0.927, a 20 percent increase in the last 24 hours, data by Coingecko show Tuesday. Many investors are pondering the cause of this unexpected price increase. Let’s examine the technicals.

MATIC has sustained its steady solid momentum and is trading higher, sending signals of a bullish run. After retesting the $0.30 support level, the altcoin’s price is optimistic. In reality, the price behavior on the daily price scale displays a high-low structure.

Suggested Reading | XRP Must Breach This Key Level To Avert The Downturn

Polygon Trading Volume Upbeat

A rise in trading volume exhibits bullish characteristics in the face of a strong momentum. During a highly turbulent market, a resistance breakout may occur sooner.

Based on data from CoinMarketCap, the token’s 24-hour trading volume has increased by more than 70 percent, with a total of $1.6 billion worth of MATIC changing hands.

Under the influence of a support trendline, the Polygon (MATIC) has been climbing since the previous month. During this run, the altcoin has recently surpassed $0.745 after breaking through many resistance levels. How far can this token maintain this pace?

Meanwhile, if the MATIC price fails to persist above $0.745 level, traders may anticipate a modest fall to the support trendline.

MATIC total market cap at $7.46 billion on the daily chart | Source: TradingView.com
Polygon On Strong Foundation

Polygon is a solution for scaling the Ethereum network. Ethereum was the first blockchain to include smart contracts, establishing it as the unchallenged leader in decentralized applications.

As the number of smart contracts has increased, however, Ethereum has found ways to make transactions quick and efficient. From this, the Polygon network was established.

Suggested Reading | CEL Token Seen Making A Recovery Despite Celsius Going Bankrupt

According to Santiment, MATIC’s address activity is on the rise as a result of the recent price increase. MATIC’s price recovery has been unopposed compared to other alternative cryptocurrencies.

After increasing by 110 percent between June 18 and June 24, Polygon encountered a hurdle of resistance at $0.62. However, after a brief period of consolidation, this obstruction was resolved.

MATIC has gained an incredible 80 percent since the beginning of July, making it one of the most profitable cryptocurrencies in the ecosystem and one that is bucking the trend, given that the value of other digital assets has fallen during this time.

Featured image from Watcher Guru, chart from TradingView.com

Posted on

ApeCoin Performance Lags Behind Other Altcoins – Here’s What Happened To APE

ApeCoin (APE), the Bored Ape Yacht Club collection’s native coin, has been continuously falling since the June slump, reaching a low of $3.05.

Even though APE is now trading at a premium of 6.5% over its initial price on Friday, its performance still pales in comparison to other altcoins.

As of this writing, APE is trading at $4.69, a decrease of 3.5% in the last 24 hours, according to data provided by Coingecko on Friday.

APE reversed the downtrend on the 4-hour chart after reaching $3.06 in the previous month. Nevertheless, the price encountered numerous obstacles at the $5.3 and $5.5 levels and became sluggish from there.  APE is now reevaluating the $4 support.

Suggested Reading | Avalanche Notches Solid Mid-Week Bounce – Can AVAX Sustain The Positive Noise?

Further Downturn In The Offing For ApeCoin?

ApeCoin is approaching a standstill, which could initiate a reverse. Due to the possibility of a further decline in the market value of APE, investors must be wary of the downturn, which has the ability to disrupt the gains and cause further weakening.

Since the middle of June, the price of ApeCoin has fluctuated laterally. If the $4.00 barrier holds as support, a rally to $6.00 is likely. A break of the $4.00 threshold may result in an extra 33 percent dropping to $3.00.

The NFT market is one of ApeCoin’s attractions, although the market is currently displaying very dismal numbers.

After reaching $42.1 million in sales in May, BAYC NFTs have not produced substantial volume for the past two months. During this time period, the BAYC’s average volume was $2.1 million.

APE total market cap at $1.4 billion on the daily chart | Source: TradingView.com

APE Drops More Than 80% From ATH

Since the June 30 swing low of $4.20, ApeCoin’s price has increased by around a quarter. This gain briefly surpassed the $5.02 barrier, but purchasers were unable to sustain this recent turnaround. As a result, APE moved below the mentioned level, indicating an impending downward trend.

Suggested Reading | CEL Token Price Plummets 50% As Celsius Goes Bankrupt

In addition, it is vital to remember that NFT sales for the month of June barely surpassed $1.3 billion. Prior to that month, OpenSea executed around $3.1 billion worth of transactions.

In other words, APE will continue on its current course if the scenario on these aspects does not change.

Prior to the April sale of Otherdeed land by YUGA labs, the price of Apecoin followed a parabolic trend. Since then, however, the coin has been in a steep decline, falling more than 80 percent from its all-time high of $26.7.

Featured image from CoinChapter, chart from TradingView.com

Posted on

Quant (QNT) Registers Gains In Past Days – A Short-Term Upswing In Place?

On Saturday, the price of Quant (QNT) extricated from the seven-month-old falling wedge formation. With the continuing retest phase on Monday, buyers will verify the legitimacy of the breakout.

QNT is the native cryptocurrency of the Quant Network, a blockchain platform that facilitates the interoperability of blockchains.

Monday’s trade price for QNT is $75.71, a decrease of 10.2 percent over the last seven days, according to statistics from Coingecko. Therefore, if the price holds over $77.5, the altcoin could extend the current recovery.

Quant (QNT) has increased significantly over the previous week, signaling that a bottom may just be around the corner. The pace increased as purchasers drove the price above $67.

Moving averages have accomplished a bullish confluence, and the relative strength index is in the positive region, indicating a potential trend reversal.

Suggested Reading | Dogecoin (DOGE) Seen Jumping This Month, Despite Twitter-Musk Deal Collapse

Quant Barrels Past $75 Barrier

After nearly two months, a huge price increase pushed QNT past the $67 threshold. As QNT bulls forced their way forward, the coin’s price increased, passing the $75 barrier.

If bullish momentum sustains this week, the next important price levels to monitor will be $89 and $100. Near $90, the uptrend is encountering a formidable obstacle.

Meanwhile, volumes have grown over the last several sessions, resulting in an increase in volatility; therefore, investors should wait until the price resolves before placing transactions.

The sellers are seeking to halt the uptrend at $90, but the upward-sloping moving averages and strong relative strength index signals that the bulls have the edge.

QNT total market cap at $911 million on the daily chart | Source: TradingView.com
QNT Sees Short-Term Upswing

If the price of QNT recovers from the 20 exponential moving average, buyers could push the price back up to $90. A break and closing above this psychological barrier could indicate the restart of the short-term upswing.

In a falling pattern, the QNT/USDT pair displays its continued downward trend. For nearly seven months, the price of the coin fell within this pattern, denying a substantial bullish resurgence.

Suggested Reading | Solana Glints With 14% 3-Day Rally – Will SOL Keep On Beaming?

In addition, the bull cycle inside the pattern began on June 17, when the QNT price rallied from the trendline of support at its lowest point. As a result, the bullish surge boosted the market value to past $75.

Quant reached a record high of $427 on September 11, 2021 – a far cry from its current price of $75.71. The token’s price reached an all-time low of $0.215 on August 23, 2018.

Recent price activity for Quant has resulted in a market capitalization for the token that exceeds $1.8 billion. This year, QNT has experienced a change of -57.80 percent.

Featured image from Coinpedia, chart from TradingView.com

Posted on

Bitcoin (BTC) Claws Back To $20,000, First Time In 5 Days

Bitcoin (BTC) inched up 5% to reclaim the $20,000 territory as the 4th of July hype provided surprise gains. Tuesday saw a comeback on the cryptocurrency market, with the majority of tokens trading in the green.

Bitcoin’s Tuesday rally was the first for the coin in five days, with the 4th of July daily candle about to close, and providing some dose of optimism in the dreary bear market.

Bitcoin and other cryptocurrencies remained virtually unchanged on Monday, with crypto assets trading at downcast prices after a huge selloff in recent months.

The worldwide cryptocurrency market capitalization was trading at $909 billion, an increase of more than 6 percent in the last 24 hours. However, the total trading volume of cryptocurrencies increased by nearly 37 percent to $55 billion.

Suggested Reading | Bitcoin Slides Under $20K – Another Collapse In The Offing?

Bitcoin Retakes $20,000 Territory

TradingView data indicated that the BTC/USD pair rose to $20,085 on Tuesday, its strongest gain since June 30. The pair spent the majority of the weekend near $19,000 as the bulls attempted to push BTC’s price to $20K.

After a turbulent second quarter, Bitcoin’s price has entered the third quarter with sluggish movement as it continues to consolidate around the $20,000 mark.

Since the start of 2022, increased geopolitical concerns and a change in sentiment (induced by rate increases, the conflict in Ukraine, and a dismal economic prospects) have inflicted a blow to crypto assets, causing Bitcoin to return to levels last seen in December 2020.

BTC continues to trade at less than a third of its all-time high of $69,000, attained in November last year, but has maintained its position above $18,000, the bottom it touched during mid-June liquidations.

BTC total market cap at $376 billion on the daily chart | Source: TradingView.com
BTC Needed To Break Past $19K

Despite the negative trends, Bitcoin managed to recover and surpass the $19,000 threshold.

According to popular analyst Matthew Hyland, Bitcoin has successfully “created Bullish divergence on the daily time frame for the first time since breaking below $20,000.”

On-chain analytics resource Whalemap verified that whales purchasing tokens at the price of $19,200 had given a sigh of comfort and market support.

Suggested Reading | Ethereum (ETH) Hammered Down To $950 As Crypto Selloff Deepens

According to Santiment statistics, a large number of Bitcoin long positions were opened on cryptocurrency exchanges on July 4th, boosting trader optimism.

US traders, one of the largest markets, are now placing substantial bets on Bitcoin’s continued ascent.

Meanwhile, some crypto investors who are still long-term Bitcoin bulls expect that the leading cryptocurrency will require a one- or two-year buildup cycle until the next BTC halving before the leading crypto can truly rebound and register new highs.

Featured image from 123RF, chart from TradingView.com

Posted on

Bitcoin Briefly Tops $40,000 As More Countries Adopt Crypto

Bitcoin (BTC) prices saw notable volatility on Friday, frequently breaching the $40,000 mark but failing to maintain that level.

As of this writing, the top cryptocurrency by market capitalization had increased by 3.2 percent during the previous 24 hours, trading at $40,205.

Bitcoin saw stiff resistance after breaking over that mark, plummeting below $40,000 in less than an hour, according to CoinDesk data.

Over the next several hours, the world’s most valuable cryptocurrency traded at the previously mentioned price level, occasionally topping it and then falling below $40,000.

Suggested Reading | What’s In A Name? Ethereum Domain Name Sales Climb 2,300%

More Countries Embrace Bitcoin

Bitcoin rose alongside US stocks as new evidence of investor accumulation and increased use by nations ranging from Africa to Central and South America emerged.

The global cryptocurrency market capitalization stood at $1.80 trillion, a little decrease over the previous 24 hours. However, the overall volume of cryptocurrency trade increased by nearly 14% to $95.54 billion.

Bitcoin traded flat for the second day straight, with virtually little increase. It has been trading in a narrow range over the last few days, according to Mudrex CEO and Co-founder Edul Patel.

“A similar pattern is anticipated to continue over the next one or two days. Ethereum, the second-largest cryptocurrency, is also trading similarly, with a slight increase. In comparison, the majority of cryptocurrencies have been in the red during the last day, said.

BTC total market cap at $736 billion on the daily chart | Source: TradingView.com
Failing To Sustain Momentum

Bitcoin managed to sustain a brief gain during the early hours of Tuesday, but subsequently fell below the $40,000 support level in the afternoon, and has since reached repeated low points throughout the week.

By Friday, the cryptocurrency Fear and Greed Index had fallen one point to 23, indicating that it remained in “severe fear.”

On the same day, Bitcoin had an upward correction in response to stronger market indices. However, BTC is facing further selloffs as it strives to break through the $40,000 barrier.

Suggested Reading | Bitcoin (BTC) Dips Below $40,000 Over Ukraine And Possibility Of Fed Rate Hike

Significant Resistance

Recent price swings of the cryptocurrency “indicated substantial resistance” in the range of $40,000 to $41,500, according to John Iadeluca, founder and CEO of multi-strategy firm Banz Capital.

He added that selling pressure has been especially intense “around the $40,000-$40,500 price levels.”

Meanwhile, the Central African Republic recently became the world’s second country to legalize bitcoin as a form of payment.

Cuba’s Central Bank announced the issuance of licenses to virtual asset service companies. The license will be offered to Cuban and foreign people and organizations.

Featured image from Pixabay, chart from TradingView.com

Posted on

Bitcoin Helps Market Hover Past $2 Trillion As BTC Nears $48,000

Bitcoin and other cryptocurrencies appear to be gaining traction, as the first quarter winds down.

Crypto has reached the $2 trillion threshold and is proving surprisingly resilient in the face of global uncertainty.

As of Tuesday, Bitcoin has totally recovered from its early-year losses. BTC fell from $47,733.40 to $35,070.10 in the first 30 days of the year and has since failed to regain ground.

At Monday’s all-time high of $47,765, market leader bitcoin broke free from the confined $34,000-$44,000 bracket it had been trading in for the majority of 2022.

The cryptocurrency is up 18% as a result of a steady rally from a low near $40,000 on March 21. As of Tuesday, the top crypto was trading at $47,899 on Coingecko, 16% in the last seven days.

Bitcoin Shows Positive Signs

Despite the favorable market action, analysts cautioned that it is premature to declare the end of Bitcoin’s price volatility.

Market experts will reserve judgment on the volatility until the price maintains its current advances for at least another week.

Its relative stability, at least compared to recent performance, stands in stark contrast to stock markets, traditional currencies, and even safe-haven gold, which have all been roiled by Russia’s invasion of Ukraine and the Federal Reserve’s tightening.

Related Article | Bitcoin Breaks Past The $40,000 Barrier Again – Can It Sustain The Momentum?

BTC total market cap at $908.44 billion on the daily chart | Source: TradingView.com

According to futures trading website Coinglass, its 30-day volatility is around 4%, over two-thirds that of June 2021. On March 16, this year’s high was 4.56%.

This indicator reveals a currency’s deviation from its own regular norms, and bitcoin has continued to see wild swings, including a 17% spike on March 1.

It is, however, far less volatile than it was in 2021, when it was capable of fluctuating by up to 40% in a single day.

Touching The $2 Trillion Mark

According to analytics firm CoinMarketCap, the cryptocurrency market’s total worth exceeded $2 trillion on Friday.

To put it into perspective, on Nov. 10, when bitcoin hit $69,000, the market briefly surpassed $3 trillion.

The slow climb back above $2 trillion has been supported by the proliferation of coins and tokens – CoinMarketCap now lists 18,511 cryptocurrencies, an increase of roughly 5,000 since November.

Related Reading | Bitcoin Hashrate Swells 15% Since Last Week As Analysts Expect Mining Difficulty To Increase

While Bitcoin continues to be the most valuable cryptocurrency, its market share has gradually decreased from 70% of total value in early 2021 to 42% on Tuesday.

Numerous cryptocurrency investors believed they could discern bitcoin’s fate in advance of the temperamental cryptocurrency abandoning them financially.

Meanwhile, Ethereum (ETH) reached a daily high of $3,431 per unit around the same time as Bitcoin (BTC).

At the moment, bitcoin (BTC) controls approximately 40.3% of the $2.26 trillion market, while ethereum (ETH) controls 18.1%.

Featured image from Vauld, chart from TradingView.com

Posted on

Veteran Trader Advises ‘Gen Zs’ To Set Aside Savings On Bitcoin And Hold

It’s time for the new and younger generation to invest in Bitcoin. At least, this is what veteran trader and popular commentator Peter Brandt recommends.

Brandt suggests members of the “Gen Z” should get a degree in an area where they may quickly find a well-paying job while avoiding student debt, if possible.

He referenced the largest cryptocurrency by market capitalization, Bitcoin, in his discussion on investment.

Related Article | Gloomy Crypto Future? Book Author Warns We’re In The Biggest Bubble In History

Brandt believes that they should invest majority of their savings in the world’s most sought-after crypto asset and strong company equities.

Brandt stated that even if Bitcoin is still “generally” untrusted and unproven by a huge number of people as well as local governments as of present, it can implicate various trends which can lengthen invested value on a specific cryptocurrency.

Crypto As A Smart Investment

Brandt, the founder and chief executive officer of Factor LLC, has been trading commodities for over 40 years and has been a well-known analyst and investor since then.

His claim to fame was correctly forecasting Bitcoin’s sharp price drop in 2018. He has taken to Twitter to provide financial advice to Millennials and Generation Z.

He singled out Bitcoin as a good cryptocurrency investment in terms of current market viability.

Total crypto market cap at $1.711 trillion on the daily chart | Source: TradingView.com

 

Brandt’s Predictions On Bitcoin

According to Brandt, Bitcoin is almost halfway through its current bull market from a price low.

He pointed out that the long-term Bitcoin bull market is still intact. His technical analysis indicates that it may continue to rise, albeit with some corrections along the way.

Based on its long-term trend channel, he anticipates bitcoin will reach $180,000 to $200,000 by the third or fourth quarter of this year.

According to a recent Deutsche Bank poll, over a fifth of Bitcoin investors believe the cryptocurrency’s price would top $110,000 in five years.

Store Of Wealth

Brandt eagerly stated that rallies and corrections could be possible for the famed cryptocurrency because of his familiarity with its market trends and that Bitcoin is taking the role as a store of wealth and medium of exchange.

“It’s a binary bet. It will be the best of what people want it to become, or it will become nothing,” he said.

Still, as long as investors and people alike continue to set high standards and transactions on the cryptocurrency, it will act as it’s supposed to be — a medium for financial compliance.

Bitcoin Today

Meanwhile, Bitcoin (BTC) is currently trading at around $39,130.05, representing a 1.54% increase over the last 24 hours.

According to Coindex Statistics, its highs have reached $40,222.40, while its lows have remained over the $37,000 barrier at $38,335.60.

Bullish patterns are predicted to emerge as March progresses, yet the current volatility rate may diminish bullish opportunities for Bitcoin due to global events and market shifts.

Related Article | Bitcoin On Course To Hit $100K Nine Months From Now, Bitbull CEO Predicts

Featured image from CNBC, chart from TradingView.com

Posted on

Massive Amount Of ‘Sleeping’ Bitcoin Moved After More Than 11 Years In Hibernation

A large sum of money from a “Sleeping” Bitcoin was transferred after being dormant for more than a decade.

Since the crisis between Russia and Ukraine and heightened pessimism about the future of the global economy, cryptocurrency values have been volatile.

On Thursday, bitcoin’s price surged to a high of $42,592, after a two-day low of $38,300.

After a brief period of optimism, BTC’s value returned to the $38K mark late Thursday.

Related Article | Billionaire Investor Says Crypto Outlook Is ‘Very Bullish’ For Bitcoin

However, despite the market’s volatility, an old-school whale from 2010 opted to move a considerable amount of bitcoins.

The term “whale” refers to any entity that has a considerable amount of tokens of a particular cryptocurrency.

Bitcoin Roused From Deep Slumber

A transfer of roughly 489.091 BTC valued at nearly $17 million from the bitcoin address “17QBW” has just been tracked.

When the transaction was executed at block height 726,641 at 1:45 a.m., the blockchain parser Btcparser.com spotted it on March 10 (UTC).

A total of 5,111 bitcoins were handled by the originating address from which the 1,000 BTC were sent between September 6, 2010, and July 12, 2011.

Even though the 429 BTC spent on March 10, 2022 was initially received at the same time as the remaining 510.91 BTC, the owner waited more than a decade to transfer the 429 BTC, which was spent two days later on Halloween (October 31, 2010) that year.

Crypto total market cap at $1.746 trillion on the daily chart | Source: TradingView.com
ETH Whales Hold 2nd-Largest Stake in Crypto, Thanks To SHIB

Meanwhile, despite being labelled a meme-coin, Shiba Inu continues to create a loud bark of sorts in the crypto field regularly.

By the end of 2021, the platform’s user base had crossed the million-user mark. Almost the last several years, SHIB has gained over 200,000 new members.

There are 1,198,043 Shiba Inu owners at the time of this writing.

The amount of Shiba Inu transactions above $100,000 continues to break all-time highs, according to IntoTheBlock data.

On February 9, the metric hit $389.89 million in revenue. Based on the report, these transactions accounted for 81% of the entire volume on the blockchain.

Lifted By Whales

SHIB’s success could not have been achieved without the help of dominant whales.

When SHIB ($1.4 billion) surpassed FTT ($1.36 billion), the FTX exchange’s native coin, it became the largest cryptocurrency holder. SHIB is currently the second-largest Ethereum whales’ holding.

Since the 2010 transfer of the bitcoin in hibernation, there hasn’t been a massive “awakening” of the crypto from that year — at least not yet.

Related Article | South Korea Has A New President – And He Likes Crypto

Featured image from AtoZ Markets, chart from TradingView.com

Posted on

Argentinian Tax Authority to Seize Digital Wallets to Collect Tax Debts

Argentinian Tax Authority, AFIP, has stated that they will be able to seize any assets owed by taxpayers in digital wallets if the tax debts are not settled. Last year, the organization recommended the law but did not execute it until early 2022 during the Covid-19 pandemic.

Related Reading | Making Money in Bitcoin Markets? Don’t Forget About Crypto Taxes

The organization now has a procedure for confiscating digital assets in these accounts. This addition will allow authorities access not only bank accounts and loans given out by third parties but also houses and cars owned by individuals who may be involved with cryptocurrencies transaction history- even if they made those purchases decades ago! Official sources told local media that:

The development of electronic means of payment and their widespread use explains the agency’s decision to include digital accounts in the list of assets seized to collect debts.

Financial institutions must give up customer information when it comes under pressure from the law. The Argentinian Tax Authority has announced that they will confiscate 9800 taxpayers’ digital accounts.

Tax Collection Procedure By Crypto

Argentina’s tax authorities are going after digital wallets that handle the national fiat currency, such as Bimo and Ualá. The most important target for these tax agents is Mercado Pago, an e-commerce platform with bitcoin-friendly policies allowing debtors to store their savings away from pesky collectors who want a cut of their earnings.

Bitcoin has been following a downtrend since Thursday | Source: BTC/USD on Tradingview.com

When a person or company owes taxes, it’s not just their digital wallet that the organization will target. First, the organization pursues more liquid alternatives like cash; it moves to other assets such as cryptocurrency investments only after these funds are unavailable.

Related Reading | Thailand Government Disperses Confusion Surrounding Cryptocurrency Taxation

The government of Argentina has a rigorous approach towards cryptocurrency. In a recent interview with local media, SDC Tax Advisors’ Sebastián Domínguez confirmed that they could confiscate even cryptocurrencies if the custody of these assets depends on an entity based in Argentina.

He explained;

The novelty points to the fact that digital wallets are targeted in the procedure due to their growth, but that does not imply that the rest of the assets are not subject to possible embargoes.

How Does AFIP Work?

The AFIP is the federal Argentinian tax authority, and it has sole discretion to audit any return filed by a taxpayer during its own limited period of time.

The AFIP is responsible for overseeing the accuracy of one’s tax returns. Therefore, the individual may be subject to an audit by them at any time, and it could happen in several different ways too.

The government uses different methods to collect taxes. First, they might check your income with a database. If there is enough evidence suggesting you’re hiding something, then all bets are off as far as return visits go. The second method is random sampling. Finally, an inspector will come by just for kicks or does it via computerized screenings. 

The Argentinian Tax Authority has the power to send out information requests to any sector in the country. And expect a response within 15 days of being notified.

Featured image from Pixabay, chart from Tradingview.com

Posted on

Bitcoin Halving To Bring The Subsequent Crypto Frenzy

According to Thailand’s largest digital asset exchange, the world’s largest cryptocurrency, Bitcoin, will go through another significant run in 2024 when it goes through yet another halving. This means that Bitcoin will substantially increase during this period. As a result, we might see even higher levels than we’ve seen thus far. 

Related Reading: Bitcoin Halving Will Stir Next Crypto Frenzy

The halving is a process that occurs every four years. During the procedure, new token creation slows down to 50%. Additionally, many people believe this leads to Bitcoin price gains.

“The next halving is expected to bring about a “golden period” for Bitcoin in 2024-2025,” said Jirayut Srupsrisopa, CEO of Bitkub Capital Group. The golden period starts six months after the next halving when token creation cuts down by half.

However, digital tokens may suffer from a short period where the market is corrected and volatile as liquidity tightens. The result squeezes the fund inflows. Primarily by retail investors seeking safe-haven assets during these uncertain times, but it will not last forever.

“Institutional interest in the cryptocurrency market has caused it to change drastically,” said Jirayut, who also argued that this is because of a “big increase” with many institutions’ involvement. He cofounded Bitkub, valued at $1 billion last November, and works as its CEO for a Bangkok-based company.

Thailand To Ban Cryptocurrencies 

Bitcoin was on a tear last year, gaining thousands of dollars every few weeks until it hit almost $69K in November. However, things have been much more stagnant since then, with prices sitting just below where they were in November – around $38K or so at this writing. Some people say that the decline is due to less Federal Reserve stimulus prospectively, which benefited other assets during pandemic times. However, it may have had an effect now because everyone wants stability before investing heavily into anything again.

Bitcoin trying to break $40K support to fly high. Source: Tradingview.com

Regulators worldwide have started to tighten their oversight of digital asset activity. One such example is Thailand, which plans on banning its citizens from using cryptocurrencies as payment for goods and services in an effortless move that may help boost tourism there.

Related Reading | Ethereum Classic Displayed Double-Digit Gains; What’s Next!

The country’s finance ministry has forbidden banks from dealing with cryptocurrencies. Also ordered them instead to avoid direct involvement. In addition, the government will start collecting taxes on profits from trading digital assets. The process will establish regulations for an emerging market.

In response to regulator authorities, Jirayut said;

“Regulators are trying to use the old framework to govern new invention. But, unfortunately, that doesn’t always work. Countries without the right policies would drive innovation away, push the opportunity away.”

Featured image from Pixabay, chart from TradingView.com

Posted on

Bitcoin Recovers From Seven Month Low Of $33K

Bitcoin broke out in a feeding frenzy during the January 24 afternoon, raking up over $37K after falling to its lowest point in the same morning. It’s almost as if they’re mirroring each other’s moves.

Bitcoin shot back up above $36,000 Tuesday morning after a day of heavy trading that saw the price drop below 33K for the first time since July 2021. Monday afternoon, it crossed $37,000 was staying pretty stable around 35k with some small increases here and there. 

Bitcoin Price recovered almost 7% from its seven-week low on January 24, 2022. Source: Tradingview.com

The crypto world has seen a lot of volatility over the last few years, but it’s still surprising when prices drop 50% or more. It has happened three times since 2018 alone! And this latest sell-off was no exception; from April through July 2019, Bitcoin fell 52%.

Cryptocurrencies have experienced major selloffs across the board, with cryptocurrency-related stocks being no exception. Analysts say that one primary driver of this trend is former Federal Reserve chairwoman Janet Yellen’s plan for stimulus removal and higher interest rate policies, which has negatively impacted many tech-related companies in recent months. For example, the Nasdaq has fallen 12% since January 1 alone.

“The Fed is currently buffeting the crypto market,” says Martha Reyes, head of research at Bequant. “This industry has been proliferating, and it’s not surprising that investors are taking risks with their capital.”

The decreased interest in crypto by retail investors is a sign that this market may have reached its peak. Glassnode, a blockchain data research firm, suggested there were two main reasons for the decline: regulatory uncertainty and low performance last year – both factors which will probably continue into 2022 as well.”

Bitcoin vs New Digital Assets

With the rise of NFTs, people are now more interested in investing their money into these new digital assets rather than Bitcoin. So it’s no wonder that people are starting to search for information on these non-fungible tokens. Google searches have shown a steady increase over last year, which is likely why we see more interest from investors worldwide as they seek out trends before others do.

Cryptocurrencies are down across the board, but some coins have fallen further than others. For example, ether is down 50% from its last high point, while Solana and Shiba Inu cryptocurrencies based on memes experienced even steeper losses with 64% and 74%, respectively.

Related Reading | Despite Decline In Bitcoin Price, Market Remains Greedy

Since November, the crypto market has lost about 44% of its value, with $1.65 trillion pulled down by widespread selling in both Bitcoin and other coins across the board.

Joel Kruger, a currency strategist, said,

“It makes sense to me for broad crypto to get hit hard. It’s all about innovation, which should correlate with risky assets.”

Crypto inevitably gets hit hard when innovation increases and risky assets follow suit. Sure enough, ether has followed this trend as well; it’s almost like an index for all these projects on ethereum – including NFTs, games, decentralized finance initiatives, or smart contracts – to see how they stack up against each other.”

The moves come as a surprise to some investors and analysts. Ryan Volden, an analyst from JPMorgan, predicted that Bitcoin could reach $146,000 in the future.

Traders To keep an eye on BTC $30K Level

Traders are focusing on $30,000 as a significant level for multiple reasons. First, that number represents the low point of last year’s bear market, and it also opened up close to where Bitcoin was trading in 2021 when we first saw prices fall during that period – which means there is some hope left.

It’s not just your investments that are at risk. For example, suppose Bitcoin falls below $5K. In that case, it will put Bitcoin prices into their 2020 levels and turn every investor who bought Bitcoins in recent months, as well as all those risking money on crypto markets, into losers.

With Wall Street panicking and a sell-off of Bitcoins reaching new heights, it’s essential to keep an eye on the $30k level. If this becomes unstable, more people may end up selling their coins, leading the market back down again.

Featured image from Pixabay, chart from TradingView.com